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• It's like the Amazon for restaurants, schools, and hospitals, delivering all their food and supplies.
• Imagine a gigantic Costco or Sam's Club that exclusively serves businesses like restaurants, schools, and movie theaters, delivering their entire stock of food and supplies.

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• Broadline Food & Beverage Products: A comprehensive range of fresh, frozen, and shelf-stable food items, including meats, produce, groceries, snacks, and beverages.
• Tobacco Products: Distribution of cigarettes and other tobacco-related products.
• Non-Food Supplies: Essential disposables, cleaning, and kitchen supplies for various customer operations.
• Product Selection & Procurement: Services assisting customers with identifying and acquiring suitable food and non-food products.
• Menu Development: Services that aid customers in designing and optimizing their menus.
• Operational Strategy Consulting: Services providing guidance and recommendations for improving customer business operations.

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Performance Food Group (PFGC) primarily sells its products and services to other companies (Business-to-Business or B2B). The provided information does not disclose the specific names of its major customer companies, nor their stock symbols. Instead, it describes the broad categories of businesses and institutions that PFGC serves.

Based on the company description, Performance Food's major customer categories include:

• Restaurants and Hospitality Providers: This encompasses a wide range of foodservice operators, including independent and chain restaurants, hospitality providers (e.g., hotels), concessionaires, theaters, convenience stores (for their food offerings), and various franchises.
• Institutional Customers: This category includes organizations that provide food service to their members, employees, patients, or students. Examples mentioned are schools, hospitals, business and industry locations, and other institutional customers.
• Specialty Distributors and Retailers: This includes businesses that further distribute or retail food and related products. Specific examples are vending distributors, office coffee service distributors, other retailers, airport gift shops, and college book stores (which often have food service components).

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Scott McPherson - President & Chief Executive Officer

Scott McPherson assumed the role of President and Chief Executive Officer (CEO) at Performance Food Group in January 2026. Prior to this, he served as the company's President and Chief Operating Officer since January 2025. His tenure at Performance Food Group also includes roles as Executive Vice President and Chief Field Operations Officer, and Executive Vice President (PFG) and President & CEO of the Convenience segment. Before joining Performance Food Group, Mr. McPherson was the President and CEO of Core-Mark International since 2018. His career spans over 30 years in leadership positions in the industry.

Patrick Hatcher - Executive Vice President & Chief Financial Officer

Patrick Hatcher was promoted to Executive Vice President and Chief Financial Officer of Performance Food Group in August 2022, fully transitioning into the role in January 2023. He previously served as the President and Chief Operating Officer of Vistar, a Performance Food Group company, since January 2021. Mr. Hatcher joined Vistar in 2010, where he also held positions as Senior Vice President of Sales & Marketing and Chief Financial Officer. Before joining Vistar, he was the Director of Integration at MillerCoors and served as Director of Sales and Marketing Finance with Coors Brewing Company.

George Holm - Executive Chair of the Board of Directors

George Holm transitioned to the role of Executive Chair of the Board of Directors, effective January 1, 2026, after serving as Chairman and CEO of Performance Food Group. He became CEO in 2008 and Chairman in 2019. Mr. Holm founded Vistar Corporation in 2002, building it into a $3.5 billion company, which was subsequently purchased by The Blackstone Group, a private equity firm, in 2007. During his more than 40-year career in the foodservice distribution industry, he has held leadership positions with Alliant Foodservice, US Foods, and Sysco Corporation. Under his leadership, Performance Food Group's net sales grew from approximately $15 billion at its IPO in 2015 to $63.3 billion in fiscal year 2025.

Craig Hoskins - Executive Vice President & Chief Development Officer

Craig Hoskins assumed the position of Executive Vice President & Chief Development Officer at Performance Food Group in January 2025. In this role, he is responsible for overseeing the integration of newly acquired companies and assisting in sourcing new deals. Prior to this, he served as President & Chief Operating Officer from January 2022. Mr. Hoskins has also held roles as Executive Vice President and President & CEO of PFG's Foodservice segment, and President & CEO of PFG Customized Distribution. His career with Performance Food Group began in 1990 with the legacy company that became Vistar, where he held various positions in marketing, sales, purchasing, and operations.

Erika Davis - Executive Vice President & Chief Human Resources Officer

Erika Davis joined Performance Food Group as Executive Vice President and Chief Human Resources Officer in July 2019. She brought over 26 years of experience from Owens & Minor, a Richmond-based global healthcare services company. During her extensive career at Owens & Minor, Ms. Davis held several senior leadership positions, including Chief Administrative Officer, Corporate Chief of Staff, Administration & Operations leader, and HR leader for 12 years.

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The key risks to Performance Food Group Company (PFGC) are primarily rooted in the highly competitive and low-margin nature of the food distribution industry, coupled with external cost volatility and the sensitivity of consumer spending.

1. Intense Competition and Low Operating Margins: Performance Food Group operates in an intensely competitive food distribution industry, where it is positioned as a significant player, but still behind larger competitors like Sysco and US Foods. This competitive landscape often leads to aggressive pricing strategies, particularly for large chain accounts, which can exert significant pressure on PFGC's pricing and result in margin compression. The food distribution business is inherently a "low-margin industry," with PFGC's operating margin reported at approximately 1.29% for fiscal year 2025. This limited margin provides little room for error and makes the company highly susceptible to any shocks in costs or pricing power. The absence of exclusive service agreements with many customers further exposes PFGC to the risk of losing business to rivals offering more competitive pricing or superior service.

2. Fluctuating Fuel and Commodity Costs, and Supply Chain Disruptions: PFGC's profitability is significantly exposed to the volatility of fuel and other transportation costs, as well as fluctuating commodity costs. The company's operations involve extensive logistics, making it vulnerable to external cost volatility, with product cost inflation being a noted factor, such as approximately 4.7% in fiscal year 2025. While PFGC can pass some cost increases to customers, there can be a lag, and intense competition limits the extent of price adjustments the market will bear. Additionally, risks related to labor availability and wage inflation for drivers and warehouse teams, alongside broader supply chain disruptions and reliance on third-party suppliers, contribute to operational cost pressures and potential interruptions in service.

3. Economic Uncertainty and Consumer Spending Habits: The company's performance is sensitive to broader economic conditions, including inflationary pressures, potential economic downturns, and geopolitical events that can directly impact consumer spending patterns and confidence. A significant portion of PFGC's customer base, especially quick-service restaurants, serves lower-income consumers, who are particularly vulnerable to financial pressures. Prolonged economic strain on these consumers could lead to reduced dining out frequency and lower overall spending in food service establishments, consequently decreasing order volumes from PFGC's clients and negatively affecting its revenue and profitability. Furthermore, evolving consumer eating habits and ongoing trends like remote work can also impact demand across PFGC's various segments, such as its Vistar segment, which caters to office and workplace food services.

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Expected Drivers of Future Revenue Growth for Performance Food Group (PFGC)

• Increased Case Volume and Market Share Gains: Performance Food Group anticipates revenue growth through increased case volume across its Foodservice segment, particularly with independent and chain restaurants. This growth is driven by securing new customer accounts, expanding business with existing clients, and the strategic investment in and expansion of its salesforce.
• Strategic Acquisitions: The company's strategy includes continued "tuck-in M&A" (mergers and acquisitions) to accelerate market share gains and enhance its distribution network. Recent acquisitions, such as Cheney Brothers and Jose Santiago, have already contributed to net sales and case volume growth, and management indicates that further targeted acquisitions remain a priority.
• Expansion and Innovation within Convenience and Specialty Segments: PFGC is focused on leveraging its Core-Mark acquisition to accelerate growth in the convenience segment by scaling food-to-go and fresh programs and introducing proprietary products across its vast store network. In the Vistar specialty segment, growth is targeted in areas such as hospitality, theaters, micro-markets, and office coffee services, driven by an expected recovery and increased demand in these channels.
• Pricing Discipline and Optimized Product Mix: Revenue growth is also expected from disciplined pricing strategies and a favorable shift in the mix of products sold. This includes improvements from procurement efficiencies and an increased focus on higher-margin offerings like private brands and specialty products.

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Share Repurchases

• In May 2025, the Board of Directors authorized a new share repurchase program for up to $500 million of the Company's outstanding common stock, replacing a previously authorized $300 million program. This new authorization has an expiration date of May 27, 2029.
• During the fiscal year ended June 28, 2025, Performance Food Group repurchased and retired 0.8 million shares of common stock for a total of $57.6 million.
• As of December 27, 2025, $500 million remained available for share repurchases under the current program.

Outbound Investments

• In August 2024, Performance Food Group acquired Cheney Brothers for $2.1 billion in cash, which significantly strengthened its presence in the Southeastern U.S.
• In July 2024, the company acquired José Santiago, Inc., the largest foodservice distributor in Puerto Rico, marking its entry into the Caribbean market.
• In May 2021, Performance Food Group acquired Core-Mark for $2.5 billion, which expanded its reach into convenience store distribution.

Capital Expenditures

• For fiscal year 2025, Performance Food Group invested $506.0 million in capital expenditures, representing an increase of $110.4 million compared to the prior year.
• The company anticipates full-year fiscal 2026 capital expenditures to be approximately 70 basis points of net revenue, primarily focused on maintaining and supporting growth within its infrastructure and high-return projects, including distribution center expansions and automation.
• Recent and planned investments include a $33.2 million expansion of operations in Hamblen County, Tennessee, announced in December 2024, and a $42.5 million expansion of the Cheney Brothers distribution center in South Carolina, planned in March 2026.