Performance Food Group Co · PFGC · FY2025 Q3 · Calendar Q2 2025
PFGC sees strong growth but narrows its outlook
The current analysis offers mixed evidence for a durable growth case: acquisition integration, organic volume gains and margin expansion support the thesis, while macro softness, weather, cost pressure and a narrowed outlook argue for caution.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, management’s tone became more cautious: it cited macroeconomic and weather headwinds, narrowed guidance and emphasized continued investment alongside debt reduction and capital allocation.
Guidance delta
Management narrowed guidance and lowered the top end of its sales and EBITDA ranges modestly, while maintaining alignment with its three-year plan.
Key takeaways
- Management highlighted acquisition-led growth, organic volume gains and margin expansion.
- Weather and macroeconomic softness weighed on performance, while management reported an April rebound.
- Strong operating cash flow supports investment, debt reduction and capital allocation.
- The current analysis does not include reported-versus-consensus EPS or revenue results.
Management priorities
- Integrate the Cheney Brothers and Jose Santiago acquisitions.
- Invest in capacity, fleet and technology to improve supply-chain efficiency.
- Pursue organic growth, opportunistic acquisitions and disciplined capital allocation.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Oct 15, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 15, 2026 |
| UBS | Buy | Buy | Maintain | Aug 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 14, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jun 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Dec 12, 2025 |
| Truist Securities | Buy | Buy | Maintain | Aug 14, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 7, 2024 |
| Jefferies | Buy | Buy | Maintain | Sep 25, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 15, 2024 |
| Stephens & Co. | Overweight | Overweight | Maintain | Feb 8, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 11, 2023 |
| Berenberg | Buy | Buy | Maintain | May 18, 2022 |
| CL King | Buy | Buy | Maintain | Mar 11, 2022 |
| BTIG | Neutral | Buy | Downgrade | Aug 20, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Sep 23, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Feb 6, 2020 |
| Buckingham | Buy | Buy | Maintain | Feb 6, 2020 |
| Bank of America | Buy | Buy | Maintain | Oct 2, 2019 |
| B of A Securities | Buy | Buy | Maintain | Oct 2, 2019 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 10, 2018 |
| Loop Capital | Buy | Buy | Maintain | May 16, 2017 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 9, 2016 |
| BB&T Capital | Buy | Buy | Maintain | Oct 27, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $97.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $136 | $95.08 | +39.1% | Oct 15, 2026 |
| UBS | Mark Carden | $130 | $105.92 | +33.0% | Aug 17, 2026 |
| Deutsche Bank | Lauren Silberman | $133 | $104.9 | +36.0% | Aug 13, 2026 |
| Morgan Stanley | Analyst unavailable | $131 | $112.99 | +34.0% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $130 | $113.31 | +33.0% | Jul 14, 2026 |
| Guggenheim | John Heinbockel | $125 | $110.44 | +27.8% | Jun 29, 2026 |
| Deutsche Bank | Analyst unavailable | $123 | $91.6 | +25.8% | May 7, 2026 |
| Barclays | Analyst unavailable | $115 | $92.88 | +17.6% | May 7, 2026 |
| UBS | Analyst unavailable | $108 | $89.86 | +10.5% | Feb 5, 2026 |
| Morgan Stanley | Analyst unavailable | $123 | $97.61 | +25.8% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $105 | $87.47 | +7.4% | Jan 7, 2026 |
| UBS | Mark Carden | $120 | $91.66 | +22.7% | Dec 19, 2025 |
| Piper Sandler | Brian Mullan | $111 | $94.4 | +13.5% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $118 | $100.94 | +20.7% | Oct 22, 2025 |
| Bernstein | Danilo Gargiulo | $130 | $101.14 | +33.0% | Oct 22, 2025 |
| Piper Sandler | Analyst unavailable | $114 | $105.18 | +16.6% | Sep 2, 2025 |
| Guggenheim | John Heinbockel | $115 | $102.11 | +17.6% | Aug 26, 2025 |
| Wells Fargo | Edward Kelly | $115 | $101.27 | +17.6% | Aug 13, 2025 |
| Bernstein | Jeffrey Bernstein | $112 | $84.66 | +14.5% | May 29, 2025 |
| Piper Sandler | Brian Mullan | $92 | $83.69 | -5.9% | Nov 18, 2024 |
| Wells Fargo | Edward Kelly | $88 | $78.41 | -10.0% | Oct 8, 2024 |
| Truist Financial | Jake Bartlett | $88 | $72.12 | -10.0% | Aug 15, 2024 |
| Deutsche Bank | Lauren Silberman | $94 | $72.25 | -3.9% | Aug 15, 2024 |
| BMO Capital | Kelly Bania | $87 | $72.25 | -11.0% | Aug 15, 2024 |
| Stephens | Joshua Long | $75 | $60.47 | -23.3% | Nov 8, 2023 |
| BMO Capital | Analyst unavailable | $70 | $52.25 | -28.4% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $60 | $52.37 | -38.6% | Aug 18, 2022 |
| Truist Financial | Analyst unavailable | $67 | $52.1 | -31.5% | Aug 18, 2022 |
| Deutsche Bank | Analyst unavailable | $58 | $45.11 | -40.7% | May 13, 2022 |
| UBS | Mark Carden | $63 | $47.95 | -35.6% | Nov 11, 2021 |
| Credit Suisse | Lauren Silberman | $70 | $47.95 | -28.4% | Nov 11, 2021 |
| BMO Capital | Kelly Bania | $61 | $45.31 | -37.6% | Sep 17, 2021 |
| Guggenheim | John Heinbockel | $65 | $48.83 | -33.5% | Jun 21, 2021 |
| Wolfe Research | Greg Badishkanian | $62 | $53.94 | -36.6% | May 10, 2021 |
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Start freeCompany context
Snapshot as of publicationPerformance Food Group Company, through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America. It operates through three segments: Foodservice, Convenience, and Specialty. The company offers beef, pork, poultry, and seafood; frozen food and refrigerated products; dry groceries comprising cleaning and kitchen supplies and disposables; candy, snacks, and beverages; and fresh products, groceries, dairy, bread, beverages, general merchandise, and health and beauty care products, as well as cigarettes and other nicotine products.…
Historical context
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-24T23:45:19.569357+00:00
- Polygon adjusted daily market bars · 2026-10-18T02:30:41.097240+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T02:30:41.094433+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.