Analyst Consensus ?
ConsensusBuy26 ratings
Bullish2492.3%
Neutral27.7%
Bearish00.0%
Performance Food Group Co · PFGC · FY2026 Q2 · Calendar Q1 2026
PFGC Holds Guidance as Market-Share Gains Offset Integration Costs
PFGC's current analysis supports a mixed but constructive operating case: market-share gains, organic case growth, convenience wins, and procurement initiatives support the outlook, while higher Cheney integration costs and an EPS shortfall show that execution and near-term earnings conversion remain important tests.
Reported Before market openNYSEConsumer Defensive
$14.43B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.98
Consensus $1.07
EPS surprise
-8.4%
Reported versus consensus
Reported revenue
$16.44B
Consensus $16.51B
Revenue surprise
-0.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.4%
Event window
SPY move
-0.5%
Same window
Abnormal move
-7.0%
Stock minus SPY
Volume
5.5×
Versus trailing sessions
Subsequent drift
+0.2%
Up to 20 sessions
PFGCSPY benchmark
Ask FN2 about PFGC FY2026 Q2
Transcript, numbers and history already loaded
Why did PFGC fall 7.4% after missing EPS estimates in FY2026 Q2?What changed in PFGC's guidance and outlook in FY2026 Q2?Give me the bull and bear case for PFGC after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, guidance sentiment moved from raised to maintained. The current analysis adds higher-than-expected Cheney integration costs, weather-related pressure, cheese and poultry deflation, and continued emphasis on non-combustible nicotine and procurement savings.
Guidance delta
Guidance sentiment was maintained. Management reaffirmed FY2026 guidance with modestly adjusted targets and kept its longer-term three-year targets in focus.
Key takeaways
- Revenue grew 5.2% year over year to more than $67 billion, while net income rose 45.5% to $61.7 million.
- Organic independent case growth was 5.3% and convenience case growth was 6.3%, supporting the market-share narrative.
- Cheney integration costs were higher than expected, with synergies expected in years two and three.
- Non-combustible nicotine mix, private-brand expansion, and procurement savings were highlighted as margin supports.
- The supplied scorecard indicates adjusted EPS of $0.98 versus a $1.07 estimate.
Management priorities
- Complete Cheney integration and capture synergies in years two and three.
- Accelerate procurement cost-saving initiatives validated in the clean-room exercise.
- Pursue strategic M&A with high due-diligence standards.
- Invest in new manufacturing facilities and technology to improve efficiency.
- Expand convenience margin through non-combustible nicotine and private-brand growth.
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Estimate
Beat
Miss
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Analyst 52W Price Targets
$93.85Current
$62Low
$104.8Average
$133High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 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 | Sep 11, 2026 |
| UBS | Buy | Buy | Maintain | Aug 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 13, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 16, 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 $93.85. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Mark Carden | $130 | $105.92 | +38.5% | Aug 17, 2026 |
| Deutsche Bank | Lauren Silberman | $133 | $104.9 | +41.7% | Aug 13, 2026 |
| Morgan Stanley | Analyst unavailable | $131 | $112.99 | +39.6% | Jul 15, 2026 |
| Wells Fargo | Analyst unavailable | $130 | $113.31 | +38.5% | Jul 14, 2026 |
| Guggenheim | John Heinbockel | $125 | $110.44 | +33.2% | Jun 29, 2026 |
| Deutsche Bank | Analyst unavailable | $123 | $91.6 | +31.1% | May 7, 2026 |
| Barclays | Analyst unavailable | $115 | $92.88 | +22.5% | May 7, 2026 |
| UBS | Analyst unavailable | $108 | $89.86 | +15.1% | Feb 5, 2026 |
| Morgan Stanley | Analyst unavailable | $123 | $97.61 | +31.1% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $105 | $87.47 | +11.9% | Jan 7, 2026 |
| UBS | Mark Carden | $120 | $91.66 | +27.9% | Dec 19, 2025 |
| Piper Sandler | Brian Mullan | $111 | $94.4 | +18.3% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $118 | $100.94 | +25.7% | Oct 22, 2025 |
| Bernstein | Danilo Gargiulo | $130 | $101.14 | +38.5% | Oct 22, 2025 |
| Piper Sandler | Analyst unavailable | $114 | $105.18 | +21.5% | Sep 2, 2025 |
| Guggenheim | John Heinbockel | $115 | $102.11 | +22.5% | Aug 26, 2025 |
| Wells Fargo | Edward Kelly | $115 | $101.27 | +22.5% | Aug 13, 2025 |
| Bernstein | Jeffrey Bernstein | $112 | $84.66 | +19.3% | May 29, 2025 |
| Piper Sandler | Brian Mullan | $92 | $83.69 | -2.0% | Nov 18, 2024 |
| Wells Fargo | Edward Kelly | $88 | $78.41 | -6.2% | Oct 8, 2024 |
| Truist Financial | Jake Bartlett | $88 | $72.12 | -6.2% | Aug 15, 2024 |
| Deutsche Bank | Lauren Silberman | $94 | $72.25 | +0.2% | Aug 15, 2024 |
| BMO Capital | Kelly Bania | $87 | $72.25 | -7.3% | Aug 15, 2024 |
| Stephens | Joshua Long | $75 | $60.47 | -20.1% | Nov 8, 2023 |
| BMO Capital | Analyst unavailable | $70 | $52.25 | -25.4% | Aug 19, 2022 |
| Deutsche Bank | Analyst unavailable | $60 | $52.37 | -36.1% | Aug 18, 2022 |
| Truist Financial | Analyst unavailable | $67 | $52.1 | -28.6% | Aug 18, 2022 |
| Deutsche Bank | Analyst unavailable | $58 | $45.11 | -38.2% | May 13, 2022 |
| UBS | Mark Carden | $63 | $47.95 | -32.9% | Nov 11, 2021 |
| Credit Suisse | Lauren Silberman | $70 | $47.95 | -25.4% | Nov 11, 2021 |
| BMO Capital | Kelly Bania | $61 | $45.31 | -35.0% | Sep 17, 2021 |
| Guggenheim | John Heinbockel | $65 | $48.83 | -30.7% | Jun 21, 2021 |
| Wolfe Research | Greg Badishkanian | $62 | $53.94 | -33.9% | May 10, 2021 |
Track every rating change on PFGC the moment it posts. Free to start.
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
All PFGC earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| MKC McCormick & Company, Incorporated | FY2026 Q3 · Calendar Q4 2026 | +13.9% | -4.9% | McCormick reports strong Q3 growth while U.S. volumes remain soft |
| CAG Conagra Brands, Inc. | FY2027 Q1 · Calendar Q3 2026 | +44.4% | -4.9% | Conagra maintains outlook while increasing brand investment and simplifying SKUs |
| COST Costco Wholesale Corporation | FY2026 Q4 · Calendar Q3 2026 | +3.2% | +2.9% | Costco’s growth broadens as warehouses and digital sales accelerate |
| GIS General Mills, Inc. | FY2027 Q1 · Calendar Q3 2026 | +4.6% | +1.0% | General Mills leans on mix, innovation and e-commerce amid pressure |
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the PFGC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-02T19:56:09.670468+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T19:56:09.667622+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 2026-10-02. For educational purposes only; not investment advice.