Performance Food Group Company reported net sales of $16.4 billion for the second quarter of fiscal 2026, representing a 5.2% increase versus the same period in fiscal 2025. Total case volume rose 3.4%, driven by a 2.8% increase in organic case volume and a 6.7% gain in independent case volume. Organic independent cases expanded by 5.3%, reflecting growth in both Performance Brands and the chain business. Overall product cost inflation was approximately 4.5% for the quarter, contributing to higher average selling prices per case.

Gross profit grew 7.6% year-over-year to $2.0 billion, supported by procurement efficiencies and a favorable mix shift toward higher-margin independent channel sales. Operating expenses increased 6.4% to $1.8 billion, driven by higher personnel costs, increased depreciation on newly leased transportation equipment, and professional fees related to the clean team agreement with US Foods. Net income rose by $19.3 million to $61.7 million, with the effective tax rate at 28.8%, up from 25.2% a year earlier. Adjusted EBITDA climbed 6.7% to $451.2 million, while diluted EPS increased 44.4% to $0.39 and adjusted diluted EPS held steady at $0.98 per share.

In the first six months of fiscal 2026, operating cash flow reached $456.0 million versus $379.0 million a year ago, bolstered by higher operating income and strategic inventory purchases. Capital expenditures totaled $192.3 million, down $11.6 million, resulting in free cash flow of $263.7 million, up from $175.1 million. The Board authorized a new $500 million share repurchase program expiring in May 2029, with the full amount still available. Management affirmed confidence in long-term strategy, noting solid revenue and profit growth positions Performance Food Group to continue disciplined execution and value creation for shareholders.