PFGC — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-08-12

• The Company had no customers that comprised more than 10% of consolidated net sales for fiscal 2026, fiscal 2025, or fiscal 2024.

• Based on the Company’s organizational structure and how the Company’s management reviews operating results and makes decisions about resource allocation, the Company has three reportable segments: Foodservice, Convenience, and Specialty. Corporate & All Other is comprised of unallocated corporate ov…

• Foodservice. Foodservice offers a broadline assortment of products, including custom-cut meat and seafood, as well as products that are specific to our customers’ menu requirements. In addition to the products we offer, Foodservice provides value-added services, including product selection and procu…

• The Foodservice segment markets and distributes food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations. Independent customers include family dining, bar and grill, pizza and Italian, Hispanic, and fast casual restaurants. W…

• We offer our customers products ranging from “center-of-the-plate” items (such as beef, pork, poultry, and seafood), frozen foods, refrigerated products, and dry groceries to disposables, cleaning and kitchen supplies, and related products. Our products consist of Performance Brands, as well as nati…

Text removed vs the prior filing · source: 10-K · 2025-08-13

• On October 8, 2024, the Company acquired Cheney Bros., Inc. (“Cheney Brothers”), expanding our Foodservice operations in the Southeastern portion of the United States. Refer to Note 4. Business Combinations within the Notes to Consolidated Financial Statements included in Part II, Item 8. Financial …

• The Company regularly monitors for changes in facts and circumstances that would necessitate changes in its determination of operating segments. In the third quarter of fiscal 2025, the Company updated its operating segments to reflect the manner in which the business is managed. Based on changes to…

• The Company continues to have three reportable segments: Foodservice, Convenience, and Specialty. Corporate & All Other is comprised of corporate overhead and certain operating segments that are not considered separate reportable segments based on their size.

• Foodservice. Foodservice offers a broad line of products, including custom-cut meat and seafood, as well as products that are specific to our customers’ menu requirements. Foodservice operates a network of 89 distribution centers, each of which is run by a business team who understands the local mar…

• The Foodservice segment markets and distributes food and food-related products to independent restaurants, chain restaurants, and other institutional food-away-from-home locations. Independent customers predominantly include family dining, bar and grill, pizza and Italian, Hispanic, and fast casual …

Text added vs the prior filing · source: 10-K · 2026-08-12

• Our growth and innovation strategies may not achieve the anticipated results.

• Our success depends on our ability to grow our business, including through increasing our independent and organic sales, expanding our Performance Brands, making strategic acquisitions, and achieving improved operating efficiencies as we continue to expand and diversify our customer base. Our growth…

• We rely on third-party suppliers, and our business may be affected by interruption of supplies or increases in product costs.

• We obtain substantially all of our foodservice and related products from third-party suppliers. We typically do not have long-term contracts with our suppliers. Although our purchasing volume can sometimes provide an advantage when dealing with suppliers, suppliers may not provide the foodservice pr…

• We operate in a low margin industry, which could increase the volatility of our results of operations.

Text removed vs the prior filing · source: 10-K · 2025-08-13

• challenges could negatively affect consumer discretionary spending decisions within our customers’ establishments, which could negatively impact our sales. Such conditions and high levels of uncertainty make it difficult to predict when, or if, a recession may occur.

• We rely on third-party suppliers, and our business may be affected by interruption of supplies or increases in product costs.

• We obtain substantially all of our foodservice and related products from third-party suppliers. We typically do not have long-term contracts with our suppliers. Although our purchasing volume can sometimes provide an advantage when dealing with suppliers, suppliers may not provide the foodservice pr…

• We operate in a low margin industry, which could increase the volatility of our results of operations.

• Similar to other resale-based industries, the distribution industry is characterized by relatively low profit margins. These low profit margins tend to increase the volatility of our reported net income since any decline in our net sales or increase in our costs that is small relative to our total n…

Text added vs the prior filing · source: 10-K · 2026-08-12

• The Company’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year for fiscal 2026, 2025, and 2024. References to “fiscal 2026” are to the 52-week period ended June 27, 2026, references to “fiscal 2025” are to the 52-week period ended June 28, 2025, and references t…

• Our business, our industry and the economy are subject to a number of macroeconomic conditions triggered by developments beyond our control, which can result in reduced demand for our products. The Company and our industry may face challenges related to geopolitical dynamics and other events, which …

• Management measures operating performance based on our Adjusted EBITDA, defined as net income before interest expense, interest income, income taxes, and depreciation and amortization, further adjusted to exclude certain items that we do not consider part of our core operating results. Such adjustme…

• indentures, our ability to engage in certain activities such as incurring certain additional indebtedness, making certain investments, and making restricted payments is tied to ratios based on Adjusted EBITDA (as defined in the ABL Facility and indentures). Our definition of Adjusted EBITDA may not …

• Includes increases in the last-in-first-out (“LIFO”) reserve of $4.4 million for Foodservice and $96.7 million for Convenience for fiscal 2026 compared to increases of $6.6 million for Foodservice and $81.5 million for Convenience for fiscal 2025 and increases of $3.8 million for Foodservice and $58…

Text removed vs the prior filing · source: 10-K · 2025-08-13

• On October 8, 2024, the Company acquired Cheney Bros., Inc. (“Cheney Brothers”), expanding our Foodservice operations in the Southeastern portion of the United States. Refer to Note 4. Business Combinations within the Notes to Consolidated Financial Statements included in Item 8 for additional detai…

• The Company’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year for fiscal 2025, 2024, and 2023. References to “fiscal 2025” are to the 52-week period ended June 28, 2025, references to “fiscal 2024” are to the 52-week period ended June 29, 2024, and references t…

• Our business, our industry and the economy are influenced by a number of general macroeconomic factors, including, but not limited to, reduced demand for our products related to unfavorable macroeconomic conditions triggered by developments beyond our control, including geopolitical dynamics and oth…

• challenges, whether due to tariffs or otherwise, could negatively affect consumer discretionary spending decisions within our customers’ establishments, which could negatively impact our sales and profitability.

• Management measures operating performance based on our Adjusted EBITDA, defined as net income before interest expense, interest income, income and franchise taxes, and depreciation and amortization, further adjusted to exclude certain items that we do

Text added vs the prior filing · source: 10-K · 2026-08-12

• represents variable-rate debt. A hypothetical 100 bps increase in SOFR on our variable-rate debt would lead to an increase of approximately $18.2 million in annual interest expense.

• We seek to minimize the effect of higher diesel fuel costs both by reducing fuel usage and by taking action to offset higher fuel prices. We reduce usage by designing more efficient truck routes and by increasing miles per gallon through on-board computers that monitor and adjust idling time and max…

• As of June 27, 2026, we had collars in place for approximately 5% of the gallons we expect to use over the twelve months following June 27, 2026. Any changes in fair value are recorded in the period of the change as gains or losses on fuel hedging instruments within other, net on the consolidated st…

• Our fuel purchases are subject to fluctuations in market prices. Using published market price projections for diesel and estimates of fuel consumption expected over the next twelve months, a 10% hypothetical increase in diesel prices from the market price would result in a potential increase of appr…

Text removed vs the prior filing · source: 10-K · 2025-08-13

• We seek to minimize the effect of higher diesel fuel costs both by reducing fuel usage and by taking action to offset higher fuel prices. We reduce usage by designing more efficient truck routes and by increasing miles per gallon through on-board computers that monitor and adjust idling time and max…

• As of June 28, 2025, we had collars in place for approximately 15% of the gallons we expect to use over the twelve months following June 28, 2025. Any changes in fair value are recorded in the period of the change as unrealized gains or losses on fuel hedging instruments within other, net on the con…

• Our fuel purchases occur at market prices. Using published market price projections for diesel and estimates of fuel consumption, a 10% hypothetical increase in diesel prices from the market price would result in a potential increase of approximately $26.3 million in fuel costs included in operating…