Performance Food Group (NYSE:PFG) reported second-quarter earnings that fell short of Wall Street expectations, prompting the distributor to lower its full-year financial targets amid persistent deflation in several food categories.
The Richmond, Virginia-based company said Wednesday that revenue for the fiscal second quarter ended Dec. 31, 2025, rose 5.2% to $16.44 billion, but missed the $16.56 billion analyst consensus.
Adjusted earnings per share came in at $0.98, trailing the $1.07 expected by the market.
Despite the miss, net income saw a 45.5% jump to $61.7 million, largely due to improved operational efficiencies and procurement gains.
The quarter marked the first under new CEO Scott McPherson, who took the helm on Jan. 1 following the transition of longtime leader George Holm to Executive Chair.
"Even amid a challenging consumer environment and deflation in key foodservice categories, we achieved solid revenue and profit growth," McPherson said in his first earnings statement as CEO.
He noted that while total case volume grew 3.4%, the company faced headwinds from a shift in consumer behavior toward lower-priced dining options.
For the upcoming third quarter ending in March, PFG projects revenue between $16 billion and $16.3 billion and adjusted EBITDA in the range of $390 million to $410 million.