Performance Food Group Calls Off US Foods Deal, Reaffirms Strong 2026 Sales Outlook Up To $68.5B, Sees Up To $2B In 2026 Adj EBITDA

Performance Food Group Company ("PFG" or the "Company") (NYSE:PFGC) today announced that the Company and US Foods have mutually agreed to terminate the previously announced information sharing process and will no longer pursue a potential business combination between the two companies.

"Following a comprehensive evaluation of regulatory considerations and synergies related to a potential business combination with US Foods, with the assistance of our independent financial and legal advisors, we have decided to terminate discussions," said George Holm, Chairman and Chief Executive Officer of PFG. "Our Board of Directors is unanimous in its belief that the clearest and best path to long-term stockholder values is executing our standalone strategic plan, leveraging our diverse business segments to drive consistent revenue and profit growth. The strength of our recently reported fiscal first quarter results and continued momentum supports the confidence in our ability to drive value for stockholders independently."

PFG reaffirms its full fiscal year 2026 and second quarter outlook as previously announced on November 5, 2025. For the second quarter of fiscal 2026, PFG continues to expect net sales to be in a range of approximately $16.4 billion to $16.7 billion. For the second quarter of fiscal 2026, PFG continues to expect Adjusted EBITDA to be in a range of approximately $450 million to $470 million.

For the full fiscal year 2026, PFG continues to expect net sales to be in a range of approximately $67.5 billion to $68.5 billion and Adjusted EBITDA to be in a range of approximately $1.9 billion to $2.0 billion.

PFG's Adjusted EBITDA outlook excludes the impact of certain income and expense items that management believes are not part of underlying operations. These items may include, but are not limited to, losses on early extinguishments of debt, restructuring charges, certain tax items, and charges associated with non-recurring professional and legal fees associated with acquisitions. PFG's management cannot estimate on a forward-looking basis the impact of these income and expense items on its reported net income, which could be significant, are difficult to predict, and may be highly variable. As a result, PFG does not provide a reconciliation to the closest corresponding GAAP financial measure for its Adjusted EBITDA outlook. Please see the "Forward Looking Statements" section of this release for a discussion of certain risks to PFG's outlook.