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1. Amazon for restaurants and other food service businesses.

2. Costco or Sam's Club, but strictly for commercial kitchens, schools, and hospitals.

3. Grainger for food service supplies and equipment.

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• Foodservice Distribution: Provides a broad range of food, beverages, and kitchen supplies to independent and multi-unit restaurants, schools, healthcare facilities, and other foodservice operations.
• Vistar Distribution: Distributes candy, snacks, beverages, and other convenience items primarily to vending operators, office coffee service distributors, and concessions businesses like theaters.
• Customized Distribution: Offers tailored distribution solutions, including warehousing and logistics, for chain restaurants and other large institutional customers requiring specific product sourcing and delivery.

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Performance Food Group (symbol: PFGC) primarily operates as a business-to-business (B2B) company, serving a highly diversified customer base within the foodservice and convenience retail industries. Due to its broad distribution network and strategy of serving a wide array of clients, PFGC typically does not disclose individual public companies that represent a material portion of its consolidated revenues as "major customers."

Instead, its customer base is best described by the categories of businesses it serves across its operating segments:

• Restaurants: This category includes a vast network of independent restaurants (fine dining, casual dining, quick-service) as well as national and regional restaurant chains.

  Illustrative Public Company Examples (these are types of customers served, not necessarily major individual clients of PFGC):

  • Darden Restaurants, Inc. (symbol: DRI) - (e.g., Olive Garden, LongHorn Steakhouse)
  • Brinker International, Inc. (symbol: EAT) - (e.g., Chili's, Maggiano's)

• Institutional & Hospitality Customers: This category encompasses a broad range of non-commercial foodservice operations.

  Examples include:

  • Schools and universities
  • Healthcare facilities (hospitals, nursing homes)
  • Hotels and resorts (e.g., individual properties affiliated with chains like Marriott International, Inc. (symbol: MAR) or Hilton Worldwide Holdings Inc. (symbol: HLT))
  • Business and industry cafeterias
  • Correctional facilities

• Convenience & Specialty Retailers / Operators: Through its Vistar and Core-Mark segments, PFGC distributes to various specialty channels.

  Examples include:

  • Convenience stores (both independent and chains, e.g., Casey's General Stores, Inc. (symbol: CASY))
  • Vending machine operators
  • Office coffee service providers
  • Concessionaires at theaters (e.g., AMC Entertainment Holdings, Inc. (symbol: AMC), Cinemark Holdings, Inc. (symbol: CNK)), sports venues, and entertainment facilities.

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George Holm, Chairman & Chief Executive Officer

George Holm was appointed Chairman of Performance Food Group's Board of Directors in January 2019 and became President & Chief Executive Officer of PFG when it was acquired by Vistar Corporation in May 2008. Prior to that, he founded Vistar in 2002 and served as its President and Chief Executive Officer, growing it into a $3.5-billion company. Vistar was purchased by the Blackstone Group in 2007. During his over 40-year career in the foodservice distribution industry, Mr. Holm has held leadership positions with Alliant Foodservice, US Foods, and Sysco Corporation. His involvement with the acquisition of PFG by Vistar, which included the Blackstone Group and Wellspring Capital Management, indicates a pattern of managing companies backed by private equity firms.

Patrick Hatcher, Executive Vice President and Chief Financial Officer

Patrick Hatcher was promoted to Executive Vice President & Chief Financial Officer of Performance Food Group in August 2022, transitioning fully into the role in January 2023. Before this, he served as President & Chief Operating Officer of Vistar, a Performance Food Group company, since January 2021. Mr. Hatcher joined Vistar in 2010 and held various roles including Senior Vice President of Sales & Marketing and Chief Financial Officer. Prior to joining Vistar, he was the Director of Integration at MillerCoors.

Scott McPherson, President & Chief Operating Officer

Scott McPherson has been promoted to President & Chief Operating Officer, effective January 1, 2025. In this role, he will oversee PFG's three business segments: Foodservice, Convenience, and Vistar. With over 30 years of experience, Mr. McPherson has held numerous leadership positions with Core-Mark, including Senior Vice President roles for the U.S. Division, Corporate Development, COO, and President and CEO. Most recently, he served as Executive Vice President & Chief Field Operations Officer at PFG.

Craig Hoskins, Executive Vice President & Chief Development Officer

Craig Hoskins will transition into the newly established position of Executive Vice President & Chief Development Officer, effective January 1, 2025. For the past three years, he served as President & Chief Operating Officer of PFG. His previous roles include Executive Vice President and President & CEO of PFG's Foodservice segment starting in 2019, and President & CEO of PFG Customized Distribution. Mr. Hoskins' career with PFG began in 1990 with the legacy company that became Vistar, and he joined PFG in 2008 through its merger with Vistar Corporation, holding various leadership positions in sales, marketing, merchandising, purchasing, and operations.

Jeff Williamson, Corporate Senior Vice President, Operations

Jeff Williamson has served as Corporate Senior Vice President of Operations at Performance Food Group since January 2003. In this position, he leads multiple operations departments including Warehousing, Industrial Engineering, Outbound Transportation, Inbound Logistics, Facilities & Construction, Strategic Sourcing, and Safety, supporting over 150 distribution facilities. Previously, he was Senior Vice President of Operations, overseeing all operations support for the Performance Foodservice Business Segment. Before joining PFG in 2003 as Director of Warehouse Methods and Industrial Engineering, Mr. Williamson held roles such as Vice President of Warehouse Operations and Director of Warehouse Methods and Industrial Engineering at U.S. Foodservice.

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1. Intense Competition and Thin Profit Margins: The food distribution industry is highly competitive, characterized by numerous national, regional, and local distributors, including large players like Sysco and US Foods. This intense rivalry, coupled with customer price sensitivity and aggressive pricing for chain accounts, leads to thin profit margins and can pressure Performance Food Group's profitability.
2. Economic Uncertainty and Fluctuations in Consumer Spending: Performance Food Group's business is highly susceptible to broader economic conditions, including consumer confidence, discretionary spending, and inflation. Economic downturns or financial pressures on lower-income consumers, a significant portion of its customer base, can negatively impact demand across its various segments, particularly Quick Service Restaurants (QSRs).
3. Supply Chain Vulnerabilities and Cost Volatility: The company faces significant risks related to its supply chain, including reliance on third-party suppliers and volatility in costs for raw materials, transportation, and labor. Disruptions in the supply chain or sustained increases in these costs can pressure profit margins and hinder the ability to ensure consistent product availability and competitive pricing.

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Performance Food Group (PFGC) operates primarily in the United States and Canada, focusing heavily on the U.S. market. The company's main products and services are categorized into three segments: Foodservice, Vistar, and Convenience.

Foodservice

The Foodservice segment primarily involves broadline distribution of food and related products to independent restaurants, national chains, and other foodservice outlets. The addressable market for the U.S. foodservice distribution industry was approximately $382 billion in sales in 2022.

Vistar

The Vistar segment focuses on delivering candy, snacks, and beverages, catering to vending, concessions, and other away-from-home channels.

Convenience

The Convenience segment, which includes Core-Mark (acquired by PFG), distributes a range of frozen foods, groceries, candy, snacks, beverages, cigarettes, other tobacco products, and health and beauty care products to convenience stores.

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Performance Food Group (PFGC) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions: The company has demonstrated a history of successful acquisitions, such as Cheney Brothers and Jose Santiago, which have directly contributed to increased net sales and case volume, particularly in the Foodservice segment. Management has indicated that a robust mergers and acquisitions pipeline remains a priority to fuel continued growth.
2. Growth in Independent Foodservice: Performance Food Group consistently highlights strong and accelerating organic independent foodservice case volume growth. This growth is being driven by both the acquisition of new customers and increased penetration within its existing customer base in the independent restaurant channel.
3. Expansion in Convenience and Chain Business: New account wins in the chain business have contributed to case growth, and the Convenience segment has recently secured two significant new customers that are anticipated to boost revenue streams throughout fiscal year 2026. The company is actively working to win new business and increase efficiency in its Core-Mark organization (Convenience segment).
4. Price Realization and Inflationary Benefits: Price increases and inflation have played a role in enhancing net sales and gross profit per case. The company expects to continue benefiting from inflation in the Foodservice segment, contributing to improved profit conditions.
5. Diversified Market Share Expansion and Strategic Initiatives: PFG's diversified approach across the "food away from home" market, along with strategic investments and initiatives, are driving market share gains across its operating segments. This includes expansion in various channels within its Specialty business, such as vending, office coffee, value channels, and retail, as well as growth in its e-commerce platform.

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Share Repurchases

• In May 2025, Performance Food Group's Board of Directors authorized a new share repurchase program for up to $500 million of its common stock, effective until May 27, 2029. This program replaced a previously authorized $300 million program.
• As of September 27, 2025, the full $500 million remained available under this authorization.
• The company did not repurchase any shares in the first quarter of fiscal 2026.

Share Issuance

• Performance Food Group's shares outstanding saw a 0.26% increase in 2025 to 0.156 billion.
• In 2023, shares outstanding increased by 3.17% from 2022.

Outbound Investments

• In October 2024, Performance Food Group completed the acquisition of Cheney Brothers, a leading independent broadline foodservice distributor, for over $2 billion (or $1.8 billion). This acquisition expanded its presence in the Southeast region and added distribution capacity.
• In September 2021, the company acquired Core-Mark, which expanded its Convenience segment operations into Canada.
• Within the first three quarters of its fiscal year ending June 2025, PFG also acquired Jose Santiago.

Capital Expenditures

• Capital expenditures totaled $506 million in fiscal year 2025 and $78.9 million in the first quarter of fiscal year 2026.
• For the full fiscal year 2026, capital expenditures are anticipated to be approximately 70 basis points of net revenue, aligning with the company's long-term target.
• The primary focus of these investments includes maintaining and supporting growth within infrastructure, high-return projects, building additional capacity (e.g., at Cheney Brothers), warehouse expansions, and increasing the fleet.