On this page of StockholderLetter.com we present the latest annual shareholder letter from Performance Food Group Co — ticker symbol PFGC. Reading current and past PFGC letters to shareholders can bring important insights into the investment thesis.

 •  10/10/2025 Letter Continued (Full PDF)
 •  10/10/2023 PFGC Stockholder Letter
 •  10/10/2024 PFGC Stockholder Letter
 •  More "Grocery & Drug Stores" Category Stockholder Letters
 •  PFGC Benford's Law Stock Score = 55

PFGC Shareholder/Stockholder Letter Transcript:

TO OUR STOCKHOLDERS
Jose Santiago and Cheney Brothers. These two
acquisitions expanded PFG's territories into Puerto
Rico and within the Southeastern United States,
respectively, and will drive sales and profit growth in
the long term.
Our acquisition of Jose Santiago, Inc., the largest
foodservice distributor in Puerto Rico, in July 2024,
marked our first operating company in the Caribbean.
Over the past year, we have seen great progress
from this organization, and we anticipate more growth
opportunities in the years to come as this acquisition
not only strengthens our presence in Puerto Rico
but also opens new avenues for expansion in the
Caribbean region.
It has been an exciting year for our Company, and I
am proud of the significant milestones we achieved. It
is the dedication and hard work of our approximately
43,000 associates that has enabled our company's
continued success. This year, we celebrated our 10year anniversary as a public company by ringing the
Closing Bell and hosting an Investor Day at the New
York Stock Exchange. When we became a public
company in 2015, our market cap was $2 billion with
approximately $15 billion in annual net sales. At the
close of fiscal 2025, we had achieved a market cap
of approximately $14 billion with $63.3 billion of net
sales. Earlier in the year, we also moved higher on the
Fortune 500 list, landing in the No. 80 position.
It is against this backdrop that we continued to execute
our strategy, finishing fiscal 2025 with significant
operational and growth momentum across our three
operating segments. I am excited for what the future
holds at PFG and our plans to achieve success.
DELIVERING ON LONG RUNWAY FOR
STRATEGIC GROWTH
At our Investor Day in May, we highlighted the strategy
that will drive continued growth for our company.
PFG is a one-of-a-kind organization with a deep
reach across the U.S. food-away-from-home market.
Over the years we have built a distribution network
to service this growing market and are now reaching
the size and scale needed to take full advantage of
our market position. By collaborating across our three
operating segments, Foodservice, Convenience and
Specialty, we expect to produce top and bottom-line
performance that builds upon our track record of
value creation for all stakeholders and extends our
competitive advantage that sets PFG apart from our
peers. Central to everything we do is our customer  
first approach and entrepreneurial
culture, both of which will remain
key to our success going forward.
STRENGTHENING PFG'S
FOOTPRINT AND MARKET POSITION
M&A has been an important part of our
strategy and early in the fiscal year,
we welcomed the associates from
two outstanding companies -
In October 2024, PFG acquired Cheney Brothers,
a leading independent foodservice distributor. This
acquisition has significantly increased our scale and
geographic reach, allowing us to better serve our
customers and strengthen our market position.
I am very pleased with the progress we have made
this year to integrate both Jose Santiago and Cheney
Brothers. The synergies and additional market
penetration from these acquisitions are already
beginning to materialize, and we are confident that
they will continue to contribute positively to our overall
growth strategy.
In addition, we continue to invest in our people and
technology, to keep pace with our growth. Throughout
fiscal 2025, we made strategic investments in our
warehouse capacity and added to our fleet, all
while improving safety standards and advancing
sustainability. Our continued focus on innovation,
operational excellence, and customer satisfaction
will drive our success in the years to come, and
ensure we extend our legacy of positive impact
for our associates, customers, suppliers, and the
communities we serve.
BUILDING ON THE STRONG MOMENTUM
UNDERWAY
PFG ended fiscal 2025 in a strong financial position
and is poised to capture the upside potential of our
new three-year financial plan. Going forward, we will
continue to execute our balanced capital allocation
strategy, focused on capital expenditures, leverage
reduction, share repurchases and M&A.
In summary, I am very proud of our Company's
achievements during fiscal 2025 and the incredible
team in place, and look forward to many more years of
success at PFG.
Best Regards,
   IJL
George L. Holm
Chairman of the Board of Directors
and Chief Executive Officer
October 10, 2025



 10/10/2025 Letter Continued (Full PDF)