Performance Food Group Co
For the period ended Jun 27, 2026. Filed Aug 12, 2026.
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FY2026 · Filed Aug 12, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In millions) | Fiscal Year EndedJune 27, 2026 | Fiscal Year EndedJune 28, 2025 | Fiscal Year EndedJune 29, 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $359.3 | $340.2 | $435.9 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation | 541.9 | 455.3 | 355.2 |
| Amortization of intangible assets | 272.0 | 262.6 | 201.5 |
| Amortization of deferred financing costs | 12.5 | 12.6 | 10.5 |
| Provision for losses on accounts receivables | 22.2 | 22.7 | 19.8 |
| Change in LIFO reserve | 101.1 | 88.1 | 62.3 |
| Stock-based compensation expense | 51.5 | 47.8 | 41.9 |
| Deferred income tax expense (benefit) | 92.0 | (0.2) | 10.7 |
| Loss on extinguishment of debt | 2.1 | — | 0.9 |
| Change in fair value of derivative assets and liabilities | (3.7) | (0.8) | (4.1) |
| Other non-cash activities | 4.6 | 2.5 | (2.4) |
| Changes in operating assets and liabilities, net | |||
| Accounts receivable | (199.3) | (151.9) | (81.1) |
| Inventories | (483.4) | (337.9) | 37.7 |
| Income taxes receivable | 26.7 | (17.5) | (29.9) |
| Prepaid expenses and other assets | (19.9) | 56.6 | (95.8) |
| Trade accounts payable and outstanding checks in excess of deposits | 500.3 | 372.7 | 124.0 |
| Accrued expenses and other liabilities | 133.8 | 57.3 | 75.9 |
| Net cash provided by operating activities | 1,413.7 | 1,210.1 | 1,163.0 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (384.1) | (506.0) | (395.6) |
| Purchase of intangible assets | (9.6) | — | — |
| Net cash paid for acquisitions | (383.4) | (2,596.4) | (307.7) |
| Proceeds from sale of property, plant and equipment and other | 4.6 | 13.4 | 20.6 |
| Net cash used in investing activities | (772.5) | (3,089.0) | (682.7) |
| Cash flows from financing activities: | |||
| Net (payments) borrowings under ABL Facility | (384.0) | 1,194.2 | 6.8 |
| Borrowing of Notes due 2034 | 1,060.0 | — | — |
| Borrowing of Notes due 2032 | — | 1,000.0 | — |
| Repayment of Notes due 2027 | (1,060.0) | — | — |
| Repayment of Notes due 2025 | — | — | (275.0) |
| Cash paid for debt issuance, extinguishment, and creditor fees for debt modification | (5.7) | (34.2) | — |
| Payments under finance lease obligations | (241.6) | (188.0) | (122.2) |
| Net cash paid for acquisitions | (10.1) | (1.5) | — |
| Proceeds from employee stock purchase plan | 36.9 | 32.7 | 15.5 |
| Proceeds from exercise of stock options | 6.4 | 11.1 | 2.2 |
| Cash paid for shares withheld to cover taxes | (25.2) | (18.8) | (21.5) |
| Repurchases of common stock | (1.5) | (57.6) | (78.1) |
| Other financing activities | — | — | (0.3) |
| Net cash (used in) provided by financing activities | (624.8) | 1,937.9 | (472.6) |
| Net increase in cash and restricted cash | 16.4 | 59.0 | 7.7 |
| Cash and restricted cash, beginning of period | 86.7 | 27.7 | 20.0 |
| Cash and restricted cash, end of period | $103.1 | $86.7 | $27.7 |
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| (In millions) | As of June 27, 2026 | As of June 28, 2025 |
|---|---|---|
| Cash | $92.4 | $78.5 |
| Restricted cash(1) | 10.7 | 8.2 |
| Total cash and restricted cash | $103.1 | $86.7 |
(1)
Restricted cash is reported within other assets and represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims along with cash required by a healthcare benefits and claims administration arrangement to maintain a healthcare imprest account for eligible healthcare expenses.
Supplemental disclosures of cash flow information are as follows:
| (In millions) | Fiscal Year EndedJune 27, 2026 | Fiscal Year EndedJune 28, 2025 | Fiscal Year EndedJune 29, 2024 |
|---|---|---|---|
| Cash paid during the year for: | |||
| Interest (net of amounts capitalized) | $399.0 | $344.4 | $242.1 |
| Income taxes (net of refunds received) | 8.5 | 129.7 | 177.1 |
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