Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, allowances | $ 69.2 | $ 69.0 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
| Common stock, shares issued | 155,700,000 | 154,900,000 |
| Common stock, shares outstanding | 155,700,000 | 154,900,000 |
| Accumulated other comprehensive loss, net of tax benefit | $ 1.3 | $ 0.9 |
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
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| Income Statement [Abstract] | ||
| Net sales | $ 17,075.9 | $ 15,415.5 |
| Cost of goods sold | 15,059.3 | 13,651.3 |
| Gross profit | 2,016.6 | 1,764.2 |
| Operating expenses | 1,791.9 | 1,548.9 |
| Operating profit | 224.7 | 215.3 |
| Other expense, net: | ||
| Interest expense | 104.4 | 66.8 |
| Other, net | (1.2) | 1.6 |
| Other expense, net | 103.2 | 68.4 |
| Income before taxes | 121.5 | 146.9 |
| Income tax expense | 27.9 | 38.9 |
| Net income | $ 93.6 | $ 108.0 |
| Weighted-average common shares outstanding: | ||
| Basic | 155.5 | 154.6 |
| Diluted | 156.9 | 156.2 |
| Earnings per common share: | ||
| Basic | $ 0.6 | $ 0.7 |
| Diluted | $ 0.6 | $ 0.69 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
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| Statement of Comprehensive Income [Abstract] | ||
| Net income | $ 93.6 | $ 108.0 |
| Interest rate swaps: | ||
| Change in fair value, net of tax | 0.1 | (2.9) |
| Reclassification adjustment, net of tax | (0.3) | (3.0) |
| Foreign currency translation adjustment, net of tax | (0.9) | 0.5 |
| Other comprehensive loss | (1.1) | (5.4) |
| Total comprehensive income | $ 92.5 | $ 102.6 |
Reconciliation of Cash and Restricted Cash - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
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|---|---|---|---|---|
| Supplemental Cash Flow Elements [Abstract] | ||||
| Cash | $ 38.1 | $ 78.5 | ||
| Restricted cash | [1] | 8.3 | 8.2 | |
| Total cash and restricted cash | $ 46.4 | $ 86.7 | ||
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
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| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ 93.6 | $ 108.0 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Business Activities |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Business Activities | 1. Summary of Business Activities Business Overview Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and Company-branded food and food-related products to customer locations across North America. The Company serves both of the major customer types in the restaurant industry: (i) independent customers, and (ii) multi-unit, or chain customers, which include some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, healthcare facilities, and retail establishments. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products, health and beauty care products and other items to vending distributors, big box retailers, theaters, convenience stores, drug stores, grocery stores, travel providers, hospitality providers, and direct to consumers. Share Repurchase Program In May 2025, the Board of Directors of the Company authorized a share repurchase program for up to $500 million of the Company’s outstanding common stock. This authorization replaced the previously authorized $300 million share repurchase program. The current share repurchase program has an expiration date of May 27, 2029 and may be amended, suspended, or discontinued at any time at the Company’s discretion, subject to compliance with applicable laws. As of September 27, 2025, $500 million remained available for share repurchases. |
Summary of Significant Accounting Policies and Estimates |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Accounting Policies [Abstract] | |
| Summary of Significant Accounting Policies and Estimates | 2. Summary of Significant Accounting Policies and Estimates Basis of Presentation The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June 28, 2025 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. Certain prior period amounts have been reclassified to conform to current period presentation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted herein pursuant to applicable rules and regulations for interim financial statements. |
Recently Issued Accounting Pronouncements |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Recently Issued Accounting Pronouncements | 3. Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update expands public entities’ income tax disclosure requirements primarily by requiring disaggregation of specific categories and reconciling items that meet a quantitative threshold within the rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This pronouncement is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this update will be adopted for the fiscal year ending June 27, 2026 (“fiscal 2026”), with annual reporting requirements effective for our fiscal 2026 Annual Report on Form 10-K. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The provisions of the new standard will not impact the Company’s results of operations, financial position, or cash flows but will require the Company to expand its current income tax disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement--Reporting Comprehensive Income--Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update improves the disclosures about a public entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. In January 2025, the FASB released ASU 2025-01 to clarify ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments in this update will be adopted for the fiscal year ending July 1, 2028 (“fiscal 2028”), with annual reporting requirements effective for our fiscal 2028 Annual Report on Form 10-K and interim reporting requirements effective for our Quarterly Reports on Forms 10-Q within the fiscal year ending June 30, 2029 ("fiscal 2029"). The amendments in this update should be applied prospectively, however, retrospective application is permitted. The provisions of the new standard will not impact the Company’s results of operations, financial position, or cash flows but will require the Company to expand its disclosures of the Company's expenses. In July 2025, the FASB issued ASU 2025-05, Financial Instruments--Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient for all entities to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. In developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in this update should be applied on a prospective basis. This pronouncement is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update will be adopted at the beginning of the fiscal year ending July 3, 2027 (“fiscal 2027”). The Company is currently evaluating the effect of adopting ASU 2025-05 on its future consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for and disclosure of internal-use software costs. This update removes all references to project stages, defines the threshold to begin capitalizing costs, and clarifies the disclosure requirements of capitalized software costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, and can be applied retrospectively, prospectively, or on a modified transition approach. Early adoption is permitted. The amendments in this update will be adopted at the beginning of fiscal 2029. The Company is currently assessing the impact of this update on its future consolidated financial statements. |
Revenue Recognition |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue Recognition | 4. Revenue Recognition The Company markets and distributes primarily national and Company-branded food and food-related products to customer locations across North America. The Foodservice segment primarily services restaurants and supplies a “broad line” of products to its customers, including the Company’s Performance Brands and custom-cut meats and seafood, as well as products that are specific to each customer’s menu requirements. The Specialty segment, previously referred to as Vistar, specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. The Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice related products, and other items to convenience stores across North America. The Company disaggregates revenue by customer type and product offerings and determined that disaggregating revenue at the segment level achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 13. Segment Information for external revenue by reportable segment. The Company has customer contracts in which incentives are paid upfront to certain customers. These payments have become industry practice and are not related to financing the customer’s business, nor are they associated with any distinct good or service to be received from the customer. These incentive payments are capitalized and amortized over the life of the contract or the expected life of the customer relationship on a straight-line basis, and are regularly assessed for impairment. The Company’s contract asset for these incentives totaled $65.8 million and $67.0 million as of September 27, 2025 and June 28, 2025, respectively. |
Business Combinations |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Business Combination [Abstract] | |
| Business Combinations | 5. Business Combinations During the first quarter of fiscal 2026, there were no acquisitions. During the first quarter of fiscal 2025, the Company paid cash of $574.3 million, net of cash received for an acquisition. The acquisition is reported in the Foodservice segment and did not materially affect the Company's results of operations. On October 8, 2024, PFG acquired Cheney Bros., Inc. (“Cheney Brothers”) for $2.0 billion, consisting of $1,977.1 million of cash consideration, net of cash received, and $32.4 million of deferred consideration payable to the seller over the next five years. As of September 27, 2025, the deferred consideration payable to the seller was $27.9 million. The cash consideration portion of the purchase price was financed with the borrowings under the Company's asset-based revolving credit facility. |
Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 6. Debt The Company is a holding company and conducts its operations through its subsidiaries, which have incurred or guaranteed indebtedness as described below. Debt consisted of the following:
Credit Agreement PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, and Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, are parties to the Sixth Amended and Restated Credit Agreement dated September 9, 2024 (the “ABL Facility”), with Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, and the other lenders party thereto. The ABL Facility has an aggregate principal amount available of $5.0 billion and matures September 9, 2029. The ABL Facility also provides for up to $1.0 billion of uncommitted incremental facilities. The terms of any such incremental facility shall be agreed between Performance Food Group, Inc. and the lenders providing the new commitments, subject to certain limitations set forth in the ABL Facility. Performance Food Group, Inc. is the lead borrower under the ABL Facility, which is jointly and severally guaranteed by, and secured by the majority of the assets of, PFGC and all material domestic direct and indirect wholly-owned subsidiaries of PFGC (other than the captive insurance subsidiary and other excluded subsidiaries). Availability for loans and letters of credit under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, owned real property, and owned transportation equipment. The borrowing base is reduced quarterly by a cumulative fraction of the real property and transportation equipment values. Advances on accounts receivable and inventory are subject to change based on periodic commercial finance examinations and appraisals, and the real property and transportation equipment values included in the borrowing base are subject to change based on periodic appraisals. Audits and appraisals are conducted at the direction of the administrative agent for the benefit and on behalf of all lenders. Borrowings under the ABL Facility bear interest, at Performance Food Group, Inc.’s option, at (a) the Base Rate (defined as the greatest of (i) a floor rate of 0.00%, (ii) the federal funds rate in effect on such date plus 0.5%, (iii) the prime rate on such day, or (iv) one month Term SOFR plus 1.0%) plus a spread or (b) Adjusted Term SOFR plus a spread. The ABL Facility also provides for an unused commitment fee at a rate of 0.250% per annum. The following table summarizes outstanding borrowings, availability, and the average interest rate under the Company’s credit agreement:
The ABL Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if Alternate Availability (as defined in the ABL Facility) falls below the greater of (i) $375.0 million and (ii) 10% of the lesser of the borrowing base and the sum of (a) the aggregate commitments plus (b) any outstanding term loans for five consecutive business days. The ABL Facility also contains customary restrictive covenants that include, but are not limited to, restrictions on the loan parties' and their subsidiaries’ abilities to incur additional indebtedness, pay dividends, create liens, make investments, make prepayments, redemptions, or defeasances prior to the maturity of certain restricted debt and dispose of assets. The ABL Facility provides for customary events of default, including payment defaults and cross-defaults on other material indebtedness. If an event of default occurs and is continuing, amounts due under the ABL Facility may be accelerated and the rights and remedies of the lenders may be exercised, including rights with respect to the collateral securing the obligations under such agreement. Senior Notes due 2027 On September 27, 2019, PFG Escrow Corporation (which subsequently merged with and into Performance Food Group, Inc.), issued and sold $1,060.0 million aggregate principal amount of its 5.500% Senior Notes due 2027 (the “Notes due 2027”). The Notes due 2027 are jointly and severally guaranteed on a senior unsecured basis by PFGC and all domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). The Notes due 2027 are not guaranteed by the Company. The proceeds from the Notes due 2027, along with an offering of shares of the Company’s common stock and borrowings under a prior credit agreement, were used to fund the cash consideration for the acquisition of Reinhart Foodservice, L.L.C. and to pay related fees and expenses. The Notes due 2027 were issued at 100.0% of their par value. The Notes due 2027 mature on October 15, 2027 and bear interest at a rate of 5.500% per year, payable semi-annually in arrears. Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group, Inc. does not apply the proceeds as required, the holders of the Notes due 2027 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2027 at a price equal to 101% (in the case of a change of control triggering event) or 100% (in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Performance Food Group, Inc. may redeem all or part of the Notes due 2027 at a redemption price equal to 100.0% of the principal amount redeemed, plus accrued and unpaid interest. The indenture governing the Notes due 2027 contains covenants limiting, among other things, PFGC’s and its restricted subsidiaries’ ability to incur or guarantee additional debt or issue disqualified stock or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; create certain restrictions on the ability of PFGC’s restricted subsidiaries to make dividends or other payments to PFGC; designate restricted subsidiaries as unrestricted subsidiaries; and transfer or sell certain assets. These covenants are subject to a number of important exceptions and qualifications. The Notes due 2027 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2027 to become or be declared due and payable. Senior Notes due 2029 On July 26, 2021, Performance Food Group, Inc. issued and sold $1.0 billion aggregate principal amount of its 4.250% Senior Notes due 2029 (the "Notes due 2029"). The Notes due 2029 are jointly and severally guaranteed on a senior unsecured basis by PFGC and all domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). The Notes due 2029 are not guaranteed by the Company. The proceeds from the Notes due 2029 were used to pay down the outstanding balance of a prior credit agreement, to redeem the 5.500% Senior Notes due 2024, and to pay the fees, expenses, and other transaction costs incurred in connection with the Notes due 2029. The Notes due 2029 were issued at 100.0% of their par value. The Notes due 2029 mature on August 1, 2029, and bear interest at a rate of 4.250% per year, payable semi-annually in arrears. Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group, Inc. does not apply the proceeds as required, the holders of the Notes due 2029 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2029 at a price equal to 101% (in the case of a change of control triggering event) or 100% (in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Performance Food Group, Inc. may redeem all or part of the Notes due 2029 at a redemption price equal to 101.163% of the principal amount redeemed, plus accrued and unpaid interest. The redemption price decreases to 100% of the principal amount redeemed on August 1, 2026. The indenture governing the Notes due 2029 contains covenants limiting, among other things, PFGC’s and its restricted subsidiaries’ ability to incur or guarantee additional debt or issue disqualified stock or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; create certain restrictions on the ability of PFGC’s restricted subsidiaries to make dividends or other payments to PFGC; designate restricted subsidiaries as unrestricted subsidiaries; and transfer or sell certain assets. These covenants are subject to a number of important exceptions and qualifications. The Notes due 2029 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2029 to become or be declared due and payable. Senior Notes due 2032 On September 12, 2024, Performance Food Group, Inc. issued and sold $1.0 billion aggregate principal amount of its 6.125% Senior Notes due 2032 (the “Notes due 2032”). The Notes due 2032 are jointly and severally guaranteed on a senior unsecured basis by PFGC and all domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). The Notes due 2032 are not guaranteed by the Company. The Company intended to use the proceeds from the Notes due 2032, together with borrowings under the ABL Facility, to finance the cash consideration in connection with the Cheney Brothers Acquisition and to pay the fees, expenses, and other transaction costs incurred in connection with the Notes due 2032. However, since there was no requirement to hold the funds in escrow until the Cheney Brothers Acquisition closed, the net proceeds for the Notes due 2032 were initially used to pay down a portion of the outstanding balance of the ABL Facility. The Company subsequently funded the cash consideration for the Cheney Brothers Acquisition with borrowings under the ABL Facility. The Notes due 2032 were issued at 100.0% of their par value. The Notes due 2032 mature on September 15, 2032, and bear interest at a rate of 6.125% per year, payable semi-annually in arrears. Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group, Inc. does not apply the proceeds as required, the holders of the Notes due 2032 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2032 at a price equal to 101% (in the case of a change of control triggering event) or 100% (in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Performance Food Group, Inc. may redeem all or a part of the Notes due 2032 at any time prior to September 15, 2027, at a redemption price equal to 100% of the principal amount of the Notes due 2032 being redeemed plus a make-whole premium as defined in the indenture governing the Notes due 2032 and accrued and unpaid interest. In addition, beginning on September 15, 2027, Performance Food Group, Inc. may redeem all or a part of the Notes due 2032 at a redemption price equal to 103.063% of the principal amount redeemed, plus accrued and unpaid interest. The redemption price decreases to 101.531% and 100% of the principal amount redeemed on September 15, 2028, and September 15, 2029, respectively. In addition, at any time prior to September 15, 2027, Performance Food Group, Inc. may redeem up to 40% of the Notes due 2032 from the proceeds of certain equity offerings at a redemption price equal to 106.125% of the principal amount thereof, plus accrued and unpaid interest. The indenture governing the Notes due 2032 contains covenants limiting, among other things, PFGC’s and its restricted subsidiaries’ ability to incur or guarantee additional debt or issue disqualified stock or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; create certain restrictions on the ability of PFGC’s restricted subsidiaries to make dividends or other payments to PFGC; designate restricted subsidiaries as unrestricted subsidiaries; and transfer or sell certain assets. These covenants are subject to a number of important exceptions and qualifications. The Notes due 2032 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2032 to become or be declared due and payable. |
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 7. Leases The Company determines if an arrangement is a lease at inception and recognizes a financing or operating lease liability and right-of-use asset in the Company’s consolidated balance sheet. Right-of-use assets and lease liabilities for both operating and finance leases are recognized based on present value of lease payments over the lease term at commencement date. When the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. This rate was determined by using the yield curve based on the Company’s credit rating adjusted for the Company’s specific debt profile and secured debt risk. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expenses for these short-term leases are recognized on a straight-line basis over the lease term. The Company has several lease agreements that contain lease and non-lease components, such as maintenance, taxes, and insurance, which are accounted for separately. The difference between the operating lease right-of-use assets and operating lease liabilities primarily relates to adjustments for deferred rent, favorable leases, and prepaid rent. Subsidiaries of the Company have entered into numerous operating and finance leases for various warehouses, office facilities, equipment, tractors, and trailers. Our leases have remaining lease terms of 1 year to 25 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year. Certain full-service fleet lease agreements include variable lease payments associated with usage, which are recorded and paid as incurred. When calculating lease liabilities, lease terms will include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of the leases for tractors, trailers, and other vehicles and equipment provide for residual value guarantees to the lessors. Circumstances that would require the subsidiary to perform under the guarantees include either (1) default on the leases with the leased assets being sold for less than the specified residual values in the lease agreements, or (2) decisions not to purchase the assets at the end of the lease terms combined with the sale of the assets, with sales proceeds less than the residual value of the leased assets specified in the lease agreements. Residual value guarantees under these operating lease agreements typically range between 6% and 20% of the value of the leased assets at inception of the lease. These leases have original terms ranging from 5 to 10 years and are set to expire at various dates ranging from 2025 to 2032. As of September 27, 2025, the undiscounted maximum amount of potential future payments for lease residual value guarantees totaled approximately $7.4 million, which would be mitigated by the fair value of the leased assets at lease expiration. The following table presents the location of the right-of-use assets and lease liabilities in the Company’s consolidated balance sheet as of September 27, 2025 and June 28, 2025 (in millions), as well as the weighted-average lease term and discount rate for the Company’s leases:
The following table presents the location of lease costs in the Company’s consolidated statement of operations for the periods reported (in millions):
The following table presents the supplemental cash flow information related to leases for the periods reported (in millions):
The following table presents the future minimum lease payments under non-cancelable leases as of September 27, 2025 (in millions):
As of September 27, 2025, the Company had additional operating and finance leases that had not yet commenced, which total $13.5 million in future minimum lease payments. These leases relate primarily vehicle leases expected to commence in fiscal 2026 with lease terms of 6 to 10 years. In addition, there is a warehouse lease that will commence in fiscal 2026 with a term of 5 years. |
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Fair Value of Financial Instruments |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value of Financial Instruments | 8. Fair Value of Financial Instruments The carrying values of cash, accounts receivable, outstanding checks in excess of deposits, trade accounts payable, and accrued expenses approximate their fair values because of the relatively short maturities of those instruments. The derivative assets and liabilities are recorded at fair value on the balance sheet. The fair value of long-term debt, which has a carrying value of $5,636.8 million and $5,388.8 million, is $5,657.1 million and $5,399.7 million at September 27, 2025 and June 28, 2025, respectively, and is determined by reviewing current market pricing related to comparable debt issued at the time of the balance sheet date, and is considered a Level 2 measurement. |
Income Taxes |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 9. Income Taxes The determination of the Company’s overall effective tax rate requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The effective tax rate reflects the income earned and taxed in various federal, state, and foreign jurisdictions. Tax law changes, increases and decreases in temporary and permanent differences between book and tax items, tax credits, and the Company’s change in income in each jurisdiction all affect the overall effective tax rate. It is the Company’s practice to recognize interest and penalties related to uncertain tax positions in income tax expense. On July 4, 2025, Public Law No. 119-21, referred to as the One Big Beautiful Bill Act (the “Act”), was enacted into law. The Act includes changes to U.S. tax law that are applicable to the Company in fiscal 2025 and fiscal 2026, including 100% bonus depreciation on qualified property, immediate expensing of domestic research costs and modification of the business interest expense limitation. The effects of these changes were incorporated into the income tax provision for the three months ended September 27, 2025. The Company expects a beneficial cash flow impact, with no material impact to its effective tax rate, in fiscal 2026. The Company’s effective tax rate was 23.0% for the three months ended September 27, 2025 and 26.5% for the three months ended September 28, 2024. The effective tax rate varies from the 21% statutory rate primarily due to state and foreign income taxes, federal credits and other permanent items. The excess tax benefit of exercised and vested stock awards is treated as a discrete item. The effective tax rate for the three months ended September 27, 2025 differed from the prior year period primarily due to an increase in deductible discrete items related to stock-based compensation and an increase in tax credits net of valuation allowance established, partially offset by an increase in foreign taxes as a percentage of income. As of September 27, 2025 and June 28, 2025, the Company had net deferred tax assets of $251.4 million and $227.4 million, respectively, and deferred tax liabilities of $1,154.4 million and $1,114.5 million, respectively. As of both September 27, 2025 and June 28, 2025, the Company had established a valuation allowance net of federal benefit of $13.1 million and $11.8 million, respectively, against deferred tax assets related to certain tax credit carryforwards and certain net operating losses which are not likely to be realized due to limitations on utilization. The change in the deferred tax balances relates primarily to certain modifications of U.S. tax law applicable under the Act and valuation allowance established on foreign tax credit carryforwards. The Company believes that it is more likely than not that the remaining deferred tax assets will be realized. Since the Organization for Economic Co-operation and Development (“OECD”) announced the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting in 2021, a number of countries have begun to enact legislation to implement the OECD international tax framework, including the Pillar Two minimum tax regime. Of the regions in which we operate, Canada has implemented the Pillar Two framework effective January 1, 2024. The Company is not subject to Pillar Two minimum tax in Canada during the first thirteen weeks of fiscal 2026 under the applicable safe harbor rules. |
Commitments and Contingencies |
3 Months Ended |
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Sep. 27, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 10. Commitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders of $324.6 million related to capital projects and services at September 27, 2025. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of September 27, 2025. Guarantees The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third parties. These contracts primarily relate to: (i) certain real estate leases under which subsidiaries of the Company may be required to indemnify property owners for environmental and other liabilities and other claims arising from their use of the applicable premises; (ii) certain agreements with the Company’s officers, directors, and employees under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship; and (iii) customer agreements under which the Company may be required to indemnify customers for certain claims brought against them with respect to the supplied products. Generally, a maximum obligation under these contracts is not explicitly stated. Because the obligated amounts associated with these types of agreements are not explicitly stated, the overall maximum amount of the obligation cannot be reasonably estimated. Historically, the Company has not been required to make payments under these obligations and, therefore, no liabilities have been recorded for these obligations in the Company’s consolidated balance sheets. Litigation The Company is engaged in various legal proceedings that have arisen but have not been fully adjudicated. The likelihood of loss arising from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible to probable. When losses are probable and reasonably estimable, they have been accrued. Based on estimates of the range of potential losses associated with these matters, management does not believe that the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the consolidated financial position or results of operations of the Company. However, the final results of legal proceedings cannot be predicted with certainty and, if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s consolidated financial position or results of operations could be materially adversely affected in future periods. JUUL Labs, Inc. Marketing Sales Practices, and Products Liability Litigation. In October 2019, a Multidistrict Litigation action (“MDL”) was initiated in order to centralize litigation against JUUL Labs, Inc. (“JUUL”) and other parties in connection with JUUL’s e-cigarettes and related devices and components in the United States District Court for the Northern District of California. On March 11, 2020, counsel for plaintiffs and the Plaintiffs’ Steering Committee filed a Master Complaint in the MDL ("Master Complaint") naming, among several other entities and individuals including JUUL, Altria Group, Inc., Philip Morris USA, Inc., Altria Client Services LLC, Altria Group Distribution Company, Altria Enterprises LLC, certain members of management and/or individual investors in JUUL, various e-liquid manufacturers, and various retailers, including the Company’s subsidiaries Eby-Brown Company LLC (“Eby-Brown”) and Core-Mark Holding Company, Inc. (“Core-Mark”), as defendants. The Master Complaint also named additional distributors of JUUL products (collectively with Eby-Brown and Core-Mark, the “Distributor Defendants”). The Master Complaint contains various state law claims and alleges that the Distributor Defendants: (i) failed to disclose JUUL’s nicotine contents or the risks associated; (ii) pushed a product designed for a youth market; (iii) engaged with JUUL in planning and marketing its product in a manner designed to maximize the flow of JUUL products; (iv) met with JUUL management in San Francisco, California to further these business dealings; and (v) received incentives and business development funds for marketing and efficient sales. JUUL and Eby-Brown are parties to a Domestic Wholesale Distribution Agreement dated March 10, 2020 (the "Distribution Agreement"), and JUUL has agreed to defend and indemnify Eby-Brown under the terms of that agreement and is paying Eby-Brown’s outside counsel fees directly. In addition, Core-Mark and JUUL have entered into a Defense and Indemnity Agreement dated March 8, 2021 (the "Defense Agreement") pursuant to which JUUL has agreed to defend and indemnify Core-Mark, and JUUL is paying Core-Mark’s outside counsel fees directly. On December 6, 2022, JUUL announced that it had reached settlements with the plaintiffs in the MDL and related cases that had been consolidated in the U.S. District Court for Northern District of California (the “MDL Settlement”). Per the settlement agreement, the MDL Settlement encompasses the various personal injury, consumer class action, government entity, and Native American tribe claims made against JUUL and includes, among others, all of the Distributor Defendants (including Core-Mark and Eby-Brown) as released parties. The release applicable to the Distributor Defendants, as well as certain other defendants, took effect when JUUL made the first settlement payment on October 27, 2023. The MDL Settlement Master informed the parties that there are ten plaintiffs who opted out of the MDL Settlement; however, those opt-out plaintiffs have amended their individual complaints and have removed Eby-Brown and Core-Mark as defendants in their individual cases. On September 10, 2021, Michael Lumpkins filed a parallel lawsuit in Illinois state court against several entities, including JUUL, e-liquid manufacturers, various retailers, and various distributors, including Eby-Brown and Core-Mark, alleging similar claims to the claims at issue in the MDL (the “Illinois Litigation”). Because there is no federal jurisdiction for this case, it will proceed in Illinois state court. Plaintiff alleges as damages that his use of JUUL products caused a brain injury that was later exacerbated by medical negligence. The court denied Eby-Brown and Core-Mark’s motion to dismiss, and the case has moved into the discovery phase. The trial date has been set for January 15, 2026. On October 20, 2025, the court entered a stipulated order of dismissal without prejudice as to various defendants, included but not limited to, Eby-Brown and Core-Mark. In the event the Plaintiff attempts to refile the Illinois Litigation against Eby-Brown or Core-Mark, the defense and indemnity of Eby-Brown and Core-Mark for the Illinois Litigation would be covered by the Distribution Agreement and the Defense Agreement, respectively. Tax Liabilities The Company is subject to customary audits by authorities in the jurisdictions where it conducts business in the United States and foreign countries, which may result in assessments of additional taxes. These additional taxes are accrued when probable and reasonably estimable. |
Related-Party Transactions |
3 Months Ended |
|---|---|
Sep. 27, 2025 | |
| Related Party Transactions [Abstract] | |
| Related-Party Transactions | 11. Related-Party Transactions The Company participates in, and has an equity method investment in, a purchasing alliance that was formed to obtain better pricing, to expand product options, to reduce internal costs, and to achieve greater inventory turnover. The Company’s investment in the purchasing alliance was $16.3 million as of September 27, 2025 and $13.3 million as of June 28, 2025. For the three-month periods ended September 27, 2025 and September 28, 2024, the Company recorded purchases of $794.8 million and $601.1 million, respectively, through the purchasing alliance. |
Earnings Per Common Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | 12. Earnings Per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. The Company’s potential common shares include outstanding stock-based compensation awards and expected issuable shares under the employee stock purchase plan. In computing diluted earnings per common share, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the assumed proceeds under the treasury stock method. No potential common shares were considered antidilutive for the three months ended September 27, 2025. Potential common shares of 0.2 million for the three months ended September 28, 2024 were not included in computing diluted earnings per common share because the effect would have been antidilutive. A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows:
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information The Company regularly monitors for changes in facts and circumstances that would necessitate changes in its determination of operating segments. In the third quarter of fiscal 2025, the Company updated its operating segments to reflect the manner in which the chief operating decision maker (“CODM”) manages the business. Based on changes to the Company’s organizational structure and how the CODM reviews operating results and makes decisions about resource allocation, certain operations and administrative and corporate costs previously reported in Corporate & All Other are now included in the Foodservice segment. The Company continues to have three reportable segments: Foodservice, Specialty (formerly Vistar), and Convenience. The presentation and amounts for the three months ended September 28, 2024 have been recast to reflect these segment changes. The Foodservice segment distributes a broad line of national brands, customer brands, and our proprietary-branded food and food-related products, or “Performance Brands.” Foodservice sells to independent and multi-unit chain restaurants and other institutions such as schools, healthcare facilities, business and industry locations, and retail establishments. Our chain customers are multi-unit restaurants with five or more locations and include some of the most recognizable family and casual dining restaurant chains. Our Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice related products, and other items to convenience stores across North America. Our Specialty segment, previously referred to as Vistar, specializes in distributing candy, snacks, beverages, and other food items nationally to vending, office coffee service, theater, retail, hospitality, and other channels and utilizes third-party carriers to deliver direct to consumers for our supplier partners and to our customers whose order sizes are too small to be served effectively by our fleet network. Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. Corporate & All Other may also include capital expenditures for certain information technology projects that are transferred to the segments once placed in service. Intersegment sales represent sales between the segments, which are eliminated in consolidation. The Company’s CODM, our , utilizes net sales and Segment Adjusted EBITDA, which is the Company’s GAAP measure of segment profit, to evaluate each operating segment’s financial performance and make decisions about resource allocation. Segment Adjusted EBITDA is defined as net income before interest expense, interest income, income taxes, depreciation, and amortization and excludes certain items that the Company does not consider part of its segments’ core operating results, including stock-based compensation expense, changes in the last-in-first-out (“LIFO”) reserve, acquisition, integration and reorganization expenses, and gains and losses related to fuel derivatives. The CODM reviews budget-to-actual and year-over-year variances for net sales and Segment Adjusted EBITDA each month when assessing segment performance and making decisions about allocating resources to the segments. The Company adopted ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280) for the fiscal year ended June 28, 2025 and applied the provisions on a retrospective basis to all periods presented in this Form 10-Q. Adoption of this standard resulted in additional disclosure of the significant expenses in the respective segments. The Company’s significant segment expenses, Segment Cost of Goods Sold and Segment Operating Expense, are significant to the segment, regularly provided to or easily computed from information regularly provided to our CODM, and included in Segment Adjusted EBITDA. Accordingly, the segment expenses presented below exclude the same items that are excluded from Segment Adjusted EBITDA.
1 Reflects cost of goods sold included in Segment Adjusted EBITDA and excludes certain items that are included in cost of goods sold, such as the change in LIFO reserve, presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. 2 Reflects operating expenses included in Segment Adjusted EBITDA and excludes certain items that are included in operating expense, such as depreciation, amortization, and expenses associated with acquisitions, presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. 3 Reflects other income and expense, net included in Segment Adjusted EBITDA and excludes certain items that are included in other expense, net presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. Segment Adjusted EBITDA for each reportable segment is presented below along with a reconciliation to consolidated income before taxes.
4 Other adjustments include gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, litigation-related accruals, severance, franchise tax expense, insurance proceeds due to hurricane and other weather related events, foreign currency transaction gains and losses, and other adjustments permitted by our ABL Facility. Additionally, for the three months ended September 27, 2025, Other adjustments included $9.9 million of legal and professional fees incurred in connection with shareholder activism and the clean team agreement with US Foods Holdings Corp. Total assets by reportable segment and the reconciling items for Corporate & All Other, excluding intercompany receivables between segments, are as follows:
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Summary of Significant Accounting Policies and Estimates (Policies) |
3 Months Ended |
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Sep. 27, 2025 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June 28, 2025 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. Certain prior period amounts have been reclassified to conform to current period presentation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted herein pursuant to applicable rules and regulations for interim financial statements. |
| Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update expands public entities’ income tax disclosure requirements primarily by requiring disaggregation of specific categories and reconciling items that meet a quantitative threshold within the rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This pronouncement is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this update will be adopted for the fiscal year ending June 27, 2026 (“fiscal 2026”), with annual reporting requirements effective for our fiscal 2026 Annual Report on Form 10-K. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The provisions of the new standard will not impact the Company’s results of operations, financial position, or cash flows but will require the Company to expand its current income tax disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement--Reporting Comprehensive Income--Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update improves the disclosures about a public entity’s expenses and addresses requests from investors for more detailed information about the types of expenses in commonly presented expense captions. In January 2025, the FASB released ASU 2025-01 to clarify ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The amendments in this update will be adopted for the fiscal year ending July 1, 2028 (“fiscal 2028”), with annual reporting requirements effective for our fiscal 2028 Annual Report on Form 10-K and interim reporting requirements effective for our Quarterly Reports on Forms 10-Q within the fiscal year ending June 30, 2029 ("fiscal 2029"). The amendments in this update should be applied prospectively, however, retrospective application is permitted. The provisions of the new standard will not impact the Company’s results of operations, financial position, or cash flows but will require the Company to expand its disclosures of the Company's expenses. In July 2025, the FASB issued ASU 2025-05, Financial Instruments--Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update provides a practical expedient for all entities to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. In developing reasonable and supportable forecasts as part of estimating expected credit losses, entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in this update should be applied on a prospective basis. This pronouncement is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The amendments in this update will be adopted at the beginning of the fiscal year ending July 3, 2027 (“fiscal 2027”). The Company is currently evaluating the effect of adopting ASU 2025-05 on its future consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for and disclosure of internal-use software costs. This update removes all references to project stages, defines the threshold to begin capitalizing costs, and clarifies the disclosure requirements of capitalized software costs. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those fiscal years, and can be applied retrospectively, prospectively, or on a modified transition approach. Early adoption is permitted. The amendments in this update will be adopted at the beginning of fiscal 2029. The Company is currently assessing the impact of this update on its future consolidated financial statements. |
| Revenue Recognition | 4. Revenue Recognition The Company markets and distributes primarily national and Company-branded food and food-related products to customer locations across North America. The Foodservice segment primarily services restaurants and supplies a “broad line” of products to its customers, including the Company’s Performance Brands and custom-cut meats and seafood, as well as products that are specific to each customer’s menu requirements. The Specialty segment, previously referred to as Vistar, specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. The Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice related products, and other items to convenience stores across North America. The Company disaggregates revenue by customer type and product offerings and determined that disaggregating revenue at the segment level achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 13. Segment Information for external revenue by reportable segment. The Company has customer contracts in which incentives are paid upfront to certain customers. These payments have become industry practice and are not related to financing the customer’s business, nor are they associated with any distinct good or service to be received from the customer. These incentive payments are capitalized and amortized over the life of the contract or the expected life of the customer relationship on a straight-line basis, and are regularly assessed for impairment. The Company’s contract asset for these incentives totaled $65.8 million and $67.0 million as of September 27, 2025 and June 28, 2025, respectively. |
Debt (Tables) |
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| Schedule of Debt | Debt consisted of the following:
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| Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility | The following table summarizes outstanding borrowings, availability, and the average interest rate under the Company’s credit agreement:
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Leases (Tables) |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Right-of-Use Assets and Lease Liabilities in Consolidated Balance Sheet | The following table presents the location of the right-of-use assets and lease liabilities in the Company’s consolidated balance sheet as of September 27, 2025 and June 28, 2025 (in millions), as well as the weighted-average lease term and discount rate for the Company’s leases:
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| Summary of Location of Lease Costs in Consolidated Statement of Operations | The following table presents the location of lease costs in the Company’s consolidated statement of operations for the periods reported (in millions):
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| Summary of Supplemental Cash Flow Information Related to Leases | The following table presents the supplemental cash flow information related to leases for the periods reported (in millions):
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| Summary of Future Minimum Lease Payments Under Non-Cancelable Leases | The following table presents the future minimum lease payments under non-cancelable leases as of September 27, 2025 (in millions):
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Earnings Per Common Share (Tables) |
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| Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Common Share Computations | A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows:
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment |
1 Reflects cost of goods sold included in Segment Adjusted EBITDA and excludes certain items that are included in cost of goods sold, such as the change in LIFO reserve, presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. 2 Reflects operating expenses included in Segment Adjusted EBITDA and excludes certain items that are included in operating expense, such as depreciation, amortization, and expenses associated with acquisitions, presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. 3 Reflects other income and expense, net included in Segment Adjusted EBITDA and excludes certain items that are included in other expense, net presented in the consolidated statements of operations. Refer to the table below for a reconciliation of Segment Adjusted EBITDA to consolidated income before taxes. |
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| Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes | Segment Adjusted EBITDA for each reportable segment is presented below along with a reconciliation to consolidated income before taxes.
4 Other adjustments include gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, litigation-related accruals, severance, franchise tax expense, insurance proceeds due to hurricane and other weather related events, foreign currency transaction gains and losses, and other adjustments permitted by our ABL Facility. Additionally, for the three months ended September 27, 2025, Other adjustments included $9.9 million of legal and professional fees incurred in connection with shareholder activism and the clean team agreement with US Foods Holdings Corp. Total assets by reportable segment and the reconciling items for Corporate & All Other, excluding intercompany receivables between segments, are as follows:
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Summary of Business Activities - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
May 27, 2025 |
|---|---|---|
| Previously Authorized Share Repurchase Program [Member] | ||
| Business Description [Line Items] | ||
| Share repurchase program, authorized amount | $ 300 | |
| Common Stock [Member] | ||
| Business Description [Line Items] | ||
| Share repurchase plan, remaining available amount | $ 500 | |
| Common Stock [Member] | Maximum [Member] | ||
| Business Description [Line Items] | ||
| Share repurchase program, authorized amount | $ 500 |
Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Revenue from Contract with Customer [Abstract] | ||
| Contract assets | $ 65.8 | $ 67.0 |
Business Combinations - Additional Information (Detail) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Oct. 08, 2024
USD ($)
|
Sep. 27, 2025
USD ($)
Acquisition
|
Sep. 28, 2024
USD ($)
|
|
| Business Acquisition [Line Items] | |||
| Number of acquisitions | Acquisition | 0 | ||
| Cash payment for acquisition | $ 0.0 | $ 574.3 | |
| Cheney Brothers [Member] | |||
| Business Acquisition [Line Items] | |||
| Total purchase price | $ 2,000.0 | ||
| Cash portion of the acquisition | 1,977.1 | ||
| Deferred consideration payable to the seller | $ 32.4 | ||
| Period for deferred consideration | 5 years | ||
| Deferred consideration payable to the seller | $ 27.9 | ||
| Business Acquisition Cost [Member] | |||
| Business Acquisition [Line Items] | |||
| Cash payment for acquisition | $ 574.3 | ||
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Less: Original issue discount and deferred financing costs | $ (24.5) | $ (26.2) |
| Long-term debt | 5,636.8 | 5,388.8 |
| Less: current installments | 0.0 | 0.0 |
| Total debt, excluding current installments | 5,636.8 | 5,388.8 |
| Credit Agreement [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | 2,601.3 | 2,355.0 |
| 5.500% Notes due 2027, effective interest rate 5.930% [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | 1,060.0 | 1,060.0 |
| 4.250% Notes due 2029, effective interest rate 4.439% [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | 1,000.0 | 1,000.0 |
| 6.125% Notes due 2032, effective interest rate 6.286% [Member] | ||
| Debt Instrument [Line Items] | ||
| Long-term debt, gross | $ 1,000.0 | $ 1,000.0 |
Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Detail) - ABL Facility [Member] - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Aggregate borrowings | $ 2,601.3 | $ 2,355.0 |
| Letters of credit | 165.9 | 171.4 |
| Excess availability, net of lenders' reserves of $98.6 and $106.0 | $ 2,232.8 | $ 2,473.6 |
| Average interest rate, excluding impact of interest rate swaps | 5.78% | 5.86% |
Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Parenthetical) (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| ABL Facility [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt amount reserve by lender | $ 98.6 | $ 106.0 |
Leases - Summary of Right-of-Use Assets and Lease Liabilities in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| ASSETS | ||
| Operating | $ 931.9 | $ 933.8 |
| Finance | $ 1,678.3 | $ 1,614.7 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net | Property, plant and equipment, net |
| Total lease assets | $ 2,610.2 | $ 2,548.5 |
| Current liabilities: | ||
| Operating | 104.6 | 104.5 |
| Finance | 232.9 | 221.9 |
| Non-current | ||
| Operating | 893.5 | 900.7 |
| Finance | 1,433.9 | 1,379.9 |
| Total lease liabilities | $ 2,664.9 | $ 2,607.0 |
| Weighted average remaining lease term | ||
| Operating leases | 10 years 6 months | 10 years 8 months 12 days |
| Finance leases | 9 years 9 months 18 days | 9 years 9 months 18 days |
| Weighted average discount rate | ||
| Operating leases | 5.60% | 5.60% |
| Finance leases | 5.70% | 5.70% |
Leases - Summary of Location of Lease Costs in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
|
| Finance lease cost: | ||
| Amortization of finance lease assets | $ 57.4 | $ 37.1 |
| Interest on lease liabilities | 23.3 | 11.9 |
| Total finance lease cost | 80.7 | 49.0 |
| Operating lease cost | 43.7 | 42.1 |
| Short-term lease cost | 14.7 | 12.8 |
| Total lease cost | $ 139.1 | $ 103.9 |
Leases - Summary of Supplemental Cash Flow Information related to Leases (Detail) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | $ 40.6 | $ 39.0 |
| Operating cash flows from finance leases | 23.3 | 11.9 |
| Financing cash flows from finance leases | 57.5 | 38.0 |
| Right-of-use assets obtained in exchange for lease obligations: | ||
| Operating leases | 20.0 | 16.0 |
| Finance leases | $ 122.5 | $ 124.7 |
Leases - Summary of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Millions |
Sep. 27, 2025
USD ($)
|
|---|---|
| Operating Leases | |
| 2026 | $ 118.7 |
| 2027 | 153.4 |
| 2028 | 142.9 |
| 2029 | 127.8 |
| 2030 | 115.6 |
| Thereafter | 720.2 |
| Total future minimum lease payments | 1,378.6 |
| Less: Interest | 380.5 |
| Present value of future minimum lease payments | 998.1 |
| Finance Leases | |
| 2026 | 242.2 |
| 2027 | 307.7 |
| 2028 | 279.3 |
| 2029 | 255.3 |
| 2030 | 227.8 |
| Thereafter | 1,012.3 |
| Total future minimum lease payments | 2,324.6 |
| Less: Interest | 657.8 |
| Present value of future minimum lease payments | $ 1,666.8 |
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
| Long-term debt | $ 5,636.8 | $ 5,388.8 |
| Reported Value Measurement [Member] | ||
| Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
| Long-term debt | 5,636.8 | 5,388.8 |
| Fair Value Inputs Level 2 [Member] | ||
| Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
| Fair value of long term debt | $ 5,657.1 | $ 5,399.7 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
Jun. 28, 2025 |
|
| Income Tax Disclosure [Abstract] | |||
| Effective income tax rate | 23.00% | 26.50% | |
| U.S. federal corporate income tax rate | 21.00% | ||
| Net deferred tax assets | $ 251.4 | $ 227.4 | |
| Net deferred tax liabilities | 1,154.4 | 1,114.5 | |
| Valuation allowance | $ 13.1 | $ 11.8 | |
Commitments and Contingencies - Additional Information (Detail) $ in Millions |
Sep. 27, 2025
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Outstanding contracts and purchase orders for capital projects and services | $ 324.6 |
Related-Party Transactions - Additional Information (Detail) - Purchasing Alliance [Member] - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
Jun. 28, 2025 |
|
| Related Party Transaction [Line Items] | |||
| Equity method investments | $ 16.3 | $ 13.3 | |
| Purchases from related party | $ 794.8 | $ 601.1 | |
Earnings Per Common Share - Additional Information (Detail) - shares shares in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
|
| Earnings Per Share [Abstract] | ||
| Potential common shares not included in computing diluted earnings per common share due to antidilutive effect | 0.0 | 0.2 |
Earnings Per Common Share - Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
|
| Numerator: | ||
| Net income | $ 93.6 | $ 108.0 |
| Denominator: | ||
| Weighted-average common shares outstanding | 155.5 | 154.6 |
| Dilutive effect of potential common shares | 1.4 | 1.6 |
| Weighted-average dilutive common shares outstanding | 156.9 | 156.2 |
| Basic earnings per common share | $ 0.6 | $ 0.7 |
| Diluted earnings per common share | $ 0.6 | $ 0.69 |
Segment Information - Additional Information (Detail) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
|
Sep. 27, 2025
USD ($)
Segment
|
Sep. 28, 2024
USD ($)
|
|||
| Segment Reporting Information [Line Items] | ||||
| Number of reportable segments | Segment | 3 | |||
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | The Company’s CODM, our Chief Executive Officer, utilizes net sales and Segment Adjusted EBITDA, which is the Company’s GAAP measure of segment profit, to evaluate each operating segment’s financial performance and make decisions about resource allocation. Segment Adjusted EBITDA is defined as net income before interest expense, interest income, income taxes, depreciation, and amortization and excludes certain items that the Company does not consider part of its segments’ core operating results, including stock-based compensation expense, changes in the last-in-first-out (“LIFO”) reserve, acquisition, integration and reorganization expenses, and gains and losses related to fuel derivatives. The CODM reviews budget-to-actual and year-over-year variances for net sales and Segment Adjusted EBITDA each month when assessing segment performance and making decisions about allocating resources to the segments. | |||
| Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] | srt:ChiefExecutiveOfficerMember | |||
| Other adjustments | $ | [1] | $ (12.3) | $ (0.8) | |
| ||||
Segment Information - Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes (Detail) - USD ($) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
Sep. 27, 2025 |
Sep. 28, 2024 |
|||
| Segment Reporting Information [Line Items] | ||||
| Depreciation and amortization | $ (195.4) | $ (152.9) | ||
| Interest expense | (104.4) | (66.8) | ||
| Change in LIFO reserve | (24.5) | (12.7) | ||
| Stock-based compensation expense | (13.0) | (11.3) | ||
| (Loss) gain on fuel derivatives | 0.2 | (1.4) | ||
| Acquisition, integration & reorganization expenses | (9.2) | (19.1) | ||
| Other adjustments | [1] | (12.3) | (0.8) | |
| Income before taxes | 121.5 | 146.9 | ||
| Foodservice [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Adjusted EBITDA | 324.4 | 274.6 | ||
| Depreciation and amortization | (130.3) | (85.2) | ||
| Convenience [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Adjusted EBITDA | 121.0 | 105.3 | ||
| Depreciation and amortization | (39.9) | (38.6) | ||
| Specialty [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Adjusted EBITDA | 94.0 | 83.2 | ||
| Depreciation and amortization | (13.0) | (14.4) | ||
| Corporate & All Other [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Adjusted EBITDA | (59.3) | (51.2) | ||
| Depreciation and amortization | $ (12.2) | $ (14.7) | ||
| ||||
Segment Information - Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes (Parenthetical) (Detail) $ in Millions |
3 Months Ended |
|---|---|
|
Sep. 27, 2025
USD ($)
| |
| Segment Reporting [Abstract] | |
| Legal and professional fees | $ 9.9 |
Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions |
Sep. 27, 2025 |
Jun. 28, 2025 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 18,351.8 | $ 17,881.2 |
| Foodservice [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 11,358.1 | 11,271.1 |
| Convenience [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 4,718.6 | 4,276.8 |
| Specialty [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 1,509.9 | 1,586.9 |
| Corporate & All Other [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 765.2 | $ 746.4 |