Performance Food Group Co PFGC
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Aug 13, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
2 paragraphs in Risk Factors of the 10-K filed Aug 12, 2026 with nothing like them in the 10-K filed Aug 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
currently extended for the remittance of taxes that we collect on their behalf. If these excise taxes are substantially increased, or credit terms are substantially reduced, it could have a material adverse effect on our business, financial condition, and results of operations.
payments on our indebtedness would result in an event of default under the agreement governing such indebtedness, which may result in the acceleration of some or all of our outstanding indebtedness.
Paragraphs in the 10-Q filed Nov 4, 2026 that were not in the one before
New in the latest 10-Q
15 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed May 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
• changes in eating habits of consumers, including the impact of advancements in pharmaceutical therapies, which may reduce the consumption of food prepared away from home;
Read in the 10-Q
Financial statements and notes
September 26, 2026 September 27, 2025 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net income $ 129.5 $ 93.6 Other comprehensive income (loss), net of tax Interest rate swaps: Change in fair value, net of tax 0.7 0.1 Reclassification adjustment, net of tax (0.1) (0.3) Fuel derivatives: Change in fair value, net of tax 12.5 — Reclassification adjustment, net of tax (3.4) — Foreign currency translation adjustment, net of tax 0.3 (0.9) Other comprehensive income (loss) $ 10.0 $ (1.1) Total comprehensive income $ 139.5 $ 92.5
Read in the 10-Q
nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 14. Segment Information for external revenue by reportable segment.
Read in the 10-Q
5. Business Combinations During the first quarter of fiscal 2027, the Company paid cash of $4.1 million for the controlling interest in an equity method investment reported in the Foodservice segment. Additionally, there was non-cash consideration of $3.2 million as a result of the Company’s preexisting investment in the acquired entity, net of non-cash settlements of preexisting accounts receivable and accounts payable between the Company and the acquired entity. This acquisition did not materially affect the Company’s results of operations. During the first quarter of fiscal 2026, there were no acquisitions.
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The following table summarizes outstanding borrowings, availability, and the average interest rate under the ABL Facility:
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Show the other 10
Excess availability, net of lenders’ reserves of $126.3 and $137.2 2,706.8 2,868.7
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7. Derivatives and Hedging Activities Hedges of Forecasted Diesel Fuel Purchases From time to time, the Company enters into costless collars or swaps to manage its exposure to fuel costs and the related variability in cash flows for its forecasted purchases of diesel fuel. At the beginning of fiscal 2027, the Company had one fuel
Read in the 10-Q
collar contract for a notional volume of 4.1 million gallons covering a portion of its forecasted exposure between July 1, 2026 and December 31, 2026. On June 29, 2026, the Company entered into a fuel swap for a notional volume of 12.0 million gallons covering a portion of its forecasted exposure between July 1, 2026 and June 30, 2027 at a fixed price of $4.46 per gallon.
Read in the 10-Q
In conjunction with the Company’s adoption of ASU 2025-09, as described in Note 3. Recently Issued Accounting Pronouncements, the Company elected to designate its fuel collar and swap contracts under ASC 815, Derivatives and Hedging as cash flow hedges of forecasted diesel fuel purchases to manage the Company’s exposure to variability in diesel fuel prices. The fuel derivative instruments are recorded at a fair value of $15.7 million on the consolidated balance sheet as of September 26, 2026.
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Changes in the fair value of the fuel derivative instruments are initially recognized in other comprehensive income and such amounts are subsequently reclassified into operating expenses in the same period in which the related forecasted fuel purchases affect earnings. During the first quarter of fiscal 2027, the Company realized gains of $4.9 million within operating expenses related to its fuel derivative instruments. As of September 26, 2026, the Company estimates that gains of approximately $12.0 million will be reclassified to operating expenses over the next nine months.
Read in the 10-Q
11. Commitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders of $217.3 million related to capital projects and services at September 26, 2026. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of September 26, 2026. 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
Read in the 10-Q
Includes acquisition and integration costs related to in-process, completed and abandoned acquisitions, facility closing costs and business optimization costs incurred prior to formal launch of strategic projects with anticipated long-term benefits to the Company. These costs generally relate to professional fees.
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During the current fiscal year, Specialty has revised its sales channel classifications to better align with how management evaluates operating performance and market opportunities. As a result, the former value channel is presented as grocery retail, and the theater, concessions and hospitality channels are presented on a combined basis within entertainment. Comparative channel information discussed below has been reclassified to conform to the current presentation.
Read in the 10-Q
Legal proceedings
We are subject to various allegations, claims, and legal actions arising in the ordinary course of business.
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Other information
The plan terminates on the earlier of: (i) the expiration date noted above; (ii) the first date on which all trades set forth in the plan have been executed; or (iii) such date the plan is otherwise terminated according to its terms.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Aug 12, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:There have been no material changes to our principal risks that we believe are material to our business, results of operations, and financial condition from the risk factors previously disclosed in the Form 10-K.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Aug 12, 2026 that are in none of the 1 earlier 10-Ks stored, back to Aug 13, 2025
Where each one is used
- promotional incentives: Distributors have traditionally generated a significant percentage of their gross margins from rebates and promotional incentives paid by their suppliers. Rebates and promotional incentives are payments from suppliers based upon the efficiencies that the
- injury illness: If the products we distribute or manufacture are alleged to cause injury, illness or death or fail to comply with governmental regulations or applicable quality standards, we may need to recall or withdraw our products.
- ongoing conflicts: The foodservice industry is sensitive to national, regional and international economic conditions. Our business could be negatively impacted by reduced demand for our products related to unfavorable macroeconomic conditions triggered by developments beyond our control, including geopolitical events (including the...
- global trade: The foodservice industry is sensitive to national, regional and international economic conditions. Our business could be negatively impacted by reduced demand for our products related to unfavorable macroeconomic conditions triggered by developments beyond our control, including geopolitical events (including the...
- derivative instruments: From time to time, we may enter into derivative instruments to manage our exposure to fuel costs, including costless collars or swaps. Such derivatives, however, may not be effective and may result in us paying higher than market costs for a portion of our fuel. In addition, the use of such derivatives may expose...
- cloud computing: We rely upon information technology networks and systems to process, transmit, and store electronic information, and to manage or support substantially all of our business processes and activities. Some of these systems are managed or provided by third-party service providers, including cloud computing platform...
- computing platform: We rely upon information technology networks and systems to process, transmit, and store electronic information, and to manage or support substantially all of our business processes and activities. Some of these systems are managed or provided by third-party service providers, including cloud computing platform...
- platform providers: We rely upon information technology networks and systems to process, transmit, and store electronic information, and to manage or support substantially all of our business processes and activities. Some of these systems are managed or provided by third-party service providers, including cloud computing platform...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
14 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PFGC/export.csv") into a cell.