Performance Food Group Company (PFGC): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine behind Performance Food Group Company, beyond just the top-line figures. Honestly, when you see their Fiscal Year 2025 net sales hit $63.3 billion, you know this operation is massive, yet it's the strategy-like fueling 16.9% growth in high-margin independent restaurants-that really matters. We've mapped out their entire operating model, from the 150+ facilities that generate their $7.4 billion gross profit to the 8.8% sales force expansion, across the nine essential blocks of their Business Model Canvas. If you want the precise breakdown of how they turn distribution into dollars, check out the details below; it shows exactly where the value is built.

Performance Food Group Company (PFGC) - Canvas Business Model: Key Partnerships

The Key Partnerships for Performance Food Group Company center on strategic acquisitions, proprietary product sourcing, and evolving customer agreements, all supporting the fiscal 2025 net sales target of between $62.5 billion and $63.5 billion.

Strategic suppliers for over 100 exclusive brands

Performance Food Group Company sources, markets, and delivers products from over 100 exclusive brands across its segments, including Performance Foodservice. These proprietary brands offer products ranging from Center of Plate items to Bakery & Desserts. For instance, exclusive seafood brands include Bay Winds, Empire's Treasure, The Fresh Catch, and World Dock. The Bakery & Desserts category includes Heritage Ovens and Sweet Encore products, plus Roma gelato and coffee from Italy.

Third-party logistics (3PL) for specialized freight and overflow

Performance Food Group Company utilizes national carriers for its alternate supply process, allowing businesses or consumers to place small orders for parcel delivery via UPS, Fedex, or the U.S. Postal Service, with shipments typically arriving within 1.5 days. The company invested $506.0 million in capital expenditures in fiscal 2025, much of which was directed toward warehouse and transportation equipment to support its distribution network.

Key M&A targets like Cheney Brothers and José Santiago, Inc. for integration

Integration of recent acquisitions is a critical partnership element. Performance Food Group Company agreed to acquire Cheney Brothers, Inc. for approximately $2.1 billion in cash, with the transaction expected to close in calendar 2025. This acquisition is set to add five broadline distribution facilities across the Southeastern U.S. Performance Food Group Company also closed on the acquisition of José Santiago, Inc., a broadline food service distributor headquartered in Puerto Rico, in July 2024, adding new Caribbean territories.

Technology providers for supply chain and e-commerce platforms

The company actively integrates technology to enhance its supply chain and customer interface. An example of this is the use of an AI application that suggests logical complementary products when a customer places an order digitally. The company has shown a propensity to invest in enterprise applications, having previously utilized systems like Microsoft Power BI for Analytics and BI.

Long-term contracts with major national chain customers

While the company explicitly notes that it does not have long-term contracts with certain customers, strategic relationship management is evident. Performance Food Group Company signed new long-term deals that contributed to a chain case growth of 4.5% in the fourth quarter of fiscal 2025. The company also focuses on shifting its chain portfolio toward higher-performing partners.

The impact of these key partnerships and strategic moves on fiscal 2025 performance is summarized below:

Partnership/Acquisition Focus	Metric/Value	Fiscal 2025 Result/Guidance
Total Net Sales (FY 2025 Estimate)	$62.5 billion to $63.5 billion	Reflects organic growth and acquisitions
Acquisition Cost (Cheney Brothers)	$2.1 billion	Cash purchase price
Total Case Volume Growth (FY 2025)	8.5%	Year-over-year increase
Chain Case Growth Contribution (Q4 FY2025)	4.5%	Boosted by new long-term deals
Capital Investment in Infrastructure (FY 2025)	$506.0 million	Primarily for warehouse and transportation equipment
Adjusted EBITDA (FY 2025 Projection)	$1.7 billion to $1.8 billion	Reflects strong underlying fundamentals and acquisition performance

Performance Food Group Company (PFGC) - Canvas Business Model: Key Activities

The core of Performance Food Group Company's business model revolves around high-volume, multi-temperature food and product distribution across its segments.

For the full fiscal year 2025, Performance Food Group Company reported total net sales of $63.3 billion. Total case volume for the year increased by 8.5% compared to the prior fiscal year. Within the Foodservice segment, total independent case volume saw a significant jump, increasing by 16.9%. Organic Independent Foodservice case volume grew 4.6% for the full year. The fourth quarter of fiscal 2025 specifically saw net sales grow 11.5% to $16.9 billion.

Performance Food Group Company executed an aggressive sales force expansion as a key activity, expanding its salesforce by 8.8% in fiscal 2025, which was noted as the most aggressive hiring push in years. This investment in talent helped lift the organic independent case growth by 4.6% for the full year.

Strategic Mergers & Acquisitions (M&A) and integration of new entities is another critical activity. The growth in net sales for fiscal 2025 was driven by recent acquisitions, including the integration of Cheney Brothers. The company also integrated the Jose Santiago acquisition.

Private label brand development and marketing supports the distribution activities. Performance Food Group Company's Foodservice segment distributes proprietary-branded food and food-related products, referred to as Performance Brands. Growth in Performance Brands cases contributed to the organic independent case volume increase during the first nine months of fiscal 2025. The company markets exclusive brands like Bay Winds in the seafood category, alongside others such as Center of Plate (COP) offerings.

The company actively engages in managing product cost inflation. Overall product cost inflation for Performance Food Group Company was approximately 4.7% for the full fiscal year 2025. To be fair, the inflation rate varied by period; for instance, the first quarter of fiscal 2025 saw product cost inflation at approximately 5.0%, while the fourth quarter was approximately 4.3%.

Here's a quick look at the full-year fiscal 2025 financial performance that resulted from these activities:

Metric	FY2025 Amount
Net Sales	$63.3 billion
Gross Profit	$7.4 billion
Adjusted EBITDA	$1.8 billion
Operating Cash Flow	$1.2 billion
Free Cash Flow	$704.1 million

The execution of these activities resulted in specific operational metrics for fiscal 2025:

• Total case volume increased 8.5%.
• Total Independent Foodservice case volume increased 16.9%.
• Organic Independent Foodservice case volume increased 4.6%.
• Net sales increased 8.6%.
• Gross profit improved 12.8%.
• Adjusted EBITDA increased 17.3%.

Performance Food Group Company (PFGC) - Canvas Business Model: Key Resources

You're looking at the core assets Performance Food Group Company (PFGC) relies on to run its massive distribution engine as of late 2025. These aren't just line items on a balance sheet; they are the physical and human capital that make their market position possible.

The human element is significant. As of June 28, 2025, Performance Food Group Company had a workforce of approximately 43,000 total employees. Honestly, that's a 16.22% increase from the prior year, showing a major investment in people to drive their growth strategy.

Physically, the scale of their operation is defined by its footprint. Performance Food Group Company is one of North America's largest foodservice distributors, operating with more than 150 locations across the continent. This network is the backbone for serving over 300,000 customer locations.

That physical network requires serious ongoing investment. For the full fiscal year 2025, Performance Food Group Company invested $506.0 million in capital expenditures. This spending was specifically directed toward critical areas like warehouse expansions, fleet modernization, and digital infrastructure upgrades to keep pace with their growth trajectory.

The company also maintains a proprietary portfolio of brands, which adds margin and differentiation, particularly within the Performance Foodservice segment. While the exact count isn't explicitly stated as over 100 in the latest reports, you see evidence of this strategy through specific brands.

• Contigo ^®: An exclusive branded portfolio of Latin foods.
• Green Origin ^®: An exclusive brand consisting of plant-based proteins.
• Bacio's: A proprietary cheese blend for pizza.

These proprietary brands, along with their thousands of other products, cover everything from condiments to fresh caught fish. To manage the flow of goods, including inventory that can generate holding gains-like those noted in the Specialty segment's Q4 2025 Adjusted EBITDA-Performance Food Group Company needs substantial liquidity. The financial muscle supporting this inventory and general operations is reflected in their cash flow generation for fiscal 2025.

Here's a quick look at the cash flow figures that underpin their working capital management for the full fiscal year 2025:

Metric	Amount (Fiscal Year 2025)
Operating Cash Flow	$1.2 billion
Free Cash Flow	$704.1 million

The ability to generate over a billion in operating cash flow is what allows Performance Food Group Company to fund its CapEx, manage inventory levels, and pursue strategic moves like share repurchases, which totaled $57.6 million during fiscal 2025. Finance: draft 13-week cash view by Friday.

Performance Food Group Company (PFGC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Performance Food Group Company (PFGC) over the competition, and the numbers from fiscal 2025 really paint a clear picture of where they deliver value.

National scale and product breadth with local, high-touch service

Performance Food Group Company delivers its products across a massive footprint, serving over 300,000 locations. This scale is backed by a large workforce of approximately 43,000 associates committed to customer relationships. The value here is getting national purchasing power and breadth while still receiving service that feels local, which is key in the food distribution game. The full-year fiscal 2025 net sales reached $63.3 billion, showing the sheer volume of product breadth they manage.

High-margin, exclusive private brands offering quality and value

A significant part of the value proposition, particularly within the Foodservice segment, is the offering of proprietary-branded food and food-related products, referred to as Performance Brands. These exclusive brands are designed to offer both quality and better value, which helps drive margin improvement. For instance, gross profit for the entire company improved by 12.8% to $7.4 billion in fiscal 2025, showing the success of their overall margin management, which is supported by these proprietary offerings.

Diversified product mix across three segments (Foodservice, Vistar, Convenience)

The company's structure itself is a value proposition, insulating it somewhat from downturns in any single market by operating across three distinct areas: Foodservice, Specialty (formerly Vistar), and Convenience. This diversification means they are not solely dependent on the restaurant industry. Here's a look at how the segments performed in the fourth quarter of fiscal 2025:

Segment	Q4 FY2025 Net Sales Growth (YoY)	Q4 FY2025 Adjusted EBITDA Growth (YoY)	Q4 FY2025 Independent Sales (% of Total Foodservice Sales)
Foodservice	20.0%	26.3%	41.3%
Specialty (Vistar)	Not explicitly stated for Q4 EBITDA growth	Not explicitly stated for Q4 EBITDA growth	N/A
Convenience	N/A	4.8% (FY2025 Adjusted EBITDA Growth)	N/A

The Specialty segment saw net sales increase by 4.1% for the full fiscal year 2025.

Value-added services: menu development and operational strategy consulting

Beyond just moving boxes, Performance Food Group Company helps its customers succeed by offering services that go beyond basic distribution. This includes helping independent operators with menu development and providing insights on operational strategy consulting. This partnership approach builds stickier relationships, which is crucial for securing long-term business, especially with independent operators who may lack in-house expertise. These services help customers manage costs and improve their own top lines.

Strong independent restaurant case growth of 16.9% in FY2025

The focus on the independent restaurant channel is a clear value driver, translating directly into volume gains. For the full fiscal year 2025, the Total Independent Foodservice case volume increased by 16.9%. This significant growth rate, which outpaced the total case volume increase of 8.5% for the year, shows the success of their targeted sales efforts and the appeal of their offering to independent operators.

The organic independent case growth for the full year was 4.6%, showing that a good chunk of that 16.9% was driven by acquisitions, but the underlying organic momentum was still positive.

Finance: draft 13-week cash view by Friday.

Performance Food Group Company (PFGC) - Canvas Business Model: Customer Relationships

You're looking at how Performance Food Group Company (PFGC) keeps its massive customer base engaged and growing, which is key since they serve over 300,000 locations. The relationship strategy is definitely not one-size-fits-all; it's segmented by customer type and margin potential.

Dedicated sales representatives for personalized service and cross-selling

PFGC is putting serious money behind its people to drive direct relationships. In fiscal 2025, the company expanded its salesforce by 8.8%, which was their most aggressive hiring push in years. This investment is translating into volume gains, as organic independent case growth hit 4.6% for the full fiscal year 2025. The entire Foodservice segment, which relies heavily on these personal touches, saw its total independent case volume jump by 16.9% in fiscal 2025. It's clear they believe the human element is defintely critical for share gains.

High-touch relationship model for independent restaurants (higher margin)

Independent restaurants are the sweet spot for high-touch service, often yielding better margins. The strategy here is to embed the sales rep within the customer's operation. This high-touch approach is working, as organic independent case volume growth was 5.9% in the fourth quarter of fiscal 2025 alone. The real insight comes when you look at the blended approach: customers who have both a dedicated sales representative calling on them and use digital tools tend to order 8% more product compared to those who only use one channel. That synergy is what they are pushing for.

Long-term, negotiated contracts for large national chain accounts

For the large national chain accounts, the relationship shifts to formal, negotiated agreements. These contracts provide volume stability and predictability. PFGC actively manages this portfolio, shifting toward higher-performing partners and signing new long-term deals. These efforts directly contributed to chain case growth of 4.5% in the fourth quarter of fiscal 2025.

Digital tools and e-commerce for order placement and account management

While the sales force is key, digital adoption is accelerating across the board. The company's e-commerce platform is a growing part of the relationship mix, continuing to post double-digit growth in fiscal 2025. However, the data suggests digital is best as a supplement, not a replacement. A patron who exclusively interacts digitally tends to order 5% more cases, but as noted, the combined digital and sales rep interaction drives an 8% uplift. This shows the digital tools are used to make the ordering process easier, freeing up the sales rep for higher-value activities.

Proactive integration support for acquired customers like Cheney Brothers

When Performance Food Group Company acquires a business, like the major purchase of Cheney Brothers or José Santiago, Inc., customer relationship continuity is paramount. Management signaled that integration is a focus, with Craig Hoskins leading development efforts to leverage strengths from these recent additions. The early results from the Cheney Brothers integration were described as "very strong," indicating a proactive approach to retaining and growing the newly acquired customer base, especially in the Southeastern U.S. where Cheney Brothers had a strong foothold.

Here's a quick look at how the key segments that these relationships serve performed in the full fiscal year 2025:

Customer Segment Metric (FY 2025)	Value/Amount	Context
Total Independent Foodservice Case Volume Growth	16.9%	Total volume increase, including acquisitions.
Organic Independent Foodservice Case Volume Growth	4.6%	Growth from existing independent customers.
Chain Case Growth (Q4 2025)	4.5%	Growth driven by new, long-term negotiated deals.
E-commerce Platform Growth	Double-digit	Growth rate for digital ordering channels.
Total Company Associates	Approximately 43,000	The workforce dedicated to serving customers and suppliers.

The company's overall net sales for fiscal 2025 reached $63.2 billion, showing that these relationship strategies are scaling effectively.

Performance Food Group Company (PFGC) - Canvas Business Model: Channels

You're looking at how Performance Food Group Company moves product to its diverse customer base as of late 2025. It's a massive physical network, built on direct delivery and segmented sales efforts.

Direct store delivery (DSD) via owned and operated distribution centers forms the backbone. Performance Food Group Company markets and delivers food and related products through a nationwide network of over 150 distribution centers across the U.S. and parts of Canada, servicing more than 300,000 customer locations. This physical infrastructure is segmented to align with the core business units.

Here's the quick math on the physical footprint supporting these channels as reported for fiscal 2025:

Segment	Distribution Centers (DCs)	Other Facilities
Foodservice	72 Distribution Centers	N/A
Specialty (Vistar)	28 Distribution Centers	7 Merchant's Marts
Convenience (Core-Mark)	42 Distribution Centers	N/A

The Convenience business, largely driven by the Core-Mark acquisition, adds significant reach, operating 32 distribution centers across the United States and Canada, servicing approximately 41,000 customer locations.

E-commerce and digital ordering platforms for B2B customers are a growing component, particularly within the Specialty segment. The e-commerce platform in the Specialty distribution area continued to post double-digit growth in the fourth quarter of fiscal 2025.

Segment-specific sales teams for Foodservice, Vistar, and Convenience are deployed to manage these distinct customer sets. The results show the sales force investment is paying off, as the company expanded its salesforce by 8.8% in fiscal 2025. This effort drove strong results:

• Foodservice net sales in Q4 fiscal 2025 increased 20.0% to $9.2 billion.
• Organic Independent Foodservice case volume increased 5.9% in Q4 fiscal 2025.
• The Foodservice segment saw new account growth of 5.3% in Q4.

Vistar's specialized network for vending, office coffee, and theaters targets non-traditional foodservice locations. This Specialty segment rebounded in Q4 fiscal 2025, with net sales increasing 4.1% to $1.3 billion and Adjusted EBITDA growing 9.0% to $93.2 million. The growth was diversified across its key channels.

• Channels include vending, office coffee service, theater, retail, and hospitality.
• Organic case growth in the vending, office coffee service, and corrections channels was noted in Q1 fiscal 2025, though offset by declines in theater and retail cases for that quarter.

Finally, Core-Mark's network for convenience stores and box retailers is integrated into the Convenience segment, which operates under the Core-Mark banner. While Q4 net sales for the Convenience segment dropped 0.5% year-over-year, the channel is being expanded through new wins. Management signaled they won business from more than 1,000 additional stores expected to come online in fiscal 2026.

Performance Food Group Company (PFGC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Performance Food Group Company (PFGC) as of late 2025, and it's clearly segmented across the entire food service and retail spectrum. The company's strategy, often called "Performance Food Group One," is designed to drive growth across these distinct groups, leaning heavily on its salesforce expansion, which grew by 8.8% in fiscal 2025 to capture more business.

The customer base is primarily served through three operating segments: Foodservice, Convenience (Core-Mark), and Specialty (formerly Vistar). For the full fiscal year 2025, Performance Food Group Company reported total net sales of $63.3 billion.

Independent restaurants (high-growth focus)

This group is a major growth engine, particularly within the Foodservice segment. The focus here is on winning new independent business, which management views as crucial, often implying higher margin potential. In the fourth quarter of fiscal 2025, the total independent Foodservice case volume surged by 20.4% year-over-year. The organic independent case growth for that same quarter was 5.9%, showing strong underlying momentum even before factoring in acquisitions like Cheney Brothers. For the full fiscal year 2025, total independent case volume increased by 16.9%.

National and regional chain restaurants (volume stability)

These larger, multi-unit customers provide a base of stable volume. Growth here is secured through retaining and expanding business with existing partners and signing new long-term deals. In the fourth quarter of fiscal 2025, case growth for the Chain business within Foodservice was 4.5%. This segment, alongside independents, contributed to the Foodservice segment's Q4 net sales reaching $9.2 billion.

Convenience stores and box retailers (Core-Mark segment)

This is the domain of the Core-Mark subsidiary, which distributes items like candy, snacks, beverages, and foodservice products to convenience stores. This segment faced industry headwinds, but Performance Food Group Company managed positive case growth across all four quarters of fiscal 2025. In the fourth quarter of fiscal 2025, this segment generated net sales of $6.4 billion. A key strategic action here is securing new accounts; Core-Mark won business from more than 1,000 additional stores scheduled to come online in fiscal 2026.

Institutional customers: schools, healthcare, and corrections facilities

These customers are served primarily through the Foodservice segment, which distributes a broad line of products to institutions such as schools and healthcare facilities. While specific revenue figures for only the institutional sub-segment aren't broken out, their volume is included in the overall Foodservice performance, which saw Q4 net sales of $9.2 billion. The overall Foodservice segment's adjusted EBITDA grew by 26.3% to $386.9 million in Q4 FY2025.

Vending, office coffee, and theater concessionaires (Vistar segment)

This group falls under the Specialty segment, which saw a rebound in Q4 FY2025 with net sales increasing by 4.1% to $1.3 billion. Growth in this segment is diversified across vending, office coffee, and retail channels. The segment's adjusted EBITDA grew by 9.0% in the fourth quarter. Furthermore, the segment's e-commerce platform is noted as growing at a double-digit clip.

Here's a quick look at the Q4 Fiscal 2025 segment revenue contribution and growth metrics:

Customer Segment Group	PFGC Operating Segment	Q4 FY2025 Net Sales (Amount)	Q4 FY2025 Sales YoY Growth	Q4 FY2025 Adj. EBITDA Growth
Independent & Chain Restaurants	Foodservice	$9.2 billion	20.0%	26.3%
Convenience Stores/Box Retailers	Convenience (Core-Mark)	$6.4 billion	2.8%	4.8%
Vending, Office Coffee, Concessions	Specialty (Vistar)	$1.3 billion	4.1%	9.0%

The company is clearly leaning on its sales execution to drive volume in the independent restaurant space, which is a key differentiator for Performance Food Group Company.

Performance Food Group Company (PFGC) - Canvas Business Model: Cost Structure

You're analyzing the cost side of Performance Food Group Company's business as of late 2025, and it's clear that this is a high-volume, low-margin operation where every basis point in procurement and logistics matters. The cost structure is dominated by the direct cost of the product itself, followed closely by the expenses required to move that product through their extensive network.

High variable costs: Cost of goods sold (COGS) and product procurement represent the single largest drain on revenue. For the full fiscal year 2025, Performance Food Group Company reported Cost of Goods Sold of $55.882 billion, based on reported Net Sales of $63.3 billion for the same period. This means the cost of the product itself consumed about 88.28% of every sales dollar. Procurement efficiency is key; product cost inflation for the Company was approximately 4.7% for fiscal 2025, which management works to offset through optimization efforts.

The resulting Gross Profit for fiscal 2025 grew 12.8% to $7.4 billion, yielding a Gross Profit Margin of roughly 11.69% on the $63.3 billion in sales.

Significant labor costs for drivers, warehouse staff, and sales force are embedded within the operating expenses. The increase in operating expenses for fiscal 2025 was primarily driven by increases in personnel expense, which includes wages, salaries, commissions, and benefits. This reflects the aggressive sales hiring push, as Performance Food Group Company expanded its salesforce by 8.8% in fiscal 2025.

Transportation and fuel expenses (a key volatility risk) are a major component of the variable operating costs. While fuel expense decreased in the fourth quarter of fiscal 2025 due to lower fuel prices compared to the prior year period, overall transportation costs remain a significant line item. The increase in operating expenses was also driven by an increase in depreciation expense mainly due to an increase in transportation equipment under finance leases.

Operating expenses for over 150 distribution centers are substantial. Performance Food Group Company operates through a network of more than 150 locations across North America. Total Operating Expenses for the full fiscal year 2025 rose 14.8% to $6.6 billion, representing about 10.43% of total net sales.

Interest and depreciation expenses from recent M&A debt and integration have put pressure on the bottom line. Net income for fiscal 2025 decreased $95.7 million year-over-year, driven in part by these factors, particularly those related to recent acquisitions like Cheney Brothers. For the first six months of fiscal 2025, Depreciation and amortization increased $62.8 million year-over-year, and Interest expense increased $49.5 million.

Here's a quick look at the key financial components driving the Cost Structure for fiscal year 2025:

Cost Component	Fiscal 2025 Amount (USD Millions)	Percentage of Net Sales (Approximate)
Net Sales	$63,300.0	100.00%
Cost of Goods Sold (COGS)	$55,882.3	88.28%
Gross Profit	$7,400.0	11.69%
Total Operating Expenses	$6,600.0	10.43%
Depreciation & Amortization (6M FY25 Increase)	N/A (Reported Increase: $62.8)	N/A
Interest Expense (6M FY25 Increase)	N/A (Reported Increase: $49.5)	N/A

The drivers behind the increase in operating expenses for the first nine months of fiscal 2025 included several key areas:

• Increases in personnel expenses related to wages, commissions, and benefits.
• An increase in insurance expense, particularly for workers' compensation and vehicle liability.
• Repairs and maintenance expense, especially for information technology maintenance.
• Professional fees and outside services related to recent acquisitions.

Still, lower fuel prices provided a partial offset to these rising costs in the third quarter of fiscal 2025.

The company's physical footprint and associated fixed costs are significant, as evidenced by the need to manage expenses across its distribution network:

• Number of distribution centers: More than 150.
• Capital Expenditures (FY2025): $506.0 million invested.
• Increase in transportation equipment under finance leases contributing to higher D&A.

Finance: draft 13-week cash view by Friday.

Performance Food Group Company (PFGC) - Canvas Business Model: Revenue Streams

Net Sales for Fiscal Year 2025 totaled $63.3 billion.

Gross Profit for Fiscal Year 2025 was $7.4 billion.

Performance Food Group Company generates revenue from sales across its three operating segments: Foodservice, Convenience, and Specialty. The distribution of sales by segment for recent periods illustrates the revenue mix:

Revenue Stream Component	Reported Amount (Fiscal 2025 Period)
Total Full-Year Fiscal 2025 Net Sales	$63.3 billion
Foodservice Segment Net Sales (Q4 FY2025)	$9.2 billion
Convenience Segment Net Sales (Q3 FY2025)	$5.7 billion
Specialty Segment Net Sales (Q4 FY2025)	$1.3 billion

The sales of food and food-related products across these segments form the core revenue base. The Convenience segment, also referred to as Convenience/Vistar, includes a broader mix of products contributing to its revenue stream.

• Sales of food and food-related products across three segments.
• Sales of tobacco, candy, and beverages within the Convenience segment.
• Inventory holding gains from strategic purchasing in volatile categories provided a boost to gross profit in Q4 Fiscal 2025 for the Convenience and Specialty segments.