Segment Information (Tables)
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12 Months Ended |
Jun. 27, 2026 |
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| Segment Reporting [Abstract] |
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| Schedule of Segment Reporting Information, by Segment |
The following is a reconciliation of segment revenue and significant segment expenses to Segment Adjusted EBITDA:
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Reportable Segments |
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Reconciling Items |
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(In millions) |
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Foodservice |
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Convenience |
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Specialty |
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Corporate
& All Other |
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Eliminations |
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Consolidated |
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For the year ended June 27, 2026 |
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Net external sales |
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$ |
36,546.1 |
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$ |
25,965.1 |
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$ |
5,053.3 |
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$ |
275.0 |
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$ |
— |
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$ |
67,839.5 |
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Inter-segment sales |
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14.2 |
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0.1 |
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3.3 |
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728.9 |
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(746.5 |
) |
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— |
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Total net sales |
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36,560.3 |
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25,965.2 |
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5,056.6 |
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1,003.9 |
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(746.5 |
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67,839.5 |
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Less: |
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Segment cost of goods sold(1) |
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31,155.9 |
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24,189.3 |
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4,144.7 |
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Segment operating expenses(2) |
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4,114.2 |
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1,302.9 |
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551.5 |
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Segment other (income) expense, net(3) |
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(2.8 |
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(2.4 |
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— |
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Segment Adjusted EBITDA |
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1,293.0 |
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475.4 |
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360.4 |
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Depreciation and amortization |
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546.2 |
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164.7 |
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53.7 |
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49.3 |
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— |
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813.9 |
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Capital expenditures |
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259.0 |
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47.2 |
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14.9 |
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63.0 |
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— |
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384.1 |
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For the year ended June 28, 2025 |
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Net external sales |
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$ |
33,629.5 |
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$ |
24,507.1 |
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$ |
4,900.8 |
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$ |
261.5 |
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$ |
— |
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$ |
63,298.9 |
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Inter-segment sales |
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16.6 |
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0.4 |
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4.2 |
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693.5 |
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(714.7 |
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— |
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Total net sales |
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33,646.1 |
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24,507.5 |
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4,905.0 |
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955.0 |
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(714.7 |
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63,298.9 |
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Less: |
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Segment cost of goods sold(1) |
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28,742.6 |
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22,847.3 |
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4,024.2 |
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Segment operating expenses(2) |
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3,683.5 |
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1,254.0 |
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532.4 |
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Segment other (income) expense, net(3) |
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(1.6 |
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(1.1 |
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0.2 |
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Segment Adjusted EBITDA |
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1,221.6 |
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407.3 |
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348.2 |
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Depreciation and amortization |
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448.5 |
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157.7 |
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54.6 |
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57.1 |
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— |
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717.9 |
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Capital expenditures |
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382.7 |
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59.0 |
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33.3 |
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31.0 |
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— |
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506.0 |
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For the year ended June 29, 2024 |
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Net external sales |
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$ |
29,045.7 |
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$ |
24,176.9 |
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$ |
4,786.1 |
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$ |
272.5 |
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$ |
— |
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$ |
58,281.2 |
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Inter-segment sales |
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15.8 |
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0.1 |
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3.7 |
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636.7 |
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(656.3 |
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— |
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Total net sales |
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29,061.5 |
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24,177.0 |
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4,789.8 |
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909.2 |
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(656.3 |
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58,281.2 |
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Less: |
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Segment cost of goods sold(1) |
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24,963.6 |
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22,584.9 |
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3,941.6 |
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Segment operating expenses(2) |
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3,116.6 |
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1,231.2 |
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507.0 |
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Segment other (income) expense, net(3) |
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(0.9 |
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(2.7 |
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0.6 |
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Segment Adjusted EBITDA |
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982.2 |
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363.6 |
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340.6 |
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Depreciation and amortization |
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294.4 |
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153.5 |
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49.9 |
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58.9 |
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— |
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556.7 |
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Capital expenditures |
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260.1 |
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43.7 |
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53.8 |
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38.0 |
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— |
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395.6 |
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(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 and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes.
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Fiscal Year Ended |
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(In millions) |
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June 27, 2026 |
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June 28, 2025 |
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June 29, 2024 |
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Foodservice Adjusted EBITDA |
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1,293.0 |
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1,221.6 |
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982.2 |
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Convenience Adjusted EBITDA |
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475.4 |
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407.3 |
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363.6 |
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Specialty Adjusted EBITDA |
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360.4 |
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348.2 |
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340.6 |
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Corporate & All Other |
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(199.4 |
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(210.2 |
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(180.3 |
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Depreciation and amortization |
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(813.9 |
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(717.9 |
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(556.7 |
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Interest expense |
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(413.7 |
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(358.4 |
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(232.2 |
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Change in LIFO reserve |
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(101.1 |
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(88.1 |
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(62.3 |
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Stock-based compensation expense |
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(51.5 |
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(47.8 |
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(41.9 |
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Gain (loss) on fuel derivatives |
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9.5 |
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(0.2 |
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1.8 |
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Acquisition, integration & reorganization expenses |
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(40.0 |
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(87.8 |
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(23.7 |
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Other adjustments (4) |
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(32.9 |
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(7.9 |
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5.7 |
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Income before taxes |
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$ |
485.8 |
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$ |
458.8 |
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$ |
596.8 |
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(4)Other adjustments includes a $3.8 million gain on the sale of a Foodservice warehouse facility in fiscal 2025, amounts related to certain litigation-related accruals, professional fees related to the modification of debt, franchise tax expense, gains and losses on disposals of fixed assets, foreign currency transaction gains and losses, insurance proceeds due to hurricane and other weather-related events, favorable and unfavorable leases, and other adjustments permitted by our ABL Facility. Additionally, for the fiscal year ended June 27, 2026, Other adjustments includes $20.2 million of legal and professional fees incurred in connection with shareholder activism and the clean team agreement with US Foods Holding Corp. Total assets by reportable segment and the reconciling items for Corporate & All Other, excluding intercompany receivables between segments, are as follows:
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(In millions) |
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As of
June 27, 2026 |
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As of
June 28, 2025 |
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Foodservice |
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$ |
11,964.1 |
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$ |
11,271.1 |
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Convenience |
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4,461.5 |
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4,276.8 |
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Specialty |
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1,623.6 |
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1,586.9 |
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Corporate & All Other |
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799.9 |
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746.4 |
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Total assets |
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$ |
18,849.1 |
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$ |
17,881.2 |
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| Summary Sales Mix for Principal Product and Service Categories |
The sales mix for the Company’s principal product and service categories is as follows:
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(In millions) |
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For the fiscal
year ended
June 27, 2026 |
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For the fiscal
year ended
June 28, 2025 |
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For the fiscal
year ended
June 29, 2024 |
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Cigarettes |
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$ |
14,993.9 |
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$ |
14,529.5 |
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$ |
14,390.8 |
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Center of the plate |
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14,891.7 |
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13,157.4 |
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11,509.8 |
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Canned and dry groceries |
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6,772.9 |
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6,067.2 |
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5,631.1 |
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Frozen Foods |
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6,458.0 |
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6,571.0 |
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5,564.9 |
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Candy/snack/theater and concession |
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5,765.7 |
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5,371.9 |
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5,211.4 |
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Refrigerated and dairy products |
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5,145.5 |
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5,154.5 |
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4,441.3 |
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Paper products and cleaning supplies |
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3,814.6 |
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3,570.4 |
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3,209.6 |
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Beverage |
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3,774.2 |
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3,492.3 |
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3,053.2 |
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Alternative nicotine products |
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3,750.6 |
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3,424.0 |
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2,857.9 |
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Produce |
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1,583.7 |
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1,429.3 |
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1,346.3 |
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Other miscellaneous goods and services |
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888.7 |
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531.4 |
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1,064.9 |
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Total |
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$ |
67,839.5 |
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$ |
63,298.9 |
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$ |
58,281.2 |
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