HG & HY Food/Bev, Food Service & Restaurants: Rolling earnings recap & 2H preview

Research evidence excerpt

HG & HY Food/Bev, Food Service & Restaurants: Rolling earnings recap & 2H preview

J P M O R G A N North America Credit Research

06 July 2026

HG & HY Food/Bev, Food Service

& Restaurants

Rolling earnings recap & 2H preview

North America Corporate Credit -

Consumer, Retailing, and Food &

Beverage

Carla Casella, CFA AC

(1-212) 270-6798

carla.casella@jpmorgan.com

We hope you caught our HG & HY Consumer, Food/Bev, and Retail Mid-Year

Yaakov Musheyev

Outlook last week (replay and slides). Here we drill down to Food, Bev,

(1-212) 834 5865

Foodservice & Restaurants with our 1Q26 earnings takeaways and 2Q/2H yaakov.a.musheyev@jpmorgan.com

outlook. The 1Q26 earnings season was better-than-feared for most Food, Morgan Morrissey

Beverage, Foodservice & Restaurants, yet company commentary was more (1-212) 834-2383

nuanced than the numbers imply, particularly with respect to various income morgan.morrissey@jpmorgan.com

cohorts and the back-half outlook. In our 1Q26 Preview we went into the season J.P. Morgan Securities LLC

cautious on margins and potential consumer pressures with rising uncertainty

around the Middle East conflict. Actual results came in better-than-feared, with 17

Ratingsbeats, 11 mixed prints and only 3 misses (full name by name recap below). On

average, revenue grew 9%, but EBITDA only +1.6%, as GPM contracted 73bps. HY Food & Beverage Neutral

ARMK Neutral (N CDS)

BGS Neutral

Cost headwinds and increased promotions/trade spend impacted GPM modestly in BCULC Neutral

1Q, and remain the key swing factor we are watching in 2Q26 earnings and DAR Neutral

LW Neutral (UW CDS)

commentary on the 2H26 outlook. For 2Q earnings, we expect revenue growth will PFGC Neutral

slow modestly, GPM will remain under pressure, and EBITDA performance will POST Neutral (OW ‘30s, UW

CDS)