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SYYSysco

Consumer staples · Food Distribution · NYSE

Unless this Form 10-K indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Sysco,” or the “company” as used in this Form 10-K refer to Sysco Corporation together with its consolidated subsidiaries and divisions. 10-K, Item 1

Employees
75,000
Headquarters
Houston, TX
CEO
Kevin Hourican
Next results
around Jan 26, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.76Sales (ttm)85.1BNet income (ttm)1.8BSales growth+3.9%EPS growth-1.9%Sales Q/Q+2.8%
Free cash flow2.2BGross margin18.5%Oper. margin3.5%Net margin2.1%FCF margin2.6%ROE44.7%
ROA5.9%R&D / sales-Dividend2.17Debt/Eq3.42Curr. ratio1.46Cash3.2B
Op. cash flow (ttm)2.8BEBITDA4.1BEBITDA margin4.8%Net debt10.6BQuick ratio1.46Interest cover4.62
ROIC13.4%Payout ratio59.3%Tax rate22.8%Stock pay / sales0.1%Shares out.492.3MShares Y/Y-1.9%
Book / share8.21Cash / share6.44Sales / share172.97Asset turnover2.80Sales 3Y CAGR+3.5%Sales 5Y CAGR+10.5%
EPS 3Y CAGR+1.8%EPS 5Y CAGR+29.2%Employees75,000Sales / employee1.1M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

SYY against Consumer staples peers

Ten years, side by side → · All 34 →
GrowthProfitBalanceCleanInsiders
SYYPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 34 companies, the better end on the right. Hover a dot for the company.

Sales growth
+3.9%13th of 33 · median +2.1%
Net margin
2.1%28th of 33 · median 8.0%
Return on equity
44.7%4th of 29 · median 18.6%
Free cash flow margin
2.6%28th of 33 · median 10.7%
Debt / equity (less is better)
3.4229th of 29 · median 0.82
SYY and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SYY Sysco$85.1B +3.9%18.5%2.1%44.7%2.6%3.42
TGT Target Corporation$107.7B -1.7%29.3%4.1%24.6%4.1%0.86
PEP PepsiCo$98.2B +2.3%54.2%11.1%48.9%10.7%2.13
BG Bunge Global$93.5B +32.4%5.1%1.2%7.1%-2.8%1.03
PG Procter & Gamble$87.9B +3.3%49.8%18.2%29.0%17.4%0.70
ADM Archer Daniels Midland$84.1B -6.2%7.4%3.0%10.4%0.4%0.37

From $68.6B of sales to $1.4B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $12.3BRevenue to Cost of revenue: $56.3BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $10.0BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $987.0M Revenue: $68.6B Revenue$68.6B +34% Y/Y Gross profit: $12.3B · 18% margin Gross profit$12.3B18% margin +32% Y/Y Cost of revenue: $56.3B · 82% of revenue Cost of revenue$56.3B82% of revenue Operating profit: $2.3B · 3% margin Operating profit$2.3B3% margin +62% Y/Y Operating expenses: $10.0B · 15% of revenue Operating expenses$10.0B15% of revenue Net profit: $1.4B · 2% margin Net profit$1.4B2% margin +159% Y/Y Tax & other: $987.0M · 1% of revenue Tax & other$987.0M1% of revenue

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From $76.3B of sales to $1.8B of profit

FY2023, from the 10-K income statement and revenue by segment
US Foodservice Operations to Revenue: $53.7BInternational Foodservice Operations to Revenue: $13.6BSYGMA to Revenue: $7.8BOther to Revenue: $1.2BRevenue to Gross profit: $14.0BRevenue to Cost of revenue: $62.4BGross profit to Operating profit: $3.0BGross profit to Operating expenses: $10.9BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $1.3B US Foodservice Operations: $53.7B · 70% US Foodservice Operatio…$53.7B70% International Foodservice Operations: $13.6B · 18% International Foodservi…$13.6B18% SYGMA: $7.8B · 10% SYGMA$7.8B10% Other: $1.2B · 2% Other$1.2B2% Revenue: $76.3B Revenue$76.3B +11% Y/Y Gross profit: $14.0B · 18% margin Gross profit$14.0B18% margin +13% Y/Y Cost of revenue: $62.4B · 82% of revenue Cost of revenue$62.4B82% of revenue Operating profit: $3.0B · 4% margin Operating profit$3.0B4% margin +30% Y/Y Operating expenses: $10.9B · 14% of revenue Operating expenses$10.9B14% of revenue Net profit: $1.8B · 2% margin Net profit$1.8B2% margin +30% Y/Y Tax & other: $1.3B · 2% of revenue Tax & other$1.3B2% of revenue

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From $78.8B of sales to $2.0B of profit

FY2024, from the 10-K income statement and revenue by segment
US Foodservice Operations to Revenue: $55.3BInternational Foodservice Operations to Revenue: $14.6BSYGMA to Revenue: $7.8BOther to Revenue: $1.2BRevenue to Gross profit: $14.6BRevenue to Cost of revenue: $64.2BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $11.4BOperating profit to Net profit: $2.0BOperating profit to Tax & other: $1.2B US Foodservice Operations: $55.3B · 70% US Foodservice Operatio…$55.3B70% International Foodservice Operations: $14.6B · 18% International Foodservi…$14.6B18% SYGMA: $7.8B · 10% SYGMA$7.8B10% Other: $1.2B · 1% Other$1.2B1% Revenue: $78.8B Revenue$78.8B +3% Y/Y Gross profit: $14.6B · 19% margin Gross profit$14.6B19% margin +5% Y/Y Cost of revenue: $64.2B · 81% of revenue Cost of revenue$64.2B81% of revenue Operating profit: $3.2B · 4% margin Operating profit$3.2B4% margin +5% Y/Y Operating expenses: $11.4B · 14% of revenue Operating expenses$11.4B14% of revenue Net profit: $2.0B · 2% margin Net profit$2.0B2% margin +10% Y/Y Tax & other: $1.2B · 2% of revenue Tax & other$1.2B2% of revenue

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From $81.4B of sales to $1.8B of profit

FY2025, from the 10-K income statement and revenue by segment
US Foodservice Operations to Revenue: $57.0BInternational Foodservice Operations to Revenue: $14.9BSYGMA to Revenue: $8.4BOther to Revenue: $1.1BRevenue to Gross profit: $15.0BRevenue to Cost of revenue: $66.4BGross profit to Operating profit: $3.1BGross profit to Operating expenses: $11.9BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $1.3B US Foodservice Operations: $57.0B · 70% US Foodservice Operatio…$57.0B70% International Foodservice Operations: $14.9B · 18% International Foodservi…$14.9B18% SYGMA: $8.4B · 10% SYGMA$8.4B10% Other: $1.1B · 1% Other$1.1B1% Revenue: $81.4B Revenue$81.4B +3% Y/Y Gross profit: $15.0B · 18% margin Gross profit$15.0B18% margin +2% Y/Y Cost of revenue: $66.4B · 82% of revenue Cost of revenue$66.4B82% of revenue Operating profit: $3.1B · 4% margin Operating profit$3.1B4% margin −4% Y/Y Operating expenses: $11.9B · 15% of revenue Operating expenses$11.9B15% of revenue Net profit: $1.8B · 2% margin Net profit$1.8B2% margin −6% Y/Y Tax & other: $1.3B · 2% of revenue Tax & other$1.3B2% of revenue

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From $84.6B of sales to $1.8B of profit

FY2026, from the 10-K income statement and revenue by segment
US Foodservice Operations to Revenue: $58.8BInternational Foodservice Operations to Revenue: $16.0BSYGMA to Revenue: $8.6BOther to Revenue: $1.1BRevenue to Gross profit: $15.6BRevenue to Cost of revenue: $68.9BGross profit to Operating profit: $3.1BGross profit to Operating expenses: $12.5BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $1.3B US Foodservice Operations: $58.8B · 70% US Foodservice Operatio…$58.8B70% International Foodservice Operations: $16.0B · 19% International Foodservi…$16.0B19% SYGMA: $8.6B · 10% SYGMA$8.6B10% Other: $1.1B · 1% Other$1.1B1% Revenue: $84.6B Revenue$84.6B +4% Y/Y Gross profit: $15.6B · 18% margin Gross profit$15.6B18% margin +4% Y/Y Cost of revenue: $68.9B · 82% of revenue Cost of revenue$68.9B82% of revenue Operating profit: $3.1B · 4% margin Operating profit$3.1B4% margin +0% Y/Y Operating expenses: $12.5B · 15% of revenue Operating expenses$12.5B15% of revenue Net profit: $1.8B · 2% margin Net profit$1.8B2% margin −4% Y/Y Tax & other: $1.3B · 2% of revenue Tax & other$1.3B2% of revenue

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Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • !
    Net margin below the peer median2.1% vs 8.0%
  • ✓
    Gross margin up over 5 years18.2% → 18.5%
  • ✓
    Return on equity above 15%44.7%
  • ✓
    A profit in every one of 10 years
Net margin, FY2017 to FY2026: 2.1% → 2.1%

Balance sheet

1 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.6× interest expense
  • !
    Debt larger than equityDebt / equity 3.42 on the latest balance sheet (peer median 0.82)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.46
  • !
    Net debt over 3 years of free cash flow$10.6B net debt, 4.8 years
Debt / equity at each year end, FY2017 to FY2026: 3.44 → 5.07
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.9B last year
  • ✓
    Share count down over 5 years−6.4%
  • ✓
    Dividend per share up over 5 years$1.82 → $2.17
  • ✓
    Cash from operations above net income$2.6B vs $1.8B
Free cash flow, FY2017 to FY2026: 1.5B → 1.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 26, 2026 · schedule of Jun 27, 2026
Debt: $13.8B Debt$13.8B Long-term debt: $12.9B · 93% Long-term debt$12.9B · 93% Due within a year: $960.0M · 7% Due within a year$960.0M · 7% Next 12 months: $1.0B · 8% Next 12 months$1.0B · 8% Year 2: $750.0M · 5% Year 2$750.0M · 5% Year 3: $655.0M · 5% Year 3$655.0M · 5% Year 4: $1.5B · 11% Year 4$1.5B · 11% Year 5: $700.0M · 5% Year 5$700.0M · 5%

The debt note's own lines, 2026-03-28

Line, as the company names itKindRateFixed or floatingAmount
March 25, 2036 (the 2036 Notes) (Senior Notes)Notes and bonds4.95%not stated$650.0M
July 25, 2031 (the 2031 Notes) (Senior Notes)Notes and bonds4.40%not stated$600.0M

From the debt note in the 10-K's XBRL (0000096021-26-000033), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 84.6B Net income 1.8B
FY2017 revenue 55.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-19-000093 FY2017 net income 1.1B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000096021-19-000093 55.4B FY2017 FY2018 revenue 58.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-20-000100 FY2018 net income 1.4B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000096021-20-000100 58.7B FY2018 FY2019 revenue 60.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-21-000093 FY2019 net income 1.7B · NetIncomeLossAvailableToCommonStockholdersBasic, 0000096021-21-000093 60.1B FY2019 FY2020 revenue 52.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-22-000151 FY2020 net income 215.5M · NetIncomeLoss, 0000096021-22-000151 52.9B FY2020 FY2021 revenue 51.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-23-000117 FY2021 net income 524.2M · NetIncomeLoss, 0000096021-23-000117 51.3B FY2021 FY2022 revenue 68.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-24-000128 FY2022 net income 1.4B · NetIncomeLoss, 0000096021-24-000128 68.6B FY2022 FY2023 revenue 76.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-25-000099 FY2023 net income 1.8B · NetIncomeLoss, 0000096021-25-000099 76.3B FY2023 FY2024 revenue 78.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-26-000033 FY2024 net income 2.0B · NetIncomeLoss, 0000096021-26-000033 78.8B FY2024 FY2025 revenue 81.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-26-000033 FY2025 net income 1.8B · NetIncomeLoss, 0000096021-26-000033 81.4B FY2025 FY2026 revenue 84.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000096021-26-000033 FY2026 net income 1.8B · NetIncomeLoss, 0000096021-26-000033 84.6B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

SYY's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue84.6B
FY2017: 55.4BFY2018: 58.7BFY2019: 60.1BFY2020: 52.9BFY2021: 51.3BFY2022: 68.6BFY2023: 76.3BFY2024: 78.8BFY2025: 81.4BFY2026: 84.6B FY2018FY2020FY2022FY2024FY2026
Net income1.8B
FY2017: 1.1BFY2018: 1.4BFY2019: 1.7BFY2020: 215.5MFY2021: 524.2MFY2022: 1.4BFY2023: 1.8BFY2024: 2.0BFY2025: 1.8BFY2026: 1.8B FY2018FY2020FY2022FY2024FY2026
Free cash flow1.9B
FY2017: 1.5BFY2018: 1.5BFY2019: 1.7BFY2020: 898.3MFY2021: 1.4BFY2022: 1.2BFY2023: 2.1BFY2024: 2.2BFY2025: 1.6BFY2026: 1.9B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)3.66
FY2017: 2.08FY2018: 2.70FY2019: 3.20FY2020: 0.42FY2021: 1.02FY2022: 2.64FY2023: 3.47FY2024: 3.89FY2025: 3.73FY2026: 3.66 FY2018FY2020FY2022FY2024FY2026
Dividend per share2.17
FY2017: 1.30FY2018: 1.41FY2019: 1.53FY2020: 1.74FY2021: 1.82FY2022: 1.90FY2023: 1.97FY2024: 2.01FY2025: 2.07FY2026: 2.17 FY2018FY2020FY2022FY2024FY2026
Diluted shares480.6M
FY2017: 548.5MFY2018: 529.1MFY2019: 523.4MFY2020: 514.0MFY2021: 513.6MFY2022: 514.0MFY2023: 509.7MFY2024: 503.1MFY2025: 489.8MFY2026: 480.6M FY2018FY2020FY2022FY2024FY2026

Revenue by business segment

year to Jun 27, 2026
RevenueSharevs year before
US Foodservice Operations 58.8B69.5% +3.2%
International Foodservice Operations 16.0B19.0% +7.6%
SYGMA 8.6B10.2% +2.5%
Other 1.1B1.3% -0.5%

10-K 0000096021-26-000033, segment and revenue notes (XBRL).

Revenue by product or service

year to Jun 27, 2026
RevenueSharevs year before
Fresh and frozen meats 17.1B20.2% +12.6%
Canned and dry products 15.0B17.8% +2.6%
Frozen fruits, vegetables, bakery and other 12.7B15.0% +3.2%
Dairy products 8.3B9.8% -4.6%
Poultry 7.9B9.4% -2.8%
Fresh produce 7.0B8.2% +4.9%
Paper and disposables 5.6B6.7% +2.4%
Beverage products 3.2B3.8% +7.4%
Seafood 3.1B3.6% +10.2%
Other 2.8B3.3% +4.5%
Equipment and smallwares 1.9B2.3% +1.4%

10-K 0000096021-26-000033, segment and revenue notes (XBRL).

Revenue by region

year to Jun 27, 2026
RevenueSharevs year before
United States 68.1B80.6% +3.1%
Canada 6.5B7.7% +6.5%
United Kingdom 4.5B5.3% +9.9%
Other 2.5B3.0% +1.1%
France 1.9B2.2% +10.7%
Sweden 1.0B1.2% +14.5%

10-K 0000096021-26-000033, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue55.4B58.7B60.1B52.9B51.3B68.6B76.3B78.8B81.4B84.6B
Cost of revenue44.8B47.6B48.7B43.0B41.9B56.3B62.4B64.2B66.4B68.9B
Gross profit10.6B11.1B11.4B9.9B9.4B12.3B14.0B14.6B15.0B15.6B
Operating income2.1B2.3B2.3B749.5M1.4B2.3B3.0B3.2B3.1B3.1B
Interest expense285.0M301.7M346.7M325.3M877.5M498.0M511.0M557.0M629.0M670.0M
Pretax income1.8B2.0B2.0B293.4M584.7M1.7B2.3B2.6B2.4B2.3B
Income tax623.7M525.5M331.6M77.9M60.5M388.0M515.0M610.0M587.0M519.0M
Net income1.1B1.4B1.7B215.5M524.2M1.4B1.8B2.0B1.8B1.8B
EPS (diluted)2.082.703.200.421.022.643.473.893.733.66
Diluted shares548.5M529.1M523.4M514.0M513.6M514.0M509.7M503.1M489.8M480.6M
Depreciation & amortization902.0M765.5M763.9M805.8M737.9M773.0M776.0M873.0M945.0M976.0M
EBITDA3.0B3.1B3.1B1.6B2.2B3.1B3.8B4.1B4.0B4.1B
Gross margin19.1%18.9%19.0%18.7%18.2%17.9%18.3%18.5%18.4%18.5%
Operating margin3.7%3.9%3.9%1.4%2.8%3.4%4.0%4.1%3.8%3.7%
Net margin2.1%2.4%2.8%0.4%1.0%2.0%2.3%2.5%2.2%2.1%
Revenue growth-+6.1%+2.4%-12.0%-3.0%+33.8%+11.2%+3.3%+3.2%+3.9%
EPS growth-+29.8%+18.5%-86.9%+143%+159%+31.4%+12.1%-4.1%-1.9%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash869.5M552.3M513.5M6.1B3.0B867.0M745.0M696.0M1.1B1.8B
Short-term investments-----6.0M12.0M24.0M15.0M18.0M
Current assets8.0B8.0B8.1B12.3B10.7B10.5B10.6B11.0B12.0B13.4B
Property & equipment4.4B4.5B4.5B4.5B4.3B4.5B4.9B5.5B6.1B6.0B
Goodwill3.9B4.0B3.9B3.7B3.9B4.5B4.6B5.2B5.2B5.2B
Total assets17.8B18.1B18.0B22.6B21.4B22.1B22.8B24.9B26.8B28.4B
Accounts payable4.0B4.1B4.3B3.4B4.9B5.8B6.0B6.3B6.5B6.6B
Current liabilities6.1B6.6B6.1B6.7B7.3B8.8B8.5B9.2B9.9B10.5B
Total debt8.2B8.3B8.1B12.9B10.6B10.6B10.4B12.0B13.3B13.5B
Shareholders' equity2.4B2.5B2.5B1.2B1.6B1.4B2.0B1.9B1.8B2.7B

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)83.9M93.8M104.9M42.2M95.8M122.0M96.0M104.0M93.0M118.0M
Stock-based pay / revenue0.2%0.2%0.2%0.1%0.2%0.2%0.1%0.1%0.1%0.1%
Operating lease cost---123.3M131.5M126.7M139.0M154.0M186.0M217.0M
Operating lease cash paid---124.0M142.4M125.7M134.0M144.0M177.0M215.0M
Finance lease principal paid---34.1M37.1M40.2M44.0M51.0M115.0M76.0M
Right-of-use assets---603.6M709.2M723.0M732.0M923.0M1.1B1.4B
Operating lease liabilities---630.7M737.1M742.1M755.3M963.0M1.2B1.5B
Finance lease liabilities---102.6M79.2M226.3M297.8M361.0M452.0M393.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SYY in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SYY/export.csv") into a cell.