The biggest changes in the 10-K filed 2026-08-21, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+5.1% FY to 2026-06-27 vs 2025-06-28The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
+3.9% FY to 2026-06-27 vs 2025-06-28“Sales increased 7.6% in fiscal 2026 as compared to fiscal 2025, primarily due to higher inflation, the impact of foreign currency translation, and local case growth.”
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Net income
-3.9% FY to 2026-06-27 vs 2025-06-28“Net earnings decreased 3.9% in fiscal 2026, as compared to fiscal 2025, due primarily to the items noted previously for operating income, interest expense, and other expense (income), net as well as items impacting our income taxes that are discussed in Note 19, “Income Taxes,” in the Notes to Consolidated Financial Statements in Item 8.”
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Operating margin
3.8% → 3.7% (-0.1 pts) FY to 2026-06-27 vs 2025-06-28“Total operating expenses increased 5.6% during fiscal 2026, as compared to fiscal 2025, driven by sales headcount investments, increased restructuring and transformational project costs, higher incentive compensation, and higher acquisition and due diligence costs.”
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“Adjusted operating expenses increased 5.1% during fiscal 2026, as compared to fiscal 2025, as a result of higher sales headcount investments and incentive compensation.”
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Gross margin
18.4% → 18.5% (+0.1 pts) FY to 2026-06-27 vs 2025-06-28“Gross margin increased 10 basis points in fiscal 2026 as compared to fiscal 2025, primarily as a result of our strategic sourcing efforts and a shift in our customer mix driven by local case growth outpacing national case growth.”
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“Gross margin decreased 17 basis points in the fourth quarter of fiscal 2026 as compared to the fourth quarter of fiscal 2025, primarily due to the lapping of favorable benefits from strategic sourcing initiatives in the fourth quarter of fiscal 2025 and the increased cost of fuel across the business.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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