# SYSCO CORP (SYY) Informational only - not investment advice. CIK: 0000096021 SIC: 5140 Wholesale-Groceries & Related Products SIC breadcrumb: [Wholesale Trade](/division/F/) > [Wholesale Trade - Nondurable Goods](/major-group/51/) > [SIC 5140 Wholesale-Groceries & Related Products](/industry/5140/) Latest 10-K filed: 2025-08-22 SEC page: https://www.sec.gov/edgar/browse/?CIK=96021 Filing source: https://www.sec.gov/Archives/edgar/data/96021/000009602125000099/syy-20250628.htm ## At a glance FY2025 · period end 2025-06-28 · filed 2025-08-22 · accession 0000096021-25-000099 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096021.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 81,370,000,000 USD | 2025 | verified | | Net income | 1,828,000,000 USD | 2025 | verified | | Assets | 26,774,000,000 USD | 2025 | verified | | Free cash flow | 1,604,000,000 USD | 2025 | computed | | Net margin | 2.25% | 2025 | computed | | Operating margin | 3.80% | 2025 | computed | | Revenue YoY | +3.20% | 2025 | computed | | ROE | 99.89% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SYY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 2.2% | 1.2% | 67 | 22 | | Operating margin | 3.8% | 2.5% | 65 | 21 | | Revenue growth | 3.2% | 2.4% | 57 | 22 | | FCF margin | 2.0% | 2.0% | 48 | 22 | | ROE | 99.9% | 8.7% | 94 | 18 | | ROA | 6.8% | 3.3% | 76 | 22 | | Liabilities / equity | 13.63 | 1.81 | 94 | 18 | | Current ratio | 1.21 | 1.58 | 33 | 22 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 51 Wholesale Trade - Nondurable Goods, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 81370000000 | USD | 2025 | 2025-08-22 | | Net income | 1828000000 | USD | 2025 | 2025-08-22 | | Assets | 26774000000 | USD | 2025 | 2025-08-22 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-08-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096021.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2008 | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 55,371,139,000 | 58,727,324,000 | 60,113,922,000 | 52,893,310,000 | 51,297,843,000 | 68,636,000,000 | 76,325,000,000 | 78,844,000,000 | 81,370,000,000 | | Net income | 1,106,151,000 | 1,055,948,000 | 1,179,983,000 | 1,152,030,000 | | | | | 215,475,000 | 524,209,000 | 1,359,000,000 | 1,770,000,000 | 1,955,000,000 | 1,828,000,000 | | Operating income | | | | | 1,850,500,000 | 2,054,616,000 | 2,314,056,000 | 2,330,150,000 | 749,505,000 | 1,447,188,000 | 2,346,000,000 | 3,039,000,000 | 3,202,000,000 | 3,088,000,000 | | Gross profit | | | | | 9,040,472,000 | 10,557,507,000 | 11,085,391,000 | 11,408,987,000 | 9,901,664,000 | 9,356,749,000 | 12,320,000,000 | 13,955,000,000 | 14,608,000,000 | 14,969,000,000 | | Diluted EPS | | | | | 1.64 | 2.08 | 2.70 | 3.20 | 0.42 | 1.02 | 2.64 | 3.47 | 3.89 | 3.73 | | Operating cash flow | | | | | 1,988,347,000 | 2,232,567,000 | 2,155,380,000 | 2,411,207,000 | 1,618,680,000 | 1,903,842,000 | 1,791,000,000 | 2,868,000,000 | 2,989,000,000 | 2,510,000,000 | | Capital expenditures | | | | | 527,346,000 | 686,378,000 | 687,815,000 | 692,391,000 | 720,423,000 | 470,676,000 | 633,000,000 | 793,000,000 | 832,000,000 | 906,000,000 | | Dividends paid | | | | | 698,869,000 | 698,647,000 | 722,158,000 | 775,430,000 | 856,312,000 | 917,564,000 | 959,000,000 | 996,000,000 | 1,008,000,000 | 1,000,000,000 | | Share buybacks | | | | | 1,949,445,000 | 1,886,121,000 | 978,901,000 | 1,022,033,000 | 844,699,000 | 0.00 | 500,000,000 | 500,000,000 | 1,232,000,000 | 1,250,000,000 | | Assets | | | | | 16,721,804,000 | 17,756,655,000 | 18,070,404,000 | 17,966,522,000 | 22,628,266,000 | 21,413,539,000 | 22,086,000,000 | 22,821,000,000 | 24,917,000,000 | 26,774,000,000 | | Stockholders' equity | | | | | 3,479,608,000 | 2,381,516,000 | 2,506,957,000 | 2,502,603,000 | 1,158,613,000 | 1,553,000,000 | 1,382,000,000 | 2,009,000,000 | 1,860,000,000 | 1,830,000,000 | | Cash and cash equivalents | | | | | 3,919,300,000 | 869,502,000 | 552,325,000 | 513,460,000 | 6,059,427,000 | 3,007,123,000 | 867,000,000 | 745,000,000 | 696,000,000 | 1,071,000,000 | | Free cash flow | | | | | 1,461,001,000 | 1,546,189,000 | 1,467,565,000 | 1,718,816,000 | 898,257,000 | 1,433,166,000 | 1,158,000,000 | 2,075,000,000 | 2,157,000,000 | 1,604,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2008 | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | 0.41% | 1.02% | 1.98% | 2.32% | 2.48% | 2.25% | | Operating margin | | | | | | 3.71% | 3.94% | 3.88% | 1.42% | 2.82% | 3.42% | 3.98% | 4.06% | 3.80% | | Return on equity | | | | | | | | | 18.60% | 33.75% | 98.34% | 88.10% | 105.11% | 99.89% | | Return on assets | | | | | | | | | 0.95% | 2.45% | 6.15% | 7.76% | 7.85% | 6.83% | | Liabilities / equity | | | | | 3.81 | 6.46 | 6.21 | 6.18 | 18.53 | 12.79 | 14.98 | 10.36 | 12.40 | 13.63 | | Current ratio | | | | | 2.27 | 1.32 | 1.21 | 1.33 | 1.84 | 1.47 | 1.20 | 1.24 | 1.20 | 1.21 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/SYY/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000096021.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q1 | 2022-10-01 | | | 0.91 | reported discrete quarter | | 2023-Q2 | 2022-12-31 | | | 0.28 | reported discrete quarter | | 2023-Q3 | 2023-04-01 | | | 0.84 | reported discrete quarter | | 2023-Q4 | 2023-07-01 | 19,728,216,000 | 733,736,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-09-30 | 19,620,454,000 | 503,392,000 | 0.99 | reported discrete quarter | | 2024-Q2 | 2023-12-30 | 19,287,942,000 | 415,242,000 | 0.82 | reported discrete quarter | | 2024-Q3 | 2024-03-30 | 19,379,500,000 | 424,688,000 | 0.85 | reported discrete quarter | | 2024-Q4 | 2024-06-29 | 20,556,104,000 | 611,678,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-09-28 | 20,484,000,000 | 490,000,000 | 0.99 | reported discrete quarter | | 2025-Q2 | 2024-12-28 | 20,151,000,000 | 406,000,000 | 0.82 | reported discrete quarter | | 2025-Q3 | 2025-03-29 | 19,598,000,000 | 401,000,000 | 0.82 | reported discrete quarter | | 2025-Q4 | 2025-06-28 | 21,138,000,000 | 531,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-09-27 | 21,148,000,000 | 476,000,000 | 0.99 | reported discrete quarter | | 2026-Q2 | 2025-12-27 | 20,762,000,000 | 389,000,000 | 0.81 | reported discrete quarter | | 2026-Q3 | 2026-03-28 | 20,519,000,000 | 340,000,000 | 0.71 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SYY's latest 10-K: [/company/SYY/business/](/company/SYY/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SYY's latest 10-K: [/company/SYY/risk-factors/](/company/SYY/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/96021/000009602126000022/syy-20260328.htm Low-confidence quarantine: published MD&A gate detected tail bleed at '\nconsolidated financial statements' and could not re-bound cleanly. Confidence: low Filing date: 2026-04-29 Report date: 2026-03-28 _Quarantined: low-confidence Item 2 boundaries; no quarterly MD&A text emitted._ ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/96021/000009602125000099/syy-20250628.htm Complete FY 2025 MD&A: /company/SYY/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2025-08-22 Report date: 2025-06-28 Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of Sysco’s financial condition, results of operations and liquidity and capital resources for the fiscal years ended June 28, 2025 and June 29, 2024 should be read as a supplement to our Consolidated Financial Statements and the accompanying notes contained in Item 8 of this report, and in conjunction with the “Forward-looking Statements” section set forth in Part II and the “Risk Factors” section set forth in Item 1A of Part I. All discussion of changes in our results of operations from fiscal 2024 to fiscal 2023 has been omitted from this Form 10-K, but may be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Form 10-K for the year ended June 29, 2024, filed with the Securities and Exchange Commission on August 28, 2024. Overview Sysco distributes food and related products to restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers. Our primary operations are in North America and Europe. Under the accounting provisions related to disclosures about segments of an enterprise, we have combined certain operations into three reportable segments. “Other” financial information is attributable to our other operations that do not meet the quantitative disclosure thresholds. •U.S. Foodservice Operations – primarily includes (a) our U.S. Broadline operations, which distribute a full line of food products, including custom-cut meat, seafood, produce, specialty Italian, specialty imports and a wide variety of non-food products and (b) our U.S. Specialty operations, which include our FreshPoint fresh produce 26 distribution business, our Buckhead | Newport Meat & Seafood specialty protein operations, our growing Italian Specialty platform anchored by Greco & Sons, Inc., our Edward Don restaurant equipment and supplies distribution business, our Asian specialty distribution company and a number of other small specialty businesses that are not material to the operations of Sysco; •International Foodservice Operations – includes operations outside of the United States (U.S.), which distribute a full line of food products and a wide variety of non-food products. The Americas primarily consists of operations in Canada, Bahamas, Costa Rica and Panama, as well as our export operations that distribute to international customers. Our European operations primarily consist of operations in the United Kingdom (U.K.), France, Ireland and Sweden; •SYGMA – our U.S. customized distribution operations serving quick-service chain restaurant customer locations; and •Other – primarily our hotel supply operations, Guest Worldwide. We estimate that we serve about 17% of an approximately $370 billion annual foodservice market in the U.S. based on industry data obtained from Technomic, Inc. (Technomic) as of the end of calendar year 2024. Technomic projects the market size to increase to approximately $382 billion by the end of calendar year 2025. From time to time, Technomic may revise the methodology used to calculate the size of the foodservice market and, as a result, our percentage can change not only from our sales results, but also from such revisions. We also serve certain international geographies that vary in size and amount of market share. According to industry sources, the foodservice, or food-away-from-home, market represents approximately 56% of the total dollars spent on food purchases made at the consumer level in the U.S. as of the end of calendar year 2024. Highlights Our fiscal 2025 results were driven by sales growth of 3.2% as compared to fiscal 2024. This growth was driven by inflation and volume growth, partially from recent acquisitions. Gross profit increased 2.5% as compared to fiscal 2024, primarily attributable to effective management of product cost inflation. Operating income decreased 3.6% as compared to fiscal 2024, primarily due to a noncash goodwill impairment charge in our Guest Worldwide business. Adjusted operating income increased 1.2% as compared to fiscal 2024. See below for a comparison of our fiscal 2025 results to our fiscal 2024 results, both including and excluding Certain Items (as defined below).     Below is a comparison of results from fiscal 2025 to fiscal 2024: •Sales: ◦increased 3.2%, or $2.5 billion, to $81.4 billion; •Operating income: ◦decreased 3.6%, or $114 million, to $3.1 billion; ◦adjusted operating income increased 1.2%, or $42 million, to $3.5 billion; •Net earnings: ◦decreased 6.5%, or $127 million, to $1.8 billion; ◦adjusted net earnings increased 0.8%, or $17 million, to $2.2 billion; •Basic earnings per share: ◦decreased 4.1%, or $0.16, to $3.74 from the comparable prior year amount of $3.90 per share; •Diluted earnings per share: ◦decreased 4.1%, or $0.16, to $3.73 from the comparable prior year amount of $3.89 per share; ◦adjusted diluted earnings per share were $4.46 in fiscal 2025, a $0.15 increase from the comparable prior year amount of $4.31 per share; •EBITDA: ◦decreased 1.2%, or $50 million, to $4.0 billion; and ◦adjusted EBITDA increased 2.4%, or $101 million, to $4.3 billion. The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to remove (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of: (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions. 27 Fiscal 2025 results of operations were also negatively impacted by a noncash goodwill impairment charge. No similar charge was applicable in fiscal 2024. The fiscal 2025 and fiscal 2024 items discussed above are collectively referred to as “Certain Items.” The results of our operations can be impacted by changes in exchange rates applicable to converting from local currencies to U.S. dollars. We measure our results on a constant currency basis. Our discussion below of our results includes certain non-GAAP financial measures that we believe provide important perspective with respect to underlying business trends. Other than free cash flow, any non-GAAP financial measures will be denoted as adjusted measures and exclude the impact from Certain Items, and certain metrics are stated on a constant currency basis. Management believes that adjusting its operating expenses, operating income, other (income) expense, net earnings and diluted earnings per share to remove these Certain Items, provides an important perspective with respect to our underlying business trends and results. Additionally, it provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations, (2) facilitates comparisons on a year-over-year basis and (3) removes those items that are difficult to predict and are often unanticipated and that, as a result, are difficult to include in analysts’ financial models and our investors’ expectations with any degree of specificity. The company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These financial measures should not be used as a substitute for GAAP measures in assessing the company’s results of operations for periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Any metric within this section referred to as “adjusted” will reflect the applicable impact of Certain Items. More information on the rationale for the use of these measures and reconciliations to GAAP numbers can be found under “Non-GAAP Reconciliations.” Key Performance Indicators Sysco seeks to meet its strategic goals by continually measuring its success in its key performance metrics that drive stakeholder value through sales growth and capital allocation and deployment. We believe the following are our most significant performance metrics in our current business environment: •Adjusted operating income growth (non-GAAP); •Adjusted diluted earnings per share growth (non-GAAP); •Adjusted EBITDA (non-GAAP); •Case volume growth for U.S. Foodservice and International Foodservice operations; •Sysco brand penetration for U.S. Broadline operations; and •Free cash flow (non-GAAP). We use these financial metrics and related computations, as well as sales and gross profit growth, to evaluate our business and to plan for near and long-term operating and strategic decisions. We believe it is useful to provide investors with the same financial information that we use internally to make comparisons of our historical operating results, identify trends in our underlying operating results and evaluate our business. Key Financial Definitions •Sales – Sales are equal to gross sales subtracted by, (1) sales returns and (2) sales incentives that we offer to certain customers, such as upfront monies and discounts. Our sales are driven by changes in case volumes and product inflation that is reflected in the pricing of our products and mix of products sold. •Gross profit – Gross profit is equal to our net sales subtracted by our cost of goods sold. Cost of goods sold primarily includes inventory costs (net of supplier consideration) and inbound freight. Cost of goods sold generally changes as we incur higher or lower costs from our suppliers and as our customer and product mix changes. Adjusted Operating Income and Adjusted Diluted Earnings per Share Growth Adjusted operating income represents our consolidated operating income, adjusted for the impact of Certain Items that we do not consider representative of our underlying performance. Adjusted diluted earnings per share represents our consolidated diluted earnings per share, adjusted for the impact of Certain Items that we do not consider representative of our underlying performance. Sysco’s management considers growth in these metrics to be useful measures of operating efficiency and profitability as they facilitate comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. 28 Adjusted EBITDA EBITDA represents net earnings plus: (1) interest expense, (2) income tax expense and benefit, (3) depreciation and (4) amortization. The net earnings component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA plus the impact of Certain Items, excluding Certain Items related to interest expense, income taxes, depreciation and amortization. Sysco’s management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and investors about the profitability of the business. It facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions. Case Volume Growth for U.S. Foodservice and International Foodservice Operations Case volume represents the volume of products sold to customers during a period of time and improvements in this metric are a primary driver of Sysco’s top line performance. We define a case as the lowest level of packaged products that are sold from our warehouses, [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SYY/mda/fy2025/ All MD&A years: /company/SYY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SYY/mda/fy2024/): filed 2024-08-28; accession 0000096021-24-000128 (https://www.sec.gov/Archives/edgar/data/96021/000009602124000128/syy-20240629.htm) - [FY 2023 MD&A](/company/SYY/mda/fy2023/): filed 2023-08-25; accession 0000096021-23-000117 (https://www.sec.gov/Archives/edgar/data/96021/000009602123000117/syy-20230701.htm) - [FY 2022 MD&A](/company/SYY/mda/fy2022/): filed 2022-08-26; accession 0000096021-22-000151 (https://www.sec.gov/Archives/edgar/data/96021/000009602122000151/syy-20220702.htm) - [FY 2021 MD&A](/company/SYY/mda/fy2021/): filed 2021-08-30; accession 0000096021-21-000093 (https://www.sec.gov/Archives/edgar/data/96021/000009602121000093/syy-20210703.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5140 Wholesale-Groceries & Related Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SYY.md · JSON record: /company/SYY.json · verified financials: /company/SYY/financials.json / /company/SYY/financials.csv · machine TOC for the whole site: /llms.txt