Common-Size Income Statement
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- Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Sysco Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).
- Sales and Cost of Sales
- Sales consistently represent 100% across all periods, providing a stable reference point for analysis. The cost of sales as a percentage of sales has fluctuated within a narrow range, increasing slightly from -81.02% in 2019 to a peak of -82.05% in 2022, then declining slightly to -81.47% in 2024. This indicates a moderate rise in cost pressures up to 2022, followed by some improvement in controlling costs.
- Gross Profit
- Gross profit as a percentage of sales declined gradually from 18.98% in 2019 to 17.95% in 2022, reflecting the increased cost of sales during those years. However, it rebounded somewhat to 18.53% by 2024, suggesting improved efficiency or pricing strategies leading to higher gross margins in recent years.
- Operating Expenses
- Operating expenses displayed volatility, rising sharply from -15.1% of sales in 2019 to -17.3% in 2020, likely reflecting increased operational challenges or investments. Subsequently, these expenses steadily decreased to -14.47% by 2024, indicating effective cost management and operational improvements over the last several years.
- Operating Income
- Operating income as a percentage of sales followed a dip corresponding with the increased operating expenses in 2020, dropping from 3.88% in 2019 to 1.42%. It then showed a consistent recovery, reaching 4.06% by 2024. This positive trend highlights improved profitability at the operating level, driven by both better cost control and increased gross profit margins.
- Interest Expense
- Interest expense rose significantly from -0.6% in 2019 to -1.72% in 2021, then decreased and stabilized around -0.7% in the subsequent years. This suggests a temporary period of higher debt costs or increased borrowing, followed by deleveraging or refinancing at more favorable terms.
- Other Income (Expense), Net
- This item remained relatively minor but variable, showing small positive and negative values with no clear trend. Its negligible impact on overall profitability indicates it is not a significant contributor to earnings variability.
- Earnings Before Income Taxes (EBIT)
- EBIT declined sharply in 2020 alongside operating income and rose steadily thereafter, from 0.55% of sales in 2020 to 3.25% in 2024. This trend mirrors improvements in core operating performance and interest expense management, contributing to stronger pre-tax profitability.
- Income Taxes
- Income tax expense as a percentage of sales has remained relatively low and stable, fluctuating between -0.12% and -0.77%. The variation does not exhibit a clear trend but marginally increases in proportion to rising earnings before taxes in later years.
- Net Earnings
- Net earnings experienced a substantial reduction in 2020 to 0.41% of sales but have since improved consistently each year, reaching 2.48% in 2024. The recovery and growth in net profitability reflect the combined effects of operational improvements, cost controls, and effective management of financial expenses.