Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Sysco Corp. (NYSE:SYY)

This company has been moved to the archive! The financial data has not been updated since August 28, 2024.

Common-Size Income Statement
Quarterly Data

Sysco Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Oct 1, 2022 Jul 2, 2022 Apr 2, 2022 Jan 1, 2022 Oct 2, 2021 Jul 3, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018
Sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -81.33 -81.38 -81.78 -81.41 -81.32 -81.82 -81.99 -81.76 -81.83 -82.17 -82.28 -81.94 -81.93 -82.05 -81.85 -81.15 -82.34 -81.28 -81.18 -80.77 -80.75 -81.21 -81.23 -80.92
Gross profit 18.67% 18.62% 18.22% 18.59% 18.68% 18.18% 18.01% 18.24% 18.17% 17.83% 17.72% 18.06% 18.07% 17.95% 18.15% 18.85% 17.66% 18.72% 18.82% 19.23% 19.25% 18.79% 18.77% 19.08%
Operating expenses -13.92 -14.90 -14.59 -14.50 -13.77 -14.50 -14.57 -14.40 -14.12 -14.90 -14.99 -14.22 -14.54 -15.96 -16.32 -15.29 -23.65 -18.28 -15.15 -14.87 -14.60 -15.18 -15.71 -14.96
Operating income 4.75% 3.73% 3.63% 4.10% 4.91% 3.68% 3.45% 3.84% 4.04% 2.93% 2.73% 3.84% 3.53% 2.00% 1.83% 3.56% -6.00% 0.44% 3.68% 4.37% 4.66% 3.61% 3.06% 4.13%
Interest expense -0.80 -0.81 -0.78 -0.68 -0.69 -0.71 -0.71 -0.65 -0.68 -0.73 -1.49 -0.78 -2.73 -1.23 -1.27 -1.25 -1.85 -0.61 -0.51 -0.54 -0.58 -0.64 -0.59 -0.59
Other income (expense), net -0.04 -0.05 -0.03 -0.03 0.63 -0.03 -1.78 -0.08 0.02 0.08 0.07 0.02 0.08 0.11 0.13 -0.12 -0.46 -0.04 0.01 -0.02 0.33 -0.03 -0.07 -0.01
Earnings (loss) before income taxes 3.91% 2.86% 2.83% 3.38% 4.86% 2.94% 0.96% 3.11% 3.39% 2.28% 1.30% 3.08% 0.88% 0.87% 0.70% 2.20% -8.30% -0.21% 3.17% 3.80% 4.41% 2.94% 2.40% 3.54%
Income taxes -0.93 -0.67 -0.67 -0.81 -1.14 -0.66 -0.20 -0.68 -0.70 -0.49 -0.28 -0.78 0.06 -0.12 -0.12 -0.36 1.33 0.19 -0.62 -0.84 -0.95 0.06 -0.59 -0.70
Net earnings (loss) 2.98% 2.19% 2.15% 2.57% 3.72% 2.28% 0.76% 2.43% 2.69% 1.79% 1.03% 2.30% 0.94% 0.75% 0.58% 1.84% -6.97% -0.02% 2.55% 2.97% 3.46% 3.00% 1.81% 2.83%

Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).

The financial trajectory from September 2018 through June 2024 reflects a period of relative stability interrupted by a significant operational shock in 2020, followed by a sustained recovery and improvement in operational efficiency.

Gross Profitability and Cost Management
Gross profit margins remained remarkably consistent throughout the period, generally fluctuating between 17.7% and 19.3%. The cost of sales stayed within a narrow band, typically ranging from 80.7% to 82.3% of sales. A slight compression in gross margin was observed during the second quarter of 2020, reaching a low of 17.66%, but margins have since recovered, ending the period at 18.67% in June 2024.
Operating Expense Volatility and Efficiency
Operating expenses exhibited the most significant variance in the dataset. While expenses typically hovered between 14% and 15% of sales, a substantial spike occurred between March 2020 and June 2020, where expenses peaked at 23.65% of sales. This surge led to a temporary operating loss of -6.00% in June 2020. Following this event, a clear downward trend in operating expenses is observable, with costs decreasing to 13.92% by June 2024, indicating enhanced operational leverage and cost control.
Operating and Net Income Trends
Operating income mirrored the volatility of operating expenses, recovering from the 2020 trough to reach a peak of 4.75% in June 2024, which is higher than the pre-pandemic average of approximately 3.5% to 4.5%. Net earnings followed a similar pattern of disruption and recovery. After a net loss of -6.97% in June 2020, profitability returned to positive territory, showing a gradual increase throughout 2023 and 2024, concluding at 2.98% of sales.
Non-Operating Items and Tax Impact
Interest expenses remained relatively stable, averaging between 0.6% and 0.8% of sales, though a notable spike to 2.73% occurred in July 2021. Other income and expenses remained negligible for most of the period, with a significant one-time negative impact of -1.78% in December 2022. Income tax as a percentage of sales has remained volatile, fluctuating between negative values (tax benefits) and positive charges, typically averaging around 0.6% to 0.9% in stable quarters.

Overall, the data indicates that the company successfully navigated a severe operational crisis in 2020. The subsequent reduction in operating expenses as a percentage of sales has been the primary driver of the recovery in both operating and net profit margins.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?