Common-Size Income Statement
Quarterly Data
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Sysco Corp. pages available for free this week:
- 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 (quarterly data)
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).
- Cost of sales
- The cost of sales as a percentage of sales remained relatively stable across the observed periods, fluctuating mostly within a narrow range of approximately -80.75% to -82.34%. Notably, the highest cost ratio appeared during the quarter ending June 27, 2020, at -82.34%. Following this peak, the cost of sales showed a slight decline, stabilizing around -81.3% in recent periods.
- Gross profit
- Gross profit margins fluctuated slightly but maintained a general level around 18%. There was a marked decrease during the quarter ending June 27, 2020, down to 17.66%, coinciding with the peak in cost of sales. However, margins recovered somewhat in subsequent quarters, reaching around 18.6% towards the end of the observed timeline, indicating moderate improvement in profitability at the gross level.
- Operating expenses
- Operating expenses as a percentage of sales demonstrated variability, with a significant spike evident in the quarter ending June 27, 2020, rising sharply to -23.65%. This increase is an outlier compared to other periods where expenses generally ranged between approximately -13.9% and -16.3%. After this spike, operating expenses returned to more typical levels, trending downwards and showing improvement into 2024, where they approached -13.9%.
- Operating income
- Operating income was notably affected during the quarter ending June 27, 2020, registering a substantial loss of -6.0% of sales, a sharp contrast to positive figures in other periods. Excluding this disruptive quarter, operating income showed fluctuations primarily between 2% and 5% of sales, with a general upward trend toward the latter part of the timeline, peaking at 4.91% in the quarter ending July 1, 2023, and maintaining relatively strong levels thereafter.
- Interest expense
- Interest expense as a percentage of sales remained relatively low but showed volatility, spiking to -2.73% in the quarter ending December 26, 2020, and again rising noticeably in several quarters around 2020 and early 2021. Apart from these periods, interest expense hovered typically between approximately -0.5% and -0.8% of sales, indicating general consistency with occasional intermittent increases.
- Other income (expense), net
- This item exhibited minor negative and positive fluctuations in most quarters. However, a pronounced negative impact was recorded during the quarter ending December 31, 2022, at -1.78% of sales, which deviated substantially from typical values near zero, indicating an unusual expense or loss during that period. Aside from this, other income or expense generally had a negligible effect on sales percentages.
- Earnings (loss) before income taxes
- Earnings before income taxes closely mirrored operating income trends, with a significant downturn in the quarter ending June 27, 2020, showing a loss of -8.3% of sales. Prior and subsequent quarters mostly remained positive, fluctuating between approximately 0.7% and 4.4%. This recovery trend continued through 2023 and early 2024, reaching 4.86% in the quarter ending July 1, 2023.
- Income taxes
- Income tax percentages varied, at times showing positive and other times negative values, which suggests instances of tax benefits or credits. The majority of periods reflected tax expenses between -0.2% and -0.95%, with occasional positive values observed in several quarters around 2019 and 2020. These fluctuations indicate variability in taxable income and tax management activities.
- Net earnings (loss)
- Net earnings generally reflected the operating and pre-tax income trends, maintaining a positive margin mostly between 1.8% and 3.7% of sales. There was a significant net loss of -6.97% during the quarter ending June 27, 2020, aligning with the adverse impacts seen in operating and pre-tax figures. Following this, net earnings recovered steadily, reaching levels above 3.5% in several recent quarters, signaling strengthening profitability post-disruption.