Name: Sysco Corp. (NYSE:SYY) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Sysco Corp., consolidated income statement

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Cost of sales	(64,236)	(62,370)	(56,316)	(41,941)	(42,992)	(48,705)
Gross profit	14,608)	13,955)	12,321)	9,357)	9,902)	11,409)
Operating expenses	(11,406)	(10,916)	(9,981)	(7,920)	(9,152)	(9,079)
Operating income	3,202)	3,039)	2,339)	1,437)	750)	2,330)
Interest expense	(607)	(527)	(624)	(880)	(408)	(360)
Other income (expense), net	(30)	(226)	31)	28)	(48)	36)
Earnings before income taxes	2,565)	2,285)	1,747)	585)	293)	2,006)
Income taxes	(610)	(515)	(388)	(61)	(78)	(332)
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)

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).

The financial performance from 2019 to 2024 is characterized by a significant V-shaped recovery in revenue and profitability following a sharp decline between 2020 and 2021. After hitting a trough in 2021, the organization experienced an accelerated growth phase, with sales and net earnings reaching peak levels by 2024.

Revenue and Gross Profit Trends: Sales experienced a contraction from US$ 60,114 million in 2019 to a low of US$ 51,298 million in 2021. However, a strong rebound occurred starting in 2022, with revenue climbing to US$ 78,844 million by 2024, representing a substantial increase over pre-2020 levels. Gross profit followed a similar trajectory, recovering from US$ 9,357 million in 2021 to US$ 14,608 million in 2024. The gross profit margin remained relatively stable throughout the period, generally fluctuating between 18% and 19%, suggesting a consistent ability to manage the direct costs of sales relative to pricing.
Operating Efficiency and Income: Operating income saw a dramatic reduction in 2020, falling to US$ 750 million from US$ 2,330 million in 2019. This decline was driven by the misalignment of operating expenses relative to the diminished sales volume during that period. From 2022 onward, operating income expanded rapidly, reaching US$ 3,202 million in 2024. This indicates not only a recovery in volume but an improvement in operational leverage, as operating income growth outpaced the growth of operating expenses in the later years.
Net Earnings and Bottom-Line Performance: Net earnings mirrored the volatility of operating income, dropping to US$ 215 million in 2020 before scaling up to US$ 1,955 million by 2024. The recovery in net earnings was supported by a stabilization of interest expenses after a peak in 2021 (US$ 880 million). While income tax expenses increased in tandem with rising profitability, reaching US$ 610 million in 2024, the overall net profit margin improved significantly compared to the 2020-2021 period.

Overall, the data indicates a period of high volatility followed by a strong expansion. The organization has not only recovered its previous financial standing but has expanded its scale and operational profitability, concluding the period with the highest recorded sales and net earnings within the analyzed timeframe.

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