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.
Sysco Corp., consolidated income statement
US$ in millions
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
- Sales experienced a decline from 2019 through 2021, dropping from $60,114 million in 2019 to $51,298 million in 2021. However, a notable recovery took place starting in 2022, with sales increasing to $68,636 million and continuing to rise steadily to $78,844 million by 2024.
- Cost of Sales
- Cost of sales mirrored the sales trend, decreasing from $48,705 million in 2019 to $41,941 million in 2021, followed by a significant increase to $64,236 million in 2024. This reflects a direct correlation with sales movements but also indicates increased cost pressures as sales recovered.
- Gross Profit
- Gross profit declined between 2019 and 2021, from $11,409 million to $9,357 million, consistent with the decline in sales. From 2022 onward, gross profit increased substantially, reaching $14,608 million in 2024, indicating improvement in revenue generation despite the rising costs.
- Operating Expenses
- Operating expenses remained relatively stable from 2019 through 2021, fluctuating between approximately $7,920 million and $9,152 million. From 2022 onwards, operating expenses increased steadily, reaching $11,406 million in 2024, which suggests growing investments or higher operational costs amid expanding operations.
- Operating Income
- Operating income decreased sharply from $2,330 million in 2019 to $750 million in 2020, reflecting the impact of reduced sales and possibly increased operational challenges. It partially rebounded in 2021 to $1,437 million and then showed a strong upward trend in subsequent years, reaching $3,202 million in 2024, signaling effective management of operating costs relative to revenue recovery.
- Interest Expense
- Interest expense showed variability across the periods. It increased notably in 2021 to $880 million, more than doubling from 2019's $360 million, but then decreased to $607 million by 2024. This pattern may indicate changes in debt levels or interest rates affecting financing costs.
- Other Income (Expense), Net
- The net other income/expense fluctuated over the years, with minor positive and negative amounts except for a significant negative impact of $226 million in 2023. The general instability in this line suggests occasional non-operating gains or losses affecting overall earnings in some years.
- Earnings Before Income Taxes
- Earnings before income taxes followed a downward trend from $2,006 million in 2019 to $293 million in 2020, then recovered steadily to $2,565 million by 2024. This aligns with the operating income trend and reflects improving profitability before tax considerations.
- Income Taxes
- Income tax expenses varied across the periods, generally increasing in absolute terms over time, from $332 million in 2019 to $610 million in 2024. The relative increase in taxes corresponds with rising pre-tax earnings, indicating growing taxable income.
- Net Earnings
- Net earnings decreased significantly in 2020 to $215 million from $1,674 million in 2019, reflecting the impact of reduced sales and profitability. A recovery trend followed, with net earnings increasing to $1,955 million in 2024, though still below the peak levels seen in 2019. This demonstrates a positive trajectory in overall profitability despite challenges encountered earlier.