Income Statement
Quarterly Data
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 (quarterly data)
US$ in millions
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).
Revenue trajectories exhibit a period of stability followed by a significant volatility event and a subsequent strong growth phase. Sales remained consistent between 2018 and early 2020, before experiencing a sharp contraction that bottomed in June 2020 at 8,867 million USD. A sustained recovery followed, with revenue expanding consistently to reach a peak of 20,556 million USD by June 2024, representing a substantial increase over pre-pandemic levels.
- Gross Profitability and Margin Trends
- Gross profit followed a pattern closely correlated with sales volume. The most acute decline occurred in June 2020, where gross profit fell to 1,566 million USD. Since that period, gross profit has climbed steadily, reaching 3,838 million USD in June 2024. The relationship between sales and cost of sales indicates a stabilized gross margin, although the absolute profit levels have increased significantly in tandem with the expansion of the top line.
- Operating Performance and Efficiency
- Operating income demonstrated extreme variance during the 2020 fiscal period, shifting from a loss of 532 million USD in June 2020 to a recovery of 420 million USD by September 2020. Operating expenses have risen from approximately 2.2 billion USD in 2018 to roughly 2.8 billion USD in 2024. Despite this increase in overhead, the growth in gross profit has outpaced the rise in operating expenses, resulting in an improved operating income of 976 million USD by the end of the analyzed period.
- Financial Costs and Non-Operating Items
- Interest expenses showed a notable spike in July 2021, reaching 441 million USD, suggesting a period of increased borrowing or debt restructuring. Other income and expenses remained relatively neutral for most of the period, with the exception of a significant one-time expense of 330 million USD in December 2022, which exerted downward pressure on the earnings before income taxes for that quarter.
- Net Earnings and Bottom-Line Volatility
- Net earnings were heavily impacted by the operational disruptions of 2020, recording a loss of 618 million USD in June 2020. Following this trough, net income returned to positive territory and showed a general upward trend, peaking at 734 million USD in July 2023. The final quarter analyzed, June 2024, shows net earnings of 612 million USD, indicating a return to strong, though fluctuating, profitability compared to the 2018-2019 baseline.
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