Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- 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., consolidated cash flow 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).
- Net Earnings
- Net earnings demonstrated significant volatility over the periods. A steep decline occurred in 2020, reflecting challenging conditions, followed by a recovery trend peaking in 2024 at $1,955 million, the highest in the examined years.
- Pension Settlement Charge
- A notable pension settlement charge of $315 million appeared in 2023, a one-time expense impacting that year's financials.
- Share-based Compensation Expense
- Share-based compensation expenses fluctuated moderately, generally ranging from $42 million to $122 million without a clear directional trend, suggesting relatively stable shareholder incentivization costs.
- Depreciation and Amortization
- This expense showed a gradual increase over time, rising from $764 million in 2019 to $873 million in 2024, indicating ongoing capital expenditure and asset base growth.
- Operating Lease Asset Amortization
- Operating lease amortization, starting to be reported from 2020, remained relatively consistent, reflecting lease term management stability.
- Amortization of Debt and Related Costs
- This category experienced a slight downward trend, decreasing from $21 million to $19 million, signaling reduced expense in debt issuance and related fees.
- Deferred Income Taxes
- Deferred income taxes shifted from negative figures to a small positive amount by 2024, indicating evolving tax obligations and timing differences with a decreasing tax-related liability.
- Provision for Gains/Losses on Receivables
- Provision values showed volatility including a substantial spike to $404 million loss in 2020, a large gain in 2021, and a return to moderate losses, implying fluctuating credit risk and receivables management challenges.
- Loss on Extinguishment of Debt
- This loss was notably recorded in 2021 and 2022 but was absent in other years, pointing to occasional restructuring or refinancing activities.
- Goodwill and Asset Impairments
- Goodwill impairment occurred in 2020, alongside impairment on assets held for sale, indicating asset value write-downs potentially due to market or operational shifts.
- Working Capital Changes
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- Receivables
- Receivables changes were highly variable with substantial increases and decreases, reflecting inconsistent collection or sales patterns.
- Inventories
- Inventories decreased notably in 2020 and 2021 before stabilizing, suggesting inventory reduction efforts or sales adjustments.
- Accounts Payable and Accrued Expenses
- Accounts payable saw large fluctuations positive in 2021 and 2022 but diminished thereafter. Accrued expenses showed a spike in 2022 and then normalized, illustrating changes in supplier and operational expense liabilities.
- Operating Lease Liabilities
- Operating lease liabilities consistently decreased, indicating repayment or lease conclusion over time.
- Cash Flow from Operating Activities
- Cash provided by operations remained strong with peaks in 2023 and 2024, indicating robust operational cash generation despite some volatility in earlier years.
- Investing Activities
- Investment cash flows reflect significant capital expenditures, rising over time, alongside substantial acquisitions in 2022 and 2024, marking increased investment and business expansion activities. Proceeds from asset sales were modest but increased in later years.
- Financing Activities
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- Debt Borrowings and Repayments
- Net debt borrowings varied year-to-year with large issuances in 2020 and repayments thereafter, suggesting active debt management including refinancing.
- Stock and Dividend Activities
- Stock repurchases were consistently executed, markedly increasing in 2024, indicating aggressive capital return to shareholders. Dividend payments steadily increased, reflecting a commitment to shareholder distributions.
- Net Financing Cash Flow
- Net cash from financing showed considerable fluctuation, shifting from inflows in 2020 to outflows in other years, aligning with debt repayment and share repurchase cycles.
- Cash and Cash Equivalents
- Cash balances exhibited significant fluctuations, peaking sharply in 2020 due to financing and operational inflows, followed by declines as investments and financing outflows increased, ending near the starting level in 2024.