Selected Financial Data
since 2005
Income Statement
Sysco Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales | Operating income | Net earnings |
|---|---|---|---|
| Jun 29, 2024 | 78,844) | 3,202) | 1,955) |
| Jul 1, 2023 | 76,325) | 3,039) | 1,770) |
| Jul 2, 2022 | 68,636) | 2,339) | 1,359) |
| Jul 3, 2021 | 51,298) | 1,437) | 524) |
| Jun 27, 2020 | 52,893) | 750) | 215) |
| Jun 29, 2019 | 60,114) | 2,330) | 1,674) |
| Jun 30, 2018 | 58,727) | 2,329) | 1,431) |
| Jul 1, 2017 | 55,371) | 2,053) | 1,143) |
| Jul 2, 2016 | 50,367) | 1,851) | 950) |
| Jun 27, 2015 | 48,681) | 1,229) | 687) |
| Jun 28, 2014 | 46,517) | 1,587) | 932) |
| Jun 29, 2013 | 44,411) | 1,658) | 992) |
| Jun 30, 2012 | 42,381) | 1,891) | 1,122) |
| Jul 2, 2011 | 39,323) | 1,932) | 1,152) |
| Jul 3, 2010 | 37,243) | 1,976) | 1,180) |
| Jun 27, 2009 | 36,853) | 1,872) | 1,056) |
| Jun 28, 2008 | 37,522) | 1,880) | 1,106) |
| Jun 30, 2007 | 35,042) | 1,708) | 1,001) |
| Jul 1, 2006 | 32,628) | 1,495) | 855) |
| Jul 2, 2005 | 30,282) | —) | 961) |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
The financial performance from 2005 to 2024 is characterized by a long-term expansion in revenue, a period of acute contraction centered around 2020, and a subsequent acceleration in both top-line scale and bottom-line profitability.
- Revenue Trajectory
- Sales exhibited a consistent upward trend from 2005 (US$ 30,282 million) through 2019 (US$ 60,114 million), nearly doubling over a fourteen-year period. This growth was interrupted in 2020 and 2021, where sales declined to a low of US$ 51,298 million. Following this period, a sharp recovery occurred, with revenue increasing rapidly to reach a peak of US$ 78,844 million by June 2024.
- Operating Income and Margin Analysis
- Operating income remained relatively stagnant between 2006 and 2014, fluctuating between US$ 1,495 million and US$ 1,880 million despite rising sales, which indicates a period of compressed operating margins. A notable dip occurred in 2015 (US$ 1,229 million), followed by a recovery that peaked in 2019 at US$ 2,330 million. The most significant volatility is observed in 2020, where operating income collapsed to US$ 750 million. Since 2021, there has been a strong recovery and growth phase, with operating income reaching a record high of US$ 3,202 million in 2024.
- Net Earnings Performance
- Net earnings followed a pattern similar to operating income, maintaining a stable range between US$ 900 million and US$ 1,100 million from 2005 to 2014. Profitability increased from 2016 onward, reaching US$ 1,674 million in 2019. A severe contraction was recorded in 2020, with net earnings falling to US$ 215 million. The subsequent rebound was substantial, with earnings growing aggressively to US$ 1,955 million by 2024, surpassing pre-2020 levels.
- Correlation and Profitability Insights
- The data indicates a high correlation between operating income and net earnings, suggesting that the primary drivers of net profitability are operating-level efficiencies rather than non-operating items. The period from 2022 to 2024 shows a significant improvement in the conversion of sales to profit, as both operating income and net earnings grew at a faster rate than sales during this recovery phase compared to the 2006-2014 period.
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Balance Sheet: Assets
Sysco Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jun 29, 2024 | 11,043) | 24,917) |
| Jul 1, 2023 | 10,608) | 22,821) |
| Jul 2, 2022 | 10,483) | 22,086) |
| Jul 3, 2021 | 10,734) | 21,414) |
| Jun 27, 2020 | 12,348) | 22,628) |
| Jun 29, 2019 | 8,142) | 17,967) |
| Jun 30, 2018 | 8,003) | 18,070) |
| Jul 1, 2017 | 8,033) | 17,757) |
| Jul 2, 2016 | 10,054) | 16,722) |
| Jun 27, 2015 | 11,494) | 17,989) |
| Jun 28, 2014 | 6,682) | 13,168) |
| Jun 29, 2013 | 6,207) | 12,664) |
| Jun 30, 2012 | 6,085) | 12,095) |
| Jul 2, 2011 | 5,733) | 11,386) |
| Jul 3, 2010 | 5,076) | 10,314) |
| Jun 27, 2009 | 5,271) | 10,217) |
| Jun 28, 2008 | 5,175) | 10,082) |
| Jun 30, 2007 | 4,676) | 9,519) |
| Jul 1, 2006 | 4,400) | 8,992) |
| Jul 2, 2005 | 4,002) | 8,268) |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
An analysis of the balance sheet reveals a substantial long-term expansion in the asset base between 2005 and 2024. Total assets grew from 8,268 million to 24,917 million, representing a significant increase in the scale of operations over the two-decade period.
- Total Asset Growth Patterns
- A consistent upward trajectory is observed from 2005 through 2014, with total assets increasing from 8,268 million to 13,168 million. A sharp acceleration occurred in 2015, where total assets jumped to 17,989 million, indicating a potential major acquisition or significant capital investment. Following a period of relative stability between 2016 and 2019, another marked increase occurred in 2020, reaching 22,628 million, before continuing a gradual climb to a peak of 24,917 million by 2024.
- Current Asset Volatility
- Current assets exhibited more pronounced fluctuations than total assets. After a period of steady growth from 4,002 million in 2005 to 6,682 million in 2014, a sudden spike to 11,494 million was recorded in 2015. This was followed by a contraction and stabilization period between 2016 and 2019, with values hovering around 8,000 million. A second significant surge occurred in 2020, peaking at 12,348 million, before normalizing to 11,043 million by 2024.
- Asset Composition and Liquidity Trends
- The relationship between current assets and total assets indicates shifts in liquidity positioning. In 2005, current assets comprised approximately 48.4% of total assets. This proportion peaked in 2015 at approximately 63.9%, suggesting a temporary increase in liquid assets or inventory. By 2024, the composition shifted back to approximately 44.3%, indicating a higher concentration of non-current assets relative to the total balance sheet compared to the mid-period peaks.
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Balance Sheet: Liabilities and Stockholders’ Equity
Sysco Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Shareholders’ equity | |
|---|---|---|---|---|
| Jun 29, 2024 | 9,241) | 23,026) | 11,982) | 1,860) |
| Jul 1, 2023 | 8,540) | 20,779) | 10,411) | 2,009) |
| Jul 2, 2022 | 8,750) | 20,671) | 10,648) | 1,382) |
| Jul 3, 2021 | 7,320) | 19,826) | 11,083) | 1,553) |
| Jun 27, 2020 | 6,718) | 21,435) | 14,447) | 1,159) |
| Jun 29, 2019 | 6,103) | 15,428) | 8,163) | 2,503) |
| Jun 30, 2018 | 6,589) | 15,526) | 8,327) | 2,507) |
| Jul 1, 2017 | 6,096) | 15,292) | 8,195) | 2,382) |
| Jul 2, 2016 | 4,434) | 13,167) | 7,435) | 3,480) |
| Jun 27, 2015 | 9,400) | 12,688) | 7,322) | 5,260) |
| Jun 28, 2014 | 4,368) | 7,901) | 2,760) | 5,267) |
| Jun 29, 2013 | 3,749) | 7,472) | 2,889) | 5,192) |
| Jun 30, 2012 | 3,424) | 7,410) | 3,018) | 4,685) |
| Jul 2, 2011 | 3,575) | 6,680) | 2,669) | 4,705) |
| Jul 3, 2010 | 3,009) | 6,486) | 2,481) | 3,828) |
| Jun 27, 2009 | 3,150) | 6,767) | 2,477) | 3,450) |
| Jun 28, 2008 | 3,499) | 6,673) | 1,980) | 3,409) |
| Jun 30, 2007 | 3,415) | 6,241) | 1,781) | 3,278) |
| Jul 1, 2006 | 3,226) | 5,940) | 1,763) | 3,052) |
| Jul 2, 2005 | 3,458) | 5,509) | 1,431) | 2,759) |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
The financial trajectory from 2005 to 2024 is characterized by a significant expansion of the liability base and a concurrent contraction of shareholders' equity, indicating a strategic shift toward a more highly leveraged capital structure.
- Total Liabilities and Long-term Debt Trends
- Total liabilities grew steadily from 5,509 million USD in 2005 to 7,901 million USD in 2014, followed by a sharp increase to 12,688 million USD in 2015. A second period of aggressive growth occurred between 2019 and 2020, where total liabilities rose from 15,428 million USD to 21,435 million USD. By June 2024, total liabilities reached a peak of 23,026 million USD. This growth is primarily driven by long-term debt, which increased from 1,431 million USD in 2005 to 11,982 million USD in 2024, with a notable step-up in 2015 and another peak in 2020 at 14,447 million USD.
- Current Liabilities Analysis
- Current liabilities remained relatively stable between 3,000 million USD and 4,400 million USD for the first decade of the period. A significant outlier occurred in 2015, with a spike to 9,400 million USD, before normalizing in 2016. However, a renewed upward trend emerged after 2017, culminating in 9,241 million USD by June 2024, suggesting an increase in short-term obligations relative to historical norms.
- Shareholders' Equity Evolution
- Shareholders' equity exhibited a growth phase from 2005 to 2014, peaking at 5,267 million USD. This trend reversed sharply starting in 2016, with equity falling to 2,382 million USD in 2017 and reaching a minimum of 1,159 million USD in 2020. Although a modest recovery occurred between 2021 and 2023, the period ended with equity at 1,860 million USD in 2024, representing a substantial decrease from its 2014 peak.
- Capital Structure and Solvency Implications
- The divergence between rising total liabilities and declining shareholders' equity indicates a marked increase in the debt-to-equity ratio. In 2005, total liabilities were approximately 2.0 times the value of shareholders' equity; by 2020, this ratio expanded dramatically as liabilities rose to nearly 18.5 times the equity base. This pattern suggests a transition toward a capital structure heavily reliant on borrowed funds, which increases the financial leverage and the associated risk profile of the balance sheet.
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Cash Flow Statement
Sysco Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used for investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Jun 29, 2024 | 2,989) | (1,962) | (1,038) |
| Jul 1, 2023 | 2,868) | (785) | (2,056) |
| Jul 2, 2022 | 1,791) | (1,878) | (1,987) |
| Jul 3, 2021 | 1,904) | (429) | (4,628) |
| Jun 27, 2020 | 1,619) | (756) | 4,720) |
| Jun 29, 2019 | 2,411) | (743) | (1,837) |
| Jun 30, 2018 | 2,159) | (914) | (1,410) |
| Jul 1, 2017 | 2,176) | (3,584) | (1,620) |
| Jul 2, 2016 | 1,933) | (601) | (2,405) |
| Jun 27, 2015 | 1,555) | (654) | 3,898) |
| Jun 28, 2014 | 1,493) | (577) | (916) |
| Jun 29, 2013 | 1,512) | (912) | (874) |
| Jun 30, 2012 | 1,404) | (904) | (443) |
| Jul 2, 2011 | 1,092) | (680) | (378) |
| Jul 3, 2010 | 885) | (656) | (667) |
| Jun 27, 2009 | 1,582) | (659) | (380) |
| Jun 28, 2008 | 1,596) | (556) | (699) |
| Jun 30, 2007 | 1,403) | (649) | (748) |
| Jul 1, 2006 | 1,124) | (609) | (505) |
| Jul 2, 2005 | 1,192) | (413) | (784) |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
The financial trajectory from 2005 to 2024 reveals a sustained growth in cash generation from core operations, punctuated by periodic strategic capital deployments and active capital structure management.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a long-term upward trend, increasing from 1,192 million US dollars in 2005 to 2,989 million US dollars in 2024. While growth was relatively stable between 2005 and 2015, a more pronounced acceleration occurred after 2016. Notable contractions are observed in 2010 and 2020, although the latter shows a rapid recovery, reaching record highs in the most recent two fiscal years.
- Investing Activity Patterns
- Cash used for investing activities remained consistently negative throughout the period, reflecting continuous capital reinvestment. Most annual outflows fluctuated between 400 million and 900 million US dollars. However, significant spikes in investing outflows occurred in 2017 (3,584 million US dollars), 2022 (1,878 million US dollars), and 2024 (1,962 million US dollars), suggesting episodes of large-scale capital expenditures or strategic acquisitions.
- Financing Activity Volatility
- Net cash provided by or used for financing activities exhibits the highest volatility. For the majority of the period, financing activities resulted in net outflows, consistent with debt servicing and shareholder returns. This pattern was interrupted by substantial cash inflows in 2015 (3,898 million US dollars) and 2020 (4,720 million US dollars), which were subsequently followed by significant outflows in 2016 and 2021, respectively. This cyclicality indicates a strategy of periodic large-scale borrowing followed by aggressive debt reduction or capital distribution.
The overall cash flow profile indicates a company with a strengthening operational base that generates sufficient liquidity to fund ongoing investments and manage significant financing obligations. The correlation between increased operating cash flows and the heightened investing outflows in recent years suggests a transition toward more aggressive growth or modernization initiatives.
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Per Share Data
Sysco Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 29, 2024 | 3.90 | 3.89 | 2.01 |
| Jul 1, 2023 | 3.49 | 3.47 | 1.97 |
| Jul 2, 2022 | 2.66 | 2.64 | 1.90 |
| Jul 3, 2021 | 1.03 | 1.02 | 1.82 |
| Jun 27, 2020 | 0.42 | 0.42 | 1.74 |
| Jun 29, 2019 | 3.24 | 3.20 | 1.53 |
| Jun 30, 2018 | 2.74 | 2.70 | 1.41 |
| Jul 1, 2017 | 2.10 | 2.08 | 1.30 |
| Jul 2, 2016 | 1.66 | 1.64 | 1.23 |
| Jun 27, 2015 | 1.16 | 1.15 | 1.19 |
| Jun 28, 2014 | 1.59 | 1.58 | 1.15 |
| Jun 29, 2013 | 1.68 | 1.67 | 1.11 |
| Jun 30, 2012 | 1.91 | 1.90 | 1.07 |
| Jul 2, 2011 | 1.96 | 1.96 | 1.03 |
| Jul 3, 2010 | 1.99 | 1.99 | 0.99 |
| Jun 27, 2009 | 1.77 | 1.77 | 0.94 |
| Jun 28, 2008 | 1.83 | 1.81 | 0.85 |
| Jun 30, 2007 | 1.62 | 1.60 | 0.74 |
| Jul 1, 2006 | 1.38 | 1.36 | 0.66 |
| Jul 2, 2005 | 1.51 | 1.47 | 0.58 |
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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-07-01), 10-K (reporting date: 2016-07-02), 10-K (reporting date: 2015-06-27), 10-K (reporting date: 2014-06-28), 10-K (reporting date: 2013-06-29), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-07-02), 10-K (reporting date: 2010-07-03), 10-K (reporting date: 2009-06-27), 10-K (reporting date: 2008-06-28), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-07-01), 10-K (reporting date: 2005-07-02).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2024 reflects a long-term growth trajectory in both earnings and shareholder distributions, characterized by periodic volatility followed by strong recovery phases.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a general upward trend for the first decade, peaking in 2010 at 1.99. A period of instability occurred between 2011 and 2015, with a notable decline to a low of 1.16 in 2015. This was followed by a robust growth phase from 2016 to 2019, during which Basic EPS reached 3.24. A severe contraction is evident in 2020, with earnings falling to 0.42, representing the lowest point in the analyzed period. However, a rapid recovery followed, with Basic EPS ascending to a peak of 3.90 by 2024.
- Dividend Distribution Trends
- Dividend per share demonstrates an uninterrupted annual increase throughout the entire reporting period. Starting at 0.58 in 2005, the dividend grew consistently every year to reach 2.01 by 2024. This linear growth pattern indicates a disciplined capital return policy that remained independent of short-term earnings fluctuations.
- Earnings-to-Dividend Relationship
- A significant divergence between earnings volatility and dividend stability is observable during the 2020 fiscal year. While Basic EPS declined sharply to 0.42, the dividend per share continued its upward trajectory, increasing from 1.53 in 2019 to 1.74 in 2020. This suggests a strategic prioritization of dividend continuity despite substantial external shocks to profitability. By 2024, the earnings capacity had recovered sufficiently to comfortably cover the increased dividend obligations, with Basic EPS exceeding the dividend per share by a significant margin.
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