Sysco四季度小幅超预期并给出FY27调整后EPS增长9%-11%指引

HOUSTON
,
Aug. 04, 2026
(GLOBE NEWSWIRE) --
Sysco Corporation
(NYSE:SYY) (“Sysco” or the “company”) today announced financial results for its 13-week fourth fiscal quarter and its fiscal year ended
June 27, 2026
.
Key financial results for the fourth quarter of fiscal year 2026 include the following (comparisons are to the same period in fiscal year 2025):
Sales increased 4.7%;
U.S. Foodservice
volume increased 2.5%,
U.S
. local volume increased 2.6%;
Gross profit increased 3.7% to
$4.1 billion
;
Operating income increased 10.6% to
$983 million
, and adjusted operating income increased 4.1% to
$1.1 billion
1
;
Net earnings increased 3.8% to
$551 million
, and adjusted net earnings increased 2.5% to
$734 million
1
;
EBITDA increased 5.4% to
$1.2 billion
1
, and adjusted EBITDA increased 4.7% to
$1.3 billion
1
;
EPS
2
increased 4.5% to
$1.15
, and adjusted EPS
1,2
increased 3.4% to
$1.53
, inclusive of higher incentive compensation costs of
$11 million
, as previously disclosed, representing a
$0.01
impact to EPS;
Introduction of fiscal year 2027 guidance of 6%-7% sales growth and 9%-11% adjusted EPS
1
growth on a 53-week basis; and
Included in the 2027 guidance is approximately
$100 million
of efficiency improvements driven by an artificial intelligence (AI)-powered transformation of business processes and customer engagement.
“Sysco delivered strong results in the fourth quarter of fiscal year 2026, including positive case growth across our local, national, and international businesses. This included local volume growth of 2.6% in our USFS segment, as well as local volume growth of 4.5% in our International segment. Continued productivity gains from our supply chain enabled year over year profit growth across each of our four business segments,” said
Kevin Hourican
, Sysco’s Chair of the Board and Chief Executive Officer. “We have clear positive momentum in our business domestically and internationally. We are excited about the progress and the opportunity to improve further through the AI-driven business process transformation underway at
Sysco
. These efforts will improve how we serve our customers and expand our operating margins.”
“We exceeded our previously communicated guidance for the quarter and the year, as our company specific initiatives drove tangible results across our business. For the year, we generated robust cash flows and returned
$1.2 billion
to our shareholders through dividends and share repurchase. We expect positive momentum to continue in FY27 and are introducing guidance on a 53-week basis that includes sales growth of 6%-7% and adjusted EPS growth of 9%-11%. Today, we are also announcing incremental cost out efforts which we expect, when combined with our Q3 update, to deliver a combined
$100 million
of net cost savings in FY27.” said
Brandon Sewell
, Sysco’s Interim Chief Financial Officer.
1
Non-GAAP financial measure, refer to the reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure included at the end of this release.
2
Earnings per share (EPS) is shown on a diluted basis, unless otherwise specified.
Key financial results for fiscal year 2026 include the following (comparisons are to the same period in fiscal year 2025):
Sales increased 3.9%;
U.S. Foodservice
volume increased 1.4%,
U.S
. local volume increased 1.7%;
Gross profit increased 4.5% to
$15
.6 billion;
Operating income increased 0.2% to
$3
.1 billion, and adjusted operating income increased 2.6% to
$3
.6 billion
1
;
Net earnings decreased 3.9% to
$1.8 billion
, and adjusted net earnings increased 1.4% to
$2.2 billion
1
;
Cash flow from operations increased 5.1% to
$2.6 billion
and free cash flow
1
increased 16.3% to
$2.1 billion
on a year-over-year basis;
EBITDA decreased 0.7% to
$4
.0 billion
1
, and adjusted EBITDA increased 2.2% to
$4
.4 billion
1
;
EPS
2
decreased 1.9% to
$3.66
, and adjusted EPS
1,2
increased 3.4% to
$4.61
, inclusive of higher incentive compensation costs of
$100 million
, as previously disclosed, representing a
$0.16
impact to EPS; and
We returned approximately
$1.2 billion
of capital to shareholders via
$1.0 billion
of dividends and
$200 million
of share repurchases.
Fiscal Year 2027 Productivity and Cost Savings Initiatives
Sysco
is also advancing a multi-year AI-enabled business transformation program designed to further improve productivity, operating efficiency, and customer service across the enterprise. In fiscal year 2027, the company expects combined cost-outs of approximately
$100 million
, including the carry-forward benefit from previously announced actions. Efforts reflect initiatives focused on enhanced inventory management and forecasting accuracy, improved coding efficiency, routing optimization and back-office automation. Together,
Sysco
expects these AI-related initiatives and previously announced cost-out efforts to deliver bottom line benefits in fiscal year 2027, supporting the company’s outlook for continued profit growth and margin expansion.
Fourth Quarter Fiscal Year 2026 Results
(comparisons are to the same period in fiscal year 2025)
Total
Sysco
Sales for the fourth quarter increased 4.7% to
$22.1 billion
.
Gross profit increased 3.7% to
$4.1 billion
, and gross margin decreased 17 basis points to 18.7%. Product cost inflation was 2.8% at the total enterprise level, as measured by the estimated change in Sysco’s product costs, primarily in the meat and fresh produce categories. The increase in gross profit for the fourth quarter was primarily driven by continued positive momentum in
U.S
. local volume growth, positive mix shift from improved
Sysco Brand
penetration, strategic sourcing efficiencies, and effective management of product cost inflation.
Operating expenses increased 1.7%, primarily driven by acquisition-related costs, sales headcount and capacity investments, partially offset by cost-out efficiencies. Adjusted operating expenses increased 3.6%
1
.
Operating income increased 10.6% to
$983 million
, and adjusted operating income increased 4.1% to
$1
.1 billion
1
.
U.S
. Foodservice Operations
The
U.S
. Foodservice Operations segment results reflected positive case growth across local and national customers, improved mix shift from improved
Sysco Brand
penetration, and supply chain productivity improvements, partially offset by planned investments in sales headcount and expanded capacity.
Sales for the fourth quarter increased 4.4% to
$15.4 billion
. Total case volume within
U.S. Foodservice
increased 2.5% for the fourth quarter, while local case volume within
U.S. Foodservice
increased 2.6%.
Gross profit increased 3.0% to
$3.0 billion
, and gross margin decreased 26 basis points to 19.2%.
Operating expenses increased 3.3%, and adjusted operating expenses increased 4.7%
1
.
Operating income increased 2.4% to
$1.0 billion
, and adjusted operating income increased 0.1% to
$1.1 billion
1
.
International Foodservice Operations
The International Foodservice Operations segment delivered continued sales growth and volume gains, marking its eleventh consecutive quarter of double-digit adjusted operating income growth.
Sales for the fourth quarter increased 6.7% to
$4.2 billion
. On a constant currency basis
3
, sales for the fourth quarter increased 5.6% to
$4.1 billion
. Foreign exchange rates increased both International Foodservice Operations sales by
$46 million
and total
Sysco
sales by
$47 million
during the quarter.
Gross profit increased 7.3% to
$909 million
, and gross margin increased 12 basis points to 21.7%. On a constant currency basis
3
, gross profit increased 6.0% to
$898 million
. Foreign exchange rates increased both International Foodservice Operations gross profit by 1.3% and total
Sysco
gross profit by 0.3% during the quarter.
Operating expenses increased 8.4%, and adjusted operating expenses increased 4.8%
1
. On a constant currency basis
3
, adjusted operating expenses increased 3.4%. Foreign exchange rates increased both International Foodservice Operations operating expenses by 1.4% and total
Sysco
operating expenses by 0.3% during the quarter.
Operating income increased 2.1% to
$148 million
, and adjusted operating income increased 15.7% to
$228 million
1
. On a constant currency basis
3
, adjusted operating income increased 14.7% to
$226 million
. Foreign exchange rates increased both International Foodservice Operations operating income by 1.0% and total
Sysco
operating income by 0.3% during the quarter.
Fiscal Year 2026 Results
(comparisons are to fiscal year 2025)
Total
Sysco
Sales for fiscal year 2026 increased 3.9% to
$84.6 billion
.
Gross profit increased 4.5% to
$15.6 billion
, and gross margin increased 10 basis points to 18.5%. Product cost inflation was 3.0% at the total enterprise level, as measured by the estimated change in Sysco’s product costs, primarily in the meat and seafood categories. The increase in gross profit for the year was primarily driven by positive volumes, strategic sourcing efficiencies, and effective management of product cost inflation.
Operating expenses increased 5.6%, primarily driven by sales headcount and capacity investments, higher incentive compensation, and acquisition-related costs, partially offset by cost-out efficiencies. Adjusted operating expenses increased 5.1%
1
.
Operating income increased 0.2% to
$3.1 billion
, and adjusted operating income increased 2.6% to
$3.6 billion
1
.
3
Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results. These adjusted measures are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.
U.S
. Foodservice Operations
Sales for fiscal year 2026 increased 3.2% to
$58.8 billion
. Total case volume within
U.S. Foodservice
increased 1.4% for fiscal year 2026, while local case volume within
U.S. Foodservice
increased 1.7%.
Gross profit increased 3.3% to
$11.2 billion
, and gross margin increased 2 basis points to 19.1%.
Operating expenses increased 4.9%, and adjusted operating expenses increased 4.7%
1
.
Operating income increased 0.1% to
$3.5 billion
, and adjusted operating income increased 0.7% to
$3.7 billion
1
.
International Foodservice Operations
Sales for fiscal year 2026 increased 7.6% to
$16.0 billion
. On a constant currency basis
3
, sales for fiscal year 2026 increased 4.1% to
$15.5 billion
. Foreign exchange rates increased both International Foodservice Operations sales by 3.5% and total
Sysco
sales by 0.6% during the year.
Gross profit increased 9.4% to
$3.4 billion
, and gross margin increased 34 basis points to 21.2%. On a constant currency basis
3
, gross profit increased 5.4% to
$3.3 billion
. Foreign exchange rates increased both International Foodservice Operations gross profit by 4.0% and total
Sysco
gross profit by 0.9% during the year.
Operating expenses increased 10.0%, and adjusted operating expenses increased 7.8%
1
. On a constant currency basis
3
, adjusted operating expenses increased 3.4%. Foreign exchange rates increased both International Foodservice Operations operating expense by 4.4% and total
Sysco
operating expense by 1.0% during the year.
Operating income increased 5.9% to
$463 million
, and adjusted operating income increased 16.4% to
$681 million
1
. On a constant currency basis
3
, adjusted operating income increased 14.0% to
$667 million
. Foreign exchange rates increased both International Foodservice Operations operating income by 2.4% and total
Sysco
operating income by 0.5% during the year.
Balance Sheet, Cash Flow and Capital Spending
As of the end of the quarter, the company had a cash balance of
$1.8 billion
and total liquidity
4
of
$4
.8 billion.
Debt to net earnings was approximately 7.7 times, and Net Debt to adjusted EBITDA
1
was approximately 2.7 times.
During the fiscal year,
Sysco
returned
$1.2 billion
to shareholders via
$200 million
of share repurchases and
$1.0 billion
of dividends.
Cash flow from operations was
$2.6 billion
for fiscal year 2026, which was 5.1% higher compared to the prior year. Free cash flow
1
for fiscal year 2026 was
$2.1 billion
, which was 16.3% higher compared to the prior year.
Capital expenditures, net of proceeds from sales of plant and equipment, for fiscal year 2026 were
$524 million
.
4
Available liquidity includes cash and cash equivalents, available borrowing capacity under our revolving credit facility, less outstanding drawings under our commercial paper program, as of the applicable reporting date.
Conference Call & Webcast
Sysco
will host a conference call to review the company’s fourth quarter and full fiscal year 2026 financial results on
Tuesday, August 4, 2026
, at
10:00 a.m. Eastern Time
. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at
investors.sysco.com
.
Key Highlights:
13-Week Period Ended
52-Week Period Ended
Financial Comparison
(1)
:
June 27, 2026
Change
June 27, 2026
Change
GAAP:
Sales
$22.1 billion
4.7%
$84.6 billion
3.9%
Gross Profit
$4.1 billion
3.7%
$15.6 billion
4.5%
Gross Margin
18.7
%
-17 bps
18.5
%
10 bps
Operating Expenses
$3.2 billion
1.7%
$12.5 billion
5.6%
Operating Income
$983 million
10.6%
$3.1 billion
0.2%
Operating Margin
4.4
%
23 bps
3.7
%
-14 bps
Net Earnings
$551 million
3.8%
$1.8 billion
-3.9%
Diluted Earnings Per Share
$1.15
4.5%
$3.66
-1.9%
Non-GAAP
(2)
:
Adjusted Operating Expenses
$3.0 billion
3.6%
$12.0 billion
5.1%
Adjusted Operating Income
$1.1 billion
4.1%
$3.6 billion
2.6%
Adjusted Operating Margin
5.2
%
-3 bps
4.3
%
-6 bps
EBITDA
$1.2 billion
5.4%
$4.0 billion
-0.7%
Adjusted EBITDA
$1.3 billion
4.7%
$4.4 billion
2.2%
Adjusted Net Earnings
$734 million
2.5%
$2.2 billion
1.4%
Adjusted Diluted Earnings Per Share
$1.53
3.4%
$4.61
3.4%
Case Growth:
U.S. Foodservice
2.5%
1.4%
Local
2.6
%
1.7
%
Sysco Brand Sales
as a % of Cases
(3)
:
U.S
. Broadline
35.5%
-4 bps
35.4%
-59 bps
Local
46.4
%
30 bps
45.8
%
-45 bps
Note:
(1)
Individual components in the table may not sum to the totals due to rounding.
(2)
Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measures are included at the end of this release.
(3)
Amounts reflect the impact of current customer classifications; prior period history has been reclassified to match the current period customer classification.
Forward-Looking Statements
Statements made in this press release or in our earnings call for the fourth quarter of fiscal year 2026 include statements that are forward-looking or that express management’s beliefs, expectations or hopes and are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, among other things, our future financial performance and results, business strategy, plans, goals and objectives, including certain outlook, business trends, our dividend and share repurchase programs, our expectation of future macroeconomic conditions and other statements that are not historical facts, including our expectations regarding foot traffic and volume growth, and benefits to gross margins; and our expectations regarding our future growth, including growth in sales and earnings per share; as well as statements about the expected timing and completion of the proposed transaction with Jetro Restaurant Depot and the anticipated benefits of such proposed transaction, including estimated synergies, and plans, impact on
Sysco
and expectations for
Sysco
after completion of the proposed transaction.
Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions, including those outside of Sysco’s control. Risks and uncertainties include without limitation: the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs and foreign conflicts; risks related to our business initiatives; periods of significant or prolonged inflation or deflation and their impact on our product costs, volume, foot traffic, and profitability generally; risks related to our efforts to implement our transformation initiatives and meet our other long-term strategic objectives; risks of interruption of supplies and increase in product costs; risks related to changes in consumer eating habits; and impact of natural disasters or adverse weather conditions, public health crises, adverse publicity or lack of confidence in our products, and product liability claims as well as risks and uncertainties associated with our proposed transaction with Jetro Restaurant Depot, including but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of either or both parties to terminate the merger agreement; the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all, as well as the risk that regulatory approvals are obtained subject to conditions that are not anticipated; the risk of other delays in closing the transaction; the possibility that any of the anticipated benefits and projected synergies of the transaction will not be realized or will not be realized within the expected time period; and the risk that the proposed transaction and its announcement could have an adverse effect on the market price of the common stock of
Sysco
. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the
SEC
. We do not undertake to update our forward-looking statements, except as required by applicable law.
About
Sysco
Sysco
is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more.
Sysco
operates 333 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 670,000 customer locations. The company generated sales of more than $84 billion in fiscal year 2026 that ended
June 27, 2026
.
As the world’s largest food-away-from-home distributor,
Sysco
offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.
For more information, visit
www.sysco.com
. For important news and key information for
Sysco
investors, visit the Investor Relations section of the company’s website at
investors.sysco.com
.
SYY-INVESTORS
Sysco Corporation
and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS
(In Millions, Except for Share and Per Share Data)
13-Week Period Ended
52-Week Period Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
(Unaudited)
(Unaudited)
(Unaudited)
Sales
$
22,124
$
21,138
$
84,553
$
81,370
Cost of sales
17,990
17,152
68,914
66,401
Gross profit
4,134
3,986
15,639
14,969
Operating expenses
3,151
3,097
12,544
11,881
Operating income
983
889
3,095
3,088
Interest expense
205
166
717
635
Other expense (income), net
58
6
102
38
Earnings before income taxes
720
717
2,276
2,415
Income taxes
169
186
519
587
Net earnings
$
551
$
531
$
1,757
$
1,828
Net earnings:
Basic earnings per share
$
1.15
$
1.10
$
3.67
$
3.74
Diluted earnings per share
1.15
1.10
3.66
3.73
Average shares outstanding
479,019,305
482,335,556
479,117,877
488,144,333
Diluted shares outstanding
480,232,028
483,381,310
480,612,203
489,825,648
Sysco Corporation
and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Millions, Except for Share Data)
Jun. 27, 2026
Jun. 28, 2025
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
1,786
$
1,071
Accounts receivable, less allowances of
$13
and
$17
5,865
5,502
Inventories
5,338
5,053
Prepaid expenses and other current assets
427
338
Income tax receivable
21
4
Total current assets
13,437
11,968
Plant and equipment at cost, less accumulated depreciation
5,974
6,084
Other long-term assets
Goodwill
5,225
5,231
Intangibles, less amortization
952
1,080
Deferred income taxes
506
497
Operating lease right-of-use assets, net
1,389
1,131
Other assets
914
783
Total other long-term assets
8,986
8,722
Total assets
$
28,397
$
26,774
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
6,640
$
6,512
Accrued expenses
2,456
2,268
Accrued income taxes
60
51
Current operating lease liabilities
166
136
Current maturities of long-term debt
1,201
949
Total current liabilities
10,523
9,916
Long-term liabilities
Long-term debt
12,315
12,360
Deferred income taxes
456
345
Long-term operating lease liabilities
1,285
1,049
Other long-term liabilities
1,152
1,247
Total long-term liabilities
15,208
15,001
Commitments and contingencies
Noncontrolling interest
—
27
Shareholders’ equity
Preferred stock, par value
$1
per share Authorized 1,500,000 shares, issued none
—
—
Common stock, par value
$1
per share Authorized 2,000,000,000 shares, issued
765,174,900 shares
765
765
Paid-in capital
2,114
1,986
Retained earnings
13,748
13,061
Accumulated other comprehensive loss
(1,014
)
(1,098
)
Treasury
stock at cost, 286,631,270 and 287,678,658 shares
(12,947
)
(12,884
)
Total shareholders’ equity
2,666
1,830
Total liabilities and shareholders’ equity
$
28,397
$
26,774
Sysco Corporation
and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS
(In Millions)
52-Week Period Ended
Jun. 27, 2026
Jun. 28, 2025
(Unaudited)
Cash flows from operating activities:
Net earnings
$
1,757
$
1,828
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense
118
93
Depreciation and amortization
976
945
Operating lease asset amortization
153
141
Amortization of debt issuance and other debt-related costs
46
15
Deferred income taxes
10
(13
)
Provision for losses on receivables
73
85
Goodwill
impairment
—
92
Other non-cash items
(40
)
(100
)
Additional changes in certain assets and liabilities, net of effect of businesses
acquired:
Increase in receivables
(469
)
(206
)
Increase in inventories
(293
)
(330
)
Increase in prepaid expenses and other current assets
(25
)
(22
)
Increase in accounts payable
354
143
Increase (decrease) in accrued expenses
214
(14
)
Decrease in operating lease liabilities
(215
)
(177
)
Decrease in accrued income taxes
(7
)
(62
)
(Increase) decrease in other assets
(29
)
18
Increase in other long-term liabilities
15
74
Net cash provided by operating activities
2,638
2,510
Cash flows from investing activities:
Additions to plant and equipment
(700
)
(906
)
Proceeds from sales of plant and equipment
176
214
Acquisition of businesses, net of cash acquired
(189
)
(40
)
Purchase of marketable securities
(61
)
(32
)
Proceeds from sales of marketable securities
54
29
Other investing activities
23
18
Net cash used for investing activities
(697
)
(717
)
Cash flows from financing activities:
Bank and commercial paper borrowings, net
(263
)
45
Other debt borrowings including senior notes
1,252
1,254
Other debt repayments including senior notes
(908
)
(549
)
Proceeds from stock option exercises
137
110
Stock repurchases
(200
)
(1,250
)
Dividends paid
(1,037
)
(1,000
)
Debt issuance costs
(108
)
—
Other financing activities
(32
)
(22
)
Net cash used for financing activities
(1,159
)
(1,412
)
Effect of exchange rates on cash, cash equivalents and restricted cash
(14
)
22
Net increase in cash, cash equivalents and restricted cash
768
403
Cash, cash equivalents and restricted cash at beginning of period
1,349
945
Cash, cash equivalents and restricted cash at end of period
$
2,117
$
1,348
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest
$
670
$
629
Income taxes, net of refunds
(1)
477
640
(1)
Cash paid for income taxes, net for fiscal year 2026 and 2025 includes
$227 million
and
$190 million
, respectively, of cash paid for the purchase of federal tax credits.
Sysco Corporation
and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to remove (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of: (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions. Adjustments provided herein for fiscal year 2026 results of operations also remove the impact of a charge associated with a legal matter, amortization expense associated with debt issuance costs on a bridge loan facility, and a loss on deal contingent rate lock transactions entered into to mitigate interest rate risk on future permanent debt that could potentially be issued to finance the purchase of Jetro Restaurant Depot. No similar charges were applicable in fiscal year 2025. Adjustments provided herein for fiscal year 2025 results of operations also remove the impact of a goodwill impairment charge. No similar charge was applicable in fiscal year 2026.
The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to
U.S
. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period
U.S
. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. We also measure our sales growth for our International Foodservice Operations excluding the impact of our joint venture in
Mexico
which was divested in the second quarter of fiscal year 2025.
Management believes that adjusting its operating expenses, operating income, operating margin, interest expense, other (income) expense, net earnings and diluted earnings per share to remove these Certain Items, presenting its results on a constant currency basis, and adjusting its sales results to exclude the impact of its joint venture in
Mexico
provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.
Sysco
has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due-diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2026 and fiscal year 2025.
Set forth on the following page is a reconciliation of sales, operating expenses, operating income, interest expense, other (income) expense, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. The non-GAAP financial measures shown in the following tables should not be used as a substitute for the most comparable GAAP financial measures in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
Sysco Corporation
and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data)
13-Week
Period Ended
Jun. 27, 2026
13-Week
Period Ended
Jun. 28, 2025
Change in
Dollars
%/bps
Change
Sales (GAAP)
$
22,124
$
21,138
$
986
4.7
%
Impact of currency fluctuations
(1)
(47
)
(47
)
(0.3
)
Comparable sales using a constant currency basis
(Non-GAAP)
$
22,077
$
21,138
$
939
4.4
%
Cost of sales (GAAP)
$
17,990
$
17,152
$
838
4.9
%
Gross profit (GAAP)
$
4,134
$
3,986
$
148
3.7
%
Impact of currency fluctuations
(1)
(12
)
(12
)
(0.3
)
Comparable gross profit adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
4,122
$
3,986
$
136
3.4
%
Gross margin (GAAP)
18.69
%
18.86
%
-17 bps
Impact of currency fluctuations
(1)
(0.02
)
-2 bps
Comparable gross margin adjusted for Certain Items
using a constant currency basis (Non-GAAP)
18.67
%
18.86
%
-19 bps
Operating expenses (GAAP)
$
3,151
$
3,097
$
54
1.7
%
Impact of restructuring and transformational project costs
(2)
(80
)
(75
)
(5
)
(6.7
)
Impact of acquisition-related costs
(3)
(77
)
(39
)
(38
)
(97.4
)
Impact of goodwill impairment
—
(92
)
92
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
2,994
2,891
103
3.6
Impact of currency fluctuations
(1)
(8
)
(8
)
(0.3
)
Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
2,986
$
2,891
$
95
3.3
%
Operating expense as a percentage of sales (GAAP)
14.24
%
14.65
%
-41 bps
Impact of certain item adjustments
(0.71
)
(0.97
)
26 bps
Adjusted operating expense as a percentage of sales
(Non-GAAP)
13.53
%
13.68
%
-15 bps
Operating income (GAAP)
$
983
$
889
$
94
10.6
%
Impact of restructuring and transformational project costs
(2)
80
75
5
6.7
Impact of acquisition-related costs
(3)
77
39
38
97.4
Impact of goodwill impairment
—
92
(92
)
NM
Operating income adjusted for Certain Items (Non-GAAP)
1,140
1,095
45
4.1
Impact of currency fluctuations
(1)
(3
)
(3
)
(0.3
)
Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
1,137
$
1,095
$
42
3.8
%
Operating margin (GAAP)
4.44
%
4.21
%
23 bps
Operating margin adjusted for Certain Items (Non-GAAP)
5.15
%
5.18
%
-3 bps
Operating margin adjusted for Certain Items
using a constant currency basis (Non-GAAP)
5.15
%
5.18
%
-3 bps
Interest expense (GAAP)
$
205
$
166
$
39
23.5
%
Impact of bridge loan amortization
(4)
(30
)
—
(30
)
NM
Interest expense adjusted for Certain Items (Non-GAAP)
$
175
$
166
$
9
5.4
%
Other expense (GAAP)
$
58
$
6
$
52
NM
Impact of deal contingent rate lock transactions
(4)
(54
)
—
(54
)
NM
Other expense adjusted for Certain Items (Non-GAAP)
$
4
$
6
$
(2
)
(33.3
)%
Net earnings (GAAP)
$
551
$
531
$
20
3.8
%
Impact of restructuring and transformational project costs
(2)
80
75
5
6.7
Impact of acquisition-related costs
(3)
77
39
38
97.4
Impact of goodwill impairment
—
92
(92
)
NM
Impact of bridge loan amortization
(4)
30
—
30
NM
Impact of deal contingent rate lock transactions
(4)
54
—
54
NM
Tax impact of restructuring and transformational project costs
(5)
(19
)
(14
)
(5
)
(35.7
)
Tax impact of acquisition-related costs
(5)
(19
)
(7
)
(12
)
NM
Tax impact of goodwill impairment
(5)
—
(10
)
10
NM
Tax impact of bridge loan amortization
(5)
(7
)
—
(7
)
NM
Tax impact of deal contingent rate lock transactions
(5)
(13
)
—
(13
)
NM
Impact of other non-routine tax adjustments
—
10
(10
)
NM
Net earnings adjusted for Certain Items (Non-GAAP)
$
734
$
716
$
18
2.5
%
Diluted earnings per share (GAAP)
$
1.15
$
1.10
$
0.05
4.5
%
Impact of restructuring and transformational project costs
(2)
0.17
0.16
0.01
6.3
Impact of acquisition-related costs
(3)
0.16
0.08
0.08
100.0
Impact of goodwill impairment
—
0.19
(0.19
)
NM
Impact of bridge loan amortization
(4)
0.06
—
0.06
NM
Impact of deal contingent rate lock transactions
(4)
0.11
—
0.11
NM
Tax impact of restructuring and transformational project costs
(5)
(0.04
)
(0.03
)
(0.01
)
(33.3
)
Tax impact of acquisition-related costs
(5)
(0.04
)
(0.01
)
(0.03
)
NM
Tax impact of goodwill impairment
(5)
—
(0.02
)
0.02
NM
Tax impact of bridge loan amortization
(5)
(0.01
)
—
(0.01
)
NM
Tax impact of deal contingent rate lock transactions
(5)
(0.03
)
—
(0.03
)
NM
Impact of other non-routine tax adjustments
—
0.02
(0.02
)
NM
Diluted earnings per share adjusted for Certain Items
(Non-GAAP)
(6)
$
1.53
$
1.48
$
0.05
3.4
%
Diluted shares outstanding
480,232,028
483,381,310
(1)
Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.
(2)
Fiscal year 2026 includes
$29 million
related to restructuring costs and severance charges, partially offset by the reversal of costs associated with a legal matter and
$72 million
related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal year 2025 includes
$26 million
related to restructuring and severance charges and
$49 million
related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy.
(3)
Fiscal year 2026 includes
$39 million
of intangible amortization expense and
$38 million
in acquisition and due diligence costs. Fiscal year 2025 includes
$36 million
of intangible amortization expense and
$3 million
in acquisition and due diligence costs.
(4)
Fiscal year 2026 includes amortization expense associated with debt issuance costs on a bridge loan facility and a loss on deal contingent rate lock transactions, both of which are related to the planned acquisition of Jetro Restaurant Depot.
(5)
The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
(6)
Individual components of diluted earnings per share may not equal the total presented when added due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
NM
Represents that the percentage change is not meaningful.
Sysco Corporation
and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data)
52-Week
Period Ended
Jun. 27, 2026
52-Week
Period Ended
Jun. 28, 2025
Change in
Dollars
%/bps
Change
Sales (GAAP)
$
84,553
$
81,370
$
3,183
3.9
%
Impact of
Mexico
joint venture sales
—
(207
)
207
0.3
Comparable sales excluding
Mexico
joint venture (Non-GAAP)
$
84,553
$
81,163
$
3,390
4.2
%
Sales (GAAP)
$
84,553
$
81,370
$
3,183
3.9
%
Impact of currency fluctuations
(1)
(527
)
(527
)
(0.6
)
Comparable sales using a constant currency basis (Non-GAAP)
$
84,026
$
81,370
$
2,656
3.3
%
Cost of sales (GAAP)
$
68,914
$
66,401
$
2,513
3.8
%
Gross profit (GAAP)
$
15,639
$
14,969
$
670
4.5
%
Impact of currency fluctuations
(1)
(127
)
(127
)
(0.9
)
Comparable gross profit adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
15,512
$
14,969
$
543
3.6
%
Gross margin (GAAP)
18.50
%
18.40
%
10 bps
Impact of currency fluctuations
(1)
(0.04
)
-4 bps
Comparable gross margin adjusted for Certain Items
using a constant currency basis (Non-GAAP)
18.46
%
18.40
%
6 bps
Operating expenses (GAAP)
$
12,544
$
11,881
$
663
5.6
%
Impact of restructuring and transformational project costs
(2)
(287
)
(183
)
(104
)
(56.8
)
Impact of acquisition-related costs
(3)
(232
)
(160
)
(72
)
(45.0
)
Impact of goodwill impairment
—
(92
)
92
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
12,025
11,446
579
5.1
Impact of currency fluctuations
(1)
(111
)
(111
)
(1.0
)
Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
11,914
$
11,446
$
468
4.1
%
Operating expense as a percentage of sales (GAAP)
14.84
%
14.60
%
24 bps
Impact of certain item adjustments
(0.62
)
(0.53
)
-9 bps
Adjusted operating expense as a percentage of sales
(Non-GAAP)
14.22
%
14.07
%
15 bps
Operating income (GAAP)
$
3,095
$
3,088
$
7
0.2
%
Impact of restructuring and transformational project costs
(2)
287
183
104
56.8
Impact of acquisition-related costs
(3)
232
160
72
45.0
Impact of goodwill impairment
—
92
(92
)
NM
Operating income adjusted for Certain Items (Non-GAAP)
3,614
3,523
91
2.6
Impact of currency fluctuations
(1)
(16
)
(16
)
(0.5
)
Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
3,598
$
3,523
$
75
2.1
%
Operating margin (GAAP)
3.66
%
3.80
%
-14 bps
Operating margin adjusted for Certain Items (Non-GAAP)
4.27
%
4.33
%
-6 bps
Operating margin adjusted for Certain Items using a constant
currency basis (Non-GAAP)
4.28
%
4.33
%
-5 bps
Interest expense (GAAP)
$
717
$
635
$
82
12.9
%
Impact of bridge loan amortization
(4)
(30
)
—
(30
)
NM
Interest expense adjusted for Certain Items (Non-GAAP)
$
687
$
635
$
52
8.2
%
Other expense (GAAP)
$
102
$
38
$
64
NM
Impact of deal contingent rate lock transactions
(4)
(54
)
—
(54
)
NM
Other expense adjusted for Certain Items (Non-GAAP)
$
48
$
38
$
10
26.3
%
Net earnings (GAAP)
$
1,757
$
1,828
$
(71
)
(3.9
)%
Impact of restructuring and transformational project costs
(2)
287
183
104
56.8
Impact of acquisition-related costs
(3)
232
160
72
45.0
Impact of goodwill impairment
—
92
(92
)
NM
Impact of bridge loan amortization
(4)
30
—
30
NM
Impact of deal contingent rate lock transactions
(4)
54
—
54
NM
Tax impact of restructuring and transformational project costs
(5)
(69
)
(42
)
(27
)
(64.3
)
Tax impact of acquisition-related costs
(5)
(56
)
(37
)
(19
)
(51.4
)
Tax impact of goodwill impairment
(5)
—
(10
)
10
NM
Tax impact of bridge loan amortization
(5)
(7
)
—
(7
)
NM
Tax impact of deal contingent rate lock transactions
(5)
(13
)
—
(13
)
NM
Impact of other non-routine tax adjustments
—
10
(10
)
NM
Net earnings adjusted for Certain Items (Non-GAAP)
$
2,215
$
2,184
$
31
1.4
%
Diluted earnings per share (GAAP)
$
3.66
$
3.73
$
(0.07
)
(1.9
)%
Impact of restructuring and transformational project costs
(2)
0.60
0.37
0.23
62.2
Impact of acquisition-related costs
(3)
0.48
0.33
0.15
45.5
Impact of goodwill impairment
—
0.19
(0.19
)
NM
Impact of bridge loan amortization
(4)
0.06
—
0.06
NM
Impact of deal contingent rate lock transactions
(4)
0.11
—
0.11
NM
Tax impact of restructuring and transformational project costs
(5)
(0.14
)
(0.09
)
(0.05
)
(55.6
)
Tax impact of acquisition-related costs
(5)
(0.12
)
(0.08
)
(0.04
)
(50.0
)
Tax impact of goodwill impairment
(5)
—
(0.02
)
0.02
NM
Tax impact of bridge loan amortization
(5)
(0.01
)
—
(0.01
)
NM
Tax impact of deal contingent rate lock transactions
(5)
(0.03
)
—
(0.03
)
NM
Impact of other non-routine tax adjustments
—
0.02
(0.02
)
NM
Diluted earnings per share adjusted for Certain Items
(Non-GAAP)
(6)
$
4.61
$
4.46
$
0.15
3.4
%
Diluted shares outstanding
480,612,203
489,825,648
(1)
Represents a constant currency adjustment which eliminates the impact of foreign currency fluctuations on the current year results.
(2)
Fiscal year 2026 includes
$71 million
related to restructuring costs, severance charges, and costs associated with a legal matter and
$216 million
related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal year 2025 includes
$57 million
related to restructuring and severance charges and
$126 million
related to various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(3)
Fiscal year 2026 includes
$147 million
of intangible amortization expense and
$85 million
in acquisition and due diligence costs. Fiscal year 2025 includes
$133 million
of intangible amortization expense and
$27 million
in acquisition and due diligence costs.
(4)
Fiscal year 2026 includes amortization expense associated with debt issuance costs on a bridge loan facility and a loss on deal contingent rate lock transactions, both of which are related to the planned acquisition of Jetro Restaurant Depot.
(5)
The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
(6)
Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.
NM
Represents that the percentage change is not meaningful.
Sysco Corporation
and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions)
13-Week
Period Ended
Jun. 27, 2026
13-Week
Period Ended
Jun. 28, 2025
Change in
Dollars
%/bps
Change
U.S
. FOODSERVICE OPERATIONS
Sales (GAAP)
$
15,406
$
14,759
$
647
4.4
%
Gross profit (GAAP)
2,958
2,872
86
3.0
%
Gross margin (GAAP)
19.20
%
19.46
%
-26 bps
Operating expenses (GAAP)
$
1,912
$
1,851
$
61
3.3
%
Impact of restructuring and transformational project costs
(1)
5
(19
)
24
NM
Impact of acquisition-related costs
(2)
(18
)
(18
)
—
—
Operating expenses adjusted for Certain Items (Non-GAAP)
$
1,899
$
1,814
$
85
4.7
%
Operating income (GAAP)
$
1,046
$
1,021
$
25
2.4
%
Impact of restructuring and transformational project costs
(1)
(5
)
19
(24
)
NM
Impact of acquisition-related costs
(2)
18
18
—
—
Operating income adjusted for Certain Items (Non-GAAP)
$
1,059
$
1,058
$
1
0.1
%
INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)
$
4,191
$
3,927
$
264
6.7
%
Impact of currency fluctuations
(3)
(46
)
(46
)
(1.1
)
Comparable sales using a constant currency basis
(Non-GAAP)
$
4,145
$
3,927
$
218
5.6
%
Gross profit (GAAP)
$
909
$
847
$
62
7.3
%
Impact of currency fluctuations
(3)
(11
)
(11
)
(1.3
)
Comparable gross profit using a constant currency basis
(Non-GAAP)
$
898
$
847
$
51
6.0
%
Gross margin (GAAP)
21.69
%
21.57
%
12 bps
Impact of currency fluctuations
(3)
(0.03
)
-3 bps
Comparable gross margin using a constant currency basis
(Non-GAAP)
21.66
%
21.57
%
9 bps
Operating expenses (GAAP)
$
761
$
702
$
59
8.4
%
Impact of restructuring and transformational project costs
(4)
(57
)
(34
)
(23
)
(67.6
)
Impact of acquisition-related costs
(2)
(23
)
(18
)
(5
)
(27.8
)
Operating expenses adjusted for Certain Items (Non-GAAP)
681
650
31
4.8
Impact of currency fluctuations
(3)
(9
)
(9
)
(1.4
)
Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
672
$
650
$
22
3.4
%
Operating income (GAAP)
$
148
$
145
$
3
2.1
%
Impact of restructuring and transformational project costs
(4)
57
34
23
67.6
Impact of acquisition-related costs
(2)
23
18
5
27.8
Operating income adjusted for Certain Items (Non-GAAP)
228
197
31
15.7
Impact of currency fluctuations
(3)
(2
)
(2
)
(1.0
)
Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
226
$
197
$
29
14.7
%
SYGMA
Sales (GAAP)
$
2,231
$
2,164
$
67
3.1
%
Gross profit (GAAP)
175
170
5
2.9
%
Gross margin (GAAP)
7.84
%
7.86
%
-2 bps
Operating expenses (GAAP)
$
145
$
143
$
2
1.4
%
Operating income (GAAP)
30
27
3
11.1
%
OTHER
Sales (GAAP)
$
296
$
288
$
8
2.8
%
Gross profit (GAAP)
79
69
10
14.5
%
Gross margin (GAAP)
26.69
%
23.96
%
273 bps
Operating expenses (GAAP)
$
66
$
151
$
(85
)
(56.3
)%
Impact of goodwill impairment
—
(92
)
92
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
$
66
$
59
$
7
11.9
%
Operating income (loss) (GAAP)
$
13
$
(82
)
$
95
NM
Impact of goodwill impairment
—
92
(92
)
NM
Operating income adjusted for Certain Items (Non-GAAP)
$
13
$
10
$
3
30.0
%
GLOBAL SUPPORT CENTER
Gross profit (GAAP)
$
13
$
28
$
(15
)
(53.6
)%
Operating expenses (GAAP)
$
267
$
250
$
17
6.8
%
Impact of restructuring and transformational project costs
(5)
(28
)
(22
)
(6
)
(27.3
)
Impact of acquisition-related costs
(6)
(36
)
(3
)
(33
)
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
$
203
$
225
$
(22
)
(9.8
)%
Operating loss (GAAP)
$
(254
)
$
(222
)
$
(32
)
(14.4
)%
Impact of restructuring and transformational project costs
(5)
28
22
6
27.3
Impact of acquisition-related costs
(6)
36
3
33
NM
Operating loss adjusted for Certain Items (Non-GAAP)
$
(190
)
$
(197
)
$
7
3.6
%
TOTAL
SYSCO
Sales (GAAP)
$
22,124
$
21,138
$
986
4.7
%
Gross profit (GAAP)
4,134
3,986
148
3.7
%
Gross margin (GAAP)
18.69
%
18.86
%
-17 bps
Operating expenses (GAAP)
$
3,151
$
3,097
$
54
1.7
%
Impact of restructuring and transformational project costs
(1) (4) (5)
(80
)
(75
)
(5
)
(6.7
)
Impact of acquisition-related costs
(2) (6)
(77
)
(39
)
(38
)
(97.4
)
Impact of goodwill impairment
—
(92
)
92
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
$
2,994
$
2,891
$
103
3.6
%
Operating income (GAAP)
$
983
$
889
$
94
10.6
%
Impact of restructuring and transformational project costs
(1) (4) (5)
80
75
5
6.7
Impact of acquisition-related costs
(2) (6)
77
39
38
97.4
Impact of goodwill impairment
—
92
(92
)
NM
Operating income adjusted for Certain Items (Non-GAAP)
$
1,140
$
1,095
$
45
4.1
%
(1)
Primarily represents severance charges and transformation initiative costs, partially offset by the reversal of costs associated with a legal matter.
(2)
Fiscal year 2026 and fiscal year 2025 include intangible amortization expense and acquisition costs.
(3)
Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
(4)
Includes restructuring and transformation costs primarily in
Europe
.
(5)
Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(6)
Represents due diligence costs.
NM
Represents that the percentage change is not meaningful.
Sysco Corporation
and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions)
52-Week
Period Ended
Jun. 27, 2026
52-Week
Period Ended
Jun. 28, 2025
Change in
Dollars
%/bps
Change
U.S
. FOODSERVICE OPERATIONS
Sales (GAAP)
$
58,803
$
56,965
$
1,838
3.2
%
Gross profit (GAAP)
11,239
10,875
364
3.3
%
Gross margin (GAAP)
19.11
%
19.09
%
2 bps
Operating expenses (GAAP)
$
7,721
$
7,359
$
362
4.9
%
Impact of restructuring and transformational project costs
(1)
(49
)
(45
)
(4
)
8.9
Impact of acquisition-related costs
(2)
(90
)
(71
)
(19
)
(26.8
)
Operating expenses adjusted for Certain Items (Non-GAAP)
$
7,582
$
7,243
$
339
4.7
%
Operating income (GAAP)
$
3,518
$
3,516
$
2
0.1
%
Impact of restructuring and transformational project costs
(1)
49
45
4
8.9
Impact of acquisition-related costs
(2)
90
71
19
26.8
Operating income adjusted for Certain Items (Non-GAAP)
$
3,657
$
3,632
$
25
0.7
%
INTERNATIONAL FOODSERVICE OPERATIONS
Sales (GAAP)
$
16,042
$
14,905
$
1,137
7.6
%
Impact of
Mexico
joint venture sales
—
(207
)
207
1.5
Comparable sales excluding
Mexico
joint venture (Non-GAAP)
$
16,042
$
14,698
$
1,344
9.1
%
Sales (GAAP)
$
16,042
$
14,905
$
1,137
7.6
%
Impact of currency fluctuations
(3)
(523
)
(523
)
(3.5
)
Comparable sales using a constant currency basis
(Non-GAAP)
$
15,519
$
14,905
$
614
4.1
%
Gross profit (GAAP)
$
3,401
$
3,109
$
292
9.4
%
Impact of currency fluctuations
(3)
(125
)
(125
)
(4.0
)
Comparable gross profit using a constant currency basis (Non-GAAP)
$
3,276
$
3,109
$
167
5.4
%
Gross margin (GAAP)
21.20
%
20.86
%
34 bps
Impact of currency fluctuations
(3)
(0.09
)
-9 bps
Comparable gross margin using a constant currency basis
(Non-GAAP)
21.11
%
20.86
%
25 bps
Operating expenses (GAAP)
$
2,938
$
2,672
$
266
10.0
%
Impact of restructuring and transformational project costs
(4)
(148
)
(74
)
(74
)
(100.0
)
Impact of acquisition-related costs
(2)
(70
)
(74
)
4
5.4
Operating expenses adjusted for Certain Items (Non-GAAP)
2,720
2,524
196
7.8
Impact of currency fluctuations
(3)
(111
)
(111
)
(4.4
)
Comparable operating expenses adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
2,609
$
2,524
$
85
3.4
%
Operating income (GAAP)
$
463
$
437
$
26
5.9
%
Impact of restructuring and transformational project costs
(4)
148
74
74
100.0
Impact of acquisition-related costs
(2)
70
74
(4
)
(5.4
)
Operating income adjusted for Certain Items (Non-GAAP)
681
585
96
16.4
Impact of currency fluctuations
(3)
(14
)
(14
)
(2.4
)
Comparable operating income adjusted for Certain Items
using a constant currency basis (Non-GAAP)
$
667
$
585
$
82
14.0
%
SYGMA
Sales (GAAP)
$
8,623
$
8,410
$
213
2.5
%
Gross profit (GAAP)
671
662
9
1.4
%
Gross margin (GAAP)
7.78
%
7.87
%
-9 bps
Operating expenses (GAAP)
$
577
$
581
$
(4
)
(0.7
)%
Operating income (GAAP)
94
81
13
16.0
%
OTHER
Sales (GAAP)
$
1,085
$
1,090
$
(5
)
(0.5
)%
Gross profit (GAAP)
281
266
15
5.6
%
Gross margin (GAAP)
25.90
%
24.40
%
150 bps
Operating expenses (GAAP)
$
251
$
339
$
(88
)
(26.0
)%
Impact of goodwill impairment
—
(92
)
92
NM
Operating expenses adjusted for Certain Items (Non-GAAP)
$
251
$
247
$
4
1.6
%
Operating income (loss) (GAAP)
$
30
$
(73
)
$
103
NM
Impact of goodwill impairment
—
(92
)
92
NM
Operating