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SyscoSYY

Legal name
Sysco Corporation
Sector
Other
Industry
Wholesale-Groceries & Related Products
Exchange
NYSE

Stock Price $SYY

Latest filings

You are here#56 of 92 in Industrials by market cap

Filing record · 2016–202610-K1210-Q328-K147

SYY filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 147 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Aug ’17Aug ’17
  2. Material agreement8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $84.55B
YoY changeLargest recent move+33.8%in FY22Latest +3.9%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All SYY Financial Metrics54 metrics

Income Statement14

Balance Sheet23

Cash Flow12

Per Share5

02—Overview

Sysco Financial Overview 2022–2026

Updated Nov 4, 2026

Sysco's $29.1 billiona bid for Jetro Restaurant Depot is worth more than a third of its $84.55 billion in FY2026 sales, and it lands while the core business is barely growing profit. That is the thesis: a low-margin distributor is trading steady, mid-single-digit sales growth for a leveraged bet on a new growth engine. Management guides to 6% to 7% sales growth in FY2027, and net leverage would jump to about 4.5x at close.

The long-term arc shows why the pivot matters. Sales climbed from $68.6 billion in FY2022 to $84.55 billionb in FY2026, but the pace slowed from 33.8% growth to 3.9%. Inflation did much of the early work, with 15.0% U.S. Broadline cost inflation in FY2022. Earnings tell a flatter story. GAAP diluted EPS rose from $2.64 to $3.66, yet it peaked at $3.89 in FY2024. Adjusted EPS did better, reaching $4.61 in FY2026 from $3.25 in FY2022.

Cash and capital returns are steady but stretched. FY2026 free cash flow was $2.11 billionc, up from $1.82 billion, while total debt reached $13.5 billion. Buybacks fell to $200 million and are now suspended. Investors paid up for this stability: the stock closed at $75.01 (20.1x earnings) at the end of FY2025, and at $82.82 (22.6x) at the end of FY2026. That multiple expanded while GAAP EPS fell from $3.73 to $3.66. The market is pricing in deal accretion that Sysco says will be mid-to-high single digits in year one.

Recent Developments (Q3 and Q4 2026)

Sysco's Q4 2026 was clean: sales rose 4.7% to $22.1 billiond, GAAP operating income climbed 10.6% to $983 million, and adjusted EPS grew 3.4% to $1.53. That followed a weaker Q3 2026, when net earnings fell 15.2% on restructuring and deal costs. Management then raised its fiscal 2028-2029 adjusted EPS growth target to 9% to 11% from 6% to 8%, and launched a $500 million AI efficiency program.

Financing is now largely in place. Sysco sold shares at $81.00e for about $967 million, then issued roughly $14.65 billion of USD senior and junior subordinated notes plus €1 billion and C$1.5 billion of debt. The FTC's second request on May 27, 2026 remains open.

The bull case: $250 million of synergies and low-to-mid teens year-two accretion. The bear case: heavy new debt, negative rating outlooks, and a regulatory delay. At 23.0x earnings as of the August 20, 2026 annual report date, the stock is not cheap.

What to watch: FTC second-request outcome; leverage path from 4.5x toward 2.75x

03—Filings

Recent SEC Filings

  1. 8-KSysco 8-K Report, Financial Results (Nov 3, 2026)
  2. 8-KSysco 8-K Report, Material Agreement (Oct 6, 2026)Sysco Corporation and Sysco Holdings Corporation issued and sold, on October 6, 2026, $10.75 billion of USD Senior Notes, $3.9 billion of USD Junior Subordinated Notes, and €1.0 billion of Euro Junior Subordinated Notes. The filing states that the net proceeds were approximately $10.64 billion, $3.8 billion and €0.99 billion, respectively, after underwriters' discounts and estimated offering expenses. The Issuers intend to use the proceeds to pay a portion of the cash consideration for the pending acquisition of JRD Unico, Inc. and Warehouse Realty, LLC, along with related fees, costs and expenses, or, if the acquisition is not consummated, to fund a Special Mandatory Redemption of the Notes other than the 2036 Senior Notes. The USD Senior Notes comprise seven series with coupons from 5.450% to 6.600% and maturities from 2029 to 2066. They are unsecured and rank equally with existing and future unsecured senior debt, including Canadian-dollar senior notes issued September 25, 2026, and rank senior to the junior subordinated notes. The USD Junior Subordinated Notes consist of three series due 2056 with initial rates of 7.100%, 7.250% and 7.350%, each resetting on a five-year Treasury-based schedule with spreads of 2.280%, 2.372% and 2.401%, and the issuers may defer interest for up to ten consecutive years per deferral period. The Euro Junior Subordinated Notes carry a 6.000% coupon until October 6, 2032, then reset based on the Five-year Swap Rate plus an initial margin of 2.554%, and mature in 2056. The filing is largely a debt-financing disclosure. Its main investor-relevant points are the size of the new borrowings, their subordination structure, the deferral rights on the junior notes, and their linkage to the pending JRD Unico and Warehouse Realty acquisition, which is subject to the Special Mandatory Redemption mechanics if the deal does not close.
  3. 8-KSysco 8-K Report, Material Agreement (Sep 25, 2026)Sysco Corporation and Sysco Holdings Corporation (co-issuers) issued and sold two series of senior notes on September 25, 2026: C$750 million of 4.250% Senior Notes due October 3, 2030, and C$750 million of 4.800% Senior Notes due October 3, 2034, for total principal of C$1.5 billion. The filing states net proceeds of approximately C$1.49 billion after underwriters' discounts and estimated offering expenses. The Issuers intend to use the proceeds to pay a portion of the cash consideration for the pending acquisition of JRD Unico, Inc. and Warehouse Realty, LLC, along with related fees and expenses or, if the acquisition is not consummated, to fund a Special Mandatory Redemption as defined in the Notes. The Notes are unsecured senior obligations of the Issuers, guaranteed by the guarantors named in the First Supplemental Indenture, and rank equally in right of payment with the Issuers' other existing and future unsecured senior indebtedness. Interest is payable semi-annually on April 3 and October 3, beginning April 3, 2027. The notes were issued under an automatically effective Form S-3ASR shelf registration filed September 14, 2026, with the terms described in a prospectus dated September 14, 2026 and a prospectus supplement dated September 22, 2026. The filing also reports that Sysco Holdings Corporation entered into a Fiftieth Supplemental Indenture under which it guarantees the existing senior notes of Sysco Corporation governed by the 1995 Indenture. That guarantee is a senior unsecured obligation of Sysco Holdings, ranking pari passu with all its existing and future unsecured indebtedness, including the new Notes.
  4. 8-KSysco 8-K Report, Corporate Update (Sep 24, 2026)On September 22, 2026, Sysco Corporation and its co-issuer Sysco Holdings Corporation entered into underwriting agreements for four separate debt offerings under their effective Form S-3 shelf registration (No. 333-298926) and related prospectus supplements dated September 22, 2026. The offerings consist of seven series of U.S. dollar senior notes totaling $10.75 billion in principal (maturing 2029 through 2066, with coupons from 5.450% to 6.600%), two series of Canadian dollar senior notes totaling C$1.5 billion (due 2030 and 2034, at 4.250% and 4.800%), three series of U.S. dollar junior subordinated notes totaling $3.9 billion (all due 2056, at 7.100%, 7.250% and 7.350%), and a single euro-denominated junior subordinated note offering of €1 billion (due 2056, at 6.000%). The underwriters are led by Goldman Sachs & Co. LLC, with TD Securities, BofA Securities, J.P. Morgan and Wells Fargo Securities among the representatives for the U.S. dollar offerings. The Canadian dollar senior notes are expected to close on September 25, 2026, while the U.S. dollar senior notes, U.S. dollar junior subordinated notes and euro junior subordinated notes are each expected to close on October 6, 2026, subject to customary closing conditions. The filing describes the underwriting agreements as containing customary representations, warranties, covenants, closing conditions, indemnification and termination provisions. The agreements are filed as Exhibits 1.1 through 1.4 to the report. For investors, the filing shows a substantial new issuance of debt across multiple currencies and maturities, including a large amount of long-dated junior subordinated notes. The filing itself does not state the use of proceeds, so the purpose of the offerings is not described here.
  5. 8-KSysco 8-K Report, Corporate Update (Sep 16, 2026)Sysco Corporation filed this Form 8-K on September 16, 2026 to report the closing of a public offering of 12,345,679 shares of its common stock, par value $1.00 per share, at a public offering price of $81.00 per share. The offering was made under an Underwriting Agreement dated September 14, 2026 with Goldman Sachs & Co. LLC, TD Securities (USA) LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters. The underwriters also received a 30-day option to purchase up to an additional 1,851,851 shares to cover overallotments, if any. The net proceeds from the offering, after underwriting discounts, commissions and estimated offering expenses, were approximately $967.4 million. Sysco expects to use these proceeds to pay a portion of the cash consideration for its pending acquisition of JRD Unico, Inc., a Delaware corporation, and Warehouse Realty, LLC, a Delaware limited liability company, along with related fees, costs and expenses. The shares were offered under a Registration Statement on Form S-3 (Registration No. 333-298926) and described in a Prospectus Supplement dated September 14, 2026. The filing also includes a legal opinion from Paul, Weiss, Rifkind, Wharton & Garrison LLP regarding the legality of the shares, which is incorporated into the Registration Statement by reference.
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04—See also

Related Companies

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