01—Abstract
Summary
Summary of the 8-K filed August 4, 2026. Cited figures are marked; the original filing is the authoritative source.
Sysco Corporation (NYSE: SYY) furnished an 8-K on August 4, 2026, attaching a press release (Exhibit 99.1) reporting results for its fiscal fourth quarter and full fiscal year 2026, which ended June 27, 2026.
For the 13-week fourth quarter, sales rose 4.7% to $22.1 billiona, GAAP operating income rose 10.6% to $983 million, and GAAP diluted EPS rose 4.5% to $1.15, while adjusted diluted EPS rose 3.4% to $1.53. For the full fiscal year, sales increased 3.9% to $84.6 billion, GAAP net earnings decreased 3.9% to $1.8 billion, and GAAP diluted EPS decreased 1.9% to $3.66, while adjusted diluted EPS increased 3.4% to $4.61. U.S. Foodservice local case volume grew 2.6% in the quarter and International local volume grew 4.5%.
Management introduced fiscal 2027 guidance of 6%-7% sales growth and 9%-11% adjusted EPS growth on a 53-week basis, and expects about $100 millionb of efficiency improvements from an AI-powered transformation program and related cost-out efforts. The company reported $1.8 billion of cash and $4.8 billion of total liquidity at quarter end, with a Net Debt to adjusted EBITDA ratio of approximately 2.7 times. Fiscal 2026 cash flow from operations was $2.6 billion and free cash flow was $2.1 billion, and the company returned $1.2 billion to shareholders through dividends and buybacks.
The filing also flags the pending acquisition of Jetro Restaurant Depot. Fiscal 2026 adjusted results exclude a $54 millionc loss on deal-contingent rate lock transactions and $30 million of bridge loan amortization tied to that planned deal, and the forward-looking statements cite risks of regulatory approval, closing delays, and synergy shortfalls. Debt-related costs weighed on the quarter, with interest expense rising 23.5% to $205 million.
02—Key points
Key Highlights
- Q4 FY2026 sales rose 4.7% to $22.1 billion, with U.S. Foodservice local case volume up 2.6% and International local volume up 4.5%.
- Q4 GAAP operating income rose 10.6% to $983 million; adjusted operating income rose 4.1% to $1.1 billion.
- Q4 GAAP diluted EPS rose 4.5% to $1.15; adjusted diluted EPS rose 3.4% to $1.53.
- FY2026 GAAP net earnings decreased 3.9% to $1.8 billion and GAAP diluted EPS decreased 1.9% to $3.66, while adjusted diluted EPS increased 3.4% to $4.61.
- FY2027 guidance: 6%-7% sales growth and 9%-11% adjusted EPS growth on a 53-week basis, with approximately $100 million of AI-related and cost-out savings expected.
- Balance sheet: $1.8 billion cash, $4.8 billion total liquidity, and Net Debt to adjusted EBITDA of approximately 2.7 times; FY2026 free cash flow was $2.1 billion.
- Pending acquisition of Jetro Restaurant Depot drove $54 million of rate-lock losses and $30 million of bridge loan amortization in FY2026 Certain Items, with closing subject to regulatory approvals.
03—Questions
Frequently Asked Questions
How did Sysco perform in the fourth quarter of fiscal 2026?
Sales rose 4.7% to $22.1 billion and GAAP operating income rose 10.6% to $983 million. GAAP diluted EPS was $1.15, up 4.5%, and adjusted diluted EPS was $1.53, up 3.4%. U.S. Foodservice local case volume grew 2.6%.
What guidance did Sysco give for fiscal 2027?
Sysco guided to 6%-7% sales growth and 9%-11% adjusted EPS growth on a 53-week basis. It expects about $100 million of efficiency improvements from its AI-powered transformation and related cost-out efforts.
Why did full-year GAAP earnings decline while adjusted earnings grew?
For fiscal 2026, GAAP net earnings decreased 3.9% to $1.8 billion and GAAP diluted EPS decreased 1.9% to $3.66. Adjusted diluted EPS rose 3.4% to $4.61 after excluding Certain Items, including restructuring and transformation costs of $287 million and acquisition-related costs of $232 million in operating expenses.
What does the Jetro Restaurant Depot transaction mean for the results?
The filing references a planned acquisition of Jetro Restaurant Depot. Fiscal 2026 included a $54 million loss on deal-contingent rate lock transactions and $30 million of bridge loan amortization, both excluded from adjusted results. The forward-looking statements cite risks that regulatory approvals, closing conditions, or expected synergies may not be achieved on time or at all.
How strong is Sysco's cash flow and balance sheet?
Fiscal 2026 cash flow from operations was $2.6 billion and free cash flow was $2.1 billion. Cash at year end was $1.8 billion, total liquidity was $4.8 billion, and Net Debt to adjusted EBITDA was approximately 2.7 times. Sysco returned $1.2 billion to shareholders through $1.0 billion of dividends and $200 million of share repurchases.
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