Slide 1: Fiscal Q2 2026 Earnings Results
Fiscal Q2 2026 Earnings Results January 27, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements made in this presentation 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
Slide 3: Kevin Hourican, Chair and CEO
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Q2: Strong Revenue Growth Across USFS, International, and SYGMA
Q2: Strong Revenue Growth Across USFS, International, and SYGMA Fiscal Q2 2026 Highlights +3.0% +3.9% +3.1% +6.5% Sales growth to $20.8 billion Gross profit dollar growth Adjusted operating income1 Adjusted EPS1 growth to $0.99 to $3.8 billion growth to $807 million +0.8% +1.2% $259 million +9.9% +2
Slide 5: Food Away From Home Continues to Gain Share
Food Away From Home Continues to Gain Share Multi-Decade Trend of Consumer Spending Favoring Food Away From Home Occasions Remains Intact 70% 65% 60% Wallet Share 55% 50% 45% 40% 35% 30% Nov-94 Nov-95 Nov-96 Nov-97 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 N
Slide 6: Sysco is #1 in an Attractive, Growing Industry
Sysco is #1 in an Attractive, Growing Industry Total Addressable Market Since 2000 $366 B $377 B 18% $350 B $355 B $298 B $264 B $230 B $220 B $197 B $161 B $377B 2000 2005 2010 2015 2020 2021 2022 2023 2024 2025 Source: Technomic U.S. Foodservice Industry Wallchart for Calendar Year as of January 2
Slide 7: Sysco's Recipe For Growth is Creating Multiple Vectors to Drive Long-term, Profitable Growth
Sysco’s Recipe For DIGITAL Enrich the customer experience through personalized digital tools that reduce Growth is Creating friction in the purchase experience and introduce innovation to our customers Multiple Vectors to Drive Long-term, PRODUCTS AND SOLUTIONS Profitable Growth Customer focused mar
Slide 8: Sysco is Regaining Momentum Through Local Performance
Sysco is Regaining Momentum Through Local Performance Projecting at least 100 bps of 3.0% 2.5%+ Sequential Organic 2.0% 1.2% Improvement in 2H 1.0% Driven By: 0.0% • Sysco-Specific Initiatives (1.0%) (0.2%) • Productivity Improvements (2.0%) (1.4%) • Sequentially Improved (3.0%) (3.4%) New Account P
Slide 9: Targeting Local Volume Growth of 2.5%+ in 2H26
Targeting Local Volume Growth of 2.5%+ in 2H26 Local Volume Customer First Growth Programs Growth • Sales-focused investments and higher retention • Improved customer churn and attrition 2.5%+ • Customer personalization initiatives Total Team Selling 9
Slide 10: Q2 2026 Consolidated Results
Q2 2026 Consolidated Results • Sales growth of 3.0% YoY • USFS sales growth +2.4% • International sales1 Net Sales Gross Profit Adj. Operating Income 1 in Billions in Billions in Millions growth +7.3% YoY; +9.9% adjusted for 3.0% 3.9% 3.1% YoY YoY YoY divestiture of Mexico JV $20.8 • SYGMA sales gro
Slide 11: Kenny Cheung, EVP and CFO
Kenny Cheung EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 11
Slide 12: Q2 2026 Consolidated Results
Q2 2026 Consolidated Results • Sales growth of 3.0% YoY • USFS sales growth +2.4% • International sales1 Net Sales Gross Profit Adj. Operating Income 1 in Billions in Billions in Millions growth +7.3% YoY; +9.9% adjusted for 3.0% 3.9% 3.1% YoY YoY YoY divestiture of Mexico JV $20.8 • SYGMA sales gro
Slide 13: Q2 2026 U.S. Foodservice Results
Q2 2026 U.S. Foodservice Results • USFS sales growth +2.4% • Total case volume +0.8% • Local case volume Net Sales Adj. Operating Income 1 +1.2%, a 140-basis point in Billions in Millions sequential 2.4% -0.8% improvement YoY YoY $859 • Gross profit dollar growth of $852 $14.4 2.5% to $2.7 billion d
Slide 14: Q2 2026 International Results
Q2 2026 International Results • Sales increased 7.3% YoY; increased 3.6% on a 1 constant currency basis Net Sales Adj. Operating Income 1 • Excluding the impact of the in Billions in Millions Mexico joint venture 1 7.3% 25.6% divestiture in Q2 2025, sales YoY YoY grew 9.9% $4.0 • Gross profit dollar
Slide 15: Q2 2026 SYGMA Results
Q2 2026 SYGMA Results • Sales growth of 0.5% YoY Net Sales Operating Income despite negative foot in Billions in Millions traffic for chains 0.5% 10.5% YoY YoY • Strong sales growth in Food Service Management, $2.1 $2.1 $21 travel and entertainment, $19 and healthcare businesses Q2 2025 Q2 2026 Q2 2
Slide 16: Strong Balance Sheet, Strong Investment Grade Credit Rating
Strong Balance Sheet, Strong Investment Grade Credit Rating • Ended the quarter with a 2.86x1 net debt leverage ratio and continue to target a range of 2.5-2.75 Net Debt to Adj. EBITDA1 • Committed to Investment Grade debt rating 2.86x 2.76x • Ended the quarter with $12.4 billion in net debt1 and ap
Slide 17: Strong Cash Generation Drives Shareholder Returns
Strong Cash Generation Drives Shareholder Returns $21.5 On-Track to return $19.5 $17.2 approximately $15.0 $21.5 billion $13.5 $12.0 in cumulative cash Dividends $11.1 Share Repurchase $9.4 to shareholders over 12 years $7.6 $5.9 $3.3 $0.7 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E
Slide 18: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance Modeling Details • FY26 adjusted EPS1 guidance includes Incentive Compensation approximately $100 Headwind By Quarter 1 million in carry over impact from incentive $100 comp for the year, impacting year over year comparability Dollars in Millions $75 $63 • Excluding this im
Slide 19: At the heart of food and service
S/sco At the heart of food and service
Slide 20: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS food and service
Slide 21: Impact of Certain Items
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 wi
Slide 22: Non-GAAP Reconciliation: Impact of Certain Items Q2 FY26 vs. Q2 FY25
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q2 FY26 vs. Q2 FY25 (Dollars in Millions, Except for Share and Per Share Data) 13-Week 13-Week Period Ended Period Ended Change %/bps Dec. 27, 2025 Dec. 28, 2024 in Dollars Change Sales (G
Slide 23: Non-GAAP Reconciliation: Impact of Certain Items Q2 FY26 vs. Q2 FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q2 FY26 vs. Q2 FY25 (Dollars in Millions, Except for Share and Per Share Data) continued Operating margin (GAAP) 3.33% 3.53% -20 bps Operating margin adjusted for Certain Items (Non-GAAP)
Slide 24: Segment Results Non-GAAP Reconciliation
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q2 FY26 vs Q2 FY25 (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Dec. 27, 2025 Dec. 28, 2024 in Dollars %/bps Change U.S. FOODSERVICE OPERATIONS Sa
Slide 25: Segment Results Non-GAAP Reconciliation (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q2 FY26 vs Q2 FY25 (Dollars in Millions) continued SYGMA Sales (GAAP) $ 2,126 $ 2,116 $ 10 0.5% Gross Profit (GAAP) 163 163 - 0.0% Gross Margin (GAAP) 7.67% 7.70% -3 bp Ope
Slide 26: Earnings Before Interest, Taxes, Depreciation and Amortization
Earnings Before Interest, Taxes, Depreciation and Amortization EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that
Slide 27: Impact of Certain Items on EBITDA (Q2 FY26 vs. Q2 FY25)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Q2 FY26 vs. Q2 FY25) (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Dec. 27, 2025 Dec. 28, 2024 i
Slide 28: Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (In Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to eval
Slide 29: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (In Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended
Slide 30: Net Debt to Adjusted EBITDA
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Net Debt to Adjusted EBITDA (In Millions) Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to eval
Slide 31: Impact of Certain Items on EBITDA (Trailing Twelve Months)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months) (In Millions) 13-Week 13-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended
Slide 32: Projected Adjusted EBITDA Guidance
Projected Adjusted EBITDA Guidance Adjusted EBITDA is a non-GAAP financial measure; however, we cannot predict with certainty the particular certain items that would be excluded from the calculation of this measure for future periods. Due to these uncertainties, we cannot provide a quantitative reco
Slide 33: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to target our net debt to adjusted EBITDA leverage ratio forecast in fiscal 2026. We cannot predict with certainty when we will achieve these results or whether the calculation of our EBITDA will be on an adjusted basis in future periods t
Slide 34: Projected Adjusted EPS Guidance
Projected Adjusted EPS Guidance Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be si