Slide 1: Fiscal Q3 2025 Earnings Results
Fiscal Q3 2025 Earnings Results April 29, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements made in this presentation that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include statements concerning: our expecta
Slide 3: Kevin Hourican, Chair and CEO
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Q3: Revenue Growth Across USFS and SYGMA, International Leads Profitability Growth
Q3: Revenue Growth Across USFS and SYGMA, International Leads Profitability Growth Fiscal Q3 2025 Highlights +1.1% -0.8% -3.3% Flat Revenue growth to $19.6 billion Gross profit dollar decline to $3.6 billion Adjusted operating income1 decline to Adjusted EPS1 $0.96 $773 million -2.0% -0.8% $649 Mill
Slide 5: Food Away From Home Continues to Gain Share
Food Away From Home Continues to Gain Share Percentage of Combined Monthly Sales (2002 - 2025) 70% 65% 60% 55% 50% 45% 40% 35% 30% Grocery Stores Food Services and Drinking Places Source: The United States Census Bureau Advance Monthly Sales for Retail and Food Services 5
Slide 6: Sysco is #1 in an Attractive, Growing Industry
Sysco is #1 in an Attractive, Growing Industry Total Addressable Market Since 2000 $353 B $360 B $370 B 17% $300 B $268 B $224 B $231 B $197 B $161 B $370B 2000 2005 2010 2015 2020 2021 2022 2023 2024 Source: Technomic U.S. Foodservice Industry Wallchart for Calendar Year as of April 2025 6
Slide 7: The Cash and Carry Channel Targets a Net New Customer Base
The Cash and Carry Channel Targets a Net New Customer Base. • Value: cash and carry format offers lower prices than delivery model • Convenience: restaurants have access to ‘ready now’ product seven days per week. • Cash: customers often desire to pay in cash to avoid credit card fees • Freshness: s
Slide 8: Sysco's Recipe For Growth is Creating Multiple Vectors to Drive Growth
Sysco’s Recipe For Growth is DIGITAL Enrich the customer experience through personalized digital tools that reduce friction in the Creating Multiple Vectors to purchase experience and introduce innovation to our customers Drive Long-term, Profitable Growth PRODUCTS AND SOLUTIONS Customer focused mar
Slide 9: Q3 2025 Consolidated Results
Q3 2025 Consolidated Results • Sysco delivered sales growth despite negative industry traffic Adj. Operating Income trends in Q3 Net Sales Gross Profit 1 in Billions in Billions in Millions 1 • Adj. EBITDA of $969 million 1.1% -0.8% -3.3% decreased 0.8% YoY YoY YoY YoY 1 • Adj. EPS of $0.96 unchange
Slide 10: Kenny Cheung, EVP and CFO
Kenny Cheung EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 10
Slide 11: Q3 2025 Consolidated Results
Q3 2025 Consolidated Results • Sysco delivered sales growth despite negative industry traffic Adj. Operating Income trends in Q3 Net Sales Gross Profit 1 in Billions in Billions in Millions 1 • Adj. EBITDA of $969 million 1.1% -0.8% -3.3% decreased 0.8% YoY YoY YoY YoY 1 • Adj. EPS of $0.96 unchange
Slide 12: Q3 2025 U.S. Foodservice Results
Q3 2025 U.S. Foodservice Results • Revenue increased 0.7% YoY Adj. Operating Income USFS volumes decreased 2.0% YoY Net Sales 1 • in Billions in Millions • Local volumes decreased 3.5% YoY 0.7% -9.7% YoY YoY • Gross profit dollars decreased 1.9% to $2.6 billion $13.8 $13.7 $875 1 • Adj. operating in
Slide 13: Q3 2025 International Results
Q3 2025 International Results • Sales decreased 1.1% YoY; increased 2.2%1 on a constant Adj. Operating Income currency basis . Net Sales 1 in Billions in Millions 1 • Adj. operating income increased -1.1% 17.4% 17.4%; GAAP operating income YoY YoY increased 14.3% $128 • Excluding the impact of the M
Slide 14: Q3 2025 SYGMA Results
Q3 2025 SYGMA Results • Sales increased 9.5% YoY Operating Income Operating income was unchanged Net Sales • in Billions in Millions • Continued segment sales and 9.5% Flat volume growth after shifting the YoY YoY customer base to a more favorable mix $17 $17 $2.1 $1.9 Q3 2024 Q3 2025 Q3 2024 Q3 202
Slide 15: Strong Balance Sheet, Strong Investment Grade Credit Rating
Strong Balance Sheet, Strong Investment Grade Credit Rating • Ended the quarter with 1 a 2.8x net debt leverage ratio , slightly above our target range of 2.5-2.75x • Committed to Investment Grade Net Debt to Adj. EBITDA1 debt rating • Ended the quarter with $11.9 5.15 billion in net debt1 and appro
Slide 16: Strong Cash Generation Drives Shareholder Returns
Strong Cash Generation Drives Shareholder Returns $19.5 Over $19.5 billion $17.2 $15.0 of cumulative cash expected to $13.5 $12.0 $11.1 $9.4 Dividends be returned Share Repurchase to shareholders $7.6 $5.9 $3.3 through FY 2025 $0.7 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E Cumulative C
Slide 17: Updated Fiscal Year 2025 Guidance
Updated Fiscal Year 2025 Guidance • Update in net sales growth target driven by lower expected volume growth Sales Growth Adj. EPS Growth1 • Implied Q4 FY25 adjusted EPS of at least flat, or $1.39 compared to the prior year • Remain on track to return essentially all our free cash flow to shareholde
Slide 18: The heart of food and service
[ the heart of food and service S/Sco [+ food and service
Slide 19: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS food and service
Slide 20: 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 21: Non-GAAP Reconciliation: Impact of Certain Items Q3 FY25 vs. Q3 FY24
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY25 vs. Q3 FY24 (Dollars in Millions, Except for Share and Per Share Data) 13-Week 13-Week Period Ended Period Ended Change Mar. 29, 2025 Mar. 30, 2024 in Dollars %/bps Change Sales (G
Slide 22: Non-GAAP Reconciliation: Impact of Certain Items Q3 FY25 vs. Q3 FY24 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY25 vs. Q3 FY24 (Dollars in Millions, Except for Share and Per Share Data) continued Operating margin (GAAP) 3.47% 3.73% -26 bps Operating margin adjusted for Certain Items (Non-GAAP)
Slide 23: Segment Results Non-GAAP Reconciliation
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY25 vs Q3 FY24 (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Mar. 29, 2025 Mar. 30, 2024 in Dollars %/bps Change U.S. FOODSERVICE OPERATIONS Sa
Slide 24: Segment Results Non-GAAP Reconciliation (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY25 vs Q3 FY24 (Dollars in Millions) continued OTHER Sales (GAAP) $ 257 $ 275 $ (18) -6.5% Gross Profit (GAAP) $ 60 $ 71 $ (11) -15.5% Gross Margin (GAAP) 23.35% 25.82%
Slide 25: 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 26: Impact of Certain Items on EBITDA (Q3 FY25 vs. Q3 FY24)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Q3 FY25 vs. Q3 FY24) (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Mar. 29, 2025 Mar. 30, 2024 i
Slide 27: 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 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: 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 31: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to achieve our net debt to adjusted EBITDA leverage ratio forecast in fiscal 2025. 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
Slide 32: Projected Adjusted EPS Guidance
Projected Adjusted EPS Guidance Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty certain items that would be included in the most directly comparable GAAP measure for the relevant future periods. Due to these uncertainties, we cannot provide a qu