Slide 1: Fiscal Q3 2026 Earnings Results
Fiscal Q3 2026 Earnings Results April 28, 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: Q3: Strong Revenue Growth Across USFS, International, SYGMA and Accelerating Local Case Performance
Q3: Strong Revenue Growth Across USFS, International, SYGMA and Accelerating Local Case Performance Fiscal Q3 2026 Highlights +4.7% +6.5% +3.3% $0.94 Sales growth to $20.5 billion Gross profit dollar growth USFS Local Case Growth improved Adjusted EPS1 declined 2.1% to $3.8 billion sequentially by +
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% Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 M
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 +2.5% 4.0% 3.3% local case growth in Q4, 3.0% +2.5% reflecting a sequentially improved 2-year stack of +120 2.0% 1.2% bps driven by: 1.0% 0.0% • Sysco-Specific Initiatives (1.0%) • Productivity Improvements (0.2%) (1.4%) • Seq
Slide 9: Q3 2026 Consolidated Results
Q3 2026 Consolidated Results • Sales growth of 4.7% YoY • USFS sales growth +3.1% • International sales1 growth +12.4% YoY Net Sales Gross Profit Adj. Operating Income 1 • SYGMA sales growth +2.5% in Billions in Billions in Millions 4.7% 6.5% -0.6% • Gross profit dollar growth of YoY YoY YoY 6.5% wa
Slide 10: Acquisition of Restaurant Depot: A Highly Compelling Transaction
Acquisition of Restaurant Depot: A Highly Compelling Transaction Creating a Preeminent Delivering Significantly Unlocking Meaningful Multi-Channel Foodservice Enhanced Financial Profile2 Value Creation Distribution Platform Foodservice Revenue Adj. EBITDA3 FCF3,4 #1 Distributor Mid to High ~45% ~55%
Slide 11: Creating a Multi-Channel Foodservice Distribution Platform
Creating a Multi-Channel Foodservice Distribution Platform Strategic Benefits Improved Service to Expanded Product Reaching New Fulfill All Customer Better Solutions for Complementary Local Businesses, Portfolios Customers Purchase Occasions Local Customer Needs Geographic Footprint Restaurants and
Slide 12: Brandon Sewell, Interim Chief Financial Officer
Brandon Sewell INTERIM CHIEF FINANCIAL OFFICER 12
Slide 13: Q3 2026 Consolidated Results
Q3 2026 Consolidated Results • Sales growth of 4.7% YoY • USFS sales growth +3.1% • International sales Net Sales Gross Profit Adj. Operating Income 1 in Billions in Billions in Millions growth +12.4% YoY 4.7% 6.5% -0.6% • SYGMA sales growth YoY YoY YoY +2.5% $20.5 • Gross profit dollar growth $19.6
Slide 14: Q3 2026 U.S. Foodservice Results
Q3 2026 U.S. Foodservice Results • USFS sales growth +3.1% • Total case volume +2.3% • Local case volume Net Sales Adj. Operating Income 1 +3.3%, a 210-basis point in Billions in Millions sequential 3.1% 5.1% improvement YoY YoY • Gross profit dollar growth of $14.2 $790 $830 5.2% to $2.7 billion dr
Slide 15: Q3 2026 International Results
Q3 2026 International Results • Sales increased 12.4% YoY; increased 5.2% on a 1 constant currency basis Net Sales Adj. Operating Income 1 • Gross profit dollar growth of in Billions in Millions 14.6% to $834 million; 12.4% 12.5% increased 6.7% on a YoY YoY constant currency basis1 1 • Adj. operatin
Slide 16: Q3 2026 SYGMA Results
Q3 2026 SYGMA Results • Sales growth of 2.5% YoY Net Sales Operating Income despite continued in Billions in Millions challenged foot traffic 2.5% 5.9% environment for chains YoY YoY $2.1 • Strong sales growth in $18 $2.1 $17 Food Service Management, travel and entertainment, and healthcare business
Slide 17: Restaurant Depot is the Undisputed U.S. Leader in Wholesale Cash & Carry
Restaurant Depot is the Undisputed U.S. Leader in Wholesale Cash & Carry #1 U.S. Cash & Carry Wholesaler to Restaurants and Small Businesses Unique value proposition to small businesses as a low-cost provider with a wide assortment of high-quality, foodservice products Whitestone, NY ~10,000 ~$16B ~
Slide 18: Strong Cash Generation Drives Shareholder Returns
Strong Cash Generation Drives Shareholder Returns $20.7 Temporarily pausing share repurchase $19.5 $17.2 program as part of $15.0 Restaurant Depot $13.5 integration $12.0 Dividends $11.1 On-Track to return $9.4 Share Repurchase approximately $7.6 $5.9 $20.7 billion $3.3 in cumulative cash $0.7 to sh
Slide 19: Strong Commitment to Rapid Deleveraging
Strong Commitment to Rapid Deleveraging • Investment grade credit ratings maintained • Committed to ~1.0x net leverage reduction within 24 Net Debt to Adjusted EBITDA1 months post-close Leverage Trajectory • Long-term target remains 5x 4.5x 2.75x 4x 3.5x • No large-scale M&A until 3x 2.9x 2.8x 2.75x
Slide 20: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance Modeling Details • FY26 adjusted EPS1 guidance includes Incentive Compensation approximately $100 Headwind By Quarter1 million in carry over $100 impact from incentive comp for the year, impacting year over $75 year comparability Dollars in Millions $63 • Excluding this imp
Slide 21: Sysco: At the heart of food and service
S/sco At the heart of food and service
Slide 22: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS food and service
Slide 23: 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 24: Non-GAAP Reconciliation: Impact of Certain Items Q3 FY26 vs. Q3 FY25
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs. Q3 FY25 (Dollars in Millions, Except for Share and Per Share Data) 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Change Sales (G
Slide 25: Non-GAAP Reconciliation: Impact of Certain Items Q3 FY26 vs. Q3 FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs. Q3 FY25 (Dollars in Millions, Except for Share and Per Share Data) continued 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Chang
Slide 26: Segment Results Non-GAAP Reconciliation
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs Q3 FY25 (Dollars in Millions) 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Change U.S. FOODSERVICE OPERATIONS Sa
Slide 27: Segment Results Non-GAAP Reconciliation (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs Q3 FY25 (Dollars in Millions) continued 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Change Operating expenses (
Slide 28: Segment Results Non-GAAP Reconciliation (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs Q3 FY25 (Dollars in Millions) continued 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Change Gross profit (GAAP)
Slide 29: Segment Results Non-GAAP Reconciliation: Total Sysco
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q3 FY26 vs Q3 FY25 (Dollars in Millions) continued 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change in Dollars %/bps Change TOTAL SYSCO Operatin
Slide 30: 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 31: Impact of Certain Items on EBITDA (Q3 FY26 vs. Q3 FY25)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Q3 FY26 vs. Q3 FY25) (Dollars in Millions) 13-Week Period Ended Mar. 28, 2026 13-Week Period Ended Mar. 29, 2025 Change i
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 forecast 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
Slide 38: 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
Slide 39: Adjusted EBITDA to Free Cash Flow Conversion
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted EBITDA to Free Cash Flow Conversion (Trailing Twelve Months Ended Dec. 27, 2025, Dollars in Millions) EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit,
Slide 40: Adjusted EBITDA to Free Cash Flow Conversion (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Adjusted EBITDA to Free Cash Flow Conversion (Trailing Twelve Months Ended Dec. 27, 2025, Dollars in Millions) continued 13-Week 13-Week 13-Week 13-Week 52- Week Period Ended Period Ended Period Ended Period Ende
Slide 41: Pro Forma Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Pro Forma Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions) Annualized Net Cost 52-Week Period Ended Dec. 27, 2025 Sysco Restaurant Depot Synergies Pro Forma Sales (GAAP) $ 82,646 $ 15,812 $ — $ 98,458 EBITDA adjuste