Sysco Corporation · NYSE:SYY
Sysco — Barclays Global Consumer Staples Conference 2026
56 slides from Sysco's conference presentation, Sep 9, 2026
Slide 1: Barclays Global Consumer Staples Conference 2026
Barclays Global Consumer Staples Conference 2026 September 9, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. Words such
Slide 3: Kevin Hourican
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Sysco Business at a Glance
Sysco Business at a Glance Only Global Player Leading Market Share + Best-in-Class Food Export Business 1 Houston, TX ~$90 billion 75,000+ 333 #1 Market ~670K Distribution Customer Global HQ in FY27E Sales2 Global Colleagues Facilities Share1 Locations Sales by Customer Type (FY26) Leading Specialty
Slide 5: Growing Sales in 55 Out of 58 Years
Growing Sales in 55 Out of 58 Years POSITIONED TO WIN $100 • #1 position across $90 National, Local, and Fiscal Year Sales in Billions $80 Specialty $70 $60 • Compelling growth 11% opportunities with specialty $50 CAGR (produce, protein, non-food) $40 $30 • International segment $20 continues to dri
Slide 6: Broad Strength Across Diverse Customer Base
Broad Strength Across Diverse Customer Base Travel & Education & Restaurant Leisure Government Healthcare 59% of Total Sales 7% of Total Sales 8% of Total Sales 8% of Total Sales $49.7 $43.7 Sales in Billions ($) $6.8 $6.8 $5.5 $5.2 $6.1 $5.2 +3.2% +4.1% +5.5% +7.0% CAGR CAGR CAGR CAGR FY'22 FY'26 F
Slide 7: Sysco's Local Performance Has Meaningful Momentum into FY27
Sysco’s Local Performance Has Meaningful Momentum into FY27 4.0% 2.9% 3.0% ~2.5% 2.0% Projecting approximately 2.5% local case growth 1.0% 0.5% in FY27, reflecting a 2-year stack of 400+ bps 0.0% (1.0%) (1.4%) (2.0%) (3.0%) FY 2025 1H26 2H26 FY 2027E Data represents USFS local case growth. 7
Slide 8: Reaffirming Fiscal Year 2027 Guidance
Reaffirming Fiscal Year 2027 Guidance • Sales expectations include: • volume growth, • inflation of ~1.5%-2%, Sales Growth Adj. EPS Growth1 • ~2% related to 53rd week • FY27 adjusted EPS growth expected at high-end of 6-7% 9-11% earnings algorithm including: • ~$100 million in cost out Targeting ~2.
Slide 9: Introducing $500 Million Annualized Efficiency Program Powered by AI Technology
Introducing $500 Million Annualized Efficiency Program Powered by AI Technology Four Project Focus Areas Better, Faster, More Efficient Merchandising & Introducing $500 million of 2 Supply Chain AI and technology efficiency Procurement Productivity net cost out realized in fiscal Automation 2029. In
Slide 10: Raising our Mid-Term Financial Algorithm
Raising our Mid-Term Financial Algorithm 1 Total Sales Growth Adj. EPS Growth2 Shareholder Return3 4%–7% 9%–11% 12%–14% (Previously 4%-6%) (Previously 6%-8%) (Previously 9%-11%) 1 Algorithm for fiscal years 2028 and 2029. 2 See Non-GAAP reconciliations at the end of the presentation. 10 3 Assumes no
Slide 11: Introducing A Bold New Chapter of Growth
Introducing A Bold New Chapter of Growth Creating a Preeminent Delivering Significantly Unlocking Meaningful Multi-Channel Foodservice Enhanced Financial Profile2 Value Creation Distribution Platform Foodservice Revenue Adj. EBITDA3 FCF3,4 #1 Distributor Mid to High ~45% ~55% Greater ~20% Single Dig
Slide 12: Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades
Restaurant Depot: Consistent and Profitable Growth Over the Last Two Decades Restaurant Depot Historical Performance Over Time ($B) 18 ~$16 19 16 Deflation Same Store Sales1 Revenue Adj. EBITDA COVID Average Growth: CAGR: CAGR: 17 14 12 +7% +9% +14% 15 2004-2025 2004-2025 2004-2025 13% 10 13 8 11 Gl
Slide 13: Brandon Sewell
Brandon Sewell INTERIM CHIEF FINANCIAL OFFICER 13
Slide 14: Advancing Our Leading Industry Position
Advancing Our Leading Industry Position Attractive Return 1 Profile Net Sales Adj. EPS in Billions 95.0 ~ $90 bil. 5.3 $5.07 at #1 Market Share 4% at 6% 90.0 CAGR Midpoint 5.1 CAGR Midpoint + $84.6 4.9 Industry Leading: 85.0 $81.4 4.7 $4.61 • Sales 80.0 $76.3 $78.8 4.5 $4.46 • Gross Margins $4.31 75
Slide 15: Introducing $500 Million Annualized Efficiency Program Powered by AI Technology
Introducing $500 Million Annualized Efficiency Program Powered by AI Technology Four Project Focus Areas Better, Faster, More Efficient Merchandising & Introducing $500 million of 2 Supply Chain AI and technology efficiency Procurement Productivity net cost out realized in fiscal Automation 2029. In
Slide 16: Optimizing Indirect Spend
Optimizing Indirect Spend • Faster, more efficient procurement cycles Indirect Sourcing & Spend • Enhanced visibility into historically opaque spending Reverse Auction categories Technology Tools • Supporting deleverage Optimized & commitments Efficient Spending 16
Slide 17: Investors Have Sought More Details on the Following Topics Since Deal Announcement
Investors Have Sought More Details on the Following Topics Since Deal Announcement Restaurant Better Margin Deleverage Depot's Together Profile Plan Future Store Synergies Growth 17
Slide 18: JRD Has Higher Gross Margin & Lower OpEx Intensity Than Club Peers
JRD Has Higher Gross Margin & Lower OpEx Intensity Than Club Peers Average JRD vs. Club Peer Average Average Club Peer Net Sales / Store $97M $180M (w/out membership fees) JRD's gross margin is 6 ppt Gross Profit %1 19% 13% higher than club peers average JRD's OpEx intensity is 5 ppt OpEx % 7% 12% l
Slide 19: Margin Bridge | Structural Advantages in Lean Operations & Product Mix
Margin Bridge | Structural Advantages in Lean Operations & Product Mix Drive Much of JRD’s Margin Advantage Walk from Average Club Store to JRD Operating Profit (% of Sales, as of 2025) +2-3% (2%) (0-1%) 12% +3-4% +2-4% +0-1% 4% +0-2% Club Store Lower Fewer Leaner Favorable Higher All Membership JRD
Slide 20: Leaner Staffing | JRD Also Has ~50% Fewer Employees Per Store
Leaner Staffing | JRD Also Has ~50% Fewer Employees Per Store – Restaurant Operators Seek Fewer In-Store Services & Amenities Than Consumers Club Peer In-Store Positions Average Store Manager Cashier JRD serves restaurant operators Warehouse Associate who typically seek an assortment- Loading Dock A
Slide 21: Strong Commitment to Rapid Deleveraging
Strong Commitment to Rapid Deleveraging • Ended the fourth quarter with a 2.7x net debt leverage ratio • Investment grade credit Net Debt to Adjusted EBITDA1 ratings expected to be Leverage Trajectory maintained 5x • Committed to ~1.0x net 4.5x leverage reduction within 24 4x months post-close 3.5x
Slide 22: Strong Cash Generation Drives Shareholder Returns
Strong Cash Generation Drives Shareholder Returns $21.7 On-Track to return approximately $20.7 $19.5 $21.7 billion $17.2 in cumulative cash $15.0 to shareholders over 13 years $13.5 $12.0 Dividends $11.1 $9.4 Share Repurchase $7.6 $5.9 Returned ~$1.2 billion in cash to shareholders $3.3 in FY26 $0.7
Slide 23: Kevin Hourican
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 23
Slide 24: High Confidence in Opening 125+ Net New Locations
Differentiated Real High Confidence in Opening Estate Strategy 125+ Net New Locations • High-value real estate with Overview of Real Estate Footprint first-to-market, strategic advantage in dense urban environments • 130 owned stores representing ~80% of store footprint • Strategically located store
Slide 25: "Better Together" Has Potential to Deliver Meaningful Upside to the $250 Million in Communicated Synergies
"Better Together" Has Potential to Deliver Meaningful Upside to the $250 Million in Communicated Synergies Opportunity to exceed the $250 Million included in Purchasing JRD Store Synergies Growth accretion figures Significant Broader Enhanced growth opportunities Assortment, Greater Value Fulfillmen
Slide 26: Sysco is an Attractive Investment Opportunity
Sysco is an Attractive Investment Opportunity Market leader in foodservice with strong momentum across Sysco’s core business Jetro Restaurant Depot transaction significantly strengthens profitability profile of combined company Introducing $500 million in AI & technology powered transformation Sysco
Slide 27: Sysco: At the heart of food and service
S/sco At the heart of food and service
Slide 28: Notes
Notes 28
Slide 29: Notes
Notes 29
Slide 30: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 30
Slide 31: 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 32: Segment Results Non-GAAP Reconciliation
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items 52-Week 52-Week 52-Week 52-Week (Dollars in Millions) Period Ended Period Ended Period Ended Period Ended Jun. 27, 2026 Jun. 28, 2025 Jun. 29, 2024 Jul. 1, 2023 Sales (GAAP
Slide 33: Segment Results Non-GAAP Reconciliation, Continued
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items, Continued (Dollars in Millions) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 27, 2026 Jun. 28, 2025 Jun. 29, 2024 Jul. 1, 2023
Slide 34: Segment Results Non-GAAP Reconciliation, Continued
Impact of other non-routine gains and losses - - - 194 (6 ) Tax impact of inventory valuation adjustment (7 ) - - - 1 Sysco Corporation and its Consolidated Subsidiaries Tax impact of restructuring and transformational project costs (7 ) (69) (42) (29) (15) Segment Results Tax impact of acquisition-
Slide 35: Segment Results Non-GAAP Reconciliation, Continued
Impact of bridge loan amortization 0.06 (5 ) - - - Impact of deal contingent rate lock transactions 0.11 (5 ) - - - Sysco Corporation Impact and its of other non-routine Consolidated gains and losses Subsidiaries - - - 0.38 (6 ) Segment Results Tax impact of inventory valuation adjustment (7 ) - - -
Slide 36: Impact of Certain Items, FY26 vs FY25
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items, FY26 vs FY25 (Dollars in Millions) 52-Week 52-Week Period Ended Period Ended Change Jun. 27, 2026 Jun. 28, 2025 in Dollars %/bps Change Sales (GAAP) $ 84,553 $ 81,370 $ 3,
Slide 37: Impact of Certain Items, FY26 vs FY25, Continued
Comparable gross margin adjusted for Certain Items using a constant currency basis (Non-GAAP) 18.46% 18.40% 6 bps Sysco Corporation and its Consolidated Subsidiaries Segment OperatingResults expenses (GAAP) $ 12,544 $ 11,881 $ 663 5.6% Non-GAAP Reconciliation Impact of restructuring, (Unaudited) tra
Slide 38: Impact of Certain Items, FY26 vs FY25, Continued
Operating margin (GAAP) 3.66% 3.80% -14 bps Operating margin adjusted for Certain Items (Non-GAAP) 4.27% 4.33% -6 bps Sysco Corporation Operating andfor margin adjusted itsCertain Consolidated Items using Subsidiaries a constant currency basis (Non-GAAP) 4.28% 4.33% -5 bps Segment Results Interest e
Slide 39: Impact of Certain Items, FY26 vs FY25, Continued
Impact of deal contingent rate lock transactions (4) 54 - 54 NM Tax impact of restructuring, transformational project, and other costs (5) (69) (42) (27) -64.3% Tax impact of acquisition-related costs (5) (56) (37) (19) -51.4% Sysco Corporation and its Consolidated Subsidiaries Tax impact of goodwil
Slide 40: Impact of Certain Items, FY25 vs FY24
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items, FY25 vs FY24 (Dollars in Millions) 52-Week 52-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 in Dollars %/bps Change Sales (GAAP) $ 81,370 $ 78,844 $ 2,
Slide 41: Impact of Certain Items, FY25 vs FY24, Continued
basis (Non-GAAP) 18.38% 18.53% -15 bps Sysco Corporation Operating expensesand its Consolidated Subsidiaries (GAAP) $ 11,881 $ 11,406 $ 475 4.2% Segment Impact ofResults restructuring and transformational project costs (2) (183) (120) (63) -52.5% Non-GAAP Reconciliationcosts Impact of acquisition-re
Slide 42: Impact of Certain Items, FY25 vs FY24, Continued
Net earnings (GAAP) $ 1,828 $ 1,955 $ (127) -6.5% Sysco Corporation Impact and of restructuring andits Consolidated transformational Subsidiaries project costs (2) 183 120 63 52.5% Impact of acquisition-related Segment Results costs (3) 160 159 1 0.6% Impact of goodwill impairment 92 - 92 NM Non-GAA
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: Net Debt to Adjusted EBITDA Leverage Ratio Targets
Net Debt to Adjusted EBITDA Leverage Ratio Targets We expect to achieve our long-term net debt to adjusted EBITDA leverage ratio target. 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 to excl
Slide 53: 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 54: 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) (Dollars in Millions) 54
Slide 55: 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 56: Sysco: At the heart of food and service
S/sco At the heart of food and service
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