Slide 1: Fiscal Q4 & FY 2025 Earnings Results
Fiscal Q4 & FY 2025 Earnings Results July 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
Kevin Hourican CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER 3
Slide 4: Q4: Strong Revenue Growth Across USFS, International, and SYGMA
Q4: Strong Revenue Growth Across USFS, International, and SYGMA Fiscal Q4 2025 Highlights +2.8% +3.9% +1.1% +6.5% Revenue growth to $21.1 billion Gross profit dollar increase Adjusted operating income1 Adjusted EPS1 growth to $1.48 to $4.0 billion increase to $1.1 billion +200 bps +1.8% $2.25 billio
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% Jun-94 Jun-95 Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 J
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 June 2025 6
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: Sequentially Improving Local Performance
Sequentially Improving Local Performance Q4 Included a >50bps Impact from Exiting a Business Within Freshpoint 0.0% Sequentially Improved Case Performance (1.0%) Driven By: (1.5%) • Sysco-Specific Initiatives (2.0%) • Productivity Improvements (3.0%) • Strengthened Retention Levels (3.5%) • Sequenti
Slide 9: FY 2026: Key Growth Initiatives
FY 2026: Key Growth Initiatives
Slide 10: Q4 2025 Consolidated Results
Q4 2025 Consolidated Results • Gross profit growth of 3.9% was driven by structural improvements from strategic sourcing efforts Net Sales Gross Profit Adj. Operating Income 1 1 in Billions in Billions in Billions • Adj. EPS of $1.48 increased 6.5% YoY 2.8% 3.9% 1.1% YoY YoY YoY • USFS volume $20.6
Slide 11: Kenny Cheung
Kenny Cheung EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 11
Slide 12: Q4 2025 Consolidated Results
Q4 2025 Consolidated Results • Gross profit growth of 3.9% was driven by structural improvements from strategic sourcing efforts Net Sales Gross Profit Adj. Operating Income 1 1 in Billions in Billions in Billions • Adj. EPS of $1.48 increased 6.5% YoY 2.8% 3.9% 1.1% YoY YoY YoY • USFS volume $20.6
Slide 13: Q4 2025 U.S. Foodservice Results
Q4 2025 U.S. Foodservice Results • USFS volumes decreased 0.3% YoY, a 170 basis point sequential improvement from Q3 Net Sales Adj. Operating Income 1 in Billions in Billions • Local volumes decreased 2.4% -0.8% 1.5% YoY, a 200 basis point YoY YoY sequential improvement from Q3 $14.8 $1.1 $1.1 $14.4
Slide 14: Q4 2025 International Results
Q4 2025 International Results • Sales increased 3.6% YoY; increased 1.0% on a 1 constant currency basis . Net Sales Adj. Operating Income 1 in Billions in Millions • Excluding the impact of the 3.6% 20.1% Mexico joint venture 1 YoY YoY divestiture, sales grew 8.3% $197 $3.9 1 $164 • Adj. operating i
Slide 15: Q4 2025 SYGMA Results
Q4 2025 SYGMA Results • Continued segment sales and volume growth after Net Sales Operating Income in Billions in Millions shifting the customer base 5.9% 3.8% to a more favorable mix YoY YoY $27 $2.2 $26 $2.0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 15
Slide 16: FY 2025 Consolidated Results
FY 2025 Consolidated Results • Sysco delivered strong sales growth of 3.2%, Net Sales Gross Profit Adj. Operating Income 1 driven by USFS and SYGMA in Billions in Billions in Billions 3.2% 2.5% 1.2% • Gross profit dollar growth YoY YoY YoY of 2.5% to $15.0 billion $81.4 $15.0 1 $3.5 $3.5 • Adj. EBIT
Slide 17: FY 2025 U.S. Foodservice Results
FY 2025 U.S. Foodservice Results • USFS volumes increased 0.5% YoY Net Sales Adj. Operating Income 1 in Billions in Billions • Local volumes decreased 2.9% -3.0% 1.4% YoY YoY YoY • Gross profit dollars $57.0 $3.7 $55.3 $3.6 increased 1.6% to $10.9 billion 1 • Adj. operating income decreased 3.0% YoY
Slide 18: FY 2025 International Results
FY 2025 International Results • Sales increased 2.4% YoY; increased 2.6% on a 1 constant currency basis Net Sales Adj. Operating Income 1 1 in Billions in Millions • Adj. operating income increased 18.9%; GAAP 2.4% 18.9% YoY YoY operating income increased 16.5% $14.6 $14.9 $585 • Excluding the impac
Slide 19: FY 2025 SYGMA Results
FY 2025 SYGMA Results • Segment sales and volume growth after shifting the Net Sales Operating Income in Billions in Millions customer base to a more 8.3% 12.5% favorable mix YoY YoY $8.4 $81 $7.8 $72 FY 2024 FY 2025 FY 2024 FY 2025 19
Slide 20: Strong Balance Sheet, Strong Investment Grade Credit Rating
Strong Balance Sheet, Strong Investment Grade Credit Rating • Ended the quarter with a 2.85x1 net debt leverage ratio , slightly above our target range of 2.5-2.75x Net Debt to Adj. EBITDA1 • Committed to Investment 2.85x Grade debt rating 2.69x • Ended the quarter with $12.2 billion in net debt1 an
Slide 21: 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 22: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance Sales Growth Adj. EPS Growth1 3%-5% 1%-3% 5%-7% Adj. EPS Growth Excluding Incentive Compensation Headwind 1 See Non-GAAP reconciliations at the end of the presentation. 22
Slide 23: Fiscal Year 2026 Guidance: Modeling Details
Fiscal Year 2026 Guidance Modeling Details • FY26 adjusted EPS 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 $75 Dollars in Millions $63 • Excluding this imp
Slide 24: At the heart of food and service
S/sco At the heart of food and service S/scO At the heart of food and service
Slide 25: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS /: the heart of food and service
Slide 26: 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 27: Non-GAAP Reconciliation: Impact of Certain Items Q4 FY25 vs. Q4 FY24
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q4 FY25 vs. Q4 FY24 (Dollars in Millions, Except for Share and Per Share Data) 13-Week 13-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 in Dollars %/bps Change Sales (G
Slide 28: Non-GAAP Reconciliation: Impact of Certain Items Q4 FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q4 FY25 vs. Q4 FY24 (Dollars in Millions, Except for Share and Per Share Data) continued Operating margin (GAAP) 4.21% 4.75% -54 bps Operating margin adjusted for Certain Items (Non-GAAP)
Slide 29: Non-GAAP Reconciliation: Impact of Certain Items FY25 vs. FY24
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs. FY24 (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 in Dollars %/bps Change Sales (GAAP) $
Slide 30: Non-GAAP Reconciliation: Impact of Certain Items FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs. FY24 (Dollars in Millions, Except for Share and Per Share Data) continued Operating income (GAAP) $ 3,088 $ 3,202 $ (114) -3.6% Impact of restructuring and transformational projec
Slide 31: Segment Results Non-GAAP Reconciliation Q4 FY25
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q4 FY25 vs Q4 FY24 (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 in Dollars %/bps Change U.S. FOODSERVICE OPERATIONS Sa
Slide 32: Segment Results Non-GAAP Reconciliation Q4 FY25 (continued)
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items Q4 FY25 vs Q4 FY24 (Dollars in Millions) continued GLOBAL SUPPORT CENTER Gross Profit (GAAP) $ 28 $ 9 $ 19 NM Operating expenses (GAAP) $ 250 $ 228 $ 22 9.6% Impact of rest
Slide 33: Segment Results Non-GAAP Reconciliation FY25
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 U.S. FOODSERVICE OPERATIONS Sales $
Slide 34: Segment Results Non-GAAP Reconciliation FY25: International
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs FY24 (Dollars in Millions) continued INTERNATIONAL FOODSERVICE OPERATIONS Sales (GAAP) $ 14,905 $ 14,561 $ 344 2.4% Impact of Mexico joint venture sales (207) (536)
Slide 35: Segment Results Non-GAAP Reconciliation FY25: SYGMA and Other
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs FY24 (Dollars in Millions) continued SYGMA Sales (GAAP) $ 8,410 $ 7,768 $ 642 8.3% Gross Profit (GAAP) 662 617 45 7.3% Gross Margin (GAAP) 7.87% 7.94% -7 bps Operat
Slide 36: Segment Results Non-GAAP Reconciliation FY25: Total Sysco
Sysco Corporation and its Consolidated Subsidiaries Segment Results Non-GAAP Reconciliation (Unaudited) Impact of Certain Items FY25 vs FY24 (Dollars in Millions) continued TOTAL SYSCO Sales (GAAP) $ 81,370 $ 78,844 $ 2,526 3.2% Gross Profit (GAAP) 14,969 14,608 361 2.5% Gross Margin (GAAP) 18.40% 1
Slide 37: 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 38: Impact of Certain Items on EBITDA (Q4 FY25 vs. Q4 FY24)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Q4 FY25 vs. Q4 FY24) (Dollars in Millions) 13-Week 13-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 i
Slide 39: Impact of Certain Items on EBITDA (FY25 vs. FY24)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (FY25 vs. FY24) (Dollars in Millions) 52-Week 52-Week Period Ended Period Ended Change Jun. 28, 2025 Jun. 29, 2024 in Doll
Slide 40: 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 41: 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 42: 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 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 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