Sysco Corporation · NYSE:SYY
Sysco — CAGNY 2026
35 slides from Sysco's conference presentation, Feb 17, 2026
Slide 1: CAGNY 2026
CAGNY 2026 February 17, 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: 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 $81+ billion 75,000 337 #1 Market ~730K Distribution Customer Global HQ in FY25 Sales Global Colleagues Facilities Share1 Locations Sales by Customer Type (FY25) Leading Specialty Pl
Slide 5: Sysco Has A Compelling Global Foodservice Model
Sysco Has A Compelling Global Foodservice Model United States: #1 Position Ireland: #1 Position 17.6% 21.1% 15.4% $377B 14.9% $4B TAM TAM 2019 2025 2019 2025 Canada: #1 Position Great Britain: #1 Position 26.5% 15.6% 24.0% 10.1% $23B $27B TAM TAM 2019 2025 2019 2025 Sweden: #2 Position Bahamas: #1 P
Slide 6: Food Away From Home Continues to Gain Share
Food Away From Home Continues to Gain Share Multi-Decade Trend of Consumer Spending Favoring Share Growth of Food Away Food Away From Home Occasions Remains Intact From Home Driven By: 70% • End Consumer Time Scarcity 65% 60% • Increasing Consumer Preference For Experiences + Convenience Wallet Shar
Slide 7: Sysco is #1 in an Attractive, Growing Industry
Sysco is #1 in an Attractive, Growing Industry Leading Market Share Position Across Key Verticals Total Addressable Market Since 2000 $350 B $355 B $366 B $377 B 18% $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 I
Slide 8: Growing Sales in 54 Out of 57 Years
Growing Sales in 54 Out of 57 Years POSITIONED TO WIN $90 • #1 position across $80 National, Local, and Fiscal Year Sales in Billions $70 Specialty $60 • Compelling growth $50 11% opportunities with specialty $40 CAGR (produce, protein, non-food) $30 • International segment $20 continues to drive st
Slide 9: Performance for Today, Enabling Growth for Tomorrow
Performance for Today, Enabling Growth for Tomorrow Current Performance Drivers Accelerators International Performance Sysco Your Way & Total Team Selling National: Growth Across FSM, Travel, Education & Healthcare Tech Modernization & Supply Chain Improvement in Operations Local Customers 9
Slide 10: Sysco is Regaining Momentum Through Local Performance
Sysco is Regaining Momentum Sequentially Improving Through Local Performance Case Performance Driven By: Including 100 bps of Sequential Organic • Sysco-Specific Initiatives Improvement • Sales Colleague 3.0% 2.5%+ Productivity 2.0% 1.2% Improvement 1.0% • Strengthened Colleague 0.0% and Customer Re
Slide 11: International a Compelling Growth Driver
International a Compelling Growth Driver Net Sales Adj. Operating Income1 Adj. Operating Margin1 in billions in millions 8% 32% Doubled CAGR CAGR Margins ~ $16 $14.6 $14.9 4%+ $13.6 3.9% ~$680 $11.8 $585 3.4% 2.9% $492 $398 9 Quarters of 1.9% Double-Digit Adj. Operating $229 Income Growth FY22 FY23
Slide 12: Opportunities for Additional Growth & Improvement
Opportunities for Additional Growth & Improvement AI Technology Sales Consultant Modernization & Supply Productivity Chain Automation Central and Field M&A to Drive Profitable Merchandising Market Share Coordination Value Assortment National Restaurant Offering Trends 12
Slide 13: Driving Profitable Growth Through Merchandising
Driving Profitable Growth Through Merchandising Leverage Buying Power of Central Enable Local Agility to Gain Merchandising Strategies Market Share Central Teams Secure unique local products Negotiates best possible cost Sourcing alternative products Creates an unmatched assortment Finds alternative
Slide 14: Targeting U.S. Local Volume Growth of 2.5%+ in 2H26
Targeting U.S. Local Volume Growth of 2.5%+ in 2H26 Local Volume How We Get There Growth • Sales-Focused Investments and Higher Retention • Improved Colleague and Customer Retention 2.5%+ • Growth Initiatives • M&A ~50 bps Benefit Total Team Selling 14
Slide 15: Kenny Cheung, EVP and CFO
Kenny Cheung EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 15
Slide 16: Advancing Our Leading Industry Position
Advancing Our Leading Industry Position Attractive Return Profile 1 Net Sales Adj. EPS in Billions #1 Market Share 5% 9% + CAGR CAGR $84.5 $4.59 Industry Leading: $81.4 $4.46 • Sales • Gross Margins $78.8 $4.31 $76.3 • EBITDA Margins • Free Cash Flow $4.01 $68.6 $3.25 • ROIC • Investment Grade Balan
Slide 17: Broad Strength Across Diverse Customer Base
Broad Strength Across Diverse Customer Base Travel & Education & Restaurant Leisure Government Healthcare 60% of Total Sales 7% of Total Sales 8% of Total Sales 8% of Total Sales $48.8 $43.2 Sales in Billions ($) $6.5 $6.5 $5.5 $5.5 $5.7 $4.8 +4.1% +5.9% +5.7% +5.7% CAGR CAGR CAGR CAGR FY'22 FY'25 F
Slide 18: Superior Performance vs. Core Peers
Superior Performance vs. Core Peers Adj. Operating Free Cash Flow 1 Gross Margin Dividend Yield Margin1 $2,500 in Mil. 20% 5% 3% 18.4% 4.3% $2,000 $1,818 2.4% 14.6% 4% 15% 3.1% 2% 3% $1,500 10% 1.3x 2% 1.4x $1,000 $939 1.9x 1% 5% 1% $500 No Dividends Paid 0% 0% $- 0% Core Peers Sysco Core Peers Sysc
Slide 19: Confidence in our Financial Growth Algorithm
Confidence in our Financial Growth Algorithm Total Sales Growth Adj. EPS Growth1 Shareholder Return2 4% – 6% 6% – 8% 9% – 11% Algorithm for growth is based on our current 3-Year plan introduced at May 2024 Investor Day. 1 See Non-GAAP reconciliations at the end of the presentation. 19 2 Assumes no c
Slide 20: Consistent Sales Growth
Consistent Sales Growth Proof Points Sales Growth 1.5%-3.5% 2H on Track For 2.5%+ US Case Volume Local Case Volume Positioned to Manage 4% – 6% 2% Inflation Through Dynamic Pricing Environment Ginsberg’s in Broadline; 0.5% M&A Fairfax Meadow in Specialty Proteins Algorithm for growth is based on our
Slide 21: Strong Quality of Earnings
Strong Quality of Earnings Proof Points Adj. EPS Growth1 Industry Leading Strategic Sourcing Initiatives Margins & Growing Gross Profit Dollars Retention & Productivity 6% – 8% Supply Chain Improvements Improvements Strengthening CPP Optimized Leveraging Technology Corporate Tools to Drive Expenses
Slide 22: Compelling Return Profile
Compelling Return Profile Total Proof Points Shareholder Return1 Capital Allocation Growing Volumes + with Industry Leading Profits; ROIC Mindset FCF Growth Debt Remains 9% – 11% IG-Rated Balance Sheet Well-Laddered; $2.9 Billion in Liquidity2 Target ~$2 Billion in Consistent Share Capital Returns i
Slide 23: Strengthening Capital Efficiency Through Disciplined Growth
Strengthening Capital Efficiency Investing Today For Through Disciplined Growth Long-Term Growth • M&A anchored by profitable growth opportunities Buybacks $3.0 Bil. • Balanced and consistent Growth investments in long-term ~$10 Bil. Capex $2.2 Bil. Oriented assets In Capital Investments • Effective
Slide 24: 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 $13.5 $21.5 billion $12.0 Dividends in cumulative cash $11.1 $9.4 Share Repurchase $7.6 to shareholders $5.9 over 12 years $3.3 $0.7 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E
Slide 25: Sysco is a Dividend Aristocrat
Sysco is a Dividend Aristocrat, On Track For 56 Years of Our planned quarterly Dividend Growth cash dividend of $0.54 per share for FY26 $0.60 represents 6% growth $0.50 vs. the prior year. Quarterly Per Share Dividends $0.40 15% Going forward, expect $0.30 CAGR $0.20 dividend growth $0.10 commensur
Slide 26: Robust Growth, Yield, & Value Metrics
Robust Growth, Yield, & Value Metrics Adjusted Dividend P/E Revenue EPS1 Yield Valuation 5 Year CAGR 5 Year CAGR 20% 20% 3% ~21x 17.3% 20x ~19x 2.4% 2.4% 15% 15% 2% 15x 10% 9.0% 10% 10x 1.6x 5.4x 5.7% 1% 5% 5% 3.2% 5x 0% 0% 0% 0x Consumer Sysco Consumer Sysco Core Peers Consumer Sysco Sysco Consumer
Slide 27: Sysco is an Attractive Investment Opportunity
Sysco is an Attractive Investment Opportunity U.S. Local volume improvement on track; organic case volume momentum expected to continue in 2H26 Diversified business with multiple vectors of growth across specialty, International, and M&A Strong margins with high quality of earnings driven by structu
Slide 28: [ the heart of
[ the heart of food and service S/sco ei food and service
Slide 29: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 29
Slide 30: Impact of Certain Items
Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to r
Slide 31: Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions) 52-Week 52-Week 52-Week 52-Week Period Ended Period Ended Period Ended Period Ended Jun. 28, 2025 June. 29, 2024 Jul. 1, 2023 Jul. 2, 2022 INTERNATIONAL FOODSERVICE O
Slide 32: Non-GAAP Reconciliation: Impact of Certain Items
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) 52-Week 52-Week 52-Week 52-Week 53-Week 52-Week FY20 to FY25 Period Ended Period Ended Period Ended Period Ended Period Ended Per
Slide 33: Non-GAAP Reconciliation: Impact of Certain Items (continued)
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Impact of Certain Items (Dollars in Millions, Except for Share and Per Share Data) continued Diluted earnings per share (GAAP) $ 3.73 $ 3.89 $ 3.47 $ 2.64 $ 1.02 0.42 54.8% (1) (1) Impact of inventory valuation a
Slide 34: Non-GAAP Reconciliation: Free Cash Flow, FY25
Sysco Corporation and its Consolidated Subsidiaries Non-GAAP Reconciliation (Unaudited) Free Cash Flow, FY25 (In Millions) Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco consid
Slide 35: Projected International Adjusted Operating Income and Adjusted EPS Guidance
Projected International Adjusted Operating Income and Total Sysco Adjusted EPS Guidance Our international adjusted operating income and total Sysco adjusted earnings per share are non-GAAP financial measures; however, we cannot predict with certainty the magnitude or scope of certain items that woul