Sysco Corp (SYY)
NYSE:SYY
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Earnings Data
Report Date
Aug 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q4)Consensus EPS Forecast
1.51Last Year’s EPS
1.48Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted solid underlying organic performance: revenue growth (4.7%), strong U.S. local volume momentum (3.3%), international outperformance (12.4% sales growth and double-digit operating income growth), gross margin expansion, and improved free cash flow (+19% YTD). Management reiterated FY'26 guidance and presented a strategic, cash-and-carry acquisition (Restaurant Depot) that offers substantial pro forma scale, $250M of targeted synergies and multi-year free cash flow upside. Offsetting these positives are investor caution about the acquisition price and near-term leverage, a nearly flat adjusted EBITDA (+0.1%), expense impacts from lapping incentive compensation, softness in national chain restaurants, and suspended buybacks reducing near-term shareholder returns. On balance, the operational momentum and articulated synergies and deleveraging plans are viewed as outweighing the near-term financial and execution risks.Company Guidance
Top-line Growth
Total revenue of nearly $21 billion, up 4.7% year-over-year, driven by improving case volume trends across local, specialty, national and international businesses.
Adjusted EPS In Line with Expectations
Adjusted earnings per share of $0.94 for Q3, in line with company expectations despite a $63 million incentive compensation headwind (approx. $0.10 per share).
Strong Gross Profit and Margin Expansion
Gross profit increased 6.5% year-over-year with gross margin expansion of 31 basis points to 18.6%, supported by strategic sourcing, favorable mix and Sysco Brand penetration.
Local Volume Momentum in U.S.
U.S. local case volume growth of 3.3% in Q3 — the strongest local growth in three years — a 210 basis point improvement versus the prior quarter; company expects at least 2.5% local growth in Q4 (120 bps 2-year stack acceleration).
International Segment Outperformance
International sales grew 12.4% with local case growth of 3.8% and adjusted operating income growth near 12.5%–13%; marks tenth consecutive quarter of double-digit operating income growth internationally.
Improving Cash Flow and Leverage Profile
Free cash flow year-to-date of $1.1 billion, up 19%; net debt leverage at 2.80x at quarter end, and management expects rapid deleveraging post-acquisition (target ~3.5x within 24 months).
Strategic Acquisition of Restaurant Depot (Jetro)
Announced planned $29.1 billion acquisition of Restaurant Depot: CY2025 revenue ~$16B and EBITDA ~$2B (13% margin); pro forma increases Sysco revenue ~20%, adjusted EBITDA ~45%, and free cash flow ~55%; expected $250M annual net cost synergies (full ramp by year 3) and EPS accretion (mid-high single-digit year 1; low-mid teens year 2).
Operational Improvements and Sales Productivity
Improved sales colleague retention and productivity, fourth consecutive quarter of improvement in new customer win rates; AI360 and customer programs (Sysco Your Way, Perks 2.0) cited as drivers of better selling effectiveness and penetration gains.
Reiterated Full-Year Guidance and Capital Allocation Actions
Reiterated FY'26 adjusted EPS to be at the high end of $4.50–$4.60 (includes incentive comp headwind ~ $0.16); net sales growth guidance ~3–5% to $84–85B; suspended share repurchases (~$800M) to preserve cash ahead of acquisition; dividend maintained with $1B planned for FY'26 and quarterly dividend raised to $0.55.
SYY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SYY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 28, 2026 | $75.36 | $73.37 | -2.64% |
Jan 27, 2026 | $75.06 | $83.29 | +10.96% |
Oct 28, 2025 | $76.85 | $74.77 | -2.71% |
Jul 29, 2025 | $78.65 | $76.72 | -2.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Sysco Corp (SYY) report earnings?
Sysco Corp (SYY) is schdueled to report earning on Aug 04, 2026, Before Open (Confirmed).
What is Sysco Corp (SYY) earnings time?
Sysco Corp (SYY) earnings time is at Aug 04, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SYY EPS forecast?
SYY EPS forecast for the fiscal quarter 2026 (Q4) is 1.51.
