Short answer
Sysco (SYY) filed its fiscal 2026 10-K annual report with the SEC on Aug 21, 2026. It reported revenue of $84.6B (+3.9% year over year) and net income of $1.8B.
- Top risk flagged: Regulatory risk: FTC second request under Hart-Scott-Rodino Act may delay or add costs to $21.6B Jetro Restaurant Depot acquisition
FY2026 key financial metrics · XBRL
- Revenue
- $84.6B
- +3.9% YoY
- Net income
- $1.8B
- −3.9% YoY
- Operating margin
- 3.7%
- −0.1 pp YoY
- Gross margin
- 18.5%
- +0.1 pp YoY
- EPS (diluted)
- $3.66
- −1.9% YoY
- ROE
- 65.9%
- −34.0 pp YoY
- Operating cash flow
- $2.6B
- +5.1% YoY
Source: XBRL data from the Sysco (SYY) FY2026 10-K on SEC EDGAR. USD.
Sysco FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: global leader in foodservice marketing, selling, and distribution to restaurants and institutional customers
- New major initiative: $29.1B merger agreement to acquire Jetro Restaurant Depot, expanding warehouse stores to 167 locations across 35 states
- Strategic shift: broaden market coverage by targeting smaller independent restaurants and cash-and-carry warehouse customers via Jetro acquisition
- Quantitative highlight: 75,000 employees worldwide, stable compared to prior year; $700M capital investment in infrastructure in fiscal 2026
- Noteworthy fact: Creation of Sysco Holdings Corporation post-merger; combined entity to be publicly traded on NYSE with Jetro equity holders owning ~16%
Management Discussion & Analysis
- Revenue $84.6B, up 3.9% YoY or $3.2B driven by inflation and volume growth across all segments
- Operating margin 3.7% vs 3.8%; adjusted operating income up 2.6% to $3.6B; net earnings down 3.9% to $1.8B
- Best segment: U.S. Foodservice Ops, sales $58.8B (+3.2%), operating income $3.5B (+0.1%), margin 6.0%
- Worst segment: Other, sales down 0.5% to $1.1B; operating income improved from loss of $73M to income of $5M (due to absence of goodwill impairment)
- Cash flow from operations $2.6B (+5.1%); Capex $700M (-22.7%); free cash flow $2.1B (+16.3%); dividends $1.0B stable; share repurchases $200M (-84.6%)
- FY27 outlook: revenue growth 6-7%; inflation ~1.5-2.0%; expect $100M cost savings from tech and efficiency; risks include inflation, macroeconomic conditions, acquisition integration, and competitive pressures
Risk Factors
- Regulatory risk: FTC second request under Hart-Scott-Rodino Act may delay or add costs to $21.6B Jetro Restaurant Depot acquisition
- Geopolitical threat: Fuel cost exposure from Russia-Ukraine conflict, OPEC actions; unable to fully pass on rising fuel surcharges
- Operational risk: Supply chain disruptions from labor shortages, weather, trade barriers impair product delivery and increase costs
- Competitive risk: Growth of AI-powered online wholesalers and GPOs pressuring pricing and Sysco’s market share
- Financial risk: $13.5B debt outstanding, with $792M maturing in 12 months, refinancing risk amid volatile credit markets
Generated from the filing text; verify against the original. How to read a 10-K
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