Sysco Corp Files 2024 10-K

TL;DR

Sysco's 2024 10-K is in: full financial picture for the year ending June 29, 2024.

AI Summary

Sysco Corporation filed its 2024 10-K report, detailing its fiscal year ending June 29, 2024. The company, headquartered in Houston, TX, operates in the wholesale groceries and related products sector. Key financial data and operational details for the fiscal year are presented in this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of Sysco's financial performance and strategic positioning for the fiscal year 2024, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Players & Entities

• SYSCO CORP (company) — Filer
• 20240629 (date) — Fiscal Year End
• 20240828 (date) — Filing Date
• Houston, TX (location) — Business Address

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 Par Value SYY New York Stock Exchange
• $115 million — Since our formation, we have grown from $115 million to our all-time high of $78.8 billion i
• $78.8 billion — om $115 million to our all-time high of $78.8 billion in annual sales in fiscal 2024, both th
• $832 m — ts During fiscal 2024, 2023 and 2022, $832 million, $793 million and $633 million, r
• $793 million — scal 2024, 2023 and 2022, $832 million, $793 million and $633 million, respectively, were in
• $633 m — nd 2022, $832 million, $793 million and $633 million, respectively, were invested in f
• $753 m — of proceeds from sales of assets, were $753 million, $751 million and $609 million, r
• $751 million — rom sales of assets, were $753 million, $751 million and $609 million, respectively. Capital
• $609 m — ts, were $753 million, $751 million and $609 million, respectively. Capital expenditur
• $24 — an average hourly wage of approximately $24, and 100% of colleagues in our U.S. dis
• $360 billion — we serve about 17% of an approximately $360 billion annual foodservice market in the U.S.,
• $370 billion — arket size to increase to approximately $370 billion by the end of calendar 2024. We also se

Filing Documents

• syy-20240629.htm (10-K) — 3769KB
• exhibit49descriptionofsysc.htm (EX-4.9) — 26KB
• exhibit191securitiestradin.htm (EX-19.1) — 39KB
• exhibit211subsidiariesofth.htm (EX-21.1) — 337KB
• exhibit221subsidiariesguar.htm (EX-22.1) — 69KB
• exhibit231eyconsent-q42024.htm (EX-23.1) — 7KB
• exhibit311ceocertsec302-q4.htm (EX-31.1) — 9KB
• exhibit312cfocertsec302-q4.htm (EX-31.2) — 9KB
• exhibit321ceocertsec906-q4.htm (EX-32.1) — 4KB
• exhibit322cfocertsec906-q4.htm (EX-32.2) — 4KB
• exhibit971-syscoclawbackpo.htm (EX-97.1) — 25KB
• syy-20240629_g1.jpg (GRAPHIC) — 10KB
• syy-20240629_g2.jpg (GRAPHIC) — 133KB
• 0000096021-24-000128.txt ( ) — 19395KB
• syy-20240629.xsd (EX-101.SCH) — 95KB
• syy-20240629_cal.xml (EX-101.CAL) — 140KB
• syy-20240629_def.xml (EX-101.DEF) — 524KB
• syy-20240629_lab.xml (EX-101.LAB) — 1206KB
• syy-20240629_pre.xml (EX-101.PRE) — 892KB
• syy-20240629_htm.xml (XML) — 3849KB

Page No

PART I Page No. Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112 Item 9A.

Controls and Procedures

Controls and Procedures 112 Item 9B. Other Information 113 Item 9C. Disclosure Reporting Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III Item 10. Directors, Executive Officers and Corporate Governance 114 Item 11.

Executive Compensation

Executive Compensation 114 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114 Item 13. Certain Relationships and Related Transactions, and Director Independence 114 Item 14. Principal Accountant Fees and Services 114 PART IV Item 15. Exhibit and Financial Statement Schedules 114

Form 10-K Summary

Item 16. Form 10-K Summary 120

Signatures

Signatures PART I

Business

Item 1. Business Unless this Form 10-K indicates otherwise or the context otherwise requires, the terms "we," "our," "us," "Sysco," or the "company" as used in this Form 10-K refer to Sysco Corporation together with its consolidated subsidiaries and divisions. Overview Sysco Corporation, acting through its subsidiaries and divisions, is the largest global distributor of food and related products primarily to the foodservice or food-away-from-home industry. Our purpose is "Connecting the World to Share Food and Care for One Another." We provided products and related services to approximately 730,000 customer locations, including restaurants, healthcare and educational facilities, lodging establishments and other foodservice customers during fiscal 2024. Founded in 1969, Sysco commenced operations as a public company in March 1970 when the stockholders of nine companies exchanged their stock for Sysco common stock. Since our formation, we have grown from $115 million to our all-time high of $78.8 billion in annual sales in fiscal 2024, both through internal expansion of existing operations and acquisitions. Sysco's fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ended June 29, 2024 for fiscal 2024, a 52-week year ended July 1, 2023 for fiscal 2023 and a 52-week year ended July 2, 2022 for fiscal 2022. We will have a 52-week year ending June 28, 2025 for fiscal 2025. Sysco Corporation is organized under the laws of Delaware. The address and telephone number of our executive offices are 1390 Enclave Parkway, Houston, Texas 77077-2099, (281) 584-1390. This annual report on Form 10-K, as well as all other reports filed or furnished by Sysco pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), are available free of charge on Sysco's website at www.sysco.com as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange