Sysco Corp Files Q1 FY25 10-Q

TL;DR

SYY's Q1 FY25 10-Q is in. Check financials.

AI Summary

Sysco Corporation (SYY) filed its 10-Q for the period ending September 28, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial performance data for Sysco, a major food distributor, allowing them to assess the company's health and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-28 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0629 — Fiscal Year End (Sysco's fiscal year concludes on June 29th.)

Key Players & Entities

• SYSCO CORP (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20241030 (date) — Filing date
• 741648137 (company) — IRS Number
• DE (company) — State of Incorporation

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 Par Value SYY New York Stock Exchange

Filing Documents

• syy-20240928.htm (10-Q) — 1690KB
• exhibit101-syscoxfy25aipq1.htm (EX-10.1) — 46KB
• exhibit102-stockoptionawar.htm (EX-10.2) — 156KB
• exhibit103-syyxrsuagmtdive.htm (EX-10.3) — 164KB
• exhibit104syy-psuawardagmt.htm (EX-10.4) — 183KB
• exhibit311ceocertsec302-q1.htm (EX-31.1) — 9KB
• exhibit312cfocertsec302-q1.htm (EX-31.2) — 9KB
• exhibit321ceocertsec906-q1.htm (EX-32.1) — 4KB
• exhibit322cfocertsec906-q1.htm (EX-32.2) — 4KB
• syy-20240928_g1.jpg (GRAPHIC) — 10KB
• 0000096021-24-000186.txt ( ) — 8332KB
• syy-20240928.xsd (EX-101.SCH) — 37KB
• syy-20240928_cal.xml (EX-101.CAL) — 77KB
• syy-20240928_def.xml (EX-101.DEF) — 169KB
• syy-20240928_lab.xml (EX-101.LAB) — 553KB
• syy-20240928_pre.xml (EX-101.PRE) — 380KB
• syy-20240928_htm.xml (XML) — 1338KB

– FINANCIAL INFORMATION Page No

PART I – FINANCIAL INFORMATION Page No. Item 1.

Financial Statements

Financial Statements 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.

Controls and Procedures

Controls and Procedures 40

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

Signatures

Signatures 44

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Sysco Corporation and its Consolidated Subsidiaries CONSOLIDATED BALANCE SHEETS (In millions, except for share data) Sep. 28, 2024 Jun. 29, 2024 (unaudited) ASSETS Current assets Cash and cash equivalents $ 733 $ 696 Accounts receivable, less allowances of $ 65 and $ 54 5,778 5,324 Inventories 4,991 4,678 Prepaid expenses and other current assets 351 323 Income tax receivable 22 22 Total current assets 11,875 11,043 Plant and equipment at cost, less accumulated depreciation 5,558 5,497 Other long-term assets Goodwill 5,253 5,153 Intangibles, less amortization 1,169 1,188 Deferred income taxes 464 445 Operating lease right-of-use assets, net 1,008 923 Other assets 553 668 Total other long-term assets 8,447 8,377 Total assets $ 25,880 $ 24,917 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 6,374 $ 6,290 Accrued expenses 2,141 2,226 Accrued income taxes 271 131 Current operating lease liabilities 126 125 Current maturities of long-term debt 487 469 Total current liabilities 9,399 9,241 Long-term liabilities Long-term debt 11,869 11,513 Deferred income taxes 333 345 Long-term operating lease liabilities 928 838 Other long-term liabilities 1,115 1,089 Total long-term liabilities 14,245 13,785 Noncontrolling interest 29 31 Shareholders' equity Preferred stock, par value $ 1 per share Authorized 1,500,000 shares, issued none — — Common stock, par value $ 1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares 765 765 Paid-in capital 1,925 1,908 Retained earnings 12,498 12,260 Accumulated other comprehensive loss ( 1,166 ) ( 1,339 ) Treasury stock at cost, 274,104,348 and 273,416,685 shares ( 11,815 ) ( 11,734 ) Total shareholders' equity 2,207 1,860 Total liabilities and shareholders' equity $ 25,880 $ 24,917 Note: The June 29, 2024 balance sheet has been derived from the audited financial statements at that date. See Notes to Consolidated F