Sysco Corp 10-Q for FY2026 Q1

Sysco Corp (SYY)

10-Q 2025-10-29 For: 2025-09-27

Added on April 08, 2026

About this 10-Q

Sysco Corp filed this 10-Q on October 29, 2025, covering the quarter ended September 27, 2025 (FY2026 Q1).

Headline figures

Quarter ended September 27, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $21.15B; up 3.2% from $20.48B a year earlier
Net income: $476M; down 2.9% from net income of $490M a year earlier
Diluted EPS: $0.99; unchanged from $0.99 a year earlier

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Delaware						74-1648137
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
(Do not check if a smaller reporting company)		Emerging growth company	☐



	PART I – FINANCIAL INFORMATION	Page No.
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40
Item 4.	Controls and Procedures	41
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	43

Signatures		46


	Sep. 27, 2025		Jun. 28, 2025
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	844	$	1,071
Accounts receivable, less allowances of $46 and $17	5,800		5,502
Inventories	5,377		5,053

Prepaid expenses and other current assets	387		338

Income tax receivable	4		4
Total current assets	12,412		11,968
Plant and equipment at cost, less accumulated depreciation	5,936		6,084
Other long-term assets
Goodwill	5,190		5,231
Intangibles, less amortization	1,043		1,080

Deferred income taxes	490		497
Operating lease right-of-use assets, net	1,172		1,131
Other assets	801		783
Total other long-term assets	8,696		8,722
Total assets	$	27,044	$	26,774

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

Accounts payable	$	6,492	$	6,512
Accrued expenses	2,166		2,268
Accrued income taxes	117		51
Current operating lease liabilities	141		136
Current maturities of long-term debt	1,894		949
Total current liabilities	10,810		9,916
Long-term liabilities
Long-term debt	11,459		12,360
Deferred income taxes	351		345
Long-term operating lease liabilities	1,087		1,049
Other long-term liabilities	1,226		1,247
Total long-term liabilities	14,123		15,001

Noncontrolling interest	44		27
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	2,010		1,986
Retained earnings	13,262		13,061
Accumulated other comprehensive loss	(1,129)		(1,098)
Treasury stock at cost, 286,624,506 and 287,678,658 shares	(12,841)		(12,884)
Total shareholders’ equity	2,067		1,830
Total liabilities and shareholders’ equity	$	27,044	$	26,774


	13-Week Period Ended
	Sep. 27, 2025		Sep. 28, 2024
Sales	$	21,148	$	20,484
Cost of sales	17,247		16,731
Gross profit	3,901		3,753
Operating expenses	3,101		2,945
Operating income	800		808
Interest expense	172		160
Other expense (income), net	28		6
Earnings before income taxes	600		642
Income taxes	124		152
Net earnings	$	476	$	490

Net earnings:
Basic earnings per share	$	0.99	$	1.00
Diluted earnings per share	0.99		0.99

Average shares outstanding	478,761,180		492,023,827
Diluted shares outstanding	480,365,666		493,785,973


(Mark One)
☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


								Accumulated Other Comprehensive Loss
	Common Stock			Paid-in Capital		Retained Earnings				Treasury Stock
	Shares	Amount								Shares	Amounts		Totals
Balance as of June 28, 2025	765,174,900	$	765	$	1,986	$	13,061	$	(1,098)	287,678,658	$	(12,884)	$	1,830
Net earnings						476							476












Other comprehensive income (loss)								(31)					(31)
Dividends declared ($0.54 per common share)						(259)							(259)


Share-based compensation awards				24						(1,054,152)	43		67
Adjustments to redeemable non-controlling interest						(16)							(16)
Balance as of September 27, 2025	765,174,900	$	765	$	2,010	$	13,262	$	(1,129)	286,624,506	$	(12,841)	$	2,067

								Accumulated Other Comprehensive Loss
	Common Stock			Paid-in Capital		Retained Earnings				Treasury Stock
	Shares	Amount								Shares	Amounts		Totals
Balance as of June 29, 2024	765,174,900	$	765	$	1,908	$	12,260	$	(1,339)	273,416,685	$	(11,734)	$	1,860
Net earnings						490							490








Other comprehensive income (loss)								173					173
Dividends declared ($0.51 per common share)						(252)							(252)

Treasury stock purchases										1,460,065	(109)		(109)
Share-based compensation awards				17						(772,402)	28		45
Balance as of September 28, 2024	765,174,900	$	765	$	1,925	$	12,498	$	(1,166)	274,104,348	$	(11,815)	$	2,207


	Sep. 27, 2025		Jun. 28, 2025
	(In millions)
Financed payment obligations	$	111	$	93


(1)			Restricted cash primarily represents cash and cash equivalents of Sysco’s wholly owned captive insurance subsidiary, restricted for use to secure the insurer’s obligations for workers’ compensation, general liability and auto liability programs, as well as cash reserved for a future acquisition. Restricted cash is located within other assets in each consolidated balance sheet.


	13-Week Period Ended Sep. 27, 2025
	US Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Principal Product Categories
Fresh and frozen meats	$	2,935	$	624	$	607	$	—	$	4,166
Canned and dry products	2,732		754		260		—		3,746
Frozen fruits, vegetables, bakery and other	2,070		741		326		—		3,137
Dairy products	1,584		462		143		—		2,189
Poultry	1,500		307		287		—		2,094
Fresh produce	1,314		288		75		—		1,677
Paper and disposables	1,065		141		203		12		1,421
Beverage products	418		211		157		21		807
Seafood	588		132		43		—		763
Equipment and smallwares	275		52		6		124		457
Other (1)	299		254		22		116		691
Total Sales	$	14,780	$	3,966	$	2,129	$	273	$	21,148


(1)			Other sales relate to certain non-food products, including textiles and amenities for our hotel supply business, other janitorial products, and medical supplies.


	13-Week Period Ended Sep. 28, 2024
	US Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Principal Product Categories
Canned and dry products	$	2,678	$	837	$	247	$	—	$	3,762
Fresh and frozen meats	2,607		542		535		—		3,684
Frozen fruits, vegetables, bakery and other	2,037		702		331		—		3,070
Dairy products	1,613		432		124		—		2,169
Poultry	1,512		288		296		—		2,096

Fresh produce	1,345		291		72		—		1,708
Paper and disposables	1,047		139		200		14		1,400


Beverage products	384		187		156		21		748
Seafood	547		113		35		—		695

Equipment and smallwares	310		52		29		122		513

Other (1)	282		211		21		125		639
Total Sales	$	14,362	$	3,794	$	2,046	$	282	$	20,484


	Assets Measured at Fair Value as of Sep. 27, 2025
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:

Cash and cash equivalents	$	340	$	—	$	—	$	340

Restricted cash	283		—		—		283







Total assets at fair value	$	623	$	—	$	—	$	623


	Assets Measured at Fair Value as of Jun. 28, 2025
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:

Cash and cash equivalents	$	466	$	—	$	—	$	466



Restricted cash	277		—		—		277

Total assets at fair value	$	743	$	—	$	—	$	743


	13-Week Period Ended
	Sep. 27, 2025		Sep. 28, 2024
Cash flows from operating activities:
Net earnings	$	476	$	490
Adjustments to reconcile net earnings to cash provided by operating activities:

Share-based compensation expense	31		30
Depreciation and amortization	233		235
Operating lease asset amortization	37		34
Amortization of debt issuance and other debt-related costs	4		4

Deferred income taxes	(5)		(17)
Provision for losses on receivables	30		21


Other non-cash items	8		(40)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
Increase in receivables	(349)		(427)
Increase in inventories	(335)		(287)
Increase in prepaid expenses and other current assets	(42)		(16)
Increase in accounts payable	82		27
Decrease in accrued expenses	(83)		(128)
Decrease in operating lease liabilities	(49)		(42)
Increase in accrued income taxes	66		140
(Increase) decrease in other assets	(11)		2
(Decrease) increase in other long-term liabilities	(7)		27

Net cash provided by operating activities	86		53
Cash flows from investing activities:
Additions to plant and equipment	(160)		(122)
Proceeds from sales of plant and equipment	24		77


Purchase of marketable securities	—		(12)
Proceeds from sales of marketable securities	7		10
Other investing activities	22		1

Net cash used for investing activities	(107)		(46)
Cash flows from financing activities:


	Sep. 27, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
	(In millions)
Fixed income securities:
Corporate bonds	$	97	$	1	$	(1)	$	97	$	15	$	82
Government bonds	29		—		(1)		28		2		26
Total marketable securities	$	126	$	1	$	(2)	$	125	$	17	$	108

	Jun. 28, 2025
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Short-Term Marketable Securities		Long-Term Marketable Securities
	(In millions)
Fixed income securities:
Corporate bonds	$	104	$	1	$	(1)	$	104	$	15	$	89
Government bonds	29		—		(1)		28		—		28
Total marketable securities	$	133	$	1	$	(2)	$	132	$	15	$	117


	13-Week Period Ended
	Sep. 27, 2025		Sep. 28, 2024
	(In millions)
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value hedges are recorded	$	200	$	166
Gain or (loss) on fair value hedging relationships:
Interest rate swaps:
Hedged items	$	(19)	$	(33)
Derivatives designated as hedging instruments	3		25
Cross currency swaps and foreign currency forwards:
Hedged items	$	—	$	(4)
Derivatives designated as hedging instruments	—		4


		13-Week Period Ended Sep. 28, 2024
	Location of Expense (Income) Recognized in Net Earnings	Before Tax Amount		Tax		Net of Tax Amount
		(In millions)
Foreign currency translation:
Foreign currency translation adjustment	N/A	$	168	$	—	$	168
Hedging instruments:
Other comprehensive income before reclassification adjustments:

Change in cash flow hedges	Operating expenses	(20)		(6)		(14)
Change in net investment hedges	N/A	(18)		(5)		(13)

Total other comprehensive (loss) before reclassification adjustments		(38)		(11)		(27)
Reclassification adjustments:
Amortization of cash flow hedges	Interest expense	2		1		1
Pension and other postretirement benefit plans:
Other comprehensive income before reclassification adjustments:
Net actuarial gain and other adjustments arising in the current year	Other expense, net	31		8		23

Total other comprehensive income before reclassification adjustments		31		8		23
Reclassification adjustments:

Amortization of actuarial loss, net	Other expense (income), net	7		2		5

Total reclassification adjustments		7		2		5
Marketable securities:
Change in marketable securities	Other expense (income), net	4		1		3
Total other comprehensive income (loss)		$	174	$	1	$	173


	Sep. 27, 2025
	(In millions)
Due in one year or less	$	17
Due after one year through five years	71
Due after five years	37

Total	$	125


		Derivative Fair Value
	Balance Sheet location	Sep. 27, 2025		Jun. 28, 2025
		(In millions)
Fair Value Hedges:
Interest rate swaps	Prepaid expenses and other current assets	$	3	$	—

Interest rate swaps	Other assets	31		31
Interest rate swaps	Accrued expenses	—		1







Cash Flow Hedges:
Fuel swaps	Prepaid expenses and other current assets	$	5	$	—



Fuel swaps	Other assets	2		—
Fuel swaps	Accrued expenses	1		7

Fuel swaps	Other long-term liabilities	—		2

Net Investment Hedges:
Cross currency swaps	Prepaid expenses and other current assets	$	15	$	11
Cross currency swaps	Other assets	63		55
Cross currency swaps	Accrued expenses	3		2
Cross currency swaps	Other long-term liabilities	128		134


	13-Week Period Ended Sep. 27, 2025
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	13	Operating expense	$	1




Derivatives in net investment hedging relationships:
Cross currency contracts	$	18	N/A	$	—







	13-Week Period Ended Sep. 28, 2024
	Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives		Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
	(In millions)			(In millions)
Derivatives in cash flow hedging relationships:
Fuel swaps	$	(19)	Operating expense	$	—
Foreign currency contracts	(1)		Cost of sales / Other income	—

Total	$	(20)		$	—

Derivatives in net investment hedging relationships:
Cross currency contracts	$	(18)	N/A	$	—


	Sep. 27, 2025
	Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities)
	(In millions)
Balance sheet location:

Long-term debt	$	(1,073)	$	(35)


	13-Week Period Ended Sep. 27, 2025
	Foreign Currency Translation		Hedging, net of tax		Pension and Other Postretirement Benefit Plans, net of tax		Marketable Securities, net of tax		Total
	(In millions)
Balance as of Jun. 28, 2025	$	(120)	$	(59)	$	(918)	$	(1)	$	(1,098)
Equity adjustment from foreign currency translation	(65)		—		—		—		(65)

Amortization of cash flow hedges	—		1		—		—		1
Change in net investment hedges	—		13		—		—		13
Change in cash flow hedges	—		10		—		—		10


Amortization of unrecognized net actuarial losses	—		—		5		—		5


Net actuarial gain and other adjustments arising in the current year	—		—		4		—		4


Change in marketable securities	—		—		—		1		1
Balance as of Sep. 27, 2025	$	(185)	$	(35)	$	(909)	$	—	$	(1,129)


	13-Week Period Ended September 27, 2025
	U.S. Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Sales	$	14,780	$	3,966	$	2,129	$	273	$	21,148
Less:
Cost of sales	11,957		3,140		1,959		205		17,261
Operations expense	1,201		446		129		34		1,810
Selling, general & administrative expense	742		266		16		30		1,054
Total segment operating income	880		114		25		4		1,023
Global Support Center									(223)
Total operating income									800
Interest expense									172
Other expense (income), net									28
Earnings before income taxes									$	600


	13-Week Period Ended September 28, 2024
	U.S. Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Sales	$	14,362	$	3,794	$	2,046	$	282	$	20,484
Less:
Cost of sales	11,615		3,020		1,883		210		16,728
Operations expense	1,202		427		128		34		1,791
Selling, general & administrative expense	637		246		17		29		929
Total segment operating income	908		101		18		9		1,036
Global Support Center									(228)
Total operating income									808
Interest expense									160
Other expense (income), net									6
Earnings before income taxes									$	642


(1)			Other expense (income), net was expense of $28 million and $6 million in the first quarter of fiscal 2026 and fiscal 2025, respectively.


	13-Week Period Ended Sep. 27, 2025		13-Week Period Ended Sep. 28, 2024		Change in Dollars		% Change
	(Dollars in millions)
Sales	$	14,780	$	14,362	$	418	2.9	%
Gross profit	2,823		2,747		76		2.8
Operating expenses	1,943		1,839		104		5.7
Operating income	$	880	$	908	$	(28)	(3.1)	%

Gross profit	$	2,823	$	2,747	$	76	2.8	%
Adjusted operating expenses (Non-GAAP)	1,907		1,822		85		4.7
Adjusted operating income (Non-GAAP)	$	916	$	925	$	(9)	(1.0)	%


	Increase (Decrease)
	13-Week Period
	(Dollars in millions)
Cause of change	Percentage		Dollars
Case volume (1)	0.1	%	$	18
Inflation	2.6		373

Other	0.2		27
Total change in sales	2.9	%	$	418




(1)			Case volumes increased 0.1% compared to the first quarter of fiscal 2025. This volume increase resulted in a 0.1% increase in the dollar value of sales compared to the first quarter of fiscal 2025.


The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, 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 remove: (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions.

The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. We also measure our sales growth excluding the impact of our joint venture in Mexico which was divested in the second quarter of fiscal 2025.

Management believes that adjusting its operating expenses, operating income, operating margin, net earnings and diluted earnings per share to remove these Certain Items, presenting its results on a constant currency basis, and adjusting its sales results to exclude the impact of its joint venture in Mexico provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.

Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2026 and fiscal year 2025.

Set forth on the following page is a reconciliation of sales, operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.



(1)			Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.


(2)			Fiscal 2026 includes $10 million related to restructuring and severance charges and $46 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal 2025 includes $4 million related to restructuring and severance charges and $23 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy.
(3)			Fiscal 2026 includes $31 million of intangible amortization expense and $11 million in acquisition and due diligence costs. Fiscal 2025 includes $32 million of intangible amortization expense and $6 million in acquisition and due diligence costs.



(4)			The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.
(5)			Individual components of diluted earnings per share may not equal the total presented when added due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding.


NM			Represents that the percentage change is not meaningful.


(1)			Primarily represents severance and transformation initiative costs.
(2)			Fiscal 2026 and fiscal 2025 include intangible amortization expense and acquisition costs.


(3)			Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
(4)			Includes restructuring and transformation costs primarily in Europe.
(5)			Primarily represents intangible amortization expense and acquisition costs.



(6)			Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(7)			Represents due diligence costs.


NM			Represents that the percentage change is not meaningful.



(1)			Fiscal 2026 and fiscal 2025 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation.
(2)			Fiscal 2026 and fiscal 2025 include acquisition and due diligence costs.



(3)			In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $6 million and $7 million or non-cash stock compensation expense of $31 million and $30 million in fiscal 2026 and fiscal 2025, respectively.

(4)			Fiscal 2026 includes $233 million in GAAP depreciation and amortization expense, less $33 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal 2025 includes $235 million in GAAP depreciation and amortization expense, less $33 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.
NM			Represents that the percentage change is not meaningful.


	13-Week Period Ended Sep. 27, 2025		13-Week Period Ended Sep. 28, 2024
Source of cash (use of cash)	(In millions)
Net cash provided by operating activities (GAAP)	$	86	$	53
Additions to plant and equipment	(160)		(122)
Proceeds from sales of plant and equipment	24		77
Free Cash Flow (Non-GAAP) (1)	$	(50)	$	8



Debt borrowings (repayments), net	$	36	$	199

Stock repurchases	—		(108)
Dividends paid	(259)		(251)


(1)			Free cash flow should not be used as a substitute for the most comparable GAAP measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Key Performance Indicators” contained in our fiscal 2025 Form 10-K for discussions regarding this non-GAAP performance metric.


Combined Parent and Guarantor Subsidiaries Summarized Balance Sheet	Sep. 27, 2025		Jun. 28, 2025
	(In millions)
ASSETS
Receivables due from non-obligor subsidiaries	$	384	$	377
Current assets	6,348		6,015
Total current assets	$	6,732	$	6,392
Notes receivable from non-obligor subsidiaries	$	62	$	20
Other noncurrent assets	5,266		5,211
Total noncurrent assets	$	5,328	$	5,231

LIABILITIES
Payables due to non-obligor subsidiaries	$	55	$	61
Other current liabilities	4,166		3,214
Total current liabilities	$	4,221	$	3,275
Notes payable to non-obligor subsidiaries	$	405	$	334
Long-term debt	10,898		11,890
Other noncurrent liabilities	1,634		1,538
Total noncurrent liabilities	$	12,937	$	13,762


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
Month #1
June 29 - July 26	—	$	—	—	—
Month #2
July 27 - August 23	2,502	79.87		—	—
Month #3
August 24 - September 27	1,641	82.51		—	—
Totals	4,143	$	80.92	—	—


(1)			The total number of shares purchased includes 0, 2,502, and 1,641 shares tendered by individuals in connection with stock option exercises Month #1, Month #2 and Month #3, respectively.
(2)			See the discussion in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Equity Transactions” for additional information regarding Sysco’s share repurchase program.


(1)			Intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c).
(2)			Non-Rule 10b5-1 trading arrangement as defined in Item 408 of Regulation S-K.
(3)			Each Plan terminates on the earlier of: (i) the expiration date listed in the table above; (ii) the first date on which all trades set forth in the Plan have been executed; or (iii) such date the Plan is otherwise terminated according to its terms.