Company: SYY
Filing Date: 2025-01-29
Form Type: 10-Q
Source: 0000096021-25-000010
Chunk: 63

Company: SYSCO CORP
Filing Date: 2025-01-29
Form: 10-Q
Item: Item 1
Chunk 63
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 4.4%, or $1.7 billion, to $40.6 billion;

•Operating income:

◦increased 1.0%, or $15 million, to $1.5 billion;

◦adjusted operating income increased 3.5%, or $56 million, to $1.7 billion;

•Net earnings:

◦decreased 2.5%, or $23 million, to $896 million;

◦adjusted net earnings increased 0.6%, or $6 million, to $997 million;

•Basic earnings per share:

◦unchanged, at $1.82 per share;

•Diluted earnings per share:

◦increased 0.6%, or $0.01, to $1.82 per share; and

◦adjusted diluted earnings per share increased 3.1%, or $0.06, to $2.02;

•EBITDA:

◦increased 2.6%, or $50 million, to $2.0 billion; and

◦adjusted EBITDA increased 4.4%, or $85 million, to $2.0 billion.

27

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 fiscal 2025 and fiscal 2024 items discussed above are collectively referred to as “Certain Items.” The results of our operations can be impacted by changes in exchange rates applicable to converting from local currencies to U.S. dollars. We measure our results on a constant currency basis. 

Trends

Economic and Industry Trends 

Foot traffic to restaurants decreased approximately 2% for the second quarter of fiscal 2025, which represents a moderate improvement compared to the decrease of 3.6% experienced in the first quarter of fiscal 2025. We expect to see continued improvements in foot traffic trends in the second half of fiscal 2025. Despite the current macroeconomic landscape, we expect to grow both sales and net earnings in fiscal