Company: SYY
Filing Date: 2025-08-22
Form Type: 10-K
Source: 0000096021-25-000099
Chunk: 164

Company: SYSCO CORP
Filing Date: 2025-08-22
Form: 10-K
Item: Item 7
Chunk 164
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 Cash Flow

Our free cash flow for fiscal 2025 decreased by $418 million, to $1.8 billion, as compared to fiscal 2024, principally as a result of a decrease in cash flows from operations, an increase in capital expenditures, partially offset by an increase in proceeds from sales of plant and equipment. 

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Non-GAAP Reconciliation

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 “Key Performance Indicators” for further discussion regarding this non-GAAP financial measure. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.

 20252024Change in Dollars% Change (In millions)Net cash provided by operating activities (GAAP)$2,510 $2,989 $(479)(16.0)%Additions to plant and equipment(906)(832)(74)(8.9)Proceeds from sales of plant and equipment214 79 135 170.9 Free Cash Flow (Non-GAAP)$1,818 $2,236 $(418)(18.7)%

Financing Activities

Equity Transactions 

Proceeds from exercises of share-based compensation awards were $110 million and $120 million in fiscal 2025 and fiscal 2024, respectively. The level of option exercises, and thus proceeds, will vary from period to period and is largely dependent on movements in our stock price and the time remaining before option grants expire.

We have traditionally engaged in share repurchase programs to allow Sysco to continue offsetting dilution resulting from shares issued under the company’s benefit plans and to make opportunistic repurchases. In May 2021, our Board of Directors approved a share repurchase program to authorize the repurchase of up to $5.0 billion of the company’s common stock which will remain available until fully utilized. We repurchased 16,988,703 shares for $1.3 billion during fiscal 2025. As of June 28, 2025, we had a remaining authorization of approximately $1.5 billion. We expect to complete approximately $1.0 billion in share repurchases in fiscal 2026; however, this amount is subject to change based on economic conditions and the level of any acquisition activity in fiscal