Company: SYY
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000096021-25-000037
Chunk: 27

Company: SYSCO CORP
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 27
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 a quantitative reconciliation of projected adjusted EPS to the most directly comparable GAAP financial measure without unreasonable effort. However, we expect to calculate adjusted earnings per share for future periods in the same manner as the reconciliations provided for the historical periods herein.

Liquidity and Capital Resources

Highlights 

We produced positive free cash flow of $954 million in the first 39 weeks of fiscal 2025, as compared to positive free cash flow of $864 million in the first 39 weeks of fiscal 2024. The increase in free cash flow is attributable to an increase in proceeds from sales of plant and equipment, partially offset by a decrease in cash provided by operating activities. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities and comparisons of the significant cash flows from the first 39 weeks of fiscal 2025 to the first 39 weeks of fiscal 2024 are provided. 

 39-Week Period Ended Mar. 29, 202539-Week Period Ended Mar. 30, 2024Source of cash (use of cash)(In millions)Net cash provided by operating activities (GAAP)$1,317 $1,373 Additions to plant and equipment(532)(530)Proceeds from sales of plant and equipment169 21 Free Cash Flow (Non-GAAP) (1)$954 $864 Acquisition of businesses, net of cash acquired$(40)$(1,181)Debt borrowings (repayments), net1,078 1,447 Stock repurchases(700)(700)Dividends paid(752)(758)

(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 2024 Form 10-K for discussions regarding this non-GAAP performance metric.

Sources and Uses of Cash

Sysco generates cash in the U.S. and internationally. As of March 29, 2025, we had $1.5 billion in cash and cash equivalents, approximately 50% of which was held by our international subsidiaries. Sysco’s strategic objectives are funded primarily by cash from operations and external borrowings. Traditionally, our