[SYY] Sysco: Can Local Case Growth Hold 2.5% in Fiscal Q1 2027?

Sysco, the world's largest distributor of food and related supplies for meals eaten away from home, delivers food, paper goods and kitchen supplies to restaurants, hospitals, schools and hotels, and it is scheduled to report results on 2026-11-03 for fiscal 2027's first quarter, the 13 weeks from June 28 to September 26, 2026 (2027财年第一季度(2026年6月28日至2026年9月26日的13周))[1]. Its latest disclosed quarter, the fourth quarter of fiscal 2026 ended June 27, 2026, brought revenue of $22.12 billion, up 4.7%, and adjusted EPS of $1.53[2]; U.S. local and national case volumes both grew 2.6%[3], but enterprise gross margin fell 17 basis points year over year[4]. On August 4, Sysco guided first-quarter adjusted EPS to $1.18 to $1.20[3], and on September 9 it reaffirmed fiscal 2027 net sales growth of about 6% to 7%, to roughly $90 billion, with adjusted EPS of about $5.02 to $5.12, both including a 53rd week[5]. The first-quarter EPS consensus compiled by Drillr from 8 analysts is $1.191, close to the guidance midpoint, and the revenue consensus from 7 analysts is $22.02 billion, about 4.1% above the prior-year $21.15 billion[6]; the low end of the EPS range, $1.069, sits well below company guidance and may include stale estimates or estimates on a different basis[6].

Three things matter most in this report. First, can Sysco's local case growth reach about 2.5% against the year's easiest comparison? Local customers are Sysco's highest-margin group, local case volume grew only 1.7% in fiscal 2026, and it was −0.2% in the first quarter of fiscal 2026[7], so this quarter separates a sales-driven recovery from a simple base effect more clearly than any other. Second, can gross margin and operating expenses improve together? Adjusted operating expenses rose 5.1% in fiscal 2026, faster than 3.9% revenue growth[4], and gross margin in the prior-year quarter was about 18.45%; whether first-quarter margin stops falling and expense growth drops below gross-profit growth will show how much of the 9% to 11% full-year EPS growth gets pushed into the second half. Third, how are approval and financing of the Restaurant Depot acquisition progressing? The roughly $29.1 billion deal is expected to close by the third quarter of fiscal 2027[8], the bridge loan is already generating interest[8], and the debt, interest expense and closing-timeline language in the first-quarter report will show whether pre-closing financing costs are running above the company's original plan.

Company Background and Business Structure

Sysco is the largest and broadest foodservice distributor, founded in 1969, headquartered in Houston and listed on the New York Stock Exchange. In fiscal 2026, which ended June 27, 2026, the company generated revenue of $84.55 billion with about 75,000 employees and a delivery fleet of about 19,000 vehicles[2]. Its customers include restaurants, hospitals and senior-care facilities, schools, hotels and contract food-management companies; its chief financial officer left in March 2026, and Brandon Sewell serves as interim CFO[2].

Profit is heavily concentrated in the U.S. Foodservice segment. U.S. Foodservice (USFS, including Broadline and specialty distribution) produced fiscal 2026 revenue of $58.76 billion, or 69.5%, and operating income of $3.52 billion, or 85.7% of the segment total; International Foodservice generated $16.04 billion, or 19.0%, and $460 million of operating income, mainly in Canada, the U.K., France, the Nordics and Latin America; SYGMA, which provides customized distribution to restaurant chains, generated $8.62 billion, or 10.2%, at an operating margin of only 1.1%; corporate costs were about $1.01 billion[2]. By customer type, restaurants account for about 59% of sales, education and government and healthcare about 8% each, and travel and leisure about 7%[9]. Sysco divides U.S. customers into local and national accounts: local customers are mainly independent restaurants without long-term contracts and local chains, while national customers are multi-unit accounts that need national coverage and are managed centrally[9].

The Jetro Restaurant Depot (JRD) acquisition signed on March 30, 2026 will change the company's structure, but JRD stays off Sysco's financial statements until closing. JRD is a cash-and-carry wholesaler serving small independent restaurants, operating 167 large-format warehouse stores in 35 states and serving more than 725,000 independent restaurants and foodservice operators; Sysco will pay JRD holders about $29.1 billion, consisting of $21.6 billion in cash and 91.5 million shares of the newly listed Sysco Holdings, leaving former JRD holders with about 16% after closing[8]. The deal requires Hart-Scott-Rodino antitrust clearance and is expected to close by the third quarter of fiscal 2027[8]; Sysco's fiscal 2027 guidance reflects only the standalone business and excludes JRD[5].

Financial History and Current Position

Sysco's revenue has expanded steadily over five years, but profit barely grew in fiscal 2026. Revenue rose from $51.3 billion in fiscal 2021 to $84.55 billion in fiscal 2026; fiscal 2026 revenue grew 3.9% from $81.37 billion, gross profit was $15.64 billion at an 18.5% gross margin, and operating income was $3.095 billion, essentially flat with $3.088 billion a year earlier[2]. Net income fell 3.9% to $1.757 billion and diluted EPS was $3.66; excluding restructuring, transformation, acquisition and other Certain Items, adjusted EPS was $4.61, up 3.4% from $4.46 in fiscal 2025[2]. Interest expense rose $82 million, or 12.9%, and other expense rose $64 million, including a $54 million loss on a transaction-related rate lock[2].

Cash flow was steadier than the income statement. Fiscal 2026 operating cash flow was $2.6 billion, versus $2.5 billion a year earlier, capital expenditures fell $206 million to about $700 million, and free cash flow rose $296 million to $2.1 billion[10]. Sysco paid about $1.0 billion in dividends ($2.16 per share) and spent $200 million to repurchase about 2.23 million shares before suspending buybacks for the acquisition[10]. Debt carried at $13.5 billion at the end of June 2026, and Sysco repaid $1.0 billion of maturing notes in July[8].

Quarterly figures and the new-year guidance set the comparison base for this report. Fourth-quarter fiscal 2026 revenue was $22.12 billion, up 4.7%, with adjusted EPS of $1.53; the prior-year quarter, the first quarter of fiscal 2026, had revenue of $21.15 billion[2] and adjusted EPS of $1.15[6]. For fiscal 2027, Sysco guides to net sales growth of about 6% to 7%, to roughly $90 billion, and adjusted EPS of about $5.02 to $5.12[5], capital expenditures of about $720 million[10], and GAAP interest expense of about $770 million, or about $675 million on an adjusted basis[3].

Operating Model

Sysco's revenue breaks down into case volume times price per case. In fiscal 2026, U.S. Foodservice local case volume grew 1.7% and national case volume 1.3%[7], International local case volume grew about 4.3%, and enterprise product-cost inflation was 3.0%; the company's fiscal 2027 inflation range is 1.5% to 2.0%[4]. Price per case moves with product-cost inflation in the same period, while case volume depends on sales-rep tenure, new-customer wins and customer churn, so it transmits more slowly. The 6% to 7% fiscal 2027 sales guidance is built from about 2.5% local case growth, 1.5% to 2% inflation and roughly 2 percentage points from the 53rd week[3].

Gross margin depends on customer mix, private-label brands and centralized sourcing, while fuel costs add a lag of about a quarter. Fiscal 2026 gross margin rose 10 basis points, which Sysco attributed to strategic sourcing and a better customer mix as local volume outgrew national volume; fourth-quarter gross margin fell 17 basis points because of lapping unusually strong sourcing benefits and higher fuel costs[4]. In August Sysco said fuel-surcharge recovery lags fuel-cost increases by about 90 days[3], while diesel swaps lock in the price of about 80% of fiscal 2027 bulk fuel purchases[11].

Operating profit has little room to spare, so cost per case and U.S. local customers drive profit growth. Operating expenses run at about 14.8% of sales, mainly warehousing, drivers, fleet, fuel and sales consultants, with outbound delivery fuel alone at about 0.5% of sales[11]; the company-wide operating margin is about 3.7%, with U.S. Foodservice at about 6.0%, International at about 2.9% and SYGMA at about 1.1%[2]. In that structure, a 0.1-percentage-point change in gross margin or expense ratio equals about 3% of operating income. Operating expenses rose 5.6% in fiscal 2026, or 5.1% adjusted, mainly from sales headcount investment and incentive compensation[4]; Sysco plans about $100 million of AI and technology cost savings in fiscal 2027, weighted to the second half[3], which leaves limited room for expense improvement in the first quarter.

Operating cash flow roughly equals net income plus depreciation and amortization, plus or minus working capital, and low working-capital needs are the business's cash advantage. Receivables in food distribution turn quickly while supplier payables run longer; in fiscal 2026 receivables created a $263 million unfavorable swing, partly offset by favorable swings of $211 million in payables and $37 million in inventory, and operating cash flow still rose to $2.6 billion[10]. About $1.0 billion of that went to dividends; with buybacks suspended, Sysco says fiscal 2027 cash will go first to dividends and then to rapid deleveraging after JRD closes[5].

Industry and Competitive Position

Sysco holds the top position by scale in a highly fragmented industry. The company describes itself as the U.S. foodservice-distribution market-share leader and says it leads peers in sales, gross margin, EBITDA margin, free cash flow and return on invested capital[2]. Its main rivals include national distributors US Foods and Performance Food Group plus many regional and specialty distributors; the regional players join purchasing cooperatives and marketing groups to widen reach and buying power, and barriers to entry are low[11].

Low-cost channels are putting more pressure on industry margins. In its annual report Sysco lists club stores, cash-and-carry operators, online food wholesalers and competitors using AI and machine learning as forces that further compress industry margins[11]; healthcare, hospitality and food-management customers also increasingly push prices down through group purchasing organizations[2]. That means Sysco's pricing advantage with local customers is not unchallenged, and local customers are precisely its highest-margin group.

Buying JRD moves Sysco into cash-and-carry, but it also puts the competition question in front of antitrust reviewers. Sysco calls JRD the No. 1 U.S. cash-and-carry operator with an adjusted EBITDA margin of about 13%, versus about 5.2% for Sysco; including $250 million of annualized synergies, the combined adjusted EBITDA margin would be about 6.7%, and Sysco plans more than 125 new U.S. stores[5]. Sysco argues the two businesses serve largely non-overlapping customer channels[3], yet its own annual report lists cash-and-carry as a source of competition that compresses industry margins[11], which is the focus of the review. All of these comparisons are company-defined, and there are no like-for-like competitor margins to check them against.

Core Debates

Beyond an easy comparison, can Sysco hold U.S. local case growth near its 2.5% target?

Local case volume is the core variable for Sysco's profit growth, and the first quarter is the best moment to test it. U.S. Foodservice supplies about 70% of revenue and about 86% of segment profit, and local customers within it carry better pricing and higher margins[2]. Local case volume grew only 1.7% in fiscal 2026, about 0.5% in the first half and about 2.9% in the second, and the 6% to 7% fiscal 2027 sales guidance depends on about 2.5% local case growth[3]. Local case volume was −0.2% in the first quarter of fiscal 2026, or about +0.3% excluding the partial exit from FreshPoint business[7]; that is the easiest comparison of the year, so this quarter best separates a real recovery from a base effect.

Sysco credits its sales force for the recovery, but the base and acquisitions offer another explanation. The company says sales consultants added after fiscal 2025 have gained tenure and productivity, and its AI360 tools have raised new-customer win rates and lowered churn; fourth-quarter local and national case volumes both grew 2.6%, July started well, and full-year growth should hold steady near 2.5%[3], guidance the company reaffirmed on September 9[5]. On the other side, the FreshPoint exit cut more than 50 basis points from the first quarter of fiscal 2026, Ginsberg's, acquired in December 2025, adds to case volume, restaurant traffic declined year over year in fiscal 2026, and Sysco expects fiscal 2027 conditions to resemble fiscal 2026[4]. Among national customers, weakness at chain restaurants is offset by healthcare, education and food management, and if national volume grows faster than local volume it dilutes gross margin[3].

Local case volume affects profit through both sales and gross margin. Sales-rep tenure and AI360 tools first act on new-customer wins, churn and share of existing customers' purchases, and then show up as local case volume; local cases times price per case, including 1.5% to 2.0% inflation, form U.S. Foodservice sales, and a rising local share improves gross margin[4]. What remains unresolved is that Sysco does not separately disclose the acquisition contribution to local cases, the local share of revenue or price per case, so outsiders can judge the quality of the recovery only through management's framing.

The question for this report is whether local case growth clearly exceeds 2.5% against the easy base. Watch whether U.S. local case growth is at least 2.5% and what it is excluding acquisitions, whether national case volume stays positive, whether enterprise inflation lands near 1.5% to 2.0%, where total sales fall against the roughly $22 billion consensus[6], and how management describes restaurant traffic and trends since October. First-quarter local case growth below 1.5% would show that the fourth-quarter recovery was mainly a base effect, and local growth excluding Ginsberg's that sits well below the reported figure would show that growth relies mainly on acquisitions.

Can a stable gross margin and AI-driven cost cuts restart profit growth in Sysco's U.S. business?

Sysco's profit equation is thin, so small changes in gross margin and expense ratio are amplified in EPS. Gross margin is about 18.5%, operating expenses about 14.8% of sales and operating margin about 3.7%, so a 0.1-percentage-point change in gross margin or expense ratio equals about 3% of operating income[2]. U.S. adjusted operating income grew only 0.7% in fiscal 2026, and company-wide adjusted EPS grew 3.4% to $4.61[2]; most of the 9% to 11% growth in fiscal 2027 guidance depends on the second half's 53rd week, about $100 million of cost savings and better private-label mix[5]. The first quarter cannot validate the full-year target, but it can show whether the gross-margin decline has stopped and whether expense growth is starting to converge.

Sysco offers an optimistic explanation for gross margin, but a "deliberate price concession" reading is equally plausible. Fourth-quarter enterprise gross margin fell 17 basis points, which Sysco attributed to unusually strong prior-year sourcing benefits and higher fuel costs[4], and in August it said both pressures would ease in fiscal 2027[3]. On private label, Sysco-brand penetration among U.S. Broadline local customers fell 45 basis points to 45.8% in fiscal 2026[7], while the company says it rose 30 basis points year over year to 46.4% in the fourth quarter and uses AI pricing and substitution tools to steer customers toward cheaper Sysco brands[3]. On expenses, operating expenses rose 5.6% in fiscal 2026[4], and in September Sysco widened its cost-out target to at least $500 million by fiscal 2029 and tied achievement to its long-term equity incentive program[5]. The alternative reading is that Sysco, to protect local share while restaurant traffic falls, has absorbed part of inbound fuel and cost increases (the company acknowledged in August that it "absorbed some" costs to stay price-competitive)[3], which would keep margin pressure in place while cost cuts merely move spending from the sales line back to the income statement.

This debate reaches EPS through gross margin and cost per case. Local-customer mix and private-label penetration set gross margin, sourcing benefits and inbound fuel set cost of goods per case, and sales staffing, warehouse and fleet efficiency and AI cost cuts set operating expense per case; together they determine U.S. Foodservice adjusted operating income and then adjusted EPS[7]. Sysco does not disclose private-label penetration in writing each quarter or the absolute level of cost per case, so the breakdown of any gross-margin change relies on management's qualitative attribution, which is the largest uncertainty today.

What to watch in the first quarter is the gap between gross margin and expense growth. Watch where adjusted EPS lands against $1.18 to $1.20 guidance and whether the $5.02 to $5.12 full-year range holds[5], how enterprise gross margin moves against roughly 18.45% a year earlier and why, the gap between adjusted operating-expense growth and gross-profit growth, whether local private-label penetration extends its fourth-quarter year-over-year gain, and the specific projects and timing behind the $100 million of savings. A year-over-year gross-margin decline of more than 15 basis points in the first quarter would show the pressure persists, and adjusted operating-expense growth more than 1 percentage point above gross-profit growth would show expenses are not converging.

With financing costs arriving before the Restaurant Depot deal closes, will approval and closing stay on schedule?

This is the largest acquisition in Sysco's history, and the closing date decides how long the company carries the financing cost alone. The roughly $29.1 billion price is more than twice Sysco's $13.5 billion of debt at the end of fiscal 2026[8]; Sysco says JRD's adjusted EBITDA margin is about 13% and expects mid-to-high single-digit adjusted EPS accretion in year one and low-to-mid-teens accretion in year two[5]. To pay for it, Sysco suspended buybacks and will repurchase no stock in fiscal 2027, and bridge-loan fees have started flowing into interest expense[10]; in September it also issued bonds and stock ahead of closing[5]. Whether the deal closes on time determines how soon JRD's earnings can cover these financing costs.

Sysco says approval is on track, but antitrust reviewers could treat the two formats as one market. In August Sysco said it had received a second request for information from the Federal Trade Commission (FTC) in the fourth quarter, argued that cash-and-carry and Sysco's delivery model serve largely non-overlapping customer channels, and committed not to raise prices at existing Restaurant Depot stores[3]; on September 9 it reaffirmed that the deal should close by the third quarter of fiscal 2027[5]. On financing, the $22 billion bridge commitment fell to $19 billion after Sysco signed a $3 billion delayed-draw term loan, upfront fees paid through August 4 totaled $126 million, and the bridge is expected to add about $96 million of interest expense in fiscal 2027[8]; in September Sysco completed most of its permanent financing through stock plus multi-currency senior and subordinated notes, with exact amounts to be confirmed in the first-quarter 10-Q[5]. In the other scenario, reviewers treat food distribution and cash-and-carry as the same market and require store divestitures or delay closing, while pre-closing interest, a larger share count and suspended buybacks make standalone EPS guidance harder to meet than it looks.

This debate transmits through interest, share count and post-closing earnings. Approval and closing timing set how much financing interest and bridge fees Sysco carries before closing (GAAP interest, partly excluded as Certain Items); after closing, JRD's EBITDA and $250 million of synergies determine EPS accretion and the pace of deleveraging[5]; new shares raise the share count, and suspended buybacks mean that dilution is not offset[10]. Fiscal 2026 interest expense already rose $82 million, or 12.9%, including about $30 million of bridge-fee amortization[8]. The FTC's conclusion and the exact size of the September financing remain unresolved.

Debt and interest data in the first-quarter report are the direct evidence on this debate. Watch management's latest description of its response to the FTC second request and of closing timing, quarter-end debt, cash and remaining bridge commitments, GAAP and adjusted interest expense and whether the full-year guidance of about $770 million and $675 million changes[3], the EPS effect of the higher share count, and JRD's latest sales and margins. Closing later than the third quarter of fiscal 2027 or a required store divestiture would show approval running behind Sysco's expectations, and adjusted interest expense clearly above the roughly $675 million full-year guidance would show the pre-closing financing drag exceeding the original plan.

Risks and Falsifiers

Labor-contract renewals are a specific fiscal 2027 risk. About 14% of employees are represented by unions, and collective bargaining agreements covering about 26% of union U.S. employees and 22% of union international employees are subject to renegotiation in fiscal 2027[11]; warehouse and driver strikes would interrupt deliveries to local customers and raise labor costs. That would hit operating expenses, which are dominated by people costs (U.S. Foodservice operating expenses were $7.72 billion in fiscal 2026), and service disruption would also push up local-customer churn[7]. If the main expiring contracts are renewed on schedule, no stoppage affects service levels and Sysco does not change guidance over labor costs, this risk can be ruled out.

Sustained price pressure from low-cost channels and regional distributors would erode Sysco's gross margin and cost efficiency. Cash-and-carry, club stores and online wholesalers force Sysco to cut prices for local customers or spend more on sales[11], and at an operating margin of about 3.7%, a 0.1-percentage-point drop in gross margin equals about $85 million of annual gross profit[2]. If local case growth holds near 2.5% while gross margin does not fall year over year, Sysco is not being forced to trade growth for price.

Missing the roughly 2.5% local case target would hit both revenue and gross margin. U.S. Foodservice sales are about $58.8 billion, and assuming local accounts for more than half of that, each 1 percentage point of local case shortfall affects about $300 million of annual revenue and drags on gross margin through customer mix[7]. First-quarter U.S. local case growth of at least 2.5%, and at least 2% excluding acquisitions, would falsify the concern that the second-half recovery came mainly from easy comparisons and acquisitions.

Absorbing inbound and fuel costs could cancel out the cost-savings benefit. On roughly $90 billion of annual revenue, each 10-basis-point drop in enterprise gross margin removes about $90 million of gross profit, close to the $100 million fiscal 2027 savings target[4]. If first-quarter gross margin is flat or higher year over year and adjusted operating income grows faster than sales, the savings are not being eaten by margin decline.

A longer antitrust review or divestiture conditions would extend the pre-closing financing burden without any JRD earnings. The bridge loan is expected to add about $96 million of interest in fiscal 2027, and interest on permanent financing for the $21.6 billion cash consideration starts accruing before closing[8], while the buyback suspension means fiscal 2027 dilution will not be offset by repurchases[10]. If Sysco keeps the closing target of the third quarter of fiscal 2027, the FTC does not sue and adjusted interest guidance stays near $675 million, this risk is largely resolved.

What to Watch Next

The three core debates reduce to a short set of checks for this report and the next few quarters:

• Local case growth: U.S. local case volume grew 1.7% in fiscal 2026, −0.2% in the first quarter of fiscal 2026 and 2.6% in the fourth quarter. At least 2.5% in the first quarter, including after acquisitions are stripped out, would confirm the recovery; below 1.5% would point to a base effect.
• Inflation and sales: fourth-quarter inflation was 2.8% and fiscal 2026 inflation 3.0%, against prior-year first-quarter sales of $21.15 billion. Inflation near 1.5% to 2.0% and sales against the $22.02 billion consensus matter; sales below consensus alongside weak local cases would weaken the case.
• Gross margin: about 18.45% in the prior-year quarter and down 17 basis points in the fourth quarter. A year-over-year decline of more than 15 basis points would show persistent pressure.
• Expenses and EPS: adjusted operating expenses rose 5.1% in fiscal 2026 and prior-year first-quarter adjusted EPS was $1.15. Expense growth more than 1 percentage point above gross-profit growth would falsify convergence; EPS is measured against $1.18 to $1.20 guidance.
• FTC review and closing: a second request has been received and closing is planned by the third quarter of fiscal 2027. A delay or store divestiture would weaken the deal case.
• Interest and bridge commitments: the bridge commitment stands at $19 billion and adjusted interest guidance at about $675 million. Adjusted interest clearly above guidance would weaken the case.

Conclusion

Sysco's earnings depend on U.S. local case volume, gross margin and cost per case, and none of the three delivered enough growth in fiscal 2026. Revenue was $84.55 billion, up 3.9%, operating income was essentially flat at $3.095 billion, and adjusted EPS of $4.61 grew only 3.4%[2]; free cash flow held steady at $2.1 billion[10], but that cash is shifting from buybacks to an acquisition worth about $29.1 billion[8]. The central unresolved relationship is whether local case growth can return to about 2.5% without sacrificing gross margin, and whether AI cost savings reach the income statement before pre-closing financing costs rise.

Between the August 21 annual report and November 1, independent outside analysis that can be verified at the source and that specifically assesses first-quarter local cases or gross margin has not appeared. The outside coverage found in that window consists mainly of factual reports on financing, dividends, the AI cost-savings program and the end of a strike at a Los Angeles facility, and several institutions' credit and equity rating actions are not independent judgments on the operating questions. Judgments on these questions therefore rest for now on company disclosures and guidance, and management's explanations of local cases and gross margin remain claims to be tested.

Over the next few quarters, the current understanding of Sysco's operating improvement would be clearly strengthened if U.S. local case growth holds near 2.5% excluding acquisitions, gross margin stops falling year over year and adjusted operating-expense growth drops below gross-profit growth, while the JRD deal closes on schedule by the third quarter of fiscal 2027 and adjusted interest expense stays within roughly $675 million guidance. Conversely, if local case growth slips below 1.5%, gross margin falls more than 15 basis points year over year, or approval is delayed or comes with divestiture conditions, the 9% to 11% full-year EPS growth guidance would rest mainly on the 53rd week and savings not yet realized, and that understanding would be weakened.

Sources

[1] Drillr earnings calendar SYY updated 2026-10-31 · 2026-10-31 · Drillr earnings calendar

[2] SYY FY2026 10-K filed 2026-08-21 · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[3] SYY Q4 FY2026 earnings call 2026-08-04 · 2026-08-04 · Earnings call · https://gateway.drillr.ai/mcp/private

[4] SYY FY2026 10-K trends and fiscal 2027 outlook · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[5] SYY 8-K filed 2026-09-09 guidance reaffirmation · 2026-09-09 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000096021&type=8-K

[6] Drillr analyst consensus SYY Q1 FY2027 retrieved 2026-10-30 · 2026-10-30 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[7] SYY FY2026 10-K U.S. Foodservice results · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[8] SYY FY2026 10-K Jetro Restaurant Depot merger and financing · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[9] SYY FY2026 10-K customers and key performance indicators · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[10] SYY FY2026 10-K liquidity, cash flow and capital returns · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/

[11] SYY FY2026 10-K fuel, labor and competition risks · 2026-08-21 · 10-K · https://www.sec.gov/Archives/edgar/data/96021/000009602126000033/