Sysco (SYY) FY2021 results: revenue $51.3 billion, down 3.0% on the year
Sysco Corp. (SYY) reported revenue of $51.3 billion for fiscal 2021, the year ended 3 July 2021, down 3.0% on the year before. Net income was $524 million, up 143.3%, and diluted earnings per share $1.02. The figures are the company's own, from the 10-K it filed with the SEC on 30 August 2021.
Revenue
$51.3 billion
-3.0% on the year
FY2014FY2021
Operating margin
2.8%
1.4% a year earlier
FY2014FY2021
Net income
$524 million
+143.3% on the year
FY2014FY2021
Diluted EPS
$1.02
+142.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
51,298
52,893
60,114
-3.0%
Cost of revenue
41,941
42,992
48,705
-2.4%
Gross profit
9,357
9,902
11,409
-5.5%
Gross margin
18.2%
18.7%
19.0%
Operating income
1,447
750
2,330
+93.1%
Operating margin
2.8%
1.4%
3.9%
Pre-tax income
585
293
2,006
+99.3%
Income tax
60.5
77.9
332
-22.3%
Effective tax rate
10.3%
26.6%
16.5%
Net income
524
215
1,674
+143.3%
Net margin
1.0%
0.4%
2.8%
Diluted EPS
$1.02
$0.42
$3.20
+142.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,904
1,619
2,411
+17.6%
Capital expenditure
471
720
692
-34.7%
Free cash flow
1,433
898
1,719
+59.5%
Free cash flow margin
2.8%
1.7%
2.9%
Cash from investing
-429
-756
-743
Cash from financing
-4,628
4,720
-1,837
Depreciation and amortisation
738
806
764
-8.4%
Share-based compensation
95.8
42.2
105
+126.9%
Buybacks
0.0
845
1,022
Dividends paid
918
856
775
+7.2%
Dividend per share
$1.82
$1.74
$1.53
+4.6%
Diluted shares, weighted
514m
514m
523m
-0.1%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
1,553
1,159
2,503
+34.0%
Redeemable equity
34.6
34.3
35.4
+0.9%
Debt
11,083
14,447
8,163
-23.3%
Operating lease liabilities
634
523
n/a
+21.2%
Finance lease liabilities
51.3
68.9
n/a
-25.6%
Other liabilities
8,057
6,396
7,265
+26.0%
Total liabilities and equity
21,414
22,628
17,967
-5.4%
Fixed assets
4,326
4,459
4,502
-3.0%
Goodwill
3,944
3,732
3,896
+5.7%
Intangible assets
746
780
857
-4.4%
Securities held for sale or to maturity
130
116
120
+11.5%
Cash and equivalents
3,007
6,059
513
-50.4%
Other assets
9,260
7,481
8,078
+23.8%
Total assets
21,414
22,628
17,967
-5.4%
10-K for the year ended 3 July 2021, filed 30 August 2021: the filing.