Sysco Corp. Q4 FY2024 results: revenue $20.6 billion, up 4.2% on the year

Sysco Corp. (SYY) reported revenue of $20.6 billion for Q4 FY2024, the quarter ended 29 June 2024, up 4.2% on the same quarter a year earlier. Net income was $612 million, down 16.6% on the year, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2024.

Revenue$20.6 billionup 4.2%

Net income$612 milliondown 16.6%

Diluted EPS$1.23

QuarterQ4 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	20,556	19,380	n/a	n/a
Cost of revenue	16,719	15,770	n/a	n/a
Gross profit	3,838	3,609	n/a	n/a
Gross margin	18.7%	18.6%	n/a
Operating income	976	722	n/a	n/a
Operating margin	4.7%	3.7%	n/a
Pre-tax income	803	554	n/a	n/a
Income tax	192	129	n/a	n/a
Effective tax rate	23.9%	23.3%	n/a
Net income	612	425	n/a	n/a
Net margin	3.0%	2.2%	n/a
Diluted EPS	$1.23	$0.85	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	1,616	517	n/a	n/a
Capital expenditure	302	183	n/a	n/a
Free cash flow	1,314	334	n/a	n/a
Free cash flow margin	6.4%	1.7%	n/a
Share-based compensation	27.3	23.9	n/a	n/a
Buybacks	532	500	n/a	n/a
Dividends paid	250	253	n/a	n/a
Dividend per share	n/a	$0.50	n/a	n/a
Diluted shares, weighted	503m	502m	n/a	n/a
Shares outstanding at period end	492m	498m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Total assets	24,917	24,712	n/a	n/a
Cash and equivalents	696	598	n/a	n/a
Goodwill	5,153	5,221	n/a	n/a
Long-term debt including finance leases	11,513	12,113	n/a	n/a
Operating lease liabilities	838	791	n/a	n/a
Finance lease liabilities	307	n/a	n/a	n/a
Shareholders' equity	1,860	2,101	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	19,620	19,288	19,380	20,556	20,484	20,151	19,598	21,137	21,148	20,762	20,519	22,124
Cost of revenue	15,973	15,774	15,770	16,719	16,731	16,501	16,017	17,152	17,247	16,970	16,707	17,990
Gross profit	3,648	3,514	3,609	3,838	3,753	3,650	3,581	3,985	3,901	3,792	3,812	4,134
Gross margin	19%	18%	19%	19%	18%	18%	18%	19%	18%	18%	19%	19%
Operating income	804	700	722	976	808	712	681	887	800	692	619	984
Operating margin	4%	4%	4%	5%	4%	4%	3%	4%	4%	3%	3%	4%
Pre-tax income	663	545	554	803	642	533	523	717	600	510	445	721
Tax rate	24%	24%	23%	24%	24%	24%	23%	26%	21%	24%	24%	23%
Net income	503	415	425	612	490	406	401	531	476	389	340	552
Net margin	3%	2%	2%	3%	2%	2%	2%	3%	2%	2%	2%	2%
Diluted EPS	$0.99	$0.82	$0.85	$1.23	$0.99	$0.82	$0.82	$1.10	$0.99	$0.81	$0.71	$1.15
Operating cash flow	87.2	769	517	1,616	53.0	445	819	1,193	86.0	525	852	1,175
Capital expenditure	171	175	183	302	122	211	199	374	160	140	161	239
Free cash flow	-84.2	593	334	1,314	-69.0	234	620	819	-74.0	385	691	936
Buybacks	100.0	100.0	500	532	108	192	400	550	0.0	0.0	200	0.0
Dividends paid	253	253	253	250	251	252	249	248	259	259	260	259
Shares outstanding	504m	498m	498m	492m	491m	489m	485m	478m	479m	479m	478m	479m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 29 June 2024, filed 28 August 2024, accession 0000096021-24-000128: the filing on EDGAR. All of Sysco Corp.'s filings: EDGAR company page.

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