Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Sysco Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Goodwill	5,153)	4,646)	4,542)	3,944)	3,732)	3,896)
Customer relationships	1,502)	1,284)	1,281)	1,125)	1,049)	1,053)
Non-compete agreements	28)	26)	22)	20)	23)	12)
Trademarks	151)	147)	148)	14)	14)	15)
Other	10)	—)	—)	—)	—)	—)
Amortizable intangible assets, gross carrying amount	1,691)	1,457)	1,451)	1,159)	1,086)	1,079)
Accumulated amortization	(807)	(726)	(623)	(569)	(450)	(373)
Amortizable intangible assets, net	884)	731)	828)	590)	635)	706)
Trademarks	303)	127)	123)	155)	144)	150)
Licenses	1)	1)	1)	1)	1)	1)
Indefinite-lived intangible assets	304)	128)	124)	156)	145)	151)
Intangible assets	1,188)	860)	953)	746)	780)	857)
Goodwill and other intangibles	6,341)	5,505)	5,495)	4,690)	4,513)	4,754)

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Sysco Corp. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Sysco Corp. intangible assets decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Goodwill and other intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Sysco Corp. goodwill and other intangibles increased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., adjustments to financial statements

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Adjustment to Total Assets
Total assets (as reported)	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Less: Goodwill	5,153)	4,646)	4,542)	3,944)	3,732)	3,896)
Total assets (adjusted)	19,764)	18,175)	17,543)	17,469)	18,896)	14,070)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Less: Goodwill	5,153)	4,646)	4,542)	3,944)	3,732)	3,896)
Shareholders’ equity (adjusted)	(3,293)	(2,637)	(3,160)	(2,391)	(2,574)	(1,394)
Adjustment to Net Earnings
Net earnings (as reported)	1,955)	1,770)	1,359)	524)	215)	1,674)
Add: Goodwill impairment	—)	—)	—)	—)	203)	—)
Net earnings (adjusted)	1,955)	1,770)	1,359)	524)	419)	1,674)

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

Sysco Corp., Financial Data: Reported vs. Adjusted

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Sysco Corp., adjusted financial ratios

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Net Profit Margin
Reported net profit margin	2.48%	2.32%	1.98%	1.02%	0.41%	2.79%
Adjusted net profit margin	2.48%	2.32%	1.98%	1.02%	0.79%	2.79%
Total Asset Turnover
Reported total asset turnover	3.16	3.34	3.11	2.40	2.34	3.35
Adjusted total asset turnover	3.99	4.20	3.91	2.94	2.80	4.27
Financial Leverage
Reported financial leverage	13.40	11.36	15.98	13.79	19.53	7.18
Adjusted financial leverage	—	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	105.11%	88.13%	98.30%	33.76%	18.60%	66.90%
Adjusted ROE	—	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	7.85%	7.76%	6.15%	2.45%	0.95%	9.32%
Adjusted ROA	9.89%	9.74%	7.75%	3.00%	2.22%	11.90%

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Sysco Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Sysco Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Sysco Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., Financial Ratios: Reported vs. Adjusted

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	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Profitability Ratio
Net profit margin¹	2.48%	2.32%	1.98%	1.02%	0.41%	2.79%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,955)	1,770)	1,359)	524)	419)	1,674)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Profitability Ratio
Adjusted net profit margin²	2.48%	2.32%	1.98%	1.02%	0.79%	2.79%

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

2024 Calculations

¹ Net profit margin = 100 × Net earnings ÷ Sales
= 100 × 1,955 ÷ 78,844 = 2.48%

² Adjusted net profit margin = 100 × Adjusted net earnings ÷ Sales
= 100 × 1,955 ÷ 78,844 = 2.48%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Sysco Corp. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Total assets	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Activity Ratio
Total asset turnover¹	3.16	3.34	3.11	2.40	2.34	3.35
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Adjusted total assets	19,764)	18,175)	17,543)	17,469)	18,896)	14,070)
Activity Ratio
Adjusted total asset turnover²	3.99	4.20	3.91	2.94	2.80	4.27

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

2024 Calculations

¹ Total asset turnover = Sales ÷ Total assets
= 78,844 ÷ 24,917 = 3.16

² Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 78,844 ÷ 19,764 = 3.99

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Sysco Corp. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Solvency Ratio
Financial leverage¹	13.40	11.36	15.98	13.79	19.53	7.18
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	19,764)	18,175)	17,543)	17,469)	18,896)	14,070)
Adjusted shareholders’ equity	(3,293)	(2,637)	(3,160)	(2,391)	(2,574)	(1,394)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

2024 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 24,917 ÷ 1,860 = 13.40

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 19,764 ÷ -3,293 = —

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	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Profitability Ratio
ROE¹	105.11%	88.13%	98.30%	33.76%	18.60%	66.90%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,955)	1,770)	1,359)	524)	419)	1,674)
Adjusted shareholders’ equity	(3,293)	(2,637)	(3,160)	(2,391)	(2,574)	(1,394)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—	—

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

2024 Calculations

¹ ROE = 100 × Net earnings ÷ Shareholders’ equity
= 100 × 1,955 ÷ 1,860 = 105.11%

² Adjusted ROE = 100 × Adjusted net earnings ÷ Adjusted shareholders’ equity
= 100 × 1,955 ÷ -3,293 = —

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	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Total assets	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Profitability Ratio
ROA¹	7.85%	7.76%	6.15%	2.45%	0.95%	9.32%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,955)	1,770)	1,359)	524)	419)	1,674)
Adjusted total assets	19,764)	18,175)	17,543)	17,469)	18,896)	14,070)
Profitability Ratio
Adjusted ROA²	9.89%	9.74%	7.75%	3.00%	2.22%	11.90%

Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).

2024 Calculations

¹ ROA = 100 × Net earnings ÷ Total assets
= 100 × 1,955 ÷ 24,917 = 7.85%

² Adjusted ROA = 100 × Adjusted net earnings ÷ Adjusted total assets
= 100 × 1,955 ÷ 19,764 = 9.89%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Sysco Corp. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Sysco Corp. (NYSE:SYY)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Sysco Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Sysco Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)