Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Sysco Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Current	584)	532)	452)	218)	269)	458)
Deferred	26)	(16)	(64)	(158)	(191)	(127)
Income tax provision	610)	515)	388)	61)	78)	332)

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
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Sysco Corp. current increased from 2022 to 2023 and from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Sysco Corp. deferred increased from 2022 to 2023 and from 2023 to 2024.
Income tax provision	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Sysco Corp. income tax provision increased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., effective income tax rate (EITR) reconciliation

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
U.S. statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
State and local income taxes, net of any applicable federal income tax benefit	3.90%	2.63%	2.41%	2.67%	5.69%	3.35%
Foreign income taxes	-1.00%	-1.08%	-1.88%	-9.99%	-2.46%	-1.42%
Uncertain tax positions	0.10%	0.06%	0.83%	-0.38%	-1.44%	-0.31%
Tax benefit of equity-based compensation	0.10%	-0.11%	-0.16%	-1.07%	-9.77%	-2.07%
Nondeductible impairment charges	0.00%	0.00%	0.00%	0.00%	17.65%	0.00%
Impact of U.S. Tax Reform	0.00%	0.00%	0.00%	0.00%	0.00%	-4.64%
Other	-0.30%	0.05%	0.01%	-1.88%	-4.12%	0.62%
Effective income tax rate	23.80%	22.55%	22.21%	10.35%	26.55%	16.53%

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
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Sysco Corp. effective income tax rate increased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., components of deferred tax assets and liabilities

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Net operating tax loss carryforwards	534)	537)	483)	613)	380)	274)
Operating lease liabilities	237)	171)	162)	181)	—)	—)
Interest carryforwards	228)	205)	170)	—)	—)	—)
Pension	121)	101)	72)	111)	185)	158)
Receivables	52)	51)	43)	54)	100)	17)
Inventory	30)	27)	24)	18)	17)	12)
Deferred compensation	28)	26)	28)	29)	32)	30)
Share-based compensation	27)	24)	30)	26)	21)	39)
Other	67)	61)	89)	115)	45)	51)
Deferred tax assets before valuation allowances	1,324)	1,202)	1,101)	1,148)	779)	581)
Valuation allowances	(278)	(267)	(232)	(227)	(138)	(128)
Deferred tax assets	1,046)	935)	869)	922)	641)	453)
Goodwill and intangible assets	(374)	(364)	(379)	(352)	(330)	(359)
Excess tax depreciation and basis differences of assets	(285)	(238)	(151)	(148)	(170)	(163)
Operating lease assets	(231)	(172)	(161)	(181)	—)	—)
Foreign currency remeasurement losses and currency hedge	(20)	(16)	—)	—)	—)	—)
Other	(36)	(28)	(51)	(35)	(34)	(23)
Deferred tax liabilities	(946)	(817)	(741)	(716)	(534)	(545)
Net deferred tax assets (liabilities)	100)	118)	127)	205)	108)	(91)

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
Deferred tax assets before valuation allowances	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Sysco Corp. deferred tax assets before valuation allowances increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Sysco Corp. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Sysco Corp. net deferred tax assets (liabilities) decreased from 2022 to 2023 and from 2023 to 2024.

Sysco Corp., deferred tax assets and liabilities, classification

US$ in millions

		Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
	Deferred tax assets	445)	420)	378)	353)	194)	81)
	Deferred tax liabilities	345)	303)	250)	147)	87)	172)

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
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Sysco Corp. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Sysco Corp. deferred tax liabilities 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: Noncurrent deferred tax assets, net	445)	420)	378)	353)	194)	81)
Total assets (adjusted)	24,472)	22,401)	21,708)	21,061)	22,434)	17,886)
Adjustment to Total Liabilities
Total liabilities (as reported)	23,026)	20,779)	20,671)	19,826)	21,435)	15,428)
Less: Noncurrent deferred tax liabilities, net	345)	303)	250)	147)	87)	172)
Total liabilities (adjusted)	22,681)	20,476)	20,421)	19,679)	21,349)	15,256)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Less: Net deferred tax assets (liabilities)	100)	118)	127)	205)	108)	(91)
Shareholders’ equity (adjusted)	1,760)	1,891)	1,255)	1,347)	1,051)	2,594)
Adjustment to Net Earnings
Net earnings (as reported)	1,955)	1,770)	1,359)	524)	215)	1,674)
Add: Deferred income tax expense (benefit)	26)	(16)	(64)	(158)	(191)	(127)
Net earnings (adjusted)	1,981)	1,754)	1,294)	366)	24)	1,548)

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	2.51%	2.30%	1.89%	0.71%	0.05%	2.57%
Total Asset Turnover
Reported total asset turnover	3.16	3.34	3.11	2.40	2.34	3.35
Adjusted total asset turnover	3.22	3.41	3.16	2.44	2.36	3.36
Financial Leverage
Reported financial leverage	13.40	11.36	15.98	13.79	19.53	7.18
Adjusted financial leverage	13.90	11.85	17.30	15.63	21.34	6.89
Return on Equity (ROE)
Reported ROE	105.11%	88.13%	98.30%	33.76%	18.60%	66.90%
Adjusted ROE	112.56%	92.74%	103.15%	27.19%	2.30%	59.66%
Return on Assets (ROA)
Reported ROA	7.85%	7.76%	6.15%	2.45%	0.95%	9.32%
Adjusted ROA	8.09%	7.83%	5.96%	1.74%	0.11%	8.65%

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 total 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 financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Sysco Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Sysco Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,981)	1,754)	1,294)	366)	24)	1,548)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Profitability Ratio
Adjusted net profit margin²	2.51%	2.30%	1.89%	0.71%	0.05%	2.57%

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 × 1,981 ÷ 78,844 = 2.51%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Adjusted total assets	24,472)	22,401)	21,708)	21,061)	22,434)	17,886)
Activity Ratio
Adjusted total asset turnover²	3.22	3.41	3.16	2.44	2.36	3.36

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 ÷ 24,472 = 3.22

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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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	24,472)	22,401)	21,708)	21,061)	22,434)	17,886)
Adjusted shareholders’ equity	1,760)	1,891)	1,255)	1,347)	1,051)	2,594)
Solvency Ratio
Adjusted financial leverage²	13.90	11.85	17.30	15.63	21.34	6.89

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
= 24,472 ÷ 1,760 = 13.90

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Sysco Corp. adjusted financial leverage ratio decreased from 2022 to 2023 but then slightly increased 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)
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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,981)	1,754)	1,294)	366)	24)	1,548)
Adjusted shareholders’ equity	1,760)	1,891)	1,255)	1,347)	1,051)	2,594)
Profitability Ratio
Adjusted ROE²	112.56%	92.74%	103.15%	27.19%	2.30%	59.66%

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 × 1,981 ÷ 1,760 = 112.56%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Sysco Corp. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 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)
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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,981)	1,754)	1,294)	366)	24)	1,548)
Adjusted total assets	24,472)	22,401)	21,708)	21,061)	22,434)	17,886)
Profitability Ratio
Adjusted ROA²	8.09%	7.83%	5.96%	1.74%	0.11%	8.65%

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 × 1,981 ÷ 24,472 = 8.09%

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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 Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Sysco Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (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)