Sysco Corp., adjustment to net earnings

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Net earnings (as reported)	1,955)	1,770)	1,359)	524)	215)	1,674)
Add: Change in marketable securities	2)	(2)	(9)	(3)	4)	3)
Net earnings (adjusted)	1,957)	1,768)	1,349)	522)	220)	1,677)

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Sysco Corp., adjusted profitability 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%	1.97%	1.02%	0.42%	2.79%
Return on Equity (ROE)
Reported ROE	105.11%	88.13%	98.30%	33.76%	18.60%	66.90%
Adjusted ROE	105.22%	88.04%	97.62%	33.58%	18.97%	67.01%
Return on Assets (ROA)
Reported ROA	7.85%	7.76%	6.15%	2.45%	0.95%	9.32%
Adjusted ROA	7.85%	7.75%	6.11%	2.44%	0.97%	9.33%

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

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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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,957)	1,768)	1,349)	522)	220)	1,677)
Sales	78,844)	76,325)	68,636)	51,298)	52,893)	60,114)
Profitability Ratio
Adjusted net profit margin²	2.48%	2.32%	1.97%	1.02%	0.42%	2.79%

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 × 1,957 ÷ 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)
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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,957)	1,768)	1,349)	522)	220)	1,677)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Profitability Ratio
Adjusted ROE²	105.22%	88.04%	97.62%	33.58%	18.97%	67.01%

2024 Calculations

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

² Adjusted ROE = 100 × Adjusted net earnings ÷ Shareholders’ equity
= 100 × 1,957 ÷ 1,860 = 105.22%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net earnings	1,957)	1,768)	1,349)	522)	220)	1,677)
Total assets	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Profitability Ratio
Adjusted ROA²	7.85%	7.75%	6.11%	2.44%	0.97%	9.33%

2024 Calculations

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

² Adjusted ROA = 100 × Adjusted net earnings ÷ Total assets
= 100 × 1,957 ÷ 24,917 = 7.85%

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

Sysco Corp. (NYSE:SYY)

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