Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Sysco Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-K (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-Q (reporting date: 2021-10-02), 10-K (reporting date: 2021-07-03), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-K (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-K (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29).
- Sales
- Sales figures showed a relatively stable pattern from late 2018 through early 2020, averaging around 14,500 to 15,500 million USD. A notable decline occurred in the second quarter of 2020, coinciding with 8,867 million USD, likely reflecting external disruptions. Following this drop, sales exhibited a significant recovery and strong upward trend, surpassing pre-2020 levels from mid-2021 onward, reaching a peak of 20,556 million USD by mid-2024.
- Cost of Sales
- Cost of sales followed a similar trend as sales, with values ranging between approximately 11,900 million USD and 12,500 million USD before the mid-2020 dip. The cost substantially decreased in the second quarter of 2020, proportionally aligned with the sales decline, and then increased steadily in subsequent quarters. By mid-2024, cost of sales reached 16,719 million USD, reflecting increased business activity and inflationary pressures.
- Gross Profit
- Gross profit generally mirrored sales trends, maintaining a level between 2,700 and 3,000 million USD before the disruption in early 2020. The gross profit sharply contracted in the second quarter of 2020 to 1,566 million USD, then rebounded robustly to exceed prior levels from late 2021 onward. The highest gross profit in the data set was 3,838 million USD in mid-2024, indicating improved profitability or pricing power post-recovery.
- Operating Expenses
- Operating expenses remained relatively stable from late 2018 through the first quarter of 2020, generally around 2,200 to 2,300 million USD. There was a moderate reduction during the second and third quarters of 2020, likely corresponding with lower activity levels. However, expenses increased steadily from late 2021, peaking near 2,861 million USD by mid-2024, possibly reflecting reinvestment during the growth phase and inflation impacts.
- Operating Income
- Operating income showed variability, with consistent positive results before 2020, ranging mostly between 450 and 720 million USD. A sharp decline is observed in the second quarter of 2020, with operating income turning negative to -532 million USD, indicating operational challenges. Subsequently, operating income recovered, surpassing previous highs with a notable peak of 976 million USD by mid-2024, suggesting enhanced operational efficiency or margin improvement in the recovery period.
- Interest Expense
- Interest expense remained relatively stable and moderate through 2018 to early 2020, around 80 to 90 million USD. A significant spike occurred in the last quarter of 2020, reaching 441 million USD, followed by fluctuations with elevated values compared to earlier periods. This may indicate increased borrowings or refinancing activities during the period impacted by market disruptions.
- Other Income (Expense), Net
- Other income and expenses displayed more volatility, generally close to zero but showing several negative spikes, notably -330 million USD at the end of 2022. Positive values appeared sporadically, with a high of 124 million USD in mid-2023. These fluctuations suggest occasional gains or losses from non-operating activities.
- Earnings Before Income Taxes (EBIT)
- EBIT replicated operating income trends but with additional product effects from interest and other incomes/expenses. It dipped sharply into negative territory in mid-2020 (-736 million USD) and showed fluctuations thereafter. From mid-2021, EBIT recovered and exhibited an ascending trajectory, reaching 803 million USD by mid-2024, pointing to improved overall profitability.
- Income Taxes
- Income tax figures fluctuated throughout the period, ranging between negative and positive values, with some quarters recording tax benefits (positive values) and others tax expenses. Notably, tax expenses were lower or turned negative during periods of losses, such as mid-2020 and late 2022, consistent with taxable income variability.
- Net Earnings
- Net earnings followed a similar cyclical pattern to EBIT and operating income. Earnings were positive and stable from 2018 to early 2020 but dropped to a loss of -618 million USD in the second quarter of 2020. This was followed by a strong recovery and a sustained increase through mid-2024, peaking at 734 million USD in mid-2023. This illustrates resilience and successful recovery efforts post-disruption, with profitability exceeding pre-crisis levels in later periods.