SYSCO CORP SEC Filings

SYSCO CORP senior vice president Stephen Dale Higgs reported routine equity compensation activity involving restricted share units (RSUs). On May 1, 2026, he acquired 220 shares of Common Stock through an exercise or conversion of derivative securities related to RSUs granted in April 2023 under the 2018 Omnibus Incentive Plan. On the same date, 87 shares were disposed of and withheld to cover tax withholding obligations upon RSU vesting, rather than being sold in the open market. After these transactions, he held 8,067.805 shares of SYSCO common stock directly.

Sysco Corp ownership filing shows Vanguard Capital Management reported beneficial ownership of 36,009,782 shares of Common Stock, equal to 7.51% of the class as of 03/31/2026. The filing states Vanguard has sole dispositive power over 36,009,782 shares and sole voting power for 4,898,475 shares. The filing is signed on 04/30/2026.

Vanguard Portfolio Management reported beneficial ownership of 26,859,562 shares of Sysco Corp common stock, representing 5.60% of the class as of 03/31/2026. The filing states Vanguard has 94,329 shares of sole voting power and 26,859,562 shares of sole dispositive power. The filing attributes ownership to Vanguard Portfolio Management LLC and specified affiliates.

Sysco Corporation discussed quarterly results and its proposed acquisition of Jetro Restaurant Depot in an April 28, 2026 interview with CEO Kevin Hourican. Sysco reported adjusted EPS of $0.94, said local restaurant volumes were up 3.3%, and reaffirmed full-year adjusted EPS guidance of $4.50–$4.60, indicating management expects to deliver near the high end. Management described the $29 billion acquisition as a complementary channel (like “Costco for restaurants”), highlighted that the deal is projected to be day-one accretive and year-two mid-teens accretive, and presented pro forma scale metrics including 20% more revenue, 45% more EBITDA, and 55% more free cash flow. CEO Hourican acknowledged investor concerns about leverage after citing roughly $20–$21 billion of debt related comments and detailed confidence in regulatory clearance based on distinct channel economics. The communication includes customary forward-looking statement disclosures and references forthcoming SEC filings related to the transaction.

Sysco Corporation delivered modest top-line growth but lower profit in its fiscal Q3 2026 while announcing a transformative acquisition. Quarterly sales rose to $20.5 billion, up 4.7% from a year earlier, driven by higher case volumes across U.S. and international foodservice operations. Gross profit grew 6.5%, but operating income fell 9.1% to $619 million as incentive compensation, restructuring, transformation projects, and acquisition-related costs increased. Net earnings declined 15.2% to $340 million, with diluted EPS down to $0.71. For the first 39 weeks, sales reached $62.4 billion, up 3.6%, while operating income slipped to $2.1 billion and net earnings to $1.2 billion.

Cash generation remained solid: Sysco produced $1.46 billion in operating cash flow over 39 weeks, boosting cash, cash equivalents and restricted cash to $2.06 billion and total assets to $28.0 billion. Total debt rose to $14.0 billion, and interest expense for the period increased 9.2% to $512 million. The company continued returning capital via dividends of $0.54 per share in the quarter and share repurchases of $200 million year-to-date, while basic shares outstanding declined to about 479 million.

Sysco also detailed a planned acquisition of Jetro Restaurant Depot for approximately $29.1 billion, including $21.6 billion in cash and 91.5 million Sysco shares, after which JRD holders are expected to own about 16% of Sysco. The cash portion is backed by a $19 billion bridge loan commitment and a new $3 billion delayed draw term loan facility, alongside future permanent financing. A new revolving credit facility will expand to $4.0–5.0 billion post-closing. The deal is targeted to close by Q3 fiscal 2027, subject to regulatory approval; failure to obtain clearance would trigger a $1.164 billion termination fee.

Sysco announced details on its pending acquisition of Jetro Restaurant Depot, targeting $250 million of net cost synergies and planning to open 125 net new Restaurant Depot locations over time (about five to six net new stores per year for 25 years). Management expects the deal to be immediately accretive, in the top quartile for year‑one and year‑two earnings accretion, and to close by approximately Q3 of fiscal 2027. Restaurant Depot reported ~4% volume growth in its most recently completed calendar quarter and operating margins “in‑line with expectations.” Sysco says the transaction will increase its local revenue by 1.5x, enable cross‑selling and spur omni‑channel initiatives (click‑and‑collect, same‑day delivery), while noting integration and regulatory risks and committing to run Restaurant Depot as a standalone segment under its current leadership.

Sysco Corporation reported third quarter fiscal 2026 sales of $20.5 billion, up 4.7% from a year earlier, driven by a 2.3% increase in U.S. Foodservice case volume and 3.3% growth in U.S. local volume. Gross profit rose 6.5% to $3.8 billion, lifting gross margin to 18.6%.

Higher operating expenses, including incentive compensation and transformation spending, led operating income to fall 9.1% to $619 million. Net earnings declined 15.2% to $340 million, with diluted EPS down 13.4% to $0.71. On a non-GAAP basis, adjusted operating income slipped 0.6% to $768 million and adjusted EPS edged down 2.1% to $0.94.

Year-to-date, cash flow from operations reached $1.5 billion and free cash flow was $1.1 billion, up 19%. Management reiterated confidence in delivering full-year adjusted EPS at the high end of the $4.50–$4.60 range. Sysco also highlighted its pending acquisition of Jetro Restaurant Depot, which operates 167 U.S. warehouse stores, expected to close by the third quarter of fiscal 2027 subject to regulatory approvals.

Sysco Corporation entered new credit facilities to support its previously announced acquisition of Jetro Restaurant Depot. On April 16, 2026 Sysco and certain subsidiaries executed a $3.0 billion revolving credit agreement (increasing to $4.0 billion at closing, with an option to $5.0 billion) and a $3.0 billion term loan (Tranche A $1.25 billion; Tranche B $1.75 billion). Revolver loans mature April 16, 2031; Tranche A loans mature 364 days from the Closing Date and Tranche B loans mature two years from the Closing Date. Proceeds under the term loan will fund the merger transactions, refinance JRD indebtedness and pay transaction fees; revolver proceeds are for general corporate purposes. The agreements contain customary covenants, events of default and a consolidated EBITDA-to-interest ratio covenant.

Sysco Corporation entered into two new credit agreements to support its operations and the planned acquisition of Jetro Restaurant Depot. The new revolving credit agreement provides lenders’ commitments of $3.0 billion, replacing Sysco’s prior $3.0 billion revolver, and will automatically increase to $4.0 billion after the Jetro Restaurant Depot acquisition closes, with an option to increase total commitments to $5.0 billion. Any borrowings under this revolver will mature on April 16, 2031 and will also continue to backstop Sysco’s commercial paper program.

Sysco also entered a new term loan credit agreement with aggregate lender commitments of $3.0 billion, split into a $1.25 billion Tranche A maturing 364 days from the Jetro closing date and a $1.75 billion Tranche B maturing two years from that closing date. Term loan proceeds will help fund the merger, refinance Jetro-related indebtedness at closing, and pay transaction fees and expenses. Both credit agreements include customary covenants, including a requirement to maintain a specified ratio of consolidated EBITDA to consolidated interest expense, and standard events of default.