Cash flow volatility remains a concern, highlighted by a $728 million working capital drain in 2026Q1 and an OCF/NI ratio that fluctuated as low as 0.11 in 2025Q1.
| Metric | TTM | Jun'25 | Jun'24 | Jul'23 | Jul'22 | Jul'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 2.83B | 2.69B | 2.99B | 2.87B | 1.79B | 1.9B | 1.62B | 2.41B | 2.16B | 2.23B | 1.99B | 1.56B | 1.49B | 1.51B | 1.4B | 1.09B | 885.43M | 1.58B | 1.6B | 1.4B | 1.13B | 1.19B | 1.19B | 1.37B | 1.08B | 955.22M | 708.73M | 585.3M | 357.8M | 498.1M | 350.4M |
| Operating CF Margin % | - | 3.3% | 3.79% | 3.76% | 2.61% | 3.71% | 3.06% | 4.01% | 3.67% | 4.03% | 3.95% | 3.2% | 3.21% | 3.4% | 3.31% | 2.78% | 2.38% | 4.28% | 4.25% | 4% | 3.46% | 3.94% | 4.06% | 5.25% | 4.65% | 4.38% | 3.67% | 3.36% | 2.33% | 3.45% | 2.62% |
| Operating CF Growth % | 69.06% | -10.1% | 4.22% | 60.13% | -5.93% | 17.62% | -32.87% | 11.87% | -3.46% | 12.28% | 27.83% | 4.2% | -1.24% | 7.65% | 28.64% | 23.28% | -43.84% | -1.21% | 13.77% | 24.29% | -5.32% | 0.1% | -13.24% | 26.53% | 13.58% | 34.78% | 21.09% | 63.58% | -28.17% | 42.15% | 4.01% |
| Net Income | 1.74B | 1.83B | 1.96B | 1.77B | 1.36B | 524.21M | 215.47M | 1.67B | 1.43B | 1.14B | 949.62M | 686.77M | 931.53M | 992.43M | 1.12B | 1.15B | 1.18B | 1.06B | 1.11B | 1B | 855.33M | 961.46M | 907.21M | 778.29M | 679.79M | 596.91M | 445.59M | 362.27M | 324.8M | 302.5M | 276.9M |
| Depreciation & Amortization | 1.07B | 1.09B | 997M | 889M | 881M | 851.82M | 914.14M | 763.93M | 765.5M | 901.99M | 662.71M | 553.02M | 547.78M | 510.06M | 416.94M | 402.59M | 389.98M | 382.34M | 372.53M | 362.56M | 345.06M | 316.74M | 283.6M | 273.14M | 278.25M | 248.24M | 220.66M | 205M | 181.2M | 160.3M | 144.7M |
| Stock-Based Compensation | 81M | 93M | 104M | 96M | 122M | 95.81M | 42.23M | 104.9M | 93.84M | 83.88M | 79.47M | 73.77M | 74.33M | 70.15M | 70.32M | 59.23M | 66.36M | 56.03M | 80.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -13M | 27M | -16M | -64M | -157.86M | -191.32M | -126.72M | 187.91M | -51.85M | 93.87M | -4.71M | -30.66M | -28.13M | -177.91M | -165.24M | -121.86M | -294.16M | 643.48M | 545.97M | 482.11M | 554.85M | 608.15M | 481.33M | 263.49M | 6.2M | -25.53M | 5.66M | -15.1M | 11.1M | 16.1M |
| Other Non-Cash Items | 374M | 92M | 64M | 364M | 110M | 173.51M | 685.44M | 14.85M | 107.01M | 59.23M | 276.54M | 6.28M | 37.11M | 35.66M | 32.39M | 32.74M | 36.71M | 71.05M | 29.44M | 111.05M | 132.82M | 38.34M | 62.23M | 27.13M | 25.9M | 21.74M | 35.12M | 26.21M | 23.2M | 21.6M | 18.8M |
| Working Capital Changes | -433M | -399M | -158M | -235M | -617M | 416.35M | -47.3M | -20.03M | -429.64M | 96.81M | -73.87M | 240.35M | -67.27M | -68.57M | -59.15M | -389.84M | -665.74M | 305.54M | -636.12M | -617.74M | -686.58M | -679.23M | -670.18M | -187.05M | -162.45M | 82.14M | 32.88M | -13.84M | -156.3M | 2.6M | -106.1M |
| Change in Receivables | -313M | -206M | -110M | -271M | -971M | -662.35M | 915.72M | -203.46M | -37.46M | 20.45M | -27.31M | -11.74M | -236.32M | -193.75M | -106.83M | -252.64M | -166.43M | 188.75M | -128.02M | -134.15M | -162.59M | -72.83M | -177.06M | -218.15M | -32.36M | -83.94M | -118.58M | -144.97M | -162.3M | -40.2M | -123.7M |
| Change in Inventory | -349M | -330M | -70M | -22M | -709M | -551.4M | 114.56M | -114.67M | -89.74M | -113.65M | 66.94M | -125.23M | -195.84M | -180.28M | -99.22M | -254.74M | -106.17M | 177.59M | -110.92M | -95.93M | -119.39M | -35.01M | -162.5M | -69.96M | -17.8M | -54.12M | -56.94M | -61.46M | -48.5M | -6.9M | -56.1M |
| Change in Payables | 314M | 143M | 104M | 196M | 810M | 1.46B | -834.12M | 246.42M | 76.9M | 322.77M | 23.86M | 72.52M | 392.72M | 204.86M | 32.89M | 187.41M | 154.81M | -198.28M | 54.45M | 0 | 0 | 0 | 0 | 0 | 0 | 33.38M | 105.79M | 164.14M | 0 | 0 | 0 |
| Cash from Investing | -814M | -717M | -1.96B | -785M | -1.88B | -428.7M | -756.31M | -742.86M | -910.41M | -3.58B | -769.1M | -654.35M | -576.84M | -911.88M | -903.63M | -679.56M | -656.32M | -658.66M | -555.56M | -648.71M | -609.58M | -413.44M | -683.81M | -681.83M | -630.3M | -338.75M | -459.39M | -261.74M | -335.5M | -213.4M | -224.9M |
| Capital Expenditures | -675M | -906M | -832M | -793M | -633M | -470.68M | -720.42M | -692.39M | -687.82M | -686.38M | -527.35M | -542.83M | -523.21M | -511.86M | -784.5M | -636.44M | -594.6M | -464.56M | -515.96M | -603.24M | -514.24M | -390.2M | -530.09M | -435.64M | -416.39M | -341.14M | -266.41M | -286.69M | -343.8M | -216.2M | -235.9M |
| CapEx % of Revenue | 0.81% | 1.11% | 1.06% | 1.04% | 0.92% | 0.92% | 1.36% | 1.15% | 1.17% | 1.24% | 1.05% | 1.12% | 1.12% | 1.15% | 1.85% | 1.62% | 1.6% | 1.26% | 1.38% | 1.72% | 1.58% | 1.29% | 1.81% | 1.67% | 1.78% | 1.57% | 1.38% | 1.65% | 2.24% | 1.5% | 1.76% |
| Acquisitions | 103M | 174M | -1.21B | -37M | -1.28B | 59.15M | -142.78M | 43.26M | -248.1M | -2.92B | -219.22M | -115.86M | -79.34M | -397.45M | -110.6M | -101.15M | -29.29M | -218.07M | -55.26M | -59.32M | -114.38M | -115.64M | -79.25M | -209.01M | -234.62M | -10.36M | -211.9M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -247M | 18M | 84M | 49M | 38M | 0 | 97.79M | 22.71M | 25.51M | 30.5M | 23.51M | 4.35M | 25.71M | -2.57M | -8.53M | 33.04M | -8.92M | 23.97M | 15.66M | 13.85M | 19.04M | 92.4M | -74.48M | -37.18M | 20.71M | 12.75M | 18.92M | 24.95M | 8.3M | 2.8M | 11M |
| Cash from Financing | -1.55B | -1.59B | -1.04B | -2.06B | -1.99B | -4.63B | 4.72B | -1.84B | -1.41B | -1.68B | -2.46B | 3.9B | -915.86M | -874.21M | -442.65M | -377.91M | -667.03M | -379.64M | -698.58M | -748.25M | -508.62M | -784.59M | -643.35M | -550.53M | -359.98M | -639.86M | -239.51M | -284.55M | -29.6M | -274.8M | -151.7M |
| Debt Issued (Net) | 132M | 573M | 1.11B | -581M | -642M | -3.83B | 6.28B | -269.97M | 328.86M | 729.87M | -42.09M | 4.56B | -158.18M | -137.55M | 352.34M | 177.65M | -3.6M | 496.44M | 199.62M | 17.48M | 327.62M | -42.63M | 107.24M | 73.13M | 240.52M | -113.47M | 39.86M | 7.31M | 310.8M | 101.9M | 142.7M |
| Equity Issued (Net) | -516M | -1.14B | -1.23B | -500M | -500M | 130.37M | -844.7M | -1.02B | -978.9M | -1.89B | -1.95B | 0 | -332.38M | -721.62M | -172.86M | 41.09M | -84.42M | -327.06M | -400.94M | -329.13M | -416.08M | -389.66M | -440.85M | -377.16M | -387.23M | -352.69M | -133.95M | -165.17M | -229.5M | -277.2M | -206.7M |
| Dividends Paid | -1.03B | -1B | -1.01B | -996M | -959M | -917.56M | -856.31M | -775.43M | -722.16M | -698.65M | -698.87M | -695.27M | -667.22M | -648.25M | -622.87M | -597.07M | -579.76M | -548.25M | -497.47M | -445.42M | -397.54M | -357.3M | -309.54M | -261.85M | -213.28M | -173.7M | -145.42M | -126.69M | -110.9M | -99.6M | -87.7M |
| Share Repurchases | -750M | -1.25B | -1.23B | -500M | -500M | 0 | -844.7M | -1.02B | -978.9M | -1.89B | -1.95B | 0 | -332.38M | -721.62M | -272.3M | -291.6M | -179.17M | -438.84M | -529.18M | -550.87M | -544.13M | -597.66M | -608.51M | -478.47M | -473.56M | -428.2M | -186.3M | -203.96M | -263.4M | -305.3M | -232.1M |
| Other Financing | -142M | -22M | 87M | 21M | 114M | -13.21M | 139.82M | 230.16M | -38.27M | 172.31M | 230.47M | 35.81M | 241.92M | 633.21M | 737K | 429K | 768K | -772K | 212K | 8.8M | -22.62M | 5M | -189K | 15.36M | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Net Change in Cash | 357M | 375M | -21M | 35M | -2.11B | -3.06B | 5.56B | -183.6M | -153.66M | -3.05B | -1.38B | 4.72B | 761K | -276.58M | 49.1M | 54.32M | -433.21M | 538.78M | 343.68M | 5.97M | 10.22M | -8.03M | -137.74M | 139.01M | 94.7M | -23.39M | 9.82M | 39.02M | -117.7M | 9.9M | -133.9M |
| Free Cash Flow | 2B | 1.78B | 2.16B | 2.08B | 1.16B | 1.43B | 898.26M | 1.72B | 1.47B | 1.55B | 1.46B | 1.01B | 969.61M | 999.73M | 619.68M | 455.08M | 290.82M | 1.11B | 1.08B | 799.68M | 614.5M | 801.96M | 660.93M | 937.2M | 668.59M | 614.09M | 442.31M | 298.62M | 14M | 281.9M | 114.5M |
| FCF Margin % | 2.39% | 2.19% | 2.74% | 2.72% | 1.69% | 2.79% | 1.7% | 2.86% | 2.5% | 2.79% | 2.9% | 2.08% | 2.08% | 2.25% | 1.46% | 1.16% | 0.78% | 3.02% | 2.88% | 2.28% | 1.88% | 2.65% | 2.25% | 3.59% | 2.86% | 2.82% | 2.29% | 1.71% | 0.09% | 1.95% | 0.85% |
| FCF Growth % | -4.81% | -17.43% | 3.95% | 79.19% | -19.2% | 59.55% | -47.74% | 17.12% | -5.08% | 5.83% | 44.27% | 4.44% | -3.01% | 61.33% | 36.17% | 56.48% | -73.85% | 2.96% | 35.07% | 30.14% | -23.38% | 21.34% | -29.48% | 40.18% | 8.88% | 38.84% | 48.12% | 2032.97% | -95.03% | 146.2% | -15.37% |
| FCF per Share | 4.15 | 3.64 | 4.29 | 4.07 | 2.25 | 2.79 | 1.75 | 3.28 | 2.77 | 2.82 | 2.53 | 1.70 | 1.64 | 1.69 | 1.05 | 0.77 | 0.49 | 1.87 | 1.77 | 1.28 | 0.98 | 1.23 | 1.00 | 1.42 | 0.99 | 0.91 | 0.66 | 0.44 | 0.02 | 0.40 | 0.16 |
| FCF Conversion (FCF/Net Income) | 1.15x | 1.47x | 1.53x | 1.62x | 1.32x | 3.63x | 7.51x | 1.44x | 1.51x | 1.95x | 2.09x | 2.26x | 1.60x | 1.52x | 1.25x | 0.95x | 0.75x | 1.49x | 1.44x | 1.40x | 1.32x | 1.24x | 1.31x | 1.76x | 1.60x | 1.60x | 1.56x | 1.62x | 1.21x | 1.65x | 1.27x |
| Interest Paid | 697M | 629M | 557M | 511M | 498M | 877.51M | 325.31M | 346.67M | 301.67M | 285.02M | 200.17M | 192.94M | 128.86M | 131.66M | 114.07M | 119.05M | 127.41M | 108.61M | 98.33M | 0 | 0 | 0 | 0 | 0 | 0 | 71.79M | 70.98M | 66.71M | 0 | 0 | 0 |
| Taxes Paid | -109M | 640M | 564M | 444M | 450M | 103.55M | 376.61M | 531.1M | 268.38M | 761.38M | 180.56M | 376.51M | 591.33M | 620.13M | 772.49M | 907.72M | 1.14B | 735.77M | 530.17M | 0 | 0 | 0 | 0 | 0 | 0 | 251.57M | 272.02M | 237.99M | 0 | 0 | 0 |
Working capital volatility
According to quarterly cash flow statements, Sysco's OCF/NI ratio exhibits extreme variance, ranging from a low of 0.11 in 2025Q1 to a high of 2.64 in 2024Q4, suggesting that reported net income is a poor proxy for immediate cash generation capabilities in any given period.
The significant divergence between net income and operating cash flow appears driven by aggressive swings in working capital rather than underlying earnings quality. Investors should monitor whether this volatility reflects seasonal inventory management or a structural inability to align cash collections with accounting profit recognition.
Based on reported financial data, Sysco's free cash flow margins have fluctuated significantly, dropping into negative territory during 2025Q1 and 2026Q1, which highlights the company's vulnerability to periodic cash outflows despite maintaining a consistent dividend payout policy throughout the observed ten-quarter period.
The inconsistency in FCF generation suggests that the company's core business model is highly sensitive to timing differences in cash conversion. This trajectory warrants caution, as the inability to generate positive free cash flow in multiple quarters may constrain the company's flexibility to fund future growth initiatives.
As reported in recent filings, Sysco experienced massive working capital outflows, including a $728 million drain in 2026Q1, which directly offset the company's ability to convert operational activity into cash and suggests significant friction in the cash conversion cycle during specific fiscal quarters.
These periodic working capital shocks appear to be the primary driver of the company's inconsistent cash flow profile. The recurring nature of these outflows suggests that management may be struggling to optimize inventory levels or accounts receivable timing, potentially masking the true cash-generating potential of the distribution network.
Based on the provided cash flow data, Sysco consistently prioritizes dividend payments, totaling approximately $250 million per quarter, even during periods of negative free cash flow, indicating a rigid commitment to capital returns that may be outpacing the company's current internal cash generation capacity.
The decision to maintain dividend payouts while simultaneously funding share repurchases during cash-constrained quarters suggests a management focus on supporting equity valuation. This strategy may limit the capital available for reinvestment into the logistics infrastructure necessary to defend the company's competitive moat against smaller, more agile distributors.
Quick answers to the most common questions about buying SYY stock.
Sysco Corporation (SYY) generated $2.69B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sysco Corporation (SYY) generated $1.78B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Sysco Corporation (SYY) spent $906.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sysco Corporation (SYY) returned $1.00B to shareholders via cash dividends and spent $1.25B on share repurchases. This shows the company's commitment to returning capital to its equity investors.