April 30, 2024

Sysco Fiscal Q3 2024

Earnings Results
 Forward-Looking Statements

Statements made in this presentation that look forward in time or that express management’s beliefs, expectations or hopes are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ
materially from current expectations. These statements include statements concerning: our expectations regarding future improvements in productivity; our belief that improvements in our organizational capabilities will deliver
compelling outcomes in future periods; our expectations regarding improvements in international volume; our expectations that our transformational agenda will drive long-term growth; our expectations regarding the
continuation of an inflationary environment; our expectations regarding improvements in the efficiency of our supply chain; our expectations regarding the impact of our Recipe for Growth strategy and the pace of progress in
implementing the initiatives under that strategy; our expectations regarding Sysco’s ability to outperform the market in future periods; our expectations that our strategic priorities will enable us to grow faster than the market;
our expectations regarding our efforts to reduce overtime rates and the incremental investments in hiring; our expectations regarding the expansion of our Sysco Driver Academy and our belief that the academy will enable us
to provide upward career path mobility for our warehouse colleagues and improve colleague retention; our expectations regarding the benefits of the six-day delivery and last mile distribution models; our plans to improve the
capabilities of our sales team; our plans to refine our engineering labor standards; our expectations regarding the impact of our growth initiatives and their ability to enable Sysco to consistently outperform the market;
our expectations to exceed our growth target by the end of fiscal 2024; our ability to deliver against our strategic priorities; economic trends in the United States and abroad; our belief that there is further opportunity
for profit in the future; our future growth, including growth in sales and earnings per share; the pace of implementation of our business transformation initiatives; our expectations regarding our balanced approach
to capital allocation and rewarding our shareholders; our plans to improve colleague retention, training and productivity; our belief that our Recipe for Growth transformation is creating capabilities that will
help us profitably grow for the long term; our expectations regarding our long-term financial outlook; our expectations of the effects labor harmony will have on sales and case volume, as well
as mitigation expenses; our expectations for customer acquisition in the local/street space; our expectations regarding the effectiveness of our Global Support Center expense control
measures; and our expectations regarding the growth and resilience of our food away from home market.

It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of
Sysco’s control. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Report on Form 10-K
for the year ended July 1, 2023, as filed with the SEC, and our subsequent filings with the SEC. We do not undertake to update our forward-looking statements, except
as required by applicable law.

2
 KEVIN HOURICAN
Chair of the Board and Chief Executive Officer
Food Supply Chain Food Sales &
Marketing
 Q3: EPS Growth Driven by Positive Operating
Leverage

Fiscal Q3 2024 Highlights

+2.7% +5.2% +8.4% +6.7%

Revenue growth to $19.4 Gross profit dollar growth to Adjusted operating income1,2 Adjusted EPS1 growth to $0.96
billion $3.6 billion growth to $799.3 million

+44 bps +8.5% $753 million $120 million +63.4%

Returned to shareholders through

Cost out target in fiscal International segment
Gross profit margin Adjusted EBITDA1 share repurchases and
2024 raised from $100 adjusted operating
expansion growth to $976.6 million dividends in Q3; on track to
million previously income1 growth
return ~$2.25B in fiscal 2024

Note: Growth rates compared to fiscal Q3 2023

1 See Non-GAAP reconciliations at the end of the presentation.
2 Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
5
Sysco is the Backbone of the Food Away From
Home Industry and Growing Share

FY2023 Total Sysco Sales

8%
Travel and Leisure

15%
Other

7%
Healthcare 62%
Restaurants

8%
Education
and Government

$76.3B ~725K
In Annual Sales Customer Locations
Operations IFG

~7,500 72K+
Colleagues Across
Sales Professionals
the Globe

6
Our Recipe for Growth

Sysco Is a Purpose-Driven Organization, Defining the Future of Our Industry

PURPOSE | Our Why MISSION | Our What IDENTITY | Our Role
Connecting the World to Delivering success for our Together we define the future of
Share Food and Care for One customers through industry-leading foodservice and supply chain
Another people, products and solutions

STRATEGY | How We Win - We will grow meaningfully faster than the market through our strategic priorities
DIGITAL
Enrich the customer experience through personalized digital tools that reduce friction in
the purchase experience and introduce innovation to our customers

PRODUCTS AND SOLUTIONS

Customer focused marketing and merchandising solutions that inspire increased sales of
our broad assortment of fair priced products and services

SUPPLY CHAIN
Efficiently and consistently serve customers with the products they need, when and
how they need them, through a flexible delivery framework

CUSTOMER TEAMS
Our greatest strength is our people. People who are passionate about food and food
service. Our diverse team delivers expertise and differentiated services designed to help
our customers grow their business

FUTURE HORIZON
We are committed to responsible growth. We will cultivate new channels, segments and
capabilities while being stewards of our company and our planet for the long-term. We
will fund our journey through cost-out and efficiency improvements
7
Aggressive Action to Drive Positive, Consistent
Local Case Performance

Sales Force Performance Sales Total Team

Hiring Management Compensation Selling

• Planned net increase • Increased focus on • Recently introduced • Growing wallet

of ~400 sales new customer compensation model share through
professionals in FY24 prospecting creating highly unrivaled breadth of
incentivized sales SKUs
• Focused on local case • Customer visit consultants
selling frequently • Differentiator
significantly higher • Retention of sales providing long-term
• Investments expected consultants at or competitive
to drive FY25 growth above historic highs advantages

Local Case Performance Remains our Top Priority

8
 Ongoing Operating Leverage Driven by Gross Margins
and Expense Management

Gross Profit Adj. Operating Expense1,2 Adj. Operating Income1,2 Overview

(billions) (billions) (millions)
• Sixth consecutive quarter of
+5.2% +4.3% +8.4% positive operating leverage
YoY YoY YoY
with gross profit growing faster
$2.8 $799 than adj. operating expenses1,2
$3.6
• Improved supply chain
$2.7
productivity and ongoing cost
$737 out efforts drove adj. operating
$3.4 margin1,2 expansion of 22 bps
YoY to 4.12%

• Successes drove increase in

cost out target for fiscal 2024
to $120 million from $100
million previously

Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024

9See Non-GAAP reconciliations at the end of the presentation.

1
2 Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
9
 Market Leader in the Highly Fragmented and Growing
Foodservice Distribution Industry

Total Addressable Market Since 2000

$353 B $360 B
17%
$300 B
$268 B

$224 B $231 B
$197 B
$161 B

$360 B
2000 2005 2010 2015 2020 2021 2022 2023

10
Technomic U.S. Foodservice Industry Wallchart for Calendar Year, updated January 2024
 Food Away From Home Continues to Gain
Share

Percentage of Combined Monthly Sales (2001 - 2024)

70%

65%

60%

55%

50%

45%

40%

35%

30%

Grocery Stores Food Services and Drinking Places

The United States Census Bureau Advance Monthly Sales for Retail and Food Services
11
Kenny Cheung
Chief Financial Officer
 Q3 2024 Consolidated Financial Results

Net Sales Adj. EBITDA1 Adj. EPS1

(billions) (millions) Overview
+6.7%
+2.7% +8.5% YoY
YoY YoY • Sales increased 2.7% to $19.4 billion
$0.96 versus the prior year
$977 $0.90
$19.4
$18.9 • USFS +3.4%
$900
• International +4.5%

• Product inflation +1.9% for the total

enterprise

• Gross profit dollars grew 5.2% to $3.6

billion and gross margin improved 44
bps to 18.6%

• Adjusted EBITDA1 grew 8.5% versus

the prior year

Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024

Q3 2024 GAAP Operating Income2

+3.8% to $722M

1See Non-GAAP reconciliations at the end of the presentation.

1
13
3Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
2
 Q3 2024 U.S. Foodservice Results

Net Sales Adj. Operating Overview

(billions)
Income1,2 • Sales of $13.7 billion grew 3.4%
(millions) versus the prior year
+3.4%
YoY +0.7% • Total case volume grew 2.9%, while
YoY
$13.7 local case volume increased 0.4%
$13.3
$869 $875
• Gross profit dollars increased 4.2%
to $2.7 billion. Gross margin
increased 15 bps to 19.4%

• Elevated operating expenses,

partially offset by improved
retention and productivity.

• Adjusted operating income1,2

increased 0.7% to $875 million

Q3 2023 Q3 2024
Q3 2023 Q3 2024

Q3 2024 GAAP Operating Income2

-0.5% to $852 million

1See Non-GAAP reconciliations at the end of the presentation.

1
14
4Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
2
 Q3 2024 International Results

Net Sales Adj. Operating Overview

(billions) Income1,2
(millions) • Sales increased 4.5%, or 2.4% on a
constant currency basis1
+4.5%
YoY +63.4%
YoY • Gross profit dollars increased 12.0%
$3.5 $109 to $720 million, or 9.5% to $704
$3.3 million on a constant currency basis1

• Gross margin increased 138 bps to

20.6%, or 134 bps to 20.6% on a
constant currency basis1
$67
• Adjusted operating income1,2 grew
63.4% to $109 million, or 60.4% to
$107 million on a constant currency
basis

Q3 2023 Q3 2024 Q3 2023 Q3 2024

Q3 2024 GAAP Operating Income2

increased 73.9% to $84 million

1See Non-GAAP reconciliations at the end of the presentation.

1
15
5Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
2
 Q3 2024 SYGMA Results

SYGMA
Operating Overview
Net Sales
(billions) Income2 • Sales of $1.9 billion decreased 3.5%
-3.5% (millions) versus the prior year
YoY
-$8.8 Million • Gross profit dollars decreased 7.7% to
$2.0 YoY $153 million
$1.9
$26 • Gross margin of 8.0% decreased 37
bps

• Operating expenses2 declined 2.9% to

$17 $136 million

• Operating income2 decreased 34.4% to

$17 million

Q3 2023 Q3 2024 Q3 2023 Q3 2024

1
16
6Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
2
 Strong Balance Sheet, Strong Investment Grade
Credit Rating

Net Debt to Adj. EBITDA1 Overview

• Only food distributor with a
strong investment grade credit
rating

5.15x • Ended the quarter with net debt

to adjusted EBITDA ratio1 of
2.81x; Expect to end FY24 within
the net debt to adjusted EBITDA
ratio range of 2.5x-2.75x

• Ended the quarter with

approximately $3.1 billion in
2.77x 2.81x
total liquidity

Q3 2021 Q3 2023 Q3 2024

1
17
7See Non-GAAP reconciliations at the end of the presentation.
1
 Year-to-Date 2024 Cash Flow

Cash From Operations Free Cash Flow1 Overview

(billions) (millions)
• Cash flow from operations was
$1.37 billion, a 3.7% decrease
$980 • Capital expenditures, net of
$1.4
$1.4 proceeds from sales of plant and
$864 equipment, were $509 million, with
continued investments in our Recipe
For Growth, particularly in our fleet
and distribution facilities

• Free cash flow of $864 million

decreased 11.8%, driven by timing
of working capital during the
quarter.

• Ended quarter with a cash balance

of $598 million and net debt to
adjusted EBITDA ratio1 of 2.81x
YTD 2023 YTD 2024 YTD 2023 YTD 2024

1
18
8See Non-GAAP reconciliations at the end of the presentation.
1
 Capital Structure and Allocation

Investment Priority Progress

• Capital investments in our technology, fleet and buildings

• Targeting 50-100 bps of average growth annually from M&A; integration of Edward Don business progressing
1 Invest for Growth
•
as planned
Strong pipeline of tuck-in acquisitions focused on Broadline, Specialty and Cuisine-type opportunities as well
as underpenetrated markets in the U.S., U.K. and Canada

• Maintaining a strong IG rating

Maintain a Strong Ended Q3 2024 with a net debt to adjusted EBITDA1 ratio of 2.81x
2
•

Balance Sheet • Targeting a net debt to adjusted EBITDA1 ratio of 2.5x-2.75x

• 96% of debt is fixed, at attractive rates

• Committed to dividend aristocrat status

• During Q3 2024, returned $753 million to shareholders via $500 million of share repurchases and $253
3 Shareholder Return million of dividends
• Reiterated repurchase target for the year of $1.25 billion; continue to expect to contribute more than $2.25
billion to shareholders in fiscal 2024

1 See Non-GAAP reconciliations at the end of the presentation.

1
19
9See Non-GAAP reconciliations at the end of the presentation.
1
 Strong Cash Generation Drives Shareholder
Returns

Cumulative Cash Returned to Shareholders

$17.2 B

$15.0 B
$13.5 B

$12.0 B
$11.1 B

$9.4 B

$7.6 B

$5.9 B

$3.3 B

$0.7 B

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
(Expected)

Dividends Shares Repurchased

Over $17 Billion of Cash Expected to be Returned to Shareholders through FY 2024

2
20
0
Investment Thesis

Sysco is Leading the Industry and Accelerating Growth

Healthy Balance Sheet: Supporting our customer’s

Expect to grow meaningfully only Investment-Grade needs while partnering with
faster than the total market Food Service Distributor suppliers on specific goals

Focused on ROIC and Compelling shareholder returns Our mission, identity and values
delivering operating (dividend growth for 54 years and form our commitment to being a
leverage share repurchase) purpose-driven company

17% share of a $360B+ Expect supply chain Leveraging our values to

U.S. market and currently productivity & incremental drive value
driving further share gains $120 million cost-out
targeted for FY2024

21
 NON-GAAP
RECONCILIATIONS
 Impact of Certain Items
The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we
believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP
financial measures will be denoted as adjusted measures to remove (1) restructuring charges; (2) expenses associated with our various
transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of: (a) intangible amortization expense
and (b) acquisition costs and due diligence costs related to our acquisitions. Our results for fiscal 2023 were also impacted by
adjustments to a product return allowance pertaining to COVID-related personal protection equipment inventory, a pension settlement
charge that resulted from the purchase of a nonparticipating single premium group annuity contract that transferred defined benefit plan
obligations to an insurer and the reduction of bad debt expense previously recognized in fiscal 2020 due to the impact of the COVID-19
pandemic on the collectability of our pre-pandemic trade receivable balances.

The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to
U.S. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating
current-period local currency operating results with the currency exchange rates used to translate the financial statements in the
comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency
exchange rate had not changed from the comparable prior-year period.

Management believes that adjusting its operating expenses, operating income, net earnings and diluted earnings per share
to remove these Certain Items and presenting its results on a constant currency basis provides an important perspective with respect to
our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1)
is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis.

Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of
acquisition-related intangible amortization, acquisition costs and due-diligence costs for those acquisitions. We believe this approach
significantly enhances the comparability of Sysco’s results for fiscal 2024 and fiscal 2023.

Set forth below is a reconciliation of sales, operating expenses, operating income, other (income) expense, net earnings and
diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings
per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using
adjusted net earnings divided by diluted shares outstanding.

2
4 24
 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items, Q3 FY24 vs. Q3 FY23
(Dollars in Thousands, Except for Share and Per Share Data)

13-Week 13-Week
Period Ended Period Ended Change
Mar. 30, 2024 Apr. 1, 2023 in Dollars %/bps Change
Sales (GAAP) $ 19,379,500 $ 18,875,676 $ 503,824 2.7%
Impact of currency fluctuations (1) (69,576) - (69,576) -0.4%
Comparable sales using a constant currency basis (Non-GAAP) $ 19,309,924 $ 18,875,676 $ 434,248 2.3%

Cost of sales (GAAP) $ 15,770,444 $ 15,444,316 $ 326,128 2.1%

Gross profit (GAAP) $ 3,609,056 $ 3,431,360 $ 177,696 5.2%

Impact of currency fluctuations (1) (15,662) - (15,662) -0.5%
Comparable gross profit adjusted for Certain Items using a constant
currency basis (Non-GAAP) $ 3,593,394 $ 3,431,360 $ 162,034 4.7%

Gross margin (GAAP) 18.62% 18.18% 44 bps

Impact of currency fluctuations (1) -0.01% 0.00% -1 bp
Comparable gross margin adjusted for Certain Items using a constant
currency basis (Non-GAAP) 18.61% 18.18% 43 bps

Operating expenses (GAAP) $ 2,887,010 $ 2,735,633 $ 151,377 5.5%

Impact of restructuring and transformational project costs (2) (28,472) (12,255) (16,217) NM
Impact of acquisition-related costs (3) (48,734) (29,004) (19,730) -68.0%
Impact of bad debt reserve adjustments (4) - (90) 90 NM
Operating expenses adjusted for Certain Items (Non-GAAP) 2,809,804 2,694,284 115,520 4.3%
Impact of currency fluctuations (1) (14,433) - (14,433) -0.5%
Comparable operating expenses adjusted for Certain Items using a
constant currency basis (Non-GAAP) $ 2,795,371 $ 2,694,284 $ 101,087 3.8%

Operating expense as a percentage of sales (GAAP) 14.90% 14.49% 41 bps

Impact of certain items adjustments -0.40% -0.22% -18 bps
Adjusted operating expense as a percentage of sales (Non-GAAP) 14.50% 14.27% 23 bps

Operating income (GAAP) $ 722,046 $ 695,727 $ 26,319 3.8%

Impact of restructuring and transformational project costs (2) 28,472 12,255 16,217 NM
Impact of acquisition-related costs (3) 48,734 29,004 19,730 68.0%
Impact of bad debt reserve adjustments (4) - 90 (90) NM
Operating income adjusted for Certain Items (Non-GAAP) 799,252 737,076 62,176 8.4%
Impact of currency fluctuations (1) (1,229) - (1,229) -0.1%
Comparable operating income adjusted for Certain Items using a
constant currency basis (Non-GAAP) $ 798,023 $ 737,076 $ 60,947 8.3%

2
5 25
 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items, Q3 FY24 vs. Q3 FY23
(Dollars in Thousands, Except for Share and Per Share Data) continued

Operating margin (GAAP) 3.73% 3.69% 4 bps

Operating margin adjusted for Certain Items (Non-GAAP) 4.12% 3.90% 22 bps
Operating margin adjusted for Certain Items on a constant currency basis
(Non-GAAP) 4.13% 3.90% 23 bps

Other expense (GAAP) $ 10,380 $ 6,759 $ 3,621 53.6%

Impact of other non-routine gains and losses - (448) 448 NM
Other expense adjusted for Certain Items (Non-GAAP) $ 10,380 $ 6,311 $ 4,069 64.5%

Net earnings (GAAP) $ 424,688 $ 429,604 $ (4,916) -1.1%

Impact of restructuring and transformational project costs (2) 28,472 12,255 16,217 NM
Impact of acquisition-related costs (3) 48,734 29,004 19,730 68.0%
Impact of bad debt reserve adjustments (4) - 90 (90) NM
Impact of other non-routine gains and losses - 448 (448) NM
Tax impact of restructuring and transformational project costs (5) (6,826) (3,190) (3,636) NM
Tax impact of acquisition-related costs (5) (11,684) (7,550) (4,134) -54.8%
Tax Impact of bad debt reserve adjustments (5) - (23) 23 NM
Tax impact of other non-routine gains and losses (5) - (117) 117 NM
Net earnings adjusted for Certain Items (Non-GAAP) $ 483,384 $ 460,521 $ 22,863 5.0%

Diluted earnings per share (GAAP) $ 0.85 $ 0.84 $ 0.01 1.2%

Impact of restructuring and transformational project costs (2) 0.06 0.02 0.04 NM
Impact of acquisition-related costs (3) 0.10 0.06 0.04 66.7%
Tax impact of restructuring and transformational project costs (5) (0.01) (0.01) - 0.0%
Tax impact of acquisition-related costs (5) (0.02) (0.01) (0.01) -100.0%
Diluted earnings per share adjusted for Certain Items (Non-GAAP) (6) $ 0.96 $ 0.90 $ 0.06 6.7%

Diluted shares outstanding 501,921,446 509,842,400

(1) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.
(2) Fiscal 2024 includes $13 million related to restructuring and severance charges and $15 million related to various transformation initiative costs, primarily consisting
of changes to our business technology strategy. Fiscal 2023 includes $2 million related to restructuring and severance charges and $10 million related to various
transformation initiative costs, primarily consisting of changes to our business technology strategy.
(3) Fiscal 2024 includes $32 million of intangible amortization expense and $17 million in acquisition and due diligence costs. Fiscal 2023 includes $27 million of
intangible amortization expense and $2 million in acquisition and due diligence costs.
(4) Fiscal 2023 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
(5) The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction
where the Certain Item was incurred.
(6) Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using
adjusted net earnings divided by diluted shares outstanding.
NM represents that the percentage change is not meaningful.

2
6 26
 Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments, Q3 FY24 vs. Q3 FY23
(Dollars in Thousands)
13-Week 13-Week
Period Ended Period Ended Change
Mar. 30, 2024 Apr. 1, 2023 in Dollars %/bps Change
U.S. FOODSERVICE OPERATIONS

Sales (GAAP) $ 13,707,108 $ 13,257,519 $ 449,589 3.4%

Gross Profit (GAAP) $ 2,652,847 $ 2,545,859 $ 106,988 4.2%
Gross Margin (GAAP) 19.35% 19.20% 15 bps

Operating expenses (GAAP) $ 1,800,403 $ 1,688,836 $ 111,567 6.6%

Impact of restructuring and transformational project costs (1) (6,134) (159) (5,975) NM
Impact of acquisition-related costs (2) (16,214) (11,463) (4,751) -41.4%
Impact of bad debt reserve adjustments (3) - (81) 81 NM
Operating expenses adjusted for Certain Items (Non-GAAP) $ 1,778,055 $ 1,677,133 $ 100,922 6.0%

Operating income (GAAP) $ 852,444 $ 857,023 $ (4,579) -0.5%

Impact of restructuring and transformational project costs (1) 6,134 159 5,975 NM
Impact of acquisition-related costs (2) 16,214 11,463 4,751 41.4%
Impact of bad debt reserve adjustments (3) - 81 (81) NM
Operating income adjusted for Certain Items (Non-GAAP) $ 874,792 $ 868,726 $ 6,066 0.7%

INTERNATIONAL FOODSERVICE OPERATIONS

Sales (GAAP) $ 3,493,232 $ 3,344,121 $ 149,111 4.5%

Impact of currency fluctuations (4) (69,521) - (69,521) -2.1%
Comparable sales using a constant currency basis (Non-GAAP) $ 3,423,711 $ 3,344,121 $ 79,590 2.4%

Gross Profit (GAAP) $ 719,681 $ 642,778 $ 76,903 12.0%

Impact of currency fluctuations (4) (15,637) - (15,637) -2.5%
Comparable gross profit using a constant currency basis (Non-GAAP) $ 704,044 $ 642,778 $ 61,266 9.5%

Gross Margin (GAAP) 20.60% 19.22% 138 bps

Impact of currency fluctuations (4) -0.04% 0.00% -4 bps
Comparable gross margin using a constant currency basis (Non-GAAP) 20.56% 19.22% 134 bps

Operating expenses (GAAP) $ 635,783 $ 594,542 $ 41,241 6.9%

Impact of restructuring and transformational project costs (5) (6,775) (2,103) (4,672) NM
Impact of acquisition-related costs (6) (18,686) (16,585) (2,101) -12.7%
Impact of bad debt reserve adjustments (3) - (9) 9 NM
Operating expenses adjusted for Certain Items (Non-GAAP) 610,322 575,845 34,477 6.0%
Impact of currency fluctuations (4) (13,641) - (13,641) -2.4%
Comparable operating expenses adjusted for Certain Items using a constant
currency basis (Non-GAAP) $ 596,681 $ 575,845 $ 20,837 3.6%

Operating income (GAAP) $ 83,898 $ 48,236 $ 35,662 73.9%

Impact of restructuring and transformational project costs (5) 6,775 2,103 4,672 NM
Impact of acquisition-related costs (6) 18,686 16,585 2,101 12.7%
Impact of bad debt reserve adjustments (3) - 9 (9) NM
Operating income adjusted for Certain Items (Non-GAAP) 109,359 66,933 42,426 63.4%
Impact of currency fluctuations (4) (1,996) - (1,996) -3.0%
Comparable operating income adjusted for Certain Items using a constant
currency basis (Non-GAAP) $ 107,363 $ 66,933 $ 40,430 60.4%

SYGMA

Sales (GAAP) $ 1,903,922 $ 1,972,058 $ (68,136) -3.5%

Gross Profit (GAAP) 153,258 166,104 (12,846) -7.7%
Gross Margin (GAAP) 8.05% 8.42% -37 bps

2 Operating expenses (GAAP) $ 136,453 $ 140,486 $ (4,033) -2.9%

7 Operating income (GAAP) 16,805 25,618 (8,813) -34.4%
27
 Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments, Q3 FY24 vs. Q3 FY23
(Dollars in Thousands) continued

OTHER

Sales (GAAP) $ 275,238 $ 301,978 $ (26,740) -8.9%

Gross Profit (GAAP) $ 71,030 $ 79,451 $ (8,421) -10.6%
Gross Margin (GAAP) 25.81% 26.31% -50 bps

Operating expenses (GAAP) $ 64,659 $ 67,615 $ (2,956) -4.4%

Operating income (GAAP) $ 6,371 $ 11,836 $ (5,465) -46.2%

GLOBAL SUPPORT CENTER

Gross profit (GAAP) $ 12,240 $ (2,832) $ 15,072 NM

Operating expenses (GAAP) $ 249,712 $ 244,154 $ 5,558 2.3%

Impact of restructuring and transformational project costs (7) (15,563) (9,993) (5,570) -55.7%
Impact of acquisition related costs (8) (13,834) (956) (12,878) NM
Operating expenses adjusted for Certain Items (Non-GAAP) $ 220,315 $ 233,205 $ (12,890) -5.5%

Operating loss (GAAP) $ (237,472) $ (246,986) $ 9,514 3.9%

Impact of restructuring and transformational project costs (7) 15,563 9,993 5,570 55.7%
Impact of acquisition related costs (8) 13,834 956 12,878 NM
Operating loss adjusted for Certain Items (Non-GAAP) $ (208,075) $ (236,037) $ 27,962 11.8%

TOTAL SYSCO

Sales $ 19,379,500 $ 18,875,676 $ 503,824 2.7%

Gross Profit $ 3,609,056 $ 3,431,360 $ 177,696 5.2%
Gross Margin 18.62% 18.18% 44 bps

Operating expenses (GAAP) $ 2,887,010 $ 2,735,633 $ 151,377 5.5%

Impact of restructuring and transformational project costs (1)(5)(7) (28,472) (12,255) (16,217) NM
Impact of acquisition-related costs (2)(6)(8) (48,734) (29,004) (19,730) -68.0%
Impact of bad debt reserve adjustments (3) - (90) 90 NM
Operating expenses adjusted for Certain Items (Non-GAAP) $ 2,809,804 $ 2,694,284 $ 115,520 4.3%

Operating income (GAAP) $ 722,046 $ 695,727 $ 26,319 3.8%

Impact of restructuring and transformational project costs (1)(5)(7) 28,472 12,255 16,217 NM
Impact of acquisition-related costs (2)(6)(8) 48,734 29,004 19,730 68.0%
Impact of bad debt reserve adjustments (3) - 90 (90) NM
Operating income adjusted for Certain Items (Non-GAAP) $ 799,252 $ 737,076 $ 62,176 8.4%

(1) Primarily represents severance and transformation initiative costs.

(2) Includes intangible amortization expense and acquisition costs.
(3) Fiscal 2023 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
(4) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.
(5) Includes restructuring and severance costs, primarily in Europe.
(6) Represents intangible amortization expense.
(7) Includes severance costs and various transformation initiative costs, primarily consisting of changes to our business technology strategy.
(8) Represents due diligence costs.
NM represents that the percentage change is not meaningful.

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 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Free Cash Flow, YTD24 vs. YTD23
(In Thousands)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes
proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful
information to management and investors about the amount of cash generated by the business after the purchases and sales
of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of
cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for
discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free
cash flow should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s
liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results
presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash
provided by operating activities.

39-Week 39-Week
Period Ended Period Ended Change
Mar. 30, 2024 Apr. 1, 2023 in Dollars
Net cash provided by operating activities (GAAP) $ 1,373,193 $ 1,425,782 $ (52,589)
Additions to plant and equipment (530,161) (474,456) (55,705)
Proceeds from sales of plant and equipment 20,708 28,313 (7,605)
Free Cash Flow (Non-GAAP) $ 863,740 $ 979,639 $ (115,899)

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 Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA)

EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv)
amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of
our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA
plus the impact of Certain Items, excluding certain items related to interest expense, income taxes, depreciation and amortization. Sysco's
management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and
investors about the profitability of the business, as it facilitates comparison of performance on a consistent basis from period to period by providing a
measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital
structure decisions. Adjusted EBITDA should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s
financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented
in accordance with GAAP. In the tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings.

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 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Q3 FY24 vs. Q3 FY23)
(In Thousands)

13-Week 13-Week
Period Ended Period Ended Change
Mar. 30, 2024 Apr. 1, 2023 in Dollars %/bps Change
Net earnings (GAAP) $ 424,688 $ 429,604 $ (4,916) -1.1%
Interest (GAAP) 157,853 134,931 22,922 17.0%
Income taxes (GAAP) 129,125 124,433 4,692 3.8%
Depreciation and amortization (GAAP) 221,383 195,996 25,387 13.0%
EBITDA (Non-GAAP) $ 933,049 $ 884,964 $ 48,085 5.4%
Certain Item adjustments:
Impact of restructuring and transformational project costs (1) 26,538 11,890 14,648 NM
Impact of acquisition-related costs (2) 17,008 2,349 14,658 NM
Impact of bad debt reserve adjustments (3) - 90 (90) NM
Impact of other non-routine gains and losses - 448 (448) NM
EBITDA adjusted for Certain Items (Non-GAAP) (4) $ 976,595 $ 899,741 $ 76,854 8.5%
Other expense (income), net, as adjusted (Non-GAAP) (5) 10,380 6,311 4,069 64.5%
Depreciation and amortization, as adjusted (Non-GAAP) (6) (187,723) (168,976) (18,747) -11.1%
Operating income adjusted for Certain Items (Non-GAAP) $ 799,252 $ 737,076 $ 62,176 8.4%

(1)
Fiscal 2024 and fiscal 2023 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of changes to our business
technology strategy, excluding charges related to accelerated depreciation.
(2)
Fiscal 2024 and fiscal 2023 include acquisition and due diligence costs.
(3)
Fiscal 2023 represents the reduction of bad debt charges previously taken on pre-pandemic trade receivable balances in fiscal 2020.
(4)
In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $7 million and $7 million or non-cash stock compensation expense of $24 million and $21 million in fiscal 2024
and fiscal 2023, respectively.
(5)
Fiscal 2024 and Fiscal 2023 primarily represent $10 million and $7 million, respectively, in GAAP other expense (income), net.
(6)
Fiscal 2024 includes $221 million in GAAP depreciation and amortization expense, less $34 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.
Fiscal 2023 includes $196 million in GAAP depreciation and amortization expense, less $27 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.
NM represents that the percentage change is not meaningful.

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 Projected Adjusted EBITDA Guidance

Adjusted EBITDA is a non-GAAP financial measure; however, we cannot predict with certainty the particular certain items
that would be excluded from the calculation of this measure for future periods. Due to these uncertainties, we cannot provide a
quantitative reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure without
unreasonable effort. However, we expect to calculate adjusted EBITDA for future periods in the same manner as the reconciliations
provided for the historical periods herein.

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 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Net Debt to Adjusted EBIDTA
(In Thousands)

Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating
agencies. Our Net Debt to Adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash
equivalents, divided by the sum of the most recent four quarters of Adjusted EBITDA. In the table that follows, we
have provided the calculation of our debt and net debt as a ratio of Adjusted EBITDA.

March 30, 2024

Current Maturities of long-term debt $ 93,225
Long-term debt 12,113,205
Total Debt 12,206,430
Cash & Cash Equivalents (598,322)
Net Debt $ 11,608,108

Adjusted EBITDA for the previous 12 months $ 4,127,132

Debt/Adjusted EBITDA Ratio 2.96

Net Debt/Adjusted EBITDA Ratio 2.81

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 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Net Debt to Adjusted EBIDTA
(In Thousands)

Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating
agencies. Our Net Debt to Adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash
equivalents, divided by the sum of the most recent four quarters of Adjusted EBITDA. In the table that follows, we
have provided the calculation of our debt and net debt as a ratio of Adjusted EBITDA.

April 1, 2023
Current Maturities of long-term debt $ 723,473
Long-term debt 10,258,345
Total Debt 10,981,818
Cash & Cash Equivalents (757,867)
Net Debt $ 10,223,951

Adj. EBITDA for the pervious 12 months $ 3,695,981

Debt/EBITDA Ratio 3.0

Net Debt/EBITDA Ratio 2.77

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 Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Net Debt to Adjusted EBIDTA
(In Thousands)

Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating
agencies. Our Net Debt to Adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash
equivalents, divided by the sum of the most recent four quarters of Adjusted EBITDA. In the table that follows, we
have provided the calculation of our debt and net debt as a ratio of Adjusted EBITDA.

March 27, 2021

Current Maturities of long-term debt $ 965,618
Long-term debt 11,741,114
Total Debt 12,706,732
Cash & Cash Equivalents (4,895,723)
Net Debt $ 7,811,009

Adj. EBITDA for the pervious 12 months $ 1,516,653

Debt/EBITDA Ratio 8.4

Net Debt/EBITDA Ratio 5.15

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 Net Debt to Adjusted EBITDA Leverage Ratio Targets

We expect to achieve our net debt to adjusted EBITDA leverage ratio forecast in fiscal 2024. We cannot
predict with certainty when we will achieve these results or whether the calculation of our EBITDA will be on
an adjusted basis in future periods to exclude the effect of certain items. Due to these uncertainties, we
cannot provide a quantitative reconciliation of these potentially non-GAAP measures to the most directly
comparable GAAP measure without unreasonable effort. However, we expect to calculate these adjusted
results, if applicable, in the same manner as the reconciliations provided for the historical periods that are
presented herein.

Form of calculation:
Current maturities of long-term debt
Long term debt
Total Debt (GAAP)
Less cash and cash equivalents
Net Debt

Net earnings (GAAP)

Interest (GAAP)
Income taxes (GAAP)
Depreciation and amortization (GAAP)
EBITDA (Non-GAAP)
Certain Item adjustments:
Impact of restructuring and transformational project costs
Impact of acquisition-related intangible amortization
EBITDA adjusted for Certain Items (Non-GAAP)

Net Debt to Adjusted EBITDA Ratio

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