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Sysco

SYY Q2 2026 Earnings

Reported Jan 27, 2026 at 8:04 AM ET · SEC Source

Q2 26 EPS

$0.99

BEAT +1.39%

Est. $0.98

Q2 26 Revenue

$20.76B

MISS 0.07%

Est. $20.78B

vs S&P Since Q2 26

-13.7%

TRAILING MARKET

SYY -10.1% vs S&P +3.6%

Market Reaction

Did SYY Beat Earnings? Q2 2026 Results

Sysco posted a mixed but operationally encouraging second quarter of fiscal 2026, beating bottom-line expectations while falling just short on revenue. The foodservice distribution giant reported adjusted EPS of $0.99, clearing the $0.98 consensus es… Read more Sysco posted a mixed but operationally encouraging second quarter of fiscal 2026, beating bottom-line expectations while falling just short on revenue. The foodservice distribution giant reported adjusted EPS of $0.99, clearing the $0.98 consensus estimate by 1.39%, even as revenue of $20.76 billion came in fractionally below the $20.78 billion forecast, rising 3.0% year over year. The quarter's most meaningful development was a return to positive local case volume growth of 1.2% in U.S. Foodservice Operations, the third consecutive quarter of sequential improvement and a signal management is leaning on to demonstrate that its growth initiatives are gaining traction. Gross margin expanded 15 basis points to 18.3%, though GAAP operating income slipped 2.8% to $692.00 million as planned investments in sales headcount and an approximately $100.00 million incentive compensation headwind weighed on expenses. Encouragingly, Sysco raised its full-year adjusted EPS guidance to the high end of its $4.50 to $4.60 range, projecting local case growth of at least 2.5% in the second half, even as a recent credit rating downgrade underscores the balance-sheet tradeoffs embedded in its growth strategy.

Key Takeaways

  • • U.S. Foodservice local case volume growth turned positive at 1.2%, third consecutive quarter of sequential improvement
  • • Gross margin expansion of 15 basis points to 18.3% driven by effective management of product cost inflation and strategic sourcing efficiencies
  • • Product cost inflation of 2.9% at the enterprise level, primarily in meat and seafood categories
  • • International Foodservice Operations delivered 23.2% GAAP operating income growth and 9.5% gross profit growth
  • • Adjusted EPS grew 6.5% to $0.99 year-over-year
24/7 Wall St

SYY YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

SYY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q3 26

“Sysco delivered strong results in the second quarter of fiscal year 2026. Our performance was driven by increased local case growth, and gross margin expansion. We delivered our third consecutive quarter of sequentially improving local case growth. More importantly, USFS local case volume is now positive, having delivered positive 1.2% case volume growth in the quarter. Our building momentum and progress with key growth initiatives gives us confidence that we will deliver at least 2.5% local case growth in the 2nd half of the fiscal year. Given the progress we are making, we now expect our full year adjusted EPS to be at the high end of our previously provided guidance range of $4.50-$4.60. While there is still more work to be done, I am pleased with the momentum of our business, and want to thank the entire organization for their steadfast commitment to our customers. It is an exciting time to be at Sysco.”

— Kevin Hourican, Q2 2026 Earnings Press Release

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