Sysco Corporation (SYY)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 2,415,000 | 2,501,461 | 2,532,274 | 2,544,392 | 2,565,000 | 2,719,479 | 2,719,703 | 2,353,061 | 2,285,355 | 1,969,294 | 1,800,745 | 1,834,955 | 1,746,773 | 1,246,912 | 964,276 | 832,710 | 584,728 | -293,535 | -425,167 | -29,749 |
| Revenue (ttm) | US$ in thousands | 81,371,000 | 80,789,100 | 80,570,600 | 79,707,500 | 78,844,000 | 78,016,100 | 77,512,300 | 76,818,400 | 76,324,700 | 75,553,800 | 73,580,200 | 71,306,400 | 68,636,100 | 65,815,700 | 60,738,200 | 55,977,000 | 51,297,900 | 44,027,560 | 45,901,660 | 49,367,660 |
| Pretax margin | 2.97% | 3.10% | 3.14% | 3.19% | 3.25% | 3.49% | 3.51% | 3.06% | 2.99% | 2.61% | 2.45% | 2.57% | 2.54% | 1.89% | 1.59% | 1.49% | 1.14% | -0.67% | -0.93% | -0.06% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $2,415,000K ÷ $81,371,000K
= 2.97%
The pretax margin of Sysco Corporation over the period observed exhibits a notable transition from negative to positive territory. In the fiscal quarter ending September 30, 2020, the pretax margin was reported at -0.06%, indicating a marginally unprofitable period. This negative trend persisted through the subsequent fiscal quarter ending December 31, 2020, with the margin declining to -0.93%, reflecting increased pressure on profitability or higher expenses relative to revenues.
During the first quarter of 2021, ending March 31, 2021, the pretax margin remained negative at -0.67%, suggesting ongoing challenges. However, beginning in the quarter ending June 30, 2021, a turning point is observed, with the pretax margin shifting to a positive 1.14%. This improvement continued through the subsequent quarters, with margins progressing to 1.49% as of September 30, 2021, and further to 1.59% by the end of 2021.
The upward trend persisted into 2022, with margins rising to 1.89% in the first quarter and reaching 2.54% in the quarter ending June 30. By the third quarter of 2022, the pretax margin stabilized at 2.57%, and remained relatively steady into the end of 2022 at 2.45%. The momentum continued through 2023, with margins incrementally increasing to 2.61% in Q1, 2.99% in Q2, and slightly higher at 3.06% in Q3.
In the final quarter of 2023, the pretax margin was reported at 3.51%, representing a consistent improvement over the previous periods. Early 2024 figures indicate a slight decrease, with margins at 3.49% in March and declining further to 3.25% in June. The subsequent quarters show a continued gradual decline, with the margin reaching 3.19% in September 2024, then decreasing to approximately 3.14% in December 2024. In the first half of 2025, the pretax margin remains relatively stable around 3%, with figures of 3.10% for March and 2.97% for June.
Overall, the data indicates that Sysco experienced a significant profitability turnaround starting in mid-2021, transitioning from negative margins to sustained positive margins over the subsequent periods. Although there are slight fluctuations and a modest downward trend beginning in late 2023 through mid-2025, the company's pretax margins remain comfortably above zero, reflecting a period of stabilized profitability following earlier periods of near or actual loss.
Peer comparison
Jun 30, 2025