Sysco
34 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Restaurants
earns from · 59%We estimate that our sales by type of customer during the past three fiscal years were as follows:Business (Item 1)
Food service management (FSM) sector
earns from · 8% of salesWe estimate that sales to our customers in the food service management (FSM) sector, which include large customers that service cafeterias in institutions such as universities, hospitals, and sporting venues, accounted for 8% of sales in both fiscal 2026 and fiscal 2025.Business (Item 1)
Multi-unit chain restaurant customers
earns fromnamed as a riskTherefore, a future loss of sales to the larger of these multi-unit customers could have a material negative impact on our results of operations and financial condition.Risk factors (Item 1A)
U.S. Department of Defense
earns fromOur customers include several departments of the federal government, including the Department of Defense and Department of Veterans Affairs facilities, as well as certain state and local entities.Business (Item 1)
Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, HEI, JCI and 12 more
Other companies
Jetro Restaurant Depot (JRD)
approximately $29.1 billionnamed as a riskSysco has agreed to pay approximately $29.1 billion to JRD equity holders, comprised of $21.6 billion in cash, subject to customary adjustments, and 91.5 million shares of Sysco Holdings common stock.Business (Item 1)
JRD acquisition bridge loan facility
depends on · $19 billionnamed as a riskAlthough we executed a commitment letter, dated March 30, 2026, with certain lenders (the Commitment Letter), that provides a commitment, subject to satisfaction of standard conditions, for a $22 billion senior unsecured 364-day bridge loan facility, that has since been reduced to $19 billion as we have entered into a term loan facility in the amount of $3 billion whose proceeds (when funded) are intended to fund the Transactions in part, and we may not be able to obtain the remaining $19 billion of financing or any other financing.Risk factors (Item 1A)
JRD merger termination fee
$1.164 billionnamed as a riskWe could owe a termination fee of $1.164 billion under certain circumstances;Risk factors (Item 1A)
Deal-contingent interest rate locks for JRD financing
exposed to its price · $6.3 billionnamed as a riskAt June 27, 2026, we have deal-contingent interest rate lock agreements on $6.3 billion of future permanent debt that could be issued to finance the purchase of JRD and are accounted for mark-to-market with changes in fair value going to Other income and expense.Market risk (Item 7A)
Competitors
Group purchasing organizations (GPOs)
competes withnamed as a riskIf these GPOs are able to add a significant number of our customers as members, our business, financial condition and results of operations may be adversely affected.Risk factors (Item 1A)
Also named by BAX, BDX, BSX, CDW, EW, GMED, GWW, USFD and 1 more
Places
United States
concentrated in · approximately 70% of our total salesFor our U.S. Foodservice Operations, which represents approximately 70% of our total sales, approximately 90% of products are purchased domestically.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
U.S. foodservice market
earns from · about 18% of an approximately $377 billion annual foodservice marketWe estimate that we serve about 18% of an approximately $377 billion annual foodservice market in the U.S., as estimated by Technomic, Inc., for calendar year 2025.Business (Item 1)
Hazards
Russia-Ukraine war
exposed to its pricenamed as a riskThe price and supply of fuel can fluctuate significantly based on international, political and economic circumstances (such as the invasion of Ukraine by the Russian Federation (Russia) or military conflicts in the Middle East) as well as other factors outside our control, such as actions by the Organization of the Petroleum Exporting Countries (OPEC) and other oil and gas producers, regional production patterns, weather conditions and environmental concerns.Risk factors (Item 1A)
Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more
Ammonia-based refrigeration and underground fuel storage tanks
subject tonamed as a riskFor example, most of our distribution facilities have ammonia-based refrigeration systems and tanks for the storage of diesel fuel and other petroleum products, which are subject to laws regulating such systems and storage tanks (including the investigation and remediation of soil and groundwater contamination associated with the use of underground storage tanks).Risk factors (Item 1A)
Commodities and inputs
Diesel fuel
exposed to its price · approximately 0.5% of salesnamed as a riskFuel costs related to outbound deliveries represented approximately 0.5% of sales in each of fiscal 2026, fiscal 2025 and fiscal 2024.Market risk (Item 7A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Canadian dollar
exposed to its price · 1.7%named as a riskA 10% unfavorable change in the fiscal 2026 weighted year-to-date exchange rate and the resulting impact on our financial statements would have negatively affected fiscal 2026 sales by 1.7% and would not have materially affected our operating income, net earnings and earnings per share.Market risk (Item 7A)
Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more
Diesel fuel
exposed to its price · approximately 87 million gallonsAs of June 27, 2026, we had diesel fuel swaps with a total notional amount of approximately 87 million gallons through June 2028.Market risk (Item 7A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Fresh and frozen meats
earns from · 20 %A comparison of the sales mix in the principal product categories during the last three years is presented below:Business (Item 1)
Regulators
U.S. Federal Trade Commission (FTC)
subject tonamed as a riskOn May 27, 2026, Sysco and Jetro Restaurant Depot each received a request for additional information and documentary material, often referred to as a “second request,” from the FTC under the HSR Act.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
U.S. Food and Drug Administration (FDA)
subject toIn the U.S., as a marketer and distributor of food products, we are subject to the Federal Food, Drug and Cosmetic Act and regulations promulgated thereunder by the U.S. Food and Drug Administration (FDA).Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. Department of Agriculture (USDA)
subject toThe USDA imposes standards for product safety, quality and sanitation through the federal meat and poultry inspection program.Business (Item 1)
Also named by AGM, BJ, CAG, CALM, CASH, CB, DLTR, FLO and 11 more
Federal Motor Carrier Safety Administration
subject toWe must comply with the safety and fitness regulations promulgated by the Federal Motor Carrier Safety Administration, including those relating to drug and alcohol testing and hours of service.Business (Item 1)
Also named by CASY, CVLG, ET, FDXF, HTLD, IOT, JBHT, LSTR and 5 more
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskOn December 20, 2021, the OECD released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
Multiemployer defined benefit pension plans
as much as $66 millionnamed as a riskWe estimate our share of the aggregate withdrawal liability on the multiemployer plans in which we participate could have been as much as $66 million as of August 4, 2026.Risk factors (Item 1A)
Also named by WBD
U.S. Retirement Plan
$2.6 billionnamed as a riskWe had a pension obligation of $2.6 billion, as compared to assets totaling $2.6 billion, as of June 27, 2026, both of which have sensitivity to financial market factors that could impact our funding requirements.Risk factors (Item 1A)
U.S. tariffs
subject tonamed as a riskIn addition, recent U.S. tariffs imposed or threatened to be imposed on other countries, could have retaliatory actions taken by such countries and general political uncertainty surrounding trade relations and policies.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Corporate Sustainability Reporting Directive (CSRD)
subject tonamed as a riskOur processes and controls for reporting climate-related information across our operations are evolving along with multiple disparate standards for identifying, measuring and reporting sustainability metrics, including disclosures that may be required by European and other regulators, such as the Corporate Sustainability Reporting Directive (CSRD) in the European Union and the California Climate Accountability Package, and such standards may change over time, which could result in significant revisions to our current goals, reported progress in achieving such goals, or our ability to achieve such goals in the future.Risk factors (Item 1A)
Hart-Scott-Rodino Act
subject tonamed as a riskThe mergers are subject to the requirements of the HSR Act, and regulatory authorities may impose conditions that could have an adverse effect on us following the Transactions or that could delay, prevent or increase the costs associated with completion of the Transactions.Risk factors (Item 1A)
Sherman Antitrust Act
subject tonamed as a riskOur operations may come under special scrutiny by competition law authorities due to our competitive position in those jurisdictions.Business (Item 1)
Section 368(a) of the Internal Revenue Code
subject tonamed as a riskThe Sysco Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, and the Sysco Merger and JRD Merger, taken together, are intended to qualify as a transaction described in Section 351(a) of the Code.Risk factors (Item 1A)
One Big Beautiful Bill Act (OBBBA)
subject toThese provisions decreased cash taxes paid in fiscal 2026 and may change the timing of cash tax payments in future periods.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
General Data Protection Regulation (GDPR)
subject toWe are subject to privacy laws in the EU, including the General Data Protection Regulation (GDPR), which requires companies to meet certain requirements regarding the handling of personal data.Business (Item 1)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Technology
SYSCO trademark
depends onnamed as a riskWe believe the loss of the SYSCO® trademark would have a material adverse effect on our results of operations.Business (Item 1)