Sysco Corp (SYY) · Nov 3, 2026 · Earnings

Sysco earnings meet EPS view but sales miss as costs rise

In line — Adj. EPS $1.19 vs ~$1.19 consensus; sales $21.74B vs ~$22.03B

Sysco’s first-quarter earnings matched the adjusted EPS consensus, but sales missed expectations and operating costs rose faster than revenue. Guidance was reaffirmed.

Sysco enters fiscal 2027 as the dominant food-away-from-home distributor, trying to lift margins through AI-enabled cost savings while preparing for its planned Jetro Restaurant Depot acquisition. Management had already set FY27 guidance at 6%-7% sales growth and 9%-11% adjusted EPS growth, including about $100 million of cost savings, and expected the acquisition to close by Q3 FY27.

The quarter was broadly on plan at the earnings line, but not clean underneath. Adjusted diluted EPS was $1.19, matching the published consensus, while sales of $21.744 billion came in below the roughly $22.03 billion expectation. Management itself called adjusted EPS performance “in-line with our expectations.”

	Q1 FY27	Q1 FY26	Consensus
Sales (Financial Comparison)	$21.744B (+2.8%)	$21.148B	~$22.03B
Adjusted diluted EPS (Non-GAAP Reconciliation)	$1.19 (+3.5%)	$1.15	~$1.19
Adjusted operating income (Non-GAAP Reconciliation)	$927M (+3.2%)	$898M
Adjusted operating margin (Financial Comparison)	4.3% (+1 bp)	4.3%
U.S. local case growth (Key Highlights)	2.7%	-0.2%

Underlying volume and gross profit improved, but operating leverage remains the issue. U.S. local case growth reached 2.7%, gross margin expanded 18 basis points, and adjusted operating income rose 3.2%; however, adjusted operating expenses increased 4.0%, leaving adjusted operating margin essentially flat. GAAP operating income fell 10.4% because transformation and acquisition costs rose, while interest expense also jumped as Sysco prepares to finance Jetro.

The reported EPS benefit is less informative than the adjusted number. GAAP EPS rose 10.1% to $1.09, but the quarter included a $234 million gain from deal-contingent rate-lock transactions tied to the Jetro transaction, offsetting bridge-loan amortization and other acquisition costs. The adjusted result therefore better reflects current operations, and it showed only modest growth despite the stronger case-volume backdrop.

Guidance was reaffirmed, not upgraded. Sysco maintained its 9%-11% FY27 adjusted EPS growth outlook and the approximately 2.5% local-volume assumption, consistent with the prior setup rather than a new upside signal. That matters because the quarter’s in-line EPS did not raise confidence enough to change the full-year bar.

Bottom line: This was an operationally decent but not clean start: volume and gross profit improved, yet sales missed expectations and expenses kept margins from expanding. With guidance unchanged, the filing mostly preserves Sysco’s existing story rather than advancing it.

What to watch next

Jetro Restaurant Depot closing targeted by Q3 FY27

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Sysco earnings meet EPS view but sales miss as costs rise

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