Analyst Consensus ?
ConsensusHold30 ratings
Bullish1860.0%
Neutral930.0%
Bearish310.0%
Sysco Corporation · SYY · FY2026 Q3 · Calendar Q2 2026
Sysco Q3 FY2026: Volume Accelerates but $29.1B Restaurant Depot Deal Steals the Spotlight
Sysco delivered its strongest local case volume growth in three years at 3.3%, with revenue up 4.7% to $20.5B, but the quarter was dominated by the announcement of a $29.1 billion acquisition of Jetro Restaurant Depot—a transformative deal that adds a cash-and-carry retail channel while pushing leverage to ~4.5x. Management reaffirmed FY26 adjusted EPS at the high end of $4.50-$4.60 and outlined a disciplined 24-month deleveraging path to 3.5x. The stock fell 2.6% on the report, reflecting deal-size and leverage concerns, but subsequently recovered +2.5%. With the current price of $85.32 still below the $91.00 consensus target, the market appears to be weighing execution risk against the strategic upside of the acquisition.
Reported Before market openNYSEConsumer Defensive
$40.80B market cap
100quality score
Company context
Snapshot as of publicationSysco Corporation, through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally. It operates through U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other segments. The company distributes frozen food, such as meat, seafood, fully prepared entrées, fruits, vegetables, and desserts; canned and dry food products; fresh meat and seafood products; dairy products; beverages; imported specialties…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.94
Consensus $1
EPS surprise
-0.5%
Reported versus consensus
Reported revenue
$20.52B
Consensus $20.56B
Revenue surprise
-0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$85.32Current
$82Low
$89.91Average
$102High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 16, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Apr 29, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Apr 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 29, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Apr 7, 2026 |
| UBS | Buy | Buy | Maintain | Apr 2, 2026 |
| Guggenheim | Buy | Buy | Maintain | Apr 2, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 19, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jan 28, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 28, 2026 |
| Jefferies | Buy | Buy | Maintain | Jan 28, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 18, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 30, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | May 23, 2024 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jan 31, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | May 3, 2023 |
| Argus Research | Hold | Buy | Downgrade | Feb 2, 2023 |
| Consumer Edge Research | Equal Weight | Underweight | Upgrade | Nov 4, 2020 |
| Edward Jones | Buy | Hold | Upgrade | Sep 10, 2020 |
| SVB Leerink | Outperform | Outperform | Maintain | Nov 5, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Oct 2, 2019 |
| Buckingham Research | Buy | Buy | Maintain | May 7, 2019 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 6, 2018 |
| Argus | Buy | Buy | Maintain | Aug 16, 2018 |
| Pivotal Research | Sell | Hold | Downgrade | Aug 10, 2018 |
| Loop Capital | Buy | Buy | Maintain | Feb 6, 2018 |
| Macquarie | Outperform | Outperform | Maintain | May 3, 2016 |
| Goldman Sachs | Sell | Sell | Maintain | May 3, 2016 |
| Cleveland Research | Neutral | Underperform | Upgrade | Mar 11, 2016 |
| Cantor Fitzgerald | Sell | Hold | Downgrade | May 3, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $85.32. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $85 | $73.37 | -0.4% | Apr 29, 2026 |
| Deutsche Bank | Analyst unavailable | $84 | $73.37 | -1.5% | Apr 28, 2026 |
| Wells Fargo | Analyst unavailable | $100 | $89.28 | +17.2% | Feb 19, 2026 |
| Guggenheim | Analyst unavailable | $95 | $89.91 | +11.3% | Feb 13, 2026 |
| Guggenheim | John Heinbockel | $91 | $83.21 | +6.7% | Jan 28, 2026 |
| Jefferies | Alexander Slagle | $95 | $84.22 | +11.3% | Jan 28, 2026 |
| UBS | Mark Carden | $95 | $84.18 | +11.3% | Jan 28, 2026 |
| Bernstein | Danilo Gargiulo | $90 | $83.75 | +5.5% | Jan 28, 2026 |
| Piper Sandler | Analyst unavailable | $83 | $83.92 | -2.7% | Jan 28, 2026 |
| Barclays | Analyst unavailable | $92 | $83.92 | +7.8% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $85 | $77.39 | -0.4% | Jan 20, 2026 |
| Piper Sandler | Analyst unavailable | $80 | $74.22 | -6.2% | Dec 12, 2025 |
| Barclays | Analyst unavailable | $86 | $75.89 | +0.8% | Oct 29, 2025 |
| Bernstein | Analyst unavailable | $83 | $79.16 | -2.7% | Oct 22, 2025 |
| Morgan Stanley | Analyst unavailable | $88 | $79.9 | +3.1% | Oct 21, 2025 |
| Guggenheim | Analyst unavailable | $89 | $82.15 | +4.3% | Oct 6, 2025 |
| UBS | Analyst unavailable | $90 | $80.11 | +5.5% | Jul 30, 2025 |
| Wells Fargo | Analyst unavailable | $88 | $78.38 | +3.1% | Jul 29, 2025 |
| Bernstein | Jeffrey Bernstein | $87 | $73.29 | +2.0% | Apr 22, 2025 |
| Melius Research | Jacob Aiken-Phillips | $85 | $77.08 | -0.4% | Dec 18, 2024 |
| Jefferies | Alexander Slagle | $92 | $76.28 | +7.8% | Sep 25, 2024 |
| Bernstein | Jeffrey Bernstein | $88 | $76.44 | +3.1% | Jul 31, 2024 |
| Truist Financial | Jake Bartlett | $85 | $73.29 | -0.4% | Jun 24, 2024 |
| Guggenheim | John Heinbockel | $85 | $72.95 | -0.4% | May 28, 2024 |
| Deutsche Bank | Lauren Silberman | $86 | $73.1 | +0.8% | May 23, 2024 |
| Morgan Stanley | Brian Harbour | $82 | $72.73 | -3.9% | May 23, 2024 |
| BMO Capital | Kelly Bania | $85 | $72.92 | -0.4% | May 23, 2024 |
| UBS | Mark Carden | $87 | $72.73 | +2.0% | May 23, 2024 |
| Barclays | Jeffrey Bernstein | $85 | $72.73 | -0.4% | May 23, 2024 |
| Barclays | Jeffrey Bernstein | $88 | $74.32 | +3.1% | May 1, 2024 |
| Truist Financial | Jake Bartlett | $87 | $66.44 | +2.0% | Sep 29, 2023 |
| Wells Fargo | Analyst unavailable | $85 | $76.96 | -0.4% | Feb 6, 2023 |
| Morgan Stanley | Analyst unavailable | $86 | $76.96 | +0.8% | Feb 1, 2023 |
| Barclays | Analyst unavailable | $87 | $77.46 | +2.0% | Feb 1, 2023 |
| Credit Suisse | Analyst unavailable | $94 | $77.46 | +10.2% | Feb 1, 2023 |
| Deutsche Bank | Analyst unavailable | $80 | $77.46 | -6.2% | Feb 1, 2023 |
| Wells Fargo | Analyst unavailable | $87 | $75.73 | +2.0% | Jan 4, 2023 |
| CFRA | Paul Silverstein | $102 | $86.05 | +19.5% | May 11, 2022 |
| Morgan Stanley | Analyst unavailable | $94 | $85.21 | +10.2% | May 11, 2022 |
| Barclays | Analyst unavailable | $100 | $88.8 | +17.2% | Apr 25, 2022 |
| Bernstein | Jeffrey Bernstein | $100 | $88.8 | +17.2% | Apr 25, 2022 |
| Argus Research | John Staszak | $95 | $84.24 | +11.3% | Feb 22, 2022 |
| Truist Financial | Jake Bartlett | $89 | $77.71 | +4.3% | Jan 31, 2022 |
| UBS | Mark Carden | $93 | $76.81 | +9.0% | Aug 11, 2021 |
| Credit Suisse | Lauren Silberman | $97 | $81.12 | +13.7% | May 5, 2021 |
Track every rating change on SYY the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-2.6%
Event window
SPY move
-0.5%
Same window
Abnormal move
-2.2%
Stock minus SPY
Volume
1.1×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
SYYSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
From Q2 to Q3, the most significant shift was the scale of M&A: last quarter's tuck-in Ginsburg Foods deal was eclipsed by the $29.1B Restaurant Depot acquisition. Local case volume accelerated from 1.2% to 3.3%, the strongest in three years. Management moved from raising guidance to merely maintaining it at the high end of $4.50-$4.60, likely reflecting integration uncertainty. Share repurchases were suspended for the remainder of FY26 to prioritize deleveraging. The AI360 platform added a new Swap & Save feature, building on the >95% weekly usage achieved in Q2.
Guidance delta
Prior quarter: raised. Current quarter: maintained. FY26 adjusted EPS guidance reaffirmed at the high end of $4.50-$4.60. No raise despite volume acceleration, likely reflecting uncertainty from the Restaurant Depot acquisition and associated integration costs.
Key takeaways
- Revenue grew 4.7% YoY to $20.5B with 3.3% local case volume growth—the strongest in three years.
- Adjusted EPS of $0.94 narrowly missed the $0.945 consensus estimate by 0.5%.
- The $29.1B Restaurant Depot acquisition adds a cash-and-carry channel with $250M in targeted annual cost synergies.
- Management reaffirmed FY26 adjusted EPS at the high end of $4.50-$4.60 and suspended share repurchases for the remainder of FY26.
- A deleveraging plan targets net leverage of 3.5x within 24 months from ~4.5x post-close, and ultimately 2.75x.
- The stock fell 2.6% on the report but subsequently drifted +2.5%.
Management priorities
- Integrate Restaurant Depot and realize $250M in net cost synergies by year 3.
- Open 5-6 new Restaurant Depot locations per year, targeting ~125 net new stores over the long term.
- Reduce net debt leverage to 3.5x within 24 months and to 2.75x thereafter.
- Continue AI360 and Swap & Save rollout to drive sales productivity and local case growth.
- Maintain dividend growth while suspending share repurchases for the remainder of FY26.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T04:51:50.968915+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T04:51:50.966075+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.