
	U.S. Foodservice Operations		International Foodservice Operations		SYGMA		Other		Total
	(In millions)
Carrying amount as of June 29, 2024	$	2,756	$	2,176	$	33	$	188	$	5,153
Goodwill acquired during year	(1)		10		—		—		9
Impairment	—		—		—		(92)		(92)
Currency translation/other	—		161		—		—		161
Carrying amount as of June 28, 2025	$	2,755	$	2,347	$	33	$	96	$	5,231
Goodwill acquired during year	29		39		—		—		68

Currency translation/other	—		(70)		—		—		(70)
Disposals	(4)		—		—		—		(4)
Carrying amount as of June 27, 2026	$	2,780	$	2,316	$	33	$	96	$	5,225

Amortizable intangible assets acquired during fiscal 2026 were $36 million, with a weighted-average amortization period of 11 years. Amortizable intangible assets acquired during fiscal 2026 by category were customer relationships, non-compete, and trademarks of $26 million, $1.0 million, and $9 million, respectively, with a weighted-average amortization period of 7 years, 5 years, and 25 years, respectively.


	Jun. 27, 2026						Jun. 28, 2025
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(In millions)
Customer relationships	$	1,542	$	(978)	$	564	$	1,595	$	(951)	$	644
Non-compete agreements	13		(11)		2		27		(22)		5
Trademarks	266		(94)		172		156		(46)		110
Other	10		(4)		6		10		(3)		7
Total amortizable intangible assets	$	1,831	$	(1,087)	$	744	$	1,788	$	(1,022)	$	766

Amortization expense for 2026, 2025 and 2024 was $154 million, $147 million and $142 million, respectively. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 27, 2026 is shown below:

Sysco’s operations within the United Kingdom are rebranding the Brakes® brand and other smaller brands as “Sysco GB.” As a result, previously indefinite-lived intangible assets have been reclassified as definite-lived and are amortizing on a straight-line basis over the nineteen month rebranding period through June 2027. Amortization expense related to these intangible assets was $29 million in fiscal 2026 and is expected to be $76 million in fiscal 2027.

Sysco had approximately $5.2 billion of goodwill as of June 27, 2026. We test goodwill for impairment annually at the reporting unit level in our fiscal fourth quarter, or more frequently if events or circumstances indicate that they could be impaired. Potential impairment indicators include, but are not limited to, macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, specific events affecting the reporting unit or sustained decrease in share price. In our annual fiscal 2026 assessment, all reporting units were concluded to have a fair value that exceeded book value.

We estimate the fair value of our reporting units using a combination of discounted cash flow and earnings or revenue multiple models. For the purposes of the discounted cash flow models, fair value was determined based on the present value of estimated future cash flows, discounted at an appropriate risk adjusted rate. Our fair value conclusions as of June 27, 2026 for the reporting units are sensitive to changes in the assumptions used in the income approach which include forecasted revenues and EBITDA, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Fair value of the reporting unit is, therefore, determined using significant unobservable inputs, or level 3 in the fair value hierarchy. We used recent historical performance, current forecasted financial information, and broad-based industry and economic statistics as a basis to estimate the key assumptions utilized in the discounted cash flow model. These key

assumptions are inherently uncertain and require a high degree of estimation and judgment and are subject to change based on actual results, industry and global economic and geo-political conditions, and the timing and success of the implementation of current strategic initiatives.