v3.26.1
DEBT AND OTHER FINANCING ARRANGEMENTS
 12 Months Ended
Jun. 27, 2026
Debt Disclosure [Abstract]  
DEBT AND OTHER FINANCING ARRANGEMENTS DEBT AND OTHER FINANCING ARRANGEMENTS
Jun. 27, 2026Jun. 28, 2025
(In millions)
Euro Commercial paper, interest at 2.22%, matured in fiscal 2026
$— $205 
Senior notes, interest at 3.75%, matured in fiscal 2026 (1)(2)
— 750 
Senior notes, interest at 3.30%, maturing in fiscal 2027 (1)(2)
1,000 999 
Debentures, interest at 7.16%, maturing in fiscal 2027 (2)(3)
43 43 
Senior notes, interest at 3.25%, maturing in fiscal 2028 (1)(2)
749 748 
Senior notes, interest at 5.75%, maturing in fiscal 2029 (1)(2)
498 497 
Debentures, interest at 6.50%, maturing in fiscal 2029 (2)
155 155 
Senior notes, interest at 2.40%, maturing in fiscal 2030 (1)(2)
498 498 
Senior notes, interest at 5.95%, maturing in fiscal 2030 (1)(2)
996 995 
Senior notes, interest at 5.10%, maturing in fiscal 2031 (1)(2)
696 695 
Senior notes, interest at 2.45%, maturing in fiscal 2032 (1)(2)
447 447 
Senior notes, interest at 4.40%, maturing in fiscal 2032 (1)(2)
586 — 
Senior notes, interest at 6.00%, maturing in fiscal 2034 (1)(2)
498 507 
Senior notes, interest at 5.40%, maturing in fiscal 2035 (1)(2)
552 562 
Senior notes, interest at 4.95%, maturing in fiscal 2036 (1)(2)
631 — 
Senior notes, interest at 5.375%, maturing in fiscal 2036 (1)(2)
383 383 
Senior notes, interest at 6.625%, maturing in fiscal 2039 (1)(2)
200 200 
Senior notes, interest at 6.60%, maturing in fiscal 2040 (1)(2)
351 350 
Senior notes, interest at 4.50%, maturing in fiscal 2046 (1)(2)
495 495 
Senior notes, interest at 4.85%, maturing in fiscal 2046 (1)(2)
497 497 
Senior notes, interest at 4.45%, maturing in fiscal 2048 (1)(2)
494 493 
Senior notes, interest at 3.30%, maturing in fiscal 2050 (1)(2)
495 495 
Senior notes, interest at 6.60%, maturing in fiscal 2050 (1)(2)
1,178 1,177 
Senior notes, interest at 3.15%, maturing in fiscal 2052 (1)(2)
788 788 
Plant and equipment financing programs, finance leases, notes payable, and other debt, interest averaging 5.38% and maturing at various dates to fiscal 2050 as of June 27, 2026, and 5.14% and maturing at various dates to fiscal 2052 as of June 28, 2025
1,286 1,330 
Total debt13,516 13,309 
Less current maturities of long-term debt(1,201)(949)
Net long-term debt$12,315 $12,360 
(1)
Represents senior notes that are unsecured, are not subject to any sinking fund requirement and include a redemption provision that allows Sysco to retire the debentures and notes at any time prior to maturity at the greater of par plus accrued interest or an amount designed to ensure that the debenture and note holders are not penalized by the early redemption.
(2)
Represents senior notes, debentures and borrowings under the company’s long-term revolving credit facility that are guaranteed by certain wholly owned U.S. Broadline subsidiaries of Sysco Corporation as discussed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”
(3)
This debenture is not subject to any sinking fund requirement and is no longer redeemable prior to maturity.
As of June 27, 2026, the principal and interest payments required to be made during the next five fiscal years on Sysco’s senior notes and debentures are shown below:
Principal
Interest (1)
(In millions)
2027$1,043 $569 
2028750 534 
2029655 517 
20301,500 483 
2031700 394 
(1)
Includes payments on floating rate debt based on rates as of June 27, 2026, assuming amount remains unchanged until maturity, and payments on fixed rate debt based on maturity dates.

The total carrying value of our debt was $13.5 billion as of June 27, 2026 and $13.3 billion as of June 28, 2025. The increase in the carrying value of our debt from the prior year was due to the issuance of the Notes (as defined below), partially offset by a senior note that matured in October 2025 and repayments of borrowings issued under our European commercial paper program. In July 2026, Sysco repaid $1.0 billion of matured senior notes that were classified within current maturities of long-term debt as of June 27, 2026.

Sysco is expected to finance the cash portion of the purchase price of the acquisition of JRD with a combination of new senior unsecured notes, hybrid debt, cash on hand and equity or equity-linked securities. In the fourth quarter of fiscal 2026, Sysco executed a commitment letter for a $22 billion senior unsecured 364-day bridge loan facility that, to the extent necessary, will be used to fund the cash portion of the purchase price and pay related fees and expenses. Subsequent to the execution of the commitment letter for the bridge loan facility, Sysco entered into a $3 billion senior unsecured delayed draw term loan facility, comprised of a $1.25 billion 364-day tranche and a $1.75 billion 2-year tranche, reducing the bridge loan facility commitments from $22 billion to $19 billion. Fees paid upfront for the bridge facility as of August 4, 2026 total $126 million and will be amortized to interest expense within our statement of consolidated results of operations over the expected life of the bridge facility unless it is terminated at an earlier date. This bridge facility added approximately $30 million of interest expense in fiscal 2026 and is expected to add approximately $96 million of interest expense in fiscal 2027.

On April 16, 2026, Sysco entered into a new long-term revolving credit facility, which replaces Sysco’s existing $3.0 billion senior revolving credit facility that was originally entered into on September 5, 2025. The aggregate commitments of the lenders under the new revolving credit agreement are $3.0 billion, and such commitments will increase to $4.0 billion after the acquisition of JRD is complete. The new revolving credit agreement has an option to increase such commitments to $5.0 billion. The new facility includes a covenant requiring Sysco to maintain a ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 over four consecutive fiscal quarters, which is consistent with our previous revolving credit facility. The new revolving credit facility expires on April 16, 2031. As of June 27, 2026, there were no borrowings outstanding under this facility.

Sysco has a commercial paper program allowing the company to issue short-term unsecured notes in an aggregate amount not to exceed $3.0 billion. Any outstanding amounts are classified within long-term debt, as the program is supported by the long-term revolving credit facility noted above. As of June 27, 2026, there were no commercial paper issuances outstanding under this program in the U.S. In December 2025, Sysco entered into an agreement to increase the maximum allowable principal amount of the commercial paper issuances in Europe, with borrowings not to exceed €750 million. As of June 27, 2026, there were no commercial paper issuances outstanding in Europe.

On February 13, 2026, Sysco issued senior notes (the Notes) totaling $1.25 billion. Details of the Notes are as follows:

Maturity DatePar Value
(in millions)		Coupon RatePricing
(percentage of par)
July 25, 2031 (the 2031 Notes)$600 4.40 %99.997 %
March 25, 2036 (the 2036 Notes)650 4.95 99.637 

The Notes initially are fully and unconditionally guaranteed by Sysco’s direct and indirect wholly owned subsidiaries that guarantee Sysco’s other senior notes issued under the indenture governing the Notes or any of Sysco’s other indebtedness. Subsidiaries acquired or created in the future may or may not become guarantors, but any domestic subsidiary that guarantees our other senior notes or our other indebtedness must also guarantee the Notes. Interest on the 2031 Notes will be paid semi-
annually in arrears on January 25 and July 25, beginning on July 25, 2026. Interest on the 2036 Notes will be paid semi-annually in arrears on March 25 and September 25, beginning on September 25, 2026. The 2031 Notes will mature on July 25, 2031, and the 2036 Notes will mature on March 25, 2036. At Sysco’s option, any or all of the Notes may be redeemed, in whole or in part, at any time prior to maturity. If we elect to redeem (i) the 2031 Notes before the date that is one month prior to the maturity date, or (ii) the 2036 Notes before the date that is three months prior to the maturity date, Sysco will pay a redemption price equal to the greater of (1) 100% of the principal amount of the Notes of the applicable series to be redeemed plus, in either case, accrued and unpaid interest thereon to, but excluding, the date of redemption and (2) a “make-whole” amount calculated by reference to the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of the applicable series to be redeemed discounted to the date of redemption. If we elect to redeem a series of Notes on or after the applicable date described in the preceding sentence, Sysco will pay a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the date of redemption.

As of June 27, 2026 and June 28, 2025, letters of credit outstanding were $293 million and $306 million, respectively.