v3.26.1
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Jun. 27, 2026
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Funded Status The caption “U.S. Pension Benefits” in the tables below includes both the U.S. Retirement Plan and the SERP. As Sysco’s fiscal 2026 year end is June 27, 2026, the company utilized a practical expedient permitting us to measure our defined benefit plan assets and obligations as of the month end closest to the fiscal year end and has used June 30, 2026 as the measurement date of the plan assets and obligations disclosed herein.
U.S. Pension Benefits (1)
International Pension Benefits
Jun. 27, 2026Jun. 28, 2025Jun. 27, 2026Jun. 28, 2025
(In millions)
Change in benefit obligation:
Benefit obligation at beginning of year$2,979 $2,897 $306 $295 
Service cost6 7 2 2 
Interest cost167 166 15 15 
Amendments— 2 — — 
Curtailments— — (1)(1)
Actuarial loss (gain), net(122)35 3 (16)
Benefit payments(142)(128)(16)(15)
Foreign currency exchange impact— — (11)26 
Benefit obligation at end of year2,888 2,979 298 306 
Change in plan assets:
Fair value of plan assets at beginning of year2,534 2,502 208 158 
Actual return on plan assets156 122 7 26 
Employer contribution46 38 23 22 
Benefit payments(142)(128)(16)(15)
Foreign currency exchange impact— — (8)17 
Fair value of plan assets at end of year2,594 2,534 214 208 
Funded status at end of year$(294)$(445)$(84)$(98)
(1)
The U.S. Retirement Plan had a funded status of $23 million as of June 27, 2026 and an underfunded status of $112 million as of June 28, 2025.
Schedule of Defined Benefit Plans Amounts Recognized in Balance Sheet
The amounts recognized on Sysco’s consolidated balance sheets related to its company-sponsored defined benefit plans are as follows:
U.S. Pension BenefitsInternational Pension Benefits
Jun. 27, 2026Jun. 28, 2025Jun. 27, 2026Jun. 28, 2025
(In millions)
Noncurrent assets (Other assets)$23 $— $— $— 
Current accrued benefit liability (Accrued expenses)(32)(32)(3)(2)
Noncurrent accrued benefit liability (Other long-term liabilities)(285)(413)(81)(96)
Net amount recognized$(294)$(445)$(84)$(98)
Schedule of Defined Benefit Plans Amounts Recognized in Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss as of June 27, 2026 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:
U.S. Pension BenefitsInternational Pension BenefitsTotal
(In millions)
Prior service cost$3 $2 $5 
Actuarial losses1,014 87 1,101 
Total$1,017 $89 $1,106 

Accumulated other comprehensive loss as of June 28, 2025 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:
U.S. Pension BenefitsInternational Pension BenefitsTotal
(In millions)
Prior service cost$3 $2 $5 
Actuarial losses 1,181 83 1,264 
Total$1,184 $85 $1,269 
Schedule of Defined Benefit Plans with Accumulated/Aggregate Benefit Obligation in Excess of Fair Value of Plan Assets
Information for plans with accumulated benefit obligation/aggregate benefit obligation in excess of fair value of plan assets is as follows:
U.S. Pension Benefits (1)
International Pension Benefits
Jun. 27, 2026Jun. 28, 2025Jun. 27, 2026Jun. 28, 2025
(In millions)
Accumulated benefit obligation/aggregate benefit obligation$2,880 $2,970 $293 $300 
Fair value of plan assets at end of year2,594 2,534 214 208 
(1)
Information under U.S. Pension Benefits as of June 27, 2026 and June 28, 2025 includes both the U.S. Retirement Plan and the SERP.
Schedule of Defined Benefit Plans Components of Net Benefit Cost
The components of net company-sponsored pension costs for each fiscal year are as follows:
202620252024
U.S. Pension BenefitsInternational Pension BenefitsU.S. Pension BenefitsInternational Pension BenefitsU.S. Pension BenefitsInternational Pension Benefits
(In millions)
Service cost$6 $2 $7 $2 $8 $2 
Interest cost167 15 166 15 164 14 
Expected return on plan assets(142)(13)(138)(11)(143)(12)
Amortization of prior service cost1 — — — 1 — 
Amortization of actuarial loss31 3 30 3 28 1 
Curtailment gain— (1)— (1)— (1)
Net pension costs$63 $6 $65 $8 $58 $4 
Schedule of Defined Benefit Plans Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) related to company-sponsored pension plans for each fiscal year are as follows:
202620252024
U.S. Pension BenefitsInternational Pension BenefitsU.S. Pension BenefitsInternational Pension BenefitsU.S. Pension BenefitsInternational Pension Benefits
(In millions)
Amortization of prior service cost$1 $— $— $— $1 $— 
Amortization of actuarial loss31 3 30 3 28 1 
Prior service cost arising in current year— — (2)— — — 
Effect of exchange rates on amounts in AOCI— 3 — (8)— (1)
Actuarial gain (loss) arising in current year135 (9)(50)32 (73)(54)
Net pension income (cost)$167 $(3)$(22)$27 $(44)$(54)
Schedule of Defined Benefit Plans Amounts Included Accumulated Other Comprehensive Loss (Income) that are Expected to be Recognized in Net Company-Sponsored Benefit Cost in Next Fiscal Year
Amounts included in accumulated other comprehensive income (loss), net as of June 27, 2026 that are expected to be recognized as components of net company-sponsored benefit cost during fiscal 2027 are:
U.S. Pension BenefitsInternational Pension BenefitsTotal
(In millions)
Amortization of prior service cost$1 $— $1 
Amortization of actuarial losses27 3 30 
Total$28 $3 $31 
Schedule of Defined Benefit Plans Estimated Future Benefit Payments
Estimated future benefit payments for vested participants, based on actuarial assumptions, are as follows:
U.S. Pension BenefitsInternational Pension Benefits
(In millions)
2027$162 $18 
2028176 19 
2029186 20 
2030194 21 
2031202 21 
Subsequent five years1,089 114 
Schedule of Defined Benefit Plans Weighted Average Assumptions Used in Calculating Net Periodic Benefit Costs
Weighted-average assumptions used to determine benefit obligations as of year-end were:
Jun. 27, 2026Jun. 28, 2025
Discount rate — U.S. Retirement Plan6.21 %5.76 %
Discount rate — SERP6.00 5.75 
Discount rate — U.K. Retirement Plan6.20 5.60 
Rate of compensation increase — U.S. Retirement Plan3.00 3.00 
Weighted-average assumptions used to determine net company-sponsored pension costs for each fiscal year were:
202620252024
Discount rate — U.S. Retirement Plan5.76 %5.86 %5.62 %
Discount rate — SERP5.75 5.89 5.65 
Discount rate — U.K. Retirement Plan5.60 5.20 5.20 
Expected rate of return — U.S. Retirement Plan5.70 5.63 5.50 
Expected rate of return — U.K. Retirement Plan6.40 6.60 6.65 
Rate of compensation increase — U.S. Retirement Plan3.00 3.00 3.00 
Schedule of Defined Benefit Plans Target and Actual Asset Allocation
The U.S. Retirement Plan’s target and actual investment allocation as of June 27, 2026 is as follows:
U.S. Retirement Plan
Target Asset AllocationActual Asset Allocation
Growth assets30 %29 %
Liability hedging assets70 71 
100 %
The U.K. Retirement Plan’s target investment allocation and actual investment allocation for fiscal 2026 is as follows:
U.K. Retirement Plan
Target Asset AllocationActual Asset Allocation
Growth portfolio42 %42 %
Matching portfolio58 58 
100 %
Schedule of Defined Benefit Plans Fair Value of Plans Assets by Major Category
The following table presents the fair value of the U.S. Retirement Plan’s assets by major asset category as of June 27, 2026:
Assets Measured at Fair Value as of Jun. 27, 2026
Level 1Level 2Level 3
Measured at NAV (7)
Total
(In millions)
Cash and cash equivalents$— $110 $— $— $110 
Growth assets:
U.S. equity (1)
— — — 254 254 
International equity (1)
— — — 155 155 
Hedge fund of funds (2)
— — — 197 197 
Real estate funds (3)
— — — 73 73 
High yield and emerging markets fixed income (4)
— — — 44 44 
Private equity funds (5)
— — — 33 33 
Liability hedging assets:
Corporate bonds— 1,146 — — 1,146 
U.S. government and agency securities— 379 — 181 560 
Other (6)
— 22 — — 22 
Total investments at fair value$— $1,657 $— $937 $2,594 

(1)
Includes direct investments in equity securities and within investment funds for which fair value is measured at NAV. There are no unfunded commitments as of June 27, 2026. The remaining investments may be redeemed once per day with advanced written notice and subject to applicable limits.
(2)
There were no unfunded commitments as of June 27, 2026, and there were no redemption restrictions as of June 27, 2026. The investment may be redeemed once per quarter.
(3)
For investments in the funds listed in this category, total unfunded commitment as of June 27, 2026 was $2 million. Less than 1% of the investments cannot be redeemed. The estimate of the liquidation period for these funds varies from 2026 to 2027. The remaining investments may be redeemed quarterly with advanced written notice and subject to applicable limits.
(4)
There were no unfunded commitments as of June 27, 2026, and there were no redemption restrictions as of June 27, 2026. The investment may be redeemed daily.
(5)
Total unfunded commitments in the funds listed in this category as of June 27, 2026 were $13 million. The investments cannot be redeemed, but the fund will make distributions through liquidation. The estimate of the liquidation period varies for each fund from 2026 to 2031.
(6)
Includes foreign government and state and municipal debt securities.
(7)
Includes certain investments that are measured at fair value using the NAV practical expedient that have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
The following table presents the fair value of the U.K. Retirement Plan’s assets by major asset category as of June 27, 2026:
Assets Measured at Fair Value as of Jun. 27, 2026
Level 1Level 2Level 3
Measured at NAV (2)
Total
(In millions)
Investment funds:
Common contractual fund (1)
$— $— $— $214 $214 
Total investments at fair value$— $— $— $214 $214 
(1)
There were $4 million of unfunded commitments as of June 27, 2026. As of June 27, 2026 there are no monetary redemption restrictions, however timing restrictions ranged from daily to quarterly.
(2)
Includes certain investments that are measured at fair value using the NAV practical expedient that have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
The following table presents the fair value of the U.S. Retirement Plan’s assets by major asset category as of June 28, 2025:
Assets Measured at Fair Value as of Jun. 28, 2025
Level 1Level 2Level 3
Measured at NAV (6)
Total
(In millions)
Cash and cash equivalents$13 $108 $— $— $121 
Growth assets:
U.S. equity (1)
17 — — 228 245 
International equity (1)
— — — 133 133 
Hedge fund of funds (2)
— — — 182 182 
Real estate funds (3)
— — — 80 80 
High yield and emerging markets fixed income (4)
— — — 45 45 
Private equity funds (5)
— — — 43 43 
Liability hedging assets:
Corporate bonds— 1,125 — — 1,125 
U.S. government and agency securities— 360 — 178 538 
Other (6)
— 22 — — 22 
Total investments at fair value$30 $1,615 $— $889 $2,534 
(1)
Includes direct investments in equity securities and within investment funds for which fair value is measured at NAV. There are no unfunded commitments as of June 28, 2025. The remaining investments may be redeemed once per day with advanced written notice and subject to applicable limits.
(2)
There were no unfunded commitments as of June 28, 2025, and there were no redemption restrictions as of June 28, 2025. The investment may be redeemed once per quarter.
(3)
For investments in the funds listed in this category, total unfunded commitment as of June 28, 2025 was $2 million. Less than 1% of the investments cannot be redeemed. The estimate of the liquidation period for these funds varies from 2025 to 2026. The remaining investments may be redeemed quarterly with advanced written notice and subject to applicable limits.
(4)
There were no unfunded commitments as of June 28, 2025, and there are no redemption restrictions as of June 28, 2025. The investment may be redeemed daily.
(5)
Total unfunded commitment as of June 28, 2025 was $14 million. The investments cannot be redeemed, but the fund will make distributions through liquidation. The estimate of the liquidation period varies for each fund from 2025 to 2031.
(6)
Includes foreign government and state and municipal debt securities.
(7)
Includes certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
The following table presents the fair value of the U.K. Retirement Plan’s assets by major asset category as of June 28, 2025:
Assets Measured at Fair Value as of Jun. 28, 2025
Level 1Level 2Level 3
Measured at NAV (2)
Total
(In millions)
Investment funds:
Common contractual fund (1)
$— $— $— $208 $208 
Total investments at fair value$— $— $— $208 $208 
(1)
There were $4 million of unfunded commitments as of June 28, 2025. As of June 28, 2025 there are no monetary redemption restrictions, however timing restrictions ranged from daily to quarterly.
(2)
Includes certain investments that are measured at fair value using the NAV practical expedient that have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.