Track market-moving stories before they get noisy

© Photo by Joe Raedle/Getty Images

A decade ago, Strategy (NASDAQ:MSTR | MSTR Price Prediction) was a forgettable enterprise analytics company that traded under the name MicroStrategy. The business intelligence software was fine. The stock was sleepy. Then founder Michael Saylor decided to torch the playbook.

In August 2020, the company made bitcoin its primary treasury reserve asset, becoming the first major public company to do so. The stock stopped behaving like a software ticker and started behaving like a leveraged bitcoin proxy. A 10-for-1 stock split hit in August 2024, the company officially rebranded to Strategy in February 2025, and CEO Phong Le turned the capital markets desk into a perpetual motion machine, raising $25.3 billion in 2025 alone to buy more coins. Today, Strategy holds 713,502 bitcoins, the largest corporate stash on earth.

Your $1,000 Became $6,212, But the Last Year Hurt 10-Year Return

Initial Investment: $1,000 Current Value: $6,212 Total Return: 521.21% Annualized Return: ~20% S&P 500 (same period): $3,484 (248.43%) 5-Year Return

Initial Investment: $1,000 Current Value: $2,485 Total Return: 148.5% Annualized Return: ~20% S&P 500 (same period): $1,745 (74.53%) 1-Year Return

Initial Investment: $1,000 Current Value: $327 Total Return: -67.34% S&P 500 (same period): $1,244 (24.37%) The 10-year number crushes the S&P 500, but almost all of that outperformance came after the 2020 bitcoin pivot. Holding through it required stomach. Shares ran to $396.51 at the Q2 2025 filing in July, then collapsed to $106 by the February 2026 Q4 earnings report as bitcoin slid roughly 40% over the past year. Q4 2025 alone produced a $12.44 billion net loss, driven by a $17.44 billion unrealized loss on the bitcoin pile.

I’d Buy It Only If I Wanted Leveraged Bitcoin I’d put $1,000 into Strategy today if I genuinely believe bitcoin heads materially higher from here and I want amplified exposure with no key-management headache. The bull case is simple: BTC rebounds, the $3.4 billion STRC platform keeps scaling, and the Bitcoin Per Share flywheel makes every dilutive raise accretive. The software business is a quiet kicker, with subscription services up 62.1% YoY.

But I’d avoid it if I’m not ready to underwrite bitcoin itself. Strategy carries $8.2 billion in long-term debt, perpetual preferred dividend obligations growing toward 11.25%, constant ATM dilution, and trades at a premium to its underlying coins. When BTC falls, MSTR falls harder. That last year proved it.

Personally, I lean to the sidelines. If I want bitcoin, I’ll buy bitcoin. The leverage cuts both ways, and the past twelve months were the wrong direction.

Michael Saylor said Monday that Strategy (NASDAQ:MSTR) shareholders had approved an amendment moving STRC preferred dividends from monthly to semi-monthly.

The first record date is June 30 and the first payment July 15.

Schiff’s Flywheel ArgumentPeter Schiff, the gold bug and persistent Bitcoin critic, was not impressed by the new changes.

He posted that Strategy’s original model generated positive Bitcoin yield by issuing common stock at a premium to net asset value, then later by issuing preferred stock at coupons below Bitcoin’s expected appreciation.

Now, Schiff argued, Saylor is “forcing common shareholders to accept a negative Bitcoin yield just to prop up Bitcoin.”

The dedicated $1 billion preferred-dividend backstop, disclosed the same morning, lines up neatly with that structural critique. Schiff has spent the past several weeks calling STRC a classic centralized Ponzi, arguing the dividend model depends on continuous capital inflows.

The First Bitcoin Sale Since 2022Strategy also sold 32 Bitcoin for roughly $2.5 million between May 26 and May 31, its first disclosed sale since December 2022. The amount is symbolic, but it puts Saylor’s May earnings call line about selling bitcoin “to inoculate the market” into practice.

Two Prime CEO Alexander Blume warned last week that Saylor may have “flown too close to the sun,” arguing the preferred-stack math could force more Bitcoin sales to fund STRC dividends.

MSTR is trading at $127, up roughly 5% Monday, with Bitcoin near $63,500.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

© 24K-Production / Shutterstock.com

Lawrence Lepard, a longtime bitcoin investor and advocate, laid out one of the most aggressive bull cases for Strategy (NASDAQ:MSTR | MSTR Price Prediction) on a recent appearance on Thoughtful Money with Adam Taggart. Lepard says he is buying shares both for his fund and personally, and his target price is striking: “I think it’s a $1,000 stock within a few years.”

MSTR last traded around $127.69 after falling 35.53% over the past month and 67.34% over the past year, alongside a sharp pullback in Bitcoin, which is down 21.27% over the past month to about $63,495.

The $1,000 Call and the Leverage Thesis Lepard’s idea is that MSTR is a leveraged proxy on Bitcoin. Strategy borrows in dollars, issues equity and preferred stock, and channels the proceeds into Bitcoin. That structure amplifies Bitcoin’s moves in both directions, which is why MSTR has historically outrun Bitcoin in rallies and undercut it in drawdowns. “I’m very, very bullish on MicroStrategy,” Lepard said, framing Strategy stock as the most concentrated way to express his view that Bitcoin annual returns continue in the 30-40% range.

The Weimar Germany Analogy Lepard compares Michael Saylor’s strategy of borrowing in fiat currency to buy bitcoin to that of a Weimar-era investor who borrowed money to buy industrial businesses. As the value of the German currency collapsed, investors who had borrowed money to purchase hard assets such as businesses, real estate, or commodities often saw their assets rise in value while their debt became easier to repay in increasingly devalued currency.

In an inflationary environment, debt denominated in a depreciating currency becomes easier to service over time, while the hard asset purchased with that debt appreciates in real terms. Lepard’s broader macro view is that, “the monetary system we’ve constructed is fatally flawed.” This is his foundation for treating Bitcoin as digital gold and MSTR as a vehicle to compound it.

The Stretch Preferred and Financial Engineering The newest piece of Saylor’s financing stack is the Stretch preferred stock. It pays an 11.5% dividend, with proceeds generated from the preferred stock used to buy more bitcoin. “To me, it’s an intelligent corporate financial engineering bet,” he said.

The strategy is straightforward: raise capital through high-yield preferred stock offerings, invest the proceeds into Bitcoin, and rely on Bitcoin’s appreciation to more than cover the dividend payments. The challenge is that an 11.5% dividend is a fixed obligation that must be paid regardless of whether Bitcoin is trading at $100,000 or $40,000.

Saylor Becomes the “Richest Man in the World” or Bankrupt Lepard is candid that the outcome for Strategy is binary. On the upside, he believes Saylor “will end up probably the richest man in the world, but it’ll probably take 20 years for that to happen.” On the downside, if Bitcoin fails, Saylor “is going to go bankrupt faster than anybody else.” His conviction is unambiguous: “I kind of feel like we’ve won this game now. It’s become pretty obvious we’ve won this game.”

Prediction markets paint a more measured picture. Polymarket traders assign only an 8% probability of a MicroStrategy margin call in 2026, but just a 36% probability that the company reaches 1 million BTC by year-end. Sell-side analysts maintain a consensus target of $351.54, with 14 buy ratings and 1 hold, well below Lepard’s $1,000 figure but well above today’s price.

Lepard’s MSTR thesis is among the most aggressive expressions of Bitcoin bullishness in public markets. The same financial engineering that makes the $1,000 scenario possible, layered preferreds and dollar-denominated debt funding bitcoin purchases, also stacks fixed obligations that get harder to meet if Bitcoin keeps sliding. MSTR is a leveraged, binary-outcome way to play bitcoin rather than a substitute for owning it directly.

Lawrence Lepard, a longtime bitcoin investor and author, spoke with host Adam Taggart on the Thoughtful Money podcast episode "The Next Big Money Printing Cycle Is Almost Here," and planted a contrarian flag. With Bitcoin sliding to around $63,000 from its all-time high of $124,000-$126,000, Lepard told listeners, "There were a lot of people ready to... Top Bitcoin Analyst Predicts $200K Within Two Years: 'We're Either At Or Within Spitting Distance Of A Bottom'

© 24K-Production / Shutterstock.com

Strategy (NASDAQ:MSTR | MSTR Price Prediction) is positioned as a long-horizon vehicle because it is the only public-market structure engineered to compound a fixed-supply monetary asset across unlimited capital-markets cycles, with a balance sheet built to outlast bitcoin’s drawdowns rather than be liquidated by them.

Pillar 1: Structural Durability The forever case starts with a balance sheet no peer has replicated. Strategy holds 818,334 BTC as of May 3, 2026, a position worth roughly $54 billion and backed by $36.65 billion in shareholders’ equity. In 2025 the company raised $25.3 billion in capital, making it the largest equity issuer among U.S. public companies for the second consecutive year, and it has already pulled in $11.68 billion through ATM offerings YTD 2026. That capital-markets machinery, paired with the legacy software business whose subscription revenue grew to $58.88 million at a 67.1% gross margin, is the durable engine.

Pillar 2: Compounding, Not Income MSTR common stock pays no dividend. The compounding mechanism is bitcoin-per-share growth, measured as BTC Yield, which ran 9.4% YTD 2026 after 22.8% in full-year 2025. The preferred stack handles cash income for investors who want it: STRC scaled to an $8.5 billion market cap in 9 months, paying $0.96 per share monthly at an 11.50% annualized rate. For the common, the long arithmetic is bitcoin’s own: BTC is up 10,228% over the past ten years, and MSTR has captured that asymmetry, returning 577.46% over the same decade.

Pillar 3: Cycle Survival Surviving bitcoin winters is the entire engineering problem, and Strategy has built for it. A $2.25 billion USD Reserve covers 2.5 years of dividend and interest obligations against $8.17 billion in long-term debt. The ASU 2023-08 fair value accounting standard means quarterly mark-to-market noise no longer threatens covenants the way it once did. Prediction markets agree: traders on Polymarket assign a 92.5% probability that MSTR is not margin called in 2026. Meanwhile, Morgan Stanley, Goldman Sachs, and Citi are launching bitcoin ETFs, trading, custody, and lending, validating the thesis the company built five years before Wall Street arrived.

Where the Thesis Underperforms A multi-year bitcoin bear market is the clear failure mode. Q1 2026 produced a $14.46 billion unrealized loss, BTC has fallen 43.15% over the past year, and MSTR has dropped 66.03% with it. A holder who needed to sell in this window would be punished. That doesn’t change the forever thesis because the structural design, perpetual preferreds, term debt, and the USD Reserve, means time is the variable the company manages. Drawdowns are the cost of entry under this design.

At $127.20, with the stock trading near a price-to-book ratio of 1, the math favors holders who can wait through cycles. The structural design rewards multi-cycle holders.

The Edge Ranking CollapseThe momentum score, which measures a stock’s relative strength based on price movement patterns and volatility, collapsed from 10.43 to 6.32 for all five funds.

This steep decline squarely places these ETFs in the bottom 10% of the market. Furthermore, all five funds are exhibiting negative price trends across short, medium, and long-term horizons, signaling intense and sustained downward pressure.

BTC Price ActionAt the last check, Bitcoin was trading 3.15% lower at $61,329.31 per coin, as per the last 24 hours. It was lower by 51.37% from its all-time high of $126,198.07. Meanwhile, here is how the five BTC-linked ETFs have performed.

Triggers Behind The PlungeAlthough financially small, the move was symbolically significant, raising concerns about corporate treasury models. Lucy Gazmararian described the current environment as a “classic mid-cycle” bear market.

Compounding the stress was the geopolitical uncertainty in the Middle East, accelerating ETF outflows.

A Silver Lining For Accumulation?Despite the bleeding, some experts view this downturn as a cyclical reset. Analyst Michaël van de Poppe called the recent sell-off “relatively irrational,” suggesting that a clean break above $65,000 could trigger a strong run to $74,000.

Additionally, analyst Ali Martinez noted that the flush-out is creating “premier accumulation windows” in the $53,900 and $43,150 ranges.

While market sentiment remains “incredibly shaky,” CryptoQuant emphasizes that the current “meaningful” stress—with 40% of supply in loss—often precedes deep bear market bottoms.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

MSTR faces mounting pressure from Bitcoin losses, financing risks and weak software operations, raising concerns about more downside ahead.

As far as crypto goes, you’d be hard-pressed to find something that comes to mind quicker than Strategy, as Strategy has been a major player with Michael Saylor, of course, being the face of the company. They have had some serious issues as of late, as Bitcoin has struggled, but Strategy Incorporated does see some support in this general vicinity.

If we can recapture the $125 level, it might be good for a pop from here. If it starts to break down from here, maybe significantly below the $119 level, we probably reset near the $100 level. That being said, this is a market that needs to make some type of move to the upside soon, or it’s going to be in very serious trouble.

AMC Technical Analysis

NEW YORK--(BUSINESS WIRE)--In accordance with the terms of Annaly’s 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series F Preferred Stock”), the Board has declared a Series F Preferred Stock cash dividend for the second quarter of 2026 of $0.559639 per share of Series F Preferred Stock, which reflects a rate of 8.95422%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the Dividend Determination date plus a spread of 4.993%.

In accordance with the terms of Annaly’s 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series G Preferred Stock”), the Board has declared a Series G Preferred Stock cash dividend for the second quarter of 2026 of $0.513974 per share of Series G Preferred Stock, which reflects a rate of 8.13322%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the Dividend Determination date plus a spread of 4.172%.

In accordance with the terms of Annaly’s 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series I Preferred Stock”), the Board has declared a Series I Preferred Stock cash dividend for the second quarter of 2026 of $0.565604 per share of Series I Preferred Stock, which reflects a rate of 8.95022%, equal to three-month CME Term SOFR (plus a spread adjustment of 0.26161%) on the Dividend Determination date plus a spread of 4.989%.

In accordance with the terms of Annaly’s 8.875% Series J Cumulative Redeemable Preferred Stock (“Series J Preferred Stock”), the Board has declared a Series J Preferred Stock cash dividend for the second quarter of 2026 of $0.560851 per share of Series J Preferred Stock.

Dividends for the Series F Preferred Stock, Series G Preferred Stock, Series I Preferred Stock, and Series J Preferred Stock are payable on June 30, 2026 to preferred shareholders of record as of June 1, 2026.

About Annaly

Annaly is a leading diversified capital manager with investment strategies across mortgage finance. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Additional information on the company can be found at www.annaly.com.

Forward-Looking Statements

This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “should,” “estimate,” “project,” “believe,” “expect,” “anticipate,” “continue,” or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; our ability to grow our residential credit business; our ability to grow our mortgage servicing rights business; credit risks related to our investments in credit risk transfer securities and residential mortgage-backed securities and related residential mortgage credit assets; risks related to investments in mortgage servicing rights; the our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; our ability to maintain our exemption from registration under the Investment Company Act of 1940; and operational risks or risk management failures by us or critical third parties, including cybersecurity incidents. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

More News From Annaly Capital Management, Inc.

A month has gone by since the last earnings report for Annaly Capital Management (NLY - Free Report) . Shares have lost about 4.7% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Annaly due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Annaly Capital Management Inc before we dive into how investors and analysts have reacted as of late.

Annaly Q1 Earnings Beat Estimates, Net Interest Margin Improves Y/YAnnaly reported first-quarter 2026 earnings available for distribution per average share of 76 cents, which beat the Zacks Consensus Estimate of 74 cents. The figure increased from 72 cents in the year-ago quarter.

The company’s net interest income and net interest margin improved year over year in the reported quarter. Notably, the year-over-year increase in book value per common share was also encouraging. However, a lower economic capital ratio was concerning.

Net income available to common stockholders was $242 million compared with $87.1 million in the year-ago period.

Inside Annaly’s HeadlinesNet interest income was $452.7 million in the reported quarter, which lagged the Zacks Consensus Estimate by 8.4%. In the prior-year quarter, the company reported NII of $220 million.

Net interest spread (excluding PAA) of 1.42% in the first quarter increased from 1.35% in the prior-year quarter.

Annaly’s BVPS was $19.82 as of March 31, 2026, up from $19.02 in the prior-year quarter. At the end of the reported quarter, the company’s economic capital ratio was 14.7%, down from 14.8% in the prior-year quarter.

In the first quarter, the weighted average actual constant prepayment rate was 10.2%, up from 7.1% in the year-ago quarter.

Annaly generated an annualized EAD return on average equity of 14.58% in the first quarter, which increased from the prior-year quarter’s 14.43%.

Annaly’s total portfolio was $106.7 billion in the quarter, including a $92.2-billion Agency portfolio. The Residential Credit portfolio increased 30% to $10.3 billion, while the MSR portfolio increased 9% to $4.2 billion.

LiquidityAnnaly maintained a disciplined leverage profile in the quarter, with GAAP leverage at 7.3X and economic leverage at 5.7X, both modestly higher than the prior quarter’s levels. The company also reported total stockholders’ equity of $16.3 billion as of the quarter-end.

Liquidity remained a focal point, given ongoing macro and rate volatility. Annaly ended the quarter with $9 billion in total assets available for financing, including $5 billion in cash and unencumbered Agency MBS. This flexibility matters for a mortgage REIT because it helps sustain funding access and supports portfolio repositioning as market conditions shift.

HedgingAgainst a volatile rate environment, the company kept its hedge posture relatively steady. The company ended the quarter with a hedge ratio of 87%, while maintaining an $81-billion hedge portfolio that was broadly in line with the prior quarter.

Funding costs improved modestly, supporting underlying spread dynamics. Average economic costs of interest-bearing liabilities were 3.93% in the quarter, while the net interest margin (excluding PAA) was 1.71% compared with 1.69% in the first quarter of 2025. Average yield on interest-earning assets, excluding the premium amortization adjustment, was 5.35%, highlighting how asset yields continued to run ahead of funding costs as the company balanced carry opportunities with risk management.

Dividend Coverage & Capital RaisingA key highlight for income-focused investors was that earnings again exceeded the common dividend. Annaly declared a quarterly common stock cash dividend of 70 cents per share for the first quarter, supported by its earnings available for distribution.

The company also leaned on equity issuance to support growth. Annaly raised $509 million through its at-the-market sales program during the quarter, which management characterized as accretive, and framed the move as part of its broader approach to disciplined portfolio management.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates revision.

VGM ScoresAt this time, Annaly has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock has a score of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Annaly has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Annaly Capital Management, Inc. maintains its $0.70 per-share dividend, supported by growing net interest spread and strong earnings coverage. NLY's net interest spread improved for the fourth consecutive time in the last year, reaching 1.07%, driven by lower financing costs and stable asset yields. NLY shares trade at a 9% premium to book value, reflecting improved spreads and expectations of future rate cuts benefiting MBS investors.

Annaly Capital faces potential NAV erosion from rising rates and term spread compression but currently trades near its historical valuation premium versus peers. Lower hedge ratios have increased NLY's interest rate sensitivity, worsening the outlook if policy rates rise or stay elevated. Ongoing equity issuance dilutes shareholders but is partly offset by redeployment into higher‑yielding assets instead of lower‑yield agency MBS.

Mortgage real estate investment trust (REIT) Annaly Capital (NLY 0.04%) has a shockingly large 12.9% dividend yield. For reference, the S&P 500 index (^GSPC +0.50%) has a yield of just 1.1% today. The average REIT has a yield of 3.6%. If you are looking at Annaly's juicy yield today, you need to be worried about interest rates.

The next rate move could be higher While consumers appear to be worried about a recession, tightening their budgets, inflation is running hot. Rising inflation could force the Federal Reserve to increase interest rates. A key part of Annaly Capital's business model is to borrow money short-term so it can buy long-term mortgage securities. If rates rise, the company's interest costs go up even though its interest income doesn't change. That would leave less money to pay dividends.

Image source: Getty Images.

To protect itself from interest rate volatility, the company hedges its portfolio. At the end of the first quarter of 2026, 87% of the portfolio was hedged, down from 90% at the end of 2025 and 95% in the first quarter of 2025. The company's hedging covers a range of different time periods, from short-term to long-term; the majority of its activity (45%) is at the short end.

Protecting the dividend is a complicated job Annaly assumed "a conservative hedge profile throughout the quarter given elevated rate and macro volatility." None of the first quarter's uncertainty has receded at this point, so it is highly likely that the mortgage REIT is still taking the same conservative approach. That's a positive for investors looking at the stock, since it suggests that Annaly will be able to continue paying its dividend in the near term even if rates change dramatically.

Today's Change

(

-0.04

%) $

-0.01

Current Price

$

22.00

That said, long-term dividend investors should tread with caution here. While Annaly's yield is attractive, the dividend has a history of volatility. The company is well-respected, but the real investment story is total return, which requires dividend reinvestment. In fact, from a total return perspective, the stock has outperformed the S&P 500 since Annaly's initial public offering. However, the dividend and stock price are both lower today than they were 10 years ago. In other words, if you spent the dividend, you would have been left with less income and less capital.

Safe for now, risky over the long term The big-picture story is that Annaly appears to be taking a prudent approach to its portfolio, actively hedging its near-term interest rate risk. That should allow it to support its dividend through the current market uncertainty, even if that uncertainty leads to rate changes. However, if you are a dividend investor using dividends to pay for living expenses, that still isn't enough to make this ultra-high-yield mREIT a reliable choice for long-term income.

Annaly Capital Management (NLY - Free Report) closed at $20.96 in the latest trading session, marking a -1.23% move from the prior day. This change lagged the S&P 500's 0.3% gain on the day. Elsewhere, the Dow lost 0.16%, while the tech-heavy Nasdaq added 0.86%.

Prior to today's trading, shares of the real estate investment trust had lost 6.15% lagged the Finance sector's gain of 1.34% and the S&P 500's gain of 1.92%.

The upcoming earnings release of Annaly Capital Management will be of great interest to investors. The company's upcoming EPS is projected at $0.74, signifying a 1.37% increase compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $488 million, up 78.62% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.98 per share and a revenue of $1.93 billion, signifying shifts of +2.05% and +69.62%, respectively, from the last year.

Any recent changes to analyst estimates for Annaly Capital Management should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Annaly Capital Management is currently sporting a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Annaly Capital Management has a Forward P/E ratio of 7.13 right now. This expresses a discount compared to the average Forward P/E of 8.55 of its industry.

We can also see that NLY currently has a PEG ratio of 6.48. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The REIT and Equity Trust industry had an average PEG ratio of 1.46 as trading concluded yesterday.

The REIT and Equity Trust industry is part of the Finance sector. This group has a Zacks Industry Rank of 211, putting it in the bottom 14% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NLY in the coming trading sessions, be sure to utilize Zacks.com.

Annaly Capital Management (NLY +2.80%) already offers a monster 12.7% dividend yield. That's more than 10 times higher than the S&P 500's 1.1% yield. It's now boosting that payout by another 7.1%.

Here's a look at how the real estate investment trust (REIT) focused on residential mortgages can afford its big-time yield and whether investors should buy it for income.

Image source: Getty Images.

Another raise Annaly Capital Management recently declared its latest dividend. The mortgage REIT will pay $0.75 per share on July 31 to investors who hold shares as of June 30. That's a 7.1% raise from the $0.70 per share it paid last quarter. It will boost the REIT's forward dividend yield to 13.6% at its recent share price. In commenting on the increase, CEO David Finkelstein stated that it underscores "the strong performance of Annaly's diversified housing finance portfolio and our focus on driving shareholder value."

The dividend increase follows Annaly's steadily improving earnings. The company reported $0.76 per share of earnings available for distribution (EAD) during the first quarter. That was up from $0.74 per share last quarter and $0.72 per share in the prior year period. It's a continuation of the improvement in the REIT's earnings over the past few years:

Data source: Annaly Capital Management. Chart by the author.

With its earnings rising, ample investment opportunities in the current market environment, and a strong financial profile, Annaly now has the confidence to increase its dividend. It's the REIT's second raise in the past 18 months. However, the dividend remains well below its peak due to a series of cuts in prior years.

Today's Change

(

2.80

%) $

0.60

Current Price

$

22.01

Diversification is paying dividends Annaly's investment strategy differs from that of other residential mortgage REITs, such as AGNC Investment. Whereas AGNC Investment only invests in Agency MBS (mortgage-backed securities guaranteed against credit losses by government agencies such as Fannie Mae), Annaly also invests in residential credit (non-agency residential mortgage assets) and mortgage servicing rights (MSR).

That diversification gives it the flexibility to invest where it sees the best opportunities. For example, Annaly ended the first quarter with $92 billion in Agency investments, down marginally from the year-end level. The REIT opportunistically repositioned the portfolio during the quarter by rotating out of higher-yielding MBS and into lower-yielding MBS, which it expects will provide more durable cash flows. Meanwhile, it raised $510 million of equity during the quarter to capitalize on opportunities to grow its residential credit and MSR portfolios. It expanded its residential credit portfolio by 30% to $10.3 billion in the quarter, while its MSR portfolio grew by 9% to $4.2 billion. The company expects to continue growing these platforms.

A higher risk, higher reward income stock Annaly Capital's diversification strategy is paying off. The REIT is capitalizing on opportunities to grow its residential credit and MSR portfolios, helping drive earnings growth. That's enabling the REIT to increase its dividend. While Annaly is a higher-risk income stock (it has cut its dividend many times in the past), it's a good option for more risk-tolerant investors looking to buy income.

Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Pareto upgrades - swapping into strictly superior securities within the same issuer - can materially improve portfolio yield without increasing risk. Repeated Pareto upgrades raised yield on invested capital from 8.53% to 11.33% in under two years, demonstrating powerful compounding effects. Current actionable opportunity: ABR-D preferred offers an 18 basis point yield advantage over ABR-E with identical upside to par and risk profile.

In the latest trading session, AGNC Investment (AGNC - Free Report) closed at $10.23, marking a -1.73% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.26%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.42%.

Shares of the real estate investment trust witnessed a loss of 4.84% over the previous month, trailing the performance of the Finance sector with its gain of 2.26%, and the S&P 500's gain of 6.32%.

Investors will be eagerly watching for the performance of AGNC Investment in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.38, marking stability compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $361.52 million, up 123.16% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.56 per share and a revenue of $1.47 billion, representing changes of +4% and +117.14%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for AGNC Investment. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. AGNC Investment presently features a Zacks Rank of #2 (Buy).

In terms of valuation, AGNC Investment is presently being traded at a Forward P/E ratio of 6.66. For comparison, its industry has an average Forward P/E of 8.76, which means AGNC Investment is trading at a discount to the group.

The REIT and Equity Trust industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 213, which puts it in the bottom 13% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© Goami / Shutterstock.com

Fifty thousand dollars a year is what a careful retiree might want to cover housing, groceries, and Medicare premiums on top of Social Security. Two mortgage REITs, Annaly Capital Management (NYSE:NLY | NLY Price Prediction) and AGNC Investment (NASDAQ:AGNC), currently throw off enough yield to fund that number on a $400,000 sleeve. The math works. The risk is what most 64-year-olds shopping for income do not price in.

NLY pays $0.70 quarterly, or $2.80 annualized, on a share price near $22. AGNC pays $0.12 monthly, or $1.44 annualized, on a share price near $10. Trailing yields land at 13% and 13.7%. A 50/50 split on $400,000 produces roughly $53,000 in cash distributions over a year. Headline rounded to $50,000 gives a small cushion.

The Same Income, Three Different Capital Requirements The amount of capital needed to generate $50,000 in annual income depends largely on the yield an investor is willing to accept. The math is straightforward: income target divided by yield equals capital required.

Conservative tier (3% to 4% yield). Dividend-growth ETFs and high-quality blue chips occupy this range. At a 3.5% yield, generating $50,000 annually requires approximately $1.43 million. The tradeoff is that dividends often grow over time, helping income keep pace with inflation while supporting long-term capital appreciation. The drawback is the substantial capital requirement.

Moderate tier (5% to 7% yield). Preferred-share funds, midstream energy partnerships, business development companies, and diversified high-dividend strategies generally fall into this category. At a 6% yield, an investor needs about $833,000 to generate $50,000 annually. Income starts higher, but payout growth is typically slower and returns can be more sensitive to credit conditions and economic cycles.

Aggressive tier (10% to 14% yield). Mortgage REITs, leveraged covered-call funds, and CLO equity strategies often operate in this range. At a 12.5% yield, producing $50,000 of annual income requires just $400,000. The income hurdle drops dramatically, but so does the margin for error. Higher yields generally come with greater volatility, higher distribution risk, and less room for mistakes.

Where the 14% Number Actually Comes From Annaly Capital Management (NLY) manages approximately $138.5 billion in assets across Agency mortgage-backed securities, residential credit, and mortgage servicing rights. AGNC Investment Corp. (AGNC) operates a roughly $94.7 billion Agency-focused portfolio with leverage of about 7.4x. Both mortgage REITs rely heavily on the spread between the yields earned on mortgage assets and their short-term funding costs.

With the 10-year Treasury yielding about 4.45% and the 10Y-2Y spread narrowing to 0.42% from 0.74% in February, the interest-rate environment has become less favorable for that business model. As financing spreads tighten, earnings pressure can build and dividend coverage may weaken.

The impact can be significant. Annaly reduced its quarterly dividend from $0.88 to $0.22 in 2022, while AGNC lowered its monthly payout from $0.18 to $0.12 in early 2020 and has maintained that level since. During challenging rate environments, income investors have often faced a double hit: lower distributions and declining share prices. In 2022, NLY fell 23% and AGNC fell 24%, illustrating how quickly a high-yield strategy can become less forgiving when market conditions deteriorate.

The Diversification Patch The iShares Mortgage Real Estate ETF (NYSEARCA:REM) holds 35 positions with NLY at 21.7% and AGNC at 14.2% of the fund, plus Starwood Property Trust, Rithm Capital, Blackstone Mortgage Trust, and 30 other names. The 0.48% expense ratio is the toll. The benefit is that one issuer cutting its payout does not knock out a single-digit share of your income.

What to Actually Do Cap mortgage REIT exposure at 10% to 15% of total income assets. A $400,000 sleeve makes sense inside a $3 million portfolio, not as the whole plan. Compare ten-year total returns, not current yields. NLY is up 71% over ten years and AGNC is up 83%, both before dividends. A 3.5% yielder growing the payout 8% annually doubles the income stream in nine years. A 14% yielder that holds flat does not. Reinvest 20% to 30% of distributions back into the position. That offsets the next dividend cut and slows the principal erosion that defines this asset class. The $400,000 number is real. So is the $50,000. Whether either survives the next rate cycle intact is the question the yield alone cannot answer.

, /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced today that its Board of Directors has declared cash dividends on the outstanding depositary shares1 of the following series of preferred stock for the second quarter 2026:

Series of Preferred Stock

Ticker

Per Annum
Dividend Rate

Dividend Per
Depositary Share1

7.00% Series C Fixed-to-Floating Rate

AGNCN

9.05213%2

$0.57204

6.875% Series D Fixed-to-Floating Rate

AGNCM

8.27313%3

$0.52282

6.50% Series E Fixed-to-Floating Rate

AGNCO

8.93413%4

$0.56459

6.125% Series F Fixed-to-Floating Rate

AGNCP

8.63813%5

$0.54880

7.750% Series G Fixed-Rate Reset

AGNCL

7.750%6

$0.48438

8.750% Series H Fixed-Rate

AGNCZ

8.750 %

$0.54688

1.

Each depositary share represents a 1/1,000th interest in a share of preferred stock.

2.

The Series C Depositary Shares accrue dividends at a floating rate equal to Three-Month CME Term SOFR plus 0.26161% plus 5.111% per annum. The dividend rate for the dividend period ending July 14, 2026 is 9.05213% per annum.

3.

The Series D Depositary Shares accrue dividends at a floating rate equal to Three-Month CME Term SOFR plus 0.26161% plus 4.332% per annum. The dividend rate for the dividend period ending July 14, 2026 is 8.27313% per annum.

4.

The Series E Depositary Shares accrue dividends at a floating rate equal to Three-Month CME Term SOFR plus 0.26161% plus 4.993% per annum. The dividend rate for the dividend period ending July 14, 2026 is 8.93413% per annum.

5.

The Series F Depositary Shares accrue dividends at a floating rate equal to Three-Month CME Term SOFR plus 0.26161% plus 4.697% per annum. The dividend rate for the dividend period ending July 14, 2026 is 8.63813% per annum.

6.

The Series G Depositary Shares will accrue dividends from and including the original issue date to (but excluding) October 15, 2027 at a fixed rate of 7.75% per annum. From and including October 15, 2027, the dividend rate will reset during each reset period at a fixed rate equal to the five year U.S. Treasury Rate plus a spread of 4.39% per annum.

The dividend for each series of outstanding preferred stock is payable on July 15, 2026 to holders of record as of July 1, 2026.

For further information or questions, please contact Investor Relations at (301) 968-9300 or [email protected].

ABOUT AGNC INVESTMENT CORP.
Founded in 2008, AGNC Investment Corp. (Nasdaq: AGNC) is a leading investor in Agency residential mortgage-backed securities (Agency MBS), which benefit from a guarantee against credit losses by Fannie Mae, Freddie Mac, or Ginnie Mae. We invest on a leveraged basis, financing our Agency MBS assets primarily through repurchase agreements, and utilize dynamic risk management strategies intended to protect the value of our portfolio from interest rate and other market risks.

AGNC has a track record of providing favorable long-term returns for our stockholders through substantial monthly dividend income, with over $15 billion of common stock dividends paid since inception. Our business is a significant source of private capital for the U.S. residential housing market, and our team has extensive experience managing mortgage assets across market cycles. To learn more about The Premier Agency Residential Mortgage REIT, please visit www.AGNC.com, follow us on LinkedIn and X, and sign up for Investor Alerts.   

CONTACT:
Investor Relations - (301) 968-9300

SOURCE AGNC Investment Corp.

You can read all the published reports on inflation, jobs and guess what the Fed will do next. Or you could collect a rich income stream, no matter where interest rates are headed. We choose the latter, and are cash collectors across market conditions.

HOUSTON, April 28, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) (“Sysco” or the “company”) today announced financial results for its 13-week third fiscal quarter ended March 28, 2026.

Key financial results for the third quarter of fiscal year 2026 include the following (comparisons are to the same period in fiscal year 2025):

Sales increased 4.7%; U.S. Foodservice volume increased 2.3%, U.S. local volumes increased 3.3%;Gross profit increased 6.5% to $3.8 billion;Operating income decreased 9.1% to $619 million, and adjusted operating income decreased 0.6% to $768 million1;Net earnings decreased 15.2% to $340 million, and adjusted net earnings decreased 3.6% to $452 million1;Cash flow from operations increased 11% to $1.5 billion and free cash flow2 increased 19% to $1.1 billion on a year-to-date basis;EBITDA decreased 5.1% to $864 million3, and adjusted EBITDA increased 0.1% to $970 million1,3; andEPS4 decreased 13.4% to $0.71, and adjusted EPS1 decreased 2.1% to $0.94, inclusive of higher incentive compensation costs of $63 million, as previously disclosed, representing a $0.10 impact to EPS. “Sysco delivered strong results in the third quarter of fiscal 2026, driven by continued acceleration in local case volume and expanded gross margins,” said Kevin Hourican, Sysco’s Chair of the Board and Chief Executive Officer. “Importantly, our U.S. local volumes grew 3.3%, the highest quarterly rate in over three years. This exceeded our prior commitment, and we remain confident in delivering over 2.5% U.S. local growth in Q4, which would put us on pace to accelerate on a two-year stack basis. Our USFS segment returned to operating profit growth for the quarter. We are encouraged by the progress, results, and momentum across each of our business segments. As we look ahead, our strong operating foundation, improving productivity, and the compelling opportunity presented by the pending Jetro Restaurant Depot combination, position Sysco to grow profitably, deepen our relationships with more local customers, and create incremental value for our shareholders.”

“Third quarter results reflected strong earnings execution and solid cash flow generation, supported by continued volume acceleration, gross margin expansion, and disciplined cost management, which included headwinds from lapping $63 million of incentive compensation,” said Brandon Sewell, Sysco’s Interim Chief Financial Officer. “Year‑to‑date free cash flow increased 19%, and we are encouraged by improving productivity, particularly in our U.S. Foodservice local business. These results support our confidence in delivering full‑year adjusted EPS at the high end of our $4.50 to $4.60 guidance range, which continues to include an approximate $100 million ($0.16 per diluted share) headwind from lapping lower incentive compensation in fiscal 2025.”

(1) Adjusted financial results, including adjusted operating expense, adjusted operating income (loss), adjusted net earnings, adjusted earnings per share (EPS) and adjusted EBITDA, among others, are non-GAAP financial measures that exclude certain items, which primarily include acquisition-related costs, restructuring and severance costs, and transformational project costs. Adjustments provided herein for fiscal 2026 results of operations also remove the impact of a charge associated with a legal matter. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release. For additional information regarding forward-looking full year adjusted EPS see section below entitled “Projected Adjusted EPS Guidance.”
(2) Free cash flow is a non-GAAP financial measure that represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release. 
(3) Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.
(4) Earnings per share (EPS) is shown on a diluted basis, unless otherwise specified.

Third Quarter Fiscal Year 2026 Results (comparisons are to the same period in fiscal year 2025)

Total Sysco

Sales for the third quarter increased 4.7% to $20.5 billion.

Gross profit increased 6.5% to $3.8 billion, and gross margin increased 31 basis points to 18.6%. Product cost inflation was 2.8% at the total enterprise level, as measured by the estimated change in Sysco’s product costs, primarily in the dairy, meat, and seafood categories. The increase in gross profit for the third quarter was primarily driven by positive volumes, strategic sourcing efficiencies, and effective management of product cost inflation.

Operating expenses increased 10.1%, primarily driven by higher incentive compensation, sales headcount and capacity investments. Adjusted operating expenses increased 8.4%1.

Operating income decreased 9.1% to $619 million, and adjusted operating income decreased 0.6% to $768 million1.

U.S. Foodservice Operations

The U.S. Foodservice Operations segment results reflected positive case growth across local and national customers, higher gross margins, partially offset by lapping incentive compensation from the prior year and planned investments in sales headcount and expanded capacity.

Sales for the third quarter increased 3.1% to $14.2 billion. Total case volume within U.S. Foodservice Operations increased 2.3% for the third quarter, while local case volume within U.S. Foodservice Operations increased 3.3%.

Gross profit increased 5.2% to $2.7 billion, and gross margin increased 38 basis points to 19.2%.

Operating expenses increased 6.3%, and adjusted operating expenses increased 5.2%1.

Operating income increased 2.4% to $772 million, and adjusted operating income increased 5.1% to $830 million1.

International Foodservice Operations

The International Foodservice Operations segment delivered strong sales growth, robust local volume gains, and double-digit adjusted operating income growth.

Sales for the third quarter increased 12.4% to $3.9 billion. On a constant currency basis5, sales for the third quarter increased 5.2% to $3.6 billion. Foreign exchange rates increased both International Foodservice Operations sales by 7.2% and total Sysco sales by 1.3% during the quarter.

Gross profit increased 14.6% to $834 million, and gross margin increased 41 basis points to 21.5%. On a constant currency basis5, gross profit increased 6.7% to $777 million. Foreign exchange rates increased both International Foodservice Operations gross profit by 7.9% and total Sysco gross profit by 1.7% during the quarter.

(5) Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results. These adjusted measures are non-GAAP financial measures. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.

Operating expenses increased 18.8%, and adjusted operating expenses increased 15.0%1. On a constant currency basis5, adjusted operating expenses increased 6.7%. Foreign exchange rates increased both International Foodservice Operations operating expenses by 8.3% and total Sysco operating expenses by 1.8% during the quarter.

Operating income decreased 13.5% to $83 million, and adjusted operating income increased 12.5% to $144 million1. On a constant currency basis5, adjusted operating income increased 7.0% to $137 million. Foreign exchange rates increased both International Foodservice Operations operating income by 5.5% and total Sysco operating income by 1.0% during the quarter.

Balance Sheet, Cash Flow and Capital Spending

As of the end of the quarter, the company had a cash balance of $1.9 billion and total liquidity6 of $4.4 billion.

Debt to net earnings was approximately 8.1 times, and Net Debt to adjusted EBITDA7 was approximately 2.8 times.

During the first 39 weeks of fiscal year 2026, Sysco returned $978 million to shareholders via $200 million of share repurchases and $778 million of dividends.

Cash flow from operations was $1.5 billion and free cash flow8 was $1.1 billion for the first 39 weeks of fiscal year 2026.

Capital expenditures, net of proceeds from sales of plant and equipment, for the first 39 weeks of fiscal year 2026 were $330 million.

Details of Previously Announced Acquisition of Jetro Restaurant Depot

On March 30, 2026, subsequent to quarter-end, the company announced that it had entered into an agreement to acquire Jetro Restaurant Depot, a leading U.S. wholesale cash-and-carry foodservice provider serving smaller, independent restaurants and businesses. Jetro Restaurant Depot operates 167 large-format warehouse stores across 35 states, serving more than 725,000 independent restaurants and foodservice operators with a broad assortment of fresh and low-priced products. This transaction remains subject to regulatory review and is expected to close by Sysco’s third quarter of fiscal 2027, subject to the satisfaction of customary closing conditions, including receipt of the regulatory approvals.

(6) Available liquidity includes cash and cash equivalents, available borrowing capacity under our revolving credit facility, less outstanding drawings under our commercial paper program, as of the applicable reporting date.
(7) Net debt to adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. Our net debt to adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash equivalents, divided by the sum of the most recent four quarters of adjusted EBITDA. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release.
(8) Free cash flow is a non-GAAP financial measure that represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Reconciliations of all non-GAAP financial measures to the nearest corresponding GAAP financial measure are included at the end of this release. 

Conference Call & Webcast

Sysco will host a conference call to review the company’s third quarter fiscal year 2026 financial results on Tuesday, April 28, 2026, at 10:00 a.m. Eastern Time. A live webcast of the call, accompanying slide presentation and a copy of this news release will be available online at investors.sysco.com.

Key Highlights: 13-Week Period Ended39-Week Period Ended     Financial Comparison:March 28, 2026ChangeMarch 28, 2026ChangeGAAP:    Sales$20.5 billion4.7%$62.4 billion3.6%Gross Profit$3.8 billion6.5%$11.5 billion4.8%Gross Margin18.6%31 bps18.4%20 bpsOperating Expenses$3.2 billion10.1%$9.4 billion6.9%Operating Income$619 million-9.1%
$2.1 billion-4.0%
Operating Margin3.0%-45 bps3.4%-27 bpsNet Earnings$340 million-15.2%
$1.2 billion-7.0%
Diluted Earnings Per Share$0.71-13.4%
$2.51-4.9%
     Non-GAAP(1):    Adjusted Operating Expenses$3.0 billion8.4%
$9.0 billion5.6%Adjusted Operating Income$768 million-0.6%
$2.5 billion1.9%Adjusted Operating Margin3.7%-20 bps4.0%-7 bpsEBITDA$864 million-5.1%
$2.8 billion-3.0%
Adjusted EBITDA$970 million0.1%$3.0 billion1.2%Adjusted Net Earnings$452 million-3.6%
$1.5 billion1.0%Adjusted Diluted Earnings Per Share(2)$0.94-2.1%
$3.083.4%     Case Growth:    U.S. Foodservice2.3% 1.0% Local3.3% 1.4%      Sysco Brand Sales as a % of Cases(3):    U.S. Broadline35.0%-62 bps35.3%-78 bpsLocal45.1%-50 bps45.5%-72 bpsNote:(1) Reconciliations of all non-GAAP financial measures to the nearest respective GAAP financial measures are included at the end of this release.(2) Individual components in the table above may not sum to the totals due to the rounding.(3) Amounts reflect the impact of current customer classifications; prior period history has been reclassified to match the current period customer classification.  Forward-Looking Statements

Statements made in this press release or in our earnings call for the third quarter of fiscal year 2026 include statements that are forward-looking or that express management’s beliefs, expectations or hopes and are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, among other things, our future financial performance and results, business strategy, plans, goals and objectives, including certain outlook, business trends, our dividend and share repurchase programs, our expectation of future macroeconomic conditions and other statements that are not historical facts, including our expectations regarding foot traffic and volume growth, and benefits to gross margins; and our expectations regarding our future growth, including growth in sales and earnings per share; as well as statements about the expected timing and completion of the proposed transaction with Jetro Restaurant Depot and the anticipated benefits of such proposed transaction.

Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions, including those outside of Sysco’s control. Risks and uncertainties include without limitation: the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs and foreign conflicts; risks related to our business initiatives; periods of significant or prolonged inflation or deflation and their impact on our product costs, volume, foot traffic, and profitability generally; risks related to our efforts to implement our transformation initiatives and meet our other long-term strategic objectives; risks of interruption of supplies and increase in product costs; risks related to changes in consumer eating habits; and impact of natural disasters or adverse weather conditions, public health crises, adverse publicity or lack of confidence in our products, and product liability claims as well as risks and uncertainties associated with our proposed transaction with Jetro Restaurant Depot, including but not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of either or both parties to terminate the merger agreement; the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all, as well as the risk that regulatory approvals are obtained subject to conditions that are not anticipated; the risk of other delays in closing the transaction; the possibility that any of the anticipated benefits and projected synergies of the transaction will not be realized or will not be realized within the expected time period; and the risk that the proposed transaction and its announcement could have an adverse effect on the market price of the common stock of Sysco. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.

About Sysco

Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 337 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 730,000 customer locations. The company generated sales of more than $81 billion in fiscal year 2025 that ended June 28, 2025.

As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.

For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.

SYY-INVESTORS

Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(In Millions, Except for Share and Per Share Data) 13-Week Period Ended 39-Week Period Ended Mar. 28, 2026 Mar. 29, 2025 Mar. 28, 2026 Mar. 29, 2025        Sales$20,519 $19,598 $62,429 $60,232Cost of sales 16,707  16,017  50,924  49,249Gross profit 3,812  3,581  11,505  10,983Operating expenses 3,193  2,900  9,393  8,783Operating income 619  681  2,112  2,200Interest expense 168  149  512  469Other expense (income), net 6  9  44  32Earnings before income taxes 445  523  1,556  1,699Income taxes 105  122  350  402Net earnings$340 $401 $1,206 $1,297        Net earnings:       Basic earnings per share$0.71 $0.82 $2.52 $2.65Diluted earnings per share 0.71  0.82  2.51  2.64        Average shares outstanding 479,344,821  487,519,382  479,150,734  490,080,591Diluted shares outstanding 481,188,586  489,331,460  480,738,926  491,973,759 Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In Millions, Except for Share Data) Mar. 28, 2026 Jun. 28, 2025 (Unaudited)  ASSETS   Current assets   Cash and cash equivalents$1,900  $1,071 Accounts receivable, less allowances of $87 and $17 5,755   5,502 Inventories 5,291   5,053 Prepaid expenses and other current assets 415   338 Income tax receivable 22   4 Total current assets 13,383   11,968 Plant and equipment at cost, less accumulated depreciation 5,888   6,084 Other long-term assets   Goodwill 5,246   5,231 Intangibles, less amortization 995   1,080 Deferred income taxes 488   497 Operating lease right-of-use assets, net 1,320   1,131 Other assets 663   783 Total other long-term assets 8,712   8,722 Total assets$27,983  $26,774     LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent liabilities   Accounts payable$6,387  $6,512 Accrued expenses 2,344   2,268 Accrued income taxes —   51 Current operating lease liabilities 147   136 Current maturities of long-term debt 1,190   949 Total current liabilities 10,068   9,916 Long-term liabilities   Long-term debt 12,818   12,360 Deferred income taxes 380   345 Long-term operating lease liabilities 1,226   1,049 Other long-term liabilities 1,194   1,247 Total long-term liabilities 15,618   15,001 Commitments and contingencies   Noncontrolling interest —   27 Shareholders’ equity   Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none —   — Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares 765   765 Paid-in capital 2,089   1,986 Retained earnings 13,461   13,061 Accumulated other comprehensive loss (1,055)  (1,098)Treasury stock at cost, 286,996,640 and 287,678,658 shares (12,963)  (12,884)Total shareholders’ equity 2,297   1,830 Total liabilities and shareholders’ equity$27,983  $26,774  Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In Millions) 39-Week Period Ended Mar. 28, 2026 Mar. 29, 2025Cash flows from operating activities:   Net earnings$1,206  $1,297 Adjustments to reconcile net earnings to cash provided by operating activities:   Share-based compensation expense 95   74 Depreciation and amortization 724   709 Operating lease asset amortization 113   102 Amortization of debt issuance and other debt-related costs 11   11 Deferred income taxes (14)  (27)Provision for losses on receivables 62   72 Other non-cash items (40)  (84)Additional changes in certain assets and liabilities, net of effect of businesses acquired:   Increase in receivables (335)  (228)Increase in inventories (233)  (214)Increase in prepaid expenses and other current assets (19)  (11)Increase (decrease) in accounts payable 43   (128)Increase (decrease) in accrued expenses 100   (98)Decrease in operating lease liabilities (158)  (132)Decrease in accrued income taxes (69)  (91)(Increase) decrease in other assets (13)  16 (Decrease) increase in other long-term liabilities (10)  49 Net cash provided by operating activities 1,463   1,317 Cash flows from investing activities:   Additions to plant and equipment (461)  (532)Proceeds from sales of plant and equipment 131   169 Acquisition of businesses, net of cash acquired (189)  (40)Purchase of marketable securities (15)  (25)Proceeds from sales of marketable securities 22   24 Other investing activities 23   12 Net cash used for investing activities (489)  (392)Cash flows from financing activities:   Bank and commercial paper borrowings (repayments), net 251   (33)Other debt borrowings including senior notes 1,252   1,254 Other debt repayments including senior notes (866)  (143)Proceeds from stock option exercises 124   96 Stock repurchases (200)  (700)Dividends paid (778)  (752)Other financing activities (45)  (21)Net cash used for financing activities (262)  (299)Effect of exchange rates on cash, cash equivalents and restricted cash (5)  (7)Net increase in cash, cash equivalents and restricted cash 707   619 Cash, cash equivalents and restricted cash at beginning of period 1,349   945 Cash, cash equivalents and restricted cash at end of period$2,056  $1,564     Supplemental disclosures of cash flow information:   Cash paid during the period for:   Interest$521  $453 Income taxes, net of refunds 401   510  Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items The discussion of our results includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, that we believe provide important perspective with respect to underlying business trends. Other than EBITDA and free cash flow, any non-GAAP financial measures will be denoted as adjusted measures to remove: (1) restructuring charges; (2) expenses associated with our various transformation initiatives; (3) severance charges; and (4) acquisition-related costs consisting of (a) intangible amortization expense and (b) acquisition costs and due diligence costs related to our acquisitions. Adjustments provided herein for fiscal 2026 results of operations also remove the impact of a charge associated with a legal matter. No similar charge was applicable in fiscal 2025. The results of our operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. We also measure our sales growth excluding the impact of our joint venture in Mexico which was divested in the second quarter of fiscal year 2025. Management believes that adjusting its operating expenses, operating income, operating margin, net earnings and diluted earnings per share to remove these Certain Items, presenting its results on a constant currency basis, and adjusting its sales results to exclude the impact of its joint venture in Mexico provides an important perspective with respect to our underlying business trends and results. It provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations and (2) facilitates comparisons on a year-over-year basis. Sysco has a history of growth through acquisitions and excludes from its non-GAAP financial measures the impact of acquisition-related intangible amortization, acquisition costs and due diligence costs for those acquisitions. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal year 2026 and fiscal year 2025. Set forth on the following page is a reconciliation of sales, operating expenses, operating income, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not be equal to the total presented when added due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data) 13-Week
Period Ended
Mar. 28, 2026 13-Week
Period Ended
Mar. 29, 2025 Change in
Dollars %/bps
ChangeSales (GAAP)$20,519  $19,598  $921  4.7%Impact of currency fluctuations(1) (252)    (252) (1.3)Comparable sales using a constant currency basis (Non-GAAP)$20,267  $19,598  $669  3.4%        Cost of sales (GAAP)$16,707  $16,017  $690  4.3%        Gross profit (GAAP)$3,812  $3,581  $231  6.5%Impact of currency fluctuations(1) (58)    (58) (1.7)Comparable gross profit adjusted for Certain Items using a constant currency basis (Non-GAAP)$3,754  $3,581  $173  4.8%        Gross margin (GAAP) 18.58%  18.27%   31 bpsImpact of currency fluctuations(1) (0.06)     -6 bpsComparable gross margin adjusted for Certain Items using a constant currency basis (Non-GAAP) 18.52%  18.27%   25 bps        Operating expenses (GAAP)$3,193  $2,900  $293  10.1%Impact of restructuring, transformational project, and other costs(2) (94)  (50)  (44) (88.0)Impact of acquisition-related costs(3) (55)  (42)  (13) (31.0)Operating expenses adjusted for Certain Items (Non-GAAP) 3,044   2,808   236  8.4 Impact of currency fluctuations(1) (51)    (51) (1.8)Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)$2,993  $2,808  $185  6.6%        Operating expense as a percentage of sales (GAAP) 15.56%  14.80%   76 bpsImpact of certain item adjustments (0.72)  (0.47)   -25 bpsAdjusted operating expense as a percentage of sales (Non-GAAP) 14.84%  14.33%   51 bps        Operating income (GAAP)$619  $681  $(62) (9.1)%Impact of restructuring, transformational project, and other costs(2) 94   50   44  88.0 Impact of acquisition-related costs(3) 55   42   13  31.0 Operating income adjusted for Certain Items (Non-GAAP) 768   773   (5) (0.6)Impact of currency fluctuations(1) (7)    (7) (1.0)Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)$761  $773  $(12) (1.6)%        Operating margin (GAAP) 3.02%  3.47%   -45 bpsOperating margin adjusted for Certain Items (Non-GAAP) 3.74%  3.94%   -20 bpsOperating margin adjusted for Certain Items using a constant currency basis (Non-GAAP) 3.75%  3.94%   -19 bps        Net earnings (GAAP)$340  $401  $(61) (15.2)%Impact of restructuring, transformational project, and other costs(2) 94   50   44  88.0 Impact of acquisition-related costs(3) 55   42   13  31.0 Tax impact of restructuring, transformational project, and other costs(4) (23)  (13)  (10) (76.9)Tax impact of acquisition-related costs(4) (14)  (11)  (3) (27.3)Net earnings adjusted for Certain Items (Non-GAAP)$452  $469  $(17) (3.6)%        Diluted earnings per share (GAAP)$0.71  $0.82  $(0.11) (13.4)%Impact of restructuring, transformational project, and other costs(2) 0.20   0.10   0.10  100.0 Impact of acquisition-related costs(3) 0.11   0.09   0.02  22.2 Tax impact of restructuring, transformational project, and other costs(4) (0.05)  (0.03)  (0.02) (66.7)Tax impact of acquisition-related costs(4) (0.03)  (0.02)  (0.01) (50.0)Diluted earnings per share adjusted for Certain Items (Non-GAAP)(5)$0.94  $0.96  $(0.02) (2.1)%        Diluted shares outstanding 481,188,586   489,331,460      (1)Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on the current year results.(2)Fiscal 2026 includes $43 million related to restructuring costs, severance charges, and costs associated with a legal matter and $51 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal 2025 includes $15 million related to restructuring and severance charges and $35 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy.(3)Fiscal 2026 includes $42 million of intangible amortization expense and $13 million in acquisition and due diligence costs. Fiscal 2025 includes $32 million of intangible amortization expense and $10 million in acquisition and due diligence costs.(4)The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.(5)Individual components of diluted earnings per share may not equal the total presented when added due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items
(Dollars in Millions, Except for Share and Per Share Data) 39-Week
Period Ended
Mar. 28, 2026 39-Week
Period Ended
Mar. 29, 2025 Change in
Dollars %/bps
ChangeSales (GAAP)$62,429  $60,232  $2,197  3.6%Impact of Mexico joint venture sales —   (207)  207  0.4 Comparable sales excluding Mexico joint venture (Non-GAAP)$62,429  $60,025  $2,404  4.0%        Sales (GAAP)$62,429  $60,232  $2,197  3.6%Impact of currency fluctuations(1) (481)    (481) (0.8)Comparable sales using a constant currency basis (Non-GAAP)$61,948  $60,232  $1,716  2.8%        Cost of sales (GAAP)$50,924  $49,249  $1,675  3.4%        Gross profit (GAAP)$11,505  $10,983  $522  4.8%Impact of currency fluctuations(1) (115)    (115) (1.1)Comparable gross profit adjusted for Certain Items using a constant currency basis (Non-GAAP)$11,390  $10,983  $407  3.7%        Gross margin (GAAP) 18.43%  18.23%   20 bpsImpact of currency fluctuations(1) (0.04)     -4 bpsComparable gross margin adjusted for Certain Items using a constant currency basis (Non-GAAP) 18.39%  18.23%   16 bps        Operating expenses (GAAP)$9,393  $8,783  $610  6.9%Impact of restructuring, transformational project, and other costs(2) (207)  (107)  (100) (93.5)Impact of acquisition-related costs(3) (155)  (121)  (34) (28.1)Operating expenses adjusted for Certain Items (Non-GAAP) 9,031   8,555   476  5.6 Impact of currency fluctuations(1) (102)    (102) (1.2)Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)$8,929  $8,555  $374  4.4%        Operating expense as a percentage of sales (GAAP) 15.05%  14.58%   47 bpsImpact of certain item adjustments (0.58)  (0.38)   -20 bpsAdjusted operating expense as a percentage of sales (Non-GAAP) 14.47%  14.20%   27 bps        Operating income (GAAP)$2,112  $2,200  $(88) (4.0)%Impact of restructuring, transformational project, and other costs(2) 207   107   100  93.5 Impact of acquisition-related costs(3) 155   121   34  28.1 Operating income adjusted for Certain Items (Non-GAAP) 2,474   2,428   46  1.9 Impact of currency fluctuations(1) (13)    (13) (0.5)Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)$2,461  $2,428  $33  1.4%        Operating margin (GAAP) 3.38%  3.65%   -27 bpsOperating margin adjusted for Certain Items (Non-GAAP) 3.96%  4.03%   -7 bpsOperating margin adjusted for Certain Items using a constant currency basis (Non-GAAP) 3.97%  4.03%   -6 bps        Net earnings (GAAP)$1,206  $1,297  $(91) (7.0)%Impact of restructuring, transformational project, and other costs(2) 207   107   100  93.5 Impact of acquisition-related costs(3) 155   121   34  28.1 Tax impact of restructuring, transformational project, and other costs(4) (50)  (27)  (23) (85.2)Tax impact of acquisition-related costs(4) (37)  (31)  (6) (19.4)Net earnings adjusted for Certain Items (Non-GAAP)$1,481  $1,467  $14  1.0%        Diluted earnings per share (GAAP)$2.51  $2.64  $(0.13) (4.9)%Impact of restructuring, transformational project, and other costs(2) 0.43   0.22   0.21  95.5 Impact of acquisition-related costs(3) 0.32   0.25   0.07  28.0 Tax impact of restructuring, transformational project, and other costs(4) (0.10)  (0.05)  (0.05) (100.0)Tax impact of acquisition-related costs(4) (0.08)  (0.06)  (0.02) (33.3)Diluted earnings per share adjusted for Certain Items (Non-GAAP)(5)$3.08  $2.98  $0.10  3.4%        Diluted shares outstanding 480,738,926   491,973,759      (1)Represents a constant currency adjustment which eliminates the impact of foreign currency fluctuations on the current year results.(2)Fiscal 2026 includes $63 million related to restructuring costs, severance charges, and costs associated with a legal matter and $144 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy. Fiscal 2025 includes $31 million related to restructuring and severance charges and $76 million related to various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy.(3)Fiscal 2026 includes $108 million of intangible amortization expense and $47 million in acquisition and due diligence costs. Fiscal 2025 includes $97 million of intangible amortization expense and $24 million in acquisition and due diligence costs.(4)The tax impact of adjustments for Certain Items is calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred.(5)Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions) 13-Week
Period Ended
Mar. 28, 2026 13-Week
Period Ended
Mar. 29, 2025 Change in
Dollars %/bps
ChangeU.S. FOODSERVICE OPERATIONS       Sales (GAAP)$14,234  $13,800  $434  3.1%Gross profit (GAAP) 2,738   2,603   135  5.2%Gross margin (GAAP) 19.24%  18.86%   38 bps        Operating expenses (GAAP)$1,966  $1,849  $117  6.3%Impact of restructuring, transformational project, and other costs(1) (39)  (16)  (23) NMImpact of acquisition-related costs(2) (19)  (20)  1  5.0 Operating expenses adjusted for Certain Items (Non-GAAP)$1,908  $1,813  $95  5.2%        Operating income (GAAP)$772  $754  $18  2.4%Impact of restructuring, transformational project, and other costs(1) 39   16   23  NMImpact of acquisition-related costs(2) 19   20   (1) (5.0)Operating income adjusted for Certain Items (Non-GAAP)$830  $790  $40  5.1%        INTERNATIONAL FOODSERVICE OPERATIONS       Sales (GAAP)$3,885  $3,457  $428  12.4%Impact of currency fluctuations(3) (249)    (249) (7.2)Comparable sales using a constant currency basis (Non-GAAP)$3,636  $3,457  $179  5.2%        Gross profit (GAAP)$834  $728  $106  14.6%Impact of currency fluctuations(3) (57)    (57) (7.9)Comparable gross profit using a constant currency basis (Non-GAAP)$777  $728  $49  6.7%        Gross margin (GAAP) 21.47%  21.06%   41 bpsImpact of currency fluctuations(3) (0.10)     -10 bpsComparable gross margin using a constant currency basis (Non-GAAP) 21.37%  21.06%   31 bps        Operating expenses (GAAP)$751  $632  $119  18.8%Impact of restructuring and transformational project costs(4) (39)  (13)  (26) NMImpact of acquisition-related costs(2) (22)  (19)  (3) (15.8)Operating expenses adjusted for Certain Items (Non-GAAP) 690   600   90  15.0 Impact of currency fluctuations(3) (50)    (50) (8.3)Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)$640  $600  $40  6.7%        Operating income (GAAP)$83  $96  $(13) (13.5)%Impact of restructuring and transformational project costs(4) 39   13   26  NMImpact of acquisition-related costs(2) 22   19   3  15.8 Operating income adjusted for Certain Items (Non-GAAP) 144   128   16  12.5 Impact of currency fluctuations(3) (7)    (7) (5.5)Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)$137  $128  $9  7.0%        SYGMA       Sales (GAAP)$2,137  $2,084  $53  2.5%Gross profit (GAAP) 163   166   (3) (1.8)%Gross margin (GAAP) 7.63%  7.97%   -34 bps        Operating expenses (GAAP)$145  $149  $(4) (2.7)%Operating income (GAAP) 18   17   1  5.9%        OTHER       Sales (GAAP)$263  $257  $6  2.3%Gross profit (GAAP) 68   60   8  13.3%Gross margin (GAAP) 25.86%  23.35%   251 bps        Operating expenses (GAAP)$61  $63  $(2) (3.2)%Operating income (loss) (GAAP) 7   (3)  10  NM        GLOBAL SUPPORT CENTER       Gross profit (GAAP)$9  $24  $(15) (62.5)%        Operating expenses (GAAP)$270  $207  $63  30.4%Impact of restructuring and transformational project costs(5) (16)  (21)  5  23.8 Impact of acquisition-related costs(6) (14)  (3)  (11) NMOperating expenses adjusted for Certain Items (Non-GAAP)$240  $183  $57  31.1%        Operating loss (GAAP)$(261) $(183) $(78) (42.6)%Impact of restructuring and transformational project costs(5) 16   21   (5) (23.8)Impact of acquisition-related costs(6) 14   3   11  NMOperating loss adjusted for Certain Items (Non-GAAP)$(231) $(159) $(72) (45.3)%        TOTAL SYSCO       Sales (GAAP)$20,519  $19,598  $921  4.7%Gross profit (GAAP) 3,812   3,581   231  6.5%Gross margin (GAAP) 18.58%  18.27%   31 bps        Operating expenses (GAAP)$3,193  $2,900  $293  10.1%Impact of restructuring, transformational project, and other costs(1) (4) (5) (94)  (50)  (44) (88.0)Impact of acquisition-related costs(2) (6) (55)  (42)  (13) (31.0)Operating expenses adjusted for Certain Items (Non-GAAP)$3,044  $2,808  $236  8.4%        Operating income (GAAP)$619  $681  $(62) (9.1)%Impact of restructuring, transformational project, and other costs(1) (4) (5) 94   50   44  88.0 Impact of acquisition-related costs(2) (6) 55   42   13  31.0 Operating income adjusted for Certain Items (Non-GAAP)$768  $773  $(5) (0.6)% (1)Primarily represents severance charges, transformation initiative costs, and costs associated with a legal matter.(2)Fiscal 2026 and fiscal 2025 include intangible amortization expense and acquisition costs.(3)Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.(4)Includes restructuring and transformation initiative costs primarily in Europe.(5)Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.(6)Represents due diligence costs.NMRepresents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Segment Results
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Applicable Segments
(Dollars in Millions) 39-Week
Period Ended
Mar. 28, 2026 39-Week
Period Ended
Mar. 29, 2025 Change in
Dollars %/bps
ChangeU.S. FOODSERVICE OPERATIONS       Sales (GAAP)$43,397  $42,206  $1,191  2.8%Gross profit (GAAP) 8,281   8,003   278  3.5%Gross margin (GAAP) 19.08%  18.96%   12 bps        Operating expenses (GAAP)$5,809  $5,507  $302  5.5%Impact of restructuring, transformational project, and other costs(1) (54)  (26)  (28) NMImpact of acquisition-related costs(2) (72)  (53)  (19) (35.8)Operating expenses adjusted for Certain Items (Non-GAAP)$5,683  $5,428  $255  4.7%        Operating income (GAAP)$2,472  $2,496  $(24) (1.0)%Impact of restructuring, transformational project, and other costs(1) 54   26   28  NMImpact of acquisition-related costs(2) 72   53   19  35.8 Operating income adjusted for Certain Items (Non-GAAP)$2,598  $2,575  $23  0.9%        INTERNATIONAL FOODSERVICE OPERATIONS       Sales (GAAP)$11,851  $10,978  $873  8.0%Impact of Mexico joint venture sales —   (207)  207  2.0 Comparable sales excluding Mexico joint venture (Non-GAAP)$11,851  $10,771  $1,080  10.0%        Sales (GAAP)$11,851  $10,978  $873  8.0%Impact of currency fluctuations(3) (477)    (477) (4.4)Comparable sales using a constant currency basis (Non-GAAP)$11,374  $10,978  $396  3.6%        Gross profit (GAAP)$2,492  $2,262  $230  10.2%Impact of currency fluctuations(3) (114)    (114) (5.1)Comparable gross profit using a constant currency basis (Non-GAAP)$2,378  $2,262  $116  5.1%        Gross margin (GAAP) 21.03%  20.60%   43 bpsImpact of currency fluctuations(3) (0.12)     -12 bpsComparable gross margin using a constant currency basis (Non-GAAP) 20.91%  20.60%   31 bps        Operating expenses (GAAP)$2,177  $1,970  $207  10.5%Impact of restructuring and transformational project costs(4) (91)  (39)  (52) NMImpact of acquisition-related costs(2) (47)  (56)  9  16.1 Operating expenses adjusted for Certain Items (Non-GAAP) 2,039   1,875   164  8.7 Impact of currency fluctuations(3) (102)    (102) (5.4)Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP)$1,937  $1,875  $62  3.3%        Operating income (GAAP)$315  $292  $23  7.9%Impact of restructuring and transformational project costs(4) 91   39   52  NMImpact of acquisition-related costs(2) 47   56   (9) (16.1)Operating income adjusted for Certain Items (Non-GAAP) 453   387   66  17.1 Impact of currency fluctuations(3) (12)    (12) (3.1)Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP)$441  $387  $54  14.0%        SYGMA       Sales (GAAP)$6,392  $6,246  $146  2.3%Gross profit (GAAP) 496   492   4  0.8%Gross margin (GAAP) 7.76%  7.88%   -12 bps        Operating expenses (GAAP)$432  $438  $(6) (1.4)%Operating income (GAAP) 64   54   10  18.5%        OTHER       Sales (GAAP)$789  $802  $(13) (1.6)%Gross profit (GAAP) 202   197   5  2.5%Gross margin (GAAP) 25.60%  24.56%   104 bps        Operating expenses (GAAP)$185  $188  $(3) (1.6)%Operating income (GAAP) 17   9   8  88.9%        GLOBAL SUPPORT CENTER       Gross profit (GAAP)$34  $29  $5  17.2%        Operating expenses (GAAP)$790  $680  $110  16.2%Impact of restructuring and transformational project costs(5) (62)  (42)  (20) 47.6 Impact of acquisition-related costs(6) (36)  (12)  (24) NMOperating expenses adjusted for Certain Items (Non-GAAP)$692  $626  $66  10.5%        Operating loss (GAAP)$(756) $(651) $(105) (16.1)%Impact of restructuring and transformational project costs(5) 62   42   20  47.6 Impact of acquisition-related costs(6) 36   12   24  NMOperating loss adjusted for Certain Items (Non-GAAP)$(658) $(597) $(61) (10.2)%        TOTAL SYSCO       Sales (GAAP)$62,429  $60,232  $2,197  3.6%Gross profit (GAAP) 11,505   10,983   522  4.8%Gross margin (GAAP) 18.43%  18.23%   20 bps        Operating expenses (GAAP)$9,393  $8,783  $610  6.9%Impact of restructuring, transformational project, and other costs(1) (4) (5) (207)  (107)  (100) (93.5)Impact of acquisition-related costs(2) (6) (155)  (121)  (34) (28.1)Operating expenses adjusted for Certain Items (Non-GAAP)$9,031  $8,555  $476  5.6%        Operating income (GAAP)$2,112  $2,200  $(88) (4.0)%Impact of restructuring, transformational project, and other costs(1) (4) (5) 207   107   100  93.5 Impact of acquisition-related costs(2) (6) 155   121   34  28.1 Operating income adjusted for Certain Items (Non-GAAP)$2,474  $2,428  $46  1.9% (1)Primarily represents severance charges, transformation initiative costs, and costs associated with a legal matter.(2)Fiscal 2026 and fiscal 2025 include intangible amortization expense and acquisition costs.(3)Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results.(4)Includes restructuring and transformation initiative costs primarily in Europe.(5)Includes various transformation initiative costs, primarily consisting of changes to our business technology strategy.(6)Represents due diligence costs.NMRepresents that the percentage change is not meaningful. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Free Cash Flow
(In Millions)

Free cash flow represents net cash provided from operating activities less purchases of plant and equipment and includes proceeds from sales of plant and equipment. Sysco considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases and sales of buildings, fleet, equipment and technology, which may potentially be used to pay for, among other things, strategic uses of cash including dividend payments, share repurchases and acquisitions. However, free cash flow may not be available for discretionary expenditures, as it may be necessary that we use it to make mandatory debt service or other payments. Free cash flow should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s liquidity for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the table that follows, free cash flow for each period presented is reconciled to net cash provided by operating activities.

 39-Week
Period Ended
Mar. 28, 2026 39-Week
Period Ended
Mar. 29, 2025 39-Week
Period Change
in DollarsNet cash provided by operating activities (GAAP)$1,463  $1,317  $146 Additions to plant and equipment (461)  (532)  71 Proceeds from sales of plant and equipment 131   169   (38)Free Cash Flow (Non-GAAP)$1,133  $954  $179  Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
(Dollars in Millions)

EBITDA represents net earnings (loss) plus (i) interest expense, (ii) income tax expense and benefit, (iii) depreciation and (iv) amortization. The net earnings (loss) component of our EBITDA calculation is impacted by Certain Items that we do not consider representative of our underlying performance. As a result, in the non-GAAP reconciliations below for each period presented, adjusted EBITDA is computed as EBITDA plus the impact of Certain Items, excluding certain items related to interest expense, income taxes, depreciation and amortization. Sysco's management considers growth in this metric to be a measure of overall financial performance that provides useful information to management and investors about the profitability of the business, as it facilitates comparison of performance on a consistent basis from period to period by providing a measurement of recurring factors and trends affecting our business. Additionally, it is a commonly used component metric used to inform on capital structure decisions. Adjusted EBITDA should not be used as a substitute for the most comparable GAAP financial measure in assessing the company’s financial performance for the periods presented. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. In the tables that follow, adjusted EBITDA for each period presented is reconciled to net earnings.

 13-Week
Period Ended
Mar. 28, 2026 13-Week
Period Ended
Mar. 29, 2025 Change in
Dollars % ChangeNet earnings (GAAP)$340  $401  $(61) (15.2)%Interest (GAAP) 168   149   19  12.8 Income taxes (GAAP) 105   122   (17) (13.9)Depreciation and amortization (GAAP) 251   238   13  5.5 EBITDA (Non-GAAP)$864  $910  $(46) (5.1)%Certain Item adjustments:       Impact of restructuring, transformational project, and other costs(1)$93  $49  $44  89.8 Impact of acquisition-related costs(2) 13   10   3  30.0 EBITDA adjusted for Certain Items (Non-GAAP)(3)$970  $969  $1  0.1%Other expense (income), net 6   9   (3) (33.3)Depreciation and amortization, as adjusted (Non-GAAP)(4) (208)  (205)  (3) (1.5)Operating income adjusted for Certain Items (Non-GAAP)$768  $773  $(5) (0.6)% (1)Fiscal 2026 and fiscal 2025 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, fiscal 2026 includes charges associated with a legal matter.(2)Fiscal 2026 and fiscal 2025 include acquisition and due diligence costs.(3)In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $6 million and $7 million or non-cash stock compensation expense of $31 million and $15 million in fiscal 2026 and fiscal 2025, respectively.(4)Fiscal 2026 includes $251 million in GAAP depreciation and amortization expense, less $43 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal 2025 includes $238 million in GAAP depreciation and amortization expense, less $33 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions.  39-Week
Period Ended
Mar. 28, 2026 39-Week
Period Ended
Mar. 29, 2025 Change in
Dollars % ChangeNet earnings (GAAP)$1,206  $1,297  $(91) (7.0)%Interest (GAAP) 512   469   43  9.2 Income taxes (GAAP) 350   402   (52) (12.9)Depreciation and amortization (GAAP) 724   709   15  2.1 EBITDA (Non-GAAP)$2,792  $2,877  $(85) (3.0)%Certain Item adjustments:       Impact of restructuring, transformational project, and other costs(1) 203   104   99  95.2 Impact of acquisition-related costs(2) 46   24   22  91.7 EBITDA adjusted for Certain Items (Non-GAAP)(3)$3,041  $3,005  $36  1.2%Other expense (income), net 44   32   12  37.5 Depreciation and amortization, as adjusted (Non-GAAP)(4) (611)  (609)  (2) (0.3)Operating income adjusted for Certain Items (Non-GAAP)$2,474  $2,428  $46  1.9% (1)Fiscal 2026 and 2025 include charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, fiscal 2026 includes charges associated with a legal matter.(2)Fiscal 2026 and 2025 include acquisition and due diligence costs.(3)In arriving at adjusted EBITDA, Sysco does not exclude interest income of $18 million and $22 million or non-cash stock compensation expense of $95 million and $74 million for fiscal 2026 and fiscal 2025, respectively.(4)Fiscal 2026 includes $724 million in GAAP depreciation and amortization expense, less $113 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Fiscal 2025 includes $709 million in GAAP depreciation and amortization expense, less $100 million of Non-GAAP depreciation and amortization expense primarily related to acquisitions. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Net Debt to Adjusted EBITDA
(In Millions)

Net Debt to Adjusted EBITDA is a non-GAAP financial measure frequently used by investors and credit rating agencies. It is an important measure used by management to evaluate our access to liquidity, and we believe it is a representation of our financial strength. Our Net Debt to Adjusted EBITDA ratio is calculated using a numerator of our debt minus cash and cash equivalents, divided by the sum of the most recent four quarters of Adjusted EBITDA. In the table that follows, we have provided the calculation of our debt and net debt as a ratio of Adjusted EBITDA.

  Mar. 28, 2026Current maturities of long-term debt $1,190 Long-term debt  12,818 Total Debt (GAAP)  14,008 Cash & Cash Equivalents  (1,900)Net Debt (Non-GAAP) $12,108    Net Earnings for the previous 12 months (GAAP) $1,736 Adjusted EBITDA for the previous 12 months (Non-GAAP)(1) $4,327    Total Debt/Net Earnings Ratio (GAAP)  8.07 Total Debt/Adjusted EBITDA Ratio (Non-GAAP)  3.24 Net Debt/Adjusted EBITDA Ratio (Non-GAAP)  2.80    Note:(1) Refer to non-GAAP reconciliation at the end of this release. Sysco Corporation and its Consolidated Subsidiaries
Non-GAAP Reconciliation (Unaudited)
Impact of Certain Items on Earnings Before Interest, Taxes, Depreciation and Amortization (Trailing Twelve Months)
(In Millions)

 13-Week
Period Ended
Mar. 28, 2026 13-Week
Period Ended
Dec. 27, 2025 13-Week
Period Ended
Sep. 27, 2025 13-Week
Period Ended
Jun. 28, 2025 TotalNet earnings (GAAP)$340 $389 $476 $531 $1,736Interest (GAAP) 168  173  172  166  679Income taxes (GAAP) 105  121  124  186  536Depreciation and amortization (GAAP) 251  240  233  234  958EBITDA (Non-GAAP)$864 $923 $1,005 $1,117 $3,909Certain Item adjustments:         Impact of restructuring, transformational project, and other costs(1) 93  55  54  74  276Impact of acquisition-related costs(2) 13  23  11  3  50Impact of goodwill impairment —  —  —  92  92EBITDA adjusted for Certain Items (Non-GAAP)(3)$970 $1,001 $1,070 $1,286 $4,327 (1)Includes charges related to restructuring and severance, as well as various transformation initiative costs, primarily consisting of supply chain transformation costs and changes to our business technology strategy, excluding charges related to accelerated depreciation. In addition, the 13-week period ended Mar. 28, 2026 includes charges associated with a legal matter.(2)Includes acquisition and due diligence costs.(3)In arriving at adjusted EBITDA, Sysco does not adjust out interest income of $6 million or non-cash stock compensation expense of $31 million in Q3 fiscal 2026, interest income of $5 million or non-cash stock compensation expense of $33 million in Q2 fiscal 2026, interest income of $6 million or non-cash stock compensation expense of $31 million in Q1 fiscal 2026, nor interest income of $8 million or non-cash stock compensation expense of $19 million in Q4 fiscal 2025. Projected Adjusted EPS Guidance

Adjusted earnings per share is a non-GAAP financial measure; however, we cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be significant. Due to these uncertainties, we cannot provide a quantitative reconciliation of projected adjusted EPS to the most directly comparable GAAP financial measure without unreasonable effort. However, we expect to calculate adjusted earnings per share for future periods in the same manner as the reconciliations provided for the historical periods herein.

For more information contact:

Sysco Corporation (SYY) Q3 2026 Earnings Call Transcript

Sysco is rated a Buy, with a 19% pullback creating an attractive entry point and 18% upside to consensus target. The $29.1B Restaurant Depot acquisition is transformative, adding 20% revenue, 45% EBITDA, and 55% free cash flow, with rapid accretion expected. Q3 FY26 saw the strongest U.S. local volume growth in three years, driving margin expansion and reinforcing the core business's operational momentum.

May 20, 2026 16:35 ET  | Source: Sysco Corporation

HOUSTON, May 20, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) today announced that the Company will webcast its presentation from the 2026 Deutsche Bank Access Global Consumer Conference in Paris, France on Tuesday, June 2, at 8:45 a.m. CT or 3:45 p.m. CEST.

The live webcast for the event can be accessed at investors.sysco.com. An archived replay of the webcast will be available shortly after the live event is completed.

For purposes of public disclosure, including this and future similar events, Sysco uses the investor relations portion of its website as the primary channel for publishing key information to its investors, some of which may contain material and previously non-public information.

About Sysco

Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 337 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 730,000 customer locations. The company generated sales of more than $81 billion in fiscal year 2025 that ended June 28, 2025.

As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.

For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.

For more information contact:
  Kevin KimCassandra MauelInvestor ContactMedia [email protected]@sysco.comT 281-584-1219T 281-584-1390   SYY- INVESTORS

HOUSTON, May 27, 2026 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY), the global leader in food distribution, has been awarded a 2026 Newsweek AI Impact Award for an innovative enterprise-wide AI application that enhances supply chain processes, drives sales productivity and elevates the customer e-commerce experience.

Sysco is being recognized in the AI Brand & Retail – Best Outcomes category for creating and scaling the Sysco Agentic Ecosystem (SAGE), a company-wide AI capability designed to help move AI from experimentation into everyday business operations across sales, supply chain, customer experience and back-office functions.

        “SAGE represents a major step forward in responsible AI operationalization across a complex, global enterprise,” said Sysco Interim Chief Information and Digital Officer Navin Advani. “By embedding AI directly into workflows – from sales enablement and customer engagement to supply chain planning, inventory optimization, and back-office functions – we are transforming AI from a set of tools into a durable operating capability.”

Delivering Measurable Outcomes Across Retail and Supply Chain 
SAGE helps teams across Sysco automate workflows, surface insights faster and improve decision-making with AI-enabled capabilities supported by human oversight. This architecture supports a broad range of business-critical use cases, including: 

E-commerce and sales enablement, powering more personalized digital experiences, smarter product discovery through Sysco Shop while enabling our sales consultants with Next Best Actions (NBAs)Supply chain optimization, helping teams improve forecasting, inventory decisions, product flow and service reliabilityPrediction and forecasting, using real-time signals to help teams respond more proactively to changing customer demand and operational conditions
Within months of deployment, SAGE is being scaled from pilots to production, powering multiple live agentic solutions and supporting millions of business interactions across Sysco’s enterprise. 

Built for Scale, Governance, and the Future of AI 
SAGE is the connective intelligence layer unifying external capabilities and models, with Sysco’s internal data and systems to build AI-powered workflows across Sysco’s businesses. Unlike traditional AI platforms, SAGE is model-agnostic and can run on any cloud infrastructure This design allows Sysco to adopt new AI technologies while maintaining strong security, compliance and human-in-the-loop controls.

 By standardizing the development, governance and deployment of agents, SAGE enables Sysco to rapidly scale AI solutions to drive faster time to value across Sysco businesses.

Recognition from Newsweek 
Newsweek’s AI Impact Awards recognize organizations that demonstrate measurable, real-world impact from artificial intelligence, honoring innovations that go beyond experimentation to drive lasting operational and business value.

This recognition underscores Sysco’s leadership in applying AI responsibly to solve complex retail and supply chain challenges at enterprise scale—setting a benchmark for how agentic AI can be operationalized across industries.

About Sysco
Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 339 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 730,000 customer locations. The company generated sales of more than $81 billion in fiscal year 2025 that ended June 28, 2025.

As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.

For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.

Follow us:
https://www.linkedin.com/company/sysco/
https://www.instagram.com/syscofoodie/
https://www.facebook.com/SyscoFoods
https://x.com/Sysco

For more information contact:

                                                                                        Media Contact
Ramit Plushnick-Masti                           
[email protected]
713-703-4898

SYY-NEWS