INCOME TAXES (Tables)

12 Months Ended

Jun. 28, 2025

For financial reporting purposes, earnings before income taxes consists of the following:

The income tax provision for each fiscal year consists of the following:

The current and deferred components of the income tax provisions for each fiscal year are as follows:

Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows:


	2025		2024		2023
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of any applicable federal income tax benefit	3.4		3.9		2.6
Foreign income taxes	(1.1)		(1.0)		(1.1)
Uncertain tax positions	0.6		0.1		0.1
Tax benefit of equity-based compensation	0.2		0.1		(0.1)



Other	0.2		(0.3)		0.1
Effective income tax rate	24.3	%	23.8	%	22.6	%

Significant components of Sysco’s deferred tax assets and liabilities are as follows:


	Jun. 28, 2025		Jun. 29, 2024
	(In millions)
Deferred tax assets:
Net operating tax loss carryforwards	$	595	$	534
Operating lease liabilities	291		237
Interest carryforwards	263		228
Pension	124		121
Receivables	56		52
Inventory	32		30
Deferred compensation	27		28
Share-based compensation	25		27

Other	74		67
Deferred tax assets before valuation allowances	1,487		1,324
Valuation allowances	(328)		(278)
Total deferred tax assets	1,159		1,046
Deferred tax liabilities:
Goodwill and intangible assets	384		374
Excess tax depreciation and basis differences of assets	286		285
Operating lease assets	282		231
Foreign currency remeasurement losses and currency hedge	1		20

Other	54		36
Total deferred tax liabilities	1,007		946
Total net deferred tax assets	$	152	$	100