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Analyst
Jake Bartlett
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 13on tracked calls
- Challenge rate
- 15%2 of 13 questions
- Companies
- 3questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 13 of 13 questions from 3 companies
DRIDarden Restaurants7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2025 Q4
What are your expectations for the year? Is it still the 10 to 20 basis points
Show response
Raj confirmed approximately 10bp marketing increase for full year. ~$20M in media savings allowed increased activity even with flat dollar spend.
what is the baseline macro environment that you're basing the back half sales guidance on
Show response
Rick noted consumer resilient but cautious. Casual brands saw increased visits from middle to higher income groups. Little pullback in below $50k. Casual dining remains #1 treat/indulge category.
Calendar 2025 Q3
I'm hoping you can frame the mix that delivery was in the first quarter
Show response
Rick confirmed 5% during Q1, 4% exit rate post-promotion (still 40% above pre-promotion). May use Uber marketing funds for future promotions but unsure of format.
I'm wondering whether you can comment on how you expect Never Ending Pasta Bowl to perform this year
Show response
Rick confirmed preference up versus last year with refill rate way up. Guests understanding the promotion better with each year. Performance to date in guidance.
Calendar 2025 Q2
What are some of the offsets? It sounds like you're baking in some conservatism due to the macro environment
Show response
Raj emphasized disciplined approach, citing long track record of pricing below inflation paying dividends. Investments in various areas continue.
You were a little higher than guided in '25 -- fiscal '25. Can you give us a hand on what we should expect for '26 for G&A
Show response
Raj attributed FY2025 overage to $15-20M incremental mark-to-market (offset in taxes). FY2026 G&A approximately $500M including 53rd week (~$10M).
Calendar 2024 Q4
if we look at your labor cost per operating week, it's been trailing your wage inflation that you've been quoting
Show response
Raj attributed labor efficiency to improved turnover, Thanksgiving leverage, and continuous process improvement.
SYYSysco5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2025 Q4
I want to make sure I understand what's driving the increased EPS guidance. Is it simply the adjusted D&A being lowered?
Show response
Kenny clarified EPS raise driven by Q1/Q2 beats flowing through, not D&A reduction. Cited top line momentum, SC retention, AI360, non-restaurant national inflecting, strategic sourcing carryover, and specialty momentum post-FreshPoint lapping. Kevin noted Q4 two-year stack stronger than Q3; January strong but winter storms may offset some favorability.
Calendar 2025 Q3
trying to just make sure I understand what the trends are in the product cost inflation and making sure I understand kind of your guidance of 2% relative to the 3.4% currently
Show response
Kevin detailed category-level dynamics: poultry deflationary, dairy deflationary (lapping avian flu), produce deflationary for 12 months, beef still high single-digit inflationary but moderating. Kenny noted international was higher at 4.5% driven by Canada tariffs and GB 7% government-mandated wage inflation.
Calendar 2025 Q2
whether you're gaining share within June and July. Are you seeing that acceleration that should -- that you expect to come with the better -- with the sales force getting more productive?
Show response
Kevin confirmed Sysco outperformed industry in June and July. Attributed to stabilized retention driving reduced customer losses, with 12-18 month productivity inflection approaching for new hires.
Calendar 2025 Q1
Is is the September time frame the right way to think about it? Or or really, you know, is it is it possible that we could see that inflection in the first quarter?
Show response
Kevin confirmed definitive positive inflection in FY2026 but deferred timing details. Kenny explained 6% dividend increase reflects strong balance sheet, confidence in business, and commitment to dividend aristocrat status for 56 consecutive years.
Calendar 2024 Q4
do you expect that? And maybe there's some offsets in international or maybe SYGMA?
Show response
Kevin detailed center-of-plate inflation from avian influenza impacting eggs and protein, offset by commodities deflation. Kenny provided segment detail: U.S. 2.7%, Europe 2.9%. Tariff impact excluded from guidance.
CAVACAVA Group, Inc.1 question · 1 reporting period · 1 of 1 challenging
Calendar 2026 Q1
how much of the pressures that you're seeing -- you expect to see in '26 are temporary
Show response
Direct: salmon is a ~100bps margin headwind but penny-profit neutral; 25% is not the target and CAVA prioritizes reinvestment over margin maximization.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| DRI Darden Restaurants | 7 | 0%none of 7 questions |
| SYY Sysco | 5 | 20%1 of 5 questions |
| CAVA CAVA Group, Inc. | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 2 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | 3 | 0%none of 3 questions | 2 |
| 2025 Q4 | 3 | 33%1 of 3 questions | 2 |
| 2026 Q1 | 1 | 100%1 of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q33 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q43 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2026 Q11 question · challenge rate 100% (1 of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin4
- Cost Pressure4
- Revenue Growth3
- Competitive Dynamics2
- Macroeconomic2
- Demand2
- Guidance Reliability2
- Pricing2
- Labor Market2
- Product Launch1
Show all 11 topics
- Capital Allocation1