v3.26.1
Segment Reporting
 6 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
We operate in five reportable segments: Beef, Pork, Chicken, Prepared Foods and International. We measure segment profit as segment operating income (loss). Previously, International was a non-reportable segment and was presented within International/Other. Effective in the first quarter of fiscal 2026, International was identified as a reportable segment.
Our President and Chief Executive Officer is the Chief Operating Decision Maker ("CODM") of the Company. Commencing in the first quarter of fiscal 2026, we no longer allocate corporate expenses and amortization to our segments as these items are no longer used by our CODM in assessing the performance of, or in allocating resources to, the segments. The CODM uses segment operating income (loss) as the segment profitability measure to assess performance and allocate resources. Segment operating income (loss) is now defined as Operating Income (Loss) less corporate expenses and amortization to account for the changes to our segment results described above. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments. Amortization includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software. Segment operating income (loss) is utilized during our budgeting and forecasting process to assess profitability and to enable decision making regarding strategic initiatives and capital investments across all reportable segments. Our CODM considers variances of actual performance to our annual operating plan and periodic forecasts when making decisions. All prior period amounts have been recast to reflect the new presentation of segment operating income (loss).
Significant expenses are expenses which are regularly provided to the CODM and are included in segment operating income (loss). These consist of segment cost of sales, segment selling, general and administrative expenses, and various items affecting comparability. Segment Cost of Sales includes raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, food safety and quality assurance costs and transportation and warehousing expenses, excluding the impact of items affecting comparability. Segment Selling, General and Administrative expenses include the costs to execute sales to customers, costs related to selling, marketing, advertising and promotional activities and other general and administrative operating costs that are not directly related to manufacturing as well as other expense items, excluding the impact of items affecting comparability. Items affecting comparability include restructuring and related charges (including network optimization), plant closure and disposal charges (net of gains), goodwill and intangible impairments, brand and product line discontinuations, facility fire related costs (net of insurance proceeds), and certain non-ordinary course legal, regulatory and other matters.
Beef
Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from specialty products such as hides, rendered products and variety meats, as well as logistics operations to move products through the supply chain.
Pork
Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related specialty product processing activities and logistics operations to move products through the supply chain.
Chicken
Chicken includes our domestic operations related to raising and processing live chickens into, and purchasing raw materials for fresh, frozen and value-added chicken products, as well as sales from specialty products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties and other ready-to-fix or fully cooked chicken parts. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, convenience stores, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary.
Prepared Foods
Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. This segment includes brands such as Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, as well as artisanal brands Aidells® and Gallo Salame®. Products primarily include a mixture of ready-to-cook and ready-to-eat sandwiches, sandwich components such as flame-grilled hamburgers and Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, convenience stores, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets.
International
International includes our foreign operations in China, Europe, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia related to raising and processing live chickens into and purchasing raw materials for fresh, frozen and value-added chicken products as well as the distribution of chicken products and other protein and non-protein food products. Products are marketed to foodservice distributors and retailers and to other international markets.
Intersegment sales transactions, which were at market prices, are included in the segment sales in the tables below. Expenses, amortization, assets and additions to property, plant and equipment relating to corporate activities, as well as cash and cash equivalents, benefit plans, and certain investments, are not allocated to segments in the tables below.
Information on segments and a reconciliation to income (loss) before income taxes are as follows (in millions): 
Three months ended March 28, 2026
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales$5,205 $1,579 $4,286 $2,511 $577 $(505)$13,653 
Segment Cost of Sales5,388 1,528 3,659 2,046 511 (505)
Segment Selling, General and Administrative19 10 104 113 29 — 
Restructuring and related charges38 — 2 4 (1)— 
Legal contingency accruals— — 16 — — — 
Segment Operating Income (Loss)$(240)$41 $505 $348 $38 $— $692 
Corporate expenses(b)
(203)
Amortization(54)
Operating Income (Loss)$435 
Other (Income) Expense:
Interest income$(8)
Interest expense97 
Other, net(13)
Income (Loss) before Income Taxes$359 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$62 $15 $132 $60 $15 $9 $293 
Additions to property, plant and equipment18 8 73 35 6 5 145 
Total Assets3,404 1,603 11,876 14,662 1,774 1,846 35,165 
Three months ended March 29, 2025
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$5,196 $1,244 $4,141 $2,396 $566 $(469)$13,074 
Segment Cost of Sales5,371 1,416 3,623 1,975 486 (469)
Segment Selling, General and Administrative31 9 107 92 26 — 
Restructuring and related charges16 — 21 — 6 — 
Plant closure and disposal charges— — 23 — — — 
Segment Operating Income (Loss)$(222)$(181)$367 $329 $48 $— $341 
Corporate expenses(176)
Amortization(c)
(65)
Operating Income (Loss)$100 
Other (Income) Expense:
Interest income$(17)
Interest expense110 
Other, net(23)
Income (Loss) before Income Taxes$30 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$48 $16 $134 $60 $19 $8 $285 
Additions to property, plant and equipment47 9 102 26 9 — 193 
Total Assets3,799 1,514 11,962 14,881 1,770 2,354 36,280 
Six months ended March 28, 2026
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$10,976 $3,188 $8,498 $5,184 $1,159 $(1,039)$27,966 
Segment Cost of Sales11,370 3,079 7,312 4,274 1,021 (1,039)
Segment Selling, General and Administrative41 17 204 220 55 — 
Restructuring and related charges124 1 11 20 (1)— 
Legal contingency accruals— — 16 — 5 — 
Segment Operating Income (Loss)$(559)$91 $955 $670 $79 $— $1,236 
Corporate expenses(b)
(391)
Amortization(108)
Operating Income (Loss)$737 
Other (Income) Expense:
Interest income$(21)
Interest expense201 
Other, net71 
Income (Loss) before Income Taxes$486 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$152 $30 $263 $119 $30 $18 $612 
Additions to property, plant and equipment46 21 224 81 17 8 397 
Six months ended March 29, 2025
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$10,531 $2,861 $8,206 $4,869 $1,150 $(920)$26,697 
Segment Cost of Sales10,676 2,952 7,107 4,039 999 (920)
Segment Selling, General and Administrative55 17 217 179 51 — 
Restructuring and related charges48 — 32 25 11 — 
Plant closure and disposal charges$— $— 23 — — — 
Segment Operating Income (Loss)$(248)$(108)$827 $626 $89 $— $1,186 
Corporate expenses(377)
Amortization(c)
(129)
Operating Income (Loss)$680 
Other (Income) Expense:
Interest income$(42)
Interest expense230 
Other, net(16)
Income (Loss) before Income Taxes$508 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$102 $30 $263 $122 $33 $16 $566 
Additions to property, plant and equipment79 28 245 69 22 21 464 
(a) Includes $90 million and $60 million of legal contingency accruals for the Beef and Pork segments, respectively, for the six months ended March 28, 2026. Includes $93 million and $250 million of legal contingency accruals for the Beef and Pork segments, respectively, for the three and six months ended March 29, 2025.
(b) Includes $3 million and $6 million of restructuring and related charges for the three and six months ended March 28, 2026, respectively.
(c) Includes $6 million and $12 million of accelerated amortization related to brand and product line discontinuations for the three and six months ended March 29, 2025, respectively.

The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended March 28, 2026
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$2,591 $1,405 $496 $580 $5,072 $133 $5,205 
Pork455 144 345 280 1,224 355 1,579 
Chicken1,840 1,649 242 534 4,265 21 4,286 
Prepared Foods1,481 896 64 74 2,515 (4)2,511 
International— — 577 — 577 — 577 
Intersegment— — — — — (505)(505)
Total$6,367 $4,094 $1,724 $1,468 $13,653 $— $13,653 
Three months ended March 29, 2025
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$2,647 $1,341 $590 $506 $5,084 $112 $5,196 
Pork443 126 316 30 915 329 1,244 
Chicken1,786 1,561 270 496 4,113 28 4,141 
Prepared Foods1,427 857 53 59 2,396 — 2,396 
International— — 566 — 566 — 566 
Intersegment— — — — — (469)(469)
Total$6,303 $3,885 $1,795 $1,091 $13,074 $— $13,074 

Six months ended March 28, 2026
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$5,493 $3,009 $1,038 $1,155 $10,695 $281 $10,976 
Pork958 314 702 500 2,474 714 3,188 
Chicken3,607 3,297 509 1,041 8,454 44 8,498 
Prepared Foods3,068 1,839 130 147 5,184 — 5,184 
International— — 1,159 — 1,159 — 1,159 
Intersegment— — — — — (1,039)(1,039)
Total$13,126 $8,459 $3,538 $2,843 $27,966 $— $27,966 
Six months ended March 29, 2025
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$5,304 $2,707 $1,245 $1,055 $10,311 $220 $10,531 
Pork996 252 647 315 2,210 651 2,861 
Chicken3,444 3,213 539 961 8,157 49 8,206 
Prepared Foods2,899 1,751 110 109 4,869 — 4,869 
International— — 1,150 — 1,150 — 1,150 
Intersegment— — — — — (920)(920)
Total$12,643 $7,923 $3,691 $2,440 $26,697 $— $26,697 
(d) Includes external sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(e) Includes external sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
(f) Includes external sales to international markets for internationally produced products or export sales of domestically produced products.
(g) Includes external sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. Additionally, for the six months ended March 28, 2026, the Beef and Pork segments included $90 million and $60 million, respectively, reduction in Other due to the recognition of legal contingency accruals. For the three and six months ended March 29, 2025, the Beef and Pork segments included $93 million and $250 million, respectively, reduction in Other due to the recognition of legal contingency accruals.