Segment Reporting (Tables)

6 Months Ended

Mar. 28, 2026

Segment Reporting Information, By Segment

Information on segments and a reconciliation to income (loss) before income taxes are as follows (in millions):


									Three months ended March 28, 2026
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales	$	5,205	$	1,579	$	4,286	$	2,511	$	577	$	(505)	$	13,653
Segment Cost of Sales	5,388		1,528		3,659		2,046		511		(505)
Segment Selling, General and Administrative	19		10		104		113		29		—


Restructuring and related charges	38		—		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 expense													97
Other, net													(13)
Income (Loss) before Income Taxes													$	359

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	62	$	15	$	132	$	60	$	15	$	9	$	293
Additions to property, plant and equipment	18		8		73		35		6		5		145
Total Assets	3,404		1,603		11,876		14,662		1,774		1,846		35,165


									Three months ended March 29, 2025
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	5,196	$	1,244	$	4,141	$	2,396	$	566	$	(469)	$	13,074
Segment Cost of Sales	5,371		1,416		3,623		1,975		486		(469)
Segment Selling, General and Administrative	31		9		107		92		26		—


Restructuring and related charges	16		—		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 expense													110
Other, net													(23)
Income (Loss) before Income Taxes													$	30

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	48	$	16	$	134	$	60	$	19	$	8	$	285
Additions to property, plant and equipment	47		9		102		26		9		—		193
Total Assets	3,799		1,514		11,962		14,881		1,770		2,354		36,280


									Six months ended March 28, 2026
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	10,976	$	3,188	$	8,498	$	5,184	$	1,159	$	(1,039)	$	27,966
Segment Cost of Sales	11,370		3,079		7,312		4,274		1,021		(1,039)
Segment Selling, General and Administrative	41		17		204		220		55		—


Restructuring and related charges	124		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 expense													201
Other, net													71
Income (Loss) before Income Taxes													$	486

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	152	$	30	$	263	$	119	$	30	$	18	$	612
Additions to property, plant and equipment	46		21		224		81		17		8		397


									Six months ended March 29, 2025
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	10,531	$	2,861	$	8,206	$	4,869	$	1,150	$	(920)	$	26,697
Segment Cost of Sales	10,676		2,952		7,107		4,039		999		(920)
Segment Selling, General and Administrative	55		17		217		179		51		—


Restructuring and related charges	48		—		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 expense													230
Other, net													(16)
Income (Loss) before Income Taxes													$	508

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	102	$	30	$	263	$	122	$	33	$	16	$	566
Additions to property, plant and equipment	79		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.

Disaggregation of Revenue, By Segment and Distribution Channel

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 Customers		Intersegment		Total
Beef	$	2,591	$	1,405	$	496	$	580	$	5,072	$	133	$	5,205
Pork	455		144		345		280		1,224		355		1,579
Chicken	1,840		1,649		242		534		4,265		21		4,286
Prepared Foods	1,481		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 Customers		Intersegment		Total
Beef	$	2,647	$	1,341	$	590	$	506	$	5,084	$	112	$	5,196
Pork	443		126		316		30		915		329		1,244
Chicken	1,786		1,561		270		496		4,113		28		4,141
Prepared Foods	1,427		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 Customers		Intersegment		Total
Beef	$	5,493	$	3,009	$	1,038	$	1,155	$	10,695	$	281	$	10,976
Pork	958		314		702		500		2,474		714		3,188
Chicken	3,607		3,297		509		1,041		8,454		44		8,498
Prepared Foods	3,068		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 Customers		Intersegment		Total
Beef	$	5,304	$	2,707	$	1,245	$	1,055	$	10,311	$	220	$	10,531
Pork	996		252		647		315		2,210		651		2,861
Chicken	3,444		3,213		539		961		8,157		49		8,206
Prepared Foods	2,899		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.