Segment Reporting Information [Line Items]

435

100

737

680

Depreciation

293

285

612

566

Segment, Expenditure, Addition to Long-Lived Assets

145

193

397

464

General Corporate Expenses

203

176

391

377

Loss Contingency Accrual

507

712

Investment Income, Interest

(8)

(17)

(21)

(42)

Other Nonoperating Income (Expense)

(13)

(23)

$ 71

(16)

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
	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.

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.