v3.26.1
REPORTABLE SEGMENTS
 6 Months Ended
Jun. 28, 2026
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
The Company operates in three reportable segments: U.S., Europe, and Mexico. The Company’s reportable segments are identified by a combination of factors, including geographic area, regulatory environment, economic environment and product portfolios. Each reportable segment is managed separately through a local management team. The results of each operating, or reportable, segment are provided to the chief operating decision maker (“CODM”) on a regular basis. The Company’s CODM is the President and Chief Executive Officer. The information provided to the CODM at the operating
segment level is then used to assess performance and make decisions regarding allocation of key resources. The CODM primarily measures segment profit and evaluates performance based on operating income.
We conduct separate operations in the continental U.S. and in Puerto Rico. For segment reporting purposes, the Puerto Rico operations are included in the U.S. reportable segment. The chicken products processed by the U.S. reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
The Europe reportable segment processes primarily fresh chicken, pork products, lamb products, specialty meats, ready meals and other prepared foods that are sold to foodservice, retail and direct to consumer customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
The chicken products processed by the Mexico reportable segment are sold to foodservice, retail and frozen entrée customers. The segment’s primary distribution is through retailers, foodservice distributors and restaurants.
Additional information regarding reportable segments is as follows:
Three Months EndedSix Months Ended
June 28, 2026(a)
June 29, 2025(b)
June 28, 2026(c)
June 29, 2025(d)
(In thousands)
Net sales
U.S.$2,649,242 $2,820,385 $5,284,640 $5,563,574 
Europe1,389,647 1,371,270 2,741,391 2,602,799 
Mexico587,341 565,710 1,132,832 1,054,001 
Total net sales$4,626,230 $4,757,365 $9,158,863 $9,220,374 
(a)In addition to the above third party sales, for the three months ended June 28, 2026, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $20.3 million These sales consisted of fresh products, prepared products and grain.
(b)In addition to the above third party sales, for the three months ended June 29, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $21.5 million. These sales consisted of fresh products, prepared products and grain.
(c)In addition to the above third party sales, for the six months ended June 28, 2026, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $48.4 million These sales consisted of fresh products, prepared products and grain.
(d)In addition to the above third party sales, for the six months ended June 29, 2025, the U.S. reportable segment had intercompany sales to the Mexico reportable segment of $49.2 million. These sales consisted of fresh products, prepared products and grain.
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Cost of sales
U.S.$2,452,286 $2,331,143 $4,891,126 $4,686,710 
Europe1,278,722 1,247,137 2,510,115 2,362,362 
Mexico555,470 463,790 1,072,380 901,134 
Total cost of sales$4,286,478 $4,042,070 $8,473,621 $7,950,206 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Gross profit
U.S.$196,956 $489,242 $393,514 $876,864 
Europe110,925 124,133 231,276 240,437 
Mexico31,871 101,920 60,452 152,867 
Total gross profit$339,752 $715,295 $685,242 $1,270,168 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Selling, general administrative expenses
U.S.$208,068 $134,255 $317,717 $203,071 
Europe41,675 50,215 94,506 100,836 
Mexico15,360 14,987 33,049 29,329 
Total SG&A expenses$265,103 $199,457 $445,272 $333,236 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Restructuring activities charges
Europe$8,699 $3,499 $11,464 $20,111 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Operating income
U.S.$(11,112)$354,987 $75,798 $673,793 
Europe60,551 70,419 125,306 119,490 
Mexico16,511 86,933 27,402 123,538 
Total operating income65,950 512,339 228,506 $916,821 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Reconciliation of profit or loss (segment operating income)
Total operating income$65,950 $512,339 $228,506 $916,821 
Interest expense, net of capitalized interest49,860 42,475 87,707 84,213 
Interest income(3,750)(11,024)(10,620)(35,977)
Foreign currency transaction losses (gains)(1,338)4,892 (416)2,839 
Miscellaneous, net(614)414 (1,777)(278)
Income before income taxes21,792 475,582 153,612 866,024 
Income tax expense8,572 119,573 38,942 213,672 
Net income$13,220 $356,009 $114,670 $652,352 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Interest expense
U.S.$48,970 $41,423 $85,866 $82,636 
Europe674 872 1,429 1,249 
Mexico216 180 412 328 
Total interest expense$49,860 $42,475 $87,707 $84,213 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Interest income
U.S.$(1,008)$(5,771)$(4,040)$(21,417)
Europe(2,184)(1,047)(5,048)(3,328)
Mexico(558)(4,206)(1,532)(11,232)
Total interest income$(3,750)$(11,024)$(10,620)$(35,977)
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Income tax expense
U.S.$(13,611)$78,204 $(1,496)$149,216 
Europe15,244 16,001 30,573 25,923 
Mexico6,939 25,368 9,865 38,533 
Total income tax expense$8,572 $119,573 $38,942 $213,672 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Depreciation and amortization
U.S.$79,972 $71,148 $154,477 $137,535 
Europe36,598 36,929 74,120 70,066 
Mexico6,736 5,426 13,190 10,421 
Total depreciation and amortization$123,306 $113,503 $241,787 $218,022 
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Capital expenditures(a)
U.S.$203,215 $110,203 $401,679 $182,130 
Europe37,583 32,087 61,366 53,751 
Mexico13,403 17,890 27,377 23,089 
Total capital expenditures$254,201 $160,180 $490,422 $258,970 
(a)Capital expenditures incurred include those that were paid out in cash and those that are still outstanding in accounts payable as of the end of the periods.
June 28, 2026December 28, 2025
(In thousands)
Total assets
U.S.$6,713,247 $7,023,156 
Europe4,326,921 4,376,305 
Mexico1,147,285 1,132,834 
Eliminations(2,157,529)(2,188,765)
Total assets$10,029,924 $10,343,530 
June 28, 2026December 28, 2025
(In thousands)
Long-lived assets(a)
U.S.$2,596,536 $2,376,549 
Europe1,021,859 1,040,986 
Mexico399,664 377,164 
Eliminations(3,888)(3,888)
Total long-lived assets$4,014,171 $3,790,811 
(a)For this disclosure, we exclude financial instruments, deferred tax assets and intangible assets in accordance with ASC 280-10-50-41, Segment Reporting. Long-lived assets, as used in ASC 280-10-50-41, implies hard assets that cannot be readily removed.
Three Months EndedSix Months Ended
June 28, 2026June 29, 2025June 28, 2026June 29, 2025
(In thousands)
Net sales to customers by customer location
U.S.$2,534,771 $2,721,277 $5,069,677 $5,356,976 
Europe1,363,297 1,349,449 2,691,677 2,562,426 
Mexico602,573 574,284 1,162,088 1,073,028 
Asia-Pacific82,387 75,841 147,287 151,367 
Canada, Caribbean and Central America26,035 18,008 47,819 36,196 
Africa9,905 10,749 24,375 25,631 
South America7,262 7,757 15,940 14,750 
Total$4,626,230 $4,757,365 $9,158,863 $9,220,374 
Information regarding net sales attributable to each of our primary product lines and markets served with those products is included in "Note 2. Revenue Recognition." We based the table on our internal sales reports and their classification of products.