v3.26.1
Segment Reporting
 9 Months Ended
Jun. 27, 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 June 27, 2026
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$5,391 $1,580 $4,255 $2,557 $601 $(516)$13,868 
Segment Cost of Sales5,511 1,511 3,771 2,125 526 (516)
Segment Selling, General and Administrative18 9 94 111 27 — 
Restructuring and related charges4 — 1 9 — — 
Segment Operating Income (Loss)$(142)$60 $389 $312 $48 $— $667 
Corporate expenses(b)
(251)
Amortization(54)
Operating Income (Loss)$362 
Other (Income) Expense:
Interest income$(6)
Interest expense98 
Other, net4 
Income (Loss) before Income Taxes$266 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$33 $16 $134 $68 $14 $8 $273 
Additions to property, plant and equipment22 14 67 39 5 12 159 
Total Assets3,490 1,607 11,949 14,662 1,819 2,085 35,612 
Three months ended June 28, 2025
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales$5,603 $1,506 $4,220 $2,515 $557 $(517)$13,884 
Segment Cost of Sales5,698 1,446 3,665 2,065 482 (517)
Segment Selling, General and Administrative21 10 107 116 30 — 
Facility fire related costs (insurance proceeds)— — — — (14)— 
Restructuring and related charges— — (27)(56)— — 
Plant closure and disposal charges— — — — (6)— 
Goodwill and intangible impairments343 — — — — — 
Segment Operating Income (Loss)$(459)$50 $475 $390 $65 $— $521 
Corporate expenses(197)
Amortization(c)
(64)
Operating Income (Loss)$260 
Other (Income) Expense:
Interest income$(15)
Interest expense113 
Other, net(31)
Income (Loss) before Income Taxes$193 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$32 $14 $136 $61 $13 $6 $262 
Additions to property, plant and equipment39 11 114 42 13 8 227 
Total Assets3,485 1,571 11,842 14,795 1,853 2,918 36,464 
Nine months ended June 27, 2026
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$16,367 $4,768 $12,753 $7,741 $1,760 $(1,555)$41,834 
Segment Cost of Sales16,881 4,590 11,083 6,399 1,547 (1,555)
Segment Selling, General and Administrative59 26 298 331 82 — 
Restructuring and related charges128 1 12 29 (1)— 
Legal contingency accruals— — 16 — 5 — 
Segment Operating Income (Loss)$(701)$151 $1,344 $982 $127 $— $1,903 
Corporate expenses(b)
(642)
Amortization(162)
Operating Income (Loss)$1,099 
Other (Income) Expense:
Interest income$(27)
Interest expense299 
Other, net75 
Income (Loss) before Income Taxes$752 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$185 $46 $397 $187 $44 $26 $885 
Additions to property, plant and equipment68 35 291 120 22 20 556 
Nine months ended June 28, 2025
BeefPorkChickenPrepared FoodsInternationalIntersegmentTotal
Sales(a)
$16,134 $4,367 $12,426 $7,384 $1,707 $(1,437)$40,581 
Segment Cost of Sales16,374 4,398 10,772 6,104 1,481 (1,437)
Segment Selling, General and Administrative76 27 324 295 81 — 
Facility fire related costs (insurance proceeds)— — — — (14)— 
Restructuring and related charges48 — 5 (31)11 — 
Plant closure and disposal charges— — 23 — (6)— 
Goodwill and intangible impairments343 — — — — — 
Segment Operating Income (Loss)$(707)$(58)$1,302 $1,016 $154 $— $1,707 
Corporate expenses(574)
Amortization(c)
(193)
Operating Income (Loss)$940 
Other (Income) Expense:
Interest income$(57)
Interest expense343 
Other, net(47)
Income (Loss) before Income Taxes$701 
BeefPorkChickenPrepared FoodsInternationalUnallocated (Corporate)Total
Other segment information:
Depreciation$134 $44 $399 $183 $46 $22 $828 
Additions to property, plant and equipment118 39 359 111 35 29 691 
(a) Includes a $98 million legal contingency accrual for the Chicken segment for the three and nine months ended June 27, 2026. Includes $90 million and $60 million of legal contingency accruals for the Beef and Pork segments, respectively, for the nine months ended June 27, 2026. Includes $93 million and $250 million of legal contingency accruals for the Beef and Pork segments, respectively, for the nine months ended June 28, 2025.
(b) Includes $6 million of restructuring and related charges for the nine months ended June 27, 2026. Includes $73 million of executive leadership transition charges for the three and nine months ended June 27, 2026.
(c) Includes $5 million and $17 million of accelerated amortization related to brand and product line discontinuations for the three and nine months ended June 28, 2025, respectively.

The following tables further disaggregate our sales to customers by major distribution channels (in millions):
Three months ended June 27, 2026
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$2,668 $1,428 $487 $661 $5,244 $147 $5,391 
Pork469 155 329 282 1,235 345 1,580 
Chicken1,833 1,627 270 501 4,231 24 4,255 
Prepared Foods1,479 949 65 64 2,557 — 2,557 
International— — 601 — 601 — 601 
Intersegment— — — — — (516)(516)
Total$6,449 $4,159 $1,752 $1,508 $13,868 $— $13,868 
Three months ended June 28, 2025
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$2,786 $1,508 $529 $642 $5,465 $138 $5,603 
Pork453 152 274 274 1,153 353 1,506 
Chicken1,698 1,698 277 521 4,194 26 4,220 
Prepared Foods1,457 914 70 74 2,515 — 2,515 
International— — 557 — 557 — 557 
Intersegment— — — — — (517)(517)
Total$6,394 $4,272 $1,707 $1,511 $13,884 $— $13,884 
Nine months ended June 27, 2026
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$8,161 $4,437 $1,525 $1,816 $15,939 $428 $16,367 
Pork1,427 469 1,031 782 3,709 1,059 4,768 
Chicken5,440 4,924 779 1,542 12,685 68 12,753 
Prepared Foods4,547 2,788 195 211 7,741 — 7,741 
International— — 1,760 — 1,760 — 1,760 
Intersegment— — — — — (1,555)(1,555)
Total$19,575 $12,618 $5,290 $4,351 $41,834 $— $41,834 
Nine months ended June 28, 2025
Retail(d)
Foodservice(e)
International(f)
Industrial and Other(g)
Total External CustomersIntersegmentTotal
Beef$8,090 $4,215 $1,774 $1,697 $15,776 $358 $16,134 
Pork1,449 404 921 589 3,363 1,004 4,367 
Chicken5,142 4,911 816 1,482 12,351 75 12,426 
Prepared Foods4,356 2,665 180 183 7,384 — 7,384 
International— — 1,707 — 1,707 — 1,707 
Intersegment— — — — — (1,437)(1,437)
Total$19,037 $12,195 $5,398 $3,951 $40,581 $— $40,581 
(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 three and nine months ended June 27, 2026, the Chicken segment included $98 million reduction in Other due to the recognition of a legal contingency accrual. For the nine months ended June 27, 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 nine months ended June 28, 2025, the Beef and Pork segments included $93 million and $250 million, respectively, reduction in Other due to the recognition of legal contingency accruals.