v3.26.1
Segment Reporting (Tables)
 9 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
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 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.
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 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.