$ 13,868

$ 13,884

$ 41,834

$ 40,581

Income before income taxes

266

193

752

701

Assets

35,612

36,464

35,612

36,464

$ 36,658

Segment Reporting Information, Operating Income (Loss) [Abstract]

667

521

1,903

1,707

Amortization

(54)

(64)

(162)

(193)

Unusual or Infrequent Item, or Both, Net of Insurance Proceeds [Abstract]

Investment Income, Interest

(6)

(15)

(27)

(57)

Other Nonoperating Income (Expense)

4

(31)

$ 75

(47)

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
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	5,391	$	1,580	$	4,255	$	2,557	$	601	$	(516)	$	13,868
Segment Cost of Sales	5,511		1,511		3,771		2,125		526		(516)
Segment Selling, General and Administrative	18		9		94		111		27		—


Restructuring and related charges	4		—		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 expense													98
Other, net													4
Income (Loss) before Income Taxes													$	266

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	33	$	16	$	134	$	68	$	14	$	8	$	273
Additions to property, plant and equipment	22		14		67		39		5		12		159
Total Assets	3,490		1,607		11,949		14,662		1,819		2,085		35,612


									Three months ended June 28, 2025
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales	$	5,603	$	1,506	$	4,220	$	2,515	$	557	$	(517)	$	13,884
Segment Cost of Sales	5,698		1,446		3,665		2,065		482		(517)
Segment Selling, General and Administrative	21		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 impairments	343		—		—		—		—		—

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 expense													113
Other, net													(31)
Income (Loss) before Income Taxes													$	193

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	32	$	14	$	136	$	61	$	13	$	6	$	262
Additions to property, plant and equipment	39		11		114		42		13		8		227
Total Assets	3,485		1,571		11,842		14,795		1,853		2,918		36,464


									Nine months ended June 27, 2026
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	16,367	$	4,768	$	12,753	$	7,741	$	1,760	$	(1,555)	$	41,834
Segment Cost of Sales	16,881		4,590		11,083		6,399		1,547		(1,555)
Segment Selling, General and Administrative	59		26		298		331		82		—


Restructuring and related charges	128		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 expense													299
Other, net													75
Income (Loss) before Income Taxes													$	752

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	185	$	46	$	397	$	187	$	44	$	26	$	885
Additions to property, plant and equipment	68		35		291		120		22		20		556


									Nine months ended June 28, 2025
	Beef		Pork		Chicken		Prepared Foods		International		Intersegment		Total
Sales(a)	$	16,134	$	4,367	$	12,426	$	7,384	$	1,707	$	(1,437)	$	40,581
Segment Cost of Sales	16,374		4,398		10,772		6,104		1,481		(1,437)
Segment Selling, General and Administrative	76		27		324		295		81		—
Facility fire related costs (insurance proceeds)	—		—		—		—		(14)		—

Restructuring and related charges	48		—		5		(31)		11		—

Plant closure and disposal charges	—		—		23		—		(6)		—
Goodwill and intangible impairments	343		—		—		—		—		—

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 expense													343
Other, net													(47)
Income (Loss) before Income Taxes													$	701

	Beef		Pork		Chicken		Prepared Foods		International		Unallocated (Corporate)		Total
Other segment information:
Depreciation	$	134	$	44	$	399	$	183	$	46	$	22	$	828
Additions to property, plant and equipment	118		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 Customers		Intersegment		Total
Beef	$	2,668	$	1,428	$	487	$	661	$	5,244	$	147	$	5,391
Pork	469		155		329		282		1,235		345		1,580
Chicken	1,833		1,627		270		501		4,231		24		4,255
Prepared Foods	1,479		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 Customers		Intersegment		Total
Beef	$	2,786	$	1,508	$	529	$	642	$	5,465	$	138	$	5,603
Pork	453		152		274		274		1,153		353		1,506
Chicken	1,698		1,698		277		521		4,194		26		4,220
Prepared Foods	1,457		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 Customers		Intersegment		Total
Beef	$	8,161	$	4,437	$	1,525	$	1,816	$	15,939	$	428	$	16,367
Pork	1,427		469		1,031		782		3,709		1,059		4,768
Chicken	5,440		4,924		779		1,542		12,685		68		12,753
Prepared Foods	4,547		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 Customers		Intersegment		Total
Beef	$	8,090	$	4,215	$	1,774	$	1,697	$	15,776	$	358	$	16,134
Pork	1,449		404		921		589		3,363		1,004		4,367
Chicken	5,142		4,911		816		1,482		12,351		75		12,426
Prepared Foods	4,356		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.

Unusual or Infrequent Item, or Both, Net of Insurance Proceeds [Abstract]

Restructuring and Related Cost, Incurred Cost

(100)

(39)