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EQUITY
 6 Months Ended
Jun. 28, 2026
Equity [Abstract]  
EQUITY EQUITY 
Initial Public Offering
On January 29, 2025, we completed our initial public offering (“IPO”) of 26,086,958 shares of common stock, representing 7% of the total outstanding shares at the time, at a price of $20.00 per share. We issued 13,043,479 shares of common stock. The remaining 13,043,479 shares of common stock were sold by WH Group, through its indirect wholly owned subsidiary SFDS UK Holdings Limited, our only shareholder at the time. We received net proceeds from the IPO of $236 million after deducting underwriting discounts, commissions and fees.
Stock-Based Compensation
In connection with our IPO, we adopted the Smithfield Foods, Inc. Omnibus Incentive Plan, under which we may grant equity-based incentives to eligible employees, non-employees and consultants. As of June 28, 2026, there were 6,142,929 shares available for grant under this plan.
In the first quarter of 2025, we granted to certain of our directors and employees and certain directors and employees of WH Group options to purchase 9,822,467 shares of common stock at $20.00 per share and 1,527,000 restricted stock units (“RSUs”). The stock options and substantially all RSUs vest over a five-year period, with 20% vesting each year. In the first quarter of 2026, we granted to certain of our employees options to purchase 2,128,291 shares of our common stock at $24.25 per share and 799,212 RSUs. The stock options and RSUs vest in three equal tranches, with one third vesting immediately on the grant date and one third vesting on each of the first and second anniversaries of the grant date.
We recognized stock-based compensation expense totaling $6 million and $2 million in the second quarters of 2026 and 2025, respectively, and $8 million and $4 million in the first halves of 2026 and 2025, respectively. Unrecognized compensation expense totaled $54 million as of June 28, 2026, which is expected to be recognized on a straight-line basis over the weighted average remaining vesting period of 2.8 years. No compensation expense was recognized for stock options and RSUs granted to directors and employees of WH Group. Such awards are accounted for as dividends upon settlement of the shares based on the grant-date fair value.
Accumulated Other Comprehensive Loss
The following tables present the beginning and ending balances of accumulated other comprehensive income (loss) by component.
Three Months Ended
June 28, 2026
Foreign Currency TranslationPension AccountingHedge AccountingAccumulated Other Comprehensive Loss
(in millions)
Balance, March 29, 2026$37 $(365)$3 $(325)
Other comprehensive income, net of tax15 4 2 21 
Balance, June 28, 2026$53 $(361)$4 $(304)
Three Months Ended
June 29, 2025
Foreign Currency TranslationPension AccountingHedge AccountingAccumulated Other Comprehensive Loss
(in millions)
Balance, March 30, 2025$(9)$(414)$15 $(408)
Other comprehensive income (loss), net of tax31 4 (58)(23)
Balance, June 29, 2025$21 $(410)$(43)$(432)
Six Months Ended
June 28, 2026
Foreign Currency TranslationPension AccountingHedge AccountingAccumulated Other Comprehensive Loss
(in millions)
Balance, December 28, 2025$42 $(369)$13 $(314)
Other comprehensive income (loss), net of tax10 7 (8)9 
Balance, June 28, 2026$53 $(361)$4 $(304)
Six Months Ended
June 29, 2025
Foreign Currency TranslationPension AccountingHedge AccountingAccumulated Other Comprehensive Loss
(in millions)
Balance, December 29, 2024$(8)$(418)$(26)$(452)
Other comprehensive income (loss), net of tax30 7 (17)20 
Balance, June 29, 2025$21 $(410)$(43)$(432)
Other Comprehensive Income (Loss)
The following tables present the details of other comprehensive income (loss).
Three Months Ended
June 28, 2026June 29, 2025
Before TaxTaxAfter TaxBefore TaxTaxAfter Tax
(in millions)
Foreign currency translation:
Translation gains (1)
$23 $— $23 $47 $— $47 
Retirement benefits:
Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses
5 (1)4 5 (1)4 
Derivatives:
Gains (losses) arising during the period31 (7)24 (82)21 (61)
(Gains) losses reclassified to sales(26)6 (20)6 (1)4 
Gains reclassified to cost of sales(4)1 (3)(2)1 (2)
Total other comprehensive income (loss)$30 $(2)$28 $(27)$19 $(8)
Other comprehensive income attributable to noncontrolling interest8 — 8 16 — 16 
Other comprehensive income (loss) attributable to Smithfield$22 $(2)$21 $(42)$19 $(23)
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(1)We consider the earnings in our non-U.S. subsidiaries to be indefinitely reinvested, and accordingly, record no deferred income taxes on such amounts. The second quarters of 2026 and 2025 included $8 million and $16 million of translation gains attributable to NCI, respectively, which are included in redeemable NCI on the condensed consolidated balance sheet.

Six Months Ended
June 28, 2026June 29, 2025
Before TaxTaxAfter TaxBefore TaxTaxAfter Tax
(in millions)
Foreign currency translation:
Translation gains (1)
$15 $— $15 $45 $— $45 
Retirement benefits:
Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses
9 (2)7 10 (2)7 
Derivatives:
Gains (losses) arising during the period22 (5)17 (38)10 (28)
(Gains) losses reclassified to sales(25)6 (19)14 (4)11 
Gains reclassified to cost of sales(10)2 (7)(1)— (1)
Losses reclassified to interest expense1 — 1 1 — 1 
Total other comprehensive income$13 $1 $14 $32 $4 $35 
Other comprehensive income attributable to noncontrolling interest5 — 5 15 — 15 
Other comprehensive income attributable to Smithfield$8 $1 $9 $16 $4 $20 
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(1)We consider the earnings in our non-U.S. subsidiaries to be indefinitely reinvested, and accordingly, record no deferred income taxes on such amounts. The first halves of 2026 and 2025 included $5 million and $15 million of translation gains attributable to NCI, respectively, which are included in redeemable NCI on the condensed consolidated balance sheet.