Smithfield Foods Reports Record Third Quarter Results
Smithfield Foods (Nasdaq: SFD) reported record third quarter fiscal 2025 results for the period ended September 28, 2025. Consolidated net sales were $3.747 billion, up 12.4% year-over-year, and operating profit was $310 million. Packaged Meats operating profit was $226 million with a 10.8% margin. First nine months sales were $11.304 billion, up 10.9%, and nine-month operating profit was $892 million. Available liquidity was $3,069 million. The company raised its full-year adjusted operating profit outlook to $1,225–$1,325 million and reaffirmed a $1.00 annual dividend.
Smithfield Foods (Nasdaq: SFD) ha riportato risultati record del terzo trimestre fiscale 2025 per il periodo terminato il 28 settembre 2025. Vendite nette consolidate ammontavano a 3,747 miliardi di dollari, in rialzo del 12,4% rispetto all'anno precedente, e l’utile operativo era di 310 milioni di dollari. L’utile operativo di Packaged Meats era di 226 milioni, con un margine del 10,8%. Le vendite dei primi nove mesi sono state 11,304 miliardi di dollari, in aumento del 10,9%, e l’utile operativo di nove mesi è stato di 892 milioni. La liquidità disponibile era di 3,069 miliardi di dollari. L’azienda ha aumentato le previsioni per l’anno completo dell’ utile operativo rettificato a 1.225–1.325 milioni di dollari e ha confermato un dividendo annuo di 1,00 dollari.
Smithfield Foods (Nasdaq: SFD) informó resultados récord del tercer trimestre fiscal 2025 para el periodo terminado el 28 de septiembre de 2025. Ventas netas consolidadas fueron de 3,747 mil millones de dólares, con un aumento interanual del 12,4%, y beneficio operativo fue de 310 millones de dólares. El beneficio operativo de Packaged Meats fue de 226 millones, con un margen del 10,8%. Las ventas de los primeros nueve meses fueron de 11,304 mil millones de dólares, con un aumento del 10,9%, y el beneficio operativo de nueve meses fue de 892 millones. La liquidez disponible fue de 3,069 mil millones de dólares. La empresa elevó su pronóstico anual de beneficio operativo ajustado a un rango de 1.225–1.325 millones de dólares y reafirmó un dividendo anual de 1,00 dólar.
Smithfield Foods (Nasdaq: SFD)는 2025 회계연도 3분기 실적을 2025년 9월 28일 종료된 기간에 대해 기록적으로 발표했습니다. 연결 매출은 37억 4700만 달러로 전년 동기 대비 12.4% 증가했고 영업이익은 3억 100만 달러였습니다. Packaged Meats의 영업이익은 2억 2600만 달러로 마진 10.8%를 기록했습니다. 처음 9개월 매출은 113억 0400만 달러로 10.9% 증가했고 9개월간 영업이익은 8억 9200만 달러였습니다. 가용 유동성은 30억 6900만 달러였습니다. 회사는 연간 조정 영업이익 전망을 12억 2500만 ~ 13억 2500만 달러로 상향했고 배당은 연간 1.00달러로 재확인했습니다.
Smithfield Foods (Nasdaq: SFD) a publié des résultats record pour le troisième trimestre fiscal 2025 pour la période se terminant le 28 septembre 2025. Chiffre d’affaires consolidé de 3,747 milliards de dollars, en hausse de 12,4% d’une année sur l’autre, et le résultat opérationnel était de 310 millions de dollars. Le résultat opérationnel de Packaged Meats était de 226 millions, avec une marge de 10,8%. Les ventes des neuf premiers mois s’Élevaient à 11,304 milliards de dollars, en hausse de 10,9%, et le résultat opérationnel sur neuf mois était de 892 millions. La liquidité disponible était de 3,069 milliards de dollars. L’entreprise a relevé ses perspectives annuelles pour le résultat opérationnel ajusté à 1,225–1,325 milliards de dollars et a réaffirmé un dividende annuel de 1,00 dollar.
Smithfield Foods (Nasdaq: SFD) hat Rekordwerte im dritten Quartal des Geschäftsjahres 2025 für den Zeitraum zum 28. September 2025 gemeldet. Konsolidierte Nettoverkäufe beliefen sich auf 3,747 Milliarden USD, ein Anstieg von 12,4% gegenüber dem Vorjahr, und operatives Ergebnis betrug 310 Millionen USD. Das operative Ergebnis von Packaged Meats betrug 226 Millionen mit einer Marge von 10,8%. Die Umsätze der ersten neun Monate betrugen 11,304 Milliarden USD, ein Anstieg von 10,9%, und das operative Ergebnis der neun Monate lag bei 892 Millionen USD. Verfügbare Liquidität betrug 3,069 Milliarden USD. Das Unternehmen hob seinen Jahresausblick für das bereinigte operative Ergebnis auf 1,225–1,325 Milliarden USD an und bekräftigte eine jährliche Dividende von 1,00 USD.
Smithfield Foods (ناسداك: SFD) أعلنت عن نتائج قياسية للربع الثالث من السنة المالية 2025 لفترة انتهت في 28 سبتمبر 2025. الإيرادات الصافية المجمّعة بلغت 3.747 مليار دولار، بارتفاع 12.4% على أساس سنوي، و<Б>الأرباح التشغيلية بلغت 310 ملايين دولار. بلغت أرباح Packaged Meats التشغيلية 226 مليون دولار وهو هامش 10.8%. المبيعات لأول تسعة أشهر بلغت 11.304 مليار دولار، بارتفاع 10.9%، وكانت الأرباح التشغيلية لتسعة أشهر 892 مليون دولار. السيولة المتاحة كانت 3.069 مليار دولار. رفعت الشركة توقعها السنوي لـ الأرباح التشغيلية المعدلة إلى نطاق 1.225–1.325 مليار دولار وأكدت توزيعا سنويا قدره 1.00 دولار.
Smithfield Foods (纳斯达克：SFD) 报告了截至 2025 年 9 月 28 日止期间的 2025 财年第三季度创纪录的业绩。合并净销售额为 37.47 亿美元，同比增长 12.4%，营业利润为 3.10 亿美元。Packaged Meats 的营业利润为 2.26 亿美元，利润率为 10.8%。前九个月的销售额为 113.04 亿美元，增长 10.9%，九个月的营业利润为 8.92 亿美元。可用流动性为 30.69 亿美元。公司将全年 调整后营业利润 指引提高到 12.25–13.25 亿美元，并重申全年每股分红 1.00 美元。
- Q3 consolidated sales +12.4% to $3.747B
- Q3 operating profit $310M (record quarter)
- Packaged Meats Q3 operating profit $226M; margin 10.8%
- Available liquidity $3,069M (cash + credit availability)
- Raised FY2025 adjusted operating profit outlook to $1,225–$1,325M
- Fresh Pork Q3 operating profit declined to $10M (down 63.8%)
- Packaged Meats nine-month operating profit down 7.3% to $792M
- Management cited persistent higher raw material costs and cautious consumer spending
Insights
Record Q3 operating profit, revenue growth, and tighter full‑year adjusted profit outlook signal constructive operational momentum.
Smithfield Foods delivered consolidated third quarter sales of
Key dependencies and risks include ongoing raw material cost pressure and consumer spending, both noted as headwinds, and the reliance on vertical integration where Hog Production profits offset other segment costs. Watch the updated segment ranges for Packaged Meats (
SMITHFIELD, Va., Oct. 28, 2025 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today reported results for its fiscal 2025 third quarter ended September 28, 2025.
Third Quarter Fiscal 2025 Financial Highlights
- Net sales of
$3.7 billion , up12.4% from the third quarter of 2024 - Operating profit and adjusted operating profit of
$310 million - Operating margin and adjusted operating margin of
8.3% - Packaged Meats operating profit and adjusted operating profit of
$226 million ; operating profit margin and adjusted operating profit margin of10.8% - Diluted earnings per share from continuing operations attributable to Smithfield of
$0.63 per share - Adjusted diluted earnings per share from continuing operations attributable to Smithfield of
$0.58 per share
First Nine Months Fiscal 2025 Financial Highlights
- Net sales of
$11.3 billion , up10.9% from the first nine months of 2024 - Operating profit of
$892 million ; Adjusted operating profit of$934 million - Operating margin of
7.9% ; Adjusted operating margin of8.3% - Packaged Meats operating profit of
$792 million ; Operating profit margin of12.8% - Packaged Meats adjusted operating profit of
$787 million ; Adjusted operating profit margin of12.7% - Diluted earnings per share from continuing operations attributable to Smithfield of
$1.68 per share - Adjusted diluted earnings per share from continuing operations attributable to Smithfield of
$1.72 per share
CEO Perspective
“I am pleased to report that our team delivered consistent, disciplined execution on our strategies, which drove sales growth and record third quarter operating profit in a challenging environment,” said Smithfield President and CEO Shane Smith.
“Despite persistent higher raw material costs and cautious consumer spending, our Packaged Meats segment posted the second best third quarter profit on record. We also benefitted from vertical integration as higher Hog Production segment profits more than offset raw material cost headwinds in Fresh Pork and Packaged Meats.”
Smith added, “By staying true to our strategies and delivering on our commitments, we are able to increase the mid-point and tighten the range of our full year adjusted operating profit outlook. With a strong balance sheet and financial position, we remain focused on driving growth and increasing shareholder value over the long term.”
Review of Financial Results
Results of Operations
Sales
| Three Months Ended | ||||||||||||||
| September 28, 2025 | September 29, 2024 | $ Change | % Change | |||||||||||
| (in millions) | ||||||||||||||
| Sales by segment: | ||||||||||||||
| Packaged Meats | $ | 2,090 | $ | 1,917 | $ | 174 | 9.1 | % | ||||||
| Fresh Pork | 2,185 | 1,951 | 234 | 12.0 | % | |||||||||
| Hog Production | 813 | 738 | 75 | 10.1 | % | |||||||||
| Other | 131 | 117 | 14 | 12.1 | % | |||||||||
| Total segment sales | 5,220 | 4,723 | 496 | 10.5 | % | |||||||||
| Inter-segment sales eliminations: | ||||||||||||||
| Fresh Pork | (910 | ) | (756 | ) | (154 | ) | 20.4 | % | ||||||
| Hog Production | (562 | ) | (632 | ) | 70 | (11.1 | )% | |||||||
| Total inter-segment sales eliminations | (1,473 | ) | (1,389 | ) | (84 | ) | 6.0 | % | ||||||
| Consolidated sales | $ | 3,747 | $ | 3,334 | $ | 412 | 12.4 | % | ||||||
| Nine Months Ended | ||||||||||||||
| September 28, 2025 | September 29, 2024 | $ Change | % Change | |||||||||||
| (in millions) | ||||||||||||||
| Sales by segment: | ||||||||||||||
| Packaged Meats | $ | 6,193 | $ | 5,861 | $ | 332 | 5.7 | % | ||||||
| Fresh Pork | 6,299 | 5,871 | 428 | 7.3 | % | |||||||||
| Hog Production | 2,585 | 2,220 | 365 | 16.5 | % | |||||||||
| Other | 355 | 350 | 6 | 1.7 | % | |||||||||
| Total segment sales | 15,433 | 14,301 | 1,132 | 7.9 | % | |||||||||
| Inter-segment sales eliminations: | ||||||||||||||
| Fresh Pork | (2,507 | ) | (2,236 | ) | (272 | ) | 12.1 | % | ||||||
| Hog Production | (1,621 | ) | (1,874 | ) | 254 | (13.5 | )% | |||||||
| Other | (1 | ) | — | — | 26.9 | % | ||||||||
| Total inter-segment sales eliminations | (4,129 | ) | (4,111 | ) | (18 | ) | 0.4 | % | ||||||
| Consolidated sales | $ | 11,304 | $ | 10,190 | $ | 1,114 | 10.9 | % | ||||||
Operating Profit
| Three Months Ended | ||||||||||||||
| September 28, 2025 | September 29, 2024 | $ Change | % Change | |||||||||||
| (in millions) | ||||||||||||||
| Packaged Meats | $ | 226 | $ | 239 | $ | (14 | ) | (5.7 | )% | |||||
| Fresh Pork | 10 | 28 | (18 | ) | (63.8 | )% | ||||||||
| Hog Production | 89 | 40 | 48 | 119.8 | % | |||||||||
| Other | 10 | 20 | (10 | ) | (49.6 | )% | ||||||||
| Corporate expenses | (24 | ) | (28 | ) | 4 | 15.2 | % | |||||||
| Unallocated | (1 | ) | (15 | ) | 14 | 95.0 | % | |||||||
| Operating profit | $ | 310 | $ | 285 | $ | 25 | 8.9 | % | ||||||
| Nine Months Ended | ||||||||||||||
| September 28, 2025 | September 29, 2024 | $ Change | % Change | |||||||||||
| (in millions) | ||||||||||||||
| Packaged Meats | $ | 792 | $ | 855 | $ | (62 | ) | (7.3 | )% | |||||
| Fresh Pork | 127 | 196 | (69 | ) | (35.1 | )% | ||||||||
| Hog Production | 112 | (136 | ) | 248 | NM | |||||||||
| Other | 32 | 18 | 13 | 72.2 | % | |||||||||
| Corporate expenses | (79 | ) | (92 | ) | 13 | 14.1 | % | |||||||
| Unallocated | (92 | ) | (59 | ) | (33 | ) | (56.6 | )% | ||||||
| Operating profit | $ | 892 | $ | 783 | $ | 109 | 13.9 | % | ||||||
Financial Position
As of September 28, 2025, we had
| ________________ |
| (1) | A non-GAAP measure. Please see the table in the Non-GAAP Financial Measures section for a reconciliation of the ratio of net debt to adjusted EBITDA from continuing operations to the most comparable GAAP measure. |
Dividend Update
On April 22, 2025, May 29, 2025 and August 28, 2025, we paid dividends of
FY 2025 Outlook
For Fiscal Year 2025, the Company is again increasing its outlook originally provided on March 25, 2025 as follows:
- Reaffirming total Company sales to increase in the low-to-mid-single-digit percent range compared to fiscal year 2024. For comparability purposes, this outlook range excludes the impact from Hog Production segment sales to recently formed Murphy Family Farms and VisionAg.
- Updating Packaged Meats segment adjusted operating profit to between
$1,060 million to$1,110 million . - Updating Fresh Pork segment adjusted operating profit to between
$150 million to$200 million . - Increasing Hog Production segment adjusted operating profit to between
$125 million to$150 million . - Increasing total Company adjusted operating profit to between
$1,225 million to$1,325 million . - Updating capital expenditures to between
$350 million to$400 million . Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair. - Reaffirming an effective tax rate of between
23.0% and25.0% .
Conference Call Information
A conference call to discuss the third quarter 2025 financial results is scheduled for today, October 28, 2025, at 9:00 a.m. Eastern Time. A live audio webcast of the conference call, together with related materials, will be available online at investors.smithfieldfoods.com or by dialing 844-539-3338 (international callers please dial 412-652-1269).
A recorded replay of the conference call is expected to be available approximately three hours after the conclusion of the call and can be accessed both online at investors.smithfieldfoods.com and by dialing 877-344-7529 (international callers please dial 412-317-0088). The pin number to access the telephone replay is 2239006. The replay will be available until November 4, 2025.
About Smithfield Foods
Smithfield Foods, Inc. (Nasdaq: SFD) is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, we responsibly meet demand for quality protein around the world.
Non-GAAP Financial Measures
This press release includes certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including (1) adjusted net income from continuing operations attributable to Smithfield, (2) adjusted net income from continuing operations per common share attributable to Smithfield, (3) EBITDA from continuing operations, (4) adjusted EBITDA from continuing operations, (5) adjusted EBITDA margin from continuing operations, (6) adjusted operating profit, (7) adjusted operating profit margin, (8) net debt and (9) ratio of net debt to adjusted EBITDA from continuing operations. We refer to these measures as “non-GAAP” financial measures.
(1) Adjusted net income from continuing operations attributable to Smithfield is defined as net income (loss), excluding the effects of loss contingencies and transactions or events that are not part of our core business activities or are unusual in nature (whether gains or losses) and the tax effects of the foregoing items. We believe that adjusted net income from continuing operations attributable to Smithfield is a useful measure because it excludes the effects of discontinued operations, non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (2) Adjusted net income from continuing operations per common share attributable to Smithfield is defined as adjusted net income from continuing operations attributable to Smithfield divided by total outstanding common shares. (3) EBITDA from continuing operations is defined as earnings before interest, taxes, depreciation and amortization. We believe that EBITDA is a useful measure because it excludes the effects of financing and investing activities by eliminating interest and depreciation costs to provide a comparable year-over-year analysis. (4) Adjusted EBITDA from continuing operations is defined as EBITDA further adjusted for non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. We believe that adjusted EBITDA from continuing operations is a useful measure because it excludes the effects of discontinued operations, non-operating gains and losses and other items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (5) Adjusted EBITDA margin from continuing operations is defined as adjusted EBITDA from continuing operations divided by total sales. We believe that adjusted EBITDA margin from continuing operations is a useful measure because it evaluates overall operating performance, ability to pursue and service possible debt opportunities and possible future investment opportunities. (6) Adjusted operating profit is defined as operating profit, excluding items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. (7) Adjusted operating profit margin is adjusted operating profit expressed as a percentage of revenues. We believe that adjusted net income from continuing operations per common share attributable to Smithfield, adjusted operating profit and adjusted operating profit margin provide a better understanding of underlying operating results and trends of established, ongoing operations of our business. (8) Net debt is defined as long-term debt and finance lease obligations, including the current portion, minus cash and cash equivalents. We believe that net debt is a useful measure because it helps to give investors a clear understanding of our financial position and is also used to calculate certain leverage ratios. (9) Ratio of net debt to adjusted EBITDA from continuing operations is defined as net debt divided by adjusted EBITDA from continuing operations. We believe that ratio of net debt to adjusted EBITDA from continuing operations is a useful measure because it monitors the sustainability of our debt levels and our ability to take on additional debt against adjusted EBITDA from continuing operations, which is used as an operating performance measure.
Although these non-GAAP measures are frequently used by investors and securities analysts in their evaluations of companies in industries similar to ours, these non-GAAP measures have limitations as analytical tools, are not measurements of our performance under GAAP and should not be considered as alternatives to operating profit, net income or any other performance measures derived in accordance with GAAP and should not be used by investors or other users of our financial statements in isolation for formulating decisions, as such non-GAAP measures exclude a number of important cash and non-cash charges.
You should be aware that our presentation of these and other non-GAAP financial measures in this press release may not be comparable to similarly titled measures used by other companies. A reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with GAAP is provided in this release.
The Company’s outlook for fiscal year 2025 includes adjusted operating profit and adjusted segment operating profit. The Company is not able to reconcile its fiscal year 2025 projected adjusted results to its fiscal year 2025 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward- looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “contemplates,” “believes,” or “estimates” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Specific forward-looking statements in this press release include our ability to invest in growth and increase value for our shareholders; our financial outlook for 2025; and the anticipated payment of annual dividends of
We have based the forward-looking statements contained in this press release primarily on our current expectations, estimates, forecasts and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, the results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. We undertake no duty to update any statement made in this press release in light of new information or future events.
The forward-looking statements contained in this press release are subject to substantial risks and uncertainties that could affect our current expectations and our actual results, including, among others: (i) the cyclical nature of our operations and fluctuations in commodity prices; (ii) our dependence on third- party suppliers; (iii) our ability to execute on our strategy to optimize the size of our hog production operations; (iv) our ability to navigate geopolitical risks including increased tariffs on our exports, (v) our ability to mitigate higher input costs through productivity improvements in our operations, procurement strategies and the use of derivative instruments; (vi) our ability to compete successfully in the food industry; (vii) our ability to anticipate and meet consumer trends and interests through product innovation; (viii) compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations in the United States and Mexico; (ix) our ability to defend litigation brought against us and the sufficiency of our accruals for related contingent losses; (x) our ability to prevent cyberattacks, security breaches or other disruptions of our information technology systems; (xi) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (xii) our dividend policy and our ability to pay dividends; and (xiii) our status as a “controlled company” and any resulting potential conflicts of interest. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting Smithfield’s Investor Relations Department at ir@smithfield.com or by clicking on SEC Filings on the Smithfield Investor Relations website at investors.smithfieldfoods.com.
Investor Contact:
Julie MacMedan
Email: ir@smithfield.com
Media Contact:
Ray Atkinson
Email: ratkinson@smithfield.com
Cell: 757.576.1383
(Financial Tables Follow)
| SMITHFIELD FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except for share and per share data, and unaudited) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||
| Sales | $ | 3,747 | $ | 3,334 | $ | 11,304 | $ | 10,190 | |||||||
| Cost of sales | 3,268 | 2,859 | 9,817 | 8,826 | |||||||||||
| Gross profit | 479 | 476 | 1,487 | 1,364 | |||||||||||
| Selling, general and administrative expenses | 178 | 200 | 643 | 594 | |||||||||||
| Operating gains | (9 | ) | (10 | ) | (48 | ) | (12 | ) | |||||||
| Operating profit | 310 | 285 | 892 | 783 | |||||||||||
| Interest expense, net | 11 | 17 | 33 | 52 | |||||||||||
| Non-operating gains | (19 | ) | (7 | ) | (17 | ) | (13 | ) | |||||||
| Income from continuing operations before income taxes | 318 | 276 | 876 | 745 | |||||||||||
| Income tax expense | 71 | 69 | 205 | 165 | |||||||||||
| Loss (income) from equity method investments | (4 | ) | (3 | ) | 4 | (1 | ) | ||||||||
| Net income from continuing operations | 252 | 209 | 667 | 581 | |||||||||||
| Net income from continuing operations attributable to noncontrolling interests | 4 | 7 | 7 | 9 | |||||||||||
| Net income from continuing operations attributable to Smithfield | 248 | 202 | 660 | 572 | |||||||||||
| Income from discontinued operations before income taxes | — | 49 | — | 187 | |||||||||||
| Income tax expense (benefit) from discontinued operations | — | (41 | ) | — | 8 | ||||||||||
| Net income from discontinued operations | — | 90 | — | 179 | |||||||||||
| Net income from discontinued operations attributable to noncontrolling interests | — | 1 | — | 2 | |||||||||||
| Net income from discontinued operations attributable to Smithfield | — | 89 | — | 176 | |||||||||||
| Net income | 252 | 300 | 667 | 760 | |||||||||||
| Net income attributable to noncontrolling interests | 4 | 8 | 7 | 11 | |||||||||||
| Net income attributable to Smithfield | $ | 248 | $ | 291 | $ | 660 | $ | 749 | |||||||
| Net income per common share attributable to Smithfield: | |||||||||||||||
| Basic and diluted: | |||||||||||||||
| Continuing operations | $ | 0.63 | $ | 0.53 | $ | 1.68 | $ | 1.51 | |||||||
| Discontinued operations | — | 0.23 | — | 0.46 | |||||||||||
| Total | $ | 0.63 | $ | 0.77 | $ | 1.68 | $ | 1.97 | |||||||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 393,112,711 | 380,069,232 | 391,679,362 | 380,069,232 | |||||||||||
| Diluted | 394,594,035 | 380,069,232 | 392,307,588 | 380,069,232 | |||||||||||
| SMITHFIELD FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except share data, and unaudited) | |||||||
| September 28, 2025 | December 29, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 773 | $ | 943 | |||
| Accounts receivable, net | 1,040 | 558 | |||||
| Inventories, net | 2,468 | 2,412 | |||||
| Prepaid expenses and other current assets | 313 | 290 | |||||
| Total current assets | 4,594 | 4,202 | |||||
| Property, plant and equipment, net | 3,191 | 3,176 | |||||
| Goodwill | 1,621 | 1,613 | |||||
| Intangible assets, net | 1,260 | 1,266 | |||||
| Operating lease assets | 381 | 335 | |||||
| Equity method investments | 202 | 202 | |||||
| Other assets | 273 | 260 | |||||
| Total assets | $ | 11,523 | $ | 11,054 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | 597 | 777 | |||||
| Current portion of long-term debt and finance lease obligations | 3 | 3 | |||||
| Current portion of operating lease obligations | 69 | 56 | |||||
| Accrued expenses and other current liabilities | 811 | 871 | |||||
| Total current liabilities | 1,480 | 1,706 | |||||
| Long-term debt and finance lease obligations | 2,001 | 1,999 | |||||
| Long-term operating lease obligations | 318 | 286 | |||||
| Deferred income taxes, net | 581 | 518 | |||||
| Net long-term pension obligation | 215 | 279 | |||||
| Other liabilities | 204 | 208 | |||||
| Redeemable noncontrolling interests | 257 | 225 | |||||
| Commitments and contingencies | |||||||
| Equity: | |||||||
| Shareholders’ equity: | |||||||
| Preferred stock, no par value; 100,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
| Common stock, no par value; 5,000,000,000 shares authorized; 393,112,711 shares issued and outstanding as of September 28, 2025 and 380,069,232 shares issued and outstanding as of December 29, 2024 | — | — | |||||
| Additional paid-in capital | 3,333 | 3,102 | |||||
| Retained earnings | 3,548 | 3,184 | |||||
| Accumulated other comprehensive loss | (414 | ) | (452 | ) | |||
| Total shareholders’ equity | 6,466 | 5,834 | |||||
| Total liabilities and equity | $ | 11,523 | $ | 11,054 | |||
| SMITHFIELD FOODS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions and unaudited) | |||||||
| Nine Months Ended | |||||||
| September 28, 2025 | September 29, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 667 | $ | 760 | |||
| Less: Net income from discontinued operations | — | (179 | ) | ||||
| Net income from continuing operations | $ | 667 | $ | 581 | |||
| Adjustments to reconcile net income from continuing operations to net cash flows from operating activities of continuing operations: | |||||||
| Depreciation and amortization | 248 | 253 | |||||
| Changes in operating and other assets and liabilities, net | (794 | ) | (615 | ) | |||
| Other | — | 14 | |||||
| Net cash flows from operating activities of continuing operations | 121 | 233 | |||||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (246 | ) | (268 | ) | |||
| Investments in partnerships and other assets | (10 | ) | (5 | ) | |||
| Net expenditures from breeding stock transactions | (9 | ) | (42 | ) | |||
| Proceeds from sale of property, plant and equipment and other assets | 6 | 8 | |||||
| Insurance proceeds | 7 | 2 | |||||
| Cash receipts on notes receivable | 14 | — | |||||
| Net cash flows used in investing activities of continuing operations | (239 | ) | (305 | ) | |||
| Cash flows from financing activities: | |||||||
| Payment of dividends | (297 | ) | (270 | ) | |||
| Principal payments on long-term debt and finance lease obligations | (1 | ) | (20 | ) | |||
| Repayments to Securitization Facility | — | (14 | ) | ||||
| Proceeds from Securitization Facility | — | 14 | |||||
| Net repayments to revolving credit facilities | — | (1 | ) | ||||
| Net proceeds from issuance of common stock | 236 | — | |||||
| Other | (2 | ) | 1 | ||||
| Net cash flows used in financing activities of continuing operations | (64 | ) | (290 | ) | |||
| Effect of foreign exchange rate changes on cash from continuing operations | 12 | (12 | ) | ||||
| Cash flows from discontinued operations: | |||||||
| Net cash flows from operating activities of discontinued operations | — | 221 | |||||
| Net cash flows used in investing activities of discontinued operations | — | (171 | ) | ||||
| Net cash flows used in financing activities of discontinued operations | — | (143 | ) | ||||
| Effect of foreign exchange rate changes on cash from discontinued operations | — | (5 | ) | ||||
| Net change in cash and cash equivalents of discontinued operations | — | (98 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | (170 | ) | (472 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period (including discontinued operations) | 943 | 751 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 773 | $ | 278 | |||
Non-GAAP Financial Measures
Adjusted Net Income from Continuing Operations Attributable to Smithfield and Adjusted Net Income from Continuing Operations per Common Share Attributable to Smithfield
The following table provides a reconciliation of net income from continuing operations attributable to Smithfield to adjusted net income from continuing operations attributable to Smithfield.
| Three Months Ended | Nine Months Ended | Affected income statement account | |||||||||||||||
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||||
| (in millions, except per share data) | |||||||||||||||||
| Net income from continuing operations attributable to Smithfield | $ | 248 | $ | 202 | $ | 660 | $ | 572 | |||||||||
| Litigation charges | — | — | 73 | — | SG&A | ||||||||||||
| Reduction in workforce(1) | — | — | 6 | — | SG&A | ||||||||||||
| Reduction in workforce(1) | — | — | 2 | — | Cost of sales | ||||||||||||
| Office closures(2) | — | — | 4 | — | SG&A | ||||||||||||
| Hog Production Reform(3) | 1 | 3 | 3 | 13 | Cost of sales | ||||||||||||
| Hog Production Reform | — | — | (1 | ) | — | Operating gains | |||||||||||
| Plant closure | — | — | 2 | — | Cost of sales | ||||||||||||
| Incremental costs from destruction of property | — | — | — | 4 | Cost of sales | ||||||||||||
| Employee retention tax credits(4) | — | — | (10 | ) | (86 | ) | Cost of sales | ||||||||||
| Employee retention tax credits(4) | — | — | — | (1 | ) | SG&A | |||||||||||
| Insurance recoveries(5) | (2 | ) | (3 | ) | (36 | ) | (4 | ) | Operating gains | ||||||||
| Company-owned life insurance gain(6) | (17 | ) | — | (17 | ) | — | Non-operating gains | ||||||||||
| Income tax effect of non-GAAP adjustments(7) | — | — | (11 | ) | 19 | Income tax expense | |||||||||||
| Adjusted net income from continuing operations attributable to Smithfield | $ | 230 | $ | 203 | $ | 674 | $ | 518 | |||||||||
| Net income from continuing operations attributable to Smithfield per diluted common share | $ | 0.63 | $ | 0.53 | $ | 1.68 | $ | 1.51 | |||||||||
| Adjusted net income from continuing operations attributable to Smithfield per diluted common share | $ | 0.58 | $ | 0.53 | $ | 1.72 | $ | 1.36 | |||||||||
| (1) | Consists of severance costs associated with a workforce reduction initiative. Total severance costs round up to | |
| (2) | Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. | |
| (3) | Consists of contract termination costs, loss on asset disposals, employee termination benefits, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative. | |
| (4) | Represents the recognition of employee retention tax credits received under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. | |
| (5) | Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation. | |
| (6) | Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies. | |
| (7) | Represents the tax effects of the non-GAAP adjustments based on a statutory tax rate of | |
EBITDA from Continuing Operations, Adjusted EBITDA from Continuing Operations and
Adjusted EBITDA Margin from Continuing Operations
The following table provides a reconciliation of net income from continuing operations to EBITDA from continuing operations and adjusted EBITDA from continuing operations.
| Three Months Ended | Nine Months Ended | Twelve Months Ended | Affected Income Statement Account | ||||||||||||||||||||||
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | September 28, 2025 | December 29, 2024 | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||
| Net income from continuing operations | $ | 252 | $ | 209 | $ | 667 | $ | 581 | $ | 884 | $ | 798 | |||||||||||||
| Interest expense, net | 11 | 17 | 33 | 52 | 47 | 66 | |||||||||||||||||||
| Income tax expense | 71 | 69 | 205 | 165 | 310 | 271 | |||||||||||||||||||
| Depreciation and amortization | 82 | 88 | 248 | 253 | 335 | 339 | |||||||||||||||||||
| EBITDA from continuing operations | $ | 416 | $ | 382 | $ | 1,152 | $ | 1,050 | $ | 1,576 | $ | 1,474 | |||||||||||||
| Litigation charges | — | — | 73 | — | 73 | — | SG&A | ||||||||||||||||||
| Reduction in workforce(1) | — | — | 6 | — | 6 | — | SG&A | ||||||||||||||||||
| Reduction in workforce(1) | — | — | 2 | — | 2 | — | Cost of sales | ||||||||||||||||||
| Office closures(2) | — | — | 4 | — | 4 | — | SG&A | ||||||||||||||||||
| Plant closure(3) | — | — | 1 | — | 1 | — | Cost of sales | ||||||||||||||||||
| Hog Production Reform(4) | 1 | 3 | 2 | 12 | 19 | 29 | Cost of sales | ||||||||||||||||||
| Hog Production Reform(5) | — | — | (1 | ) | — | (39 | ) | (38 | ) | Operating gains | |||||||||||||||
| Incremental costs from destruction of property | — | — | — | 4 | — | 4 | Cost of sales | ||||||||||||||||||
| Employee retention tax credits(6) | — | — | (10 | ) | (86 | ) | (10 | ) | (86 | ) | Cost of sales | ||||||||||||||
| Employee retention tax credits(6) | — | — | — | (1 | ) | — | (1 | ) | SG&A | ||||||||||||||||
| Insurance recoveries(7) | (2 | ) | (3 | ) | (36 | ) | (4 | ) | (36 | ) | (4 | ) | Operating gains | ||||||||||||
| Company-owned life insurance gain(8) | (17 | ) | — | (17 | ) | — | (17 | ) | — | Non-operating gains | |||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 398 | $ | 383 | $ | 1,175 | $ | 976 | $ | 1,577 | $ | 1,379 | |||||||||||||
| Net income margin from continuing operations | 6.7 | % | 6.3 | % | 5.9 | % | 5.7 | % | 5.8 | % | 5.6 | % | |||||||||||||
| Adjusted EBITDA margin from continuing operations | 10.6 | % | 11.5 | % | 10.4 | % | 9.6 | % | 10.3 | % | 9.7 | % | |||||||||||||
| (1) | Consists of severance costs associated with a workforce reduction initiative. Total severance costs round up to | |
| (2) | Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. | |
| (3) | Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table. | |
| (4) | Consists of contract termination costs, loss on asset disposals, employee termination benefits and other exit costs associated with our Hog Production Reform initiative. Excludes accelerated depreciation charges as such amounts are included in the depreciation and amortization line in this table. | |
| (5) | Includes a | |
| (6) | Represents the recognition of employee retention tax credits received under the CARES Act. | |
| (7) | Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation. | |
| (8) | Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies. |
Net Debt and Ratio of Net Debt to Adjusted EBITDA from Continuing Operations
The following table provides a reconciliation of total debt and finance lease obligations to net debt, the ratio of total debt and finance lease obligations to net income from continuing operations, and the ratio of net debt to adjusted EBITDA.
| Twelve Months Ended | |||||||
| September 28, 2025 | December 29, 2024 | ||||||
| (in millions, except ratios) | |||||||
| Current portion of long-term debt and capital lease | $ | 3 | $ | 3 | |||
| Long-term debt and finance lease obligations | 2,001 | 1,999 | |||||
| Total debt and finance lease obligations | $ | 2,004 | $ | 2,002 | |||
| Cash and cash equivalents | (773 | ) | (943 | ) | |||
| Net debt | $ | 1,231 | $ | 1,059 | |||
| Net income from continuing operations | $ | 884 | $ | 798 | |||
| Adjusted EBITDA from continuing operations | $ | 1,577 | $ | 1,379 | |||
| Ratio of total debt and finance lease obligations to net income from continuing operations | 2.3x | 2.5x | |||||
| Ratio of net debt to adjusted EBITDA from continuing operations | 0.8x | 0.8x | |||||
Adjusted Operating Profit and Adjusted Operating Profit Margin
The following table provides a reconciliation of operating profit to adjusted operating profit. Adjusted operating profit and adjusted operating profit margin are non-GAAP measures.
| Three Months Ended September 28, 2025 | Packaged Meats | Fresh Pork | Hog Production | Other(1) | Corporate(2) | Unallocated(3) | Consolidated | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| Operating profit (loss) | $ | 226 | $ | 10 | $ | 89 | $ | 10 | $ | (24 | ) | $ | (1 | ) | $ | 310 | |||||||||||
| Hog Production Reform | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||
| Insurance recoveries | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||
| Adjusted operating profit (loss) | $ | 226 | $ | 10 | $ | 89 | $ | 10 | $ | (24 | ) | $ | (1 | ) | $ | 310 | |||||||||||
| Operating profit (loss) margin | 10.8 | % | 0.5 | % | 10.9 | % | 7.7 | % | NM | NM | 8.3 | % | |||||||||||||||
| Adjusted operating profit (loss) margin | 10.8 | % | 0.5 | % | 10.9 | % | 7.7 | % | NM | NM | 8.3 | % | |||||||||||||||
| Three Months Ended September 29, 2024 | Packaged Meats | Fresh Pork | Hog Production | Other(1) | Corporate(2) | Unallocated(3) | Consolidated | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| Operating profit (loss) | $ | 239 | $ | 28 | $ | 40 | $ | 20 | $ | (28 | ) | $ | (15 | ) | $ | 285 | |||||||||||
| Hog Production Reform(4) | — | — | — | — | — | 3 | 3 | ||||||||||||||||||||
| Insurance recoveries(5) | — | — | — | — | — | (3 | ) | $ | (3 | ) | |||||||||||||||||
| Adjusted operating profit (loss) | $ | 239 | $ | 28 | $ | 40 | $ | 20 | $ | (28 | ) | $ | (14 | ) | $ | 286 | |||||||||||
| Operating profit (loss) margin | 12.5 | % | 1.4 | % | 5.5 | % | 17.1 | % | NM | NM | 8.5 | % | |||||||||||||||
| Adjusted operating profit (loss) margin | 12.5 | % | 1.4 | % | 5.5 | % | 17.1 | % | NM | NM | 8.6 | % | |||||||||||||||
| (1) | Includes our Mexico and Bioscience operations. | |
| (2) | Represents general corporate expenses for management and administration of the business. | |
| (3) | Includes certain costs of sales, SG&A and operating gains that we do not allocate to our segments. | |
| (4) | Consists of loss on asset disposals, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative. | |
| (5) | Consists of a gain recognized in the third quarter of 2024 for the settlement of a claim with an insurance carrier to recover losses incurred in connection with past litigation. |
| Nine Months Ended September 28, 2025 | Packaged Meats | Fresh Pork | Hog Production | Other(1) | Corporate(2) | Unallocated(3) | Consolidated | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| Operating profit (loss) | $ | 792 | $ | 127 | $ | 112 | $ | 32 | $ | (79 | ) | $ | (92 | ) | $ | 892 | |||||||||||
| Litigation charges | — | — | — | — | — | 73 | 73 | ||||||||||||||||||||
| Reduction in workforce(4) | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||
| Office closures(5) | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||
| Plant closure | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||
| Hog Production Reform | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||
| Employee retention tax credits(6) | (5 | ) | (5 | ) | — | — | — | — | (10 | ) | |||||||||||||||||
| Insurance recoveries(7) | — | — | — | — | — | (36 | ) | (36 | ) | ||||||||||||||||||
| Adjusted operating profit (loss) | $ | 787 | $ | 122 | $ | 112 | $ | 32 | $ | (79 | ) | $ | (40 | ) | $ | 934 | |||||||||||
| Operating profit (loss) margin | 12.8 | % | 2.0 | % | 4.3 | % | 8.9 | % | NM | NM | 7.9 | % | |||||||||||||||
| Adjusted operating profit (loss) margin | 12.7 | % | 1.9 | % | 4.3 | % | 8.9 | % | NM | NM | 8.3 | % | |||||||||||||||
| Nine Months Ended September 29, 2024 | Packaged Meats | Fresh Pork | Hog Production | Other(1) | Corporate(2) | Unallocated(3) | Consolidated | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||||||
| Operating profit (loss) | $ | 855 | $ | 196 | $ | (136 | ) | $ | 18 | $ | (92 | ) | $ | (59 | ) | $ | 783 | ||||||||||
| Hog Production Reform(8) | — | — | — | — | — | 13 | 13 | ||||||||||||||||||||
| Incremental costs from destruction of property | — | — | — | — | — | 4 | 4 | ||||||||||||||||||||
| Insurance recoveries(7) | — | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||||
| Employee retention tax credits(6) | (38 | ) | (41 | ) | (8 | ) | — | — | — | (87 | ) | ||||||||||||||||
| Adjusted operating profit (loss) | $ | 816 | $ | 155 | $ | (143 | ) | $ | 18 | $ | (92 | ) | $ | (45 | ) | $ | 710 | ||||||||||
| Operating profit (loss) margin | 14.6 | % | 3.3 | % | (6.1 | )% | 5.3 | % | NM | NM | 7.7 | % | |||||||||||||||
| Adjusted operating profit (loss) margin | 13.9 | % | 2.6 | % | (6.5 | )% | 5.3 | % | NM | NM | 7.0 | % | |||||||||||||||
| (1) | Includes our Mexico and Bioscience operations. | |
| (2) | Represents general corporate expenses for management and administration of the business. | |
| (3) | Includes certain costs of sales, SG&A and operating gains that we do not allocate to our segments. | |
| (4) | Consists of severance costs associated with a workforce reduction initiative. | |
| (5) | Consists of severance costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. | |
| (6) | Represents the recognition of employee retention tax credits received under the CARES Act. | |
| (7) | Consists of gains recognized in connection with settlements of insurance claims associated with property damage. Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation. | |
| (8) | Consists of contract termination costs, loss on asset disposals, employee termination benefits, accelerated depreciation charges and other exit costs associated with our Hog Production Reform initiative. |
FAQ
What were Smithfield Foods (SFD) consolidated net sales for Q3 2025?
How much operating profit did Smithfield Foods (SFD) report in Q3 2025?
What is Smithfield Foods' (SFD) updated full-year adjusted operating profit outlook for 2025?
What dividend did Smithfield Foods (SFD) announce for fiscal 2025?
How strong is Smithfield Foods' (SFD) liquidity position after Q3 2025?
