Tyson Foods Reports Fourth Quarter And Fiscal 2025 Results
Tyson Foods (NYSE: TSN) reported fiscal 2025 results for the year ended September 27, 2025: sales $54,441M (up 2.1% vs prior year; +3.3% ex. legal accruals), GAAP operating income $1,098M (down 22%), and adjusted operating income $2,287M (up 26%). GAAP diluted EPS was $1.33 (down 41%); adjusted EPS was $4.12 (up 33%). Fiscal 2025 cash from operations was $2,155M and free cash flow (non-GAAP) was $1,177M, both lower than prior year. The company repurchased 3.5M shares for $196M, reduced total debt by $957M, and ended the year with $3.7B liquidity.
Fiscal 2026 outlook: total company adjusted operating income of $2.1B–$2.3B, revenue +2%–4%, capex $700M–$1.0B, free cash flow $0.8B–$1.3B, and an annual dividend of $2.04 (Class A).
Tyson Foods (NYSE: TSN) ha riportato i risultati fiscali 2025 per l'anno chiuso al 27 settembre 2025: vendite $54,441M (in aumento del 2,1% rispetto all'anno precedente; +3,3% es. accantonamenti legali), GAAP operating income $1,098M (in calo del 22%), e adjusted operating income $2,287M (in crescita del 26%). Il GAAP diluited EPS è stato $1.33 (in calo del 41%); l'EPS ajustato è stato $4.12 (in crescita del 33%). Il flusso di cassa operativo 2025 è stato $2,155M e il free cash flow (non-GAAP) è stato $1,177M, entrambi inferiori all'anno precedente. L'azienda ha riacquistato 3,5M azioni per $196M, ha ridotto il debito totale di $957M e ha chiuso l'anno con una liquidità di $3,7B.
Outlook per il 2026: utile operativo rettificato totale dell'azienda di $2.1B–$2.3B, ricavi +2%–4%, capex $700M–$1.0B, free cash flow $0.8B–$1.3B e un dividendo annuo di $2.04 (Classe A).
Tyson Foods (NYSE: TSN) reportó resultados fiscales 2025 para el año terminado el 27 de septiembre de 2025: ventas $54,441M (sube 2,1% frente al año anterior; +3,3% ex. acumulaciones legales), GAAP operating income $1,098M (baja 22%), y adjusted operating income $2,287M (sube 26%). El EPS diluido GAAP fue $1.33 (baja 41%); el EPS ajustado fue $4.12 (sube 33%). El flujo de caja de operaciones de 2025 fue $2,155M y el flujo de caja libre (no-GAAP) fue $1,177M, ambos por debajo del año anterior. La compañía recompró 3.5M acciones por $196M, redujo la deuda total en $957M, y terminó el año con una liquidez de $3.7B. Perspectiva para 2026: ingreso operativo ajustado total de la empresa de $2.1B–$2.3B, ingresos +2%–4%, capex $700M–$1.0B, flujo de caja libre $0.8B–$1.3B, y un dividendo anual de $2.04 (Clase A).
Tyson Foods (NYSE: TSN)는 2025 회계연도 결과를 2025년 9월 27일 종료 연도에 대해 발표했습니다: 매출 54,441M 달러 (전년 대비 2.1% 증가; 법적 충당금 제외 시 +3.3%), GAAP 영업이익 1,098M 달러 (전년 대비 -22%), 조정 영업이익 2,287M 달러 ( +26%). GAAP 희석 EPS는 $1.33 (전년 대비 -41%); 조정 EPS는 $4.12 ( +33%). 2025년 영업현금흐름은 $2,155M, 비-GAAP 자유현금흐름은 $1,177M, 둘 다 전년보다 낮았습니다. 회사는 3.5M 주식을 $196M에 재매입했고, 총 부채를 $957M 줄였으며, 연말 유동성은 $3.7B였습니다.
2026년 전망: 전체 회사의 조정 영업이익 $2.1B–$2.3B, 매출 +2%–4%, 설비투자 $700M–$1.0B, 자유현금흐름 $0.8B–$1.3B, 연간 배당금 $2.04 (클래스 A).
Tyson Foods (NYSE: TSN) a publié les résultats fiscaux 2025 pour l'exercice clos le 27 septembre 2025 : ventes 54 441 M$ (en hausse de 2,1 % par rapport à l'année précédente ; +3,3 % hors provisions juridiques), résultat opérationnel GAAP 1 098 M$ (en baisse de 22 %), et résultat opérationnel ajusté 2 287 M$ (en hausse de 26 %). L'EPS dilué GAAP était 1,33 $ (en baisse de 41 %); l'EPS ajusté était 4,12 $ (en hausse de 33 %). Le flux de trésorerie opérationnel 2025 était 2 155 M$ et le free cash flow (non-GAAP) était 1 177 M$, tous deux inférieurs à l'année précédente. L'entreprise a racheté 3,5 M d'actions pour 196 M$, réduit sa dette totale de 957 M$, et a terminé l'année avec une liquidité de 3,7 Mds $. Perspectives pour 2026 : résultat opérationnel ajusté total de l'entreprise entre 2,1 Md$ et 2,3 Md$, chiffre d'affaires +2 % à +4 %, capex 700 M$ à 1,0 Md$, free cash flow entre 0,8 Md$ et 1,3 Md$, et un dividende annuel de 2,04 $ (Classe A).
Tyson Foods (NYSE: TSN) berichtete die Ergebnisse für das Geschäftsjahr 2025 für das am 27. September 2025 endende Jahr: Umsatz 54.441 Mio. USD (+2,1 % gegenüber dem Vorjahr; +3,3 % ex. Rechtsrückstellungen), GAAP-Betriebsergebnis 1.098 Mio. USD (-22 %), und angepasstes Betriebsergebnis 2.287 Mio. USD (+26 %). GAAP verdünnte EPS betrug 1,33 USD (-41 %); angepasstes EPS betrug 4,12 USD (+33 %). Der operative Cashflow des Geschäftsjahres 2025 betrug 2.155 Mio. USD und freier Cashflow (non-GAAP) 1.177 Mio. USD, beide niedriger als im Vorjahr. Das Unternehmen hat 3,5 Mio. Aktien für 196 Mio. USD zurückgekauft, die Gesamtverschuldung um 957 Mio. USD reduziert und das Jahr mit einer Liquidität von 3,7 Mrd. USD abgeschlossen. Ausblick für 2026: Gesamtunternehmen angepasstes operatives Ergebnis von 2,1 Mrd. bis 2,3 Mrd. USD, Umsatz +2 % bis +4 %, Capex 700 Mio. bis 1,0 Mrd. USD, freier Cashflow 0,8 Mrd. bis 1,3 Mrd. USD und eine Dividende von 2,04 USD pro Jahr (Klasse A).
أظهرت شركة Tyson Foods (بورصة نيويورك: TSN) نتائجها للسنة المالية 2025 للسنة المنتهية في 27 سبتمبر 2025: المبيعات 54,441 مليون دولار (ارتفاع 2.1% مقارنة بالعام السابق؛ +3.3% باستثناء المخصصات القانونية)، وصافي الدخل من العمليات وفق GAAP 1,098 مليون دولار (انخفاض 22%)، وربح التشغيل المعدل 2,287 مليون دولار (ارتفاع 26%). كان ربحية السهم المخفف وفق GAAP 1.33 دولار (انخفاض 41%)؛ وربح السهم المعدل 4.12 دولار (ارتفاع 33%). التدفق النقدي من الأنشطة التشغيلية لعام 2025 كان 2,155 مليون دولار والتدفق النقدي الحر (غير-GAAP) 1,177 مليون دولار، وكلاهما أقل من العام السابق. قامت الشركة بإعادة شراء 3.5 مليون سهم بقيمة 196 مليون دولار، وخفضت الدين الإجمالي بمقدار 957 مليون دولار، وانتهت السنة بموجودات سيولة قدرها 3.7 مليار دولار. التوقعات لعام 2026: دخل تشغيلي معدّل للمجموعة بين 2.1 مليار و2.3 مليار دولار، الإيرادات +2% إلى +4%، رأس المال الثابت 700 مليون إلى 1.0 مليار دولار، التدفق النقدي الحر 0.8 إلى 1.3 مليار دولار، وتوزيع سنوي قدره 2.04 دولار (Class A).
- Adjusted operating income +26% to $2,287M
- Adjusted EPS +33% to $4.12
- Sales +2.1% to $54,441M (3.3% ex. legal accruals)
- Share repurchases of 3.5M shares for $196M
- Total debt reduced by $957M
- Fiscal 2026 adjusted operating income outlook $2.1B–$2.3B
- GAAP operating income down 22% to $1,098M
- GAAP diluted EPS down 41% to $1.33
- Cash provided by operations down $435M to $2,155M
- Free cash flow down $281M to $1,177M
- Beef segment adjusted operating loss outlook $(600M)–$(400M)
Insights
Tyson shows underlying operational improvement: adjusted margins and adjusted EPS rose, while GAAP results were pressured by legal accruals and a goodwill charge.
Sales rose to
Key dependencies and risks are explicit in the release: legal contingency accruals materially affected reported sales and margins, and the company notes USDA production changes for fiscal 2026. Watch the company’s ability to convert adjusted operating income into cash: operating cash flow was
Concrete items to monitor in the next 12 months: progress on legal contingencies and any further charges (near term), execution against fiscal 2026 adjusted operating income guidance of
Achieves Year-Over-Year Growth in Sales, Adjusted Operating Income and Adjusted EPS
SPRINGDALE, Ark., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, reported the following results:
| (in millions, except per share data) | Fourth Quarter | Twelve Months Ended | |||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Sales | $ | 13,860 | $ | 13,565 | $ | 54,441 | $ | 53,309 | |||
| Operating Income | $ | 158 | $ | 525 | $ | 1,098 | $ | 1,409 | |||
| Adjusted1Operating Income (non-GAAP) | $ | 608 | $ | 512 | $ | 2,287 | $ | 1,820 | |||
| Net Income Per Share Attributable to Tyson | $ | 0.13 | $ | 1.00 | $ | 1.33 | $ | 2.25 | |||
| Adjusted1Net Income Per Share Attributable to Tyson (non-GAAP) | $ | 1.15 | $ | 0.92 | $ | 4.12 | $ | 3.10 | |||
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). As used in this table and throughout this earnings release, adjusted operating income (loss) and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.
Fiscal 2025 Highlights
- Sales of
$54,441 million , up2.1% from prior year; Sales up3.3% excluding impact of$653 million increase in legal contingency accruals, which was recognized as a reduction to Sales - GAAP operating income of
$1,098 million , down 22% from prior year - Adjusted operating income of
$2,287 million , up26% from prior year - GAAP EPS of
$1.33 , down 41% from prior year - Adjusted EPS of
$4.12 , up33% from prior year - Total Company GAAP operating margin of
2.0% - Total Company adjusted operating margin (non-GAAP) of
4.1% - Cash provided by operating activities of
$2,155 million , down$435 million from prior year - Free cash flow (non-GAAP) of
$1,177 million , down$281 million from prior year - Repurchased 3.5 million shares for
$196 million - Reduced total debt
$957 million - Liquidity of
$3.7 billion as of September 27, 2025
Fourth Quarter Highlights
- Sales of
$13,860 million , up2.2% from prior year; Sales up4.8% excluding impact of$355 million increase in legal contingency accruals, which was recognized as a reduction to Sales - GAAP operating income of
$158 million , down70% from prior year - Adjusted operating income of
$608 million , up19% from prior year - GAAP EPS of
$0.13 , down87% from prior year - Adjusted EPS of
$1.15 , up25% from prior year - Total Company GAAP operating margin of
1.1% - Total Company adjusted operating margin (non-GAAP) of
4.3%
"We delivered year-over-year growth in sales, adjusted operating income and adjusted earnings per share, reflecting the strength of our multi-protein, multi-channel portfolio," said Donnie King, President and CEO of Tyson Foods. "This fiscal year's progress demonstrates our commitment to operational excellence while meeting the evolving needs of our customers and consumers. As a world-class food company and recognized leader in protein, we remain focused on continuously improving the controllable aspects of our business and delivering shareholder value."
SEGMENT RESULTS (in millions)
| Sales | ||||||||||||||||||||
| (for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024) | ||||||||||||||||||||
| Fourth Quarter | Twelve Months Ended | |||||||||||||||||||
| Volume | Avg. Price | Volume | Avg. Price | |||||||||||||||||
| 2025 | 2024 | Change | Change2 | 2025 | 2024 | Change | Change2 | |||||||||||||
| Beef | $ | 5,489 | $ | 5,261 | (8.4 | )% | 17.0 | % | $ | 21,623 | $ | 20,479 | (1.9 | )% | 9.0 | % | ||||
| Pork | 1,414 | 1,438 | (4.2 | )% | 11.6 | % | 5,781 | 5,903 | (1.7 | )% | 5.3 | % | ||||||||
| Chicken | 4,411 | 4,251 | 3.7 | % | 0.1 | % | 16,837 | 16,425 | 2.6 | % | (0.1 | )% | ||||||||
| Prepared Foods | 2,546 | 2,472 | (1.7 | )% | 4.7 | % | 9,930 | 9,851 | (2.5 | )% | 3.3 | % | ||||||||
| International/Other | 584 | 609 | (2.2 | )% | (1.9 | )% | 2,291 | 2,353 | (0.1 | )% | (2.5 | )% | ||||||||
| Intersegment Sales | (584 | ) | (466 | ) | n/a | n/a | (2,021 | ) | (1,702 | ) | n/a | n/a | ||||||||
| Total | $ | 13,860 | $ | 13,565 | (1.6 | )% | 6.4 | % | $ | 54,441 | $ | 53,309 | — | % | 3.3 | % | ||||
| Operating Income (Loss) | ||||||||||||||||||||
| (for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024) | ||||||||||||||||||||
| Fourth Quarter | Twelve Months Ended | |||||||||||||||||||
| Operating Margin | Operating Margin | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Beef | $ | (319 | ) | $ | (71 | ) | (5.8 | )% | (1.3 | )% | $ | (1,135 | ) | $ | (381 | ) | (5.2 | )% | (1.9 | )% |
| Pork | (99 | ) | (16 | ) | (7.0 | )% | (1.1 | )% | (199 | ) | (40 | ) | (3.4 | )% | (0.7 | )% | ||||
| Chicken | 447 | 409 | 10.1 | % | 9.6 | % | 1,427 | 988 | 8.5 | % | 6.0 | % | ||||||||
| Prepared Foods | 143 | 203 | 5.6 | % | 8.2 | % | 898 | 879 | 9.0 | % | 8.9 | % | ||||||||
| International/Other | (14 | ) | — | n/a | n/a | 107 | (37 | ) | n/a | n/a | ||||||||||
| Total | $ | 158 | $ | 525 | 1.1 | % | 3.9 | % | $ | 1,098 | $ | 1,409 | 2.0 | % | 2.6 | % | ||||
ADJUSTED SEGMENT RESULTS (in millions)
| Adjusted Operating Income (Loss) (Non-GAAP)1 | ||||||||||||||||||||
| (for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024) | ||||||||||||||||||||
| Fourth Quarter | Twelve Months Ended | |||||||||||||||||||
| Adjusted Operating Margin (Non-GAAP) | Adjusted Operating Margin (Non-GAAP) | |||||||||||||||||||
| 2025 | 2024 | 20252 | 20242 | 2025 | 2024 | 20252 | 20242 | |||||||||||||
| Beef | $ | (94 | ) | $ | (71 | ) | (1.6 | )% | (1.3 | )% | $ | (426 | ) | $ | (291 | ) | (1.9 | )% | (1.4 | )% |
| Pork | 31 | 19 | 2.0 | % | 1.3 | % | 181 | 142 | 2.9 | % | 2.4 | % | ||||||||
| Chicken | 457 | 356 | 10.4 | % | 8.4 | % | 1,482 | 1,015 | 8.8 | % | 6.2 | % | ||||||||
| Prepared Foods | 189 | 205 | 7.4 | % | 8.3 | % | 913 | 905 | 9.2 | % | 9.2 | % | ||||||||
| International/Other | 25 | 3 | n/a | n/a | 137 | 49 | n/a | n/a | ||||||||||||
| Total | $ | 608 | $ | 512 | 4.3 | % | 3.8 | % | $ | 2,287 | $ | 1,820 | 4.1 | % | 3.4 | % | ||||
2 Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the three months ended September 27, 2025 exclude the impact of
OUTLOOK
As of the most recently published data for fiscal 2026, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) will increase approximately
Beef
USDA projects domestic production will decrease approximately
Pork
USDA projects domestic production will increase approximately
Chicken
USDA projects chicken production will increase approximately
Prepared Foods
We anticipate adjusted operating income of
International/Other
We anticipate similar results from our foreign operations in fiscal 2026 on an adjusted basis.
Total Company
We anticipate total company adjusted operating income of
Revenue
We expect sales to be up
Capital Expenditures
We expect capital expenditures between
Net Interest Expense
We expect net interest expense to approximate
Liquidity
We expect total liquidity, which was
Free Cash Flow
We expect free cash flow to be between
Tax Rate
We currently expect our adjusted effective tax rate to approximate
Dividends
Effective November 7, 2025, the Board of Directors increased the quarterly dividend previously declared on August 7, 2025, to
| TYSON FOODS, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| September 27, 2025 | September 28, 2024 | September 27, 2025 | September 28, 2024 | ||||||||||||
| Sales | $ | 13,860 | $ | 13,565 | $ | 54,441 | $ | 53,309 | |||||||
| Cost of Sales | 13,134 | 12,505 | 50,879 | 49,682 | |||||||||||
| Gross Profit | 726 | 1,060 | 3,562 | 3,627 | |||||||||||
| Selling, General and Administrative | 568 | 535 | 2,121 | 2,218 | |||||||||||
| Goodwill Impairment | — | — | 343 | — | |||||||||||
| Operating Income | 158 | 525 | 1,098 | 1,409 | |||||||||||
| Other (Income) Expense: | |||||||||||||||
| Interest income | (16 | ) | (29 | ) | (73 | ) | (89 | ) | |||||||
| Interest expense | 106 | 130 | 449 | 481 | |||||||||||
| Other, net | — | (51 | ) | (47 | ) | (75 | ) | ||||||||
| Total Other (Income) Expense | 90 | 50 | 329 | 317 | |||||||||||
| Income before Income Taxes | 68 | 475 | 769 | 1,092 | |||||||||||
| Income Tax Expense | 10 | 111 | 262 | 270 | |||||||||||
| Net Income | 58 | 364 | 507 | 822 | |||||||||||
| Less: Net Income Attributable to Noncontrolling Interests | 11 | 7 | 33 | 22 | |||||||||||
| Net Income Attributable to Tyson | $ | 47 | $ | 357 | $ | 474 | $ | 800 | |||||||
| Net Income Per Share Attributable to Tyson: | |||||||||||||||
| Class A Basic | $ | 0.14 | $ | 1.03 | $ | 1.37 | $ | 2.31 | |||||||
| Class B Basic | $ | 0.12 | $ | 0.92 | $ | 1.22 | $ | 2.06 | |||||||
| Diluted | $ | 0.13 | $ | 1.00 | $ | 1.33 | $ | 2.25 | |||||||
| Dividends Declared Per Share: | |||||||||||||||
| Class A | $ | 0.500 | $ | 0.490 | $ | 2.010 | $ | 1.970 | |||||||
| Class B | $ | 0.450 | $ | 0.441 | $ | 1.809 | $ | 1.773 | |||||||
| Sales Growth | 2.2 | % | 2.1 | % | |||||||||||
| Margins: (Percent of Sales) | |||||||||||||||
| Gross Profit | 5.2 | % | 7.8 | % | 6.5 | % | 6.8 | % | |||||||
| Operating Income | 1.1 | % | 3.9 | % | 2.0 | % | 2.6 | % | |||||||
| Net Income Attributable to Tyson | 0.3 | % | 2.6 | % | 0.9 | % | 1.5 | % | |||||||
| Effective Tax Rate3 | 14.4 | % | 23.3 | % | 34.1 | % | 24.8 | % | |||||||
3 The effective tax rate for the twelve months ended September 27, 2025 is impacted by a
| TYSON FOODS, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In millions) (Unaudited) | |||||
| September 27, 2025 | September 28, 2024 | ||||
| Assets | |||||
| Current Assets: | |||||
| Cash and cash equivalents | $ | 1,229 | $ | 1,717 | |
| Accounts receivable, net | 2,524 | 2,406 | |||
| Inventories | 5,681 | 5,195 | |||
| Other current assets | 482 | 433 | |||
| Total Current Assets | 9,916 | 9,751 | |||
| Net Property, Plant and Equipment | 9,204 | 9,442 | |||
| Goodwill | 9,469 | 9,819 | |||
| Intangible Assets, net | 5,624 | 5,875 | |||
| Other Assets | 2,445 | 2,213 | |||
| Total Assets | $ | 36,658 | $ | 37,100 | |
| Liabilities and Shareholders’ Equity | |||||
| Current Liabilities: | |||||
| Current debt | $ | 909 | $ | 74 | |
| Accounts payable | 2,601 | 2,402 | |||
| Other current liabilities | 2,879 | 2,311 | |||
| Total Current Liabilities | 6,389 | 4,787 | |||
| Long-Term Debt | 7,921 | 9,713 | |||
| Deferred Income Taxes | 2,195 | 2,285 | |||
| Other Liabilities | 1,926 | 1,801 | |||
| Total Tyson Shareholders’ Equity | 18,085 | 18,390 | |||
| Noncontrolling Interests | 142 | 124 | |||
| Total Shareholders’ Equity | 18,227 | 18,514 | |||
| Total Liabilities and Shareholders’ Equity | $ | 36,658 | $ | 37,100 | |
| TYSON FOODS, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||||
| Twelve Months Ended | |||||||
| September 27, 2025 | September 28, 2024 | ||||||
| Cash Flows From Operating Activities: | |||||||
| Net income | $ | 507 | $ | 822 | |||
| Depreciation and amortization | 1,361 | 1,400 | |||||
| Deferred income taxes | (76 | ) | (45 | ) | |||
| Impairment of goodwill | 343 | — | |||||
| Gain on sale of storage facilities | (107 | ) | — | ||||
| Other, net | 233 | 189 | |||||
| Net changes in operating assets and liabilities | (106 | ) | 224 | ||||
| Cash Provided by Operating Activities | 2,155 | 2,590 | |||||
| Cash Flows From Investing Activities: | |||||||
| Additions to property, plant and equipment | (978 | ) | (1,132 | ) | |||
| Purchases of marketable securities | (66 | ) | (38 | ) | |||
| Proceeds from sale of marketable securities | 62 | 35 | |||||
| Proceeds from sale of storage facilities | 252 | — | |||||
| Proceeds from sale of business | — | 174 | |||||
| Acquisition of equity investments | (11 | ) | (29 | ) | |||
| Other, net | 76 | 102 | |||||
| Cash Used for Investing Activities | (665 | ) | (888 | ) | |||
| Cash Flows From Financing Activities: | |||||||
| Proceeds from issuance of debt | 175 | 2,415 | |||||
| Payments on debt | (1,262 | ) | (1,641 | ) | |||
| Proceeds from issuance of commercial paper | — | 1,694 | |||||
| Repayments of commercial paper | — | (2,285 | ) | ||||
| Purchases of Tyson Class A common stock | (196 | ) | (49 | ) | |||
| Dividends | (697 | ) | (684 | ) | |||
| Stock options exercised | 21 | 14 | |||||
| Other, net | (18 | ) | (45 | ) | |||
| Cash Used for Financing Activities | (1,977 | ) | (581 | ) | |||
| Effect of Exchange Rate Changes on Cash | (1 | ) | 23 | ||||
| (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | (488 | ) | 1,144 | ||||
| Cash and Cash Equivalents and Restricted Cash at Beginning of Year | 1,717 | 573 | |||||
| Cash and Cash Equivalents and Restricted Cash at End of Period | 1,229 | 1,717 | |||||
| Less: Restricted Cash at End of Period | — | — | |||||
| Cash and Cash Equivalents at End of Period | $ | 1,229 | $ | 1,717 | |||
Non-GAAP Financial Measures
Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson and Adjusted EPS, EBITDA, Adjusted EBITDA, net debt to EBITDA, net debt to Adjusted EBITDA and Free Cash Flow are presented as supplemental financial measures in the evaluation of our business that are not required by, or presented in accordance with GAAP. The non-GAAP financial measures are tools intended to assist our management and investors in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations on an ongoing basis. These non-GAAP measures should not be a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. We believe the presentation of these non-GAAP financial measures helps management and investors to assess our operating performance from period to period, including our ability to generate earnings sufficient to service our debt, enhances understanding of our financial performance and highlights operational trends. These measures are widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness of comparative measures.
Definitions
EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Net debt to EBITDA (Adjusted EBITDA) represents the ratio of our debt, net of cash, cash equivalents and short-term investments, to EBITDA (and to Adjusted EBITDA). EBITDA, Adjusted EBITDA, net debt to EBITDA and net debt to Adjusted EBITDA are presented as supplemental financial measurements in the evaluation of our business.
Adjusted EBITDA, Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson and Adjusted EPS are defined as EBITDA, Operating Income (Loss), Income before Income Taxes, Income Tax Expense, Net Income Attributable to Tyson and diluted earnings per share, respectively, excluding the impacts of any items that management believes do not directly reflect our core operations on an ongoing basis.
Free Cash Flow is defined as Cash Provided by Operating Activities minus payments for Property, Plant and Equipment.
TYSON FOODS, INC.
GAAP Results to Non-GAAP Results Reconciliations
(In millions, except per share data)
(Unaudited)
| Results for the fourth quarter ended September 27, 2025 | ||||||||||||||||||||||
| Sales | Cost of Sales | Selling, General and Administrative | Goodwill Impairment | Operating Income | Other (Income) Expense | Income before Income Taxes | Income Tax Expense | Net Income Attributable to Tyson | EPS Impact | |||||||||||||
| GAAP Results | $ | 158 | $ | 68 | $ | 10 | $ | 47 | $ | 0.13 | ||||||||||||
| Facility fire related costs (insurance proceeds)5 | — | (4 | ) | — | — | (4 | ) | (11 | ) | (15 | ) | (3 | ) | (12 | ) | (0.04 | ) | |||||
| Brand and product line discontinuations | — | — | 6 | — | 6 | — | 6 | 2 | 4 | 0.01 | ||||||||||||
| Restructuring and related charges6 | — | 12 | — | — | 12 | — | 12 | — | 12 | 0.03 | ||||||||||||
| Legal contingency accruals7 | 355 | 40 | — | — | 395 | — | 395 | 94 | 301 | 0.85 | ||||||||||||
| Product recall | 66 | (25 | ) | — | — | 41 | — | 41 | 11 | 30 | 0.09 | |||||||||||
| Impairment of equity investments | — | — | — | — | — | 28 | 28 | 1 | 27 | 0.08 | ||||||||||||
| Adjusted Non-GAAP Results | $ | 608 | $ | 535 | $ | 115 | $ | 409 | $ | 1.15 | ||||||||||||
| Results for the fourth quarter ended September 28, 2024 | ||||||||||||||||||||||
| Sales | Cost of Sales | Selling, General and Administrative | Goodwill Impairment | Operating Income | Other (Income) Expense | Income before Income Taxes | Income Tax Expense | Net Income Attributable to Tyson | EPS Impact | |||||||||||||
| GAAP Results | $ | 525 | $ | 475 | $ | 111 | $ | 357 | $ | 1.00 | ||||||||||||
| Facility fire related costs (insurance proceeds)5 | — | (48 | ) | — | — | (48 | ) | (31 | ) | (79 | ) | (8 | ) | (71 | ) | (0.20 | ) | |||||
| Brand and product line discontinuations | — | — | 8 | — | 8 | — | 8 | 2 | 6 | 0.02 | ||||||||||||
| Plant closure and disposal charges | — | 27 | — | — | 27 | — | 27 | (10 | ) | 37 | 0.10 | |||||||||||
| Adjusted Non-GAAP Results | $ | 512 | $ | 431 | $ | 95 | $ | 329 | $ | 0.92 | ||||||||||||
| Results for the twelve months ended September 27, 2025 | ||||||||||||||||||||||
| Sales | Cost of Sales | Selling, General and Administrative | Goodwill Impairment | Operating Income | Other (Income) Expense | Income before Income Taxes | Income Tax Expense | Net Income Attributable to Tyson | EPS Impact | |||||||||||||
| GAAP Results | $ | 1,098 | $ | 769 | $ | 262 | $ | 474 | $ | 1.33 | ||||||||||||
| Facility fire related costs (insurance proceeds)5 | — | (18 | ) | — | — | (18 | ) | (18 | ) | (36 | ) | 4 | (40 | ) | (0.12 | ) | ||||||
| Brand and product line discontinuations | — | — | 23 | — | 23 | — | 23 | 6 | 17 | 0.05 | ||||||||||||
| Restructuring and related charges6 | — | 43 | 2 | — | 45 | — | 45 | 4 | 41 | 0.11 | ||||||||||||
| Legal contingency accruals7 | 698 | 40 | — | — | 738 | — | 738 | 175 | 563 | 1.58 | ||||||||||||
| Plant closure and disposal charges8 | — | 17 | — | — | 17 | — | 17 | 5 | 13 | 0.04 | ||||||||||||
| Goodwill and intangible impairments9 | — | — | — | 343 | 343 | — | 343 | — | 343 | 0.96 | ||||||||||||
| Product recall | 66 | (25 | ) | — | — | 41 | — | 41 | 11 | 30 | 0.09 | |||||||||||
| Impairment of equity investments | — | — | — | — | — | 28 | 28 | 1 | 27 | 0.08 | ||||||||||||
| Adjusted Non-GAAP Results | $ | 2,287 | $ | 1,968 | $ | 468 | $ | 1,468 | $ | 4.12 | ||||||||||||
| Results for the twelve months ended September 28, 2024 | ||||||||||||||||||||||
| Sales | Cost of Sales | Selling, General and Administrative | Goodwill Impairment | Operating Income | Other (Income) Expense | Income before Income Taxes | Income Tax Expense | Net Income Attributable to Tyson | EPS Impact | |||||||||||||
| GAAP Results | 1,409 | 1,092 | 270 | 800 | 2.25 | |||||||||||||||||
| Facility fire related costs (insurance proceeds)5 | — | 16 | — | — | 16 | (34 | ) | (18 | ) | (13 | ) | (5 | ) | (0.02 | ) | |||||||
| Brand and product line discontinuations | — | — | 8 | — | 8 | — | 8 | 2 | 6 | 0.02 | ||||||||||||
| Restructuring and related charges6 | — | — | 31 | — | 31 | — | 31 | 8 | 23 | 0.06 | ||||||||||||
| Legal contingency accruals | 45 | 129 | — | — | 174 | — | 174 | 41 | 133 | 0.38 | ||||||||||||
| Plant closure and disposal charges | — | 182 | — | — | 182 | — | 182 | 36 | 146 | 0.41 | ||||||||||||
| Adjusted Non-GAAP Results | $ | 1,820 | $ | 1,469 | $ | 344 | $ | 1,103 | $ | 3.10 | ||||||||||||
| TYSON FOODS, INC. Adjusted Operating Income (Loss) Non-GAAP Reconciliations (In millions) (Unaudited) | ||||||||||||||||
| Adjusted Operating Income (Loss) | ||||||||||||||||
| (for the fourth quarter ended September 27, 2025) | ||||||||||||||||
| Beef | Pork | Chicken | Prepared Foods | International/ Other | Total | |||||||||||
| Reported operating income (loss) | $ | (319 | ) | $ | (99 | ) | $ | 447 | $ | 143 | $ | (14 | ) | $ | 158 | |
| Less: Facility fire related costs (insurance proceeds)5 | — | — | — | — | (4 | ) | (4 | ) | ||||||||
| Add: Brand and product line discontinuations | — | — | 6 | — | — | 6 | ||||||||||
| Add: Restructuring and related charges6 | — | — | 4 | 5 | 3 | 12 | ||||||||||
| Add: Legal contingency accruals7 | 225 | 130 | — | — | 40 | 395 | ||||||||||
| Add: Product recall | — | — | — | 41 | — | 41 | ||||||||||
| Adjusted operating income (loss) | $ | (94 | ) | $ | 31 | $ | 457 | $ | 189 | $ | 25 | $ | 608 | |||
| Adjusted Operating Income (Loss) | ||||||||||||||||
| (for the fourth quarter ended September 28, 2024) | ||||||||||||||||
| Beef | Pork | Chicken | Prepared Foods | International/ Other | Total | |||||||||||
| Reported operating income (loss) | $ | (71 | ) | $ | (16 | ) | $ | 409 | $ | 203 | $ | — | $ | 525 | ||
| Add/(Less): Facility fire related costs (insurance proceeds)5 | — | — | (51 | ) | — | 3 | (48 | ) | ||||||||
| Add: Brand and product line discontinuations | — | — | 6 | 2 | — | 8 | ||||||||||
| Add/(Less): Plant closure and disposal charges | — | 35 | (8 | ) | — | — | 27 | |||||||||
| Adjusted operating income (loss) | $ | (71 | ) | $ | 19 | $ | 356 | $ | 205 | $ | 3 | $ | 512 | |||
| Adjusted Operating Income (Loss) | |||||||||||||||||
| (for the twelve months ended September 27, 2025) | |||||||||||||||||
| Beef | Pork | Chicken | Prepared Foods | International/ Other | Total | ||||||||||||
| Reported operating income (loss) | $ | (1,135 | ) | $ | (199 | ) | $ | 1,427 | $ | 898 | $ | 107 | $ | 1,098 | |||
| Less: Facility fire related costs (insurance proceeds)5 | — | — | — | — | (18 | ) | (18 | ) | |||||||||
| Add: Brand and product line discontinuations | — | — | 23 | — | — | 23 | |||||||||||
| Add/(Less): Restructuring and related charges6 | 48 | — | 9 | (26 | ) | 14 | 45 | ||||||||||
| Add: Legal contingency accruals7 | 318 | 380 | — | — | 40 | 738 | |||||||||||
| Add/(Less): Plant closure and disposal charges8 | — | — | 23 | — | (6 | ) | 17 | ||||||||||
| Add: Goodwill and intangible impairments | 343 | — | — | — | — | 343 | |||||||||||
| Add: Product recall | — | — | — | 41 | — | 41 | |||||||||||
| Adjusted operating income (loss) | $ | (426 | ) | $ | 181 | $ | 1,482 | $ | 913 | $ | 137 | $ | 2,287 | ||||
| Adjusted Operating Income (Loss) | ||||||||||||||||
| (for the twelve months ended September 28, 2024) | ||||||||||||||||
| Beef | Pork | Chicken | Prepared Foods | International/ Other | Total | |||||||||||
| Reported operating income (loss) | $ | (381 | ) | $ | (40 | ) | $ | 988 | $ | 879 | $ | (37 | ) | $ | 1,409 | |
| Add/(Less): Facility fire related costs (insurance proceeds)5 | — | — | (70 | ) | — | 86 | 16 | |||||||||
| Add: Brand and product line discontinuations | — | — | 6 | 2 | — | 8 | ||||||||||
| Add: Restructuring and related charges6 | 4 | 1 | 2 | 24 | — | 31 | ||||||||||
| Add: Legal contingency accruals | 45 | 73 | 56 | — | — | 174 | ||||||||||
| Add: Plant closure and disposal charges | 41 | 108 | 33 | — | — | 182 | ||||||||||
| Adjusted operating income (loss) | $ | (291 | ) | $ | 142 | $ | 1,015 | $ | 905 | $ | 49 | $ | 1,820 | |||
| TYSON FOODS, INC. EBITDA and Adjusted EBITDA Non-GAAP Reconciliations (In millions) (Unaudited) | |||||||
| Twelve Months Ended | |||||||
| September 27, 2025 | September 28, 2024 | ||||||
| Net income | $ | 507 | $ | 822 | |||
| Less: Interest income | (73 | ) | (89 | ) | |||
| Add: Interest expense | 449 | 481 | |||||
| Add: Income tax expense | 262 | 270 | |||||
| Add: Depreciation | 1,093 | 1,159 | |||||
| Add: Amortization4 | 257 | 229 | |||||
| EBITDA | $ | 2,495 | $ | 2,872 | |||
| Adjustments to EBITDA: | |||||||
| Less: Facility fire related costs (insurance proceeds)5 | $ | (36 | ) | $ | (18 | ) | |
| Add: Brand and product line discontinuations | 23 | 8 | |||||
| Add: Restructuring and related charges6 | 45 | 31 | |||||
| Add: Legal contingency accruals7 | 738 | 174 | |||||
| Add: Plant closure and disposal charges8 | 17 | 182 | |||||
| Add: Goodwill and intangible impairments | 343 | — | |||||
| Add: Product recall | 41 | — | |||||
| Add: Impairment of equity investments | 28 | — | |||||
| Less: Depreciation and amortization included in EBITDA adjustments10 | (62 | ) | (129 | ) | |||
| Total Adjusted EBITDA | $ | 3,632 | $ | 3,120 | |||
| Total gross debt | $ | 8,830 | $ | 9,787 | |||
| Less: Cash and cash equivalents | (1,229 | ) | (1,717 | ) | |||
| Less: Short-term investments | — | (10 | ) | ||||
| Total net debt | $ | 7,601 | $ | 8,060 | |||
| Ratio Calculations: | |||||||
| Gross debt/EBITDA | 3.5x | 3.4x | |||||
| Net debt/EBITDA | 3.0x | 2.8x | |||||
| Gross debt/Adjusted EBITDA | 2.4x | 3.1x | |||||
| Net debt/Adjusted EBITDA | 2.1x | 2.6x | |||||
4 Excludes the amortization of debt issuance and debt discount expense of
5 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.
6 Includes the Network Optimization Plan that commenced in fiscal 2025 and the 2022 Program which completed in fiscal 2024.
7 The three and twelve months ended September 27, 2025 include a
8 Includes China plant relocation remuneration and related EPS impact, net of
9 Goodwill impairment is non-deductible for income tax purposes.
10 Removal of accelerated depreciation of
| TYSON FOODS, INC. Free Cash Flow Non-GAAP Reconciliation (In millions) (Unaudited) | |||||||
| Twelve Months Ended | |||||||
| September 27, 2025 | September 28, 2024 | ||||||
| Cash Provided by Operating Activities | $ | 2,155 | $ | 2,590 | |||
| Additions to property, plant and equipment | (978 | ) | (1,132 | ) | |||
| Free cash flow | $ | 1,177 | $ | 1,458 | |||
About Tyson Foods, Inc.
Tyson Foods, Inc. (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family™ and has a broad portfolio of iconic products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and ibp®. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the company had approximately 133,000 team members on September 27, 2025. Visit www.tysonfoods.com.
Conference Call Information and Other Selected Data
A conference call to discuss the Company's financial results will be held at 9 a.m. Eastern Monday, November 10, 2025. A link for the webcast of the conference call is available on the Tyson Investor Relations website at https://ir.tyson.com. The webcast also can be accessed by the following direct link: https://events.q4inc.com/attendee/176837355. For those who cannot participate at the scheduled time, a replay of the live webcast and the accompanying slides will be available at https://ir.tyson.com. A telephone replay will also be available until December 10, 2025, toll free at 1-877-344-7529, international toll 1-412-317-0088 or Canada toll free 855-669-9658. The replay access code is 2866305. Financial information, such as this news release, as well as other supplemental data, can be accessed from the Company's web site at https://ir.tyson.com.
Forward-Looking Statements
Certain information in this release constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2025, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that may cause actual results and experiences to differ from anticipated results and expectations expressed in such forward-looking statements are the following: (i) the effectiveness of financial excellence programs or operational optimization plans; (ii) access to, and inputs from, foreign markets together with foreign economic conditions, including currency fluctuations, import/export restrictions and foreign politics; (iii) global pandemics have had, and may in the future have, an adverse impact on our business and operations; (iv) cyber attacks, other cyber incidents, security breaches or other disruptions of our information technology systems; (v) risks associated with our failure to consummate favorable acquisition transactions or integrate certain acquisitions’ operations; (vi) the Tyson Limited Partnership’s ability to exercise significant control over the Company; (vii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed grains (including corn and soybean meal) and energy; (viii) market conditions for finished products, including competition from other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for alternative proteins; (ix) outbreak of a livestock disease (such as African swine fever (ASF), avian influenza (AI), New World screwworm or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on livestock we own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to conduct our operations; (x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) effectiveness of advertising and marketing programs; (xii) significant marketing plan changes by large customers or loss of one or more large customers; (xiii) our ability to leverage brand value propositions; (xiv) changes in availability and relative costs of labor and contract farmers and our ability to maintain good relationships with team members, labor unions, contract farmers and independent producers providing us livestock; (xv) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (xvi) compliance with and changes to regulations and laws (both domestic and foreign), including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xvii) the effect of climate change and any legal or regulatory response thereto; (xviii) adverse results from litigation; (xix) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xx) impairment in the carrying value of our goodwill or indefinite life intangible assets; (xxi) our participation in a multiemployer pension plan; (xxii) volatility in capital markets or interest rates; (xxiii) risks associated with our commodity purchasing activities; (xxiv) the effect of, or changes in, general economic conditions; (xxv) impacts on our operations caused by factors and forces beyond our control, such as natural disasters, fire, bioterrorism, pandemics, armed conflicts or extreme weather; (xxvi) failure to maximize or assert our intellectual property rights; (xxvii) effects related to changes in tax rates, valuation of deferred tax assets and liabilities, or tax laws and their interpretation; and (xxviii) the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and Quarterly reports on Form 10-Q.
| Media Contact: Laura Burns, 479-713-9890 Investor Contact: Jon Kathol, 479-290-4235 | Source: Tyson Foods, Inc. Category: IR, Newsroom |
FAQ
What were Tyson Foods (TSN) fiscal 2025 sales and adjusted operating income?
How did Tyson Foods (TSN) report GAAP vs adjusted EPS for fiscal 2025?
What guidance did Tyson Foods (TSN) issue for fiscal 2026 adjusted operating income and revenue?
How much free cash flow and liquidity did Tyson Foods (TSN) report for fiscal 2025?
Did Tyson Foods (TSN) return capital to shareholders in fiscal 2025?
What is the outlook for Tyson Foods (TSN) segment results in fiscal 2026, especially chicken and pork?
