Smithfield Foods sees Q3 adj op income at $115–175M
Smithfield Foods cut its Q3 2026 outlook for Fresh Pork and Hog Production but reaffirmed strong full-year guidance for its key Packaged Meats segment.
Rhea-AI Filing Summary
SMITHFIELD FOODS INC (SFD) updated its third quarter 2026 outlook, citing continued compression in the industry fresh pork market spread and lower hog prices. For the quarter, the company now expects total company adjusted operating income of $115–175 million.
By segment, Smithfield expects a Fresh Pork adjusted operating loss of $70–90 million, driven primarily by industry spread compression, and Hog Production adjusted operating profit of $25–45 million, reflecting lower hog prices. The company reaffirmed its fiscal 2026 outlook for Packaged Meats adjusted operating income of $1,075–1,150 million, supported by branded volume share gains, expanded distribution and disciplined execution in a cautious consumer environment.
Positive
- Packaged Meats fiscal 2026 adjusted operating income guidance is reaffirmed at $1,075–1,150 million, supported by branded share gains and expanded distribution.
- Despite commodity headwinds, the company still projects total Q3 2026 adjusted operating income of $115–175 million.
Negative
- Fresh Pork outlook is reduced to an adjusted operating loss of $70–90 million for Q3 2026 due to industry market spread compression.
- Hog Production guidance is lowered to Q3 2026 adjusted operating profit of $25–45 million, reflecting weaker market hog prices.
Filing Explained
The outlook remains non-GAAP and unreconciled; full-year guidance is deferred to the third-quarter results release.
The
The company says it will provide updated full-year Fresh Pork, Hog Production and total-company adjusted operating-profit guidance when it reports third-quarter results, making that later results release the stated resolution point for full-year guidance.
The release says it cannot reconcile projected adjusted results to projected GAAP results without unreasonable effort because future adjustments are uncertain and could be significant.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total company Q3 2026 adjusted operating income outlook: $115–175 million
Fresh Pork Q3 2026 adjusted operating loss outlook: $70–90 million
Hog Production Q3 2026 adjusted operating profit outlook: $25–45 million
+2 more
5 metrics
Total company Q3 2026 adjusted operating income outlook
$115–175 million
Projected third quarter 2026 total company adjusted operating income range
Fresh Pork Q3 2026 adjusted operating loss outlook
$70–90 million
Projected third quarter 2026 adjusted operating loss for Fresh Pork segment
Hog Production Q3 2026 adjusted operating profit outlook
$25–45 million
Projected third quarter 2026 adjusted operating profit for Hog Production segment
Packaged Meats fiscal 2026 adjusted operating income outlook
$1,075–1,150 million
Reaffirmed full-year 2026 adjusted operating income for Packaged Meats segment
Barclays conference appearance
September 10, 2026, noon ET
President and CEO fireside chat at Barclays Global Consumer Staples Conference
Key Terms
adjusted operating profit, USDA pork cutout, market spread, non-GAAP financial measures, +1 more
5 terms
adjusted operating profit financial
"Adjusted operating profit is defined as operating profit, excluding the effects"
Adjusted operating profit is a measure of a company’s routine profit from its core business activities after removing one‑time events, unusual costs or non‑cash items so the result reflects ongoing operations. Think of it like judging a car’s normal fuel efficiency after ignoring a single visit to the body shop; investors use it to compare underlying profitability across periods or peers and to judge whether the business is sustainably earning money, but the specific exclusions can be subjective.
USDA pork cutout financial
"the USDA pork cutout has declined further since the Company’s August outlook"
A USDA pork cutout is the government’s weekly estimate of the wholesale value per pound of a standardized pork carcass, calculated from reported negotiated prices for major retail and processing cuts (like hams, loins and bellies). Investors use it like a wholesale price tag for the pork supply chain: it shows demand and pricing pressure across pork products, helps track packer margins and influences hog futures and related agricultural markets.
market spread financial
"compressing the near-term Fresh Pork industry market spread beyond the levels"
non-GAAP financial measures financial
"We refer to this measure as a “non-GAAP” financial measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
controlled company regulatory
"our status as a “controlled company” and any resulting potential conflicts"
A controlled company is a publicly traded firm where one shareholder or a small group holds enough voting power to determine board members and major strategic choices. For investors this matters because control can speed decision-making and protect long-term plans, but it also raises the risk that majority owners will favor their own interests over minority shareholders, reducing outside oversight—like a family-owned restaurant that sold shares but the family still calls the shots.
Earnings Snapshot
Total company Q3 2026 adjusted operating income: $115–175 million · Guidance included
Third quarter 2026 outlook and fiscal 2026 segment guidance
Total company Q3 2026 adjusted operating income
$115–175 million
Updated outlook reflecting fresh pork market spread compression and lower hog prices
Fresh Pork Q3 2026 adjusted operating loss
$70–90 million
Outlook reduced due to continued compression in industry fresh pork market spread
Hog Production Q3 2026 adjusted operating profit
$25–45 million
More conservative view after market hog prices declined
Packaged Meats fiscal 2026 adjusted operating income
$1,075–1,150 million
Guidance reaffirmed; unchanged from prior range
Guidance
Company provides updated third quarter 2026 outlook by segment and plans to update full-year Fresh Pork, Hog Production and total company adjusted operating profit guidance with Q3 results.
FAQ
What Q3 2026 total company outlook did SMITHFIELD FOODS INC (SFD) provide?
The company expects to report third quarter 2026 total company adjusted operating income of $115–175 million, reflecting pressure from fresh pork industry spread compression and lower hog prices while Packaged Meats continues to perform in line with expectations.
How did Smithfield Foods (SFD) update its Fresh Pork guidance for Q3 2026?
Smithfield now expects Fresh Pork third quarter 2026 adjusted operating loss of $70–90 million, primarily driven by continued compression in the industry fresh pork market spread as the USDA pork cutout declined beyond prior assumptions.
What is Smithfield Foods’ (SFD) Q3 2026 outlook for Hog Production?
For Hog Production, Smithfield expects third quarter 2026 adjusted operating profit of $25–45 million, taking a more conservative view of segment profitability after market hog prices declined relative to assumptions in its prior outlook.
Did Smithfield Foods (SFD) change its fiscal 2026 outlook for Packaged Meats?
No. Smithfield reaffirmed its Packaged Meats fiscal 2026 adjusted operating income outlook of $1,075–1,150 million, citing continued branded volume share gains, expanded distribution, and disciplined execution in a cautious consumer environment.
What non-GAAP measure does Smithfield Foods (SFD) emphasize in this update?
Smithfield emphasizes adjusted operating profit (including adjusted segment operating profit), defined as operating profit excluding items that are unusual, infrequent or stem from strategic restructuring decisions. The company notes this non-GAAP measure has analytical limitations and is not a substitute for GAAP operating profit.
When will Smithfield Foods (SFD) provide updated full-year guidance for Fresh Pork and Hog Production?
Smithfield states it expects to provide updated full-year Fresh Pork, Hog Production and total company adjusted operating profit guidance when it reports its third-quarter 2026 results.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 8, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (757 ) 365-3000
N/A
(Former name, or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | ||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
On September 8, 2026, Smithfield Foods, Inc. issued a press release updating its third quarter 2026 outlook. A copy of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.
The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Index | ||||||||||||||
| Exhibit Number | Exhibit Description | |||||||||||||
| 99.1 | Press release, dated September 8, 2026. | |||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SMITHFIELD FOODS, INC. | ||||||||
| Date: September 8, 2026 | By: | /s/ Mark L. Hall | ||||||
| Mark L. Hall | ||||||||
| Chief Financial Officer | ||||||||
Smithfield Foods Provides Third Quarter Update Ahead of
Barclays Global Consumer Staples Conference
Barclays Global Consumer Staples Conference
Packaged Meats Performing in-Line with Expectations; Update Driven by Persistent Fresh Pork Industry Processing Margin Compression and Lower Hog Prices
SMITHFIELD, Va., September 8, 2026 -- Smithfield Foods, Inc. (Nasdaq: SFD), an American food company and an industry leader in value-added packaged meats and fresh pork, today provided a third-quarter update in advance of its participation in the Barclays Global Consumer Staples Conference. The update reflects continued compression in the industry fresh pork market spread and lower hog prices.
Since the Company reported second quarter results on August 11, 2026, two external market developments have moved beyond the assumptions embedded in its prior outlook:
•For Fresh Pork, the USDA pork cutout has declined further since the Company’s August outlook, compressing the near-term Fresh Pork industry market spread beyond the levels contemplated in that outlook.
•For Hog Production, market hog prices have declined, leading the Company to a more conservative view of segment profitability.
Company Outlook
•Fresh Pork. The Company now expects to report a Fresh Pork third quarter adjusted operating loss in the range of $70 million to $90 million, primarily driven by industry spread compression.
•Hog Production. The Company now expects to report Hog Production third quarter adjusted operating profit in the range of $25 million to $45 million, primarily driven by lower hog prices.
•Packaged Meats. The Company is reaffirming its outlook for Packaged Meats fiscal 2026 adjusted operating income of between $1,075 million to $1,150 million, unchanged from the prior range, reflecting continued branded volume share gains, expanded distribution, and disciplined execution in a cautious consumer environment.
•Total Company. The Company expects to report third quarter total company adjusted operating income in the range of $115 million to $175 million.
The Company expects to provide updated full-year Fresh Pork, Hog Production and total company adjusted operating profit guidance when it reports third-quarter results.
“Our most important business segment, Packaged Meats, continues to perform well, gaining branded share and expanding distribution even as consumers remain cautious," said Shane Smith, President and Chief Executive Officer. “The change in our outlook is driven by external market conditions within
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portions of the pork value chain. While we are disappointed in how these commodity market dynamics will impact our near-term results, we remain focused on executing our strategies, maintaining operational discipline and relying on our strong balance sheet to manage through this environment and continue investing in long term growth.”
On Thursday, September 10 at noon Eastern Time, President and CEO Shane Smith will conduct a fireside chat at the Barclays Global Consumer Conference. The webcast will be available at the Company’s investor relations website: investors.smithfieldfoods.com.
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. For more information, please visit investors.smithfieldfoods.com.
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”), specifically adjusted operating profit (including adjusted segment operating profit). We refer to this measure as a “non-GAAP” financial measure.
Adjusted operating profit is defined as operating profit, excluding the effects of items that are unusual in nature, infrequent in occurrence or otherwise stem from strategic decisions to restructure our operations. We believe that adjusted operating profit provides a better understanding of underlying operating results and trends of established, ongoing operations of our business.
Although this non-GAAP measure is frequently used by investors and securities analysts in their evaluations of companies in industries similar to ours, this non-GAAP measure has limitations as an analytical tool, is not a measurement of our performance under GAAP and should not be considered as an alternative to operating profit 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 measure excludes a number of important cash and non-cash charges.
You should be aware that our presentation of non-GAAP financial measures in this press release may not be comparable to similarly titled measures used by other companies.
The Company’s outlook for the third quarter and fiscal year 2026 includes adjusted operating profit and adjusted segment operating profit. The Company is not able to reconcile its third quarter and the fiscal year 2026 projected adjusted results to its fiscal year 2026 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
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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 financial outlook for the fiscal 2026 third quarter.
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: (1) the cyclical nature of our operations and fluctuations in commodity prices; (2) our dependence on third- party suppliers; (3) our ability to execute on our strategy to optimize the size of our hog production operations; (4) our ability to navigate geopolitical risks including increased tariffs on our exports, (5) our ability to mitigate higher input costs through productivity improvements in our operations, procurement strategies and the use of derivative instruments; (6) our ability to compete successfully in the food industry; (7) our ability to anticipate and meet consumer trends and interests through product innovation; (8) compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations in the United States and Mexico; (9) our ability to defend litigation brought against us and the sufficiency of our accruals for related contingent losses; (10) our ability to prevent cyberattacks, security breaches or other disruptions of our information technology systems; (11) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (12) our dividend policy and our ability to pay dividends; and (13) 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
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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
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