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Tyson Foods (NYSE: TSN) lifts Q2 profit and details 2026 earnings outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Tyson Foods reported stronger profitability in its second quarter of 2026, led by Chicken and Prepared Foods. Sales rose to $13,653 million, up 4.4% year over year, and GAAP operating income increased to $435 million from $100 million. GAAP diluted EPS improved to $0.73 from $0.02, while adjusted EPS declined to $0.87 from $0.92, reflecting non-core items.

For the first six months, sales reached $27,966 million, up 4.8%, with GAAP operating income of $737 million. Free cash flow was $432 million, and total liquidity was $3.7 billion as of March 28, 2026, alongside a $747 million reduction in total debt.

Tyson issued a detailed fiscal 2026 outlook. The company expects adjusted operating income of $2.2 billion to $2.4 billion and sales growth of 2% to 4% versus fiscal 2025. Segment guidance calls for strong adjusted operating income in Chicken of $1.9 billion to $2.05 billion and Prepared Foods of $1.25 billion to $1.35 billion, while Beef is projected to remain in loss. Expected free cash flow is $1.2 billion to $1.8 billion, capital expenditures $0.7 billion to $1.0 billion, net interest expense about $365 million, and an adjusted effective tax rate near 25%.

Positive

  • None.

Negative

  • None.

Insights

Tyson shows a GAAP profit rebound, but guidance leans on Chicken and Prepared Foods while Beef stays weak.

Tyson Foods delivered higher Q2 2026 sales of $13,653 million and a sharp GAAP profit improvement, with operating income rising to $435 million and EPS to $0.73. However, adjusted operating income dipped slightly and adjusted EPS fell to $0.87, indicating underlying performance is more mixed once unusual items are stripped out.

Segment data highlight a turnaround in Chicken and solid performance in Prepared Foods, contrasted with continuing operating losses in Beef. Management’s 2026 outlook leans heavily on Chicken adjusted operating income of $1.9–$2.05 billion and Prepared Foods of $1.25–$1.35 billion, while Beef is expected to post an adjusted loss of $(500) to $(350) million.

The balance sheet shows improved leverage, with total debt reduced by $747 million and liquidity at $3.7 billion as of March 28, 2026. Guidance for $1.2–$1.8 billion in free cash flow and capital expenditures of $0.7–$1.0 billion suggests continued investment alongside debt discipline, though actual outcomes will depend on protein pricing, input costs and execution of restructuring and legal resolutions discussed in the non-GAAP adjustments.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Sales $13,653 million Second quarter 2026 sales, up 4.4% year over year
Q2 2026 GAAP EPS $0.73 Diluted EPS for second quarter 2026 vs $0.02 in 2025
Q2 2026 Adjusted EPS $0.87 Non-GAAP EPS for second quarter 2026 vs $0.92 in 2025
First six months sales $27,966 million Sales for six months ended March 28, 2026, up 4.8%
Liquidity $3.7 billion Total liquidity as of March 28, 2026
Debt reduction $747 million Reduction in total debt year to date in 2026
2026 adjusted operating income outlook $2.2–$2.4 billion Total company adjusted operating income guidance for fiscal 2026
2026 free cash flow outlook $1.2–$1.8 billion Projected free cash flow for fiscal 2026
Adjusted Operating Income financial
"Adjusted Operating Income (Non-GAAP) 1 ... $ 497 ... $ 1,069 ..."
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
Free cash flow financial
"Free cash flow (non-GAAP) of $432 million, up $50 million from prior year"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Adjusted EBITDA financial
"EBITDA and Adjusted EBITDA Non-GAAP Reconciliations (In millions)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Network Optimization Plan financial
"Includes the Network Optimization Plan that commenced in fiscal 2025."
non-GAAP financial measures financial
"are presented as supplemental financial measures in the evaluation of our business that are not required by, or presented in accordance with GAAP."
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.
Revenue $13,653 million +4.4% year over year
GAAP diluted EPS $0.73 up from $0.02 in Q2 2025
Adjusted EPS $0.87 down from $0.92 in Q2 2025
GAAP operating margin 3.2% up from 0.8% in Q2 2025
Guidance

For fiscal 2026, Tyson expects adjusted operating income of $2.2–$2.4 billion, sales growth of 2–4% versus fiscal 2025, free cash flow of $1.2–$1.8 billion, capital expenditures of $0.7–$1.0 billion, net interest expense of about $365 million, and an adjusted effective tax rate of approximately 25%.

Understanding 8-K Material Events →
0000100493falseiso4217:USDxbrli:shares00001004932026-05-042026-05-04


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): May 4, 2026
TYSON FOODS, INC.
(Exact name of Registrant as specified in its charter)

Delaware
001-14704
71-0225165
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
2200 West Don Tyson Parkway,
Springdale,
Arkansas
72762-6999
(Address of Principal Executive Offices)
(Zip Code)
(479) 290-4000
(Registrant's telephone number, including area code)

Not applicable
(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 (see General Instruction A.2. below):
☐    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 ClassTrading SymbolName of Each Exchange on Which Registered
Class A Common StockPar Value$0.10TSNNew York Stock Exchange
Class B stock is not publicly listed for trade on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.

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 2.02. Results of Operations and Financial Condition

On May 4, 2026, Tyson Foods, Inc. issued a press release announcing results of operations for its second quarter ended March 28, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is 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
Number
Description
99.1
Press release, dated May 4, 2026, announcing the results of operations of Tyson Foods, Inc. for its second quarter ended March 28, 2026.
104Cover Page Interactive Data File formatted in iXBRL.
2

SIGNATURE
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.

TYSON FOODS, INC.
Date: May 4, 2026By:/s/ Curt T. Calaway
Name:Curt T. Calaway
Title:Chief Financial Officer

3

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TYSON FOODS REPORTS SECOND QUARTER 2026 RESULTS
Chicken and Prepared Foods Momentum Drives Market Share Gains and Top Line Growth
Springdale, Arkansas – May 4, 2026 – 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)Second QuarterSix Months Ended
2026202520262025
Sales$13,653 $13,074 $27,966 $26,697 
Operating Income$435 $100 $737 $680 
Adjusted1 Operating Income (non-GAAP)
$497 $515 $1,069 $1,174 
Net Income Per Share Attributable to Tyson$0.73 $0.02 $0.97 $1.03 
Adjusted1 Net Income Per Share Attributable to Tyson (non-GAAP)
$0.87 $0.92 $1.84 $2.06 
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), adjusted net income per share attributable to Tyson (Adjusted EPS), segment operating income (loss), as adjusted, corporate expenses, as adjusted and amortization, as adjusted, 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.
First Six Months Highlights
•Sales of $27,966 million, up 4.8% from prior year; Sales up 4.0% excluding the impact of legal contingency accruals of $150 million and $343 million recognized as reduction to Sales in the current year and prior year, respectively
•GAAP operating income of $737 million, up 8% from prior year
•Adjusted operating income of $1,069 million, down 9% from prior year
•GAAP EPS of $0.97, down 6% from prior year
•Adjusted EPS of $1.84, down 11% from prior year
•Total Company GAAP operating margin of 2.6%
•Total Company adjusted operating margin (non-GAAP) of 3.8%
•Liquidity of $3.7 billion as of March 28, 2026
•Cash provided by operating activities of $829 million, down $17 million from prior year
•Free cash flow (non-GAAP) of $432 million, up $50 million from prior year
•Reduced total debt $747 million
Second Quarter Highlights
•Sales of $13,653 million, up 4.4% from prior year; Sales up 1.8% excluding the impact of legal contingency accruals of $343 million recognized as reduction to Sales in the prior year
•GAAP operating income of $435 million, up $335 million from prior year
•Adjusted operating income of $497 million, down 3% from prior year
•GAAP EPS of $0.73, up $0.71 from prior year
•Adjusted EPS of $0.87, down 5% from prior year
•Total Company GAAP operating margin of 3.2%
•Total Company adjusted operating margin (non-GAAP) of 3.6%

"We delivered strong results in the second quarter, with our Chicken and Prepared Foods segments driving meaningful momentum. Our disciplined balance sheet management, execution and diversified, multi-protein portfolio position us to capitalize on significant growth opportunities ahead," said Donnie King, President & CEO of Tyson Foods. "We remain focused on continuous improvement, leveraging our scale and operating capabilities to better serve our customers and consumers. With sustained market demand for protein and our proven ability to innovate and execute, we're well-positioned for long-term value creation. It has enabled us to return $445 million of cash to our shareholders year to date, through a combination of dividends and share repurchases."

1

SEGMENT RESULTS (in millions)2
Sales
(for the second quarter and six months ended March 28, 2026, and March 29, 2025)
Second QuarterSix Months Ended
VolumeAvg. PriceVolumeAvg. Price
20262025Change
Change3
20262025Change
Change3
Beef$5,205 $5,196 (13.1)%11.5 %$10,976 $10,531 (10.1)%14.3 %
Pork1,579 1,244 4.4 %1.3 %3,188 2,861 3.0 %1.4 %
Chicken4,286 4,141 1.7 %1.8 %8,498 8,206 2.7 %0.9 %
Prepared Foods2,511 2,396 0.4 %4.4 %5,184 4,869 0.3 %6.2 %
International577 566 (1.0)%2.9 %1,159 1,150 (0.9)%1.7 %
Intersegment Sales(505)(469)n/an/a(1,039)(920)n/an/a
Total$13,653 $13,074 (2.3)%4.1 %$27,966 $26,697 (1.3)%5.3 %
Segment Operating Income (Loss), As Reported
(for the second quarter and six months ended March 28, 2026, and March 29, 2025)
Second QuarterSix Months Ended
Operating MarginOperating Margin
20262025202620252026202520262025
Beef$(240)$(222)(4.6)%(4.3)%$(559)$(248)(5.1)%(2.4)%
Pork41 (181)2.6 %(14.5)%91 (108)2.9 %(3.8)%
Chicken505 367 11.8 %8.9 %955 827 11.2 %10.1 %
Prepared Foods348 329 13.9 %13.7 %670 626 12.9 %12.9 %
International38 48 6.6 %8.5 %79 89 6.8 %7.7 %
Total Segment Operating Income, As Reported$692 $341 5.1 %2.6 %$1,236 $1,186 4.4 %4.4 %
Corporate Expenses$(203)$(176)n/an/a$(391)$(377)n/an/a
Amortization(54)(65)n/an/a(108)(129)n/an/a
Operating Income$435 $100 3.2 %0.8 %$737 $680 2.6 %2.5 %
ADJUSTED SEGMENT RESULTS (in millions)2
Segment Operating Income (Loss), As Adjusted (Non-GAAP)1
(for the second quarter and six months ended March 28, 2026, and March 29, 2025)
Second QuarterSix Months Ended
Adjusted Operating Margin (Non-GAAP)Adjusted Operating Margin (Non-GAAP)
202620252026
20253
20262025
20263
20253
Beef$(202)$(113)(3.9)%(2.1)%$(345)$(107)(3.1)%(1.0)%
Pork41 69 2.6 %4.6 %152 142 4.7 %4.6 %
Chicken523 411 12.2 %9.9 %982 882 11.6 %10.7 %
Prepared Foods352 329 14.0 %13.7 %690 651 13.3 %13.4 %
International37 54 6.4 %9.5 %83 100 7.2 %8.7 %
Total Segment Operating Income, As Adjusted$751 $750 5.5 %5.6 %$1,562 $1,668 5.6 %6.2 %
Corporate Expenses, As Adjusted (Non-GAAP)1
$(200)$(176)n/an/a$(385)$(377)n/an/a
Amortization, As Adjusted (Non-GAAP)1
(54)(59)n/an/a(108)(117)n/an/a
Adjusted Operating Income (Non-GAAP)1
$497 $515 3.6 %3.8 %$1,069 $1,174 3.8 %4.3 %
2 Commencing in the first quarter of fiscal 2026, the Company no longer allocates corporate expenses and amortization to segments as these items are no longer used in assessing the performance of, or in allocating resources to, the segments. Accordingly, the Company changed its segment reporting to separately disclose corporate expenses and amortization from its reportable segments and identified International as a reportable segment. All prior period amounts have been recast to reflect the new presentation of segment operating income (loss).
3Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the six months ended March 28, 2026 exclude the impact of $90 million, $60 million and $150 million, respectively, of legal contingency accruals recognized as reductions to Sales. Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the three and six months ended March 29, 2025 exclude the impact of $93 million, $250 million and $343 million, respectively, of legal contingency accruals recognized as reductions to Sales.
2

OUTLOOK
For fiscal 2026, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) will increase approximately 1% compared to fiscal 2025 levels. The following is a summary of the updated outlook for each of our segments, as well as an outlook for corporate expenses and amortization, revenue, capital expenditures, net interest expense, liquidity, free cash flow and tax rate for fiscal 2026. As our accounting cycle results in a 53-week year in fiscal 2026 as compared to a 52-week year in fiscal 2025, the fiscal 2026 outlook is based on a comparable 52-week year. Certain of the outlook numbers include adjusted operating income (loss) and segment operating income (loss), as adjusted which are non-GAAP metrics. The Company is not able to reconcile its full-year fiscal 2026 projected adjusted results to its fiscal 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 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. Adjusted operating income (loss) and segment operating income (loss), as adjusted should not be considered substitutes for operating income (loss) or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company’s GAAP results and use non-GAAP financial measures only supplementally in making investment decisions.
Beef
USDA projects domestic production will decrease approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating loss, as adjusted, of $(500) million to $(350) million in fiscal 2026.
Pork
USDA projects domestic production will increase approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating income, as adjusted, of $250 million to $300 million in fiscal 2026.
Chicken
USDA projects chicken production will increase approximately 2% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating income, as adjusted, of $1.9 billion to $2.05 billion in fiscal 2026.
Prepared Foods
We anticipate segment operating income, as adjusted, of $1.25 billion to $1.35 billion in fiscal 2026.
International
We anticipate segment operating income, as adjusted, of $150 million to $200 million in fiscal 2026.
Corporate Expenses and Amortization
We anticipate corporate expenses and amortization, as adjusted, of $950 million to $975 million in fiscal 2026.
Total Company
We anticipate total company adjusted operating income of $2.2 billion to $2.4 billion for fiscal 2026.
Revenue
We expect sales to be up 2% to 4% in fiscal 2026 as compared to fiscal 2025.
Capital Expenditures
We expect capital expenditures of $0.7 billion to $1.0 billion in fiscal 2026. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
Net Interest Expense
We expect net interest expense to approximate $365 million in fiscal 2026.
Liquidity
We expect total liquidity, which was $3.7 billion as of March 28, 2026, to remain above our minimum liquidity target of $1.0 billion.
Free Cash Flow
We expect free cash flow to be between $1.2 billion and $1.8 billion for fiscal 2026.
Tax Rate
We currently expect our adjusted effective tax rate to approximate 25% in fiscal 2026.
3

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
Three Months EndedSix Months Ended
March 28, 2026March 29, 2025March 28, 2026March 29, 2025
Sales$13,653 $13,074 $27,966 $26,697 
Cost of Sales12,691 12,474 26,196 25,002 
Gross Profit962 600 1,770 1,695 
Selling, General and Administrative527 500 1,033 1,015 
Operating Income435 100 737 680 
Other (Income) Expense:
Interest income(8)(17)(21)(42)
Interest expense97 110 201 230 
Other, net(13)(23)71 (16)
Total Other (Income) Expense76 70 251 172 
Income before Income Taxes359 30 486 508 
Income Tax Expense95 16 132 128 
Net Income264 14 354 380 
Less: Net Income Attributable to Noncontrolling Interests4 7 9 14 
Net Income Attributable to Tyson$260 $7 $345 $366 
Net Income Per Share Attributable to Tyson:
Class A Basic$0.75 $0.02 $1.00 $1.05 
Class B Basic$0.68 $0.01 $0.90 $0.94 
Diluted$0.73 $0.02 $0.97 $1.03 
Dividends Declared Per Share:
Class A$0.510 $0.500 $1.030 $1.010 
Class B$0.459 $0.450 $0.927 $0.909 
Sales Growth4.4 %4.8 %
Margins: (Percent of Sales)
Gross Profit7.0 %4.6 %6.3 %6.3 %
Operating Income3.2 %0.8 %2.6 %2.5 %
Net Income Attributable to Tyson1.9 %0.1 %1.2 %1.4 %
Effective Tax Rate26.2 %51.0 %27.1 %25.1 %

4

TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
(Unaudited)

March 28, 2026September 27, 2025
Assets
Current Assets:
Cash and cash equivalents$500 $1,229 
Accounts receivable, net2,399 2,524 
Inventories5,478 5,681 
Other current assets497 482 
Total Current Assets8,874 9,916 
Net Property, Plant and Equipment8,917 9,204 
Goodwill9,472 9,469 
Intangible Assets, net5,526 5,624 
Other Assets2,376 2,445 
Total Assets$35,165 $36,658 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$141 $909 
Accounts payable2,467 2,601 
Other current liabilities2,240 2,879 
Total Current Liabilities4,848 6,389 
Long-Term Debt7,942 7,921 
Deferred Income Taxes2,216 2,195 
Other Liabilities1,958 1,926 
Total Tyson Shareholders’ Equity18,098 18,085 
Noncontrolling Interests103 142 
Total Shareholders’ Equity18,201 18,227 
Total Liabilities and Shareholders’ Equity$35,165 $36,658 

5

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Six Months Ended
March 28, 2026March 29, 2025
Cash Flows From Operating Activities:
Net income$354 $380 
Depreciation and amortization726 700 
Deferred income taxes12 (41)
Other, net193 146 
Net changes in operating assets and liabilities(456)(339)
Cash Provided by Operating Activities829 846 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(397)(464)
Purchases of marketable securities(36)(33)
Proceeds from sale of marketable securities35 30 
Proceeds from sale of storage facilities44 — 
Acquisition of equity investments— (2)
Other, net55 55 
Cash Used for Investing Activities(299)(414)
Cash Flows From Financing Activities:
Proceeds from issuance of debt534 31 
Payments on debt(1,346)(816)
Proceeds from issuance of commercial paper945 — 
Repayments of commercial paper(915)— 
Purchases of Tyson Class A common stock(92)(16)
Dividends(353)(349)
Stock options exercised15 19 
Other, net(55)(1)
Cash Used for Financing Activities(1,267)(1,132)
Effect of Exchange Rate Changes on Cash8 (25)
Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash(729)(725)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year1,229 1,717 
Cash and Cash Equivalents and Restricted Cash at End of Period500 992 
Less: Restricted Cash at End of Period— — 
Cash and Cash Equivalents at End of Period$500 $992 
6

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, Segment Operating Income (Loss), As Adjusted, Corporate Expenses, As Adjusted, Amortization, As Adjusted, 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.
Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate expenses and amortization. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments. Amortization includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software.
Segment Operating Income (Loss), As Adjusted is defined as Segment Operating Income (Loss) less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), plant closure and disposal charges (net of gains), goodwill and intangible impairments, brand and product line discontinuations, facility fire related costs (net of insurance proceeds), and certain non-ordinary course legal, regulatory and other matters.
Corporate Expenses, As Adjusted is defined as Corporate Expenses less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), corporate asset disposal charges (net of gains) and certain non-ordinary course legal, regulatory and other matters.
Amortization, As Adjusted is defined as Amortization less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include accelerated amortization related to the discontinuance of intangible assets.
Free Cash Flow is defined as Cash Provided by Operating Activities minus payments for Property, Plant and Equipment.
7


TYSON FOODS, INC.
GAAP Results to Non-GAAP Results Reconciliations
(In millions, except per share data)
(Unaudited)
Results for the second quarter ended March 28, 2026
SalesCost of SalesSelling, General and AdministrativeOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$435 $359 $95 $260 $0.73 
Restructuring and related charges8
— 42 4 46 — 46 12 34 0.10 
Legal contingency accruals— 16 — 16 — 16 3 13 0.04 
Adjusted Non-GAAP Results$497 $421 $110 $307 $0.87 
Results for the second quarter ended March 29, 2025
SalesCost of SalesSelling, General and AdministrativeOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$100 $30 $16 $7 $0.02 
Brand and product line discontinuations— — 6 6 — 6 1 5 0.02 
Restructuring and related charges8
— 43 — 43 — 43 5 38 0.10 
Legal contingency accruals343 — — 343 — 343 81 262 0.73 
Plant closure and disposal charges— 23 — 23 — 23 6 17 0.05 
Adjusted Non-GAAP Results$515 $445 $109 $329 $0.92 
Results for the six months ended March 28, 2026
SalesCost of SalesSelling, General and AdministrativeOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$737 $486 $132 $345 $0.97 
Restructuring and related charges8
— 147 14 161 2 163 41 122 0.35 
Legal contingency accruals9
150 21 — 171 — 171 40 131 0.37 
Impairment of equity investments— — — — 73 73 19 54 0.15 
Adjusted Non-GAAP Results$1,069 $893 $232 $652 $1.84 
Results for the six months ended March 29, 2025
SalesCost of SalesSelling, General and AdministrativeOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$680 $508 $128 $366 $1.03 
Facility fire related costs (insurance proceeds)7
— — — — (7)(7)7 (14)(0.04)
Brand and product line discontinuations— — 12 12 — 12 3 9 0.03 
Restructuring and related charges8
— 114 2 116 — 116 22 94 0.26 
Legal contingency accruals343 — — 343 — 343 81 262 0.73 
Plant closure and disposal charges— 23 — 23 — 23 6 17 0.05 
Adjusted Non-GAAP Results$1,174 $995 $247 $734 $2.06 

8

TYSON FOODS, INC.
Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations
(In millions)
(Unaudited)
Results for the second quarter ended March 28, 2026
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(240)$41 $505 $348 $38 $692 $(203)$(54)$435 
Add/(Less): Restructuring and related charges8
38 — 2 4 (1)43 3 — 46 
Add: Legal contingency accruals— — 16 — — 16 — — 16 
As Adjusted$(202)$41 $523 $352 $37 $751 $(200)$(54)$497 
Results for the second quarter ended March 29, 2025
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(222)$(181)$367 $329 $48 $341 $(176)$(65)$100 
Add: Brand and product line discontinuations— — — — — — — 6 6 
Add: Restructuring and related charges8
16 — 21 — 6 43 — — 43 
Add: Legal contingency accruals93 250 — — — 343 — — 343 
Add: Plant closure and disposal charges— — 23 — — 23 — — 23 
As Adjusted$(113)$69 $411 $329 $54 $750 $(176)$(59)$515 
Results for the six months ended March 28, 2026
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(559)$91 $955 $670 $79 $1,236 $(391)$(108)$737 
Add/(Less): Restructuring and related charges8
124 1 11 20 (1)155 6 — 161 
Add: Legal contingency accruals9
90 60 16 — 5 171 — — 171 
As Adjusted$(345)$152 $982 $690 $83 $1,562 $(385)$(108)$1,069 
Results for the six months ended March 29, 2025
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(248)$(108)$827 $626 $89 $1,186 $(377)$(129)$680 
Add: Brand and product line discontinuations— — — — — — — 12 12 
Add: Restructuring and related charges8
48 — 32 25 11 116 — — 116 
Add: Legal contingency accruals93 250 — — — 343 — — 343 
Add: Plant closure and disposal charges— — 23 — — 23 — — 23 
As Adjusted$(107)$142 $882 $651 $100 $1,668 $(377)$(117)$1,174 


9

TYSON FOODS, INC.
EBITDA and Adjusted EBITDA Non-GAAP Reconciliations
(In millions)
(Unaudited)
Six Months EndedFiscal Year EndedTwelve Months Ended
March 28, 2026March 29, 2025September 27, 2025March 28, 2026
Net income$354 $380 $507 $481 
Less: Interest income(21)(42)(73)(52)
Add: Interest expense201 230 449 420 
Add: Income tax expense132 128 262 266 
Add: Depreciation612 566 1,093 1,139 
Add: Amortization6
108 129 257 236 
EBITDA$1,386 $1,391 $2,495 $2,490 
Adjustments to EBITDA:
Less: Facility fire related costs (insurance proceeds)7
$— $(7)$(36)$(29)
Add: Brand and product line discontinuations— 12 23 11 
Add: Restructuring and related charges8
163 116 45 92 
Add: Legal contingency accruals9
171 343 738 566 
Add/(Less): Plant closure and disposal charges— 23 17 (6)
Add: Goodwill and intangible impairments— — 343 343 
Add: Product recall— — 41 41 
Add: Impairment of equity investments73 — 28 101 
Less: Depreciation and amortization included in EBITDA adjustments10
(90)(51)(62)(101)
Total Adjusted EBITDA$1,703 $1,827 $3,632 $3,508 
Total gross debt$8,830 $8,083 
Less: Cash and cash equivalents(1,229)(500)
Less: Short-term investments— — 
Total net debt$7,601 $7,583 
Ratio Calculations:
Gross debt/EBITDA3.5x3.2x
Net debt/EBITDA3.0x3.0x
Gross debt/Adjusted EBITDA2.4x2.3x
Net debt/Adjusted EBITDA2.1x2.2x
6 Excludes the amortization of debt issuance and debt discount expense of $6 million for the six months ended March 28, 2026, $5 million for the six months ended March 29, 2025, $11 million for the fiscal year ended September 27, 2025 and $12 million for the twelve months ended March 28, 2026 as it is included in interest expense.
7 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.
8 Includes the Network Optimization Plan that commenced in fiscal 2025.
9 Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the six months ended March 28, 2026, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively.
10 Removal of accelerated depreciation of $90 million, $39 million, $39 million and $90 million related to restructuring and related charges for the six months ended March 28, 2026, the six months ended March 29, 2025, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $12 million, $23 million and $11 million related to brand discontinuation for the six months ended March 29, 2025, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively, as they are already included in amortization expense.
10


TYSON FOODS, INC.
Free Cash Flow Non-GAAP Reconciliation
(In millions)
(Unaudited)
Six Months Ended
March 28, 2026March 29, 2025
Cash Provided by Operating Activities$829 $846 
Additions to property, plant and equipment(397)(464)
Free cash flow$432 $382 


    

11

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 is a member of the S&P 500 and Russell 1000 large capitalization indices. It 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, May 4, 2026. A link for the webcast of the conference call is available on the Tyson Investor Relations website at https://ir.tyson.com. 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 June 1, 2026, toll free at 1-855-669-9658, international toll 1-412-317-0088 or Canada toll free 1-855-669-9658. The replay access code is 7264762. 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 2026, 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
12

Source: View Original Filing on SEC EDGAR

FAQ

How did Tyson Foods (TSN) perform in Q2 2026?

Tyson Foods grew Q2 2026 sales to $13,653 million, up 4.4% year over year, and increased GAAP operating income to $435 million. GAAP diluted EPS improved sharply to $0.73, while adjusted EPS was $0.87, slightly below the prior year’s $0.92.

What are Tyson Foods’ key profitability metrics for the first six months of 2026?

For the first six months of 2026, Tyson Foods generated $27,966 million in sales and GAAP operating income of $737 million. GAAP EPS was $0.97 and adjusted EPS was $1.84. Free cash flow reached $432 million, helped by disciplined capital spending.

What fiscal 2026 earnings outlook did Tyson Foods (TSN) provide?

Tyson Foods expects fiscal 2026 total company adjusted operating income of $2.2–$2.4 billion. The company also projects sales to rise 2%–4% versus fiscal 2025. Management’s outlook includes detailed segment guidance and assumes a comparable 52‑week year despite a 53‑week fiscal period.

How are Tyson Foods’ Chicken and Prepared Foods segments performing?

In Q2 2026, the Chicken segment delivered operating income of $505 million with an operating margin of 11.8%, while Prepared Foods earned $348 million at a 13.9% margin. Outlook for 2026 anticipates strong adjusted operating income from both segments, supporting overall profitability.

What is Tyson Foods’ balance sheet and liquidity position as of March 28, 2026?

As of March 28, 2026, Tyson Foods reported total assets of $35,165 million and total Tyson shareholders’ equity of $18,098 million. Total debt was reduced by $747 million, and liquidity stood at $3.7 billion, remaining comfortably above the company’s stated minimum liquidity target.

What free cash flow and capital expenditure plans does Tyson Foods have for 2026?

Tyson Foods generated free cash flow of $432 million in the first six months of 2026. For the full fiscal year, it projects free cash flow between $1.2–$1.8 billion and expects capital expenditures of $0.7–$1.0 billion, including profit improvement and maintenance projects.

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