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SEGMENT RESULTS (in millions)1
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Segment Operating Income (Loss), As Reported (Unaudited) |
| (for the first quarter ended December 28, 2024, the second quarter ended March 29, 2025, the third quarter ended June 28, 2025, and fourth quarter and year ended September 27, 2025 |
| 2025 |
| | | | | | Operating Margin |
| Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Beef | $ | (26) | | $ | (222) | | $ | (459) | | $ | (277) | | $ | (984) | | (0.5) | % | (4.3) | % | (8.2) | % | (5.0) | % | (4.6) | % |
| Pork | 73 | | (181) | | 50 | | (83) | | (141) | | 4.5 | % | (14.5) | % | 3.3 | % | (5.9) | % | (2.4) | % |
| Chicken | 460 | | 367 | | 475 | | 558 | | 1,860 | | 11.3 | % | 8.9 | % | 11.3 | % | 12.7 | % | 11.0 | % |
| Prepared Foods | 297 | | 329 | | 390 | | 232 | | 1,248 | | 12.0 | % | 13.7 | % | 15.5 | % | 9.1 | % | 12.6 | % |
| International | 41 | | 48 | | 65 | | 1 | | 155 | | 7.0 | % | 8.5 | % | 11.7 | % | 0.2 | % | 6.8 | % |
| Total Segment Operating Income, As Reported | $ | 845 | | $ | 341 | | $ | 521 | | $ | 431 | | $ | 2,138 | | 6.2 | % | 2.6 | % | 3.8 | % | 3.1 | % | 3.9 | % |
| Corporate Expenses, As Reported | $ | (201) | | $ | (176) | | $ | (197) | | $ | (209) | | $ | (783) | | n/a | n/a | n/a | n/a | n/a |
| Amortization, As Reported | (64) | | (65) | | (64) | | (64) | | (257) | | n/a | n/a | n/a | n/a | n/a |
| Operating Income | $ | 580 | | $ | 100 | | $ | 260 | | $ | 158 | | $ | 1,098 | | 4.3 | % | 0.8 | % | 1.9 | % | 1.1 | % | 2.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Segment Operating Income (Loss), As Reported (Unaudited) |
| (for the first quarter ended December 30, 2023, the second quarter ended March 30, 2024, the third quarter ended June 29, 2024, and fourth quarter and year ended September 28, 2024 |
| 2024 |
| | | | | | Operating Margin |
| Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Beef | $ | (171) | | $ | — | | $ | (33) | | $ | (42) | | $ | (246) | | (3.4) | % | — | % | (0.6) | % | (0.8) | % | (1.2) | % |
| Pork | 57 | | 14 | | (45) | | — | | 26 | | 3.8 | % | 0.9 | % | (3.1) | % | — | % | 0.4 | % |
| Chicken | 288 | | 263 | | 347 | | 499 | | 1,397 | | 7.1 | % | 6.5 | % | 8.5 | % | 11.7 | % | 8.5 | % |
| Prepared Foods | 334 | | 320 | | 289 | | 281 | | 1,224 | | 13.1 | % | 13.3 | % | 11.9 | % | 11.4 | % | 12.4 | % |
| International | (7) | | (22) | | 43 | | 14 | | 28 | | (1.2) | % | (3.8) | % | 7.4 | % | 2.3 | % | 1.2 | % |
| Total Segment Operating Income, As Reported | $ | 501 | | $ | 575 | | $ | 601 | | $ | 752 | | $ | 2,429 | | 3.8 | % | 4.4 | % | 4.5 | % | 5.5 | % | 4.6 | % |
| Corporate Expenses, As Reported | $ | (211) | | $ | (207) | | $ | (204) | | $ | (169) | | $ | (791) | | n/a | n/a | n/a | n/a | n/a |
| Amortization, As Reported | (59) | | (56) | | (56) | | (58) | | (229) | | n/a | n/a | n/a | n/a | n/a |
| Operating Income | $ | 231 | | $ | 312 | | $ | 341 | | $ | 525 | | $ | 1,409 | | 1.7 | % | 2.4 | % | 2.6 | % | 3.9 | % | 2.6 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Segment Operating Income (Loss), As Reported (Unaudited) |
| (for the first quarter ended December 31, 2022, the second quarter ended April 1, 2023, the third quarter ended July 1, 2023, and fourth quarter and year ended September 30, 2023 |
| 2023 |
| | | | | | Operating Margin |
| Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| Beef | $ | 193 | | $ | 33 | | $ | 98 | | $ | (286) | | $ | 38 | | 4.1 | % | 0.7 | % | 2.0 | % | (5.7) | % | 0.2 | % |
| Pork | (8) | | (17) | | (58) | | 8 | | (75) | | (0.5) | % | (1.2) | % | (4.4) | % | 0.5 | % | (1.3) | % |
| Chicken | 156 | | (156) | | (214) | | (164) | | (378) | | 3.7 | % | (3.5) | % | (5.1) | % | (3.9) | % | (2.2) | % |
| Prepared Foods | 333 | | 326 | | 291 | | 207 | | 1,157 | | 13.1 | % | 13.5 | % | 12.2 | % | 8.3 | % | 11.8 | % |
| International | 8 | | 17 | | (217) | | 34 | | (158) | | 1.3 | % | 2.7 | % | (34.3) | % | 5.3 | % | (6.3) | % |
| Total Segment Operating Income, As Reported | $ | 682 | | $ | 203 | | $ | (100) | | $ | (201) | | $ | 584 | | 5.1 | % | 1.5 | % | (0.8) | % | (1.5) | % | 1.1 | % |
| Corporate Expenses, As Reported | $ | (157) | | $ | (195) | | $ | (191) | | $ | (207) | | $ | (750) | | n/a | n/a | n/a | n/a | n/a |
| Amortization, As Reported | (58) | | (57) | | (59) | | (55) | | (229) | | n/a | n/a | n/a | n/a | n/a |
| Operating Income | $ | 467 | | $ | (49) | | $ | (350) | | $ | (463) | | $ | (395) | | 3.5 | % | (0.4) | % | (2.7) | % | (3.5) | % | (0.7) | % |
1 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). 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.