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TYSON FOODS REPORTS THIRD QUARTER 2026 RESULTS
Strong Results Led by Continued Strength in Chicken and Prepared Foods
Springdale, Arkansas – August 3, 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)Third QuarterNine Months Ended
2026202520262025
Sales$13,868 $13,884 $41,834 $40,581 
Operating Income$362 $260 $1,099 $940 
Adjusted1 Operating Income (non-GAAP)
$547 $505 $1,616 $1,679 
Net Income Per Share Attributable to Tyson$0.52 $0.17 $1.49 $1.20 
Adjusted1 Net Income Per Share Attributable to Tyson (non-GAAP)
$0.99 $0.91 $2.83 $2.97 
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 Nine Months Highlights
•Sales of $41,834 million, up 3.1% from prior year; Sales up 2.8% excluding the impact of legal contingency accruals of $248 million and $343 million recognized as reduction to Sales in the current year and prior year, respectively
•GAAP operating income of $1,099 million, up 17% from prior year
•Adjusted operating income of $1,616 million, down 4% from prior year
•GAAP EPS of $1.49, up 24% from prior year
•Adjusted EPS of $2.83, down 5% from prior year
•Total Company GAAP operating margin of 2.6%
•Total Company adjusted operating margin (non-GAAP) of 3.8%
•Liquidity of $4.0 billion as of June 27, 2026
•Cash provided by operating activities of $1,469 million, down $151 million from prior year
•Free cash flow (non-GAAP) of $913 million, down $16 million from prior year
•Reduced total debt $824 million
Third Quarter Highlights
•Sales of $13,868 million, flat compared to prior year; Sales up 0.6% excluding the impact of a legal contingency accrual of $98 million recognized as reduction to Sales in the current year
•GAAP operating income of $362 million, up 39% from prior year
•Adjusted operating income of $547 million, up 8% from prior year
•GAAP EPS of $0.52, up $0.35 from prior year
•Adjusted EPS of $0.99, up 9% from prior year
•Total Company GAAP operating margin of 2.6%
•Total Company adjusted operating margin (non-GAAP) of 3.9%

"We delivered strong third quarter results, fueled by continued strength in our Chicken and Prepared Foods segments, with seven consecutive quarters of growth in Chicken and continued market share gains by our iconic brands,” said Donnie King, President & CEO of Tyson Foods. “These results reflect the power of our differentiated multi-protein portfolio, strong customer partnerships and focus on operational excellence. We remain confident in our ability to deliver long-term growth and create value for shareholders through disciplined execution of our branded food products strategy."

1

SEGMENT RESULTS (in millions)2
Sales
(for the third quarter and nine months ended June 27, 2026, and June 28, 2025)
Third QuarterNine Months Ended
VolumeAvg. PriceVolumeAvg. Price
20262025Change
Change3
20262025Change
Change3
Beef$5,391 $5,603 (15.9)%12.1 %$16,367 $16,134 (12.0)%13.4 %
Pork1,580 1,506 5.2 %(0.3)%4,768 4,367 3.7 %0.9 %
Chicken4,255 4,220 1.0 %2.2 %12,753 12,426 2.1 %1.3 %
Prepared Foods2,557 2,515 0.1 %1.6 %7,741 7,384 0.2 %4.6 %
International601 557 (3.5)%11.4 %1,760 1,707 (1.8)%4.9 %
Intersegment Sales(516)(517)n/an/a(1,555)(1,437)n/an/a
Total$13,868 $13,884 (2.8)%3.4 %$41,834 $40,581 (1.8)%4.6 %
Segment Operating Income (Loss), As Reported
(for the third quarter and nine months ended June 27, 2026, and June 28, 2025)
Third QuarterNine Months Ended
Operating MarginOperating Margin
20262025202620252026202520262025
Beef$(142)$(459)(2.6)%(8.2)%$(701)$(707)(4.3)%(4.4)%
Pork60 50 3.8 %3.3 %151 (58)3.2 %(1.3)%
Chicken389 475 9.1 %11.3 %1,344 1,302 10.5 %10.5 %
Prepared Foods312 390 12.2 %15.5 %982 1,016 12.7 %13.8 %
International48 65 8.0 %11.7 %127 154 7.2 %9.0 %
Total Segment Operating Income, As Reported$667 $521 4.8 %3.8 %$1,903 $1,707 4.5 %4.2 %
Corporate Expenses$(251)$(197)n/an/a$(642)$(574)n/an/a
Amortization(54)(64)n/an/a(162)(193)n/an/a
Operating Income$362 $260 2.6 %1.9 %$1,099 $940 2.6 %2.3 %
ADJUSTED SEGMENT RESULTS (in millions)2
Segment Operating Income (Loss), As Adjusted (Non-GAAP)1
(for the third quarter and nine months ended June 27, 2026, and June 28, 2025)
Third QuarterNine Months Ended
Adjusted Operating Margin (Non-GAAP)Adjusted Operating Margin (Non-GAAP)
20262025
20263
202520262025
20263
20253
Beef$(138)$(116)(2.6)%(2.1)%$(483)$(223)(2.9)%(1.4)%
Pork60 50 3.8 %3.3 %212 192 4.4 %4.2 %
Chicken488 448 11.2 %10.6 %1,470 1,330 11.4 %10.7 %
Prepared Foods321 334 12.6 %13.3 %1,011 985 13.1 %13.3 %
International48 45 8.0 %8.1 %131 145 7.4 %8.5 %
Total Segment Operating Income, As Adjusted$779 $761 5.6 %5.5 %$2,341 $2,429 5.6 %5.9 %
Corporate Expenses, As Adjusted (Non-GAAP)1
$(178)$(197)n/an/a$(563)$(574)n/an/a
Amortization, As Adjusted (Non-GAAP)1
(54)(59)n/an/a(162)(176)n/an/a
Adjusted Operating Income (Non-GAAP)1
$547 $505 3.9 %3.6 %$1,616 $1,679 3.8 %4.1 %
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 Chicken segment and Total Company for the three months ended June 27, 2026 exclude the impact of a $98 million legal contingency accrual recognized as a reduction to Sales. Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef, Pork and Chicken segments and Total Company for the nine months ended June 27, 2026 exclude the impact of $90 million, $60 million, $98 million and $248 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 nine months ended June 28, 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 3% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating loss, as adjusted, of $(650) million to $(500) 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 3% in fiscal 2026 as compared to fiscal 2025. We anticipate segment operating income, as adjusted, of $1.90 billion to $2.05 billion in fiscal 2026.
Prepared Foods
We anticipate segment operating income, as adjusted, of $1.3 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 $2.1 billion to $2.3 billion for fiscal 2026.
Revenue
We expect sales to be up 2.5% to 3.5% in fiscal 2026 as compared to fiscal 2025.
Capital Expenditures
We expect capital expenditures of $0.7 billion to $0.9 billion in fiscal 2026. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repairs.
Net Interest Expense
We expect net interest expense to approximate $365 million in fiscal 2026.
Liquidity
We expect total liquidity, which was $4.0 billion as of June 27, 2026, to remain above our minimum liquidity target of $1.0 billion.
Free Cash Flow
We expect free cash flow to be between $1.3 billion and $1.7 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 EndedNine Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Sales$13,868 $13,884 $41,834 $40,581 
Cost of Sales12,947 12,743 39,143 37,745 
Gross Profit921 1,141 2,691 2,836 
Selling, General and Administrative559 538 1,592 1,553 
Goodwill Impairment— 343 — 343 
Operating Income362 260 1,099 940 
Other (Income) Expense:
Interest income(6)(15)(27)(57)
Interest expense98 113 299 343 
Other, net4 (31)75 (47)
Total Other (Income) Expense96 67 347 239 
Income before Income Taxes266 193 752 701 
Income Tax Expense80 124 212 252 
Net Income186 69 540 449 
Less: Net Income Attributable to Noncontrolling Interests4 8 13 22 
Net Income Attributable to Tyson$182 $61 $527 $427 
Net Income Per Share Attributable to Tyson:
Class A Basic$0.53 $0.18 $1.53 $1.23 
Class B Basic$0.48 $0.16 $1.38 $1.10 
Diluted$0.52 $0.17 $1.49 $1.20 
Dividends Declared Per Share:
Class A$0.510 $0.500 $1.540 $1.510 
Class B$0.459 $0.450 $1.386 $1.359 
Sales Growth(0.1)%3.1 %
Margins: (Percent of Sales)
Gross Profit6.6 %8.2 %6.4 %7.0 %
Operating Income2.6 %1.9 %2.6 %2.3 %
Net Income Attributable to Tyson1.3 %0.4 %1.3 %1.1 %
Effective Tax Rate4
30.1 %64.5 %28.2 %36.0 %
4 The effective tax rate for the three and nine months ended June 27, 2026 is impacted by a $73 million executive leadership transition charge that is non-deductible for income tax purposes. The effective tax rate for the three and nine months ended June 28, 2025 is impacted by a $343 million goodwill impairment charge that is non-deductible for income tax purposes.
4

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

June 27, 2026September 27, 2025
Assets
Current Assets:
Cash and cash equivalents$740 $1,229 
Accounts receivable, net2,457 2,524 
Inventories5,840 5,681 
Other current assets425 482 
Total Current Assets9,462 9,916 
Net Property, Plant and Equipment8,789 9,204 
Goodwill9,469 9,469 
Intangible Assets, net5,475 5,624 
Other Assets2,417 2,445 
Total Assets$35,612 $36,658 
Liabilities and Shareholders’ Equity
Current Liabilities:
Current debt$1,427 $909 
Accounts payable2,761 2,601 
Other current liabilities2,413 2,879 
Total Current Liabilities6,601 6,389 
Long-Term Debt6,579 7,921 
Deferred Income Taxes2,233 2,195 
Other Liabilities2,014 1,926 
Total Tyson Shareholders’ Equity18,079 18,085 
Noncontrolling Interests106 142 
Total Shareholders’ Equity18,185 18,227 
Total Liabilities and Shareholders’ Equity$35,612 $36,658 

5

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

Nine Months Ended
June 27, 2026June 28, 2025
Cash Flows From Operating Activities:
Net income$540 $449 
Depreciation and amortization1,055 1,029 
Deferred income taxes34 (61)
Impairment of goodwill— 343 
Gain on sale of storage facilities— (107)
Other, net230 158 
Net changes in operating assets and liabilities(390)(191)
Cash Provided by Operating Activities1,469 1,620 
Cash Flows From Investing Activities:
Additions to property, plant and equipment(556)(691)
Purchases of marketable securities(49)(50)
Proceeds from sale of marketable securities77 47 
Proceeds from sale of storage facilities44 252 
Acquisition of equity investments— (5)
Other, net64 42 
Cash Used for Investing Activities(420)(405)
Cash Flows From Financing Activities:
Proceeds from issuance of debt564 63 
Payments on debt(1,435)(876)
Proceeds from issuance of commercial paper945 — 
Repayments of commercial paper(945)— 
Purchases of Tyson Class A common stock(123)(42)
Dividends(529)(524)
Stock options exercised26 20 
Other, net(49)(18)
Cash Used for Financing Activities(1,546)(1,377)
Effect of Exchange Rate Changes on Cash8 (8)
Decrease in Cash and Cash Equivalents and Restricted Cash(489)(170)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year1,229 1,717 
Cash and Cash Equivalents and Restricted Cash at End of Period740 1,547 
Less: Restricted Cash at End of Period— — 
Cash and Cash Equivalents at End of Period$740 $1,547 
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 third quarter ended June 27, 2026
SalesCost of SalesSelling, General and AdministrativeGoodwill ImpairmentOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$362 $266 $80 $182 $0.52 
Restructuring and related charges7
— 14 — — 14 18 32 8 24 0.06 
Legal contingency accruals98 — — — 98 — 98 25 73 0.20 
Executive leadership transition charges11
— — 73 — 73 — 73 — 73 0.21 
Adjusted Non-GAAP Results$547 $469 $113 $352 $0.99 
Results for the third quarter ended June 28, 2025
SalesCost of SalesSelling, General and AdministrativeGoodwill ImpairmentOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$260 $193 $124 $61 $0.17 
Facility fire related costs (insurance proceeds)6
— (14)— — (14)— (14)— (14)(0.04)
Brand and product line discontinuations— — 5 — 5 — 5 1 4 0.01 
Restructuring and related charges7
— (83)— — (83)— (83)(18)(65)(0.18)
Plant closure and disposal charges8
— (6)— — (6)— (6)(1)(4)(0.01)
Goodwill and intangible impairments— — — 343 343 — 343 — 343 0.96 
Adjusted Non-GAAP Results$505 $438 $106 $325 $0.91 
Results for the nine months ended June 27, 2026
SalesCost of SalesSelling, General and AdministrativeGoodwill ImpairmentOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$1,099 $752 $212 $527 $1.49 
Restructuring and related charges7
— 161 14 — 175 20 195 49 146 0.41 
Legal contingency accruals9
248 21 — — 269 — 269 65 204 0.57 
Impairment of equity investments— — — — — 73 73 19 54 0.15 
Executive leadership transition charges11
— — 73 — 73 — 73 — 73 0.21 
Adjusted Non-GAAP Results$1,616 $1,362 $345 $1,004 $2.83 
Results for the nine months ended June 28, 2025
SalesCost of SalesSelling, General and AdministrativeGoodwill ImpairmentOperating
Income		Other (Income) ExpenseIncome before Income TaxesIncome Tax Expense Net Income Attributable to TysonEPS Impact
GAAP Results$940 $701 $252 $427 $1.20 
Facility fire related costs (insurance proceeds)6
— (14)— — (14)(7)(21)7 (28)(0.08)
Brand and product line discontinuations— — 17 — 17 — 17 4 13 0.04 
Restructuring and related charges7
— 31 2 — 33 — 33 4 29 0.08 
Legal contingency accruals343 — — — 343 — 343 81 262 0.73 
Plant closure and disposal charges8
— 17 — — 17 — 17 5 13 0.04 
Goodwill and intangible impairments— — — 343 343 — 343 — 343 0.96 
Adjusted Non-GAAP Results$1,679 $1,433 $353 $1,059 $2.97 

8

TYSON FOODS, INC.
Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations
(In millions)
(Unaudited)
Results for the third quarter ended June 27, 2026
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(142)$60 $389 $312 $48 $667 $(251)$(54)$362 
Add: Restructuring and related charges7
4 — 1 9 — 14 — — 14 
Add: Legal contingency accruals— — 98 — — 98 — — 98 
Add: Executive leadership transition charges11
— — — — — — 73 — 73 
As Adjusted$(138)$60 $488 $321 $48 $779 $(178)$(54)$547 
Results for the third quarter ended June 28, 2025
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(459)$50 $475 $390 $65 $521 $(197)$(64)$260 
Less: Facility fire related costs
(insurance proceeds)6
— — — — (14)(14)— — (14)
Add: Brand and product line discontinuations— — — — — — — 5 5 
Less: Restructuring and related charges7
— — (27)(56)— (83)— — (83)
Less: Plant closure and disposal charges— — — — (6)(6)— — (6)
Add: Goodwill and intangible impairments343 — — — — 343 — — 343 
As Adjusted$(116)$50 $448 $334 $45 $761 $(197)$(59)$505 
Results for the nine months ended June 27, 2026
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(701)$151 $1,344 $982 $127 $1,903 $(642)$(162)$1,099 
Add/(Less): Restructuring and related charges7
128 1 12 29 (1)169 6 — 175 
Add: Legal contingency accruals9
90 60 114 — 5 269 — — 269 
Add: Executive leadership transition charges11
— — — — — — 73 — 73 
As Adjusted$(483)$212 $1,470 $1,011 $131 $2,341 $(563)$(162)$1,616 
Results for the nine months ended June 28, 2025
(Unaudited)
Segment Operating Income (Loss)Operating Income (Loss)
BeefPorkChickenPrepared FoodsInter-nationalTotalCorporate ExpensesAmortiza-tionTotal
As Reported$(707)$(58)$1,302 $1,016 $154 $1,707 $(574)$(193)$940 
Less: Facility fire related costs
(insurance proceeds)6
— — — — (14)(14)— — (14)
Add: Brand and product line discontinuations— — — — — — — 17 17 
Add/(Less): Restructuring and related charges7
48 — 5 (31)11 33 — — 33 
Add: Legal contingency accruals93 250 — — — 343 — — 343 
Add/(Less): Plant closure and disposal charges— — 23 — (6)17 — — 17 
Add: Goodwill and intangible impairments343 — — — — 343 — — 343 
As Adjusted$(223)$192 $1,330 $985 $145 $2,429 $(574)$(176)$1,679 
9

TYSON FOODS, INC.
EBITDA and Adjusted EBITDA Non-GAAP Reconciliations
(In millions)
(Unaudited)
Nine Months EndedFiscal Year EndedTwelve Months Ended
June 27, 2026June 28, 2025September 27, 2025June 27, 2026
Net income$540 $449 $507 $598 
Less: Interest income(27)(57)(73)(43)
Add: Interest expense299 343 449 405 
Add: Income tax expense212 252 262 222 
Add: Depreciation885 828 1,093 1,150 
Add: Amortization5
162 193 257 226 
EBITDA$2,071 $2,008 $2,495 $2,558 
Adjustments to EBITDA:
Less: Facility fire related costs (insurance proceeds)6
$— $(21)$(36)$(15)
Add: Brand and product line discontinuations— 17 23 6 
Add: Restructuring and related charges7
195 33 45 207 
Add: Legal contingency accruals9
269 343 738 664 
Add: Plant closure and disposal charges— 17 17 — 
Add: Goodwill and intangible impairments— 343 343 — 
Add: Product recall— — 41 41 
Add: Impairment of equity investments73 — 28 101 
Add: Executive leadership transition charges11
73 — — 73 
Less: Depreciation and amortization included in EBITDA adjustments10
(100)(56)(62)(106)
Total Adjusted EBITDA$2,581 $2,684 $3,632 $3,529 
Total gross debt$8,830 $8,006 
Less: Cash and cash equivalents(1,229)(740)
Less: Short-term investments— — 
Total net debt$7,601 $7,266 
Ratio Calculations:
Gross debt/EBITDA3.5x3.1x
Net debt/EBITDA3.0x2.8x
Gross debt/Adjusted EBITDA2.4x2.3x
Net debt/Adjusted EBITDA2.1x2.1x
5 Excludes the amortization of debt issuance and debt discount expense of $8 million for the nine months ended June 27, 2026, $8 million for the nine months ended June 28, 2025, $11 million for the fiscal year ended September 27, 2025 and $11 million for the twelve months ended June 27, 2026 as it is included in interest expense.
6 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.
7 Includes the Network Optimization Plan that commenced in fiscal 2025.
8 Includes the China plant relocation remuneration and related EPS impact, net of $1 million associated with Net Income (Loss) Attributable to Noncontrolling Interests.
9 Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the nine months ended June 27, 2026, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively.
10 Removal of accelerated depreciation of $100 million, $39 million, $39 million and $100 million related to restructuring and related charges for the nine months ended June 27, 2026, the nine months ended June 28, 2025, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $17 million, $23 million and $6 million related to brand discontinuation for the nine months ended June 28, 2025, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively, as they are already included in amortization expense.
11 Includes severance costs and other one-time payments associated with the executive leadership transition announced in the third quarter of fiscal 2026.
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TYSON FOODS, INC.
Free Cash Flow Non-GAAP Reconciliation
(In millions)
(Unaudited)
Nine Months Ended
June 27, 2026June 28, 2025
Cash Provided by Operating Activities$1,469 $1,620 
Additions to property, plant and equipment(556)(691)
Free cash flow$913 $929 


    

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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, August 3, 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 September 3, 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 7882726. 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
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