(in millions, except per share data)
Fourth Quarter
Twelve Months Ended
2025
2024
2025
2024
Sales
$
13,860
$
13,565
$
54,441
$
53,309
Operating Income
$
158
$
525
$
1,098
$
1,409
Adjusted1Operating Income (non-GAAP)
$
608
$
512
$
2,287
$
1,820
Net Income Per Share Attributable to Tyson
$
0.13
$
1.00
$
1.33
$
2.25
Adjusted1Net Income Per Share Attributable to Tyson (non-GAAP)
$
1.15
$
0.92
$
4.12
$
3.10
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). As used in this table and throughout this earnings release, adjusted operating income (loss) and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.
Fiscal 2025 Highlights
Sales of $54,441 million, up 2.1% from prior year; Sales up 3.3% excluding impact of $653 million increase in legal contingency accruals, which was recognized as a reduction to Sales
GAAP operating income of $1,098 million, down 22% from prior year
Adjusted operating income of $2,287 million, up 26% from prior year
GAAP EPS of $1.33, down 41% from prior year
Adjusted EPS of $4.12, up 33% from prior year
Total Company GAAP operating margin of 2.0%
Total Company adjusted operating margin (non-GAAP) of 4.1%
Cash provided by operating activities of $2,155 million, down $435 million from prior year
Free cash flow (non-GAAP) of $1,177 million, down $281 million from prior year
Repurchased 3.5 million shares for $196 million
Reduced total debt $957 million
Liquidity of $3.7 billion as of September 27, 2025
Fourth Quarter Highlights
Sales of $13,860 million, up 2.2% from prior year; Sales up 4.8% excluding impact of $355 million increase in legal contingency accruals, which was recognized as a reduction to Sales
GAAP operating income of $158 million, down 70% from prior year
Adjusted operating income of $608 million, up 19% from prior year
GAAP EPS of $0.13, down 87% from prior year
Adjusted EPS of $1.15, up 25% from prior year
Total Company GAAP operating margin of 1.1%
Total Company adjusted operating margin (non-GAAP) of 4.3%
"We delivered year-over-year growth in sales, adjusted operating income and adjusted earnings per share, reflecting the strength of our multi-protein, multi-channel portfolio," said Donnie King, President and CEO of Tyson Foods. "This fiscal year's progress demonstrates our commitment to operational excellence while meeting the evolving needs of our customers and consumers. As a world-class food company and recognized leader in protein, we remain focused on continuously improving the controllable aspects of our business and delivering shareholder value."
SEGMENT RESULTS (in millions)
Sales
(for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024)
Fourth Quarter
Twelve Months Ended
Volume
Avg. Price
Volume
Avg. Price
2025
2024
Change
Change2
2025
2024
Change
Change2
Beef
$
5,489
$
5,261
(8.4
)%
17.0
%
$
21,623
$
20,479
(1.9
)%
9.0
%
Pork
1,414
1,438
(4.2
)%
11.6
%
5,781
5,903
(1.7
)%
5.3
%
Chicken
4,411
4,251
3.7
%
0.1
%
16,837
16,425
2.6
%
(0.1
)%
Prepared Foods
2,546
2,472
(1.7
)%
4.7
%
9,930
9,851
(2.5
)%
3.3
%
International/Other
584
609
(2.2
)%
(1.9
)%
2,291
2,353
(0.1
)%
(2.5
)%
Intersegment Sales
(584
)
(466
)
n/a
n/a
(2,021
)
(1,702
)
n/a
n/a
Total
$
13,860
$
13,565
(1.6
)%
6.4
%
$
54,441
$
53,309
—
%
3.3
%
Operating Income (Loss)
(for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024)
Fourth Quarter
Twelve Months Ended
Operating Margin
Operating Margin
2025
2024
2025
2024
2025
2024
2025
2024
Beef
$
(319
)
$
(71
)
(5.8
)%
(1.3
)%
$
(1,135
)
$
(381
)
(5.2
)%
(1.9
)%
Pork
(99
)
(16
)
(7.0
)%
(1.1
)%
(199
)
(40
)
(3.4
)%
(0.7
)%
Chicken
447
409
10.1
%
9.6
%
1,427
988
8.5
%
6.0
%
Prepared Foods
143
203
5.6
%
8.2
%
898
879
9.0
%
8.9
%
International/Other
(14
)
—
n/a
n/a
107
(37
)
n/a
n/a
Total
$
158
$
525
1.1
%
3.9
%
$
1,098
$
1,409
2.0
%
2.6
%
ADJUSTED SEGMENT RESULTS (in millions)
Adjusted Operating Income (Loss) (Non-GAAP)1
(for the fourth quarter and twelve months ended September 27, 2025, and September 28, 2024)
Fourth Quarter
Twelve Months Ended
Adjusted Operating Margin (Non-GAAP)
Adjusted Operating Margin (Non-GAAP)
2025
2024
20252
20242
2025
2024
20252
20242
Beef
$
(94
)
$
(71
)
(1.6
)%
(1.3
)%
$
(426
)
$
(291
)
(1.9
)%
(1.4
)%
Pork
31
19
2.0
%
1.3
%
181
142
2.9
%
2.4
%
Chicken
457
356
10.4
%
8.4
%
1,482
1,015
8.8
%
6.2
%
Prepared Foods
189
205
7.4
%
8.3
%
913
905
9.2
%
9.2
%
International/Other
25
3
n/a
n/a
137
49
n/a
n/a
Total
$
608
$
512
4.3
%
3.8
%
$
2,287
$
1,820
4.1
%
3.4
%
2 Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the three months ended September 27, 2025 exclude the impact of $225 million, $130 million, and $355 million, respectively, of legal contingency accruals recognized as a reduction to Sales. Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the twelve months ended September 27, 2025 exclude the impact of $318 million, $380 million, and $698 million, respectively, of legal contingency accruals recognized as reductions to Sales. Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Pork segment and Total Company for the twelve months ended September 28, 2024 exclude the impact of $45 million of legal contingency accruals recognized as reductions to Sales.
OUTLOOK As of the most recently published data for fiscal 2026, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) will increase approximately 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 revenue, capital expenditures, net interest expense, liquidity, free cash flow, tax rate and dividends for fiscal 2026. Certain of the outlook numbers include adjusted operating income (loss) (a non-GAAP metric) for each segment. 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. 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) should not be considered a substitute 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 adjusted operating loss between $(600) million to $(400) million in fiscal 2026.
Pork USDA projects domestic production will increase approximately 3% in fiscal 2026 as compared to fiscal 2025. We anticipate adjusted operating income of $150 million to $250 million in fiscal 2026.
Chicken USDA projects chicken production will increase approximately 1% in fiscal 2026 as compared to fiscal 2025. We anticipate adjusted operating income of $1,250 million to $1,500 million for fiscal 2026.
Prepared Foods We anticipate adjusted operating income of $950 million to $1,050 million in fiscal 2026.
International/Other We anticipate similar results from our foreign operations in fiscal 2026 on an adjusted basis.
Total Company We anticipate total company adjusted operating income of $2.1 billion to $2.3 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 between $700 million to $1.0 billion for 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 $390 million for fiscal 2026.
Liquidity We expect total liquidity, which was $3.7 billion as of September 27, 2025, to remain above our minimum liquidity target of $1.0 billion.
Free Cash Flow We expect free cash flow to be between $0.8 billion and $1.3 billion for fiscal 2026.
Tax Rate We currently expect our adjusted effective tax rate to approximate 25% for fiscal 2026.
Dividends Effective November 7, 2025, the Board of Directors increased the quarterly dividend previously declared on August 7, 2025, to $0.51 per share on our Class A common stock and $0.459 per share on our Class B common stock. The increased quarterly dividend is payable on December 15, 2025, to shareholders of record at the close of business on December 1, 2025. The Board also declared on November 7, 2025 a quarterly dividend of $0.51 per share on our Class A common stock and $0.459 per share on our Class B common stock, payable on March 13, 2026, to shareholders of record at the close of business on February 27, 2026. We anticipate the remaining quarterly dividends in fiscal 2026 will be $0.51 and $0.459 per share of our Class A and Class B common stock, respectively. This results in an annual dividend rate in fiscal 2026 of $2.04 for Class A shares and $1.836 for Class B shares, or a 2% increase compared to the fiscal 2025 annual dividend rate.
TYSON FOODS, INC.CONSOLIDATED CONDENSED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited)
Three Months Ended
Twelve Months Ended
September 27, 2025
September 28, 2024
September 27, 2025
September 28, 2024
Sales
$
13,860
$
13,565
$
54,441
$
53,309
Cost of Sales
13,134
12,505
50,879
49,682
Gross Profit
726
1,060
3,562
3,627
Selling, General and Administrative
568
535
2,121
2,218
Goodwill Impairment
—
—
343
—
Operating Income
158
525
1,098
1,409
Other (Income) Expense:
Interest income
(16
)
(29
)
(73
)
(89
)
Interest expense
106
130
449
481
Other, net
—
(51
)
(47
)
(75
)
Total Other (Income) Expense
90
50
329
317
Income before Income Taxes
68
475
769
1,092
Income Tax Expense
10
111
262
270
Net Income
58
364
507
822
Less: Net Income Attributable to Noncontrolling Interests
11
7
33
22
Net Income Attributable to Tyson
$
47
$
357
$
474
