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v3.25.3

Segment Reporting (Tables) | 12 Months Ended
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Sep. 27, 2025 | Sep. 28, 2024 | Sep. 30, 2023
Segment Reporting [Abstract] |  |  |
Segment Reporting Information, By Segment | Information on segments and a reconciliation to income from continuing operations before income taxes are as follows for fiscal years ended 2025, 2024 and 2023 (in millions):
| Twelve months ended September 27, 2025
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International/Other |  | Intersegment |  | Total
Sales(a) | $ | 21,623 |  |  | $ | 5,781 |  |  | $ | 16,837 |  |  | $ | 9,930 |  |  |  |  | $ | 2,291 |  |  | $ | (2,021) |  |  | $ | 54,441 |
Segment Cost of Sales | 22,117 |  |  | 5,884 |  |  | 14,526 |  |  | 8,321 |  |  |  |  | 1,995 |  |  | (2,021) |  |  | 50,822 |
Segment Selling, General and Administrative | 250 |  |  | 96 |  |  | 829 |  |  | 762 |  |  |  |  | 159 |  |  | — |  |  | 2,096 |
Facility fire related costs (insurance proceeds) | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (18) |  |  | — |  |  | (18) |
Brand and product line discontinuations | — |  |  | — |  |  | 23 |  |  | — |  |  |  |  | — |  |  | — |  |  | 23 |
Restructuring and related charges | 48 |  |  | — |  |  | 9 |  |  | (26) |  |  |  |  | 14 |  |  | — |  |  | 45 |
Legal contingency accruals | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 40 |  |  | — |  |  | 40 |
Plant closure and disposal charges | — |  |  | — |  |  | 23 |  |  | — |  |  |  |  | (6) |  |  | — |  |  | 17 |
Goodwill and intangible impairments | 343 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 343 |
Product recall | — |  |  | — |  |  | — |  |  | (25) |  |  |  |  | — |  |  | — |  |  | (25) |
Operating Income (Loss) | $ | (1,135) |  |  | $ | (199) |  |  | $ | 1,427 |  |  | $ | 898 |  |  |  |  | $ | 107 |  |  | $ | — |  |  | $ | 1,098 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (73) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 449 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (47) |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 769 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 178 |  |  | $ | 63 |  |  | $ | 645 |  |  | $ | 387 |  |  |  |  | $ | 77 |  |  | — |  |  | $ | 1,350 |
Total Assets | 3,949 |  |  | 1,532 |  |  | 12,186 |  |  | 14,982 |  |  |  |  | 4,009 |  |  | — |  |  | 36,658 |
Additions to property, plant and equipment | 156 |  |  | 66 |  |  | 511 |  |  | 155 |  |  |  |  | 90 |  |  | — |  |  | 978 |
| Twelve months ended September 28, 2024
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International/Other |  | Intersegment |  | Total
Sales(a) | $ | 20,479 |  |  | $ | 5,903 |  |  | $ | 16,425 |  |  | $ | 9,851 |  |  |  |  | $ | 2,353 |  |  | $ | (1,702) |  |  | $ | 53,309 |
Segment Cost of Sales | 20,542 |  |  | 5,707 |  |  | 14,604 |  |  | 8,113 |  |  |  |  | 2,091 |  |  | (1,702) |  |  | 49,355 |
Segment Selling, General and Administrative | 228 |  |  | 99 |  |  | 806 |  |  | 833 |  |  |  |  | 213 |  |  | — |  |  | 2,179 |
Facility fire related costs (insurance proceeds) | — |  |  | — |  |  | (70) |  |  | — |  |  |  |  | 86 |  |  | — |  |  | 16 |
Brand and product line discontinuations | — |  |  | — |  |  | 6 |  |  | 2 |  |  |  |  | — |  |  | — |  |  | 8 |
Restructuring and related charges | 4 |  |  | 1 |  |  | 2 |  |  | 24 |  |  |  |  | — |  |  | — |  |  | 31 |
Legal contingency accruals | 45 |  |  | 28 |  |  | 56 |  |  | — |  |  |  |  | — |  |  | — |  |  | 129 |
Plant closure and disposal charges | 41 |  |  | 108 |  |  | 33 |  |  | — |  |  |  |  | — |  |  | — |  |  | 182 |
Operating Income (Loss) | $ | (381) |  |  | $ | (40) |  |  | $ | 988 |  |  | $ | 879 |  |  |  |  | $ | (37) |  |  | $ | — |  |  | $ | 1,409 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (89) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 481 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (75) |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,092 |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 164 |  |  | $ | 125 |  |  | $ | 639 |  |  | $ | 389 |  |  |  |  | $ | 71 |  |  | — |  |  | $ | 1,388 |
Total Assets | 3,730 |  |  | 1,570 |  |  | 12,121 |  |  | 15,138 |  |  |  |  | 4,541 |  |  | — |  |  | 37,100 |
Additions to property, plant and equipment | 138 |  |  | 41 |  |  | 505 |  |  | 334 |  |  |  |  | 114 |  |  | — |  |  | 1,132 |
| Twelve months ended September 30, 2023
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International/Other |  | Intersegment |  | Total
Sales(a) | $ | 19,325 |  |  | $ | 5,768 |  |  | $ | 17,060 |  |  | $ | 9,845 |  |  |  |  | $ | 2,515 |  |  | $ | (1,632) |  |  | $ | 52,881 |
Segment Cost of Sales | 18,863 |  |  | 5,790 |  |  | 16,495 |  |  | 8,123 |  |  |  |  | 2,315 |  |  | (1,632) |  |  | 49,954 |
Segment Selling, General and Administrative | 229 |  |  | 106 |  |  | 798 |  |  | 833 |  |  |  |  | 184 |  |  | — |  |  | 2,150 |
Facility fire related costs (insurance proceeds) | (42) |  |  | — |  |  | (11) |  |  | — |  |  |  |  | — |  |  | — |  |  | (53) |
Brand and product line discontinuations | — |  |  | — |  |  | — |  |  | 17 |  |  |  |  | — |  |  | — |  |  | 17 |
Restructuring and related charges | 33 |  |  | 11 |  |  | 16 |  |  | 49 |  |  |  |  | 15 |  |  | — |  |  | 124 |
Plant closure and disposal charges | — |  |  | — |  |  | 322 |  |  | — |  |  |  |  | (19) |  |  | — |  |  | 303 |
Goodwill and intangible impairments | 333 |  |  | — |  |  | 210 |  |  | — |  |  |  |  | 238 |  |  | — |  |  | 781 |
Operating Income (Loss) | $ | (91) |  |  | $ | (139) |  |  | $ | (770) |  |  | $ | 823 |  |  |  |  | $ | (218) |  |  | $ | — |  |  | $ | (395) |
Other (Income) Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 355 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (42) |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (678) |
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | $ | 128 |  |  | $ | 68 |  |  | $ | 693 |  |  | $ | 373 |  |  |  |  | $ | 67 |  |  | — |  |  | $ | 1,329 |
Total Assets | 3,772 |  |  | 1,696 |  |  | 12,143 |  |  | 15,198 |  |  |  |  | 3,442 |  |  | — |  |  | 36,251 |
Additions to property, plant and equipment | 169 |  |  | 62 |  |  | 834 |  |  | 578 |  |  |  |  | 296 |  |  | — |  |  | 1,939 |
Disaggregation of Revenue, By Segment and Distribution Channel | The following tables further disaggregate our sales to customers by major distribution channels (in millions):
| Twelve months ended September 27, 2025
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 10,920 |  |  | $ | 5,786 |  |  | $ | 2,249 |  |  | $ | 2,150 |  |  | $ | 21,105 |  |  | $ | 518 |  |  | $ | 21,623 |
Pork | 1,880 |  |  | 548 |  |  | 1,186 |  |  | 767 |  |  | 4,381 |  |  | 1,400 |  |  | 5,781 |
Chicken | 6,942 |  |  | 6,660 |  |  | 1,104 |  |  | 2,028 |  |  | 16,734 |  |  | 103 |  |  | 16,837 |
Prepared Foods | 5,788 |  |  | 3,636 |  |  | 242 |  |  | 264 |  |  | 9,930 |  |  | — |  |  | 9,930 |
International/Other | — |  |  | — |  |  | 2,291 |  |  | — |  |  | 2,291 |  |  | — |  |  | 2,291 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,021) |  |  | (2,021) |
Total | $ | 25,530 |  |  | $ | 16,630 |  |  | $ | 7,072 |  |  | $ | 5,209 |  |  | $ | 54,441 |  |  | $ | — |  |  | $ | 54,441 |
| Twelve months ended September 28, 2024
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 9,915 |  |  | $ | 5,215 |  |  | $ | 2,659 |  |  | $ | 2,245 |  |  | $ | 20,034 |  |  | $ | 445 |  |  | $ | 20,479 |
Pork | 1,804 |  |  | 498 |  |  | 1,364 |  |  | 1,078 |  |  | 4,744 |  |  | 1,159 |  |  | 5,903 |
Chicken | 6,994 |  |  | 6,432 |  |  | 957 |  |  | 1,944 |  |  | 16,327 |  |  | 98 |  |  | 16,425 |
Prepared Foods | 5,794 |  |  | 3,629 |  |  | 225 |  |  | 203 |  |  | 9,851 |  |  | — |  |  | 9,851 |
International/Other | — |  |  | — |  |  | 2,353 |  |  | — |  |  | 2,353 |  |  | — |  |  | 2,353 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,702) |  |  | (1,702) |
Total | $ | 24,507 |  |  | $ | 15,774 |  |  | $ | 7,558 |  |  | $ | 5,470 |  |  | $ | 53,309 |  |  | $ | — |  |  | $ | 53,309 |
| Twelve months ended September 30, 2023
| Retail(a) |  | Foodservice(b) |  | International(c) |  | Industrial and Other(d) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 8,947 |  |  | $ | 4,839 |  |  | $ | 2,633 |  |  | $ | 2,395 |  |  | $ | 18,814 |  |  | $ | 511 |  |  | $ | 19,325 |
Pork | 1,677 |  |  | 477 |  |  | 1,235 |  |  | 1,338 |  |  | 4,727 |  |  | 1,041 |  |  | 5,768 |
Chicken | 7,483 |  |  | 6,589 |  |  | 1,007 |  |  | 1,901 |  |  | 16,980 |  |  | 80 |  |  | 17,060 |
Prepared Foods | 5,795 |  |  | 3,690 |  |  | 213 |  |  | 147 |  |  | 9,845 |  |  | — |  |  | 9,845 |
International/Other | — |  |  | — |  |  | 2,515 |  |  | — |  |  | 2,515 |  |  | — |  |  | 2,515 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,632) |  |  | (1,632) |
Total | $ | 23,902 |  |  | $ | 15,595 |  |  | $ | 7,603 |  |  | $ | 5,781 |  |  | $ | 52,881 |  |  | $ | — |  |  | $ | 52,881 |
(a) Includes external sales to consumer products and food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes external sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. (c) Includes external sales to international markets related to internationally produced products and export sales of domestically produced products. (d) Includes external sales to industrial food processing companies that further process our product to sell to end consumers and any remaining sales not included in the Retail, Foodservice or International categories. For fiscal 2025, the Beef and Pork segments included a $318 million and $380 million reduction in Other, respectively, due to the recognition of legal contingency accruals. For fiscal 2024, the Pork segment included a $45 million reduction in Other due to the recognition of a legal contingency accrual. For fiscal 2023, the Chicken segment included a $156 million reduction in Other due to the recognition of legal contingency accruals. |  |

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