Earnings Per Share

3 Months Ended

Dec. 28, 2024

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data):


	Three Months Ended
	December 28, 2024		December 30, 2023
Numerator:
Net income	$	366	$	114
Less: Net income attributable to noncontrolling interests	7		7
Net income attributable to Tyson	359		107
Less dividends declared:
Class A	146		143
Class B	32		31
Undistributed earnings (losses)	$	181	$	(67)

Class A undistributed earnings (losses)	$	148	$	(55)
Class B undistributed earnings (losses)	33		(12)
Total undistributed earnings (losses)	$	181	$	(67)

Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	285		284
Class B weighted average shares	70		70

Denominator for diluted earnings per share:
Class A weighted average shares	285		284
Class B weighted average shares under the if-converted method for diluted earnings per share	70		70
Effect of dilutive securities: Stock options, restricted stock and performance units	2		1

Denominator for diluted earnings per share – weighted average shares and assumed conversions	357		355





Net income per share attributable to Tyson:
Class A basic	$	1.03	$	0.31
Class B basic	$	0.93	$	0.28
Diluted	$	1.01	$	0.30
Dividends Declared Per Share:
Class A	$	0.510	$	0.500
Class B	$	0.459	$	0.450

Approximately 5 million and 7 million of our stock-based compensation shares were antidilutive for the three months ended December 28, 2024 and December 30, 2023, respectively. These shares were not included in the diluted earnings per share calculation.

We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.

We allocate undistributed earnings (losses) based upon a 1.0 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.