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Segment Reporting (Tables)

9 Months Ended

Jun. 28, 2025

Segment Reporting [Abstract]

Segment Reporting Information, By Segment

Information on segments and a reconciliation to income before income taxes are as follows (in millions): 

			Three Months Ended												Nine Months Ended
			June 28, 2025						June 29, 2024						June 28, 2025						June 29, 2024
Sales:
Beef			$	5,603					$	5,241					$	16,134					$	15,218
Pork			1,506						1,462						4,367						4,465
Chicken			4,220						4,076						12,426						12,174
Prepared Foods			2,515						2,432						7,384						7,379
International/Other			557						582						1,707						1,744
Intersegment			(517)						(440)						(1,437)						(1,236)
Total Sales			$	13,884					$	13,353					$	40,581					$	39,744

			Three Months Ended												Nine Months Ended
			June 28, 2025						June 29, 2024						June 28, 2025						June 29, 2024
Operating Income (Loss):
Beef(a)			$	(494)					$	(69)					$	(816)					$	(310)
Pork(b)			36						(62)						(100)						(24)
Chicken(c)			367						244						980						579
Prepared Foods(d)			302						203						755						676
International/Other(e)			49						25						121						(37)
Total Operating Income (Loss)			260						341						940						884
Total Other (Income) Expense			67						88						239						267
Income before Income Taxes			$	193					$	253					$	701					$	617

(a) Beef segment results for the three and nine months ended June 28, 2025 included $343 million of goodwill impairment. Additionally, Beef segment results for the nine months ended June 28, 2025 included a $93 million legal contingency accrual, recognized as a reduction to Sales and $48 million in network optimization plan charges, recognized in Cost of Sales. Beef segment results for the nine months ended June 29, 2024 included $41 million of costs related to plant closures and disposals and a $45 million legal contingency accrual, recognized in Cost of Sales.

(b) Pork segment results for the nine months ended June 28, 2025 included a $250 million legal contingency accrual, recognized as a reduction to Sales. Pork segment results for the three and nine months ended June 29, 2024 included $39 million and $73 million, respectively, of costs related to plant closures and disposals, recognized in Cost of Sales. Additionally, Pork segment results for the three and nine months ended June 29, 2024 included $45 million and $73 million, respectively, related to the recognition of legal contingency accruals, of which the amount recognized in the third quarter of fiscal 2024 was a reduction to Sales and the remainder was recognized in Cost of Sales.

(c) Chicken segment results for the three and nine months ended June 28, 2025 included $5 million and $17 million, respectively, of brand discontinuation charges, recognized in Selling, General and Administrative, and network optimization plan income, net of charges, of $27 million, and network optimization plan charges, net of income, of $5 million, respectively, primarily recognized in Cost of Sales. Chicken segment results for the nine months ended June 28, 2025 included costs related to plant closures and disposals of $23 million, recognized in Cost of Sales. Chicken segment results for the three and nine months ended June 29, 2024 included $2 million and $41 million, respectively, of costs related to plant closures and disposals and $5 million of production facility fire costs incurred, net of insurance proceeds, and $19 million of insurance proceeds, net of costs incurred, respectively, recognized in Cost of Sales. Chicken segment results for the three and nine months ended June 29, 2024 included a $56 million legal contingency accrual, recognized in Costs of Sales.

(d) Prepared Foods segment results for the three and nine months ended June 28, 2025 included $56 million and $31 million, respectively, in network optimization plan income, net of charges, recognized in Cost of Sales. Prepared Foods segment results for the nine months ended June 29, 2024 included restructuring and related charges of $24 million, primarily recognized in Selling, General and Administrative.

(e) International/Other results for the three and nine months ended June 28, 2025 included $14 million of insurance proceeds, net of costs, related to a fire at our production facility in the Netherlands and subsequent decision to sell and $6 million in proceeds related to a China plant relocation remuneration, recognized in Cost of Sales. International/Other results for the nine months ended June 28, 2025 included $11 million in network optimization plan charges, recognized in Cost of Sales. International/Other results for the three and nine months ended June 29, 2024 included $3 million and $83 million, respectively, of costs, net of insurance proceeds, related to a fire at our production facility in the Netherlands and subsequent decision to sell, recognized in Cost of Sales.

Disaggregation of Revenue, By Segment and Distribution Channel

The following tables further disaggregate our sales to customers by major distribution channels (in millions):

			Three months ended June 28, 2025
			Retail(a)						Foodservice(b)						International(c)						Industrial and Other(d)						Total External Customers						Intersegment						Total
Beef			$	2,786					$	1,508					$	529					$	642					$	5,465					$	138					$	5,603
Pork			453						152						274						274						1,153						353						1,506
Chicken			1,698						1,698						277						521						4,194						26						4,220
Prepared Foods			1,457						914						70						74						2,515						—						2,515
International/Other			—						—						557						—						557						—						557
Intersegment			—						—						—						—						—						(517)						(517)
Total			$	6,394					$	4,272					$	1,707					$	1,511					$	13,884					$	—					$	13,884

			Three months ended June 29, 2024
			Retail(a)						Foodservice(b)						International(c)						Industrial and Other(d)						Total External Customers						Intersegment						Total
Beef			$	2,566					$	1,318					$	707					$	541					$	5,132					$	109					$	5,241
Pork			464						141						322						228						1,155						307						1,462
Chicken			1,720						1,567						256						509						4,052						24						4,076
Prepared Foods			1,434						876						58						64						2,432						—						2,432
International/Other			—						—						582						—						582						—						582
Intersegment			—						—						—						—						—						(440)						(440)
Total			$	6,184					$	3,902					$	1,925					$	1,342					$	13,353					$	—					$	13,353

			Nine months ended June 28, 2025
			Retail(a)						Foodservice(b)						International(c)						Industrial and Other(d)						Total External Customers						Intersegment						Total
Beef			$	8,090					$	4,215					$	1,774					$	1,697					$	15,776					$	358					$	16,134
Pork			1,449						404						921						589						3,363						1,004						4,367
Chicken			5,142						4,911						816						1,482						12,351						75						12,426
Prepared Foods			4,356						2,665						180						183						7,384						—						7,384
International/Other			—						—						1,707						—						1,707						—						1,707
Intersegment			—						—						—						—						—						(1,437)						(1,437)
Total			$	19,037					$	12,195					$	5,398					$	3,951					$	40,581					$	—					$	40,581

			Nine months ended June 29, 2024
			Retail(a)						Foodservice(b)						International(c)						Industrial and Other(d)						Total External Customers						Intersegment						Total
Beef			$	7,330					$	3,920					$	2,001					$	1,668					$	14,919					$	299					$	15,218
Pork			1,374						379						1,050						797						3,600						865						4,465
Chicken			5,188						4,782						698						1,434						12,102						72						12,174
Prepared Foods			4,336						2,733						168						142						7,379						—						7,379
International/Other			—						—						1,744						—						1,744						—						1,744
Intersegment			—						—						—						—						—						(1,236)						(1,236)
Total			$	18,228					$	11,814					$	5,661					$	4,041					$	39,744					$	—					$	39,744

(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 for internationally produced products or 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. Additionally, during the nine months ended June 28, 2025, Beef and Pork segments included a $93 million and $250 million reduction in Other, respectively, due to the recognition of legal contingency accruals. For the nine months ended June 29, 2024, the Pork segment included a $45 million reduction in Other due to the recognition of a legal contingency accrual.

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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