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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended December 27, 2025
or

☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to
001-14704
(Commission File Number)
______________________________________________
TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)
______________________________________________

| Delaware |  | 71-0225165 |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |
| 2200 West Don Tyson Parkway, |  |  |  |  |
| Springdale, | Arkansas |  | 72762-6999 |
| (Address of Principal Executive Offices) |  | (Zip Code) |
|  | (479) | 290-4000 |  |  |
(Registrant’s telephone number, including area code)

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered
Class A Common Stock | Par Value | $0.10 | TSN | New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer |  | ☒ |  | Accelerated Filer |  | ☐
Non-Accelerated Filer |  | ☐ |  | Smaller Reporting Company |  | ☐
|  |  |  | Emerging Growth Company |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of December 27, 2025.

Class |  | Outstanding Shares
Class A Common Stock, $0.10 Par Value (Class A stock) |  | 282,069,961
Class B Common Stock, $0.10 Par Value (Class B stock) |  | 70,009,005

Class B stock is not listed for trading on any exchange or market system. However, Class B stock is convertible into Class A stock on a share-for-share basis.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION

|  | PAGE
Item 1. | Financial Statements |
| Consolidated Condensed Statements of Income for the Three Months Ended December 27, 2025, and December 28, 2024 | 1
| Consolidated Condensed Statements of Comprehensive Income for the Three Months Ended December 27, 2025, and December 28, 2024 | 2
| Consolidated Condensed Balance Sheets as of December 27, 2025, and September 27, 2025 | 3
| Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended December 27, 2025, and December 28, 2024 | 4
| Consolidated Condensed Statements of Cash Flows for the Three Months Ended December 27. 2025, and December 28, 2024 | 5
| Notes to Consolidated Condensed Financial Statements | 6
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 36
Item 4. | Controls and Procedures | 38

PART II. OTHER INFORMATION

Item 1. | Legal Proceedings | 38
Item 1A. | Risk Factors | 38
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 39
Item 3. | Defaults Upon Senior Securities | 39
Item 4. | Mine Safety Disclosures | 39
Item 5. | Other Information | 39
Item 6. | Exhibits | 39
SIGNATURES | 41

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Sales | $ | 14,313 |  |  | $ | 13,623 |  |  |  |  |
Cost of Sales | 13,505 |  |  | 12,528 |  |  |  |  |
Gross Profit | 808 |  |  | 1,095 |  |  |  |  |
Selling, General and Administrative | 506 |  |  | 515 |  |  |  |  |
Operating Income | 302 |  |  | 580 |  |  |  |  |
Other (Income) Expense: |  |  |  |  |  |  |
Interest income | (13) |  |  | (25) |  |  |  |  |
Interest expense | 104 |  |  | 120 |  |  |  |  |
Other, net | 84 |  |  | 7 |  |  |  |  |
Total Other (Income) Expense | 175 |  |  | 102 |  |  |  |  |
Income before Income Taxes | 127 |  |  | 478 |  |  |  |  |
Income Tax Expense | 37 |  |  | 112 |  |  |  |  |
Net Income | 90 |  |  | 366 |  |  |  |  |
Less: Net Income Attributable to Noncontrolling Interests | 5 |  |  | 7 |  |  |  |  |
Net Income Attributable to Tyson | $ | 85 |  |  | $ | 359 |  |  |  |  |
Net Income Per Share Attributable to Tyson: |  |  |  |  |  |  |
Class A Basic | $ | 0.25 |  |  | $ | 1.03 |  |  |  |  |
Class B Basic | $ | 0.22 |  |  | $ | 0.93 |  |  |  |  |
Diluted | $ | 0.24 |  |  | $ | 1.01 |  |  |  |  |

See accompanying Notes to Consolidated Condensed Financial Statements.
1

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)

| Three Months Ended |  |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |  |
Net Income | $ | 90 |  |  | $ | 366 |  |  |  |  |  |
Other Comprehensive Income (Loss), Net of Taxes: |  |  |  |  |  |  |  |
Derivatives accounted for as cash flow hedges | 21 |  |  | 3 |  |  |  |  |  |
Investments | — |  |  | (2) |  |  |  |  |  |
Currency translation | 32 |  |  | (105) |  |  |  |  |  |
Total Other Comprehensive Income (Loss), Net of Taxes | 53 |  |  | (104) |  |  |  |  |  |
Comprehensive Income | 143 |  |  | 262 |  |  |  |  |  |
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 10 |  |  | — |  |  |  |  |  |
Comprehensive Income Attributable to Tyson | $ | 133 |  |  | $ | 262 |  |  |  |  |  |

See accompanying Notes to Consolidated Condensed Financial Statements.
2

TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except share and per share data)
(Unaudited)

| December 27, 2025 |  | September 27, 2025
Assets |  |  |
Current Assets: |  |  |
Cash and cash equivalents | $ | 1,278 |  |  | $ | 1,229 |
Accounts receivable, net | 2,429 |  |  | 2,524 |
Inventories | 5,406 |  |  | 5,681 |
Other current assets | 399 |  |  | 482 |
Total Current Assets | 9,512 |  |  | 9,916 |
Net Property, Plant and Equipment | 9,064 |  |  | 9,204 |
Goodwill | 9,474 |  |  | 9,469 |
Intangible Assets, net | 5,577 |  |  | 5,624 |
Other Assets | 2,392 |  |  | 2,445 |
Total Assets | $ | 36,019 |  |  | $ | 36,658 |
Liabilities and Shareholders’ Equity |  |  |
Current Liabilities: |  |  |
Current debt | $ | 909 |  |  | $ | 909 |
Accounts payable | 2,723 |  |  | 2,601 |
Other current liabilities | 2,571 |  |  | 2,879 |
Total Current Liabilities | 6,203 |  |  | 6,389 |
Long-Term Debt | 7,453 |  |  | 7,921 |
Deferred Income Taxes | 2,205 |  |  | 2,195 |
Other Liabilities | 1,995 |  |  | 1,926 |
Commitments and Contingencies (Note 14) |  |  |
Shareholders’ Equity: |  |  |
Common stock ($0.10 par value): |  |  |
Class A-authorized 900 million shares, issued 378 million shares | 38 |  |  | 38 |
Convertible Class B-authorized 900 million shares, issued 70 million shares | 7 |  |  | 7 |
Capital in excess of par value | 4,693 |  |  | 4,686 |
Retained earnings | 18,553 |  |  | 18,647 |
Accumulated other comprehensive income (loss) | (143) |  |  | (191) |
Treasury stock, at cost – 95 million shares at December 27, 2025 and September 27, 2025 | (5,125) |  |  | (5,102) |
Total Tyson Shareholders’ Equity | 18,023 |  |  | 18,085 |
Noncontrolling Interests | 140 |  |  | 142 |
Total Shareholders’ Equity | 18,163 |  |  | 18,227 |
Total Liabilities and Shareholders’ Equity | $ | 36,019 |  |  | $ | 36,658 |

See accompanying Notes to Consolidated Condensed Financial Statements.
3

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions)
(Unaudited)

| Three Months Ended |  |  |  |  |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |  |  |
| Shares | Amount |  | Shares | Amount |  |  |  |  |  |  |  |  |  |
Class A Common Stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning and end of period | 378 |  | $ | 38 |  |  | 378 |  | $ | 38 |  |  |  |  |  |  |  |  |  |  |
Class B Common Stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning and end of period | 70 |  | 7 |  |  | 70 |  | 7 |  |  |  |  |  |  |  |  |  |  |
Capital in Excess of Par Value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | 4,686 |  |  |  | 4,597 |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation and other |  | 7 |  |  |  | 13 |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  | 4,693 |  |  |  | 4,610 |  |  |  |  |  |  |  |  |  |  |
Retained Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | 18,647 |  |  |  | 18,873 |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Tyson |  | 85 |  |  |  | 359 |  |  |  |  |  |  |  |  |  |  |
Dividends |  | (179) |  |  |  | (178) |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  | 18,553 |  |  |  | 19,054 |  |  |  |  |  |  |  |  |  |  |
Accumulated Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | (191) |  |  |  | (184) |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to Tyson |  | 48 |  |  |  | (97) |  |  |  |  |  |  |  |  |  |  |
Balance at end of period |  | (143) |  |  |  | (281) |  |  |  |  |  |  |  |  |  |  |
Treasury Stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period | 95 |  | (5,102) |  |  | 92 |  | (4,941) |  |  |  |  |  |  |  |  |  |  |
Purchase of Class A common stock | 1 |  | (47) |  |  | — |  | (15) |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation | (1) |  | 24 |  |  | (1) |  | 31 |  |  |  |  |  |  |  |  |  |  |
Balance at end of period | 95 |  | (5,125) |  |  | 91 |  | (4,925) |  |  |  |  |  |  |  |  |  |  |
Total Shareholders’ Equity Attributable to Tyson |  | $ | 18,023 |  |  |  | $ | 18,503 |  |  |  |  |  |  |  |  |  |  |
Equity Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 142 |  |  |  | $ | 124 |  |  |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | 5 |  |  |  | 7 |  |  |  |  |  |  |  |  |  |  |
Distributions to noncontrolling interest |  | (12) |  |  |  | — |  |  |  |  |  |  |  |  |  |  |
Currency translation and other |  | 5 |  |  |  | (7) |  |  |  |  |  |  |  |  |  |  |
Total Equity Attributable to Noncontrolling Interests |  | $ | 140 |  |  |  | $ | 124 |  |  |  |  |  |  |  |  |  |  |
Total Shareholders’ Equity |  | $ | 18,163 |  |  |  | $ | 18,627 |  |  |  |  |  |  |  |  |  |  |

See accompanying Notes to Consolidated Condensed Financial Statements.
4

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

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |
Cash Flows From Operating Activities: |  |  |  |  |
Net income | $ | 90 |  |  | $ | 366 |  |  |
Depreciation and amortization | 376 |  |  | 348 |  |  |
Deferred income taxes | — |  |  | (2) |  |  |
Other, net | 163 |  |  | 78 |  |  |
Net changes in operating assets and liabilities | 313 |  |  | 241 |  |  |
Cash Provided by Operating Activities | 942 |  |  | 1,031 |  |  |
Cash Flows From Investing Activities: |  |  |  |  |
Additions to property, plant and equipment | (252) |  |  | (271) |  |  |
Purchases of marketable securities | (21) |  |  | (15) |  |  |
Proceeds from sale of marketable securities | 20 |  |  | 16 |  |  |
Proceeds from sale of storage facilities | 42 |  |  | — |  |  |
Other, net | 28 |  |  | 37 |  |  |
Cash Used for Investing Activities | (183) |  |  | (233) |  |  |
Cash Flows From Financing Activities: |  |  |  |  |
Proceeds from issuance of debt | 23 |  |  | 22 |  |  |
Payments on debt | (509) |  |  | (42) |  |  |
Purchases of Tyson Class A common stock | (47) |  |  | (15) |  |  |
Dividends | (177) |  |  | (175) |  |  |
Stock options exercised | 6 |  |  | 15 |  |  |
Other, net | (14) |  |  | — |  |  |
Cash Used for Financing Activities | (718) |  |  | (195) |  |  |
Effect of Exchange Rate Changes on Cash | 8 |  |  | (28) |  |  |
Increase in Cash and Cash Equivalents and Restricted Cash | 49 |  |  | 575 |  |  |
Cash and Cash Equivalents and Restricted Cash at Beginning of Year | 1,229 |  |  | 1,717 |  |  |
Cash and Cash Equivalents and Restricted Cash at End of Period | 1,278 |  |  | 2,292 |  |  |
Less: Restricted Cash at End of Period | — |  |  | — |  |  |
Cash and Cash Equivalents at End of Period | $ | 1,278 |  |  | $ | 2,292 |  |  |

See accompanying Notes to Consolidated Condensed Financial Statements.
5

TYSON FOODS, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
NOTE 1: ACCOUNTING POLICIES
Basis of Presentation
The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (“Tyson,” “the Company,” “we,” “us” or “our”). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature necessary to state fairly our financial position as of December 27, 2025 and the results of operations for the three months ended December 27, 2025 and December 28, 2024. Results of operations and cash flows for the periods presented are not necessarily indicative of results to be expected for the full year.
Consolidation
The consolidated condensed financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. Intercompany accounts and transactions have been eliminated in consolidation.
Goodwill and Intangible Assets
Goodwill and indefinite life intangible assets are initially recorded at fair value and not amortized, but are reviewed for impairment at least annually, or more frequently if impairment indicators arise. The first day of the fourth quarter is our annual impairment assessment date for goodwill and indefinite life intangible assets. However, we could be required to evaluate the recoverability of goodwill and indefinite life intangible assets outside of the required annual assessment if, among other things, we experience disruptions to the business, unexpected significant declines in operating results, divestiture of a significant component of the business, sustained decline in market capitalization or significant changes in macro-economic factors such as increased interest and discount rates.
Our goodwill and indefinite life intangible assets are evaluated for impairment by first performing a qualitative assessment to determine whether a quantitative test is necessary. If it is determined, based on qualitative factors, the fair value of the reporting unit or indefinite life intangible asset may more likely than not be less than the carrying value, or if significant changes to macro-economic factors have occurred that could materially impact fair value, a quantitative impairment test would be required. The quantitative test is to identify if a potential impairment exists by comparing the fair value of a reporting unit or indefinite life intangible asset with its carrying value. If the carrying value of the reporting unit or indefinite life intangible asset exceeds the fair value, an impairment loss is recognized in an amount equal to that excess, not to exceed the carrying amount of goodwill or the indefinite life intangible asset.
Our qualitative assessment for the first quarter of fiscal 2026 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite life intangible assets was less than the carrying amount, and as such, no quantitative test was deemed necessary. We consider reporting units and indefinite life intangible assets that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment. One of our International reporting units, which had goodwill of $0.2 billion at December 27, 2025, was considered at heightened risk of impairment as of the date of the most recent estimated fair value determination which was in the fourth quarter of fiscal 2025. All of our other remaining reporting units and all our indefinite life intangible assets' estimated fair values exceeded their carrying values by more than 20% as of their most recent assessments. Although the remaining reporting units and indefinite life intangible assets had more than 20% excess fair value over carrying value as of the date of the most recent estimated fair value determination, they remain susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
Some of the inherent estimates and assumptions used in determining fair value of the reporting units and indefinite life intangible assets are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in material impairments of our goodwill or indefinite life intangible assets.
6

Use of Estimates
The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Issued Accounting Pronouncements
In November 2025, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance to address several incremental hedge accounting issues arising from the global reference rate reform initiative. This guidance is effective for annual reporting periods beginning after December 15, 2026, our fiscal 2028, and interim reporting periods within those annual reporting periods. Amendments should be applied using a prospective approach, with the option to adopt the amendments in this update for hedging relationships that exist as of the date of adoption. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
In September 2025, the FASB issued authoritative guidance to modernize the accounting for internal-use software costs including the elimination of the stage-based capitalization model and updated disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, our fiscal 2029, and interim reporting periods within those annual reporting periods. Amendments can be applied using a prospective transition approach, a modified transition approach, or a retrospective transition approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
In November 2024, the FASB issued authoritative guidance to disclose certain additional expense information including, among other items, purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each Consolidated Statement of Income expense caption. The guidance is effective for annual reporting periods beginning after December 15, 2026, our fiscal 2028, and interim reporting periods within fiscal years beginning after December 15, 2027, our fiscal 2029. Amendments can be applied using either the prospective or the retrospective approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
In December 2023, the FASB issued authoritative guidance to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, our fiscal 2026, and should be applied on a prospective basis with the option to apply retrospectively. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements.
NOTE 2: INVENTORIES
Processed products, livestock and supplies and other are valued at the lower of cost or net realizable value. Cost includes purchased raw materials, live purchase costs, livestock growout costs (primarily feed, livestock grower pay and catch and haul costs), labor and manufacturing and production overhead, which are related to the purchase and production of inventories. At December 27, 2025, the cost of inventories was determined by either the first-in, first-out method or the weighted-average method, which is consistent with the methods used at September 27, 2025. Inventories are presented net of lower of cost or net realizable value adjustments of $166 million and $138 million as of December 27, 2025 and September 27, 2025, respectively.
The following table reflects the major components of inventory (in millions):

| December 27, 2025 |  | September 27, 2025
Processed products | $ | 2,853 |  |  | $ | 3,086 |
Livestock | 1,676 |  |  | 1,729 |
Supplies and other | 877 |  |  | 866 |
Total inventory | $ | 5,406 |  |  | $ | 5,681 |

7

NOTE 3: PROPERTY, PLANT AND EQUIPMENT
The major categories of property, plant and equipment and accumulated depreciation are as follows (in millions):

| December 27, 2025 |  | September 27, 2025
Land | $ | 212 |  |  | $ | 209 |
Buildings and leasehold improvements | 7,048 |  |  | 7,079 |
Machinery and equipment | 12,054 |  |  | 12,015 |
Land improvements and other | 572 |  |  | 575 |
Buildings and equipment under construction | 468 |  |  | 509 |
| 20,354 |  |  | 20,387 |
Less accumulated depreciation | 11,290 |  |  | 11,183 |
Net Property, Plant and Equipment | $ | 9,064 |  |  | $ | 9,204 |

NOTE 4: OTHER CURRENT LIABILITIES
Other current liabilities are as follows (in millions):

| December 27, 2025 |  | September 27, 2025
Accrued salaries, wages and benefits | $ | 661 |  |  | $ | 909 |
Taxes payable | 231 |  |  | 193 |
Accrued current legal contingencies | 645 |  |  | 712 |
Other | 1,034 |  |  | 1,065 |
Total other current liabilities | $ | 2,571 |  |  | $ | 2,879 |

NOTE 5: RESTRUCTURING AND RELATED CHARGES
Network Optimization Plan
In the first quarter of fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. We are reporting on actions approved through the end of the first quarter of fiscal 2026 as we are currently unable to make an estimate of the cost of the entire network optimization plan.
In the first quarter of fiscal 2026, the Company approved additional actions under the network optimization plan, increasing the estimated total pretax charges by $140 million. This increase reflects network changes in the Beef segment, including the closure of a harvesting facility and the transition to a single shift at another, as well as efforts to reduce support costs across all segments and corporate functions. As a result, we now expect to recognize total pretax net charges of $226 million for actions approved through December 27, 2025, which include $148 million of net charges that have resulted or will result in cash outflows and $185 million of non-cash charges, partially offset by a $107 million gain recognized from the sale of storage facilities. Additionally, we have received $294 million in proceeds associated with the sale of storage facilities to date, of which, $42 million was received in the first quarter of fiscal 2026. Through the first quarter of fiscal 2026, we have recognized $162 million of the expected total pretax charges and estimate $64 million of charges will be incurred over future periods, including $44 million during the remainder of fiscal 2026. We expect to incur costs related to the network optimization plan over a multi-year period and anticipate additional charges in the future as further actions are approved.
In the first quarter of fiscal 2026, we recognized net charges of $117 million related to the network optimization plan. The charges primarily included accelerated depreciation and asset write-offs related to the Beef segment network changes, severance and related costs and contract and lease termination costs. These charges included $57 million that have resulted or will result in cash outflows and $60 million of non-cash. In the first quarter of fiscal 2025, we recognized net charges of $73 million, which primarily included the closure of two facilities in the Prepared Foods segment, a non-harvesting facility closure in the Beef segment and asset write-offs in the Chicken and International segments. These charges included $29 million that have resulted or will result in cash outflows and $44 million of non-cash.
8

The following table reflects pretax (income) expense related to the network optimization plan in the first quarter of fiscal 2026 (in millions):

| Beef | Pork | Chicken | Prepared Foods | International | Corporate Expenses | Total
Cost of Sales: |  |  |  |  |  |  |
Severance and related costs | $ | 16 |  | $ | — |  | $ | 4 |  | $ | 9 |  | $ | — |  | $ | — |  | $ | 29 |
Accelerated depreciation | 57 |  | — |  | — |  | — |  | — |  | — |  | 57 |
Asset write-offs | 12 |  | — |  | — |  | — |  | — |  | — |  | 12 |
Contract and lease terminations | — |  | — |  | 3 |  | 4 |  | — |  | — |  | 7 |
Total Cost of Sales | $ | 85 |  | $ | — |  | $ | 7 |  | $ | 13 |  | $ | — |  | $ | — |  | $ | 105 |
Selling, General and Administrative: |  |  |  |  |  |  |
Severance and related costs | 1 |  | 1 |  | 2 |  | 3 |  | — |  | 3 |  | 10 |
Total Selling, General and Administrative | $ | 1 |  | $ | 1 |  | $ | 2 |  | $ | 3 |  | $ | — |  | $ | 3 |  | $ | 10 |
Non-Operating (Income)/Expense |  |  |  |  |  |  | 2 |
Total | $ | 86 |  | $ | 1 |  | $ | 9 |  | $ | 16 |  | $ | — |  | $ | 3 |  | $ | 117 |

The following table reflects pretax expenses related to the network optimization plan in the first quarter of fiscal 2025 (in millions):

| Beef | Pork | Chicken | Prepared Foods | International | Corporate Expenses | Total
Cost of Sales: |  |  |  |  |  |  |
Severance and related costs | $ | 5 |  | $ | — |  | $ | 2 |  | $ | 2 |  | $ | — |  | $ | — |  | $ | 9 |
Accelerated depreciation | 23 |  | — |  | — |  | — |  | — |  | — |  | 23 |
Asset write-offs | 3 |  | — |  | 7 |  | 23 |  | 5 |  | — |  | 38 |
Contract and lease terminations | 1 |  | — |  | — |  | — |  | — |  | — |  | 1 |
Total Cost of Sales | $ | 32 |  | $ | — |  | $ | 9 |  | $ | 25 |  | $ | 5 |  | $ | — |  | $ | 71 |
Selling, General and Administrative: |  |  |  |  |  |  |
Severance and related costs | — |  | — |  | 2 |  | — |  | — |  | — |  | 2 |
Total Selling, General and Administrative | $ | — |  | $ | — |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 2 |
Total | $ | 32 |  | $ | — |  | $ | 11 |  | $ | 25 |  | $ | 5 |  | $ | — |  | $ | 73 |

The following table reflects our liability related to the network optimization plan as of December 27, 2025 (in millions):

| Balance at September 27, 2025 | Expenses | Payments | Balance at December 27, 2025
Contract and lease terminations | $ | 31 |  | $ | 24 |  | $ | — |  | $ | 55 |
Severance and related costs | 3 |  | 39 |  | (3) |  | 39 |
Total | $ | 34 |  | $ | 63 |  | $ | (3) |  | $ | 94 |

We continue to strategically evaluate optimization of such items as network capacity, manufacturing efficiencies and business technology. If we have a significant change in strategies, outlook, or manner in which we plan to use these assets, we may experience future charges.
Plant Closures and Disposals
The following table reflects our liability related to plant closures as of December 27, 2025 (in millions):

| Balance at September 27, 2025 | Plant Closure Charges | Payments | Balance at December 27, 2025
Contract termination | $ | 72 |  | $ | — |  | $ | (3) |  | $ | 69 |
Severance and retention | — |  | — |  | — |  | — |
Total | $ | 72 |  | $ | — |  | $ | (3) |  | $ | 69 |

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NOTE 6: DEBT
The major components of debt are as follows (in millions):

| December 27, 2025 |  | September 27, 2025
Revolving credit facility | $ | — |  |  | $ | — |
Revolving term loan credit facility | — |  |  | — |
Commercial paper | — |  |  | — |
Senior notes: |  |  |
4.00% Notes due March 2026 (“2026 Notes”) | 800 |  |  | 800 |
3.55% Notes due June 2027 | 1,350 |  |  | 1,350 |
7.00% Notes due January 2028 | 18 |  |  | 18 |
4.35% Notes due March 2029 (“2029 Notes”) | 1,000 |  |  | 1,000 |
5.40% Notes due March 2029 | 600 |  |  | 600 |
6.13% Notes due November 2032 | 157 |  |  | 157 |
5.70% Notes due March 2034 | 900 |  |  | 900 |
4.88% Notes due August 2034 | 500 |  |  | 500 |
5.15% Notes due August 2044 | 497 |  |  | 497 |
4.55% Notes due June 2047 | 713 |  |  | 733 |
5.10% Notes due September 2048 (“2048 Notes”) | 1,485 |  |  | 1,490 |
Discount on senior notes | (33) |  |  | (34) |
Term loan facility due May 2028 | — |  |  | 440 |
Finance Leases | 168 |  |  | 168 |
Other | 246 |  |  | 251 |
Unamortized debt issuance costs | (39) |  |  | (40) |
Total debt | 8,362 |  |  | 8,830 |
Less current debt | 909 |  |  | 909 |
Total long-term debt | $ | 7,453 |  |  | $ | 7,921 |

Revolving Credit Facility and Letters of Credit
We have a $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in April 2030 with options for two one-year extensions. Under the terms of the revolving credit facility, we have the option to establish incremental commitment increases of up to an aggregate amount of $500 million if certain conditions are met. At December 27, 2025, amounts available for borrowing under this facility totaled $2.5 billion and we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At December 27, 2025, we had $82 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation insurance programs and other legal obligations. In the future, if any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.
Revolving Term Loan Credit Facility
In December 2025, we entered into a $750 million revolving term loan credit facility. The facility will mature and commitments thereunder will terminate in December 2028. We may make an election prior to the facility's maturity date to convert all or part of the outstanding borrowings into one or more term loans that will mature up to seven years after the facility's maturity date. Interest on borrowings under the facility is based either on term or daily simple secured overnight financing rates, with an applicable spread, or an alternative base rate with an applicable spread. The facility contained covenants and other terms that are generally consistent with those of our revolving credit facility. At December 27, 2025, we have not made any borrowing under the facility. Concurrent with the entry into the revolving term loan credit facility, we repaid the $440 million outstanding borrowing under a term loan facility due May 2028 using cash on hand and terminated the facility.
Commercial Paper Program
We have a commercial paper program under which we may issue unsecured short-term promissory notes up to an aggregate maximum principal amount of $1.75 billion. As of December 27, 2025, we had no commercial paper outstanding. Our ability to access commercial paper in the future may be limited or its costs increased.
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Senior Note Repayments
During the first quarter of fiscal 2026, we repurchased $25 million of senior notes on the open market.
Debt Covenants
Our revolving credit facility and revolving term loan credit facility contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain a minimum interest expense coverage ratio.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at December 27, 2025.
NOTE 7: EQUITY
Share Repurchases
As of December 27, 2025, 46.6 million shares remained available for repurchase under the Company's share repurchase program. The program has no fixed or scheduled termination date, and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of share repurchases of our Class A stock is as follows (in millions):

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
| Shares | Dollars |  | Shares | Dollars |  |  |  |  |  |  |  |
Shares repurchased: |  |  |  |  |  |  |  |  |  |  |  |  |
Under share repurchase program | 0.6 |  | $ | 33 |  |  | — |  | $ | — |  |  |  |  |  |  |  |  |
To fund certain obligations under equity compensation plans | 0.3 |  | 14 |  |  | 0.3 |  | 15 |  |  |  |  |  |  |  |  |
Total share repurchases | 0.9 |  | $ | 47 |  |  | 0.3 |  | $ | 15 |  |  |  |  |  |  |  |  |

NOTE 8: INCOME TAXES
Our effective tax rate was 29.7% and 23.5% for the first quarter of fiscal 2026 and 2025, respectively. The effective tax rates for the first quarter of fiscal 2026 and 2025 are higher than the federal statutory tax rate primarily due to state taxes and net unfavorable permanent book-to-tax differences, partially offset by various tax benefits. Additionally, the effective tax rate for the first quarter of fiscal 2026 was increased by estimated foreign withholding tax on the repatriation of earnings of foreign subsidiaries, and the effective tax rate for the first quarter of fiscal 2025 was decreased by the release of a $9 million valuation allowance on losses related to a production facility fire in the Netherlands and our subsequent decision to sell the facility. The release of the valuation allowance was due to newly enacted tax legislation in the Netherlands.
Unrecognized tax benefits were $165 million and $168 million at December 27, 2025 and September 27, 2025, respectively.
In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which collectively held our Mexico operation. At December 27, 2025, the assessment totaled approximately $519 million (9.3 billion Mexican pesos), which included tax, inflation adjustment, interest and penalties. Based on analysis of our assessment in accordance with guidance related to unrecognized tax benefits, we have not recorded a liability related to our assessment. Additionally, the purchaser in the transaction also received an assessment from the Mexican tax authorities related to the sale of the indirect equity interest, which was affirmed in January 2025 by a circuit court in Mexico, but remains subject to potential further judicial review under a petition filed by the purchaser. The transaction agreement contains certain mutual indemnification provisions, and both parties provided notice of indemnification claims to the other party. On November 14, 2025, we settled the indemnification provision and entered into an agreement in which the purchaser agreed to assume all tax liabilities in connection with our assessment, assume defense of such assessment and waive all potential indemnification claims against the Company. In fiscal 2025, we recorded a pretax liability of $40 million for the estimated probable loss related to this indemnification provision, which was paid to the purchaser during the first quarter of fiscal 2026 following the settlement.
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NOTE 9: EARNINGS PER SHARE
The following table sets forth the earnings and weighted average common shares used in the computation of basic and diluted earnings per share (in millions, except per share data):

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 90 |  |  | $ | 366 |  |  |  |  |
Less: Net income attributable to noncontrolling interests | 5 |  |  | 7 |  |  |  |  |
Net income attributable to Tyson | 85 |  |  | 359 |  |  |  |  |
Less dividends declared: |  |  |  |  |  |  |
Class A | 147 |  |  | 146 |  |  |  |  |
Class B | 32 |  |  | 32 |  |  |  |  |
Undistributed earnings (losses) | $ | (94) |  |  | $ | 181 |  |  |  |  |
Class A undistributed earnings (losses) | $ | (77) |  |  | $ | 148 |  |  |  |  |
Class B undistributed earnings (losses) | (17) |  |  | 33 |  |  |  |  |
Total undistributed earnings (losses) | $ | (94) |  |  | $ | 181 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share: |  |  |  |  |  |  |
Class A weighted average shares | 282 |  |  | 285 |  |  |  |  |
Class B weighted average shares | 70 |  |  | 70 |  |  |  |  |
Denominator for diluted earnings per share: |  |  |  |  |  |  |
Class A weighted average shares | 282 |  |  | 285 |  |  |  |  |
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 |  |  | 2 |  |  |  |  |
Denominator for diluted earnings per share – weighted average shares and assumed conversions | 354 |  |  | 357 |  |  |  |  |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A basic | $ | 0.25 |  |  | $ | 1.03 |  |  |  |  |
Class B basic | $ | 0.22 |  |  | $ | 0.93 |  |  |  |  |
Diluted | $ | 0.24 |  |  | $ | 1.01 |  |  |  |  |
Dividends Declared Per Share: |  |  |  |  |  |  |
Class A | $ | 0.520 |  |  | $ | 0.510 |  |  |  |  |
Class B | $ | 0.468 |  |  | $ | 0.459 |  |  |  |  |

Approximately 6 million and 5 million of our stock-based compensation shares were antidilutive for the three months ended December 27, 2025 and December 28, 2024, 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.
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NOTE 10: DERIVATIVE FINANCIAL INSTRUMENTS
Our business operations give rise to certain market risk exposures mostly due to changes in commodity prices, foreign currency exchange rates and interest rates. We manage a portion of these risks through the use of derivative financial instruments to reduce our exposure to commodity price risk, foreign currency risk and interest rate risk. Our risk management programs are periodically reviewed by our Board of Directors’ Audit Committee. These programs and risks are monitored by senior management and may be revised as market conditions dictate. Our current risk management programs utilize various industry-standard models that take into account the implicit cost of hedging. Credit risks associated with our derivative contracts are not significant as we minimize counterparty exposure by dealing with credit-worthy counterparties and utilizing exchange traded instruments, margin accounts or letters of credit. Additionally, our derivative contracts are mostly short-term in duration and we generally do not make use of credit-risk-related contingent features. No significant concentrations of credit risk existed at December 27, 2025.
We had the following net aggregated outstanding notional amounts related to our derivative financial instruments:

in millions, except soybean meal tons | Metric |  | December 27, 2025 |  | September 27, 2025
Commodity: |  |  |  |  |
Corn | Bushels |  | 133 |  |  | 93 |
Soybean Meal | Tons |  | 1,213,447 |  |  | 1,221,711 |
Live Cattle | Pounds |  | 109 |  |  | 30 |
Lean Hogs | Pounds |  | 466 |  |  | 828 |
Foreign Currency | United States dollar |  | $ | 141 |  |  | $ | 208 |

We recognize all derivative instruments as either assets or liabilities at fair value in the Consolidated Condensed Balance Sheets, with the exception of normal purchases and normal sales expected to result in physical delivery. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument based upon the exposure being hedged (e.g., cash flow hedge or fair value hedge). We designate certain forward contracts as follows:
•Cash Flow Hedges – include certain commodity forward and option contracts of forecasted purchases (e.g., grains), interest rate swaps and locks and certain foreign exchange forward contracts
•Fair Value Hedges – include certain commodity forward contracts of firm commitments (e.g., livestock)
Cash Flow Hedges
Derivative instruments are designated as hedges against changes in the amount of future cash flows related to procurement of certain commodities utilized in our production processes as well as interest rates to our variable rate debt. For the derivative instruments we designate and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Based on market prices as of December 27, 2025, we have net pretax gains of $8 million for our commodity contracts, which are expected to be reclassified into earnings within the next twelve months. Additionally, we have $9 million of realized losses related to treasury rate locks in connection with the issuance of the 2026, 2029 and 2048 Notes, which will be reclassified to earnings over the lives of these notes. During the three months ended December 27, 2025 and December 28, 2024, we did not reclassify significant pretax gains or losses into earnings as a result of the discontinuance of cash flow hedges. The following table sets forth the pretax impact of cash flow hedge derivative instruments recognized in OCI (in millions):

| Three Months Ended |  |  |  |  |  |
Gain (Loss) Recognized in OCI on Derivatives | December 27, 2025 |  | December 28, 2024 |  |  |  |  |  |  |  |
Cash flow hedge - derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | $ | 20 |  |  | $ | (8) |  |  |  |  |  |  |  |  |

Fair Value Hedges
We designate certain derivative contracts as fair value hedges of firm commitments to purchase livestock for harvest. Our objective of these hedges is to minimize the risk of changes in fair value created by fluctuations in commodity prices associated with fixed price livestock firm commitments. For these derivative instruments we designate and qualify as a fair value hedge, the gain or loss on the derivative, as well as the offsetting gain or loss on the hedged item attributable to the hedged risk, are recognized in earnings in the same period. We include the gain or loss on the hedged items (e.g., livestock purchase firm commitments) in the same line item, Cost of Sales, as the offsetting gain or loss on the related livestock forward position. Ineffectiveness related to fair value hedges was not significant for the three months ended December 27, 2025, and December 28, 2024. The following table sets forth the carrying amount of fair value hedge (assets) liabilities as of December 27, 2025 and September 27, 2025 (in millions):

Consolidated Condensed Balance Sheets Classification | December 27, 2025 |  | September 27, 2025 |  |  |  |
Inventory | $ | (8) |  |  | $ | 65 |  |  |  |  |

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Undesignated Positions
In addition to our designated positions, we also hold derivative contracts for which we do not apply hedge accounting. These include certain derivative instruments related to commodities price risk, including grains, livestock, energy and foreign currency risk. We mark these positions to fair value through earnings at each reporting date.
Reclassification to Earnings
The following table sets forth the total amounts of each income and expense line item presented in the Consolidated Condensed Statements of Income in which the effects of hedges are recorded (in millions):

Consolidated Condensed Statements of Income Classification | Three Months Ended |  |
December 27, 2025 |  | December 28, 2024 |  |  |  |
Cost of Sales | $ | 13,505 |  |  | $ | 12,528 |  |  |  |  |
Interest Expense | 104 |  |  | 120 |  |  |  |  |
Other, net | 84 |  |  | 7 |  |  |  |  |

The following table sets forth the pretax impact of the cash flow, fair value and undesignated derivative instruments in the Consolidated Condensed Statements of Income (in millions):

Consolidated Condensed Statements of Income Classification | Three Months Ended |  |
December 27, 2025 |  | December 28, 2024 |  |  |  |
Cost of Sales | Gain (Loss) on cash flow hedges reclassified from OCI to earnings: |  |  |  |  |  |  |
| Commodity contracts | $ | (9) |  |  | $ | (11) |  |  |  |  |
| Gain (Loss) on fair value hedges: |  |  |  |  |  |  |
| Commodity contracts (a) | (38) |  |  | (4) |  |  |  |  |
| Gain (Loss) on derivatives not designated as hedging instruments: |  |  |  |  |  |  |
| Commodity contracts | 35 |  |  | 8 |  |  |  |  |
Total |  | $ | (12) |  |  | $ | (7) |  |  |  |  |
Interest Expense | Gain (Loss) on cash flow hedges reclassified from OCI to earnings: |  |  |  |  |  |  |
| Interest rate contracts | $ | — |  |  | $ | (1) |  |  |  |  |
Other, net | Gain (Loss) on derivatives not designated as hedging instruments: |  |  |  |  |  |  |
| Foreign exchange contracts | $ | (2) |  |  | $ | 8 |  |  |  |  |

(a) Amounts represent gains/(losses) on commodity contracts designated as fair value hedges of firm commitments that were realized during the period presented, which were offset by a corresponding gain/(loss) on the underlying hedged inventory. Gains or losses related to changes in the fair value of unrealized commodity contracts, along with the offsetting gain or loss on the hedged inventory, are also marked-to-market through earnings with no impact on a net basis.
The fair value of all outstanding derivative instruments in the Consolidated Condensed Balance Sheets are included in Note 11: Fair Value Measurements.
NOTE 11: FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:
Level 1 — Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date.
Level 2 — Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including:
•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets in non-active markets;
•Inputs other than quoted prices that are observable for the asset or liability; and
•Inputs derived principally from or corroborated by other observable market data.
Level 3 — Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.
14

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.
The following tables set forth, by level within the fair value hierarchy, our financial assets and liabilities accounted for at fair value on a recurring basis, according to the valuation techniques we used to determine their fair values (in millions):

December 27, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Netting (a) |  | Total
Other Current Assets: |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Designated as hedges | $ | — |  |  | $ | 42 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 33 |
Undesignated | — |  |  | 52 |  |  | — |  |  | (10) |  |  | 42 |
Other Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities (non-current) | — |  |  | 90 |  |  | 28 |  |  | — |  |  | 118 |
Deferred compensation assets | 20 |  |  | 517 |  |  | — |  |  | — |  |  | 537 |
Total assets | $ | 20 |  |  | $ | 701 |  |  | $ | 28 |  |  | $ | (19) |  |  | $ | 730 |
Other Current Liabilities: |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Designated as hedges | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | (13) |  |  | $ | — |
Undesignated | — |  |  | 49 |  |  | — |  |  | (34) |  |  | 15 |
Total liabilities | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | (47) |  |  | $ | 15 |

September 27, 2025 | Level 1 |  | Level 2 |  | Level 3 |  | Netting (a) |  | Total
Other Current Assets: |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Designated as hedges | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 5 |
Undesignated | — |  |  | 113 |  |  | — |  |  | (20) |  |  | 93 |
Other Assets: |  |  |  |  |  |  |  |  |
Available-for-sale securities (non-current) | — |  |  | 90 |  |  | 27 |  |  | — |  |  | 117 |
Deferred compensation assets | 21 |  |  | 501 |  |  | — |  |  | — |  |  | 522 |
Total assets | $ | 21 |  |  | $ | 710 |  |  | $ | 27 |  |  | $ | (21) |  |  | $ | 737 |
Other Current Liabilities: |  |  |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |  |  |
Designated as hedges | $ | — |  |  | $ | 82 |  |  | $ | — |  |  | $ | (82) |  |  | $ | — |
Undesignated | — |  |  | 135 |  |  | — |  |  | (126) |  |  | 9 |
Total liabilities | $ | — |  |  | $ | 217 |  |  | $ | — |  |  | $ | (208) |  |  | $ | 9 |

(a) Our derivative assets and liabilities are presented in our Consolidated Condensed Balance Sheets on a net basis when a legally enforceable master netting arrangement exists between the counterparty to a derivative contract and us. Additionally, at December 27, 2025, and September 27, 2025, we had $28 million and $187 million, respectively, of net cash collateral with various counterparties where master netting arrangements exist and held no cash collateral.
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The following table provides a reconciliation between the beginning and ending balance of marketable debt securities measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in millions):

| Three Months Ended
| December 27, 2025 |  | December 28, 2024
Balance at beginning of year | $ | 27 |  |  | $ | 28 |
Total realized and unrealized gains (losses): |  |  |
Included in other comprehensive income (loss) | — |  |  | — |
Purchases | 3 |  |  | — |
Issuances | — |  |  | — |
Settlements | (2) |  |  | (3) |
Balance at end of period | $ | 28 |  |  | $ | 25 |
Total gains (losses) for the three month period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at end of period | $ | — |  |  | $ | — |

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
Derivative Assets and Liabilities
Our derivative financial instruments primarily include exchange-traded and over-the-counter contracts which are further described in Note 10: Derivative Financial Instruments. We record our derivative financial instruments at fair value using quoted market prices, adjusted where necessary for credit and non-performance risk and internal models that use readily observable market inputs as their basis, including current and forward market prices and rates. We classify these instruments in Level 2 when quoted market prices can be corroborated utilizing observable current and forward commodity market prices on active exchanges or observable market transactions.
Available-for-Sale Securities
Our investments in marketable debt securities are classified as available-for-sale and are reported at fair value based on pricing models and quoted market prices adjusted for credit and non-performance risk. Short-term investments with maturities of less than 12 months are included in Other current assets in the Consolidated Condensed Balance Sheets. All other marketable debt securities are included in Other Assets in the Consolidated Condensed Balance Sheets and have maturities ranging up to 43 years.
We classify our investments in U.S. government, U.S. agency, certificates of deposit and commercial paper debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. We classify certain corporate, asset-backed and other debt securities as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated condensed financial statements.
The following table sets forth our available-for-sale securities’ amortized cost basis, fair value and unrealized gain (loss) by significant investment category (in millions):

| December 27, 2025 |  | September 27, 2025
| Amortized Cost Basis |  | Fair Value |  | Unrealized Gain (Loss) |  | Amortized Cost Basis |  | Fair Value |  | Unrealized Gain (Loss)
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Debt securities: |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and agency | $ | 91 |  |  | $ | 90 |  |  | $ | (1) |  |  | $ | 91 |  |  | $ | 90 |  |  | $ | (1) |
Corporate and asset-backed | 28 |  |  | 28 |  |  | — |  |  | 27 |  |  | 27 |  |  | — |

Unrealized holding gains (losses), net of tax, are excluded from earnings and reported in OCI until the security is settled or sold. On a quarterly basis, we evaluate whether losses related to our available-for-sale securities are due to credit or non-credit factors. Losses on debt securities where we have the intent, or will more than likely be required, to sell the security prior to recovery, would be recorded as a direct write-off of amortized cost basis through earnings. Losses on debt securities where we do not have the intent, or would not more than likely be required to sell the security prior to recovery, would be further evaluated to determine whether the loss is credit or non-credit related. Credit-related losses would be recorded through an allowance for credit losses through earnings and non-credit related losses through OCI.
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We consider many factors in determining whether a loss is credit-related, including the financial condition and near-term prospects of the issuer, borrower repayment characteristics for asset-backed securities, and our ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. We recognized no direct write-offs or allowances for credit losses in earnings for the three months ended December 27, 2025, and December 28, 2024.
Deferred Compensation Assets
We maintain non-qualified deferred compensation plans for certain executives and other highly compensated team members. Investments are generally maintained within a trust and include money market funds, mutual funds and life insurance policies. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The investments are recorded at fair value based on quoted market prices and are included in Other Assets in the Consolidated Condensed Balance Sheets. We classify the investments which have observable market prices in active markets in Level 1 as these are generally publicly-traded mutual funds. The remaining deferred compensation assets are classified in Level 2, as fair value can be corroborated based on observable market data. Realized and unrealized gains (losses) on deferred compensation are included in earnings.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
In addition to assets and liabilities that are recorded at fair value on a recurring basis, we record assets and liabilities at fair value on a nonrecurring basis. Generally, assets are recorded at fair value on a nonrecurring basis as a result of impairment charges and, with respect to our equity investments without readily determinable fair values, recorded by applying the measurement alternative for which such investments are recorded at cost and adjusted for an observable price change in an orderly transaction for an identical or similar investment of the same issuer.
During the first quarter of fiscal 2026, we recorded impairment charges of $75 million in Other, net in the Consolidated Statements of Income, related to our equity investments. These equity investments are included in Other Assets in the Consolidated Balance Sheets, do not have readily determinable fair values and were measured using a market approach which utilized Level 3 inputs. We did not have any other significant measurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the three months ended December 27, 2025 and December 28, 2024.
Other Financial Instruments
Fair value of our debt is principally estimated using Level 2 inputs based on quoted prices for those or similar instruments. Fair value and carrying value for our debt are as follows (in millions):

| December 27, 2025 |  | September 27, 2025
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Total debt | $ | 8,232 |  |  | $ | 8,362 |  |  | $ | 8,658 |  |  | $ | 8,830 |

NOTE 12: OTHER COMPREHENSIVE INCOME (LOSS)
The before and after-tax changes in the components of other comprehensive income (loss) are as follows (in millions):

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
| Before Tax | Tax | After Tax |  | Before Tax | Tax | After Tax |  |  |  |  |  |  |  |
Derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss reclassified to interest expense | $ | — |  | $ | — |  | $ | — |  |  | $ | 1 |  | $ | — |  | $ | 1 |  |  |  |  |  |  |  |  |
(Gain) loss reclassified to cost of sales | 9 |  | (3) |  | 6 |  |  | 11 |  | (3) |  | 8 |  |  |  |  |  |  |  |  |
Unrealized gain (loss) | 20 |  | (5) |  | 15 |  |  | (8) |  | 2 |  | (6) |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) | — |  | — |  | — |  |  | (2) |  | — |  | (2) |  |  |  |  |  |  |  |  |
Currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment(a) | 33 |  | (1) |  | 32 |  |  | (112) |  | 4 |  | (108) |  |  |  |  |  |  |  |  |
Translation loss reclassified to cost of sales | — |  | — |  | — |  |  | 3 |  | — |  | 3 |  |  |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | 62 |  | $ | (9) |  | $ | 53 |  |  | $ | (107) |  | $ | 3 |  | $ | (104) |  |  |  |  |  |  |  |  |

(a) Before and after tax translation adjustment for the three months ended December 27, 2025 and December 28, 2024 included $5 million and $(7) million of Comprehensive Income (Loss) Attributable to Noncontrolling Interests, respectively.
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NOTE 13: SEGMENT REPORTING
We operate in five reportable segments: Beef, Pork, Chicken, Prepared Foods and International. We measure segment profit as segment operating income (loss). Previously, International was a non-reportable segment and was presented within International/Other. Effective in the first quarter of fiscal 2026, International was identified as a reportable segment.
Our President and Chief Executive Officer is the Chief Operating Decision Maker ("CODM") of the Company. Commencing in the first quarter of fiscal 2026, we no longer allocate corporate expenses and amortization to our segments as these items are no longer used by our CODM in assessing the performance of, or in allocating resources to, the segments. The CODM uses segment operating income (loss) as the segment profitability measure to assess performance and allocate resources. Segment operating income (loss) is now defined as Operating Income (Loss) less corporate expenses and amortization to account for the changes to our segment results described above. 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) is utilized during our budgeting and forecasting process to assess profitability and to enable decision making regarding strategic initiatives and capital investments across all reportable segments. Our CODM considers variances of actual performance to our annual operating plan and periodic forecasts when making decisions. All prior period amounts have been recast to reflect the new presentation of segment operating income (loss).
Significant expenses are expenses which are regularly provided to the CODM and are included in segment operating income (loss). These consist of segment cost of sales, segment selling, general and administrative expenses, and various items affecting comparability. Segment Cost of Sales includes raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, food safety and quality assurance costs and transportation and warehousing expenses, excluding the impact of items affecting comparability. Segment Selling, General and Administrative expenses include the costs to execute sales to customers, costs related to selling, marketing, advertising and promotional activities and other general and administrative operating costs that are not directly related to manufacturing as well as other expense items, excluding the impact of items affecting comparability. 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.
Beef
Beef includes our operations related to processing live fed cattle and fabricating dressed beef carcasses into primal and sub-primal meat cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes sales from specialty products such as hides, rendered products and variety meats, as well as logistics operations to move products through the supply chain.
Pork
Pork includes our operations related to processing live market hogs and fabricating pork carcasses into primal and sub-primal cuts and case-ready products. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes our live swine group, related specialty product processing activities and logistics operations to move products through the supply chain.
Chicken
Chicken includes our domestic operations related to raising and processing live chickens into, and purchasing raw materials for fresh, frozen and value-added chicken products, as well as sales from specialty products. Our value-added chicken products primarily include breaded chicken strips, nuggets, patties and other ready-to-fix or fully cooked chicken parts. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, convenience stores, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets. This segment also includes logistics operations to move products through our domestic supply chain and the global operations of our chicken breeding stock subsidiary.
Prepared Foods
Prepared Foods includes our operations related to manufacturing and marketing frozen and refrigerated food products and logistics operations to move products through the supply chain. This segment includes brands such as Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, as well as artisanal brands Aidells® and Gallo Salame®. Products primarily include a mixture of ready-to-cook and ready-to-eat sandwiches, sandwich components such as flame-grilled hamburgers and Philly steaks, pepperoni, bacon, breakfast sausage, turkey, lunchmeat, hot dogs, flour and corn tortilla products, appetizers, snacks, prepared meals, ethnic foods, side dishes, meat dishes, breadsticks and processed meats. Products are marketed domestically to food retailers, foodservice distributors, restaurant operators, convenience stores, hotel chains and noncommercial foodservice establishments such as schools, healthcare facilities, the military and other food processors, as well as to international export markets.
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International
International includes our foreign operations in China, Europe, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia related to raising and processing live chickens into and purchasing raw materials for fresh, frozen and value-added chicken products as well as the distribution of chicken products and other protein and non-protein food products. Products are marketed to foodservice distributors and retailers and to other international markets.
Intersegment sales transactions, which were at market prices, are included in the segment sales in the tables below. Expenses, amortization, assets and additions to property, plant and equipment, relating to corporate activities, as well as cash and cash equivalents, benefit plans, and certain investments, are not allocated to segments in the tables below.
Information on segments and a reconciliation to income (loss) before income taxes are as follows (in millions):

|  |  |  |  |  |  |  |  |  |  | Three months ended December 27, 2025
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International |  | Intersegment |  | Total
Sales(a) | $ | 5,771 |  |  | $ | 1,609 |  |  | $ | 4,212 |  |  | $ | 2,673 |  |  |  |  | $ | 582 |  |  | $ | (534) |  |  | $ | 14,313 |
Segment Cost of Sales | 5,982 |  |  | 1,551 |  |  | 3,653 |  |  | 2,228 |  |  |  |  | 510 |  |  | (534) |  |  |
Segment Selling, General and Administrative | 22 |  |  | 7 |  |  | 100 |  |  | 107 |  |  |  |  | 26 |  |  | — |  |  |
Restructuring and related charges | 86 |  |  | 1 |  |  | 9 |  |  | 16 |  |  |  |  | — |  |  | — |  |  |
Legal contingency accruals | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 5 |  |  | — |  |  |
Segment Operating Income (Loss) | $ | (319) |  |  | $ | 50 |  |  | $ | 450 |  |  | $ | 322 |  |  |  |  | $ | 41 |  |  | $ | — |  |  | $ | 544 |
Corporate expenses(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (188) |
Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (54) |
Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 302 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (13) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 104 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 84 |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 127 |
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International |  | Unallocated (Corporate) |  | Total
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation | $ | 90 |  |  | $ | 15 |  |  | $ | 131 |  |  | $ | 59 |  |  |  |  | $ | 15 |  |  | $ | 9 |  |  | $ | 319 |
Total Assets | 3,621 |  |  | 1,455 |  |  | 11,870 |  |  | 14,617 |  |  |  |  | 1,828 |  |  | 2,628 |  |  | 36,019 |
Additions to property, plant and equipment | 28 |  |  | 13 |  |  | 151 |  |  | 46 |  |  |  |  | 11 |  |  | 3 |  |  | 252 |

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|  |  |  |  |  |  |  |  |  |  | Three months ended December 28, 2024
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International |  | Intersegment |  | Total
Sales | $ | 5,335 |  |  | $ | 1,617 |  |  | $ | 4,065 |  |  | $ | 2,473 |  |  |  |  | $ | 584 |  |  | $ | (451) |  |  | $ | 13,623 |
Segment Cost of Sales | 5,305 |  |  | 1,536 |  |  | 3,484 |  |  | 2,064 |  |  |  |  | 513 |  |  | (451) |  |  |
Segment Selling, General and Administrative | 24 |  |  | 8 |  |  | 110 |  |  | 87 |  |  |  |  | 25 |  |  | — |  |  |
Restructuring and related charges | 32 |  |  | — |  |  | 11 |  |  | 25 |  |  |  |  | 5 |  |  | — |  |  |
Segment Operating Income (Loss) | $ | (26) |  |  | $ | 73 |  |  | $ | 460 |  |  | $ | 297 |  |  |  |  | $ | 41 |  |  | $ | — |  |  | $ | 845 |
Corporate expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (201) |
Amortization(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (64) |
Operating Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 580 |
Other (Income) Expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (25) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 120 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7 |
Income (Loss) before Income Taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 478 |
| Beef |  | Pork |  | Chicken |  | Prepared Foods |  |  |  | International |  | Unallocated (Corporate) |  | Total
Other segment information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation | $ | 54 |  |  | $ | 14 |  |  | $ | 129 |  |  | $ | 62 |  |  |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | 281 |
Total Assets | 3,608 |  |  | 1,523 |  |  | 11,892 |  |  | 14,847 |  |  |  |  | 1,774 |  |  | 3,666 |  |  | 37,310 |
Additions to property, plant and equipment | 32 |  |  | 19 |  |  | 143 |  |  | 43 |  |  |  |  | 13 |  |  | 21 |  |  | 271 |

(a) Includes $90 million and $60 million of legal contingency accruals for the Beef and Pork segments, respectively.
(b) Includes $3 million of restructuring and related charges.
(c) Includes $6 million of accelerated amortization related to brand and product line discontinuations.
The following tables further disaggregate our sales to customers by major distribution channels (in millions):

| Three months ended December 27, 2025
| Retail(d) |  | Foodservice(e) |  | International(f) |  | Industrial and Other(g) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,902 |  |  | $ | 1,604 |  |  | $ | 542 |  |  | $ | 575 |  |  | $ | 5,623 |  |  | $ | 148 |  |  | $ | 5,771 |
Pork | 503 |  |  | 170 |  |  | 357 |  |  | 220 |  |  | 1,250 |  |  | 359 |  |  | 1,609 |
Chicken | 1,767 |  |  | 1,648 |  |  | 267 |  |  | 507 |  |  | 4,189 |  |  | 23 |  |  | 4,212 |
Prepared Foods | 1,587 |  |  | 943 |  |  | 66 |  |  | 73 |  |  | 2,669 |  |  | 4 |  |  | 2,673 |
International | — |  |  | — |  |  | 582 |  |  | — |  |  | 582 |  |  | — |  |  | 582 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (534) |  |  | (534) |
Total | $ | 6,759 |  |  | $ | 4,365 |  |  | $ | 1,814 |  |  | $ | 1,375 |  |  | $ | 14,313 |  |  | $ | — |  |  | $ | 14,313 |

| Three months ended December 28, 2024
| Retail(d) |  | Foodservice(e) |  | International(f) |  | Industrial and Other(g) |  | Total External Customers |  | Intersegment |  | Total
Beef | $ | 2,657 |  |  | $ | 1,366 |  |  | $ | 655 |  |  | $ | 549 |  |  | $ | 5,227 |  |  | $ | 108 |  |  | $ | 5,335 |
Pork | 553 |  |  | 126 |  |  | 331 |  |  | 285 |  |  | 1,295 |  |  | 322 |  |  | 1,617 |
Chicken | 1,658 |  |  | 1,652 |  |  | 269 |  |  | 465 |  |  | 4,044 |  |  | 21 |  |  | 4,065 |
Prepared Foods | 1,472 |  |  | 894 |  |  | 57 |  |  | 50 |  |  | 2,473 |  |  | — |  |  | 2,473 |
International | — |  |  | — |  |  | 584 |  |  | — |  |  | 584 |  |  | — |  |  | 584 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (451) |  |  | (451) |
Total | $ | 6,340 |  |  | $ | 4,038 |  |  | $ | 1,896 |  |  | $ | 1,349 |  |  | $ | 13,623 |  |  | $ | — |  |  | $ | 13,623 |

(d) Includes external sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers.
(e) Includes external sales to fo odservice distr ibutors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
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(f) Includes external sales to international markets for internationally produced products or export sales of domestically produced products.
(g) 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. A dditionally, during the three months ended December 27, 2025, Beef and Pork segments included a $90 million and $60 million reduction in Other, respectively, due to the recognition of legal contingency ac cruals.
NOTE 14: COMMITMENTS AND CONTINGENCIES
Commitments
We guarantee obligations of certain outside third parties, consisting primarily of grower loans, which are substantially collateralized by the underlying assets. The remaining terms of the underlying obligations cover periods up to 6 years, and the maximum potential amount of future payments as of December 27, 2025, was not significant. The likelihood of material payments under these guarantees is not considered probable. At December 27, 2025 and September 27, 2025, no significant liabilities for guarantees were recorded.
We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum commitment associated with these programs is limited to the fair value of each participating livestock supplier’s net tangible assets. The potential maximum commitment as of December 27, 2025 was approximately $155 million. At December 27, 2025 and September 27, 2025, we did not have significant net receivables outstanding under these programs.
When constructing new facilities or making major enhancements to existing facilities, we will occasionally enter into incentive agreements with local government agencies in order to reduce certain state and local tax expenditures. These funds are generally considered restricted cash, which is reported in the Consolidated Condensed Balance Sheets in Other Assets. We had no deposits at December 27, 2025 and September 27, 2025. Additionally, under certain agreements, we transfer the related assets to various local government entities and receive Industrial Revenue Bonds. We immediately lease the facilities from the local government entities and have an option to re-purchase the facilities for a nominal amount upon tendering the Industrial Revenue Bonds to the local government entities at various predetermined dates. The Industrial Revenue Bonds and the associated obligations for the leases of the facilities offset, and the underlying assets remain in property, plant and equipment. At December 27, 2025, the total amount under these types of arrangements totaled $787 million.
Contingencies
In the normal course of business, we are involved in various claims, lawsuits, investigations and legal proceedings, including those specifically identified below. Each quarter, we determine whether to accrue for loss contingencies based on our assessment of whether the potential loss is probable, reasonably possible or remote and to the extent a loss is probable, whether it is reasonably estimable. We record accruals in the Company’s Consolidated Financial Statements for matters that we conclude are probable and the financial impact is reasonably estimable. The Company further determines whether a range of possible loss, if any, in excess of the recorded accrual is reasonably estimable. Regardless of the manner of resolution, frequently the most significant changes in the status of a matter may occur over a short time period, often following a lengthy period of little substantive activity. While these accruals reflect the Company’s best estimate of the probable loss for those matters as of the dates of those accruals, the recorded amounts may differ materially from the actual amount of the losses for those matters. Listed below are certain claims made against the Company for which the magnitude of the potential exposure could be material to the Company’s Consolidated Financial Statements.
Broiler Antitrust Civil Litigation and Related Matters
Beginning in September 2016, a series of putative federal class action lawsuits styled In re Broiler Chicken Antitrust Litigation (the “Broiler Antitrust Civil Litigation”) were filed in the United States District Court for the Northern District of Illinois against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats, Inc. ("Agri Stats"), an information service provider. As described below, the Company reached agreements to settle all outstanding claims brought against it by the putative classes, and the Court has granted final approval to these settlements.
Certain putative class members chose to opt out of the classes and pursue individual claims against the Company and other defendants in the United States District Court for the Northern District of Illinois. The operative complaints allege that beginning in January 2008, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of broiler chickens and that the defendants manipulated and artificially inflated the Georgia Dock price index. The plaintiffs further allege that the defendants concealed this conduct from the plaintiffs and the members of the putative classes. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees under the United States antitrust laws and various state unfair competition laws, consumer protection laws, and unjust enrichment common laws.
The Court divided the case into two tracks. Plaintiffs electing to proceed in the first track (“Track One”) chose to forego claims relating to the DOJ criminal investigation described below. Plaintiffs electing to proceed in the second track (“Track Two”) could pursue those claims but needed to wait until the completion of the Track One proceedings before doing so.
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The first trial in this matter, which involved claims brought by the Direct Purchaser Plaintiff Class and certain direct-action plaintiffs, began on September 12, 2023 and concluded with a jury verdict in favor of the defendant on October 25, 2023. The Company did not participate in the first trial because it had previously settled all of the claims brought by the plaintiffs that participated in that trial. The second and third scheduled trials in this matter, which were to involve claims brought by the Commercial and Institutional Indirect Purchaser Class and the End-User Consumer Plaintiff Class, respectively, were scheduled to begin in March 2024 and September 2024, respectively. Both of these trials were cancelled because all claims brought by these classes were resolved before trial. This completed the Track One proceedings.
On February 11, 2025, the Court denied the defendants’ motion to dismiss the allegations brought by the Track Two plaintiffs. On March 7, 2025, the Court lifted the stay of discovery that had applied to the Track Two claims, with fact discovery currently ongoing. The Court entered a case schedule under which the first Track Two trial will begin in September 2027.
Settlements
On January 19, 2021, we announced that we had reached agreements to settle certain class claims related to the Broiler Antitrust Civil Litigation. Settlement terms were reached with the putative Direct Purchaser Plaintiff Class, the putative Commercial and Institutional Indirect Purchaser Plaintiff Class and the putative End-User Plaintiff Class (collectively, the “Classes”). Under the terms of the settlements, we agreed to pay the Classes an aggregate amount of $221.5 million in settlement of all outstanding claims brought by the Classes. On June 29, 2021, December 20, 2021 and April 18, 2022, the Court granted final approval to the settlements with the Direct Purchaser Plaintiff Class, the End-User Plaintiff Class and the Commercial and Institutional Indirect Purchaser Plaintiff Class, respectively. The foregoing settlements do not settle claims made by plaintiffs who have opted out of the Classes in the Broiler Antitrust Civil Litigation.
We are currently pursuing settlement discussions with the remaining opt-out plaintiffs with respect to the remaining claims. While we do not admit any liability as part of the settlements, we believe that the settlements we have entered into have been in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation.
Government Investigations
U.S. Department of Justice (“DOJ”) Antitrust Division. On June 21, 2019, the DOJ filed a motion to intervene and sought a limited stay of discovery in the Broiler Antitrust Civil Litigation, which the court granted in part. Subsequently, we received a grand jury subpoena from the DOJ seeking additional documents and information related to the chicken industry. On June 2, 2020, a grand jury for the District of Colorado returned an indictment charging four individual executives employed by two other poultry processing companies with conspiracy to engage in bid-rigging in violation of federal antitrust laws. On June 10, 2020, we announced that we uncovered information in connection with the grand jury subpoena that we had previously self-reported to the DOJ and have been cooperating with the DOJ as part of our application for leniency under the DOJ’s Corporate Leniency Program. Subsequently, the DOJ announced indictments against additional individuals, as well as other poultry processing companies, alleging a conspiracy to fix prices and rig bids for broiler chicken products from at least 2012 until at least early 2019. None of these indictments remain pending. In August 2021, the Company was granted conditional leniency by the DOJ for the matters we self-reported, which means that provided the Company continues to cooperate with the DOJ, neither the Company nor any of our cooperating employees will face prosecution or criminal fines or penalties. We continue to cooperate with the DOJ in connection with the ongoing federal antitrust investigation.
State Attorney General Matters. The Offices of the Attorneys General in Washington, New Mexico and Alaska have filed complaints against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats based on allegations similar to those asserted in the Broiler Antitrust Civil Litigation. These complaints alleged violations of state antitrust, unfair trade practice, and unjust enrichment laws. We are cooperating with various state governmental agencies and officials, including the Offices of the Attorneys General for Florida and Louisiana, investigating or otherwise seeking information, testimony and/or documents, regarding the conduct alleged in the Broiler Antitrust Civil Litigation and related matters. In October 2022, we reached an agreement to settle all claims with the Washington Attorney General, and the court entered a consent decree on October 24, 2022. On February 16, 2024, the Company and the State of Alaska filed a stipulation and proposed consent decree reflecting a settlement of the claims against the Company asserted by the Office of the Attorney General of Alaska. The court approved this settlement on April 24, 2024. On April 19, 2024, the Company and the State of New Mexico filed a proposed consent judgment reflecting a settlement of the claims against the Company asserted by the Office of the Attorney General of New Mexico. The Court approved this settlement on July 23, 2024. While the Company believes it has meritorious defenses to the claims that have been made, we believe that these settlements are in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation.
The legal contingency accrual for claims related to the Broiler Antitrust Civil Litigation matters described above was $64 million a t December 27, 2025 and September 27, 2025. During the three months ended December 27, 2025 and December 28, 2024, the Company did not record any contingency accruals for claims related to these matters. Additionally, during the first quarter of fiscal 2025, the Company reduced its total recorded legal contingency accrual by $21 million for amounts it had paid related to these matters. The Company does not believe that a range of possible loss, if any, in excess of the recorded accrual is reasonably estimable at this time. However, if facts and circumstances of the matter or assumptions based on present conditions used to determine our estimated liability were to significantly change, we may be exposed to additional material losses.
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Pork Antitrust Litigation
Beginning June 18, 2018, a series of putative class action complaints were filed against us and certain of our pork subsidiaries, as well as several other pork processing companies, in the United States District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the “Pork Antitrust Civil Litigation”). The plaintiffs allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products in violation of federal antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees on behalf of the putative classes. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may try to do so in the future.
The Offices of the Attorney General in New Mexico and Alaska have filed complaints against us and certain of our pork subsidiaries, as well as several other pork processing companies and Agri Stats. The complaints are based on allegations similar to those asserted in the Pork Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to exchange information and manipulate the supply of pork. On October 18, 2024, we reached a settlement with the State of Alaska to resolve all claims made against the Company for an immaterial amount. The court approved the settlement on January 7, 2025. On May 9, 2025, the Company reached an agreement in principle with the State of New Mexico to resolve all claims made against the Company for an immaterial amount. The court approved the settlement on August 11, 2025. While the Company believes it has meritorious defenses to the claims that have been made, we believe that this settlement is in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation.
In the third quarter of fiscal 2024, we filed and joined motions for summary judgment. On March 31, 2025, the court denied those summary judgment motions as to the claims against the Company. The Company anticipates multiple trials in this matter in various federal districts, with various classes of plaintiffs as well as opt-out plaintiffs, with the first trial expected to begin in fiscal 2026. While we believe we have valid and meritorious defenses to the claims that have been made in the Pork Antitrust Civil Litigation, we have entered into and are further exploring the possibility of entering into settlements with plaintiff classes and opt-out plaintiffs in the Pork Antitrust Civil Litigation and related matters as a way to avoid the uncertainty, risk, expense and distraction of protracted litigation. On April 11, 2025, the Company reached an agreement in principle with the direct purchase class plaintiffs to settle their claims in this matter for an aggregate of $50 million. On April 28, 2025, the Court granted preliminary approval of this settlement. On September 25, 2025, the Company reached an agreement with the consumer indirect purchaser class to settle their claims in this matter for an aggregate of $85 million. On November 7, 2025, the Court granted preliminary approval of this settlement. On December 31, 2025, the Company executed an agreement with the commercial and institutional indirect plaintiff class to settle their claims in this matter for an aggregate of $48 million. This agreement is subject to court approval.
At December 27, 2025 and September 27, 2025, the legal contingency accrual for claims related to the Pork Antitrust Civil Litigation matter described above was $206 million and $268 million, respectively. During the three months ended December 27, 2025, the Company increased the contingency accrual for claims related to this matter by $60 million and made $122 million of payments. During the three months ended December 28, 2024, the Company did not record any contingency accruals or make any payments for claims related to these matters. The Company does not believe that a range of possible loss, if any, in excess of the recorded accrual is reasonably estimable at this time. However, if facts and circumstances of the matter or assumptions based on present conditions used to determine our estimated liability were to significantly change, we may be exposed to additional material losses.
Beef Antitrust Litigation and Related Matters
Beginning on April 23, 2019, a series of class action complaints were filed against us and our beef and pork subsidiary, Tyson Fresh Meats, Inc. (“Tyson Fresh Meats”), as well as other beef packer defendants, in various federal district courts, including the United States District Court for the Northern District of Illinois, the United States District Court for the District of Minnesota, and the United States District Court for the District of Kansas, by putative classes of direct purchasers, cattle ranchers, indirect purchasers, and indirect cattle producers. The putative classes in these cases allege that the defendants engaged in one or more conspiracies beginning in roughly January 2015 with the aim of reducing fed cattle prices, manipulating the price of live cattle futures and options traded on the Chicago Mercantile Exchange, artificially increasing the cost of beef, and reducing the price of cows, cattle, calves, steers or heifers. The putative classes allege that this conduct violated federal antitrust laws, the Grain Inspection, Packers and Stockyards Act of 1921, the Commodities Exchange Act, and various state unfair competition, consumer protection, and unjust enrichment laws. Their complaints seek, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Since the original filing, certain putative class members have opted out of the matter and are proceeding with individual direct actions making similar claims, and others may do so in the future. These cases have been transferred to the United States District Court for the District of Minnesota for pretrial purposes. The fact discovery phase ended in early April 2025, and the parties are now engaged in expert discovery. Additionally, the putative classes filed motions for class certification on September 25, 2024, which remain pending before the court.
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On September 29, 2025, the Company reached an agreement with the consumer indirect purchaser plaintiff class to settle their claims in this matter for an aggregate of $55 million. The Court granted preliminary approval to this settlement on December 10, 2025. On December 12, 2025, the Company reached an agreement in principle with the direct purchaser plaintiff class to settle their claims in this matter for an aggregate of $80 million plus $2.5 million in administrative expenses, subject to court approval. Also on December 12, 2025, the Company reached an agreement in principle with the commercial and institutional indirect plaintiff class to settle their claims in this matter for an aggregate of $47 million, subject to court approval.
On February 18, 2022, a putative class action was commenced against us, Tyson Fresh Meats, and other beef packer defendants in the Supreme Court of British Columbia styled Bui v. Cargill, Incorporated et al. The putative class is comprised of direct and indirect beef purchasers in Canada between January 1, 2015 and the present, and alleges that the defendants conspired to fix, maintain, increase, or control the price of beef, as well as to fix, maintain, control, prevent, or lessen the production or supply of beef. The complaint alleges a violation of the Competition Act, civil conspiracy, unjust enrichment, and a violation of the Civil Code of Québec. It seeks declarations regarding the alleged conspiracy, general damages, aggravated, exemplary, and punitive damages, injunctive relief, costs, and interest. On March 24, 2022, a putative class action was commenced against the same defendants in the Superior Court of Québec styled De Bellefeuille v. Cargill, Incorporated et al, raising substantially similar allegations and seeking compensatory damages, costs of investigation and interest.
While we believe we have valid and meritorious defenses to the claims that have been made in the Beef Antitrust Civil Litigation and related matters, we have entered into and continue to explore opportunities to reach settlements if it would be in the best interest of the Company, as doing so could avoid the uncertainty, risk, expense and distraction of protracted litigation.
We have received civil investigative demands (“CIDs”) from the DOJ’s Civil Antitrust Division. The CIDs request information related to the Company’s beef business. We continue to cooperate with the DOJ with respect to the CIDs.
At December 27, 2025 and September 27, 2025, the legal contingency accrual for claims related to the Beef Antitrust Civil Litigation matter described above was $353 million and $318 million, respectively. During the three months ended December 27, 2025, the Company increased the contingency accrual for claims related to this matter by $90 million and made $55 million of payments. During the three months ended December 28, 2024, the Company did not record any contingency accruals or make any payments for claims related to these matters. The Company does not believe that a range of possible loss, if any, in excess of the recorded accrual is reasonably estimable at this time. However, if facts and circumstances of the matter or assumptions based on present conditions used to determine our estimated liability were to significantly change, we may be exposed to additional material losses.
Wage Rate Litigation and Related Matters
Poultry. On August 30, 2019, a putative class of non-supervisory production and maintenance employees at chicken processing plants in the continental United States filed class action complaints against us and certain of our subsidiaries, as well as several other poultry processing companies, in the United States District Court for the District of Maryland. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for non-supervisory production and maintenance workers in violation of federal antitrust laws. Additional lawsuits making similar allegations were consolidated including an amended consolidated complaint containing additional allegations concerning turkey processing plants naming additional defendants. Following mediation, on June 14, 2024, the Company reached an agreement in principle with the putative class plaintiffs to settle all claims in the case for an aggregate amount of $115.5 million. On February 11, 2025, the court entered an order granting preliminary approval of the settlement, and on June 5, 2025, the court entered an order granting final approval of the settlement. While we believe we had valid and meritorious defenses against the allegations, we also believe that the proposed settlement is in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation. During fiscal 2025, settlement payments of the accrued amount were paid as a result of the preliminary court approval. At September 27, 2025, there was no remaining accrual re lated to the Poultry wage rate litigation matter described above.
In December 2025 and January 2026, three groups comprising in the aggregate of less than 300 individuals who had opted out of the Poultry wage rate litigation class filed complaints against the Company and other Poultry wage rate litigation defendants in the Circuit Courts of Barbour County and Bullock County, Alabama. The complaints repeat the essential factual allegations from the Poultry wage rate litigation but assert solely state-law claims. The Company believes it has valid and meritorious defenses against these allegations, and has not recorded any liability for these complaints as it does not believe a loss is probable, nor does it believe that a range of possible loss, if any, is reasonably estimable at this time.
The DOJ’s Antitrust Division has opened a civil investigation into human resources at several poultry companies. We are cooperating with the investigation. The Company has not recorded any liability for this matter as it does not believe a loss is probable, nor does it believe that a range of possible loss, if any, is reasonably estimable at this time.
Fresh Meats. On November 11, 2022, a putative class of employees at beef-processing and pork-processing plants in the continental United States filed a class action complaint against us and certain of our subsidiaries, as well as several other beef-processing and pork-processing companies, in the United States District Court for the District of Colorado. The plaintiffs allege that the defendants directly and through a wage survey and benchmarking service exchanged information regarding labor rates in an effort to depress and fix the rates of wages for employees in violation of federal antitrust laws.
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On December 22, 2023, after a mediation between the parties, the Company reached an agreement in principle with the putative class plaintiffs to settle their claims against the Company. While we believe we have valid and meritorious defenses against the allegations, we believe that the proposed settlement is in the best interests of the Company and its shareholders to avoid the uncertainty, risk, expense and distraction of protracted litigation. Under the terms of the settlement, the Company agreed to pay the putative class an aggregate amount of $72.5 million to completely resolve all claims made against the Company in this matter. The court approved the settlement on January 15, 2025, which was paid during the second quarter of fiscal 2025.
Other Matters
Our subsidiary, The Hillshire Brands Company (formerly named Sara Lee Corporation), is a party to a consolidation of cases filed by individual complainants with the Republic of the Philippines, Department of Labor and Employment and the National Labor Relations Commission (“NLRC”) from 1998 through July 1999. The complaint was filed against Aris Philippines, Inc., Sara Lee Corporation, Sara Lee Philippines, Inc., Fashion Accessories Philippines, Inc., and Attorney Cesar C. Cruz (collectively, the “respondents”). The complaint alleges, among other things, that the respondents engaged in unfair labor practices in connection with the termination of manufacturing operations in the Philippines in 1995 by Aris Philippines, Inc., a former subsidiary of The Hillshire Brands Company. In late 2004, a labor arbiter ruled against the respondents and awarded the complainants approximately $59 million in damages and fees. From 2004 through 2014, the parties filed numerous appeals, motions for reconsideration and petitions for review, certain of which remained outstanding for several years. On December 15, 2016, we learned that the NLRC rendered its decision on November 29, 2016, regarding the respondents’ appeals from the labor arbiter’s 2004 ruling in favor of the complainants. The NLRC increased the award for 4,922 of the total 5,984 complainants to approximately $253 million. However, the NLRC approved a prior settlement reached with the group comprising approximately 18% of the class of 5,984 complainants, pursuant to which The Hillshire Brands Company agreed to pay each settling complainant approximately $1,155. The parties filed numerous appeals, motions for reconsideration and petitions for review related to the NLRC award and settlement payment. The Court of Appeals of the Philippines subsequently vacated the NLRC’s award on April 12, 2018. Complainants filed motions for reconsideration with the Court of Appeals which were denied. Claimants have since filed petitions for writ of certiorari with the Supreme Court of the Philippines, which have been accepted. The Company continues to maintain an accrual in an immaterial amount for estimated probable losses for this matter in the Company’s Consolidated Financial Statements. The Company does not believe that a range of possible loss, if any, in excess of the recorded accrual is reasonably estimable at this time.
For a tax-related matter involving the Company, refer to Part I, Item 1. Notes to the Consolidated Condensed Financial Statements, Note 8: Income Tax.
Various claims have been asserted against the Company, its subsidiaries, and its officers and agents by, and on behalf of, team members who claim to have contracted COVID-19 in our facilities. The Company has not recorded any liability for these matters as it does not believe a loss is probable, nor does it believe that a range of possible loss, if any, is reasonably estimable at this time, because it believes the allegations in the claims are without merit and that the Company has valid and meritorious defenses against the allegations.
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
OBJECTIVE
The following discussion provides an analysis of the Company’s financial condition, cash flows and results of operations from management’s perspective and should be read in conjunction with the consolidated condensed financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and within the Company’s Annual Report on Form 10-K filed for the fiscal year ended September 27, 2025. Our objective is to also provide discussion of events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides understanding of our financial condition, cash flows and results of operations.
RESULTS OF OPERATIONS
Segment Changes
We operate in five reportable segments: Beef, Pork, Chicken, Prepared Foods and International. We measure segment profit as segment operating income (loss). Previously, International was a non-reportable segment and was presented within International/Other. Effective in the first quarter of fiscal 2026, International was identified as a reportable segment.
Our President and Chief Executive Officer is the Chief Operating Decision Maker ("CODM") of the Company. Commencing in the first quarter of fiscal 2026, we no longer allocate corporate expenses and amortization to our segments as these items are no longer used by our CODM in assessing the performance of, and allocating resources to, the segments. Segment operating income (loss) is now defined as Operating Income (Loss) less corporate expenses and amortization to account for these changes. 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. All prior period amounts have been recast to reflect the new presentation of segment operating income (loss).
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Description of the Company
We are 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 TM 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. Some of the key factors influencing our business are customer demand for our products; the ability to maintain and grow relationships with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our products; the cost and availability of live cattle and hogs, raw materials and feed ingredients; availability of team members to operate our production facilities; and operating efficiencies of our facilities.
Overview
General
Sales grew 5%, or $690 million in the first quarter of fiscal 2026, driven by increased sales in our Beef, Chicken and Prepared Foods segments, partially offset by decreased sales in our Pork and International segments. Operating income of $302 million for the first quarter of fiscal 2026 was down 48% as compared to the first quarter of fiscal 2025, as we experienced lower segment operating income in our Beef, Pork and Chicken segments, partially offset by higher segment operating income in our Prepared Foods segment and lower corporate expenses and amortization. In the first quarter of fiscal 2026, our operating income was impacted by $115 million of restructuring and related charges and $155 million of legal contingency accruals. In the first quarter of fiscal 2025, our operating income was impacted by $73 million of restructuring and related charges and $6 million in brand and product line discontinuation charges.
Market Environment
According to the United States Department of Agriculture, domestic protein production (beef, pork, chicken and turkey) remained relatively flat in the first quarter of fiscal 2026 as compared to the same period in fiscal 2025. The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs. Additionally, uncertainty exists regarding the timing of the anticipated cattle herd rebuilding. The Pork segment experienced sufficient supply of market-ready hogs and increased hog costs. The Chicken segment experienced reduced feed ingredient costs in the first three months of fiscal 2026. The Prepared Foods segment is currently experiencing increased raw material costs primarily due to higher meat costs. Additionally, the International segment is currently experiencing increased raw material costs.
We are subject to changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions through our international sales and operations. Our exports account for less than 10% of our business, primarily composed of chicken leg quarters and paws, boxed beef and variety meats of all proteins. As a result of changes in trade policies and tariffs both domestically and internationally, we may experience some sales disruptions and other impacts associated with tariffs. There is uncertainty regarding the impact changes may have on the price and demand of our products in the affected countries, commodity pricing and other general economic conditions, and uncertainty in future changes that may have a material impact.
Margins
Our total operating margin was 2.1% in the first quarter of fiscal 2026. Segment operating margins were as follows:
•Beef – (5.5)%
•Pork – 3.1%
•Chicken – 10.7%
•Prepared Foods – 12.0%
•International – 7.0%
Strategy
We are a world-class food company and recognized leader in protein. Our strategy is to deliver margins in the core protein business by driving efficiencies and valuing-up offerings to better serve consumers; grow branded portfolio by innovating new occasions, categories and channels; and scale in international markets by delivering profitable value-added food offerings in high growth categories.
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Commencing in fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. In the first quarter of fiscal 2026, the Company approved additional actions under the network optimization plan, increasing the estimated total pretax charges by $140 million. This increase reflects network changes in the Beef segment, including the closure of a harvesting facility and the transition to a single shift at another, as well as efforts to reduce support costs across all segments and corporate functions. As a result, we now expect to recognize total pretax net charges of $226 million for actions approved through December 27, 2025, which include $148 million of net charges that have resulted or will result in cash outflows and $185 million of non-cash charges, partially offset by $107 million gain recognized from the sale of storage facilities. Additionally, we have received $294 million in proceeds associated with the sale of storage facilities to date, of which, $42 million was received in the first quarter of fiscal 2026. Through the first quarter of fiscal 2026, we have recognized $162 million of the expected total pretax charges and estimate $64 million of charges will be incurred over future periods, including $44 million during the remainder of fiscal 2026. We expect to incur costs related to the network optimization plan over a multi-year period. We expect to incur additional charges in the future as additional actions are approved. For further description refer to Part I, Item I, Notes to the Consolidated Condensed Financial Statements, Note 5: Restructuring and Related Charges.
Summary of Results
Sales

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Sales | $ | 14,313 |  |  | $ | 13,623 |  |  |  |  |
Change in sales volume | (0.3) | % |  |  |  |  |  |
Change in average sales price | 6.5 | % |  |  |  |  |  |
Sales growth | 5.1 | % |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales Volume – Volumes were relatively flat, accounting for a $43 million reduction as decreased sales volume in our Beef and International segments was mostly offset by increased sales volume in our Pork, Chicken, and Prepared Foods segments.
•Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $883 million, driven by increased pricing in our Beef, Pork, Prepared Foods and International segments, partially offset by lower average sales prices in our Chicken segment.
•The above changes in average sales price exclude a $150 million reduction of Sales for the recognition of legal contingency accruals recorded in the first quarter of fiscal 2026.
Cost of Sales

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Cost of sales | $ | 13,505 |  |  | $ | 12,528 |  |  |  |  |
Gross profit | 808 |  |  | 1,095 |  |  |  |  |
Cost of sales as a percentage of sales | 94.4 | % |  | 92.0 | % |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Cost of sales increased $977 million. Lower sales volume decreased cost of sales $40 million while higher input cost per pound increased cost of sales by $1,017 million.
•The $1,017 million impact of higher input cost per pound was impacted by:
•Increase in cattle costs of approximately $850 million in our Beef segment.
•Increase in raw material and other input costs of approximately $110 million in our Prepared Foods segment.
•Increase in hog costs of approximately $50 million in our Pork segment.
•Increase of $34 million related to restructuring and related charges.
•Decrease of approximately $50 million in our Chicken segment related to decreased feed ingredient costs.
•Remaining decrease in costs across all of our segments primarily driven by net impacts on average cost per pound from mix changes.
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Selling, General and Administrative

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Selling, general and administrative expense | $ | 506 |  |  | $ | 515 |  |  |  |  |
As a percentage of sales | 3.5 | % |  | 3.8 | % |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Decrease of $9 million in selling, general and administrative was primarily driven by:
•Decrease of $13 million in team member costs.
•Decrease of $8 million in professional fees.
•Decrease of $7 million related to a gain on the sale of a corporate asset.
•Increase of $20 million in marketing, advertising and promotion expenses.
Interest (Income) Expense

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Interest income | $ | (13) |  |  | $ | (25) |  |  |  |  |
Interest expense | 104 |  |  | 120 |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•The decrease in interest income for the three months ended December 27, 2025 was primarily due to average lower cash and cash equivalents held.
•The decrease in interest expense for the three months ended December 27, 2025 was primarily due to lower interest expense related to the repayment of term loans in fiscal 2025.
Other (Income) Expense, net

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Total other (income) expense, net | $ | 84 |  |  | $ | 7 |  |  |  |  |

First quarter – Fiscal 2026
•Included $75 million of impairment of equity investments and $5 million of joint venture losses in the first quarter of fiscal 2026.
First quarter – Fiscal 2025
•Included $24 million of foreign exchange losses, partially offset by $12 million of joint venture earnings and $7 million of production facilities fire insurance proceeds.
Effective Tax Rate

| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
| 29.7 | % |  | 23.5 | % |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•The effective tax rates for both periods were increased by state taxes and net unfavorable permanent book-to-tax differences, partially offset by various tax benefits. Additionally, the effective tax rate for the first quarter of fiscal 2026 was increased by estimated foreign withholding tax on the repatriation of earnings of foreign subsidiaries, and the effective tax rate for the first quarter of fiscal 2025 was decreased by the release of a $9 million valuation allowance on certain losses in the Netherlands due to newly enacted tax legislation.
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Net Income Attributable to Tyson

in millions, except per share data | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Net income attributable to Tyson | $ | 85 |  |  | $ | 359 |  |  |  |  |
Net income attributable to Tyson – per diluted share | 0.24 |  |  | 1.01 |  |  |  |  |

First quarter – Fiscal 2026 – Net income attributable to Tyson included the following items:
•$155 million pretax, or ($0.33) per diluted share, of legal contingency accruals.
•$117 million pretax, or ($0.25) per diluted share, of restructuring and related charges.
•$73 million pretax, or ($0.15) per diluted share, related to an impairment of equity investments.
First quarter – Fiscal 2025 – Net income attributable to Tyson included the following items:
•$73 million pretax, or ($0.16) per diluted share, of restructuring and related charges.
•$6 million pretax, or ($0.01) per diluted share, of brand and product line discontinuation charges.
•$7 million pretax, or $0.04 per diluted share, of production facilities fire insurance proceeds.
Segment Results
We operate in five segments: Beef, Pork, Chicken, Prepared Foods and International. The following table is a summary of sales and segment operating income (loss), which is how we measure segment profit. Commencing in the first quarter of fiscal 2026, Segment operating income (loss) is defined as Operating Income (Loss) less corporate expenses and amortization to account for these changes. 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. All prior period amounts have been recast to reflect the new presentation of segment operating income (loss).

in millions | Sales
| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Beef | $ | 5,771 |  |  | $ | 5,335 |  |  |  |  |
Pork | 1,609 |  |  | 1,617 |  |  |  |  |
Chicken | 4,212 |  |  | 4,065 |  |  |  |  |
Prepared Foods | 2,673 |  |  | 2,473 |  |  |  |  |
International | 582 |  |  | 584 |  |  |  |  |
Intersegment sales | (534) |  |  | (451) |  |  |  |  |
Total | $ | 14,313 |  |  | $ | 13,623 |  |  |  |  |

in millions | Segment Operating Income (Loss)
| Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  |  |  |
Beef | $ | (319) |  |  | $ | (26) |  |  |  |  |
Pork | 50 |  |  | 73 |  |  |  |  |
Chicken | 450 |  |  | 460 |  |  |  |  |
Prepared Foods | 322 |  |  | 297 |  |  |  |  |
International | 41 |  |  | 41 |  |  |  |  |
Total | $ | 544 |  |  | $ | 845 |  |  |  |  |
Corporate Expenses | (188) |  |  | (201) |  |  |  |  |
Amortization | (54) |  |  | (64) |  |  |  |  |
Operating Income (Loss) | $ | 302 |  |  | $ | 580 |  |  |  |  |

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Items affecting comparability include restructuring and related charges (including network optimization), plant closures 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. The following table is a summary of the expenses impacting comparability by segment, corporate expenses and amortization (in millions):

| Segment Operating Income (Loss) |  | Operating Income (Loss)
| Beef | Pork | Chicken | Prepared Foods | Inter- national |  | Corporate Expenses | Amortiza- tion | Total
First Quarter of Fiscal 2026 |  |  |  |  |  |  |  |  |
Legal contingency accruals | $ | 90 |  | $ | 60 |  | $ | — |  | $ | — |  | $ | 5 |  |  | $ | — |  | $ | — |  | $ | 155 |
Restructuring and related charges | 86 |  | 1 |  | 9 |  | 16 |  | — |  |  | 3 |  | — |  | 115 |
First Quarter of Fiscal 2025 |  |  |  |  |  |  |  |  |
Restructuring and related charges | 32 |  | — |  | 11 |  | 25 |  | 5 |  |  | — |  | — |  | 73 |
Brand and product line discontinuations | — |  | — |  | — |  | — |  | — |  |  | — |  | 6 |  | 6 |

Beef Segment Results

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  | Change |  |  |  |  |  |
Sales | $ | 5,771 |  |  | $ | 5,335 |  |  | $ | 436 |  |  |  |  |  |  |
Sales volume change |  |  |  |  | (7.3) | % |  |  |  |  |  |
Average sales price change |  |  |  |  | 17.2 | % |  |  |  |  |  |
Segment operating income (loss) | $ | (319) |  |  | $ | (26) |  |  | $ | (293) |  |  |  |  |  |  |
Segment operating margin | (5.5) | % |  | (0.5) | % |  |  |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales Volume - Sales volume decreased due to lower head harvested related to reduced cattle availability, partially offset by higher average carcass weights.
•Average Sales Price - Average sales price increased primarily due to increased input costs and strong demand. The change in average sales price excludes a $90 million reduction of Sales from the recognition of a legal contingency accrual recorded in fiscal 2026.
•Segment Operating Income (Loss) - Segment operating loss increased due to compressed Beef margins and increased restructuring and related charges in addition to the recognition in the first quarter of fiscal 2026 of a legal contingency accrual and a $30 million inventory lower of cost or net realizable value adjustment.
Pork Segment Results

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  | Change |  |  |  |  |  |
Sales | $ | 1,609 |  |  | $ | 1,617 |  |  | $ | (8) |  |  |  |  |  |  |
Sales volume change |  |  |  |  | 1.6 | % |  |  |  |  |  |
Average sales price change |  |  |  |  | 1.6 | % |  |  |  |  |  |
Segment operating income | $ | 50 |  |  | $ | 73 |  |  | $ | (23) |  |  |  |  |  |  |
Segment operating margin | 3.1 | % |  | 4.5 | % |  |  |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales Volume - Sales volume increased due to higher head harvested and higher average carcass weights.
•Average Sales Price - Average sales price increased due to higher input costs and strong demand for our pork products. The change in average sales price excludes a $60 million reduction of Sales from the recognition of a legal contingency accrual recorded in fiscal 2026.
•Segment Operating Income - Segment operating income decreased in the first quarter of fiscal 2026 as the recognition of a legal contingency accrual, which was partially offset by $35 million of net derivative gains, more than offset the improved performance.
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Chicken Segment Results

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  | Change |  |  |  |  |  |
Sales | $ | 4,212 |  |  | $ | 4,065 |  |  | $ | 147 |  |  |  |  |  |  |
Sales volume change |  |  |  |  | 3.7 | % |  |  |  |  |  |
Average sales price change |  |  |  |  | (0.1) | % |  |  |  |  |  |
Segment operating income | $ | 450 |  |  | $ | 460 |  |  | $ | (10) |  |  |  |  |  |  |
Segment operating margin | 10.7 | % |  | 11.3 | % |  |  |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales Volume - Sales volume increased primarily due to increased domestic production and reduced inventory levels.
•Average Sales Price - Average sales price remained relatively flat as the impact of pricing was mostly offset by mix.
•Segment Operating Income - Segment operating income decreased primarily due to lower pricing, partially offset by increased sales volumes and lower feed ingredient costs.
Prepared Foods Segment Results

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  | Change |  |  |  |  |  |
Sales | $ | 2,673 |  |  | $ | 2,473 |  |  | $ | 200 |  |  |  |  |  |  |
Sales volume change |  |  |  |  | 0.2 | % |  |  |  |  |  |
Average sales price change |  |  |  |  | 7.9 | % |  |  |  |  |  |
Segment operating income | $ | 322 |  |  | $ | 297 |  |  | $ | 25 |  |  |  |  |  |  |
Segment operating margin | 12.0 | % |  | 12.0 | % |  |  |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales Volume – Sales volume was a slight increase driven by growth in retail.
•Average Sales Price – Average sales price increased due to the pass through of increased raw material costs and sales channel mix.
•Segment Operating Income – Segment operating income increased primarily due to higher average sales price and improved operational execution, partially offset by increased raw material costs and increased marketing, advertising and promotional spend. The first quarter of fiscal 2026 segment operating income also benefited from reduced restructuring and related costs as compared to the first quarter of fiscal 2025.
International Segment Results

in millions | Three Months Ended |  |
| December 27, 2025 |  | December 28, 2024 |  | Change |  |  |  |  |  |
Sales | $ | 582 |  |  | $ | 584 |  |  | $ | (2) |  |  |  |  |  |  |
Sales Volume Change |  |  |  |  | (0.8) | % |  |  |  |  |  |
Average Sales Price Change |  |  |  |  | 0.5 | % |  |  |  |  |  |
Segment operating income | $ | 41 |  |  | $ | 41 |  |  | $ | — |  |  |  |  |  |  |
Segment operating margin | 7.0 | % |  | 7.0 | % |  |  |  |  |  |  |  |

First quarter – Fiscal 2026 vs Fiscal 2025
•Sales – Sales were relatively flat as the slight decrease in sales volumes was offset by average sales price.
•Segment Operating Income – Segment operating income remained flat primarily due to improved performance offset by increased costs. Segment operating income also benefited from lapping restructuring and related costs in fiscal 2025, offset by the recognition of a legal contingency accrual in fiscal 2026.
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Corporate Expenses and Amortization

in millions | Three Months Ended
| December 27, 2025 |  | December 28, 2024 |  | Change
Corporate Expenses | $ | (188) |  |  | $ | (201) |  |  | $ | 13 |
Amortization | (54) |  |  | (64) |  |  | 10

First quarter – Fiscal 2026 vs Fiscal 2025
•Corporate Expenses – Corporate expenses decreased primarily due to $13 million of lower team member costs and a $7 million gain on the sale of a corporate asset, partially offset by higher technology expenses.
•Amortization - Amortization decreased primarily due to the lapping of $6 million of accelerated amortization related to brand and product line discontinuation charges in the first quarter of fiscal 2025.
LIQUIDITY AND CAPITAL RESOURCES
Our cash needs for working capital, capital expenditures, growth opportunities, repurchases of senior notes, repayment of maturing debt, the payment of dividends and share repurchases are expected to be met with current cash on hand, cash flows provided by operating activities or short-term borrowings. Based on our current expectations, we believe our liquidity and capital resources will be sufficient to operate our business. However, we may take advantage of opportunities to generate additional liquidity or refinance existing debt through capital market transactions. The amount, nature and timing of any capital market transactions will depend on our operating performance and other circumstances; our then-current commitments and obligations; the amount, nature and timing of our capital requirements; any limitations imposed by our current credit arrangements; and overall market conditions.
Cash Flows from Operating Activities

in millions | Three Months Ended
| December 27, 2025 |  | December 28, 2024
Net income | $ | 90 |  |  | $ | 366 |
Non-cash items in net income | 539 |  |  | 424 |
Net changes in operating assets and liabilities: |  |  |
(Increase) decrease in accounts receivable | 97 |  |  | 88 |
(Increase) decrease in inventories | 181 |  |  | 57 |
Increase (decrease) in accounts payable | 206 |  |  | 161 |
Increase (decrease) in income taxes payable/receivable | 24 |  |  | 100 |
Net changes in other operating assets and liabilities | (195) |  |  | (165) |
Net cash provided by operating activities | $ | 942 |  |  | $ | 1,031 |

•Non-cash items in net income primarily included depreciation and amortization of $376 million and $348 million for the three months ended December 27, 2025 and December 28, 2024, respectively, and impairment of equity investments of $75 million for the three months ended December 27, 2025.
•Cash provided by operating activities for the first three months of fiscal 2026 was $942 million, a decrease of $89 million compared to the first three months of fiscal 2025, as the $161 million of lower earnings, net of non-cash items, was partially offset by a $72 million increase in cash provided by the net changes in operating assets and liabilities which was primarily impacted by:
•An increase of $124 million due to a decrease in inventory of $181 million in the first three months of fiscal 2026, compared to a decrease of $57 million in the first three months of fiscal 2025, primarily due to lower volume of livestock and decreased average cost of inventory.
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Cash Flows from Investing Activities

in millions | Three Months Ended
| December 27, 2025 |  | December 28, 2024
Additions to property, plant and equipment | $ | (252) |  |  | $ | (271) |
Proceeds from sale of (purchases of) marketable securities, net | (1) |  |  | 1 |
Proceeds from sale of storage facilities | 42 |  |  | — |
Other, net | 28 |  |  | 37 |
Net cash used for investing activities | $ | (183) |  |  | $ | (233) |

•Additions to property, plant and equipment included spending for production growth, safety, animal well-being, new equipment, infrastructure replacements and upgrades to maintain competitive standing and position us for future opportunities.
•We expect capital expenditures of $0.7 billion to $1.0 billion in fiscal 2026. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
•Proceeds from sale of storage facilities for the three months ended December 27, 2025 related to the sale of a Tyson-owned and operated cold storage facility.
Cash Flows from Financing Activities

in millions | Three Months Ended
| December 27, 2025 |  | December 28, 2024
Proceeds from issuance of debt | $ | 23 |  |  | $ | 22 |
Payments on debt | (509) |  |  | (42) |
Purchases of Tyson Class A common stock | (47) |  |  | (15) |
Dividends | (177) |  |  | (175) |
Stock options exercised | 6 |  |  | 15 |
Other, net | (14) |  |  | — |
Net cash used for financing activities | $ | (718) |  |  | $ | (195) |

•Payments on debt during the three months ended December 27, 2025 included a $440 million payment on the remaining balance of our term loan due May 2028 using cash on hand.
•Dividends paid during the three months ended December 27, 2025 reflected a 2% increase to our fiscal 2025 quarterly dividend rate.
Liquidity

in millions |  |  |  |  |  |  |  |  |
| Commitments Expiration Date |  | Facility Amount |  | Outstanding Letters of Credit (no draw downs) |  | Amount Borrowed |  | Amount Available at December 27, 2025
Cash and cash equivalents |  |  |  |  |  |  |  |  | $ | 1,278 |
Short-term investments |  |  |  |  |  |  |  |  | — |
Revolving credit facility | April 2030 |  | $ | 2,500 |  |  | $ | — |  |  | $ | — |  |  | 2,500 |
Revolving term loan credit facility | December 2028 |  | 750 |  |  | — |  |  | — |  |  | 750 |
Commercial paper |  |  |  |  |  |  |  |  | — |
Total liquidity |  |  |  |  |  |  |  |  | $ | 4,528 |

•Liquidity includes cash and cash equivalents, short-term investments, availability under our revolving credit facility and availability under our revolving term loan credit facility, less the outstanding commercial paper balance.
•At December 27, 2025, we had current debt of $909 million, which we intend to pay with our existing cash balance, cash generated from our operating activities and other existing or new liquidity sources.
•The revolving credit facility supports our short-term funding needs and also serves to backstop our commercial paper program. We had no borrowings under the revolving credit facility during the three months ended December 27, 2025.
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•In the first quarter of fiscal 2026, we entered into a $750 million revolving term loan credit facility. The facility will mature and commitment thereunder will terminate in December 2028. The Company may make an election to convert all or part of the outstanding borrowings into one or more term loans that will mature up to seven years after the facility's maturity date. Interest on borrowings under the facility are based either on term or daily simple secured overnight financing rates, with an applicable spread, or an alternative base rate with an applicable spread. The facility contained covenants and other terms that are generally consistent with those of our revolving credit facility. We had no borrowings under the revolving term loan facility during the three months ended December 27, 2025.
•We expect net interest expense to approximate $370 million for fiscal 2026.
•Our ratio of short-term assets to short-term liabilities ("current ratio") was 1.5 to 1 at December 27, 2025 and 1.6 to 1 at September 27, 2025. The decrease in fiscal 2026 is primarily due to lower inventories.
•At December 27, 2025, $654 million of our cash was held in the international accounts of our foreign subsidiaries. Generally, we do not rely on the foreign cash as a source of funds to support our ongoing domestic liquidity needs. We manage our worldwide cash requirements by reviewing available funds among our foreign subsidiaries and the cost effectiveness with which those funds can be accessed. We intend to repatriate excess cash (net of applicable withholding taxes) not subject to regulatory requirements and to indefinitely reinvest outside of the United States the remainder of cash held by foreign subsidiaries. We do not expect the regulatory restrictions or taxes on repatriation to have a material effect on our overall liquidity, financial condition or the results of operations for the foreseeable future.
Capital Resources
Credit and Term Loan Facilities
Cash flows from operating activities and cash on hand are our primary sources of liquidity for funding debt service, capital expenditures, dividends and share repurchases. We also have a revolving credit facility, with a committed capacity of $2.5 billion, to provide additional liquidity for working capital needs and to backstop our commercial paper program. Additionally, we have a revolving term loan credit facility, with committed capacity of $750 million, to also provide additional liquidity.
At December 27, 2025, amounts available for borrowing under our revolving credit and term loan facilities totaled $3.3 billion. Our revolving credit facility is funded by a syndicate of 17 banks, with commitments ranging from $50 million to $225 million per bank.
Commercial Paper Program
Our commercial paper program provides a low-cost source of borrowing to fund general corporate purposes including working capital requirements. The maximum borrowing capacity under the commercial paper program is $1.75 billion. The maturities of the notes may vary, but may not exceed 397 days from the date of issuance. As of December 27, 2025, we had no commercial paper outstanding under this program. Our ability to access commercial paper in the future may be limited or its costs increased.
Credit Ratings
Revolving Credit Facility
Standard & Poor’s Rating Services’, a Standard & Poor’s Financial Services LLC business (“S&P”), applicable rating is “BBB”. Moody’s Investor Service, Inc.’s (“Moody’s”) applicable rating is “Baa2”. The below table outlines the fees paid on the unused portion of the facility (“Facility Fee Rate”) and letter of credit fees and borrowings (“Borrowing Spread”) that corresponds to the applicable ratings levels from S&P and Moody’s. S&P's applicable rating is “BBB” and Moody’s applicable rating is “Baa2”.

Ratings Level (Moody’s/S&P) | Facility Fee Rate | Borrowing Spread
A3/A- or above | 0.090 | % | 0.785 | %
Baal/BBB+ | 0.100 | % | 0.900 | %
Baa2/BBB (current level) | 0.110 | % | 1.015 | %
Baa3/BBB- | 0.150 | % | 1.100 | %
Ba1/BB+ or lower | 0.200 | % | 1.175 | %

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Revolving Term Loan Credit Facility
The below table outlines the commitment fee on any unused borrowing capacity and the borrowing spread on the outstanding principal balance of our revolving term loan credit facility that corresponds to the applicable ratings levels from S&P and Moody’s and designated Tranche. Borrowings under the revolving term loan are separated into Tranche A, B, C or D with options to convert all or part of the outstanding borrowings into term loans that will mature one, three, five or seven years, respectively, after the facility's maturity date.

Ratings Level (Moody’s/S&P) | Commitment Fee | Tranche A and B Borrowing Spread | Tranche C Borrowing Spread | Tranche D Borrowing Spread
Baal/BBB+ or above | 0.100 | % | 1.500 | % | 1.575 | % | 1.725 | %
Baa2/BBB (current level) | 0.110 | % | 1.600 | % | 1.700 | % | 1.850 | %
Baa3/BBB- | 0.150 | % | 1.725 | % | 1.825 | % | 1.975 | %
Bal/BB+ or lower | 0.200 | % | 1.975 | % | 2.075 | % | 2.225 | %

In the event the rating levels fall within different levels, the applicable rate will be based upon the higher of the two Levels or, if there is more than a one-notch split between the two Levels, then the Applicable Rate will be based upon the Level that is one Level below the higher Level.
Debt Covenants
Our revolving credit facility and term loan credit facility contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain a minimum interest expense coverage ratio.
Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.
We were in compliance with all debt covenants at December 27, 2025, and we expect that we will maintain compliance.
RECENTLY ISSUED/ADOPTED ACCOUNTING PRONOUNCEMENTS
Refer to the discussion of recently issued/adopted accounting pronouncements under Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 1: Accounting Policies.
CRITICAL ACCOUNTING ESTIMATES
We consider accounting policies related to: contingent liabilities; revenue recognition; accrued self-insurance; defined benefit pension plans; impairment of long-lived assets and definite life intangibles; impairment of goodwill and indefinite life intangible assets; business combinations; and income taxes to be critical accounting estimates. These policies are summarized in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. Refer to Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 1: Accounting Policies, for updates to our significant accounting policies during the three months ended December 27, 2025. These critical accounting policies require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes.
As further described in the impairment of goodwill and indefinite life intangible assets critical accounting estimate included in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, we assess goodwill and indefinite life assets for impairment at least annually as of the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Our qualitative assessment for the first quarter of fiscal 2026 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite life intangible assets was less than the carrying amount, and as such, no quantitative test was deemed necessary. We consider reporting units and indefinite lived intangible assets that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment. One of our International reporting units, which had goodwill of $0.2 billion at December 27, 2025, was considered at heightened risk of impairment as of the date of the most recent estimated fair value determination which was in the fourth quarter of fiscal 2025. All of our other remaining reporting units and all our indefinite life intangible assets' estimated fair values exceeded their carrying values by more than 20% as of their most recent assessments.
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We continuously evaluate the changing macro-economic conditions including inflationary pressures, rising interest rates, demand outlook and export markets as well as the Company's market capitalization. The estimated fair value of our reporting unit designated to have a heightened risk of impairment remains highly sensitive to future discount rate increases, changing macro-economic conditions and achievement of projected long-term operating margins. As of the latest fair value assessment in the fourth quarter of fiscal 2025, we estimated discount rates utilized in the discounted cash flow method would have to increase by more than approximately 125 basis points, with all other assumptions unchanged, before the carrying value of the International reporting unit at heightened risk of impairment would exceed its fair value. Although our remaining reporting units and all indefinite life intangible assets had more than 20% excess fair value over their carrying amounts as of the date of the most recent estimated fair value determination, they are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain information in this report constitutes forward-looking statements. 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 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) those factors discussed within Item 1, Item 1A and Item 7 of our Annual Report on Form 10-K for the year ended September 27, 2025 and our other periodic filings with the SEC.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Market risk relating to our operations results primarily from changes in commodity prices, interest rates and foreign exchange rates, as well as credit risk concentrations. To address certain of these risks, we enter into various derivative transactions as described below. If a derivative instrument is accounted for as a hedge, depending on the nature of the hedge, changes in the fair value of the instrument either will be offset against the change in fair value of the hedged assets, liabilities or firm commitments through earnings, or be recognized in other comprehensive income (loss) until the hedged item is recognized in earnings.
Further, we hold certain positions, primarily in grain and livestock futures that either do not meet the criteria for hedge accounting or are not designated as hedges. With the exception of normal purchases and normal sales that are expected to result in physical delivery, we record these positions at fair value, and the unrealized gains and losses are reported in earnings at each reporting date.
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The sensitivity analyses presented below are the measures of potential changes in fair value resulting from hypothetical changes in market prices related to commodities. Sensitivity analyses do not consider the actions we may take to mitigate our exposure to changes, nor do they consider the effects such hypothetical adverse changes may have on overall economic activity. Actual changes in market prices may differ from hypothetical changes.
Commodities Risk
We purchase certain commodities, such as grains and livestock, during normal operations. As part of our commodity risk management activities, we use derivative financial instruments, primarily forwards and options, to reduce the effect of changing prices and as a mechanism to procure the underlying commodity. However, as the commodities underlying our derivative financial instruments can experience significant price fluctuations, any requirement to mark-to-market the positions that have not been designated or do not qualify as hedges could result in volatility in our results of operations. Contract terms of a hedge instrument closely mirror those of the hedged item providing a high degree of risk reduction and correlation. Contracts designated and highly effective at meeting this risk reduction and correlation criteria are recorded using hedge accounting. We generally do not hedge anticipated transactions beyond 18 months. The following table presents a sensitivity analysis resulting from a hypothetical change of 10% in market prices as of December 27, 2025, and September 27, 2025, on the fair value of open positions. The fair value of such positions is a summation of the fair values calculated for each commodity by valuing each net position at quoted forward and option prices. The market risk exposure analysis included both derivatives designated as hedge instruments and derivatives not designated as hedge instruments.

Effect of 10% change in fair value |  |  | in millions
| December 27, 2025 |  | September 27, 2025
Livestock: |  |  |
Live Cattle | $ | 37 |  |  | $ | 18 |
Lean Hogs | 25 |  |  | 46 |
Grain: |  |  |
Corn | 36 |  |  | 19 |
Soybean Meal | 28 |  |  | 23 |

Interest Rate Risk
At December 27, 2025, we had variable rate debt of $44 million with a weighted average interest rate of 4.8%. A hypothetical 10% increase in interest rates effective at December 27, 2025 would increase annualized interest expense by less than $1 million.
Additionally, changes in interest rates impact the fair value of our fixed-rate debt. At December 27, 2025, we had fixed-rate debt of $8,318 million with a weighted average interest rate of 4.8%. Market risk for fixed-rate debt is estimated as the potential increase in fair value, resulting from a hypothetical 10% decrease in interest rates. A hypothetical 10% change in interest rates would have changed the fair value of our fixed-rate debt by approximately $227 million at December 27, 2025 and $231 million at September 27, 2025. The fair values of our debt were estimated based on quoted market prices and/or published interest rates.
We are subject to interest rate risk associated with our pension and post-retirement benefit obligations. Changes in interest rates impact the liabilities associated with these benefit plans as well as the amount of income or expense recognized for these plans. Declines in the value of the plan assets could diminish the funded status of the pension plans and potentially increase the requirements to make cash contributions to these plans. See Part II, Item 8, Notes to Consolidated Financial Statements, Note 15: Pensions and Other Postretirement Benefits in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, for additional information.
Foreign Currency Risk
We have foreign exchange exposure from fluctuations in foreign currency exchange rates primarily as a result of certain receivable and payable balances. The primary currencies we have exposure to are the Brazilian real, the British pound sterling, the Canadian dollar, the Chinese renminbi, the European euro, the Malaysian ringgit, the Mexican peso, and the Thai baht. We periodically enter into foreign exchange forward and option contracts to hedge some portion of our foreign currency exposure. A hypothetical 10% change in foreign exchange rates related to the foreign exchange forward and option contracts would have had a $14 million and $21 million impact on pretax income at December 27, 2025, and September 27, 2025, respectively.
Concentration of Credit Risk
Refer to our market risk disclosures set forth in our Annual Report filed on Form 10-K for the fiscal year ended September 27, 2025, for a detailed discussion of quantitative and qualitative disclosures about concentration of credit risks.
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Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
An evaluation was performed, under the supervision and with the participation of management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)). Based on that evaluation, the CEO and CFO have concluded that, as of December 27, 2025, our disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the 1934 Act) during the quarter ended December 27, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
Refer to the description of the Broiler Antitrust Civil Litigation, the Pork Antitrust Litigation, the Beef Antitrust Litigation and the Wage Rate Litigation under the heading “Commitments and Contingencies” in Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 14: Commitments and Contingencies, which discussion is incorporated herein by reference. Other than as set forth below and in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, there are no additional updates to the legal proceedings involving the Company and/or its subsidiaries.
O n June 19, 2005, the Attorney General and the Secretary of the Environment of the State of Oklahoma filed a complaint in the United States District Court for the Northern District of Oklahoma against Tyson Foods, Inc., three subsidiaries, six other poultry integrator entities, and one table egg company. The complaint, which was subsequently amended, asserts a number of state and federal causes of action including, but not limited to, counts under the Comprehensive Environmental Response, Compensation, and Liability Act, Resource Conservation and Recovery Act, and state-law public nuisance theories. Oklahoma alleges that the defendants and certain contract growers who were not joined in the lawsuit polluted the surface waters, groundwater and associated drinking water supplies of the Illinois River Watershed through the land application of poultry litter. Oklahoma’s claims were narrowed through various rulings issued before and during trial and its claims for natural resource damages were dismissed by the district court in a ruling issued on July 22, 2009, which was subsequently affirmed on appeal by the Tenth Circuit Court of Appeals. A non-jury trial of the remaining claims including Oklahoma’s request for injunctive relief began on September 24, 2009. Closing arguments were held on February 11, 2010. On January 18, 2023, the district court entered Findings of Fact and Conclusions of Law in favor of the State of Oklahoma and directed the parties to confer in an attempt to reach an agreement on appropriate remedies. On June 12, 2023, the court ordered the parties to mediation. The parties attended an in-person mediation on October 12, 2023, but were unable to reach a resolution. Defendants subsequently filed a post-trial motion to dismiss, which the court denied on June 26, 2024. The district court convened an evidentiary hearing which concluded on December 17, 2024. The parties completed post-hearing briefing thereafter. On June 17, 2025, the district court entered an opinion and order concluding that conditions in the Illinois River Watershed had not changed materially since the original trial in 2009 and 2010. The following day, the court entered an order setting a schedule for the parties to make written submissions concerning the terms of the final judgment the court should enter. Those submissions were completed August 11, 2025, and the district court entered a judgment on December 19, 2025, imposing civil penalties on certain defendants, including a civil penalty of approximately $0.2 million on the Company and its subsidiaries. The district court also ordered other remedies, including the appointment of a special master for the development and oversight of a remediation plan, to be funded by an initial payment of $10 million from the defendants. The Company has appealed the judgment to the United States Court of Appeals for the Tenth Circuit and has moved for a stay of the judgment pending appeal.
As of September 27, 2025, we had approximately 133,000 team members and, at any time, have various employment practices matters outstanding. In the aggregate, these matters are important to the Company, and we devote considerable resources to managing employment issues. Additionally, we are subject to other lawsuits, investigations and claims (some of which involve substantial amounts) arising out of the conduct of our business. While the ultimate results of these matters cannot be determined, they are not expected to have a material adverse effect on our consolidated results of operations or financial position.
Item 1A.Risk Factors
Our business is subject to a variety of risks and uncertainties. These risks are described in this Quarterly Report on Form 10-Q and elsewhere in our other filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. The risks identified in such reports have not changed in any material respect.
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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
The table below provides information regarding our purchases of Class A stock during the three months ended December 27, 2025.

Period | Total Number of Shares Purchased (2) |  | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3) |  | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
September 28, 2025 - October 25, 2025 | — |  |  | $ | — |  | — |  |  | 47,197,199 |
October 26, 2025 - November 29, 2025 | 348,886 |  |  | 54.16 |  | 84,962 |  |  | 47,112,237 |
November 30, 2025 - December 27, 2025 | 494,818 |  |  | 57.73 |  | 487,187 |  |  | 46,625,050 |
Total | 843,704 |  |  | $ | 56.25 |  | 572,149 |  |  | 46,625,050 |

(1)On February 7, 2003, our Board of Directors approved a program to repurchase up to 25 million shares of Class A common stock from time to time in open market or privately negotiated transactions. Additionally, our Board of Directors approved increases to the number of shares authorized to repurchase under the program of 43 million shares on August 7, 2025, 50 million shares on February 5, 2016, 25 million shares on January 30, 2014, and 35 million shares on May 3, 2012. The program has no fixed or scheduled termination date.
(2)We purchased 271,555 shares during the period that were not made pursuant to our previously announced stock repurchase program but were purchased to fund certain Company obligations under our equity compensation plans.
(3)We purchased 572,149 shares during the three months ended December 27, 2025 pursuant to our previously announced stock repurchase program.
Item 3.Defaults Upon Senior Securities
None.
Item 4.Mine Safety Disclosures
Not Applicable.
Item 5.Other Information
Director and Officer Trading Arrangements
None of the Company's directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's quarter ended December 27, 2025.
Item 6.Exhibits
The Exhibit Index below contains a list of exhibits filed or furnished with this Form 10-Q.

Exhibit No. |  | Exhibit Description |  |
10.1 | * ** | Form of Restricted Stock Units (3-year graded vesting)– Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.2 | * ** | Form of Restricted Stock Units (Non-US) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.3 | * ** | Form of Performance Shares (Operating Income) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which performance share awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.4 | * ** | Form of Performance Shares (rTSR) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which performance share awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.5 | * ** | Form of Restricted Stock Units (Retention 2-year) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.6 | * ** | Form of Restricted Stock Units (Retention 3-year) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.7 | * ** | Form of Restricted Stock Units (Retention 2-year graded vesting) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.8 | * ** | Form of Restricted Stock Units (Retention 3-year graded vesting) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.9 | * ** | Form of Restricted Stock Units (2-year graded vesting) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |

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10.10 | * ** | Form of Restricted Stock Units (3-year cliff vesting) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which restricted stock unit awards are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.11 | * ** | Form of Deferred Restricted Stock Units (Non-employee) – Stock Incentive Award Agreement, effective November 25, 2025, pursuant to which deferred restricted stock units are granted under the Tyson Foods, Inc. Stock Incentive Plan. |  |
10.12 | * ** | Retention Agreement, dated October 7, 2024, between the Company and Adam Deckinger. |  |
10.13 |  | Loan Agreement, dated December 12, 2025, among Tyson Foods, Inc., the lenders party thereto and CoBank, ACB as administrative agent, sole lead arranger and sole bookrunner (previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 15, 2025, and incorporated herein by reference). |  |
31.1 | ** | Certification of Chief Executive Officer pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |
31.2 | ** | Certification of Chief Financial Officer pursuant to SEC Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |
32.1 | *** | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |
32.2 | *** | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |
101 |  | The following information from our Quarterly Report on Form 10-Q for the quarter ended December 27, 2025, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Consolidated Condensed Statements of Income, (ii) Consolidated Condensed Statements of Comprehensive Income, (iii) Consolidated Condensed Balance Sheets, (iv) Consolidated Condensed Statements of Shareholders' Equity, (v) Consolidated Condensed Statements of Cash Flows, and (vi) the Notes to Consolidated Condensed Financial Statements. |  |
104 |  | Cover Page Interactive Data File formatted in iXBRL. |  |
| * | Indicates a management contract or compensatory plan or arrangement. |  |
| ** | Filed herewith |  |
| *** | Furnished herewith |  |

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | TYSON FOODS, INC.
Date: February 2, 2026 |  |  | /s/ Curt T. Calaway
|  |  | Curt T. Calaway
|  |  | Chief Financial Officer
Date: February 2, 2026 |  |  | /s/ Lori J. Bondar
|  |  | Lori J. Bondar
|  |  | Senior Vice President and Chief Accounting Officer

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