v3.25.4

Segment Reporting (Tables) | 3 Months Ended
--- | ---
Dec. 27, 2025
Segment Reporting [Abstract] |
Segment Reporting Information, By Segment | 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 |
|  |  |  |  |  |  |  |  |  |  | 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.
Disaggregation of Revenue, By Segment and Distribution Channel | The following tables further disaggregate our sales to customers by major distribution channels (in millions):
| Three months ended 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. (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.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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