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 foodservice distributors, 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. Additionally, 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 accruals.

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- Definition

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

+ References

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

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

+ References

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

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 30
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