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.

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



									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 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.

Unusual or Infrequent Item, or Both, Net of Insurance Proceeds [Abstract]

Loss Contingency, Loss in Period

0

Payments for Legal Settlements

21

Payments for Legal Settlements

21

Segment Reporting Information [Line Items]

Restructuring and Related Cost, Incurred Cost

(1)

0