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REPORTABLE SEGMENTS (Tables)

9 Months Ended

Sep. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables provide certain financial information by reportable segment with a reconciliation to the consolidated totals.

			Three Months Ended September 28, 2025
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			$	2,090					$	2,185					$	813					$	131					$	—					$	—					$	(1,473)					$	3,747
Cost of sales			1,770						2,135						714						116						—						5						(1,473)						3,268
Selling, general and administrative expenses			95						40						10						5						24						5						—						178
Operating gains			—						—						—						—						—						(9)						—						(9)
Operating profit (loss)			226						10						89						10						(24)						(1)						—						310
Interest expense, net																																	11												11
Non-operating gains																																	(19)												(19)
Income from continuing operations before income taxes																																													$	318
Other segment data:
Depreciation and amortization			$	33					$	27					$	14					$	7					$	—					$	1					$	—					$	82
Capital expenditures			41						30						14						3						1						—						—						88

			Three Months Ended September 29, 2024
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			$	1,917					$	1,951					$	738					$	117					$	—					$	—					$	(1,389)					$	3,334
Cost of sales			1,578						1,878						685						92						—						15						(1,389)						2,859
Selling, general and administrative expenses			100						46						12						5						28						9						—						200
Operating gains			—						—						—						—						—						(10)						—						(10)
Operating profit (loss)			239						28						40						20						(28)						(15)						—						285
Interest expense, net																																	17												17
Non-operating gains																																	(7)												(7)
Income from continuing operations before income taxes																																													$	276
Other segment data:
Depreciation and amortization			$	31					$	29					$	15					$	7					$	—					$	5					$	—					$	88
Capital expenditures			29						19						9						1						38						—						—						95

________________

(1)Includes our Mexico and Bioscience operations. Our Mexico operations include the raising of hogs and production of pork products that are sold primarily to customers in Mexico. Our Bioscience operations use raw materials from hogs that we harvest to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots.

(2)Represents general corporate expenses for management and administration of the business.

(3)Represents certain items that we do not allocate to our segments.

			Nine Months Ended September 28, 2025
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			$	6,193					$	6,299					$	2,585					$	355					$	—					$	—					$	(4,129)					$	11,304
Cost of sales			5,126						6,046						2,442						307						—						25						(4,129)						9,817
Selling, general and administrative expenses			275						125						31						17						79						116						—						643
Operating gains			—						—						—						—						—						(48)						—						(48)
Operating profit (loss)			792						127						112						32						(79)						(92)						—						892
Interest expense, net																																	33												33
Non-operating losses																																	(17)												(17)
Income from continuing operations before income taxes																																													$	876
Other segment data:
Depreciation and amortization			$	99					$	82					$	42					$	20					$	1					$	4					$	—					$	248
Capital expenditures			119						77						38						7						6						—						—						246

			Nine Months Ended September 29, 2024
			Packaged Meats						Fresh Pork						Hog Production						Other (1)						Corporate (2)						Unallocated (3)						Intersegment						Consolidated
			(in millions)
Sales			$	5,861					$	5,871					$	2,220					$	350					$	—					$	—					$	(4,111)					$	10,190
Cost of sales			4,717						5,538						2,319						314						—						49						(4,111)						8,826
Selling, general and administrative expenses			289						137						36						17						92						22						—						594
Operating gains			—						—						—						—						—						(12)						—						(12)
Operating profit (loss)			855						196						(136)						18						(92)						(59)						—						783
Interest expense, net																																	52												52
Non-operating gains																																	(13)												(13)
Income from continuing operations before income taxes																																													$	745
Other segment data:
Depreciation and amortization			$	91					$	85					$	46					$	24					$	1					$	6					$	—					$	253
Capital expenditures			105						75						27						10						50						—						—						268

________________

(1)Includes our Mexico and Bioscience operations. Our Mexico operations include the raising of hogs and production of pork products that are sold primarily to customers in Mexico. Our Bioscience operations use raw materials from hogs that we harvest to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots.

(2)Represents general corporate expenses for management and administration of the business.

(3)Represents certain items that we do not allocate to our segments.

Schedule of Disaggregation of Revenue

The following tables disaggregate our sales to customers by reportable segment and by major distribution channel.

			Three Months Ended September 28, 2025
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	1,238					$	719					$	27					$	102					$	3					$	2,090					$	—					$	2,090
Fresh Pork			506						71						414						284						1						1,275						910						2,185
Hog Production			—						—						—						—						251						251						562						813
Other (7)			—						—						—						—						131						131						—						131
Intersegment			—						—						—						—						—						—						(1,473)						(1,473)
Total			$	1,744					$	790					$	442					$	386					$	386					$	3,747					$	—					$	3,747
			Three Months Ended September 29, 2024
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	1,167					$	634					$	14					$	98					$	4					$	1,917					$	—					$	1,917
Fresh Pork			479						57						391						267						1						1,195						756						1,951
Hog Production			—						—						—						—						106						106						632						738
Other (7)			—						—						—						—						117						117						—						117
Intersegment			—						—						—						—						—						—						(1,389)						(1,389)
Total			$	1,646					$	691					$	405					$	365					$	227					$	3,334					$	—					$	3,334

________________

(1)Includes national and regional retailers in the U.S. such as grocery supermarket chains, independent grocers and club stores.

(2)Includes foodservice distributors, fast food and other restaurant operators, hotel chains and other institutional customers in the U.S.

(3)Includes exports from the U.S. to international retailers and wholesale distributors primarily in North America, Asia, Latin America and other emerging markets.

(4)Includes sales to industrial customers who use our raw materials in their finished goods production, including prepared meals, pharmaceutical production and pet food.

(5)Includes sales of grain, oilseeds, feed, breeding stock and market hogs, among others, in addition to external sales from our Mexico and Bioscience operations.

(6)Includes external sales from our Mexico operations of $129 million and $105 million in the three months ended September 28, 2025 and September 29, 2024, respectively. All other external sales are sourced from our U.S. operations.

(7)Includes our Mexico and Bioscience operations.

			Nine Months Ended September 28, 2025
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	3,800					$	1,994					$	70					$	317					$	12					$	6,193					$	—					$	6,193
Fresh Pork			1,523						202						1,246						816						5						3,792						2,507						6,299
Hog Production			—						—						—						—						965						965						1,621						2,585
Other (7)			—						—						—						—						355						355						1						355
Intersegment			—						—						—						—						—						—						(4,129)						(4,129)
Total			$	5,323					$	2,195					$	1,317					$	1,132					$	1,336					$	11,304					$	—					$	11,304
			Nine Months Ended September 29, 2024
			Retail (1)						Foodservice (2)						Exports (3)						Industrial (4)						Other / Unallocated (5)						Total External Sales (6)						Intersegment						Consolidated
			(in millions)
Packaged Meats			$	3,681					$	1,804					$	65					$	300					$	11					$	5,861					$	—					$	5,861
Fresh Pork			1,464						173						1,221						774						3						3,635						2,236						5,871
Hog Production			—						—						—						—						345						345						1,874						2,220
Other (7)			—						—						—						—						349						349						1						350
Intersegment			—						—						—						—						—						—						(4,111)						(4,111)
Total			$	5,145					$	1,977					$	1,286					$	1,074					$	708					$	10,190					$	—					$	10,190

________________

(1)Includes national and regional retailers in the U.S. such as grocery supermarket chains, independent grocers and club stores.

(2)Includes foodservice distributors, fast food and other restaurant operators, hotel chains and other institutional customers in the U.S.

(3)Includes exports from the U.S. to international retailers and wholesale distributors primarily in North America, Asia, Latin America and other emerging markets.

(4)Includes sales to industrial customers who use our raw materials in their finished goods production, including prepared meals, pharmaceutical production and pet food.

(5)Includes sales of grain, oilseeds, feed, breeding stock and market hogs, among others, in addition to external sales from our Mexico and Bioscience operations.

(6)Includes external sales from our Mexico operations of $341 million and $316 million in the nine months ended September 28, 2025 and September 29, 2024, respectively. All other external sales are sourced from our U.S. operations.

(7)Includes our Mexico and Bioscience operations.

X

- Definition

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

+ References

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

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

+ References

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

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

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