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REPORTABLE SEGMENTS
 9 Months Ended
Sep. 28, 2025
Segment Reporting [Abstract]  
REPORTABLE SEGMENTS REPORTABLE SEGMENTS
Our reportable segments are determined on the basis of our organizational structure and information that is regularly reviewed by our Chief Operating Decision Maker (“CODM”) for the purpose of making operating and resource allocation decisions and assessing the performance of the operating segments of our business. Our CODM is our Chief Executive Officer. Our CODM reviews assets at a consolidated level; not by reportable segment. Therefore, we do not disclose assets by reportable segment.
The measure of segment profit reviewed by our CODM is operating profit. Our CODM uses operating profit to assess segment performance, compensate employees and allocate capital, personnel and other resources to each segment.
Following the carve-out and distribution of our European operations (see “Note 3: Discontinued Operations”), we conduct our operations through three reportable segments: Packaged Meats, Fresh Pork and Hog Production.
Packaged Meats
The Packaged Meats segment consists of our U.S. operations that process fresh meat into a wide variety of packaged meats products, including bacon, sausage, hot dogs, deli and lunch meats, dry sausage products (such as pepperoni and genoa salami), ham products, ready-to-eat products and prepared foods (such as pre-cooked entrees, bacon and sausage). Approximately 80% of the Packaged Meats segment’s raw materials are sourced from our Fresh Pork segment. We market our domestic packaged meats products under a strategic set of core brands, which include: Smithfield, Eckrich, Nathan’s Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook’s, Gwaltney, Carando, Margherita, Curly’s and Smithfield Culinary. We also sell a sizeable portion of our packaged meats products as private label products. The majority of the Packaged Meats segment’s products are sold to retail and foodservice customers in the U.S.
Fresh Pork
The Fresh Pork segment consists of our U.S. operations that process live hogs into a wide variety of primal, sub-primal and offal products, such as bellies, butts, hams, loins, picnics and ribs. During the first nine months of 2025, the Fresh Pork segment sourced approximately 40% of its raw materials from our Hog Production segment, compared to approximately 50% during the same period in 2024, with the remainder from third-party farmers with whom we partner across the U.S. Approximately one-third of our fresh pork products, including the majority of hams, bellies and trimmings, is transferred to our Packaged Meats segment. Externally, we sell our fresh pork products to domestic retail, foodservice and industrial customers, as well as to export markets, including, among others, China, Mexico, Japan, South Korea and Canada.
Hog Production
The Hog Production segment consists of our hog production operations in the U.S., which produce and raise our hogs on numerous Company-owned farms and farms that are owned and operated by third-party contract farmers. Nearly all of the hogs produced by this segment are processed by our Fresh Pork segment. The Hog Production segment also sells grains and feed to external customers.
The following tables provide certain financial information by reportable segment with a reconciliation to the consolidated totals.
Three Months Ended September 28, 2025
Packaged MeatsFresh PorkHog Production
Other (1)
Corporate (2)
Unallocated (3)
Intersegment Consolidated
(in millions)
Sales$2,090 $2,185 $813 $131 $— $— $(1,473)$3,747 
Cost of sales1,770 2,135 714 116 — 5 (1,473)3,268 
Selling, general and administrative expenses95 40 10 5 24 5 — 178 
Operating gains— — — — — (9)— (9)
Operating profit (loss)226 10 89 10 (24)(1)— 310 
Interest expense, net11 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 expenditures41 30 14 3 1 — — 88 
Three Months Ended September 29, 2024
Packaged MeatsFresh PorkHog Production
Other (1)
Corporate (2)
Unallocated (3)
Intersegment Consolidated
(in millions)
Sales $1,917 $1,951 $738 $117 $— $— $(1,389)$3,334 
Cost of sales1,578 1,878 685 92 — 15 (1,389)2,859 
Selling, general and administrative expenses100 46 12 5 28 9 — 200 
Operating gains— — — — — (10)— (10)
Operating profit (loss)239 28 40 20 (28)(15)— 285 
Interest expense, net17 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 MeatsFresh PorkHog 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 sales5,126 6,046 2,442 307 — 25 (4,129)9,817 
Selling, general and administrative expenses275 125 31 17 79 116 — 643 
Operating gains— — — — — (48)— (48)
Operating profit (loss)792 127 112 32 (79)(92)— 892 
Interest expense, net33 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 expenditures119 77 38 7 6 — — 246 
Nine Months Ended September 29, 2024
Packaged MeatsFresh PorkHog 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 sales4,717 5,538 2,319 314 — 49 (4,111)8,826 
Selling, general and administrative expenses289 137 36 17 92 22 — 594 
Operating gains— — — — — (12)— (12)
Operating profit (loss)855 196 (136)18 (92)(59)— 783 
Interest expense, net52 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.
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 Pork506 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)
IntersegmentConsolidated
(in millions)
Packaged Meats$1,167 $634 $14 $98 $4 $1,917 $— $1,917 
Fresh Pork479 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 Pork1,523 202 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)
IntersegmentConsolidated
(in millions)
Packaged Meats$3,681 $1,804 $65 $300 $11 $5,861 $— $5,861 
Fresh Pork1,464 173 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.