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Segment Information (Tables)

9 Months Ended

Sep. 27, 2025

Segment Information

Summary of certain segment information



			Three Months Ended September 27, 2025
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	516		$	1,343		$	—		$	178		$	—					$	29		$	—		$	2,066
Transportation			6			—			375			—			—						1			—			382
Energy			—			—			—			—			69						4			—			73
Other			12			7			—			—			—						—			—			19
Total external net sales			534			1,350			375			178			69						34			—			2,540
Intersegment net sales ^(a)			10			—			1			—			—						—			(11)			—
Total segment/consolidated net sales		$	544		$	1,350		$	376		$	178		$	69					$	34		$	(11)		$	2,540
Less significant segment expenses:
Cost of sales			458			1,275			330			211			44						35			(11)			2,342
Selling, general and administrative expenses			28			38			28			4			4						12			—			114
Total segment/consolidated operating income (loss)		$	58		$	37		$	18		$	(37)		$	21					$	(13)		$	—		$	84
Income from affiliates			7			4			1			—			—			26			1			—			39
Total operating income (loss) and income from affiliates		$	65		$	41		$	19		$	(37)		$	21		$	26		$	(12)		$	—		$	123
Depreciation and amortization expense		$	37		$	7		$	16		$	10		$	5					$	3		$	—		$	78
Capital expenditures		$	29		$	10		$	93		$	3		$	27					$	5		$	—		$	167



			Three Months Ended September 28, 2024
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	477		$	1,111		$	—		$	182		$	—					$	35		$	—		$	1,805
Transportation			5			—			324			—			—						—			—			329
Energy			—			—			—			—			66						3			—			69
Other			11			4			—			—			—						—			—			15
Total external net sales			493			1,115			324			182			66						38			—			2,218
Intersegment net sales ^(a)			9			—			1			—			—						—			(10)			—
Total segment/consolidated net sales		$	502		$	1,115		$	325		$	182		$	66					$	38		$	(10)		$	2,218
Less significant segment expenses:
Cost of sales			464			1,052			298			201			43						33			(10)			2,081
Selling, general and administrative expenses			26			32			28			5			3						11			—			105
Total segment/consolidated operating income (loss)		$	12		$	31		$	(1)		$	(24)		$	20					$	(6)		$	—		$	32
Income from affiliates			6			4			1			—			—			6			—			—			17
Total operating income (loss) and income from affiliates		$	18		$	35		$	—		$	(24)		$	20		$	6		$	(6)		$	—		$	49
Depreciation and amortization expense		$	33		$	6		$	14		$	12		$	6					$	2		$	—		$	73
Capital expenditures		$	68		$	2		$	59		$	2		$	—					$	5		$	—		$	136



			Nine Months Ended September 27, 2025
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	1,495		$	3,901		$	—		$	445		$	—					$	81		$	—		$	5,922
Transportation			16			—			1,161			—			—						2			—			1,179
Energy			—			—			—			—			176						4			—			180
Other			38			17			—			—			—						—			—			55
Total external net sales			1,549			3,918			1,161			445			176						87			—			7,336
Intersegment net sales ^(a)			31			—			5			—			—						—			(36)			—
Total segment/consolidated net sales		$	1,580		$	3,918		$	1,166		$	445		$	176					$	87		$	(36)		$	7,336
Less significant segment expenses:
Cost of sales			1,446			3,723			966			522			127						86			(36)			6,834
Selling, general and administrative expenses			79			110			81			12			12						34			—			328
Total segment/consolidated operating income (loss)		$	55		$	85		$	119		$	(89)		$	37					$	(33)		$	—		$	174
Income from affiliates			23			11			3			—			—			43			1			—			81
Total operating income (loss) and income from affiliates		$	78		$	96		$	122		$	(89)		$	37		$	43		$	(32)		$	—		$	255
Depreciation and amortization expense		$	117		$	19		$	48		$	26		$	16					$	10		$	—		$	236
Capital expenditures		$	95		$	27		$	253		$	9		$	28					$	15		$	—		$	427
Total assets as of Sept. 27, 2025^(b)		$	2,001		$	1,613		$	1,242		$	683		$	329		$	394		$	1,697		$	—		$	7,959
Investments in affiliates as of September 27, 2025		$	157		$	167		$	42		$	—		$	3		$	394		$	3		$	—		$	766



			Nine Months Ended September 28, 2024
																					All
																					Other			Inter-
												Liquid									and			Segment
(Millions of dollars)			Pork			CT&M			Marine			Fuels			Power			Turkey			Corporate			Elims			Total
External net sales:
Products		$	1,486		$	3,423		$	—		$	387		$	—					$	103		$	—		$	5,399
Transportation			12			—			981			—			—						2			—			995
Energy			—			—			—			—			173						4			—			177
Other			34			13			—			—			—						—			—			47
Total external net sales			1,532			3,436			981			387			173						109			—			6,618
Intersegment net sales ^(a)			28			—			3			—			—						—			(31)			—
Total segment/consolidated net sales		$	1,560		$	3,436		$	984		$	387		$	173					$	109		$	(31)		$	6,618
Less significant segment expenses:
Cost of sales			1,471			3,255			872			475			118						105			(31)			6,265
Selling, general and administrative expenses			80			98			80			12			10						31			—			311
Total segment/consolidated operating income (loss)		$	9		$	83		$	32		$	(100)		$	45					$	(27)		$	—		$	42
Income from affiliates			21			14			3			—			—			21			—			—			59
Total operating income (loss) and income from affiliates		$	30		$	97		$	35		$	(100)		$	45		$	21		$	(27)		$	—		$	101
Depreciation and amortization expense		$	93		$	18		$	46		$	34		$	16					$	8		$	—		$	215
Capital expenditures		$	239		$	7		$	100		$	9		$	3					$	15		$	—		$	373
Total assets as of December 31, 2024^(b)		$	2,111		$	1,615		$	992		$	630		$	306		$	375		$	1,636		$	—		$	7,665
Investments in affiliates as of December 31, 2024		$	154		$	164		$	40		$	—		$	3		$	375		$	2		$	—		$	738

(a)

Intersegment sales in the Pork segment primarily represent the sale of pork fat to the Liquid Fuels segment, which uses it as a feedstock in the renewable diesel and biodiesel production processes. Intersegment sales in the Marine segment primarily represent shipping services provided to the jalapeño pepper processing business. Intercompany transactions are eliminated in consolidation.

(b)

Total assets for the Turkey segment represent Seaboard’s investment in Butterball, LLC. All Other and Corporate’s total assets primarily represent short-term investments held by Corporate; these investments were $1 billion as of both September 27, 2025 and December 31, 2024.