Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
We Feed the World Like Family™ and has a broad portfolio of iconic products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and ibp®.
Business: existing product and brand portfolio · Dépôt 10/11/2025
Our integrated operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related specialty products, including animal and pet food ingredients.
Business: integrated chicken operations · Dépôt 10/11/2025
Through our wholly-owned subsidiary, Cobb-Vantress, we are one of the leading poultry breeding stock suppliers in the world.
Business: poultry breeding stock supplier · Dépôt 10/11/2025
We seek to achieve a leading market position for our products via our principal marketing and competitive strategy, which includes: •identifying target markets for value-added products; •concentrating production, sales and marketing efforts to appeal to and enhance demand from those markets; and •utilizing our national distribution systems and customer support services.
Competition: marketing strategy and national distribution · Dépôt 10/11/2025
The principal competitive elements are advertising, consumer and trade promotions, price, product safety and quality, brand identification, innovation, breadth and depth of product offerings, availability of products, customer service and credit terms.
Competition: principal competitive elements · Dépôt 10/11/2025
These consolidations have produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories, opposing price increases, and demanding lower pricing, increased promotional programs and specifically tailored products.
Risk factors: increased customer buying power · Dépôt 10/11/2025
Production and pricing of these commodities are determined by constantly changing market forces of supply and demand over which we have limited or no control.
Industry risk factors: commodity pricing and limited control · Dépôt 10/11/2025
However, we may not always be able to increase our product prices enough to sufficiently offset increased raw material costs due to consumer price sensitivity or the pricing postures of our competitors.
Industry risk factors: limitations on cost pass-through · Dépôt 10/11/2025
Summary of Results Sales in millions Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Sales $ 13,868 $ 13,884 $ 41,834 $ 40,581 Change in sales volume (2.8) % (1.8) % Change in average sales price 3.4 % 4.6 % Sales growth (0.1) % 3.1 % Third quarter – Fiscal 2026 vs Fiscal 2025 •Sales Volume – Sales were negatively impacted by lower sales volume, which accounted for a decrease in Sales of $392 million, as decreased sales volume in our Beef and International segments was partially offset by increased sales volume in our Pork, Chicken and Prepared Foods segments.
Summary of results: consolidated volume and average price changes · Dépôt 03/08/2026
Nine months – Fiscal 2026 vs Fiscal 2025 •Sales Volume – Sales were negatively impacted by lower sales volume, which accounted for a decrease in Sales of $746 million, as decreased sales volume in our Beef and International segments was partially offset by increased sales volume in our Pork, Chicken and Prepared Foods segments.
Nine-month results: segment directions of volume changes · Dépôt 03/08/2026
•Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase in Sales of $1,904 million, driven by price increases in all segments.
Nine-month results: realized price increases across segments · Dépôt 03/08/2026
32 Cost of Sales in millions Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Cost of sales $ 12,947 $ 12,743 $ 39,143 $ 37,745 Gross profit 921 1,141 2,691 2,836 Cost of sales as a percentage of sales 93.4 % 91.8 % 93.6 % 93.0 % Third quarter – Fiscal 2026 vs Fiscal 2025 •Cost of sales increased $204 million.
Cost of sales: quarterly and nine-month gross profit comparison · Dépôt 03/08/2026
The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs.
Market environment: actual cattle supply and cost pressure · Dépôt 03/08/2026
This increase reflects network changes in the Beef segment, including the closure of a harvesting facility and the transition of another facility to a single shift, the closure of a production facility in the Prepared Foods segment and efforts to reduce support costs across all segments and corporate functions.
Network optimization: facility closures and shift reduction · Dépôt 03/08/2026
We generally attempt to limit the maximum amount of indemnification or liability that we could be exposed to under our contracts, but this is not always possible without risking the loss of a customer relationship, particularly with our more significant customers.
Customer risk factors: inability always to limit contractual liability · Dépôt 10/11/2025
CONSOLIDATED STATEMENTS OF CASH FLOWS in millions fiscal year ended September 27, 2025 September 28, 2024 September 30, 2023 Cash Flows From Operating Activities: Net income (loss) $ 507 $ 822 $ (649) Adjustments to reconcile net income to cash provided by operating activities: Depreciation 1,093 1,159 1,100 Amortization 268 241 239 Deferred income taxes (76) (45) (183) Gain on sale of storage facilities (107) — — Impairment of goodwill 343 — 781 Impairments and disposals of assets 126 131 101 Stock-based compensation expense 100 101 61 Other, net 7 (43) 115 (Increase) decrease in accounts receivable (121) 59 136 (Increase) decrease in inventories (449) 153 175 Increase (decrease) in accounts payable 184 (205) 47 Increase (decrease) in income taxes payable/receivable 7 89 108 Net changes in other operating assets and liabilities 273 128 (279) Cash Provided by Operating Activities 2,155 2,590 1,752 Cash Flows From Investing Activities: Additions to property, plant and equipment (978) (1,132) (1,939) Purchases of marketable securities (66) (38) (34) Proceeds from sale of marketable securities 62 35 32 Proceeds from sale of storage facilities 252 — — Proceeds from sale of business — 174 — Acquisitions, net of cash acquired — — (262) Acquisition of equity investments (11) (29) (115) Other, net 76 102 19 Cash Used for Investing Activities (665) (888) (2,299) Cash Flows From Financing Activities: Proceeds from issuance of debt 175 2,415 1,130 Payments on debt (1,262) (1,641) (603) Proceeds from issuance of commercial paper — 1,694 7,693 Repayments of commercial paper — (2,285) (7,103) Purchases of Tyson Class A common stock (196) (49) (354) Dividends (697) (684) (670) Stock options exercised 21 14 11 Other, net (18) (45) (16) Cash Provided by (Used for) Financing Activities (1,977) (581) 88 Effect of Exchange Rate Change on Cash (1) 23 1 (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash (488) 1,144 (458) Cash and Cash Equivalents and Restricted Cash at Beginning of Year 1,717 573 1,031 Cash and Cash Equivalents and Restricted Cash at End of Year 1,229 1,717 573 Less: Restricted Cash at End of Year — — — Cash and Cash Equivalents at End of Year $ 1,229 $ 1,717 $ 573 See accompanying Notes to Consolidated Financial Statements.
Consolidated cash flows: operating cash, investment, debt and distributions · Dépôt 10/11/2025
9 Plant Closures and Disposals The following table reflects our liability related to plant closures as of June 27, 2026 (in millions): Balance at September 27, 2025 Plant Closure Charges Payments Balance at June 27, 2026 Contract termination $ 72 $ — $ (14) $ 58 Severance and retention — — — — Total $ 72 $ — $ (14) $ 58 NOTE 6: DEBT The major components of debt are as follows (in millions): June 27, 2026 September 27, 2025 Revolving credit facility $ — $ — Revolving term loan credit facility — — Commercial paper — — Senior notes: 4.00% Notes due March 2026 (“2026 Notes”) — 800 3.55% Notes due June 2027 1,300 1,350 7.00% Notes due January 2028 18 18 4.35% Notes due March 2029 (“2029 Notes”) 1,000 1,000 5.40% Notes due March 2029 600 600 6.13% Notes due November 2032 156 157 5.70% Notes due March 2034 900 900 4.88% Notes due August 2034 500 500 4.95% Notes due February 2036 (“2036 Notes”) 500 — 5.15% Notes due August 2044 497 497 4.55% Notes due June 2047 713 733 5.10% Notes due September 2048 (“2048 Notes”) 1,485 1,490 Discount on senior notes (34) (34) Term loan facility due May 2028 — 440 Finance Leases 160 168 Other 250 251 Unamortized debt issuance costs (39) (40) Total debt 8,006 8,830 Less current debt 1,427 909 Total long-term debt $ 6,579 $ 7,921 Revolving Credit Facility and Letters of Credit We have a $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program.
Note 6: actual debt balances and revolving credit facility · Dépôt 03/08/2026
Additionally, we have received $296 million of proceeds from the sale of storage facilities to date.
Network optimization: realized storage facility sale proceeds · Dépôt 03/08/2026
CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025 Sales $ 13,868 $ 13,884 $ 41,834 $ 40,581 Cost of Sales 12,947 12,743 39,143 37,745 Gross Profit 921 1,141 2,691 2,836 Selling, General and Administrative 559 538 1,592 1,553 Goodwill Impairment — 343 — 343 Operating Income 362 260 1,099 940 Other (Income) Expense: Interest income (6) (15) (27) (57) Interest expense 98 113 299 343 Other, net 4 (31) 75 (47) Total Other (Income) Expense 96 67 347 239 Income before Income Taxes 266 193 752 701 Income Tax Expense 80 124 212 252 Net Income 186 69 540 449 Less: Net Income Attributable to Noncontrolling Interests 4 8 13 22 Net Income Attributable to Tyson $ 182 $ 61 $ 527 $ 427 Net Income Per Share Attributable to Tyson: Class A Basic $ 0.53 $ 0.18 $ 1.53 $ 1.23 Class B Basic $ 0.48 $ 0.16 $ 1.38 $ 1.10 Diluted $ 0.52 $ 0.17 $ 1.49 $ 1.20 See accompanying Notes to Consolidated Condensed Financial Statements.
Unaudited income statements: current and comparative operating results · Dépôt 03/08/2026
In the first nine months of fiscal 2026, our operating income was impacted by $269 million of legal contingency accruals, $175 million of restructuring and related charges and $73 million of executive leadership transition charges.
Management discussion: actual legal, restructuring and leadership charges · Dépôt 03/08/2026
In the first nine months of fiscal 2025, our operating income was impacted by a $343 million goodwill impairment charge, $343 million of legal contingency accruals, $33 million of restructuring and related charges, $17 million of brand and product line discontinuation charges and $17 million of plant closures and disposal charges.
Management discussion: prior-year items affecting comparability · Dépôt 03/08/2026
43 The performance measures adopted by the Compensation and Leadership Development Committee for performance stock awards granted in fiscal year 2025 were as follows, with each measure weighted equally: •achievement of a cumulative Adjusted Operating Income target over fiscal years 2025, 2026 and 2027 (the “cumulative Adjusted Operating Income Performance Measure”); and •a comparison of the relative total shareholder return of the Company’s Class A Common Stock as compared to each of the constituent companies within the S&P 500 Consumer Staples Index over fiscal years 2025, 2026 and 2027 (the “rTSR performance measure”).
Compensation discussion: measures for awards granted in fiscal 2025 · Dépôt 17/12/2025
☑ Significant stock ownership guidelines – Our NEOs and other executives are required to accumulate and hold stock equal to a multiple of annual base salary.
Compensation governance: executive stock ownership requirements · Dépôt 17/12/2025
Year Summary Compensation Table Total for Dean Banks ($)(1) Summary Compensation Table Total for Donnie King ($)(1) Compensation Actually Paid to Dean Banks ($)(1)(2)(3) Compensation Actually Paid to Donnie King ($)(1)(2)(3) Average Summary Compensation Table Total for Non-PEO NEOs ($)(1) Average Compensation Actually Paid to Non-PEO NEOs ($)(1)(2)(3) Value of Initial Fixed $100 Investment based on: (4) Net Income ($ Millions) Adjusted Operating Income ($ Millions)(5) TSR ($) Peer Group TSR ($) 2025 — 34,469,569 — 31,914,312 8,365,923 6,630,699 106.07 149.94 507 2,267 2024 — 22,773,094 — 30,568,512 7,678,635 9,752,009 112.96 149.63 822 1,809 2023 — 13,180,119 — 1,186,444 5,835,652 3,036,329 92.19 119.53 (649) 987 2022 — 12,014,497 — 10,941,512 5,760,752 3,956,575 116.44 111.35 3,249 4,405 2021 14,480,695 8,999,444 26,013,794 13,991,217 7,250,044 12,287,861 135.34 111.73 3,060 4,223 _______________________________ (1)Dean Banks was our PEO for part of fiscal year 2021 (from October 4, 2020 to June 2, 2021).
Pay versus performance: compensation, shareholder returns and earnings · Dépôt 17/12/2025
Some of the Company’s key governance features include: •10 of 16 directors independent at the end of fiscal year 2025; •Board and committee meeting attendance of approximately 98% during fiscal year 2025; •Deferred shares for directors and strong ownership requirements for directors and senior officers; •Majority-independent Board committees, with four of six Board committees having a supermajority of independent directors during fiscal year 2025; •Majority voting for directors in uncontested elections; •Regular executive sessions for independent directors, presided over by the Lead Independent Director; •Robust director nomination process; •Robust governance policies and procedures, including our Code of Conduct; •Board composition highlighted by strong leadership and diversity of experience; and •Active Board participation in succession planning for senior management roles.
Governance summary: board independence, attendance and committee practices · Dépôt 17/12/2025
Additionally, as a result of the TLP’s significant ownership of our outstanding voting stock, we are eligible for, and have elected to rely on, “controlled company” exemptions from certain corporate governance requirements of the New York Stock Exchange.
Ownership risk factors: elected controlled-company exemptions · Dépôt 10/11/2025
However, the Compensation and Leadership Development Committee’s charter gives it responsibility for approving the employment contract and total annual compensation for the CEO, and the committee has done so since 2003.
Compensation governance: committee approval of CEO compensation · Dépôt 17/12/2025
These customers also may use shelf space currently used for our products for their own private label products.
Customer risk factors: potential private-label shelf substitution · Dépôt 10/11/2025
•The change in average sales price excludes $248 million and $343 million reduction of Sales from the recognition of legal contingency accruals in the nine months ended June 27, 2026 and June 28, 2025, respectively.
Nine-month pricing disclosure: legal accrual exclusions · Dépôt 03/08/2026
In connection with these transitions, we recognized charges of $73 million during the three and nine months ended June 27, 2026, consisting of $41 million of one-time cash payments and $32 million of severance and related charges.
Executive transition: recognized cash payment and severance charges · Dépôt 03/08/2026
