4 unchanged sentences
(in millions, except for share and per share data, and unaudited)
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
Sales $ 3,747 $ 3,334 $ 11,304 $ 10,190
5 unchanged sentences
Interest expense, net 11 17 33 52
−Removed: Non-operating (gains) losses ( 4 ) ( 2 ) 2 ( 6 )
+Added: Non-operating gains ( 19 ) ( 7 ) ( 17 ) ( 13 )
Income from continuing operations before income taxes 318 276 876 745
Income tax expense 71 69 205 165
−Removed: Loss from equity method investments 3 — 8 1
+Added: Loss (income) from equity method investments ( 4 ) ( 3 ) 4 ( 1 )
Net income from continuing operations 252 209 667 581
2 unchanged sentences
Income from discontinued operations before income taxes — 49 — 187
−Removed: Income tax expense from discontinued operations — 37 — 49
+Added: Income tax expense (benefit) from discontinued operations — ( 41 ) — 8
Net income from discontinued operations — 90 — 179
17 unchanged sentences
(in millions and unaudited)
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
Net income $ 252 $ 300 $ 667 $ 760
12 unchanged sentences
(in millions, except share data, and unaudited)
+Added: September 28,
2025 December 29,
32 unchanged sentences
5,000,000,000 shares authorized;
−Removed: 393,112,711 shares issued and outstanding as of June 29, 2025 and 380,069,232 shares issued and outstanding as of December 29, 2024
+Added: 393,112,711 shares issued and outstanding as of September 28, 2025 and 380,069,232 shares issued and outstanding as of December 29, 2024
Additional paid-in capital 3,333 3,102
8 unchanged sentences
(in millions and unaudited)
−Removed: Six Months Ended
−Removed: 2025 June 30,
+Added: Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
Cash flows from operating activities:
5 unchanged sentences
Changes in operating and other assets and liabilities, net ( 794 ) ( 615 )
−Removed: Other ( 27 ) 46
−Removed: Net cash flows from (used in) operating activities of continuing operations 108 ( 9 )
+Added: Net cash flows from operating activities of continuing operations 121 233
Cash flows from investing activities:
Capital expenditures ( 246 ) ( 268 )
+Added: Investments in partnerships and other assets ( 10 ) ( 5 )
Net expenditures from breeding stock transactions ( 9 ) ( 42 )
−Removed: Other ( 1 ) —
+Added: Proceeds from sale of property, plant and equipment and other assets 6 8
+Added: Insurance proceeds 7 2
+Added: Cash receipts on notes receivable 14 —
Net cash flows used in investing activities of continuing operations ( 239 ) ( 305 )
Cash flows from financing activities:
−Removed: Net proceeds from issuance of common stock 236 —
+Added: Payment of dividends ( 297 ) ( 270 )
+Added: Principal payments on long-term debt and finance lease obligations ( 1 ) ( 20 )
Repayments to Securitization Facility — ( 14 )
Proceeds from Securitization Facility — 14
−Removed: Principal payments on long-term debt and finance lease obligations ( 1 ) ( 19 )
−Removed: Payment of dividends ( 197 ) ( 182 )
+Added: Net repayments to revolving credit facilities — ( 1 )
+Added: Net proceeds from issuance of common stock 236 —
Other ( 2 ) 1
−Removed: Net cash flows from (used in) financing activities of continuing operations 38 ( 202 )
+Added: Net cash flows used in financing activities of continuing operations ( 64 ) ( 290 )
Effect of foreign exchange rate changes on cash from continuing operations 12 ( 12 )
7 unchanged sentences
Cash, cash equivalents and restricted cash at beginning of period (including discontinued operations) 943 751
−Removed: Cash, cash equivalents and restricted cash at end of period (including discontinued operations) 928 284
−Removed: Cash, cash equivalents and restricted cash attributable to discontinued operations at end of period — ( 69 )
Cash, cash equivalents and restricted cash at end of period $ 773 $ 278
2 unchanged sentences
AND SUBSIDIARIES
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY
+Added: CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(in millions and unaudited)
−Removed: Three Months Ended June 29, 2025
+Added: Three Months Ended September 28, 2025
Comprehensive
Shareholders’
−Removed: Balance, March 30, 2025 $ 3,325 $ 3,308 $ ( 408 ) $ 6,225
+Added: Balance, June 29, 2025 $ 3,335 $ 3,398 $ ( 432 ) $ 6,301
Dividend — ( 99 ) — ( 99 )
1 unchanged sentence
Stock compensation expense 2 — — 2
−Removed: Other ( 6 ) — — ( 6 )
Comprehensive income:
1 unchanged sentence
Other comprehensive loss, net of tax — — 18 18
−Removed: Balance, June 29, 2025 $ 3,335 $ 3,398 $ ( 432 ) $ 6,301
−Removed: Three Months Ended June 30, 2024
+Added: Balance, September 28, 2025 $ 3,333 $ 3,548 $ ( 414 ) $ 6,466
+Added: Three Months Ended September 29, 2024
Comprehensive
Shareholders’
−Removed: Balance, March 31, 2024 $ 4,140 $ 3,656 $ ( 550 ) $ 7,246
+Added: Balance, June 30, 2024 $ 4,117 $ 3,864 $ ( 545 ) $ 7,436
Dividend — ( 88 ) — ( 88 )
+Added: European operations carve-out ( 1,125 ) ( 1,071 ) 143 ( 2,054 )
Adjustment to redeemable noncontrolling interests ( 24 ) — — ( 24 )
2 unchanged sentences
Other comprehensive income, net of tax — — 39 39
−Removed: Balance, June 30, 2024 $ 4,117 $ 3,864 $ ( 545 ) 0 $ 7,436
−Removed: Six Months Ended June 29, 2025
+Added: Balance, September 29, 2024 $ 2,967 $ 2,997 $ ( 363 ) $ 5,601
+Added: Nine Months Ended September 28, 2025
Comprehensive
9 unchanged sentences
Other comprehensive income, net of tax — — 38 38
−Removed: Balance, June 29, 2025 $ 3,335 $ 3,398 $ ( 432 ) $ 6,301
−Removed: Six Months Ended June 30, 2024
+Added: Balance, September 28, 2025 $ 3,333 $ 3,548 $ ( 414 ) $ 6,466
+Added: Nine Months Ended September 29, 2024
Comprehensive
2 unchanged sentences
Dividend — ( 269 ) — ( 269 )
+Added: European operations carve-out ( 1,125 ) ( 1,071 ) 143 ( 2,054 )
Adjustment to redeemable noncontrolling interests ( 58 ) — — ( 58 )
3 unchanged sentences
Other comprehensive loss, net of tax — — ( 6 ) ( 6 )
−Removed: Balance, June 30, 2024 $ 4,117 $ 3,864 $ ( 545 ) $ 7,436
+Added: Balance, September 29, 2024 $ 2,967 $ 2,997 $ ( 363 ) $ 5,601
See Notes to Condensed Consolidated Financial Statements
15 unchanged sentences
Our elected fiscal year is the 52-week or 53-week period which ends on the Sunday nearest to December 31.
−Removed: Unless otherwise noted, all references to the second quarter of 2025 and the three months ended June 29, 2025 are to the 13-week period ended June 29, 2025.
−Removed: All references to the second quarter of 2024 and the three months ended June 30, 2024 are to the 13-week period ended June 30, 2024.
−Removed: Each of the six months ended June 29, 2025 and June 30, 2024 consisted of 26-weeks.
+Added: Unless otherwise noted, all references to the third quarter of 2025 and the three months ended September 28, 2025 are to the 13-week period ended September 28, 2025.
+Added: All references to the third quarter of 2024 and the three months ended September 29, 2024 are to the 13-week period ended September 29, 2024.
+Added: Each of the nine months ended September 28, 2025 and September 29, 2024 consisted of 39-weeks.
Principles of Consolidation
21 unchanged sentences
The standard requires enhanced rate reconciliation disclosures, including disclosure of specific categories and additional information for reconciling items that meet a quantitative threshold.
−Removed: The standard also requires companies to disaggregate income taxes paid by federal, state and foreign taxes.
+Added: The standard also requires companies to disaggregate income taxes paid by federal, state and foreign jurisdictions.
The update is effective for our annual report on Form 10-K for fiscal year 2025, with early adoption permitted.
2 unchanged sentences
Disaggregation of Income Statement Expenses .
−Removed: The new guidance is intended to provide investors more disaggregated information about certain line items presented in the consolidated statement of income.
+Added: The new guidance is intended to provide investors with more disaggregated information about certain line items presented in the consolidated statement of income.
The update is effective for our annual report on Form 10-K for fiscal year 2027, with early adoption permitted.
−Removed: The new disclosures are required to be applied prospectively with the option for retrospective application.
−Removed: The standard will not impact our financial position, results of operations or cash flows but may have an impact on the presentation of certain items.
+Added: The new disclosures are required to be applied prospectively with an option for retrospective application.
+Added: The standard will not impact our financial position, results of operations or cash flows.
In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810):
1 unchanged sentence
The update is effective for our annual report on Form 10-K for fiscal year 2027, with early adoption permitted.
−Removed: Once adopted, this update will be applied prospectively to transactions in scope of the guidance when they occur.
+Added: Once adopted, this update will be applied prospectively to transactions within the scope of the guidance.
+Added: In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326):
+Added: Measurement of Credit Losses for Accounts Receivable and Contract Assets , which simplifies the estimation of credit losses on current accounts receivable and contract assets arising from transactions accounted for under ASC 606.
+Added: The update is effective for fiscal year 2026, including interim periods within that fiscal year, with early adoption permitted.
+Added: Once adopted, this update will be applied prospectively to assets within the scope of the guidance.
+Added: We do not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.
+Added: In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) , which streamlines the capitalization guidance for internal-use software and supersedes prior guidance on website development costs.
+Added: The update is effective for fiscal year 2028, including interim periods within that fiscal year, with early adoption permitted.
+Added: Once adopted, this update will be applied prospectively to software development projects initiated after adoption.
+Added: In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) , which clarifies the scope of derivative accounting and provides guidance on share-based noncash consideration in revenue contracts.
+Added: The update is effective for fiscal year 2027, including interim periods within that fiscal year, with early adoption permitted.
+Added: Once adopted, this update will be applied prospectively to contracts within the scope of the guidance.
+Added: We do not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.
REPORTABLE SEGMENTS
19 unchanged sentences
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.
−Removed: In the first half of 2025, the Fresh Pork segment sourced approximately 40 % of its raw materials from our Hog Production segment, compared to approximately 50 % in the first half of 2024, with the remainder from third-party farmers with whom we partner across the U.S.
+Added: 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 % d uring the same period in 2024, w ith 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.
6 unchanged sentences
The following tables provide certain financial information by reportable segment with a reconciliation to the consolidated totals.
−Removed: Three Months Ended June 29, 2025
+Added: Three Months Ended September 28, 2025
Packaged Meats Fresh Pork Hog Production Other (1)
14 unchanged sentences
Capital expenditures 41 30 14 3 1 — — 88
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 29, 2024
Packaged Meats Fresh Pork Hog Production Other (1)
20 unchanged sentences
(3) Represents certain items that we do not allocate to our segments.
−Removed: Six Months Ended June 29, 2025
+Added: Nine Months Ended September 28, 2025
Packaged Meats Fresh Pork Hog Production Other (1)
14 unchanged sentences
Capital expenditures 119 77 38 7 6 — — 246
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 29, 2024
Packaged Meats Fresh Pork Hog Production Other (1)
21 unchanged sentences
The following tables disaggregate our sales to customers by reportable segment and by major distribution channel.
−Removed: Three Months Ended June 29, 2025
+Added: Three Months Ended September 28, 2025
Foodservice (2)
10 unchanged sentences
Total $ 1,744 $ 790 $ 442 $ 386 $ 386 $ 3,747 $ — $ 3,747
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 29, 2024
Foodservice (2)
18 unchanged sentences
(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.
−Removed: (6) Includes external sales from our Mexico operations of $ 114 million and $ 105 million in the three months ended June 29, 2025 and June 30, 2024, respectively.
+Added: (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.
(7) Includes our Mexico and Bioscience operations.
−Removed: Six Months Ended June 29, 2025
+Added: Nine Months Ended September 28, 2025
Foodservice (2)
10 unchanged sentences
Total $ 5,323 $ 2,195 $ 1,317 $ 1,132 $ 1,336 $ 11,304 $ — $ 11,304
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 29, 2024
Foodservice (2)
18 unchanged sentences
(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.
−Removed: (6) Includes external sales from our Mexico operations of $ 212 million and $ 211 million in the six months ended June 29, 2025 and June 30, 2024, respectively.
+Added: (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.
5 unchanged sentences
The following table presents the major components of net income from discontinued operations included in the condensed consolidated statements of income.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
4 unchanged sentences
Operating gains — ( 4 ) — ( 15 )
−Removed: — ( 2 ) — ( 11 )
Operating profit — 45 — 190
Interest expense — 2 — 4
−Removed: Non-operating losses — 5 — 6
+Added: Non-operating gains — ( 7 ) — —
Income from discontinued operations before income taxes — 49 — 187
−Removed: Income tax on discontinued operations — 37 — 49
+Added: Income tax expense (benefit) from discontinued operations (1)
Net income from discontinued operations $ — $ 90 $ — $ 179
+Added: ________________
+Added: (1) Income tax expense (benefit) from discontinued operations for 2024 includes a $ 27 million income tax benefit recognized as a result of the carve-out of our European operations.
Acquisition within our Discontinued Operations
15 unchanged sentences
On August 30, 2024, we closed our Altoona, Iowa ham boning facility and consolidated production volume into other locations to improve manufacturing efficiencies.
−Removed: Costs associated with closing the plant primarily include operating lease assets and equipment that we disposed of prior to the expiration of the lease term or end of the
−Removed: asset’s useful life.
+Added: Costs associated with closing the plant primarily include operating lease assets and equipment that we disposed of prior to the expiration of the lease term or end of the asset’s useful life.
The charges associated with the closing were not material.
This facility was accounted for in the Fresh Pork segment.
−Removed: OPERATING GAINS AND NON-OPERATING (GAINS) LOSSES
−Removed: The following table provides details of operating gains and non-operating (gains) losses.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: OPERATING GAINS AND NON-OPERATING GAINS
+Added: The following table provides details of operating gains and non-operating gains.
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
4 unchanged sentences
Other operating gains (2)
+Added: ( 6 ) ( 2 ) ( 7 ) ( 3 )
Operating gains $ ( 9 ) $ ( 10 ) $ ( 48 ) $ ( 12 )
−Removed: Non-operating (gains) losses:
+Added: Non-operating gains:
Gain on nonqualified retirement plan assets (3)
+Added: $ ( 23 ) $ ( 9 ) $ ( 29 ) $ ( 18 )
Net pension and postretirement benefits cost (4)
−Removed: Non-operating (gains) losses
+Added: Other non-operating gains — — — ( 1 )
+Added: Non-operating gains
$ ( 19 ) $ ( 7 ) $ ( 17 ) $ ( 13 )
________________
−Removed: (1) Consists of a gain recognized in the second quarter of 2025 related to the settlement of a claim against an insurance carrier for losses incurred in connection with past litigation and a gain recognized in the first quarter of 2025 in connection with a 2021 fire at our Tar Heel, North Carolina rendering facility.
+Added: (1) Consists of gains recognized in connection with settlements of insurance claims associated with property damage.
+Added: Also includes settlements of insurance claims in the second quarter of 2025 and the second and third quarters of 2024 for losses incurred in connection with past litigation.
+Added: (2) Includes a $ 6 million gain recognized in the third quarter of 2025 related to the settlement of a commercial dispute.
+Added: (3) Includes a $ 17 million gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies.
(4) Includes the components of net pension and postretirement benefits cost other than service cost, which is included in operating profit.
13 unchanged sentences
The following table details charges we recognized associated with Hog Production Reform in cost of sales in the condensed consolidated statements of income by major type of cost.
−Removed: Three Months Ended Six Months Ended Cumulative
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
−Removed: 2024 June 29,
+Added: Three Months Ended Nine Months Ended Cumulative
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
+Added: 2024 September 28, 2025
(in millions)
21 unchanged sentences
Accounts receivable, net is comprised of both receivables from contracts with customers and other receivables.
−Removed: Our receivables from contracts with customers were $ 718 million and $ 494 million as of June 29, 2025 and December 29, 2024, respectively.
−Removed: We monitor the credit risk associated with our accounts receivable and establish an allowance for credit losses expected to be incurred over the life of the receivable, which is recorded net of this allowance.
−Removed: We calculate this allowance based on our history of write-offs, future economic conditions, level of past due accounts, the financial health of our customers and historical experience.
+Added: Our receivables from contracts with customers were $ 985 million and $ 494 million as of September 28, 2025 and December 29, 2024, respectively.
+Added: We monitor the credit risk associated with our accounts receivable and establish an allowance for credit losses expected to be incurred over the life of the receivable.
+Added: Accounts receivable is recorded net of this allowance.
+Added: calculate this allowance based on our history of write-offs, future economic conditions, level of past due accounts, the financial health of our customers and historical experience.
Our allowance for credit losses was not material for the periods presented.
Inventories, net consist of the following:
+Added: September 28,
2025 December 29,
14 unchanged sentences
We also periodically enter into interest rate swaps to hedge exposure to changes in interest rates on certain financial instruments and foreign exchange forward contracts to hedge certain exposures to fluctuating foreign currency rates.
+Added: We record all derivatives as either assets or liabilities at fair value on the balance sheet, with the exception of contracts that qualify for the normal purchase and normal sale scope exception, which are expected to result in physical delivery.
+Added: Accounting for changes in the fair value of a derivative depends on whether it qualifies and has been designated as part of a hedging relationship.
+Added: For derivatives that qualify and have been designated as hedging instruments for accounting purposes, changes in fair value have no net impact on earnings, to the extent the derivative is considered perfectly effective in achieving offsetting changes in fair value attributable to the risk being hedged, until the hedged item is recognized in earnings (commonly referred to as the “hedge accounting” method).
+Added: For derivatives that do not qualify or are not designated as hedging instruments for accounting purposes, changes in fair value are recorded in current period earnings (commonly referred to as the “mark-to-market” method).
+Added: We may elect either method of accounting for our derivative portfolio, assuming all the necessary requirements are met.
+Added: We have, in the past, availed ourselves of either acceptable method and expect to do so in the future.
+Added: We believe all of our derivative instruments represent economic hedges against changes in prices and rates, regardless of their designation for accounting purposes.
+Added: When cash flow hedge accounting is applied, derivative gains or losses are recognized as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings.
+Added: The initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings on a straight-line basis over the life of the hedging instrument and is presented in the same income statement line item as the hedged item.
+Added: Any difference between the change in fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss).
+Added: When fair value hedge accounting is applied, derivative gains and losses are recognized in earnings concurrently with the change in fair value of the hedged item attributable to the risk being hedged.
+Added: A portion of our derivatives are exchange traded futures contracts held with brokers, subject to netting arrangements that are enforceable during the ordinary course of business.
+Added: Additionally, we have a portfolio of over-the-counter derivatives that are held by counterparties under netting arrangements found in typical master netting agreements.
+Added: These agreements legally allow for net settlement in the event of bankruptcy.
+Added: We offset the fair values of derivative assets and liabilities, along with the related cash collateral, that are executed with the same counterparty under these arrangements in the condensed consolidated balance sheets.
Changes in commodity prices could have a significant impact on cash deposit requirements under our broker and counterparty agreements.
Additionally, certain of our derivative contracts contain credit risk-related contingent features, which would require us to post additional cash collateral to cover net losses on open derivative instruments if our credit rating were sufficiently downgraded.
−Removed: As of June 29, 2025, the net liability position of our open derivative instruments subject to credit risk-related contingent features was $ 17 million.
−Removed: As of the end of the second quarter of 2025, we were not required to post any collateral to cover losses associated with this net liability position.
+Added: As of September 28, 2025, the net liability position of our open derivative instruments subject to credit risk-related contingent features was $ 30 million.
+Added: As of the end of the third quarter of 2025, we were not required to post any collateral to cover losses associated with this net liability position.
If our credit rating were sufficiently downgraded, we would be required to post $ 25 million in collateral.
2 unchanged sentences
Assets Liabilities
+Added: September 28,
2025 December 29,
−Removed: 2024 June 29,
+Added: 2024 September 28,
2025 December 29,
4 unchanged sentences
Commodity contracts 1 2 11 7
+Added: Foreign exchange contracts 1 — — —
Total fair value of derivative instruments $ 11 $ 15 $ 76 $ 44
The following tables reconcile the gross amounts of derivative assets and liabilities to the net amounts presented in our condensed consolidated balance sheets and the related effects of cash collateral under netting arrangements that provide a legal right of offset of assets and liabilities.
−Removed: June 29, 2025
+Added: September 28, 2025
Gross Amount of Derivative Assets/ Liabilities Netting of Derivative Assets/ Liabilities Net Derivative Assets/Liabilities Netting of Derivative and Cash Collateral Net Amount Presented in the Condensed Consolidated Balance Sheet (1)
1 unchanged sentence
Commodity contracts $ 11 $ ( 10 ) $ 1 $ 16 $ 16
+Added: Foreign exchange contracts 1 — 1 — 1
+Added: Total $ 11 $ ( 10 ) $ 1 $ 16 $ 17
Commodity contracts $ 76 $ ( 10 ) $ 66 $ ( 35 ) $ 31
17 unchanged sentences
Lastly, we enter into foreign exchange contracts to manage our exposure to the variability in expected future cash flows attributable to changes in foreign exchange rates associated with the forecasted purchase or sale of assets denominated in foreign currencies.
−Removed: As of June 29, 2025, substantially all of our commodity-related cash flow hedges were for transactions forecasted through December 2025.
−Removed: As of June 29, 2025, the notional volumes associated with open derivative instruments designated in cash flow hedging relationships were as follows:
+Added: As of September 28, 2025, substantially all of our commodity-related cash flow hedges were for transactions forecasted through April 2026.
+Added: As of September 28, 2025, the notional volumes associated with open derivative instruments designated in cash flow hedging relationships were as follows:
Volume Metric
7 unchanged sentences
Three Months Ended Three Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
1 unchanged sentence
Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Derivative Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss into Earnings
−Removed: Six Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Nine Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
3 unchanged sentences
Total $ ( 71 ) $ ( 2 ) $ ( 52 ) $ 11
−Removed: The amounts associated with option contracts as of and for the three and six months ended June 29, 2025 were not material.
−Removed: In the three and six months ended June 30, 2024, we recognized $ 24 million and $ 39 million in expenses for option premiums, which are excluded from the assessment of hedge effectiveness.
−Removed: As of June 30, 2024, accumulated other comprehensive income included $ 26 million of net gains associated with options for which the underlying hedged transactions had not yet impacted earnings.
+Added: The amounts associated with option contracts as of and for the three and nine months ended September 28, 2025 were not material.
+Added: In the three and nine months ended September 29, 2024, we recognized $ 10 million and $ 48 million in expenses for option premiums, which are excluded from the assessment of hedge effectiveness.
+Added: As of September 29, 2024, accumulated other comprehensive income included $ 4 million of net gains associated with options for which the underlying hedged transactions had not yet impacted earnings.
This amount represents the difference between the change in the fair value of the options and the amount of option premiums amortized through earnings.
−Removed: Deferred losses on closed derivative contracts included in accumulated other comprehensive loss as of June 29, 2025 were not material.
+Added: We expect to reclassify $ 7 million ($ 6 million net of tax) of deferred losses on closed derivative contracts included in accumulated other comprehensive loss as of September 28, 2025.
We are unable to estimate the amount of deferred gains or losses related to open derivative contracts to be reclassified into earnings within the next twelve months as their values are subject to change.
1 unchanged sentence
We enter into derivative instruments (primarily futures contracts) that are designed to hedge changes in the fair value of firm commitments to buy grains and hogs.
−Removed: As of June 29, 2025, the notional volumes associated with open derivative instruments designated in fair value hedging relationships were as follows:
+Added: As of September 28, 2025, the notional volumes associated with open derivative instruments designated in fair value hedging relationships were as follows:
Volume Metric
2 unchanged sentences
Soybeans 310,000 Bushels
−Removed: The carrying value of hedged firm commitments designated in fair value hedge relationships as of June 29, 2025 was $ 10 million.
+Added: The carrying value of hedged firm commitments designated in fair value hedge relationships as of September 28, 2025 was $ 14 million.
The carrying value of hedged firm commitments designated in fair value hedge relationships as of December 29, 2024 was immaterial .
When the underlying inventories are acquired, the hedge relationship is discontinued and the fair value hedge adjustment is reclassified to inventories.
−Removed: The amount of fair value hedge gains remaining in inventories for which hedge accounting has been discontinued were immaterial as of June 29, 2025 and December 29, 2024.
+Added: The amount of fair value hedge gains remaining in inventories for which hedge accounting has been discontinued were immaterial as of September 28, 2025 and December 29, 2024.
Mark-to-Market Method
−Removed: As of June 29, 2025, the notional volumes associated with open derivative instruments using the “mark-to-market” method were as follows:
+Added: As of September 28, 2025, the notional volumes associated with open derivative instruments using the “mark-to-market” method were as follows:
Volume Metric
9 unchanged sentences
The following table presents the effect of derivatives on the condensed consolidated statements of income for the periods indicated.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions) (in millions)
3 unchanged sentences
2 ( 3 ) ( 11 ) ( 7 )
−Removed: Total derivative loss recognized in sales ( 25 ) ( 5 ) ( 27 ) ( 17 )
+Added: Total derivative gain (loss) recognized in sales ( 37 ) 44 ( 65 ) 27
Cost of sales:
5 unchanged sentences
Gain (loss) on closed derivatives (1)
+Added: ( 4 ) 2 ( 4 ) 8
Mark-to-market — commodity contracts
+Added: 7 ( 5 ) 15 ( 8 )
Total derivative gain (loss) recognized in cost of sales 4 ( 13 ) 12 ( 23 )
1 unchanged sentence
Mark-to-market — foreign currency contracts
−Removed: ( 1 ) 1 ( 1 ) 2
Interest expense:
1 unchanged sentence
— — ( 1 ) ( 1 )
−Removed: Total derivative loss $ ( 23 ) $ ( 9 ) $ ( 22 ) $ ( 25 )
+Added: Discontinued operations:
+Added: Cash flow hedging - foreign exchange contracts
+Added: Mark to market - foreign exchange contracts
+Added: Total derivative gain recognized in discontinued operations — 3 — 4
+Added: Total derivative gain (loss) $ ( 33 ) $ 33 $ ( 54 ) $ 9
________________
5 unchanged sentences
On February 24, 2025, we became a member of a North Carolina-based company, VisionAg, by contributing $ 450,000 in cash in exchange for a 9 % minority interest.
−Removed: We account for VisionAg under the equity method of accounting as we have the ability to exercise significant influence over operating and financial policies through our representation on its board of directors.
+Added: We account for VisionAg under the equity method of
+Added: accounting as we have the ability to exercise significant influence over operating and financial policies through our representation on its board of directors.
Restructuring” for more information on Murphy Family Farms and VisionAg.
16 unchanged sentences
However, the accounts receivable owned by the SPV are separate and distinct from our other assets and are not available to our other creditors should we become insolvent.
−Removed: As of June 29, 2025, the SPV held $ 410 million of accounts receivable.
+Added: As of September 28, 2025, the SPV held $ 632 million of accounts receivable.
We must maintain certain ratios related to the collection of our receivables as a condition of the Securitization Facility agreement.
−Removed: As of June 29, 2025, we had $ 28 million in letters of credit issued under the Securitization Facility.
+Added: As of September 28, 2025, we had $ 28 million in letters of credit issued under the Securitization Facility.
None of the letters of credit were drawn upon.
3 unchanged sentences
In the event of a sale, the purchasing banks assumed all credit risk related to the receivables while we maintained risk associated with customer disputes.
−Removed: We accounted for the sale
−Removed: of receivables to a purchasing bank by derecognizing the receivables from our condensed consolidated balance sheet upon transfer of control to the purchasing bank, and recognized a discount on the sale in SG&A in the condensed consolidated statement of income.
+Added: We accounted for the sale of receivables to a purchasing bank by derecognizing the receivables from our condensed consolidated balance sheet upon transfer of control to the purchasing bank, and recognized a discount on the sale in SG&A in the condensed consolidated statement of income.
The proceeds from the sale of receivables are included in net cash flows from operating activities in the condensed consolidated statement of cash flows.
On behalf of the purchasing banks, we serviced all receivables sold under the Monetization Facility.
−Removed: As of June 29, 2025, the uncollected balance of receivables that had been sold to purchasing banks was $ 232 million.
−Removed: We had no servicing asset or liability outstanding as of June 29, 2025.
In the first quarter of 2023, we sold $ 227 million of accounts receivable at a discount and received proceeds totaling $ 225 million.
−Removed: We reinvested $ 803 million and $ 774 million of cash collections from customers in the revolving sale of accounts receivable to purchasing banks in the three months ended June 29, 2025 and June 30, 2024, respectively and $ 1,829 million and $ 1,814 million in the six months ended June 29, 2025 and June 30, 2024, respectively.
−Removed: We recognized charges totaling $ 3 million and $ 4 million in the second quarters of 2025 and 2024, respectively, and $ 6 million and $ 7 million in the first six months of 2025 and 2024, respectively, attributable to the discount on the sale of accounts receivable in SG&A in the condensed consolidated statement of income.
−Removed: On July 22, 2025, we terminated the Monetization Facility.
−Removed: The Monetization Facility originally was established to provide us with additional liquidity and working capital flexibility.
+Added: We reinvested $ 24 million and $ 793 million of cash collections from customers in the revolving sale of accounts receivable to purchasing banks in the third quarter of 2025 and 2024, respectively, and $ 2,085 million and $ 2,836 million in the first nine months of 2025 and 2024, respectively.
+Added: We recognized charges totaling $ 3 million in the third quarter of 2024 and $ 5 million and $ 10 million in the first nine months of 2025 and 2024, respectively, attributable to the discount on the sale of accounts receivable in SG&A in the condensed consolidated statements of income.
+Added: The charges for the third quarter of 2025 were not material.
+Added: On July 22, 2025, we terminated the Monetization Facility and paid $ 232 million to participating banks to reacquire the outstanding balance of accounts receivable previously sold under the facility.
+Added: The Monetization Facility was originally established to provide us with additional liquidity and working capital flexibility.
In light of our liquidity position and internal capital resources as of July 22, 2025, we determined that the Monetization Facility was no longer cost-effective or necessary.
2 unchanged sentences
These contracts include a lease component for the use of the farmers’ facilities.
+Added: The amended contracts increased our operating lease obligation by $ 59 million.
The amended noncancellable term of the agreements is three years beginning in June 2025.
The contracts may be terminated by either party with three-years advance notice.
−Removed: The incremental lease obligation associated with these agreements as of June 29, 2025 was $ 58 million, of which $ 13 million was recorded in current portion of operating lease obligations on the condensed consolidated balance sheet, with the remainder recorded in long-term operating lease obligations.
−Removed: In June 2025, Monarch refinanced its debt, repaying a debt facility of up to $ 61 million that Smithfield and certain other joint ventures partners in Monarch had jointly and severally guaranteed.
+Added: In the second quarter of 2025, Monarch refinanced its debt, repaying a debt facility of up to $ 61 million that Smithfield and certain other joint ventures partners in Monarch had jointly and severally guaranteed.
Smithfield was released from the guaranty and no longer provides a guaranty of Monarch’s debt.
−Removed: Our effective tax rate attributable to continuing operations increased to 24.6 % for the second quarter of 2025, compared to 18.2 % for the same period in 2024, and to 24.0 % for the first six months of 2025, compared to 20.5 % for the corresponding period in 2024.
−Removed: These increases were primarily driven by the combined impact of increased profitability in the current year, a settlement with state tax authorities and the disallowance of certain officers’ compensation.
+Added: Our effective tax rate attributable to continuing operations decreased to 22.2 % for the third quarter of 2025 compared to 25.0 % for the third quarter of 2024.
+Added: The decrease was primarily driven by a non-taxable gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies.
+Added: Our effective tax rate attributable to continuing operations increased to 23.4 % for the first nine months of 2025 compared to 22.2 % for the first nine months of 2024.
+Added: The increase was primarily attributable to the deductibility of certain officer compensation.
One Big Beautiful Bill
−Removed: On July 4, 2025, the Tax Relief for American Families and Workers Act of 2025 (commonly referred to as the “One Big Beautiful Bill,” or “OBBB”) was signed into law.
+Added: On July 4, 2025, the Tax Relief for American Families and Workers Act of 2025 (commonly known as the “One Big Beautiful Bill” or “OBBB”) was signed into law.
This comprehensive legislation made several significant changes to federal tax law, including:
2 unchanged sentences
• Permanently restoring the EBITDA-based limitation for interest deduction under Section 163(j) of the IRS Tax Code.
−Removed: We are in the process of evaluating the impact of the OBBB on our consolidated financial statements and will account for its effects in the third quarter of fiscal year 2025 — the period in which the OBBB was enacted.
+Added: In the third quarter of 2025, following the enactment of the OBBB, the Company reclassified approximately $ 77 million of deferred tax assets related to R&D capitalization to current taxes receivable.
PENSION AND OTHER RETIREMENT PLANS
The following table presents the components of the net periodic pension cost for the periods indicated.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
4 unchanged sentences
Net periodic pension cost $ 7 $ 5 $ 21 $ 14
−Removed: The components of net periodic pension cost other than service cost, which is included in operating profit, are included in non-operating (gains) losses in the condensed consolidated statements of income.
+Added: The components of net periodic pension cost other than service cost, which is included in operating profit, are included in non-operating gains in the condensed consolidated statements of income.
+Added: In addition to our funding requirement for our qualified pension plans in fiscal year 2025 of $ 6 million, we made a voluntary contribution of $ 44 million in the third quarter of 2025 to improve the funded status of the plans and reduce plan expenses .
REDEEMABLE NONCONTROLLING INTERESTS
3 unchanged sentences
The following table presents the changes in redeemable noncontrolling interests for our continuing operations for the periods presented.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
(in millions)
1 unchanged sentence
Attribution of net income 4 7 7 9
−Removed: Attribution of comprehensive income (loss) 16 ( 21 ) 15 ( 16 )
+Added: Attribution of other comprehensive income (loss), net of tax 5 ( 14 ) 21 ( 29 )
Dividends ( 1 ) — ( 1 ) ( 1 )
Adjustment to redemption value (1)
−Removed: ( 14 ) 23 1 34
Ending balance $ 257 $ 282 $ 257 $ 282
3 unchanged sentences
On January 17, 2025, the Company’s board of directors and shareholder approved a 380,069.232 -for-one stock split of its issued and outstanding shares of common stock, resulting in issued and outstanding shares of common stock of 380,069,232 , which was effected through filing of an amendment to the Company’s articles of incorporation on January 17, 2025.
−Removed: As part of the amendment, the number of authorized shares of common stock was revised to
−Removed: 5,000,000,000 , the par value of which was not adjusted, and 100,000,000 shares of preferred stock were authorized.
+Added: As part of the amendment, the number of authorized shares of common stock was revised to 5,000,000,000 , the par value of which was not adjusted, and 100,000,000 shares of preferred stock were authorized.
All share and per share amounts for all periods presented in the accompanying financial statements have been adjusted retroactively to reflect this stock split.
Initial Public Offering
−Removed: On January 29, 2025, we completed our initial public offering (“IPO”) of 26,086,958 shares of common stock, which represents 7 % of the total outstanding shares, at a price of $ 20.00 per share.
+Added: On January 29, 2025, we completed our IPO of 26,086,958 shares of common stock, which represents 7 % of the total outstanding shares, at a price of $ 20.00 per share.
We issued 13,043,479 shares of common stock bringing the total number of outstanding shares to 393,112,711 .
−Removed: The remaining 13,043,479 shares of common stock were sold by our existing shareholder.
−Removed: Our existing shareholder granted the underwriters a 30-day option to purchase up to 3,913,042 additional shares of our common stock.
−Removed: On February 20, 2025, the underwriters partially exercised that option and purchased 2,506,936 additional shares of common stock from our existing shareholder.
+Added: The remaining 13,043,479 shares of common stock were sold by WH Group, through its indirect wholly owned subsidiary SFDS UK Holdings Limited (“SFDS UK”), our only shareholder at the time.
+Added: WH Group granted the underwriters a 30-day option to purchase up to 3,913,042 additional shares of our common stock.
+Added: On February 20, 2025, the underwriters partially exercised that option and purchased 2,506,936 additional shares of common stock from WH Group.
We received net proceeds from the IPO of $ 236 million after deducting underwriting discounts, commissions and fees.
+Added: Secondary Offering
+Added: In the third quarter of 2025, WH Group, through its indirect wholly owned subsidiary SFDS UK, sold another 22,461,452 shares of our common stock in a secondary offering.
+Added: The sale did not affect the number of shares outstanding, nor did we receive any proceeds from the sale of stock by WH Group.
+Added: Following this offering, WH Group owns approximately 87.0 % of our outstanding common stock.
Stock-Based Compensation
2 unchanged sentences
The options and substantially all RSUs vest over a five year period, with 20 % vesting each year.
−Removed: We recognized compensation expense totaling $ 2 million and $ 4 million associated with these equity instruments during the three and six months ended June 29, 2025, respectively.
−Removed: Unrecognized compensation expense totaled $ 42 million as of June 29, 2025, which is expected to be recognized on a straight-line basis over the remaining vesting period of 4.6 years.
+Added: We recognized compensation expense totaling $ 2 million and $ 6 million associated with these equity instruments during the three and nine months ended September 28, 2025, respectively.
+Added: Unrecognized compensation expense totaled $ 39 million as of September 28, 2025, which is expected to be recognized on a straight-line basis over the remaining vesting period of 4.3 years.
No compensation expense was recognized for stock options and RSUs granted to directors and employees of WH Group.
2 unchanged sentences
The following tables present the beginning and ending balances of accumulated other comprehensive loss by component.
−Removed: Three Months Ended June 29, 2025
+Added: Three Months Ended September 28, 2025
Foreign Currency Translation Pension Accounting Hedge Accounting Accumulated Other Comprehensive Loss
(in millions)
−Removed: Balance, March 30, 2025 $ ( 9 ) $ ( 414 ) $ 15 $ ( 408 )
−Removed: Other comprehensive income (loss), net of tax 31 4 ( 58 ) ( 23 )
Balance, June 29, 2025 $ 21 $ ( 410 ) $ ( 43 ) $ ( 432 )
−Removed: Three Months Ended June 30, 2024
+Added: Other comprehensive income, net of tax 10 4 4 18
+Added: Balance, September 28, 2025 $ 32 $ ( 406 ) $ ( 40 ) $ ( 414 )
+Added: Three Months Ended September 29, 2024
Foreign Currency Translation Pension Accounting Hedge Accounting Accumulated Other Comprehensive Loss
(in millions)
−Removed: Balance, March 31, 2024 $ ( 144 ) $ ( 370 ) $ ( 36 ) $ ( 550 )
−Removed: Other comprehensive income (loss), net of tax ( 60 ) 3 62 5
Balance, June 30, 2024 $ ( 205 ) $ ( 367 ) $ 27 $ ( 545 )
−Removed: Six Months Ended June 29, 2025
+Added: Other comprehensive income (loss), net of tax 65 3 ( 29 ) 39
+Added: European operations carve-out 143 — ( 1 ) 143
+Added: Balance, September 29, 2024 $ 3 $ ( 363 ) $ ( 3 ) $ ( 363 )
+Added: Nine Months Ended September 28, 2025
Foreign Currency Translation Pension Accounting Hedge Accounting Accumulated Other Comprehensive Loss
2 unchanged sentences
Other comprehensive income (loss), net of tax 40 11 ( 14 ) 38
−Removed: Balance, June 29, 2025 $ 21 $ ( 410 ) $ ( 43 ) $ ( 432 )
−Removed: Six Months Ended June 30, 2024
+Added: Balance, September 28, 2025 $ 32 $ ( 406 ) $ ( 40 ) $ ( 414 )
+Added: Nine Months Ended September 29, 2024
Foreign Currency Translation Pension Accounting Hedge Accounting Accumulated Other Comprehensive Loss
2 unchanged sentences
Other comprehensive income (loss), net of tax ( 6 ) 10 ( 10 ) ( 6 )
−Removed: Balance, June 30, 2024 $ ( 205 ) $ ( 367 ) $ 27 $ ( 545 )
+Added: European operations carve-out 143 — ( 1 ) 143
+Added: Balance, September 29, 2024 $ 3 $ ( 363 ) $ ( 3 ) $ ( 363 )
Other Comprehensive Income (Loss)
1 unchanged sentence
Three Months Ended
−Removed: June 29, 2025 June 30, 2024
+Added: September 28, 2025 September 29, 2024
Before Tax Tax After Tax Before Tax Tax After Tax
5 unchanged sentences
Retirement benefits:
−Removed: Amortization of actuarial losses and prior service credits reclassified to non-operating (gains) losses
+Added: Amortization of actuarial losses and prior service credits reclassified to non-operating gains
5 ( 1 ) 4 4 ( 1 ) 3
−Removed: Gains (losses) arising during the period ( 82 ) 21 ( 61 ) 61 ( 16 ) 46
−Removed: Losses reclassified to sales 6 ( 1 ) 4 14 ( 4 ) 10
+Added: Losses arising during the period ( 33 ) 8 ( 24 ) ( 3 ) 1 ( 2 )
+Added: (Gains) losses reclassified to sales 39 ( 10 ) 29 ( 47 ) 12 ( 35 )
(Gains) losses reclassified to cost of sales ( 1 ) — ( 1 ) 10 ( 3 ) 7
2 unchanged sentences
Foreign currency translation:
−Removed: Translation losses (1)
+Added: Translation gains (1)
$ — $ — $ — $ 118 $ — $ 118
−Removed: Total other comprehensive loss from discontinued operations $ — $ — $ — $ ( 21 ) 0 $ — 0 $ ( 21 )
−Removed: Total other comprehensive loss $ ( 27 ) $ 19 $ ( 8 ) $ 7 $ ( 23 ) $ ( 16 )
+Added: Total other comprehensive income from discontinued operations $ — $ — $ — $ 118 0 $ — 0 $ 118
+Added: Total other comprehensive income $ 26 $ ( 3 ) $ 23 $ 16 $ 9 $ 25
Other comprehensive income (loss) attributable to noncontrolling interest 6 — 5 ( 14 ) — ( 14 )
−Removed: Other comprehensive income (loss) attributable to Smithfield $ ( 42 ) $ 19 $ ( 23 ) $ 28 $ ( 23 ) $ 5
+Added: Other comprehensive income attributable to Smithfield $ 20 $ ( 2 ) $ 18 $ 30 $ 9 $ 39
________________
1 unchanged sentence
subsidiaries to be indefinitely reinvested, and accordingly, record no deferred income taxes on such amounts.
−Removed: The three months ended June 29, 2025 and June 30, 2024 included $ 16 million of translation gains and $ 21 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
−Removed: Six Months Ended
−Removed: June 29, 2025 June 30, 2024
+Added: The three months ended September 28, 2025 and September 29, 2024 included $ 5 million of translation gains and $ 14 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
+Added: Nine Months Ended
+Added: September 28, 2025 September 29, 2024
Before Tax Tax After Tax Before Tax Tax After Tax
5 unchanged sentences
Retirement benefits:
−Removed: Amortization of actuarial losses, prior service credits and curtailment gains reclassified to non-operating (gains) losses
+Added: Amortization of actuarial losses, prior service credits and curtailment gains reclassified to non-operating gains
15 ( 4 ) 11 13 ( 3 ) 10
Losses arising during the period ( 71 ) 18 ( 53 ) ( 3 ) 1 ( 2 )
−Removed: Losses reclassified to sales 14 ( 4 ) 11 12 ( 3 ) 9
+Added: (Gains) losses reclassified to sales 53 ( 14 ) 39 ( 34 ) 9 ( 25 )
(Gains) losses reclassified to cost of sales ( 2 ) 1 ( 1 ) 23 ( 6 ) 17
Losses reclassified to interest expense 1 — 1 1 — 1
−Removed: Total other comprehensive gain (loss) from continuing operations $ 32 $ 4 $ 35 $ ( 10 ) $ ( 9 ) $ ( 19 )
+Added: Total other comprehensive income (loss) from continuing operations $ 57 $ 1 $ 58 $ ( 112 ) $ — $ ( 112 )
Discontinued operations:
Foreign currency translation:
−Removed: Translation losses (1)
+Added: Translation gains (1)
$ — $ — $ — $ 77 $ — $ 77
+Added: Derivative gains arising during the period — — — 1 — 1
Gains reclassified to sales — — — ( 1 ) — ( 1 )
−Removed: Total other comprehensive loss from discontinued operations $ — $ — $ — $ ( 42 ) $ — $ ( 42 )
+Added: Total other comprehensive income from discontinued operations $ — $ — $ — $ 76 0 $ — 0 $ 76
Total other comprehensive income (loss)
5 unchanged sentences
subsidiaries to be indefinitely reinvested, and accordingly, record no deferred income taxes on such amounts.
−Removed: The six months ended June 29, 2025 and June 30, 2024 included $ 15 million of translation gains and $ 15 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
+Added: The nine months ended September 28, 2025 and September 29, 2024 included $ 21 million of translation gains and $ 29 million of translation losses, respectively, attributable to noncontrolling interests, which are included in redeemable noncontrolling interests on the condensed consolidated balance sheet.
EARNINGS PER SHARE
4 unchanged sentences
The following table provides the weighted-average shares used in the denominator for those computations.
−Removed: Three Months Ended Six Months Ended
−Removed: 2025 June 30,
−Removed: 2024 June 29,
−Removed: 2025 June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 28,
+Added: 2025 September 29,
+Added: 2024 September 28,
+Added: 2025 September 29,
Basic weighted-average shares outstanding 393,112,711 380,069,232 391,679,362 380,069,232
3 unchanged sentences
__________________
−Removed: (1) Approximately 7.7 million and 6.5 million stock options were excluded from the computation of diluted weighted-average shares outstanding for the three and six months ended June 29, 2025, respectively, because their effect would have been anti-dilutive.
+Added: (1) Approximately 6.8 million stock options were excluded from the computation of diluted weighted-average shares outstanding for the nine months ended September 28, 2025, because their effect would have been anti-dilutive.
+Added: No stock options were excluded from the computation for the three months ended September 28, 2025.
FAIR VALUE MEASUREMENTS
19 unchanged sentences
The following tables set forth, by level within the fair value hierarchy, our financial assets and liabilities, including assets held in a rabbi trust used to fund our non-qualified defined benefit plan, that were measured at fair value on a recurring basis.
−Removed: June 29, 2025 December 29, 2024
+Added: September 28, 2025 December 29, 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
1 unchanged sentence
Commodity derivative contracts $ 5 $ 5 $ 1 $ 11 $ 9 $ 6 $ — $ 15
+Added: Foreign exchange contracts — 1 — 1 — — — —
Mutual funds (1)
5 unchanged sentences
__________________
−Removed: (1) Institutional funds that are not publicly traded are estimated at fair value using the net asset value (“NAV”) per share of the investment as a practical expedient and are not categorized in the fair value hierarchy.
+Added: (1) Institutional funds that are not publicly traded are estimated at fair value using the net asset value per share of the investment as a practical expedient and are not categorized in the fair value hierarchy.
Therefore, the sum of the values categorized in the fair value hierarchy above do not agree to the total.
12 unchanged sentences
that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment.
−Removed: For the three and six months ended June 29, 2025 and June 30, 2024, we had no significant assets or liabilities that were measured and recorded at fair value on a nonrecurring basis after initial recognition.
+Added: For the three and nine months ended September 28, 2025 and September 29, 2024, we had no significant assets or liabilities that were measured and recorded at fair value on a nonrecurring basis after initial recognition.
Redeemable Noncontrolling Interest
The redemption value for the noncontrolling interest in Granjas Carroll de Mexico, S.
−Removed: de C.V., (“Altosano”) is fair value.
+Added: de C.V., (commonly known as “Altosano”) is fair value.
We estimate the redemption value of Altosano using an income and a market approach.
4 unchanged sentences
The following table provides the significant unobservable level 3 inputs used in the valuation.
−Removed: Unobservable Inputs June 29, 2025 December 29, 2024
+Added: Unobservable Inputs September 28, 2025 December 29, 2024
Weighted-average cost of capital 10 % 9 %
6 unchanged sentences
The following table presents the fair value and carrying value of total debt.
−Removed: June 29, 2025 December 29, 2024
+Added: September 28, 2025 December 29, 2024
Fair Value Carrying Value Fair Value Carrying Value
(in millions)
−Removed: Debt $ 1,882 $ 1,984 $ 1,821 $ 1,983
+Added: Total debt $ 1,898 $ 1,985 $ 1,821 $ 1,983
The carrying amounts of cash and cash equivalents, accounts receivable, notes payable and accounts payable approximate their fair values because of the relatively short-term maturity of these instruments.
6 unchanged sentences
We perform periodic credit evaluations of our customers’ financial condition and generally do not require collateral.
−Removed: As of June 29, 2025, we had accounts and notes receivable from Murphy Family Farms and VisionAg totaling $ 225 million and $ 42 million, respectively.
+Added: As of September 28, 2025, we had accounts and notes receivable from Murphy Family Farms and VisionAg totaling $ 230 million and $ 42 million, respectively.
A portion of these balances are secured by the breeding stock and inventories owned by Murphy Family Farms and VisionAg.
We have an agreement to purchase 3.2 million and 600,000 market hogs annually from Murphy Family Farms and VisionAg, respectively, which further mitigates our exposure to potential credit risk.
+Added: Additionally, as of September 28, 2025, 11.7 % of our accounts receivable balance was due from Walmart.
+Added: No other single customer or customer group represented 10% or greater of our accounts receivable.
Our derivative counterparties primarily consist of financial institutions that are investment grade.
−Removed: A portion of our financial instruments are exchange traded derivative contracts held with brokers and counterparties with whom we maintain margin accounts that are settled on a daily basis, thereby limiting our credit exposure to non-exchange traded derivatives.
−Removed: Determination of the credit quality of our counterparties is based upon a number of factors,
−Removed: including credit ratings and our evaluation of their financial condition.
−Removed: As of June 29, 2025, we had gross credit exposure of $ 7 million on non-exchange traded derivative contracts.
+Added: A portion of our financial instruments are exchange traded derivative contracts held with brokers and counterparties with whom we
+Added: maintain margin accounts that are settled on a daily basis, thereby limiting our credit exposure to non-exchange traded derivatives.
+Added: Determination of the credit quality of our counterparties is based upon a number of factors, including credit ratings and our evaluation of their financial condition.
+Added: As of September 28, 2025, we had gross credit exposure of $ 6 million on non-exchange traded derivative contracts.
After taking into account the effect of netting arrangements, we had no credit exposure on non-exchange traded derivative contracts.
8 unchanged sentences
In addition, individuals may initiate litigation against us.
−Removed: As of June 29, 2025 and December 29, 2024, we had contingent liabilities totaling $ 194 million and $ 141 million, respectively, in accrued expenses and other current liabilities on the condensed consolidated balance sheets related to litigation matters, including those described below.
−Removed: We recorded charges of $ 80 million in the three and six months ended June 29, 2025 for litigation matters, including those described below, in SG&A in the condensed consolidated statements of income.
−Removed: We did not record any significant charges for litigation matters in the three and six months ended June 30, 2024.
+Added: As of September 28, 2025 and December 29, 2024, we had contingent liabilities totaling $ 153 million and $ 141 million, respectively, in accrued expenses and other current liabilities on the condensed consolidated balance sheets related to litigation matters, including those described below.
+Added: Charges totaling $ 80 million were recorded in the nine months ended September 28, 2025, including those described below, in SG&A in the condensed consolidated statements of income.
+Added: None of these charges were recorded in the third quarter of 2025.
+Added: We did not record any significant charges for litigation matters in the three and nine months ended September 29, 2024.
These matters will not affect our profits or losses in future periods unless our accruals prove to be insufficient or excessive.
22 unchanged sentences
District Court for the District of Colorado alleging wage-fixing violations in the red meat industry.
−Removed: The plaintiffs allege that the
−Removed: defendants, most of whom operate beef or pork processing plants, conspired to suppress wages paid to plant workers in the U.S.
+Added: The plaintiffs allege that the defendants, most of whom operate beef or pork processing plants, conspired to suppress wages paid to plant workers in the U.S.
in violation of the antitrust laws.
34 unchanged sentences
and (3) Maxwell’s claim that Smithfield breached the pricing term of the parties’ contract by using live-weight pricing shall proceed to trial based on the allegation that Smithfield did not pay the correct live- weight price for certain deliveries, but not based on the allegation that use of live-weight pricing itself breaches the contract.
−Removed: The Business Court set a trial date of June 9, 2025, which was subsequently canceled.
+Added: Business Court set a trial date of June 9, 2025, which was subsequently canceled.
On June 30, 2025, the parties filed a stipulation dismissing with prejudice all claims and counterclaims in the action, ending the litigation.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.