What changed in this filing

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Item 1. Business

2026-03-24 compared with 2025-03-25 · 197 added, 221 removed, 276 unchanged (60% of the section changed)

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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.

In fiscal year 2024, the Fresh Pork segment sourced approximately half of its raw materials from our Hog Production segment and half from independent farmers with whom we partner across the U.S.

In fiscal year 2025, we expect that approximately 40% of the hogs processed by the Fresh Pork segment will be sourced from the Hog Production segment as a result of our new partnerships in Murphy Family Farms and VisionAg, which are described under “Recent Developments—Hog Production Reform” below.

In fiscal year 2025, the Fresh Pork segment sourced approximately 40% of its raw materials from our Hog Production segment and the remainder from 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.

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Hog Production Segment

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 to external customers.

The Hog Production segment also sells livestock feed and grains and provides transportation and other ancillary services to external customers.

Other Segments

In Mexico, we own a 66% interest in Granjas Carroll de Mexico, S.

(“Altosano”), which raises hogs and produces fresh pork products that are sold primarily to customers in Mexico.

(commonly known as “Altosano”), which raises hogs and produces fresh pork products that are sold primarily to customers in Mexico.

Our Bioscience operations use raw materials from hogs that we process to manufacture heparin products, including an active pharmaceutical ingredient that mitigates the risk of blood clots.

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Recent Developments

Sioux Falls Plant Construction

On February 16, 2026, we announced that we had initiated the approval process to construct a new state-of-the-art combined fresh pork and packaged meats processing facility in Sioux Falls, South Dakota.

The proposed facility would replace our existing 117-year-old plant currently located in Sioux Falls, South Dakota.

Our preliminary estimate of the proposed investment is up to $1.3 billion over the next three years.

This investment is contingent on approval by the Company’s board of directors as well as permitting and other regulatory approvals.

If approved, construction is anticipated to begin in the first half of 2027 with production estimated to commence by the end of 2028.

Additionally, if the project moves forward, we plan to accelerate depreciation and may incur other incremental costs related to closing the existing plant, which are currently under evaluation.

Nathan’s Acquisition

On January 20, 2026, we entered into an agreement to acquire all of the issued and outstanding shares of Nathan’s Famous Inc.

(“Nathan’s”) for $102.00 per share in cash.

The acquisition is expected to be funded using cash on hand.

Since March 2014, we have held an exclusive license to manufacture, distribute, market and sell “Nathan’s Famous” branded hot dogs, sausages, corned beef and certain other ancillary products through retail outlets in the U.S.

and Canada and Sam’s Clubs in Mexico.

The license is scheduled to expire in March 2032.

The closing of the transaction is expected to occur in the first half of 2026, subject to satisfaction of certain conditions set forth in the merger agreement, including obtaining approval by the holders of a majority of the outstanding Nathan’s common stock, approval from the Committee on Foreign Investment in the United States (“CFIUS”) and other customary closing conditions.

Initial Public Offering

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.

On January 29, 2025, we completed our initial public offering (“IPO”) of 26,086,958 shares of common stock, representing 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.

The remaining 13,043,479 shares of common stock were sold by our existing shareholder.

Our existing shareholder granted the underwriters a 30-day option to purchase up to 3,913,042 additional shares of our common stock.

On February 20, 2025, the underwriters partially exercised such option and purchased 2,506,936 additional shares of common stock from our existing shareholder.

We received net proceeds from the IPO of approximately $236 million after deducting underwriting discounts, commissions and fees.

As a result of the IPO, our common stock is listed on the Nasdaq Global Select Market under the ticker “SFD.”

European Carve-Out

On August 26, 2024, we completed a carve-out and transfer of our European operations to WH Group.

The European carve-out represents a strategic shift in our geographical footprint.

Accordingly, the results of operations, assets and liabilities, and cash flows of the European operations have been condensed and reported as discontinued operations in the consolidated financial statements for all periods presented.

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.

WH Group granted the underwriters a 30-day option to purchase up to 3,913,042 additional shares of our common stock.

On February 20, 2025, the underwriters partially exercised such 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.

Our common stock is listed on the Nasdaq Global Select Market under the ticker “SFD.”

Secondary Offering

On September 8, 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.

The sale did not affect the number of shares outstanding, nor did we receive any proceeds from the sale of stock by WH Group.

Following this offering, WH Group owns approximately 87% of our shares of common stock.

Hog Production Reform

We have taken a number of actions over the last couple of years to restructure and optimize the size of our hog production operations, including:

• In May 2023, we made a decision to cease operations on a number of sow farms in Missouri.

The decision was driven by persistent livestock disease issues, underperforming operations and shifting industry supply and demand dynamics.

• In fiscal years 2023 and 2024, we terminated certain agreements with underperforming contract farmers and closed certain farms in the eastern U.S.

• On December 27, 2024, we became a member of a North Carolina-based company, Murphy Family Farms LLC (“Murphy Family Farms”), by contributing $3 million in cash in exchange for a 25% minority interest.

In connection with the transaction, we sold approximately 150,000 sows and the associated commercial hog inventories located on company-owned and contract farms in North Carolina to Murphy Family Farms.

Murphy Family Farms is now a hog supplier to us and will supply approximately 3.2 million hogs annually.

We will supply animal feed and other supplies and provide certain support services to Murphy Family Farms.

We have taken a number of actions over the last couple of years to restructure and optimize the size of our hog production operations, including ceasing certain farm operations, terminating certain agreements with

underperforming contract farmers and reducing the size of our hog production business (“Hog Production Reform”).

More recently, our efforts have included the following strategic actions:

• In the fourth quarter of fiscal year 2024, we became a member of a North Carolina-based company, Murphy Family Farms LLC (“Murphy Family Farms”), by contributing $3 million in cash in exchange for a 25% minority interest.

We additionally sold approximately 150,000 sows and related inventories located on Company-owned and contract farms in North Carolina to Murphy Family Farms.

Subsequent to the end of fiscal year 2024, on December 30, 2024, we sold the commercial hog inventories associated with such sows to Murphy Family Farms.

Murphy Family Farms is now a hog supplier to us and supplies approximately 3.2 million hogs annually.

We supply animal feed and other supplies and provide certain support services to Murphy Family Farms.

• On February 24, 2025, we became a member of a North Carolina-based company, VisionAg Hog Production, LLC (“VisionAg”), by contributing $450,000 in cash in exchange for a 9% minority interest.

In connection with the transaction, we sold approximately 28,000 sows and the associated commercial hog inventories located on certain company-owned and contract farms in North Carolina to VisionAg.

VisionAg is now a hog supplier to us and will supply approximately 600,000 hogs annually.

In addition, we will supply animal feed and provide certain support services to VisionAg.

We additionally sold approximately 28,000 sows and the associated commercial hog inventories located on certain Company-owned and contract farms in North Carolina to VisionAg.

VisionAg is now a hog supplier to us and supplies approximately 600,000 hogs annually.

We supply animal feed and provide certain support services to VisionAg.

Our Growth Strategies

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The segment contributed 56% of our sales and 85% of our overall operating profit in fiscal year 2025.

We plan to accelerate the growth of our Packaged Meats segment through several strategic initiatives, including:

• continuing to shift our portfolio toward a higher mix of value-added and premium products, such as:

• converting one-time seasonal commodity bone-in ham purchase occasions to increased unit sales of everyday, convenient products such as quarter-weight ham, Anytime Favorites ham and Prime Fresh sliced lunch meat;

• increasing penetration of higher-margin dry sausage products through expanding distribution points and manufacturing capacity;

• harnessing our powerful brands to continue to expand product offerings and drive awareness, loyalty and increased market share;

• leveraging the breadth of our platform and national and specialty brands to further penetrate dayparts and households;

• expanding in under-indexed geographical locations and moving into new categories;

• attracting new consumers, particularly younger demographics, through product and packaging innovation and effective and appealing marketing strategies while maintaining our promise to consumers to offer high-quality products for every budget;

• deepening our presence across our distribution channels through our integrated sales force, which leverages our scale and breadth to provide a unified, reliable and consistent customer experience.

Our Packaged Meats segment is meeting consumers’ demand for protein with convenience, flavor and value, through our strong brand portfolio and private label offerings.

We plan to grow our Packaged Meats segment through several strategic initiatives centered on three levers:

mix improvement, volume growth and innovation.

We are continuing to shift our portfolio toward a higher mix of value-added and premium products.

This includes converting one-time seasonal commodity bone-in ham purchase occasions to increased unit sales of everyday, convenient products such as quarter-weight hams and Prime Fresh sliced lunch meat.

Our plan to increase volume is enhanced by our longstanding position as a trusted partner to leading retailers and foodservice providers, and our strategy to offer a diversified portfolio of high-quality products that meet consumers’ needs across all price points.

Innovation is also a key driver of profitable volume.

We will continue to invest in product, packaging and operational innovations to drive growth, enhance our profitability and expand our total addressable market.

We are focused on strengthening relationships with customers and consumers by being first-to-market with new products and solutions that deliver new flavors, convenient and easily prepared offerings, and value-added offerings.

We believe that these proven strategies will drive profitable organic growth in our Packaged Meats segment.

As an example, we see significant potential for our Packaged Meats segment to generate continued growth through our distribution expansion opportunities across brands to expand unit count within our existing product portfolio.

Further Enhance Fresh Pork

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We deliver a high-quality, consistently available supply to our Packaged Meats segment and maximize the value of our raw materials.

We will seek to enhance the profitability of our Fresh Pork segment by:

• maximizing the value of each hog and expanding use of raw materials, including unprocessed fresh and value-added pork, snacks, pharmaceuticals and pet food treats and ingredients;

• capitalizing on export markets as an outlet for increasing the value of raw materials through whole-hog utilization, and appealing to differentiated, global tastes and preferences;

• leveraging our relationship with WH Group to inform product development opportunities for the Asian market and to benefit from WH Group’s distribution network;

• appealing to ever-changing consumer preferences and demand for flavor enhancements through ongoing product innovation.

As we seek to grow our fresh pork business profitably, we remain committed to demonstrating that profitability can go hand-in-hand with sustainable operations.

We will further our mission of producing good food the right way by seeking new and unique ways to use our raw materials.

Continue Investing in Innovation

We will continue to invest in product, packaging and operational innovations in our Packaged Meats and Fresh Pork segments to drive growth, enhance our profitability and expand our total addressable market.

We are focused on strengthening relationships with customers and consumers by being first-to-market with new products and solutions.

Within our branded packaged meats portfolio, we are introducing more value-added and premium innovations.

We see a significant opportunity to increase distribution of our innovative Smithfield Prime Fresh packaged lunch meat offering.

Smithfield Prime Fresh embodies the quality of bulk deli meat but is displayed in the packaged lunch meat section of the retail wall.

This enables our retail partners to increase average revenue per pound and reduce in-store labor costs while providing a convenient lunch meat option for consumers.

In addition, our Smithfield Double Thick/Double Smoked bacon and Smithfield Maple Thick Cut bacon demonstrate our ability to introduce premium, higher-margin offerings with new cut and flavor characteristics.

These products sell at a higher velocity than the category average.

In the Fresh Pork segment, we are investing in value-added products and adding new cuts and flavors, such as Sweet & Smokey BBQ, Chipotle and Lemon & Garlic marinated fresh pork loin filet.

Innovation does not stop with our products.

In our plants, we are committed to advancing automation and strategically redeploying labor.

On our farms, innovative approaches to animal nutrition are increasing feed conversion and lowering our cost basis.

Byproducts that were once considered waste are now used to create renewable natural gas through our biogas joint ventures and lifesaving pharmaceuticals through our bioscience business.

Our culture of responsibility, operational excellence and innovation serves as a catalyst for our ongoing business transformation.

We conduct company-wide competitions and recognition events for grassroots projects that drive innovation throughout our organization.

By fostering this entrepreneurial spirit, we will seek to drive growth in our top- and bottom-line results and build on Smithfield’s competitive advantage.

We seek to enhance the profitability of our Fresh Pork segment by maximizing the value of each hog across channels, with a particular focus on growing U.S retail sales by introducing new value-added case-ready and

marinated items, and by expanding adjacent channel opportunities such as pharmaceuticals and pet food treats.

We are also focused on maximizing the best sales opportunity across more than 30 export markets around the world.

Achieve Best-In-Class Hog Production Operations

We continue to optimize the size of our company-owned hog production operations and procure a greater mix of hogs from independent suppliers with market-based supply agreements.

On our retained farms, we are focused on achieving a best-in-class cost structure through genetic transformation, herd health improvements and procurement and nutrition savings.

We are deploying innovative approaches to animal nutrition that are increasing feed conversion and lowering our cost basis.

In addition, by-products that were once considered waste are now used to create renewable natural gas through our biogas joint ventures and lifesaving pharmaceuticals through our bioscience business.

Optimize Our Operations and Supply Chain to Decrease Our Cost Basis

We have implemented many initiatives over the past several years to reduce costs and realize operational efficiencies.

As part of our culture of continuous improvement, we have implemented many initiatives over the past several years to reduce costs and realize operational efficiencies.

These initiatives have enabled us to offset inflation and enhance margins across our entire business.

We continue to optimize the size of our company-owned hog production operations and procure a greater mix of hogs from independent suppliers with market-based supply agreements.

Additionally, we continue to implement cost-saving initiatives in our retained hog production operations to improve our cost structure.

We employ automation in all of our plants to redeploy labor to higher value tasks, improve yields and drive efficiency by reducing complexity to lower our cost basis and help offset inflationary pressures.

In our logistics and distribution network, we have reduced transportation and warehousing costs through transportation efficiencies, maximizing utilization of our storage and trucking assets, improving supply and demand

planning and optimizing inventory levels.

This includes advancing technology and automation and strategically redeploying labor.

We employ automation in our plants to redeploy labor to higher value tasks, improve yields and drive efficiency by reducing complexity.

This lowers our cost basis and helps offset inflationary pressures.

These actions increase profitability and improve customer service levels, which we believe is essential to being a supplier of choice.

We remain committed to optimizing our operations and supply chain through a series of targeted actions, which in the past have supported meaningful margin improvement:

Hog Production Packaged Meats & Fresh Pork Logistics

“Reform and Rationalize” “Best-In-Class Lean

Manufacturing” “Improve Service at

Optimal Cost”

• Optimize number of company-owned hogs

• Improve herd health

• Transform genetics

• Drive procurement and nutrition savings

• Offset inflation with cost savings programs

• Employ automation

• Improve yields and maximize raw material usage

• Reduce complexity

• Be the supplier of choice

• Maximize assets (reduce transport miles, warehouse utilization)

• Improve supply and demand planning

• Optimize inventory levels

Implementation of our growth strategies requires us, in particular, to continue to grow our Packaged Meats segment and to reduce our exposure to commodity price volatility through optimization and continued reduction of the size of our company-owned hog production operations.

For information about challenges that we face in implementing this strategy and our other growth strategies, please see “Item 1A.

Risk Factors—Risks Relating to Our Business and Operations—Our results of operations are cyclical and could be adversely affected by fluctuations in the commodity prices for meat, livestock (primarily hogs) and feed ingredients,” and “Item 1A.

Risk Factors—Risks Relating to Our Business and Operations—Disruption of our supply chain could adversely affect our business, financial condition and results of operations.”

Execute Synergistic Mergers and Acquisitions in North America

We intend to execute opportunistic, complementary mergers and acquisitions to bolster our value-added product portfolio and production capacity in North America.

While acquisitions are not a primary growth driver for us, our team is experienced in identifying strategic acquisition targets and integrating them successfully into our business.

We believe our integration expertise allows us to capture both cost synergies and incremental revenue opportunities.

We will remain disciplined in our acquisition approach and maintaining our investment grade ratings, while pursuing opportunities that we believe will prove accretive to earnings and enhance our operational profile.

We remain committed to optimizing our operations and supply chain.

Trends in Market Demand

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share of the global pork export market increased to 30% in 2025 from 2% in 1990.

While the European Union is currently the world’s largest pork exporter, the U.S., at number two, is emerging as a more cost-effective alternative due to lower feed and labor costs, according to the Agriculture and Horticulture Development Board.

In 2024, the U.S.

surpassed the European Union to become the world’s largest pork exporter.

According to the USDA, total U.S.

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• the foodservice industry, including foodservice distributors, fast food and other restaurants, hotel chains and other institutional customers;

• industrial customers who use our products as raw materials in their finished goods production, including prepared meals, byproducts for pharmaceutical production and pet food treats and ingredients;

• industrial customers who use our products as raw materials in their finished goods production, including prepared meals, by-products for pharmaceutical production and pet food treats and ingredients;

• export sales to international retailers and wholesale distributors, primarily in North American, Asian, Latin American and other emerging markets.

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In fiscal year 2025, we sold our products to approximately 4,300 customers.

(“Walmart”) is a customer of our Packaged Meats and Fresh Pork segments and accounted for approximately 13%, 12% and 12% of our consolidated sales in fiscal years 2024, 2023 and 2022, respectively.

Walmart Inc., including its subsidiary Sam’s West, Inc.

(collectively “Walmart”), is a customer of our Packaged Meats and Fresh Pork segments and accounted for approximately 15%, 16% and 15% of our consolidated sales in fiscal years 2025, 2024 and 2023, respectively.

Walmart has been our customer for multiple decades.

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Our portfolio of production facilities requires routine capital investment for repairs and maintenance.

believe that annual total capital expenditures in the near term are likely to be in the range of $400 million to $500 million inclusive of both repairs and maintenance and profit improvement projects.

We believe that annual total capital expenditures in the near term are likely to be in the range of $350 million to $450 million inclusive of both repairs and maintenance and profit improvement projects.

Capital expenditures could be more in certain years to ensure continuity of production in our older assets.

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Hogs consume grain during the grow-out period from wean to finish, which takes six months on average.

Feed costs account for approximately 60% to 65% of our Hog Production raising cost.

We have over 50 locations used for feed production and feed storage in the U.S., which are located near our farms, where we convert purchased grain into feed for our animals.

Feed costs account for approximately 60% of our Hog Production raising cost.

We have 49 locations used for feed production and feed storage in the U.S., which are located near our farms, where we convert purchased grain into feed for our animals.

Feed grains are readily available from numerous sources at competitive prices, and we believe such raw materials to be in adequate supply.

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Internally Sourced Hogs

In fiscal year 2024, we sourced approximately half of the hogs processed in our Fresh Pork segment’s facilities from our Hog Production segment.

In fiscal year 2025, we expect that approximately 40% of the hogs processed by our Fresh Pork segment will be sourced from our Hog Production segment as a result of the new partnerships in Murphy Family Farms and VisionAg.

In fiscal year 2025, we sourced approximately 40% of the hogs processed in our Fresh Pork segment’s facilities from our Hog Production segment.

Our Hog Production segment consists of more than 240 company-owned farms and more than 1,300 contract farms in the U.S.

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Contract farmers provide the initial facility investment, labor and front-line management through a pre-determined economic and commercial arrangement, and we provide the animals and the feed.

In fiscal year 2024, we produced 14.6 million hogs from approximately 750,000 sows.

We expect to produce 11.5 million hogs in fiscal year 2025 from approximately 570,000 sows.

Nearly all of the Hog Production segment’s hogs are sold to the Fresh Pork segment.

We develop breeding stock, optimize diets for our hogs at each stage of the growth process, feed our hogs and design hog containment facilities.

From the process’s origin at the grain farms to the ultimate step of delivering hogs to our processing plants, we monitor the vertically integrated process at every juncture to ensure a premium level of product, assurance of supply and control of input costs.

From the process’s origin at the grain farms to the ultimate step of delivering hogs

to our processing plants, we monitor the vertically integrated process at every juncture to ensure a premium level of product, assurance of supply and control of input costs.

Whether our animals are raised on company-owned or contract farms, we seek to have a supply chain that meets our standards for quality and animal welfare practices.

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We procure hogs that we process in our Fresh Pork segment through multi-year, market-based supply agreements with independent suppliers, which provide us with a stable supply of high-quality hogs at market-indexed prices.

The loss of any one supplier would not materially impact our business or operations.

A portion of our external hog supply is sourced from joint‑venture partners in which we hold minority interests, and which operate under long‑term supply arrangements.

These joint ventures, along with our other independent suppliers, contribute to a diversified and reliable supply base.

While certain suppliers provide meaningful volumes, we believe our long‑term supply arrangements and access to alternative sources reduce the risk of significant disruption.

Raw Materials for Packaged Meats Segment

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We purchase the majority of our packaging materials under contracts with pricing formulas based on published raw material indices for the primary components of our packaging, which are typically resin and paperboard.

We purchase most of the seasonings for our Packaged Meats segment from Saratoga Food Specialties, LLC (“Saratoga”).

We owned Saratoga until October 2022 when we sold it to Solina Group Holding.

Shortly thereafter,

we entered into a strategic sourcing purchase agreement with Saratoga pursuant to which we agreed to purchase certain seasonings exclusively from Saratoga.

The sourcing agreement expires on October 31, 2025.

The prices at which we purchase seasonings are adjusted annually by agreement between us and Saratoga based on market information and operations data.

Saratoga has a right of first refusal to supply us with any new seasoning or sauce products we need.

We may terminate the exclusivity arrangement or terminate the sourcing agreement entirely if Saratoga does not satisfy certain key performance indicators.

We believe that we carry sufficient inventory of finished product and seasonings to overcome an interruption in the supply of seasonings from Saratoga.

Our business is somewhat seasonal in that, traditionally, the periods of higher sales for hams are the holiday seasons such as Easter, Thanksgiving and Christmas, and the periods of higher sales for ribs, smoked sausages and hot dogs are the summer months.

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Competing large, multi-brand consumer packaged food companies include Tyson Foods, Hormel Foods, Kraft Heinz, Pilgrims Pride, Maple Leaf Foods, Premium Brands and Conagra.

These competitors are scaled, multinational corporations with substantial financial, marketing, research and development and other resources.

These competitors are scaled, multinational corporations with substantial financial, marketing, research and development (“R&D”) and other resources.

Private, category-focused companies that we compete with include Boar’s Head and Johnsonville.

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Additionally, we face competition for export sales from both domestic and international suppliers.

As a leading food company, we believe that we effectively compete through our high-quality products, leading brands, expansive channel reach, scaled distribution network, our significant focus on controlling our input costs

(including through internally sourced hogs) and our strong financial profile.

Based on the strength of our longstanding relationships and proven, execution-oriented management team, we believe that we are a trusted partner to farmers, suppliers, customers and ultimate consumers across the value chain.

Research and Development

We conduct research and development activities to develop new and improved products for our customers, incorporate innovative ingredients, develop advanced pork processing equipment and methods and enhance the survival, health, growth and well-being of our animals.

Our in-house food science research and development team consists of approximately 35 professionals focused on developing new and improved products and enhancing plant productivity.

We conduct R&D activities to develop new and improved products for our customers, incorporate innovative ingredients, develop advanced pork processing equipment and methods and enhance the survival, health, growth and well-being of our animals.

Our in-house food science R&D team consists of approximately 35 professionals focused on developing new and improved products and enhancing plant productivity.

In 2011, we opened Smithfield’s Innovation Center near our headquarters in Smithfield, Virginia.

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Human Capital

As of March 13, 2025, we employed approximately 34,000 individuals in the U.S.

As of December 28, 2025, we employed approximately 32,000 individuals in the U.S.

and approximately 2,500 in Mexico.

Approximately 46% of our employees are covered by collective bargaining agreements or are members of labor unions, and approximately 8,000 of our employees are covered by collective bargaining agreements that will expire in 2025.

Our corporate culture emphasizes responsibility, operational excellence and innovation at all levels, and consequently encourages input, initiative and new ideas.

Approximately 44% of our employees are covered by collective bargaining agreements or are members of labor unions.

Our corporate culture emphasizes responsibility, operational excellence and innovation at all levels,

and consequently encourages input, initiative and new ideas.

To attract and retain employees committed to these values, we recognize the importance of training and development, competitive compensation, and an uncompromising commitment to safety.

• We value every person who contributes to our mission, regardless of age, color, disability, family or marital status, gender, national origin, veteran status or any other characteristic protected by applicable laws.

We strictly prohibit discrimination, retaliation, all forms of harassment and bullying, and communicate this through our Code of Business Conduct and Ethics, our employee handbooks, standalone corporate policies and annual training on each of these issues.

Hotline and our internal dispute resolution process allow us to quickly respond to employee concerns to support our efforts to maintain a harmonious workplace.

We have zero tolerance for human rights abuses, including the use of child, forced or compulsory labor.

• We respect our employees’ rights of association and strive to work cooperatively with the unions that represent our workforce.

• We gather and integrate feedback from team members by deploying surveys, suggestion boxes, roundtable meetings, brainstorming sessions and an open-door policy that encourages team members to freely share ideas.

We encourage our team members to participate in the problem-solving process through a framework referred to as worker participation and consultation.

More than half of our team members offer feedback voluntarily each month through this formal program.

Our second annual employee engagement survey, conducted in 2024, yielded a 61% response rate and provided us with important insights into how we can enhance the employee experience.

The following highlights key aspects of our human capital management approach:

• We strive to provide competitive compensation packages and to reward high performers.

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• We offer our team members and their families a range of benefits, including medical, dental and vision insurance, prescription drug plans, retirement savings, paid vacation and sick time, paid leave, wellness and mental health programs, employee assistance services and other resources to support their health and wellness.

Our employee discount program offers discounts and savings in more than 25 categories, including electronics, food and entertainment.

Benefits are available to all full-time team members but may vary because of geographic location or collective bargaining agreements.

• We emphasize our team members’ professional development.

Tuition assistance and reimbursement is available to team members for a wide range of educational needs, from undergraduate and graduate degrees to GEDs and English language learning.

We offer instructor-led training programs on our industry and our business to promote and support the development of the next generation of supervisors and managers.

We offer instructor-led training programs to promote and support the development of the next generation of leaders.

All team members have access to a digital learning platform, offering hundreds of courses with topics ranging from food safety to leadership development.

We also extend educational opportunities to team members’ dependents:

in 2024, the Smithfield Scholarship Program awarded nearly $800,000 in college scholarships to 126 dependents of team members at 15 schools across eight states.

• Our apprenticeship program, now in its fifth year, provides apprenticeship opportunities to internal and external candidates, high school graduates and military veterans, with the goal of developing the next generation of experienced tradespeople in our industry.

Apprentices receive mentorship, classroom learning and mechanics training while earning an associate degree and journeyman certification.

Participants are offered free college tuition, salary, certifications and benefits.

Currently, 91 U.S.

team members across 22 production facilities are active in the program.

• We want our team members to be proud of their part in combating food insecurity and provide opportunities for them to participate in community events benefiting those who are un-housed or at-risk, as well as veterans and their families and first responders.

in 2025, the Smithfield Scholarship Program awarded $576,000 in college scholarships to more than 100 students at 11 schools across seven states.

• We want our team members to be proud of their part in supporting the places where we work and live.

We provide opportunities for our employees to participate in events and volunteer activities that fight hunger, further education, support our hometown heroes and advance the vitality of our local communities through our Matching Gifts Program, empowering employees to support causes they care about.

Workplace Safety

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We practice a “stop work authority” policy, which empowers all our team members to halt production, without fear of retribution, if they believe something is unsafe.

We have zero tolerance for human rights abuses, including the use of child, forced or compulsory labor.

We have implemented our Smithfield Injury Prevention System (“SIPS”), a comprehensive management system that outlines our safety and health policy requirements and includes rigorous validation of the management process.

This validation process promotes compliance with SIPS, safeguarding team members and visitors at our facilities.

This comprehensive safety program has enabled Smithfield to obtain an International Standards Organization (“ISO”) certification.

This approach reflects our ongoing commitment to providing a safe work environment and supporting the welfare of our workforce.

By prioritizing safety and compliance, we aim to reduce workplace incidents and foster a culture of accountability and continuous improvement.

Our programs are designed to protect our employees and visitors, promote engagement and ensure that safety remains a core value across all our locations.

Adherence to local, state and federal regulatory compliance is critical for protecting our team, visitors and assets.

SIPS is designed to provide the guidance needed to comply with regulatory standards, prevent injuries, manage risks and promote continuous improvement throughout our business.

Performance is measured through various metrics, including internal improvement goals and external benchmarks, such as the annual U.S.

Bureau of Labor Statistics Report.

In addition to physical safety, we expanded awareness of mental health and well-being resources in 2025, including:

Access to the Calm app for meditation and stress management;

Be Well program, offering support for diabetes, maternity, asthma, tobacco cessation, cancer, emotional well-being and more;

Thrive program, providing legal, financial and counseling services;

and Monthly wellness topics, such as sleep care and women’s health, promoted through internal communications.

While these programs are not new, we renewed our emphasis on education and awareness in 2025, ensuring employees are aware of all the resources that are available to promote health and wellness.

Intellectual Property

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Trademark registrations can generally be renewed as long as the trademarks are in use.

In December 2012, we entered into a license agreement with Nathan’s Famous.

The agreement expires in March 2032.

In December 2012, we entered into a license agreement with Nathan’s Famous that commenced in March of 2014 and expires in March 2032.

The agreement provides us with the exclusive right to:

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and (2) manufacture and distribute “Nathan’s Famous” branded hot dog and sausage products in bulk for use in the food service industry.

As described above, on January 20, 2026, we entered into an agreement to acquire all of the issued and outstanding shares of Nathan’s Famous and we will own the Nathan’s Famous brand if we are able to successfully complete the acquisition.

We believe that registered and licensed trademarks have been important to the success of our branded fresh pork and packaged meats products.

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We also sublicense rights to some of our strategic hog production partners.

Sustainability

Smithfield was an early mover in sustainability.

Over two decades ago, we published our first sustainability report and announced a sustainability framework.

Our sustainability strategy continues to evolve.

The overarching objective is to show that we are making food responsibly – that we manage and reduce our environmental impacts, that we care for our animals, that we maintain a safe work environment, and that we make good, safe, nutritious and affordable food.

We look at sustainability in relation to the value it creates for our company and key stakeholders such as our shareholders and customers.

That value ranges from financial benefits like cost savings and innovation to goodwill created with our customers, team members and communities.

Most recently, we emphasized the enhancement of our governance principles and management practices as well as the transition of many of our targets and commitments to better reflect optimizations in our operational footprint, performance calculation methodologies and business objectives.

We continue to reference standards and best practices outlined by globally recognized reporting frameworks including the Global Reporting Initiative, the Sustainability Accounting Standards Board Standards under the International Financial Reporting Standards and the United Nations Sustainable Development Goals to inform our strategy, and are guided by the sustainability priorities identified with input from key stakeholders as well as internal monitoring and analysis of sustainability trends, research and regulations.

We focus on measurable progress year after year, guided by authentic practices and a culture of continuous improvement.

Respect for our animals, people, the environment and communities is at the core of how we operate.

Since our inception, we have been committed to providing good food and dedicated to animal care, community support, employee safety, environmental stewardship and food safety and quality programs.

More than 20 years ago, we started to develop a comprehensive animal care management system on our farms.

We were also an early industry mover in group housing for confirmed pregnant sows on company-owned farms.

To reduce our impact on the environment, we have invested in biogas joint ventures that capture and utilize methane produced on certain company-owned and contract farms as a renewable source of energy.

We hold a one-third interest in Monarch Bio Energy, LLC (“Monarch”), a joint venture that currently operates renewable natural gas (“RNG”), projects at nine of our company-owned farms in Missouri.

In 2022, TPG Rise Climate invested in Monarch, helping us to further scale the business.

We also hold a 50% interest in Align RNG, LLC (“Align”), a joint venture that is developing RNG projects on six of our company-owned farms and contract farms in North Carolina and Virginia.

The development and support of the communities where our employees live and work is a core value and component of our sustainability program.

Over the last ten years, we have contributed more than $320 million in cash and in-kind donations to fight hunger, advance education and support the vitality of our local communities.

Quality Assurance and Food Safety

Producing safe, wholesome products for our customers and ultimate consumers is our focus, and we operate under programs and policies that promote regulatory compliance and food safety and quality at every step of our value chain.

We are subject to extensive food safety regulation, including the Federal Meat Inspection Act of 1906, the U.S.

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We maintain a rigorous program of interventions, inspections and testing to reduce the likelihood of food safety hazards.

Compliance with federal, state and local regulation is costly and time-consuming but remains one of our top priorities.

Regulatory enforcement actions for violations of federal, state and local regulations may include seizure and condemnation of products, product recalls, cease and desist orders, injunctions and monetary, civil or criminal penalties.

Policies and Procedures

Our plants, as well as those of our hog suppliers, have all developed quality programs following the standards set in the USDA’s Process Verified Program (“PVP”).

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facilities are certified to a Global Food Safety Initiative (“GFSI”) benchmarked standard, and all of our food safety plans and policies meet the requirements of a GFSI benchmarked standard.

We also require our ingredient suppliers to undergo annual food safety audits, the majority of which, to our knowledge, meet the requirements of a GFSI benchmarked standard.

To drive adherence to these programs and policies, we employ data analytics to monitor food safety indicators and take corrective action if necessary.

As part of our quality and food safety program, our professionals continuously work with the applicable regulatory agencies, including the USDA’s Food Safety and Inspection Service, the FDA and industry associations on projects aimed at improving food safety and increasing consumer protection to stay informed of emerging issues and improve our quality and food safety program.

We are committed to proper animal care and have a moral and ethical obligation to the humane treatment of animals.

We believe our hogs can and should be raised, transported and processed using procedures that are safe and free from cruelty and neglect.

We also require our ingredient suppliers to undergo annual

food safety audits, the majority of which, to our knowledge, meet the requirements of a GFSI benchmarked standard.

We are subject to regulations relating to animal treatment, including the Humane Methods of Slaughter Act of 1978 governing our processing plants.

Our processing facilities are subject to regular on-site examination, inspection and regulation by the USDA, and regular internal and third-party audits are conducted throughout the year.

We are also subject to state laws governing the care of livestock that is used in certain meat products sold within those states, including California Proposition 12 and Massachusetts Question 3.

We believe that we are in substantial compliance with all applicable laws and regulations relating to the operations of our facilities.

In addition to complying with federal laws and regulations pertaining to hog production, we are also required to comply with local municipality (city and county), as well as state regulations, including the registration

and licensing of our facilities, enforcement by state health agencies of various state standards and inspection of our facilities.

Policies and Procedures

Our comprehensive, systematic animal care management program to monitor and measure the well-being of our hogs on company-owned and contract farms was developed in consultation with experts in animal behavior and handling.

The program guides the proper and humane care of our animals at every stage of their lives, from gestation to transport to our processing plants.

All farm employees and contract farmers are required to employ the methods and techniques of the management system and verify their compliance.

Our Animal Care Policy underscores our commitments to provide:

• shelter that is designed, maintained and operated to meet the animals’ needs;

• access to adequate water and high-quality feed to meet nutritional requirements;

• humane treatment of animals that enhances their well-being and complies with all applicable laws and regulations;

• identification and appropriate treatment of animals in need of health care;

• use of humane methods to euthanize sick or injured animals not responding to care and treatment.

Biosecurity, or procedures to prevent the spread of disease to our farms, is a critical element of our program to safeguard the health and well-being of our animals.

Our standard operating procedure covers the animal production process at individual farms, as well as the movement of vehicles, animals, personnel and equipment between farms.

For example, employees and visitors must “shower in” and change into clean clothing before entering all sow farms and must also “shower out” prior to leaving.

In addition, equipment and supplies delivered to sow farms, as well as vehicles, must be disinfected prior to being allowed inside the farm complex.

Since 2009, all company-owned and contract farms have been certified by the National Pork Board’s Pork Quality Assurance Plus (“PQA Plus®”) program that are conducted every three years.

Our company-owned and contract farms undergo on-farm site assessments every other year and are subject to random third-party audits.

In December 2017, we completed a 10-year program to phase out individual gestation stalls at our company-owned sow farms and replace the gestation stalls with group pens for all pregnant sows at our U.S.

company-owned farms.

We offered incentives to contract sow growers to convert to group housing and Altosano has also completed its conversion to group housing facilities for our Mexican hog production operations.

We are also subject to state laws governing the care of livestock that is used in certain meat products sold within those states, including California’s Farm Animal Confinement Initiative (“Proposition 12”) and Massachusetts Question 3.

Other Regulation

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Occupational Safety and Health Administration (“OSHA”), the Center for Disease Control and the state and local regulatory authorities relating to handling and discharge of waste water, storm water, air emissions, treatment, storage and disposal of agricultural and food processing wastes, handling of hazardous substances, remediation of contaminated soil, surface water and groundwater, the use and maintenance of refrigeration systems, including ammonia-based chillers, noise, odor and dust management, the operation of mechanized processing equipment and other operations.

Hog production facilities generate significant quantities of manure, which must be managed properly to protect public health and the environment.

We track the best technologies available and economically feasible for the management of swine manure, which require permits under state law and, in some instances, federal law.

These permits impose standards and conditions on the design and operation of the systems to protect public health and the

environment and can also impose nutrient management planning requirements depending on the type of system utilized.

In addition, our hog production facilities have been designed to meet or exceed all applicable zoning and other government regulations.

These regulations require, among other things, maintenance of separation distances between farms and nearby residences, schools, churches, public use areas, businesses, rivers, streams and wells and adherence to required construction standards.

New or more stringent environmental laws or regulations that impose additional requirements on our operations or on us could increase the cost of doing business for us.

For more information regarding environmental regulation of our operations, see “Risk Factors—Risks Relating to Government Regulations—Governmental authorities may take further action restricting our ability to produce and/or sell livestock or adopt new regulations impacting our production or processing operations, which could adversely affect our business.”

We follow a number of other policies and protocols to reduce the impact of our hog production operations on the environment, including:

• the employment of environmental management systems;

• ongoing employee training regarding environmental controls;

• walk-around inspections at all sites by trained personnel;

• formal emergency response plans that are regularly updated;

• collaboration with manufacturers regarding testing and developing new equipment.

Our Mexican operations also are subject to regulation by Mexican environmental authorities.

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Our Mexican processing plants are also subject to on-site examination, inspection and regulation by Mexican governmental agencies that perform functions similar to those performed by the USDA and the FDA.

We believe that we are in substantial compliance with all applicable laws and regulations relating to the operations of our facilities.

For more information regarding our Mexican operations, see “Item 1A.

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We believe that we are in substantial compliance with applicable laws and regulations.

We use internationally recognized management systems to manage many of our regulatory and compliance programs including, but not limited to, the ISO, 14001:2004 standard to manage and optimize environmental performance.

We were the first U.S.

livestock and major international meat processor in industry to achieve ISO 14001:2004 certification for our hog production and processing facilities.

Availability of Securities and Exchange Commission (“SEC”) and Corporate Governance Documents

The Company makes available its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 on its website at investors.smithfieldfoods.com.

These reports are accessible under the caption, “Investors – SEC Filings” on the Company’s website and are available as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC.

Executive Officers

The following table sets forth the name, age and position of our executive officers, followed by a biography of each executive officer.

President, Chief Executive Officer and Director

Chief Financial Officer

Chief Business Officer

Chief Manufacturing Officer

Steven France

President, Packaged Meats

Donovan Owens

President, North American Pork

President, Hog Production

Chief Human Resources Officer

Chief Legal Officer

Shane Smith has served as President and Chief Executive Officer of Smithfield and as a member of our board of directors since July 2021.

He joined our company in 2003 and has served in a variety of leadership roles for our U.S.

and international operations since then.

Smith also served as an executive director at WH Group from August 2021 and as a member of the board of directors of WH Group from July 2021, in each case, until our IPO in January 2025.

He served as our Chief Strategy Officer from January 2021 to July 2021.

In that role, Mr.

Smith was also responsible for our hog production operations, Smithfield Renewables and our European and Mexican operations.

Prior to that, Mr.

Smith served as Executive Vice President of our European operations from April 2019 to January 2021, President of our Romanian operations from November 2017 to April 2019 and Chief Financial Officer of our European operations from September 2012 to April 2019.

Smith holds a Bachelor of Science in Accounting from Mount Olive College and a Master of Business Administration (“MBA”) from the College of William and Mary in Virginia.

Hall has served as our Chief Financial Officer since January 2023.

Hall joined our company in 2014 as the Vice President, Finance for the John Morrell Food Group.

He served as Executive Vice President of Finance from December 2020 to January 2023, overseeing financial planning and analysis, mergers and acquisitions, operations, logistics, trade spend finance, data analytics and project and capital management in support of the U.S.

He served as Senior Vice President, Finance, from 2019 to late 2020, where he oversaw financial operations for our fresh pork and packaged meats businesses.

He served as the Vice President, Finance for our combined packaged meats businesses from 2015 to 2019.

Hall has over 25 years of industry experience, serving in roles of increasing responsibility at The Quaker Oats Company and McCain Foods USA prior to joining our company in 2014.

He began his career in public accounting at Arthur Andersen LLP and worked in Equity Research for Legg Mason Wood Walker, Inc.

Hall holds a Bachelor of Business Administration from the University of Iowa and an MBA from the University of Maryland.

Hall is a certified public accountant registered in the State of Illinois.

Watts has served as our Chief Business Officer since January 2023.

He has been with our company since 1994.

He served as Smithfield Foods Executive Vice President, Packaged Business Management and Supply Planning from August 2021 to January 2023, Senior Vice President of Business Management Retail from May 2016 to August 2021, Senior Vice President, Packaged Business Development for Smithfield Farmland subsidiary from September 2014 to May 2016, Senior Vice President, Packaged Business Development for Smithfield Farmland from December 2008 to September 2014, Vice President, Packaged Meats from June 2006 to December 2008 and Vice President, Product Management for subsidiary Smithfield Packing from May 2001 to December 2008.

Over the course of his career, Mr.

Watts has held roles in sales, marketing, revenue management, supply chain, strategic sourcing, and R&D.

Watts holds a Bachelor of Science in Marketing Management from Virginia Polytechnic Institute and State University and an MBA from Western Governors University.

Doug Sutton, Ph.D.

has served as our Chief Manufacturing Officer since January 2023.

He joined our company in 2001.

He served as Executive Vice President, Manufacturing from August 2021 to January 2023, Vice President, Research and Development from January 2012 to August 2021 and Director, Research Development from January 2001 to January 2012.

Sutton holds a Bachelor of Animal Science and a Master of Animal Science, each from Oklahoma State University, and a Ph.D.

in Animal Science from University of Illinois Urbana-Champaign.

Steven France has served as our President of Packaged Meats since January 2023.

France joined our company in 2002.

He has experience spanning manufacturing, business management, transportation and warehousing, sales and marketing and customer service.

He served as Executive Vice President, Packaged Meats from December 2020 to January 2023, Senior Vice President of Sales, Packaged Meats from December 2018 to December 2020 and Vice President, Deli Sales from February 2018 to December 2018.

France began his career at Conagra Brands, Inc.

and spent several years in various management roles at Michael Foods, Inc.

France holds a Bachelor of Science from The Ohio State University.

Donovan Owens has served as our President of North America Pork since January 2026.

He joined our company in 1993.

He has experience in industrial engineering, fresh pork business management and fresh pork operations.

Owens served as President, U.S.

Fresh Pork from May 2023 to January 2026 and Executive Director of Support Operations for Smithfield Hog Production from May 2022 to April 2023.

He led our Tar Heel, North Carolina facility for 12 years initially as Director of Operations from July 2010 to December 2017 and then as Complex Plant Manager from December 2017 to June 2022.

He served in various other roles at our company between 1993 and 2010.

Owens holds a Bachelor of Business Administration in Finance from Virginia Polytechnic Institute and State University.

Westerbeek has served as our President of Hog Production since February 2024.

He joined our company in 1993.

In July 2022, Mr.

Westerbeek was named as the Chief Development Officer of Monarch.

He served as Vice President, Smithfield Renewables and Hog Production Environmental Compliance from July 2017 to June 2022 and Vice President, Environment and Support Operations from June 2014 to June 2017.

Westerbeek is a past member of the board of directors of the North Carolina Pork Council and NPPC and is a current member of NPPC’s environmental committee, which he previously chaired.

Westerbeek holds a Bachelor of Science in Biological and Agricultural Engineering, Agriculture Systems from North Carolina State University.

Jay Bennett has served as our Chief Human Resources Officer since March 2023.

Bennett was previously at Lockheed Martin Corporation where he served as Vice President, Human Resources RMS Lines of Business from February 2022 to March 2023.

Prior to that, he was at Sikorsky Aircraft (acquired by Lockheed Martin in 2015) where he served as Vice President, Human Resources from October 2017 to February 2022 and Vice President Human Resources, Operations from July 2014 to October 2017.

Prior to that, Mr.

Bennett served in various managerial human resources roles at Rolls Royce plc from April 2009 to July 2014.

Bennett previously served in various human resources roles at United Technologies Corporation and General Motors Company.

Bennett holds a Bachelor of Arts in Political Science from DePauw University and a Juris Doctor (“JD”) from Indiana University Robert H.

McKinney School of Law.

Checkovich has served as our Chief Legal Officer since December 2024.

She joined our company in 2020 and served as General Counsel from March 2023 to December 2024 and Deputy General Counsel from October 2020 to March 2023.

Prior to joining Smithfield, from September 2004 to October 2020, Ms.

Checkovich worked at McGuireWoods LLP, where she was a partner in the business and securities litigation department, served on the firm’s Finance Committee and advised corporate clients, including our company, on a range of matters.

She previously worked as an associate at Cravath, Swaine & Moore LLP.

Early in her career, Ms.

Checkovich was a law clerk to the Honorable Barbara S.

Jones of the United States District Court for the Southern District of New York.

She is the Vice Chair of the Board of the Alliance for the Chesapeake Bay, where she has served on the Governance Committee.

Checkovich holds a Bachelor of Arts in economics from the University of Virginia and a JD from Yale Law School.

Availability of Securities and Exchange Commission Documents

The Company makes available its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 on its website at investors.smithfieldfoods.com.

These filings are also available on the SEC’s website at www.sec.gov.

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• our ability to attract and retain employees and maintain our corporate culture;

• our ability to prevent cyberattacks, other cyber-incidents, security breaches or other disruptions of our information technology systems;

• our ability to prevent cyberattacks, other cyber-incidents, security breaches or other disruptions of our information technology (“IT”) systems;

• our ability to defend litigation brought against us successfully and the sufficiency of our accruals for related contingent losses;

• compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations, that currently apply or may become applicable to our business both in the United States and Mexico and our expectations regarding various laws and restrictions that relate to our business;

• compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations, that currently apply or may become applicable to our business both in the U.S.

and Mexico and our expectations regarding various laws and restrictions that relate to our business;

• our ability to capitalize on export markets;

• our ability to execute on acquisitions, joint ventures and divestitures;

• our ability to execute on acquisitions, joint ventures and divestitures, including without limitation our ability to close our pending transaction with Nathan’s, which remains subject to regulatory approval from CFIUS and other closing conditions;

• legal, regulatory, or market measures to address climate change and our ability to achieve our climate-related goals and strategies;

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• impairment in the carrying value of our goodwill or intangible assets;

• our ability to achieve or maintain our targeted Ratio of Net Debt to Adjusted EBITDA and minimum liquidity levels;

• our ability to achieve or maintain our targeted ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) and minimum liquidity levels;

• our dividend policy and our ability to pay dividends.

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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.

What changed 10-K

Item 1. Business