21 unchanged sentences
International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.
−Removed: Sales were relatively flat in the second quarter and increased 1.2%, or $306 million, in the first six months of fiscal 2025, driven by increased sales in our Beef and Chicken segments, partially offset by decreased sales in our Pork and Prepared Foods segments.
−Removed: Sales were negatively impacted in the second quarter and the first six months by 2.6% and 1.3%, respectively, from the recognition of $343 million of legal contingency accruals.
−Removed: Operating income of $100 million for the second quarter of fiscal 2025 was down 68% as compared to the second quarter of fiscal 2024, as we experienced lower operating income in our Beef and Pork segments, partially offset by higher operating income in our Chicken and Prepared Foods segments and International/Other.
−Removed: Additionally, in the second quarter of fiscal 2025, our operating income was impacted by $343 million of legal contingency accruals, $43 million in network optimization plan charges, $23 million of plant closures and disposal charges and $6 million in brand discontinuation charges.
−Removed: In the second quarter of fiscal 2024, our operating income was impacted by $54 million of costs related to a production facility fire in the Netherlands and our subsequent decision to sell the facility and $39 million of plant closures and disposal charges.
−Removed: Operating income of $680 million for the first six months of fiscal 2025 was up 25% compared to the first six months of fiscal 2024 as we experienced higher operating income in our Chicken segment and International/Other, partially offset by lower operating income for our Beef, Pork and Prepared Foods segments.
−Removed: In the first six months of fiscal 2025, our operating income was impacted by $343 million of legal contingency accruals, $116 million in network optimization plan charges, $23 million of plant closures and disposal charges and $12 million in brand discontinuation charges.
−Removed: In the first six months ended March 30, 2024, our operating income was impacted by $114 million of plant closures and disposal charges, $80 million of costs related to a production facility fire in the Netherlands and our subsequent decision to sell the facility, $73 million in legal contingency accruals and $31 million of restructuring and related charges, partially offset by the benefit of $24 million of insurance proceeds, net of costs incurred related to facility fires.
+Added: Sales grew 4%, or $531 million in the third quarter of fiscal 2025, driven by sales growth across each of our segments.
+Added: Operating income of $260 million for the third quarter of fiscal 2025 was down 24% as compared to the third quarter of fiscal 2024, as we experienced greater operating losses in our Beef segment, partially offset by higher operating income in our Pork, Chicken and Prepared Foods segments.
+Added: In the third quarter of fiscal 2025, our operating income was impacted by $343 million of goodwill impairment charges, partially offset by $83 million of income, net of charges, related to the Company's network optimization plan and related gain on the sale of storage facilities.
+Added: In the third quarter of fiscal 2024, our operating income was impacted by $101 million in legal contingency accruals and $41 million in plant closures and disposal charges.
+Added: Sales grew 2%, or $837 million, in the first nine months of fiscal 2025, driven by increased sales in our Beef, Chicken and Prepared Foods segments, partially offset by decreased sales in our Pork segment.
+Added: Operating income of $940 million for the first nine months of fiscal 2025 was up 6% compared to the first nine months of fiscal 2024 as we experienced higher operating income in our Chicken and Prepared Foods segments and International/Other, partially offset by lower operating income in our Beef and Pork segments.
+Added: In the first nine months of fiscal 2025, our operating income was impacted by $343 million of goodwill impairment charges, $343 million of legal contingency accruals, $33 million of charges related to the network optimization plan and $23 million of plant closures and disposal charges.
+Added: In the first nine months ended June 29, 2024, our operating income was impacted by $174 million in legal contingency accruals, $155 million of plant closure and disposal charges, $83 million of costs related to a production facility fire in the Netherlands and the subsequent decision to sell the facility and $31 million of restructuring and related charges.
Market Environment
−Removed: According to the United States Department of Agriculture, domestic protein production (beef, pork, chicken and turkey) was flat in the second quarter of fiscal 2025 as compared to the same period in fiscal 2024.
+Added: According to the United States Department of Agriculture, domestic protein production (beef, pork, chicken and turkey) decreased 1% in the third quarter of fiscal 2025 as compared to the same period in fiscal 2024.
The Beef segment continues to experience limited supply of market-ready cattle as well as increased cattle costs.
1 unchanged sentence
The Pork segment experienced sufficient supply of market-ready hogs and increased hog costs.
−Removed: The Chicken segment experienced reduced feed ingredient costs.
+Added: The Chicken segment experienced reduced feed ingredient costs in the first nine months of fiscal 2025, but costs began to moderate in the third quarter of fiscal 2025 as compared to the same period in fiscal 2024.
The Prepared Foods segment is currently experiencing increased raw material costs primarily due to higher meat costs.
4 unchanged sentences
We will continue to analyze the impact of supply chain and tariff impacts in the upcoming months.
−Removed: Our total operating margin was 0.8% in the second quarter of fiscal 2025.
+Added: Our total operating margin was 1.9% in the third quarter of fiscal 2025.
Operating margins by segment were as follows:
8 unchanged sentences
In the first quarter of fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network.
+Added: We anticipate we will recognize total pretax charges of $84 million related to actions approved through June 28, 2025.
+Added: We recognized charges of $24 million and $33 million in the third quarter and first nine months of fiscal 2025, respectively, related to the network optimization plan, which primarily included the closure of two facilities in the Prepared Foods segment, a non-harvesting facility closure in the Beef segment, asset write-offs in the Chicken and Prepared Foods segments and International/Other.
+Added: Additionally, in the third quarter of fiscal 2025, we recognized a $107 million gain from the sale of storage facilities.
+Added: Approved charges that have been recognized through June 28, 2025 included $51 million that have resulted or will result in cash outflows and $89 million of non-cash charges.
+Added: We have also received $252 million of proceeds in the first nine months of fiscal 2025 associated with the sale of storage facilities.
We expect to incur costs related to the network optimization plan over a multi-year period.
−Removed: We recognized charges of $43 million and $116 million in the second quarter and first six months of fiscal 2025, respectively, related to the network optimization plan, which primarily included the closure of two facilities in the Prepared Foods segment, a non-harvesting facility closure in the Beef segment and asset write-offs in the Chicken segment and International/Other.
−Removed: All estimated charges related to actions approved through March 29, 2025 have been recognized and included $47 million that have resulted or will result in cash outflows and $69 million of non-cash for the first six months of fiscal 2025.
We expect to incur additional charges in the future as additional actions are approved.
−Removed: In April 2025, following a strategic review of our domestic logistics and storage network, the Company approved a plan to execute various long-term cold storage service agreements and the sale of multiple Tyson-owned and operated distribution centers.
For further description refer to Part I, Item I, Notes to the Consolidated Condensed Financial Statements, Note 5:
1 unchanged sentence
Summary of Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Sales $ 13,884 $ 13,353 $ 40,581 $ 39,744
2 unchanged sentences
Sales growth 4.0 % 2.1 %
−Removed: Second quarter – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume – Volumes were essentially flat, accounting for a $3 million decrease in sales as increased sales volume in our Chicken segment was offset by decreased sales volume in our Beef, Pork and Prepared Foods segments.
−Removed: • Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $348 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, partially offset by lower average sales prices in our Chicken segment.
−Removed: ◦ The above changes in average sales price exclude a $343 million reduction of Sales for the recognition of legal contingency accruals recorded in the second quarter of fiscal 2025.
−Removed: Six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume – Sales were positively impacted by an increase in sales volume, which accounted for a $205 million increase in sales driven by increased sales volume in our Beef and Chicken segments, partially offset by decreased sales volume in our Pork and Prepared Foods segments.
−Removed: • Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $444 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, partially offset by lower average sales prices in our Chicken segment.
−Removed: ◦ The above changes in average sales price exclude a $343 million reduction of Sales from the recognition of legal contingency accruals recorded in the second quarter of fiscal 2025.
+Added: Third quarter – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume – Volumes were relatively flat, accounting for a $9 million change as decreased sales volume in our Beef and Prepared Foods segments, was mostly offset by increased sales volume in our Chicken and Pork segments.
+Added: • Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $495 million, driven by increased pricing in our Beef, Chicken and Prepared Foods segments, partially offset by lower average sales prices in our Pork segment.
+Added: ◦ The above changes in average sales price exclude a $45 million reduction of Sales for the recognition of a legal contingency accrual recorded in the third quarter of fiscal 2024.
+Added: Nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume – Sales were positively impacted by an increase in sales volume, which accounted for a $196 million increase in sales driven by increased sales volume in our Chicken and Beef segments, partially offset by decreased sales volume in our Pork and Prepared Foods segments.
+Added: • Average Sales Price – Sales were positively impacted by higher average sales prices, which accounted for an increase of $939 million, driven by increased pricing in our Beef, Pork and Prepared Foods segments, while pricing in our Chicken segment was flat.
+Added: ◦ The above changes in average sales price exclude a $343 million and $45 million reduction of Sales from the recognition of legal contingency accruals for the nine months ended June 28, 2025 and June 29, 2024, respectively.
Cost of Sales
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Cost of sales $ 12,743 $ 12,475 $ 37,745 $ 37,177
1 unchanged sentence
Cost of sales as a percentage of sales 91.8 % 93.4 % 93.0 % 93.5 %
−Removed: Second quarter – Fiscal 2025 vs Fiscal 2024
+Added: Third quarter – Fiscal 2025 vs Fiscal 2024
• Cost of sales increased $268 million.
2 unchanged sentences
• Increase in cattle costs of approximately $560 million in our Beef segment.
−Removed: • Increase in hog costs of approximately $100 million in our Pork segment.
• Increase in raw material and other input costs of approximately $60 million in our Prepared Foods segment.
−Removed: • Increase of $43 million related to network optimization plan charges.
−Removed: • Decrease of approximately $110 million in our Chicken segment related to decreased feed ingredient costs.
−Removed: • Decrease of $54 million in International/Other from costs recognized in fiscal 2024 related to a production facility fire in the Netherlands and the subsequent decision to sell the facility.
−Removed: • Decrease in freight and transportation costs of approximately $30 million.
−Removed: • Decrease due to net derivative losses of $24 million in the second quarter of fiscal 2025, compared to net derivative losses of $46 million in the second quarter of fiscal 2024 due to our risk management activities.
+Added: • Increase due to net derivative losses of $19 million in the third quarter of fiscal 2025, compared to net derivative gains of $6 million in the third quarter of fiscal 2024 due to our risk management activities.
These amounts exclude offsetting impacts from related physical purchase transactions, which are included in the change in live cattle and hog costs and raw material and feed ingredient costs described herein.
+Added: • Increase in hog costs of approximately $15 million in our Pork segment.
+Added: • Decrease of $83 million related to the network optimization plan as a result of a gain recognized on the sale of storage facilities, net of charges.
+Added: • Decrease of $56 million related to the recognition of a legal contingency accrual in our Chicken segment in fiscal 2024.
• Decrease of $41 million due to lower plant closures and disposal charges.
+Added: • Decrease in freight and transportation costs of approximately $30 million.
+Added: • Decrease of approximately $20 million in our Chicken segment related to decreased feed ingredient costs.
+Added: • Decrease of $17 million in International/Other from lower net costs related to a production facility fire in the Netherlands and the subsequent decision to sell the facility.
• Remaining decrease in costs across all of our segments primarily driven by net impacts on average cost per pound from mix changes and lower operating costs.
−Removed: Six months – Fiscal 2025 vs Fiscal 2024
+Added: Nine months – Fiscal 2025 vs Fiscal 2024
• Cost of sales increased $568 million.
2 unchanged sentences
• Increase in cattle costs of approximately $1,070 million in our Beef segment.
−Removed: • Increase in hog costs of approximately $160 million in our Pork segment.
• Increase in raw material and other input costs of approximately $220 million in our Prepared Foods segment.
−Removed: • Increase of $114 million related to network optimization plan charges.
+Added: • Increase in hog costs of approximately $175 million in our Pork segment.
+Added: • Increase of $31 million related to the network optimization plan charges.
• Increase of $19 million in our Chicken segment from reduced insurance proceeds, net of costs, related to a production facility fire in the fourth quarter of fiscal 2021.
1 unchanged sentence
• Decrease of $132 million due to lower plant closures and disposal charges.
−Removed: • Decrease of $80 million in International/Other from costs recognized in fiscal 2024 related to a production facility fire in the Netherlands and the subsequent decision to sell the facility.
−Removed: • Decrease of $73 million related to the recognition of legal contingency accruals in our Beef and Pork segments in fiscal 2024.
+Added: • Decrease of $129 million related to the recognition of legal contingency accruals in our Beef, Pork and Chicken segments in fiscal 2024.
• Decrease in freight and transportation costs of approximately $100 million.
−Removed: • Decrease due to net derivative losses of $31 million in the first six months of fiscal 2025, compared to net derivative losses of $51 million in the first six months of fiscal 2024 due to our risk management activities.
−Removed: These amounts exclude offsetting impacts from related physical purchase transactions, which are included in the change in live cattle and hog costs and raw material and feed ingredient costs described herein.
+Added: • Decrease of $97 million in International/Other from lower net costs related to a production facility fire in the Netherlands and the subsequent decision to sell the facility.
• Remaining decrease in costs across all of our segments primarily driven by net impacts on average cost per pound from mix changes and lower operating costs.
Selling, General and Administrative
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Selling, general and administrative expense $ 538 $ 537 $ 1,553 $ 1,683
As a percentage of sales 3.9 % 4.0 % 3.8 % 4.2 %
−Removed: Second quarter – Fiscal 2025 vs Fiscal 2024
+Added: Third quarter – Fiscal 2025 vs Fiscal 2024
+Added: • Selling, general and administrative was relatively flat.
+Added: Nine months – Fiscal 2025 vs Fiscal 2024
• Decrease of $130 million in selling, general and administrative was primarily driven by:
−Removed: • Decrease of $18 million in marketing, advertising and promotion expenses.
• Decrease of $36 million in employee costs primarily from performance-based compensation.
• Decrease of $35 million in professional fees.
−Removed: Six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Decrease of $131 million in selling, general and administrative was primarily driven by:
• Decrease of $33 million in marketing, advertising and promotion expenses.
−Removed: • Decrease of $35 million in employee costs primarily from performance-based compensation.
• Decrease of $31 million in restructuring and related costs.
−Removed: • Decrease of $22 million in professional fees.
+Added: Goodwill Impairment
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
+Added: Goodwill Impairment $ 343 $ — $ 343 $ —
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • We recorded a $343 million goodwill impairment charge in the Beef segment in the third quarter of fiscal 2025.
Interest (Income) Expense
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Interest income $ (15) $ (36) $ (57) $ (60)
Interest expense 113 135 343 351
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • The increase in interest income for the second quarter and six months ended March 29, 2025 was primarily due to higher cash and cash equivalents held during the quarter.
−Removed: • The increase in interest expense for the six months ended March 29, 2025 was primarily due to interest expense related to our 5.40% 2029 Notes and 5.70% 2034 Notes, partially offset by lower interest expense related to the repayment of the term loan due May 2026 in the second quarter of fiscal 2025 and the repayment of the August 2024 senior notes in the fourth quarter of fiscal 2024.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • The decrease in interest income for the third quarter and nine months ended June 28, 2025 was primarily due to average lower cash and cash equivalents held.
+Added: • The decrease in interest expense for the three and nine months ended June 28, 2025 was primarily due to lower interest expense related to the repayment of the term loan due May 2026 in the second quarter of fiscal 2025 and the repayment of the August 2024 senior notes in the fourth quarter of fiscal 2024.
Other (Income) Expense, net
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Total other (income) expense, net $ (31) $ (11) $ (47) $ (24)
−Removed: Second quarter and six months – Fiscal 2025
−Removed: • Included $15 million of joint venture earnings and $6 million of foreign exchange gains in the second quarter of fiscal 2025.
−Removed: Included $27 million of joint venture earnings and $7 million of production facilities fire insurance proceeds, partially offset by $18 million of foreign exchange losses in the first six months of fiscal 2025.
−Removed: Second quarter and six months – Fiscal 2024
−Removed: • Included $15 million of foreign exchange losses in the second quarter of fiscal 2024.
−Removed: Included $10 million of income related to an amendment of a postretirement benefit plan in the first six months of fiscal 2024.
+Added: Third quarter and nine months – Fiscal 2025
+Added: • Included $23 million of joint venture earnings and $11 million of foreign exchange gains in the third quarter of fiscal 2025.
+Added: Included $50 million of joint venture earnings and $7 million of production facilities fire insurance proceeds, partially offset by $7 million of foreign exchange losses in the first nine months of fiscal 2025.
+Added: Third quarter and nine months – Fiscal 2024
+Added: • Included $19 million and $22 million of joint venture earnings in the third quarter and the first nine months of fiscal 2024, respectively, offset by $9 million and $4 million of foreign exchange losses in the third quarter and the first nine months of fiscal 2024, respectively.
+Added: Additionally, included $14 million of income related to an amendment of a postretirement benefit plan in the first nine months of fiscal 2024.
Effective Tax Rate
−Removed: Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
64.5 % 22.9 % 36.0 % 25.9 %
−Removed: Second quarter – Fiscal 2025 vs Fiscal 2024
−Removed: • The percentage impacts of items on the effective tax rate were greater in the second quarter of fiscal 2025 due to the level of pretax income in the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024.
−Removed: • The second quarter of fiscal 2025 was increased by the impact of net unfavorable permanent book-to-tax differences and changes in unrecognized tax benefits.
−Removed: • The second quarter of fiscal 2024 was impacted by increased foreign losses for which a tax benefit cannot be recognized.
−Removed: Six months – Fiscal 2025 vs Fiscal 2024
−Removed: • The effective tax rate for the first six months of fiscal 2025 was increased by changes in unrecognized tax benefits and decreased by the release of a $9 million valuation allowance on certain losses in the Netherlands due to tax legislation enacted in the first quarter of fiscal 2025.
−Removed: • Increased foreign losses in fiscal 2024 resulted in a higher effective tax rate compared to fiscal 2025.
+Added: Third quarter – Fiscal 2025 vs Fiscal 2024
+Added: • The third quarter of fiscal 2025 was higher than the third quarter of fiscal 2024 primarily due to a $343 million non-deductible goodwill impairment, partially offset by the favorable impact of higher foreign income in fiscal 2025.
+Added: • Additionally, the third quarter of fiscal 2024 included a $9 million benefit related to the remeasurement of deferred income taxes, primarily due to legislation decreasing state tax rates enacted in the third quarter of 2024.
+Added: Nine months – Fiscal 2025 vs Fiscal 2024
+Added: • The effective tax rate for the first nine months of fiscal 2025 was higher than the first nine months of fiscal 2024 due to a $343 million non-deductible goodwill impairment, partially offset by the favorable impact of higher foreign income in fiscal 2025.
Net Income Attributable to Tyson
−Removed: in millions, except per share data Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: in millions, except per share data Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Net income attributable to Tyson $ 61 $ 191 $ 427 $ 443
Net income attributable to Tyson – per diluted share 0.17 0.54 1.20 1.25
−Removed: Second quarter – Fiscal 2025 – Net income attributable to Tyson included the following items:
−Removed: • $343 million pretax, or ($0.73) per diluted share, related to the recognition of legal contingency accruals.
−Removed: • $43 million pretax, or ($0.10) per diluted share, related to network optimization plan charges.
−Removed: • $23 million pretax, or ($0.05) per diluted share, of plant closures and disposal charges.
+Added: Third quarter – Fiscal 2025 – Net income attributable to Tyson included the following items:
+Added: • $343 million pretax, or ($0.96) per diluted share, of goodwill impairment charges (non-tax deductible).
+Added: • $83 million pretax, or $0.18 per diluted share, related to the network optimization plan income, net of charges.
+Added: • $14 million pretax, or $0.04 per diluted share, of insurance proceeds, net of costs, related to a production facility fire in the Netherlands and our subsequent decision to sell the facility.
+Added: • $6 million pretax, or $0.01 per diluted share, related to the relocation of a production facility in China.
• $5 million pretax, or ($0.01) per diluted share, of brand discontinuation charges.
−Removed: Six months – Fiscal 2025 – Net income attributable to Tyson included the following items:
+Added: Nine months – Fiscal 2025 – Net income attributable to Tyson included the following items:
+Added: • $343 million pretax, or ($0.96) per diluted share, of goodwill impairment charges (non-tax deductible).
• $343 million pretax, or ($0.73) per diluted share, related to the recognition of legal contingency accruals.
−Removed: • $116 million pretax, or ($0.26) per diluted share, related to network optimization plan charges.
+Added: • $33 million pretax, or ($0.08) per diluted share, related to the network optimization plan charges.
• $23 million pretax, or ($0.05) per diluted share, of plant closures and disposal charges.
• $17 million pretax, or ($0.04) per diluted share, of brand discontinuation charges.
+Added: • $14 million pretax, or $0.04 per diluted share, of insurance proceeds, net of costs, related to a production facility fire in the Netherlands and our subsequent decision to sell the facility.
• $7 million pretax, or $0.01 per diluted share, of production facilities fire insurance proceeds, net of costs incurred.
+Added: • $6 million pretax, or $0.01 per diluted share, related to the relocation of a production facility in China.
• $9 million post tax, or $0.03 per diluted share, of benefit due to newly enacted tax legislation that resulted in the release of a valuation allowance on losses related to a production facility fire in the Netherlands and our subsequent decision to sell the facility.
−Removed: Second quarter – Fiscal 2024 – Net income attributable to Tyson included the following items:
+Added: Third quarter – Fiscal 2024 – Net income attributable to Tyson included the following items:
+Added: • $101 million pretax, or ($0.22) per diluted share, related to the recognition of legal contingency accruals.
+Added: • $41 million pretax, or ($0.09) per diluted share, of charges related to plant closures and disposal charges.
+Added: • $5 million pretax, or ($0.01) per diluted share, of production facilities fire costs incurred, net of insurance proceeds.
• $3 million pretax, or ($0.01) per diluted share, of charges related to a production facility fire in the Netherlands and our subsequent decision to sell the facility.
−Removed: • $39 million pretax, or ($0.06) per diluted share, of plant closures and disposal charges.
−Removed: Six months – Fiscal 2024 – Net income attributable to Tyson included the following items:
−Removed: • $114 million pretax, or ($0.22) per diluted share, of plant closures and disposal charges.
+Added: Nine months – Fiscal 2024 – Net income attributable to Tyson included the following items:
+Added: • $174 million pretax, or ($0.38) per diluted share, related to the recognition of legal contingency accruals.
+Added: • $155 million pretax, or ($0.31) per diluted share, of charges related to plant closures and disposal charges.
• $83 million pretax, or ($0.23) per diluted share, of charges related to a production facility fire in the Netherlands and our subsequent decision to sell the facility.
−Removed: • $73 million pretax, or ($0.16) per diluted share, related to the recognition of a legal contingency accrual.
• $31 million pretax, or ($0.06) per diluted share, of restructuring and related charges.
5 unchanged sentences
in millions Sales
−Removed: Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Beef $ 5,603 $ 5,241 $ 16,134 $ 15,218
6 unchanged sentences
in millions Operating Income (Loss)
−Removed: Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
$ (494) $ (69) $ (816) $ (310)
6 unchanged sentences
Total $ 260 $ 341 $ 940 $ 884
−Removed: (a) Beef segment results for the three and six months ended March 29, 2025 included $16 million and $48 million, respectively, of network optimization plan charges and a $93 million legal contingency accrual.
−Removed: Beef segment results for the six months ended March 30, 2024 included a $45 million legal contingency accrual and $41 million of plant closures and disposal charges.
−Removed: (b) Pork segment results for the three and six months ended March 29, 2025 included a $250 million legal contingency accrual.
−Removed: Pork segment results for the three and six months ended March 30, 2024 included $34 million of plant closures and disposal charges.
−Removed: Pork segment results for the six months ended March 30, 2024 included a $28 million legal contingency accrual.
−Removed: (c) Chicken segment results for the three and six months ended March 29, 2025 included $21 million and $32 million, respectively, of network optimization plan charges, $6 million and $12 million, respectively, of brand discontinuation charges and $23 million of plant closures and disposal charges.
−Removed: Chicken segment results for the six months ended March 30, 2024 included $39 million of plant closures and disposal charges and $24 million of insurance proceeds, net of costs incurred.
−Removed: (d) Prepared Foods segment results for the six months ended March 29, 2025 included $25 million of network optimization plan charges.
−Removed: Prepared Foods segment results for the six months ended March 30, 2024 included $24 million of restructuring and related charges.
−Removed: (e) International/Other results for the three and six months ended March 29, 2025 included $6 million and $11 million, respectively, of network optimization plan charges.
−Removed: International/Other results for the three and six months ended March 30, 2024 included $54 million and $80 million, respectively, of costs, net of insurance proceeds, related to a fire at our production facility in the Netherlands and subsequent decision to sell.
+Added: (a) Beef segment results for the three and nine months ended June 28, 2025 included $343 million of goodwill impairment charges.
+Added: Additionally, Beef segment results for the nine months ended June 28, 2025 included a $93 million legal contingency accrual and $48 million of network optimization plan charges.
+Added: Beef segment results for the nine months ended June 29, 2024 included a $45 million legal contingency accrual and $41 million of plant closures and disposal charges.
+Added: (b) Pork segment results for the nine months ended June 28, 2025 included a $250 million legal contingency accrual.
+Added: Pork segment results for the three and nine months ended June 29, 2024 included $39 million and $73 million, respectively, of plant closures and disposal charges.
+Added: Additionally, Pork segment results for the three and nine months ended June 29, 2024 included $45 million and $73 million, respectively, related to the recognition of legal contingency accruals.
+Added: (c) Chicken segment results for the three and nine months ended June 28, 2025 included $5 million and $17 million, respectively, of brand discontinuation charges and network optimization plan income, net of charges, of $27 million, and network optimization plan net charges of $5 million, respectively.
+Added: Chicken segment results for the nine months ended June 28, 2025 included $23 million of plant closures and disposal charges.
+Added: Chicken segment results for the three and nine months ended June 29, 2024 included $2 million and $41 million, respectively, of plant closures and disposal charges and $5 million of production facility fire costs incurred, net of insurance proceeds, and $19 million of insurance proceeds, net of costs incurred, respectively.
+Added: Chicken segment results for the three and nine months ended June 29, 2024 also included a $56 million legal contingency accrual.
+Added: (d) Prepared Foods segment results for the three and nine months ended June 28, 2025 included a gain, net of charges, of $56 million and $31 million, respectively, related to the network optimization plan.
+Added: Prepared Foods segment results for the nine months ended June 29, 2024 included $24 million of restructuring and related charges.
+Added: (e) International/Other results for the three and nine months ended June 28, 2025 included benefits of $14 million of insurance proceeds, net of costs, related to a fire at a production facility in the Netherlands and our subsequent decision to sell the facility and $6 million related to the relocation of a production facility in China.
+Added: International/Other results for the nine months ended June 28, 2025 included $11 million of network optimization plan charges.
+Added: International/Other results for the three and nine months ended June 29, 2024 included $3 million and $83 million, respectively, of costs, net of insurance proceeds, related to a fire at our production facility in the Netherlands and subsequent decision to sell.
Beef Segment Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Sales $ 5,603 $ 5,241 $ 362 $ 16,134 $ 15,218 $ 916
3 unchanged sentences
Operating margin (8.8) % (1.3) % (5.1) % (2.0) %
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume - Sales volume decreased in the second quarter of fiscal 2025 primarily due to lower head harvested, partially offset by higher average carcass weights.
−Removed: Sales volume for the first six months increased primarily due to higher average carcass weights.
−Removed: • Average Sales Price - Average sales price increased in the second quarter and first six months of fiscal 2025 primarily due to increased input costs and strong demand.
−Removed: The change in average sales price excludes a $93 million reduction of Sales from the recognition of a legal contingency accrual recorded in the second quarter of fiscal 2025.
−Removed: • Operating Income (Loss) - Operating income decreased in the second quarter and first six months of fiscal 2025 as Beef margins remained compressed, partially offset by improved operational execution.
−Removed: Additionally, operating income for the second quarter and first six months of fiscal 2025 was impacted by the recognition of legal contingency accruals and network optimization plan charges.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume - Sales volume decreased in the third quarter of fiscal 2025 primarily due to lower head harvested, partially offset by higher average carcass weights.
+Added: Sales volume for the first nine months were relatively flat as higher average carcass weights were offset by lower head harvested.
+Added: • Average Sales Price - Average sales price increased in the third quarter and first nine months of fiscal 2025 primarily due to increased input costs and strong demand.
+Added: The change in average sales price for the first nine months of fiscal 2025 excludes a $93 million reduction of Sales from the recognition of a legal contingency accrual recorded in the second quarter of fiscal 2025.
+Added: • Operating Income (Loss) - Operating loss increased in the third quarter and first nine months of fiscal 2025 due to compressed Beef margins and the recognition of a goodwill impairment charge, partially offset by improved operational execution.
+Added: Additionally, the operating loss increase for the first nine months of fiscal 2025 was impacted by the recognition of a legal contingency accrual and network optimization plan charges in fiscal 2025, partially offset by lapping the impacts of plant closures and disposal charges recorded in the first nine months of fiscal 2024.
Pork Segment Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Sales $ 1,506 $ 1,462 $ 44 $ 4,367 $ 4,465 $ (98)
3 unchanged sentences
Operating margin 2.4 % (4.2) % (2.3) % (0.5) %
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume - Sales volume decreased in the second quarter and first six months of fiscal 2025 due to production decreases associated with a plant closure in 2024 which were partly offset by production increases at other facilities and higher average carcass weights.
−Removed: • Average Sales Price - Average sales price increased in the second quarter and first six months of fiscal 2025 as demand for our pork products remained strong.
−Removed: The change in average sales price excludes a $250 million reduction of Sales from the recognition of a legal contingency accrual recorded in the second quarter of fiscal 2025.
−Removed: • Operating Income (Loss) - Operating income (loss) decreased in the second quarter and first six months of fiscal 2025 due to compressed pork margins and the recognition of a legal contingency accrual in the second quarter of fiscal 2025, partially offset by lower operating costs, improved results in our live hog operations and lapping the impacts of plant closures and disposals recorded in the second quarter of fiscal 2024.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume - Sales volume increased in the third quarter of fiscal 2025 due to a sell-through of inventory.
+Added: Sales volume decreased in the first nine months of fiscal 2025 due to production decreases associated with a plant closure in 2024 which were partly offset by production increases at other facilities and higher average carcass weights.
+Added: • Average Sales Price - Average sales price decreased in the third quarter of fiscal 2025 primarily driven by changes in mix.
+Added: Average sales price increased in first nine months of fiscal 2025 due to increased input costs and strong demand for our pork products.
+Added: The change in average sales price for the nine months ended excludes a $250 million reduction of Sales from the recognition of a legal contingency accrual recorded in the second quarter of fiscal 2025.
+Added: The change in average sales price for both the three months ended and nine months ended excludes a $45 million reduction of Sales from the recognition of a legal contingency accrual recorded in the second quarter of fiscal 2024.
+Added: • Operating Income (Loss) - Operating income increased in the third quarter of fiscal 2025 due to lower operating costs, improved results in our live hog operations and lapping the impacts of a legal contingency accrual and plant closures and disposal charges recorded in the third quarter of fiscal 2024, partially offset by compressed pork margins.
+Added: Operating loss increased in first nine months of fiscal 2025 due to compressed pork margins and the recognition of a legal contingency accrual, partially offset by lower operating costs, improved results in our live hog operations and lapping the impacts of plant closures and disposal charges recorded in the first nine months of fiscal 2024.
Chicken Segment Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Sales $ 4,220 $ 4,076 $ 144 $ 12,426 $ 12,174 $ 252
3 unchanged sentences
Operating margin 8.7 % 6.0 % 7.9 % 4.8 %
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume - Sales volume increased in the second quarter and first six months of fiscal 2025 primarily due to increased domestic production, partially offset by inventory growth.
−Removed: • Average Sales Price - Average sales price decreased in the second quarter and first six months of fiscal 2025 primarily due to the impact of lower input costs.
−Removed: • Operating Income - Operating income increased in the second quarter and first six months of fiscal 2025 driven by operational execution, improved volumes and $110 million and $265 million of net decreases in feed ingredient costs, respectively, which was partially offset by associated decreases in average sales price.
−Removed: Additionally, operating income in the second quarter was impacted by charges related to prior plant closures and disposals as well as network optimization plan charges.
−Removed: Operating income in the first six months of fiscal 2025 was impacted by reduced insurance proceeds, net of costs and network optimization plan charges, partially offset by lower plant closures and disposal charges.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume - Sales volume increased in the third quarter and first nine months of fiscal 2025 primarily due to increased domestic production.
+Added: • Average Sales Price - Average sales price increased in the third quarter due to mix and strong demand.
+Added: Average sales price remained relatively flat in the first nine months of fiscal 2025 as the impact of lower input costs was offset by strong demand.
+Added: • Operating Income - Operating income increased in the third quarter and first nine months of fiscal 2025 driven by operational execution, improved volumes and $20 million and $285 million of net decreases in feed ingredient costs, respectively, which was partially offset by increased marketing, advertising and promotion expenses.
+Added: Additionally, operating income in the third quarter was impacted by reduced legal contingency accruals and net gains recognized from the network optimization plan, which included a gain from the sale of storage facilities net of other plan charges.
+Added: The operating income increase in the first nine months of fiscal 2025 was also impacted by reduced legal contingency accruals and lower plant closures and disposal charges, partially offset by brand discontinuation charges, network optimization plan charges and lapping of insurance proceeds related to a production facility fire.
Prepared Foods Segment Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Sales $ 2,515 $ 2,432 $ 83 $ 7,384 $ 7,379 $ 5
3 unchanged sentences
Operating margin 12.0 % 8.3 % 10.2 % 9.2 %
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales Volume – Sales volume decreased in the second quarter and first six months of fiscal 2025 due to a challenging consumer environment.
−Removed: • Average Sales Price – Average sales price increased in the second quarter and first six months of 2025 primarily due to the pass through of increased raw material costs.
−Removed: • Operating Income – Operating income increased in the second quarter of 2025 primarily due to higher average sales price and lower selling, general and administrative costs and improved operational execution, partly offset by increased raw material costs.
−Removed: Operating income decreased in the first six months of fiscal 2025 primarily due to increased raw material costs and network optimization plan charges, partially offset by higher average sales price and lower freight costs, selling, general and administrative costs, restructuring and related charges and improved operational execution.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales Volume – Sales volume decreased in the third quarter and first nine months of fiscal 2025 due to a challenging consumer environment.
+Added: • Average Sales Price – Average sales price increased in the third quarter and first nine months of 2025 primarily due to the pass through of increased raw material costs.
+Added: • Operating Income – Operating income increased in the third quarter and first nine months of fiscal 2025 primarily due to higher average sales price and improved operational execution, partly offset by increased raw material costs.
+Added: Additionally, operating income increased in the first nine months of fiscal 2025 due to lower freight costs, selling, general and administrative costs and restructuring and related charges.
+Added: For the third quarter and first nine months of fiscal 2025, operating income also benefited from net gains recognized from the network optimization plan, which included a gain from the sale of storage facilities net of other plan charges.
International/Other Results
−Removed: in millions Three Months Ended Six Months Ended
−Removed: March 29, 2025 March 30, 2024 Change March 29, 2025 March 30, 2024 Change
+Added: in millions Three Months Ended Nine Months Ended
+Added: June 28, 2025 June 29, 2024 Change June 28, 2025 June 29, 2024 Change
Sales $ 557 $ 582 $ (25) $ 1,707 $ 1,744 $ (37)
Operating income (loss) 49 25 24 121 (37) 158
−Removed: Second quarter and six months – Fiscal 2025 vs Fiscal 2024
−Removed: • Sales – Sales for the second quarter and first six months of fiscal 2025 were relatively flat.
−Removed: • Operating Income (Loss) – Operating income increased in the second quarter and first six months of fiscal 2025 primarily due to improved performance and lapping the impacts of a production facility fire in the first quarter of fiscal 2024 and the subsequent decision to sell the facility, partly offset by network optimization charges.
+Added: Third quarter and nine months – Fiscal 2025 vs Fiscal 2024
+Added: • Sales – Sales for the third quarter and first nine months of fiscal 2025 decreased primarily due to lower average sales price.
+Added: • Operating Income (Loss) – Operating income increased in the third quarter and first nine months of fiscal 2025 primarily due to improved performance, insurance proceeds and lapping the charges related to a production facility fire in the first quarter of fiscal 2024 and the subsequent decision to sell the facility and remuneration received related to the relocation of a production facility in China.
LIQUIDITY AND CAPITAL RESOURCES
8 unchanged sentences
Cash Flows from Operating Activities
−Removed: in millions Six Months Ended
−Removed: March 29, 2025 March 30, 2024
+Added: in millions Nine Months Ended
+Added: June 28, 2025 June 29, 2024
Net income $ 449 $ 458
7 unchanged sentences
Net cash provided by operating activities $ 1,620 $ 1,973
−Removed: • Non-cash items in net income primarily included depreciation and amortization of $700 million and $722 million for the six months ended March 29, 2025 and March 30, 2024, respectively.
−Removed: • Cash provided by operating activities for the first six months of fiscal 2025 was $846 million, a decrease of $331 million compared to the first six months of fiscal 2024, as the $80 million of higher earnings, net of non-cash items, was more than offset by a $411 million decrease in cash provided by the net changes in operating assets and liabilities which was primarily impacted by:
−Removed: • A decrease of $501 million due to an increase in inventory of $229 million in the first six months of fiscal 2025, compared to a decrease of $272 million in the first six months of fiscal 2024, primarily due to increased average cost of inventory and higher volume of livestock.
−Removed: • A decrease of $98 million due to a decrease in income taxes payable/receivable of $41 million in the first six months of fiscal 2025, compared to an increase of $57 million in the first six months of fiscal 2024, primarily driven by an increase in tax payments as a result of higher taxable income associated with payments made in fiscal 2025 compared to fiscal 2024.
+Added: • Non-cash items in net income primarily included depreciation and amortization of $1,029 million and $1,082 million for the nine months ended June 28, 2025 and June 29, 2024, respectively, and a $343 million goodwill impairment in the first nine months of fiscal 2025.
+Added: • Cash provided by operating activities for the first nine months of fiscal 2025 was $1,620 million, a decrease of $353 million compared to the first nine months of fiscal 2024, as the $103 million of higher earnings, net of non-cash items, was more than offset by a $456 million decrease in cash provided by the net changes in operating assets and liabilities which was primarily impacted by:
+Added: • A decrease of $443 million due to an increase in inventory of $194 million in the first nine months of fiscal 2025, compared to a decrease of $249 million in the first nine months of fiscal 2024, primarily due to increased average cost of inventory and higher volume of livestock.
+Added: • A decrease of $228 million due to a decrease in the net changes in other operating assets and liabilities of $13 million in the first nine months of fiscal 2025, compared to an increase of $215 million in the first nine months of 2024, primarily due to performance-based compensation.
+Added: • A decrease of $121 million due to an increase in accounts receivable of $48 million in the first nine months of fiscal 2025, compared to a decrease of $73 million in the first nine months of fiscal 2024 as days sales outstanding decreased more during the first nine months of fiscal 2024 than the first nine months of fiscal 2025.
• Partially offset by:
−Removed: • An increase of $322 million due to a decrease in accounts payable of $3 million during the first six months of fiscal 2025, compared to a decrease of $325 million in the first six months of fiscal 2024, primarily due to a reduction in accounts payable in fiscal 2024 associated with lower input costs.
+Added: • An increase of $247 million due to a decrease in accounts payable of $5 million during the first nine months of fiscal 2025, compared to a decrease of $252 million in the first nine months of fiscal 2024, primarily due to a reduction in accounts payable in fiscal 2024 associated with lower input costs.
Cash Flows from Investing Activities
−Removed: in millions Six Months Ended
−Removed: March 29, 2025 March 30, 2024
+Added: in millions Nine Months Ended
+Added: June 28, 2025 June 29, 2024
Additions to property, plant and equipment $ (691) $ (884)
Proceeds from sale of (purchases of) marketable securities, net (3) (2)
+Added: Proceeds from sale of storage facilities 252 —
Acquisition of equity investments (5) (28)
2 unchanged sentences
• Additions to property, plant and equipment included spending for production growth, safety and animal well-being, new equipment, infrastructure replacements and upgrades to maintain competitive standing and position us for future opportunities.
−Removed: • We expect capital expenditures between $1 billion and $1.2 billion for fiscal 2025.
+Added: • We expect capital expenditures at or below $1 billion for fiscal 2025.
Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
This includes completion of capacity expansion projects as well as new equipment, automation technology and processes for product innovation.
+Added: • Proceeds from sale of storage facilities for the nine months ended June 28, 2025 related to the sale of multiple Tyson-owned and operated cold storage facilities.
Cash Flows from Financing Activities
−Removed: in millions Six Months Ended
−Removed: March 29, 2025 March 30, 2024
+Added: in millions Nine Months Ended
+Added: June 28, 2025 June 29, 2024
Proceeds from issuance of debt $ 63 $ 2,391
7 unchanged sentences
Net cash (used for) provided by financing activities $ (1,377) $ 883
−Removed: • During the first six months of fiscal 2024, proceeds from issuance of debt included $750 million of proceeds from the term loan facility due May 2028, $600 million of proceeds from the 5.40% 2029 Notes and $900 million from the 5.70% 2034 Notes.
−Removed: • Payments on debt during the six months ended March 29, 2025 and March 30, 2024 included payments of $750 million and $250 million, respectively, on our term loan due May 2026.
−Removed: • Dividends paid during the six months ended March 29, 2025 reflected a 2% increase to our fiscal 2024 quarterly dividend rate.
+Added: • During the first nine months of fiscal 2024, proceeds from issuance of debt included $750 million of proceeds from the term loan facility due May 2028, $600 million of proceeds from the 5.40% 2029 Notes and $900 million from the 5.70% 2034 Notes.
+Added: • Payments on debt during the nine months ended June 28, 2025 and June 29, 2024 included payments of $750 million and $250 million, respectively, on our term loan due May 2026.
+Added: • Dividends paid during the nine months ended June 28, 2025 reflected a 2% increase to our fiscal 2024 quarterly dividend rate.
Expiration Date Facility
3 unchanged sentences
Borrowed Amount
−Removed: March 29, 2025
+Added: June 28, 2025
Cash and cash equivalents $ 1,547
Short-term investments 1
−Removed: Revolving credit facility September 2026 $ 2,250 — — 2,250
+Added: Revolving credit facility April 2030 $ 2,500 — — 2,500
Commercial paper —
1 unchanged sentence
• Liquidity includes cash and cash equivalents, short-term investments and availability under our revolving credit, less the outstanding commercial paper balance.
−Removed: • At March 29, 2025, we had current debt of $896 million, which we intend to pay with our existing cash balance, cash generated from our operating activities and other existing or new liquidity sources.
+Added: • At June 28, 2025, we had current debt of $886 million, which we intend to pay with our existing cash balance, cash generated from our operating activities and other existing or new liquidity sources.
• The revolving credit facility supports our short-term funding needs and also serves to backstop our commercial paper program.
−Removed: We had no borrowings under the revolving credit facility during the six months ended March 29, 2025.
−Removed: • On April 15, 2025, subsequent to the end of our second quarter of fiscal 2025, we terminated our existing revolving credit facility and entered into a new $2.5 billion revolving credit facility.
+Added: We had no borrowings under the revolving credit facility during the nine months ended June 28, 2025.
+Added: • On April 15, 2025, we terminated our previous revolving credit facility with a maturity date of September 2026 and entered into a new $2.5 billion revolving credit facility.
The new revolving credit facility will mature, and the commitments thereunder will terminate, in April 2030 with options for two one-year extensions.
2 unchanged sentences
• We expect net interest expense to approximate $375 million for fiscal 2025.
−Removed: • Our current ratio was 1.7 to 1 at March 29, 2025 and 2.0 to 1 at September 28, 2024.
−Removed: The decrease in fiscal 2025 is primarily due to decreased cash and cash equivalents and increased current debt.
−Removed: • At March 29, 2025, $646 million of our cash was held in the accounts of our foreign subsidiaries.
+Added: • Our current ratio was 1.7 to 1 at June 28, 2025 and 2.0 to 1 at September 28, 2024.
+Added: The decrease in fiscal 2025 is primarily due to increased current debt.
+Added: • At June 28, 2025, $691 million of our cash was held in the accounts of our foreign subsidiaries.
Generally, we do not rely on the foreign cash as a source of funds to support our ongoing domestic liquidity needs.
6 unchanged sentences
We also have a revolving credit facility, with a committed capacity of $2.5 billion, to provide additional liquidity for working capital needs and to backstop our commercial paper program.
−Removed: At March 29, 2025, amounts available for borrowing under our revolving credit facility totaled $2.25 billion.
+Added: At June 28, 2025, amounts available for borrowing under our revolving credit facility totaled $2.5 billion.
Our revolving credit facility is funded by a syndicate of 17 banks, with commitments ranging from $50 million to $225 million per bank.
1 unchanged sentence
Our commercial paper program provides a low-cost source of borrowing to fund general corporate purposes including working capital requirements.
−Removed: The maximum borrowing capacity under the commercial paper program is $1.5 billion.
+Added: The maximum borrowing capacity under the commercial paper program is $1.75 billion, which increased in April 2025 in conjunction with the execution of the new revolving credit facility.
The maturities of the notes may vary, but may not exceed 397 days from the date of issuance.
−Removed: As of March 29, 2025, we had no commercial paper outstanding under this program.
−Removed: In April 2025, subsequent to the end of our second quarter of fiscal 2025, we increased the aggregate maximum principal amount to $1.75 billion in conjunction with the execution of the new revolving credit facility.
+Added: As of June 28, 2025, we had no commercial paper outstanding under this program.
Our ability to access commercial paper in the future may be limited or its costs increased.
9 unchanged sentences
Revolving Credit Facility
−Removed: Under the new revolving credit facility, the below table outlines the fees paid on the unused portion of the facility (“Facility Fee Rate ” ) and letter of credit fees and borrowings (“Borrowing Spread ” ) that corresponds to the applicable ratings levels from S&P and Moody’s.
+Added: The below table outlines the fees paid on the unused portion of the facility (“Facility Fee Rate ” ) and letter of credit fees and borrowings (“Borrowing Spread ” ) that corresponds to the applicable ratings levels from S&P and Moody’s.
S&P's applicable rating is “BBB” and Moody’s applicable rating is “Baa2”.
20 unchanged sentences
and engage in certain consolidations, mergers and sales of assets.
−Removed: We were in compliance with all debt covenants at March 29, 2025, and we expect that we will maintain compliance.
+Added: We were in compliance with all debt covenants at June 28, 2025, and we expect that we will maintain compliance.
RECENTLY ISSUED/ADOPTED ACCOUNTING PRONOUNCEMENTS
13 unchanged sentences
Refer to Part I, Item 1, Notes to Consolidated Condensed Financial Statements, Note 1:
−Removed: Accounting Policies, for updates to our significant accounting policies during the six months ended March 29, 2025.
+Added: Accounting Policies, for updates to our significant accounting policies during the nine months ended June 28, 2025.
These critical accounting policies require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes.
+Added: We consider reporting units and indefinite life intangible assets that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment.
+Added: During fiscal 2024, we determined the following reporting units and indefinite life intangible asset were considered at heightened risk of impairment:
+Added: our Chicken segment reporting units and our Beef reporting unit with goodwill totaling $3.0 billion and $0.3 billion, respectively, and one Prepared Foods brand with a carrying value of $0.5 billion, with our Beef reporting unit having less than 10% of excess fair value above carrying value.
As further described in the impairment of goodwill and indefinite life intangible assets critical accounting estimate included in our Annual Report on Form 10-K for the fiscal year ended September 28, 2024, we assess goodwill and indefinite life assets for impairment at least annually as of the first day of the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
−Removed: Our qualitative assessment for the first and second quarters of fiscal 2025 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite lived intangibles was less than the carrying amount, and as such, no quantitative test was deemed necessary.
−Removed: We consider reporting units and indefinite lived intangibles that have 20% or less excess fair value over carrying amount to have a heightened risk of impairment.
−Removed: The following reporting units and indefinite lived intangibles were considered at heightened risk of impairment as of the date of the most recent estimated fair value determination, which was in the fourth quarter of fiscal 2024:
−Removed: our Beef and Chicken segment reporting units, with total goodwill of approximately $0.3 billion and $3.0 billion, respectively, and one Prepared Foods brand with a carrying value of $0.5 billion.
+Added: Our qualitative assessment for the first and second quarters of fiscal 2025 did not indicate that it was more likely than not the fair value of any of our reporting units or indefinite life intangible assets was less than the carrying amount, and as such, no quantitative test was deemed necessary.
+Added: During the third quarter of fiscal 2025, our Beef reporting unit experienced lower than anticipated supply of market-ready cattle and an increased carrying amount primarily associated with higher cattle costs.
+Added: Additionally, our latest forecasts now indicate the timing of the recovery of market-ready cattle associated with the anticipated cattle herd rebuilding will be longer than previously estimated.
+Added: Consequently, based on our qualitative assessment, we determined the fair value of our Beef reporting unit was more likely than not less than the carrying amount and proceeded to perform a quantitative assessment.
+Added: Based on this quantitative assessment, we determined the fair value of our Beef reporting unit had decreased to below its carrying value.
+Added: Accordingly, we recognized a $343 million impairment to fully impair its goodwill.
+Added: Our qualitative assessments for the third quarter of fiscal 2025 for all of our other reporting units and indefinite life intangible assets did not indicate that it was more likely than not the fair value was less than the carrying amount, and as such, no quantitative test was deemed necessary.
We continuously evaluate the changing macro-economic conditions including inflationary pressures, rising interest rates, demand outlook and export markets as well as the Company's market capitalization.
−Removed: Our reporting units with heightened risk of future impairments with $3.3 billion carrying value, as well as a brand with $0.5 billion carrying value, all had less than 20% of excess fair value above carrying value as of the date of the most recent estimated fair value determination with our Beef reporting unit having less than 10% of excess fair value above carrying value.
−Removed: Consequently, their estimated fair values, especially our Beef reporting unit, remain highly sensitive to future discount rate increases, changing macro-economic conditions and achievement of projected long-term operating margins.
+Added: Our reporting units with heightened risk of future impairments with $3.0 billion carrying value, as well as a brand with $0.5 billion carrying value, all had less than 20% of excess fair value above carrying value as of the date of the most recent estimated fair value determination.
+Added: Consequently, their estimated fair values remain highly sensitive to future discount rate increases, changing macro-economic conditions and achievement of projected long-term operating margins.
Although our remaining reporting units and indefinite life intangible assets generally had more than 20% excess fair value over carrying amount as of the date of the most recent estimated fair value determination, they are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.
35 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.