Tyson Foods Reports Third Quarter 2025 Results
SPRINGDALE, Ark., Aug. 04, 2025 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE:TSN), one of the world's largest food companies and a recognized leader in protein with leading brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair, reported the following results:
(in millions, except per share data)
Third Quarter
Nine Months Ended
2025
2024
2025
2024
Sales
$
13,884
$
13,353
$
40,581
$
39,744
Operating Income
$
260
$
341
$
940
$
884
Adjusted1 Operating Income (non-GAAP)
$
505
$
491
$
1,679
$
1,308
Net Income Per Share Attributable to Tyson
$
0.17
$
0.54
$
1.20
$
1.25
Adjusted1 Net Income Per Share Attributable to Tyson (non-GAAP)
$
0.91
$
0.87
$
2.97
$
2.18
1 The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). As used in this table and throughout this earnings release, adjusted operating income (loss) and adjusted net income per share attributable to Tyson (Adjusted EPS) are non-GAAP financial measures. Refer to the end of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP measures.
First Nine Months Highlights
Sales of $40,581 million, up 2.1% from prior year; legal contingency accruals reduced sales in fiscal 2025 by $343 million, or 0.8%
GAAP operating income of $940 million, up 6% from prior year
Adjusted operating income of $1,679 million, up 28% from prior year
GAAP EPS of $1.20, down 4% from prior year
Adjusted EPS of $2.97, up 36% from prior year
Total Company GAAP operating margin of 2.3%
Total Company adjusted operating margin (non-GAAP) of 4.1%
Cash provided by operating activities of $1,620 million, down $353 million from prior year
Free cash flow (non-GAAP) of $929 million, down $160 million from prior year
Liquidity of $4.0 billion as of June 28, 2025; reduced total debt $722 million
Third Quarter Highlights
Sales of $13,884 million, up 4.0% from prior year
GAAP operating income of $260 million, down 24% from prior year
Adjusted operating income of $505 million, up 3% from prior year
GAAP EPS of $0.17, down 69% from prior year
Adjusted EPS of $0.91, up 5% from prior year
Total Company GAAP operating margin of 1.9%
Total Company adjusted operating margin (non-GAAP) of 3.6%
Recorded a goodwill impairment charge of $343 million in our Beef segment
"Our third quarter results demonstrate the strength of our multi-protein, multi-channel portfolio and our relentless focus on operational excellence," said Donnie King, President & CEO of Tyson Foods. "Delivering our fifth consecutive quarter of year-over-year growth across sales, adjusted operating income and adjusted earnings per share underscores the resilience of our business model. Looking ahead, we are confident in our ability to meet consumer needs, capitalize on protein demand and deliver long-term value to our shareholders."
SEGMENT RESULTS (in millions)
Sales(for the third quarter and nine months ended June 28, 2025, and June 29, 2024)
Third Quarter
Nine Months Ended
2025
2024
VolumeChange
Avg. PriceChange2
2025
2024
VolumeChange
Avg. PriceChange2
Beef
$
5,603
$
5,241
(3.1
)%
10.0
%
$
16,134
$
15,218
0.3
%
6.3
%
Pork
1,506
1,462
1.5
%
(1.6
)%
4,367
4,465
(1.0
)%
3.4
%
Chicken
4,220
4,076
2.4
%
1.1
%
12,426
12,174
2.3
%
(0.2
)%
Prepared Foods
2,515
2,432
(2.3
)%
5.7
%
7,384
7,379
(2.7
)%
2.8
%
International/Other
557
582
(0.8
)%
(3.5
)%
1,707
1,744
0.7
%
(2.8
)%
Intersegment Sales
(517
)
(440
)
n/a
n/a
(1,437
)
(1,236
)
n/a
n/a
Total
$
13,884
$
13,353
(0.1
)%
3.7
%
$
40,581
$
39,744
0.5
%
2.4
%
Operating Income (Loss)(for the third quarter and nine months ended June 28, 2025, and June 29, 2024)
Third Quarter
Nine Months Ended
Operating Margin
Operating Margin
2025
2024
2025
2024
2025
2024
2025
2024
Beef
$
(494
)
$
(69
)
(8.8
)%
(1.3
)%
$
(816
)
$
(310
)
(5.1
)%
(2.0
)%
Pork
36
(62
)
2.4
%
(4.2
)%
(100
)
(24
)
(2.3
)%
(0.5
)%
Chicken
367
244
8.7
%
6.0
%
980
579
7.9
%
4.8
%
Prepared Foods
302
203
12.0
%
8.3
%
755
676
10.2
%
9.2
%
International/Other
49
25
n/a
n/a
121
(37
)
n/a
n/a
Total
$
260
$
341
1.9
%
2.6
%
$
940
$
884
2.3
%
2.2
%
ADJUSTED SEGMENT RESULTS (in millions)
Adjusted Operating Income (Loss) (Non-GAAP)1(for the third quarter and nine months ended June 28, 2025, and June 29, 2024)
Third Quarter
Nine Months Ended
Adjusted OperatingMargin (Non-GAAP)
Adjusted OperatingMargin (Non-GAAP)
2025
2024
2025
20242
2025
2024
20252
20242
Beef
$
(151
)
$
(69
)
(2.7
)%
(1.3
)%
$
(332
)
$
(220
)
(2.0
)%
(1.4
)%
Pork
36
22
2.4
%
1.5
%
150
123
3.2
%
2.7
%
Chicken
345
307
8.2
%
7.5
%
1,025
659
8.2
%
5.4
%
Prepared Foods
246
203
9.8
%
8.3
%
724
700
9.8
%
9.5
%
International/Other
29
28
n/a
n/a
112
46
n/a
n/a
Total
$
505
$
491
3.6
%
3.7
%
$
1,679
$
1,308
4.1
%
3.3
%
2 Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Beef and Pork segments and Total Company for the nine months ended June 28, 2025 exclude the impact of $93 million, $250 million and $343 million, respectively, of legal contingency accruals recognized as reductions to Sales. Average Price Change and Adjusted Operating Margin (Non-GAAP) for the Pork segment and Total Company for the three and nine months ended June 29, 2024 exclude the impact of $45 million of legal contingency accruals recognized as reductions to sales.
OUTLOOKFor fiscal 2025, the United States Department of Agriculture (USDA) indicates domestic protein production (beef, pork, chicken and turkey) will be relatively flat compared to fiscal 2024 levels. The following is a summary of the updated outlook for each of our segments, as well as an outlook for revenue, capital expenditures, net interest expense, liquidity, free cash flow and tax rate for fiscal 2025. Certain of the outlook numbers include adjusted operating income (loss) (a non-GAAP metric) for each segment. The Company is not able to reconcile its full-year fiscal 2025 projected adjusted results to its fiscal 2025 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Adjusted operating income (loss) should not be considered a substitute for operating income (loss) or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company's GAAP results and use non-GAAP financial measures only supplementally in making investment decisions.
BeefUSDA projects domestic production will decrease approximately 2% in fiscal 2025 as compared to fiscal 2024. We anticipate adjusted operating loss between $(475) million to $(375) million in fiscal 2025.
PorkUSDA projects domestic production will increase slightly in fiscal 2025 as compared to fiscal 2024. We anticipate adjusted operating income of $175 million to $200 million in fiscal 2025.
ChickenUSDA projects chicken production will increase approximately 2% in fiscal 2025 as compared to fiscal 2024. We anticipate adjusted operating income of $1.3 billion to $1.4 billion for fiscal 2025.
Prepared FoodsWe anticipate adjusted operating income of $925 million to $1.0 billion in fiscal 2025.
International/OtherWe anticipate improved results from our foreign operations in fiscal 2025 on an adjusted basis.
Total CompanyWe anticipate total company adjusted operating income of $2.1 billion to $2.3 billion for fiscal 2025.
RevenueWe expect sales to be up 2% to 3% in fiscal 2025 as compared to fiscal 2024.
Capital ExpendituresWe expect capital expenditures at or below $1.0 billion for fiscal 2025. Capital expenditures include investments in profit improvement projects as well as projects for maintenance and repair.
Net Interest ExpenseWe expect net interest expense to approximate $375 million for fiscal 2025.
LiquidityWe expect total liquidity, which was $4.0 billion as of June 28, 2025, to remain above our minimum liquidity target of $1.0 billion.
Free Cash FlowWe expect free cash flow to be between $1.0 billion and $1.3 billion for fiscal 2025.
Tax RateWe currently expect our adjusted effective tax rate to approximate 25% for fiscal 2025.
TYSON FOODS, INC.CONSOLIDATED CONDENSED STATEMENTS OF INCOME(In millions, except per share data)(Unaudited)
Three Months Ended
Nine Months Ended
June 28, 2025
June 29, 2024
June 28, 2025
June 29, 2024
Sales
$
13,884
$
13,353
$
40,581
$
39,744
Cost of Sales
12,743
12,475
37,745
37,177
Gross Profit
1,141
878
2,836
2,567
Selling, General and Administrative
538
537
1,553
1,683
Goodwill Impairment
343
—
343
—
Operating Income
260
341
940
884
Other (Income) Expense:
Interest income
(15
)
(36
)
(57
)
(60
)
Interest expense
113
135
343
351
Other, net
(31
)
(11
)
(47
)
(24
)
Total Other (Income) Expense
67
88
239
267
Income before Income Taxes
193
253
701
617
Income Tax Expense
124
57
252
159
Net Income
69
196
449
458
Less: Net Income Attributable to Noncontrolling Interests
8
5
22
15
Net Income Attributable to Tyson
$
61
$
191
$
427
$
443
Net Income Per Share Attributable to Tyson:
Class A Basic
$
0.18
$
0.55
$
1.23
$
1.28
Class B Basic
$
0.16
$
0.49
$
1.10
$
1.14
Diluted
$
0.17
$
0.54
$
1.20
$
1.25
Dividends Declared Per Share:
Class A
$
0.500
$
0.490
$
1.510
$
1.480
Class B
$
0.450
$
0.441
$
1.359
$
1.332
Sales Growth
4.0
%
2.1
%
Margins: (Percent of Sales)
Gross Profit
8.2
%
6.6
%
7.0
%
6.5
%
