TYSON FOODS, INC. (TSN): Results of Operations and Financial Condition
TYSON FOODS, INC. (TSN) filed an SEC Form 8-K — Results of Operations and Financial Condition. TYSON FOODS REPORTS THIRD QUARTER 2026 RESULTS Strong Results Led by Continued Strength in Chicken and Prepared Foods Springdale, Arkansas – August 3, 2026 – Tyson Foods, Inc. (NYSE: TSN), one of the world’s largest food companies and a recognized leader in protein with leading b
How this was made
The 30-second read
Why it matters
Traders can update near-term expectations using the disclosed EPS, operating income, segment margins, liquidity, and debt reduction, while monitoring the divergence between GAAP and adjusted profitability.
Market read
The filing provides a fresh earnings datapoint with clear YoY improvements in GAAP EPS and operating income, but adjusted operating income declined, creating a mixed signal for margin durability.
What to watch
Beef and Prepared Foods operating margins show mixed performance, and the release references legal contingency accrual impacts on sales and adjusted metrics.
Strong Results Led by Continued Strength in Chicken and Prepared Foods
Third-quarter GAAP operating income and GAAP diluted EPS increased from the prior year, while sales were flat and the reported strength in Chicken and Prepared Foods was offset by lower segment operating income in those businesses and a continuing Beef loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales, third quarterGAAP | $13,868 million | – | flat compared to prior year |
| Sales excluding legal contingency accrual, third quarterother | up 0.6% | – | up 0.6% |
| Cost of Sales, third quarterGAAP | $12,947 million | – | – |
| Gross Profit, third quarterGAAP | $921 million | – | – |
| Selling, General and Administrative, third quarterGAAP | $559 million | – | – |
| Goodwill Impairment, third quarterGAAP | — | – | – |
| Operating Income, third quarterGAAP | $362 million | – | up 39% from prior year |
| Operating Margin, third quarterGAAP | 2.6% | – | – |
| Adjusted Operating Income, third quarternon-GAAP | $547 million | – | up 8% from prior year |
| Adjusted Operating Margin, third quarternon-GAAP | 3.9% | – | – |
| Interest income, third quarterGAAP | $(6) million | – | – |
| Interest expense, third quarterGAAP | $98 million | – | – |
| Other, net, third quarterGAAP | $4 million | – | – |
| Total Other (Income) Expense, third quarterGAAP | $96 million | – | – |
| Income before Income Taxes, third quarterGAAP | $266 million | – | – |
| Income Tax Expense, third quarterGAAP | $80 million | – | – |
| Net Income, third quarterGAAP | $186 million | – | – |
| Net Income Attributable to Noncontrolling Interests, third quarterGAAP | $4 million | – | – |
| Net Income Attributable to Tyson, third quarterGAAP | $182 million | – | – |
| Class A Basic EPS, third quarterGAAP | $0.53 | – | – |
| Class B Basic EPS, third quarterGAAP | $0.48 | – | – |
| Diluted EPS attributable to Tyson, third quarterGAAP | $0.52 | – | up $0.35 from prior year |
| Adjusted EPS attributable to Tyson, third quarternon-GAAP | $0.99 | – | up 9% from prior year |
| Sales, nine months endedGAAP | $41,834 million | – | up 3.1% from prior year |
| Operating Income, nine months endedGAAP | $1,099 million | – | up 17% from prior year |
| Operating Margin, nine months endedGAAP | 2.6% | – | – |
| Adjusted Operating Income, nine months endednon-GAAP | $1,616 million | – | down 4% from prior year |
| Adjusted Operating Margin, nine months endednon-GAAP | 3.8% | – | – |
| Net Income Attributable to Tyson, nine months endedGAAP | $527 million | – | – |
| Diluted EPS attributable to Tyson, nine months endedGAAP | $1.49 | – | up 24% from prior year |
| Adjusted EPS attributable to Tyson, nine months endednon-GAAP | $2.83 | – | down 5% from prior year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BeefVolume Change (15.9) %; Avg. Price Change 12.1 %. | $5,391 million | – | – |
| PorkVolume Change 5.2 %; Avg. Price Change (0.3) %. | $1,580 million | – | – |
| ChickenVolume Change 1.0 %; Avg. Price Change 2.2 %. | $4,255 million | – | – |
| Prepared FoodsVolume Change 0.1 %; Avg. Price Change 1.6 %. | $2,557 million | – | – |
| InternationalVolume Change (3.5) %; Avg. Price Change 11.4 %. | $601 million | – | – |
| Intersegment SalesVolume Change n/a; Avg. Price Change n/a. | $(516) million | – | – |
fiscal 2026 outlook
- Revenuesales to be up 2.5% to 3.5% in fiscal 2026 as compared to fiscal 2025
- Tax rateadjusted effective tax rate to approximate 25% in fiscal 2026
- NoteBeef segment operating loss, as adjusted, of $(650) million to $(500) million.
- NotePork segment operating income, as adjusted, of $250 million to $300 million.
- NoteChicken segment operating income, as adjusted, of $1.90 billion to $2.05 billion.
- NotePrepared Foods segment operating income, as adjusted, of $1.3 billion to $1.35 billion.
- NoteInternational segment operating income, as adjusted, of $150 million to $200 million.
- NoteCorporate expenses and amortization, as adjusted, of $950 million to $975 million.
- NoteTotal company adjusted operating income of $2.1 billion to $2.3 billion.
- NoteCapital expenditures of $0.7 billion to $0.9 billion.
- NoteNet interest expense to approximate $365 million.
- NoteTotal liquidity to remain above the minimum liquidity target of $1.0 billion.
- NoteFree cash flow to be between $1.3 billion and $1.7 billion.
Capital returns
- Dividends Declared Per Share, Class A, third quarter: $0.510.
- Dividends Declared Per Share, Class A, nine months ended: $1.540.
What drove it
- The company cited continued strength in Chicken and Prepared Foods.
- Chicken recorded third-quarter adjusted segment operating income of $488 million and adjusted operating margin of 11.2%.
- Prepared Foods recorded third-quarter adjusted segment operating income of $321 million and adjusted operating margin of 12.6%.
- Third-quarter sales excluding the impact of a legal contingency accrual of $98 million recognized as a reduction to Sales were up 0.6%.
- The company reported seven consecutive quarters of growth in Chicken and continued market share gains by its iconic brands.
Concerns
- Beef recorded a third-quarter segment operating loss, as adjusted, of $(138) million and adjusted operating margin of (2.6)%.
- Chicken third-quarter segment operating income, as reported, was $389 million compared with $475 million in the prior year.
- Prepared Foods third-quarter segment operating income, as reported, was $312 million compared with $390 million in the prior year.
- Third-quarter Gross Profit was $921 million compared with $1,141 million in the prior year.
- Nine-month adjusted operating income was down 4% from prior year and adjusted EPS was down 5% from prior year.
- Corporate Expenses were $(251) million in the third quarter compared with $(197) million in the prior year.
What to watch
- Execution against the fiscal 2026 Beef adjusted operating-loss outlook of $(650) million to $(500) million.
- Chicken segment operating income, as adjusted, outlook of $1.90 billion to $2.05 billion and Prepared Foods outlook of $1.3 billion to $1.35 billion.
- Delivery against total company adjusted operating income outlook of $2.1 billion to $2.3 billion.
- Delivery against sales growth outlook of 2.5% to 3.5%.
- Free cash flow outlook of $1.3 billion to $1.7 billion and capital expenditures outlook of $0.7 billion to $0.9 billion.
- The fiscal 2026 outlook is based on a comparable 52-week year because fiscal 2026 is a 53-week year compared with a 52-week year in fiscal 2025.
Balance sheet and cash flow
- Liquidity of $4.0 billion as of June 27, 2026.
- Cash provided by operating activities of $1,469 million, down $151 million from prior year.
- Free cash flow (non-GAAP) of $913 million, down $16 million from prior year.
- Reduced total debt $824 million.
Analysis
Tyson reported third-quarter sales of $13,868 million, flat compared to the prior year, alongside GAAP operating income of $362 million, up 39% from the prior year. GAAP diluted EPS was $0.52, up $0.35 from the prior year, while adjusted operating income was $547 million, up 8%, and adjusted EPS was $0.99, up 9%. The reported GAAP operating-income increase occurred against a prior-year Goodwill Impairment of $343 million, while third-quarter Gross Profit was $921 million compared with $1,141 million in the prior year.
Chicken and Prepared Foods remained the central earnings contributors. Chicken generated $488 million of adjusted segment operating income and an 11.2% adjusted operating margin, while Prepared Foods generated $321 million and a 12.6% adjusted operating margin. However, as-reported third-quarter segment operating income declined to $389 million from $475 million in Chicken and to $312 million from $390 million in Prepared Foods. Beef remained the principal drag, with a $(138) million adjusted segment operating loss and a (2.6)% adjusted operating margin.
Segment sales reflected different volume and pricing patterns. Beef sales were $5,391 million, with Volume Change of (15.9)% and Avg. Price Change of 12.1%. Pork sales were $1,580 million, with Volume Change of 5.2% and Avg. Price Change of (0.3)%. Chicken sales were $4,255 million, with Volume Change of 1.0% and Avg. Price Change of 2.2%, and Prepared Foods sales were $2,557 million, with Volume Change of 0.1% and Avg. Price Change of 1.6%. The company also reported that third-quarter sales excluding the $98 million legal contingency accrual recognized as a reduction to Sales were up 0.6%.
For the nine months ended, sales were $41,834 million, up 3.1% from the prior year, GAAP operating income was $1,099 million, up 17%, and GAAP diluted EPS was $1.49, up 24%. In contrast, adjusted operating income of $1,616 million was down 4% and adjusted EPS of $2.83 was down 5%. Cash provided by operating activities was $1,469 million, down $151 million from the prior year, free cash flow was $913 million, down $16 million, and the company stated that it reduced total debt $824 million.
The fiscal 2026 outlook calls for sales growth of 2.5% to 3.5%, total company adjusted operating income of $2.1 billion to $2.3 billion, and free cash flow of $1.3 billion to $1.7 billion. Segment outlooks retain a projected Beef adjusted operating loss of $(650) million to $(500) million, while Chicken is expected to produce $1.90 billion to $2.05 billion and Prepared Foods $1.3 billion to $1.35 billion of adjusted segment operating income. The outlook is based on a comparable 52-week year, while fiscal 2026 is a 53-week year.
Management, verbatim
We delivered strong third quarter results, fueled by continued strength in our Chicken and Prepared Foods segments, with seven consecutive quarters of growth in Chicken and continued market share gains by our iconic brands.
Donnie King, President & CEO of Tyson Foods
These results reflect the power of our differentiated multi-protein portfolio, strong customer partnerships and focus on operational excellence.
Donnie King, President & CEO of Tyson Foods
We remain confident in our ability to deliver long-term growth and create value for shareholders through disciplined execution of our branded food products strategy.
Donnie King, President & CEO of Tyson Foods
Not in the filing
stated, not guessed- Previous outlook for comparison was not provided.
- Third-quarter prior-quarter comparisons for all reported metrics were not provided.
- Actual third-quarter gross margin was not reported.
- Actual third-quarter effective tax rate was not reported.
- Actual third-quarter capital expenditures were not provided in the supplied filing text.
- Cash balance and total debt balance as of June 27, 2026 were not provided in the supplied filing text.
- Share repurchases were not provided in the supplied filing text.
- Class B dividends declared per share were truncated in the supplied filing text.
- Full nine-month income-statement line items after the supplied text truncation are not all available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K (Item 2.02) with Tyson’s Q3 2026 results and segment operating performance, including GAAP and non-GAAP (adjusted) measures.
Ticker impact
Tyson Foods reported Q3 2026 results with GAAP EPS $0.52 and adjusted EPS $0.99, plus segment strength in Chicken and Prepared Foods.
Near-term bias to the upside versus prior expectations, with traders focusing on whether adjusted margin weakness persists into Q4.
The filing provides multiple directional datapoints: GAAP EPS up sharply, GAAP operating income up 39% YoY, while adjusted operating income is down 4% YoY and adjusted EPS is up only 9% YoY.
Market effects
Protein and packaged foods sentiment may improve modestly if Tyson’s chicken and prepared foods strength signals steadier demand and pricing.
Limited direct regional read-through beyond US food/protein supply chain sentiment.
International segment sales were down YoY, which may temper global protein optimism from this print.
Counterpoint
Adjusted operating income and adjusted EPS trends suggest underlying margin headwinds, so the headline strength may not translate into sustained earnings power.
Key entities
- public_companyTyson Foods, Inc.
Reported Q3 2026 and nine-month results, including GAAP and adjusted EPS, segment operating income, liquidity, and debt reduction.
- executiveDonnie King
CEO quoted on continued chicken and prepared foods strength and confidence in long-term growth.
