01—Abstract
Summary
Summary of the 10-K filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Tyson Foods, Inc. reported fiscal 2025 (52 weeks ended September 27, 2025) sales of $54.44 billiona, up from $53.31 billion, with sales growth driven mainly by higher average sales prices in the Beef, Pork and Prepared Foods segments, partially offset by $653 million of increased legal contingency accruals that reduced sales.
Operating income fell to $1,098 millionb from $1,409 million, as lower results in Beef and Pork, including a $343 million goodwill impairment in Beef and $738 million of legal contingency accruals, outweighed improved results in Chicken and Prepared Foods. Net income attributable to Tyson was $474 million, or $1.33 per diluted share, versus $800 million, or $2.25 per diluted share, in fiscal 2024. Beef reported an operating loss of $1,135 million, and Pork an operating loss of $199 million, while Chicken operating income rose to $1,427 million.
Cash provided by operating activities was $2.16 billionc, down from $2.59 billion, and capital expenditures were $978 million. Cash and cash equivalents ended the year at $1.23 billion, and total debt was $8.83 billion. The net debt to EBITDA ratio rose to 3.0x from 2.8x, and the company reported total liquidity of $3.73 billion.
The company said it expects fiscal 2026 capital expenditures of $0.7 billion to $1.0 billiond and a quarterly Class A dividend of $0.51 per share from the December 2025 payment onward, an annual rate of $2.04. The filing highlights ongoing exposure to antitrust and wage-related litigation, including a pending Oklahoma environmental case seeking remedies, and to commodity cost volatility, particularly cattle. The Tyson Limited Partnership controls approximately 71.94% of total voting power, and the company's auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the financial statements and on internal control over financial reporting.
02—Key points
Key Highlights
- Fiscal 2025 sales rose 2.1% to $54.44 billion, driven mainly by higher average sales prices, while volumes were essentially flat.
- Operating income declined to $1.10 billion from $1.41 billion, reflecting a $343 million Beef goodwill impairment and $738 million of legal contingency accruals.
- Beef segment posted an operating loss of $1.14 billion and Pork an operating loss of $199 million, while Chicken operating income rose to $1.43 billion from $988 million.
- Net income attributable to Tyson was $474 million, or $1.33 per diluted share, compared with $800 million, or $2.25 per diluted share, in fiscal 2024.
- Net debt to EBITDA increased to 3.0x from 2.8x, with total debt of $8.83 billion and cash and equivalents of $1.23 billion at year end.
- Cash from operations was $2.16 billion, down from $2.59 billion, and the company expects fiscal 2026 capital expenditures of $0.7 billion to $1.0 billion.
- Board increased the quarterly dividend to $0.51 per Class A share, an annual rate of $2.04 for fiscal 2026, and the Tyson Limited Partnership controls about 71.94% of voting power.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Tyson Foods kept $0.01.
- Revenue$54.44B100.0%
- Cost of revenue−$50.88B93.5%
- Gross profit$3.56B6.5%
- Operating costs−$2.46B4.5%
- Operating income$1.10B2.0%
- Interest, other & tax−$624.0M1.1%
- Net income$474.0M0.9%
Where FY2025 revenue went
$54.44B- Cost of revenue: $50.88B, 93% of revenue
- Net income: $474.0M, 0.9% of revenue
- R&D: $126.0M, 0.2% of revenue
- SG&A: $2.12B, 3.9% of revenue
- Interest, other & tax: $624.0M, 1.1% of revenue
Kept 0.9% as net incomeNet income $474.0M · 0.9%R&D $126.0M · 0.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 10, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $54.44B$53.31B | +2.1% |
| Cost of Revenue | $50.88B$49.68B | +2.4% |
| Gross Profit | $3.56B$3.63B | −1.8% |
| R&D Expenses | $126.00M$106.00M | +18.9% |
| SG&A Expenses | $2.12B$2.22B | −4.4% |
| Operating Income | $1.10B$1.41B | −22.1% |
| Net Income | $474.00M$800.00M | −40.7% |
| EPS (Diluted) | $1.33$2.25 | −40.9% |
| Shares Outstanding (Diluted) | 357.00M356.00M | +0.3% |
05—Questions
Frequently Asked Questions
Why did Tyson's operating income fall in fiscal 2025 despite higher sales?
Operating income fell to $1,098 million from $1,409 million. The filing attributes the decline mainly to lower results in the Beef and Pork segments, including a $343 million goodwill impairment in Beef and $738 million of legal contingency accruals across the company. These were partially offset by higher operating income in Chicken and Prepared Foods, where lower feed ingredient costs and improved operational execution helped.
How much exposure does Tyson have to ongoing litigation?
The filing discloses several significant matters, including broiler, pork and beef antitrust civil litigation, the broiler chicken grower matter, and wage rate litigation. The company recorded a $318 million accrual for the Beef antitrust litigation and a $380 million accrual for pork antitrust matters in fiscal 2025. Management states that it does not believe a range of possible loss in excess of the recorded accruals is reasonably estimable for several of these matters.
What is Tyson's dividend outlook and capital allocation plan?
Effective November 7, 2025, the Board increased the quarterly dividend to $0.51 per Class A share and $0.459 per Class B share, payable December 15, 2025. The company anticipates the remaining fiscal 2026 quarterly dividends at the same rates, an annual rate of $2.04 for Class A shares, a 2% increase over fiscal 2025. The company expects fiscal 2026 capital expenditures of $0.7 billion to $1.0 billion, and it repurchased $196 million of Class A stock in fiscal 2025, with 47.2 million shares remaining under its authorization.
Who controls Tyson Foods and how does that affect shareholders?
As of September 27, 2025, the Tyson Limited Partnership owned 99.987% of Class B stock, and together with Tyson family members held 2.56% of Class A stock. Collectively, they control approximately 71.94% of total voting power. The filing states this concentration could delay or prevent a change in control favored by other shareholders and could depress the stock price. Tyson also relies on the controlled company exemptions from certain NYSE governance requirements.
What is the status of the Oklahoma environmental lawsuit?
The Oklahoma Attorney General and Secretary of the Environment lawsuit against Tyson and other poultry integrators over poultry litter in the Illinois River Watershed remains pending. On June 17, 2025, the court concluded that conditions had not changed materially since the original trial. Written submissions on the final judgment were completed August 11, 2025, and the court is expected to enter a judgment imposing any remedies it deems appropriate. The filing does not state an amount of potential liability.
06—Continue