How did Tyson perform in the fourth quarter of fiscal 2025?

Sales rose to $13.86 billion from $13.57 billion. GAAP operating income fell to $158 million from $525 million, largely due to a $355 million legal contingency accrual recorded as a reduction to Sales. Adjusted operating income, a non-GAAP measure, increased to $608 million from $512 million, and adjusted EPS was $1.15 versus $0.92.

What drove the difference between GAAP and adjusted results?

The filing reconciles GAAP to adjusted results by excluding items such as legal contingency accruals ($395 million of operating impact in the quarter and $738 million for the year), a product recall, restructuring charges, and goodwill and intangible impairments ($343 million for the year). Management states these items do not directly reflect core operations on an ongoing basis.

What is Tyson's outlook for fiscal 2026?

Tyson expects total adjusted operating income of $2.1 billion to $2.3 billion, sales up 2% to 4%, capital expenditures of $700 million to $1.0 billion, net interest expense of about $390 million, and free cash flow of $0.8 billion to $1.3 billion. The Beef segment is expected to post an adjusted operating loss of $(600) million to $(400) million, while Pork, Chicken and Prepared Foods are expected to be profitable.

How is Tyson's balance sheet and liquidity position?

Total debt was reduced by $957 million during fiscal 2025, and total liquidity was $3.7 billion as of September 27, 2025. The company's net debt to Adjusted EBITDA ratio was 2.1x, compared with 2.6x a year earlier, and it expects liquidity to remain above a $1.0 billion minimum target in fiscal 2026.

What are the shareholder return actions announced?

Tyson repurchased 3.5 million shares for $196 million in fiscal 2025. The Board increased the quarterly dividend, effective November 7, 2025, to $0.51 per Class A share and $0.459 per Class B share, with an annual dividend rate for fiscal 2026 of $2.04 and $1.836, respectively, which the filing describes as a 2% increase over fiscal 2025.

TSN 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.

Tyson Foods, Inc. (NYSE: TSN) reported fourth quarter and fiscal 2025 results for the period ended September 27, 2025.

Sales were $13.86 billion^a in the fourth quarter versus $13.57 billion a year earlier, and $54.44 billion for the twelve months versus $53.31 billion. GAAP operating income was $158 million in the quarter, down from $525 million, and $1.10 billion for the year, down from $1.41 billion. The filing attributes the weaker GAAP results largely to legal contingency accruals, which reduced Sales by $355 million in the quarter and $698 million for the year, and to a $343 million goodwill impairment in fiscal 2025.

Adjusted operating income, a non-GAAP measure, rose to $608 million^b in the quarter from $512 million and to $2.29 billion for the year from $1.82 billion. GAAP net income per diluted share was $0.13 for the quarter and $1.33 for the year, while adjusted EPS was $1.15 and $4.12, respectively. By segment, Beef posted an adjusted operating loss of $94 million in the quarter, which the company attributed to higher cattle costs, while Chicken delivered adjusted operating income of $457 million and Prepared Foods $189 million.

Cash provided by operating activities was $2.16 billion^c for the year and free cash flow was $1.18 billion, versus $1.46 billion a year earlier. The company repurchased 3.5 million shares for $196 million, reduced total debt by $957 million, and ended the year with liquidity of $3.7 billion. For fiscal 2026, Tyson guided to total adjusted operating income of $2.1 billion to $2.3 billion, sales growth of 2% to 4%, capital expenditures of $700 million to $1.0 billion, and free cash flow of $0.8 billion to $1.3 billion.

Segment guidance includes an adjusted operating loss of $(600) million to $(400) million for Beef. The Board also raised the quarterly dividend to $0.51^d per Class A share and $0.459 per Class B share.

02—Key points

Key Highlights

Fourth quarter sales of $13,860 million, up from $13,565 million; GAAP operating income fell to $158 million from $525 million, with GAAP diluted EPS of $0.13 versus $1.00.
Adjusted operating income rose to $608 million in the quarter from $512 million, and adjusted EPS was $1.15 versus $0.92, both non-GAAP measures.
Fiscal 2025 legal contingency accruals reduced Sales by $698 million and a $343 million goodwill impairment was recorded, both of which weighed on GAAP results.
Beef segment posted a fourth-quarter adjusted operating loss of $94 million, while Chicken adjusted operating income was $457 million.
Free cash flow was $1,177 million for fiscal 2025, down from $1,458 million, and cash from operations was $2,155 million versus $2,590 million.
Fiscal 2026 guidance calls for total adjusted operating income of $2.1 billion to $2.3 billion and free cash flow of $0.8 billion to $1.3 billion.
The Board increased the quarterly dividend to $0.51 per Class A share and $0.459 per Class B share, payable December 15, 2025.

03—Questions

Frequently Asked Questions

How did Tyson perform in the fourth quarter of fiscal 2025?
Sales rose to $13.86 billion from $13.57 billion. GAAP operating income fell to $158 million from $525 million, largely due to a $355 million legal contingency accrual recorded as a reduction to Sales. Adjusted operating income, a non-GAAP measure, increased to $608 million from $512 million, and adjusted EPS was $1.15 versus $0.92.
What drove the difference between GAAP and adjusted results?
The filing reconciles GAAP to adjusted results by excluding items such as legal contingency accruals ($395 million of operating impact in the quarter and $738 million for the year), a product recall, restructuring charges, and goodwill and intangible impairments ($343 million for the year). Management states these items do not directly reflect core operations on an ongoing basis.
What is Tyson's outlook for fiscal 2026?
Tyson expects total adjusted operating income of $2.1 billion to $2.3 billion, sales up 2% to 4%, capital expenditures of $700 million to $1.0 billion, net interest expense of about $390 million, and free cash flow of $0.8 billion to $1.3 billion. The Beef segment is expected to post an adjusted operating loss of $(600) million to $(400) million, while Pork, Chicken and Prepared Foods are expected to be profitable.
How is Tyson's balance sheet and liquidity position?
Total debt was reduced by $957 million during fiscal 2025, and total liquidity was $3.7 billion as of September 27, 2025. The company's net debt to Adjusted EBITDA ratio was 2.1x, compared with 2.6x a year earlier, and it expects liquidity to remain above a $1.0 billion minimum target in fiscal 2026.
What are the shareholder return actions announced?
Tyson repurchased 3.5 million shares for $196 million in fiscal 2025. The Board increased the quarterly dividend, effective November 7, 2025, to $0.51 per Class A share and $0.459 per Class B share, with an annual dividend rate for fiscal 2026 of $2.04 and $1.836, respectively, which the filing describes as a 2% increase over fiscal 2025.

04—Continue

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