Seaboard Corp. (SEB)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$10.3B

Revenue growth

8.2%

Net income, last twelve months

$634.0M

Earnings per share

$660.27

Gross margin

8.1%

Operating margin

3.4%

Net margin

6.2%

Free cash flow

-$23.0M

Return on equity

11.6%

Market value

$3.7B

Price to earnings

5.9x

Dividend yield

0.2%

Cash

$145.0M

Debt

$1.6B

Debt to equity

0.29

Shares outstanding

957.8K

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the three months ended July 4, 2026 results, filed 4 August 2026.

• Quarter net sales higher. The company reported net sales of $2,922 million for the three months ended July 4, 2026, against $2,480 million for the three months ended June 28, 2025.
• Quarter operating income higher. Operating income for the three months ended July 4, 2026 was $100 million, against $52 million for the three months ended June 28, 2025.
• Quarter net earnings higher. Net earnings attributable to Seaboard were $153 million for the quarter, against $102 million for the three months ended June 28, 2025.
• Quarter earnings per share higher. Earnings per common share were $159.74 for the three months ended July 4, 2026, against $105.22 for the three months ended June 28, 2025.
• Quarter average share count lower. Average shares outstanding were 957,794 for the three months ended July 4, 2026, against 969,427 for the three months ended June 28, 2025.
• Six-month average share count lower. Average shares outstanding were 957,794 for the six months ended July 4, 2026, against 970,228 for the six months ended June 28, 2025.
• Six-month net sales higher. Net sales for the six months ended July 4, 2026 were $5,322 million, against $4,796 million for the six months ended June 28, 2025.
• Six-month operating income higher. Operating income for the six months ended July 4, 2026 was $196 million, compared with $90 million for the six months ended June 28, 2025.
• Six-month net earnings higher. Net earnings attributable to Seaboard for the six months were $272 million, against $134 million for the six months ended June 28, 2025.
• Six-month earnings per share higher. Earnings per common share for the six months ended July 4, 2026 were $283.99, against $138.11 for the six months ended June 28, 2025.
• First-quarter sales and operating income. Net sales were $2,400 million and operating income $96 million for the three months ended April 4, 2026, against $2,316 million and $38 million for the three months ended March 29, 2025.
• First-quarter earnings and per share. Net earnings attributable to Seaboard were $119 million, against $32 million, and earnings per common share $124.24, against $32.95, for the three months ended April 4, 2026.
• First-quarter average share count. Average shares outstanding were 957,794 for the three months ended April 4, 2026, against 971,055 for the three months ended March 29, 2025.
• Quarterly dividend of $2.25 declared. The board of directors authorized and declared a quarterly cash dividend of $2.25 per share of common stock, announced in the same release as the earnings figures.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 158 held.

Every filing

The newest filings with the SEC of 400 held.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

241 funds held it at 30 Jun 2026: 86 added and 73 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Andersons, Inc. (ANDE): revenue $10.9B, market value $2.2B
• Universal Corp. (UVV): revenue $2.8B, market value $985.5M

What the company does

Seaboard Corporation is a diversified group of companies that operates in agricultural, energy and ocean transport businesses. It produces hogs and processes pork, makes biofuels, trades commodities and mills grain, ships cargo, and generates electric power. Its operations span over 45 countries, and it had approximately 14,000 employees as of 31 December 2025. Seaboard was founded in 1918 as a flour brokerage business and was organized as a Delaware corporation in 1946.

How the business is organised

Seaboard has six reportable segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey. A seventh operation, a sugar and alcohol business in Argentina, is reported as All Other. Each segment has its own management team that operates independently of the others. Approximately 74% of the common stock is collectively owned by Seaboard Flour LLC and SFC Preferred, LLC. Ellen Bresky, the Chairwoman of the Board, and other members of the Bresky family own the equity interests of those two companies. The filing describes most of the operations as heavily commodity-driven.

Food and agriculture

Through Seaboard Foods LLC, the Pork segment raises hogs and runs a pork processing plant in Oklahoma. In 2025 Seaboard raised 94% of the hogs processed at that plant. Seaboard also holds 50% of Seaboard Triumph Foods, LLC, which runs a pork plant in Iowa, and 50% of Daily's Premium Meats, LLC, which makes bacon in Utah, Montana and Missouri. The segment also produces swine-derived renewable natural gas at certain hog farms in Texas, Oklahoma and Kansas, though sales of it are not material.

The CT&M segment is managed as Seaboard Overseas and Trading Group. It trades grains and oilseeds, operates mills that make flour and animal feed, and uses chartered and owned vessels to move most of what it buys and sells. It sources, transports and markets approximately 15 million metric tons a year of wheat, corn, soybeans, soybean meal and other commodities. With its affiliates, it has facilities in 26 countries, mainly in Africa and South America.

The Turkey segment is Seaboard's 52.5% non-controlling investment in Butterball, LLC, which Seaboard accounts for under the equity method. In Argentina, Seaboard Energías Renovables y Alimentos S.R.L. owns nearly 70,000 acres of cultivated sugarcane land. Its mill can crush approximately three million metric tons of cane a year.

Shipping, fuels and power

Seaboard Marine Ltd. carries dry, refrigerated and other cargo between the United States and 27 countries in the Caribbean and Central and South America. Its main commercial operations are in Miami, Florida. Its fleet is made up of chartered and owned vessels, including eight new dual-fueled vessels fueled primarily by liquefied natural gas.

Seaboard Energy, LLC makes biodiesel in Oklahoma and Missouri and renewable diesel in Kansas. It uses pork fat from Seaboard's plants along with other animal fats and vegetable oils bought from third parties. It also earns environmental credits, which it sells to third parties.

The Power segment sells electricity to the Dominican Republic grid from two barges, Estrella Del Mar II and Estrella Del Mar III. The company says it expects a third barge, Estrella Del Mar IV, to begin operating in 2028. Estrella Del Mar III and the planned barge run only on natural gas.

Who buys and how it competes

No single customer accounts for 10% or more of consolidated revenues. The Pork segment sells to further processors, foodservice operators, distributors and grocery stores, with approximately 25% of sales going to Mexico, Japan, China and other foreign markets. The Power segment sells primarily to government-owned distribution companies. In the Turkey segment, two retail customers together made up approximately 28% of 2025 sales. That segment's whole-bird business is seasonal, with the holiday season driving most of those sales.

According to S&P Global in 2025, Seaboard Foods ranked number three in United States hog production and number four in pork processing. Competition in Pork rests mainly on product quality, customer service and price. Marine competes on price, reliable sailing frequencies and customer service, and Liquid Fuels competes mainly on price. In Power, the Dominican government caps spot prices and sets a dispatch order based on energy efficiency.

Its people

Of the approximately 14,000 employees, 52% are in the United States, 30% in the Caribbean, Central and South America, and 18% in Africa. By segment, 42% work in Pork, 23% in CT&M, 18% in Marine, 2% in Liquid Fuels and 2% in Power. The remaining 13% are in other operations and the corporate office.

Substantially all hourly employees at the Pork processing plant are covered by a collective bargaining agreement, and approximately 53% of CT&M mill employees are covered by agreements with various unions. In 2025, approximately 26% of the Pork workforce depended on employment visas.

Rules it works under

The Pork, Liquid Fuels and Turkey segments are subject to environmental laws on wastewater and air emissions. Vessels in Marine and CT&M are subject to fuel emission rules. The Power segment needs permits from local authorities, and those for Estrella Del Mar II and Estrella Del Mar III run through October 2026 and August 2029. Seaboard also notes it is subject to food safety, labor, immigration, trade, tariff, foreign exchange and anti-bribery laws.

*From Seaboard's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/88121/000008812126000012/seb-20251231x10k.htm)*

From the company's 10-K.