Smithfield Foods Inc. (SFD)

Key figures

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

Revenue, last twelve months

$15.2B

Revenue growth

-0.6%

Net income, last twelve months

$900.0M

Earnings per share

$2.28

Gross margin

12.5%

Operating margin

7.6%

Net margin

5.9%

Return on equity

12.8%

Market value

$7.3B

Price to earnings

8.1x

Dividend yield

6.4%

Cash

$1.2B

Debt

$2.0B

Debt to equity

0.29

Shares outstanding

393.8M

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 third quarter of fiscal 2026 results, filed 27 October 2026.

• Sales fell 8.3% year over year. Consolidated sales were $3,437 million against $3,747 million. Fresh Pork fell 17.0% and Hog Production fell 15.0%, while Other rose 15.2%.
• Operating profit fell 59.1%. Operating profit was $127 million against $310 million. Adjusted operating profit was $145 million, a 4.2% margin against 8.3%, excluding items management describes as unusual or restructuring.
• Diluted EPS of $0.23. Diluted EPS was $0.23 against $0.63. Adjusted diluted EPS was $0.26 against $0.58.
• Nine-month operating profit lower. Sales for the first nine months were $10.9 billion, down 3.2%. Operating profit was $750 million against $892 million, a margin of 6.9% against 7.9%.
• Packaged Meats profit rose slightly. Packaged Meats operating profit was $230 million against $226 million, with margin at 11.6% against 10.8%. Segment sales fell 5.2% to $1,982 million.
• Fresh Pork swung to an operating loss. Fresh Pork posted an operating loss of $89 million against $10 million of profit, a margin of (4.9)% against 0.5%. Segment sales fell 17.0% to $1,814 million.
• Hog Production profit fell 61.3%. Hog Production operating profit was $34 million against $89 million, with margin at 5.0% against 10.9%. Segment sales fell 15.0% to $691 million.
• Other segment moved to a loss. Other, which covers Mexico and Bioscience operations, posted an operating loss of $5 million against $10 million of profit, a margin of (3.3)%.
• Upstream segments hit by pork markets. Management said the upstream segments were challenged by lower pork commodity markets, which it cited as the main pressure in the quarter.
• Sales guidance moved lower. Management now expects fiscal 2026 sales to decline by low single digits versus fiscal 2025, from roughly flat in the August release.
• Total profit guidance cut. Total adjusted operating profit is now guided to $900 million to $1,000 million, against $1,225 million to $1,375 million previously.
• Upstream segments guided to losses. Fresh Pork is guided to a loss of $50 million to breakeven, and Hog Production to a loss of $25 million to a profit of $25 million, from profit ranges previously.
• Packaged Meats range narrowed. Packaged Meats adjusted operating profit is guided to $1,090 million to $1,140 million, against $1,075 million to $1,150 million previously.
• Gross profit fell to $313 million. Gross profit was $313 million against $479 million, with cost of sales at $3,124 million against $3,268 million. SG&A expenses rose to $193 million from $178 million.

Revenue by segment

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

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 195 held.

Every filing

The newest filings with the SEC of 590 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

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.

326 funds held it at 30 Jun 2026: 175 added and 72 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Hormel Foods Corp. (HRL): revenue $12.1B, market value $11.4B

What the company does

Smithfield Foods, headquartered in Smithfield, Virginia, since 1936, produces packaged meats and fresh pork products primarily in the United States. It employs approximately 32,000 people in the United States and approximately 2,500 in Mexico. Smithfield is a majority owned subsidiary of Hong Kong-based WH Group Limited, which owns approximately 87% of its common stock, and the shares trade on the Nasdaq Global Select Market under the ticker SFD.

How the business is organised

Smithfield reports three segments: Packaged Meats, Fresh Pork and Hog Production. Two smaller operating segments, Mexico and Bioscience, are combined and reported as "Other." The segments are linked. Hog Production raises hogs, nearly all of which are processed by Fresh Pork. Fresh Pork transfers approximately one-third of its products, including the majority of hams, bellies and trimmings, to Packaged Meats, which gets approximately 80% of its raw materials from Fresh Pork. In fiscal year 2025 Packaged Meats contributed 56% of sales and 85% of overall operating profit.

What it sells

Packaged Meats makes bacon, sausage, hot dogs, deli and lunch meats, dry sausage such as pepperoni and genoa, ham, ready-to-eat products and prepared foods. Its core brands include Smithfield, Eckrich, Nathan's Famous, Farmland, Armour, Farmer John, Kretschmar, Krakus, John Morrell, Cook's, Gwaltney, Carando, Margherita, Curly's and Smithfield Culinary. A sizeable portion of packaged meats is sold as private label.

Fresh Pork turns live hogs into primal, sub-primal and offal products such as bellies, butts, hams, loins, picnics and ribs. Six additional plants make value-added items, including case-ready products, pork skins for snacking, and pet food and treats.

In Mexico, Smithfield owns a 66% interest in Granjas Carroll de Mexico, S. de R.L. de C.V., known as "Altosano," which raises hogs and sells fresh pork mainly in Mexico. The Bioscience operation uses raw materials from hogs the company processes to make heparin products, which are sold to the healthcare industry.

Since March 2014 Smithfield has held an exclusive license for Nathan's Famous branded hot dogs, sausages and corned beef in the United States, Canada and Sam's Clubs in Mexico, running to March 2032. On 20 January 2026 it agreed to acquire all shares of Nathan's Famous, subject to conditions that include approval from the Committee on Foreign Investment in the United States.

Where its hogs come from

The Hog Production segment has more than 240 company-owned farms and more than 1,300 contract farms. Contract farmers provide the initial facility investment, labor and front-line management, and Smithfield provides the animals and feed. In fiscal year 2025 about 40% of the hogs processed by Fresh Pork came from this segment. The rest came from independent suppliers under multi-year, market-based supply agreements.

Some of those suppliers are joint ventures. Its main feed ingredients are corn, soybean meal and wheat, and it runs 49 feed production and storage locations. Feed accounts for approximately 60% of the Hog Production raising cost. Packaged Meats also buys beef and poultry from other processors.

Who buys from it

Walmart accounted for approximately 15% of consolidated sales in fiscal year 2025, and no other customer reached 10%. The top ten customers made up 42%. China accounted for approximately 2% of total sales. Sales are made mainly by company-employed salespersons, with independent brokers working on commission.

Where it makes and ships products

Packaged meats come from 30 plants in 17 states. Eight hog processing plants in six states have combined capacity of approximately 108,000 hogs per day, and six of them also have packaged meats operations. The Bioscience plant is in Ohio.

Smithfield uses its own and third-party trucks, and contracts container carriers for exports. Sales of hams peak around Easter, Thanksgiving and Christmas, and sales of ribs, smoked sausages and hot dogs peak in summer.

Competition, regulation and people

Animal care rules include the Humane Methods of Slaughter Act of 1978, California's Proposition 12 and Massachusetts Question 3.

Approximately 44% of employees are covered by collective bargaining agreements or belong to unions.

*From Smithfield Foods's annual report on Form 10-K for the year ended 28 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/91388/000009138826000014/smf-20251228.htm)*

From the company's 10-K.