TSN

Tyson Foods cut its fiscal 2026 profit forecast on Thursday for the second time in roughly a month, as worsening losses in its beef segment continued to weigh on the company. The Springdale, Arkansas-based meatpacker now expects full-year adjusted operating income of $1.85 billion to $2.05 billion, down from the $2.1 billion to $2.3 billion it forecast on August 3. Revenue growth guidance was also trimmed, to a range of 1.5% to 2.0% for the fiscal year, pulling back from the 2.5% to 3.5% range the company had projected previously. The beef segment's expected adjusted operating loss for the fiscal year widened to a range of $625 million to $775 million. "The revised outlook is primarily driven by significant margin compression amid volatile cattle prices and one of the most severe cattle shortages in U.S. history," Tyson said, adding that lower cattle prices also reduced the value of live cattle inventories the company had already purchased. President Donald Trump signed a proclamation last week intended to increase U.S. imports of ground beef, a move that drove down domestic cattle prices, according to Reuters. In July, lean and extra lean ground beef averaged $8.41 per pound, a figure more than 38% higher than it was five years earlier. "The beef pressures that have intensified this quarter reflect industry-wide cattle-cycle dynamics that required decisive action," CEO Donnie King said in a statement. Tyson also noted that pullback in consumer spending on discretionary items has weighed on demand at foodservice outlets. Tyson's Chicken and Prepared Foods segments provided some offset. The company raised its chicken segment adjusted operating income outlook to $1.85 billion to $1.95 billion for the fiscal year, while maintaining its previous guidance for Prepared Foods and International segments. Tyson has been restructuring its beef operations throughout the year. The company announced plans in August to close its Joslin, Illinois, beef processing plant and its Eagle Mountain, Utah, case-ready facility, and to pursue the sale of its Pasco, Washington, beef plant — consolidating its beef business around three facilities in the central United States. Those closures followed the earlier shutdown of a large beef plant in Lexington, Nebraska, and a cutback at a facility in Amarillo, Texas. Together, the moves represent Tyson stepping away from roughly a third of its former beef-processing capacity. King said the restructuring actions should begin reducing operating cost pressures as Tyson enters fiscal year 2027. Incoming CEO Jeff Schomburger and Chief Financial Officer Curt Calaway are scheduled to speak at the Barclays Global Consumer Conference in Boston on September 10, the company said.

It has been about a month since the last earnings report for Tyson Foods (TSN). Shares have lost about 6.3% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Tyson due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Tyson Foods reported solid third-quarter fiscal 2026 results, with the top line remaining relatively flat compared with the prior year and the bottom line increasing year over year. However, both revenues and earnings miss the Zacks Consensus Estimate.Tyson Foods posted adjusted earnings of 99 cents per share, which miss the Zacks Consensus Estimate of $1.03. The bottom line increased 9% from 91 cents in the year-ago quarter.Total sales of $13,868 million were in line with the prior year quarter’s $13,884 million. Excluding a $98 million legal contingency accrual recorded as a reduction to sales in the current-year quarter, sales increased 0.6%. The top line missed the Zacks Consensus Estimate of $14,139 million. Average price changes had a 3.4% positive impact on the top line, while total volumes dipped 2.8% year over year.The gross profit in the quarter was $921 million, down from $1,141 million reported in the year-ago period. Adjusted operating income rose 8.3% year over year to $547 million. The adjusted operating margin expanded 30 basis points to 3.9%. Beef: Sales in the segment decreased to $5,391 million from $5,603 million reported in the year-ago quarter. Volumes fell 15.9% and the average price jumped 12.1% in the segment.Pork: Sales in the segment increased to $1,580 million from $1,506 million reported in the year-ago quarter. Volumes grew 5.2% and the average price decreased 0.3%.Chicken: Sales in the segment improved to $4,255 million from $4,220 million reported in the year-ago quarter. Volumes grew 1% and the average price was up 2.2%.Prepared Foods: Sales in the segment came in at $2,557 million, up from $2,515 million reported in the year-ago quarter. Volumes grew 0.1% and the average price rose 1.6%.International: Sales in the segment were $601 million compared with $557 million reported in the year-ago quarter. Volumes fell 3.5%, whereas the average sales price increased 11.4%. The company exited the quarter with cash and cash equivalents of $740 million, long-term debt of $6,579 million and total shareholders’ equity (including non-controlling interests) of $18,185 million. For the first nine months of fiscal 2026, cash provided by operating activities totaled $1,469 million, while capital expenditures were $556 million. For fiscal 2026, Tyson Foods expects capital expenditures in the range of $700 million to $900 million, primarily indicating investments in profit improvement, as well as maintenance and repair projects. The company expects free cash flow of $1.3 billion to $1.7 billion for fiscal 2026. For fiscal 2026, the United States Department of Agriculture (“USDA”) anticipates domestic protein production (beef, pork, chicken and turkey) to rise around 1% compared with the level of fiscal 2025.For the Beef segment, the USDA projects domestic protein production to dip nearly 3% year over year. The company expects an adjusted operating loss of $500-$650 million in fiscal 2026, compared with its earlier guidance of a $350-$500 million loss.For Pork, the USDA projects domestic production to rise nearly 2%. The company expects adjusted operating income of $250-$300 million.For Chicken, the USDA anticipates domestic production to grow about 3% year over year. The company still expects adjusted operating income of $1.9-$2.05 billion.For Prepared Foods, management projects adjusted operating income of $1.3-$1.35 billion for fiscal 2026, compared with its previous forecast of $1.25-$1.35 billion.For International, management projects adjusted operating income of $150-$200 million for fiscal 2026.The company’s total revenue growth is anticipated in the range of 2.5-3.5% in fiscal 2026 compared with the fiscal 2025 level. Adjusted operating income is envisioned in the $2.1-$2.3 billion band, compared with its earlier guidance of $2.2-$2.4 billion. It turns out, estimates review flatlined during the past month. The consensus estimate has shifted -7.6% due to these changes. Currently, Tyson has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Following the exact same course, the stock has a grade of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Tyson has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months. Tyson is part of the Zacks Food - Meat Products industry. Over the past month, Pilgrim's Pride (PPC), a stock from the same industry, has gained 15.3%. The company reported its results for the quarter ended June 2026 more than a month ago. Pilgrim's Pride reported revenues of $4.63 billion in the last reported quarter, representing a year-over-year change of -2.8%. EPS of $0.64 for the same period compares with $1.70 a year ago. For the current quarter, Pilgrim's Pride is expected to post earnings of $0.75 per share, indicating a change of -50.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -17.6% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #5 (Strong Sell) for Pilgrim's Pride. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tyson Foods, Inc. (TSN) : Free Stock Analysis Report Pilgrim's Pride Corporation (PPC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

SPRINGDALE, Ark., Aug. 24, 2026 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (the “Company” or “we”) (NYSE: TSN) announced today the early results of the previously announced offers to purchase for cash commenced by the Company for the notes issued by the Company listed in the following table (the “Notes”) (i) in accordance with, and in the order of, the corresponding Acceptance Priority Levels (as defined below) and (ii) subject to, among other things, the Maximum Tender Cap, the 2027 Tender Sub-Cap and possible pro rata allocation, upon the terms and subject to the conditions set forth in the Offer to Purchase (as defined below), and our election, with respect to the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (as defined below), to make payment for such Notes on August 26, 2026 (the “Early Settlement Date”). The offers to purchase with respect to each series (each, a “Series”) of Notes are referred to herein as the “Offers” and each, an “Offer.” Each Offer is made upon the terms and subject to the conditions set forth in the offer to purchase, dated August 10, 2026 (as may be amended or supplemented from time to time, including pursuant to this press release, the “Offer to Purchase”). Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase. In addition, the Company also announced that it has exercised its previously disclosed right to amend the terms of the Offers to eliminate the 5.400% 2029 Tender Sub-Cap. Except as described in this press release, the terms and conditions of the Offers set forth in the Offer to Purchase remain unchanged. The Tender Agent and Information Agent (each as defined below) for the Offers has advised the Company that, as of 5:00 P.M., New York City time, on August 21, 2026 (such date and time, the “Early Tender Deadline”), the aggregate principal amounts of (i) 3.550% Senior Notes due 2027, (ii) 5.400% Senior Notes due 2029 and (iii) 4.350% Senior Notes due 2029 listed in the table below had been validly tendered and not validly withdrawn. The Withdrawal Deadline of 5:00 P.M., New York City time, on August 21, 2026 has passed and accordingly, the Notes validly tendered pursuant to the Offers may no longer be withdrawn, except in the limited circumstances described in the Offer to Purchase. (1) The 2027 Tender Sub-Cap represents the maximum aggregate purchase price of 3.550% Senior Notes due 2027 that will be purchased within the Offers. We reserve the right, but are under no obligation, to increase, decrease or eliminate the 2027 Tender Sub-Cap at any time, including on or after the Price Determination Date (as defined below) and without extending the Early Tender Deadline or Withdrawal Deadline, subject to compliance with applicable law. The amounts of each Series of Notes that are accepted for purchase in each Offer will be determined in accordance with the priorities identified in the column “Acceptance Priority Level” in the table above (each, an “Acceptance Priority Level” and, collectively, the “Acceptance Priority Levels”) and subject to the Maximum Tender Cap and the 2027 Tender Sub-Cap. As used herein, “Maximum Tender Cap” means an aggregate purchase price (including principal and premium, but excluding Accrued Interest) of no more than $1,200,000,000 for all of the Notes subject to the Offers, as such amount may be increased, decreased or eliminated by us pursuant to the terms of the Offer to Purchase. Because Holders validly tendered and did not validly withdraw their Notes on or before the Early Tender Deadline in an amount that the Company expects will result in an aggregate purchase price (excluding Accrued Interest) that exceeds the Maximum Tender Cap, the Company expects to accept for purchase a portion of the tendered 4.350% Senior Notes due 2029 in accordance with the proration procedures set forth in the Offer to Purchase. Additionally, although the Offers will expire at 5:00 P.M., New York City time, on September 8, 2026 (as the same may be extended with respect to any Offer, the “Expiration Date”), because the Notes validly tendered and not validly withdrawn prior to or at the Early Tender Deadline are expected to have an aggregate purchase price (excluding Accrued Interest) that exceeds the Maximum Tender Cap, the Company does not expect to accept for purchase any Notes tendered after the Early Tender Deadline on a subsequent settlement date. The applicable Total Consideration for each $1,000 in principal amount of the Notes validly tendered and not validly withdrawn before the Early Tender Deadline and accepted for purchase pursuant to the Offers will be determined by reference to a fixed spread specified for each Series of Notes over the yield based on the bid price of the applicable Reference Security, as fully described in the Offer to Purchase. The consideration will be calculated by the Dealer Managers (as defined below) at 10:00 A.M., New York City time, on August 24, 2026 (the “Price Determination Date”). In addition to the applicable Total Consideration, accrued and unpaid interest from the last interest payment date up to, but not including, the applicable Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase in the Offers (the “Accrued Interest”). The Total Consideration, plus Accrued Interest, for Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Deadline and accepted for purchase will be paid by us in same-day funds on the Early Settlement Date. The Company will issue a press release specifying the Total Consideration for each series of Notes expected to be accepted for purchase. Our obligation to accept for purchase, and to pay for, the Notes that are validly tendered and not validly withdrawn pursuant to each Offer, up to the Maximum Tender Cap or, if applicable, the 2027 Tender Sub-Cap, is conditioned on the satisfaction or waiver by us of a number of conditions set forth in the Offer to Purchase, in each case unless waived by us as provided in the Offer to Purchase. We expressly reserve the right, in our sole discretion, to amend, extend or, upon failure of any condition described in the Offer to Purchase to be satisfied or waived, to terminate any of the Offers, including the right to amend or eliminate the Maximum Tender Cap and/or the 2027 Tender Sub-Cap, in each case, at any time at or prior to the Expiration Date. The Offer to Purchase sets forth a complete description of the terms and conditions of the Offers. Holders of the Notes (“Holders”) are urged to read the Offer to Purchase carefully before making any decision with respect to the Offers. BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Rabo Securities USA, Inc. are serving as the Dealer Managers in connection with the Offers (collectively, the “Dealer Managers”). Questions regarding terms and conditions of the Offers should be directed to BofA Securities, Inc. by calling toll free at (888) 292-0070 or collect at (980) 388-0539, to J.P. Morgan Securities LLC by calling toll free at (866) 834-4666 or collect at (212) 834-4818, to Morgan Stanley & Co. LLC by calling toll free at (800) 624-1808 or collect at (212) 761-1057 or to Rabo Securities USA, Inc. by calling toll free at (866) 746-3850. D.F. King & Co., Inc. has been appointed as information agent (the “Information Agent”) and tender agent (the “Tender Agent”) in connection with the Offers. Questions or requests for assistance in connection with the Offers or the delivery of tender instructions, or for additional copies of the Offer to Purchase, may be directed to D.F. King & Co., Inc. by calling collect at (212) 257-2075 (for banks and brokers) or toll free at (800) 967-5074 (for all others) or via e-mail at [email protected]. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. None of the Company, the Dealer Managers, D.F. King & Co., Inc., the trustee under the indenture governing the Notes or any of their respective affiliates is making any recommendation as to whether Holders should tender any Notes in response to the Offers. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amounts of Notes to tender. This press release is for informational purposes only and is not an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities. Neither this press release nor the Offer to Purchase, or the electronic transmission thereof, constitutes an offer to purchase or sell or a solicitation of an offer to purchase or sell with respect to any securities, as applicable, in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer or solicitation under applicable securities laws or otherwise. The distribution of this press release in certain jurisdictions may be restricted by law. In those jurisdictions where the securities, blue sky or other laws require the Offers to be made by a licensed broker or dealer and the Dealer Managers or any of their respective affiliates is such a licensed broker or dealer in any such jurisdiction, the Offers shall be deemed to be made by the Dealer Managers or such affiliate, as the case may be, on behalf of the Company in such jurisdiction. About Tyson Foods, Inc. Tyson Foods, Inc. (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family™ and has a broad portfolio of iconic products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, aidells® and ibp®. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the Company is a member of the S&P 500 and Russell 1000 large capitalization indices. It had approximately 133,000 team members on September 27, 2025. Note Regarding Forward-Looking Statements Certain information in this release constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2026, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Other important factors are discussed in detail in the company’s filings with the Securities and Exchange Commission, including in Part I, Item 1A. “Risk Factors” included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT: Media Contact: Laura Burns, [email protected]

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 11:00 a.m. ET Vice President of Investor Relations - Jon Kathol President and Chief Executive Officer - Donnie King Chief Financial Officer - Curt Calaway Incoming Chief Executive Officer - Jeff Schomburger Chief Operating Officer - Wes Morris Operator: Good day, and welcome to the Tyson Foods Third Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jon Kathol, Vice President of Investor Relations. Please go ahead. Jon Kathol: Good morning, and welcome to Tyson Foods Third Quarter Fiscal 2026 Earnings Conference Call. On today's call, Tyson Foods' President and Chief Executive Officer; Donnie King; Chief Financial Officer, Curt Calaway; and incoming Chief Executive Officer, Jeff Schomburger, will provide prepared remarks. Also joining us today and available for Q&A is Wes Morris, our new Chief Operating Officer. Following the prepared remarks, we will have a Q&A session. We have also provided a supplemental presentation, which may be referenced on today's call and is available on Tyson's Investor Relations website and via the link on our webcast. During today's call, we will make forward-looking statements regarding our expectations for the future. These forward-looking statements made during this call are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections. Please refer to our forward-looking statement disclaimers on Slide 2 as well as our SEC filings for additional information concerning risk factors that could cause our actual results to differ materially from our projections. We assume no obligation to update any forward-looking statements. Segment results are presented on a segment operating income level and will be discussed on an adjusted basis. Please note that references to earnings per share, segment operating income, operating income and operating margin in our remarks are on an adjusted basis for our fiscal periods unless otherwise noted. For reconciliations of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release. Now I will turn the call over to Donnie. Donnie King: Thank you, Jon, and good morning to everyone joining us today. Overall, I am pleased with our performance in the third quarter. This is the 12th consecutive quarter of doing what we said we would do. Our strategy is working, and I want to take a moment to reinforce what we have built at Tyson, a differentiated and diversified protein-centric company positioned to capture growing demand for high-quality protein. Animal protein remains a top priority for consumers and continues to gain momentum as a foundational part of a healthy diet. As consumers increasingly prioritize nutrient density and protein quality, including those adopting newer wellness and weight management routines, our portfolio aligns exactly with the foods they are choosing. We are directly tied to and stand to benefit from consumer preference as protein is economically advantaged versus every other food category. Before I discuss the segment details, I want to emphasize how proud I am of the progress this team has made, improving our operational performance and execution, strengthening our portfolio and positioning this company for continued long-term growth. We are the leader in the industry, have a portfolio of iconic brands that consumers are drawn to, and I am confident in where we are headed. Our brands are winning in the retail marketplace. In Prepared Foods, all 13 weeks of Q3 showed continuous volume and revenue share gains, including our highest volume share ever, with volume share up 70 basis points, unit share up 70 basis points and dollar share up 50 basis points. This performance was driven by strong consumer demand, disciplined promotional execution and targeted marketing investments. We hold leading positions across lunch meat, dinner and smoked sausage, and we are managing price gaps and promotion with discipline to compete more effectively. Prepared Foods is a branded protein platform that raises the quality and the predictability of our earnings. Innovation and distribution gains remain key engines for this business with notable brand wins in the quarter such as Hillshire Snacking up 18.4%, Hillshire Farm Lunch Meat up 7%, Aidells dinner sausage up 5.8%, Hillshire Farm and Wright Smoked Sausage up 3.4% and Jimmy Dean Refrigerated Breakfast up 2.7%. Our Tyson branded chicken categories continued their momentum in retail at 0.9% for value-added chicken category and 3.1% for fresh chicken. Innovation is central to our strategy and is showing up across our entire branded portfolio. Last quarter, we launched our Jimmy Dean high-protein platform, which continues to perform, earning broad retail distribution and resonating with younger consumers looking for convenient, protein-centric options throughout the day. This quarter, I want to highlight Hillshire brand. This is a brand built for innovation, and our portfolio reflects that. Hillshire Farm brand anchors that everyday occasion, smoked sausage, lunch meat and ham that consumers have trusted for decades. The Hillshire brand has also extended into snacking, where the line is rapidly growing with consumers seeking convenient on-the-go options. And with the launch of Hillshire Reserve lunchmeat, we're now capturing consumers seeking premium offerings, craft-inspired Chef quality lunchmeat for a more elevated eating experience. Together, these brand extensions reach new consumers with a multi-tier offering. These launches share a common thread. They deliver on the priorities driving demand across our business, protein focused, bold flavors and everyday convenience, whether through simple ingredient renovation of our core products, new high-protein forms. We are innovating exactly around what consumers are looking for, and we see meaningful runway to expand distribution and bring new products to market. Now let me walk you through our third quarter results, a view of the current and future environment before Curt covers the financials and updated outlook. In the third quarter, Prepared Foods continued to outpace broader category performance in both retail and foodservice. Q3 marks our third consecutive quarter of volume and sales growth, with sales up 1.7% or $42 million year-over-year to $2.6 billion. Prepared Foods segment operating income was $321 million with a margin of 12.6%. Operating income was down slightly year-over-year as roughly $30 million of higher commodity costs in the quarter outpaced pricing, which continues to catch up. As commodity costs moderate, that benefit will take time to flow through production and inventory. We expect it to be realized later in the fourth quarter and into fiscal 2027. Our results demonstrate continued execution on the controllables and the continued momentum of our strategy and diversified portfolio of leading brands and proteins. We delivered yet another impressive quarter in Chicken with segment operating income of $488 million, an increase of $40 million year-over-year at a margin of 11.2%. Demand remained robust, and our customer-centric approach continued to drive volume gains. Our retail and foodservice volume up 3.8%, nearly 4x our total volume growth of 1%, reflecting the strength of our strategic customer partnership and consumer demand. We hold the #1 brand of chicken, and our differentiated chicken model continues to outperform commodity producers. The outperformance is grounded in structural drivers, including end-to-end execution, live performance, branded and value-added mix and strategic customer relationships. We continue to strengthen live performance, yields, asset utilization, labor productivity and supply chain discipline, supporting our seventh consecutive quarter of year-over-year volume and sales growth and reinforcing the consistency of our chicken business. Importantly, our chicken results are increasingly driven by consumers and customers rather than commodity markets, supported by a favorable mix of value-added and branded products, disciplined revenue management and strong operational execution. Notably, our net price realization increased versus the prior year even as input markets softened, further evidence that our results are driven by mix, innovation and execution rather than commodity pricing. To put that in context, industry chicken cutout values fell, yet our commercial model anchored in improving mix, volume commitments and value-added pricing structures enabled us to grow net price realization. In Beef, we continue to navigate the well-documented challenges of the current cattle cycle. Beef segment operating income was a loss of $138 million. Sales reflected that environment. Volume declined 15.9%, while pricing rose 12.1% as constrained supply pushed input costs and pricing higher. Our footprint optimization actions from the second quarter delivered as expected. However, it was more than offset by USDA margin compression. We remain focused on what we control, customer mix, revenue management, network productivity, cost discipline within a footprint better aligned to current supply environment. The recent announcement of a phased reopening of the Mexican border for the importation of cattle shows potential improvements to long-term cattle availability. We appreciate and support the USDA efforts to protect and to reopen the border. Although the reopening won't have a material impact on the remainder of this fiscal year, which ends in September, it does provide the potential for some level of improvement in 2027 and beyond. To be clear, the reopening of the Mexican border will not solve the entire gap of beef losses we are currently seeing. We are not waiting passively for the cattle cycle to turn, and we continue to focus on improving the variables within our control. Simply stated, our mission in beef is to be the best operators in the areas in which we compete. Our Pork segment continued to operate in a stable environment. Operating income was $60 million with a margin of 3.8%. Consumer demand was solid and hog supplies were adequate. Together, these factors have kept the pork value chain well balanced, supporting more consistent and predictable operating margins. We also continue to benefit from greater integration with Prepared Foods, allowing us to optimize product mix and direct raw materials toward their highest value uses. We remain focused on improving mix and further integration across the value chain. Finally, our International segment continued its steady performance. International segment operating income was $48 million with a margin of 8%, supported by continued cost discipline and improved execution across key markets. We remain on track with our annual outlook for this segment. Let me briefly address the macro environment. While consumer sentiment continues to be pressured and inflation remains elevated, demand for protein remains resilient. Consumers are making value-conscious choices, and protein-centric foods, including our Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair and Aidells are winning that consideration. The breadth of our brand and product offering allows us to fulfill the needs of the consumer wherever they are on their journey. Foodservice volume remained constructive throughout the quarter, growing 1.8% versus last year, and our retail performance continues to outpace the broader food and beverage category. This reinforces the enduring nature of our protein-centric portfolio across economic cycles. Our scale, operational capabilities and brand strength allow us to serve customers and consumers effectively even in a challenging macro environment. And we believe these advantages will compound as conditions improve. We will continue to be disciplined and intentional about where we invest, whether in brand support, innovation, automation, supply chain capabilities, or network optimization. Our focus is on projects that strengthen service, improve productivity and drive cash flow and long-term shareholder value. Looking ahead to fiscal 2027, I am confident in the year ahead. In many respects, we expect it to look a lot like 2026, building on the momentum of our end-to-end execution that has defined this year. With that, I will now turn the call over to Jeff Schomburger, our incoming CEO, for a few introductory remarks. Jeffrey Schomburger: Thank you, Donnie, and a huge thank you for your years of leadership and the strong foundation the team has built. This puts us in a position to build on our strong momentum going forward. I want to take just a minute to introduce myself to our investment community. I'm looking forward to meeting you all soon. While my title is new, Tyson Foods is not new to me. I've had the privilege of serving on the Tyson Foods Board of Directors for more than 10 years. And over that time, I have developed a deep respect for this company, its people, culture, brands, customers and long-term potential. I've watched this management team navigate complex cycles, make disciplined decisions and build a more consistent organization. I spent time over the past few weeks meeting with our team members, visiting facilities, engaging with our customers and consumers in their homes, and I'm excited about their energy and passion. As one team, one Tyson, we will remain focused on operational execution, strengthening the iconic brands in our multi-protein portfolio, investing behind differentiated capabilities and generating long-term shareholder value. Innovation, quality, affordability and understanding what consumers want will be critical so our brands continue to earn a place at tables around the world every day. To our shareholders and analysts on the call today, I look forward to getting to know you better, sharing more about our priorities and continuing to earn your trust through consistent results and transparency. With that, I'll turn it over to Curt to walk through the financial details. Curt Calaway: Thanks, Jeff, and welcome. It's great to have you on the call. Total company sales were $13.9 billion, essentially flat compared to the prior year as a 3.4% increase in average sales price offset a 2.8% decline in volume, the latter driven largely by tighter cattle supply in beef. Third quarter segment operating income was $779 million, an increase of $18 million versus the prior year, driven by stronger results in Chicken, Pork and International, partially offset by lower Beef results. Corporate expenses and amortization were lower by $24 million compared to the same period last year, driven by disciplined cost management. Total company adjusted operating income was $547 million, a margin of 3.9%. Adjusted earnings per share for the quarter were $0.99, up 9% compared to last year. Turning to our financial position. Our approach to capital allocation remains disciplined, deliberate and forward-looking, supported by a strong balance sheet. Our priorities remain balanced, investing in the highest return areas of our business, maintaining balance sheet strength and our investment-grade credit profile and returning cash to shareholders over time. Free cash flow remains central to our strategy, and we are encouraged by the cash generation trends through the first 9 months of the year. Operating cash flow for the first 9 months of the year was $1.47 billion, and capital expenditures were $556 million, resulting in free cash flow of $913 million. We ended the quarter with $4 billion in liquidity and net leverage of 2.1x. In the quarter, we repurchased $31 million of our shares. And year-to-date, we have returned $652 million to shareholders, including dividends. Since quarter end, we have repurchased an additional $49 million of our shares. Our balance sheet remains very healthy as we continue to prioritize financial strength, our investment-grade credit rating and cash management to drive long-term shareholder value. Let's take a moment to review our updated outlook for fiscal 2026. As a reminder, our accounting cycle results in a 53-week year in 2026 compared to a 52-week year in 2025. Our guidance is presented on a comparable 52-week basis. We narrowed full year sales growth guidance to 2.5% to 3.5% year-over-year. Total company adjusted operating income range is now forecasted to be $2.1 billion to $2.3 billion, driven by the challenges in our Beef segment relating to cattle availability. We still anticipate interest expense of approximately $365 million and a tax rate of around 25%. Capital expenditures are now expected to be between $700 million and $900 million, and we have narrowed the range of our free cash flow to $1.3 billion to $1.7 billion. Turning to our segment outlook. In Prepared Foods, we are raising the midpoint of our full year segment operating income outlook with a revised range of $1.3 billion to $1.35 billion. We expect continued growth in top line and bottom line in the fourth quarter and for the full year. In Chicken, we are reaffirming our full year segment operating income outlook at a range of $1.9 billion to $2.05 billion. This is broadly comparable with 2025 and supported by our commercial model, operational execution and the impact of our live operations, along with continued volume growth. In Beef, industry conditions are challenged, and we now expect a full year segment operating income loss in the range of $650 million to $500 million as continued USDA margin compression and higher cattle costs more than offset the benefits of our network optimization actions. In Pork, we are reaffirming our segment operating income outlook of $250 million to $300 million. In International, we are also reaffirming our outlook of $150 million to $200 million. Our corporate expenses and amortization outlook remain the same at $950 million to $975 million. Overall, I remain confident that 2026 will be another strong year for the company. I will now turn the call back to Donnie for closing remarks. Donnie King: Thank you, Curt. I'm excited for the opportunities in front of us in 2027 and confident in the long-term prospects for Tyson Foods. Let me quickly recap our forecast and focus areas. In Chicken, we anticipate continued strength in our differentiated chicken model, underpinned by our end-to-end execution, live performance, branded and value-added mix and strategic customer relationships. In Prepared Foods, we expect continued growth in both volume and profit, supported by the strength of our brands, ongoing innovation and sustained consumer demand for convenient protein-centric options. In Beef, we will remain focused on operational discipline and performing competitively within our optimized long-term footprint as we continue to navigate the challenging cattle cycle. In Pork and International, we expect stable results with continued gains in operational execution across both segments. Before we open the call for questions, I want to take a moment to say thank you to our team members, our customers, our family farmers and ranchers and our shareholders. I'd also like to thank our Chairman, John Tyson and the Tyson family, Barbara, John Randal and Olivia, for their support and leadership throughout my time as CEO. Tyson is a strong company because of the people behind it, and I'm grateful for the work they do every day. We operated with discipline throughout another dynamic quarter, and I feel good about the progress we are making. Our strategy is working. Our portfolio is strong, and this team is well positioned for the opportunities ahead. Most importantly, we have a solid foundation in place. We are building momentum, growing the business and staying focused on delivering stronger performance over time. I am incredibly proud of what this team has built and energized by what lies ahead under Jeff and his leadership team. With a clear focus on accelerating our brands and value-added mix, deepening our connection with consumers, strengthening strategic customer relationships and continuing to raise the bar on operational execution, Tyson is well positioned to build on the momentum and create meaningful long-term value for our shareholders. While I'm stepping out of the CEO role, I will remain on the Board and stay closely engaged in the company's performance and long-term direction. This strategy matters deeply to me, and I will continue to support Jeff and the team as we deliver on the commitments we have made to our shareholders. With that, I will turn the call back to Jon to begin the Q&A session. Jon Kathol: Thank you, Donnie. We will now open the line for questions. Please note that our cautions regarding forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A. Donnie, Curt, Jeff and Wes are available for your questions. Operator, please provide the Q&A instructions. Operator: [Operator Instructions] Our first question comes from Andrew Strelzik with BMO. Andrew Strelzik: Great. And first, I wanted to say congratulations, Donnie, as you take this next step. My question, you've highlighted strong performance in Chicken and Prepared Foods. I guess as we look forward, what gives you confidence in the sustainability of that performance in '27 against a tough commodity chicken and consumer backdrop? And do you expect to hold or grow profits in those segments next year? Donnie King: Great question, Andrew, and thank you. And thanks for this particular question. It's -- it's a good one. So let me start out with this and see if I can do this. Curt, if I leave something out, you or someone else feel, feel sure, feel step in. So let me start with what we've done. I mean we're really pleased with our Q3 performance. We've improved volume, gained market share and increased profitability. That's our 12th consecutive quarter of doing what we said we'd do. Prepared Foods raised its guidance at midpoint to $1.3 billion to $1.35 billion on a third straight quarter of volume and share growth. Chicken. Chicken delivered its seventh straight quarter of volume and net sales growth with $488 million of segment operating income and 11.2% margin, a $40 million improvement year-over-year. This is an execution story, end-to-end execution. So Andrew, back to your question directly to FY '27. I need to make this really clear. I don't think about Tyson as a commodity chicken company. About 3/4 of our Chicken segment's operating income now runs on the same model as Prepared Foods, a pull business, built against committed strategic customer demand, our investment in the #1 brand in chicken, and direct digital engagement with our consumers. This is not a push business exposed to the open cutout market. Industry-wide chicken oversupply is a commodity market dynamic. It pressures processors selling into that spot market. This is not us because most of our chicken volume is already spoken for before we place the baby chicken. Chicken is running the same playbook that has made Prepared Foods so resilient, growing through mix, brand investment, customer partnership and consumer-centric discipline, not by chasing commodity price. And our portfolio, excluding beef, grew segment operating income $172 million or 6.5% over the first 9 months led by Chicken, Prepared Foods and Pork. And by the way, Pork's role in the portfolio is largely a raw material supply to Prepared Foods. Beef. Beef hasn't performed the way we expected, and we're not pretending otherwise. But we're controlling what we can control there, and we're not waiting passively for the cycle to turn. Beef is our only true commodity business. All of this taken together, Andrew, it's hard to find another consumer staples food company growing both volume and profitability the way we are, a customer-built business, not a commodity one. And that's why I'm confident this will continue in FY '27 and beyond. Andrew Strelzik: Okay. That's super helpful. And maybe just a follow-up. If I heard you correctly, I think you made a comment in the prepared remarks about '27 looking a lot like fiscal '26. And I just wanted to clarify if you were talking about earnings or operating profit? Or was that a broader comment about kind of the strategic priorities, the operational discipline, those types of things? Donnie King: Great follow-up. As I think about 2027, we did say it would look a lot like '26. We think the momentum continues across all of our businesses. I think that would be underscored with growth in the business. That would be growth in volume, growth in profitability. We'll continue to execute with our strategic customers. And so I think it's across all businesses, even beef, where I just said that we're not pleased with the performance of that. Our execution in beef is still very good. And the execution across all businesses is still very good. And our model, as I just tried to point out, we're not a commodity company, except, for example, beef. And so that's what gives me confidence in that, and I feel good about that. And so in terms of -- from a pricing standpoint, even if you use Q3 as a proof point, it's not a price -- this wasn't a price story for us. If you look at underlying cutout values, composite cutout, the cutout for commodity chicken on the commodity market was down 45%. And we saw net price realization, and that's driven by our mix, a more value-added mix, which that we've talked about often. Our pricing models, even for those products in areas that -- where they would -- they're not quite branded and they're not quite value-added. But we have these customer pricing models that smooth and trim peaks and protect value. And so we feel good about that. In our strategic customer partnerships, we continue to add to that. And all of these are built on service, quality and innovation, not discounting. A proof point, for example, is 11.2% margin in chicken in our Q3. And we're not chasing share price -- chasing share through price. We're growing via mix and execution. And so all of that together gives me great confidence in our ability to not only do what we did in '26, but even beyond and even better. Operator: Our next question comes from Ben Theurer with Barclays. Benjamin Theurer: Also, Donnie, I can just follow Andrew's comments here. Congrats on a great tenure here with Tyson. So let me pick up a little bit on the Chicken business and just the commentary you just had. What I would like to understand a little bit better, as we look at your chicken year-to-date and then obviously, if we just take the fourth fiscal quarter of last year, we're kind of like shaking out at the low end of the guidance for fiscal '26. So what I would like to understand based on what you've done and what you've implemented over the last couple of quarters, what would take you to the higher end of the guidance versus what would be basically a year-over-year fourth quarter flat? So just a little bit more detail maybe on the fourth quarter, particularly in Chicken, just to understand the high versus low for the full year guidance. That would be my first question. Donnie King: Sure. I would tell you in terms of fourth quarter last year, it was an all-time record. And quite frankly, the market was exceptional. And so we took advantage of that by producing some product and actually selling that on the market. So we took advantage of that. This year in Q4, it's not going to look that way. So we won't -- we obviously won't do the same thing again. But our bread and butter is going to be our branded and value-added portfolio and those strategic customers. So we think Q4 will be a really good quarter. It will be a really good year for us as a company, but you're not going to see the peaks in Q4 that we saw in Q4 of last year because of what I've just described, the actions we took last year to take advantage of the market. Curt Calaway: Ben, this is Curt. I might just add. Obviously, as you looked at the guidance, we obviously maintained chicken's range that we had last quarter. That would imply somewhere between $430 million and $580 million midpoint, just a little bit over $500 million. I'd just point out, right, our average through the 9 months is running right at about $490 million, just inside of the $500 million mark. So it's a pretty balanced year in total, I think the high low would be either a 52-48 split front half, back half or at the high end, 48-52. And so as Donnie mentioned, a really strong quarter in Q4 of a year ago for the reasons he illustrated. I think we were more like a 47-53 front-half, back-half split last year. So I think it's pretty balanced in total across the range we provided. Benjamin Theurer: Okay. Got it. And then as you look into the Prepared Foods business, I want to maybe understand a little bit as you're balancing that out over the remainder of the year, but then also building on the momentum into next year. Clearly, it's been different than a lot of other food companies, and you've been able to establish a better margin profile. So maybe help us understand what allowed you to reach that level? And how confident are you as it looks into next year to maintain that margin level in Prepared Foods in particular? Are you seeing any cost pressure? Anything we should be aware of that might be a risk as we move into fiscal '27? Donnie King: Sure. Thanks. Let's start with really 2 things that are fundamental to every business. We're in the protein, the value-added protein business, where we sell real food. And so that's a big point of difference for us. But in terms of how that looks, looking at the most recent quarter, and we see this going -- continuing, a lot of similarities to all the things I just said about chicken and the overall portfolio, but we had 3 consecutive quarters of volume and net sales growth, certainly outpacing the industry. This quarter, again, we gained share in volume, dollars and units. In our Q3, 13 of the 13 weeks, we saw continuous share gain in retail. We achieved the highest ever volume share this quarter. Of course, you look at all of our competitors, and you'll see real quickly that they didn't do that, and you pointed that out. But our brand wins were all broad-based. Hillshire Snacking was up 18.4%. Lunchmeat was up 7%. Aidells was up 5.8%. Smoked sausage up 3.7%, and Jimmy Dean Breakfast was up 2.7%. Prepared Foods is the jewel of our portfolio and delivering as promised. And we're trying to illustrate for everyone that our chicken business is very similar in nature to that. But it's -- all this is driven by those strategic customer partnerships that we have, innovation where we continue to gain distribution and increasing household penetration. And so the alignment with the customer and the consumer and with us, it's our success that we're seeing is a result of creating a win-win across all those 3 constituents. Curt Calaway: I just add to that as well, similar to the commentary I had for chicken, I know you had a question there. And as we finish the fourth quarter, our range in a tightened Prepared Foods range implies Q4 somewhere around roughly a $290 million to $340 million. That's with an average in the first 9 months of just inside of $340 million. So I'd say it's pretty balanced again in Q4, as you know, and we've talked before. Typically, our second half in Prepared Foods is a little underweight for the first half, the historical kind of 55-45 split. But as we've really reshaped the portfolio and driven all the elements, as Donnie highlighted in delivering for the customers and consumers, we expect that to be a bit more balanced, and this would be a year that's implying a continuation of that more balanced view somewhere around 52-48 would be about the midpoint. So we will lap a Q4 of a year ago that was a little under for the reasons that we talked about last year, but very positive outlook in Q4 and also carrying through into '27, as Donnie said earlier, expecting growth both in volume and profitability in Prepared Foods for next year. Operator: Our next question comes from Michael Lavery with Piper Sandler. Michael Lavery: Donnie, congrats and Jeff, welcome. Just wanted to come back to Chicken. And I know genetics got some -- a little bit of unexpected airtime last quarter. Just curious if you could give us an update there, partly with an eye -- I know you've already touched on some of the key kind of moving parts for how to think about next year. But I think it sounds like some of the benefit from genetics and even on that business' own momentum could pick up. There's a little bit -- I know you made it clear, it's modest, but some potential help from Mexico cattle imports. And I know you called out how some of the easing costs in Prepared Foods would hit next quarter and start flowing through. So I guess maybe am I right to think we should consider those things as well? How big a role could the genetics piece play? And if you put it all together, I know you said similar to fiscal '26, but it sounds like maybe even a step up and better. Is that a fair characterization? Donnie King: Yes. Okay. So let me -- a lot of questions in there, Michael. Let me start with the genetics question, and I may ask you to be maybe a little more specific on the follow-ons. But let me clear up a few things as it relates to our genetics business. First, I would remind you that the genetics business is part of our Chicken segment. It's an important part of our chicken story, but our entire end-to-end chicken business is performing well. So let me see if I can explain this. So you start with the Chicken segment. Within the Chicken segment, you have domestic chicken and you also have our genetics company there. Both have P&Ls. Within that genetics company, we have 2 breeds predominantly. We have one that is small bird genetics, and we have one for big bird. Now I'll get a little more color on the big bird piece of that, which is really the story we're talking about here. We sell those genetics domestically, internally to our domestic chicken business, but we also sell to outside customers and competitors. That's predominantly today a small portion of what we do. If I look at Cobb -- or excuse me, our genetics business or Cobb P&L, if you go back to 2014, our genetics, our big bird genetics began to decline. They never were as competitive as we needed, and they troughed at about 2024. And so what that looked like is that not only did the genetics company suffer from a P&L perspective, but also domestic chicken suffered from that as a result because we were disadvantaged in areas like eggs per hen house, livability and, of course, the amount of breast meat you get per live animal. And so what we talked about last time was we have now -- we now have a competitive big bird genetics that is rolling through our supply chain. The status of that is this. By the end of the fiscal year, end of the calendar year, I should say, we will be harvesting about -- in those locations that use big bird genetics, about 75% will be this new line of genetics that we have. The balance of that 75% will occur in fiscal '27 or 25%. Again, that's only for those chickens that require big bird genetics. And so you should see a P&L impact from the -- to the genetics company and likewise and even more importantly, a bigger impact on the domestic chicken business. That's where the real fruit is born. So let me pause there and let you redirect me. Michael Lavery: No, that's really helpful. And I had a jumbo-sized question. The other piece was just kind of rolling it all into the overview on just the look ahead because it seems like that genetics flowing through should be a tailwind next year and same with some of the Prepared Foods cost pressure easing and even maybe a lift from cattle imports. So that plus some of the commentary you'd already added on how to think about the moving parts next year, it sounds like there's room for some nice improvement. And maybe I was just trying to make sure I understood how to potentially nitpick your wording when you say similar to fiscal '26, it sounds like there's lots of reasons to believe fiscal '27 could certainly be better or possibly nicely better. Is that fair? Curt Calaway: Michael, it's Curt. Let me pick up on a couple of things there. I think, look, I appreciate where we are in the cycle. It's -- we're not giving guidance yet for '27. Certainly, we need to finish '26 before we get there. So give me a little bit of liberty there, if you wouldn't mind. But I think what -- the message we were intending to deliver qualitatively is, first and foremost, we expect to continue on the trend that we've been on in Prepared Foods to grow volume and ultimately, profitability. We've demonstrated that, differentiated than most anyone else, and we expect to continue to deliver that. I think Donnie's messages in the first question were really around the differentiation that we believe we have in our Chicken business and not being a commodity company, not being a chicken commodity company. And so we expect another constructive year in chicken. Not ready to give guidance yet for the reasons I illustrated earlier, but we expect it to be another constructive year. I think we've done well in these last couple of years, and we believe a lot of those things are within our control, and we'll continue to manage those. And in total, right, certainly, there is a lot of market pressures in the beef business. But what you can expect from us is to run our beef business as efficiently as we can and control the controllables, which is the message that we've been sending over the last year plus, certainly as it's been a challenging beef business. So a little early. We'll certainly give more commentary as we get there in our next call. But I wanted to leave you with some qualitative thoughts in '27 by each of the segments. Hopefully, that helps with some context there. Operator: Our next question comes from Heather Jones with Heather Jones Research. Heather Jones: Donnie, I just want to say it's been wonderful to work with you all these years, and you're definitely will be truly missed. And Jeff, wanted to extend a welcome and looking forward to working with you. Donnie King: Thank you, Heather. Jeffrey Schomburger: Thanks, Heather. Heather Jones: Yes. I guess I want to start out with the balance sheet capital allocation question. Your balance sheet is the strongest it's been in a while. And so just wondering if you could give us updated thinking about how you're thinking about capital allocation. You mentioned some share repurchases you did recently. So just updated thinking on that? And is there potentially any large-scale M&A that could be on the table given how strong the balance sheet is now? Curt Calaway: Yes. Thanks, Heather, and thanks for noting certainly. We worked very hard through the business all the way through the capital allocation and the choices that we've been making over the last couple of years. So I appreciate the notice. And as always, I start out a capital allocation question around our priorities and reemphasizing maintaining that financial strength is always first in the list. But we also invest in the business, both organically and inorganically to your question and as well as returning cash to shareholders. I'll comment on the share repurchases in just a second. But I think we've demonstrated consistently that we intend to build that financial strength. And as you noted, we have an incredibly healthy balance sheet. We're right at about $4 billion of liquidity, about 2.1x on a net leverage basis. We've taken gross debt down about $800 million this year, over $900 million of free cash flow. And with that, we've invested about $550 million in CapEx, and we've shared a range a little tighter, but we shared a range this morning, $700 million to $900 million of CapEx, and so far on a year-to-date basis, returned about $650 million to shareholders through dividends and repos. But to your comment, we did make an earlier comment in the prepared remarks around we've already done some share repos already in the early part of Q4 of about $45 million or so. I think that represents certainly an attractive valuation for us to allocate capital to. And it's been a good return for us, we believe. But we still continue to see great opportunities to invest in the business. And we'll take a balanced view as we have, and we'll certainly share guidance in the upcoming call next quarter relative to our thoughts of CapEx. But we continue to see really great opportunities to invest organically in our business. Heather Jones: Okay. And then my follow-up is, I've just been trying to reconcile a couple of things on the chicken business. So Donnie, to your comments about the genetics improved yield, improved hen production, egg production, just basically improvement across the board on the productivity. During y'all's Q3, the industry grew volumes like 4.7%, but y'all's volumes were only up 1%. I'm just trying to reconcile disparity there. Is that just lower external purchases? Or just how should I think about that so that I can think about it correctly going forward? Donnie King: Sure. Your numbers in terms of supply, if I understood correctly, they do go up from an industry standpoint. I would remind you that very simply said, we match our supply to our demand. That being said, remember that we are growing our branded and value-added offerings at a faster pace than we're growing the overall. In fact, it's almost 4x what we're growing overall sales. So if you go back and look through history, you would find that we probably sold more whole birds, or we sold more of a product with bones in it, meaning could be whole body, could be eight-piece, it could be any of those things. But we're selling a more value-added mix today that looks more like a portioned boneless skinless chicken breast or a ready-to-eat chicken tenderloin or things like that. But our business is growing, but it's growing in the places where we want it to grow. And as I referenced, that's growing about 4x the total sales of about just over 1%. Operator: Our next question comes from Leah Jordan with Goldman Sachs. Leah Jordan: And Donnie, I wanted to say thank you for everything you've done for the company and shareholders over the years, wishing you the best. And Jeff, definitely looking forward to working with you, and congrats on the new role. So this has all been really helpful color today, and I know we'll have more discussions about '27 going forward. But I just wanted to dig into Prepared Foods. You're taking share, but the category has broadly decelerated recently, and we're in a mixed consumer backdrop. So maybe you could just comment on the competitive environment overall, what you're seeing in terms of promotional activity. And then in an earlier question, you talked about you still expect volume growth into next year. So I was just curious how you're thinking about category growth versus share gains as key drivers to that volume growth in Prepared Foods. Donnie King: Great question. But let me say this, in all of these categories in which we participate, I think it's important to remember, we're the category leader. Being the category leader requires you to grow the category. And that's a responsibility that we take very seriously. And I get the overall categories are trending down and we're growing. Most of that is driven by new product innovation, improved distribution and the momentum there just continues. We're connecting with younger consumers. We've talked about that in here that our consumer was aging and that we had an opportunity with younger consumers. Some of our new Jimmy Dean high protein, for example, is resonating with younger consumers. But we've also targeted products like Hillshire Snacking for on-the-go growth. And so think of it in terms of the point of difference. It's protein-focused, bold flavors and everyday convenience. And we see a lot of meaningful runway ahead to expand distribution and launch new products. So we feel good about where we are. But even in '27 and beyond, we see tremendous opportunity behind the iconic brands that we have, not only in Prepared Foods, but in Chicken and look to continue to grow there. We have what I would say is the best-in-class tools across the whole commercial front that we're -- we've invested in digital tools, and we're seeing the benefit of that with consumers and that first-party data and those type of things. That's a point of difference for us, I believe. We have -- we've done work with and tested a number of products using Agentic AI. And that's looking good, and we'll expand that as we move forward. So we're getting closer to the consumer. We have the products that they want. They are -- they taste good, they're affordable, they're nutritious and they're convenient. And so the intersection of all that and all this taken together leads to growth, efficiency and a lot of runway ahead. And it all starts with the consumer. Leah Jordan: Okay. That's great color. And then for my follow-up, I did want to stick with Prepared Foods a little bit more here in your comments around we should get some cost recovery later in the fourth quarter. Just more detail on how we should think about the timing of that in the quarter and into next year? And then what are you seeing and how are you planning across the different inputs? What are you seeing in terms of inflation or deflation? Any helpful color there? Donnie King: Sure. If I look at -- in Q3, we had about $30 million of higher commodity costs in Q3. That was concentrated predominantly in beef trim. Pork commodities have begun to decline. Our pricing continues to catch up on beef. The pork benefit that I just mentioned from declining commodities didn't really show up in Q3. It was in inventory. The pork benefits will flow through in Q4, and we're seeing that and into '27. The -- if I think about fuel cost, that's starting in, what was it, about mid-April, we saw fuel costs go up, fuel and distribution costs were a bit of a headwind in Q3 and have been since April. And -- but remember that fuel for us or particularly customer freight is a pass-through. It may lag, but a quarter or 2, but we ultimately recapture that. We do not subsidize that. And so we think all this is baked into our plan. And as you might expect from us, it will be conservative in our approach. And -- but at this is -- we're extremely proud of our Prepared Foods business. I don't -- I personally don't believe there's another packaged goods company that is performing at the level of our Prepared Foods today, and there's significant runway ahead. Operator: Our next question comes from Peter Galbo with Bank of America. Peter Galbo: Curt, maybe just one on beef. Again, going back to your comments about, I think you said potential for improvement next year, it would be slow on the back of Mexico reopening. But just I think if I look at Street estimates for next year and understanding you're not giving quantitative guidance today, they're looking for you to though like halve the losses almost that you're going to see this year. I just wanted to push on whether that's even like within the realm of possibility given the update today or whether there's probably a more conservative approach directionally that we should all be looking at? Wes Morris: Yes, Peter, this is Wes. Thanks for your question. The administration opening the border to Mexico historically, about 5% of the U.S. harvest comes out of Mexico. And so as you know, that starts August 24 in Arizona, then goes to New Mexico and then ultimately to Texas. And so that creates some tailwinds for us going forward. And most of those are feeder cattle, so it will take 6 months plus after they go on grass or into the feedlots. And then heifer retention up 3% is a positive move forward. It's not the rapid rebuild we saw in '14, but another set of tailwinds going forward. Peter Galbo: Okay. And I guess just to pick up on the comment, Donnie, on pork inputs moving lower. Obviously, that's a favorable tailwind from a margin standpoint. I think there's been some discussion just how much of that is supply driven just, hey, we have more availability, and so that's creating a better environment versus has there been demand destruction, not necessarily for Tyson, but just at an industry level in some of these subcategories, and that's kind of pushing down the input costs. Just wondering if you could kind of elaborate a bit more from that perspective, what you're seeing kind of on a category level for the industry. Donnie King: Sure. Thank you for the question. We have seen them go down. And of course, from a pork perspective, it looks to me to be stable from a supply chain perspective. And so there was -- you saw lots of concern or questions about PRRS. That was top of mind like in Q2 and about the supply. And for us, we've not seen the real impact of that. I mean our the hogs that we have are predominantly in the Midwest. And so we weren't impacted at all by that. I think hog supplies will be adequate moving forward. Demand is solid. I think if there's any negative to this, I don't think we've seen the pork business pick up as much volume as you might expect with high-priced beef. I think chicken took most of that. And so that was a bit surprising -- well, a bit surprising. But I think we're well balanced from a Tyson perspective in terms of the hogs. And remember, our hog supplies are predominantly an input for our Prepared Foods business. And so we expect stable, predictable raw material cost as we move forward and certainly an advantage as we optimize that through Prepared Foods. Operator: Our next question comes from Thomas Palmer with JPMorgan. Thomas Palmer: Donnie, congratulations and Jeff and Wes, welcome to your respective roles. Jeff, I know it's still early, but I did want to maybe ask on kind of your key focus items and initiatives coming in, in the context, especially of you come from maybe a more traditional CPG background rather than one that's more protein-centric and to what extent that might signal a bit of an ongoing change in kind of Tyson's focus in having you kind of head up with so much focus on value add that Donnie has been commenting on here for the last couple of years. Jeffrey Schomburger: Yes. Thanks, Thomas. And I think Donnie has been pretty clear about what our strategy is and more importantly, very clear that it's working. So as you would expect, as I come in, we're going to stay the course and accelerate the strategy that is already delivering great results. So I'll have a lot more to say about that in the future next quarter. But let me just say a couple of things, Thomas. And the first is I can't tell you how excited I am to be on this team. I've spent an enormous amount of time in the last few weeks listening and learning, meeting with team members, several customers, 5 plants, and I visited the homes of consumers to see how they experience our categories and brands. And as you can tell from this call, we have a great foundation in place for our next chapter of growth. We will win. Our people, our culture and our brands are strong and the customers I talk to, they want us to help them grow. So like I said, I have a lot more to say in the future, but I really like where we are, and I really like our chances. Thanks, Thomas. Thomas Palmer: I had another question on chicken. Look, for several quarters, feed costs have been a cost tailwind. I think they were pretty neutral this quarter. In your view, what's kind of the path forward when we think about the input cost environment for the Chicken business? And then to what extent we should think about the business having maybe price escalators to mitigate the impacts? Donnie King: Sure. I mean I look at the futures on that, and we do see some moderate increase in that as we move forward. I think what I might say to that, Tom, is that I think it's important to remind everyone that we have alignment with strategic customers where we collectively manage the risk associated with input costs, and we have a diversified pricing models that try to mitigate these things as well. So we're not uncovered in this. We're not trying to outguess the market, but we're trying to be on the market and try to get just stable commodity prices. And I feel good about what we're able to do there, not only what we've done, but as I think about moving into '27, I think the process is in place to mitigate those risks. Those risks or increases will be real if they occur. But based on all the projections I've seen based on corn and soy, I feel good about where we are. Operator: Our next question comes from Alexia Howard with Bernstein. Alexia Howard: Congratulations to Donnie, and welcome to Jeff. Can I just start with Beef? Can you talk about how many -- how much more cost-cutting productivity savings and benefits there are? I know you've been working really hard to close plants to improve capacity utilization and get the business rightsized given the state of the herd. Is there more of that to come? And what would it take to get beef profitability back to positive? Is that within reach at this point? Wes Morris: Yes. Thanks, Alexia. I've been in my role for 7 weeks, and certainly, beef has been a top priority. We do have a great cross-functional team effort going on as we speak to control everything we can in this period of tight cattle supply. Our past optimization delivered on plan, but unfortunately, was offset in the quarter by live-to-cut out spread differences. Alexia Howard: Yes, I mean I'm just curious about whether there's a path to profitability here. But -- okay. And then separately, freight cost inflation has come up as a problem for other companies. My understanding is that you've got a lot of owned freight, so it shouldn't be an issue for you. Can you just elaborate on that? What is your exposure there if freight costs continue to rise? Donnie King: Sure. Yes, we have seen the inflation from fuel cost in the quarter and essentially since about mid-April. But I would remind you that customer freight is a pass-through. We don't subsidize it. Recovery can lag 1 or 2 quarters. But to your point, our large internal fleet that we have helps us mitigate our overall cost impacts. And so that is performing as well. But it is higher, but we mitigate that through our process. Operator: Our next question comes from Pooran Sharma with Stephens. Pooran Sharma: Congrats on a successful tenure, Donnie, and looking forward to working with you, Jeff. Maybe -- just 2 quick ones for me. Or maybe just we could loop this into one really. It's on comment on heifer retention, Wes, you got to it before I did. I did want to ask about this because I was a little surprised seeing that number as high as it was. We were hearing concerns of drought in key cattle-producing states. So chatter was heifer retention or herd expansion would get delayed. So a, was that 3% to 4% upside, was that a surprise in your view? And maybe as just a follow-up, what -- you mentioned 5% of head slaughtered for the border reopening, and we're doing it phased. How long do you think we can -- it would take for us to get a full 5%? Wes Morris: I think it's going to take up to a year by the time you move through the process in Arizona, then New Mexico, then Texas, knowing these are younger cattle that will go to grass or feed yards, it will be close to a year before you see the positive impact of that border opening. As for your question on heifer retention, no, there's been enough positive environmental conditions that I wasn't surprised by the 3% heifer retention. But I would point out that's not a number that's the rapid rebuild we saw in the 2014 time frame. So encouraging. It's starting, but still a long way to go. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Donnie King for any closing remarks. Donnie King: Thank you for your time and continued interest in Tyson Foods. We look forward to sharing our continued progress with you next quarter. Jon Kathol: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Tyson Foods (TSN) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Tyson Foods’ second quarter results were shaped by solid execution in its branded Prepared Foods and Chicken segments, even as overall sales were flat year on year and missed Wall Street’s revenue expectations. Management emphasized that consumer demand for protein remained steady, with Prepared Foods gaining both volume and dollar market share due to effective marketing and product innovation. CEO Donnie King described the quarter as the company’s twelfth consecutive period delivering on strategic goals, highlighting the resilience of Tyson’s diversified protein portfolio and its ability to outpace broader category trends through operational improvements. Is now the time to buy TSN? Find out in our full research report (it’s free). Revenue: $13.87 billion vs analyst estimates of $14.01 billion (flat year on year, 1% miss) Adjusted EPS: $0.99 vs analyst estimates of $0.99 (in line) Operating Margin: 2.6%, in line with the same quarter last year Sales Volumes fell 2.8% year on year (-0.1% in the same quarter last year) Market Capitalization: $20.37 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Andrew Strelzik (BMO): Asked about the sustainability of Prepared Foods and Chicken performance into next year. CEO Donnie King explained the company’s shift toward value-added and branded models, reducing reliance on commodity dynamics. Benjamin Theurer (Barclays): Inquired about what could drive Chicken segment results toward the higher end of guidance. CFO Curt Calaway clarified that Q4 will not repeat last year’s exceptional market, emphasizing steady branded and value-added business as the core driver. Michael Lavery (Piper Sandler): Queried the impact of improved chicken genetics and potential tailwinds from easing input costs. King highlighted that new genetics are being rolled out and will benefit profitability in both the genetics and core chicken businesses. Heather Jones (Heather Jones Research): Asked about capital allocation priorities and the disparity between industry and Tyson’s chicken volume growth. Calaway stressed balance sheet strength and ongoing share repurchases, while King noted Tyson prioritizes value-added growth over chasing commodity volume. Leah Jordan (Goldman Sachs): Sought clarity on Prepared Foods’ volume growth drivers given category deceleration. King pointed to category leadership, targeted innovation, and deeper engagement with younger consumers as main contributors to ongoing share gains. In upcoming quarters, our analysts will be watching (1) the pace of new product launches and share gains in Prepared Foods, (2) sustained margin performance in Chicken as operational improvements and genetics enhancements advance, and (3) signs of stabilization or recovery in Beef margins as cattle supply constraints potentially ease. Progress in cost discipline and capital allocation will also be key for monitoring Tyson Foods’ execution against its stated priorities. Tyson Foods currently trades at $58.02, in line with $57.96 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in Tenaris S.A.? Here are five stocks we like better. Second-quarter performance weakened as sales fell 4% to $3 billion and EBITDA declined 12% sequentially to $649 million, pressured by Strait of Hormuz shipping disruptions, lower fixed-cost absorption, and higher raw-material and logistics costs. Tenaris approved a higher interim dividend of $0.59 per share ($1.18 per ADR), totaling about $600 million, supported by $396 million in quarterly free cash flow and $3.6 billion in net cash. Management expects second-half revenue and EBITDA to be roughly in line with the first half, while potential upside could come from resumed Gulf shipments, stronger fourth-quarter volumes and pricing, rising North American drilling activity, and an expanding offshore project backlog. Tyson Foods Offers a Meaty Opportunity for Income Investors Tenaris (NYSE:TS) reported second-quarter sales of $3 billion, down 4% from both a year earlier and the prior quarter, as shipping disruptions in the Middle East delayed deliveries to customers in Iraq, Kuwait and Qatar. Investor Relations Officer Giovanni Sardagna said the effective closure of the Strait of Hormuz for most of the quarter prevented vessels from entering the Gulf. Average selling prices in the company’s tube operating segment were broadly flat year over year and sequentially. → No Hangover: Revisiting Microsoft One Week After Earnings TSMC’s Price Hikes Could Show Which AI Chip Stocks Have Real Pricing Power Quarterly EBITDA declined 12% sequentially to $649 million, while net income fell 13% to $492 million. Sardagna attributed the decline primarily to lower fixed-cost absorption as well as higher raw-material and logistics costs. Operating cash flow totaled $580 million and capital expenditures were $121 million, resulting in free cash flow of $396 million. Following a $606 million dividend payment during the quarter, Tenaris ended the period with net cash of $3.6 billion. → MarketBeat Week in Review – 08/03 - 08/07 The 2026 Blueprint: 6 Stocks for a Brand New Portfolio The company’s board approved an interim dividend of $0.59 per share, or $1.18 per American depositary receipt, totaling about $600 million. The dividend is scheduled to be paid Nov. 25. Chief Executive Officer Gabriel Podskubka said the board’s decision to increase the interim dividend reflected Tenaris’ “strong balance sheet and sustained cash generation.” He said the company has favored dividends as a means of returning capital because of their simplicity and their role in preserving share liquidity. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Podskubka said the board remains committed to shareholder returns broadly in line with prior levels, while retaining financial flexibility amid an uncertain environment and possible growth opportunities. He noted that future dividends remain subject to board decisions and shareholder approval, but indicated that the company’s historical pattern has been an interim payment representing about one-third of the total annual dividend, followed by the remaining portion in May. Tenaris has removed a near-term reopening of the Strait of Hormuz from its base-case forecast for the second half of 2026. The company previously assumed a relatively short disruption, but Podskubka said prolonged uncertainty prompted management to change that premise. The company now has approximately $130 million of material destined for Iraq, Kuwait and Qatar that is excluded from its base-case outlook. If navigation through the strait is restored, Tenaris expects it would take roughly 70 to 90 days to ship the material from its mills and invoice customers. Podskubka said the delayed shipments would represent upside to the company’s outlook, particularly because the products involved are premium, special-grade materials with relatively strong margins. Operations in Saudi Arabia and the United Arab Emirates have been less affected, he said, with Aramco and ADNOC maintaining drilling activity and Tenaris continuing supply despite added logistics challenges. Management expects second-half revenue and EBITDA to be in line with the first half, with the third quarter resembling the second quarter. The company expects a more meaningful increase in volumes and some pricing improvement in the fourth quarter, excluding any potential resumption of northern Gulf deliveries. Podskubka said fourth-quarter volumes are expected to exceed 1 million tons, which should improve fixed-cost absorption. He also said raw-material costs have increased throughout the year, but Tenaris is raising prices and expects the positive impact of those increases to be reflected in fourth-quarter sales and margins. Tenaris is seeing increased drilling activity across the United States, Canada and Argentina as customers pursue energy security and diversify supply sources, Podskubka said. Guillermo Moreno, president of Tenaris’ U.S. operations, said U.S. activity has increased by nearly 10% since the beginning of the conflict in Iran, representing about 50 additional rigs. The company expects another 10 to 15 rigs to be added through the rest of the year. Moreno said Tenaris expects U.S. shipments to increase in line with customer activity. Pipe Logix pricing has risen around 9% since the start of the year, with at least another 5% increase anticipated by year-end, he said. Tenaris’ own prices typically follow Pipe Logix movements with a one-quarter delay. In the U.S., Tenaris is adding shifts at its industrial facilities. Its Bay City mill is operating at record production levels, while the company continues investments at its Koppel steel shop and Ambridge seamless pipe mill. It is also expanding deployment of a high-torque wedge connection designed for longer laterals. Moreno said U.S. imports have remained contained in 2026, supported by Section 232 tariffs and trade cases against unfairly traded imports. Assuming favorable determinations in the newer trade cases, he said Tenaris expects imports to remain at similar levels in coming quarters unless prices rise more substantially. In Canada, Tenaris has launched a $230 million investment program intended to increase effective capacity at its Sault Ste. Marie mill. Management said the project will strengthen the company’s domestic supply capabilities. Canadian activity declined seasonally in the second quarter after a strong first quarter, but the company expects drilling activity in both oil and gas to improve over time. Tenaris said its offshore project backlog has increased and is expected to contribute to sales beginning in the fourth quarter and continuing into 2027. The company cited several developments, including Eni and TotalEnergies’ sanctioning of the Cronos project, which will transport deepwater gas from Cyprus to an LNG facility in Egypt. Tenaris has supported Eni on pipeline requirements and OCTG supply for four wells associated with the project. Tenaris also inaugurated a service center in Suriname with TotalEnergies and government officials to manage the OCTG supply chain for the GranMorgu project. The company has begun deliveries of line pipe and coating for the Sakarya project in the Black Sea. Management said shipments for Sakarya, a welded SAW pipeline project from Brazil to Turkey, began in the third quarter and are expected to continue for three or four quarters. While the project is significant, Podskubka said its average price and margin are below Tenaris’ companywide average, creating a modest product-mix effect. In Argentina, nine high-specification rigs have been added in Vaca Muerta since the start of the year, bringing the total operating count to 42. Podskubka also pointed to plans by YPF, Eni and XRG to advance the $30 billion Argentina LNG project, for which a final investment decision is expected by year-end. Tenaris expects its third fracking unit in Argentina to begin operations in the fourth quarter. Podskubka said the fracking business is EBITDA-margin accretive to Tenaris’ overall average, though he did not disclose a specific profitability figure. Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities. Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Tenaris Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes sustained performance to a strategic shift away from commodity exposure, with 75% of the Chicken segment now operating on a 'pull' model driven by branded demand and strategic customer commitments. Prepared Foods achieved record volume share through disciplined promotional execution and innovation, specifically targeting younger consumers with high-protein and convenient snacking platforms. The Chicken segment's outperformance is driven by structural improvements in live performance, yields, and a higher mix of value-added products rather than favorable commodity pricing. Beef segment losses were driven by severe cattle cycle supply constraints and USDA margin compression, which more than offset the benefits of recent footprint optimization and plant closures. Pork performance remains stable, increasingly serving as a strategic raw material supply chain for the higher-margin Prepared Foods segment to optimize total value. Operational execution across the portfolio is supported by digital tools and Agentic AI to improve consumer connectivity and distribution efficiency. Fiscal 2027 is expected to mirror the momentum of 2026, with management projecting continued growth in both volume and profitability across the branded portfolio. The phased reopening of the Mexican border for cattle imports is expected to provide a long-term tailwind for Beef supply, though material impacts are not anticipated until late 2027. Prepared Foods margin benefits from moderating pork commodity costs are expected to flow through inventory and production starting in late Q4 2026 and into fiscal 2027. Chicken segment productivity is expected to step up as new competitive big-bird genetics reach 75% of the relevant supply chain by the end of the calendar year. Capital allocation will remain balanced between maintaining investment-grade credit, organic investment in automation, and opportunistic share repurchases. Beef remains the company's primary commodity-exposed risk, with management noting they are not waiting for the cycle to turn but focusing on 'controllables' like network productivity. Inflationary pressures in fuel and distribution costs emerged in mid-April, though these are largely treated as pass-through costs with a one-to-two quarter lag. The transition to a new CEO, Jeff Schomburger, signals an acceleration of the existing CPG-focused strategy rather than a pivot in corporate direction. Management flagged that Q4 Chicken results will not match the record peaks of the prior year, which were driven by exceptional one-time commodity market opportunities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that Tyson is no longer a 'commodity chicken company,' as most volume is spoken for before birds are even placed. Confidence in 2027 stems from a customer-built business model that prioritizes service and innovation over chasing spot market prices. The new big-bird genetics line will reach 75% penetration in relevant locations by year-end, with the final 25% occurring in fiscal 2027. This transition is expected to reverse a decade of disadvantaged performance in eggs per hen house, livability, and breast meat yield. The Mexican border reopening will take approximately one year to show positive impacts as younger cattle move through grass and feedlots. While heifer retention is up 3%, management cautioned this is not the 'rapid rebuild' seen in previous cycles like 2014. The company maintains $4 billion in liquidity and a 2.1x net leverage ratio, providing flexibility for both organic investment and inorganic opportunities. Recent share repurchases reflect management's view of an attractive valuation relative to other capital uses.

Tyson Foods, Inc. TSN reported solid third-quarter fiscal 2026 results, with the top line remaining relatively flat compared with the prior year and the bottom line increasing year over year. However, both revenues and earnings miss the Zacks Consensus Estimate. Tyson Foods posted adjusted earnings of 99 cents per share, which miss the Zacks Consensus Estimate of $1.03. The bottom line increased 9% from 91 cents in the year-ago quarter. Tyson Foods, Inc. price-consensus-eps-surprise-chart | Tyson Foods, Inc. Quote Total sales of $13,868 million were broadly in line with the prior year. Excluding a $98 million legal contingency accrual recorded as a reduction to sales in the current-year quarter, sales increased 0.6%. The top line missed the Zacks Consensus Estimate of $14,139 million. Average price changes had a 3.4% positive impact on the top line, while total volumes dipped 2.8% year over year.The gross profit in the quarter was $921 million, down from $1,141 million reported in the year-ago period. Adjusted operating income rose 8.3% year over year to $547 million. The adjusted operating margin expanded 30 basis points to 3.9%. Beef: Sales in the segment decreased to $5,391 million from $5,603 million reported in the year-ago quarter. Volumes fell 15.9% and the average price jumped 12.1% in the segment.Pork: Sales in the segment increased to $1,580 million from $1,506 million reported in the year-ago quarter. Volumes grew 5.2% and the average price decreased 0.3%.Chicken: Sales in the segment improved to $4,255 million from $4,220 million reported in the year-ago quarter. Volumes grew 1% and the average price was up 2.2%.Prepared Foods: Sales in the segment came in at $2,557 million, up from $2,515 million reported in the year-ago quarter. Volumes grew 0.1% and the average price rose 1.6%.International: Sales in the segment were $601 million compared with $557 million reported in the year-ago quarter. Volumes fell 3.5%, whereas the average sales price increased 11.4%. The company exited the quarter with cash and cash equivalents of $740 million, long-term debt of $6,579 million and total shareholders’ equity (including non-controlling interests) of $18,185 million. For the first nine months of fiscal 2026, cash provided by operating activities totaled $1,469 million, while capital expenditures were $556 million. For fiscal 2026, Tyson Foods expects capital expenditures in the range of $700 million to $900 million, primarily indicating investments in profit improvement, as well as maintenance and repair projects. The company expects free cash flow of $1.3 billion to $1.7 billion for fiscal 2026. For fiscal 2026, the United States Department of Agriculture (“USDA”) anticipates domestic protein production (beef, pork, chicken and turkey) to rise around 1% compared with the level of fiscal 2025.For the Beef segment, the USDA projects domestic protein production to dip nearly 3% year over year. The company expects an adjusted operating loss of $500-$650 million in fiscal 2026, compared with its earlier guidance of a $350-$500 million loss.For Pork, the USDA projects domestic production to rise nearly 2%. The company expects adjusted operating income of $250-$300 million.For Chicken, the USDA anticipates domestic production to grow about 3% year over year. The company still expects adjusted operating income of $1.9-$2.05 billion.For Prepared Foods, management projects adjusted operating income of $1.3-$1.35 billion for fiscal 2026, compared with its previous forecast of $1.25-$1.35 billion.For International, management projects adjusted operating income of $150-$200 million for fiscal 2026.The company’s total revenue growth is anticipated in the range of 2.5-3.5% in fiscal 2026 compared with the fiscal 2025 level. Adjusted operating income is envisioned in the $2.1-$2.3 billion band, compared with its earlier guidance of $2.2-$2.4 billion.This Zacks Rank #3 (Hold) company’s shares have lost 15.7% in the past three months compared with the industry’s decline of 7.2%. Image Source: Zacks Investment Research The Chefs' Warehouse, Inc. CHEF distributes specialty food and center-of-the-plate products in the United States, the Middle East and Canada. At present, CHEF sports a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The consensus estimate for Chefs' Warehouse’s current fiscal-year sales and earnings implies growth of 10.8% and 24.7%, respectively, from the year-ago reported figures. Chefs' Warehouse delivered a trailing four-quarter earnings surprise of 30.4%, on average.US Foods Holding Corp. USFD engages in the marketing, sale and distribution of fresh, frozen and dry food and non-food products to foodservice customers in the United States. USFD currently carries a Zacks Rank #2. US Foods Holding delivered a trailing four-quarter earnings surprise of 1.4%, on average.The Zacks Consensus Estimate for US Foods Holding’s current fiscal-year sales and earnings implies growth of 5.1% and 16.3%, respectively, from the year-ago figures.Darling Ingredients Inc. DAR develops, produces and sells sustainable natural ingredients from edible and inedible bio-nutrients in North America, Europe, China, South America and internationally. At present, Darling Ingredients holds a Zacks Rank of 2. DAR delivered a trailing four-quarter earnings surprise of 16.1%, on average.The consensus estimate for Darling Ingredients’ current fiscal-year sales and earnings implies growth of 13.2% and 685.3%, respectively, from the year-ago figures. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tyson Foods, Inc. (TSN) : Free Stock Analysis Report Darling Ingredients Inc. (DAR) : Free Stock Analysis Report The Chefs' Warehouse, Inc. (CHEF) : Free Stock Analysis Report US Foods Holding Corp. (USFD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research