Tyson Foods, Inc. · NYSE:TSN

Tyson Foods — Q1 2026 Earnings Presentation

32 slides from Tyson Foods's earnings presentation, Feb 2, 2026

  1. Slide 1: Q1 Fiscal 2026 Supplemental Information

    Q1 Fiscal 2026 Supplemental Information February 2, 2026

  2. Slide 2: Forward-Looking Statements Non-GAAP

    Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Forward-Looking Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2026, other

  3. Slide 3: 1Q26 Key Messages

    1Q26 Key Messages Growth Strong top-line momentum with sales up more than 6%1 YoY Financial Strength Strong cash generation and disciplined capital allocation supported further deleveraging and shareholder returns Controlling the Controllables Strong Chicken profitability and targeted operational ac

  4. Slide 4: Animal Protein – Real Food, Tastes Good, Good for You

    Animal Protein – Real Food, Tastes Good, Good for You Protein Validated New U.S. Dietary Guidelines validate protein as essential nutrition, reinforcing Tyson’s core mission Protein at Scale As the producer of one out of every five pounds of chicken, beef, and pork in the U.S., Tyson is uniquely pos

  5. Slide 5: Consumer Focus on Protein

    Consumer Focus on Protein Latest 13 Week Volume Sales % Change +10.7% Tyson Foods Retail Branded1 volume up 2.1% driven by demand driven by key categories, far outpacing total Food & Beverage for high-quality fresh protein +12.2% +10.7% +7.7% +2.8% +2.6% +2.1% +1.8% -1.8% Total Food Retail Frozen Va

  6. Slide 6: Why it Matters

    Why it Matters Sustained demand and share gains Demonstrate Tyson Foods’ competitive strength and momentum Protein-centric portfolio and disciplined capital allocation Drive efficient scale, operational excellence, and go-to-market strength Ninety-year-old American company ​ Provide durability, trus

  7. Slide 7: Profit Growth in Prepared Foods

    Profit Growth in Prepared Foods 1Q26 • Volume and mix-driven pricing drove sales growth • Retail outpaced the category in volume and dollars, leading to share growth Sales SOI1 1Q26 $2,673 $338 (in $m) vs PY +8.1% +$16 Volume: 0.2% SOI %1: 12.6% Price: +7.9% YoY: (40) bps 1 Segment operating income

  8. Slide 8: Strong Start to the Year in Chicken

    Strong Start to the Year in Chicken 1Q26 • Fifth consecutive quarter of volume and net sales gains • Sales growth driven by volume and strong consumer demand Sales SOI1 1Q26 $4,212 $459 (in $m) vs PY +3.6% ($12) Volume: +3.7% SOI %1: 10.9% Price: (0.1)% YoY: (70) bps 1 Segment operating income (SOI)

  9. Slide 9: Navigating a Challenging Market in Beef

    Navigating a Challenging Market in Beef 1Q26 • Margins pressured by higher cattle costs • Focused on controllable actions to optimize operations and improve long-term results Sales SOI1 1Q26 $5,771 ($143) (in $m) vs PY +8.2% ($149) Volume: (7.3)% SOI %1,2: (2.4)% Price2: +17.2% YoY: (250) bps 1 Segm

  10. Slide 10: Sustained Strength in Pork

    Sustained Strength in Pork 1Q26 • SOI margin increased YoY on network optimization and efficiencies • Progress in raw material utilization supports branded products and strengthens end-to-end pork strategy Sales SOI1 1Q26 $1,609 $111 (in $m) vs PY (0.5)% +$38 Volume: +1.6% SOI %1,2: 6.7% Price2: +1.

  11. Slide 11: Segment Wrap-up

    Segment Wrap-up 1Q26 Operational Progress • Strong Q1 execution with continued opportunities to enhance efficiency and profitability across all segments in 2026 Customer and Consumer Focus • Driving category expansion through strategic partnerships while delivering value to customers, consumers, and

  12. Slide 12: Segment Operating Income Definition

    Segment Operating Income Definition 1Q26 Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate expenses and amortization. Corporate Expenses Unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segmen

  13. Slide 13: Enterprise Sales, AOI and EPS Performance

    Enterprise Sales, AOI1 and EPS Performance First Quarter FY26 vs Comparable Prior Year Period 1Q ADJUSTED OPERATING INCOME1 (in millions of dollars) in $m, except EPS (in $ per share) 1Q26 +6.2%2 $16 $0 ($12) Sales $14,313 vs PY $38 ($149) $659 $20 $572 (13)% AOI1 $572 vs PY AOI (80)bps 4.0% Margin1

  14. Slide 14: Strong Cash Management and Improving Financial Position

    Strong Cash Management and Improving Financial Position Leverage Ratio (Net Debt/Adj. LTM EBITDA)1 FREE CASH FLOW 1 (in millions of dollars) Build Financial 3.9x 3.6x 3.0x 2.6x 2.3x Strength 2.3x 2.1x 2.1x 2.0x $760 Manage our leverage ratio to be at or below $690 our long-term target 1Q24 2Q24 3Q24

  15. Slide 15: FY26 Guidance

    FY26 Guidance1 SOI1 Guidance Sales Growth 2% – 4% Prepared Foods $1.25 – 1.35B Total AOI1 $2.1 – 2.3B Chicken $1.65 – 1.90B Beef $(500) – (250)M Net Interest Expense ~$370M Pork $250 – 300M Adjusted Tax Rate1 ~25% International $150 – 200M Capital Expenditures $0.7 – 1.0B Corporate & Amortization $(

  16. Slide 16: Built for Long-term Growth

    Built for Long-term Growth • Strong start to FY26 demonstrates benefit of our diversified portfolio • Uniquely positioned to capitalize on protein demand as new Dietary Guidelines validate our strategy and consumer preferences continue favoring real food • Growth-focused execution and disciplined ca

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  18. Slide 18: Appendix

    Appendix

  19. Slide 19: AOI Bridge by P&L Items

    AOI Bridge by P&L Items First Quarter FY26 vs Comparable Prior Year Period $ millions $883 $659 $11 $572 - $3 - $978 1 2 3 5 Q1 2025 AOI Net Volume Impact Sales Price/Mix COGS Price/Mix 4 SG&A Q1 2026 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reco

  20. Slide 20: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson and Adjusted EPS, EBITDA, Adjusted EBITDA, net debt to EBITDA, net debt to Adjusted EBITDA, Segment Operating Income (Loss), As Ad

  21. Slide 21: Non-GAAP Financial Measures (Continued)

    Non-GAAP Financial Measures (Continued) Definitions Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate expenses and amortization. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across

  22. Slide 22: GAAP Results to Non-GAAP Results Reconciliations

    GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) Results for the firtst quarter ended December 27, 2025 Selling, General Other Cost of Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Income Income Taxes Expense

  23. Slide 23: Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income Reconciliations

    Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations $ in millions (Unaudited) Results for the first quarter ended December 27, 2025 Segment Operating Income (Loss) Operating Income (Loss) Prepared Corporate Beef Pork Chicken International Total

  24. Slide 24: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Three Months Ended Fiscal Year Ended Twelve Months Ended December 27, 2025 December 28, 2024 September 27, 2025 December 27, 2025 Net income $ 90 $ 366 $ 507 $ 231 Less: Interest income (13) (25) (73) (61) Add: Interest ex

  25. Slide 25: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Nine Months Ended Fiscal Year Ended Twelve Months Ended June 28, 2025 June 29, 2024 September 28, 2024 June 28, 2025 Net income $ 449 $ 458 $ 822 $ 813 Less: Interest income (57) (60) (89) (86) Add: Interest expense 343 35

  26. Slide 26: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Six Months Ended Fiscal Year Ended Twelve Months Ended March 29, 2025 March 30, 2024 September 28, 2024 March 29, 2025 Net income $ 380 $ 262 $ 822 $ 940 Less: Interest income (42) (24) (89) (107) Add: Interest expense 230

  27. Slide 27: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Three Months Ended Fiscal Year Ended Twelve Months Ended December 28,2024 December 30, 2023 September 28, 2024 December 28,2024 Net income $ 366 $ 114 $ 822 $ 1,074 Less: Interest income (25) (10) (89) (104) Add: Interest

  28. Slide 28: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions, except per share data (Unaudited) Nine Months Ended Fiscal Year Ended Twelve Months Ended June 29, 2024 July 1, 2023 September 30, 2023 June 29, 2024 Net income (loss) $ 458 $ (206) $ (649) $ 15 Less: Interest income (60) (22) (30) (

  29. Slide 29: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions, except per share data (Unaudited) Six Months Ended Fiscal Year Ended Twelve Months Ended March 30, 2024 April 1, 2023 September 30, 2023 March 30, 2024 Net income (loss) $ 262 $ 229 $ (649) $ (616) Less: Interest income (24) (16) (30

  30. Slide 30: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

    EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions, except per share data (Unaudited) Three Months Ended Fiscal Year Ended Twelve Months Ended December 30,2023 December 31, 2022 September 30, 2023 December 30,2023 Net income (loss) $ 114 $ 320 $ (649) $ (855) Less: Interest income (10

  31. Slide 31: Free Cash Flow Non-GAAP Reconciliation

    Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Three Months Ended December 27, 2025 December 28, 2024 Cash Provided by Operating Activities $ 942 $ 1,031 Additions to property, plant and equipment (252) (271) Free cash flow $ 690 $ 760 31

  32. Slide 32: Recast of Historical Segment Operating Income

    Recast of Historical Segment Operating Income Historical segment recast financials are available on our IR website (https://ir.tyson.com), including quarterly reconciliations for fiscal years 2023–2025 from Segment Operating Income, as reported, to Operating Income, and from Segment Operating Income

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