Tyson Foods, Inc. · NYSE:TSN
Tyson Foods — Q2 2025 Earnings Presentation
28 slides from Tyson Foods's earnings presentation, May 5, 2025
Slide 1: Q2 Fiscal 2025 Supplemental Information
Q2 Fiscal 2025 Supplemental Information May 5, 2025
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 2025, other
Slide 3: 2Q25 Key Messages
2Q25 Key Messages Operations Fourth consecutive quarter of YoY growth in Sales, AOI1, and adjusted1 EPS Financial Strength Balance sheet remains healthy, gross debt reduced and net leverage ratio at 2.3x Controlling the Controllables Focus on priorities is delivering tangible benefits while navigati
Slide 4: 2Q25 Segment Highlights
2Q25 Segment Highlights Prepared Foods • Results in-line with expectation • Continued progress on executing with excellence and cost management priorities Chicken • Strong performance, AOI1 nearly doubled YoY • Second consecutive quarter of volume growth Beef • Performance in-line with expectations
Slide 5: FY25 Enterprise Priorities
FY25 Enterprise Priorities Operational Excellence Striving for best-in-class operations by gaining efficiencies and eliminating waste, with strong impact in Prepared Foods Customer & Consumer Obsession Strengthening our iconic brands to expand reach and introduce innovation for new occasions Data &
Slide 6: Enterprise Sales, AOI and EPS Performance
Enterprise Sales, AOI and EPS Performance Second Quarter FY25 vs Comparable Prior Year Period 2Q ADJUSTED OPERATING INCOME1 (in millions of dollars) in $m, except EPS (in $ per share) 2Q25 Flat $22 $11 ($115) Sales $13,074 vs PY* $39 $152 $515 +27% AOI1 $515 vs PY $406 AOI +70bps 3.8% Margin1,2 vs P
Slide 7: Solid Performance in Prepared Foods
Solid Performance in Prepared Foods 2Q25 Sales AOI1 2Q25 $2,396 $244 (in $m) vs PY (0.3)% +$11 Volume: (2.6)% AOI %1: 10.2% Price: +2.3% YoY: +50 bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial mea
Slide 8: Strong Results in Chicken
Strong Results in Chicken 2Q25 Sales AOI1 2Q25 $4,141 $312 (in $m) vs PY +1.9% +$152 Volume: +3.0% AOI %1: 7.5% Price: (1.1)% YoY: +360 bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in th
Slide 9: Beef In-Line with Expectations
Beef In-Line with Expectations 2Q25 Sales AOI1 2Q25 $5,196 ($149) (in $m) vs PY +4.9% ($115) Volume: (1.4)% AOI %1,2: (2.8)% Price2: +8.2% YoY: (210) bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial
Slide 10: Significant AOI Growth in Pork
Significant AOI1 Growth in Pork 2Q25 Sales AOI1 2Q25 $1,244 $55 (in $m) vs PY (16.3)% +$22 Volume: (3.8)% AOI %1,2: 3.7% Price2: +4.3% YoY: +150 bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial meas
Slide 11: 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 4.1x 3.9x (in millions of dollars) Build Financial 3.2x 3.6x 3.0x 2.4x 2.6x 2.3x 2.3x Strength 1.6x $556 Manage our leverage ratio to be at or below 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 12: FY25 Guidance
FY25 Guidance1 Sales Growth Flat – 1% Total AOI1 $1.9 – 2.3B Prepared Foods AOI1 $0.9 – 1.1B Net Interest Expense ~$375M Chicken AOI1 $1.0 – 1.3B Adjusted Tax Rate1 ~25% Beef AOI1 $(0.4) – (0.2)B Capital Expenditures $1.0 – 1.2B Pork AOI1 $0.1 – 0.2B Free Cash Flow1 $1.0 – 1.6B 1 The Company is not
Slide 13: Closing remarks: multi-protein portfolio and long-term strategy
• Multi-protein, multi-channel portfolio delivered another quarter of strong growth • Maintained confidence in long-term strategy and enterprise priorities • One Team. One Tyson.
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Slide 15: Appendix
Appendix ‘TysonFoods
Slide 16: AOI Bridge by P&L Items
AOI Bridge by P&L Items Second Quarter FY25 vs Comparable Prior Year Period $ millions $348 $295 $56 $515 $406 $0 1 2 3 Q2 2024 AOI Net Volume Impact Sales Price/Mix COGS Price/Mix 4 SG&A 5 Q2 2025 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconci
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Operating Income (Loss), Adjusted Income (Loss) before Income Taxes, Adjusted Income Tax Expense (Benefit), Adjusted Net Income (Loss) Attributable to Tyson, Adjusted Operating Margin and Adjusted EPS, EBITDA, Adjusted EBITDA, net debt to EBITDA, net leverage rat
Slide 18: GAAP Results to Non-GAAP Results Reconciliations
GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) Results for the second quarter ended March 29, 2025 Cost of Selling, General Operating Other (Income) Income before Income Tax Net Income EPS Sales Sales and Administrative Income Expense Income Taxes E
Slide 19: Adjusted Operating Income (Loss) Non-GAAP Reconciliations
Adjusted Operating Income (Loss) Non-GAAP Reconciliations $ in millions (Unaudited) Adjusted Segment Operating Income (Loss) (for the second quarter ended March 29, 2025) International/ Beef Pork Chicken Prepared Foods Total Other Reported operating income (loss) $ (258) $ (195) $ 262 $ 244 $ 47 $ 1
Slide 20: 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
Slide 21: 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
Slide 22: 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) (
Slide 23: 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
Slide 24: 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
Slide 25: 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 July 1, 2023 July 2, 2022 October 1, 2022 July 1, 2023 Net income (loss) $ (206) $ 2,712 $ 3,249 $ 331 Less: Interest income (22) (10) (17) (29
Slide 26: 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 April 1, 2023 April 2, 2022 October 1, 2022 April 1, 2023 Net income (loss) $ 229 $ 1,959 $ 3,249 $ 1,519 Less: Interest income (16) (6) (17) (2
Slide 27: 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 31, 2022 January 1, 2022 October 1, 2022 December 31, 2022 Net income (loss) $ 320 $ 1,126 $ 3,249 $ 2,443 Less: Interest income (9)
Slide 28: Free Cash Flow Non-GAAP Reconciliation
Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Six Months Ended March 29, 2025 March 30, 2024 Cash Provided by Operating Activities $ 846 $ 1,177 Additions to property, plant and equipment (464) (621) Free cash flow $ 382 $ 556 TYSON FOODS, INC. May 5, 2025 28