Tyson Foods, Inc. · NYSE:TSN
Tyson Foods — Q4 2025 Earnings Presentation
32 slides from Tyson Foods's earnings presentation, Nov 10, 2025
Slide 1: Q4 Fiscal 2025 Supplemental Information
Q4 Fiscal 2025 Supplemental Information November 10, 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 2026, other
Slide 3: 4Q25 Key Messages
4Q25 Key Messages Operations Sixth consecutive quarter of YoY growth in Sales, AOI1, and adjusted1 EPS Financial Strength Net leverage ratio1 improved YoY through disciplined capital allocation and sustained operating performance Controlling the Controllables Record Chicken profitability and continu
Slide 4: Consumer Focus on Protein
Consumer Focus on Protein Latest 13 Week Volume Sales % Change +7.8% Tyson Foods Retail Branded1 volume up 2.4% driven by demand driven by key categories, far outpacing total Food & Beverage for high-quality fresh protein +12.5% +11.3% +10.3% +8.7% +7.8% +2.4% +1.6% -1.5% Total Food & Beverage Retai
Slide 5: Tyson Innovation
Tyson Innovation 4Q25
Slide 6: Continued Strength in Prepared Foods
Continued Strength in Prepared Foods 4Q25 • Continued progress on our multi-year profitability plan • Highest fill rates since FY’13 and gained share in both volume and dollars Sales AOI1 4Q25 $2,546 $189 (in $m) vs PY +3.0% ($16) Volume: (0.3)%2 AOI %1: 7.4% Price: +4.7% YoY: (90) bps 1 Represents
Slide 7: Strong Finish to the Year in Chicken
Strong Finish to the Year in Chicken 4Q25 • Grew top and bottom line • Fourth consecutive quarter of YoY volume growth, with notable contribution from value-added mix Sales AOI1 4Q25 $4,411 $457 (in $m) vs PY +3.8% +$101 Volume: +3.7% AOI %1: 10.4% Price: +0.1% YoY: +200 bps 1 Represents a non-GAAP
Slide 8: Navigating a Challenging Market in Beef
Navigating a Challenging Market in Beef 4Q25 • Sales up on strong pricing, but margins pressured by higher cattle costs; Early signs of heifer retention • Executing controllable actions Sales AOI1 4Q25 $5,489 ($94) (in $m) vs PY +4.3% ($23) Volume: (8.4)% AOI %1,2: (1.6)% Price2: +17.0% YoY: (30) bp
Slide 9: Sustained Profit Growth in Pork
Sustained Profit Growth in Pork 4Q25 • Delivered strongest Q4 AOI1 in four years through operational excellence • Network optimization and value-added mix drove a stronger business Sales AOI1 4Q25 $1,414 $31 (in $m) vs PY (1.7)% +$12 Volume: (4.2)% AOI %1,2: 2.0% Price2: +11.6% YoY: +70 bps 1 Repres
Slide 10: Segment Wrap-up
Segment Wrap-up 4Q25 Operational Improvements • Gains in 2025, but significant room to improve operations in 2026+ Customer and Consumer Focus • Commitment to customer value and shareholder returns despite challenging market conditions Capitalizing on Protein Demand • Diverse portfolio enables strat
Slide 11: Enterprise Sales, AOI and EPS Performance
Enterprise Sales, AOI1 and EPS Performance Fourth Quarter FY25 vs Comparable Prior Year Period 4Q ADJUSTED OPERATING INCOME1 (in millions of dollars) in $m, except EPS (in $ per share) 4Q25 +4.8%2 $12 ($16) Sales $13,860 vs PY $22 ($23) $101 $608 +19% AOI1 $608 vs PY $512 AOI +50bps 4.3% Margin1 vs
Slide 12: 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 4.1x 3.9x 3.6x 3.0x 2.6x Strength 2.3x 2.3x 2.1x 2.1x Manage our leverage ratio $1,458 to be at or below our long-term target 4Q23 1Q24 2Q24 3Q
Slide 13: FY26 Guidance
FY26 Guidance1 Segment Guidance Sales Growth 2% – 4% Prepared Foods AOI1 $950 – 1,050M Total AOI1 $2.1 – 2.3B Chicken AOI1 $1,250 – 1,500M Net Interest Expense ~$390M Beef AOI1 $(600) – (400)M Adjusted Tax Rate1 ~25% Pork AOI1 $150 – 250M Capital Expenditures $700 – 1,000M Free Cash Flow1 $800 – 1,3
Slide 14: Delivering Progress and Profitability
• Delivering progress and profitability through our diversified portfolio, innovation, and operational excellence • Beneficiary of strong consumer demand of protein • Strong execution and disciplined capital allocation position us for continued growth into 2026 and beyond • One Team. One Tyson.
Slide 15: Tyson Foods
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Slide 16: Appendix
Appendix
Slide 17: AOI Bridge by P&L Items
AOI Bridge by P&L Items Fourth Quarter FY25 vs Comparable Prior Year Period $ millions $922 $608 $512 - $779 - $35 - $12 1 2 3 5 Q4 2024 AOI Net Volume Impact Sales Price/Mix COGS Price/Mix 4 SG&A Q4 2025 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and
Slide 18: 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 19: GAAP Results to Non-GAAP Results Reconciliations
GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) Results for the fourth quarter ended September 27, 2025 Selling, General Other Cost of Goodwill Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Impairment Income
Slide 20: GAAP Results to Non-GAAP Results Reconciliations
GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) Results for the third quarter ended June 28, 2025 Selling, General Other Cost of Goodwill Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Impairment Income Income
Slide 21: 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 Selling, General Other Cost of Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Income Income Taxes Expense to
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 first quarter ended December 28, 2024 Selling, General Other Cost of Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Income Income Taxes Expense t
Slide 23: GAAP Results to Non-GAAP Results Reconciliations
GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) Results for the fourth quarter ended September 30, 2023 Selling, General Operating Other Income (Loss) Income Tax Cost of Goodwill Net Income (Loss) EPS Sales and Income (Income) before Income Expense S
Slide 24: Adjusted Operating Income Non-GAAP Reconciliations
Adjusted Operating Income (Loss) Non-GAAP Reconciliations $ in millions (Unaudited) Adjusted Segment Operating Income (Loss) (for the fourth quarter ended September 27, 2025) International/ Beef Pork Chicken Prepared Foods Total Other Reported operating income (loss) $ (319) $ (99) $ 447 $ 143 $ (14
Slide 25: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations
EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Twelve Months Ended September 27, 2025 September 28, 2024 Net income $ 507 $ 822 Less: Interest income (73) (89) Add: Interest expense 449 481 Add: Income tax expense 262 270 Add: Depreciation 1,093 1,159 Add: Amortization
Slide 26: 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
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: Free Cash Flow Non-GAAP Reconciliation
Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Twelve Months Ended September 27, 2025 September 28, 2024 Cash Provided by Operating Activities $ 2,155 $ 2,590 Additions to property, plant and equipment (978) (1,132) Free cash flow $ 1,177 $ 1,458