Tyson Foods, Inc. · NYSE:TSN
Tyson Foods — Q2 2026 Earnings Presentation
32 slides from Tyson Foods's earnings presentation, May 4, 2026
Slide 1: Q2 Fiscal 2026 Supplemental Information
Q2 Fiscal 2026 Supplemental Information May 4, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain information in this presentation 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 2
Slide 3: 2Q26 Key Messages
2Q26 Key Messages Growth Strong top-line momentum with sales of $13.7 billion. Financial Strength Strong cash generation and disciplined capital allocation supported further deleveraging and shareholder returns. Segment Performance Strong end-to-end Chicken results and Prepared Foods volume, share a
Slide 4: Leader in Protein
Leader in Protein Protein Validated Increasing protein demand drives strong sales and cash flow through economic cycles, with diversification across chicken, beef, and pork adding resilience. Protein at Scale As the producer of one out of every five pounds of chicken, beef & pork in the U.S., Tyson
Slide 5: Consumers Are Choosing Protein
Consumers Are Choosing Protein Latest 13 Week Volume % Change Tyson Foods Retail Branded1 Prepared Foods driving volume growth, share Retail value-added chicken portfolio outpacing Total gains, and margin expansion across key volumes continue to Food & Beverage Volume at categories accelerate on str
Slide 6: High Protein Innovation
High Protein Innovation Jimmy Dean® raises the bar in breakfast, debuting the category’s highest-protein offerings and expanding into new, incremental protein-forward platform. Strong early consumer response, bringing new and younger consumers to Jimmy Dean® 6 HIGH PROTEIN • PREMIUM INGREDIENTS • CO
Slide 7: Why It Matters
Why It Matters Protein Validated New U.S. Dietary Guidelines validate protein as essential nutrition, reinforcing Tyson Foods’ core mission. Sustained Demand & Share Gains Demonstrate Tyson Foods’ competitive strength and momentum. Protein-Centric Portfolio & Disciplined Capital Allocation Drive eff
Slide 8: Profit Growth in Prepared Foods
Profit Growth in Prepared Foods • We gained share in volume, dollars, and units • Strong retail brand performance outpacing category in volume and dollars, leading to share growth Sales Segment Operating Income1 +5% $M +7% $M $2,396 $2,511 $352 $329 PY 2Q26 PY 2Q26 Volume: +0.4% SOI Margin %1: 14% P
Slide 9: Strong Momentum in Chicken
Strong Momentum in Chicken • Sixth consecutive quarter of year-over-year volume and sales gains • Stronger end-to-end execution across controllables—from live performance to supply chain discipline Sales Segment Operating Income1 +4% $M $M +27% $4,141 $4,286 $523 $411 PY 2Q26 PY 2Q26 Volume: +1.7% S
Slide 10: Navigating a Challenging Beef Market
Navigating a Challenging Beef Market • Margins pressured by higher cattle costs • Disciplined execution and controllable actions Sales Segment Operating Income1 $M $M $5,196 $5,205 PY 2Q26 $(113) PY 2Q26 $(202) Volume: (13.1)% SOI Margin %1,2: (3.9)% Price2 : +11.5% YoY: (180) bps 1 Segment operatin
Slide 11: Sustained Strength in Pork
Sustained Strength in Pork • Sales increase driven by strong demand and adequate hog supplies • Raw material utilization supporting Prepared Foods growth and pork strategy Sales Segment Operating Income1 $M $M $1,579 $69 $1,244 $41 PY 2Q26 PY 2Q26 Volume: +4.4% SOI Margin %1,2: 2.6% Price2: +1.3% Yo
Slide 12: Segment Wrap-Up
Segment Wrap-Up Building Momentum Incremental steps in Q2 reinforce confidence in our ability to grow and improve across operational and controllable aspects of the business in 2026 and beyond. Strategic Customer Focus Focusing on strategic customers and consumers while delivering value to sharehold
Slide 13: Enterprise Sales, AOI and EPS Performance
Enterprise Sales, AOI1 and EPS Performance 2Q26 vs Comparable Prior Year Period in $m, except EPS 2Q26 2Q26 ADJUSTED OPERATING INCOME1 ($M) (in $ per share) Sales $13,653 +4.4%2 $23 $(17) vs PY $112 $(28) $(89) $515 $(19) $497 AOI1 $497 (3.5)% vs PY AOI (20)bps 3.6% Margin1 vs PY 2Q25 Chicken Prepar
Slide 14: Strong Cash Management and Improving Financial Position
Strong Cash Management and Improving Financial Position $M 3.6x 3.0x FREE CASH FLOW 1 Leverage ratio at 2.6x 2.3x 2.3x 2.1x 2.1x 2.0x 2.2x $432 2.2x Build Financial $382 Strength (Net Debt/Adj. LTM EBITDA)1 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 $M $271 $287 $267 $263 $252 $248 $227 YTD Capita
Slide 15: FY26 Guidance
FY26 Guidance1 Sales Growth 2% – 4% SOI1 Guidance vs. Prior Guidance Total AOI1 $2.2 – 2.4B $100M Prepared Foods $1.25 – 1.35B Raise Net Interest Chicken $1.9 – 2.05B $200M ~$365M $5M Expense at mid-point Tighten range by Beef $(500) – (350)M $100M Adjusted Tax ~25% Rate1 Pork $250 – 300M Capital $0
Slide 16: Built For Long-Term Growth
Built For Long-Term Growth ✓ First half of FY26 demonstrates strength of our diversified portfolio Impact ✓ Uniquely positioned to capitalize on protein demand Image as new Dietary Guidelines validate our strategy and consumer preferences continue favoring real food ✓ Growth-focused execution and di
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Slide 18: Appendix
Appendix
Slide 19: AOI Bridge by P&L Items
AOI Bridge by P&L Items 2Q26 vs Comparable Prior Year Period $ in millions $547 $515 $497 $(513) $(23) $(29) 2Q25 AOI 1 Net Volume Impact 2 Sales Price/Mix 3 COGS Price/Mix 4 SG&A 5 2Q26 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the
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
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
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 second quarter ended March 28, 2026 Other Cost of Selling, General Operating Income before Income Tax Net Income Attributable EPS Sales (Income) Sales and Administrative Income Income Ta
Slide 23: Segment Operating Income, 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 second quarter ended March 28, 2026 Segment Operating Income (Loss) Operating Income (Loss) Prepared Corporate Beef Pork Chicken International Total Am
Slide 24: EBITDA and Adjusted EBITDA Non-GAAP Reconciliations
EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited) Six Months Fiscal Year Ended Twelve Months Ended March 28, 2026 March 29, 2025 September 27, 2025 March 28, 2026 Net income $ 354 $ 380 $ 507 $ 481 Less: Interest income (21) (42) (73) (52) Add: Interest expense 201 230 44
Slide 25: 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
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: Free Cash Flow Non-GAAP Reconciliation
Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Six Months Ended December 27, 2025 December 28, 2024 Cash Provided by Operating Activities $ 829 $ 846 Additions to property, plant and equipment (397) (464) Free cash flow $ 432 $ 382
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