Tyson Foods, Inc. · NYSE:TSN

Tyson Foods — Q3 2025 Earnings Presentation

29 slides from Tyson Foods's earnings presentation, Aug 4, 2025

  1. Slide 1: Q3 Fiscal 2025 Supplemental Information

    Q3 Fiscal 2025 Supplemental Information August 4, 2025

  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 2025, other

  3. Slide 3: 3Q25 Key Messages

    3Q25 Key Messages Operations Fifth consecutive quarter of YoY growth in Sales, AOI1, and adjusted1 EPS Financial Strength Net leverage ratio improved YoY and QoQ through disciplined capital allocation Controlling the Controllables Focused execution is delivering results amid a dynamic macro backdrop

  4. Slide 4: Consumer Focus on Protein

    Consumer Focus on Protein Latest 13 Week Volume Sales % Change +2.3% Tyson Foods Retail Branded1 volume up 1.5% driven by demand driven by key categories, far outpacing total Food & Beverage for high-quality fresh protein 20.1% 10.0% 6.1% 4.2% 2.8% 2.3% 1.5% -0.3% Total Food & Beverage Retail Brande

  5. Slide 5: 3Q25 Segment Highlights

    3Q25 Segment Highlights Prepared Foods • Delivered strong profit and margin gains as part of our long-term improvement plan • Returned to sales growth Chicken • Grew top and bottom line, led by value-added volume and favorable mix • Third consecutive quarter of YoY volume growth Beef • Managed throu

  6. Slide 6: Enterprise Sales, AOI and EPS Performance

    Enterprise Sales, AOI and EPS Performance Third Quarter FY25 vs Comparable Prior Year Period 3Q ADJUSTED OPERATING INCOME1 (in millions of dollars) in $m, except EPS (in $ per share) 3Q25 +4% Sales $13,884 vs PY* $14 $1 ($82) $38 +3% $43 AOI1 $505 vs PY $505 $491 AOI (10)bps 3.6% Margin1,2 vs PY Adj

  7. Slide 7: Strong Performance in Prepared Foods

    Strong Performance in Prepared Foods 3Q25 Sales AOI1 3Q25 $2,515 $246 (in $m) vs PY +3.4% +$43 Volume: (2.3)% AOI %1: 9.8% Price: +5.7% 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 mea

  8. Slide 8: Solid Results in Chicken

    Solid Results in Chicken 3Q25 Sales AOI1 3Q25 $4,220 $345 (in $m) vs PY +3.5% +$38 Volume: +2.4% AOI %1: 8.2% Price: +1.1% YoY: +70 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 the Ap

  9. Slide 9: Beef Reflects Challenging Market Conditions

    Beef Reflects Challenging Market Conditions 3Q25 Sales AOI1 3Q25 $5,603 ($151) (in $m) vs PY +6.9% ($82) Volume: (3.1)% AOI %1: (2.7)% Price: +10.0% YoY: (140) bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP

  10. Slide 10: Significant AOI Growth in Pork

    Significant AOI1 Growth in Pork 3Q25 Sales AOI1 3Q25 $1,506 $36 (in $m) vs PY +3.0% +$14 Volume: +1.5% AOI %1,2: 2.4% Price2: (1.6)% YoY: +90 bps 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure

  11. 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 2.1x Strength 1.6x Manage our leverage ratio $1,089 to be at or below 1Q23 2Q23 3Q23 4Q23 1Q24 2Q2

  12. Slide 12: FY25 Guidance

    FY25 Guidance1 Sales Growth 2% – 3% Total AOI1 $2.1 – 2.3B Prepared Foods AOI1 $925 – 1,000M Net Interest Expense ~$375M Chicken AOI1 $1,300 – 1,400M Adjusted Tax Rate1 ~25% Beef AOI1 $(475) – (375)M Capital Expenditures ≤ $1B Pork AOI1 $175 – 200M Free Cash Flow1 $1.0 – 1.3B 1 The Company is not ab

  13. Slide 13: Positioned for growth fueled by our portfolio strength and innovation

    • Positioned for growth fueled by our portfolio strength and innovation • Delivering value through purpose and performance • One Team. One Tyson.

  14. Slide 14: ilyson Foods}

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  15. Slide 15: Appendix

    Appendix

  16. Slide 16: AOI Bridge by P&L Items

    AOI Bridge by P&L Items Third Quarter FY25 vs Comparable Prior Year Period $ millions $495 - $484 $491 $4 $505 - $1 1 2 3 5 Q3 2024 AOI Net Volume Impact Sales Price/Mix COGS Price/Mix 4 SG&A Q3 2025 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and recon

  17. 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

  18. 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 third quarter ended June 28, 2025 Other Cost of Selling, General Goodwill Operating Income before Income Tax Net Income Sales (Income) Sales and Administrative Impairment Income Income T

  19. 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 third quarter ended June 28, 2025) International/ Beef Pork Chicken Prepared Foods Total Other Reported operating income (loss) $ (494) $ 36 $ 367 $ 302 $ 49 $ 260 Ad

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: 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) (

  24. Slide 24: 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

  25. Slide 25: 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

  26. Slide 26: 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

  27. Slide 27: 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

  28. Slide 28: 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)

  29. Slide 29: Free Cash Flow Non-GAAP Reconciliation

    Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Nine Months Ended June 28, 2025 June 29, 2024 Cash Provided by Operating Activities $ 1,620 $ 1,973 Additions to property, plant and equipment (691) (884) Free cash flow $ 929 $ 1,089

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