Tyson Foods, Inc. · NYSE:TSN
Tyson Foods — Q3 2026 Earnings Presentation
31 slides from Tyson Foods's earnings presentation, Aug 3, 2026
Slide 1: Q3 Fiscal 2026 Supplemental Information
Q3 Fiscal 2026 Supplemental Information August 3, 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: 3Q26 Key Messages
3Q26 Key Messages Growth Strong momentum with sales of $13.9 billion and adjusted operating 1 income of $547 million. Financial Strength Strong cash generation and disciplined capital allocation supported further deleveraging and shareholder returns. Segment Performance Seventh consecutive quarter o
Slide 4: Consumers Are Choosing Tyson Foods Brands
Consumers Are Choosing Tyson Foods Brands Latest 13 Week Volume % Change Tyson Foods Retail Branded1 Prepared Foods driving volume growth, share Retail value-added chicken portfolio outpacing Total gains and profit growth across key categories — volumes continue to grow Food & Beverage Volume includ
Slide 5: Hillshire Brands: Built For Every Occasion
Hillshire® Brands: Built For Every Occasion Capturing everyday, snacking and elevated eating occasions to reach new customers with multi-tier offering Hillshire Farm® Hillshire® Snacking Hillshire Reserve TRUSTED PREMIUM SNACKING CRAFT - INSPIRED HOUSEHOLD STAPLE ON-THE -GO PREMIUM TRADE -UP PROTEIN
Slide 6: Share Growth in Prepared Foods
Share 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 $M $M $2,557 $334 $321 $2,515 PY 3Q26 PY 3Q26 Volume: +0.1% SOI Margin %1: 12.6% Price: +1
Slide 7: Strong Momentum in Chicken
Strong Momentum in Chicken • Seventh consecutive quarter of year-over-year volume and sales gains • Strong end-to-end execution across controllables—from live performance to supply chain discipline • Differentiated chicken model Sales Segment Operating Income1 $M $M $4,220 $4,255 $488 $448 PY 3Q26 P
Slide 8: Challenging Beef Market Continues
Challenging Beef Market Continues • Margins pressured by higher cattle costs, driven by lower cattle availability • Disciplined execution and controllable actions Sales Segment Operating Income1 $M $M $5,603 PY 3Q26 $5,391 ($116) PY 3Q26 ($138) Volume: (15.9)% SOI Margin %1: (2.6)% Price : +12.1% Yo
Slide 9: 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 $1,506 $1,580 $60 $50 PY 3Q26 PY 3Q26 Volume: +5.2% SOI Margin %1: 3.8% Price: (0.3)% YoY:
Slide 10: Resilient Portfolio, Dynamic Environment
Resilient Portfolio, Dynamic Environment Resilient Consumer Demand Protein-centric foods winning consideration across a pressured consumer environment. Outpacing the Category Tyson’s Retail and Foodservice performance outpacing broader food and beverage. Scale as a Competitive Advantage Brand streng
Slide 11: Strong Foundation… …Clear Path Forward
Strong Foundation… …Clear Path Forward Building Momentum Strong Q3 execution reinforces confidence in our ability to grow and improve across operational and controllable aspects of the business in 2026 and beyond. Strategic Customer Focus Customer-centric approach driving volume gains across Retail
Slide 12: Enterprise Sales, AOI and EPS Performance
Enterprise Sales, AOI and EPS Performance 1 3Q26 vs Comparable Prior Year Period in $m, except EPS 3Q26 3Q26 ADJUSTED OPERATING INCOME1 ($M) (in $ per share) Sales $13,868 0.6%2 $10 $3 $(13) $547 vs PY $40 $(22) $24 $505 AOI1 $547 8.3% vs PY AOI 30bps 3.9% Margin1 vs PY 3Q25 Chicken Pork Internation
Slide 13: Strong Cash Management and Improving Financial Position
Strong Cash Management and Improving Financial Position $M 3.0x 2.6x FREE CASH FLOW 1 Leverage ratio at 2.3x 2.3x 2.1x 2.1x 2.0x 2.2x 2.1x $929 $913 2.1x Build Financial Strength (Net Debt/Adj. LTM EBITDA)1 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $M $287 $263 $248 $271 $252 $227 YTD Capital $19
Slide 14: FY26 Guidance
FY26 Guidance 1 Sales Growth 2.5% – 3.5% SOI1 Guidance Total AOI1 $2.1 – 2.3B Prepared Foods $1.3 – 1.35B Net Interest Chicken $1.90 – 2.05B ~$365M Expense Beef $(650) – (500)M Adjusted Tax ~25% Rate1 Pork $250 – 300M Capital $0.7 – $0.9B International $150 – 200M Expenditures Corporate & Amortizati
Slide 15: Built For Long-Term Growth
Built For Long-Term Growth ✓ Year-to-date FY26 demonstrates strength of our diversified portfolio ✓ Uniquely positioned to capitalize on protein demand as our strategy and consumer preferences continue favoring real food ✓ Growth-focused execution and disciplined capital allocation driving sharehold
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Slide 17: Appendix
Appendix
Slide 18: AOI Bridge by P&L Items
AOI Bridge by P&L Items 3Q26 vs Comparable Prior Year Period $ in millions $474 $47 $547 $505 $(447) $(32) 3Q25 AOI 1 Net Volume Impact 2 Sales Price/Mix 3 COGS Price/Mix 4 SG&A 5 3Q26 AOI 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the mo
Slide 19: 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 20: 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 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 third quarter ended June 27, 2026 Selling, General Other Cost of Goodwill Operating Income before Income Tax Net Income Attributable EPS Sales and (Income) Sales Impairment Income Income
Slide 22: Segment Operating Income and Adjusted Operating Income Non-GAAP Reconciliations
Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations $ in millions (Unaudited) Results for the third quarter ended June 27, 2026 Segment Operating Income (Loss) Operating Income (Loss) Prepared Corporate Beef Pork Chicken International Total Amor
Slide 23: 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 27, 2026 June 28, 2025 September 27, 2025 June 27, 2026 Net income $ 540 $ 449 $ 507 $ 598 Less: Interest income (27) (57) (73) (43) Add: Interest expense 299 34
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: Free Cash Flow Non-GAAP Reconciliation
Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) Nine Months Ended June 27, 2026 June 28, 2025 Cash Provided by Operating Activities $ 1,469 $ 1,620 Additions to property, plant and equipment (556) (691) Free cash flow $ 913 $ 929
Slide 31: 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