10-Q · May 5, 2026
Seaboard Corporation reported strong Q1 2026 results with revenue of $2.4 billion, up from $2.32 billion in Q1 2025, and substantially higher EPS of $124.24 compared to $32.95 a year ago. Significant growth was noted in…
Earnings analysis · 10-Q
SEB earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Seaboard delivered Q2 revenue of $2.922 billion, up $442 million year over year and $522 million sequentially, while operating income increased $48 million year over year. Liquid Fuels and CT&M were the principal growth…
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Seaboard delivered Q2 revenue of $2.922 billion, up $442 million year over year and $522 million sequentially, while operating income increased $48 million year over year. Liquid Fuels and CT&M were the principal growth engines, but Marine profit fell $37 million on higher voyage costs and Pork sales declined $27 million. Liquidity was solid at nearly $1.2 billion in cash and short-term investments, although six-month operating cash flow was a $30 million outflow as working-capital requirements increased.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue accelerated to $2.922 billion
Second-quarter net sales were $2.922 billion, up $442 million year over year. This also implies a $522 million increase from $2.400 billion in Q1 2026.
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Operating income rose $48 million
Consolidated operating income increased $48 million year over year in the quarter, led by a $79 million increase in Liquid Fuels operating income.
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Liquid Fuels drove the growth
Liquid Fuels sales increased $224 million year over year, including $138 million from environmental-credit sales and $86 million from fuel sales. The EPA's March 27, 2026 renewable-volume-obligation decision supported credit demand and prices.
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CT&M volume growth lifted sales
CT&M quarterly sales reached $1.551 billion, up $208 million year over year, as higher commodity volumes added $196 million and a 1% increase in average prices added $12 million.
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Liquidity remains well funded
Liquidity remained substantial at nearly $1.2 billion of cash and short-term investments plus $1.2 billion of additional net working capital as of July 4, 2026. Long-term debt was $972 million, including a $948 million term loan due in 2033.
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Capital spending moderated
Six-month capital expenditures fell to $198 million from a prior-year level that was $62 million higher. Of 2026 year-to-date capex, $79 million was invested in the Power segment, primarily for EDM IV.
What to watch
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New Iran-conflict risk factor
The sole new risk-factor update concerns the Iran conflict, which began in February 2026 and continued through Q2. Seaboard cites higher fuel prices, shipping costs and grain prices; Marine vessel-fuel costs rose $19 million year over year in the quarter.
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Marine cost inflation cut profit
Marine operating income declined $37 million year over year despite a 3% increase in average freight rates and a 2% rise in cargo volumes. Higher port, canal, stevedoring, terminal, trucking and fuel expenses pressured profitability.
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Working capital reversed operating cash flow
Six-month operating cash flow swung to a $30 million use from $61 million of cash provided a year earlier, principally reflecting a $160 million increase in cash used for working capital. Inventory and receivables increased, with CT&M shipment timing a key source of volatility.
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Pork pricing and supply remain weak
Pork quarterly sales fell $27 million year over year as lower prices reduced sales by $18 million and lower volumes reduced sales by $17 million. Management is uncertain whether the segment will be profitable for the remainder of 2026.
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EDM III outage clouds Power outlook
Power's EDM III barge was found to have damage in a post-quarter-end inspection and will be nonoperational for an undetermined period. Management is uncertain whether Power will be profitable for the remainder of 2026, while it has budgeted approximately $60 million of remaining 2026 EDM IV construction spending.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. Management anticipates CT&M, Marine, Liquid Fuels and Turkey will be profitable for the remainder of 2026, while it is uncertain whether Pork and Power will be profitable. Management budgeted approximately $305 million of remaining 2026 capital expenditures, including approximately $60 million for Power's EDM IV project.
Earlier filings 4
10-K · February 12, 2026
Seaboard reported FY2025 net sales of $9.746 billion (up $646 million vs. 2024) and operating income of $239 million (vs. $156 million in 2024), driven by higher CT&M volumes and stronger Marine voyage revenue. Net…
10-Q · April 30, 2024
Seaboard reported net sales of $2,191,000,000 for the three months ended March 30, 2024, a decrease of $308 million versus the same period in 2023. Operating loss improved (decreased) by $43 million year-over-year…
10-Q · October 30, 2023
Seaboard reported quarterly net sales of $2,388,000,000 (Q3 2023) — a year-over-year decline of $507 million — while operating income for the quarter declined $88 million versus the prior year. Segment performance was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.