SFD earnings analysis
What we found in SFD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The provided extract is primarily the market-risk, controls, and other-information sections and does not include the income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A needed to assess quarterly operating trends. The filing quantifies commodity, interest-rate, and debt exposures, including $1,988 million of debt carrying value and $25 million of interest-rate sensitivity. Management reported effective disclosure controls and no material changes to previously disclosed risk factors as of June 28, 2026; consequently, no directional earnings sentiment or numeric guidance can be established from the extract.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Debt valuation disclosed
- The company reported total debt with a fair value of $1,904 million and a carrying value of $1,988 million as of June 28, 2026.
- Commodity hedging quantified
- Commodity derivative fair-value sensitivity to a hypothetical 10% market-price change was $15 million for livestock, $6 million for grains, and $1 million for energy as of June 28, 2026.
- Derivative exposure monitored
- Open derivative fair values as of June 28, 2026 were $11 million for livestock, $1 million for grains, and $1 million for energy.
- Interest-rate sensitivity declined
- A hypothetical 10% change in interest rates would affect the fair value of fixed-rate debt by $25 million as of June 28, 2026, down from $28 million as of December 28, 2025.
- Controls remained effective
- Management concluded that disclosure controls and procedures were effective as of June 28, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect it during the second quarter of 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Commodity price volatility
- The company remains exposed to commodity-price volatility for live hogs, corn, soybean meal, and wheat. A hypothetical 10% price change produced sensitivity of $15 million for livestock, $6 million for grains, and $1 million for energy as of June 28, 2026.
- Interest-rate exposure
- Fixed-rate debt had a $1,904 million fair value and a $1,988 million carrying value as of June 28, 2026. A hypothetical 10% interest-rate change would affect fair value by $25 million.
- Limited financial-rate hedging
- The filing states there were no interest-rate swaps outstanding as of June 28, 2026, leaving the company without that additional hedging instrument for interest-rate exposure. Foreign-currency forward-contract fair values were not material as of June 28, 2026.
What they said about what is next.
The provided 10-Q extract does not include MD&A or a quantitative outlook. Numeric guidance is therefore not available in the filing extract; prior outlook information came from the June 3, 2026 8-K rather than this 10-Q.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 28, 2026
- Smithfield reported a modestly positive Q1 2026: consolidated sales of $3,800 million (up $29 million, +0.8% year-over-year) and operating profit of $333 million (up $11 million, +3.4%), with net income attributable to…
- 10-K · March 24, 2026
- Smithfield continues to execute a strategy of shifting mix toward higher-margin Packaged Meats (brand and private label) while optimizing Fresh Pork and Hog Production through contractual sourcing and efficiency…
- 10-Q · October 28, 2025
- Smithfield reported Q3 sales of $3,747 million, up 12.4% year-over-year, and GAAP EPS of $0.58 (beat $0.50 est.). Gross profit rose modestly to $479 million (+0.8%) while operating profit increased to $310 million…
- 10-Q · October 26, 2016
- Smithfield reported Q3 sales of $3,538.6 million, up $132.5 million versus $3,406.1 million in Q3 2015; gross profit rose to $472.5 million from $385.0 million and operating profit increased to $246.3 million from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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