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…
Earnings analysis · 10-Q
SFD earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
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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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.