Highlights

  • Third quarter sales were $3,437 million, compared with $3,747 million, and net income attributable to Smithfield was $89 million.
  • Diluted net income per common share was $0.23, compared with $0.63 in the third quarter of 2025.
  • The company acquired Nathan's Famous on October 26, 2026, for $441 million, including $18 million in transaction costs.
  • Available liquidity was $3,481 million at September 27, 2026, including $1,178 million in cash and cash equivalents.

Smithfield Foods, Inc. (NASDAQ: SFD) shares were trading at USD 18.25 on October 27, 2026, down 0.33%, with a relative volume at time of 3.57. The packaged meats and pork company entered a $600 million delayed draw term loan on October 14, 2026, completed the Nathan's Famous acquisition on October 26, 2026, and filed its quarterly report for the period ended September 27, 2026 on October 27, 2026.

Smithfield Foods is a Virginia corporation with principal executive offices in Smithfield, Virginia. It is an American food company and an indirect, majority-owned subsidiary of Hong Kong-based WH Group Limited. It operates three reportable segments, Packaged Meats, Fresh Pork and Hog Production, plus Mexico and Bioscience operations reported as Other. The company employs approximately 31,000 people in the United States and 2,500 people in Mexico. Its fiscal year is the 52-week or 53-week period ending on the Sunday nearest to December 31.

Third Quarter 2026 Results

For the third quarter ended September 27, 2026, sales were $3,437 million, compared with $3,747 million in the third quarter of 2025, a decrease of 8.3%. Gross profit was $313 million, compared with $479 million. Selling, general and administrative expenses were $193 million, compared with $178 million, and included litigation-related charges of $13 million. Operating profit was $127 million, compared with $310 million.

Net income attributable to Smithfield was $89 million, compared with $248 million. Diluted net income per common share was $0.23, compared with $0.63. Adjusted EBITDA, a non-GAAP measure, was $227 million, compared with $398 million.

By segment, Fresh Pork sales decreased $371 million, or 17.0%, with an 11.4% decrease in average sales price and a 6.3% decrease in sales volume, which the company attributed to softer domestic consumer demand and a global oversupply of pork.

For the first nine months of 2026, sales were $10,937 million and net income attributable to Smithfield was $574 million, with diluted net income per share of $1.45.

Liquidity, Dividends and Financing

At September 27, 2026, available liquidity was $3,481 million, made up of $1,178 million in cash and cash equivalents and $2,303 million of availability under committed credit facilities. Net cash flows from operating activities for the first nine months were $365 million, compared with $121 million.

On October 14, 2026, the company entered into a $600 million senior unsecured delayed draw term loan facility. It plans to use the proceeds to repurchase the outstanding $600 million aggregate principal amount of its senior unsecured notes due February 2027.

The company paid dividends of $0.3125 per share on April 21, May 28 and August 27, 2026. It anticipates a remaining quarterly dividend for fiscal 2026 of $0.3125 per share, for an annual dividend rate of $1.25 per share.

Developments and Disclosed Risks

On October 26, 2026, Smithfield acquired Nathan's Famous, Inc. for $441 million, funded with cash on hand. On October 16, 2026, it agreed to sell approximately 40,000 sows and related hog inventories to VisionAg Hog Production, LLC, with the sale financed through an interest-bearing note over 30 months.

On February 16, 2026, it announced it had started the approval process for a new Sioux Falls, South Dakota processing facility, with a preliminary estimate of up to $1.3 billion. The investment is contingent on board approval, permitting and regulatory approvals.

The company reported contingent liabilities for litigation of $159 million at September 27, 2026, compared with $149 million at December 28, 2025, and said it cannot estimate possible loss in excess of its accruals. Export sales into China were approximately 2% of total sales in the first nine months, and products exported to China faced tariffs ranging from 25% to 47%. The filing contains no numeric financial guidance for fiscal 2026.