Financial Analysis

"COMMITMENTS AND CONTINGENCIES Commitments We guarantee obligations of certain outside third parties, consisting primarily of grower loans, which are substantially collateralized by the underlying assets. The remaining terms of the underlying obligations cover periods up to 7 years, and the maximum potential amount of future payments as of September 27, 2025, was not significant. The likelihood of material payments under these guarantees is not considered probable. At September 27, 2025 and September 28, 2024, no significant liabilities for guarantees were recorded. We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum commitment associated with these programs is limited to the fair value of each participating livestock suppliers net tangible assets. The potential maximum obligation as of September 27, 2025, was approximately $240 million. At September 27, 2025 and September 28, 2024, we did not have significant net receivables outstanding under these programs. When constructing new facilities or making …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

PENSIONS AND OTHER POSTRETIREMENT BENEFITS We have four defined benefit pension plans consisting of one frozen and noncontributory funded qualified plan and three frozen unfunded non-qualified plans. The benefits provided under these plans are based on a formula using years of service and either a specified benefit rate or compensation level. The non-qualified defined benefit plans are for certain officers and use a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our team members may receive benefits if they satisfy applicable eligibility criteria. The postretirement healthcare plans are contributory with participants contributions adjusted when deemed necessary. Additionally, we have defined contribution retirement programs for various groups of team members and recognized expenses of $114 million, $111 million and $113 million in fiscal 2025, 2024 and 2023, respectively. We use a fiscal year end measurement date for our defined benefit plans and other postretirement plans. We recognize the effect of actuarial gains and losses into earnings immediately for other postretirement plans rather than amortizing the effect over future periods. Other postretirement benefits include postretirement medical costs and life insurance. During fiscal 2024, we amended and discontinued one of the Company's other postretirement benefit plans which resulted in the recognition of a gain of $16 million, re …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

"DEBT The following table reflects major components of debt as of September 27, 2025 and September 28, 2024 (in millions): 2025 2024 Revolving credit facility $ $ Commercial paper Senior notes: 4.00% Notes due March 2026 (2026 Notes) 800 800 3.55% Notes due June 2027 1,350 1,350 7.00% Notes due January 2028 18 18 4.35% Notes due March 2029 (2029 Notes) 1,000 1,000 5.40% Notes due March 2029 (""5.40% 2029 Notes"") 600 600 6.13% Notes due November 2032 157 157 5.70% Notes due March 2034 (""5.70% 2034 Notes"") 900 900 4.88% Notes due August 2034 500 500 5.15% Notes due August 2044 497 500 4.55% Notes due June 2047 733 750 5.10% Notes due September 2048 (2048 Notes) 1,490 1,500 Discount on senior notes (34) (36) Term loans: Term loan facility due May 2026 750 Term loan facility due May 2028 (5.99% at September 27, 2025) 440 750 Finance leases 168 126 Other 251 168 Unamortized debt issuance costs (40) (46) Total debt 8,830 9,787 Less current debt 909 74 Total long-term debt $ 7,921 $ 9,713 Annual maturities of debt for the five fiscal years subsequent to September 27, 2025 are: 2026 - $909 million; 2027 - $1,400 million; 2028 - $499 million; 2029 - $1,626 million; 2030 - $22 million. Revolving Credit Facility and Letters of Credit In April 2025, we terminated our previously existing revolving credit facility and entered into a new $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The new revolvin …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables further disaggregate our sales to customers by major distribution channels (in millions): Twelve months ended September 27, 2025 Retail (a) Foodservice (b) International (c) Industrial and Other (d) Total External Customers Intersegment Total Beef $ 10,920 $ 5,786 $ 2,249 $ 2,150 $ 21,105 $ 518 $ 21,623 Pork 1,880 548 1,186 767 4,381 1,400 5,781 Chicken 6,942 6,660 1,104 2,028 16,734 103 16,837 Prepared Foods 5,788 3,636 242 264 9,930 9,930 International/Other 2,291 2,291 2,291 Intersegment (2,021) (2,021) Total $ 25,530 $ 16,630 $ 7,072 $ 5,209 $ 54,441 $ $ 54,441 Twelve months ended September 28, 2024 Retail (a) Foodservice (b) International (c) Industrial and Other (d) Total External Customers Intersegment Total Beef $ 9,915 $ 5,215 $ 2,659 $ 2,245 $ 20,034 $ 445 $ 20,479 Pork 1,804 498 1,364 1,078 4,744 1,159 5,903 Chicken 6,994 6,432 957 1,944 16,327 98 16,425 Prepared Foods 5,794 3,629 225 203 9,851 9,851 International/Other 2,353 2,353 2,353 Intersegment (1,702) (1,702) Total $ 24,507 $ 15,774 $ 7,558 $ 5,470 $ 53,309 $ $ 53,309 Twelve months ended September 30, 2023 Retail (a) Foodservice (b) International (c) Industrial and Other (d) Total External Customers Intersegment Total Beef $ 8,947 $ 4,839 $ 2,633 $ 2,395 $ 18,814 $ 511 $ 19,325 Pork 1,677 477 1,235 1,338 4,727 1,041 5,768 Chicken 7,483 6,589 1,007 1,901 16,980 80 17,060 Prepared Foods 5,795 3,690 213 147 9,845 9,845 International/Other 2,515 2,515 2,515 Intersegment (1,632) (1,632) Total …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION We issue shares under our stock-based compensation plans by issuing Class A stock from treasury. The total number of shares available for future grant under the Tyson Foods, Inc. 2000 Stock Incentive Plan (Incentive Plan) was 8,769,043 at September 27, 2025. Stock Options Shareholders approved the Incentive Plan in January 2001. The Incentive Plan is administered by the Compensation and Leadership Development Committee of the Board of Directors (Compensation Committee). The Incentive Plan includes provisions for granting incentive stock options for shares of Class A stock at a price not less than the fair value at the date of grant. Nonqualified stock options may be granted at a price equal to or more than the fair value of Class A stock on the date the option is granted. Stock options under the Incentive Plan generally become exercisable ratably over three years from the date of grant and must be exercised within 10 years from the date of grant. Our policy is to recognize compensation expense on a straight-line basis over the requisite service period for the entire award. Forfeitures are recognized as they occur. Shares Under Option Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (in millions) Outstanding, September 28, 2024 7,114,663 $ 64.02 Exercised (669,987) 49.82 Forfeited or expired (623,291) 66.64 Granted 1,648,774 64.54 Outstanding, September 27, 2025 7,470,159 $ 65.19 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: Level 1 Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets in non-active markets; Inputs other than quoted prices that are observable for the asset or liability; and Inputs derived principally from or corroborated by other observable market data. Level 3 Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize managements estimates of market participant assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has be …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND INTANGIBLE ASSETS The following table reflects goodwill activity for fiscal years 2025 and 2024 (in millions): Beef Pork Chicken Prepared Foods International/Other Consolidated Balance at September 30, 2023 (a) $ 343 $ 423 $ 3,064 $ 5,904 $ 144 $ 9,878 Fiscal 2024 Activity: Measurement period adjustments (13) (13) Sale of business (63) (63) Currency translation 17 17 Balance at September 28, 2024 (a) $ 343 $ 423 $ 3,001 $ 5,891 $ 161 $ 9,819 Fiscal 2025 Activity: Sale of business (4) (4) Impairment losses (343) (343) Currency translation (3) (3) Balance at September 27, 2025 (a) $ $ 423 $ 3,001 $ 5,891 $ 154 $ 9,469 (a) Included in goodwill for fiscal 2025 are accumulated impairment losses of $1,236 million in Beef, $210 million in Chicken and $295 million in International/Other. Included in goodwill as of September 28, 2024 and September 30, 2023 are accumulated impairment losses of $893 million in Beef, $210 million in Chicken and $295 million in International/Other. The following table reflects intangible assets by type as of September 27, 2025 and September 28, 2024 (in millions): 2025 2024 Amortizable intangible assets: Brands and trademarks $ 992 $ 995 Customer relationships 2,385 2,399 Supply arrangements 310 310 Patents, intellectual property and other 45 45 Land use rights 9 9 Total gross amortizable intangible assets $ 3,741 $ 3,758 Less accumulated amortization 2,195 1,961 Total net amortizable intangible assets $ 1,546 $ 1,797 Brands and trademarks no …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Detail of the provision for income taxes from continuing operations consisted of the following for fiscal years 2025, 2024 and 2023 (in millions): 2025 2024 2023 Federal $ 124 $ 188 $ (39) State 54 34 (38) Foreign 84 48 48 $ 262 $ 270 $ (29) Current $ 338 $ 315 $ 154 Deferred (76) (45) (183) $ 262 $ 270 $ (29) The reasons for the difference between the statutory federal income tax rate and our effective income tax rate from continuing operations are as follows for fiscal years 2025, 2024 and 2023: 2025 2024 2023 Federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes 4.7 3.4 (0.7) Unrecognized tax benefits, net 1.2 0.7 1.8 Deferred income tax remeasurement (0.9) 3.8 General business credits (2.1) (1.9) 3.4 Company-owned life insurance (1.3) (1.7) 1.3 Officer compensation expense 1.9 1.1 (0.6) Foreign rate differences and valuation allowances (1.8) 0.3 (1.2) Goodwill 9.4 1.2 (24.2) Other 1.1 1.6 (0.3) 34.1 % 24.8 % 4.3 % During fiscal 2025, state tax expense, net of federal impact, was $36 million. Additionally, the effective tax rate was higher than the statutory rate due to the impact of a $343 million non-deductible goodwill impairment. Changes in foreign valuation allowances include $9 million benefit due to legislation enacted in fiscal 2025. During fiscal 2024, state tax expense, net of federal impact, was $28 million, which included $14 million benefit from operating loss carryforwards and $9 million benefit related to the remeasurement of deferred …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements In September 2025, the Financial Accounting Standards Board (the ""FASB"") issued authoritative guidance to modernize the accounting for internal-use software costs including the elimination of the stage-based capitalization model and updated disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, our fiscal 2029, and interim reporting periods within those annual reporting periods. Amendments can be applied using a prospective transition approach, a modified transition approach, or a retrospective transition approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements. In November 2024, the FASB issued authoritative guidance to disclose certain additional expense information including, among other items, purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each Consolidated Statement of Income expense caption. The guidance is effective for annual reporting periods beginning after December 15, 2026, our fiscal 2028, and interim reporting periods within fiscal years beginning after December 15, 2027, our fiscal 2029. Amendments can be applied using either the prospective or the retrospective approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements. In December 2023, the FASB issued au …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

TRANSACTIONS WITH RELATED PARTIES We have related party leases for two wastewater facilities with an entity owned by the Donald J. Tyson Revocable Trust (for which Mr. John H. Tyson, Chairman of the Company, is a trustee), Berry Street Waste Water Treatment Plant, LP (90% of which is owned by the TLP), and the sisters of Mr. Tyson. As of September 27, 2025 and September 28, 2024, one lease was classified as a finance lease with a debt balance of $6 million which is primarily recognized as Long-term debt in our Consolidated Balance Sheet. The other lease was classified as an operating lease with a lease liability balance of $1 million and $1 million as of September 27, 2025 and September 28, 2024, respectively, which is primarily recognized within Other Liabilities in our Consolidated Balance Sheet. Total payments of approximately $1 million in each of fiscal 2025, 2024 and 2023 were paid to lease the facilities. As of September 27, 2025, the TLP, of which John H. Tyson and director Barbara Tyson are general partners, owned 70 million shares, or 99.987% of our outstanding Class B stock and, along with the members of the Tyson family, owned 7.2 million shares of Class A stock, giving it control of approximately 71.94% of the total voting power of our outstanding voting stock. In fiscal 2025, 2024 and 2023, the Company provided administrative services to the TLP, the beneficial owner of 70 million shares of Class B stock, and the TLP, through TLP Investment, L.P., reimbursed the …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"RESTRUCTURING AND RELATED CHARGES Network Optimization Plan During fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. We are reporting on actions approved through the end of fiscal 2025 as we are currently unable to make an estimate of the cost of the entire network optimization plan. We anticipate recognizing total pretax charges of $86 million related to the actions approved through September 27, 2025, which include $99 million of charges that have resulted or will result in cash outflows and $94 million of non-cash charges, partially offset by $107 million gain recognized from the sale of storage facilities. Additionally, we have received $252 million in proceeds associated with the sale of storage facilities during fiscal 2025. We expect to incur costs related to the network optimization plan over a multi-year period and anticipate additional charges in the future as further actions are approved. In fiscal 2025, we recognized net charges of $45 million related to the network optimization plan, which included a gain of $107 million from the sale of storage facilities. The charges primarily included the closure of two facilities in the Prepared Foods segment, a non-harvesting facility closure in the Beef segment, and asset write-offs in the Chicken and Prepared Foods segments and International/Other, as well as severance and related costs and contract and lease termination costs. Additionally, in fiscal 2 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING We operate in four reportable segments: Beef, Pork, Chicken, and Prepared Foods. We measure segment profit as operating income (loss). International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC. Our President and Chief Executive Officer is the Chief Operating Decision Maker (CODM) of the Company. The CODM uses operating income (loss) as the reportable segment profitability measure to assess performance and allocate resources. This measure is utilized during our budgeting and forecasting process to assess profitability and to enable decision making regarding strategic initiatives and capital investments across all reportable segments. Our CODM considers variances of actual performance to our annual operating plan and periodic forecasts when making decisions. Significant expenses are expenses which are regularly provided to the CODM and are included in segment operating income (loss). These consist of segment cost of sales, segment selling, general and administrative expenses, and various items affecting comparability. Segment Cost of Sales includes raw materials, direct labor and plant overhead, as well as purchasing and receiving costs, costs directly related to production planning, food safety and quality assurance costs and transportation and warehousing expenses, excluding …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Tyson Foods, Inc. (collectively, Company, we, us or our), is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family and has a broad portfolio of iconic products and brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair, Aidells and ibp. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, and affordably, now and for future generations. Consolidation The consolidated financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-owned subsidiaries over which we exercise control and, when applicable, entities for which we have a controlling financial interest or variable interest entities for which we are the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal Year We utilize a 52- or 53-week accounting period ending on the Saturday closest to September 30. The Companys accounting cycle resulted in a 52-week year for fiscal 2025, 2024 and 2023. Cash and Cash Equivalents Cash equivalents consist of investments in short-term, highly liquid securities having original maturities of three months or less, which are made as part of our cash management activity. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY Capital Stock We have two classes of capital stock, Class A Common stock, $0.10 par value (Class A stock) and Class B Common Stock, $0.10 par value (Class B stock). Holders of Class B stock may convert such stock into Class A stock on a share-for-share basis. Holders of Class B stock are entitled to 10 votes per share, while holders of Class A stock are entitled to one vote per share on matters submitted to shareholders for approval. As of September 27, 2025, TLP owned 99.987% of the outstanding shares of Class B stock and the TLP and members of the Tyson family owned, in the aggregate, 2.56% of the outstanding shares of Class A stock, giving them, collectively, control of approximately 71.94% of the total voting power of the outstanding voting stock. The Class B stock is considered a participating security requiring the use of the two-class method for the computation of basic earnings per share. The two-class computation method for each period reflects the cash dividends paid for each class of stock, plus the amount of allocated undistributed earnings (losses) computed using the participation percentage, which reflects the dividend rights of each class of stock. Basic earnings per share were computed using the two-class method for all periods presented. The shares of Class B stock are considered to be participating convertible securities since the shares of Class B stock are convertible on a share-for-share basis into shares of Class A stock. Diluted earnings per shar …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"COMMITMENTS AND CONTINGENCIES Commitments We guarantee obligations of certain outside third parties, consisting primarily of grower loans, which are substantially collateralized by the underlying assets. The remaining terms of the underlying obligations cover periods up to 6 years, and the maximum potential amount of future payments as of December 27, 2025, was not significant. The likelihood of material payments under these guarantees is not considered probable. At December 27, 2025 and September 27, 2025, no significant liabilities for guarantees were recorded. We have cash flow assistance programs in which certain livestock suppliers participate. Under these programs, we pay an amount for livestock equivalent to a standard cost to grow such livestock during periods of low market sales prices. The amounts of such payments that are in excess of the market sales price are recorded as receivables and accrue interest. Participating suppliers are obligated to repay these receivables balances when market sales prices exceed this standard cost, or upon termination of the agreement. Our maximum commitment associated with these programs is limited to the fair value of each participating livestock suppliers net tangible assets. The potential maximum commitment as of December 27, 2025 was approximately $155 million. At December 27, 2025 and September 27, 2025, we did not have significant net receivables outstanding under these programs. When constructing new facilities or making majo …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT The major components of debt are as follows (in millions): December 27, 2025 September 27, 2025 Revolving credit facility $ $ Revolving term loan credit facility Commercial paper Senior notes: 4.00% Notes due March 2026 (2026 Notes) 800 800 3.55% Notes due June 2027 1,350 1,350 7.00% Notes due January 2028 18 18 4.35% Notes due March 2029 (2029 Notes) 1,000 1,000 5.40% Notes due March 2029 600 600 6.13% Notes due November 2032 157 157 5.70% Notes due March 2034 900 900 4.88% Notes due August 2034 500 500 5.15% Notes due August 2044 497 497 4.55% Notes due June 2047 713 733 5.10% Notes due September 2048 (2048 Notes) 1,485 1,490 Discount on senior notes (33) (34) Term loan facility due May 2028 440 Finance Leases 168 168 Other 246 251 Unamortized debt issuance costs (39) (40) Total debt 8,362 8,830 Less current debt 909 909 Total long-term debt $ 7,453 $ 7,921 Revolving Credit Facility and Letters of Credit We have a $2.5 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program. The facility will mature and the commitments thereunder will terminate in April 2030 with options for two one-year extensions. Under the terms of the revolving credit facility, we have the option to establish incremental commitment increases of up to an aggregate amount of $500 million if certain conditions are met. At December 27, 2025, amounts available for borrowing under this facility totaled $2.5 billion and we had no ou …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables further disaggregate our sales to customers by major distribution channels (in millions): Three months ended December 27, 2025 Retail (d) Foodservice (e) International (f) Industrial and Other (g) Total External Customers Intersegment Total Beef $ 2,902 $ 1,604 $ 542 $ 575 $ 5,623 $ 148 $ 5,771 Pork 503 170 357 220 1,250 359 1,609 Chicken 1,767 1,648 267 507 4,189 23 4,212 Prepared Foods 1,587 943 66 73 2,669 4 2,673 International 582 582 582 Intersegment (534) (534) Total $ 6,759 $ 4,365 $ 1,814 $ 1,375 $ 14,313 $ $ 14,313 Three months ended December 28, 2024 Retail (d) Foodservice (e) International (f) Industrial and Other (g) Total External Customers Intersegment Total Beef $ 2,657 $ 1,366 $ 655 $ 549 $ 5,227 $ 108 $ 5,335 Pork 553 126 331 285 1,295 322 1,617 Chicken 1,658 1,652 269 465 4,044 21 4,065 Prepared Foods 1,472 894 57 50 2,473 2,473 International 584 584 584 Intersegment (451) (451) Total $ 6,340 $ 4,038 $ 1,896 $ 1,349 $ 13,623 $ $ 13,623 (d) Includes external sales to consumer products and food retailers, such as grocery retailers, warehouse club stores and internet-based retailers. (e) Includes external sales to fo odservice distr ibutors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. (f) Includes external sales to international markets for internationally produced products or export sales of domestically produced products. (g) I …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: Level 1 Unadjusted quoted prices available in active markets for the identical assets or liabilities at the measurement date. Level 2 Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets in non-active markets; Inputs other than quoted prices that are observable for the asset or liability; and Inputs derived principally from or corroborated by other observable market data. Level 3 Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize managements estimates of market participant assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The fair value hierarchy requires the use of observable market data when available. In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

INCOME TAXES Our effective tax rate was 29.7% and 23.5% for the first quarter of fiscal 2026 and 2025, respectively. The effective tax rates for the first quarter of fiscal 2026 and 2025 are higher than the federal statutory tax rate primarily due to state taxes and net unfavorable permanent book-to-tax differences, partially offset by various tax benefits. Additionally, the effective tax rate for the first quarter of fiscal 2026 was increased by estimated foreign withholding tax on the repatriation of earnings of foreign subsidiaries, and the effective tax rate for the first quarter of fiscal 2025 was decreased by the release of a $9 million valuation allowance on losses related to a production facility fire in the Netherlands and our subsequent decision to sell the facility. The release of the valuation allowance was due to newly enacted tax legislation in the Netherlands. Unrecognized tax benefits were $165 million and $168 million at December 27, 2025 and September 27, 2025, respectively. In December 2021, we received an assessment from the Mexican tax authorities related to the 2015 sale of our direct and indirect equity interests in subsidiaries which collectively held our Mexico operation. At December 27, 2025, the assessment totaled approximately $519 million (9.3 billion Mexican pesos), which included tax, inflation adjustment, interest and penalties. Based on analysis of our assessment in accordance with guidance related to unrecognized tax benefits, we have not rec …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Issued Accounting Pronouncements In November 2025, the Financial Accounting Standards Board (the ""FASB"") issued authoritative guidance to address several incremental hedge accounting issues arising from the global reference rate reform initiative. This guidance is effective for annual reporting periods beginning after December 15, 2026, our fiscal 2028, and interim reporting periods within those annual reporting periods. Amendments should be applied using a prospective approach, with the option to adopt the amendments in this update for hedging relationships that exist as of the date of adoption. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements. In September 2025, the FASB issued authoritative guidance to modernize the accounting for internal-use software costs including the elimination of the stage-based capitalization model and updated disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, our fiscal 2029, and interim reporting periods within those annual reporting periods. Amendments can be applied using a prospective transition approach, a modified transition approach, or a retrospective transition approach. We are currently evaluating the impact this guidance will have on disclosures in our consolidated financial statements. In November 2024, the FASB issued authoritative guidance to disclose certain additional expense information …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RESTRUCTURING AND RELATED CHARGES Network Optimization Plan In the first quarter of fiscal 2025, the Company initiated a network optimization plan to optimize our global operations and logistics network. We are reporting on actions approved through the end of the first quarter of fiscal 2026 as we are currently unable to make an estimate of the cost of the entire network optimization plan. In the first quarter of fiscal 2026, the Company approved additional actions under the network optimization plan, increasing the estimated total pretax charges by $140 million. This increase reflects network changes in the Beef segment, including the closure of a harvesting facility and the transition to a single shift at another, as well as efforts to reduce support costs across all segments and corporate functions. As a result, we now expect to recognize total pretax net charges of $226 million for actions approved through December 27, 2025, which include $148 million of net charges that have resulted or will result in cash outflows and $185 million of non-cash charges, partially offset by a $107 million gain recognized from the sale of storage facilities. Additionally, we have received $294 million in proceeds associated with the sale of storage facilities to date, of which, $42 million was received in the first quarter of fiscal 2026. Through the first quarter of fiscal 2026, we have recognized $162 million of the expected total pretax charges and estimate $64 million of charges will be …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"SEGMENT REPORTING We operate in five reportable segments: Beef, Pork, Chicken, Prepared Foods and International. We measure segment profit as segment operating income (loss). Previously, International was a non-reportable segment and was presented within International/Other. Effective in the first quarter of fiscal 2026, International was identified as a reportable segment. Our President and Chief Executive Officer is the Chief Operating Decision Maker (""CODM"") of the Company. Commencing in the first quarter of fiscal 2026, we no longer allocate corporate expenses and amortization to our segments as these items are no longer used by our CODM in assessing the performance of, or in allocating resources to, the segments. The CODM uses segment operating income (loss) as the segment profitability measure to assess performance and allocate resources. Segment operating income (loss) is now defined as Operating Income (Loss) less corporate expenses and amortization to account for the changes to our segment results described above. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments. Amortization includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software. Segment operating income (loss) is utilized during our budgeting and forecasting process to …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"ACCOUNTING POLICIES Basis of Presentation The consolidated condensed financial statements are unaudited and have been prepared by Tyson Foods, Inc. (Tyson, the Company, we, us or our). Certain information and accounting policies and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations of the United States Securities and Exchange Commission (the SEC). Although we believe the disclosures contained herein are adequate to make the information presented not misleading, these consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. Preparation of consolidated condensed financial statements requires us to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated condensed financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We believe the accompanying consolidated condensed financial statements contain all adjustments, which are of a normal recurring nature necessary to state fairly our financial position as of December 27, 2025 and the results o …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

EQUITY Share Repurchases As of December 27, 2025, 46.6 million shares remained available for repurchase under the Company's share repurchase program. The program has no fixed or scheduled termination date, and the timing and extent to which we repurchase shares will depend upon, among other things, our working capital needs, markets, industry conditions, liquidity targets, limitations under our debt obligations and regulatory requirements. In addition to the share repurchase program, we purchase shares on the open market to fund certain obligations under our equity compensation plans. A summary of share repurchases of our Class A stock is as follows (in millions): Three Months Ended December 27, 2025 December 28, 2024 Shares Dollars Shares Dollars Shares repurchased: Under share repurchase program 0.6 $ 33 $ To fund certain obligations under equity compensation plans 0.3 14 0.3 15 Total share repurchases 0.9 $ 47 0.3 $ 15 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing