Jun 2026 (Q2 FY26) — Aug 11, 2026
Smithfield Foods Q2 FY26 — Record Adjusted Operating Profit Despite Challenging Environment
Read the full callSmithfield Foods (SFD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Smithfield Foods earnings: last reported Tue, 11 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,700 | −2.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.8 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 238 | +26.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hog Production segment profitability, year-over-year (Q2 FY26) | Strong second quarter, driven by favorable market fundamentals | Mar 2026 | Hog Production delivered an operating profit of $64 million, up from $22 million last year, driven by higher hog selling prices, savings on our nutritional plan and improved operating efficiency on our retained farms. | Achieved |
| Fresh Pork segment adjusted operating profit, year-over-year (Q2 FY26) | Modestly up year-over-year | Mar 2026 | Fresh port delivered operating profit of $14 million at a 0.7% margin. This was down from adjusted operating profit of $30 million and an adjusted operating profit margin of 1.4% in the second quarter of 2025. | Missed |
| Total company adjusted operating profit (FY26) | $1.325 billion to $1.475 billion | Dec 2025 | Total company adjusted operating profit is now expected to be in the range of $1.225 billion to $1.375 billion, Packaged Meats is now expected to be in the range of $1.075 billion to $1.15 billion. | Revised Down |
2 of SMITHFIELD FOODS INC's 25 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 22 more targets are in the full ledger.
Claimed
- Delivered record second quarter adjusted operating profit of $300 million, expanding margin to 8.1%.
- Achieved record first half adjusted operating profit of $638 million, up 2% from prior year.
- Hog Production segment reported its sixth consecutive quarter of profitability, with operating profit of $64 million, up from $22 million year-over-year.
- Packaged Meats grew branded packaged lunch meat volume by 9.5% and gained 1.1 points of volume share.
- E-commerce volume increased by 21.7%, with volume share gains in 22 of 25 categories.
Qualified
- Consolidated sales decreased 2.3% year-over-year to $3.7 billion, primarily due to lower volumes in Packaged Meats and Fresh Pork.
- Packaged Meats operating profit margin decreased 110 basis points year-over-year to 13.1% due to higher freight, diesel costs, and increased marketing investment.
- Fresh Pork operating profit declined to $14 million from $30 million in Q2 FY25, primarily due to $37 million of industry market spread compression.
- Updated full-year 2026 adjusted operating profit outlook to $1.225 billion to $1.375 billion, reflecting softer commodity markets and cautious consumer spending.
- Total company sales outlook updated to roughly flat, down from prior expectation of low single-digit growth.
Price
$18.64 +0.87% · +$0.16
Performance −13.5% 1Y
1Y: $21.54 on 15 Oct 2025 → $18.64. High $29.59 (9 Apr 2026), low $18.22 (13 Oct 2026).
- Previous close
- $18.48
- 52-week range
- $18.22 – $29.59
- One year
- −14.18%
Overview
- Symbol
- SFD
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hog Production segment profitability, year-over-year (Q2 FY26) | Strong second quarter, driven by favorable market fundamentals | Mar 2026 | Hog Production delivered an operating profit of $64 million, up from $22 million last year, driven by higher hog selling prices, savings on our nutritional plan and improved operating efficiency on our retained farms. | Achieved |
| Fresh Pork segment adjusted operating profit, year-over-year (Q2 FY26) | Modestly up year-over-year | Mar 2026 | Fresh port delivered operating profit of $14 million at a 0.7% margin. This was down from adjusted operating profit of $30 million and an adjusted operating profit margin of 1.4% in the second quarter of 2025. | Missed |
| Total company adjusted operating profit (FY26) | $1.325 billion to $1.475 billion | Dec 2025 | Total company adjusted operating profit is now expected to be in the range of $1.225 billion to $1.375 billion, Packaged Meats is now expected to be in the range of $1.075 billion to $1.15 billion. | Revised Down |
Claimed
- Delivered record second quarter adjusted operating profit of $300 million, expanding margin to 8.1%.
- Achieved record first half adjusted operating profit of $638 million, up 2% from prior year.
- Hog Production segment reported its sixth consecutive quarter of profitability, with operating profit of $64 million, up from $22 million year-over-year.
- Packaged Meats grew branded packaged lunch meat volume by 9.5% and gained 1.1 points of volume share.
- E-commerce volume increased by 21.7%, with volume share gains in 22 of 25 categories.
Qualified
- Consolidated sales decreased 2.3% year-over-year to $3.7 billion, primarily due to lower volumes in Packaged Meats and Fresh Pork.
- Packaged Meats operating profit margin decreased 110 basis points year-over-year to 13.1% due to higher freight, diesel costs, and increased marketing investment.
- Fresh Pork operating profit declined to $14 million from $30 million in Q2 FY25, primarily due to $37 million of industry market spread compression.
- Updated full-year 2026 adjusted operating profit outlook to $1.225 billion to $1.375 billion, reflecting softer commodity markets and cautious consumer spending.
- Total company sales outlook updated to roughly flat, down from prior expectation of low single-digit growth.
The full ledger
Open SMITHFIELD FOODS INC’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Smithfield Foods Q1 FY26 — Record Adjusted Operating Profit Driven by Packaged Meats
Read the full callEvery analysed call
Smithfield Foods earnings calls (SFD)
Financials
What the filings say
Net profit, year on year: +27% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,334 | 3,952 | 3,771 | 3,786 | 3,747 | 4,227 | 3,800 | 3,700 |
| Expenses | 2,859 | 3,417 | 3,262 | 3,288 | 3,268 | 3,624 | 3,289 | 3,221 |
| Operating profit | 285 | 336 | 321 | 260 | 310 | 401 | 333 | 290 |
| Operating margin | 8.6% | 8.5% | 8.5% | 6.9% | 8.3% | 9.5% | 8.8% | 7.8% |
| Other income | 7 | -4 | -6 | 4 | 19 | 1 | -1 | 17 |
| Interest | 17 | 14 | 11 | 11 | 11 | 8 | 8 | 8 |
| Profit before tax | 276 | 316 | 304 | 254 | 318 | 394 | 323 | 299 |
| Tax rate | 25.0% | 33.2% | 23.7% | 24.4% | 22.3% | 19.8% | 22.3% | 21.4% |
| Net profit | 291 | 205 | 224 | 188 | 248 | 327 | 246 | 238 |
| EPS ($ per share) | 0.77 | — | 0.57 | 0.48 | 0.63 | — | 0.63 | 0.61 |
| Line item | Jan 2016 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Equity capital | 0 | — | 0 | 0 | 0 |
| Reserves | 1,013 | — | 3,588 | 3,184 | 3,776 |
| Total liabilities | 5,073 | — | 6,076 | 5,220 | 5,376 |
| Fixed assets | 2,867 | — | 3,347 | 3,176 | 3,226 |
| Total assets | 9,894 | — | 13,317 | 11,054 | 12,177 |
| Line item | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 521 | 688 | 916 | 1,059 |
| Net cash flow | 245 | 181 | 192 | 597 |
| Capital expenditure | -338 | -353 | -350 | -341 |
| Free cash flow | 183 | 335 | 566 | 718 |
SFD revenue by segment
| Segment | Q2 FY2017 | Q3 FY2017 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Packaged Meats | — | — | 54% | 55% | 56% | 61% | 57% | 55% | -2.7% |
| Fresh Pork | — | — | 33% | 34% | 34% | 29% | 32% | 34% | -0.6% |
| Hog Production | — | — | 11% | 8% | 7% | 6% | 7% | 7% | -18.0% |
| All Other Segments | — | — | 3% | 3% | 4% | 4% | 5% | 4% | +27.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2027 · share of revenue
- MX 4% ↑ 1 pt
As SFD cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
37 filings between Jan 28, 2026 and Jun 16, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.40M
3 sales by 3 insiders
Compensation
not trading decisions- 12
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 20
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| France Steven | — | $2.22M | Jun 16, 2026 |
| Hall Mark L. | — | $2.07M | Jun 9, 2026 |
| Starling Raymond A | — | $106.0K | Jun 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 16, 2026 | France Steven President, Packaged Meats | Sale | 82,825 | $2.22M |
| Jun 12, 2026 | France Steven President, Packaged Meats | Option exercise | 82,825 | $1.97M |
| Jun 12, 2026 | Starling Raymond A Director | Sale | 3,960 | $106.0K |
| Jun 9, 2026 | Hall Mark L. Chief Financial Officer | Option exercise | 78,579 | $1.57M |
| Jun 9, 2026 | Hall Mark L. Chief Financial Officer | Sale | 78,579 | $2.07M |
| Jun 2, 2026 | Starling Raymond A Director | Award | 6,915 | $0 |
| Jun 2, 2026 | QUELCH JOHN Director | Award | 6,915 | $0 |
| Jun 2, 2026 | Gallagher Marie T. Director | Award | 6,915 | $0 |
| Mar 10, 2026 | Bennett Isham Jay Chief Human Resources Officer | Tax withheld | 1,632 | $38.8K |
| Mar 10, 2026 | Owens Donovan President, North America Pork | Tax withheld | 10,315 | $245.1K |
| Mar 10, 2026 | Smith Charles Shane President & CEO | Award | 146,190 | $0 |
| Mar 10, 2026 | Smith Charles Shane President & CEO | Tax withheld | 21,978 | $522.2K |
| Mar 10, 2026 | Bennett Isham Jay Chief Human Resources Officer | Award | 14,672 | $0 |
| Mar 10, 2026 | Owens Donovan President, North America Pork | Award | 78,637 | $0 |
| Mar 10, 2026 | He Hank Shenghua Director | Tax withheld | 11,780 | $279.9K |
| Mar 10, 2026 | Sutton Doug Chief Manufacturing Officer | Award | 81,446 | $0 |
| Mar 10, 2026 | Sutton Doug Chief Manufacturing Officer | Tax withheld | 10,684 | $253.9K |
| Mar 10, 2026 | Checkovich Tennille J. Chief Legal Officer | Award | 10,676 | $0 |
| Mar 10, 2026 | Checkovich Tennille J. Chief Legal Officer | Tax withheld | 1,072 | $25.5K |
| Mar 10, 2026 | He Hank Shenghua Director | Award | 78,353 | $0 |
| Mar 10, 2026 | Watts Keller D. Chief Business Officer | Tax withheld | 10,684 | $253.9K |
| Mar 10, 2026 | Westerbeek Kraig A. President, Hog Production | Award | 34,319 | $0 |
| Mar 10, 2026 | Westerbeek Kraig A. President, Hog Production | Tax withheld | 5,000 | $118.8K |
| Mar 10, 2026 | France Steven President, Packaged Meats | Award | 93,305 | $0 |
| Mar 10, 2026 | France Steven President, Packaged Meats | Tax withheld | 14,028 | $333.3K |
| Mar 10, 2026 | Hall Mark L. Chief Financial Officer | Tax withheld | 11,780 | $279.9K |
| Mar 10, 2026 | Hall Mark L. Chief Financial Officer | Award | 78,353 | $0 |
| Jan 28, 2026 | He Hank Shenghua Director | Tax withheld | 3,849 | $91.0K |
| Jan 28, 2026 | France Steven President, Packaged Meats | Tax withheld | 3,848 | $91.0K |
| Jan 28, 2026 | Bennett Isham Jay Chief Human Resources Officer | Tax withheld | 992 | $23.5K |
| Jan 28, 2026 | Owens Donovan President, North America Pork | Tax withheld | 3,159 | $74.7K |
| Jan 28, 2026 | Smith Charles Shane President & CEO | Tax withheld | 5,569 | $131.7K |
| Jan 28, 2026 | Brobst Robert Allen JR Chief Accounting Officer | Tax withheld | 822 | $19.4K |
| Jan 28, 2026 | Westerbeek Kraig A. President, Hog Production | Tax withheld | 1,224 | $28.9K |
| Jan 28, 2026 | Sutton Doug Chief Manufacturing Officer | Tax withheld | 3,159 | $74.7K |
| Jan 28, 2026 | Checkovich Tennille J. Chief Legal Officer | Tax withheld | 708 | $16.7K |
| Jan 28, 2026 | Hall Mark L. Chief Financial Officer | Tax withheld | 3,848 | $91.0K |
| Sep 8, 2025 | Sutton Doug Chief Manufacturing Officer | Purchase | 3,920 | $91.1K |
| Sep 8, 2025 | Owens Donovan President, U.S. Fresh Pork | Purchase | 12,000 | $279.0K |
| Sep 8, 2025 | He Hank Shenghua Director | Purchase | 10,000 | $232.5K |
| Sep 8, 2025 | Watts Keller D. Chief Business Officer | Purchase | 3,833 | $89.1K |
| Sep 8, 2025 | Wan Long Director | Purchase | 1,800,000 | $41.85M |
| Sep 8, 2025 | Hall Mark L. Chief Financial Officer | Purchase | 2,000 | $46.5K |
| Sep 8, 2025 | WH Group Ltd 10% owner | Sale | 22,461,452 | $522.23M |
| Jun 12, 2025 | Watts Keller D. Chief Business Officer | Purchase | 4,291 | $101.4K |
| Apr 8, 2025 | WH Group Ltd/ADR 10% owner | Other | 21,296 | $0 |
| Feb 20, 2025 | WH Group Ltd/ADR 10% owner | Sale | 2,506,936 | $50.14M |
| Jan 29, 2025 | Gallagher Marie T. Director | Award | 9,000 | $0 |
| Jan 29, 2025 | Owens Donovan President, U.S. Fresh Pork | Award | 60,000 | $0 |
| Jan 29, 2025 | Owens Donovan President, U.S. Fresh Pork | Purchase | 5,000 | $100.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for SMITHFIELD FOODS INC
Free account. Everything above stays public.
Write why you follow SMITHFIELD FOODS INC and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading