Prepared 2026-10-13 for the Business Model Canvas Gallery (display #102). Independent educational project; not affiliated with Tyson Foods, Inc. Not investment advice.
Company: Tyson Foods, Inc. (NYSE: TSN), Springdale, Arkansas. Four reportable segments: Beef, Pork, Chicken, Prepared Foods; plus International/Other. Fiscal year: Tyson's own 52/53-week year ending on the Saturday closest to Sep 30. FY2025 = 52 weeks ended September 27, 2025 (do not convert to calendar year).
Labels: FACT = company filing / release · SECONDARY = press / third party · INFERENCE = our reading.
| Item | FY2025 | FY2024 | Change |
|---|---|---|---|
| Sales | $54,441M | $53,309M | +2.1% |
| Sales ex legal-contingency sales reductions | — | — | +3.3% (ex $653M / $698M legal items noted in release) |
| Cost of sales | $50,879M | $49,682M | +2.4% |
| Gross profit | $3,562M | $3,627M | −1.8% |
| SG&A | $2,121M | $2,218M | −4.4% |
| Goodwill impairment | $343M | $0 | n.m. |
| Operating income (GAAP) | $1,098M | $1,409M | −22% |
| Adjusted operating income (non-GAAP) | $2,287M | $1,820M | +26% |
| Net income | $507M | $822M | −38% |
| Net income attributable to Tyson | $474M | $800M | −40.8% |
| Diluted EPS attributable to Tyson | $1.33 | $2.25 | −41% |
| Adjusted EPS (non-GAAP) | $4.12 | $3.10 | +33% |
| Operating cash flow | $2,155M | $2,590M | −$435M |
| Capex (PPE additions) | $978M | $1,132M | |
| Free cash flow (non-GAAP) | $1,177M | $1,458M | −$281M |
| Liquidity (end of year) | $3.7B | — |
GAAP operating margin 2.0%; adjusted operating margin 4.1%. Net income attributable to Tyson margin ≈0.9% of sales.
| Segment | Sales | YoY notes | Op. income (loss) | Adj. op. income (loss) |
|---|---|---|---|---|
| Beef | $21,623M | vol −1.9%, avg price +9.0% | $(1,135)M | $(426)M |
| Pork | $5,781M | vol −1.7%, avg price +5.3% | $(199)M | $181M |
| Chicken | $16,837M | vol +2.6%, avg price −0.1% | $1,427M | $1,482M |
| Prepared Foods | $9,930M | vol −2.5%, avg price +3.3% | $898M | $913M |
| International/Other | $2,291M | $107M | $137M | |
| Intersegment sales | $(2,021)M | — | — | |
| Total | $54,441M | $1,098M | $2,287M |
INFERENCE: Chicken + Prepared Foods are the profit engines; Beef (and GAAP Pork) dragged GAAP operating income because of cattle/hog costs, legal contingency accruals, and a $343M Beef goodwill impairment.
# Tyson Foods — research brief *Prepared 2026-10-13 for the Business Model Canvas Gallery (display #102). Independent educational project; not affiliated with Tyson Foods, Inc. Not investment advice.* **Company:** Tyson Foods, Inc. (NYSE: TSN), Springdale, Arkansas. Four reportable segments: Beef, Pork, Chicken, Prepared Foods; plus International/Other. **Fiscal year:** Tyson's own 52/53-week year ending on the Saturday closest to Sep 30. **FY2025 = 52 weeks ended September 27, 2025** (do not convert to calendar year). Labels: **FACT** = company filing / release · **SECONDARY** = press / third party · **INFERENCE** = our reading. ## Sources 1. Tyson Foods Form 10-K for fiscal 2025 (year ended Sep 27, 2025), filed Nov 10, 2025 — https://www.sec.gov/Archives/edgar/data/100493/000010049325000095/tsn-20250927.htm 2. Tyson Foods Q4 and Fiscal 2025 results release (8-K Ex. 99.1), Nov 10, 2025 — https://www.sec.gov/Archives/edgar/data/100493/000010049325000094/tsn2025q4exh-991.htm 3. Same release on IR (PDF) — https://s203.q4cdn.com/483587180/files/doc_financials/2025/q4/TSN-2025-Q4-Exh-99-1-6.pdf 4. Company newsroom post of the release — https://www.tysonfoods.com/news/news-releases/2025/11/tyson-foods-reports-fourth-quarter-2025-results ## Full-year financials (FY2025, year ended Sep 27, 2025) — FACT [2] | Item | FY2025 | FY2024 | Change | |---|---|---|---| | **Sales** | **$54,441M** | $53,309M | **+2.1%** | | Sales ex legal-contingency sales reductions | — | — | +3.3% (ex $653M / $698M legal items noted in release) | | Cost of sales | $50,879M | $49,682M | +2.4% | | Gross profit | $3,562M | $3,627M | −1.8% | | SG&A | $2,121M | $2,218M | −4.4% | | Goodwill impairment | $343M | $0 | n.m. | | Operating income (GAAP) | $1,098M | $1,409M | −22% | | Adjusted operating income (non-GAAP) | $2,287M | $1,820M | +26% | | Net income | $507M | $822M | −38% | | **Net income attributable to Tyson** | **$474M** | $800M | **−40.8%** | | Diluted EPS attributable to Tyson | $1.33 | $2.25 | −41% | | Adjusted EPS (non-GAAP) | $4.12 | $3.10 | +33% | | Operating cash flow | $2,155M | $2,590M | −$435M | | Capex (PPE additions) | $978M | $1,132M | | | Free cash flow (non-GAAP) | $1,177M | $1,458M | −$281M | | Liquidity (end of year) | $3.7B | — | | GAAP operating margin 2.0%; adjusted operating margin 4.1%. Net income attributable to Tyson margin ≈0.9% of sales. ## Segment sales & operating income (FY2025) — FACT [2] | Segment | Sales | YoY notes | Op. income (loss) | Adj. op. income (loss) | |---|---|---|---|---| | Beef | $21,623M | vol −1.9%, avg price +9.0% | $(1,135)M | $(426)M | | Pork | $5,781M | vol −1.7%, avg price +5.3% | $(199)M | $181M | | Chicken | $16,837M | vol +2.6%, avg price −0.1% | $1,427M | $1,482M | | Prepared Foods | $9,930M | vol −2.5%, avg price +3.3% | $898M | $913M | | International/Other | $2,291M | | $107M | $137M | | Intersegment sales | $(2,021)M | | — | — | | **Total** | **$54,441M** | | **$1,098M** | **$2,287M** | **INFERENCE:** Chicken + Prepared Foods are the profit engines; Beef (and GAAP Pork) dragged GAAP operating income because of cattle/hog costs, legal contingency accruals, and a $343M Beef goodwill impairment. ## Business model facts — FACT [1][2] - **What it sells:** Fresh and value-added chicken, beef and pork; branded prepared foods (Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair, Aidells, ibp, Tyson). - **How it sells:** Mostly B2B to food retailers, foodservice distributors, restaurant operators, convenience stores, hotels, schools, healthcare, military and other processors; plus export. Not a consumer DTC storefront business. - **Largest customer:** Walmart Inc. ≈ **18.7%** of FY2025 consolidated sales; no other customer >10%. - **People:** ≈ **133,000** team members at Sep 27, 2025 (≈116,000 U.S.; ≈17,000 abroad, mainly Thailand and China). ≈31,000 U.S. under collective bargaining. - **Plants (capacity context from company disclosures):** Beef 11 facilities; Pork 6; Chicken 167; Prepared Foods 35; International 26. - **Brands named in earnings release:** Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp, State Fair. - **Balance sheet (Sep 27, 2025):** Total assets $36.7B; long-term debt $7.9B; total gross debt $8.8B; cash $1.2B; reduced total debt $957M in FY25; repurchased 3.5M shares for $196M. - **FY2026 outlook (company guide, comparable 52-week basis):** sales +2% to +4%; total company adjusted operating income $2.1–2.3B; CapEx $0.7–1.0B; free cash flow $0.8–1.3B. Beef still expected to lose money on an adjusted basis ($(600)–$(400)M). ## Atlas / ranking notes - State **FY2025 sales $54.441B (+2.1%)** and **FY2025 net income attributable to Tyson $474M** with the year named so the Money Map can rank on full-year figures. - Fiscal year end is **September 27, 2025** — keep Tyson's FY label; do not restate as calendar 2025. - Primary engine tag: **retail/DTC** is the atlas fit used for packaged branded goods sold through retail/foodservice channels (same family as Impossible Foods), even though Tyson is wholesale-to-retailers rather than pure DTC. ## Gaps / not invented - No ARR, valuation, or private-market multiples invented. - No channel split (retail % vs foodservice %) published as a company-wide FACT in the sources above beyond Walmart 18.7% and segment descriptions — left unlabeled rather than guessed.