Seaboard Corp 10-Q for FY2025 Q3

Seaboard Corp (SEB)

10-Q 2025-10-28 For: 2025-09-27

Added on April 04, 2026

About this 10-Q

Seaboard Corp filed this 10-Q on October 28, 2025, covering the quarter ended September 27, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 27, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.54B; up 14.5% from $2.22B a year earlier
Net income: $110M; compared with a net loss of $149M a year earlier
Diluted EPS: $113.71; compared with -$153.44 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware		04-2260388
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)

9000 West 67th Street, Merriam, Kansas		66202
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $1.00 Par Value	SEB	NYSE American


Large Accelerated Filer ⌧	Accelerated Filer ◻
Non-Accelerated Filer ◻	Smaller Reporting Company ☐
	Emerging Growth Company ☐


	Three Months Ended				Nine Months Ended
	September 27,		September 28,		September 27,		September 28,
(Millions of dollars except share and per share amounts)	2025		2024		2025		2024
Net sales:
Products (includes sales to affiliates of $315, $278, $895 and $892)	$	2,066	$	1,805	$	5,922	$	5,399
Services (includes sales to affiliates of $9, $9, $29 and $28)		401		344		1,234		1,042
Other		73		69		180		177
Total net sales		2,540		2,218		7,336		6,618
Cost of sales and operating expenses:
Products		1,956		1,731		5,711		5,251
Services		341		305		992		891
Other		45		45		131		123
Total cost of sales and operating expenses		2,342		2,081		6,834		6,265
Gross income		198		137		502		353
Selling, general and administrative expenses		114		105		328		311
Operating income		84		32		174		42
Interest expense		(21)		(21)		(49)		(50)
Income from affiliates		39		17		81		59
Other income, net		23		13		71		59
Earnings before income taxes		125		41		277		110
Income tax expense		(15)		(190)		(31)		(176)
Net earnings (loss)	$	110	$	(149)	$	246	$	(66)
Less: Net earnings attributable to noncontrolling interests		(1)		—		(3)		—
Net earnings (loss) attributable to Seaboard	$	109	$	(149)	$	243	$	(66)

Earnings (loss) per common share	$	113.71	$	(153.44)	$	251.47	$	(67.97)
Average number of shares outstanding		958,618		971,055		966,315		971,055

Other comprehensive income, net of income tax expense:
Foreign currency translation adjustment		23		3		23		1
Unrecognized pension benefit (cost)		(1)		1		(1)		3
Other comprehensive income, net of tax	$	22	$	4	$	22	$	4
Comprehensive income (loss)		132		(145)		268		(62)
Less: Comprehensive income attributable to noncontrolling interests		(1)		—		(3)		—
Comprehensive income (loss) attributable to Seaboard	$	131	$	(145)	$	265	$	(62)


	September 27,		December 31,
(Millions of dollars except share and per share amounts)	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	205	$	98
Short-term investments		1,039		1,075
Receivables:
Trade		641		569
Due from affiliates		86		87
Other (includes $0 and $5 due from affiliates)		123		166
Total receivables		850		822
Allowance for credit losses		(40)		(31)
Receivables, net		810		791
Inventories		1,379		1,408
Other current assets		124		146
Total current assets		3,557		3,518
Property, plant and equipment, net of accumulated depreciation of $2,324 and $2,162		2,766		2,560
Operating lease right-of-use assets, net		385		382
Investments in and advances to affiliates		766		738
Goodwill		168		164
Deferred tax asset		3		69
Other non-current assets (includes $6 and $1 due from affiliates)		314		234
Total assets	$	7,959	$	7,665
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	513	$	314
Accounts payable (includes $32 and $31 due to affiliates)		319		418
Deferred revenue (includes $12 and $17 due to affiliates)		51		83
Operating lease liabilities		123		134
Other current liabilities		451		458
Total current liabilities		1,457		1,407
Long-term debt, less current maturities		982		987
Long-term operating lease liabilities		290		276
Accrued pension liability		72		67
Deferred tax liability		39		32
Other non-current liabilities		148		147
Total liabilities		2,988		2,916
Commitments and contingent liabilities
Stockholders’ equity:
Common stock of $1 par value. 1,250,000 shares authorized; 957,951 and 971,055 shares issued and outstanding, respectively		1		1
Accumulated other comprehensive loss		(354)		(376)
Retained earnings		5,303		5,104
Total Seaboard stockholders’ equity		4,950		4,729
Noncontrolling interests		21		20
Total equity		4,971		4,749
Total liabilities and stockholders’ equity	$	7,959	$	7,665


			Accumulated
			Other
	Common		Comprehensive		Retained		Noncontrolling
(Millions of dollars)	Stock		Loss		Earnings		Interests		Total
Balances, December 31, 2023	$	1	$	(410)	$	5,025	$	18	$	4,634
Comprehensive income:
Net earnings		—		—		22		—		22
Other comprehensive income, net of tax		—		—		—		—		—
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, March 30, 2024	$	1	$	(410)	$	5,045	$	18	$	4,654
Comprehensive income:
Net earnings		—		—		61		—		61
Other comprehensive income, net of tax		—		—		—		—		—
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, June 29, 2024	$	1	$	(410)	$	5,104	$	18	$	4,713
Comprehensive loss:
Net loss		—		—		(149)		—		(149)
Other comprehensive income, net of tax		—		4		—		—		4
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, September 28, 2024	$	1	$	(406)	$	4,953	$	18	$	4,566

Balances, December 31, 2024	$	1	$	(376)	$	5,104	$	20	$	4,749
Comprehensive income:
Net earnings		—		—		32		—		32
Other comprehensive loss, net of tax		—		(14)		—		—		(14)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, March 29, 2025	$	1	$	(390)	$	5,134	$	20	$	4,765
Comprehensive income:
Net earnings		—		—		102		2		104
Other comprehensive income, net of tax		—		14		—		—		14
Distributions to noncontrolling interest		—		—		—		(2)		(2)
Repurchase of common stock		—		—		(24)		—		(24)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, June 28, 2025	$	1	$	(376)	$	5,210	$	20	$	4,855
Comprehensive income:
Net earnings		—		—		109		1		110
Other comprehensive income, net of tax		—		22		—		—		22
Repurchase of common stock		—		—		(14)		—		(14)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, September 27, 2025	$	1	$	(354)	$	5,303	$	21	$	4,971



		September 27,	December 31,
(Millions)	Metric	2025	2024
Commodities:
Grain	Bushels	33	33
Hogs and pork products	Pounds	11	134
Soybean oil	Pounds	19	3
Soybean meal	Tons	1	1
Sugar	Pounds	22	—
Foreign currencies	U.S. dollar	82	334



		Asset					Liability
		September 27,		December 31,			September 27,		December 31,
(Millions of dollars)		2025		2024			2025		2024
Commodities	Other current assets	$	17	$	17	Other current liabilities	$	16	$	5
Foreign currencies	Other current assets		1		13	Other current liabilities		1		—



	Cumulative
	Foreign		Cumulative
	Currency		Unrecognized
	Translation		Pension
(Millions of dollars)	Adjustment		Benefit (Cost)			Total
Balance December 31, 2023	$	(404)	$	(6)		$	(410)
Other comprehensive loss before reclassifications		(2)		—			(2)
Amounts reclassified from AOCL to net earnings		—		2	^(a)		2
Other comprehensive income (loss), net of tax		(2)		2			—
Balance March 30, 2024	$	(406)	$	(4)		$	(410)
Other comprehensive income before reclassifications		—		—			—
Amounts reclassified from AOCL to net earnings		—		—			—
Other comprehensive income, net of tax		—		—			—
Balance June 29, 2024	$	(406)	$	(4)		$	(410)
Other comprehensive income before reclassifications		2		1			3
Amounts reclassified from AOCL to net earnings		1		—			1
Other comprehensive income, net of tax		3		1			4
Balance September 28, 2024	$	(403)	$	(3)		$	(406)

Balance December 31, 2024	$	(400)	$	24		$	(376)
Other comprehensive loss before reclassifications		(15)		—			(15)
Amounts reclassified from AOCL to net earnings		—		1	^(a)		1
Other comprehensive income (loss), net of tax		(15)		1			(14)
Balance March 29, 2025	$	(415)	$	25		$	(390)
Other comprehensive income before reclassifications		15		—			15
Amounts reclassified from AOCL to net earnings		—		(1)	^(a)		(1)
Other comprehensive income (loss), net of tax		15		(1)			14
Balance June 28, 2025	$	(400)	$	24		$	(376)
Other comprehensive income before reclassifications		23		—			23
Amounts reclassified from AOCL to net earnings		—		(1)	^(a)		(1)
Other comprehensive income (loss), net of tax		23		(1)			22
Balance September 27, 2025	$	(377)	$	23		$	(354)



		Three Months Ended September 27, 2025
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	516	$	1,343	$	—	$	178	$	—			$	29	$	—	$	2,066
Transportation		6		—		375		—		—				1		—		382
Energy		—		—		—		—		69				4		—		73
Other		12		7		—		—		—				—		—		19
Total external net sales		534		1,350		375		178		69				34		—		2,540
Intersegment net sales ^(a)		10		—		1		—		—				—		(11)		—
Total segment/consolidated net sales	$	544	$	1,350	$	376	$	178	$	69			$	34	$	(11)	$	2,540
Less significant segment expenses:
Cost of sales		458		1,275		330		211		44				35		(11)		2,342
Selling, general and administrative expenses		28		38		28		4		4				12		—		114
Total segment/consolidated operating income (loss)	$	58	$	37	$	18	$	(37)	$	21			$	(13)	$	—	$	84
Income from affiliates		7		4		1		—		—		26		1		—		39
Total operating income (loss) and income from affiliates	$	65	$	41	$	19	$	(37)	$	21	$	26	$	(12)	$	—	$	123
Depreciation and amortization expense	$	37	$	7	$	16	$	10	$	5			$	3	$	—	$	78
Capital expenditures	$	29	$	10	$	93	$	3	$	27			$	5	$	—	$	167



		Three Months Ended September 28, 2024
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	477	$	1,111	$	—	$	182	$	—			$	35	$	—	$	1,805
Transportation		5		—		324		—		—				—		—		329
Energy		—		—		—		—		66				3		—		69
Other		11		4		—		—		—				—		—		15
Total external net sales		493		1,115		324		182		66				38		—		2,218
Intersegment net sales ^(a)		9		—		1		—		—				—		(10)		—
Total segment/consolidated net sales	$	502	$	1,115	$	325	$	182	$	66			$	38	$	(10)	$	2,218
Less significant segment expenses:
Cost of sales		464		1,052		298		201		43				33		(10)		2,081
Selling, general and administrative expenses		26		32		28		5		3				11		—		105
Total segment/consolidated operating income (loss)	$	12	$	31	$	(1)	$	(24)	$	20			$	(6)	$	—	$	32
Income from affiliates		6		4		1		—		—		6		—		—		17
Total operating income (loss) and income from affiliates	$	18	$	35	$	—	$	(24)	$	20	$	6	$	(6)	$	—	$	49
Depreciation and amortization expense	$	33	$	6	$	14	$	12	$	6			$	2	$	—	$	73
Capital expenditures	$	68	$	2	$	59	$	2	$	—			$	5	$	—	$	136



		Nine Months Ended September 27, 2025
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	1,495	$	3,901	$	—	$	445	$	—			$	81	$	—	$	5,922
Transportation		16		—		1,161		—		—				2		—		1,179
Energy		—		—		—		—		176				4		—		180
Other		38		17		—		—		—				—		—		55
Total external net sales		1,549		3,918		1,161		445		176				87		—		7,336
Intersegment net sales ^(a)		31		—		5		—		—				—		(36)		—
Total segment/consolidated net sales	$	1,580	$	3,918	$	1,166	$	445	$	176			$	87	$	(36)	$	7,336
Less significant segment expenses:
Cost of sales		1,446		3,723		966		522		127				86		(36)		6,834
Selling, general and administrative expenses		79		110		81		12		12				34		—		328
Total segment/consolidated operating income (loss)	$	55	$	85	$	119	$	(89)	$	37			$	(33)	$	—	$	174
Income from affiliates		23		11		3		—		—		43		1		—		81
Total operating income (loss) and income from affiliates	$	78	$	96	$	122	$	(89)	$	37	$	43	$	(32)	$	—	$	255
Depreciation and amortization expense	$	117	$	19	$	48	$	26	$	16			$	10	$	—	$	236
Capital expenditures	$	95	$	27	$	253	$	9	$	28			$	15	$	—	$	427
Total assets as of Sept. 27, 2025^(b)	$	2,001	$	1,613	$	1,242	$	683	$	329	$	394	$	1,697	$	—	$	7,959
Investments in affiliates as of September 27, 2025	$	157	$	167	$	42	$	—	$	3	$	394	$	3	$	—	$	766



		Nine Months Ended September 28, 2024
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	1,486	$	3,423	$	—	$	387	$	—			$	103	$	—	$	5,399
Transportation		12		—		981		—		—				2		—		995
Energy		—		—		—		—		173				4		—		177
Other		34		13		—		—		—				—		—		47
Total external net sales		1,532		3,436		981		387		173				109		—		6,618
Intersegment net sales ^(a)		28		—		3		—		—				—		(31)		—
Total segment/consolidated net sales	$	1,560	$	3,436	$	984	$	387	$	173			$	109	$	(31)	$	6,618
Less significant segment expenses:
Cost of sales		1,471		3,255		872		475		118				105		(31)		6,265
Selling, general and administrative expenses		80		98		80		12		10				31		—		311
Total segment/consolidated operating income (loss)	$	9	$	83	$	32	$	(100)	$	45			$	(27)	$	—	$	42
Income from affiliates		21		14		3		—		—		21		—		—		59
Total operating income (loss) and income from affiliates	$	30	$	97	$	35	$	(100)	$	45	$	21	$	(27)	$	—	$	101
Depreciation and amortization expense	$	93	$	18	$	46	$	34	$	16			$	8	$	—	$	215
Capital expenditures	$	239	$	7	$	100	$	9	$	3			$	15	$	—	$	373
Total assets as of December 31, 2024^(b)	$	2,111	$	1,615	$	992	$	630	$	306	$	375	$	1,636	$	—	$	7,665
Investments in affiliates as of December 31, 2024	$	154	$	164	$	40	$	—	$	3	$	375	$	2	$	—	$	738



	Total Amount
(Millions of dollars)	Available
Short-term uncommitted and committed lines	$	1,437
Amounts drawn against lines		(513)
Available borrowing capacity as of September 27, 2025	$	924



	Three Months Ended						Nine Months Ended
	Sept. 27,		Sept. 28,			$	Sept. 27,		Sept. 28,			$
(Millions of dollars)	2025		2024			Change	2025		2024			Change
Net sales	$	534	$	493	$	41	$	1,549	$	1,532	$	17
Operating income	$	58	$	12	$	46	$	55	$	9	$	46
Income from affiliates	$	7	$	6	$	1	$	23	$	21	$	2



	September 27,		December 31,
(Millions of dollars)	2025		2024
Domestic equity securities	$	245	$	205
Foreign equity securities		121		98
Domestic debt securities		509		635
Foreign debt securities		90		102
Money market funds held in trading accounts		74		28
Other trading securities		—		7
Total trading short-term investments	$	1,039	$	1,075



	September 27,		December 31,
(Millions of dollars)	2025		2024
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	435	$	473
Pork products and materials		55		66
Grains, oilseeds and other commodities		333		367
Biofuels and related credits		277		221
Other		84		64
Total inventories at lower of FIFO cost and NRV		1,184		1,191
Grain, flour and feed at lower of weighted average cost and NRV		195		217
Total inventories	$	1,379	$	1,408



	September 27,
(Millions of dollars)	2025		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	245	$	245	$	—	$	—
Foreign equity securities		121		121		—		—
Domestic debt securities		509		14		495		—
Foreign debt securities		90		7		83		—
Money market funds held in trading accounts		74		74		—		—
Trading securities – other current assets		15		15		—		—
Derivatives		18		16		2		—
Total assets	$	1,072	$	492	$	580	$	—
Liabilities:
Derivatives	$	17	$	16	$	1	$	—
Total liabilities	$	17	$	16	$	1	$	—



Issuer Purchases of Equity Securities
							Approximate
					Total Number		Dollar Value
					of Shares		of Shares that May
					Purchased as Part		Yet Be Purchased
	Total Number				of Publicly		Under the Plans
	of Shares		Average Price		Announced Plans		or Programs ^(a)
Period	Purchased ^(a)		Paid per Share ^(b)		or Programs ^(a)		(in millions)
June 29, 2025 to July 31, 2025		3,293	$	2,932		3,293	$	66
August 1, 2025 to August 31, 2025		1,232		3,424		1,232		62
September 1, 2025 to September 27, 2025		—		—		—		62
Total		4,525				4,525


Item 6.		Exhibits

Exhibit No.		Description

31.1		Certification of the Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of the Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	Seaboard Corporation
		(Registrant)

	by:	/s/ David H. Rankin
		David H. Rankin
		Executive Vice President, Chief Financial Officer

		(principal financial officer)

	Date: October 28, 2025


	by:	/s/ Barbara M. Smith
		Barbara M. Smith
		Vice President, Corporate Controller

		(principal accounting officer)

	Date: October 28, 2025


Date: October 28, 2025	/s/ Robert L. Steer
	Robert L. Steer
	President, Chief Executive Officer

	(principal executive officer)


Date: October 28, 2025	/s/ Robert L. Steer
	Robert L. Steer President and Chief Executive Officer

	(principal executive officer)