SEB 10-Q

Seaboard Corp /De/ (SEB)

10-Q 2026-08-04 For: 2026-07-04

View Original

Added on August 04, 2026


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				Six Months Ended
	July 4,		June 28,		July 4,		June 28,
(Millions of dollars except share and per share amounts)	2026		2025		2026		2025
Net sales:
Products (includes sales to affiliates of $314, $315, $573 and $580)	$	2,420	$	2,020	$	4,301	$	3,856
Services (includes sales to affiliates of $10, $9, $21 and $20)		428		406		887		833
Other		74		54		134		107
Total net sales		2,922		2,480		5,322		4,796
Cost of sales and operating expenses:
Products		2,274		1,954		4,033		3,755
Services		379		322		754		651
Other		48		42		97		86
Total cost of sales and operating expenses		2,701		2,318		4,884		4,492
Gross income		221		162		438		304
Selling, general and administrative expenses		121		110		242		214
Operating income		100		52		196		90
Interest expense		(20)		(18)		(30)		(28)
Income from affiliates		41		29		83		42
Other income, net		85		49		100		48
Earnings before income taxes		206		112		349		152
Income tax expense		(52)		(8)		(75)		(16)
Net earnings	$	154	$	104	$	274	$	136
Less: Net earnings attributable to noncontrolling interests		(1)		(2)		(2)		(2)
Net earnings attributable to Seaboard	$	153	$	102	$	272	$	134

Earnings per common share	$	159.74	$	105.22	$	283.99	$	138.11
Average number of shares outstanding		957,794		969,427		957,794		970,228

Other comprehensive income (loss), net of income tax expense:
Foreign currency translation adjustment		(1)		15		6		—
Unrecognized pension benefit (cost)		—		(1)		—		—
Other comprehensive income (loss), net of tax	$	(1)	$	14	$	6	$	—
Comprehensive income		153		118		280		136
Less: Comprehensive income attributable to noncontrolling interests		(1)		(2)		(2)		(2)
Comprehensive income attributable to Seaboard	$	152	$	116	$	278	$	134


	July 4,		December 31,
(Millions of dollars except share and per share amounts)	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	145	$	178
Short-term investments		1,062		1,052
Receivables, net of allowance for credit losses of $46 and $42 (includes $126 and $98 due from affiliates)		893		756
Inventories		1,807		1,513
Other current assets		142		131
Total current assets		4,049		3,630
Property, plant and equipment, net of accumulated depreciation of $2,493 and $2,379		2,869		2,820
Operating lease right-of-use assets, net		353		362
Investments in and advances to affiliates		792		795
Goodwill		166		168
Long-term investments		214		208
Deferred tax asset		128		145
Other non-current assets (includes $8 and $6 due from affiliates)		111		118
Total assets	$	8,682	$	8,246
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	623	$	458
Accounts payable (includes $32 and $32 due to affiliates)		413		397
Deferred revenue (includes $10 and $18 due to affiliates)		94		77
Operating lease liabilities		127		113
Other current liabilities		428		465
Total current liabilities		1,685		1,510
Long-term debt, less current maturities		972		977
Long-term operating lease liabilities		250		275
Accrued pension liability		74		71
Deferred tax liability		42		31
Other non-current liabilities		150		147
Total liabilities		3,173		3,011
Commitments and contingent liabilities
Stockholders’ equity:
Common stock of $1 par value. 1,250,000 shares authorized; 957,794 shares issued and outstanding		1		1
Accumulated other comprehensive loss		(335)		(341)
Retained earnings		5,820		5,552
Total Seaboard stockholders’ equity		5,486		5,212
Noncontrolling interests		23		23
Total equity		5,509		5,235
Total liabilities and stockholders’ equity	$	8,682	$	8,246


			Accumulated
			Other
	Common		Comprehensive		Retained		Noncontrolling
(Millions of dollars)	Stock		Loss		Earnings		Interests		Total
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

Balances, December 31, 2025	$	1	$	(341)	$	5,552	$	23	$	5,235
Comprehensive income:
Net earnings		—		—		119		1		120
Other comprehensive income, net of tax		—		7		—		—		7
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, April 4, 2026	$	1	$	(334)	$	5,669	$	24	$	5,360
Comprehensive income:
Net earnings		—		—		153		1		154
Other comprehensive loss, net of tax		—		(1)		—		—		(1)
Distributions to noncontrolling interest		—		—		—		(2)		(2)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, July 4, 2026	$	1	$	(335)	$	5,820	$	23	$	5,509



		July 4,	December 31,
(Millions)	Metric	2026	2025
Commodities:
Grain	Bushels	22	30
Hogs and pork products	Pounds	1	8
Soybean oil	Pounds	34	13
Foreign currencies	U.S. dollar	136	168



		Asset					Liability
		July 4,		December 31,			July 4,		December 31,
(Millions of dollars)		2026		2025			2026		2025
Commodities	Other current assets	$	1	$	9	Other current liabilities	$	32	$	5
Foreign currencies	Other current assets		—		—	Other current liabilities		2		3



	Cumulative
	Foreign		Cumulative
	Currency		Unrecognized
	Translation		Pension
(Millions of dollars)	Adjustment		Benefit		Total
Balance December 31, 2024	$	(400)	$	24	$	(376)
Other comprehensive income (loss), net of tax		(15)		1		(14)
Balance March 29, 2025	$	(415)	$	25	$	(390)
Other comprehensive income (loss), net of tax		15		(1)		14
Balance June 28, 2025	$	(400)	$	24	$	(376)

Balance December 31, 2025	$	(372)	$	31	$	(341)
Other comprehensive income, net of tax		7		—		7
Balance April 4, 2026	$	(365)	$	31	$	(334)
Other comprehensive loss, net of tax		(1)		—		(1)
Balance July 4, 2026	$	(366)	$	31	$	(335)



		Three Months Ended July 4, 2026
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	483	$	1,545	$	—	$	370	$	—			$	22	$	—	$	2,420
Transportation		6		—		403		—		—				—		—		409
Energy		—		—		—		—		74				—		—		74
Other		13		6		—		—		—				—		—		19
Total external net sales		502		1,551		403		370		74				22		—		2,922
Intersegment net sales ^(a)		18		—		1		—		—				—		(19)		—
Total segment/consolidated net sales	$	520	$	1,551	$	404	$	370	$	74			$	22	$	(19)	$	2,922
Less significant segment expenses:
Cost of sales		477		1,499		368		312		47				20		(22)		2,701
Selling, general and administrative expenses		26		42		29		5		5				14		—		121
Total segment/consolidated operating income (loss)	$	17	$	10	$	7	$	53	$	22			$	(12)	$	3	$	100
Income from affiliates		4		4		1				—		32		—		—		41
Total operating income (loss) and income from affiliates	$	21	$	14	$	8	$	53	$	22	$	32	$	(12)	$	3	$	141
Depreciation and amortization expense	$	40	$	7	$	17	$	9	$	5			$	5	$		$	83
Capital expenditures	$	25	$	27	$	2	$	4	$	35			$	9	$	—	$	102



		Three Months Ended June 28, 2025
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	511	$	1,339	$	—	$	146	$	—			$	24	$	—	$	2,020
Transportation		6		—		383		—		—				1		—		390
Energy		—		—		—		—		54				—		—		54
Other		12		4		—		—		—				—		—		16
Total external net sales		529		1,343		383		146		54				25		—		2,480
Intersegment net sales ^(a)		12		—		2		—		—				—		(14)		—
Total segment/consolidated net sales	$	541	$	1,343	$	385	$	146	$	54			$	25	$	(14)	$	2,480
Less significant segment expenses:
Cost of sales		488		1,298		315		168		40				23		(14)		2,318
Selling, general and administrative expenses		25		38		26		4		5				12		—		110
Total segment/consolidated operating income (loss)	$	28	$	7	$	44	$	(26)	$	9			$	(10)	$	—	$	52
Income from affiliates		8		3		1				—		17		—		—		29
Total operating income (loss) and income from affiliates	$	36	$	10	$	45	$	(26)	$	9	$	17	$	(10)	$	—	$	81
Depreciation and amortization expense	$	41	$	6	$	16	$	8	$	5			$	4	$		$	80
Capital expenditures	$	39	$	13	$	86	$	5	$	—			$	8	$	—	$	151



		Six Months Ended July 4, 2026
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	948	$	2,741	$	—	$	567	$	—			$	45	$	—	$	4,301
Transportation		12		—		831		—		—				2		—		845
Energy		—		—		—		—		134				—		—		134
Other		27		15		—		—		—				—		—		42
Total external net sales		987		2,756		831		567		134				47		—		5,322
Intersegment net sales ^(a)		30		—		2		—		—				—		(32)		—
Total segment/consolidated net sales	$	1,017	$	2,756	$	833	$	567	$	134			$	47	$	(32)	$	5,322
Less significant segment expenses:
Cost of sales		938		2,646		732		467		94				42		(35)		4,884
Selling, general and administrative expenses		55		83		60		10		9				25		—		242
Total segment/consolidated operating income (loss)	$	24	$	27	$	41	$	90	$	31			$	(20)	$	3	$	196
Income from affiliates		16		9		2				—		56		—		—		83
Total operating income (loss) and income from affiliates	$	40	$	36	$	43	$	90	$	31	$	56	$	(20)	$	3	$	279
Depreciation and amortization expense	$	80	$	14	$	35	$	18	$	11			$	8	$		$	166
Capital expenditures	$	53	$	42	$	8	$	6	$	79			$	10	$	—	$	198
Total assets as of July 4, 2026^(b)	$	2,041	$	2,018	$	1,242	$	758	$	453	$	396	$	1,774	$		$	8,682
Investments in affiliates as of July 4, 2026	$	165	$	181	$	45			$	3	$	396	$	2	$		$	792



		Six Months Ended June 28, 2025
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	979	$	2,558	$	—	$	267	$	—			$	52	$	—	$	3,856
Transportation		10		—		786		—		—				1		—		797
Energy		—		—		—		—		107				—		—		107
Other		26		10		—		—		—				—		—		36
Total external net sales		1,015		2,568		786		267		107				53		—		4,796
Intersegment net sales ^(a)		21		—		4		—		—				—		(25)		—
Total segment/consolidated net sales	$	1,036	$	2,568	$	790	$	267	$	107			$	53	$	(25)	$	4,796
Less significant segment expenses:
Cost of sales		988		2,448		636		311		83				51		(25)		4,492
Selling, general and administrative expenses		51		72		53		8		8				22		—		214
Total segment/consolidated operating income (loss)	$	(3)	$	48	$	101	$	(52)	$	16			$	(20)	$	—	$	90
Income from affiliates		16		7		2				—		17		—		—		42
Total operating income (loss) and income from affiliates	$	13	$	55	$	103	$	(52)	$	16	$	17	$	(20)	$	—	$	132
Depreciation and amortization expense	$	80	$	12	$	32	$	16	$	11			$	7	$		$	158
Capital expenditures	$	66	$	17	$	160	$	6	$	1			$	10	$	—	$	260
Total assets as of December 31, 2025^(b)	$	2,033	$	1,662	$	1,285	$	690	$	348	$	413	$	1,815	$		$	8,246
Investments in affiliates as of December 31, 2025	$	160	$	173	$	43			$	3	$	413	$	3	$		$	795



	Total Amount
(Millions of dollars)	Available
Short-term uncommitted and committed lines	$	1,359
Amounts drawn against lines		(623)
Available borrowing capacity as of July 4, 2026	$	736


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)



	July 4,		December 31,
(Millions of dollars)	2026		2025
Domestic equity securities^(a)	$	717	$	713
Foreign equity securities		169		145
Domestic fixed-income mutual funds		143		136
Foreign fixed-income mutual funds		14		26
Domestic debt securities - other		18		25
Money market funds held in trading accounts		1		7
Total short-term investments	$	1,062	$	1,052



	July 4,		December 31,
(Millions of dollars)	2026		2025
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	491	$	476
Pork products and materials		67		66
Grains, oilseeds and other commodities		559		346
Biofuels and related credits		375		339
Other		107		77
Total inventories at lower of FIFO cost and NRV		1,599		1,304
Grain, flour and feed at lower of weighted average cost and NRV		208		209
Total inventories	$	1,807	$	1,513


	Seaboard Corporation
		(Registrant)

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

		(principal financial officer)

	Date: August 4, 2026


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

		(principal accounting officer)

	Date: August 4, 2026