Seaboard Corp 10-Q for FY2026 Q3

Seaboard Corp (SEB)

10-Q 2026-11-03 For: 2026-10-03

Added on November 03, 2026

About this 10-Q

Seaboard Corp filed this 10-Q on November 3, 2026, covering the quarter ended October 3, 2026 (FY2026 Q3).

Seaboard Corporation reported nine-month 2026 net sales up $757 million and operating income up $35 million versus 2025, with cash and short-term investments of nearly $1.5 billion as of October 3, 2026. AI summary

Headline figures

Quarter ended October 3, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.77B; up 9.1% from $2.54B a year earlier
Net income: $29M; down 73.6% from net income of $110M a year earlier
Diluted EPS: $29.23; down 74.3% from $113.71 a year earlier

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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
	October 3,		September 27,		October 3,		September 27,
(Millions of dollars except share and per share amounts)	2026		2025		2026		2025
Net sales:
Products (includes sales to affiliates of $274, $315, $847 and $895)	$	2,278	$	2,066	$	6,579	$	5,922
Services (includes sales to affiliates of $6, $9, $27 and $29)		448		401		1,335		1,234
Other		45		73		179		180
Total net sales		2,771		2,540		8,093		7,336
Cost of sales and operating expenses:
Products		2,229		1,956		6,262		5,711
Services		376		341		1,130		992
Other		34		45		131		131
Total cost of sales and operating expenses		2,639		2,342		7,523		6,834
Gross income		132		198		570		502
Selling, general and administrative expenses		119		114		361		328
Operating income		13		84		209		174
Interest expense		(21)		(21)		(51)		(49)
Income from affiliates		10		39		93		81
Other income, net		35		23		135		71
Earnings before income taxes		37		125		386		277
Income tax expense		(8)		(15)		(83)		(31)
Net earnings	$	29	$	110	$	303	$	246
Less: Net earnings attributable to noncontrolling interests		(1)		(1)		(3)		(3)
Net earnings attributable to Seaboard	$	28	$	109	$	300	$	243

Earnings per common share	$	29.23	$	113.71	$	313.22	$	251.47
Average number of shares outstanding		957,794		958,618		957,794		966,315

Other comprehensive income (loss), net of income tax expense:
Foreign currency translation adjustment		1		23		7		23
Unrecognized pension cost		—		(1)		—		(1)
Other comprehensive income, net of tax	$	1	$	22	$	7	$	22
Comprehensive income		30		132		310		268
Less: Comprehensive income attributable to noncontrolling interests		(1)		(1)		(3)		(3)
Comprehensive income attributable to Seaboard	$	29	$	131	$	307	$	265


	October 3,		December 31,
(Millions of dollars except share and per share amounts)	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	159	$	178
Short-term investments		1,313		1,052
Receivables, net of allowance for credit losses of $46 and $42 (includes $103 and $98 due from affiliates)		805		756
Inventories		1,751		1,513
Other current assets		176		131
Total current assets		4,204		3,630
Property, plant and equipment, net of accumulated depreciation of $2,544 and $2,379		2,844		2,820
Operating lease right-of-use assets, net		347		362
Investments in and advances to affiliates		770		795
Goodwill		166		168
Long-term investments		210		208
Deferred tax asset		128		145
Other non-current assets (includes $1 and $6 due from affiliates)		113		118
Total assets	$	8,782	$	8,246
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	711	$	458
Accounts payable (includes $33 and $32 due to affiliates)		389		397
Deferred revenue (includes $10 and $18 due to affiliates)		112		77
Operating lease liabilities		136		113
Other current liabilities		437		465
Total current liabilities		1,785		1,510
Long-term debt, less current maturities		969		977
Long-term operating lease liabilities		234		275
Accrued pension liability		75		71
Deferred tax liability		36		31
Other non-current liabilities		148		147
Total liabilities		3,247		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		(334)		(341)
Retained earnings		5,846		5,552
Total Seaboard stockholders’ equity		5,513		5,212
Noncontrolling interests		22		23
Total liabilities and equity		5,535		5,235
Total liabilities and stockholders’ equity	$	8,782	$	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 interests		—		—		—		(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

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 interests		—		—		—		(2)		(2)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, July 4, 2026	$	1	$	(335)	$	5,820	$	23	$	5,509
Comprehensive income:
Net earnings		—		—		28		1		29
Other comprehensive income, net of tax		—		1		—		—		1
Distributions to noncontrolling interests		—		—		—		(2)		(2)
Dividends on common stock ($2.25/share)		—		—		(2)		—		(2)
Balances, October 3, 2026	$	1	$	(334)	$	5,846	$	22	$	5,535



		October 3,	December 31,
(Millions)	Metric	2026	2025
Commodities:
Grain	Bushels	21	30
Hogs and pork products	Pounds	2	8
Soybean oil	Pounds	9	13
Foreign currencies	U.S. dollar	263	168



		Asset					Liability
		October 3,		December 31,			October 3,		December 31,
(Millions of dollars)		2026		2025			2026		2025
Commodities	Other current assets	$	10	$	9	Other current liabilities	$	25	$	5
Foreign currencies	Other current assets		7		—	Other current liabilities		—		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)
Other comprehensive income (loss), net of tax		23		(1)		22
Balance September 27, 2025	$	(377)	$	23	$	(354)

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)
Other comprehensive income, net of tax		1		—		1
Balance October 3, 2026	$	(365)	$	31	$	(334)



		Three Months Ended October 3, 2026
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	446	$	1,493	$	—	$	312	$	—		—	$	27	$	—	$	2,278
Transportation		6		—		425		—		—		—		—		—		431
Energy		—		—		—		—		40		—		5		—		45
Other		9		8		—		—		—		—		—		—		17
Total external net sales		461		1,501		425		312		40		—		32		—		2,771
Intersegment net sales ^(a)		13		—		2		—		—		—		—		(15)		—
Total segment/consolidated net sales	$	474	$	1,501	$	427	$	312	$	40		—	$	32	$	(15)	$	2,771
Less significant segment expenses:
Cost of sales		528		1,406		364		292		33		—		28		(12)		2,639
Selling, general and administrative expenses		26		41		31		5		4		—		12		—		119
Total segment/consolidated operating income (loss)	$	(80)	$	54	$	32	$	15	$	3		—	$	(8)	$	(3)	$	13
Income (loss) from affiliates		(2)		1		1		—		—		9		1		—		10
Total operating income (loss) and income (loss) from affiliates	$	(82)	$	55	$	33	$	15	$	3	$	9	$	(7)	$	(3)	$	23
Depreciation and amortization expense	$	39	$	8	$	18	$	8	$	6		—	$	3	$	—	$	82
Capital expenditures	$	25	$	12	$	3	$	14	$	40		—	$	7	$	—	$	101



		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



		Nine Months Ended October 3, 2026
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	1,394	$	4,234	$	—	$	879	$	—		—	$	72	$	—	$	6,579
Transportation		18		—		1,256		—		—		—		2		—		1,276
Energy		—		—		—		—		174		—		5		—		179
Other		36		23		—		—		—		—		—		—		59
Total external net sales		1,448		4,257		1,256		879		174		—		79		—		8,093
Intersegment net sales ^(a)		43		—		4		—		—		—		—		(47)		—
Total segment/consolidated net sales	$	1,491	$	4,257	$	1,260	$	879	$	174		—	$	79	$	(47)	$	8,093
Less significant segment expenses:
Cost of sales		1,466		4,052		1,096		759		127		—		70		(47)		7,523
Selling, general and administrative expenses		81		124		91		15		13		—		37		—		361
Total segment/consolidated operating income (loss)	$	(56)	$	81	$	73	$	105	$	34		—	$	(28)	$	—	$	209
Income from affiliates		14		10		3		—		—		65		1		—		93
Total operating income (loss) and income from affiliates	$	(42)	$	91	$	76	$	105	$	34	$	65	$	(27)	$	—	$	302
Depreciation and amortization expense	$	119	$	22	$	53	$	26	$	17		—	$	11	$	—	$	248
Capital expenditures	$	78	$	54	$	11	$	20	$	119		—	$	17	$	—	$	299
Total assets as of October 3, 2026^(b)	$	1,960	$	1,971	$	1,230	$	741	$	433	$	369	$	2,078	$	—	$	8,782
Investments in affiliates as of October 3, 2026	$	161	$	189	$	45		—	$	3	$	369	$	3	$	—	$	770



		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 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	$	1,454
Amounts drawn against lines		(711)
Available borrowing capacity as of October 3, 2026	$	743


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)



	October 3,		December 31,
(Millions of dollars)	2026		2025
Domestic equity securities^(a)	$	964	$	713
Foreign equity securities		182		145
Domestic fixed-income mutual funds		138		136
Foreign fixed-income mutual funds		11		26
Domestic debt securities - other		16		25
Foreign debt securities - other		1		—
Money market funds held in trading accounts		1		7
Total short-term investments	$	1,313	$	1,052



	October 3,		December 31,
(Millions of dollars)	2026		2025
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	426	$	476
Pork products and materials		60		66
Grains, oilseeds and other commodities		554		346
Biofuels and related credits		397		339
Other		102		77
Total inventories at lower of FIFO cost and NRV		1,539		1,304
Grain, flour and feed at lower of weighted average cost and NRV		212		209
Total inventories	$	1,751	$	1,513


	Seaboard Corporation
		(Registrant)

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

		(principal financial officer)

	Date: November 3, 2026


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

		(principal accounting officer)

	Date: November 3, 2026


Date: November 3, 2026	/s/ Robert L. Steer
	Robert L. Steer
	President, Chief Executive Officer

	(principal executive officer)


Date: November 3, 2026	/s/ Robert L. Steer
	Robert L. Steer President and Chief Executive Officer

	(principal executive officer)