Seaboard Corp 10-Q for FY2025 Q2

Seaboard Corp (SEB)

10-Q 2025-07-29 For: 2025-06-28

Added on April 04, 2026

About this 10-Q

Seaboard Corp filed this 10-Q on July 29, 2025, covering the quarter ended June 28, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 28, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.48B; up 12.3% from $2.21B a year earlier
Net income: $104M; up 70.5% from net income of $61M a year earlier
Diluted EPS: $105.22; up 67.5% from $62.82 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				Six Months Ended
	June 28,		June 29,		June 28,		June 29,
(Millions of dollars except share and per share amounts)	2025		2024		2025		2024
Net sales:
Products (includes sales to affiliates of $315, $312, $580 and $614)	$	2,020	$	1,802	$	3,856	$	3,594
Services (includes sales to affiliates of $9, $12, $20 and $19)		406		348		833		698
Other		54		59		107		108
Total net sales		2,480		2,209		4,796		4,400
Cost of sales and operating expenses:
Products		1,954		1,751		3,755		3,520
Services		322		289		651		586
Other		42		40		86		78
Total cost of sales and operating expenses		2,318		2,080		4,492		4,184
Gross income		162		129		304		216
Selling, general and administrative expenses		110		99		214		206
Operating income		52		30		90		10
Interest expense		(18)		(17)		(28)		(29)
Income from affiliates		29		23		42		42
Other income, net		49		10		48		46
Earnings before income taxes		112		46		152		69
Income tax benefit (expense)		(8)		15		(16)		14
Net earnings	$	104	$	61	$	136	$	83
Less: Net earnings attributable to noncontrolling interests		(2)		—		(2)		—
Net earnings attributable to Seaboard	$	102	$	61	$	134	$	83

Earnings per common share	$	105.22	$	62.82	$	138.11	$	85.47
Average number of shares outstanding		969,427		971,055		970,228		971,055

Other comprehensive income, net of income tax expense:
Foreign currency translation adjustment		15		—		—		(2)
Unrecognized pension cost		(1)		—		—		2
Other comprehensive income, net of tax	$	14	$	—	$	—	$	—
Comprehensive income		118		61		136		83
Less: Comprehensive income attributable to noncontrolling interests		(2)		—		(2)		—
Comprehensive income attributable to Seaboard	$	116	$	61	$	134	$	83


	June 28,		December 31,
(Millions of dollars except share and per share amounts)	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	117	$	98
Short-term investments		986		1,075
Receivables:
Trade		634		569
Due from affiliates		103		87
Other (includes $1 and $5 due from affiliates)		130		166
Total receivables		867		822
Allowance for credit losses		(35)		(31)
Receivables, net		832		791
Inventories		1,534		1,408
Other current assets		135		146
Total current assets		3,604		3,518
Property, plant and equipment, net of accumulated depreciation of $2,254 and $2,162		2,668		2,560
Operating lease right-of-use assets, net		342		382
Investments in and advances to affiliates		745		738
Goodwill		162		164
Deferred tax asset		7		69
Other non-current assets (includes $6 and $1 due from affiliates)		327		234
Total assets	$	7,855	$	7,665
Liabilities and Stockholders’ Equity
Current liabilities:
Lines of credit	$	516	$	314
Accounts payable (includes $33 and $31 due to affiliates)		317		418
Deferred revenue (includes $16 and $17 due to affiliates)		92		83
Operating lease liabilities		118		134
Other current liabilities		456		458
Total current liabilities		1,499		1,407
Long-term debt, less current maturities		984		987
Long-term operating lease liabilities		251		276
Accrued pension liability		70		67
Deferred tax liability		38		32
Other non-current liabilities		158		147
Total liabilities		3,000		2,916
Commitments and contingent liabilities
Stockholders’ equity:
Common stock of $1 par value. 1,250,000 shares authorized; 962,476 and 971,055 shares issued and outstanding, respectively		1		1
Accumulated other comprehensive loss		(376)		(376)
Retained earnings		5,210		5,104
Total Seaboard stockholders’ equity		4,835		4,729
Noncontrolling interests		20		20
Total equity		4,855		4,749
Total liabilities and stockholders’ equity	$	7,855	$	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

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



		June 28,	December 31,
(Millions)	Metric	2025	2024
Commodities:
Grain	Bushels	32	33
Hogs and pork products	Pounds	40	134
Soybean oil	Pounds	39	3
Soybean meal	Tons	1	1
Foreign currencies	U.S. dollar	118	334



		Asset					Liability
		June 28,		December 31,			June 28,		December 31,
(Millions of dollars)		2025		2024			2025		2024
Commodities	Other current assets	$	2	$	17	Other current liabilities	$	23	$	5
Foreign currencies	Other current assets		3		13	Other current liabilities		4		—



	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)

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)



		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



		Three Months Ended June 29, 2024
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	522	$	1,127	$	—	$	118	$	—			$	35	$	—	$	1,802
Transportation		4		—		325		—		—				1		—		330
Energy		—		—		—		—		59				—		—		59
Other		14		4		—		—		—				—		—		18
Total external net sales		540		1,131		325		118		59				36		—		2,209
Intersegment net sales ^(a)		10		—		1		—		—				—		(11)		—
Total segment/consolidated net sales	$	550	$	1,131	$	326	$	118	$	59			$	36	$	(11)	$	2,209
Less significant segment expenses:
Cost of sales		528		1,066		282		141		38				36		(11)		2,080
Selling, general and administrative expenses		26		31		26		4		3				9		—		99
Total segment/consolidated operating income (loss)	$	(4)	$	34	$	18	$	(27)	$	18			$	(9)	$	—	$	30
Income from affiliates		6		8		1		—		—		8		—		—		23
Total operating income (loss) and income from affiliates	$	2	$	42	$	19	$	(27)	$	18	$	8	$	(9)	$	—	$	53
Depreciation and amortization expense	$	31	$	6	$	16	$	12	$	5			$	3	$	—	$	73
Capital expenditures	$	91	$	3	$	29	$	—	$	1			$	9	$	—	$	133



		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 June 28, 2025^(b)	$	2,057	$	1,778	$	1,106	$	671	$	303	$	373	$	1,567	$	—	$	7,855
Investment in affiliates as of June 28, 2025	$	159	$	166	$	41	$	—	$	3	$	373	$	3	$	—	$	745



		Six Months Ended June 29, 2024
														All
														Other		Inter-
								Liquid						and		Segment
(Millions of dollars)		Pork		CT&M		Marine		Fuels		Power		Turkey		Corporate		Elims		Total
External net sales:
Products	$	1,009	$	2,312	$	—	$	205	$	—			$	68	$	—	$	3,594
Transportation		7		—		657		—		—				2		—		666
Energy		—		—		—		—		107				1		—		108
Other		23		9		—		—		—				—		—		32
Total external net sales		1,039		2,321		657		205		107				71		—		4,400
Intersegment net sales ^(a)		19		—		2		—		—				—		(21)		—
Total segment/consolidated net sales	$	1,058	$	2,321	$	659	$	205	$	107			$	71	$	(21)	$	4,400
Less significant segment expenses:
Cost of sales		1,007		2,203		574		274		75				72		(21)		4,184
Selling, general and administrative expenses		54		66		52		7		7				20		—		206
Total segment/consolidated operating income (loss)	$	(3)	$	52	$	33	$	(76)	$	25			$	(21)	$	—	$	10
Income from affiliates		15		10		2		—		—		15		—		—		42
Total operating income (loss) and income from affiliates	$	12	$	62	$	35	$	(76)	$	25	$	15	$	(21)	$	—	$	52
Depreciation and amortization expense	$	60	$	12	$	32	$	22	$	10			$	6	$	—	$	142
Capital expenditures	$	171	$	5	$	41	$	7	$	3			$	10	$	—	$	237
Total assets as of December 31, 2024^(b)	$	2,111	$	1,615	$	992	$	630	$	306	$	375	$	1,636	$	—	$	7,665
Investment 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	$	1,426
Amounts drawn against lines		(516)
Available borrowing capacity as of June 28, 2025	$	910



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 ⁽¹⁾
Period	Purchased ⁽¹⁾		Paid per Share ⁽²⁾		or Programs ⁽¹⁾		(in millions)
March 30, 2025 to April 30, 2025		—	$	—		—	$	100
May 1, 2025 to May 31, 2025		1,786		2,660		1,786		95
June 1, 2025 to June 28, 2025		6,793		2,819		6,793		76
Total		8,579				8,579



	June 28,		December 31,
(Millions of dollars)	2025		2024
Domestic equity securities	$	239	$	205
Foreign equity securities		115		98
Domestic debt securities		498		635
Foreign debt securities		103		102
Money market funds held in trading accounts		31		28
Other trading securities		—		7
Total trading short-term investments	$	986	$	1,075



	June 28,		December 31,
(Millions of dollars)	2025		2024
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	448	$	473
Pork products and materials		59		66
Grains, oilseeds and other commodities		485		367
Biofuels and related credits		245		221
Other		99		64
Total inventories at lower of FIFO cost and NRV		1,336		1,191
Grain, flour and feed at lower of weighted average cost and NRV		198		217
Total inventories	$	1,534	$	1,408



	June 28,
(Millions of dollars)	2025		Level 1		Level 2		Level 3
Assets:
Trading securities – short-term investments:
Domestic equity securities	$	239	$	239	$	—	$	—
Foreign equity securities		115		115		—		—
Domestic debt securities		498		6		492		—
Foreign debt securities		103		5		98		—
Money market funds held in trading accounts		31		31		—		—
Trading securities – other current assets		14		14		—		—
Derivatives		5		1		4		—
Total assets	$	1,005	$	411	$	594	$	—
Liabilities:
Derivatives	$	27	$	23	$	4	$	—
Total liabilities	$	27	$	23	$	4	$	—


Item 6.		Exhibits

Exhibit No.		Description

10.1*		Amendment No. 1 to the Seaboard Corporation Pension Plan dated June 11, 2025.
10.2*		Amendment No. 2 to the Seaboard Marine Pension Plan dated June 11, 2025.

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)

*Management contract or compensatory plan or arrangement.


	Seaboard Corporation
		(Registrant)

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

		(principal financial officer)

	Date: July 29, 2025


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

		(principal accounting officer)

	Date: July 29, 2025


		SEABOARD CORPORATION


ATTEST:
/s/ David M. Becker		By:/s/ Robert L. Steer
(SEAL)		President and CEO


Date: July 29, 2025	/s/ Robert L. Steer
	Robert L. Steer
	President, Chief Executive Officer

	(principal executive officer)


Date: July 29, 2025	/s/ Robert L. Steer
	Robert L. Steer President and Chief Executive Officer

	(principal executive officer)