SMITHFIELD FOODS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SMITHFIELD FOODS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2011	FY2012	FY2013	FY2014	FY2014	FY2015	FY2022	FY2024	FY2024	FY2025
Revenue	12,203	13,094	13,221	13,896	15,031	14,438	16,199	14,640	14,142	15,531
Cost of revenue	10,489	11,545	11,901				14,704	13,751	12,244	13,442
Gross profit	1,714	1,549	1,320	1,205	1,776	1,755	1,495	889	1,897	2,089
Research and development	47	75.9	80.9				157	175	144	214
Selling, general and administrative	790	817	815				807	1,050	840	849
Operating income	1,095	723	519	339	932	794	1,117	-56	1,118	1,292
Interest expense	245	177	169				87	76	66	41
Other non-operating income	-92.5						-18	3	9	18
Pre-tax income							1,047	-129	1,061	1,270
Income tax	236	172	46.1				231	-41	271	283
Income from continuing operations	521						800	-138	783	987
Net income to minority interests	-1.9						11	5	17	11
Net income	521	361	184	121	556	452	870	17	953	987
EBITDA	1,327	965	759				1,557	371	1,457	1,624
EPS, basic	3.14	2.23	1.26				2.29	0.05	2.51	2.52
EPS, diluted	3.12	2.21	1.26				2.29	0.05	2.51	2.51
Shares, basic (weighted)	166	162	146				380	380	380	392
Shares, diluted (weighted)	167	164	146				380	380	380	393
Dividend per share										1.00

Balance sheet

	FY2011	FY2012	FY2013	FY2014	FY2014	FY2015	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	375	324	311	193	434	705	547	687	943	1,539
Receivables	710	625	663	811	864	760		577	558	1,023
Inventory	2,020	2,072	2,348	2,275	2,207	2,100		2,536	2,412	2,328
Other current assets	234	278	230	225	244	176		163	290	276
Total current assets	3,338	3,299	3,552	3,504	3,749	3,741		4,921	4,202	5,166
Property, plant and equipment	2,309	2,277	2,298	2,746	2,753	2,867		3,347	3,176	3,226
Lease right-of-use assets								381	335	387
Goodwill	793	768	782	1,623	1,626	1,620	1,617	1,627	1,613	1,623
Intangible assets	387	382	390	1,406	1,381	1,366		1,274	1,266	1,260
Other non-current assets	202	173	161	180	124	158		230	260
Total assets	7,612	7,422	7,716	9,955	10,132	9,894		13,317	11,054	12,177
Accounts payable	434	416	429	614	675	686		789	777	856
Accrued liabilities	650	657	641	633	745	828		1,166	871	811
Short-term debt	143	62.5	675	48.5	46.9	29.1		5	0	3
Total current liabilities	1,228	1,136	1,746	1,296	1,468	1,545		2,450	1,706	1,741
Long-term debt	1,952	1,875	1,804	2,997	2,655	2,235		1,986	1,983	2,000
Lease liabilities								325	286	322
Other non-current liabilities	487	413	1,031	1,381	820	1,217		235	208
Total liabilities	4,065	4,034	4,619	5,723	5,591	5,073		6,076	5,220	5,376
Total debt	2,095	1,937	2,479	3,020	2,702	2,264		1,991	1,983	1,986
Paid-in capital	1,639	1,561	1,390	4,157	4,167	4,185		4,152	3,102	3,338
Retained earnings	2,060	2,326	2,323	34.7	591	1,013		3,588	3,184	3,776
Other comprehensive income	-169	-511	-616	39	-219	-378	-708	-500	-452	-314
Shareholders' equity	3,546	3,387	3,097	4,231	4,540	4,821		7,241	5,834	6,801
Minority interests	1.1	0.7	0.7	0.7	0.9	0.5		0	0
Total equity	3,547	3,388	3,098	4,232	4,540	4,821	7,374	7,241	5,834	6,801
Total liabilities and equity	7,612	7,422	7,716	9,955	10,132	9,894		13,317	11,054	12,177
Shares outstanding	166	157	0	0	0	0		380	380	393

Cash flow statement

	FY2011	FY2012	FY2013	FY2014	FY2014	FY2015	FY2022	FY2024	FY2024	FY2025
Net income	519	361	184	121	556	452	881	23	970	998
Depreciation and amortization	232	243	240				440	427	339	332
Stock-based compensation								0	0	9
Deferred income tax	158	90.2	-5.3				2	-130	91	94
Change in receivables	63.8	-47.8	39.9				-33	157	-6	-470
Change in inventory	178	89.8	274				-307	469	138	118
Change in payables	36.6	2.5	14.7				121	-215	-19	65
Cash from operations	616	570	173				521	688	916	1,059
Capital expenditures	-177	-291	-278		-301		-338	-353	-350	-341
Acquisitions	0	0	-24
Cash from investing	254	-287	-304				274	-194	-298	-309
Debt issued	0	0	1,219
Stock issued								0	0	236
Share buybacks	0	-190	-386
Dividends paid							-496	-323	-288	-396
Cash from financing	-946	-328	116				-567	-353	-321	-164
Exchange rate effect	-1.6	-5.5	1.6				8	3	-7	11
Net change in cash	-76.5	-50.4	-13.7				245	181	192	597
Free cash flow	440	279	-105				183	335	566	718
Interest paid	223	150	148				84	81	79	80
Income taxes paid	-34.8	226	3.7				152	108	130	124

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $19.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	13.4%	Gross profit / revenue.
Operating margin	8.6%	Operating income / revenue.
EBITDA margin	10.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.6%	Pre-tax income / revenue.
Net margin	6.8%	Net income / revenue.
FCF margin	5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.5%	Cash from operations / revenue.
Effective tax rate	21.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.8%	Net income / average total assets.
Return on invested capital (ROIC)	13.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.9%	Selling, general and administrative expense / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	10.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	15.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	11.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	3.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	15.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	26.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	57.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	16.6%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	10.2%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.56x	Current assets / current liabilities.
Quick ratio	1.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.69x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.7%	Total debt / total assets.
Liabilities / assets	41.7%	Total liabilities / total assets.
Net debt	$654.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.39x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	38.1x	Operating income / interest expense.
Working capital	$3.05B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.12B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.29x	Revenue / average total assets.
Fixed asset turnover	4.82x	Revenue / average property, plant and equipment.
Inventory turnover	5.63x	Cost of revenue / average inventory.
Days inventory	65 days	365 x average inventory / cost of revenue.
Receivables turnover	15.3x	Revenue / average receivables.
Days sales outstanding	24 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.
FCF conversion	76.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.10	Revenue / diluted weighted shares.
FCF per share	$2.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.92	Cash from operations / diluted weighted shares.
Book value per share	$17.79	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.47	Tangible book value / shares outstanding.
Cash per share	$3.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$7.50B	Share price x shares outstanding.
Enterprise value	$8.15B	Market cap + total debt - cash - short-term investments.
P/E	7.08x	Market cap / net income. Only when net income is positive.
P/S	0.48x	Market cap / revenue.
P/B	1.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.82x	Market cap / tangible book value, when positive.
P/FCF	9.29x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.49x	Market cap / cash from operations, when positive.
EV/Sales	0.53x	Enterprise value / revenue.
EV/EBIT	6.11x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.89x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.8%	Free cash flow / market cap.
Earnings yield	14.1%	Net income / market cap (the inverse of P/E).
PEG	2.28x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SMITHFIELD FOODS INC's revenue in fiscal 2025?

SMITHFIELD FOODS INC reported revenue of $15.53B for fiscal 2025, 9.8% higher than the year before.

Was SMITHFIELD FOODS INC profitable in fiscal 2025?

Yes. Net income was $987.0M, a net margin of 6.4%.

How much free cash flow did SMITHFIELD FOODS INC generate in fiscal 2025?

Cash from operations of $1.06B minus capital expenditures of $341.0M left free cash flow of $718.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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