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Packaged foods · Consumer Defensive · Fiscal year ends Jan 3
Smithfield Foods reported revenue of $15.5B in the fiscal year ended Dec 2025, up 9.8% from the year before. Operating income was $1.3B, an operating margin of 8.3%, and net income was $987M. Operating cash flow of $1.1B less capital expenditure of $341M left free cash flow of $718M. Net debt was $447M.
Ranks among the 21 packaged foods companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2016 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | 16,199 | 14,640 | 14,142 | 15,531 |
| Cost of revenue | – | 14,704 | 13,751 | 12,244 | 13,442 |
| Gross profit | 1,755 | 1,495 | 889 | 1,897 | 2,089 |
| Research & development | – | 157 | 175 | 144 | 214 |
| Selling, general & admin | – | 807 | 1,050 | 840 | 849 |
| Operating income | 794 | 1,117 | −56.0 | 1,118 | 1,292 |
| Interest expense | – | 87.0 | 76.0 | 66.0 | 41.0 |
| Pre-tax income | – | 1,047 | −129 | 1,061 | 1,270 |
| Income tax | – | 231 | −41.0 | 271 | 283 |
| Net income | 452 | 870 | 17.0 | 953 | 987 |
| Diluted EPS | – | 2.29 | 0.05 | 2.51 | 2.51 |
| Diluted shares | – | 380 | 380 | 380 | 393 |
| Fiscal year | Jan 2016 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 705 | 547 | 687 | 943 | 1,539 |
| Receivables | 760 | – | 577 | 558 | 1,023 |
| Inventory | 2,100 | – | 2,536 | 2,412 | 2,328 |
| Current assets | 3,741 | – | 4,921 | 4,202 | 5,166 |
| Net PP&E | 2,867 | – | 3,347 | 3,176 | 3,226 |
| Goodwill | 1,620 | 1,617 | 1,627 | 1,613 | 1,623 |
| Total assets | 9,894 | – | 13,317 | 11,054 | 12,177 |
| Payables | 686 | – | 789 | 777 | 856 |
| Deferred revenue | – | 13.0 | 9.0 | 7.0 | 5.0 |
| Current liabilities | 1,545 | – | 2,450 | 1,706 | 1,741 |
| Short-term debt | 29.1 | – | 5.0 | 0.0 | – |
| Long-term debt | 2,235 | – | 1,986 | 1,983 | 1,986 |
| Total liabilities | 5,073 | – | 6,076 | 5,220 | 5,376 |
| Shareholders' equity | 4,821 | 7,374 | 7,241 | 5,834 | 6,801 |
| Fiscal year | Jan 2016 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | – | 521 | 688 | 916 | 1,059 |
| Capital expenditure | – | 338 | 353 | 350 | 341 |
| Free cash flow | – | 183 | 335 | 566 | 718 |
| Depreciation & amortisation | – | 440 | 427 | 339 | 332 |
| Stock-based compensation | – | – | 0.0 | 0.0 | 9.0 |
| Dividends paid | – | 496 | 323 | 288 | 396 |
| Dividend per share | – | – | – | – | 1.00 |
| Fiscal year | Jan 2016 | Jan 2023 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | −9.6% | −3.4% | 9.8% |
| Operating income growth (YoY) | – | 40.7% | −105.0% | – | 15.6% |
| EPS growth (YoY) | – | – | −97.8% | 4920.0% | 0.0% |
| Gross margin | – | 9.2% | 6.1% | 13.4% | 13.5% |
| Operating margin | – | 6.9% | −0.4% | 7.9% | 8.3% |
| Net margin | – | 5.4% | 0.1% | 6.7% | 6.4% |
| Return on equityBlank when equity is negative | 9.4% | 11.8% | 0.2% | 16.3% | 14.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.5% | – | −0.5% | 12.0% | 12.4% |
| Free cash flow margin | – | 1.1% | 2.3% | 4.0% | 4.6% |
| Cash conversion (CFO ÷ net income) | – | 0.60x | 40.5x | 0.96x | 1.07x |
| Receivable days | – | – | 14 | 14 | 24 |
| Inventory days | – | – | 67 | 72 | 63 |
| Payable days | – | – | 21 | 23 | 23 |
| Interest cover | – | 12.8x | −0.74x | 16.9x | 31.5x |
| Debt ÷ equity | 0.47x | – | 0.27x | 0.34x | 0.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,559 | – | 1,304 | 1,040 | 447 |
| Current ratio | 2.42x | – | 2.01x | 2.46x | 2.97x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.