Tyson Foods
TSN · NYSEPoultry Slaughtering and Processing · Fiscal year ends Oct 3
Tyson Foods reported revenue of $54.4B in the fiscal year ended Sep 2025, up 2.1% from the year before. Operating income was $1.1B, an operating margin of 2.0%, and net income was $474M. Operating cash flow of $2.2B less capital expenditure of $978M left free cash flow of $1.2B. Net debt was $7.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $47B | $53.3B | $52.9B | $53.3B | $54.4B |
| Cost of revenue | $40.5B | $46.6B | $50.3B | $49.7B | $50.9B |
| Gross profit | $6.5B | $6.7B | $2.6B | $3.6B | $3.6B |
| Research & development | $114M | $108M | $114M | $106M | $126M |
| Selling, general & admin | $2.1B | $2.3B | $2.2B | $2.2B | $2.1B |
| Operating income | $4.4B | $4.4B | −$395M | $1.4B | $1.1B |
| Interest expense | – | $365M | $355M | $481M | $449M |
| Pre-tax income | $4B | $4.1B | −$678M | $1.1B | $769M |
| Income tax | $981M | $900M | −$29M | $270M | $262M |
| Net income | $3B | $3.2B | −$648M | $800M | $474M |
| Diluted EPS | 8.34 | 8.92 | −1.87 | 2.25 | 1.33 |
| Diluted shares | 365M | 363M | 284M | 356M | 357M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.5B | $1B | $573M | $1.7B | $1.2B |
| Receivables | $2.4B | $2.6B | $2.5B | $2.4B | $2.5B |
| Inventory | $4.4B | $5.5B | $5.3B | $5.2B | $5.7B |
| Current assets | $9.8B | $9.6B | $8.7B | $9.8B | $9.9B |
| Net PP&E | $7.8B | $8.7B | $9.6B | $9.4B | $9.2B |
| Goodwill | $10.5B | $10.5B | $9.9B | $9.8B | $9.5B |
| Total assets | $36.3B | $36.8B | $36.3B | $37.1B | $36.7B |
| Payables | $2.2B | $2.5B | $2.6B | $2.4B | $2.6B |
| Current liabilities | $6.3B | $5.3B | $6.5B | $4.8B | $6.4B |
| Short-term debt | $1.1B | $459M | $1.9B | $74M | $909M |
| Long-term debt | $8.3B | $7.9B | $7.6B | $9.7B | $7.9B |
| Shareholders' equity | $17.7B | $19.7B | $18.1B | $18.4B | $18.1B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.8B | $2.7B | $1.8B | $2.6B | $2.2B |
| Capital expenditure | $1.2B | $1.9B | $1.9B | $1.1B | $978M |
| Free cash flow | $2.6B | $800M | −$187M | $1.5B | $1.2B |
| Depreciation & amortisation | $1.2B | $1.2B | $1.3B | $1.4B | $1.4B |
| Stock-based compensation | $91M | $93M | $61M | $101M | $100M |
| Acquisitions | $0 | $0 | $262M | $0 | $0 |
| Dividends paid | $636M | $653M | $670M | $684M | $697M |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.2% | −0.8% | 0.8% | 2.1% |
| Operating income growth (YoY) | – | 0.3% | −109.0% | – | −22.1% |
| EPS growth (YoY) | – | 7.0% | −121.0% | – | −40.9% |
| Gross margin | 13.9% | 12.5% | 5.0% | 6.8% | 6.5% |
| Operating margin | 9.3% | 8.3% | −0.7% | 2.6% | 2.0% |
| Net margin | 6.5% | 6.1% | −1.2% | 1.5% | 0.9% |
| Return on equityBlank when equity is negative | 17.2% | 16.4% | −3.6% | 4.4% | 2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.7% | 14.0% | −1.3% | 4.4% | 3.6% |
| Free cash flow margin | 5.6% | 1.5% | −0.4% | 2.7% | 2.2% |
| Cash conversion (CFO ÷ net income) | 1.26x | 0.83x | −2.70x | 3.24x | 4.55x |
| Receivable days | 19 | 18 | 17 | 16 | 17 |
| Inventory days | 39 | 43 | 39 | 38 | 41 |
| Payable days | 20 | 19 | 19 | 18 | 19 |
| Interest cover | – | 12.1x | −1.11x | 2.93x | 2.45x |
| Debt ÷ equity | 0.53x | 0.42x | 0.52x | 0.53x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.8B | $7.3B | $8.9B | $8.1B | $7.6B |
| Current ratio | 1.55x | 1.81x | 1.34x | 2.04x | 1.55x |
Recent filings
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.