Revenue growth accelerated to 17.8% YoY in 2026Q2, with gross margin expanding to 7.6% from 6.5% a year earlier, yet operating margin remains thin at 3.4% and net margin of 5.2% is boosted by non-operating items.
Seaboard Corporation (SEB) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 10.27B | 9.75B | 9.1B | 9.56B | 11.24B | 9.23B | 7.13B | 6.84B | 6.58B | 5.81B | 5.38B | 5.59B | 6.47B | 6.67B | 6.19B | 5.75B | 4.39B | 3.6B | 4.27B | 3.21B | 2.71B | 2.69B | 2.68B | 1.98B | 1.83B | 1.8B | 1.58B | 1.26B | 1.78B | 1.78B | 1.46B |
| Revenue Growth % | 8.17% | 7.1% | -4.83% | -14.95% | 21.82% | 29.51% | 4.18% | 3.9% | 13.32% | 7.99% | -3.84% | -13.58% | -2.96% | 7.78% | 7.7% | 31.04% | 21.78% | -15.62% | 32.82% | 18.69% | 0.69% | 0.18% | 35.46% | 8.31% | 1.37% | 13.95% | 26.16% | -29.47% | -0.02% | 21.57% | 24.74% |
| Cost of Goods Sold | 9.46B | 9.07B | 8.52B | 9.25B | 10.21B | 8.41B | 6.55B | 6.39B | 6.03B | 5.26B | 4.88B | 5.2B | 5.79B | 6.2B | 5.63B | 5.12B | 3.86B | 3.38B | 3.97B | 2.87B | 2.25B | 2.23B | 2.31B | 1.79B | 1.68B | 1.58B | 1.36B | 1.09B | 1.51B | 1.5B | 1.26B |
| COGS % of Revenue | - | 93.05% | 93.67% | 96.7% | 90.84% | 91.14% | 91.94% | 93.48% | 91.65% | 90.55% | 90.76% | 92.92% | 89.52% | 92.98% | 90.93% | 89.07% | 88.01% | 93.96% | 93.03% | 89.36% | 83.22% | 82.92% | 85.88% | 90.57% | 91.8% | 87.28% | 85.63% | 86.78% | 84.61% | 84.5% | 86.38% |
| Gross Profit | 817M | 677M | 576M | 316M | 1.03B | 818M | 574M | 446M | 550M | 549M | 497M | 396M | 678M | 468M | 561.06M | 627.88M | 525.99M | 217.61M | 297.67M | 341.97M | 454.24M | 459.32M | 378.98M | 186.82M | 150.04M | 229.54M | 227.64M | 166M | 274M | 275.9M | 199.5M |
| Gross Margin % | 7.95% | 6.95% | 6.33% | 3.3% | 9.16% | 8.86% | 8.05% | 6.52% | 8.35% | 9.45% | 9.24% | 7.08% | 10.47% | 7.02% | 9.07% | 10.93% | 11.99% | 6.04% | 6.97% | 10.64% | 16.78% | 17.08% | 14.12% | 9.43% | 8.2% | 12.72% | 14.37% | 13.22% | 15.39% | 15.5% | 13.62% |
| Gross Profit Growth % | - | 17.53% | 82.28% | -69.32% | 25.92% | 42.51% | 28.7% | -18.91% | 0.18% | 10.46% | 25.51% | -41.59% | 44.87% | -16.59% | -10.64% | 19.37% | 141.71% | -26.89% | -12.96% | -24.71% | -1.11% | 21.2% | 102.86% | 24.51% | -34.63% | 0.83% | 37.13% | -39.42% | -0.69% | 38.3% | -7.34% |
| Operating Expenses | 478M | 450M | 420M | 403M | 373M | 360M | 329M | 336M | 314M | 317M | 275M | 270M | 254.46M | 263.99M | 251.4M | 220.68M | 204.93M | 193.89M | 175.86M | 172.06M | 157.24M | 139.27M | 127.72M | 118.03M | 102.92M | 115.19M | 179.57M | 153.4M | 205.6M | 198.9M | 179.7M |
| OpEx % of Revenue | - | 4.62% | 4.62% | 4.21% | 3.32% | 3.9% | 4.62% | 4.91% | 4.77% | 5.46% | 5.11% | 4.83% | 3.93% | 3.96% | 4.06% | 3.84% | 4.67% | 5.38% | 4.12% | 5.35% | 5.81% | 5.18% | 4.76% | 5.96% | 5.63% | 6.38% | 11.34% | 12.22% | 11.55% | 11.17% | 12.27% |
| Selling, General & Admin | 482M | 454M | 423M | 396M | 375M | 372M | 347M | 345M | 322M | 317M | 259M | 270M | 254M | 264M | 251.4M | 220.68M | 204.93M | 193.89M | 175.86M | 172.06M | 157.24M | 139.27M | 127.72M | 118.03M | 102.92M | 115.19M | 129.19M | 107.8M | 147M | 142M | 128.8M |
| SG&A % of Revenue | - | 4.66% | 4.65% | 4.14% | 3.34% | 4.03% | 4.87% | 5.04% | 4.89% | 5.46% | 4.81% | 4.83% | 3.92% | 3.96% | 4.06% | 3.84% | 4.67% | 5.38% | 4.12% | 5.35% | 5.81% | 5.18% | 4.76% | 5.96% | 5.63% | 6.38% | 8.16% | 8.59% | 8.26% | 7.98% | 8.8% |
| Research & Development | 0 | 0 | 113M | 361M | 210M | 191M | 134M | 143M | 77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 1.24% | 3.78% | 1.87% | 2.07% | 1.88% | 2.09% | 1.17% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -4M | -116M | -354M | -212M | -203M | -152M | -152M | -85M | -8M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.38M | 45.6M | 58.6M | 56.9M | 50.9M |
| Operating Income | 339M | 227M | 156M | -87M | 657M | 458M | 245M | 110M | 236M | 240M | 230M | 126M | 424M | 204M | 309.66M | 407.2M | 321.07M | 23.72M | 121.81M | 169.91M | 297M | 320.05M | 251.25M | 68.79M | 47.13M | 114.35M | 48.06M | 12.6M | 68.4M | 77M | 19.8M |
| Operating Margin % | 3.3% | 2.33% | 1.71% | -0.91% | 5.84% | 4.96% | 3.44% | 1.61% | 3.58% | 4.13% | 4.28% | 2.25% | 6.55% | 3.06% | 5% | 7.09% | 7.32% | 0.66% | 2.85% | 5.29% | 10.97% | 11.9% | 9.36% | 3.47% | 2.58% | 6.34% | 3.03% | 1% | 3.84% | 4.33% | 1.35% |
| Operating Income Growth % | - | 45.51% | 279.31% | -113.24% | 43.45% | 86.94% | 122.73% | -53.39% | -1.67% | 4.35% | 82.54% | -70.28% | 107.84% | -34.12% | -23.95% | 26.83% | 1253.4% | -80.52% | -28.31% | -42.79% | -7.2% | 27.38% | 265.27% | 45.97% | -58.79% | 137.91% | 281.47% | -81.58% | -11.17% | 288.89% | -36.54% |
| EBITDA | 665M | 545M | 467M | 196M | 892M | 636M | 417M | 248M | 371M | 360M | 333M | 217M | 516.38M | 297.08M | 399.88M | 488.43M | 407.87M | 115.56M | 212.19M | 249.14M | 368.25M | 385.15M | 315.87M | 132.99M | 99.76M | 170.15M | 98.45M | 58.2M | 127M | 133.9M | 70.7M |
| EBITDA Margin % | 6.47% | 5.59% | 5.13% | 2.05% | 7.93% | 6.89% | 5.85% | 3.63% | 5.64% | 6.2% | 6.19% | 3.88% | 7.98% | 4.45% | 6.46% | 8.5% | 9.3% | 3.21% | 4.97% | 7.75% | 13.6% | 14.32% | 11.77% | 6.71% | 5.45% | 9.43% | 6.22% | 4.64% | 7.14% | 7.52% | 4.83% |
| EBITDA Growth % | 18.12% | 16.7% | 138.27% | -78.03% | 40.25% | 52.52% | 68.15% | -33.15% | 3.06% | 8.11% | 53.46% | -57.98% | 73.82% | -25.71% | -18.13% | 19.75% | 252.94% | -45.54% | -14.83% | -32.35% | -4.39% | 21.93% | 137.52% | 33.31% | -41.37% | 72.83% | 69.15% | -54.17% | -5.15% | 89.39% | -7.1% |
| D&A (Non-Cash Add-back) | 326M | 318M | 311M | 283M | 235M | 178M | 172M | 138M | 135M | 120M | 103M | 91M | 92.39M | 93.08M | 90.22M | 81.22M | 86.8M | 91.84M | 90.38M | 79.22M | 71.26M | 65.11M | 64.62M | 64.2M | 52.64M | 55.8M | 50.38M | 45.6M | 58.6M | 56.9M | 50.9M |
| EBIT | 427M | 289M | 153M | -80M | 655M | 446M | 227M | 101M | 228M | 232M | 238M | 126M | 424M | 204M | 309.66M | 449.48M | 369.68M | 102.4M | 140.18M | 204.1M | 297M | 320.05M | 251.25M | 68.79M | 47.13M | 114.35M | 48.06M | 12.37M | 29.77M | 81.2M | 19.8M |
| Net Interest Income | -21M | 4M | -4M | 4M | -8M | 9M | 3M | -6M | -30M | 8M | 10M | 51M | 21M | 32M | 20.57M | 20.96M | 7M | 4.18M | -415K | 6.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 51M | 74M | 68M | 62M | 32M | 22M | 22M | 30M | 14M | 37M | 39M | 69M | 41M | 43M | 31.62M | 27.83M | 12.63M | 17.34M | 14.94M | 18.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 72M | 70M | 72M | 58M | 40M | 13M | 19M | 36M | 44M | 29M | 29M | 18M | 20M | 11M | 11.05M | 6.87M | 5.63M | 13.16M | 15.35M | 12.59M | 0 | 1.97M | 23.79M | 22.6M | 95.67M | 32.39M | 0 | 5.6M | 0 | 33.8M | 9.1M |
| Other Income/Expense | 268M | 183M | 90M | 194M | -78M | 178M | 41M | 180M | -225M | 187M | 154M | 115M | 112M | 42M | 57.12M | 35.4M | 42.98M | 65.52M | 3.02M | 21.53M | 26.31M | -2.71M | -21.34M | -25.07M | -56.77M | -25.81M | -13.76M | -20.97M | -16.58M | -27M | -19.5M |
| Pretax Income | 607M | 410M | 246M | 107M | 579M | 636M | 286M | 290M | 11M | 427M | 384M | 241M | 536M | 246M | 366.78M | 442.61M | 364.05M | 89.24M | 124.23M | 191.51M | 316.42M | 312.81M | 229.91M | 43.72M | -9.64M | 88.54M | 34.3M | -8.3M | 85.3M | 44.6M | 300K |
| Pretax Margin % | 5.91% | 4.21% | 2.7% | 1.12% | 5.15% | 6.89% | 4.01% | 4.24% | 0.17% | 7.35% | 7.14% | 4.31% | 8.28% | 3.69% | 5.93% | 7.7% | 8.3% | 2.48% | 2.91% | 5.96% | 11.69% | 11.63% | 8.57% | 2.21% | -0.53% | 4.91% | 2.17% | -0.66% | 4.79% | 2.51% | 0.02% |
| Income Tax | -32M | -91M | 156M | -120M | -3M | 65M | 3M | 3M | 1M | 181M | 70M | 69M | 167.8M | 32.45M | 84.19M | 99.05M | 81.03M | -2.28M | -22.69M | 10.18M | 57.73M | 46.15M | 61.81M | 14.75M | -23.15M | 35.23M | 25.43M | 5.1M | 32.9M | 14M | -2.5M |
| Effective Tax Rate % | -5.27% | -22.2% | 63.41% | -112.15% | -0.52% | 10.22% | 1.05% | 1.03% | 9.09% | 42.39% | 18.23% | 28.63% | 31.31% | 13.19% | 22.95% | 22.38% | 22.26% | -2.55% | -18.26% | 5.31% | 18.25% | 14.75% | 26.89% | 33.73% | 240.09% | 39.79% | 74.14% | -61.45% | 38.57% | 31.39% | -833.33% |
| Net Income | 634M | 496M | 88M | 226M | 580M | 570M | 283M | 287M | -17M | 247M | 312M | 171M | 365.27M | 205.24M | 282.31M | 345.85M | 283.61M | 92.48M | 146.92M | 181.33M | 258.69M | 266.66M | 168.1M | 31.84M | 13.51M | 53.3M | 98.91M | 200K | 52.4M | 30.6M | 5.8M |
| Net Margin % | 6.17% | 5.09% | 0.97% | 2.36% | 5.16% | 6.18% | 3.97% | 4.2% | -0.26% | 4.25% | 5.8% | 3.06% | 5.64% | 3.08% | 4.56% | 6.02% | 6.47% | 2.57% | 3.44% | 5.64% | 9.55% | 9.92% | 6.26% | 1.61% | 0.74% | 2.95% | 6.25% | 0.02% | 2.94% | 1.72% | 0.4% |
| Net Income Growth % | 356.12% | 463.64% | -61.06% | -61.03% | 1.75% | 101.41% | -1.39% | 1788.24% | -106.88% | -20.83% | 82.46% | -53.19% | 77.98% | -27.3% | -18.37% | 21.94% | 206.67% | -37.05% | -18.98% | -29.9% | -2.99% | 58.64% | 427.91% | 135.74% | -74.66% | -46.11% | 49354.5% | -99.62% | 71.24% | 427.59% | -71.29% |
| Net Income (Continuing) | 639M | 501M | 90M | 227M | 582M | 571M | 283M | 287M | -17M | 246M | 314M | 172M | 366M | 206.76M | 282.59M | 343.56M | 283.01M | 91.52M | 147.51M | 181.33M | 258.69M | 266.66M | 168.1M | 28.97M | 13.51M | 53.3M | 8.87M | -13.59M | 31.43M | 36.6M | 2.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 23M | 23M | 20M | 18M | 18M | 18M | 11M | 10M | 11M | 11M | 13M | 6M | 4.38M | 4.72M | 3.64M | 543K | 3.04M | 3.75M | 4.22M | 971K | 39.1M | 36.03M | 2.14M | 7.47M | 7.15M | 6.07M | 46K | 800K | 5.7M | 0 | 0 |
| EPS (Diluted) | 661.94 | 516.11 | 90.62 | 202.21 | 499.66 | 491.05 | 243.65 | 246.19 | -14.52 | 211.01 | 266.50 | 146.44 | 311.44 | 177.53 | 234.54 | 284.66 | 231.69 | 74.74 | 118.19 | 144.15 | 205.09 | 211.94 | 133.94 | 25.37 | 9.38 | 35.83 | 66.49 | 0.03 | 35.20 | 20.55 | 3.93 |
| EPS Growth % | 361.85% | 469.53% | -55.19% | -59.53% | 1.75% | 101.54% | -1.03% | 1795.52% | -106.88% | -20.82% | 81.99% | -52.98% | 75.43% | -24.31% | -17.61% | 22.86% | 209.99% | -36.76% | -18.01% | -29.71% | -3.23% | 58.24% | 427.95% | 170.47% | -73.82% | -46.11% | 221533.33% | -99.91% | 71.29% | 422.9% | -71.06% |
| EPS (Basic) | - | 516.11 | 90.62 | 202.21 | 499.66 | 491.05 | 243.65 | 246.19 | -14.52 | 211.01 | 266.50 | 146.44 | 311.44 | 177.53 | 234.54 | 284.66 | 231.69 | 74.74 | 118.19 | 144.15 | 205.09 | 212.20 | 133.94 | 25.37 | 9.38 | 35.83 | 66.49 | 0.03 | 35.20 | 20.55 | 3.93 |
| Diluted Shares Outstanding | 957.79K | 964.11K | 971.05K | 1.12M | 1.16M | 1.16M | 1.16M | 1.17M | 1.17M | 1.17M | 1.17M | 1.17M | 1.18M | 1.19M | 1.2M | 1.21M | 1.22M | 1.24M | 1.24M | 1.26M | 1.26M | 1.26M | 1.26M | 1.26M | 1.49M | 1.49M | 1.49M | 1.82M | 1.49M | 1.49M | 1.48M |
| Basic Shares Outstanding | 957.79K | 964.11K | 971.05K | 1.12M | 1.16M | 1.16M | 1.16M | 1.17M | 1.17M | 1.17M | 1.17M | 1.17M | 1.18M | 1.19M | 1.2M | 1.21M | 1.22M | 1.24M | 1.24M | 1.26M | 1.26M | 1.26M | 1.26M | 1.26M | 1.44M | 1.49M | 1.49M | 1.57M | 1.45M | 1.49M | 1.48M |
| Dividend Payout Ratio | - | 1.81% | 132.95% | 4.42% | 1.72% | 1.75% | 3.53% | 3.48% | - | 2.83% | - | - | - | - | 5.09% | - | 3.87% | 4.01% | 2.54% | 2.08% | 1.46% | 1.41% | 2.24% | 11.82% | 26.24% | 2.79% | 1.5% | 743.5% | 2.84% | 4.9% | 25.86% |
Quick answers to the most common questions about buying SEB stock.
For fiscal year 2025, Seaboard Corporation (SEB) reported total revenue of $9.75B. This represents a 565.5% increase compared to $1.46B in 1996.
Seaboard Corporation (SEB) is profitable, generating $496.0M in net income for the fiscal year ending 2025 with a net profit margin of 5.1%.
Seaboard Corporation (SEB) reported an operating income of $227.0M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Seaboard Corporation (SEB) generated $677.0M in gross profit for the year, representing a gross profit margin of 6.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin gross margins and input cost volatility
Metrics are mathematically derived from official filings.
Revenue Growth Rebounding After Cyclical Dip
Seaboard's revenue grew 17.8% YoY in 2026Q2, reaching $2.9B, after a period of contraction in 2024. According to the latest quarterly data, this acceleration suggests improved volume or pricing in CT&M and Pork segments.
The 17.8% YoY growth in 2026Q2 marks a sharp acceleration from the 3.6% growth in 2026Q1 and the negative growth in 2024Q4. This rebound appears driven by a combination of higher commodity prices and increased volumes, particularly in the CT&M segment, which is the largest revenue contributor. However, the sustainability of this growth is uncertain given the thin gross margin profile and the cyclical nature of agricultural markets.
Gross Margin Expansion but Still Thin
Gross margin improved to 7.6% in 2026Q2 from 6.5% a year earlier, but remains structurally low. As reported in financial statements, this reflects the high-volume, low-margin nature of commodity trading and milling operations.
The gross margin has shown a gradual recovery from the trough of 4.0% in 2024Q1 to 7.6% in 2026Q2, indicating some pricing power or cost pass-through. However, at 7.6%, the margin is still far below that of more value-added peers like Hormel (15.6%) and Pilgrim's Pride (12.7%). This suggests that Seaboard's core operations remain highly sensitive to input costs, particularly grain prices, and that the company has limited ability to sustain margin expansion without a structural shift toward higher-margin products.
Operating Leverage Emerging as Costs Stabilize
Operating income grew from $38M in 2025Q1 to $100M in 2026Q2, while SG&A remained relatively flat around $121M. Based on reported figures, this indicates that revenue growth is translating into operating leverage as overhead costs are controlled.
The operating margin expanded from 1.6% in 2025Q1 to 3.4% in 2026Q2, driven by a 17.8% revenue increase against a modest 16.3% increase in SG&A. This suggests that Seaboard is benefiting from operating leverage as volumes recover, with fixed costs spread over a larger revenue base. However, the absolute operating margin remains low, and any reversal in commodity prices could quickly erode these gains.
Net Income Boosted by Non-Operating Items
Net margin of 5.2% in 2026Q2 exceeds operating margin of 3.4%, indicating significant contributions from equity method investments or other non-operating income. As per the income statement data, this divergence suggests earnings quality is dependent on items outside core operations.
The consistent gap between net and operating margins (e.g., 5.2% vs 3.4% in 2026Q2) points to the importance of equity earnings from affiliates like Butterball and possibly other non-operating gains. This means that reported net income may overstate the profitability of the core business, and investors should monitor the sustainability of these contributions. The absence of stock-based compensation in the data suggests that dilution is not a concern, but the reliance on non-operating income warrants caution.
COGS Dominates Cost Structure, SG&A Stable
COGS as a percentage of revenue averaged 92.4% over the last four quarters, while SG&A remained around $121M. According to the latest financials, raw material costs are the primary driver of profitability, leaving little room for error.
The cost structure is heavily weighted toward COGS, which is typical for a commodity-based business. SG&A has been relatively stable, indicating disciplined overhead management, but the high COGS ratio means that any spike in grain or fuel prices can quickly compress margins. The company's ability to pass through costs is limited by competitive pressures, as evidenced by the thin gross margins.
2024Q3 Loss Marks Cyclical Trough
Seaboard reported a net loss of $149M in 2024Q3, the only loss in the ten-quarter period, with a net margin of -6.7%. As reported in the income statement, this inflection point highlights the cyclicality of the business and the impact of weak commodity prices.
The 2024Q3 loss appears to have been driven by a combination of low hog prices, high feed costs, and possibly derivative losses, reflecting the challenging environment for the Pork and CT&M segments. Since then, the company has recovered strongly, with net income reaching $153M in 2026Q2. This recovery suggests that the business is cyclical and that the current profitability may be near a peak, warranting caution about extrapolating current margins into the future.
What Could Invalidate the Base Case
Despite recent revenue growth, the operating margin remains thin at 3.4% in 2026Q2, and the net margin is heavily reliant on non-operating items. As per the income statement data, a reversal in commodity prices or a decline in equity earnings could sharply reduce profitability.
The core business generates minimal operating profit, with operating margins consistently below 5% even in the best quarters. The gap between net and operating margins suggests that a significant portion of earnings comes from equity method investments like Butterball, which are subject to their own cyclicality. If grain prices spike or the hog-to-corn spread narrows, the already thin gross margins could compress further, potentially leading to operating losses. Additionally, the lack of transparency around the unknown EPS result for the latest quarter and the absence of formal guidance create uncertainty about forward earnings quality. Investors should monitor whether the recent revenue growth is sustainable or merely a reflection of temporary commodity price inflation.