Revenue growth remains highly volatile, fluctuating from a 14.5% increase in 2025Q3 to a 3.6% growth rate in 2026Q1, while gross margins struggle to exceed the low single digits.
| 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 | 9.83B | 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 % | 6.56% | 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 | 6.89B | 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 | 535M | 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 % | 5.44% | 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 | 467M | 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 | 471M | 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 | 285M | 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 % | 2.9% | 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 | 525M | 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 % | 5.34% | 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 % | -1.69% | 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) | 240M | 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 | 251M | 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 | -4M | 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 | 56M | 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 | 50M | 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 | 228M | 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 | 513M | 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 % | 5.22% | 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 | -122M | -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 % | -23.78% | -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 | 583M | 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 % | 5.93% | 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 % | 494.9% | 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) | 588M | 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 | 24M | 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) | 608.69 | 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 % | 501.86% | 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% |
Commodity price volatility exposure
As indicated by the most recent quarterly data, Seaboard's revenue growth has fluctuated significantly, with a 3.6% year-over-year increase in 2026Q1 following a period of contraction, highlighting the inherent sensitivity of its commodity-heavy business model to global market pricing and cyclical demand shifts across its segments.
The inconsistent revenue trajectory suggests that Seaboard's top-line performance is largely dictated by external commodity price cycles rather than organic volume expansion. Investors should monitor whether the recent return to growth reflects improved pricing power in the CT&M segment or merely a temporary rebound in global grain and protein valuations.
Based on reported financial statements, Seaboard's gross margin has struggled to maintain stability, frequently hovering in the low single digits, which underscores the high-variable-cost nature of its trading-heavy operations and the limited ability to pass through input cost spikes to end-market customers in competitive environments.
The thin gross margin profile suggests that Seaboard operates with minimal buffer against input cost volatility, particularly in its pork and turkey segments. This structural limitation implies that profitability is highly susceptible to 'crush spread' compression, necessitating a focus on operational efficiency rather than traditional margin expansion strategies.
According to the provided income statement data, Seaboard's net income frequently diverges from operating income, as evidenced by the 2025Q4 net margin of 10.5% against an operating margin of only 2.2%, suggesting that non-operating gains and equity method investments are primary drivers of bottom-line results.
The reliance on non-operating income, likely stemming from equity stakes like Butterball, masks the underlying weakness in core industrial operations. Analysts should exercise caution when evaluating EPS, as these non-recurring or non-operating items may not be sustainable indicators of the company's long-term operational health.
Analysis of the company's cost structure reveals that SG&A expenses have remained relatively contained, generally ranging between $100 million and $125 million per quarter, which demonstrates a disciplined approach to overhead management despite the significant volatility observed in the company's gross profit and operating income lines.
While management has maintained tight control over fixed costs, the lack of scalability in operating income suggests that these savings are insufficient to offset the impact of raw material price fluctuations. The company's ability to keep SG&A stable is a positive, yet it does not fully mitigate the risks inherent in its high-variable-cost business model.
As suggested by the persistent valuation gap compared to pure-play peers, the market appears to discount Seaboard's income statement due to its complex structure, where the lack of transparency regarding internal transfer pricing and foreign subsidiary performance creates significant uncertainty for institutional investors evaluating the company's true earnings power.
Short-term volatility in net income, often driven by derivative hedging and equity earnings, makes it difficult to ascertain the true underlying profitability of the core business. Investors should monitor whether the company's conservative capital allocation and massive cash reserves are truly strategic or simply a symptom of limited reinvestment opportunities.
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.