Revenue has been stable near $13.9B in 2026Q3, but gross margin contracted to 6.6% from 8.2% year-over-year, reflecting elevated cattle costs and limited pricing power.
Tyson Foods, Inc. (TSN) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Oct'22 | Sep'21 | Oct'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 55.69B | 54.44B | 53.31B | 52.88B | 53.28B | 47.05B | 43.19B | 42.41B | 40.05B | 38.26B | 36.88B | 41.37B | 37.58B | 34.37B | 33.05B | 32.03B | 28.43B | 26.7B | 26.86B | 26.9B | 25.56B | 26.01B | 26.44B | 24.55B | 23.37B | 10.56B | 7.27B | 7.36B | 7.41B | 6.36B | 6.45B |
| Revenue Growth % | 2.86% | 2.12% | 0.81% | -0.75% | 13.25% | 8.95% | 1.84% | 5.87% | 4.68% | 3.74% | -10.86% | 10.09% | 9.33% | 3.99% | 3.19% | 12.67% | 6.46% | -0.59% | -0.14% | 5.25% | -1.75% | -1.61% | 7.71% | 5.06% | 121.22% | 45.34% | -1.29% | -0.69% | 16.65% | -1.52% | 17.1% |
| Cost of Goods Sold | 52.28B | 50.88B | 49.68B | 50.25B | 46.61B | 40.52B | 37.8B | 37.38B | 34.96B | 33.2B | 32.18B | 37.46B | 34.9B | 32.02B | 30.86B | 29.84B | 25.92B | 25.5B | 25.62B | 25.47B | 24.63B | 24.27B | 24.55B | 22.8B | 21.55B | 9.66B | 6.45B | 5.8B | 6.02B | 5.12B | 5.29B |
| COGS % of Revenue | - | 93.46% | 93.2% | 95.02% | 87.49% | 86.13% | 87.53% | 88.16% | 87.28% | 86.77% | 87.26% | 90.53% | 92.86% | 93.14% | 93.37% | 93.15% | 91.16% | 95.5% | 95.36% | 94.67% | 96.37% | 93.31% | 92.85% | 92.9% | 92.22% | 91.45% | 88.79% | 78.76% | 81.16% | 80.48% | 82.03% |
| Gross Profit | 3.42B | 3.56B | 3.63B | 2.63B | 6.67B | 6.53B | 5.38B | 5.02B | 5.1B | 5.06B | 4.7B | 3.92B | 2.69B | 2.36B | 2.19B | 2.19B | 2.51B | 1.2B | 1.25B | 1.43B | 928M | 1.74B | 1.89B | 1.74B | 1.82B | 903M | 815M | 1.56B | 1.4B | 1.24B | 1.16B |
| Gross Margin % | 6.14% | 6.54% | 6.8% | 4.98% | 12.51% | 13.87% | 12.47% | 11.84% | 12.72% | 13.23% | 12.74% | 9.47% | 7.14% | 6.86% | 6.63% | 6.85% | 8.84% | 4.5% | 4.64% | 5.33% | 3.63% | 6.69% | 7.15% | 7.1% | 7.78% | 8.55% | 11.21% | 21.24% | 18.84% | 19.52% | 17.97% |
| Gross Profit Growth % | - | -1.79% | 37.86% | -60.54% | 2.18% | 21.21% | 7.21% | -1.45% | 0.67% | 7.77% | 19.91% | 45.88% | 13.87% | 7.67% | -0.23% | -12.69% | 108.98% | -3.45% | -13.05% | 54.42% | -46.67% | -7.99% | 8.43% | -4.02% | 101.22% | 10.8% | -47.89% | 11.95% | 12.62% | 6.96% | -8.47% |
| Operating Expenses | 2.16B | 2.46B | 2.22B | 3.03B | 2.26B | 2.13B | 2.38B | 2.19B | 2.06B | 2.14B | 1.86B | 1.75B | 1.25B | 983M | 904M | 906M | 958M | 1.42B | 915M | 819M | 1B | 995M | 974M | 907M | 930M | 587M | 466M | 1.08B | 1.19B | 840.6M | 890.2M |
| OpEx % of Revenue | - | 4.53% | 4.16% | 5.72% | 4.24% | 4.53% | 5.5% | 5.18% | 5.15% | 5.6% | 5.05% | 4.23% | 3.34% | 2.86% | 2.73% | 2.83% | 3.37% | 5.31% | 3.41% | 3.04% | 3.93% | 3.82% | 3.68% | 3.69% | 3.98% | 5.56% | 6.41% | 14.63% | 16.09% | 13.23% | 13.79% |
| Selling, General & Admin | 2.16B | 2.12B | 2.22B | 2.25B | 2.26B | 2.13B | 2.38B | 2.19B | 2.06B | 2.14B | 1.86B | 1.75B | 1.25B | 983M | 904M | 906M | 929M | 858M | 915M | 817M | 935M | 928M | 880M | 831M | 877M | 587M | 466M | 786M | 917M | 610.2M | 650.9M |
| SG&A % of Revenue | - | 3.9% | 4.16% | 4.25% | 4.24% | 4.53% | 5.5% | 5.18% | 5.15% | 5.6% | 5.05% | 4.23% | 3.34% | 2.86% | 2.73% | 2.83% | 3.27% | 3.21% | 3.41% | 3.04% | 3.66% | 3.57% | 3.33% | 3.39% | 3.75% | 5.56% | 6.41% | 10.68% | 12.37% | 9.6% | 10.09% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 114M | 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 |
| R&D % of Revenue | - | - | - | - | - | 0.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 343M | 0 | 781M | 0 | -114M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29M | 560M | 0 | 2M | 70M | 67M | 94M | 76M | 53M | 0 | 0 | 291.1M | 276M | 230.4M | 239.3M |
| Operating Income | 1.26B | 1.1B | 1.41B | -395M | 4.41B | 4.4B | 3.01B | 2.83B | 3.03B | 2.92B | 2.83B | 2.17B | 1.43B | 1.38B | 1.29B | 1.29B | 1.56B | -215M | 331M | 614M | -77M | 745M | 917M | 837M | 887M | 316M | 349M | 486.9M | 204M | 399.9M | 269.6M |
| Operating Margin % | 2.26% | 2.02% | 2.64% | -0.75% | 8.28% | 9.34% | 6.97% | 6.67% | 7.57% | 7.63% | 7.68% | 5.24% | 3.81% | 4% | 3.89% | 4.02% | 5.47% | -0.81% | 1.23% | 2.28% | -0.3% | 2.86% | 3.47% | 3.41% | 3.8% | 2.99% | 4.8% | 6.61% | 2.75% | 6.29% | 4.18% |
| Operating Income Growth % | - | -22.07% | 456.71% | -108.96% | 0.32% | 46.14% | 6.4% | -6.76% | 3.8% | 3.11% | 30.61% | 51.68% | 4% | 6.92% | -0.23% | -17.16% | 823.72% | -164.95% | -46.09% | 897.4% | -110.34% | -18.76% | 9.56% | -5.64% | 180.7% | -9.46% | -28.32% | 138.68% | -48.99% | 48.33% | -42.84% |
| EBITDA | 2.64B | 2.46B | 2.81B | 944M | 5.61B | 5.61B | 4.2B | 3.92B | 3.98B | 3.68B | 3.54B | 2.88B | 1.96B | 1.89B | 1.78B | 1.79B | 2.05B | 298M | 824M | 1.13B | 440M | 1.25B | 1.41B | 1.29B | 1.35B | 651M | 643M | 778M | 480M | 630.3M | 508.9M |
| EBITDA Margin % | 4.75% | 4.52% | 5.27% | 1.79% | 10.53% | 11.92% | 9.73% | 9.26% | 9.92% | 9.62% | 9.59% | 6.96% | 5.22% | 5.51% | 5.4% | 5.6% | 7.22% | 1.12% | 3.07% | 4.19% | 1.72% | 4.79% | 5.32% | 5.28% | 5.79% | 6.16% | 8.85% | 10.57% | 6.47% | 9.92% | 7.89% |
| EBITDA Growth % | -5.97% | -12.46% | 197.56% | -83.18% | 0.04% | 33.57% | 7.01% | -1.26% | 7.96% | 4.07% | 22.85% | 46.94% | 3.48% | 6.11% | -0.56% | -12.57% | 588.93% | -63.83% | -26.95% | 156.36% | -64.69% | -11.44% | 8.65% | -4.36% | 107.99% | 1.24% | -17.35% | 62.08% | -23.85% | 23.86% | -24.79% |
| D&A (Non-Cash Add-back) | 1.39B | 1.36B | 1.4B | 1.34B | 1.2B | 1.21B | 1.19B | 1.1B | 943M | 761M | 705M | 711M | 530M | 519M | 499M | 506M | 497M | 513M | 493M | 514M | 517M | 501M | 490M | 458M | 467M | 335M | 294M | 291.1M | 276M | 230.4M | 239.3M |
| EBIT | 1.22B | 1.22B | 1.57B | -323M | 4.51B | 4.47B | 3.15B | 2.89B | 3.1B | 2.91B | 2.85B | 2.21B | 1.38B | 1.4B | 1.32B | 1.32B | 1.55B | -216M | 331M | 614M | -77M | 745M | 917M | 837M | 887M | 316M | 349M | 486.9M | 204M | 399.9M | 269.6M |
| Net Interest Income | -362M | -376M | -392M | -325M | -348M | -420M | -475M | -451M | -343M | -272M | -243M | -284M | -125M | -138M | -344M | -231M | -333M | -310M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 43M | 73M | 89M | 30M | 17M | 8M | 10M | 11M | 7M | 7M | 6M | 9M | 7M | 7M | 12M | 11M | 14M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 405M | 449M | 481M | 355M | 365M | 428M | 485M | 462M | 350M | 279M | 249M | 293M | 132M | 145M | 356M | 242M | 347M | 327M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -437M | -329M | -317M | -283M | -261M | -355M | -344M | -396M | -287M | -293M | -235M | -248M | -178M | -118M | -321M | -211M | -353M | -328M | -177M | -204M | -216M | -217M | -282M | -314M | -294M | -170M | -115M | -127.4M | -133M | -70.2M | -133.7M |
| Pretax Income | 820M | 769M | 1.09B | -678M | 4.15B | 4.04B | 2.66B | 2.43B | 2.75B | 2.63B | 2.6B | 1.92B | 1.25B | 1.26B | 965M | 1.08B | 1.2B | -543M | 154M | 410M | -293M | 528M | 635M | 523M | 593M | 146M | 234M | 359.5M | 71M | 329.7M | 135.9M |
| Pretax Margin % | 1.47% | 1.41% | 2.05% | -1.28% | 7.79% | 8.59% | 6.17% | 5.73% | 6.85% | 6.87% | 7.04% | 4.64% | 3.33% | 3.66% | 2.92% | 3.37% | 4.23% | -2.03% | 0.57% | 1.52% | -1.15% | 2.03% | 2.4% | 2.13% | 2.54% | 1.38% | 3.22% | 4.88% | 0.96% | 5.19% | 2.11% |
| Income Tax | 222M | 262M | 270M | -29M | 900M | 981M | 593M | 396M | -282M | 850M | 826M | 697M | 396M | 409M | 351M | 340M | 438M | 7M | 68M | 142M | -102M | 156M | 232M | 186M | 210M | 58M | 83M | 129.4M | 46M | 143.9M | 49M |
| Effective Tax Rate % | 27.07% | 34.07% | 24.73% | 4.28% | 21.69% | 24.28% | 22.26% | 16.29% | -10.27% | 32.34% | 31.79% | 36.28% | 31.63% | 32.54% | 36.37% | 31.54% | 36.41% | -1.29% | 44.16% | 34.63% | 34.81% | 29.55% | 36.54% | 35.56% | 35.41% | 39.73% | 35.47% | 35.99% | 64.79% | 43.65% | 36.06% |
| Net Income | 574M | 474M | 800M | -648M | 3.24B | 3.05B | 2.06B | 2.02B | 3.02B | 1.77B | 1.77B | 1.22B | 864M | 778M | 583M | 750M | 780M | -547M | 86M | 268M | -196M | 372M | 403M | 337M | 383M | 88M | 151M | 230.1M | 25M | 185.8M | 86.9M |
| Net Margin % | 1.03% | 0.87% | 1.5% | -1.23% | 6.08% | 6.48% | 4.77% | 4.77% | 7.55% | 4.64% | 4.79% | 2.95% | 2.3% | 2.26% | 1.76% | 2.34% | 2.74% | -2.05% | 0.32% | 1% | -0.77% | 1.43% | 1.52% | 1.37% | 1.64% | 0.83% | 2.08% | 3.13% | 0.34% | 2.92% | 1.35% |
| Net Income Growth % | -26.79% | -40.75% | 223.46% | -120.01% | 6.27% | 47.84% | 1.93% | -33.13% | 70.46% | 0.34% | 44.92% | 41.2% | 11.05% | 33.45% | -22.27% | -3.85% | 242.6% | -736.05% | -67.91% | 236.73% | -152.69% | -7.69% | 19.58% | -12.01% | 335.23% | -41.72% | -34.38% | 820.4% | -86.54% | 113.81% | -60.36% |
| Net Income (Continuing) | 598M | 507M | 822M | -649M | 3.25B | 3.06B | 2.07B | 2.04B | 3.03B | 1.78B | 1.77B | 1.22B | 856M | 848M | 614M | 738M | 765M | -550M | 86M | 268M | -191M | 372M | 403M | 337M | 383M | 88M | 151M | 230.1M | 25M | 185.8M | 86.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -70M | -38M | -5M | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 106M | 142M | 124M | 122M | 109M | 131M | 132M | 144M | 8M | 18M | 16M | 15M | 14M | 32M | 30M | 28M | 99M | 98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.01 | 1.36 | 2.25 | -1.87 | 8.92 | 8.34 | 5.64 | 5.52 | 8.04 | 4.79 | 4.53 | 2.95 | 2.37 | 2.12 | 1.58 | 1.97 | 2.10 | -1.47 | 0.24 | 0.75 | -0.57 | 1.04 | 1.13 | 0.96 | 1.08 | 0.40 | 0.67 | 1.00 | 0.11 | 0.85 | 0.40 |
| EPS Growth % | -27.03% | -39.56% | 220.32% | -120.96% | 6.95% | 47.87% | 2.17% | -31.34% | 67.85% | 5.74% | 53.56% | 24.47% | 11.79% | 34.18% | -19.8% | -6.19% | 242.86% | -712.5% | -68% | 231.58% | -154.81% | -7.96% | 17.71% | -11.11% | 170% | -40.3% | -33% | 809.09% | -87.06% | 112.5% | -60.4% |
| EPS (Basic) | - | 1.36 | 2.31 | -1.87 | 9.18 | 8.57 | 5.68 | 5.45 | 8.14 | 4.94 | 4.67 | 3.06 | 2.48 | 2.26 | 1.64 | 2.04 | 2.13 | -1.78 | 0.25 | 0.79 | -0.79 | 1.06 | 1.14 | 0.98 | 1.10 | 0.40 | 0.67 | 1.00 | 0.11 | 0.85 | 0.40 |
| Diluted Shares Outstanding | 285M | 285M | 286M | 284M | 293M | 365M | 365M | 366M | 369M | 370M | 390M | 413M | 364M | 367M | 370M | 380M | 373M | 372M | 356M | 355M | 345M | 357M | 357M | 351.04M | 355M | 222M | 226M | 230.1M | 227.27M | 219.05M | 219.09M |
| Basic Shares Outstanding | 282M | 285M | 284M | 284M | 290M | 363M | 363M | 363M | 365M | 366M | 385M | 405M | 354M | 352M | 363M | 373M | 373M | 302M | 281M | 273M | 249M | 243M | 345M | 346M | 348M | 221M | 225M | 230.1M | 227.27M | 218.2M | 218.1M |
| Dividend Payout Ratio | - | 147.05% | 85.5% | - | 20.17% | 20.87% | 29.16% | 26.56% | 14.25% | 17.98% | 12.22% | 12.05% | 12.04% | 13.37% | 9.78% | 7.87% | 7.56% | - | 65.12% | 20.9% | - | 14.78% | 13.65% | 16.02% | 15.14% | - | - | - | - | - | - |
Quick answers to the most common questions about buying TSN stock.
For fiscal year 2025, Tyson Foods, Inc. (TSN) reported total revenue of $54.44B. This represents a 743.5% increase compared to $6.45B in 1996.
Tyson Foods, Inc. (TSN) is profitable, generating $474.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Tyson Foods, Inc. (TSN) reported an operating income of $1.10B, resulting in an operating profit margin of 2.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Tyson Foods, Inc. (TSN) generated $3.56B in gross profit for the year, representing a gross profit margin of 6.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Beef input cost pressure
Metrics are mathematically derived from official filings.
Stable Top-Line, Mixed Segment Momentum
Revenue has remained remarkably stable, hovering near $13.9B in 2026Q3, with year-over-year growth essentially flat at -0.1%, according to recent SEC filings. This stability masks divergent segment trends, with chicken and prepared foods strength offsetting beef weakness.
The flat revenue growth suggests that Tyson is not gaining meaningful share in aggregate, but the composition is shifting. The company has reported seven consecutive quarters of chicken growth and ongoing prepared foods share gains, which may indicate a portfolio mix shift toward higher-margin products. However, the overall growth rate remains subdued, reflecting the mature nature of the protein market and the impact of deflationary pressures in beef. Investors should monitor whether the mix shift can accelerate top-line growth beyond the low single digits.
Thin Spreads Under Pressure
Gross margin contracted to 6.6% in 2026Q3, down from 8.2% in the year-ago quarter, as reported in financial statements. This reflects elevated cattle costs and the company's limited ability to pass through price increases in a competitive retail environment.
The gross margin compression is stark, with the 2026Q3 figure sitting near the low end of the trailing ten-quarter range. The beef segment, which relies on the cattle crush spread, is likely the primary drag, given historically low US cattle inventories. While chicken and prepared foods margins may be improving, they are not yet sufficient to offset the beef headwinds. The 6.6% gross margin is well below the peer average, highlighting Tyson's structural disadvantage as a commodity processor versus more branded peers like Hormel.
Operating Leverage Fails to Materialize
Operating income swung from $580M in 2025Q1 to just $362M in 2026Q3, despite similar revenue levels, as per the latest income statement. This indicates that fixed costs are not being leveraged effectively, and SG&A has not scaled down proportionally with margin compression.
The operating margin of 2.6% in 2026Q3 is roughly half of what it was in 2025Q1, even though revenue is nearly identical. This suggests that the company is experiencing deleveraging on its fixed cost base, as lower gross profits are not being offset by reductions in SG&A. SG&A has remained relatively stable around $500-560M per quarter, indicating that management has not aggressively cut overhead despite the margin squeeze. This lack of operating leverage amplifies the impact of commodity price swings on the bottom line.
Earnings Volatility Masks Underlying Trends
Net income swung from $359M in 2025Q1 to just $7M in 2025Q2, and then to $182M in 2026Q3, based on reported figures. This extreme volatility suggests that reported earnings are heavily influenced by non-operating items and one-time charges, rather than stable operational performance.
The wide swings in net income, with EPS ranging from $0.02 to $1.01 over the past ten quarters, indicate that investors should focus on normalized earnings power rather than any single quarter. The Q3 FY2026 EPS miss of $0.99 versus the $1.35 estimate, despite maintained guidance, suggests that there may be transitory costs or mark-to-market losses that are distorting the picture. The absence of stock-based compensation in the data is notable, but it may be immaterial or not disclosed separately. Analysts should adjust for derivative gains/losses and inventory adjustments to assess the true earnings quality.
Input Costs Dominate, Overhead Stable
COGS as a percentage of revenue has risen to 93.4% in 2026Q3, up from 91.8% in the year-ago quarter, as per the income statement. This increase is primarily driven by higher livestock and grain costs, while SG&A has remained relatively flat, indicating limited expense discipline.
The cost structure is heavily weighted toward variable inputs, with COGS consuming the vast majority of revenue. The 160 basis point increase in COGS ratio year-over-year underscores the pressure from cattle and feed costs. SG&A has been relatively stable, but it has not been reduced to offset the margin compression, suggesting that management is prioritizing operational capacity over cost cutting. The R&D line is minimal, which is typical for a meat processor, but the lack of investment in innovation may limit long-term differentiation.
Beef Cycle Could Prolong Margin Squeeze
The USDA reports historically low cattle inventories, which may keep beef input costs elevated for years, according to industry data. This could continue to suppress Tyson's overall margins, as beef is a significant revenue contributor and the company has limited pricing power in a competitive market.
The bear case for Tyson centers on the prolonged nature of the cattle cycle. With herd rebuilding taking time, the beef segment's margins may remain under pressure, and the company's diversification into chicken and prepared foods may not be enough to offset the drag. The Q3 FY2026 EPS miss, despite strong chicken and prepared foods performance, suggests that the beef headwinds are more severe than anticipated. If cattle costs remain high, Tyson's profitability could stay below historical averages, and the stock may continue to trade at a discount to peers. Investors should monitor the USDA cattle inventory reports and the company's ability to pass through costs to retailers.