Revenue growth remains modest at 4.4% year-over-year in 2026Q2, yet structural margin pressure persists as operating margins remain constrained at 3.2%.
| 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 | 55.71B | 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 % | 3.91% | 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 | 52.06B | 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 | 3.65B | 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 % | 6.55% | 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 | 2.37B | 2.12B | 2.22B | 3.03B | 2.26B | 2.13B | 2.38B | 2.25B | 2.13B | 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 | - | 3.9% | 4.16% | 5.72% | 4.24% | 4.53% | 5.5% | 5.31% | 5.31% | 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 | 2.02B | 2.12B | 2.19B | 2.16B | 2.22B | 2.13B | 2.27B | 2.25B | 2.13B | 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% | 4.11% | 4.08% | 4.16% | 4.53% | 5.26% | 5.31% | 5.31% | 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 | 126M | 126M | 106M | 114M | 108M | 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 | - | 0.23% | 0.2% | 0.22% | 0.2% | 0.24% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -126M | -80M | 755M | -67M | -114M | 104M | 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 | 1.28B | 1.44B | 1.41B | -395M | 4.41B | 4.4B | 3.01B | 2.77B | 2.97B | 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 % | 2.3% | 2.65% | 2.64% | -0.75% | 8.28% | 9.34% | 6.97% | 6.53% | 7.41% | 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 % | - | 2.27% | 456.71% | -108.96% | 0.32% | 46.14% | 8.59% | -6.7% | 1.64% | 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 | 2.67B | 2.8B | 2.81B | 944M | 5.61B | 5.61B | 4.2B | 3.87B | 3.91B | 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 % | 4.79% | 5.15% | 5.27% | 1.79% | 10.53% | 11.92% | 9.73% | 9.12% | 9.77% | 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 % | -8.65% | -0.25% | 197.56% | -83.18% | 0.04% | 33.57% | 8.58% | -1.12% | 6.25% | 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 | 1.15B | 1.22B | 1.57B | -323M | 4.51B | 4.47B | 3.15B | 2.84B | 3.03B | 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 | -368M | -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 | 52M | 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 | 420M | 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 | -537M | -672M | -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 | 747M | 769M | 1.09B | -678M | 4.15B | 4.04B | 2.66B | 2.37B | 2.68B | 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 % | 1.34% | 1.41% | 2.05% | -1.28% | 7.79% | 8.59% | 6.17% | 5.6% | 6.7% | 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 | 266M | 262M | 270M | -29M | 900M | 981M | 593M | 381M | -291M | 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 % | 35.61% | 34.07% | 24.73% | 4.28% | 21.69% | 24.28% | 22.26% | 16.05% | -10.85% | 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 | 453M | 474M | 800M | -648M | 3.24B | 3.05B | 2.06B | 1.98B | 2.97B | 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 % | 0.81% | 0.87% | 1.5% | -1.23% | 6.08% | 6.48% | 4.77% | 4.67% | 7.42% | 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 % | -50.44% | -40.75% | 223.46% | -120.01% | 6.27% | 47.84% | 4.09% | -33.33% | 67.42% | 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) | 481M | 507M | 822M | -649M | 3.25B | 3.06B | 2.07B | 1.99B | 2.97B | 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 | 103M | 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) | 1.28 | 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 % | -49.8% | -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 | 354M | 348M | 356M | 354M | 363M | 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 | 353M | 348M | 354M | 354M | 360M | 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% | 27.12% | 14.51% | 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% | - | - | - | - | - | - |
Commodity spread volatility
According to the provided quarterly income statements, Tyson Foods has maintained a consistent revenue growth trajectory, with the most recent 2026Q2 period showing a 4.4% year-over-year increase, suggesting that volume and pricing adjustments are successfully offsetting the inherent cyclicality of the broader protein market.
The company's revenue growth appears to be stabilizing in the low-to-mid single digits, reflecting a mature market position where significant expansion is difficult to achieve without aggressive pricing. Investors should monitor whether this growth is driven by sustainable demand in the Prepared Foods segment or merely reflects inflationary pass-throughs in the volatile commodity protein divisions.
As reported in financial statements, Tyson's gross margin has fluctuated between 4.6% and 8.2% over the last ten quarters, highlighting the thin-margin reality of meat processing where the company remains highly susceptible to the spread between livestock acquisition costs and final wholesale meat prices.
The current gross margin of 7.0% in 2026Q2 suggests that the company is struggling to expand profitability despite its vertical integration. This persistent margin compression warrants further investigation into whether the company's processing infrastructure is sufficiently optimized to handle current high-cost livestock environments.
Based on the reported figures, Tyson's operating income has failed to scale consistently with gross profit, as evidenced by an operating margin that hovered near 3.2% in 2026Q2, indicating that fixed costs and SG&A expenses continue to exert significant pressure on the company's bottom-line profitability.
The inability to achieve meaningful operating leverage suggests that the company's massive processing footprint requires high throughput to remain efficient. If volume growth does not accelerate, the company may find it difficult to improve operating margins without further rationalizing its aging facility base.
As indicated by the quarterly data, Tyson's net income has experienced extreme swings, such as the 75.2% decline in EPS during 2026Q1, which suggests that non-operating items and commodity hedging activities are creating significant noise that may obscure the company's true operational earnings power.
The wide variance in net income appears to be driven by factors beyond core operational control, including inventory adjustments and derivative hedging. Investors should be cautious in relying on headline EPS figures, as these metrics may not accurately reflect the underlying cash-generating capability of the business.
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 $1.44B, resulting in an operating profit margin of 2.6%. 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.