Seaboard Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 12 February 2026: press release. The quarter’s numbers.

Key takeaways

Fourth-quarter net sales declined: Net sales for the three months ended December 31, 2025 were $2,410 million, compared with $2,482 million in the same period of 2024. Source
Fourth-quarter operating income fell: Operating income for the three months ended December 31, 2025 was $65 million, compared with $114 million a year earlier. Source
Fourth-quarter net earnings rose: Net earnings attributable to Seaboard were $253 million for the three months ended December 31, 2025, compared with $154 million a year earlier. Source
Fourth-quarter earnings per share: Earnings per common share were $264.13 for the three months ended December 31, 2025, against $158.58 for the same period of 2024. Source
Full-year operating income increased: Operating income for the year ended December 31, 2025 was $239 million, compared with $156 million for 2024. Source
Full-year net earnings and EPS: Net earnings attributable to Seaboard were $496 million for 2025, against $88 million for 2024. EPS was $514.46 against $90.62. Source
Valuation allowance reversal produced tax benefit: Seaboard recognized a total income tax benefit of $170 million for the twelve months ended December 31, 2025, from changes in the valuation allowance. Source

“Seaboard Corporation’s results for the three and twelve months ended December 31, 2025 were impacted by the reversal of a valuation allowance recorded on certain of its domestic deferred tax assets.”
Seaboard Corp., press release

What changed from last quarter

New: The valuation allowance on certain domestic deferred tax assets was reversed in 2025, producing a $170 million income tax benefit for the year. The 2024 release had reported a valuation allowance charge. Source

Fourth-quarter 2025 results

Fourth-quarter net sales declined: Net sales for the three months ended December 31, 2025 were $2,410 million, compared with $2,482 million in the same period of 2024. Source
Fourth-quarter operating income fell: Operating income for the three months ended December 31, 2025 was $65 million, compared with $114 million a year earlier. Source
Fourth-quarter net earnings rose: Net earnings attributable to Seaboard were $253 million for the three months ended December 31, 2025, compared with $154 million a year earlier. Source
Fourth-quarter earnings per share: Earnings per common share were $264.13 for the three months ended December 31, 2025, against $158.58 for the same period of 2024. Source

Full-year 2025 results

Full-year net sales increased: Net sales for the year ended December 31, 2025 were $9,746 million, compared with $9,100 million for 2024. Source
Full-year operating income increased: Operating income for the year ended December 31, 2025 was $239 million, compared with $156 million for 2024. Source
Full-year net earnings and EPS: Net earnings attributable to Seaboard were $496 million for 2025, against $88 million for 2024. EPS was $514.46 against $90.62. Source

“Seaboard recognized a total income tax benefit of $170 million related to changes in the valuation allowance for the twelve months ended December 31, 2025.”
Seaboard Corp., press release

Third-quarter and nine-month results

Third-quarter net sales: Net sales for the three months ended September 27, 2025 were $2,540 million, compared with $2,218 million a year earlier.
Third-quarter operating income rose: Operating income for the three months ended September 27, 2025 was $84 million, against $32 million in the prior-year period.
Third-quarter net earnings and EPS: Net earnings attributable to Seaboard were $109 million, with EPS of $113.71, against a net loss of $149 million and EPS of $(153.44) a year earlier.
Nine-month net earnings positive: Net earnings attributable to Seaboard for the nine months ended September 27, 2025 were $243 million, against a loss of $66 million for the same period of 2024.

Income tax and valuation allowance

Valuation allowance reversal produced tax benefit: Seaboard recognized a total income tax benefit of $170 million for the twelve months ended December 31, 2025, from changes in the valuation allowance. Source
2024 allowance charge recorded: A valuation allowance of $176 million on U.S. deferred tax assets was recorded in 2024, with a corresponding charge to income tax expense, per the October release.
Annual report has more tax detail: Further detail on the valuation allowance reversal and 2025 annual results is included in the Form 10-K filed on the release date. Source

Share count and dividend

Average share count declined: Average shares outstanding were 957,855 for the three months ended December 31, 2025, against 971,055 a year earlier. The full-year average was 964,113. Source
Quarterly dividend held at $2.25: Dividends declared were $2.25 per common share for the quarter and $9.00 for the year, the same as in 2024. Source
Third-quarter average shares: Average shares outstanding were 958,618 for the three months ended September 27, 2025, against 971,055 in the prior-year period.

Filings and payment timing

Annual report on website: The company has provided access to the Form 10-K on its investors webpage. Source
Third-quarter Form 10-Q details: The October release said further details were included in the Form 10-Q filed that day, with website access provided.
Prior dividend payment dates: The dividend declared in October 2025 was payable November 17, 2025, to holders of record at the close of business on November 7, 2025.

Coming up, as management said on 12 February 2026

Dividend payable March 5, 2026: The quarterly dividend of $2.25 per share is payable March 5, 2026, to holders of record at the close of business on February 23, 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

REPORT OF EARNINGS AND DIVIDEND DECLARATION

Merriam, Kansas

The following is a report of earnings for Seaboard Corporation (NYSE American symbol: SEB), with offices at 9000 West 67 Street, Merriam, Kansas, for the quarters and years ended December 31, 2025 and December 31, 2024, in millions of dollars except share and per share amounts.

	Three Months Ended		Years Ended
	December 31,	December 31,	December 31,	December 31,
	2025	2024	2025	2024
Net sales	$2,410	$2,482	$9,746	$9,100
Operating income	$65	$114	$239	$156
Net earnings attributable to Seaboard	$253	$154	$496	$88
Earnings per common share	$264.13	$158.58	$514.46	$90.62
Average number of shares outstanding	957,855	971,055	964,113	971,055
Dividends declared per common share	$2.25	$2.25	$9.00	$9.00

Seaboard Corporation’s results for the three and twelve months ended December 31, 2025 were impacted by the reversal of a valuation allowance recorded on certain of its domestic deferred tax assets. Seaboard recognized a total income tax benefit of $170 million related to changes in the valuation allowance for the twelve months ended December 31, 2025. Further detail on the reversal of the valuation allowance and results for the year ended December 31, 2025 are included in its Annual Report on Form 10-K filed today with the United States Securities and Exchange Commission. Seaboard Corporation has provided access to the Annual Report on Form 10-K on its website at https://www.seaboardcorp.com/investors.

Also, Seaboard Corporation announced today that its Board of Directors has authorized and declared a quarterly cash dividend of $2.25 per share of its common stock. The dividend is payable on March 5, 2026 to stockholders of record at the close of business on February 23, 2026.