Seaboard Corp.: Q1 FY2026 earnings call
What management said about Q1 FY2026, from the documents filed with the SEC on 5 May 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.
Key takeaways
- Net sales rose from prior year: Net sales were $2,400 million, against $2,316 million for the three months ended March 29, 2025. Source
- Operating income rose from prior year: Operating income was $96 million, against $38 million a year earlier. Source
- Net earnings attributable rose: Net earnings attributable to Seaboard were $119 million, against $32 million a year earlier. Source
- Earnings per common share rose: Earnings per common share were $124.24, against $32.95 in the prior-year quarter. Source
- Prior quarter had valuation reversal: The prior quarter's results were affected by a reversal of a valuation allowance on certain domestic deferred tax assets. Its net earnings were $253 million.
- Average shares below prior-year level: Average shares outstanding were 957,794, against 971,055 in the prior-year quarter. Source
Guidance
| Area | Period | Figure | Against last quarter |
|---|---|---|---|
| Quarterly dividend Source | payable May 25, 2026 | $2.25 per share | Kept |
Quarter results against prior year
- Net sales rose from prior year: Net sales were $2,400 million, against $2,316 million for the three months ended March 29, 2025. Source
- Operating income rose from prior year: Operating income was $96 million, against $38 million a year earlier. Source
- Net earnings attributable rose: Net earnings attributable to Seaboard were $119 million, against $32 million a year earlier. Source
- Earnings per common share rose: Earnings per common share were $124.24, against $32.95 in the prior-year quarter. Source
Change from prior quarter
- Net sales edged down sequentially: Net sales of $2,400 million compare with $2,410 million for the quarter ended December 31, 2025.
- Operating income above prior quarter: Operating income of $96 million compares with $65 million for the quarter ended December 31, 2025.
- Prior quarter had valuation reversal: The prior quarter's results were affected by a reversal of a valuation allowance on certain domestic deferred tax assets. Its net earnings were $253 million.
Full-year 2025 figures
- Full-year net sales were $9,746 million: Net sales for the year ended December 31, 2025 were $9,746 million, against $9,100 million for 2024.
- Full-year operating income was $239 million: Operating income for the year was $239 million, against $156 million for 2024.
- Full-year earnings per share $514.46: Net earnings attributable to Seaboard were $496 million and earnings per common share $514.46 for 2025, against $88 million and $90.62 for 2024.
- Tax benefit from valuation allowance: The company recognized a total income tax benefit of $170 million from changes in the valuation allowance for the twelve months ended December 31, 2025.
Share count and dividend
- Average shares below prior-year level: Average shares outstanding were 957,794, against 971,055 in the prior-year quarter. Source
- Average shares below prior quarter: Average shares outstanding were 957,794, against 957,855 for the quarter ended December 31, 2025.
- Quarterly dividend matches prior-year rate: The quarterly dividend of $2.25 per share matches the $2.25 per share declared in the prior-year quarter. Source
Filings and disclosure
- Form 10-Q filed with SEC: The company filed its Quarterly Report on Form 10-Q today and provided access to it on its website. Source
- 10-Q contents not in documents: The Form 10-Q is referenced but is not among the documents provided, so its contents are not summarized here. Source
- Full-year detail in Form 10-K: Further detail on the valuation allowance reversal and full-year 2025 results was included in the Form 10-K filed with the prior release.
Reporting periods and basis
- Quarter covers three months to April 4: Figures cover the three months ended April 4, 2026, compared with the three months ended March 29, 2025. Source
- Dollar amounts in millions: Dollar amounts are stated in millions, except share and per share amounts. Source
- Prior release covered December 2025: The prior release reported quarters and years ended December 31, 2025 and December 31, 2024.
Coming up, as management said on 5 May 2026
- Dividend payment and record dates: The $2.25 dividend is payable May 25, 2026 to stockholders of record at the close of business on May 15, 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.