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Seaboard Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. The quarter’s numbers.

Key takeaways

  • Quarter net sales rose year over year: Net sales for the three months ended October 3, 2026 were $2,771 million, against $2,540 million a year earlier, an increase of $231 million. Source
  • Quarter operating income declined: Operating income was $13 million for the quarter, against $84 million a year earlier, a decrease of $71 million. Source
  • Quarter net earnings and EPS declined: Net earnings attributable to Seaboard were $28 million against $109 million. Earnings per common share were $29.23 against $113.71. Source
  • Operating income and net earnings lower sequentially: Operating income was $13 million against $100 million in the second quarter. Net earnings attributable to Seaboard were $28 million against $153 million.
  • Quarter operating margin about 0.5%: Operating income was about 0.5% of net sales in the quarter, calculated from the reported figures, against about 3.3% a year earlier. Source
  • Quarterly dividend held at $2.25: The Board of Directors declared a quarterly cash dividend of $2.25 per share, the same amount declared in the prior year period. Source

Results and growth drivers

  • Quarter net sales rose year over year: Net sales for the three months ended October 3, 2026 were $2,771 million, against $2,540 million a year earlier, an increase of $231 million. Source
  • Quarter operating income declined: Operating income was $13 million for the quarter, against $84 million a year earlier, a decrease of $71 million. Source
  • Quarter net earnings and EPS declined: Net earnings attributable to Seaboard were $28 million against $109 million. Earnings per common share were $29.23 against $113.71. Source
  • Nine-month results higher year over year: For the nine months, net sales were $8,093 million against $7,336 million, operating income $209 million against $174 million, net earnings $300 million against $243 million, and earnings per common share $313.22 against $251.47. Source

Change from second quarter

  • Sales below second quarter: Net sales were $2,771 million in the quarter, compared with $2,922 million in the quarter ended July 4, 2026, a decline of $151 million.
  • Operating income and net earnings lower sequentially: Operating income was $13 million against $100 million in the second quarter. Net earnings attributable to Seaboard were $28 million against $153 million.
  • Earnings per share below second quarter: Earnings per common share were $29.23 for the quarter, against $159.74 for the quarter ended July 4, 2026.

Margins and cost detail

  • Quarter operating margin about 0.5%: Operating income was about 0.5% of net sales in the quarter, calculated from the reported figures, against about 3.3% a year earlier. Source
  • Nine-month operating margin about 2.6%: For the nine months, operating income was about 2.6% of net sales, calculated from the reported figures, against about 2.4% a year earlier. Source
  • No segment or cost breakdown given: The release gives consolidated figures only. It reports no segment, product, region or cost breakdown, and no explanation of the change in margin. Source

Shares and per-share figures

  • Quarter share count nearly unchanged: Average shares outstanding were 957,794 in the quarter, against 958,618 a year earlier, a difference of 824 shares. Source
  • Nine-month average shares lower: For the nine months, average shares outstanding were 957,794 against 966,315 a year earlier, a difference of 8,521 shares. Source
  • Average shares equal to second quarter: Average shares outstanding were 957,794 in the quarter ended July 4, 2026, the same figure as in the current quarter.

Dividends and returns to shareholders

  • Quarterly dividend held at $2.25: The Board of Directors declared a quarterly cash dividend of $2.25 per share, the same amount declared in the prior year period. Source
  • Nine-month dividends $6.75 per share: Dividends declared per common share were $6.75 for the nine months, the same as the prior year period, equal to three quarterly declarations of $2.25. Source
  • Six-month dividends $4.50 per share: Dividends declared per share were $4.50 for the six months ended July 4, 2026. Adding the quarter's $2.25 brings the nine-month total to $6.75.

Filing and reporting

  • Form 10-Q filed with SEC: The company filed its Quarterly Report on Form 10-Q on the same day as the results release. Source
  • Quarterly report posted on website: The company has provided access to the Form 10-Q on its investors page, at the web address given in the release. Source
  • Results cover three and nine months: The release reports results for the three and nine months ended October 3, 2026, with comparatives for the periods ended September 27, 2025, in millions of dollars. Source

Coming up, as management said on 3 November 2026

  • Dividend payable November 23: The $2.25 per share dividend is payable on November 23, 2026, to holders of record at the close of business on November 13, 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.