Tyson Foods (TSN) Q4 FY2021 earnings: revenue $12.8 billion, up 11.8% on the year

Tyson Foods, Inc. (TSN) reported revenue of $12.8 billion for Q4 FY2021, the quarter ended 2 October 2021, up 11.8% on the same quarter a year earlier. Net income was $1.4 billion, up 107.2% on the year, and diluted earnings per share $3.71. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2021.

Revenue

$12.8 billion

+11.8% on the year · +2.7% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

14.9%

8.4% a year earlier

Q1 FY2020Q4 FY2021

Net income

$1.4 billion

+107.2% on the year · +80.9% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$3.71

+95.3% on the year · +81.0% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	12,811	12,478	11,460	+2.7%	+11.8%
Cost of revenue	10,335	n/a	n/a
Gross profit	2,476	n/a	n/a
Gross margin	19.3%	n/a	n/a
Selling, general and administrative	567	n/a	n/a
Operating income	1,909	1,062	962	+79.8%	+98.4%
Operating margin	14.9%	8.5%	8.4%
Pre-tax income	1,835	n/a	n/a
Income tax	477	n/a	n/a
Effective tax rate	26.0%	n/a	n/a
Net income	1,355	749	654	+80.9%	+107.2%
Net margin	10.6%	n/a	n/a
Diluted EPS	$3.71	$2.05	$1.90	+81.0%	+95.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	1,184	n/a	n/a
Capital expenditure	350	n/a	n/a
Free cash flow	834	n/a	n/a
Free cash flow margin	6.5%	n/a	n/a
Cash from investing	841	n/a	n/a
Cash from financing	-1,189	n/a	n/a
Depreciation and amortisation	289	302	302	-4.3%	-4.3%
Dividends paid	159	n/a	n/a
Diluted shares, weighted	365m	366m	n/a	-0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	17,723	16,561	15,465	+7.0%	+14.6%
Non-controlling interest	131	n/a	n/a
Debt	9,348	10,352	11,339	-9.7%	-17.6%
Operating lease liabilities	368	n/a	n/a
Other liabilities	8,739	n/a	n/a
Total liabilities and equity	36,309	n/a	n/a
Fixed assets	7,837	n/a	n/a
Goodwill	10,549	n/a	n/a
Intangible assets	6,519	n/a	n/a
Cash and equivalents	2,507	1,613	1,420	+55.4%	+76.5%
Receivables	2,400	n/a	n/a
Inventory	4,382	n/a	n/a
Other assets	2,115	n/a	n/a
Total assets	36,309	n/a	n/a

Questions

What was Tyson Foods' revenue in Q4 FY2021?

Tyson Foods (TSN) reported revenue of $12.8 billion for Q4 FY2021, the quarter ended 2 October 2021, up 11.8% on the same quarter a year earlier.

How much did Tyson Foods earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.4 billion, up 107.2% on the year, and diluted earnings per share $3.71.

When did Tyson Foods report Q4 FY2021 results?

Tyson Foods filed its 10-K for the year that ended with the quarter on 15 November 2021; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12,811	12,933	13,117	13,495	13,737	13,260	13,133	13,140	13,348	13,319	13,072	13,353	13,565	13,623	13,074	13,884	13,860	14,313	13,653	13,868
Cost of revenue	10,335	10,918	11,382	11,884	12,430	12,292	12,606	12,463	12,889	12,496	12,206	12,475	12,505	12,528	12,474	12,743	13,134	13,505	12,691	12,947
Gross profit	2,476	2,015	1,735	1,611	1,307	968	527	677	459	823	866	878	1,060	1,095	600	1,141	726	808	962	921
Gross margin	19%	16%	13%	12%	10%	7%	4%	5%	3%	6%	7%	7%	8%	8%	5%	8%	5%	6%	7%	7%
SG&A	567	560	579	578	541	501	576	579	589	592	554	537	535	515	500	538	568	506	527	559
Operating income	1,909	1,455	1,156	1,033	766	467	-49.0	-350	-463	231	312	341	525	580	100	260	158	302	435	362
Operating margin	15%	11%	9%	8%	6%	4%	-0%	-3%	-3%	2%	2%	3%	4%	4%	1%	2%	1%	2%	3%	3%
Interest expense	n/a	n/a	n/a	n/a	n/a	84.0	89.0	89.0	93.0	105	111	135	130	120	110	113	106	104	97.0	98.0
Pre-tax income	1,835	1,410	1,087	986	666	434	-130	-426	-556	161	203	253	475	478	30.0	193	68.0	127	359	266
Tax rate	26%	20%	23%	24%	19%	26%	n/a	n/a	n/a	29%	27%	23%	23%	23%	53%	64%	15%	29%	26%	30%
Net income	1,355	1,121	829	750	538	316	-97.0	-417	-450	107	145	191	357	359	7.0	61.0	47.0	85.0	260	182
Net margin	11%	9%	6%	6%	4%	2%	-1%	-3%	-3%	1%	1%	1%	3%	3%	0%	0%	0%	1%	2%	1%
Diluted EPS	$3.71	$3.07	$2.28	$2.07	$1.50	$0.88	-$0.28	-$1.18	-$1.31	$0.30	$0.41	$0.54	$1.00	$1.01	$0.02	$0.17	$0.13	$0.24	$0.73	$0.52
Operating cash flow	1,184	1,432	-208	666	797	762	7.0	660	323	1,300	-123	796	617	1,031	-185	774	535	942	-113	640
Capital expenditure	350	408	439	476	564	589	508	467	375	354	267	263	248	271	193	227	287	252	145	159
Free cash flow	834	1,024	-647	190	233	173	-501	193	-52.0	946	-390	533	369	760	-378	547	248	690	-258	481
Dividends paid	159	164	164	163	162	169	167	167	167	171	171	171	171	175	174	175	173	177	176	176
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	356m	356m	356m	356m	353m	352m	352m	352m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 2 October 2021, filed 15 November 2021: the filing.