Tyson Foods (TSN) FY2024 results: revenue $53.3 billion, up 0.8% on the year

Tyson Foods, Inc. (TSN) reported revenue of $53.3 billion for fiscal 2024, the year ended 28 September 2024, up 0.8% on the year before. Net income was $800 million, and diluted earnings per share $2.25. The figures are the company's own, from the 10-K it filed with the SEC on 12 November 2024.

Revenue

$53.3 billion

+0.8% on the year

FY2017FY2024

Operating margin

2.6%

-0.7% a year earlier

FY2017FY2024

Net income

$800 million

FY2017FY2024

Diluted EPS

$2.25

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	53,309	52,881	53,282	+0.8%
Cost of revenue	49,682	50,250	46,614	-1.1%
Gross profit	3,627	2,631	6,668	+37.9%
Gross margin	6.8%	5.0%	12.5%
Research and development	106	114	108	-7.0%
Selling, general and administrative	2,218	2,245	2,258	-1.2%
Operating income	1,409	-395	4,410
Operating margin	2.6%	-0.7%	8.3%
Interest expense	481	355	365	+35.5%
Pre-tax income	1,092	-678	4,149
Income tax	270	-29.0	900
Effective tax rate	24.7%	n/a	21.7%
Net income	800	-648	3,238
Net margin	1.5%	-1.2%	6.1%
Diluted EPS	$2.25	-$1.87	$8.92

$ million except per share.

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	FY2024	FY2023	FY2022	On the year
Operating cash flow	2,590	1,752	2,687	+47.8%
Capital expenditure	1,132	1,939	1,887	-41.6%
Free cash flow	1,458	-187	800
Free cash flow margin	2.7%	-0.4%	1.5%
Cash from investing	-888	-2,299	-1,935
Cash from financing	-581	88.0	-2,323
Depreciation and amortisation	1,388	1,329	1,191	+4.4%
Share-based compensation	101	61.0	93.0	+65.6%
Dividends paid	684	670	653	+2.1%
Diluted shares, weighted	356m	284m	363m	+25.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	18,390	18,133	19,702	+1.4%
Non-controlling interest	124	122	109	+1.6%
Debt	9,787	9,506	8,321	+3.0%
Operating lease liabilities	521	376	350	+38.6%
Finance lease liabilities	90.0	53.0	n/a	+69.8%
Other liabilities	8,188	8,061	8,339	+1.6%
Total liabilities and equity	37,100	36,251	36,821	+2.3%
Fixed assets	9,442	9,634	8,685	-2.0%
Goodwill	9,819	9,878	10,513	-0.6%
Intangible assets	5,875	6,098	6,252	-3.7%
Cash and equivalents	1,717	573	1,031	+199.7%
Receivables	2,406	2,476	2,577	-2.8%
Inventory	5,195	5,328	5,514	-2.5%
Other assets	2,646	2,264	2,249	+16.9%
Total assets	37,100	36,251	36,821	+2.3%

10-K for the year ended 28 September 2024, filed 12 November 2024: the filing.