Filing Flows › Seaboard (SEB) › Q1 2026
Seaboard (SEB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Seaboard (SEB) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +4% from a year earlier and -0.4% from the quarter before. Operating margin was 4.0%, net earnings $120M (5.0% of revenue).
Seaboard, Q1 2026: revenue $2.4B (+4% year over year), operating margin 4.0%, net earnings $120M, operating cash flow −$54.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | -0.4% | +4% |
| Gross profit | $217M | +14% | +53% |
| Operating profit | $96.0M | +48% | +153% |
| Net earnings | $120M | -53% | +275% |
| Operating cash flow | −$54.0M | -129% | — |
What changed
Revenue was $2.4B in Q1 2026, up 4% year over year and roughly flat from the previous quarter. CT&M was the largest line at 50% of revenue. Liquid Fuels added $0.08B year over year (up 63%), 90% of the total change. All Other and Corporate declined 11%.
Gross margin was 9.0%, up 2.9 points from Q1 2025. Operating profit was $0.10B, a 4.0% margin (up 2.4 points year over year). Of the extra revenue versus Q1 2025, 69% reached operating profit, above the 2% margin then. Operating expenses grew 16% against revenue growth of 4%. Net earnings were $0.12B, up 272% year over year. The effective tax rate was 16.1%. Non-operating items added $0.05B, 33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$0.05B. Non-cash charges added back $0.08B of depreciation and amortization. Working capital and other items used $0.26B. Capital expenditures of $0.10B exceeded it, leaving free cash flow of −$0.15B.
Questions
What was Seaboard's revenue in the first quarter 2026?
Seaboard (SEB) reported revenue of $2.4B for the first quarter 2026 (Q1 2026), +4% from a year earlier and -0.4% from the quarter before.
Was Seaboard profitable in the first quarter 2026?
Operating profit was $96.0M (4.0% of revenue) and net earnings $120M.
Source: Seaboard 10-Q on SEC EDGAR.