Filing Flows › Seaboard (SEB) › Q2 2025
Seaboard (SEB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Seaboard (SEB) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +12% from a year earlier and +7% from the quarter before. Operating margin was 2.1%, net earnings $104M (4.2% of revenue).
Seaboard, Q2 2025: revenue $2.5B (+12% year over year), operating margin 2.1%, net earnings $104M, operating cash flow $81.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +7% | +12% |
| Gross profit | $162M | +14% | +26% |
| Operating profit | $52.0M | +37% | +73% |
| Net earnings | $104M | +225% | +70% |
| Operating cash flow | $81.0M | — | 14× |
What changed
Revenue was $2.5B in Q2 2025, up 12% year over year and up 7% from the previous quarter. CT&M was the largest line at 54% of revenue. CT&M added $0.21B year over year (up 19%), 78% of the total change. All Other and Corporate declined 31%.
Gross margin was 6.5%, up 0.7 points from a year earlier. Operating profit was $0.05B, a 2.1% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 1% margin then. Operating expenses grew 11% against revenue growth of 12%. Net earnings were $0.10B, up 67% year over year. The effective tax rate was 7.1%. Non-operating items added $0.06B, 54% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.08B (up 1250% year over year), 78% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization. Working capital and other items used $0.10B. Capital expenditures of $0.15B exceeded it, leaving free cash flow of −$0.07B.
Questions
What was Seaboard's revenue in the second quarter 2025?
Seaboard (SEB) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +12% from a year earlier and +7% from the quarter before.
Was Seaboard profitable in the second quarter 2025?
Operating profit was $52.0M (2.1% of revenue) and net earnings $104M.
Source: Seaboard 10-Q on SEC EDGAR.