Filing Flows › Seaboard (SEB) › Q2 2026 › vs Q1 2026
Seaboard (SEB) Q2 2026 vs Q1 2026 (quarter over quarter)
Seaboard's revenue rose $522M (+22%) from $2.4B in Q1 2026 to $2.9B in Q2 2026. The biggest changes: CT&M +$346M (+29%); Liquid Fuels +$173M (+88%); Marine −$25.0M (-6%). Gross margin 7.6% against 9.0% (-1.5 pts).
Seaboard, Q2 2026: revenue $2.9B (+18% year over year), operating margin 3.4%, net earnings $154M, operating cash flow $24.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 7.6% | 9.0% | -1.5 pts |
| Operating margin | 3.4% | 4.0% | -0.6 pts |
| Net margin | 5.3% | 5.0% | +0.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| CT&M | $1.6B | $1.2B | $346M | +29% |
| Pork Segment | $502M | $485M | $17.0M | +4% |
| Marine | $403M | $428M | −$25.0M | -6% |
| Liquid Fuels | $370M | $197M | $173M | +88% |
| Power | $74.0M | $60.0M | $14.0M | +23% |
| All Other and Corporate | $22.0M | $25.0M | −$3.0M | -12% |
| Revenue | $2.9B | $2.4B | $522M | +22% |
| Gross profit | $221M | $217M | $4.0M | +2% |
| Cost of revenue | $2.7B | $2.2B | $518M | +24% |
| Other income, net | $106M | $47.0M | $59.0M | +126% |
| Operating profit | $100M | $96.0M | $4.0M | +4% |
| Operating expenses | $121M | $121M | $0 | 0% |
| Pre-tax earnings | $206M | $143M | $63.0M | +44% |
| Net earnings | $154M | $120M | $34.0M | +28% |
| Income tax | $52.0M | $23.0M | $29.0M | +126% |
| Operating cash sources | $237M | $203M | $34.0M | +17% |
| Depreciation & amortization | $83.0M | $83.0M | $0 | 0% |
| Working capital & other | $213M | $257M | −$44.0M | -17% |
| Operating cash flow | $24.0M | −$54.0M | $78.0M | — |
| Capital expenditures | $102M | $96.0M | $6.0M | +6% |
| Negative free cash flow (OCF − capex) | $78.0M | $150M | −$72.0M | -48% |
Questions
How much did Seaboard's revenue grow quarter over quarter in Q2 2026?
Seaboard's revenue rose $522M (+22%) from $2.4B in Q1 2026 to $2.9B in Q2 2026.
What drove Seaboard's revenue change in Q2 2026?
CT&M +$346M (+29%); Liquid Fuels +$173M (+88%); Marine −$25.0M (-6%).