Filing Flows › Seaboard (SEB) › Q2 2026 › vs Q2 2025
Seaboard (SEB) Q2 2026 vs Q2 2025 (year over year)
Seaboard's revenue rose $442M (+18%) from $2.5B in Q2 2025 to $2.9B in Q2 2026. The biggest changes: Liquid Fuels +$224M (+153%); CT&M +$208M (+15%); Pork Segment −$27.0M (-5%). Gross margin 7.6% against 6.5% (+1.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 7.6% | 6.5% | +1.0 pts |
| Operating margin | 3.4% | 2.1% | +1.3 pts |
| Net margin | 5.3% | 4.2% | +1.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| CT&M | $1.6B | $1.3B | $208M | +15% |
| Pork Segment | $502M | $529M | −$27.0M | -5% |
| Marine | $403M | $383M | $20.0M | +5% |
| Liquid Fuels | $370M | $146M | $224M | +153% |
| Power | $74.0M | $54.0M | $20.0M | +37% |
| All Other and Corporate | $22.0M | $25.0M | −$3.0M | -12% |
| Revenue | $2.9B | $2.5B | $442M | +18% |
| Gross profit | $221M | $162M | $59.0M | +36% |
| Cost of revenue | $2.7B | $2.3B | $383M | +17% |
| Other income, net | $106M | $60.0M | $46.0M | +77% |
| Operating profit | $100M | $52.0M | $48.0M | +92% |
| Operating expenses | $121M | $110M | $11.0M | +10% |
| Pre-tax earnings | $206M | $112M | $94.0M | +84% |
| Net earnings | $154M | $104M | $50.0M | +48% |
| Income tax | $52.0M | $8.0M | $44.0M | +550% |
| Operating cash sources | $237M | $184M | $53.0M | +29% |
| Depreciation & amortization | $83.0M | $80.0M | $3.0M | +4% |
| Working capital & other | $213M | $103M | $110M | +107% |
| Operating cash flow | $24.0M | $81.0M | −$57.0M | -70% |
| Capital expenditures | $102M | $151M | −$49.0M | -32% |
| Negative free cash flow (OCF − capex) | $78.0M | $70.0M | $8.0M | +11% |
Questions
How much did Seaboard's revenue grow year over year in Q2 2026?
Seaboard's revenue rose $442M (+18%) from $2.5B in Q2 2025 to $2.9B in Q2 2026.
What drove Seaboard's revenue change in Q2 2026?
Liquid Fuels +$224M (+153%); CT&M +$208M (+15%); Pork Segment −$27.0M (-5%).