Filing Flows › Seaboard (SEB) › Q3 2026 › vs Q2 2026
Seaboard (SEB) Q3 2026 vs Q2 2026 (quarter over quarter)
Seaboard's revenue fell $151M (-5%) from $2.9B in Q2 2026 to $2.8B in Q3 2026. The biggest changes: Liquid Fuels −$58.0M (-16%); CT&M −$50.0M (-3%); Pork Segment −$41.0M (-8%). Gross margin 4.8% against 7.6% (-2.8 pts).
Seaboard, Q3 2026: revenue $2.8B (+9% year over year), operating margin 0.5%, net earnings $29.0M, operating cash flow $266M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 4.8% | 7.6% | -2.8 pts |
| Operating margin | 0.5% | 3.4% | -3.0 pts |
| Net margin | 1.0% | 5.3% | -4.2 pts |
| Free cash flow margin | 6.0% | -2.7% | +8.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| CT&M | $1.5B | $1.6B | −$50.0M | -3% |
| Pork Segment | $461M | $502M | −$41.0M | -8% |
| Marine | $425M | $403M | $22.0M | +5% |
| Liquid Fuels | $312M | $370M | −$58.0M | -16% |
| Power | $40.0M | $74.0M | −$34.0M | -46% |
| All Other and Corporate | $32.0M | $22.0M | $10.0M | +45% |
| Revenue | $2.8B | $2.9B | −$151M | -5% |
| Gross profit | $132M | $221M | −$89.0M | -40% |
| Cost of revenue | $2.6B | $2.7B | −$62.0M | -2% |
| Other income, net | $24.0M | $106M | −$82.0M | -77% |
| Operating profit | $13.0M | $100M | −$87.0M | -87% |
| Operating expenses | $119M | $121M | −$2.0M | -2% |
| Pre-tax earnings | $37.0M | $206M | −$169M | -82% |
| Net earnings | $29.0M | $154M | −$125M | -81% |
| Income tax | $8.0M | $52.0M | −$44.0M | -85% |
| Depreciation & amortization | $82.0M | $83.0M | −$1.0M | -1% |
| Working capital & other | $155M | −$213M | $368M | — |
| Operating cash flow | $266M | $24.0M | $242M | 11× |
| Free cash flow (OCF − capex) | $165M | −$78.0M | $243M | — |
| Capital expenditures | $101M | $102M | −$1.0M | -1% |
Questions
How much did Seaboard's revenue grow quarter over quarter in Q3 2026?
Seaboard's revenue fell $151M (-5%) from $2.9B in Q2 2026 to $2.8B in Q3 2026.
What drove Seaboard's revenue change in Q3 2026?
Liquid Fuels −$58.0M (-16%); CT&M −$50.0M (-3%); Pork Segment −$41.0M (-8%).