Filing Flows › Smithfield Foods (SFD) › Q2 2026 › vs Q1 2026
Smithfield Foods (SFD) Q2 2026 vs Q1 2026 (quarter over quarter)
Smithfield Foods's revenue fell $100M (-3%) from $3.8B in Q1 2026 to $3.7B in Q2 2026. The biggest changes: Packaged Meats −$126M (-6%); Fresh Pork +$35.0M (+3%); Other −$21.0M (-12%). Gross margin 12.9% against 13.4% (-0.5 pts).
Smithfield Foods, Q2 2026: revenue $3.7B (-2% year over year), operating margin 7.8%, net earnings $239M, operating cash flow $269M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 12.9% | 13.4% | -0.5 pts |
| Operating margin | 7.8% | 8.8% | -0.9 pts |
| Net margin | 6.5% | 6.6% | -0.1 pts |
| Free cash flow margin | 5.2% | -4.0% | +9.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Packaged Meats | $2.0B | $2.1B | −$126M | -6% |
| Fresh Pork | $1.3B | $1.2B | $35.0M | +3% |
| Hog Production | $260M | $250M | $10.0M | +4% |
| Other | $153M | $174M | −$21.0M | -12% |
| Revenue | $3.7B | $3.8B | −$100M | -3% |
| Gross profit | $478M | $511M | −$33.0M | -6% |
| Cost of revenue | $3.2B | $3.3B | −$67.0M | -2% |
| Other income, net | $13.0M | −$12.0M | $25.0M | — |
| Operating profit | $290M | $333M | −$43.0M | -13% |
| Operating expenses | $188M | $178M | $10.0M | +6% |
| Pre-tax earnings | $303M | $321M | −$18.0M | -6% |
| Net earnings | $239M | $249M | −$10.0M | -4% |
| Income tax | $64.0M | $72.0M | −$8.0M | -11% |
| Depreciation & amortization | $85.0M | $83.0M | $2.0M | +2% |
| Working capital & other | $55.0M | $397M | −$342M | -86% |
| Operating cash flow | $269M | −$65.0M | $334M | — |
| Free cash flow (OCF − capex) | $192M | −$153M | $345M | — |
| Capital expenditures | $77.0M | $88.0M | −$11.0M | -12% |
Questions
How much did Smithfield Foods's revenue grow quarter over quarter in Q2 2026?
Smithfield Foods's revenue fell $100M (-3%) from $3.8B in Q1 2026 to $3.7B in Q2 2026.
What drove Smithfield Foods's revenue change in Q2 2026?
Packaged Meats −$126M (-6%); Fresh Pork +$35.0M (+3%); Other −$21.0M (-12%).