Filing Flows › Smithfield Foods (SFD) › Q2 2026 › vs Q2 2025
Smithfield Foods (SFD) Q2 2026 vs Q2 2025 (year over year)
Smithfield Foods's revenue fell $86.0M (-2%) from $3.8B in Q2 2025 to $3.7B in Q2 2026. The biggest changes: Hog Production −$57.0M (-18%); Packaged Meats −$56.0M (-3%); Other +$33.0M (+27%). Gross margin 12.9% against 13.2% (-0.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.9% | 13.2% | -0.3 pts |
| Operating margin | 7.8% | 6.9% | +1.0 pts |
| Net margin | 6.5% | 5.0% | +1.5 pts |
| Free cash flow margin | 5.2% | 5.2% | +0.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Packaged Meats | $2.0B | $2.1B | −$56.0M | -3% |
| Fresh Pork | $1.3B | $1.3B | −$7.0M | -0.6% |
| Hog Production | $260M | $317M | −$57.0M | -18% |
| Other | $153M | $120M | $33.0M | +27% |
| Revenue | $3.7B | $3.8B | −$86.0M | -2% |
| Gross profit | $478M | $499M | −$21.0M | -4% |
| Cost of revenue | $3.2B | $3.3B | −$65.0M | -2% |
| Other income, net | $13.0M | −$10.0M | $23.0M | — |
| Operating profit | $290M | $260M | $30.0M | +12% |
| Operating expenses | $188M | $239M | −$51.0M | -21% |
| Pre-tax earnings | $303M | $250M | $53.0M | +21% |
| Net earnings | $239M | $188M | $51.0M | +27% |
| Income tax | $64.0M | $62.0M | $2.0M | +3% |
| Depreciation & amortization | $85.0M | $82.0M | $3.0M | +4% |
| Working capital & other | $55.0M | −$4.0M | $59.0M | — |
| Operating cash flow | $269M | $274M | −$5.0M | -2% |
| Free cash flow (OCF − capex) | $192M | $196M | −$4.0M | -2% |
| Capital expenditures | $77.0M | $78.0M | −$1.0M | -1% |
Questions
How much did Smithfield Foods's revenue grow year over year in Q2 2026?
Smithfield Foods's revenue fell $86.0M (-2%) from $3.8B in Q2 2025 to $3.7B in Q2 2026.
What drove Smithfield Foods's revenue change in Q2 2026?
Hog Production −$57.0M (-18%); Packaged Meats −$56.0M (-3%); Other +$33.0M (+27%).