Filing Flows › Smithfield Foods (SFD) › Q3 2026 › vs Q2 2026
Smithfield Foods (SFD) Q3 2026 vs Q2 2026 (quarter over quarter)
Smithfield Foods's revenue fell $263M (-7%) from $3.7B in Q2 2026 to $3.4B in Q3 2026. The biggest changes: Fresh Pork −$155M (-12%); Hog Production −$63.0M (-24%); Packaged Meats −$42.0M (-2%). Gross margin 9.1% against 12.9% (-3.8 pts).
Smithfield Foods, Q3 2026: revenue $3.4B (-8% year over year), operating margin 3.7%, net earnings $89.0M, operating cash flow $161M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 9.1% | 12.9% | -3.8 pts |
| Operating margin | 3.7% | 7.8% | -4.1 pts |
| Net margin | 2.6% | 6.4% | -3.8 pts |
| Free cash flow margin | 1.3% | 5.2% | -3.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Packaged Meats | $2.0B | $2.0B | −$42.0M | -2% |
| Fresh Pork | $1.1B | $1.3B | −$155M | -12% |
| Hog Production | $197M | $260M | −$63.0M | -24% |
| Other | $151M | $153M | −$2.0M | -1% |
| Revenue | $3.4B | $3.7B | −$263M | -7% |
| Gross profit | $313M | $478M | −$165M | -35% |
| Cost of revenue | $3.1B | $3.2B | −$98.0M | -3% |
| Operating profit | $127M | $290M | −$163M | -56% |
| Operating expenses | $186M | $188M | −$2.0M | -1% |
| Pre-tax earnings | $121M | $303M | −$182M | -60% |
| Net earnings | $89.0M | $238M | −$149M | -63% |
| Minority interests | $2.0M | $1.0M | $1.0M | +100% |
| Income tax | $30.0M | $64.0M | −$34.0M | -53% |
| Depreciation & amortization | $86.0M | $85.0M | $1.0M | +1% |
| Working capital & other | $14.0M | $54.0M | −$40.0M | -74% |
| Operating cash flow | $161M | $269M | −$108M | -40% |
| Free cash flow (OCF − capex) | $45.0M | $192M | −$147M | -77% |
| Capital expenditures | $116M | $77.0M | $39.0M | +51% |
Questions
How much did Smithfield Foods's revenue grow quarter over quarter in Q3 2026?
Smithfield Foods's revenue fell $263M (-7%) from $3.7B in Q2 2026 to $3.4B in Q3 2026.
What drove Smithfield Foods's revenue change in Q3 2026?
Fresh Pork −$155M (-12%); Hog Production −$63.0M (-24%); Packaged Meats −$42.0M (-2%).