Filing Flows › Smithfield Foods (SFD) › Q3 2026 › vs Q3 2025
Smithfield Foods (SFD) Q3 2026 vs Q3 2025 (year over year)
Smithfield Foods's revenue fell $310M (-8%) from $3.7B in Q3 2025 to $3.4B in Q3 2026. The biggest changes: Fresh Pork −$167M (-13%); Packaged Meats −$109M (-5%); Hog Production −$54.0M (-22%). Gross margin 9.1% against 12.8% (-3.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 9.1% | 12.8% | -3.7 pts |
| Operating margin | 3.7% | 8.3% | -4.6 pts |
| Net margin | 2.6% | 6.6% | -4.0 pts |
| Free cash flow margin | 1.3% | -2.0% | +3.3 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Packaged Meats | $2.0B | $2.1B | −$109M | -5% |
| Fresh Pork | $1.1B | $1.3B | −$167M | -13% |
| Hog Production | $197M | $251M | −$54.0M | -22% |
| Other | $151M | $131M | $20.0M | +15% |
| Revenue | $3.4B | $3.7B | −$310M | -8% |
| Gross profit | $313M | $479M | −$166M | -35% |
| Cost of revenue | $3.1B | $3.3B | −$144M | -4% |
| Operating profit | $127M | $310M | −$183M | -59% |
| Operating expenses | $186M | $169M | $17.0M | +10% |
| Pre-tax earnings | $121M | $323M | −$202M | -63% |
| Net earnings | $89.0M | $248M | −$159M | -64% |
| Minority interests | $2.0M | $4.0M | −$2.0M | -50% |
| Income tax | $30.0M | $71.0M | −$41.0M | -58% |
| Depreciation & amortization | $86.0M | $82.0M | $4.0M | +5% |
| Working capital & other | $14.0M | $317M | −$303M | -96% |
| Operating cash flow | $161M | $13.0M | $148M | 12× |
| Free cash flow (OCF − capex) | $45.0M | −$75.0M | $120M | — |
| Capital expenditures | $116M | $88.0M | $28.0M | +32% |
Questions
How much did Smithfield Foods's revenue grow year over year in Q3 2026?
Smithfield Foods's revenue fell $310M (-8%) from $3.7B in Q3 2025 to $3.4B in Q3 2026.
What drove Smithfield Foods's revenue change in Q3 2026?
Fresh Pork −$167M (-13%); Packaged Meats −$109M (-5%); Hog Production −$54.0M (-22%).