TYSON FOODS, INC. (TSN)

Tyson Foods, Inc. (NYSE: TSN) is a food company and a recognized leader in protein, founded in 1935 by John W. Tyson and still under family leadership across four generations. It processes beef, pork and chicken and manufactures prepared foods, with a portfolio of brands that includes Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair, Aidells and ibp. Its chicken business is fully vertically integrated, from breeding stock, contract farmers and feed production through processing, further-processing, marketing and transportation. Through its subsidiary Cobb-Vantress, it is one of the world's leading poultry breeding stock suppliers. A subsidiary, Tyson New Ventures, LLC, invests in companies developing new technologies, business models and forms of protein.

The company reports four segments: Beef, Pork, Chicken and Prepared Foods. Beef and Pork process live fed cattle and market hogs and fabricate carcasses into primal and sub-primal cuts and case-ready products, and they also sell specialty products such as hides, rendered products and variety meats. Chicken raises and processes live chickens into fresh, frozen and value-added products such as breaded strips, nuggets and patties, and includes the global breeding stock operations. Prepared Foods makes frozen and refrigerated products, including sandwiches, pepperoni, bacon, breakfast sausage, lunchmeat, hot dogs, tortillas, appetizers, snacks and prepared meals. An International/Other category covers foreign operations in China, Malaysia, Mexico, South Korea, Thailand and Saudi Arabia, along with merger and integration costs and Tyson New Ventures overhead.

Products are sold mainly through the company's own sales staff to grocery retailers and wholesalers, meat distributors, warehouse clubs, military commissaries, industrial food processors, chain restaurants and distributors, convenience stores and foodservice operators such as schools and hospitals. Some military and international sales go through independent brokers and trading companies. Walmart Inc. accounted for about 18.7% of fiscal 2025 sales, and no other customer exceeded 10%. The company sold products in about 140 countries and regions in fiscal 2025. Major markets include Canada, Central America, China, the European Union, the United Kingdom, Japan, Mexico, Malaysia, the Middle East, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Customer agreements are generally short-term.

Tyson is headquartered in Springdale, Arkansas, and had about 133,000 team members on September 27, 2025, roughly 116,000 of them in the United States. It buys live cattle on the open market and through risk-sharing arrangements, sources most hogs from independent producers, and raises chickens through independent contract farmers using feed from its own mills. Corn, soybean meal and other feed ingredients were about 53% of the domestic cost of growing a live chicken in fiscal 2025. Foreign operations include Tyson Asia-Pacific, Tyson China, Tyson South Korea, Tyson Europe, Tyson Mexico Trading Company and minority joint ventures in Brazil, Argentina and Uruguay. Its products compete with those of other food producers and processors, competing on advertising, promotion, price, quality, brand identification, innovation and customer service. The company distributes through owned, leased and public cold storage and its own transportation system. Research and development is centered on the Discovery Center and a Manufacturing Automation Center in Springdale. Operations are subject to USDA and FDA inspection and to environmental regulation.