Seaboard (SEB) financial statements
Seaboard reported revenue of $9.7B in fiscal 2025, up 6.8% a year over 9 years.
Net income was $496M and the operating margin 2.5%, against 4.3% in 2016.
Free cash flow was $6M, and the company returned $9M in dividends and $39M in net buybacks.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Seaboard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4B | $5.8B | $6.6B | $6.8B | $7.1B | $9.2B | $11.2B | $9.6B | $9.1B | $9.7B |
| Cost of revenue | $4.9B | $5.3B | $6.0B | $6.4B | $6.6B | $8.4B | $10.2B | $9.2B | $8.5B | $9.1B |
| Gross profit | $497M | $549M | $550M | $446M | $574M | $818M | $1.0B | $316M | $576M | $693M |
| Research and development | — | — | $77M | $143M | $134M | $191M | $210M | $361M | $113M | $64M |
| Selling, general and admin | $267M | $309M | $314M | $336M | $329M | $360M | $373M | $403M | $420M | $454M |
| Operating income | $230M | $240M | $236M | $110M | $245M | $458M | $657M | -$87M | $156M | $239M |
| Interest expense | $29M | $29M | $44M | $36M | $19M | $13M | $40M | $58M | $72M | $70M |
| Pre-tax income | $384M | $427M | $11M | $290M | $286M | $636M | $579M | $107M | $246M | $410M |
| Income tax | $70M | $181M | $8M | $3M | $3M | $65M | -$3M | -$120M | $156M | -$91M |
| Net income | $312M | $247M | $3M | $287M | $283M | $570M | $580M | $226M | $88M | $496M |
| EPS (diluted) | $266.50 | $211.01 | $2.26 | $246.62 | $244.21 | $490.36 | $499.66 | $202.21 | $90.62 | $514.46 |
| Diluted shares | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M |
| Gross margin | 9.2% | 9.5% | 8.4% | 6.5% | 8.1% | 8.9% | 9.2% | 3.3% | 6.3% | 7.1% |
| Operating margin | 4.3% | 4.1% | 3.6% | 1.6% | 3.4% | 5.0% | 5.8% | -0.9% | 1.7% | 2.5% |
| Net margin | 5.8% | 4.3% | 0.0% | 4.2% | 4.0% | 6.2% | 5.2% | 2.4% | 1.0% | 5.1% |
Balance sheet
Fiscal years, from Seaboard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.4B | $1.7B | $1.5B | $1.6B | $1.5B | $1.5B | $1.3B | $1.0B | $1.2B | $1.2B |
| Receivables | $627M | $482M | $551M | $646M | $532M | $762M | $923M | $749M | $791M | $756M |
| Inventory | $762M | $780M | $815M | $1.1B | $1.2B | $1.7B | $1.7B | $1.5B | $1.4B | $1.5B |
| Total current assets | $2.8B | $3.1B | $3.0B | $3.4B | $3.4B | $4.0B | $4.0B | $3.4B | $3.5B | $3.6B |
| Property, plant and equipment | $1.0B | $1.1B | $1.2B | $1.4B | $1.6B | $1.9B | $2.2B | $2.4B | $2.6B | $2.8B |
| Goodwill | $19M | $22M | $167M | $164M | $167M | $163M | $154M | $160M | $164M | $168M |
| Total assets | $4.8B | $5.2B | $5.3B | $6.3B | $6.4B | $7.5B | $7.9B | $7.6B | $7.7B | $8.2B |
| Total current liabilities | $785M | $818M | $784M | $1.2B | $1.1B | $1.6B | $1.5B | $1.3B | $1.4B | $1.5B |
| Long-term debt | $499M | $482M | $739M | $730M | $707M | $708M | $702M | $997M | $987M | $977M |
| Total liabilities | $1.6B | $1.8B | $1.9B | $2.7B | $2.6B | $3.1B | $2.9B | $2.9B | $2.9B | $3.0B |
| Shareholders' equity | $3.2B | $3.4B | $3.3B | $3.6B | $3.8B | $4.4B | $5.0B | $4.6B | $4.7B | $5.2B |
| Net debt | $422M | $366M | $584M | $667M | $686M | $641M | $503M | $941M | $889M | $799M |
Cash flow
Fiscal years, from Seaboard's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $427M | $245M | $238M | $171M | $291M | $92M | $676M | $710M | $519M | $568M |
| Capital spending | $158M | $173M | $162M | $349M | $259M | $460M | $474M | $506M | $511M | $562M |
| Free cash flow | $269M | $72M | $76M | -$178M | $32M | -$368M | $202M | $204M | $8M | $6M |
| Dividends paid | — | $7M | $7M | $10M | $10M | $10M | $10M | $10M | $9M | $9M |
| Share buybacks (net) | — | — | -$5M | -$17M | -$13M | — | — | -$600M | -$8M | -$39M |
| Net borrowing | -$27M | $66M | $205M | $8M | -$32M | -$55M | -$7M | $302M | -$10M | -$11M |
| Free cash flow margin | 5.0% | 1.2% | 1.2% | -2.6% | 0.4% | -4.0% | 1.8% | 2.1% | 0.1% | 0.1% |
| Dividends per share | — | $5.98 | $5.98 | $8.58 | $8.61 | $8.61 | $8.61 | $8.95 | $9.27 | $9.34 |
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Open SEB in InvestinglyQuestions
What was Seaboard's revenue in 2025?
$9.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Seaboard generate?
$6M in fiscal 2025 (operating cash flow minus capital spending).
From Seaboard's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.