Smithfield Foods (SFD) financial statements
Smithfield Foods reported revenue of $15.5B in fiscal 2025, up 2.7% a year over 9 years.
Net income was $987M and the operating margin 8.3%, against 9.0% in 2011.
Free cash flow was $718M, and the company returned $396M in dividends.
The diluted share count rose 135% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Smithfield Foods's 10-K filings with the SEC.
| Fiscal year | 2011 | 2012 | 2013 | 2013 | 2014 | 2015 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.2B | $13.1B | $13.2B | $13.9B | $15.0B | $14.4B | $16.2B | $14.6B | $14.1B | $15.5B |
| Cost of revenue | $10.5B | $11.5B | $11.9B | — | — | — | $14.7B | $13.8B | $12.2B | $13.4B |
| Gross profit | $1.7B | $1.5B | $1.3B | $1.2B | $1.8B | $1.8B | $1.5B | $889M | $1.9B | $2.1B |
| Research and development | $47M | $76M | $81M | — | — | — | $157M | $175M | $144M | $214M |
| Selling, general and admin | $790M | $817M | $815M | — | — | — | $807M | $1.1B | $840M | $849M |
| Operating income | $1.1B | $723M | $519M | $338M | $932M | $794M | $1.1B | -$56M | $1.1B | $1.3B |
| Interest expense | $245M | $177M | $169M | — | — | — | $87M | $76M | $66M | $41M |
| Pre-tax income | — | — | — | — | — | — | $1.0B | -$129M | $1.1B | $1.3B |
| Income tax | $236M | $172M | $46M | — | — | — | $231M | -$41M | $271M | $283M |
| Net income | $521M | $361M | $184M | $121M | $556M | $452M | $870M | $17M | $953M | $987M |
| EPS (diluted) | $3.12 | $2.21 | $1.26 | — | — | — | $2.29 | $0.05 | $2.51 | $2.51 |
| Diluted shares | 167M | 164M | 146M | — | — | — | 380M | 380M | 380M | 393M |
| Gross margin | 14.0% | 11.8% | 10.0% | 8.7% | 11.8% | 12.2% | 9.2% | 6.1% | 13.4% | 13.5% |
| Operating margin | 9.0% | 5.5% | 3.9% | 2.4% | 6.2% | 5.5% | 6.9% | -0.4% | 7.9% | 8.3% |
| Net margin | 4.3% | 2.8% | 1.4% | 0.9% | 3.7% | 3.1% | 5.4% | 0.1% | 6.7% | 6.4% |
Balance sheet
Fiscal years, from Smithfield Foods's 10-K filings with the SEC.
| Fiscal year | 2011 | 2012 | 2013 | 2013 | 2014 | 2015 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $375M | $324M | $311M | $193M | $434M | $705M | $547M | $687M | $943M | $1.5B |
| Receivables | $710M | $625M | $663M | $811M | $864M | $760M | — | $577M | $558M | $1.0B |
| Inventory | $2.0B | $2.1B | $2.3B | $2.3B | $2.2B | $2.1B | — | $2.5B | $2.4B | $2.3B |
| Total current assets | $3.3B | $3.3B | $3.6B | $3.5B | $3.7B | $3.7B | — | $4.9B | $4.2B | $5.2B |
| Property, plant and equipment | $2.3B | $2.3B | $2.3B | $2.7B | $2.8B | $2.9B | — | $3.3B | $3.2B | $3.2B |
| Goodwill | $793M | $768M | $782M | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B |
| Total assets | $7.6B | $7.4B | $7.7B | $10.0B | $10.1B | $9.9B | — | $13.3B | $11.1B | $12.2B |
| Total current liabilities | $1.2B | $1.1B | $1.7B | $1.3B | $1.5B | $1.5B | — | $2.5B | $1.7B | $1.7B |
| Long-term debt | $2.0B | $1.9B | $1.8B | $3.0B | $2.7B | $2.3B | — | $2.0B | $2.0B | $2.0B |
| Total liabilities | $4.1B | $4.0B | $4.6B | $5.7B | $5.6B | $5.1B | — | $6.1B | $5.2B | $5.4B |
| Shareholders' equity | $3.5B | $3.4B | $3.1B | $4.2B | $4.5B | $4.8B | $7.4B | $7.2B | $5.8B | $6.8B |
| Net debt | $1.7B | $1.6B | $2.2B | $2.8B | $2.3B | $1.6B | -$547M | $1.3B | $1.1B | $461M |
Cash flow
Fiscal years, from Smithfield Foods's 10-K filings with the SEC.
| Fiscal year | 2011 | 2012 | 2013 | 2013 | 2014 | 2015 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $616M | $570M | $173M | — | — | — | $521M | $688M | $916M | $1.1B |
| Capital spending | $177M | $291M | $278M | — | $301M | — | $338M | $353M | $350M | $341M |
| Free cash flow | $440M | $279M | -$105M | — | — | — | $183M | $335M | $566M | $718M |
| Stock-based compensation | — | — | — | — | — | — | — | $0 | $0 | $9M |
| Dividends paid | — | — | — | — | — | — | $496M | $323M | $288M | $396M |
| Share buybacks (net) | $0 | -$190M | -$386M | — | — | — | — | — | — | — |
| Net borrowing | $0 | $0 | $1.2B | — | — | — | — | — | — | — |
| Free cash flow margin | 3.6% | 2.1% | -0.8% | — | — | — | 1.1% | 2.3% | 4.0% | 4.6% |
| Dividends per share | — | — | — | — | — | — | $1.31 | $0.85 | $0.76 | $1.01 |
Questions
What was Smithfield Foods's revenue in 2025?
$15.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Smithfield Foods generate?
$718M in fiscal 2025 (operating cash flow minus capital spending).
From Smithfield Foods's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.