# Tyson Foods Inc. (TSN) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/TSN/thesis · /stocks/TSN/memo

## Financial Snapshot

---
ticker: TSN
step: 04
generated: 2026-05-12
source: quick-research
---

### Tyson Foods Inc. (TSN) — Financial Snapshot

*Note: Tyson's fiscal year ends the last Saturday of September. "FY2024" = Oct 2023–Sep 2024.*

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $53.3B | $52.9B | $53.3B | +0.8% |
| Gross Margin | ~12% | ~5% | ~9% | |
| Operating Income | $4.41B | -$0.40B | $1.41B | recovery |
| Operating Margin | ~8.3% | ~-0.7% | ~2.6% | |
| Net Income (adj) | ~$3.0B | ~$0.3B | ~$1.2B | |
| Adj. EPS | ~$8.00 | ~$1.00 | ~$3.40 | |

*Note: FY2023 was the trough year — a historic earnings collapse driven by simultaneous beef cycle headwinds, chicken feed cost inflation, and Prepared Foods pricing pressure. FY2024 began the recovery. FY2025 total operating income recovered further to ~$2.3B (+26% YoY), revenue ~$54.4B.*

#### Segment Revenue (FY2025)

| Segment | Revenue | Notes |
|---------|---------|-------|
| Beef | ~$21.6B | Largest segment; operating loss due to cattle supply |
| Chicken | ~$16.8B | Recovering; FY2026 guidance: $1.9–2.05B operating income |
| Prepared Foods | ~$9.9B | Highest margin (~14%); Jimmy Dean, Hillshire Farm |
| Pork | ~$5.8B | Stable, lower margin |

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$2.2B |
| Free Cash Flow | ~$1.1–1.7B (FY2026 guidance range) |
| Cash & Equivalents | ~$1.5B |
| Total Debt | ~$8.5B (reducing; ~2.0x leverage) |

#### Key Ratios (approximate)
- P/E: ~16x (on adj.) | EV/EBITDA: ~8x | FCF Yield: ~5–8%
- Dividend Yield: ~3.5% | Debt Reduction: $1B over past year

#### Growth Profile
Tyson is in a recovery/normalization phase. Chicken margins are structurally improving via better feed management, genetics, plant efficiency, and branded mix. Prepared Foods is becoming the margin anchor ($9.9B revenue, 14% margin). Beef is a headwind through ~FY2027 due to the U.S. cattle cycle (tight cow supply = higher input costs); management guides to $(350M)–$(500M) beef operating loss in FY2026. Leverage reduction and FCF improvement are the near-term financial priorities.

#### Forward Estimates
- FY2025 Revenue: ~$54.4B; Operating Income ~$2.3B
- FY2026 Chicken Operating Income: $1.9–2.05B (strong)
- FY2026 Beef Operating Loss: $(350M)–$(500M) (headwind)
- FY2026 FCF: $1.1–1.7B

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/TSN/fundamental

## Navigation

- Overview: /stocks/TSN
- Financials (this page): /stocks/TSN/financials
- Thesis: /stocks/TSN/thesis
- Investment Memo: /stocks/TSN/memo
- Coverage universe: /stocks