Smithfield Foods, Inc. (SFD) Income Statement
SFD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSFD revenue and net income
Where SFD's revenue goes
2025Each bar shows an amount and its share of revenue. SFD kept 6.4% of revenue as net income.
SFD profit margins
SFD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.8% | −1.4% | +1.5% | +3.3% |
| Gross profit | +10.1% | +11.8% | +3.5% | +11.1% |
| Operating income | +15.6% | +5.0% | +10.2% | +35.3% |
| Net income | +3.6% | +4.3% | +16.9% | — |
| EPS (diluted) | +388.5% | +3.5% | +17.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SFD quarterly EPS vs estimates
Smithfield Foods beat the analyst EPS estimate in 6 of the last 7 quarters. Next report: October 27, 2026 (estimate $0.25).
SFD income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2015 | 2014 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.53B | $14.14B | $14.64B | $16.20B | $15.01B | $14.44B | $15.03B | $13.22B | $13.09B | $12.20B |
| Cost of revenue | $13.44B | $12.24B | $13.75B | $14.70B | $13.44B | $12.68B | $13.26B | $11.90B | $11.54B | $10.49B |
| Gross profit | $2.09B | $1.90B | $889.0M | $1.50B | $1.57B | $1.76B | $1.78B | $1.32B | $1.55B | $1.71B |
| Research & development | $214.0M | $144.0M | $175.0M | $157.0M | $157.0M | $78.5M | $75.3M | — | — | — |
| Sales, general & admin | $849.0M | $737.0M | $714.0M | $680.0M | $939.0M | — | — | — | — | — |
| Total operating expenses | $797.0M | $780.0M | $945.0M | $378.0M | $1.05B | $961.6M | $844.0M | $800.4M | $826.8M | $619.1M |
| Operating income | $1.29B | $1.12B | −$56.0M | $1.12B | $521.0M | $793.8M | $931.6M | $519.3M | $722.6M | $1.09B |
| Interest expense | $41.0M | $66.0M | $76.0M | $87.0M | $93.0M | $133.8M | $159.4M | $168.7M | $176.7M | $245.4M |
| Income before taxes | $1.28B | $1.07B | −$174.0M | $1.04B | $486.0M | $647.9M | $773.1M | $229.9M | $533.7M | $757.1M |
| Income taxes | $283.0M | $271.0M | −$41.0M | $231.0M | $97.0M | $195.6M | $217.0M | $46.1M | $172.4M | $236.1M |
| Net income | $987.0M | $953.0M | $17.0M | $870.0M | $472.0M | $452.3M | $556.1M | $183.8M | $361.3M | $521.0M |
| EBITDA | $1.64B | $1.47B | $374.0M | $1.57B | $882.0M | $1.02B | $1.16B | $638.5M | $953.2M | $1.23B |
| EPS (diluted) | $2.54 | $0.52 | $0.04 | $2.29 | — | $1.15 | $1.41 | $1.30 | $2.22 | $3.12 |
| Gross margin | 13.5% | 13.4% | 6.1% | 9.2% | 10.5% | 12.2% | 11.8% | 10.0% | 11.8% | 14.0% |
| Operating margin | 8.3% | 7.9% | −0.4% | 6.9% | 3.5% | 5.5% | 6.2% | 3.9% | 5.5% | 9.0% |
| Net margin | 6.4% | 6.7% | 0.1% | 5.4% | 3.1% | 3.1% | 3.7% | 1.4% | 2.8% | 4.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.67B | $3.80B | $4.23B | $3.75B | $3.79B | $3.77B | $3.95B | $3.33B | $3.41B | $3.44B | $4.00B | $3.54B |
| Cost of revenue | $3.22B | $3.29B | $3.62B | $3.27B | $3.29B | $3.26B | $3.42B | $2.86B | $2.88B | $3.08B | $3.71B | $3.07B |
| Gross profit | $443.0M | $511.0M | $602.0M | $479.0M | $499.0M | $510.0M | $533.0M | $475.0M | $527.0M | $362.0M | $285.0M | $472.5M |
| Research & development | — | — | — | — | — | — | $144.0M | — | — | — | $175.0M | — |
| Sales, general & admin | $191.0M | $180.0M | $206.0M | $178.0M | $268.0M | $197.0M | $137.0M | $201.0M | $194.0M | $199.0M | $198.0M | — |
| Total operating expenses | $187.0M | $179.0M | $161.0M | $172.0M | $238.0M | $188.0M | $199.0M | $190.0M | $193.0M | $198.0M | $401.0M | $226.2M |
| Operating income | $256.0M | $333.0M | $441.0M | $307.0M | $260.0M | $321.0M | $335.0M | $285.0M | $334.0M | $163.0M | −$116.0M | $246.3M |
| Interest expense | $8.0M | $8.0M | $8.0M | $11.0M | $11.0M | $11.0M | $14.0M | $17.0M | $19.0M | $16.0M | $17.0M | $32.0M |
| Income before taxes | $303.0M | $321.0M | $409.0M | $323.0M | $250.0M | $299.0M | $323.0M | $278.0M | $317.0M | $152.0M | −$172.0M | $214.3M |
| Income taxes | $64.0M | $72.0M | $78.0M | $71.0M | $62.0M | $72.0M | $106.0M | $69.0M | $58.0M | $39.0M | −$41.0M | $70.5M |
| Net income | $238.0M | $245.0M | $327.0M | $248.0M | $188.0M | $224.0M | $204.0M | $292.0M | $301.0M | $156.0M | −$96.0M | $143.8M |
| EBITDA | $341.0M | $406.0M | $486.0M | $412.0M | $347.0M | $398.0M | $416.0M | $381.0M | $419.0M | $250.0M | $21.0M | $307.9M |
| EPS (diluted) | $0.62 | $0.64 | $0.83 | $0.58 | $0.55 | $0.58 | $0.52 | — | — | — | — | — |
| Gross margin | 12.1% | 13.4% | 14.2% | 12.8% | 13.2% | 13.5% | 13.5% | 14.2% | 15.4% | 10.5% | 7.1% | 13.4% |
| Operating margin | 7.0% | 8.8% | 10.4% | 8.2% | 6.9% | 8.5% | 8.5% | 8.5% | 9.8% | 4.7% | −2.9% | 7.0% |
| Net margin | 6.5% | 6.4% | 7.7% | 6.6% | 5.0% | 5.9% | 5.2% | 8.8% | 8.8% | 4.5% | −2.4% | 4.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SFD's financial statements (latest annual report filed March 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SFD financial results
In fiscal year 2025 (ended December 31, 2025), Smithfield Foods reported revenue of $15.5 billion, up 9.8% from the year before. It had net income of $987.0 million (up 3.6%), a net profit margin of 6.4%. Diluted earnings per share came to $2.54. Over five years revenue grew at an average rate of 1.5% a year.
See the SFD stock overview for the latest quote and news, or the SFD chart for price history and technical indicators.
SFD income statement FAQ
What is Smithfield Foods's annual revenue?
Smithfield Foods reported total revenue of $15.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.8% from $14.1 billion the previous year.
Is Smithfield Foods profitable?
Yes. Smithfield Foods reported net income of $987.0 million in fiscal 2025, a net profit margin of 6.4%; its operating margin was 8.3%.
What is Smithfield Foods's gross margin?
Smithfield Foods's gross margin was 13.5% in fiscal 2025: for every $100 of revenue, Smithfield Foods kept $13 after the direct cost of its products and services.
How much does Smithfield Foods spend on research and development?
Smithfield Foods spent $214.0 million on research and development in fiscal 2025, 1.4% of revenue.
How fast is Smithfield Foods growing?
Revenue grew 1.5% a year on average over the last five fiscal years, from $14.4 billion to $15.5 billion.
What are Smithfield Foods's earnings per share?
Smithfield Foods earned $2.54 per diluted share in fiscal 2025, compared with $0.52 a year earlier.
When will Smithfield Foods report its next earnings?
Smithfield Foods is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Smithfield Foods's fiscal year end?
Smithfield Foods's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 24, 2026.