Smithfield Foods delivered record first-quarter performance with consolidated net sales of $3.8 billion, representing a 0.8% increase year-over-year. Operating profit rose 3.4% to $333 million, while adjusted operating profit climbed 4.0% to $339 million, driving consolidated operating margin up 22 basis points to 8.7%.

Packaged Meats generated $2.149 billion in sales with operating profit of $275 million, a 3.6% increase despite a 32-basis-point margin contraction to 12.8%. Fresh Pork sales dipped 1.1% to $2.012 billion, with operating profit falling 4.3% to $78 million. Hog Production profit jumped 283% to $4 million on tighter production costs, and Other segment profit reached $12 million.

The company ended the quarter with $3.683 billion in available liquidity, comprised of $1.386 billion in cash and $2.298 billion undrawn on credit facilities, maintaining a net debt to adjusted EBITDA ratio of 0.4x. A quarterly dividend of $0.3125 per share was declared, implying an annualized rate of $1.25 per share.

Smithfield reaffirmed its fiscal 2026 guidance, targeting low-single-digit consolidated sales growth over fiscal 2025, adjusted operating profit of $1.325 billion to $1.475 billion, and segment profit ranges of $1.1–1.2 billion for Packaged Meats, $200–260 million for Fresh Pork, and $150–200 million for Hog Production. Capital expenditures are expected to be $350–450 million with an effective tax rate between 22.5% and 24.5%.