Tyson Foods reported adjusted earnings per share of $0.97 for the first quarter, exceeding the analyst consensus of $0.94. Revenue rose 5.1% year over year to $14.31 billion, beating expectations of $14.09 billion. The results reflect strong volume growth in the chicken business and higher contribution from prepared foods, which helped offset ongoing pressures in the beef segment.

The prepared foods division delivered sales of $2.67 billion, up 7.9% year over year, and operating income of $322 million. Chicken volumes increased by 3.7%, generating revenue of $4.21 billion despite flat pricing, and achieved its fifth consecutive quarter of year-over-year volume gains. The beef segment recorded an adjusted operating loss of $143 million, an improvement from prior quarters, while pork generated adjusted operating income of $111 million, up from $73 million in the year-ago period.

Tyson generated $942 million in operating cash flow during the quarter and reduced total debt by $468 million. Free cash flow stood at $690 million, compared with $760 million in the prior-year period. Liquidity remained strong at approximately $4.5 billion, providing flexibility for ongoing capital investments and debt reduction.

For fiscal 2026, management reaffirmed guidance for total adjusted operating income of $2.1 billion to $2.3 billion and revenue growth of 2% to 4% over fiscal 2025. The company expects modest increases in domestic protein production, with segment operating income outlooks of $(500) million to $(250) million in beef, $250 million to $300 million in pork, $1.65 billion to $1.90 billion in chicken and $1.25 billion to $1.35 billion in prepared foods. Free cash flow is forecast between $1.1 billion and $1.7 billion, and capital expenditures are projected at $0.7 billion to $1.0 billion.