Seaboard (SEB) Earnings: Q3 2026 Results

The quarter ended October 3, 2026 and Seaboard published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Seaboard's fiscal Q3 2026 ended October 3, 2026; Q3 2025 ended September 27, 2025.
• Seaboard reports a single earnings per common share figure, with no separate diluted EPS. Its Turkey segment is a 52.5% equity-method stake in Butterball, so it adds income from affiliates but no net sales.
• Seaboard's earnings release is a one-table report. The segment detail on this page comes from its Form 10-Q, filed the same day.

Source: Seaboard Q3 2026 report of earnings, November 3, 2026. Also in the Form 10-Q for the quarter ended October 3, 2026. Figures as reported; checked against the release on November 10, 2026.

How Seaboard splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Seaboard's Commodity Trading and Milling revenue was $1.5 billion in Q3 2026, up 11% from $1.4 billion in Q3 2025, 54% of total revenue.
• Seaboard's Pork revenue was $461 million in Q3 2026, down 14% from $534 million in Q3 2025, 17% of total revenue.
• Seaboard's Marine revenue was $425 million in Q3 2026, up 13% from $375 million in Q3 2025, 15% of total revenue.
• Seaboard's Liquid Fuels revenue was $312 million in Q3 2026, up 75% from $178 million in Q3 2025, 11% of total revenue.
• Seaboard's Power revenue was $40.0 million in Q3 2026, down 42% from $69.0 million in Q3 2025, 1% of total revenue.
• Seaboard's All Other and Corporate revenue was $32.0 million in Q3 2026, down 6% from $34.0 million in Q3 2025, 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and earnings per common share, each as first reported in that quarter's release. Q4 2025 included a $170 million income tax benefit from reversing a valuation allowance on domestic deferred tax assets.

We do not hold a confirmed date for Seaboard's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Seaboard's net sales rose $231 million to $2,771 million in Q3 2026 from $2,540 million. The 10-Q puts the increase down mainly to $151 million more Commodity Trading and Milling (CT&M) sales on higher volumes and $134 million more Liquid Fuels sales on higher fuel and environmental credit sales, partly offset by $73 million less Pork sales on lower prices for pork products and market hogs. (Seaboard Q3 2026 report of earnings, Nov 3, 2026; Seaboard Form 10-Q, Q3 2026, Nov 3, 2026)

CT&M is Seaboard's largest business by sales at $1,501 million. It sources and markets about 15 million metric tons a year of wheat, corn, soybeans and soybean meal and runs grain processing in Africa and South America. Higher volumes added $101 million to its Q3 sales and a 3% rise in average prices added $50 million. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026; Seaboard Form 10-K, 2025, Feb 12, 2026)

Pork net sales fell to $461 million from $534 million. Seaboard Foods raises most of its own hogs, 94% of those processed at its Oklahoma plant in 2025, and sends about 25% of its sales abroad to markets including Mexico, Japan and China. Lower pork prices cut Q3 sales by $49 million, lower volumes by $8 million and lower market hog prices by $16 million. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026; Seaboard Form 10-K, 2025, Feb 12, 2026)

Marine, Seaboard's container shipping line serving the U.S., the Caribbean and Central and South America, grew sales to $425 million from $375 million on a 9% rise in cargo volumes and 4% higher average freight rates. Liquid Fuels, which makes biodiesel and renewable diesel and sells RINs and LCFS credits, rose to $312 million from $178 million. Power sales in the Dominican Republic fell to $40 million from $69 million because the EDM III barge was nonoperational for most of the quarter after turbine damage found in mid-July. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026; Seaboard Form 10-K, 2025, Feb 12, 2026)

Seaboard's earnings per common share fell to $29.23 in Q3 2026 from $113.71, on net earnings attributable to Seaboard of $28 million, against $109 million. Seaboard reports GAAP figures only and has fewer than a million shares outstanding (957,794 on average in the quarter), so each $1 million of earnings is worth about $1 a share. (Seaboard Q3 2026 report of earnings, Nov 3, 2026)

Operating income dropped to $13 million from $84 million. Pork swung to an operating loss of $80 million from income of $58 million, which included a $51 million lower of cost and net realizable value inventory adjustment after a decline in forecasted pork prices and higher forecasted production costs. Liquid Fuels moved to $15 million of operating income from a $37 million loss, and CT&M rose to $54 million from $37 million, mostly on mark-to-market gains on commodity derivatives. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026)

Income from affiliates fell to $10 million from $39 million, mainly because Butterball's net income dropped to $18 million from $50 million on a legal settlement. Income tax expense was $8 million, against $15 million, and the 10-Q says the effective rate rose because Seaboard recognized less U.S. income tax expense in 2025 due to its U.S. valuation allowance position. Seaboard bought back no shares in the first nine months of 2026. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Seaboard does not publish a revenue or earnings outlook in its release, and its Form 10-Q gives only segment-level direction for the rest of 2026. Management expects Pork and Power not to be profitable for the remainder of 2026, and expects CT&M (excluding mark-to-market effects), Marine, Liquid Fuels and Turkey to be profitable. (Seaboard Q3 2026 report of earnings, Nov 3, 2026; Seaboard Form 10-Q, Q3 2026, Nov 3, 2026)

The Liquid Fuels renewable diesel plant was shut for scheduled maintenance in the last week of the quarter, with operations expected to resume in November 2026, and the EDM III power barge repair is not expected to be complete until the end of the year. Seaboard has budgeted about $145 million of capital expenditures for the rest of 2026. (Seaboard Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Seaboard, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Seaboard's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SEB is on is SEB a buy or a sell?, what analysts expect next is on the SEB forecast, and what the company does is on the Seaboard (SEB) stock page.

Every number on this page can be traced to a document Seaboard published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.