Smithfield Foods (SFD) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 27, 2026 and Smithfield Foods published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Smithfield Foods reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Smithfield Foods' fiscal year ends on the Sunday nearest to December 31. Q3 fiscal 2026 ended September 27, 2026, and fiscal 2026 has 53 weeks.
• Segment sales are reported before inter-segment eliminations: most hogs from Hog Production are processed by Fresh Pork, and much of Fresh Pork's output goes to Packaged Meats. The eliminations row brings the segments back to consolidated sales.
• Smithfield Foods acquired Nathan's Famous on October 26, 2026, after the quarter ended, so Q3 fiscal 2026 includes none of its results.

Source: Smithfield Foods Q3 fiscal 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 27, 2026. Figures as reported; checked against the release on November 10, 2026.

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

• Smithfield Foods's Packaged Meats revenue was $2.0 billion in Q3 fiscal 2026, down 5% from $2.1 billion in Q3 fiscal 2025, 58% of total revenue.
• Smithfield Foods's Fresh Pork revenue was $1.8 billion in Q3 fiscal 2026, down 17% from $2.2 billion in Q3 fiscal 2025, 53% of total revenue.
• Smithfield Foods's Hog Production revenue was $691 million in Q3 fiscal 2026, down 15% from $813 million in Q3 fiscal 2025, 20% of total revenue.
• Smithfield Foods's Other revenue was $151 million in Q3 fiscal 2026, up 15% from $131 million in Q3 fiscal 2025, 4% 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.

From the earnings release

Smithfield Foods' fiscal 2026 outlook also gives Fresh Pork adjusted operating results of a loss of $50 million to breakeven, Hog Production results of a loss of $25 million to a profit of $25 million, capital expenditures of $350 million to $375 million and an effective tax rate of 22.5% to 24.5%. It gives no EPS outlook.

In its Q3 fiscal 2026 release, Smithfield Foods said:

“Total Company sales to be down low-single-digits compared to fiscal year 2025”

“Packaged Meats segment adjusted operating profit ranging from $1,090 million to $1,140 million”

“Total Company adjusted operating profit ranging from $900 million to $1,000 million”

“The Company's outlook for 2026 includes 53 weeks of results and approximately two months of results for Nathan's Famous following the October 26, 2026 acquisition close, and excludes the impact of the investment in the new processing facility in Sioux Falls, South Dakota.”

Source: Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SFD forecast page.

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

GAAP sales and diluted EPS attributable to Smithfield, each as first reported in that quarter's release.

We do not hold a confirmed date for Smithfield Foods'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 fiscal 2026 (this page), reported Oct 27, 2026

Smithfield Foods sells packaged meats, fresh pork and hogs, and the three are one supply chain. Before eliminations, Packaged Meats had $1,982 million of segment sales in Q3 fiscal 2026, Fresh Pork $1,814 million and Hog Production $691 million. Inter-segment sales of $1,202 million, mostly Fresh Pork ($707 million) and Hog Production ($494 million) selling to the next segment, are eliminated to reach consolidated sales of $3,437 million. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026)

Smithfield Foods' sales fell 8.3% because pork prices fell. The 10-Q says Fresh Pork sales dropped 17.0% on an 11.4% decrease in average sales price and a 6.3% decrease in volume, due to softer domestic consumer demand and a global oversupply of pork. The USDA fresh pork cut-out value fell 15.3% and averaged $0.97 per pound in the quarter. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026; Smithfield Foods Form 10-Q, Q3 fiscal 2026, Oct 27, 2026)

Packaged Meats sales fell 5.2%, primarily because of a 5.3% decrease in average sales price, which the 10-Q ties to lower raw material costs passed on in lower prices; volume increased slightly. Hog Production sales fell 15.0% even though Smithfield Foods sold about 40,000, or 1.3%, more market hogs, because its average market hog sales price fell 5.2% while the CME lean hog price index fell 14.5%. (Smithfield Foods Form 10-Q, Q3 fiscal 2026, Oct 27, 2026)

Profit is concentrated in Packaged Meats. That segment earned $230 million of operating profit, up from $226 million, at an 11.6% margin, while Fresh Pork lost $89 million and Hog Production earned $34 million, down from $89 million. Smithfield Foods' 10-K says its ten largest customers represented approximately 42% of net sales in fiscal 2025. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026; Smithfield Foods Form 10-K, fiscal 2025, Mar 24, 2026)

Smithfield Foods' GAAP diluted EPS was $0.23, against $0.63, and adjusted diluted EPS was $0.26, against $0.58. The adjustments in Q3 fiscal 2026 added back $12 million of litigation charges, $5 million of plant closure costs for the exit from the leased Springfield, Massachusetts dry sausage facility, and $3 million of workforce reduction costs, less a $4 million gain from leasing hog farms to contract growers. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026)

The year-ago quarter worked the other way. Its GAAP EPS of $0.63 was above adjusted EPS of $0.58 because it included a $17 million gain on company-owned life insurance policies and $2 million of insurance recoveries, which Smithfield Foods removes from adjusted results. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026)

Net income attributable to Smithfield fell to $89 million from $248 million. Diluted weighted-average shares were 394,905,788, almost unchanged from 394,594,035. Smithfield Foods pays a quarterly dividend of $0.3125 per share, an annual rate of $1.25. It is an indirect, majority-owned subsidiary of Hong Kong-based WH Group. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026; Smithfield Foods Form 10-Q, Q3 fiscal 2026, Oct 27, 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.

Smithfield Foods publishes a full-year outlook in its release, by segment and in total, but gives no EPS outlook. For fiscal 2026 it expects total Company sales down low-single-digits, Packaged Meats adjusted operating profit of $1,090 million to $1,140 million, Fresh Pork adjusted results of a loss of $50 million to breakeven, and total Company adjusted operating profit of $900 million to $1,000 million. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026)

The outlook includes 53 weeks and about two months of Nathan's Famous, which Smithfield Foods bought on October 26, 2026, for $441 million including $18 million of transaction costs, funded with cash on hand. It excludes the proposed Sioux Falls, South Dakota processing plant, which the 10-Q puts at up to $1.3 billion and which still needs board and regulatory approval. (Smithfield Foods Q3 fiscal 2026 release, Oct 27, 2026; Smithfield Foods Form 10-Q, Q3 fiscal 2026, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Smithfield Foods, 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 Smithfield Foods's own release and filings put weight on for Q3 fiscal 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 SFD is on is SFD a buy or a sell?, what analysts expect next is on the SFD forecast, and what the company does is on the Smithfield Foods (SFD) stock page.

Every number on this page can be traced to a document Smithfield Foods 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.