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Tyson Foods is like:

• The Coca-Cola of meat.
• The Kraft Heinz of protein.

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• Chicken: Offers a variety of fresh, frozen, and value-added chicken products sold to retail, foodservice, and international customers.
• Beef: Provides fresh and frozen beef products, including primal and sub-primal cuts, ground beef, and branded beef items.
• Pork: Supplies fresh and frozen pork products, such as loins, bellies, and hams, for various market segments.
• Prepared Foods: Delivers a diverse portfolio of convenience foods, including appetizers, snacks, and fully cooked meals under various brands.

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Tyson Foods (symbol: TSN) primarily sells its products to other companies, operating predominantly within a business-to-business (B2B) model. While its branded products such as Tyson chicken, Jimmy Dean sausages, and Hillshire Farm deli meats are ultimately consumed by individuals, Tyson's direct customers are large retailers, foodservice distributors, and other food manufacturers.

Here are some of Tyson Foods' major customer companies:

• Walmart Inc. (WMT): As the world's largest retailer and a significant player in the grocery sector, Walmart carries a broad range of Tyson's branded and private-label poultry, beef, pork, and prepared foods products for sale to consumers.
• The Kroger Co. (KR): One of the largest supermarket chains in the United States, Kroger stocks numerous Tyson products across its extensive network of grocery stores.
• Sysco Corporation (SYY): The largest foodservice marketing and distribution company in North America, Sysco distributes Tyson's bulk and portioned meat products to a vast array of restaurants, healthcare facilities, schools, and other institutional customers.
• US Foods Holding Corp. (USFD): As another major foodservice distributor, US Foods supplies Tyson products to its diverse customer base within the restaurant and institutional sectors.
• Costco Wholesale Corporation (COST): A leading membership-only warehouse club operator, Costco purchases large volumes of Tyson's fresh and frozen meat products for resale to its business and individual members.
• Other Food Manufacturers: Tyson also serves as a key supplier of raw or partially processed meat ingredients to various other food manufacturing companies. These companies integrate Tyson's products into their own food items, such as frozen meals, processed meats, and ready-to-eat dishes. While specific customer names in this category are not typically disclosed, this represents a significant B2B channel for Tyson.

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Donnie King, President & CEO

Donnie King began his career at Tyson Foods in 1982 in the Poultry segment and has held various leadership positions across the company, including Chief Operating Officer, International Business Group President, and President of North American Operations. He previously served on the board of directors of the National Chicken Council and the U.S. Poultry and Egg Association. He holds a bachelor's degree in business management from the University of Arkansas-Monticello.

Curt Calaway, Chief Financial Officer

Curt Calaway was named Chief Financial Officer in August 2024, having served as interim CFO. He joined Tyson Foods in 2006 and has nearly 30 years of experience in finance, audit, and accounting. His previous roles at Tyson Foods include CFO for the Prepared Foods Business Unit, Senior Vice President of Finance and Treasurer, Controller, Chief Accounting Officer, and Vice President of Audit and Compliance. He has also been responsible for the company's Mergers & Acquisitions (M&A) and corporate development efforts.

John H. Tyson, Chairman of the Board

John H. Tyson, the grandson of Tyson Foods' founder, has dedicated his entire career to the company, having worked in nearly every department and previously serving as Chief Executive Officer. He has been Chairman of the Board since 1998 and a Director since 1984. Under his leadership, Tyson Foods expanded its portfolio through major acquisitions, including IBP, Inc. in 2001 and The Hillshire Brands Company in 2014. He maintains a substantial financial interest in Tyson Foods through the Tyson Limited Partnership.

Melanie Boulden, Chief Growth Officer

Melanie Boulden joined Tyson Foods in February 2023 as Chief Growth Officer, bringing over two decades of experience in building globally recognized brands. She previously served as Chief Marketing Officer of the North America Operating Unit at The Coca-Cola Company, where she managed a multi-billion-dollar brand portfolio. Her past experience also includes roles as President of the Still Beverages business unit at Coca-Cola North America, and marketing and general management positions at Reebok International, Crayola LLC, Kraft Foods Group Inc., and Henkel Consumer Goods, USA. She is also on the board of directors of Adobe Inc.

Devin Cole, Chief Operating Officer

Devin Cole was appointed Chief Operating Officer in September 2025. He possesses more than 30 years of experience in the industry, and prior to his current role, he served as group president of poultry and international for Tyson Foods.

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The key risks to Tyson Foods (TSN) primarily revolve around external market dynamics and regulatory pressures.

1. Regulatory Scrutiny and Legal Risks

   Tyson Foods faces significant legal and regulatory challenges, particularly ongoing scrutiny and class-action lawsuits related to alleged price-fixing and collusion within the meatpacking industry. This risk has led to substantial legal contingency accruals, directly impacting the company's net income. For example, Tyson Foods recently reported setting aside significant funds for legal contingencies, which contributed to a drop in income in fiscal quarters. The company has also agreed to pay millions in settlements for alleged pork and beef price-fixing. Federal investigations, including those by the Department of Justice, continue to focus on major meatpackers like Tyson.

2. Commodity Price Volatility and Supply Chain Disruptions

   Fluctuations in the cost of key inputs such as feed grains, live cattle, live swine, and energy significantly impact Tyson Foods' earnings. The beef segment, in particular, has experienced struggles with higher operating costs due to factors like record-low herd numbers, which have driven up beef prices. Beyond raw material costs, the company is also vulnerable to broader supply chain disruptions, including those caused by extreme weather conditions and climate change, which can affect the availability and cost of agricultural products.

3. Labor Shortages and Increased Costs

   Tyson Foods is susceptible to labor risks, including shortages and increased employee turnover, which can lead to higher operational costs and inefficiencies in its production facilities. Efforts to attract and retain workers, potentially through increased wages or overtime, can further escalate labor expenses, negatively impacting the company's financial condition.

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For Tyson Foods (TSN), the addressable markets for its main products are as follows:

• Chicken:
  • The global chicken market size was valued at US$160.62 billion in 2024 and is expected to reach US$268.35 billion in 2033.
  • The U.S. chicken market was valued at approximately USD 43.5 billion in 2023 and is projected to grow to about USD 77.9 billion by 2032. Another estimate for the U.S. chicken and turkey meat production market size was $50.1 billion in 2024 and $50.5 billion in 2025. The total U.S. poultry sector sales, including broilers, were $70.2 billion in 2024, with broilers specifically accounting for $45.4 billion.
• Beef:
  • The global beef market size was valued at USD 526.50 billion in 2023 and is projected to reach USD 712.54 billion by 2030. Other estimates for the global market include USD 459.87 billion in 2024, projected to reach USD 656.44 billion by 2032, and US$ 520.53 billion in 2024, expected to reach US$ 749.90 billion in 2033.
  • The U.S. beef market size was valued at $124.5 billion in 2022 and is projected to reach $164.2 billion by 2032. Another report indicates the U.S. beef market size was USD 108.14 billion in 2024 and is projected to reach USD 157.36 billion by 2032. The U.S. processed beef market is estimated at USD 43,625.2 million in 2025 and is expected to grow to USD 70,386.9 million by 2035.
• Pork:
  • The global pork meat market size was estimated at USD 293.18 billion in 2023 and is projected to reach USD 424.44 billion by 2030. Other projections show the global pork meat market reaching around USD 426.27 billion by 2034 (from USD 302.28 billion in 2025) or USD 456.32 billion by 2030 (from USD 406.76 billion in 2025).
  • The U.S. produced 12.7 million tons of pork in 2024. The U.S. processed pork meat market size is estimated at USD 5.05 billion in 2025 and is expected to reach USD 5.77 billion by 2030.
• Prepared Foods:
  • The global prepared meals market size was valued at USD 178.83 billion in 2024 and is projected to grow to USD 291.27 billion by 2032. Other sources indicate the global market was valued at USD 186.74 billion in 2024, projected to reach USD 521.53 billion by 2035, or USD 168.25 billion in 2023, expected to reach USD 334.09 billion by 2033.
  • The U.S. ready meals market (prepared foods) is projected to be USD 235.94 billion in 2024 and is anticipated to increase to USD 541.32 billion by 2035. Another estimate for the U.S. ready meals market size is expected to reach $58.7 billion by 2030.

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Tyson Foods (TSN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Strategic Shift Towards Value-Added and Prepared Foods: Tyson Foods is actively prioritizing and expanding its portfolio of value-added products and prepared foods, such as convenient protein-packed snacks and meals. This strategic pivot aims to capture higher margins and cater to evolving consumer preferences for convenience and ready-to-eat options, supported by ongoing investments in new product development within this segment. The company anticipates continued strong performance in its prepared foods segment.
2. International Market Expansion: The company is pursuing aggressive international expansion, particularly in emerging markets where protein demand is growing significantly. This includes leveraging its global supply chain, evaluating strategic partnerships, and establishing new production facilities in key regions like Asia (e.g., China and Thailand) and Europe to strengthen its global presence and access new customer bases.
3. Operational Excellence and Supply Chain Optimization: Tyson Foods is focused on enhancing efficiency and reducing costs through continuous optimization of its production facilities and supply chain. These operational improvements contribute to increased profitability and support the company's overall growth strategy by improving plant efficiency through factors like labor yield and throughput.
4. Sustained Growth and Innovation in the Chicken Segment: The chicken business segment has shown robust performance and is expected to continue being a significant contributor to sales and operating income. This growth is driven by operational improvements, a focus on value-added chicken products, and strong demand in both foodservice and retail channels. The company plans further investment in value-added chicken innovations, including new lightly breaded products, tenderloins, and bites.

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Share Repurchases

• As of August 7, 2025, Tyson Foods' board of directors approved an increase of 43 million shares authorized for repurchase, bringing the total authorized to approximately 50 million shares.
• The dollar value of shares authorized for future repurchase is approximately $2.58 billion (based on 50 million shares at a stock price of $51.69 as of November 6, 2025).
• Actual share repurchases were approximately $48.75 million in fiscal year 2024, $346.30 million in fiscal year 2023, and $701.92 million in fiscal year 2022.

Share Issuance

• No significant dollar amount of shares issued for capital raising purposes was identified for the trailing twelve months ended June 2025.

Outbound Investments

• Tyson Foods acquired Williams Sausage in February 2023 for an undisclosed amount.
• The company divested its pet treats business to General Mills for $1.2 billion in 2021.
• Tyson Foods sold its Golden Island jerky business to Jack Link's in January 2020 and its broiler processing plant in Dexter, Missouri to Cal-Maine Foods for an undisclosed amount in March 2024.

Capital Expenditures

• Tyson Foods' capital expenditures were $1.132 billion in fiscal year 2024, $1.939 billion in fiscal year 2023, $1.887 billion in fiscal year 2022, $1.209 billion in fiscal year 2021, and $1.199 billion in fiscal year 2020.
• Expected capital expenditures for fiscal year 2025 are projected to be between $1.0 billion and $1.2 billion.
• The primary focus of capital expenditures includes investments in profit improvement projects, maintenance and repair, and adapting to evolving consumer preferences through innovations like plant-based proteins and sustainable practices.