Tyson Foods FY24: Revenue dips, Net Income soars

TL;DR

Tyson Foods FY24: Revenue down to $4.88B, but net income jumped to $4.35B. Big profit jump!

AI Summary

Tyson Foods, Inc. filed its 10-K for the fiscal year ending September 28, 2024. The company reported total revenue of $4.88 billion for the period, a slight decrease from $5.15 billion in the prior year. Net income for the fiscal year was $4.35 billion, significantly up from $4.00 billion in the previous year. The company's primary business is poultry slaughtering and processing.

Why It Matters

This filing provides investors with a comprehensive overview of Tyson Foods' financial performance and strategic positioning for the past fiscal year, impacting consumer goods markets.

Risk Assessment

Risk Level: medium — The company operates in the highly competitive and cyclical food processing industry, subject to commodity price fluctuations and consumer demand shifts.

Key Numbers

• $4.88B — Revenue (Fiscal Year 2024 revenue, down from $5.15B in FY2023.)
• $4.35B — Net Income (Fiscal Year 2024 net income, up from $4.00B in FY2023.)
• $6.40B — Cost of Goods and Services Sold (Fiscal Year 2024 cost of goods sold.)
• $6.97B — Cost of Goods and Services Sold (Fiscal Year 2023 cost of goods sold.)
• $4.55B — Selling, General & Administrative Expense (Fiscal Year 2024 SG&A expenses.)

Key Players & Entities

• TYSON FOODS, INC. (company) — Filer
• 20240928 (date) — Fiscal Year End
• 2023 (date) — Prior Fiscal Year
• $4.88 billion (dollar_amount) — FY24 Revenue
• $5.15 billion (dollar_amount) — FY23 Revenue
• $4.35 billion (dollar_amount) — FY24 Net Income
• $4.00 billion (dollar_amount) — FY23 Net Income

FAQ

Key Financial Figures

• $0.10 — the registrant's Class A Common Stock, $0.10 par value ("Class A stock"), and Class

Filing Documents

• tsn-20240928.htm (10-K) — 3119KB
• tsn2024q4exh1013.htm (EX-10.13) — 38KB
• tsn2024q410-kexhx21.htm (EX-21) — 86KB
• tsn2024q410-kexhx23.htm (EX-23) — 2KB
• tsn2024q4exh-311.htm (EX-31.1) — 8KB
• tsn2024q4exh-312.htm (EX-31.2) — 8KB
• tsn2024q4exh-321.htm (EX-32.1) — 5KB
• tsn2024q4exh-322.htm (EX-32.2) — 5KB
• tsn-20240928_g1.jpg (GRAPHIC) — 147KB
• tsn-20240928_g2.jpg (GRAPHIC) — 135KB
• 0000100493-24-000119.txt ( ) — 19158KB
• tsn-20240928.xsd (EX-101.SCH) — 87KB
• tsn-20240928_cal.xml (EX-101.CAL) — 103KB
• tsn-20240928_def.xml (EX-101.DEF) — 863KB
• tsn-20240928_lab.xml (EX-101.LAB) — 1234KB
• tsn-20240928_pre.xml (EX-101.PRE) — 1108KB
• tsn-20240928_htm.xml (XML) — 3317KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity Disclosure

Item 1C. Cybersecurity Disclosure 17

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

Selected Financial Data

Item 6. Selected Financial Data 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 87

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 87

Executive Compensation

Item 11. Executive Compensation 87

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 88

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 88 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 88

Form 10-K Summary

Item 16. Form 10-K Summary 96 2 PART I

BUSINESS

ITEM 1. BUSINESS GENERAL Tyson Foods, Inc. and its subsidiaries (collectively, the "Company," "we," "us," "our," "Tyson Foods" or "Tyson") (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The Company is unified by this purpose: Tyson Foods. We Feed the World Like Family and has a broad portfolio of iconic products and brands including Tyson, Jimmy Dean, Hillshire Farm, Ball Park, Wright, State Fair, Aidells and ibp. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, sustainably, and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the Company had approximately 138,000 employees ("team members") on September 28, 2024. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members, be faith-friendly and inclusive, provide a safe work environment and serve as a steward of the animals, land and environment entrusted to it. Some of the key factors influencing our business are customer demand for our products; the ability to maintain and grow relationships with customers and introduce new and innovative products to the marketplace; accessibility of international markets; market prices for our products; the cost and availability of live cattle and hogs, raw materials and feed ingredients; availability of team members to operate our production facilities; and operating efficiencies of our facilities. We operate a fully vertically-integrated chicken production process. Our integrated operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related specialty products, including animal and pet food ingredients. Through our wholly-owned subsidiary, Cobb-Vantress, we are one of the leading poultry breeding stock

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View this 10-K filing on SEC EDGAR