Group 1 - Tyson Foods, Inc. (NYSE: TSN) stock has experienced significant declines over the past couple of years, making it a challenging investment [1] - The stock has shown volatility, trading in $5 intervals, indicating potential for short-term trading strategies [1] Group 2 - The current stock price has returned to levels that may present new trading opportunities for investors [1]

Supplemental Information Q1 Fiscal 2025 February 3, 2025 Forward-Looking Statements Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2025, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt leve ...

Financial Data and Key Metrics Changes - Fiscal Q1 2025 showed a 2% year-over-year growth in total enterprise net sales, driven by increases in Beef, Pork, and Chicken segments [29] - Adjusted operating income increased by $248 million, a remarkable 60% year-over-year, with adjusted earnings per share growing by 65% [9][29] - The net leverage ratio improved to 2.3 times, down from 4.1 times at the end of 2023, marking the fifth consecutive quarter of improvement [10][36] Business Line Data and Key Metrics Changes - Chicken segment achieved the best adjusted operating income in eight years, with significant year-over-year growth attributed to improved live and plant operations and lower grain costs [17][32] - Beef segment results exceeded expectations, with revenue growth driven by higher carcass weights and increased throughput, although challenges from limited cattle supply remain [20][33] - Pork segment performance met expectations, with revenue growth driven by higher cutout values, but adjusted operating income declined due to compressed spreads [21][33] - Prepared Foods segment faced challenges from higher raw material costs, but operational improvements and innovation are expected to drive future performance [31][94] Market Data and Key Metrics Changes - Consumer focus on protein remains strong, with 71% of U.S. consumers looking to increase protein consumption, up from 59% in 2022 [11] - The company reported that nearly 75% of U.S. households purchased a Tyson product in the past year, indicating strong market presence [24] Company Strategy and Development Direction - The company is focused on cash flow and operational execution, emphasizing innovation and strengthening customer partnerships across all segments [22][23] - Tyson Foods aims to control costs and improve operational efficiency while expanding its market presence and enhancing product mix [22][23] - The company is committed to maintaining financial strength and returning cash to shareholders, with a disciplined approach to capital allocation [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving improved financial performance compared to fiscal 2024, raising sales guidance to a range of flat to up 1% [38] - The company anticipates total adjusted operating income to be between $1.9 billion to $2.3 billion, reflecting strong performance in the first quarter [38] - Management acknowledged ongoing challenges from the cattle cycle and external market dynamics but remains optimistic about adapting to these changes [20][63] Other Important Information - The company generated $1 billion in operating cash flows in Q1, with capital spending at $271 million, leading to free cash flow of $760 million [35][36] - The company has a robust innovation pipeline, with successful product launches contributing to growth in key categories [94][110] Q&A Session Summary Question: Key takeaways from the call - Management highlighted the best quarterly performance in over two years, with a focus on growing branded and value-added products [53][54] Question: Impact of tariffs on operations - Management discussed contingency planning to minimize disruptions from trade changes and emphasized their ability to adapt to evolving market conditions [62][64] Question: Beef cycle conditions and heifer retention - Management noted improved pasture conditions and reduced cow harvest numbers as positive indicators for future beef production [75][76] Question: Prepared Foods segment outlook - Management emphasized ongoing distribution growth and innovation as key drivers for the Prepared Foods segment, despite input cost pressures [92][94] Question: Chicken business outlook and risks - Management raised the top end of the chicken guidance but maintained the lower end due to potential external risks [99][103] Question: Labor market impacts - Management confirmed that all employees are legally authorized to work and have not seen changes in attendance due to immigration policies [150][152] Question: Free cash flow and CapEx outlook - Management attributed the decrease in free cash flow to changes in working capital and indicated a disciplined approach to capital expenditures moving forward [155][158]

Core Insights - Tyson Foods (TSN) shares increased as the company reported better-than-expected results driven by strong chicken demand [1][5] - The company achieved fiscal 2025 Q1 adjusted earnings per share (EPS) of $1.14, exceeding analyst expectations, with revenue rising 2.3% year-over-year to $13.6 billion [1][5] Sales Performance - Chicken sales increased by 0.8% to $4.07 billion, despite a 0.7% decline in average price, with volumes up by 1.5% [2] - Beef sales rose by 6.2% to $5.34 billion, with prices increasing by 0.6% and volumes up by 5.6% [2] - Pork sales increased by 6.6% to $1.67 billion, driven by a 7.0% rise in prices, although volumes decreased by 0.4% [2] Management Commentary - CEO Donnie King highlighted this as Tyson's best quarterly performance in over two years, attributing it to "exceptional results in chicken" and consumer focus on protein [3] - The company anticipates full-year revenue to be flat or up 1% from $53.3 billion in 2024, which is an improvement from previous guidance [3] Market Reaction - Tyson Foods' shares, which had been relatively flat over the past year, gained 3% on the day of the announcement [4]

Core Insights - Tyson Foods, Inc. (TSN) reported strong fiscal Q1 2025 results, with both top and bottom lines improving year over year and exceeding Zacks Consensus Estimates [1][2] - The company achieved its strongest quarterly results in over two years, driven by effective operations, particularly in the chicken segment, and a robust consumer demand for protein [2] Financial Performance - Adjusted earnings per share reached $1.14, significantly surpassing the Zacks Consensus Estimate of 79 cents, marking a 65% increase from the previous year's figure of 69 cents [3] - Total sales amounted to $13,623 million, a 2.3% increase from the year-ago quarter, also exceeding the Zacks Consensus Estimate of $13,476 million [4] - Gross profit for the quarter was $1,095 million, up from $823 million reported in the same period last year [4] - Adjusted operating income soared 60% to $659 million from $411 million in the prior year, with the adjusted operating margin expanding to 4.8% from 3.1% [5] Segment Performance - Beef segment sales increased to $5,335 million from $5,023 million, with volumes rising 5.6% and average prices up 0.6% [6] - Pork segment sales rose to $1,617 million from $1,517 million, despite a 0.4% decline in volumes, with average prices increasing by 7% [6] - Chicken segment sales improved to $4,065 million from $4,033 million, with sales volumes growing 1.5% and average prices down 0.7% [7] - Prepared Foods segment sales decreased to $2,473 million from $2,543 million, with volumes dipping 3.2% and average prices rising 0.4% [7] - International/Other segment sales were $584 million compared to $582 million, with volumes increasing 4.3% and average sales prices falling 4% [8] Financial Position - The company ended the quarter with cash and cash equivalents of $2,292 million, long-term debt of $9,711 million, and total shareholders' equity of $18,627 million [9] - Liquidity stood at nearly $4.5 billion, with expectations to remain above the minimum target of $1 billion in fiscal 2025 [10] - Projected capital expenditure for the fiscal year is estimated to be between $1 billion and $1.2 billion, with free cash flow expected in the range of $1 billion to $1.6 billion [10] Future Outlook - The USDA projects a 1% increase in domestic protein production for fiscal 2025 compared to fiscal 2024 [11] - Segment-wise projections include a nearly 1% decline in beef production, a 2% increase in pork, and a 2% growth in chicken production [12] - Total company revenue growth is anticipated to be flat to a 1% increase in fiscal 2025, with adjusted operating income expected in the range of $1.9 billion to $2.3 billion [13] - Specific segment expectations include an adjusted operating loss of $0.4 billion to $0.2 billion for beef, and adjusted operating income of $0.1 billion to $0.2 billion for pork, $1 billion to $1.3 billion for chicken, and $0.9 billion to $1.1 billion for prepared foods [13]

For the quarter ended December 2024, Tyson Foods (TSN) reported revenue of $13.62 billion, up 2.3% over the same period last year. EPS came in at $1.14, compared to $0.69 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $13.48 billion, representing a surprise of +1.09%. The company delivered an EPS surprise of +44.30%, with the consensus EPS estimate being $0.79.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

Tyson Foods (TSN) came out with quarterly earnings of $1.14 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 44.30%. A quarter ago, it was expected that this meat producer would post earnings of $0.64 per share when it actually produced earnings of $0.92, delivering a surprise of 43.75%.Over the last four quarters, the company ...

Tyson Foods reported significant growth in the first quarter of 2025, with earnings and revenue exceeding expectations.Tyson Foods (TSN -0.48%), a major player in the protein processing sector, reported fiscal 2025 first-quarter earnings on Monday, Feb. 3, that topped analyst consensus estimates. Adjusted earnings per share (EPS) of $1.14 exceeded the analysts’ forecast of $0.90 and jumped an impressive 65.2% year over year. Revenue was up 2.3% to $13.62 billion, surpassing the forecast of $13.46 billion. T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 28, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to 001-14704 (Commission File Number) ______________________________________________ TYSON FOODS, INC. (Exact name of registrant as specified in its charter) ________ ...

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) Tyson Foods delivered strong Q1 2025 financial results, with significant growth in sales, operating income, and EPS, reflecting improved execution [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Tyson Foods reported a strong start to fiscal year 2025, achieving its third consecutive quarter of year-over-year growth in sales, operating income, and EPS, reflecting improved execution across the business | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change (%) | | :------------------------------------- | :----------------- | :----------------- | :--------- | | Sales | $13,623 | $13,319 | 2.3% | | GAAP Operating Income | $580 | $231 | 151% | | Adjusted Operating Income (non-GAAP) | $659 | $411 | 60% | | GAAP EPS | $1.01 | $0.30 | 237% | | Adjusted EPS (non-GAAP) | $1.14 | $0.69 | 65% | | Total Company GAAP Operating Margin | 4.3% | 1.7% | +2.6 pp | | Total Company Adjusted Operating Margin (non-GAAP) | 4.8% | 3.1% | +1.7 pp | | Liquidity (as of Dec 28, 2024) | $4,500 | N/A | N/A | | Cash Provided by Operating Activities | $1,031 | $1,300 | -20.7% | | Free Cash Flow (non-GAAP) | $760 | $946 | -19.7% | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) President & CEO Donnie King highlighted the company's best quarterly performance in over two years, attributing it to improved execution and a strong position to meet protein demand - **Fiscal year 2025 started strong** with the **third consecutive quarter of year-over-year growth** in sales, operating income, and EPS[3](index=3&type=chunk) - The company's **best quarterly performance in over two years** reflects **improved execution**, including **exceptional results in chicken**[3](index=3&type=chunk) - Tyson Foods is **well-positioned** to meet consumer demand for protein through its **diversified multi-channel, multi-protein portfolio**[3](index=3&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) This section details the financial performance of Tyson Foods' individual business segments, including both GAAP and adjusted results, highlighting key drivers of change [GAAP Segment Results](index=2&type=section&id=GAAP%20Segment%20Results) The Beef segment significantly reduced its operating loss, while Pork and Chicken segments showed strong growth in operating income, and Prepared Foods experienced a slight decline despite stable sales | Segment | Q1 2025 Sales (Millions) | Q1 2024 Sales (Millions) | Volume Change | Avg. Price Change | Q1 2025 Operating Income (Millions) | Q1 2024 Operating Income (Millions) | Q1 2025 Operating Margin | Q1 2024 Operating Margin | | :---------------- | :----------------------- | :----------------------- | :------------ | :---------------- | :---------------------------------- | :---------------------------------- | :----------------------- | :----------------------- | | Beef | $5,335 | $5,023 | 5.6% | 0.6% | $(64) | $(206) | (1.2)% | (4.1)% | | Pork | $1,617 | $1,517 | (0.4)% | 7.0% | $59 | $39 | 3.6% | 2.6% | | Chicken | $4,065 | $4,033 | 1.5% | (0.7)% | $351 | $177 | 8.6% | 4.4% | | Prepared Foods | $2,473 | $2,543 | (3.2)% | 0.4% | $209 | $243 | 8.5% | 9.6% | | International/Other | $584 | $582 | 4.3% | (4.0)% | $25 | $(22) | N/A | N/A | | Total | $13,623 | $13,319 | 1.6% | 0.7% | $580 | $231 | 4.3% | 1.7% | [Adjusted Segment Results (Non-GAAP)](index=2&type=section&id=Adjusted%20Segment%20Results%20%28Non-GAAP%29) On an adjusted basis, the Beef segment significantly narrowed its operating loss, while Pork and Chicken segments demonstrated robust growth in adjusted operating income, and Prepared Foods saw a modest decrease | Segment | Q1 2025 Adjusted Operating Income (Loss) (Millions) | Q1 2024 Adjusted Operating Income (Loss) (Millions) | Q1 2025 Adjusted Operating Margin (Non-GAAP) | Q1 2024 Adjusted Operating Margin (Non-GAAP) | | :---------------- | :-------------------------------------------------- | :-------------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Beef | $(32) | $(117) | (0.6)% | (2.3)% | | Pork | $59 | $68 | 3.6% | 4.5% | | Chicken | $368 | $192 | 9.1% | 4.8% | | Prepared Foods | $234 | $264 | 9.5% | 10.4% | | International/Other | $30 | $4 | N/A | N/A | | Total | $659 | $411 | 4.8% | 3.1% | [Fiscal Year 2025 Outlook](index=3&type=section&id=Fiscal%20Year%202025%20Outlook) This section outlines Tyson Foods' financial projections and expectations for fiscal year 2025, covering overall protein production, segment-specific performance, and total company financial targets [Overall Protein Production Outlook](index=3&type=section&id=Overall%20Protein%20Production%20Outlook) The USDA projects a modest increase of approximately 1% in domestic protein production (beef, pork, chicken, and turkey) for fiscal year 2025 compared to fiscal 2024 - USDA projects domestic protein production (beef, pork, chicken, and turkey) to **increase approximately 1%** in fiscal 2025 compared to fiscal 2024[8](index=8&type=chunk) [Segment-Specific Outlook](index=3&type=section&id=Segment-Specific%20Outlook) Tyson Foods anticipates varied performance across its segments for fiscal 2025, with Beef expecting an adjusted operating loss, Pork, Chicken, and Prepared Foods projecting adjusted operating income, and International/Other expecting improved results - Beef: Anticipates **adjusted operating loss between $(0.4) billion and $(0.2) billion** in fiscal 2025, with USDA projecting a **1% decrease in domestic production**[9](index=9&type=chunk) - Pork: Anticipates **adjusted operating income of $0.1 billion to $0.2 billion** in fiscal 2025, with USDA projecting a **2% increase in domestic production**[10](index=10&type=chunk) - Chicken: Anticipates **adjusted operating income of $1.0 billion to $1.3 billion** for fiscal 2025, with USDA projecting a **2% increase in chicken production**[11](index=11&type=chunk) - Prepared Foods: Anticipates **adjusted operating income of $0.9 billion to $1.1 billion** in fiscal 2025[12](index=12&type=chunk) - International/Other: Anticipates **improved results** from foreign operations on an adjusted basis in fiscal 2025[13](index=13&type=chunk) [Total Company Financial Outlook](index=3&type=section&id=Total%20Company%20Financial%20Outlook) Tyson Foods has raised its fiscal year 2025 guidance, expecting total company adjusted operating income between $1.9 billion and $2.3 billion, with revenue projected to be flat to up 1% | Metric | Fiscal Year 2025 Outlook | | :-------------------------- | :----------------------- | | Total Company Adjusted Operating Income | $1.9 billion to $2.3 billion | | Revenue | Flat to up 1% | | Capital Expenditures | $1.0 billion to $1.2 billion | | Net Interest Expense | Approximately $375 million | | Liquidity | Above minimum target of $1.0 billion (current $4.5 billion) | | Free Cash Flow | $1.0 billion to $1.6 billion | | Adjusted Effective Tax Rate | Approximately 25% | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) This section presents Tyson Foods' consolidated financial statements, including the statements of income, balance sheets, and cash flows, providing a comprehensive view of the company's financial position and performance [Consolidated Condensed Statements of Income](index=4&type=section&id=Consolidated%20Condensed%20Statements%20of%20Income) Tyson Foods' consolidated income statement for Q1 2025 shows significant year-over-year improvements across key profitability metrics, including gross profit, operating income, and net income attributable to Tyson | (In millions, except per share data) | Three Months Ended Dec 28, 2024 | Three Months Ended Dec 30, 2023 | | :----------------------------------- | :------------------------------ | :------------------------------ | | Sales | $13,623 | $13,319 | | Cost of Sales | $12,528 | $12,496 | | Gross Profit | $1,095 | $823 | | Selling, General and Administrative | $515 | $592 | | Operating Income | $580 | $231 | | Income before Income Taxes | $478 | $161 | | Income Tax Expense | $112 | $47 | | Net Income | $366 | $114 | | Net Income Attributable to Tyson | $359 | $107 | | Diluted Net Income Per Share Attributable to Tyson | $1.01 | $0.30 | | Dividends Declared Per Share (Class A) | $0.510 | $0.500 | | Gross Profit Margin | 8.0% | 6.2% | | Operating Income Margin | 4.3% | 1.7% | | Net Income Attributable to Tyson Margin | 2.6% | 0.8% | | Effective Tax Rate | 23.5% | 29.4% | [Consolidated Condensed Balance Sheets](index=5&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) As of December 28, 2024, Tyson Foods' balance sheet shows an increase in total assets, primarily driven by higher cash and cash equivalents, while total liabilities remained relatively stable compared to September 28, 2024 | (In millions) | December 28, 2024 | September 28, 2024 | | :---------------------------------- | :------------------ | :------------------- | | **Assets:** | | | | Cash and cash equivalents | $2,292 | $1,717 | | Accounts receivable, net | $2,323 | $2,406 | | Inventories | $5,114 | $5,195 | | Total Current Assets | $10,082 | $9,751 | | Net Property, Plant and Equipment | $9,353 | $9,442 | | Goodwill | $9,805 | $9,819 | | Intangible Assets, net | $5,799 | $5,875 | | Total Assets | $37,310 | $37,100 | | **Liabilities and Shareholders' Equity:** | | | | Current debt | $95 | $74 | | Accounts payable | $2,497 | $2,402 | | Total Current Liabilities | $4,780 | $4,787 | | Long-Term Debt | $9,711 | $9,713 | | Total Tyson Shareholders' Equity | $18,503 | $18,390 | | Total Liabilities and Shareholders' Equity | $37,310 | $37,100 | [Consolidated Condensed Statements of Cash Flows](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) Cash provided by operating activities decreased year-over-year, while cash used for investing activities also decreased, leading to an overall increase in cash and cash equivalents at period-end | (In millions) | Three Months Ended Dec 28, 2024 | Three Months Ended Dec 30, 2023 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Net income | $366 | $114 | | Cash Provided by Operating Activities | $1,031 | $1,300 | | Cash Used for Investing Activities | $(233) | $(378) | | Cash Used for Financing Activities | $(195) | $(26) | | Increase in Cash and Cash Equivalents | $575 | $911 | | Cash and Cash Equivalents at End of Period | $2,292 | $1,484 | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Tyson Foods' non-GAAP financial measures, providing additional insights into the company's operational performance and financial health [Definitions of Non-GAAP Measures](index=7&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines the non-GAAP financial measures used by Tyson Foods, including Adjusted Operating Income (Loss), Adjusted EPS, EBITDA, Adjusted EBITDA, and Free Cash Flow, emphasizing their role as supplemental tools for evaluating business performance - EBITDA is defined as **net income before interest, income taxes, depreciation, and amortization**[28](index=28&type=chunk) - Adjusted EBITDA, Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson, and Adjusted EPS **exclude impacts of items not directly reflecting core ongoing operations**[29](index=29&type=chunk) - Free Cash Flow is defined as **Cash Provided by Operating Activities minus payments for Property, Plant and Equipment**[30](index=30&type=chunk) [GAAP to Non-GAAP Reconciliations (Total Company)](index=8&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliations%20%28Total%20Company%29) The company provides a reconciliation from GAAP to non-GAAP results for the total company, detailing adjustments for specific items such as production facility fire insurance proceeds, brand discontinuation, network optimization plan charges, and other one-time events | (In millions, except per share data) | Q1 2025 GAAP Results | Q1 2025 Adjustments | Q1 2025 Adjusted Non-GAAP Results | | :----------------------------------- | :------------------- | :------------------ | :-------------------------------- | | Operating Income | $580 | $79 | $659 | | Income before Income Taxes | $478 | $72 | $550 | | Income Tax Expense | $112 | $26 | $138 | | Net Income Attributable to Tyson | $359 | $46 | $405 | | EPS | $1.01 | $0.13 | $1.14 | | (In millions, except per share data) | Q1 2024 GAAP Results | Q1 2024 Adjustments | Q1 2024 Adjusted Non-GAAP Results | | :----------------------------------- | :------------------- | :------------------ | :-------------------------------- | | Operating Income | $231 | $180 | $411 | | Income before Income Taxes | $161 | $177 | $338 | | Income Tax Expense | $47 | $39 | $86 | | Net Income Attributable to Tyson | $107 | $138 | $245 | | EPS | $0.30 | $0.39 | $0.69 | [Adjusted Operating Income (Loss) Reconciliations by Segment](index=9&type=section&id=Adjusted%20Operating%20Income%20%28Loss%29%20Reconciliations%20by%20Segment) This section reconciles GAAP operating income (loss) to adjusted operating income (loss) for each segment, detailing specific adjustments such as network optimization charges for Q1 2025 and various restructuring and legal accruals for Q1 2024 | (In millions) | Beef | Pork | Chicken | Prepared Foods | International/Other | Total | | :------------------------------------ | :--- | :--- | :------ | :------------- | :------------------ | :---- | | **Q1 2025:** | | | | | | | | Reported operating income (loss) | $(64) | $59 | $351 | $209 | $25 | $580 | | Add: Brand discontinuation | — | — | $6 | — | — | $6 | | Add: Network optimization plan charges | $32 | — | $11 | $25 | $5 | $73 | | Adjusted operating income (loss) | $(32) | $59 | $368 | $234 | $30 | $659 | | **Q1 2024:** | | | | | | | | Reported operating income (loss) | $(206) | $39 | $177 | $243 | $(22) | $231 | | Less: Production facility fire insurance proceeds, net of costs incurred | — | — | $(24) | — | — | $(24) | | Add: The Netherlands facility | — | — | — | — | $26 | $26 | | Add: Restructuring and related charges | $4 | $1 | $4 | $21 | — | $30 | | Add: Plant closures and disposals | $40 | — | $35 | — | — | $75 | | Add: Legal contingency accruals | $45 | $28 | — | — | — | $73 | | Adjusted operating income (loss) | $(117) | $68 | $192 | $264 | $4 | $411 | [EBITDA and Adjusted EBITDA Reconciliations](index=10&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliations) Tyson Foods provides reconciliations for EBITDA and Adjusted EBITDA, along with calculations for gross and net debt to EBITDA and Adjusted EBITDA ratios, which improved significantly year-over-year | (In millions) | Three Months Ended Dec 28, 2024 | Three Months Ended Dec 30, 2023 | Twelve Months Ended Dec 28, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | :------------------------------- | | Net income | $366 | $114 | $1,074 | | EBITDA | $918 | $627 | $3,163 | | Total Adjusted EBITDA | $961 | $744 | $3,337 | | Total net debt | N/A | N/A | $7,513 | | Gross debt/EBITDA | N/A | N/A | 3.1x | | Net debt/EBITDA | N/A | N/A | 2.4x | | Gross debt/Adjusted EBITDA | N/A | N/A | 2.9x | | Net debt/Adjusted EBITDA | N/A | N/A | 2.3x | [Free Cash Flow Reconciliation](index=11&type=section&id=Free%20Cash%20Flow%20Reconciliation) The Free Cash Flow reconciliation shows a decrease in free cash flow year-over-year, primarily due to lower cash provided by operating activities, despite reduced capital expenditures | (In millions) | Three Months Ended Dec 28, 2024 | Three Months Ended Dec 30, 2023 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Cash Provided by Operating Activities | $1,031 | $1,300 | | Additions to property, plant and equipment | $(271) | $(354) | | Free cash flow | $760 | $946 | [Company Information and Disclosures](index=12&type=section&id=Company%20Information%20and%20Disclosures) This section provides essential company information, including a brief overview of Tyson Foods, details for investor communications, and standard forward-looking statement disclosures [About Tyson Foods, Inc.](index=12&type=section&id=About%20Tyson%20Foods%2C%20Inc.) Tyson Foods, Inc. is a global leader in protein, founded in 1935, committed to providing high-quality, safe, sustainable, and affordable food worldwide through its portfolio of iconic brands - Tyson Foods, Inc. (NYSE: TSN) is a **world-class food company** and **recognized leader in protein**, **founded in 1935**[42](index=42&type=chunk) - The company's purpose is 'Tyson Foods. We Feed the World Like Family™' and it has a **broad portfolio of iconic brands** including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and ibp®[42](index=42&type=chunk) - As of September 28, 2024, Tyson Foods had **approximately 138,000 team members**[42](index=42&type=chunk) [Conference Call and Investor Information](index=12&type=section&id=Conference%20Call%20and%20Investor%20Information) Details are provided for accessing the conference call webcast and replay for investors and media to discuss the financial results, along with contact information for media and investor relations - A conference call to discuss financial results was scheduled for **February 3, 2025, at 9 a.m. Eastern**[43](index=43&type=chunk) - Webcast and replay information is available on the **Tyson Investor Relations website** at https://ir.tyson.com[43](index=43&type=chunk) [Forward-Looking Statements](index=12&type=section&id=Forward-Looking%20Statements) This standard disclosure cautions readers about forward-looking statements, which are subject to various factors and uncertainties that could cause actual results to differ materially from expectations, and advises against undue reliance on them - The release contains **forward-looking statements** regarding fiscal 2025 outlook, economic conditions, and financial results[44](index=44&type=chunk) - These statements are subject to **factors and uncertainties** that could cause **actual results to differ materially** from anticipated results[44](index=44&type=chunk) - Readers are cautioned **not to place undue reliance** on forward-looking statements, which speak only as of the date made, and the company undertakes **no obligation to update** them[44](index=44&type=chunk)