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Q3 Fiscal 2026 Supplemental Information August 3, 2026
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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 2026 and fiscal 2027, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that may cause actual results and experiences to differ from anticipated results and expectations expressed in such forward-looking statements are the following: (i) the effectiveness of financial excellence programs or operational optimization plans; (ii) access to, and inputs from, foreign markets, together with foreign economic conditions, including currency fluctuations, import/export restrictions and foreign politics; (iii) global pandemics have had, and may in the future have, an adverse impact on our business and operations; (iv) cyber attacks, other cyber incidents, security breaches or other disruptions of our information technology systems; (v) risks associated with our failure to consummate favorable acquisition transactions or integrate certain acquisitions' operations; (vi) the Tyson Limited Partnership’s ability to exercise significant control over Tyson Foods, Inc. (the “Company”); (vii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed grains (including corn and soybean meal) and energy; (viii) market conditions for finished products, including competition from other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for alternative proteins; (ix) outbreak of a livestock disease (such as African swine fever (ASF), avian influenza (AI), New World screwworm or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on livestock we own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to conduct our operations; (x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) effectiveness of advertising and marketing programs; (xii) significant marketing plan changes by large customers or loss of one or more large customers; (xiii) our ability to leverage brand value propositions; (xiv) changes in availability and relative costs of labor and contract farmers and our ability to maintain good relationships with team members, labor unions, contract farmers and independent producers providing us livestock; (xv) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (xvi) compliance with and changes to regulations and laws (both domestic and foreign), including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xvii) the effect of climate change and any legal or regulatory response thereto; (xviii) adverse results from litigation; (xix) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xx) impairment in the carrying value of our goodwill or indefinite life intangible assets; (xxi) our participation in a multiemployer pension plan; (xxii) volatility in capital markets or interest rates; (xxiii) risks associated with our commodity purchasing activities; (xxiv) the effect of, or changes in, general economic conditions; (xxv) impacts on our operations caused by factors and forces beyond our control, such as natural disasters, fire, bioterrorism, pandemics, armed conflicts or extreme weather; (xxvi) failure to maximize or assert our intellectual property rights; (xxvii) effects related to changes in tax rates, valuation of deferred tax assets and liabilities, or tax laws and their interpretation; and (xxviii) the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and Quarterly reports on Form 10-Q. Non-GAAP Financial Measures This presentation contains the financial measures “EBITDA,” “Adjusted EBITDA,” “Adjusted EPS,” “Adjusted Operating Income,” “Adjusted Operating Margin,” “net debt to Adjusted EBITDA,” “Segment Operating Income (Loss), as adjusted”, “Corporate Expenses, as adjusted”, “Amortization, as adjusted,” and “Free Cash Flow” which are not calculated in accordance with U.S. GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure has been provided in the Appendix. Non- GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.
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Growth Strong momentum with sales of $13.9 billion and adjusted operating income of $547 1 million. Financial Strength Strong cash generation and disciplined capital allocation supported further deleveraging and shareholder returns. Segment Performance Seventh consecutive quarter of year-over-year Chicken volume and sales growth; Prepared Foods continued volume, net sales and share gains. Controlling the Controllables Disciplined execution and targeted operational actions in Beef amid continued cattle supply headwinds, with improving utilization trends. 3Q26 Key Messages 1 Adjusted operating income is a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix.
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Latest 13 Week Volume % Change Source: NielsenIQ Total U.S. xAOC Fixed Weight Volume EQ and Dollar Sales FY26 Q3 Latest 13 weeks ending 06/27/26 1Retail Branded products excluding variable weight products 2All Tyson brands including regionals Consumers Are Choosing Tyson Foods Brands Nielsen Total Food & Beverage Tyson Retail Branded1 -1.9% -0.4% Tyson Foods Retail Branded1 portfolio outpacing Total Food & Beverage Volume Prepared Foods driving volume growth, share gains and profit growth across key categories — including highest volume share ever Refrigerated Breakfast Smoked Sausage Dinner Sausage Lunchmeat Combo Snacking 2.7% 3.4% 5.8% 7.0% 18.4% Fresh Chicken2 Retail Value Added Chicken 3.1% 0.9% Retail value-added chicken volumes continue to grow on strong Tyson brand demand
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Hillshire Farm® TRUSTED HOUSEHOLD STAPLE Hillshire® Snacking PREMIUM SNACKING ON -THE -GO Hillshire Reserve CRAFT -INSPIRED PREMIUM TRADE -UP P R O T E I N F O C U S E D • B O L D F L A V O R S • E V E R Y D A Y C O N V E N I E N C E Hillshire® Brands: Built For Every Occasion Capturing everyday, snacking and elevated eating occasions to reach new customers with multi-tier offering
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• We gained share in volume, dollars and units • Strong retail brand performance outpacing category in volume and dollars, leading to share growth 1 Segment operating income (SOI), as adjusted, is a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financ ial measure in the Appendix. Volume: +0.1% Price: +1.6% SOI Margin %1: 12.6% YoY: (70) bps PY 3Q26 $2,515 $2,557 PY 3Q26 $334 $321 $M $M Share Growth in Prepared Foods Segment Operating Income1Sales
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Strong Momentum in Chicken • Seventh consecutive quarter of year-over-year volume and sales gains • Strong end-to-end execution across controllables—from live performance to supply chain discipline • Differentiated chicken model Volume: +1.0% Price2: +2.2% SOI Margin %1,2: 11.2% YoY: +60 bps PY 3Q26 $4,220 $4,255 PY 3Q26 $448 $488 $M 1 Segment operating income (SOI), as adjusted, is a non-GAAP financial measure. Non-GAAP financial measures are explained and reco nciled to the most directly comparable GAAP financial measure in the Appendix. 2 Average Sales Price Change and SOI%, as adjusted (Non -GAAP), exclude the impact of a $98 million legal contingency accrual recog nized as a reduction to Sales in the third quarter of fiscal 2026. Segment Operating Income1Sales $M
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Challenging Beef Market Continues • Margins pressured by higher cattle costs, driven by lower cattle availability • Disciplined execution and controllable actions Volume: (15.9)% Price : +12.1% SOI Margin %1: (2.6)% YoY: (50) bps PY 3Q26 $5,603 $5,391 PY 3Q26 ($116) ($138) Segment Operating Income1Sales $M $M 1 Segment operating income (SOI), as adjusted, is a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financ ial measure in the Appendix.
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Sustained Strength in Pork • Sales increase driven by strong demand and adequate hog supplies • Raw material utilization supporting Prepared Foods growth and pork strategy Volume: +5.2% Price: (0.3)% SOI Margin %1: 3.8% YoY: +50 bps PY 3Q26 $1,506 $1,580 PY 3Q26 $50 $60 Sales $M $M 1 Segment operating income (SOI), as adjusted, is a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financ ial measure in the Appendix. Segment Operating Income1
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10 7 Resilient Consumer Demand Protein-centric foods winning consideration across a pressured consumer environment. Outpacing the Category Tyson’s Retail and Foodservice performance outpacing broader food and beverage. Scale as a Competitive Advantage Brand strength and scale position us to serve customers effectively and grow. Disciplined Investment Investing in brand, innovation and operations to drive long-term shareholder value. Resilient Portfolio, Dynamic Environment
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7 Building Momentum Strong Q3 execution reinforces confidence in our ability to grow and improve across operational and controllable aspects of the business in 2026 and beyond. Strategic Customer Focus Customer-centric approach driving volume gains across Retail and Foodservice, delivering value to shareholders. Portfolio Diversity With protein remaining a clear consumer priority, our diverse multi-protein portfolio and iconic brands enable strategic customer partnerships and category expansion across economic cycles. Strong Foundation… …Clear Path Forward
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3Q25 $40 Chicken Pork $3 International $(13) Prepared Foods $(22) Beef $24 Corporate & Amortization 3Q26 3Q26 ADJUSTED OPERATING INCOME1 1 Adjusted operating income (AOI), Adjusted AOI margin, Segment operating income (SOI), as adjusted, and Adjusted EPS are non -GAAP financial measures. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial mea sure in the Appendix.. 2 Sales of $13,868 million, down 0.1% from prior year; Sales up 0.6% excluding the impact of a legal contingency accrual of $98 million recognized as a reduction to Sales in the third quarter of fiscal 2026. in $m, except EPS (in $ per share) 3Q26 Sales $13,868 AOI1 $547 AOI Margin1 3.9% Adjusted EPS1 $0.99 0.6%2 vs PY 8.3% vs PY 8.8% vs PY 30bps vs PY 3Q26 vs Comparable Prior Year Period Enterprise Sales, AOI 1 and EPS Performance $547 Segment Operating Income1 ($M) $505 $10
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FREE CASH FLOW 1 (Net Debt/Adj. LTM EBITDA)1 $M 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix. Build Financial Strength Invest in our Business Return Cash to Shareholders Strong Cash Management and Improving Financial Position Leverage ratio at 2.1x YTD Capital expenditures at ~$556M Increased cash to shareholders through dividends and share repurchases YTD ’25 YTD ’26 $929 $913 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 3.0x 2.6x 2.3x 2.3x 2.1x 2.1x 2.0x 2.2x 2.1x 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 $263 $248 $271 $193 $227 $287 $252 $145 $159 YTD ’25 YTD ’26 $566 $652 $M $M Dividend Share Repurchase
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Sales Growth 2.5% – 3.5% Total AOI1 $2.1 – 2.3B Net Interest Expense ~$365M Adjusted Tax Rate1 ~25% Capital Expenditures $0.7 – $0.9B Free Cash Flow1 $1.3 – 1.7B FY26 Guidance 1 1 As our accounting cycle results in a 53-week year in fiscal 2026, as compared to a 52-week year in fiscal 2025, the fiscal 2026 outlook is based on a comparable 52-week year. The Company is not able to reconcile its full-year fiscal 2026 projected adjusted results to its fiscal 2026 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the number of future adjustments, such as legal contingency accruals and other items which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Segment operating income (SOI), as adjusted, adjusted operating income (AOI), adjusted tax rate and Free Cash Flow are non-GAAP financial measures and should not be considered a substitute for operating income, operating margin, effective tax rate or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company’s GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. SOI1 Guidance Prepared Foods $1.3 – 1.35B Chicken $1.90 – 2.05B Beef $(650) – (500)M Pork $250 – 300M International $150 – 200M Corporate & Amortization $(950) – (975)M
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7 ✓ Year-to-date FY26 demonstrates strength of our diversified portfolio ✓ Uniquely positioned to capitalize on protein demand as our strategy and consumer preferences continue favoring real food ✓ Growth-focused execution and disciplined capital allocation driving shareholder value in 2026 and beyond Built For Long-Term Growth
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Appendix
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$ in millions $505 $547 $474 $47 $(32) $(447) 3Q25 AOI Net Volume Impact Sales Price/Mix COGS Price/Mix SG&A 3Q26 AOI2 4 5 AOI Bridge by P&L Items 3Q26 vs Comparable Prior Year Period 1 1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix. 2 Represents the net impact of the change in Sales and change in COGS attributable to decreased sales volumes. 3 Excludes the impact of a $98 million legal contingency accrual in the third quarter of fiscal 2026. 4 Excludes the impacts of $14 million of restructuring and related charges in the third quarter of fiscal 2026, and $83 million of restructuring and related gains, net of charges, $14 million of production facility fire insurance proceeds, net of costs, and $6 million of plant closure and disposal income, net of charges, in the third quarter of fiscal 2025. 5 Excludes the impacts of $73 million in executive leadership transition charges in the third quarter of fiscal 2026 and $5 million of brand and product line discontinuations in the third quarter of fiscal 2025. 3 1
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Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson and Adjusted EPS, EBITDA, Adjusted EBITDA, net debt to EBITDA, net debt to Adjusted EBITDA, Segment Operating Income (Loss), As Adjusted, Corporate Expenses, As Adjusted, Amortization, As Adjusted, and Free Cash Flow are presented as supplemental financial measures in the evaluation of our business that are not required by, or presented in accordance with GAAP. The non-GAAP financial measures are tools intended to assist our management and investors in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations on an ongoing basis. These non-GAAP measures should not be a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. We believe the presentation of these non-GAAP financial measures helps management and investors to assess our operating performance from period to period, including our ability to generate earnings sufficient to service our debt, enhances understanding of our financial performance and highlights operational trends. These measures are widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness of comparative measures. Definitions EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Net debt to EBITDA (Adjusted EBITDA) represents the ratio of our debt, net of cash, cash equivalents and short-term investments, to EBITDA (and to Adjusted EBITDA). EBITDA, Adjusted EBITDA, net debt to EBITDA and net debt to Adjusted EBITDA are presented as supplemental financial measurements in the evaluation of our business. Adjusted EBITDA, Adjusted Operating Income (Loss), Adjusted Income (Loss) before Income Taxes, Adjusted Income Tax Expense (Benefit), Adjusted Net Income (Loss) Attributable to Tyson and Adjusted EPS are defined as EBITDA, Operating Income (Loss), Income (Loss) before Income Taxes, Income Tax Expense (Benefit), Net Income (Loss) Attributable to Tyson and diluted earnings per share, respectively, excluding the impacts of any items that management believes do not directly reflect our core operations on an ongoing basis. Non-GAAP Financial Measures
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Definitions Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate expenses and amortization. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments. Amortization includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software. Segment Operating Income (Loss), As Adjusted is defined as Segment Operating Income (Loss) less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), plant closure and disposal charges (net of gains), goodwill and intangible impairments, brand and product line discontinuations, facility fire related costs (net of insurance proceeds), and certain non-ordinary course legal, regulatory and other matters. Corporate Expenses, As Adjusted is defined as Corporate Expenses less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), corporate asset disposal charges (net of gains) and certain non-ordinary course legal, regulatory and other matters. Amortization, As Adjusted is defined as Amortization less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include accelerated amortization related to the discontinuance of intangible assets. Free Cash Flow is defined as Cash Provided by Operating Activities minus payments for Property, Plant and Equipment. Non-GAAP Financial Measures (Continued)
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Sales Cost of Sales Selling, General and Administrative Goodwill Impairment Operating Income Other (Income) Expense Income before Income Taxes Income Tax Expense Net Income Attributable to Tyson EPS Impact GAAP Results $ 362 $ 266 $ 80 $ 182 $ 0.52 Restructuring and related charges1 - 14 - - 14 18 32 8 24 0.06 Legal contingency accruals 98 - - - 98 - 98 25 73 0.20 Executive leadership transition charges2 - - 73 - 73 - 73 - 73 0.21 Adjusted Non-GAAP Results $ 547 $ 469 $ 113 $ 352 $ 0.99 Sales Cost of Sales Selling, General and Administrative Goodwill Impairment Operating Income Other (Income) Expense Income before Income Taxes Income Tax Expense Net Income Attributable to Tyson EPS Impact GAAP Results $ 260 $ 193 $ 124 $ 61 $ 0.17 Facility fire related costs (insurance proceeds) 3 - (14) - - (14) - (14) - (14) (0.04) Brand and product line discontinuations - - 5 - 5 - 5 1 4 0.01 Restructuring and related charges1 - (83) - - (83) - (83) (18) (65) (0.18) Plant closure and disposal charges4 - (6) - (6) - (6) (1) (4) (0.01) Goodwill and intangible impairments - - - 343 343 - 343 - 343 0.96 Adjusted Non-GAAP Results $ 505 $ 438 $ 106 $ 325 $ 0.91 Results for the third quarter ended June 27, 2026 Results for the third quarter ended June 28, 2025 GAAP Results to Non-GAAP Results Reconciliations $ in millions, except per share data (Unaudited) 1 Includes the Network Optimization Plan that commenced in fiscal 2025. 2 Includes severance costs and other one-time payments associated with the executive leadership transition announced in the thir d quarter of fiscal 2026. 3 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021, and a fire at our production facil ity in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell. 4 Includes the China plant relocation remuneration and related EPS impact, net of $1 million associated with Net Income (Loss) Attributable to Noncontrolling Interests.
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Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations $ in millions (Unaudited) Beef Pork Chicken Prepared Foods International Corporate Expenses Amortization Total As Reported (142)$ 60$ 389$ 312$ 48$ 667$ (251)$ (54)$ 362 Add: Restructuring and related charges1 4 - 1 9 - 14 - - 14 Add: Legal contingency accruals - - 98 - - 98 - - 98 Add: Executive leadership transition charges2 - - - - - - 73 - 73 As Adjusted (138)$ 60$ 488$ 321$ 48$ 779$ (178)$ (54)$ 547$ Beef Pork Chicken Prepared Foods International Total Corporate Expenses Amortization Total As Reported (459)$ 50$ 475$ 390$ 65$ 521$ (197)$ (64)$ 260 Less: Facility fire related costs (insurance proceeds) 3 - - - - (14) (14) - - (14) Add: Brand and product line discontinuations - - - - - - - 5 5 Add: Restructuring and related charges1 - - (27) (56) - (83) - - (83) Add Plant closure and disposal chcarges - - - - (6) (6) - - (6) Add Goodwill and intangible impairments 343 - - - - 343 - - 343 As Adjusted (116)$ 50$ 448$ 334$ 45$ 761$ (197)$ (59)$ 505$ Operating Income (Loss) Segment Operating Income (Loss) Operating Income (Loss) Results for the third quarter ended June 27, 2026 Results for the third quarter ended June 28, 2025 Segment Operating Income (Loss) Total 1 Includes the Network Optimization Plan that commenced in fiscal 2025. 2 Includes severance costs and other one-time payments associated with the executive leadership transition announced in the thir d quarter of fiscal 2026. 3 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021, and a fire at our production facil ity in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.
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Fiscal Year Ended Twelve Months Ended June 27, 2026 June 28, 2025 September 27, 2025 June 27, 2026 Net income $ 540 449$ 507$ 598$ Less: Interest income (27) (57) (73) (43) Add: Interest expense 299 343 449 405 Add: Income tax expense 212 252 262 222 Add: Depreciation 885 828 1,093 1,150 Add: Amortization1 162 193 257 226 EBITDA 2,071$ 2,008$ 2,495$ 2,558$ Adjustments to EBITDA: (Less): Facility fire related costs (insurance proceeds) 2 -$ (21)$ (36)$ (15)$ Add: Brand and product line discontinuations - 17 23 6 Add: Restructuring and related charges3 195 33 45 207 Add: Legal contingency accruals 4 269 343 738 664 Add: Plant closure and disposal charges - 17 17 - Add: Goodwill and intangible impairments - 343 343 - Add: Product recall - - 41 41 Add: Impairment of equity investments 73 - 28 101 Add: Executive leadership transition charges5 73 - - 73 Less: Depreciation and amoritization included in EBITDA adjustments6 (100) (56) (62) (106) Total Adjusted EBITDA 2,581$ 2,684$ 3,632$ 3,529$ Total gross debt 8,830$ 8,006$ Less: Cash and cash equivalents (1,229) (740) Less: Short-term investments - - Total net debt 7,601$ 7,266$ Ratio Calculations: Gross debt/EBITDA 3.5x 3.1x Net debt/EBITDA 3.0x 2.8x Gross debt/Adjusted EBITDA 2.4x 2.3x Net debt/Adjusted EBITDA 2.1x 2.1x Nine Months Ended 1 Excludes the amortization of debt issuance and debt discount expense of $8 million for the nine months ended June 27, 2026, $8 million for the nine months ended June 28, 2025, $11 million for the fiscal year ended September 27, 2025 and $11 million for the twelve months ended June 27, 2026 as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021, and a fire at our production facilit y in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025. 4 Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the nine months ended June 27, 2026, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively. 5 Includes severance costs and other one-time payments associated with the executive leadership transition announced in the third quarter of fiscal 2026. 6 Removal of accelerated depreciation of $100 million, $39 million, $39 million and $100 million related to restructuring and related charges for the nine months ended June 27, 2026, the nine months ended June 28, 2025, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $17 million, $23 million and $6 million related to brand discontinuation for the nine months ended June 28, 2025, the fiscal year ended September 27, 2025 and the twelve months ended June 27, 2026, respectively, as they are already included in amortization expense. EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $6 million for the six months ended March 28, 2026, $5 million for the six months ended March 29, 2025, $11 million for the fiscal year ended September 27, 2025 and $12 million for the twelve months ended March 28, 2026 as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025. 4 Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the six months ended March 28, 2026, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively. 5 Removal of accelerated depreciation of $90 million, $39 million, $39 million and $90 million related to restructuring and related charges for the six months ended March 28, 2026, the six months ended March 29, 2025, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $12 million, $23 million and $11 million related to brand discontinuation for the six months ended March 29, 2025, the fiscal year ended September 27, 2025 and the twelve months ended March 28, 2026, respectively, as they are already included in amortization expense. Fiscal Year Ended Twelve Months Ended March 28, 2026 March 29, 2025 September 27, 2025 March 28, 2026 Net income $ 354 380$ 507$ 481$ Less: Interest income (21) (42) (73) (52) Add: Interest expense 201 230 449 420 Add: Income tax expense 132 128 262 266 Add: Depreciation 612 566 1,093 1,139 Add: Amortization1 108 129 257 236 EBITDA 1,386$ 1,391$ 2,495$ 2,490$ Adjustments to EBITDA: (Less): Facility fire related costs (insurance proceeds) 2 -$ (7)$ (36)$ (29)$ Add: Brand and product line discontinuations - 12 23 11 Add: Restructuring and related charges3 163 116 45 92 Add: Legal contingency accruals 4 171 343 738 566 Add: Plant closure and disposal charges - 23 17 (6) Add: Goodwill and intangible impairments - - 343 343 Add: Product recall - - 41 41 Add: Impairment of equity investments 73 - 28 101 Less: Depreciation and amoritization included in EBITDA adjustments5 (90) (51) (62) (101) Total Adjusted EBITDA 1,703$ 1,827$ 3,632$ 3,508$ Total gross debt 8,830$ 8,083$ Less: Cash and cash equivalents (1,229) (500) Less: Short-term investments - - Total net debt 7,601$ 7,583$ Ratio Calculations: Gross debt/EBITDA 3.5x 3.2x Net debt/EBITDA 3.0x 3.0x Gross debt/Adjusted EBITDA 2.4x 2.3x Net debt/Adjusted EBITDA 2.1x 2.2x Six Months EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $3 million for the three months ended December 27, 2025 and December 28, 2024 and $11 million for the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025 as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facility in the Netherlands in the first quarter of fiscal 204 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025. 4 Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the three months ended December 27, 2025, the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025, respecti vely. 5 Removal of accelerated depreciation of $57 million, $23 million, $39 million and $73 million related to restructuring and rela ted charges for the three months ended December 27, 2025, the three months ended December 28, 2024, the fiscal year ended Sep tember 27, 2025 and the twelve months ended December 27, 2025, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $6 million, $23 million and $17 million related to brand discontinuation for the three months ended December 28, 2024, the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025, respectively, as they are already included in amortization expense. Fiscal Year Ended Twelve Months Ended December 27, 2025 December 28, 2024 September 27, 2025 December 27, 2025 Net income 90$ 366$ 507$ 231$ Less: Interest income (13) (25) (73) (61) Add: Interest expense 104 120 449 433 Add: Income tax expense 37 112 262 187 Add: Depreciation 319 281 1,093 1,131 Add: Amortization1 54 64 257 247 EBITDA 591$ 918$ 2,495$ 2,168$ Adjustments to EBITDA: (Less): Facility fire related costs (insurance proceeds) 2 -$ (7)$ (36)$ (29)$ Add: Brand and product line discontinuations - 6 23 17 Add: Restructuring and related charges3 117 73 45 89 Add: Legal contingency accruals 4 155 - 738 893 Add: Plant closure and disposal charges - - 17 17 Add: Goodwill and intangible impairments - - 343 343 Add: Product recall - - 41 41 Add: Impairment of equity investments 73 - 28 101 Less: Depreciation and amoritization included in EBITDA adjustments5 (57) (29) (62) (90) Total Adjusted EBITDA 879$ 961$ 3,632$ 3,550$ Total gross debt 8,830$ 8,362$ Less: Cash and cash equivalents (1,229) (1,278) Less: Short-term investments - - Total net debt 7,601$ 7,084$ Ratio Calculations: Gross debt/EBITDA 3.5x 3.9x Net debt/EBITDA 3.0x 3.3x Gross debt/Adjusted EBITDA 2.4x 2.4x Net debt/Adjusted EBITDA 2.1x 2.0x Three Months Ended EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $8 million for the nine months ended June 28, 2025, $9 million for the nine months ended June 29, 2024, $12 million for the fiscal year ended September 28, 2024 and $11 million for the twelve months ended June 28, 2025 as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 204 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025 and gain on sale of storage facilities in the third qu arter of fiscal 2025, and the 2022 Program which completed in fiscal 2024. 4 Includes China plant relocation remuneration and related EPS impact, net of $1 million associated with Net Income (Loss) Attributable to Noncontrolling Interests. 5 Removal of accelerated depreciation of $39 million related to network optimization plan charges for the nine and twelve months ended June 28, 2025 and $127 million related to plant closures and disposals for the nine months ended June 29, 2024 and twelve months ended September 28, 2024 as they are already included in depreciation expense. Removal of accelerated amortization of $17 million, $2 million and $19 million related to brand discontinuation for the nine months ended June 28, 2025, the twelve months ended September 28, 2024 and the twelve months ended June 28, 2025, respectively, as they are already included in amortization expense. Fiscal Year Ended Twelve Months Ended June 28, 2025 June 29, 2024 September 28, 2024 June 28, 2025 Net income 449$ 458$ 822$ 813$ Less: Interest income (57) (60) (89) (86) Add: Interest expense 343 351 481 473 Add: Income tax expense 252 159 270 363 Add: Depreciation 828 902 1,159 1,085 Add: Amortization1 193 171 229 251 EBITDA 2,008$ 1,981$ 2,872$ 2,899$ Adjustments to EBITDA: Add/(Less): Facility fire related costs (insurance proceeds) 2 (21)$ 61$ (18)$ (100)$ Add: Brand and product line discontinuations 17 - 8 25 Add: Restructuring and related charges3 33 31 31 33 Add: Legal contingency accruals 343 174 174 343 Add: Plant closure and disposal charges 4 17 155 182 44 Add: Goodwill and intangible impairments 343 - - 343 Less: Depreciation and amoritization included in EBITDA adjustments5 (56) (127) (129) (58) Total Adjusted EBITDA 2,684$ 2,275$ 3,120$ 3,529$ Total gross debt 9,787$ 9,065$ Less: Cash and cash equivalents (1,717) (1,547) Less: Short-term investments (10) (1) Total net debt 8,060$ 7,517$ Ratio Calculations: Gross debt/EBITDA 3.4x 3.1x Net debt/EBITDA 2.8x 2.6x Gross debt/Adjusted EBITDA 3.1x 2.6x Net debt/Adjusted EBITDA 2.6x 2.1x Nine Months Ended EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $5 million for the six months ended March 29, 2025 and March 30, 2024, and $12 million for the fiscal year ended September 28, 2024 and the twelve months ended March 29, 2025 as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025 and the 2022 Program which completed in fiscal 2024. 4 Removal of accelerated depreciation of $39 million related to network optimization plan charges for the six and twelve months ended March 29, 2025, $92 million related to plant closures and disposals for the six months ended March 30, 2024, $127 million related to plant closures and disposals for the twelve months ended September 28, 2024, and $35 million related to plant closures and disposals for the twelve months ended Marc h 29, 2025 as they are already included in depreciation expense. Removal of accelerated amortization of $12 million, $2 million and $14 million related to brand discontinuation for the six months ended March 29, 2025, the twelve months ended September 28, 2024 and the twelve months ended March 29, 2025, respectively, as they are already included in amortization expense. Fiscal Year Ended Twelve Months Ended March 29, 2025 March 30, 2024 September 28, 2024 March 29, 2025 Net income 380$ 262$ 822$ 940$ Less: Interest income (42) (24) (89) (107) Add: Interest expense 230 216 481 495 Add: Income tax expense 128 102 270 296 Add: Depreciation 566 602 1,159 1,123 Add: Amortization1 129 115 229 243 EBITDA 1,391$ 1,273$ 2,872$ 2,990$ Adjustments to EBITDA: Add/(Less): Facility fire related costs (insurance proceeds) 2 (7)$ 53$ (18)$ (78)$ Add: Brand and product line discontinuations 12 - 8 20 Add: Restructuring and related charges3 116 31 31 116 Add: Legal contingency accruals 343 73 174 444 Add: Plant closure and disposal charges 23 114 182 91 Less: Depreciation and amortization included in EBITDA adjustments4 (51) (92) (129) (88) Total Adjusted EBITDA 1,827$ 1,452$ 3,120$ 3,495$ Total gross debt $ 9,787 $ 9,068 Less: Cash and cash equivalents (1,717) (992) Less: Short-term investments (10) - Total net debt 8,060$ 8,076$ Ratio Calculations: Gross debt/EBITDA 3.4x 3.0x Net debt/EBITDA 2.8x 2.7x Gross debt/Adjusted EBITDA 3.1x 2.6x Net debt/Adjusted EBITDA 2.6x 2.3x Six Months Ended EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $3 million and $2 million for the three months ende d December 28, 2024 and December 30, 2023, respectively, and $12 million and $13 million for the fiscal year ended September 28, 2024 and the twelve months ended December 28, 2024, respectively, as it is included in interest expense. 2 Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell. 3 Includes the Network Optimization Plan that commenced in fiscal 2025 and the 2022 Program which completed in fiscal 2024. 4 Removal of accelerated depreciation of $23 million related to network optimization plan charges for the three and twelve months ended December 28, 2024, $60 million related to plant closures and disposals for the three months ended December 30, 2023, $1 27 million related to plant closures and disposals for the twelve months ended September 28, 2024, and $67 million related to plant closures and disposals for the twelve months ended December 28, 2024 as they are already included in depreciation expense. Removal of accelerated amortization of $6 million, $2 million and $8 million related to brand discontinuation for the three months ended December 28, 2024, the twelve months ended September 28, 2024 and the twelve months ended December 28, 2024, respectively, as they are already included in amortization expense. Fiscal Year Ended Twelve Months Ended December 28,2024 December 30, 2023 September 28, 2024 December 28,2024 Net income 366$ 114$ 822$ 1,074$ Less: Interest income (25) (10) (89) (104) Add: Interest expense 120 105 481 496 Add: Income tax expense 112 47 270 335 Add: Depreciation 281 312 1,159 1,128 Add: Amortization1 64 59 229 234 EBITDA 918$ 627$ 2,872$ 3,163$ Adjustments to EBITDA: Less: Facility fire related costs (insurance proceeds) 2 (7)$ (1)$ (18)$ (24)$ Add: Brand and product line discontinuations 6 - 8 14 Add: Restructuring and related charges3 73 30 31 74 Add: Legal contingency accruals - 73 174 101 Add: Plant closure and disposal charges - 75 182 107 Less: Depreciation and amortization included in EBITDA adjustments4 (29) (60) (129) (98) Total Adjusted EBITDA 961$ 744$ 3,120$ 3,337$ Total gross debt $ 9,787 $ 9,806 Less: Cash and cash equivalents (1,717) (2,292) Less: Short-term investments (10) (1) Total net debt 8,060$ 7,513$ Ratio Calculations: Gross debt/EBITDA 3.4x 3.1x Net debt/EBITDA 2.8x 2.4x Gross debt/Adjusted EBITDA 3.1x 2.9x Net debt/Adjusted EBITDA 2.6x 2.3x Three Months Ended EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions (Unaudited)
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1 Excludes the amortization of debt issuance and debt discount expense of $9 million for the nine months ended June 29, 2024, $7 million for the nine months ended July 1, 2023, $10 million for the fiscal year ended September 30, 2023 and $12 million for the twelve months ended June 29, 2024 as it is included in interest expense. 2 Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021, Beef in the fourth quarter of fi scal 2019, and our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to se ll. 3 Relates to the 2022 Program which completed in fiscal 2024. 4 Includes China plant relocation remuneration. 5 Removal of accelerated depreciation of $127 million related to plant closures and disposals for the nine months ended June 29, 2024; $14 million related to restructuring and related charges and $24 million related to plant closures and disposals for th e nine months ended July 1, 2023; $19 million related to restructuring and related charges and $114 million related to plant closures and disposals for the twelve months ended Septem ber 30, 2023; and $5 million related to restructuring and related charges and $217 million related to plant closures and disposal s for the twelve months ended June 29, 2024 as they are already included in depreciation expense. Fiscal Year Ended Twelve Months Ended June 29, 2024 July 1, 2023 September 30, 2023 June 29, 2024 Net income (loss) 458$ (206)$ (649)$ 15$ Less: Interest income (60) (22) (30) (68) Add: Interest expense 351 262 355 444 Add/(Less): Income tax expense (benefit) 159 84 (29) 46 Add: Depreciation 902 762 1,100 1,240 Add: Amortization1 171 174 229 226 EBITDA 1,981$ 1,054$ 976$ 1,903$ Adjustments to EBITDA: Add/(Less): Facility fire related costs (insurance proceeds) 2 61$ (79)$ (75)$ 65$ Add: Brand and product line discontinuation - - 17 17 Add: Restructuring and related charges3 31 93 124 62 Add: Legal contingency accruals 174 38 156 292 Add: Plant closure and disposal charges 4 155 107 303 351 Add: Goodwill and intangible impairments - 448 781 333 Less: Depreciation included in EBITDA adjustments5 (127) (38) (133) (222) Total Adjusted EBITDA 2,275$ 1,623$ 2,149$ 2,801$ Total gross debt $ 9,506 $ 11,021 Less: Cash and cash equivalents (573) (2,569) Less: Short-term investments (15) (13) Total net debt 8,918$ 8,439$ Ratio Calculations: Gross debt/EBITDA 9.7x 5.8x Net debt/EBITDA 9.1x 4.4x Gross debt/Adjusted EBITDA 4.4x 3.9x Net debt/Adjusted EBITDA 4.1x 3.0x Nine Months Ended EBITDA and Adjusted EBITDA Non-GAAP Reconciliations $ in millions, except per share data (Unaudited)
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Free Cash Flow Non-GAAP Reconciliation $ in millions (Unaudited) June 27, 2026 June 28, 2025 Cash Provided by Operating Activities 1,469$ 1,620$ Additions to property, plant and equipment (556) (691) Free cash flow 913$ 929$ Nine Months Ended
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Recast of Historical Segment Operating Income Historical segment recast financials are available on our IR website (https://ir.tyson.com), including quarterly reconciliations for fiscal years 2023–2025 from Segment Operating Income, as reported, to Operating Income, and from Segment Operating Income, as adjusted (non-GAAP), to Adjusted Operating Income (non-GAAP).