史密斯菲德食品 2026年季度报告

TABLE OF CONTENTS Part IItem 1Financial Statements and Supplementary DataItem 2Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II Item 1Legal ProceedingsItem 1ARisk FactorsItem 2Unregistered Sales of Equity Securities and Use of Proceeds PART I. FINANCIAL INFORMATION SMITHFIELD FOODS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME(in millions, except share data and per share data, and unaudited) SMITHFIELD FOODS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except share data, and unaudited) SMITHFIELD FOODS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Smithfield Foods, Inc., together with its subsidiaries (“Smithfield,” “the Company,” “we,” “us” or “our”) produces a wide variety offresh pork and packaged meats products primarily in the United States (“U.S.”) and markets them both domestically andinternationally. We operate in a cyclical industry and our results are significantly affected by fluctuations in commodity prices for These statements and notes should be read in conjunction with the audited consolidated financial statements and related notes includedin our Annual Report on Form 10-K filed for the fiscal year ended December28, 2025, which include a comprehensive description of Seasonality Sales, profitability and cash flow generation and use are impacted on a quarterly basis by the seasonal nature of our business. Our salesand profitability are generally higher in the fourth quarter due to the Thanksgiving and Christmas holidays. In addition, the timing ofthe Easter holiday can affect the comparability of our first and second quarters on both a quarter-to-quarter and year-over-year basis. Hog prices also exhibit seasonal patterns, tending to rise as hog supplies decrease during the summer and decline as supplies increaseduring the fall and winter. These fluctuations are driven by lower farrowing performance during the winter and slower animal growth Our cash use is highest in the first quarter, primarily due to working capital needs related to payments to certain suppliers that aretypically deferred in the fourth quarter. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accountingprinciples generally accepted in the U.S. (“GAAP”), which require us to make estimates and use assumptions that affect the amountsreported in the condensed consolidated financial statements and accompanying notes. It is possible that actual results could differmaterially from those estimates. The information reflects all normal recurring adjustments, which we believe are necessary to present Our elected fiscal year is the 52-week or 53-week period which ends on the Sunday nearest to December 31. Each of the first quartersof fiscal years 2026 and 2025, which ended on March29, 2026 and March30, 2025, respectively, consisted of 13 weeks. Principles of Consolidation The condensed consolidated financial statements include the accounts of all wholly-owned subsidiaries, as well as majority-ownedsubsidiaries and other entities for which we have a controlling financial interest. All intercompany transactions and accounts have been We evaluate contractual, equity and other variable interests in entities that may be deemed variable interest entities (“VIE”). Weconsolidate a VIE if we determine that we are the VIE’s primary beneficiary. A VIE’s primary beneficiary has both (1) the power todirect the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses Cash and Cash Equivalents We maintain a cash management structure with one of our banking institutions that incorporates a master netting arrangement. Thisstructureutilizes concentration accounts,automated sweep mechanisms and zero‑balance disbursement accounts to funddisbursements, such as payroll and accounts payable. All accounts under this structure are netted and presented in either cash and cashequivalents or accounts payable on the condensed consolidated balance sheet depending on whether the net balance is positive or in an Recently Issued Accounting Pronouncements New Accounting Pronouncements Recently Adopted In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05FinancialInstruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifiesthe estimation of credit losses on current accounts receivable and contract assets arising from transactions accounted for under ASC New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03Income Statement—Reporting Comprehensive Income—Expense DisaggregationDisclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Th