Tyson Foods
TSNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $60.29 Prior regular-session close from the quote source.
- $58.66–$60.33 Regular-session low and high so far today.
- 3.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $49.96–$69.48 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own TSN if its purchasing, processing, brands, and distribution can turn resilient protein demand into normalized margins through commodity cycles.
TSN price history
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Investment thesis
What must happen next
Tyson’s scale and role as a broad protein supplier keep volumes and customer demand resilient even when commodity protein margins are weak.StrengtheningMateriality: High
GAAP annual revenue was $54.441 billion in FY2025, up from $53.309 billion in FY2024 and $52.881 billion in FY2023 despite large profit volatility. If this holds, earnings recovery can come from margin normalization on a stable sales base; if it breaks, Tyson faces both weak spreads and shrinking demand.
Watch: Major retail or foodservice customers shift protein procurement away from Tyson to regional processors, private-label suppliers, or imported protein.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $54.441 billion in FY2025, up from $53.309 billion in FY2024 and $52.881 billion in FY2023 despite.
Open source ↗The earnings recovery depends on livestock, feed, and finished-protein spreads normalizing rather than staying structurally compressed.HoldingMateriality: High
GAAP annual gross profit fell from $6.668 billion in FY2022 to $2.631 billion in FY2023, then recovered to $3.627 billion in FY2024 and $3.562 billion in FY2025. This is the main swing factor between Tyson being a low-margin commodity processor and a normalized-earnings recovery investment.
Watch: The U.S. cattle cycle keeps live cattle costs high and beef-packer margins structurally weak for longer than historical cycles.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit fell from $6.668 billion in FY2022 to $2.631 billion in FY2023, then recovered to $3.627 billion.
Open source ↗Even in downcycles, Tyson’s operating scale and working-capital machine should keep producing positive operating cash flow.StrengtheningMateriality: Medium
GAAP annual operating cash flow was positive in each supplied year: $2.687 billion in FY2022, $1.752 billion in FY2023, $2.590 billion in FY2024, and $2.155 billion in FY2025. Positive cash flow gives Tyson time to wait out protein cycles, maintain facilities, and avoid value-destructive financing at the bottom.
Watch: Plant disruptions, labor shortages, union actions, or wage inflation reduce throughput and raise conversion costs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each supplied year: $2.687 billion in FY2022, $1.752 billion in FY2023, $2.590.
Open source ↗Tyson has enough liquidity and balance-sheet scale to endure a cyclical profit trough, but not enough margin for a prolonged structural reset without tighter capital allocation.HoldingMateriality: Medium
Cash was $1.229 billion at FY2025 year-end, compared with $1.717 billion at FY2024 year-end and $573 million at FY2023 year-end. The balance sheet determines whether shareholders can wait for cycle recovery or face forced cuts, refinancing pressure, or reduced reinvestment.
Watch: Higher interest rates or near-term debt maturities force refinancing on unfavorable terms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $1.229 billion at FY2025 year-end, compared with $1.717 billion at FY2024 year-end and $573 million at FY2023 year-end.
Open source ↗Per-share value creation requires genuine margin recovery rather than revenue growth bought through low-return volume and commodity pass-through.WeakeningMateriality: Medium
GAAP diluted EPS was $8.92 in FY2022, negative $1.87 in FY2023, $2.25 in FY2024, and $1.33 in FY2025, showing high cyclicality and incomplete recovery. A stable revenue base does not help owners if incremental sales carry poor spreads and diluted earnings remain depressed.
Watch: Prepared and branded protein products lose shelf space or pricing power to private label and cheaper competitors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP diluted EPS was $8.92 in FY2022, negative $1.87 in FY2023, $2.25 in FY2024, and $1.33 in FY2025, showing high.
Open source ↗
Full investment case & evidence
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Original research
Tyson’s scale and role as a broad protein supplier keep volumes and customer demand resilient even when commodity protein margins are weak. If this holds, earnings recovery can come from margin normalization on a stable sales base; if it breaks, Tyson faces both weak spreads and shrinking demand.
The earnings recovery depends on livestock, feed, and finished-protein spreads normalizing rather than staying structurally compressed. This is the main swing factor between Tyson being a low-margin commodity processor and a normalized-earnings recovery investment.
Even in downcycles, Tyson’s operating scale and working-capital machine should keep producing positive operating cash flow. Positive cash flow gives Tyson time to wait out protein cycles, maintain facilities, and avoid value-destructive financing at the bottom.
Tyson has enough liquidity and balance-sheet scale to endure a cyclical profit trough, but not enough margin for a prolonged structural reset without tighter capital allocation. The balance sheet determines whether shareholders can wait for cycle recovery or face forced cuts, refinancing pressure, or reduced reinvestment.
Per-share value creation requires genuine margin recovery rather than revenue growth bought through low-return volume and commodity pass-through. A stable revenue base does not help owners if incremental sales carry poor spreads and diluted earnings remain depressed.
All standing thesis claims
Original report summary
its purchasing, processing, brands, and distribution can turn resilient protein demand into normalized margins through commodity cycles.
Bull case and bear case
Bull case and bear case for Tyson Foods
Where the evidence on Tyson Foods disagrees: Mixed on the latest evidence (Oct 15, 2026). Of its 5 thesis points, 2 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Tyson’s scale and role as a broad protein supplier keep volumes and customer demand resilient even when commodity protein margins are weak.
The earnings recovery depends on livestock, feed, and finished-protein spreads normalizing rather than staying structurally compressed.
Even in downcycles, Tyson’s operating scale and working-capital machine should keep producing positive operating cash flow.
Tyson has enough liquidity and balance-sheet scale to endure a cyclical profit trough, but not enough margin for a prolonged structural reset without tighter capital allocation.
Bear case: what the evidence questions
Per-share value creation requires genuine margin recovery rather than revenue growth bought through low-return volume and commodity pass-through.
Thesis-Break Engine
Thesis-break watch · Tyson Foods
No break has crossed Tyson Foods’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Tyson Foods filed an SEC 8-K on 2026-09-03: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedOther material event.
Tyson Foods filed an SEC 8-K on 2026-08-24: Other material event. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Tyson Foods filed an SEC 8-K on 2026-08-24: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major retail or foodservice customers shift protein procurement away from Tyson to regional processors, private-label suppliers, or imported protein.
- The U.S. cattle cycle keeps live cattle costs high and beef-packer margins structurally weak for longer than historical cycles.
- Plant disruptions, labor shortages, union actions, or wage inflation reduce throughput and raise conversion costs.
- Higher interest rates or near-term debt maturities force refinancing on unfavorable terms.
- Prepared and branded protein products lose shelf space or pricing power to private label and cheaper competitors.
TSN news
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Financial statements
TSN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
TSN: quick answers
- When does Tyson Foods (TSN) report earnings next?
- Tyson Foods's next results were projected for November 9, 2026, from the dates of its own results filings with the SEC, and it has not filed them yet. It last reported on August 3, 2026. Earnings calendar
- What is TSN's short interest?
- As of October 30, 2026, 11.0M TSN shares were sold short, up 10.7% from the count before. At the stock's average daily volume that is 3.5 days to cover. FINRA publishes the count twice a month. TSN short interest history
- Have members of Congress traded TSN?
- Reports made public in the last 90 days disclose 3 trades in TSN by 1 filer: 1 purchase and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed TSN trade
- Which well-known investors own TSN?
- 3 of the 37 well-known funds tracked here reported TSN shares in their latest 13F filings. By share of the fund's portfolio: Markel Group (Tom Gayner), 0.4%; Bridgewater Associates (Ray Dalio), 0.0%; Maverick Capital, 0.0%. Fund portfolios
TSN in well-known investors’ portfolios
3 of 37 funds reported TSN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 0.36% | $46.2M | No change | Q3 2026 |
| Ray DalioBridgewater Associates | 0.01% | $1.5M | +71.6% | Q2 2026 |
| Maverick Capital | 0.01% | $1.6M | New | Q2 2026 |