SEABOARD CORP /DE/

Listed Company

SEBCIK 0000088121NYSELarge AcceleratedWholesale-Farm Product Raw MaterialsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$9.75B

Net Income

$501.00M

Total Assets

$8.25B

Equity

$5.21B

Shares Out

957.8K

Op. Cash Flow

$568.00M

Business

Seaboard Corp /DE/ is a diversified global company operating in agricultural, energy and ocean transport businesses. It produces and processes pork, manufactures biodiesel and renewable diesel, trades and processes commodities, provides cargo shipping and power generation, produces sugar and alcohol, and holds an equity stake in turkey products. Seaboard operates six segments—Pork, CT&M, Marine, Liquid Fuels, Power and Turkey—and manages them largely autonomously. It sells and distributes products across the U.S., Africa, South America, the Caribbean and Central America via exports, owned and chartered vessels, and networks of offices, agents and wholesale and foodservice channels.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net sales	9,746	9,100	9,562	11,243	9,229
Total cost of sales and operating expenses	9,053	8,524	9,246	10,213	8,411
Gross income	693	576	316	1,030	818
Selling, general and administrative expenses	454	420	403	373	360
Operating income (loss)	239	156	−87	657	458
Interest expense (includes $1, $1 and $0 from affiliates)	−70	−72	−58	−40	—
Income from affiliates	138	85	105	152	7
Other income, net	103	77	147	−78	178
Earnings before income taxes	410	246	107	579	636
Income tax benefit (expense)	91	−156	120	3	−65
Net earnings	501	90	227	582	571
Less: Net earnings attributable to noncontrolling interests	−5	−2	−1	−2	−1
Net earnings attributable to Seaboard	496	88	226	580	570
Earnings per common share - basic (in dollars per share)	514.46	90.62	202.21	499.66	490.36
Earnings per common share - diluted (in dollars per share)	514.46	90.62	202.21	499.66	—
Average number of shares outstanding - basic (in shares)	964,113	971,055	1	1	1
Average number of shares outstanding - diluted (in shares)	964,113	971,055	1	1	—
Foreign currency translation adjustment	28	4	−3	−33	8
Unrecognized pension benefit	7	30	15	43	31
Other comprehensive income, net of tax	35	34	12	10	39
Comprehensive income	536	124	239	592	610
Less: Comprehensive income attributable to noncontrolling interests	−5	−2	−1	−2	−1
Comprehensive income attributable to Seaboard	531	122	238	590	609

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	178	98	56	199	75
Short-term investments	1,052	1,075	973	1,086	1,416
Trade	589	569	500	588	—
Other (includes $1 and $5 due from affiliates)	111	166	152	171	—
Total receivables	797	822	779	954	—
Allowance for credit losses	−42	−31	−30	−31	—
Receivables, net	756	791	749	923	—
Inventories	1,513	1,408	1,462	1,670	1,663
Other current assets	131	146	123	139	131
Total current assets	3,630	3,518	3,363	4,017	4,047
Property, plant and equipment, net of accumulated depreciation of $2,379 and $2,162	2,820	2,560	2,410	2,246	1,892
Operating lease right-of-use assets, net	362	382	394	445	496
Investments in and advances to affiliates	795	738	731	—	—
Goodwill	168	164	160	154	163
Long-term Investments	208	141	—	—	—
Deferred tax asset	145	69	199	17	—
Other non-current assets (includes $6 and $1 due from affiliates)	118	93	283	239	209
Total assets	8,246	7,665	7,566	7,902	7,503
Lines of credit	458	314	255	457	516
Accounts payable (includes $32 and $31 due to affiliates)	397	418	400	429	404
Accrued compensation and benefits	122	128	143	158	143
Deferred revenue (includes $18 and $17 due to affiliates)	77	83	66	70	108
Operating lease liabilities	113	134	117	156	171
Accrued voyage costs	78	74	56	61	60
Other current liabilities	265	256	298	198	150
Total current liabilities	1,510	1,407	1,335	1,529	1,552
Long-term debt, less current maturities	977	987	997	702	708
Long-term operating lease liabilities	275	276	304	318	360
Accrued pension liability	71	67	74	71	131
Deferred tax liability	31	32	32	—	99
Other non-current liabilities	147	147	190	268	219
Total liabilities	3,011	2,916	2,932	2,888	3,069
Commitments and contingent liabilities	—	—	—	—	—
Common stock of $1 par value. 1,250,000 shares authorized; 957,794 and 971,055 shares issued and outstanding, respectively	1	1	1	1	1
Accumulated other comprehensive loss	−341	−376	−410	−422	−432
Retained earnings	5,552	5,104	5,025	5,417	4,847
Total Seaboard stockholders' equity	5,212	4,729	4,616	4,996	4,416
Noncontrolling interests	23	20	18	18	18
Total equity	5,235	4,749	4,634	5,014	4,434
Total liabilities and equity	8,246	7,665	7,566	7,902	7,503

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	318	311	283	235	178
Deferred income taxes	−76	130	−154	−112	−12
Investment gains, net	−39	−19	−85	—	—
Dividends received from affiliates	91	64	117	40	44
Other, net	11	40	7	39	43
Receivables, net of allowance	26	−46	176	−188	−228
Inventories	−93	61	200	−20	−462
Other assets	13	−12	3	−7	−20
Accounts payable	−42	−5	−32	26	117
Other liabilities, exclusive of debt	−4	−10	73	−6	1
Net cash from operating activities	568	519	710	676	92
Purchase of short-term investments	−2,851	−1,366	−2,519	−567	−2,031
Proceeds from sale and maturity of short-term investments	2,912	1,368	2,746	—	—
Capital expenditures	−562	−511	−506	−474	−460
Proceeds from sale of property, plant and equipment	35	34	34	29	39
Purchase of long-term investments	−80	−13	−16	−117	−98
Other, net	3	4	−12	9	28
Net cash used in investing activities	−543	−484	−273	−437	−302
Uncommitted lines of credit, net	133	−10	−172	−27	135
Draws under committed line of credit	818	1,440	1,173	1,215	672
Repayments of committed line of credit	−809	−1,370	−1,199	−1,241	−515
Proceeds from long-term debt	—	—	310	1	—
Principal payments of long-term debt	−11	−10	−8	−8	−55
Finance lease payments	−38	−49	−57	−44	−14
Repurchase of common stock (includes $600 from affiliates)	−39	−8	−600	—	—
Dividends paid	−9	−9	−10	−10	−10
Other, net	−1	−1	−18	−2	−14
Net cash from (used in) financing activities	44	12	−581	−116	213
Effect of exchange rate changes on cash and cash equivalents	11	−5	1	1	−4
Net change in cash and cash equivalents	80	42	−143	124	−1
Interest, net of interest capitalized	75	57	56	—	—
Income taxes, net of tax credit sales proceeds of $82, $28, $0 and refunds	−6	40	47	—	—
Non-cash additions to property, plant and equipment	18	25	4	—	—

Filings

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