SMITHFIELD FOODS INCSFD

SMITHFIELD FOODS INC Earnings Per Share Disclosure

10-KFiled Mar 24, 20261 min read
EARNINGS AND DIVIDENDS PER SHARE
The computation of basic earnings per share (“EPS”) is based on the weighted-average shares of common stock outstanding during the period. Diluted EPS adjusts basic EPS for the dilutive effect of stock options and RSUs. The incremental shares from stock options and RSUs are computed using the treasury stock method. There were no adjustments to the numerator in the computations of earnings per share for the periods presented.
The following table provides the weighted-average shares used in the denominator for those computations.
Twelve Months Ended
December 28,
2025		December 29,
2024		December 31,
2023
Basic weighted-average shares outstanding392,037,699 380,069,232 380,069,232 
Add: Dilutive effect of stock options and RSUs663,470 — — 
Diluted weighted-average shares outstanding (1)
392,701,169 380,069,232 380,069,232 
__________________
(1)We excluded 6,986,437 stock options from the computation of diluted weighted-average shares outstanding for the twelve months ended December 28, 2025, because their effect would have been anti-dilutive.

In fiscal year 2025, we declared and paid dividends of $1.00 per share of common stock.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValuePP&ELeasesSegmentsDebtNew Standards