Seaboard (SEB) Q2 2025 earnings summary

Executive summary

• Net sales reached $2.48B for Q2 2025, up from $2.21B in Q2 2024, driven by higher CT&M, Marine, and Liquid Fuels segment sales.

• Operating income increased $22M to $52M for Q2 2025, with gains in Pork and Marine segments, partially offset by CT&M mark-to-market losses.

• Net earnings attributable to shareholders were $102M for Q2 2025, up from $61M in Q2 2024; EPS was $105.22 versus $62.82 year-over-year.

• Cash from operating activities was $61M for H1 2025, up from $25M in 2024, aided by $77M in investment tax credit sales.

• Share repurchase program authorized up to $100M; $24M of shares repurchased in Q2 2025.

Financial highlights

• Q2 2025 net sales: $2.48B (Q2 2024: $2.21B); six months: $4.80B (2024: $4.40B).

• Q2 2025 operating income: $52M (Q2 2024: $30M); six months: $90M (2024: $10M).

• Net earnings Q2 2025: $104M (Q2 2024: $61M); six months: $136M (2024: $83M).

• Gross margin Q2 2025: $162M (Q2 2024: $129M); six months: $304M (2024: $216M).

• Cash and short-term investments at June 28, 2025: $1.1B.

Outlook and guidance

• Management anticipates profitability for all major segments for the remainder of 2025 but notes uncertainty due to commodity price volatility, tariffs, and global economic conditions.

• Capital expenditures for the remainder of 2025 are budgeted at $385M, mainly for Marine vessel construction and Pork segment investments.

• Power segment to invest $315M in a new power-generating barge in the Dominican Republic, with $40M in payments expected in H2 2025.