Seaboard (SEB) Q3 2025 earnings summary

Executive summary

• Net sales rose to $2.54 billion for Q3 2025, up $322 million year-over-year, and reached $7.34 billion for the nine months, driven by higher volumes and prices in key segments.

• Operating income increased to $84 million for Q3 2025 and $174 million for the nine months, with notable gains in the Pork and Marine segments.

• Net earnings attributable to shareholders were $109 million for Q3 2025 and $243 million for the nine months, compared to net losses in the prior year.

Financial highlights

• Q3 2025 net sales: $2.54 billion (Q3 2024: $2.22 billion); nine months: $7.34 billion (2024: $6.62 billion).

• Q3 2025 operating income: $84 million (Q3 2024: $32 million); nine months: $174 million (2024: $42 million).

• Net earnings for Q3 2025: $110 million; nine months: $246 million.

• EPS for Q3 2025: $113.71; nine months: $251.47.

• Dividends declared per common share: $2.25 for the quarter and $6.75 for the nine months.

Outlook and guidance

• Management anticipates continued profitability in Pork, Marine, and Power segments for the remainder of 2025, but notes uncertainty in Liquid Fuels and Turkey due to market volatility.

• Capital expenditures for the remainder of 2025 are budgeted at $170 million, mainly for Marine and Pork investments.