Smithfield Foods Inc filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $15.2 billion, a 0.6% decline from the year before. The growth rate dropped 4.9 percentage points compared to the quarter prior.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY25 Q4 | 9.8% | 8.3% | 4.6% |
| FY26 Q1 | 7.5% | 8.4% | 5.2% |
| FY26 Q2 | 4.3% | 8.6% | 5.2% |
| FY26 Q3 | -0.6% | 7.6% | 6.1% |
What stands out
Net income rose 4.2% over the year while free cash flow increased 94.3%, indicating reported profit and cash are moving at different speeds.
What the company earns
Reported cash is holding up better than reported profit. The trailing gross margin stood at 12.6%. Trailing operating margin was 7.6%, down 0.5 percentage points from a year earlier, while the trailing net margin reached 5.9%. Net income over the twelve months totaled $900.0 million, marking a 4.2% increase on the year before.
The cash picture
More cash came in than a year earlier. Operating cash flow over the twelve months was $1.3 billion, up 62.1% from the previous year. Capital spending amounted to $376.0 million, or 2.5% of revenue. Free cash flow, defined as operating cash flow less capital spending, reached $927.0 million, a 94.3% rise on the year before. The free-cash-flow margin hit 6.1% of revenue, up 3.0 percentage points from a year earlier.
Shares outstanding
The average diluted share count rose 1.4% over the year.
Guidance
The company lowered its fy 2026 guidance for segment adjusted operating profit for Packaged Meats to a range of $1,075.0 million to $1,150.0 million. It also set a range of $180.0 million to $240.0 million for Fresh Pork and $75.0 million to $125.0 million for Hog Production. Total company adjusted operating profit guidance was reduced to a range of $1,225.0 million to $1,375.0 million.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 27.4%, and 5 percentage points higher would raise it by 36.0%. A free-cash-flow margin 1 percentage point lower would reduce the value by 17.3%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
