泰森食品 (TSN) 2025 Q4 法說會逐字稿

Good day, and welcome to the Tyson Foods fourth quarter 2025 earnings conference call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions)

大家好，歡迎參加泰森食品2025年第四季財報電話會議。（操作說明）今天的演示結束後，將有機會提問。（操作說明）

I would now like to turn the conference over to Jon Kathol, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁喬恩·卡索爾。請繼續。

Good morning, and welcome to Tyson Foods fourth quarter fiscal 2025 earnings conference call. On today's call, Tyson's President and Chief Executive Officer, Donnie King; Chief Financial Officer, Curt Calaway, and Chief Operating Officer, Devin Cole, will provide prepared remarks. Following the prepared remarks, we will have a Q&A session with the participants who will be joined by our Chief Growth Officer, Kristina Lambert.

早安，歡迎參加泰森食品公司2025財年第四季財報電話會議。在今天的電話會議上，泰森公司總裁兼執行長唐尼金、財務長科特卡拉威和營運長德文科爾將發表準備好的演講。在準備好的演講之後，我們將與與會者進行問答環節，我們的首席增長官克里斯蒂娜·蘭伯特也將出席。

We have also provided a supplemental presentation, which may be referenced on today's call and is available on Tyson's Investor Relations website and via the link in our webcast. During today's call, we will make forward-looking statements regarding our expectations for the future. These forward-looking statements made during the call are provided pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們還提供了一份補充演示文稿，可在今天的電話會議上參考，也可在泰森投資者關係網站上以及透過我們網路直播中的連結取得。在今天的電話會議上，我們將就我們對未來的預期發表前瞻性聲明。本次電話會議中所做的這些前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款提供的。

Forward-looking statements include all comments reflecting our expectations, assumptions or beliefs about future events or performance that do not relate solely to historical periods. These forward-looking statements are subject to risks, uncertainties and assumptions, which may cause actual results to differ materially from our current projections.

前瞻性陳述包括所有反映我們對未來事件或業績的預期、假設或信念的評論，這些評論不完全與歷史時期有關。這些前瞻性陳述存在風險、不確定性和假設，可能導致實際結果與我們目前的預測有重大差異。

Please refer to our forward-looking statement disclaimers on slide 2 and as well as our SEC filings for any additional information concerning risk factors that could cause our actual results to differ materially from our projections. We assume no obligation to update any forward-looking statements.

有關可能導致我們的實際結果與預測結果存在重大差異的風險因素的任何其他信息，請參閱第 2 頁的前瞻性聲明免責聲明以及我們向美國證券交易委員會提交的文件。我們不承擔更新任何前瞻性陳述的義務。

Please note that references to earnings per share, operating income and operating margin in our remarks are on an adjusted basis for our fiscal periods unless otherwise noted. For reconciliations of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

請注意，除非另有說明，否則我們在評論中提及的每股收益、營業收入和營業利潤率均已根據我們的財務期間進行了調整。有關這些非GAAP指標與其對應的GAAP指標的調節表，請參閱我們的獲利新聞稿。

Now I will turn the call over to Donnie.

現在我把電話交給唐尼。

Thank you, John, and thanks to everyone joining us today. I'm pleased to report that our business delivered solid progress in performance this quarter and throughout the year. Looking ahead, we see even more opportunities for growth across all our business units. This quarter, we achieved increases in sales, adjusted operating income and adjusted earnings per share, continuing our upward trajectory for the full year.

謝謝你，約翰，也謝謝今天所有到場的朋友。我很高興地報告，本季以及全年，我們的業務業績都取得了穩定進展。展望未來，我們看到所有業務部門都擁有更多的成長機會。本季度，我們的銷售額、調整後營業收入和調整後每股盈餘均有所成長，延續了全年的成長動能。

Our annual growth in adjusted operating income was driven by the chicken, pork, and prepared foods segment, along with notable contributions from our international business.

我們年度調整後營業收入的成長主要得益於雞肉、豬肉和預製食品業務的成長，以及國際業務的顯著貢獻。

In the fourth quarter, our team executed well across our portfolio with momentum in value-added protein offerings. The Chicken segment stood out delivering $457 million in adjusted operating income, thanks to higher volumes, better operational execution and lower feed costs. These gains were partially offset by increased marketing and promotional expenses.

第四季度，我們的團隊在所有產品組合中都表現出色，尤其是在增值蛋白質產品方面取得了良好勢頭。雞肉業務表現突出，調整後營業收入達 4.57 億美元，這得益於銷售量增加、營運執行力提高和飼料成本降低。這些收益部分被增加的行銷和推廣費用所抵銷。

We believe there's still untapped potential in areas we can control within this business. Prepared Foods saw growth in both sales and adjusted operating income. Our production facilities made significant performance improvement through disciplined operational efficiency.

我們相信，在這個產業中，在我們能夠掌控的領域，仍然存在著尚未開發的潛力。預製食品的銷售額和調整後營業收入均實現成長。我們的生產設施透過嚴格的營運效率實現了顯著的性能提升。

Meanwhile, our innovation pipeline is evolving to better match consumer preferences and emerging trends. As a result, our Prepared Foods business is capturing more market share by volume and dollars driven by innovation and targeted mass spending that is showing measurable returns.

同時，我們的創新產品線也在不斷發展，以更好地滿足消費者的偏好和新興趨勢。因此，我們的預製食品業務透過創新和有針對性的大眾消費，在銷售和收入方面都獲得了更大的市場份額，並取得了可衡量的回報。

In our beef and pork segments, we are increasing yield and revenue by developing more value-added products, such as season marinated and specialty trim cuts using portions that were previously undervalued. These offerings are reaching more consumers through our branded portfolio, and we're also enhancing operational efficiencies in these areas.

在牛肉和豬肉領域，我們透過開發更多增值產品來提高產量和收入，例如使用以前被低估的部位製作調味醃製和特殊修整切塊。透過我們的品牌產品組合，這些產品和服務正在觸及更多消費者，同時我們也在這些領域提高了營運效率。

As anticipated, the Beef segment remains our only soft spot. Cattle supplies are at record lows due to drought, potential herd rebuilding, and the impact of new world crew warm in Mexico. These factors created market headwinds during the quarter. Despite these challenges, we are strengthening our fundamentals by prioritizing efficiency, reducing costs, and introducing innovative products.

正如預期的那樣，牛肉領域仍然是我們唯一的弱點。由於乾旱、潛在的牛群重建以及墨西哥新一輪全球暖化的影響，牛的供應量處於歷史低點。這些因素在本季為市場帶來了不利影響。儘管面臨這些挑戰，我們仍透過優先提高效率、降低成本和推出創新產品來加強我們的基本面。

This positions us to emerge stronger in beef when market conditions improve. Looking forward, we expect cattle supplies to remain tight as we move into 2026. During this period, chicken is likely to benefit most from changing consumer preferences, both at retail and in foodservice.

這將使我們在牛肉市場狀況改善時更具競爭力。展望未來，我們預計到 2026 年，牛的供應仍將保持緊張狀態。在此期間，無論是在零售還是餐飲服務領域，雞肉都可能從消費者偏好的變化中受益最多。

2026 presents further opportunities for our chicken business. Chicken is an affordable, high-quality protein and our innovative value-added offerings position us uniquely to serve both retail and foodservice customers amid high beef prices.

2026年將為我們的雞肉業務帶來更多機會。雞肉是一種價格實惠、品質優良的蛋白質，我們創新的加值產品使我們能夠在牛肉價格高企的背景下，為零售和餐飲服務客戶提供獨特的服務。

While we are not satisfied with our current beef results, our diversified business model continues to build resilience and drive profitability across the company. Overall, our financial position is strong with net leverage maintained at 2.1 times, a direct result of deliberate actions and disciplined capital allocation to fortify our balance sheet.

雖然我們對目前的牛肉業務表現並不滿意，但我們多元化的商業模式持續增強公司的韌性，並推動公司整體獲利能力的提升。整體而言，我們的財務狀況穩健，淨槓桿比率維持在 2.1 倍，這直接得益於我們採取的審慎行動和有紀律的資本配置來加強資產負債表。

While consumers remain cautious and selective with their spending, we continue to expand our market share in both volume and dollars. Protein remains a top priority for shoppers. Despite rising prices, beef, pork, and chicken are clear favorites with consumers viewing protein as an essential purchase and continuing to buy meat.

儘管消費者在支出方面仍然保持謹慎和選擇性，但我們的市場份額，無論在銷售或金額方面，都在持續擴大。蛋白質仍然是消費者最優先考慮的商品。儘管價格上漲，牛肉、豬肉和雞肉仍然是消費者的最愛，他們將蛋白質視為必需品，並繼續購買肉類。

According to Nielsen data, food and beverage retail volume declined 1.5% over the 13 weeks ending in September. In contrast, our retail branded products grew by 2.4% in volume, significantly outperforming the broader sector. This growth was broad based, highlighted by strong performances across several key brands.

根據尼爾森的數據，截至9月的13週內，食品和飲料零售量下降了1.5%。相比之下，我們的零售品牌產品銷售成長了 2.4%，明顯優於整個產業。這一成長是全面實現的，多個重點品牌表現強勁。

Hillshire Farm increased by 10.3%. Hillshire Snack Kits grew by 12.5%. Tyson-branded frozen value-added chicken rose by 8.7% and JV Dean breakfast sausage advanced by 1.6%.

希爾郡農場成長了10.3%。Hillshire零食套裝銷量成長了12.5%。泰森品牌的冷凍加值雞肉價格上漲了 8.7%，合資的 Dean 早餐香腸價格上漲了 1.6%。

Our ongoing investments in innovation, wider distribution, and effective marketing are driving growth and keeping us competitive providing substantial opportunities for further progress. As more shoppers turn to the perimeter of the store, we are meeting their demand for fresh, high-quality options with Tyson-branded fresh chicken volume growing 7.8% during this period.

我們持續投資於創新、擴大分銷管道和有效行銷，推動成長並保持競爭力，為進一步發展提供了實質的機會。隨著越來越多的購物者轉向商店外圍區域，我們正在滿足他們對新鮮、高品質選擇的需求，泰森品牌的鮮雞銷售在此期間增長了 7.8%。

Our retail branded products now reach nearly 72% of US households a rate that exceeds both private label and other branded competitors. Although private label sales are rising, their growth comes at the expense of other brands, not Tyson, as we continue to outpace the category of both volume and performance.

我們的零售品牌產品目前已覆蓋近 72% 的美國家庭，這一比例超過了自有品牌和其他品牌競爭對手。儘管自有品牌銷售額正在成長，但它們的成長是以犧牲其他品牌為代價的，而不是泰森的，因為我們在銷售和業績方面都繼續超越同類產品。

We are committed to engaging consumers wherever they are, leveraging our brand strength to thoughtfully expand into new markets and opportunities. Our recent launch of Tyson high-protein chicken cuts each offering at least 30 grams of protein per serving, has achieved nationwide distribution.

我們致力於與世界各地的消費者互動，利用我們的品牌優勢，深思熟慮地拓展新市場和新機會。我們最近推出的泰森高蛋白雞肉，每份至少含有 30 克蛋白質，已在全國銷售。

This success confirms strong consumer demand for convenient protein packed options. Excitement for these products is evident across social media and at retail, reinforcing our strategy to connect our brands with consumers and deliver innovative ways to enjoy our protein-rich foods. Hillshire long trusted for lunch meat has now entered the freezer section with stuffed croissant and [chapada] deli sandwiches. These new additions offer consumers even more convenient, delicious and protein-rich meal solutions.

這項成功證實了消費者對方便快速的高蛋白食品的強勁需求。社群媒體和零售通路都對這些產品表現出了極大的熱情，這進一步鞏固了我們與消費者建立聯繫的策略，並提供了享用我們富含蛋白質食品的創新方式。一直以來備受信賴的午餐肉品牌 Hillshire 現在進軍冷凍食品區，推出了夾餡羊角麵包和 [chapada] 熟食三明治。這些新增產品為消費者提供了更多便利、美味且富含蛋白質的飲食解決方案。

We're also seeing growing interest from Gen Z shoppers in the frozen aisle. Our latest offerings are designed to meet their demand for convenience, bold flavors, and high quality. Sales from our innovation pipeline has steadily increased over the past three years.

我們也發現 Z 世代消費者對冷凍食品區的興趣日益濃厚。我們最新的產品旨在滿足他們對便利性、濃鬱口味和高品質的需求。過去三年，我們創新產品線的銷售量穩定成長。

Our innovation expands all brands and segments, ensuring we address both current and future consumer needs. Tyson Foods is proud to lead the industry by developing products with simpler recognizable ingredients, just like those found in your own kitchen pantry. We recently introduced our simpler product line, now available in stores nationwide.

我們的創新拓展了所有品牌和細分市場，確保我們能夠滿足當前和未來消費者的需求。泰森食品公司很強大能夠引領業界，開發出成分更簡單、更容易識別的產品，就像您自家廚房儲藏室裡的食材一樣。我們最近推出了更精簡的產品系列，現在全國各地的商店都有販售。

The preference for healthier options is clear. Last quarter, we announced that by year-end, we will remove high fructose corn syrup, sucralose, BHA, BHT and titanium dioxide from our branded products produced in the United States. As a world-class food company and a recognized leader in protein, Tyson Foods is well positioned to meet the growing demand for high-quality protein.

人們明顯更傾向於選擇更健康的食物。上個季度，我們宣佈到年底，我們將從我們在美國生產的品牌產品中去除高果糖玉米糖漿、三氯蔗糖、BHA、BHT 和二氧化鈦。作為一家世界級的食品公司和公認的蛋白質領域領導者，泰森食品完全有能力滿足市場對高品質蛋白質日益增長的需求。

In the fourth quarter, we welcomed Devin Cole as our new Chief Operating Officer. Devin has over 30 years of experience in food industry leadership across both retail and food service. He has a proven track record working with our largest strategic customers worldwide and most recently led our chicken and international businesses to significant improvement last year.

第四季度，我們迎來了 Devin Cole 擔任新的營運長。Devin 在零售和餐飲服務領域擁有超過 30 年的食品業領導經驗。他擁有與我們全球最大策略客戶合作的良好記錄，並且最近在去年帶領我們的雞肉業務和國際業務取得了顯著進步。

Now, I would like to invite Devin to share more about our segment performance.

現在，我想邀請德文來分享我們業務板塊的業績。

Thank you, Donnie. I'm excited to step into the role of Chief Operating Officer. Over the past two months, I have taken a deep dive into our operations across the entire portfolio. My promise to you, our shareholders, is clear: We will streamline our business by reducing complexity and bureaucracy, challenging the status quo every step of the way.

謝謝你，唐尼。我很榮幸能夠擔任營運長一職。過去兩個月，我深入了解了我們整個投資組合的運作。我對各位股東的承諾很明確：我們將透過減少複雜性和官僚主義來簡化業務，並在每一步都挑戰現狀。

Our team is committed to delivering best-in-class performance and holding ourselves accountable to our customers' expectations. Now, let's review our fourth-quarter segment performance. Prepared Foods delivered a strong quarter with sales up 3% versus last year or up 5.7%, excluding the effect of the product recall, primarily driven by higher pricing because of higher raw material cost recovery while continuing to enhance our product mix.

我們的團隊致力於提供一流的服務，並對客戶的期望負責。現在，讓我們回顧一下第四季各業務板塊的業績。預製食品業務本季表現強勁，銷售額較去年同期成長 3%，若不計產品召回的影響，則成長 5.7%。這主要是由於原料成本回收率提高，導致價格上漲，同時我們也不斷改進產品組合。

Adjusted operating income was also affected by the higher raw material cost and achieved a margin of 7.4% in the quarter. Despite the higher raw material costs, the full year adjusted operating income was up 1% reflecting continued progress on our multiyear plan to enhance profitability in this business.

受原物料成本上漲的影響，調整後的營業收入也受到影響，本季利潤率為 7.4%。儘管原材料成本較高，但全年調整後營業收入增長了 1%，這反映出我們在提高該業務盈利能力方面多年計劃的持續進展。

Our fill rates in prepared foods were the highest since 2013. This progress is a testament to the improved S&OP process and unlocked efficiencies in our plants and distribution systems. As Donnie noted, our retail businesses delivered the strongest volume and dollar sales growth of the year in Q4, according to Nielsen syndicated data, outpacing category performance in both measures.

我們的預製食品銷售成功率達到了 2013 年以來的最高水準。這項進展證明了我們改進的銷售與營運計畫流程以及工廠和分銷系統效率的提升。正如唐尼指出的那樣，根據尼爾森聯合數據，我們的零售業務在第四季度實現了全年最強勁的銷量和銷售額增長，兩項指標均超過了同類業務的表現。

This has enabled us to better serve our strategic customers with greater consistency and reliability. This momentum in 2025 lays the groundwork for an exciting 2026. We see significant opportunities ahead to drive growth and improved profits. Our conviction in the multiyear opportunity to expand profitability in Prepared Foods remains strong.

這使我們能夠以更高的一致性和可靠性更好地服務我們的策略客戶。2025 年的這股勢頭為令人振奮的 2026 年奠定了基礎。我們看到未來有很大的發展機遇，可以推動成長並提高利潤。我們依然堅信，未來幾年在預製食品領域，獲利能力將持續成長。

In Chicken, we delivered another quarter of solid top line performance with sales up 3.8% year-over-year. Volume contributed nearly all of the increase, including a notable contribution from value-added product sales, which also drove a favorable mix reflected in price.

在雞肉業務方面，我們又實現了穩健的營收成長，年增 3.8%。銷售幾乎貢獻了全部成長，其中增值產品銷售貢獻顯著，這也促成了有利的產品組合，並反映在價格上。

This is our fourth consecutive quarter of year-over-year volume growth, demonstrating continued demand for chicken. Quarterly adjusted operating income for the Chicken segment was $457 million, an increase of 28%, building on a strong base in Q4 of last year. Our improved performance in chicken is a reflection of executing our strategy of operational excellence, combined with a focus on innovation and customer satisfaction.

這是我們連續第四個季度實現同比增長，表明市場對雞肉的需求持續增長。雞肉業務季度調整後營業收入為 4.57 億美元，成長 28%，在去年第四季強勁的基礎上實現了成長。我們在雞肉業務方面的進步，體現了我們執行卓越營運策略，並專注於創新和客戶滿意度。

We recognize a continued improvement as necessary and expected. Over the last year, we grew volume, net sales, and adjusted operating income. We have taken the necessary steps to stabilize the margins of a substantial portion of our portfolio by providing a high level of service during the periods of market challenges for our strategic customers. Chicken is positioned to be the best value protein for consumers as overall food inflation remains high.

我們認為持續改善是必要且必然的。過去一年，我們的銷售量、淨銷售額和調整後營業收入均有所成長。我們已採取必要措施，透過在市場面臨挑戰時期為策略客戶提供高水準的服務，穩定了我們大部分投資組合的利潤率。由於整體食品通膨居高不下，雞肉可望成為消費者最經濟實惠的蛋白質來源。

In our Beef segment, we continue to focus on the controllable aspects of a challenging and dynamic market. Sales in beef increased primarily due to a higher average price per pound, reflecting ongoing healthy demand. We continue to believe we may be seeing the initial stages of half for retention. Any retention is likely to further restrict cattle supply in the short run before seeing more supply as we work our way further through the cattle cycle a few years out.

在牛肉業務方面，我們繼續專注於充滿挑戰和瞬息萬變的市場中可控的因素。牛肉銷售成長主要是由於每磅平均價格上漲，反映出市場需求持續旺盛。我們仍然認為，我們可能正處於留存率一半的初期階段。任何留存都可能在短期內進一步限制牛的供應，但隨著我們幾年後逐步度過牛隻的生長週期，供應量可能會增加。

Adjusted operating income declined versus the year ago period as higher cattle costs outpaced the higher sales from a strong cutout in resilient demand. Despite continued headwinds, we are focused on the pieces we can control like shifting further processing volumes back into our harvest facilities and tools to increase our ability to adapt to changing market dynamics.

由於強勁的需求推動強勁的切割措施，導致牛價上漲超過了銷售額的成長，經調整後的營業收入較上年同期有所下降。儘管面臨持續的不利因素，我們仍專注於我們能夠控制的方面，例如將進一步的加工量轉移回我們的收穫設施和工具，以提高我們適應不斷變化的市場動態的能力。

Import adjusted operating income increased 70 basis points or 63%, fueled by network optimization and operational efficiencies, leading to the strongest fourth quarter results since 2021. Sales were down 1.7%, driven by a lower number of hogs harvested during the year. The lower volume was offset by higher prices.

進口調整後的營業收入成長了 70 個基點或 63%，這得益於網路優化和營運效率的提高，從而取得了自 2021 年以來最強勁的第四季度業績。受年內生豬屠宰數量減少的影響，銷售額下降了 1.7%。銷量下降被價格上漲所抵銷。

The access of raw material supply for our Prepared Foods division is a key part of our end to import strategy. We have made substantial progress in utilizing raw materials like pork bellies to support our branded bacon, ham to supply lunch meat and trimming to supply sausage.

為我們的預製食品部門取得原料供應是我們停止進口策略的關鍵部分。我們在利用豬五花肉等原料生產自有品牌培根、火腿生產午餐肉以及邊角料生產香腸方面取得了實質進展。

We will continue to push for higher utilization as it will improve access, quality, and landing cost of our raw materials. Overall, I am encouraged by the incremental steps we have taken through the year. but I'm confident that we have room to grow and improve across the operational and controllable aspects of our business in 2026.

我們將繼續努力提高原材料利用率，因為這將改善原材料的取得、品質和到岸成本。總的來說，我對我們今年取得的穩定進展感到鼓舞。但我相信，到2026年，我們在業務的營運和可控方面仍有成長和改進的空間。

Despite challenging market conditions, we are driven to focus on our strategic customers and consumers while delivering value to our shareholders. With protein remaining a clear winner in the mind of consumers the diversity of our portfolio enables us to make investments by partnering with our strategic customers to drive category expansion.

儘管市場環境充滿挑戰，我們仍致力於專注於我們的策略客戶和消費者，同時為股東創造價值。蛋白質仍然是消費者心目中的絕對贏家，我們多元化的產品組合使我們能夠透過與策略客戶合作進行投資，從而推動品類擴張。

With that, I will turn it over to Curt to walk through our financial results and outlook in more detail.

接下來，我將把發言權交給科特，讓他更詳細地介紹我們的財務表現和展望。

Thanks, Devin. For the fourth quarter, total company sales grew 4.8% to $13.9 billion compared to the prior year, led by beef with solid contributions from pork, chicken and Prepared Foods reflecting the healthy demand environment for protein.

謝謝你，德文。第四季度，該公司總銷售額年增 4.8% 至 139 億美元，其中牛肉銷售額成長強勁，豬肉、雞肉和預製食品也貢獻穩健，反映出市場對蛋白質的健康需求。

For comparative purposes, the sales increase was calculated, excluding the effect of a $355 million legal contingency reserve that was recognized in the quarter. Full year 2025 sales were $54.4 billion, an increase of 3.3% compared to prior year, excluding the effect of legal contingency reserves recognized during the year.

為了便於比較，計算銷售額成長時，不包括本季確認的 3.55 億美元法律或有準備金的影響。2025 年全年銷售額為 544 億美元，比上年增長 3.3%，不包括本年度確認的法律或有準備金的影響。

Q4 adjusted operating income was $608 million, up 19% compared to prior year, driven by growth in chicken, international and pork, which more than offset the decline in beef and Prepared Foods. For the full year, adjusted operating income was $2.3 billion, an increase of 26%. Once again, the increase was driven by the record performance in chicken. Adjusted earnings per share for the quarter were $1.15, up 25% versus last year, and full year adjusted EPS was $4.12, up 33% from the prior year.

第四季調整後營業收入為 6.08 億美元，比上年同期成長 19%，主要得益於雞肉、國際市場和豬肉業務的成長，足以抵消牛肉和預製食品業務的下滑。全年調整後營業收入為 23 億美元，成長 26%。此次成長再次受到雞肉產業創紀錄表現的推動。本季調整後每股收益為 1.15 美元，比去年同期成長 25%；全年調整後每股收益為 4.12 美元，比去年同期成長 33%。

Our multi-protein multichannel portfolio, combined with our team's focus on operational execution and a dynamic macro environment continues to deliver results. Turning to our financial position. Our approach to capital allocation remains disciplined, deliberate, and forward-looking. We are focused on maintaining financial strength, investing in the business and returning cash to shareholders.

我們多元化的蛋白質多通路產品組合，加上我們團隊對營運執行的專注以及動態的宏觀環境，持續帶來成果。接下來談談我們的財務狀況。我們的資本配置方法依然是嚴謹、審慎且具前瞻性的。我們專注於維持財務實力、投資業務並向股東返還現金。

Free cash flow is critical to us, and I'm pleased with how cash has trended. Full year operating cash flow was $2.2 billion, and capital expenditures were $978 million, resulting in free cash flow of $1.2 billion, well ahead of dividends, which were $697 million. We ended the year with $3.7 billion in liquidity and net leverage at 2.1 times, an improvement of 0.5 ton compared to last year.

自由現金流對我們至關重要，我對現金流的走勢感到滿意。全年經營現金流為 22 億美元，資本支出為 9.78 億美元，由此產生的自由現金流為 12 億美元，遠遠超過 6.97 億美元的股息。年底時，我們的流動資金為 37 億美元，淨槓桿率為 2.1 倍，比去年減少了 0.5 噸。

If you step back and look at our balance sheet and leverage over the last few years, we've made immense progress in strengthening our foundation. With leverage continuing to decline and cash flow remaining strong, we continued share repurchases of $154 million during the quarter, and we returned $327 million to shareholders through a combination of dividends and repurchases. And for the year, we returned a total of $893 million.

如果回顧我們過去幾年的資產負債表和槓桿率，就會發現我們在夯實基礎方面取得了巨大的進展。由於槓桿率持續下降，現金流保持強勁，我們在本季繼續回購了 1.54 億美元的股票，並透過股息和回購相結合的方式向股東返還了 3.27 億美元。這一年，我們總共回饋了 8.93 億美元。

While dividends remain our primary way of returning cash to shareholders. At current Tyson stock valuations we believe share repurchases represent an attractive opportunity. Our balance sheet remains healthy as we prioritize financial strength, our investment-grade credit rating and cash management to drive long-term shareholder value.

儘管分紅仍然是我們向股東返還現金的主要方式。以泰森目前的股票估值來看，我們認為股票回購是一個很有吸引力的機會。我們優先考慮財務實力、投資等級信用評級和現金管理，以推動股東長期價值成長，因此我們的資產負債表保持健康。

Let's take a moment to review our outlook for 2026 as our accounting cycle results in a 53-week year in fiscal 2026 as compared to a 52-week year in 2025. The 2026 outlook is based on a comparative 52-week year. We anticipate full year sales to be up 2% to 4% year-over-year. We expect a range for total company adjusted operating income to be between $2.1 billion to $2.3 billion.

讓我們花點時間回顧一下我們對 2026 年的展望，因為我們的會計週期導致 2026 財年有 53 週，而 2025 財年有 52 週。2026 年的展望是基於 52 週的比較年度。我們預計全年銷售額將年增 2% 至 4%。我們預計公司調整後的總營業收入將在 21 億美元至 23 億美元之間。

We anticipate interest expense of approximately $390 million and a tax rate of around 25%. We remain disciplined in managing cash with CapEx expected to be $700 million to $1 billion and free cash flow in the range of $800 million to $1.3 billion. Now to provide more color on our segment outlook. In Prepared Foods, we expect adjusted operating income between $950 million and $1.05 billion.

我們預計利息支出約為 3.9 億美元，稅率約為 25%。我們將繼續嚴格管理現金，預計資本支出為 7 億至 10 億美元，自由現金流為 8 億至 13 億美元。現在來更詳細地介紹一下我們業務板塊的前景。在預製食品方面，我們預計調整後的營業收入將在 9.5 億至 10.5 億美元之間。

We expect an improved level of performance next year, as a result of improved operational discipline and strategic investment in our categories. We anticipate our adjusted operating income for chicken to be between $1.25 billion and $1.5 billion. We believe chicken will be the primary beneficiary of higher beef costs in the upcoming year.

我們預計明年業績將有所提升，這得益於營運紀律的改善和對各品類的策略投資。我們預計雞肉業務的調整後營業收入將在 12.5 億美元至 15 億美元之間。我們認為，來年牛肉價格上漲將主要惠及雞肉。

We also expect our operational execution to continue to perform at a high level. Based on the continuation of current variables, of tight cattle supply conditions and the potential for her retention, we expect adjusted operating income in beef to be a loss between $600 million and $400 million.

我們也期望我們的營運執行能夠持續維持高水準。根據當前變數的持續情況，以及牛隻供應緊張和牛群可能被保留的情況，我們預計牛肉業務的調整後營業收入將虧損 6 億美元至 4 億美元。

We anticipate adjusted operating income report to be $150 million to $250 million based on our ample supply of hogs and with continued emphasis on the operational metrics of our business. Our international business has performed well in 2025 by managing controllable costs, maximizing efficiencies, and lowering conversion costs.

我們預計，在生豬供應充足且持續關注業務營運指標的前提下，調整後的營業收入報告將達到 1.5 億美元至 2.5 億美元。2025年，我們透過控制可控成本、提高效率和降低轉換成本，實現了國際業務的良好發展。

We expect adjusted operating income in International Other to be $100 million to $150 million. Overall, I'm confident that 2026 will be another strong year for our company. That covers our segment performance, financial highlights, and outlook for 2026. Now, I will turn the call over to Donnie.

我們預計國際其他業務的調整後營業收入為 1 億美元至 1.5 億美元。總而言之，我對2026年公司的發展前景充滿信心，相信這將是另一個強勁的年份。內容涵蓋了我們的業務部門業績、財務亮點以及 2026 年展望。現在，我將把電話交給唐尼。

Thanks Curt. In 2025, our team delivered strong results despite navigating a dynamic and challenging market landscape. These achievements are a direct result of our collective dedication and we look forward to building on this momentum as we move into 2026.

謝謝你，科特。2025年，儘管面臨瞬息萬變且充滿挑戰的市場環境，我們的團隊仍取得了優異的成績。這些成就直接源自於我們共同的努力，我們期待在邁向 2026 年之際，能夠在此基礎上再創佳績。

Our diverse portfolio, commitment to innovation, operational excellence and robust balance sheet empower us to allocate capital strategically and reinforce our leadership in the industry. We remain focused on meeting growing global demand for protein while delivering value to our customers, consumers and shareholders.

我們多元化的投資組合、對創新的承諾、卓越的營運以及穩健的資產負債表，使我們能夠進行策略性資本配置，並鞏固我們在產業中的領先地位。我們將繼續專注於滿足全球日益增長的蛋白質需求，同時為我們的客戶、消費者和股東創造價值。

I would especially like to thank our team members for all you do. Your unwavering dedication and hard work are the driving force behind our progress, propelling us towards even greater success and solidifying our reputation as a world-class food company and a leader in protein.

我特別要感謝我們團隊成員所做的一切。你們堅定不移的奉獻精神和辛勤工作是我們進步的動力，推動我們走向更大的成功，並鞏固了我們作為世界一流食品公司和蛋白質領導者的聲譽。

With that, I'll turn things back over to Jon as we begin the Q&A session.

接下來，我將把發言權交還給喬恩，讓我們開始問答環節。

Thanks, Donnie. We will now move forward to your questions. Please recall that our cautions on forward-looking statements and non-GAAP measures apply to both our prepared remarks and the following Q&A.

謝謝你，唐尼。接下來我們將回答您的問題。請注意，我們對前瞻性陳述和非GAAP指標的警告適用於我們準備好的發言稿和以下問答。

Operator, please provide the Q&A instructions.

操作員，請提供問答說明。

(Operator Instructions) Ben Theurer, Barclays.

（操作說明）本·圖雷爾，巴克萊銀行。

Donnie, congrats on a good finish for '25 picking up on the guidance on my first question, really on chicken, 25, you had a probably better year than even expected at the beginning. And now looking at the very strong, the $1.25 billion to $1.5 billion. Can you give us maybe your assumptions for that piece of the guidance as to the high end, the low end, that would be great. Thank you.

Donnie，恭喜你2025年取得了不錯的成績，你採納了我第一個問題（關於雞肉）的指導，25，你這一年的表現可能比年初預期的還要好。現在來看一些非常強勁的，12.5億美元到15億美元之間的。您能否就高端和低端這部分指導原則給出您的假設，那就太好了。謝謝。

Ben, and thank you for the question. In 2025, we did have a great year in chicken. Let me digress a little bit and tell you that -- what we saw in '25 is a result of what I would call setting the table over the past three years in our Chicken business. You may remember and certain others will we had our share of issues with genetics and hatch and capacity issues as we worked over the past three years.

本，謝謝你的提問。2025年，我們的雞肉生意確實取得了巨大成功。讓我稍微離題一下，告訴你——我們在 2025 年所看到的，是我所說的過去三年我們在雞肉業務中打好基礎的結果。您可能還記得，其他人也會記得，在過去三年裡，我們在遺傳、孵化和產能方面都遇到了不少問題。

But we're now starting to see the fruit of our labor. But if I think about 2026 and some of the assumptions that we made in putting our guidance out there, we expect the operating conditions in '26 to be similar to those in FY25. In short, we expect this to be a constructive environment for us. USDA projects chicken production to increase approximately 1% in FY26.

但我們現在開始看到勞動成果了。但如果我考慮 2026 年以及我們在發布指導意見時所做的一些假設，我們預計 2026 年的經營狀況將與 2025 財年類似。總之，我們希望這將是一個對我們有利的建設性環境。美國農業部預計2026財年雞肉產量將成長約1%。

We don't see a runaway chicken supply. In fact, I would caution against using September numbers and the -- obviously, the commodity price impacts of that as you do your model. But the 6% was a result of perfect growing conditions and environment, and that has now returned to normal.

我們沒有看到雞肉供應過剩的情況。事實上，我建議不要使用 9 月的數據，因為很明顯，這會對商品價格產生影響，所以不要使用 9 月的數據來建立模型。但那 6% 的成長是理想的生長條件和環境帶來的，現在這種情況已經恢復正常了。

And so we see a constructive environment from that standpoint. In terms of grain, we see stable grains. You can -- we're in line with forward futures markets. And then the confidence that we have in our Chicken business is based on execution. And for us, execution across every one of our businesses is critical to us. And so if you look at those individual components of execution in our supply chain, we believe they are sustainable.

因此，從這個角度來看，我們看到的是一個建設性的環境。從穀物來看，我們看到的是穩定的穀物。可以－我們的定價與遠期期貨市場一致。我們對雞肉業務的信心來自於執行力。對我們而言，我們所有業務的執行力至關重要。因此，如果您審視我們供應鏈中各個執行環節，我們認為它們是可持續的。

For example, better yield. We're seeing some incredible numbers out of that capacity utilization. I talked earlier about some of the things we're growing the business, but at the same time, we've got a great footprint underneath us at this point.

例如，更高的產量。我們看到產能利用率達到了驚人的水平。我之前談到了一些我們正在發展業務的事情，但同時，我們目前已經擁有了堅實的基礎。

Labor utilization is really good. We have ample labor, productive labor. And our live performance is a standout for us. It has been all year, but it was particularly in Q4, and we're seeing some performance out of the live that we've not seen in many years. And so we've made tremendous strides in operational improvements from live operations through the plant with room to continue to improve our performance.

勞動力利用率非常高。我們擁有充足的勞動力，而且是生產效率高的勞動力。我們的現場演出是我們最大的亮點。這種情況持續了一整年，尤其是在第四季度，我們看到了一些多年來從未見過的現場演出表現。因此，我們在工廠的實際營運改善方面取得了巨大的進步，並且還有繼續提高績效的空間。

We're all aligned against there is more to go do. We've seen commodity chicken prices move down were just like you have and mostly because of the bird weight corrections that I mentioned in September of this year. We're somewhat insulated in our business, but we're not immune to commodity markets.

我們都一致認為還有更多工作要做。我們看到商品雞肉價格下跌，就像你們看到的那樣，這主要是因為我在今年9月提到的雞隻重量調整。我們的業務在某種程度上不受市場波動的影響，但我們並非不受大宗商品市場的影響。

And we also continue to evolve our commercial relationships with our strategic customers to build long-term win-win partnerships. This allows us to focus on jointly growing the categories and stabilizing our earnings and the collective earnings of us and our customers.

我們也不斷發展與策略客戶的商業關係，以建立長期的雙贏夥伴關係。這使我們能夠專注於共同發展各個品類，穩定我們的收益以及我們和客戶的集體利益。

Further evidence of that is in our Q4, our branded fresh chicken business in retail was up 7.8%, and our frozen value-added chicken was up 8.7%. These are volume numbers. And so we had higher volume and a better mix. We finished '25 with momentum in chicken, and we've seen that performance carry through in the start of '26, and we expect '26 to be another great year in chicken.

第四季業績進一步證明了這一點，我們的品牌鮮雞零售業務成長了 7.8%，冷凍加值雞肉業務成長了 8.7%。這些是卷號。因此，我們的銷售量更高，產品組合也更好。我們在 2025 年雞肉業務方面取得了不錯的成績，並且這種勢頭延續到了 2026 年的開局，我們預計 2026 年將是雞肉業務的又一個輝煌之年。

Okay. Perfect. Very clear. Thanks for that, Donnie. And then second real quick on Prepared Foods, looks like the finish was a little bit softer than expected. So first, what drove that?

好的。完美的。非常清楚。謝謝你，唐尼。其次，關於預製食品，看起來收尾比預期的要柔和一些。首先，是什麼原因導致了這種情況？

Was it input costs, maybe pork, beef pricing? And how should we really think as we move into '26 on the midpoint, give or take, $1 billion outlook and the expected growth here.

是投入成本問題嗎？例如豬肉、牛肉的價格？那麼，當我們展望 2026 年，並預期成長達到 10 億美元左右時，我們該如何看待這項預期？

Yeah. Thanks, Ben. Let me first say that the fundamentals of our Prepared Foods business are very good. We did have a much better overall performance in FY25, and that was really driven by growing distribution, optimizing our operations, and winning innovation with strategic customers.

是的。謝謝你，本。首先我想說的是，我們預製食品業務的基本面非常好。我們在 2025 財年的整體業績要好得多，這主要得益於分銷管道的拓展、營運的優化以及與策略客戶的創新合作。

In fact, we are winning with consumers and we did grow both net sales and operating income by about 1% in FY25. The volume gap the last year has continued to narrow in each quarter. So we're seeing good momentum there. And as mentioned, our volume and dollar share did grow retail for the first time in 2.5 years.

事實上，我們贏得了消費者的青睞，2025 財年淨銷售額和營業收入均成長了約 1%。過去一年，各季度的銷售差距持續縮小。所以我們看到這方面發展勢頭良好。如同前面所提到的，我們的零售銷售和美元份額在 2.5 年內首次實現了成長。

The miss that you referenced, it was, in fact, driven by rapid rise and commodity costs. And our pricing lags just didn't fully have time for those to flow through in the quarter. For the quarter, we had $135 million in commodity cost pressure and we had 344, I would point out for the whole year. So not insignificant.

你提到的那次失誤，其實是快速上漲的大宗商品價格造成的。我們的定價滯後問題導致這些成本未能在本季完全反映出來。本季度，我們面臨 1.35 億美元的商品成本壓力；而全年來看，這一數字為 3.44 億美元。所以這並非微不足道。

The operational excellence that I mentioned, it is occurring inside of all of our plants, and it did really drive substantial volume value this year, and some of that was partially covered up by those higher raw material costs. We continue to have very good fill rates, the best since 2013. And so a lot of good things to talk about in this business as we go into FY26.

我提到的卓越運營，在我們所有的工廠中都有所體現，並且確實在今年推動了可觀的產量價值增長，而其中一部分被更高的原材料成本所抵消。我們的訂單完成率一直非常高，是自 2013 年以來最好的。因此，進入 2026 財年，這個行業有很多值得討論的好消息。

As we see those raw materials stabilize, we do expect to see volume growth, market share growth, and that's really driven by our world-class innovation pipeline, continuing work with the operational excellence that I mentioned and our customer partnerships. We will drive top and bottom-line growth with our strategic customers.

隨著原材料供應趨於穩定，我們預計銷售和市場份額將實現成長，這主要得益於我們世界一流的創新研發管線、我之前提到的卓越營運以及與客戶的緊密合作。我們將與策略客戶共同推動營收和利潤成長。

And I would point out that's not just in retail with much of the brand work that we've talked about. We're also seeing strength and increased distribution with food service. So what we're doing is working. We're pleased with the resilience of this business this past year, but we also acknowledge that there's more work to be done.

我還要指出，這不僅限於零售業，我們討論過的許多品牌工作也是如此。我們也看到餐飲服務業的成長勢頭強勁，分銷管道也不斷擴大。所以我們現在的做法是有效的。我們對這家企業過去一年的韌性感到滿意，但我們也意​​識到還有更多的工作要做。

I am confident that we have the right products, the right team, the right customer relationships to achieve the metrics that we've laid out.

我相信我們擁有合適的產品、合適的團隊和合適的客戶關係，能夠實現我們所設定的目標。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

Thank you. Thanks for all the detail today, and great job on the quarter. I just wanted to switch over to beef. It came in a bit better than we were expecting in the quarter, but you're still guiding for a pretty challenging environment in 2026, which makes a ton of sense, right, with rebuilding likely underway.

謝謝。感謝您今天提供的所有詳細信息，本季度的工作做得非常出色。我只是想換成牛肉。本季業績比我們預期的要好一些，但你們仍然預測 2026 年將面臨相當嚴峻的環境，這很有道理，對吧，因為重建工作可能正在進行中。

I guess looking at the guide for next year, maybe you could provide more detail on how you're thinking about the underlying capital supply and costs as we move throughout the year to frame that view. And then I know you've made a lot of improvements on yields and the like. But what other opportunities do you have to mitigate the cost pressures in this business?

我想，在查看明年的指導方針時，或許您可以更詳細地說明您是如何考慮全年的潛在資本供應和成本的，以便更好地闡述您的觀點。我知道你們在產量等方面做了很多改進。但是，在這個行業中，你還有哪些方法可以緩解成本壓力？

Sure. Thanks for the question. So let me get into that -- in terms of half retention, this is obviously something we've talked about for a while, but there are potential signs that there is heavy retention. What is a little bit different as we have a little bit better picture is as we see regional disparity.

當然。謝謝你的提問。那麼讓我來談談這個問題——就一半的留存率而言，這顯然是我們已經討論過一段時間的事情，但有跡象表明留存率可能很高。隨著我們對情況的了解更加深入，我們發現了一些不同之處，例如區域差異。

For example, out West, we're not seeing anything meaningful in the South, nothing there. But in the north, Upper Midwest, we're seeing some retention. So if I look at what data or what we see is it's a lower percentage of peppers either being harvested in feed yard and then fewer feeder cats. Pepper numbers and harvest will need to remain lower for us to be able to say that pepper retention is sustainable. And remember, more pepper retention implies the less beat in the near term.

例如，在西部，我們沒有看到南部有任何有意義的進展，那裡什麼都沒有。但在北部和中西部地區，我們看到了一些留存率。所以，如果我看一下數據，或者我們看到的情況是，飼料場收穫的辣椒比例較低，而且飼料貓的數量也較少。辣椒的數量和產量需要保持較低水平，我們才能說辣椒的留存是可持續的。記住，胡椒粉保留率越高，短期內的波動就越小。

But to the second part of your question, so what are we doing about that? So with Her rebuilding, which we're all looking for, mean supply of market-rated cattle will fall before it increases in future years. We continue at Tyson to focus on the controllables and optimizing our business.

但對於你問題的第二部分，我們打算如何解決這個問題？因此，隨著我們都期待的重建，市場評級牛隻的供應量將先下降，然後在未來幾年才會增加。泰森將繼續專注於可控因素，並優化我們的業務。

You had the macro question on the table is this, the continuing challenge of inadequate cattle availability that has been further impacted by cattle inflows from Mexico, associated with border closure related to New World crew work. Our volume was down 8.4% for the quarter and 1.9% for the full year. So certainly having an impact.

擺在桌面上的宏觀問題是，牛隻供應不足的持續挑戰，由於與新世界船員工作相關的邊境關閉，來自墨西哥的牛流入進一步加劇了這一挑戰。本季銷量下降 8.4%，全年銷量下降 1.9%。所以肯定產生了影響。

Even heavier animals, they've helped, but they've only partially offset the lack of cattle availability. In our guidance, the negative $600 million to negative $400 million is what we see relative to the market presently.

即使是體型較大的牲畜也起到了一定的作用，但它們只能部分彌補牛群供應不足的問題。根據我們的預測，相對於目前的市場狀況，預計虧損將達到負 6 億美元至負 4 億美元。

That's very helpful. Thank you for the detail. For my follow-up, I wanted to ask about the CapEx guidance. The rate for next year seems somewhat wide and is notably lower than the typical level you guys do. just maybe you could talk about the main buckets of what projects you're planning for next year? What are the variables driving that range? Is it anything timing related? Or has anything changed in how you're thinking about capital allocation overall?

那很有幫助。謝謝你提供的詳細資訊。我想進一步詢問有關資本支出指導意見的問題。明年的利率似乎比較廣泛，而且明顯低於你們通常的水平。能否請你們談談明年計劃開展的主要項目類別？影響這範圍的因素有哪些？這跟時間安排有關嗎？或者說，您對整體資本配置的看法是否有改變？

Thanks, Leah. Maybe to start with just a reminder on our capital allocation approach. And I made a comment this morning around it. It remains very disciplined, deliberate but also forward-looking. We're focused on maintaining our financial strength, certainly investing in the business as you asked the question on but also returning cash to shareholders and acknowledge the range that we provided this morning for CapEx for '26 is $700 million to $1 billion.

謝謝你，莉婭。或許可以先簡單回顧一下我們的資本配置方法。今天早上我對此發表了一些評論。它依然保持著高度的紀律性、審慎的態度，同時也具有前瞻性。我們專注於保持財務實力，當然會像您問到的那樣對業務進行投資，同時也會向股東返還現金，並且確認我們今天早上提供的 2026 年資本支出範圍為 7 億美元至 10 億美元。

I'll hurry on to remind everyone that across the last five years, we've spent just over $7 billion in CapEx. We've invested heavily across our network -- and that included a lot of capacity expansion during that time period. And where we sit today, we have the capacity to grow inside our existing network. Our range that we shared today, acknowledging it's 300, we really not that different than what we've shared over the last few years relative to a range as we start the year.

我還要提醒大家，在過去的五年裡，我們在資本支出上花了超過 70 億美元。在此期間，我們對整個網路進行了大量投資，其中包括大量的產能擴張。就我們目前所處的位置而言，我們有能力在現有網路內實現成長。我們今天分享的產品系列，雖然是 300，但實際上與我們過去幾年在年初分享的產品系列並沒有太大區別。

But that range is really going to -- is reflective of the pacing of the spend of our current projects, but also the timing of new projects that we'll launch in 2026. But the range does include both our maintenance spend as well as profit improvement projects that we'll execute across the year.

但這個範圍實際上反映了我們目前專案的支出節奏，也反映了我們將在 2026 年啟動的新專案的進度。但該範圍既包括我們的維護支出，也包括我們將在全年執行的利潤提升項目。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

Good morning. I wanted to just follow up on the chicken commentary. You noted that you were insulated, but not immune from lower prices, and we did see the lower prices in September at an industry level, especially jumbo cuts.

早安.我只是想就關於雞的評論做個後續討論。您提到您受到的價格下跌影響較小，但並非完全不受價格下跌的影響。我們確實在 9 月看到了行業層面的價格下跌，尤其是大件商品的價格下跌。

I guess I'm trying to think through to what extent this flowed through in 4Q and you still put up those results versus maybe there's some timing considerations and maybe more of a call out to start out the year. Thanks.

我想弄清楚的是，這種影響在第四季度究竟有多大程度上顯現出來，以及你們最終公佈的業績，或許其中存在一些時間上的考量，或許更多的是為了在年初有所預熱。謝謝。

Thanks for the question. I will tell you that, I mean, we obviously considered commodity markets and giving our guidance. But the $1.25 billion to $1.5 billion, I think, is a good starting point for us right now. We've said that we think '26 will be very similar to 2025.

謝謝你的提問。我可以告訴你，我們當然考慮了商品市場並給了我們的指導。但我認為，12.5億美元到15億美元對我們來說是一個不錯的起點。我們曾說過，我們認為 2026 年將與 2025 年非常相似。

I think that's still true. I think that what you're seeing in terms of pricing that has created a concern. I referenced earlier that the 6% increase in supply in September. I think it's skewing a lot of information. And some of the pricing you're seeing are very simply is just spot market or excess that was taking place is that point.

我認為情況仍然如此。我認為你現在看到的定價問題確實令人擔憂。我之前提到過，9 月供應量增加了 6%。我認為這扭曲了很多訊息。你看到的一些價格其實很簡單，就是現貨市場價格或當時的過剩價格。

I would remind you that demand is still strong, and I believe that will continue in '26. This is a data point for you. Breast meat pricing is the third highest in the last decade, and we have stable grains. So it's a pretty good environment to be in.

我想提醒各位，目前的需求依然強勁，我相信這種情況在 2026 年還會持續下去。這是供您參考的數據點。雞胸肉價格為近十年來第三高，而我們的糧食供應穩定。所以這裡是一個相當不錯的環境。

2026 is looking to be another good year for us. And then if you look at -- in terms of the insulated and not immune, if you look at where we're growing in the value-added and the retail and food service, that value-added mix gives us the opportunity to put our -- the number-one brand of chicken on the product. And so it provides some insulation. The fact that it's value-added provides some insulation from commodity markets, so we believe our mix in our portfolio positions us well to be very successful in 2026.

2026年看來對我們來說又將是美好的一年。然後，如果你看看——就隔離和非免疫領域而言，如果你看看我們在增值、零售和餐飲服務領域的成長點，這種增值組合使我們有機會將我們——排名第一的雞肉品牌放在產品上。因此它具有一定的隔熱作用。由於其增值特性，該特性可以使其免受大宗商品市場的影響，因此我們相信，我們投資組合中的各種產品組合使我們能夠在 2026 年取得巨大成功。

Okay. Thank you for that. In Prepared Foods last year, at the start of the year, you noted maybe a little bit less seasonal than you might see in a typical year in terms of first half versus second half? Maybe an update just on how you're thinking about 2026.

好的。謝謝。去年年初，在預製食品領域，您注意到今年的季節性可能比往年同期要弱一些，尤其是在上半年和下半年之間？或許可以更新一下你對2026年的想法。

Yeah. Thank you. Yeah, you're right. FY25, I would tell you, was a bit out of balance from historical norms, and that really was due to the raw material pressure and somewhat unseasonality that we saw there. As we think about what we can what we can determine from FY26 currently, what the forecast look like, we do see FY26 being more balanced in that regard.

是的。謝謝。是的，你說得對。2025 財年，我可以告訴你，它與歷史常態有些不平衡，這實際上是由於原材料壓力和我們在那裡看到的某種非季節性因素造成的。當我們思考從 2026 財年目前的情況來看，我們可以確定什麼，以及預測會是什麼樣子時，我們認為 2026 財年在這方面會更加平衡。

And so we might expect a pretty big bounce back here just to start out the year to clarify? Versus what we saw in 4Q?

所以，為了明確起見，我們或許可以預期，年初伊始市場會出現相當大的反彈？與第四季的情況相比如何？

We don't think. Obviously, we don't give quarterly guidance. But I think we've talked historically maybe slightly better performance in the first half. We shared the message last year being '25 in that it would be more balanced given the operational improvements -- as they built throughout the year, and I go back to Devin's comments, I think this will revert closer to a normal cadence, but certainly acknowledging we did have the run-up in raw materials as we shared earlier that impacted Q4. And that -- there's some level of that that was still in inventory as we finished the year as well.

我們不思考。顯然，我們不提供季度業績指引。但我認為，從歷史數據來看，我們之前討論過上半場的表現可能會略好。去年我們分享的資訊是“25”，鑑於營運方面的改進，情況會更加平衡——正如他們在一年中所做的那樣，而且我回到德文的評論，我認為這將更接近正常的節奏，但當然也要承認，正如我們之前分享的那樣，原材料價格上漲影響了第四季度。而且，到年底時，我們庫存中仍然有一部分這樣的產品。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Can I start with just a broader question on the key uncertainties for fiscal '26? We know the consumer is struggling a bit in the US commodities are all over place tariffs, I think, are less of an issue for you. But if you had to prioritize the top two or three things that could go positively or negatively versus your forecast, what would those be?

我可以先問一個關於 2026 財年主要不確定因素的更廣泛的問題嗎？我們知道美國消費者目前處境有些艱難，大宗商品價格波動很大，關稅問題可能對您來說影響不大。但如果你必須優先考慮可能對你的預測產生正面或負面影響的兩三件事，你會選擇哪兩三件事？

Kristina, why don't you take that?

克里斯蒂娜，你為什麼不拿走？

Alexia, thank you for the question. As we think about the consumer -- we definitely are seeing a continued divergence in income with higher income continuing to drive growth and others reallocating some of their nonfood dollars to food categories.

Alexia，謝謝你的提問。當我們思考消費者時——我們確實看到收入差距持續擴大，高收入者繼續推動成長，而其他人則將部分非食品支出重新分配到食品類別。

So we do anticipate demand for protein to continue, and we are really excited about the opportunity for consumers with our chicken being a preferred choice for value and for convenience -- if we look at our extensive product portfolio, we have products that do cater to everyone, whether they're shopping in retail or our foodservice channel, ensuring that we can meet those consumer needs wherever they may be.

因此，我們預計對蛋白質的需求將持續增長，我們很高興看到我們的雞肉因其價值和便利性而成為消費者的首選——如果我們看看我們豐富的產品組合，我們會發現我們有產品可以滿足每個人的需求，無論他們是在零售店還是透過我們的餐飲服務管道購買，我們都能確保滿足消費者在任何地方的需求。

And as we remain positive, one of those reasons would be over the past years, 72% of households have purchased a Tyson Foods branded product, which helps demonstrate our strong market presence and our consumer trust. Additionally, we've increased our household penetration with younger consumers under the age of 35, which is a testament really to our ability to resonate with those new demographics.

我們保持樂觀的原因之一是，在過去幾年中，72% 的家庭購買過泰森食品品牌的產品，這有助於證明我們強大的市場地位和消費者的信任。此外，我們在35歲以下年輕消費者中的家庭滲透率也有所提高，這充分證明了我們能夠與這些新的消費群體產生共鳴。

And Donnie talked about, we grew market share in our Tyson retail value-added poultry and our fresh businesses. We also grew our market share with our prepared on a volume basis with Hillshire lunch meat really being a standout with a 10% volume growth. So I'm confident that Tyson Foods is excellently positioned for growth today and into the future.

唐尼談到，我們在泰森零售增值家禽和新鮮家禽業務中都獲得了市場份額。我們也透過大量銷售預製產品擴大了市場份額，其中希爾郡午餐肉錶現尤為突出，銷量增長了 10%。因此，我相信泰森食品公司無論現在或將來，都擁有極佳的成長前景。

And as a follow-up, it sounds as though you're fairly confident that the first quarter results in Prepared Foods will come through reasonably well. Are you seeing any impact from the delay and disruption in the benefit payout as a result of the government shutdown? Or is it too early to tell on that front? Thank you, and I'll pass it on.

另外，聽起來您似乎相當有信心，預製食品業務第一季的業績會相當不錯。政府停擺導致福利金髮延遲或中斷，您是否感受到任何影響？或者現在判斷這一點還為時過早？謝謝，我會轉達的。

Yes. Thanks, Alexia. Yes. I'll continue on that. I think it's an evolving situation on the funding for the Supplemental Nutrition Assistance Program. So we are closely monitoring it. We do see consumer spending patterns, again, changing from nonfood to more food categories, but we feel resilient and well positioned to navigate those challenges probably for three real reasons, one being our diverse product portfolio, we have a wide range of product offerings at different budget levels.

是的。謝謝你，艾莉克西婭。是的。我會繼續做這件事。我認為補充營養援助計劃的資金情況瞬息萬變。所以我們正在密切關注此事。我們確實看到消費者的支出模式再次從非食品類轉向食品類，但我們感覺自己具有韌性，並且能夠很好地應對這些挑戰，這可能有三個真正的原因，其中之一是我們多樣化的產品組合，我們擁有不同預算水平的廣泛產品。

And this allows us to meet the consumer needs, whether they're price-sensitive or whether they're looking for premium offerings and really do believe that our chicken and our prepared products are both going to be able to provide affordable and nutrition options for the families.

這樣一來，我們就能滿足消費者的需求，無論他們是價格敏感型消費者，還是追求高端產品，我們都相信我們的雞肉和預製產品都能為家庭提供價格實惠且營養豐富的選擇。

The second reason is our brand trust and loyalty. We have 3 of the top 10 brands in packaged protein with our Tyson, Jimmy Dean and Hillshire Farm. And then third, really our market adaptability. We're really committed to driving volume growth -- and so watching the challenging or changing market conditions, it's one of our core strengths. And so we actively watch what consumers are buying, their behaviors, and adjusting our marketing and promotional strategies in order to continue to drive our volume growth.

第二個原因是我們的品牌信任度和忠誠度。我們擁有包裝蛋白領域排名前十的品牌中的三個：泰森、吉米·迪恩和希爾郡農場。第三，也是我們真正的市場適應能力。我們致力於推動銷售成長——因此，密切關注充滿挑戰或不斷變化的市場狀況，是我們的核心優勢之一。因此，我們會積極觀察消費者的購買行為，並調整我們的行銷和促銷策略，以繼續推動銷售成長。

So again, I feel really optimistic with our strategic approach, our diverse product portfolio, and our strong brand loyalty that will help us continue to grow.

因此，我對我們的策略方針、多元化的產品組合以及強大的品牌忠誠度感到非常樂觀，這些都將幫助我們繼續成長。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones 研究公司。

I want to start out with beef, and I understand the normal seasonality of that business. But given the volatility that we've -- I mean, pretty extreme volatility that we've seen in the cattle futures recently, I was wondering if we should think about the seasonality of Q1 any differently than normal? Because I think it was Q1 of '24 has some impact because there was volatility in the curve. So just curious if you could help us think about that.

我想先從牛肉入手，我也了解這個行業的正常季節性規律。但鑑於我們最近看到的牛期貨價格的波動性——我的意思是，最近牛期貨價格的波動性非常極端——我想知道我們是否應該以不同於往常的方式來看待第一季的季節性？我認為2024年第一季的情況產生了一定影響，因為當時的殖利率曲線波動較大。所以，我們只是好奇您是否能幫我們思考這個問題。

Sure. And thanks for the question. We're seeing we're seeing good retail demand here in Q1 of '26. I think that from an operational perspective, we continue to perform well. we're -- if you look at things like yield, if you look at how we're diversifying the mix into more value-added. And we have a pretty good supply right now in regions from a cattle perspective.

當然。謝謝你的提問。我們看到，2026 年第一季零售需求良好。我認為從營運角度來看，我們繼續表現良好。如果你看看收益率之類的指標，看看我們如何將產品組合多元化，增加更多高附加價值產品，就會發現我們做得很好。從牛的角度來看，我們目前在一些地區有相當充足的供應。

But we think '26, it's shaping up for us, very much in line with what we built into our guidance. We don't know, I mean, there's obviously -- we should expect volatility. I think that's going to be the order of the day as it relates to beef.

但我們認為，2026 年的情況正朝著我們預期的方向發展，這與我們所製定的指導方針非常吻合。我們不知道，我的意思是，顯然——我們應該預料到會有波動。我認為這將是牛肉產業未來的發展趨勢。

But we have considered the current future cattle costs and the estimated pricing while expecting that volatility. And -- could it be worse? I don't know. If we could Mexico and border closure and new world crew worm and the impact of that I mean, that's pretty significant for us, particularly in one of our plants in the region. And so we're just -- we've given you the best guidance that we know how to give you relative to those dynamics that we're dealing with presently.

但我們已經考慮了當前未來的牛價和預估價格，同時也預料到了價格波動。情況還能更糟嗎？我不知道。如果我們能夠了解墨西哥和邊境關閉以及新世界船員蠕蟲及其影響，我的意思是，這對我們來說意義重大，尤其是在我們該地區的一家工廠。因此，我們已經盡我們所能，針對我們目前正在處理的這些動態，給予了你們最好的指導。

Okay. And then I wanted to -- I had a clarifying question on chicken. So Donnie, it sounds like based on your comments that guidance assumes more than normal seasonal improvement in pricing. You found September to be an aberration. So as we're thinking about '26, you're expecting price appreciation from current levels higher than just normal seasonal.

好的。然後我想問——我有一個關於雞肉的疑問。所以唐尼，根據你的評論來看，該指導似乎假設價格將出現超出正常季節性改善的幅度。你認為九月的情況是個例外。所以，當我們展望 2026 年時，我們預期價格將從目前的水平上漲，而且漲幅將高於正常的季節性漲幅。

And I understand your commentary correctly.

我完全理解你的評論。

Heather, there's really about three or four points relative to that. But your assumptions are generally correct. I think the first one is that chicken will be very much in favor in terms of protein. It's the most affordable protein on the market, and consumers are favoring that -- and so that's one thing. The aberration, as we've talked about it in September, that is, I think, a point in time.

Heather，這方面其實大概有三、四分之二的差距。但你的假設總體上是正確的。我認為第一點是，雞肉作為蛋白質來源會非常受歡迎。它是市面上最便宜的蛋白質，消費者也更喜歡它——這是一方面。正如我們在九月討論的那樣，這種異常情況，我認為，是一個時間點。

I think there are physical limitations to from an industry perspective in terms of increasing supply. I've seen some headlines that talked about runaway supply. I don't see that at all. In fact, my biggest concern today is with the supply of chicken that we have is the demand that we're going to have for chicken, are we going to be tight? And could we see a little bit better market, but overall, what gives me confidence is our level of execution from one end of the chicken supply chain to the other.

我認為從行業角度來看，增加供應方面存在一些實際的限制。我看到一些新聞標題談到了供應過剩的問題。我完全沒看出這一點。事實上，我今天最擔心的是，我們現有的雞肉供應能否滿足未來對雞肉的需求，我們會不會面臨供應緊張的問題？我們或許能看到市場好轉一些，但總的來說，讓我充滿信心的是我們從雞肉供應鏈一端到另一端的執行水平。

I've been doing this a long, long time. I've not seen us, but a few times we operate at this level as one team, one Tyson across our chicken business. And a lot of people deserve credit for that. And so think of my confidence being from the execution of the business and never gets old.

我從事這項工作已經很久很久了。雖然我沒親眼見過，但我們泰森集團的雞肉業務曾多次以這樣的團隊協作模式運作。很多人都為此做出了貢獻，值得稱讚。所以，我的自信來自於對業務的執行，而這種自信永不褪色。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Donnie, I wanted to start out by asking about something you said on the call. You said you've taken steps to stabilize the margin stabilized margins on a substantial portion of the portfolio. Donnie, I think in the past, you've mentioned just for chicken alone, we've seen somewhere upwards of $500 million to $700 million self-improvement.

唐尼，我想先問一下你在電話裡提到的一件事。您說您已採取措施穩定大部分投資組合的利潤率。唐尼，我想你過去曾提到過，僅就雞肉而言，我們已經看到了高達 5 億至 7 億美元的自我提升。

I was just wondering if you could give us an updated view on chicken. And also, if you're able to, would you be able to provide a view across the rest of the businesses just because of the work you've done in prepared foods and in pork as well.

我只是想問您能否給我們介紹一下關於雞肉的最新情況。另外，如果您方便的話，能否鑑於您在預製食品和豬肉領域的工作經驗，也從其他業務角度談談您的看法？

Sure. I think let me start with a few things here. When we were sitting here a year ago, talking about '25, we set or made a few commitments. And I would point this out. We did exactly what we said we were going to do in the year. We said we would continue to shift our mix from core protein to more branded and value-added. We did that.

當然。我想先從幾點說起。一年前我們坐在這裡談論2025年的時候，我們做了一些承諾。我想指出這一點。我們一年內完全完成了我們承諾要做的事情。我們說過，我們將繼續調整產品組合，從核心蛋白轉向更多品牌化和高附加價值產品。我們做到了。

We said we were going to increase household penetration and branded and value-added and we were going to engage with the younger consumers. We have done that. We told you protein would be viewed as essential by consumers, and it is. We improved our returns on invested capital and creating shareholder value. We've done that.

我們說過，我們要提高家庭滲透率，打造品牌產品，增加附加價值，並且要吸引年輕消費者。我們已經做到了。我們之前就說過，蛋白質會被消費者視為必需品，事實也的確如此。我們提高了投資報酬率，並為股東創造了價值。我們已經做到了。

We told you we would execute with excellence in all that we do, and we continue to do that, and you will see more and more of that coming as we move through '26. In Q1, we're off to a great start across all the businesses. They're very much in line with our expectations and outlook. So we feel very good about that.

我們告訴過你們，我們會盡全力做到最好，我們也一直在這樣做，隨著我們邁入 2026 年，你們將會看到越來越多的這樣的例子。第一季度，我們所有業務都取得了良好的開局。它們與我們的預期和展望非常吻合。所以我們對這一點感到非常滿意。

In terms of some programs, I would tell you that the expectation, whether it's chicken, beef, pork, or prepared foods or international, the expectation is you'd be the very best regardless of the protein at everything you do from one end of that supply chain to the other. And also, that makes us from a corporate perspective, manage our costs so that what gets allocated to a business is more in line and realistic -- is more in line with what a competitor of ours in that space would be.

就某些項目而言，我會告訴你，無論是雞肉、牛肉、豬肉，還是預製食品或國際產品，我們的期望都是，無論你從事哪個環節，從供應鏈的一端到另一端，你都要做到最好。而且，從公司的角度來看，這也促使我們管理成本，使分配給業務的資金更加合理和現實——更符合我們在該領域的競爭對手的水平。

So there's a lot of pressure put on the spend side of the business with a lot of work done relative to determining whether every activity, whether it adds value or it creates waste. And if it creates waste, we stop it. If it's something that a shareholder, a customer or a consumer isn't willing to pay for, we're stopping doing that.

因此，企業支出面臨很大的壓力，需要做很多工作來確定每項活動是增加價值還是造成浪費。如果它造成浪費，我們就制止它。如果股東、客戶或消費者不願意為某件事付費，我們就停止做這件事。

And so -- that's my view. I don't have a number to give you, but I would tell you, using chicken, which was a little bit of what you talked about, but it could apply to the rest of the protein is, we believe there to be significant upside and improvement across the landscape.

所以——這就是我的看法。我沒有具體數字可以給你，但我可以告訴你，以雞肉為例（你剛才也提到了這一點，但它也可能適用於其他蛋白質），我們相信在整個領域都有很大的提升空間和改進空間。

Yeah. Maybe I'll just make a couple of comments relative to your part of your question with prepared foods and pork. I would just add on to what Donnie said, what he's talking about is really a multi-year cultural shift that we've been on the journey of and -- it's not just in the facilities.

是的。或許我可以就你問題中關於熟食和豬肉的部分發表幾點看法。我只想補充一下唐尼所說的，他所說的實際上是我們多年來一直在經歷的文化轉變，而且——這不僅體現在設施方面。

It's in everything that we do, whether that be on our investments regarding our marketing spend whether that be our sales, self-support or even things that we do here at the corporate office. It's about finding efficiency in everything.

它體現在我們所做的每一件事中，無論是我們的行銷支出投資，還是我們的銷售、自給自足，甚至是我們公司總部所做的事情。關鍵在於提高一切事物的效率。

But to the point of prepared, we talked of good about that. those plants do operate on a system of standards. And not only does it help offset the inflationary factors, but it also provides us additional capacity without having to spend CapEx. We did see achievements in that area that exceeded our goals in FY25 and certainly see a pathway to have that progress continue in FY26.

但說到準備工作，我們之前討論過這方面的好處。這些工廠確實是依照一套標準體系運作。這不僅有助於抵消通貨膨脹因素，而且還能在無需投入資本支出的情況下為我們提供額外的產能。我們在 2025 財年在該領域取得了超出預期目標的成就，並且肯定看到了在 2026 財年繼續取得這一進展的途徑。

And maybe just touching on pork, because we don't talk a lot about that, there has been exceptional improvement in that business in this year and see that continuing. They did improve their margins by 70 basis points, and they did that through improved efficiencies and yield. They are capturing more revenue per animal.

或許可以稍微談談豬肉，因為我們很少談論這個話題，但今年豬肉產業取得了顯著的進步，而且我們預計這種進步還會持續下去。他們的利潤率提高了 70 個基點，這是透過提高效率和收益率來實現的。他們從每隻動物身上獲得的利益更多了。

And a lot of that has to do with the work that they're doing around special trimming, marinating, just typically adding value for our customers. But a data point here is, their cost per head in FY25 was basically the same as FY24 on your head. So very proud of the work that has been accomplished in the pork group and do continue to see that momentum in FY26.

這很大程度上與他們所做的特殊修整、醃製工作有關，總之就是為我們的客戶增加價值。但這裡有一個數據點：他們在 2025 財年的每人成本與 2024 財年基本相同。我對豬肉業務組的成就感到非常自豪，並相信在 2026 財年將繼續保持這種勢頭。

Great. Appreciate the color there. Devin and Donnie, just for my follow-up, I wanted to maybe understand he for retention a little bit better. You gave us some great commentary on the call. Donnie, I think you mentioned retention happening in the north and the Midwest versus in the West and the South.

偉大的。欣賞那裡的色彩。Devin 和 Donnie，我只是想跟進一下，我想更好地了解他，以便更好地留住人才。您對這通通話做了非常精彩的評論。唐尼，我想你有提到過，北方和中西部的留存率高於西方和南方地區。

I'm not quite seeing it there. Was wondering if you could maybe share some of the reasons as to here and why is it like drought conditions better in those regions? Or are the economics better in those regions? Any color there would be appreciated.

我沒完全看出來。我想知道您能否分享一下造成這種情況的原因，以及為什麼這些地區的乾旱狀況反而有所改善？或者說，這些地區的經濟狀況較好？任何顏色都歡迎。

Thanks for the question. I think I would say that the situation we're in was largely created, because of drought conditions. And there were areas that were more harmed than others. And so in terms of this, I want to talk about hipper attention, it sounds like you know all the different components that are required to actually start rebuilding the herd and the impacts of that. But that lower percent of hipper being harvested feed yards and fewer feeder (technical difficulty)

謝謝你的提問。我認為我們目前所處的局面很大程度上是由乾旱造成的。有些地區受災程度比其他地區更嚴重。所以，就這一點而言，我想談談更敏銳的注意力，聽起來你了解重建群體所需的各種不同要素及其影響。但較低的百分比意味著被收割的飼料場數量減少，飼養員也減少了。（技術難題）

I mean we're looking at all that constantly. And so -- but I think what makes it challenging to do is the data we get to see relative to what's actually going on.

我的意思是，我們一直在關注所有這些方面。所以——但我認為，真正具有挑戰性的是，我們所獲得的數據與實際發生的事情之間存在差距。

Because somebody could hold a hipper back for a short period of time, they may be taking advantage, for example, cheaper corn. And they're going to feed that and put some weight on the animal. And then they may ultimately take it to harvest. So it's not -- there's a little bit of flexibility around that. And rightfully so, that cattle rancher, they're trying to maximize their earnings through this this time period in these market conditions and certainly understand and appreciate that.

因為有人可能會暫時囤積更便宜的玉米，所以他們可能會趁機牟利。他們會餵牠吃東西，讓動物變胖。然後他們最終可能會將其收穫。所以，這方面還是有一些靈活的空間。沒錯，那位養牛戶想在這個時期、在這樣的市場環境下最大限度地提高收入，他們當然理解並讚賞這一點。

But they're making those business decisions based on what's best for them. And we're just trying to react to what that looks like.

但他們做出這些商業決策都是基於對自身最有利的原則。我們只是試圖對這種情況做出反應。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Donnie, Curt, Devin and Jon. It feels like an Eagle's reunion tour out here. So excited to have you guys all that together. I wanted to wanted to ask on chicken, and I know there's been a lot of discussion. But Curt, maybe you could just help us a little bit with the phasing of profitability over the course of the year.

唐尼、科特、德文和喬恩。感覺就像老鷹樂團的重聚巡迴一樣。很高興看到你們聚在一起。我想問一下關於雞肉的問題，我知道這方面已經有很多討論了。但 Curt，或許你能幫我們稍微解釋一下全年獲利的階段性安排。

I know you don't want to give specific quarterly guidance. I am asking for it, but I'll leave it to your discretion in terms of how you want to help us adjust the profit expectations for the year.

我知道你不想給出具體的季度業績指引。這是我的要求，至於您希望如何幫助我們調整今年的獲利預期，將由您自行決定。

Yeah. Thanks, Pete. Certainly, as I said earlier, don't provide quarterly guidance. I think Certainly, as Donnie illustrated earlier, there'll be a little bit of volatility that we'll work our way through beef. But otherwise, I think kind of normal seasonality would play its way through each of the individual segments.

是的。謝謝你，皮特。當然，正如我之前所說，不要提供季度業績指引。我認為，正如唐尼之前所闡述的那樣，肯定會有一些波動，但我們會逐步克服這些波動。但除此之外，我認為正常的季節性因素會在每個單獨的環節中發揮作用。

Okay. And then I wanted to ask on Prepared Foods and maybe this is a bit too granular, but on lunchmeat, specifically, there's been, I guess, a lot of different signals out of the different market participants. Some on taking pricing, someone being more competitive on pricing in terms of promotion. It seems like there's, I guess, a lot of different strategies that are going on.

好的。然後我想問關於預製食品的問題，也許這個問題有點過於細緻，但具體到午餐肉方面，我認為來自不同市場參與者的信號有很多不同之處。有些人注重定價，有些人則在促銷方面更具價格競爭力。看起來，似乎有很多不同的策略正在實施。

And again, it seems to be impacting a little bit the profitability -- so I just -- I wanted to understand what you're seeing in the market, specifically. I know your results speak for themselves. But whether the competitive activity out there in deli, specifically has been, I guess, rational is probably the word I would use in your view or if there's some other strategies that are going on that maybe are upsetting dynamics in the category. Thanks very much.

而且，這似乎對盈利能力產生了一些影響——所以我只是想了解一下您在市場上具體看到了什麼。我知道你的成績已經足以說明一切。但是，就您而言，熟食行業的競爭活動是否理性，或者是否存在其他策略正在擾亂該行業的格局，我想這可能是我會使用的詞。非常感謝。

This is Devin. Listen, all this -- it's worth repeating, and I know you saw it in the notes and we've said it, but we did see strong once meat growth in the quarter, 10.3%. In fact, we saw some pretty healthy indications across several of our categories that we tell you that that we're -- we have what today is a winning combination both with the price that we have in the marketplace, but also with the targeted MAP spending with our strategic customers.

這是德文。聽著，所有這些——值得重複一遍，我知道你們在筆記中看到了，我們也說過，但我們確實看到本季度一次性肉類業務實現了強勁增長，達到 10.3%。事實上，我們在幾個類別中都看到了一些相當健康的跡象，我們可以告訴大家，我們今天擁有了製勝的組合，這體現在我們市場上的價格，以及我們針對戰略客戶的MAP定向支出。

I would say, today, we have more visibility from data that we have in software investments that we've made in terms of what's working in real time and adjustments that we need to make if we do see changes with the consumer.

我認為，如今，透過我們對軟體投資的數據，我們可以更清楚地了解哪些方面在即時運作良好，以及如果消費者發生變化，我們需要做出哪些調整。

But we are very focused on increasing our distribution and also making sure that we not only have the right value for the consumer, but also the right products, and that's what makes our innovation pipeline so important. 10% share is not as significant in this dynamic area.

但我們非常注重擴大分銷管道，並確保我們不僅為消費者提供合適的價值，而且提供合適的產品，這正是我們創新研發管線如此重要的原因。在這個瞬息萬變的領域，10%的市佔率並不算什麼。

But I'll just point out, too, is you've heard us talk a lot about this, but a large portion of our business is pass-throughs, it's got lagged relative to our portfolio that's on a price list when we do face a sustained market-based input cost pressure, we will take price action as needed. And that's really just to make sure that we can continue to do those investments in our business.

但我還要指出，你們也聽我們多次談到這一點，但我們業務的很大一部分是轉嫁成本的，相對於我們定價清單上的產品組合而言，這部分業務有所滯後。當我們面臨持續的市場投入成本壓力時，我們會根據需要採取價格行動。這樣做是為了確保我們能夠繼續對我們的業務進行這些投資。

Sorry, Devin. Can you just expand a little bit, though, on competitive dynamics in the category? I think it would be helpful.

對不起，德文。能否再詳細談談該領域的競爭格局？我覺得這會有幫助。

This is Kristina. I'll speak just a little bit on the distribution growth, as Devin was talking about almost every one of our categories, we saw distribution increases, and we also had increases in our MAP spending from first half to second half and really getting to those targeted promotional spends, reaching the consumer where they're at, whether they're shopping online or if they're shopping within the store.

這是克里斯蒂娜。我只想簡單談談分銷增長，因為德文幾乎談到了我們所有的品類，我們看到分銷額有所增長，而且我們的最低廣告支出也從上半年到下半年有所增長，真正實現了這些有針對性的促銷支出，觸達了消費者，無論他們是在網上購物還是在實體店購物。

So we feel pretty confident about our continued success, and we've been able to leverage platforms to get those insights real-time and adjust and pivot. And so our commitment to growing is demonstrated by that continued investment.

因此，我們對未來的成功充滿信心，並且我們已經能夠利用各種平台即時獲取這些訊息，並進行調整和轉型。因此，持續的投資反映了我們對發展的承諾。

[Gulhram Paul Harris], Santander.

[Gulhram Paul Harris]，桑坦德。

I just want some color on the working capital. If you could just some of the details on the free cash guidance for the next year. So it seems that you will have some cash when expected. So if you could just give some color to us in terms of what are the lines that are impacting the most? And how are you thinking about when it comes to capital? Thank you.

我只是想了解一下營運資金的具體情況。能否提供明年自由現金流的詳細指導資訊？看來你會在預期的時間拿到一些現金。所以，能否具體說明一下，哪些線路的影響最大？那麼，您在資金方面是如何考慮的呢？謝謝。

Thanks. So our free cash flow for the year '25, very proud of finishing at $1.2 billion -- and I think part of your question there was around the free cash flow expectations and working capital and a couple of other elements -- we did guide this morning to a free cash flow range of $800 million to $1.3 billion for '26.

謝謝。因此，我們非常自豪地宣布，2025 年的自由現金流達到了 12 億美元——我認為您提出的問題中有一部分是關於自由現金流預期、營運資本和其他一些因素——我們今天早上給出的指導意見是，2026 年的自由現金流範圍為 8 億美元至 13 億美元。

That's recognizing certainly the range of operating income that we shared this morning in addition to the range of CapEx. Obviously, we don't share a specific working capital expectation throughout the year. But we did provide expectation relative to sales growth. So there likely is some inflationary move on working capital as we work our way through the year, but would certainly indicate a free cash flow that exceeds our dividend up to nearly 2x our dividend rate for '26.

這當然也考慮到了我們今天早上分享的營業收入範圍以及資本支出範圍。顯然，我們全年沒有特定的營運資金預期。但我們確實給出了相對於銷售成長的預期。因此，隨著我們逐步推進，營運資本可能會出現一些通膨波動，但這肯定表明自由現金流將超過我們的股息，2026 年的股息率將接近 2 倍。

Great. And just one follow-up here on the Chicken business. If you could just remember us in terms of the exposure to the commodity market or -- if you could provide any color in terms of more chicken versus big. Everything that you could give us in terms of color to the exposure to that spot market would be appreciated.

偉大的。關於雞肉生意，我還有一點後續補充。如果您能就我們與大宗商品市場的關係，或者——如果您能就“更多雞肉”與“大”之間的關係提供一些見解，那就太好了。如果您能提供任何有關現貨市場曝光的信息，我們將不勝感激。

So if I understand your question right, it's our market exposure to small bird versus big bird, right? Well, I would start with -- we obviously participate in both the small bird and big bird program.

所以如果我理解你的問題沒錯的話，你指的是我們對小型鳥類和大型鳥類的市場敞口，對嗎？嗯，首先我想說的是——我們顯然同時參與了小型鳥類和大型鳥類保護計畫。

We have value-added products in both big and small bird. But in both cases, what we tried to do is to create -- to align with strategic customers and create these win-win relationships that grow our business and grow our customers' business. And we spend time doing that as opposed to arguing about what the price is or what the volume is going to be.

我們有大禽類和小禽類的加值產品。但無論哪種情況，我們努力的目標都是與策略客戶建立聯繫，創造雙贏關係，從而促進我們自身業務的成長，也促進客戶業務的成長。我們把時間花在做這件事上，而不是爭論價格是多少或銷售會是多少。

Both of us collectively spend our time on growing the collective business for both. But in terms of big bird, small bird, I don't think I would want to tell you what percentage of our share of that is presently. But I would point out that our value-added business. And when I say value-added, I'm not just talking about chicken that is reading on it or that could be fully cooked there could be value-added fresh chicken, and we participate in all of that.

我們兩人共同投入時間，致力於發展我們雙方的共同事業。但就大鳥和小鳥而言，我恐怕不願告訴你我們目前佔其中的百分比。但我要指出的是，我們的增值業務。我說的增值，不只是指已經煮熟或完全熟透的雞肉，還有新鮮增值雞肉，而我們參與了所有這些領域。

But in the year, we grew our value-added business 2 times what we did commodity, the average of the commodity or the average of the segment, I should say. And so we feel very good about that. We told you we were going to do that in '24, that we're going to do it in '25. I'm telling you in '26, we'll continue to do that.

但在這一年裡，我們的加值業務成長了2倍於大宗商品業務的成長，或者說是大宗商品業務平均成長，或者應該說是細分市場平均成長。因此，我們對此感到非常滿意。我們告訴過你們，我們會在 2024 年做這件事，我們會在 2025 年做這件事。我告訴你，2026年我們還會繼續這樣做。

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

I wanted to go back to specifically to the fourth quarter chicken performance. And -- you talked about growth on a strong quarter last year. If I look at relative performance to the industry even adjusted for your price lags, it seems like that took a step up as well. And I was trying to decipher exactly or more precisely what drove that?

我想特別回顧一下第四節比賽中那隻雞的表現。而且——你還談到了去年強勁季度的成長。即使考慮到價格滯後，如果我從行業相對錶現來看，似乎也取得了進展。我當時試圖弄清楚究竟是什麼原因導致了這種情況？

You talked about live ops, but you've been talking about that all year. You talked about lower feed costs as well in some of the value-add components. So I guess, how do you -- how do you think about what was the biggest driver there? Did you see a step function in your operational performance internally in the quarter? Any color around that would be great.

你談到了現場運營，但你一整年都在談論這個話題。您也提到了一些加值組件中飼料成本較低的問題。所以我想，您認為最大的驅動因素是什麼？本季公司內部營運績效是否出現階躍式成長？任何與之相近的顏色都很好。

Sure. Andrew, good morning, and there's a lot of things that I could talk to you about relative to that. And I mentioned earlier that -- and you all know this, that for about three years now, we've been -- we've been working on our chicken business and really doing what is necessary to improve the performance.

當然。安德魯，早安，關於這一點，我有很多話想跟你聊。我之前提到過——你們也都知道——大約三年來，我們一直在努力發展我們的養雞業務，並真正採取必要措施來提高業績。

We have one goal here. It's very simple in our chicken business, is to be the best chicken company in America period. Anything that doesn't deliver that is -- or doesn't work toward that end. We obviously look at and see whether we need to be doing that, but it's better yield, it's better live performance.

我們只有一個目標。在我們的雞肉產業，目標很簡單，就是成為美國最好的雞肉公司，僅此而已。任何不能達到這個目的的東西——或者說，任何對實現這個目標沒有幫助的東西。我們當然會考慮是否需要這樣做，但這能帶來更高的收益和更好的現場演出效果。

And in that live performance, you'll remember we had our share of issues with genetics as well, even our old genetics, we have new genetics, but we have older genetics that are actually performing at what I would call historical top-end performance.

在那場現場演出中，你們應該還記得，我們​​也遇到了一些基因方面的問題，即使是我們以前的基因，我們現在有了新的基因，但我們也有一些更古老的基因，它們實際上達到了我所說的歷史最高水平。

And then we have an answer for big bird genetics that is flowing through the pipeline today, and we feel good about that as well. Capacity utilization continues to improve for us as a company. And we made some really, really difficult decisions 2 years ago, 18 months ago around that.

目前，我們正在研究大型鳥類遺傳學的解決方案，對此我們也感到很滿意。公司產能利用率持續提升。兩年前，也就是一年半前，我們圍繞著這件事做出了一些非常非常艱難的決定。

And then from a cost improvement we're attacking every element of this from a cost, from a spend, from a non-value-added activity perspective and -- and then even to looking at what the allocation from corporate is into an individual business and addressing those things. So we're leaving no stone unturned with a clear objective, Andrew, of being the best chicken company in America.

然後，從成本改進的角度來看，我們正在從成本、支出、非增值活動的角度來著手解決每一個問題——甚至還要研究公司向各個業務部門的分配情況，並解決這些問題。所以，安德魯，我們正竭盡全力，目標明確，那就是成為美國最好的雞肉公司。

Okay. That's helpful. And if I could just squeeze one more in on beef. You talked about a lot of the moving pieces for '26, screw arm and have our attention and demand and all the other things. The one thing I didn't hear you talk about was imports, and that's been obviously topical in the news.

好的。那很有幫助。如果我能再多說一句關於牛肉的話就好了。你談到了 26 年的許多重要因素，例如螺絲臂，以及它如何引起我們的注意和需求等等。我沒聽你提到進口問題，而這顯然一直是新聞熱點。

How have you factored potential beef imports into the US into your outlook? And how do you think about that impacting your business?

您是如何將潛在的牛肉進口量納入您的預測考量的？您認為這會對您的業務產生什麼影響？

Well, we've obviously had imports into our beef business, and that looks more like box lean, but those numbers, as you think about that exports are down about 10% for us, Andrew, imports are up about 20% and Australia is a big market for that, and we're talking boneless beef and most of which ends up in our grinds.

嗯，我們牛肉業務顯然有進口產品，而且看起來更像是盒裝瘦肉，但你想想，安德魯，我們的出口下降了約 10%，進口上升了約 20%，澳大利亞是這方面的一個大市場，我們說的是去骨牛肉，其中大部分最終都成了我們的絞肉。

And so in this environment, the consumer, yes, they're trading around in proteins a little bit. But even within beef, you're seeing some trade from muscle cuts into grinds and the grind demand is very strong.

因此，在這種環境下，消費者確實會進行一些蛋白質方面的交易。但即使在牛肉領域，你也能看到一些肌肉切割部分被加工成絞肉，而且絞肉的需求非常強勁。

This concludes our question-and-answer session. I would like to turn the conference back over to Donnie King for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給唐尼金，請他作總結發言。

Thank you for your time and continued interest in Tyson Foods. We look forward to sharing our progress with you next quarter.

感謝您抽出時間並持續關注泰森食品。我們期待在下個季度與您分享我們的進展。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。