泰森食品 (TSN) 2026 Q3 法說會逐字稿

Good day and welcome to the Tyson Foods third quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加泰森食品（Tyson Foods）2026 會計年度第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係副總裁 Jon Kathol。請開始。

Good morning and welcome to Tyson Foods third quarter fiscal 2026 earnings conference call. On today's call, Tyson Foods' President and Chief Executive Officer, Donnie King; Chief Financial Officer, Curt Calaway; and incoming Chief Executive Officer, Jeff Schomburger will provide prepared remarks. Also joining us today and available for Q&A is Wes Morris, our new Chief Operating Officer. Following the prepared remarks, we will have a Q&A session.

各位早安，歡迎參加泰森食品 2026 會計年度第三季財報電話會議。在今天的會議中，泰森食品總裁兼執行長 Donnie King、財務長 Curt Calaway，以及即將上任的執行長 Jeff Schomburger 將發表事先準備的談話。同時加入我們並可於問答環節回應提問的，還有我們新任營運長 Wes Morris。在準備好的談話之後，我們將進行問答環節。

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 this call are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

我們也提供了補充簡報，今天會議中可能會引用；該簡報可於泰森投資人關係網站以及我們網路直播連結中取得。在今天的會議中，我們將就對未來的預期發表前瞻性陳述。本次會議中的前瞻性陳述係依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款提供。

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績效之預期、假設或信念，且不僅限於歷史期間的評論。這些前瞻性陳述受到風險、不確定性與假設的影響，可能導致實際結果與我們目前的預測存在重大差異。

Please refer to our forward-looking statement disclaimers on slide 2 as well as our SEC filings for 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.

請參閱投影片第 2 頁的前瞻性陳述免責聲明，以及我們向美國證券交易委員會（SEC）提交的文件，以取得更多關於可能導致實際結果與我們預測存在重大差異之風險因素的資訊。我們不承擔更新任何前瞻性陳述的義務。

Segment results are presented on a segment operating income level and will be discussed on an adjusted basis. Please note that references to earnings per share, segment operating income, operating income, and operating margin in our remarks are on an adjusted basis for our fiscal period unless otherwise noted. For reconciliations of these non-GAAP measures to their corresponding GAAP measures, please refer to our earnings press release.

分部業績係以分部營業利益層級呈現，並將以調整後基礎進行討論。請注意，除非另有說明，我們談話中提及的每股盈餘、分部營業利益、營業利益與營業利益率，均為本會計期間的調整後基礎。關於這些非 GAAP 指標與其對應 GAAP 指標之調節，請參閱我們的財報新聞稿。

Now, I will turn the call over to Donnie.

現在，我把電話交給 Donnie。

Thank you, John, and good morning to everyone joining us today. Overall, I am pleased with our performance in the third quarter. This is the 12th consecutive quarter of doing what we said we would do. Our strategy is working, and I want to take a moment to reinforce what we have built at Tyson, a differentiated and diversified protein-centric company positioned to capture growing demand for high-quality protein.

謝謝你，John，也向今天加入我們的各位道早安。整體而言，我對第三季的表現感到滿意。這是我們連續第 12 個季度做到我們所承諾的事。我們的策略正在奏效，我想花點時間再次強調我們在泰森所建立的一切：一家以蛋白質為核心、具差異化且多元化的公司，已就位以掌握對高品質蛋白質日益成長的需求。

Animal protein remains the top priority for consumers and continues to gain momentum as a foundational part of a healthy diet. As consumers increasingly prioritize nutrient density and protein quality, including those adopting newer wellness and weight management routines, our portfolio aligns exactly with the foods they are choosing. We are directly tied to and stand to benefit from consumer preference as protein is economically advantaged versus every other food category.

動物性蛋白仍是消費者的首要重點，並持續作為健康飲食的基礎而增添動能。隨著消費者愈來愈重視營養密度與蛋白質品質，包括採用較新健康與體重管理作法的人群，我們的產品組合與他們所選擇的食物完全一致。由於蛋白質相較於其他所有食品類別在經濟性上更具優勢，我們與消費者偏好直接連結，並可望從中受益。

Before I discuss the segment details. I want to emphasize how proud I am of the progress this team has made, improving our operational performance and execution, strengthening our portfolio and positioning this company for continued long-term growth. We are the leader in the industry, have a portfolio of iconic brands that consumers are drawn to, and I am confident in where we are headed.

在我討論各分部細節之前，我想強調我對這個團隊所取得的進展感到非常自豪：提升營運表現與執行力、強化產品組合，並讓公司具備持續長期成長的定位。我們是產業領導者，擁有消費者嚮往的經典品牌組合，我對我們前進的方向充滿信心。

Our brands are winning in the retail marketplace. In Prepared Foods, all 13 weeks of Q3 showed continuous volume and revenue share gains, including our highest volume share ever, with volume share up 70 basis points, unit share up 70 basis points and dollar share up 50 basis points. This performance was driven by strong consumer demand, disciplined promotional execution, and targeted marketing investments. We hold leading positions across Lunchmeat, Dinner and Smoked Sausage, and we are managing price gaps and promotion with discipline to compete more effectively.

我們的品牌在零售市場表現出色。在調理食品（Prepared Foods）方面，第三季的 13 週每一週都呈現持續的銷量與營收市占提升，包括創下史上最高的銷量市占：銷量市占上升 70 個基點、件數市占上升 70 個基點、金額市占上升 50 個基點。此表現由強勁的消費者需求、嚴謹的促銷執行，以及精準的行銷投資所帶動。我們在午餐肉（Lunchmeat）、晚餐與煙燻香腸等品類皆居於領先地位，並以紀律管理價差與促銷，以更有效地競爭。

Prepared Foods is a branded protein platform that raises the quality and the predictability of our earnings. Innovation and distribution gains remain key engines for this business with notable brand wins in the quarter such as Hillshire Snacking up 18.4%, Hillshire Farm lunchmeat up 7%, Aidell's Dinner Sausage up 5.8%, Hillshire Farm and Wright Smoked Sausage up 3.4% and Jimmy Dean Refrigerated Breakfast up 2.7%. Our Tyson branded Chicken categories continued their momentum in retail at 0.9% for value-added Chicken category and 3.1% for fresh Chicken.

調理食品是一個品牌化的蛋白質平台，可提升我們獲利的品質與可預測性。創新與通路擴張仍是此業務的關鍵引擎；本季具代表性的品牌成績包括：Hillshire Snacking 成長 18.4%、Hillshire Farm 午餐肉成長 7%、Aidell's Dinner Sausage 成長 5.8%、Hillshire Farm 與 Wright 煙燻香腸成長 3.4%，以及 Jimmy Dean 冷藏早餐成長 2.7%。我們 Tyson 品牌的雞肉品類在零售端也持續保持動能：加值雞肉品類成長 0.9%，生鮮雞肉成長 3.1%。

Innovation is central to our strategy and is showing up across our entire branded portfolio. Last quarter, we launched our Jimmy Dean High Protein platform, which continues to perform, earning broad retail distribution and resonating with younger consumers looking for convenient protein-centric options throughout the day.

創新是我們策略的核心，並已在我們整個品牌化產品組合中展現成果。上一季我們推出 Jimmy Dean 高蛋白平台，持續有良好表現，獲得廣泛的零售通路鋪貨，並與尋求全天便利、以蛋白質為核心選項的年輕消費者產生共鳴。

This quarter, I want to highlight Hillshire brand. This is a brand built for innovation and our portfolio reflects that. Hillshire Farm brand anchors that everyday occasion, Smoked Sausage, Lunchmeat, and ham that consumers have trusted for decades. The Hillshire brand has also extended into snacking, where the line is rapidly growing with consumers seeking convenient, on-the-go options, and with the launch of Hillshire Reserve Lunchmeat, we're now capturing consumers seeking premium offerings, craft-inspired, chef-quality Lunchmeat for a more elevated eating experience.

本季我想特別強調 Hillshire 品牌。這是一個為創新而打造的品牌，而我們的產品組合也反映了這一點。Hillshire Farm 品牌支撐日常食用情境，提供消費者數十年來信賴的煙燻香腸、午餐肉與火腿。Hillshire 品牌也延伸至零食領域；隨著消費者尋求便利、可隨身攜帶的選擇，該產品線正快速成長。此外，隨著 Hillshire Reserve 午餐肉的推出，我們也開始掌握尋求高端產品的消費者：具手作靈感、主廚級品質的午餐肉，帶來更升級的飲食體驗。

Together, these brand extensions reach new consumers with a multi-tier offering. These launches share a common thread. They deliver on the priorities driving demand across our business, protein-focused, bold flavors and everyday convenience. Whether through simple ingredient renovation of our core products, new high protein forms, we are innovating exactly around what consumers are looking for, and we see meaningful runway to expand distribution and bring new products to market.

這些品牌延伸合計以多層級的產品供給觸及新的消費者。這些上市產品有一個共同主軸。它們回應了推動我們整體業務需求的優先要素：以蛋白質為核心、濃郁風味與日常便利性。無論是對核心產品進行簡化配方的改良，或推出新的高蛋白形式，我們的創新都精準圍繞消費者所尋求的方向；我們也看到顯著的成長空間，可擴大通路覆蓋並將新產品推向市場。

Now let me walk you through our third quarter results, a view of the current and future environment before Curt covers the financials and updated outlook. In the third quarter, Prepared Foods continued to outpace broader category performance in both retail and foodservice. Q3 marks our third consecutive quarter of volume and sales growth, with sales up 1.7% or $42 million year-over-year to $2.6 billion.

接下來我將帶各位回顧第三季的業績，並在 Curt 說明財務與更新展望之前，先談談目前與未來的環境觀察。第三季中，調理食品在零售與餐飲服務（foodservice）兩端皆持續優於整體品類表現。第三季是我們連續第三個季度實現銷量與銷售成長；銷售額年增 1.7%，或增加 4,200 萬美元，達到 26 億美元。

Prepared Foods segment operating income was $321 million with a margin of 12.6%. Operating income was down slightly year-over-year as roughly $30 million of higher commodity costs in the quarter outpaced pricing, which continues to catch up.

調理食品分部營業利益為 3.21 億美元，營業利益率為 12.6%。營業利益較去年同期略降，原因是本季約 3,000 萬美元的原物料成本上升幅度超過定價，而定價仍在持續追趕中。

As commodity costs moderate, that benefit will take time to flow through production and inventory. We expect it to be realized later in the fourth quarter and into fiscal 2027. Our results demonstrate continued execution on the controllables. And the continued momentum of our strategy and diversified portfolio of leading brands and proteins.

隨著原物料成本趨於緩和，其帶來的效益仍需要時間才能透過生產與庫存反映出來。我們預期該效益將在第四季較後段以及 2027 會計年度逐步實現。我們的結果展現了在可控事項上的持續執行力。以及我們策略的持續動能，與由領先品牌與蛋白質所構成的多元化產品組合。

We delivered yet another impressive quarter in Chicken with segment operating income of $488 million, an increase of $40 million year-over-year at a margin of 11.2%. Demand remained robust and our customer-centric approach continued to drive volume gains. Our retail and food service volume up 3.8%, nearly 4 times our total volume growth of 1%, reflecting the strength of our strategic customer partnership and consumer demand.

我們在雞肉業務再度交出亮眼的一季，部門營業利益為4.88億美元，年增4,000萬美元，營業利益率為11.2%。需求依然強勁，而我們以客戶為中心的方法持續帶動銷量成長。我們的零售與餐飲服務銷量成長3.8%，接近我們總銷量成長1%的4倍，反映出我們策略性客戶夥伴關係與消費者需求的強勁動能。

We hold the number one brand of Chicken, and our differentiated Chicken model continues to outperform commodity producers. The outperformance is grounded in structural drivers, including end-to-end execution, live performance, branded and value-added mix, and strategic customer relationships.

我們擁有雞肉品類的第一品牌，而我們差異化的雞肉商業模式持續優於大宗商品型生產商。這項優勢建立在結構性驅動因素之上，包括端到端的執行力、活禽表現、品牌與加值產品組合，以及策略性客戶關係。

We continue to strengthen live performance, yields, asset utilization, labor productivity and supply chain discipline, supporting our seventh consecutive quarter of year-over-year volume and sales growth and reinforcing the consistency of our Chicken business.

我們持續強化活禽表現、產出率、資產使用率、勞動生產力與供應鏈紀律，支撐我們連續第七季的年對年銷量與銷售成長，並強化雞肉業務的一致性。

Importantly, our Chicken results are increasingly driven by consumers and customers rather than commodity markets, supported by a favorable mix of value-added and branded products, disciplined revenue management, and strong operational execution. Notably, our net price realization increased versus the prior year, even as input markets softened, further evidence that our results are driven by mix, innovation and execution rather than commodity pricing.

重要的是，我們的雞肉業績愈來愈由消費者與客戶驅動，而非由大宗商品市場驅動；這得益於加值與品牌產品的有利組合、嚴謹的收益管理，以及強勁的營運執行。值得注意的是，即使投入品市場走軟，我們的淨價格實現仍較去年提升，進一步證明我們的成果是由產品組合、創新與執行所驅動，而非大宗商品定價。

To put that in context, industry checking cutout values fail, yet our commercial model anchored in improving mix, volume commitments, and value-added pricing structures enabled us to grow net price realization.

就此提供一些背景：即使產業的分切（cutout）價值下滑，我們以改善組合、銷量承諾與加值定價結構為核心的商業模式，仍使我們得以提升淨價格實現。

In Beef, we continue to navigate the well-documented challenges of the current cattle cycle. Beef segment operating income was a loss of $138 million. Sales reflected that environment. Volume declined 15.9%, while pricing rose 12.1% as constrained supply pushed input costs and pricing higher. Our footprint optimization actions from the second quarter delivered as expected, however, it was more than offset by USDA margin compression.

在牛肉方面，我們持續因應目前牛隻週期中眾所周知的挑戰。牛肉部門營業利益為虧損1.38億美元。銷售表現反映了該環境。銷量下滑15.9%，而在供給受限推升投入成本與售價的情況下，價格上升12.1%。我們第二季所採取的產能版圖（footprint）最佳化措施如預期發揮效果，但仍被USDA利差壓縮所抵銷。

We remain focused on what we control, customer mix, revenue management, network productivity, cost discipline within a footprint better aligned to current supply environment. The recent announcement of a phased reopening of the Mexican border for the importation of cattle shows potential improvements to long-term cattle availability. We appreciate and support the USDA efforts to protect and to reopen the border.

我們仍聚焦於可控事項：客戶組合、收益管理、網路生產力、成本紀律，並在更符合當前供給環境的產能版圖下運作。近期宣布將分階段重新開放墨西哥邊境以進口牛隻，顯示長期牛隻供給可用性可能改善。我們感謝並支持USDA在保護並重新開放邊境方面的努力。

Although the reopening won't have a material impact on the remainder of this fiscal year which ends in September, it does provide the potential for some level of improvement in 2027 and beyond.

雖然重新開放不會對本財年剩餘期間（本財年於9月結束）產生重大影響，但確實為2027年及以後帶來一定程度改善的可能性。

To be clear, the reopening of the Mexican border will not solve the entire gap of beef losses we are currently seeing. We are not waiting passively for the cattle cycle to turn and we continue to focus on improving the variables within our control. Simply stated, our mission in beef is to be the best operators in the areas in which we compete.

需要說明的是，重新開放墨西哥邊境並不能解決我們目前看到的牛肉虧損缺口的全部問題。我們不會被動等待牛隻週期反轉，而是持續專注於改善我們可控的變數。簡而言之，我們在牛肉業務的使命，是在我們競爭的領域成為最佳的營運者。

Our Pork segment continued to operate in a stable environment. Operating income was $60 million with a margin of 3.8%. Consumer demand was solid and hog supplies were adequate. Together, these factors have kept the pork value chain well balanced, supporting more consistent and predictable operating margins. We also continue to benefit from greater integration with Prepared Foods, allowing us to optimize product mix and direct raw materials toward their highest value uses. We remain focused on improving mix and further integration across the value chain.

我們的豬肉部門持續在穩定的環境中營運。營業利益為6,000萬美元，營業利益率為3.8%。消費者需求穩健，生豬供給充足。綜合這些因素，使豬肉價值鏈維持良好平衡，支持更一致且可預測的營業利益率。我們也持續受益於與調理食品（Prepared Foods）更高程度的整合，使我們能最佳化產品組合，並將原料導向其最高價值用途。我們仍聚焦於改善組合，並進一步推動價值鏈的整合。

Finally, our International segment continued its steady performance. International segment operating income was $48 million with a margin of 8%, supported by continued cost discipline and improved execution across key markets. We remain on track with our annual outlook for this segment.

最後，我們的國際部門延續穩健表現。國際部門營業利益為4,800萬美元，營業利益率為8%，主要受惠於持續的成本紀律與在關鍵市場的執行改善。我們仍按計畫達成該部門的年度展望。

Let me briefly address the macro environment. While consumer sentiment continues to be pressured and inflation remains elevated, demand for protein remains resilient. Consumers are making value-conscious choices and protein-centric foods, including our Tyson, Jimmy Dean, Hillshire Farm, BallPark, Wright, State Fair, and Aidells are winning that consideration. The breadth of our brand and product offering allows us to fulfill the needs of the consumer wherever they are on their journey.

我簡要談一下總體環境。儘管消費者信心持續承壓且通膨仍處高位，蛋白質需求依然具韌性。消費者正做出更重視價值的選擇，而以蛋白質為核心的食品（包括我們的Tyson、Jimmy Dean、Hillshire Farm、BallPark、Wright、State Fair與Aidells）正贏得他們的考量。我們品牌與產品供給的廣度，使我們能在消費者旅程的任何階段滿足其需求。

Foodservice volume remained constructive throughout the quarter growing 1.8% versus last year and our retail performance continues to outpace the broader food and beverage category. This reinforces the enduring nature of our protein-centric portfolio across economic cycles. Our scale, operational capabilities, and brand strength allow us to serve customers and consumers effectively even in a challenging macro environment, and we believe these advantages will compound as conditions improve.

餐飲服務銷量在本季維持正向，較去年成長1.8%，而我們的零售表現持續領先整體食品與飲料品類。這再次印證我們以蛋白質為核心的產品組合在各種經濟循環中的持久性。我們的規模、營運能力與品牌實力，使我們即使在具挑戰的總體環境下仍能有效服務客戶與消費者；我們相信，隨著環境改善，這些優勢將進一步累積放大。

We will continue to be disciplined and intentional about where we invest, whether in brand support, innovation, automation, supply chain capabilities or network optimization. Our focus is on projects that strengthen service, improve productivity, and drive cash flow and long-term shareholder value.

我們將持續在投資方向上保持紀律並有意識地取捨，無論是品牌支持、創新、自動化、供應鏈能力或網路最佳化。我們聚焦於能強化服務、提升生產力，並推動現金流與長期股東價值的專案。

Looking ahead to fiscal 2027, I am confident in the year ahead. In many respects, we expect it to look a lot like 2026, building on the momentum of our end-to-end execution that has defined this year.

展望2027財年，我對未來一年充滿信心。在許多方面，我們預期其將與2026年相當類似，並在今年所展現的端到端執行動能之上持續累積。

With that, I will now turn the call over to Jeff Schomburger, our incoming CEO for a few introductory remarks.

接下來，我將把電話會議交給我們即將上任的執行長Jeff Schomburger，請他做幾點開場說明。

Thank you, Donnie, and a huge thank you for your years of leadership and the strong foundation the team has built. This puts us in a position to build on our strong momentum going forward. I want to take just a minute to introduce myself to our investment community. I'm looking forward to meeting you all soon.

謝謝你，Donnie，也非常感謝你多年來的領導，以及團隊所建立的堅實基礎。這讓我們得以在未來延續並擴大目前的強勁動能。我想花一點時間向投資社群自我介紹。我期待很快能與各位見面。

While my title is new, Tyson Foods is not new to me. I've had the privilege of serving on the Tyson Foods Board of Directors for more than 10 years, and over that time, I have developed a deep respect for this company, its people, culture, brand, customers, and long-term potential. I've watched this management team navigate complex cycles, make disciplined decisions, and build a more consistent organization.

雖然我的職稱是新的，但泰森食品（Tyson Foods）對我而言並不陌生。我有幸在泰森食品董事會服務超過10年；在這段期間，我對這家公司、其員工、文化、品牌、客戶以及長期潛力建立了深厚的敬意。我見證這個管理團隊在複雜的循環中前行、做出有紀律的決策，並打造更一致的組織。

I spent time over the past few weeks meeting with our team members, visiting facilities, engaging with our customers and consumers in their homes, and I'm excited about their energy and passion. As one team, one Tyson, we will remain focused on operational execution, strengthening the iconic brands in our multi-protein portfolio, investing behind differentiated capabilities and generating long-term shareholder value.

過去幾週我花時間與團隊成員會面、走訪設施，並與客戶及在家中的消費者互動，我對他們的活力與熱情感到振奮。作為一個團隊、一個Tyson，我們將持續專注於營運執行、強化多元蛋白產品組合中的經典品牌、投資於差異化能力，並創造長期股東價值。

Innovation, quality, affordability and understanding what consumers want will be critical so our brands continue to earn a place at tables around the world every day. To our shareholders and analysts on the call today, I look forward to getting to know you better, sharing more about our priorities and continuing to earn your trust through consistent results and transparency.

創新、品質、可負擔性，以及理解消費者想要什麼將至關重要，讓我們的品牌每天都能持續在全球餐桌上占有一席之地。致今天在電話會議上的股東與分析師，我期待能更深入認識各位，分享我們的優先事項，並透過一致的成果與透明度持續贏得各位的信任。

With that, I'll turn it over to Curt to walk through the financial details.

接下來，我把時間交給Curt，請他說明財務細節。

Thanks, Jeff, and welcome. It's great to have you on the call. Total company sales were $13.9 billion, essentially flat compared to the prior year as a 3.4% increase in average sales price offset a 2.8% decline in volume, the latter driven largely by tighter cattle supply in beef. Third quarter segment operating income was $779 million, an increase of $18 million versus the prior year, driven by stronger results in chicken, pork and international, partially offset by lower beef results.

謝謝你，Jeff，歡迎加入。很高興你能參與本次電話會議。公司合併銷售額為139億美元，與去年同期基本持平；平均銷售價格上升3.4%抵銷了銷量下滑2.8%，其中銷量下滑主要由牛肉業務牛隻供給更為緊縮所致。第三季各部門合計營業利益為7.79億美元，較去年增加1,800萬美元，主要由雞肉、豬肉與國際業務表現更強所帶動，部分被牛肉業績較弱所抵銷。

Corporate expenses and amortization were lower by $24 million compared to the same period last year, driven by disciplined cost management. Total company adjusted operating income was $547 million, a margin of 3.9%. Adjusted earnings per share for the quarter were $0.99, up 9% compared to last year.

相較於去年同期，公司費用與攤銷減少了2,400萬美元，主要受惠於嚴謹的成本管理。全公司調整後營業利益為5.47億美元，營業利益率為3.9%。本季調整後每股盈餘為0.99美元，較去年成長9%。

Turning to our financial position, our approach to capital allocation remains disciplined, deliberate, and forward-looking, supported by a strong balance sheet. Our priorities remain balanced, investing in the highest return areas of our business, maintaining balance sheet strength in our investment-grade credit profile, and returning cash to shareholders over time. Free cash flow remains central to our strategy, and we are encouraged by the cash generation trends through the first nine months of the year.

接著談我們的財務狀況，我們在資本配置上的作法仍然嚴謹、審慎且具前瞻性，並由強健的資產負債表作為支撐。我們的優先事項仍維持平衡：投資於業務中報酬最高的領域、在投資等級信用評等下維持資產負債表的強度，並隨時間推進將現金回饋股東。自由現金流仍是我們策略的核心，我們也對今年前九個月的現金創造趨勢感到鼓舞。

Operating cash flow for the first nine months of the year was $1.47 billion and capital expenditures were $556 million, resulting in free cash flow of $913 million. We ended the quarter with $4 billion in liquidity and net leverage of 2.1 times. In the quarter, we repurchased $31 million of our shares, and year-to-date, we have returned $652 million to shareholders, including dividends. Since quarter end, we have repurchased an additional $49 million of our shares.

今年前九個月的營業活動現金流為14.7億美元，資本支出為5.56億美元，因而產生9.13億美元的自由現金流。本季季末我們的流動性為40億美元，淨槓桿倍數為2.1倍。本季我們回購了3,100萬美元的自家股票；年初至今（YTD），包含股利在內，我們已向股東回饋6.52億美元。自季末以來，我們又額外回購了4,900萬美元的自家股票。

Our balance sheet remains very healthy as we continue to prioritize financial strength, our investment-grade credit rating, and cash management to drive long-term shareholder value.

我們的資產負債表仍然非常健康；我們持續將財務實力、投資等級信用評等與現金管理列為優先，以推動股東長期價值。

Let's take a moment to review our updated outlook for fiscal 2026. As a reminder, our accounting cycle results in a 53-week year in 2026 compared to a 52-week year in 2025. Our guidance is presented on a comparable 52-week basis.

接下來花點時間回顧我們更新後的2026會計年度展望。提醒一下，由於我們的會計週期安排，2026年為53週年度，而2025年為52週年度。我們的指引係以可比的52週基礎呈現。

We narrowed full year sales growth guidance to 2.5% to 3.5% year-over-year. Total company adjusted operating income range is now forecast to be $2.1 billion to $2.3 billion, driven by the challenges in our Beef segment relating to cattle availability. We still anticipate interest expense of approximately $365 million and a tax rate of around 25%. Capital expenditures are now expected to be between $700 million and $900 million, and we have narrowed the range of our free cash flow to $1.3 billion to $1.7 billion.

我們將全年銷售成長指引收斂至年增2.5%至3.5%。全公司調整後營業利益區間目前預估為21億至23億美元，主要受到牛肉事業部因牛隻供給可得性所面臨挑戰的影響。我們仍預期利息費用約為3.65億美元，稅率約為25%。資本支出目前預期介於7億至9億美元之間；同時我們也將自由現金流區間收斂至13億至17億美元。

Turning to our segment outlook. In prepared foods, we are raising the midpoint of our full year segment operating income outlook with a revised range of $1.3 billion to $1.35 billion. We expect continued growth in top-line and bottom-line in the fourth quarter and for the full year. In Chicken, we are reaffirming our full-year segment operating income outlook at a range of $1.9 billion to $2.05 billion. This is broadly comparable with 2025 and supported by our commercial model, operational execution, and the impact of our live operations along with continued volume growth.

接著談各事業部展望。在調理食品（Prepared Foods）方面，我們上調全年事業部營業利益展望的中位數，修正後區間為13億至13.5億美元。我們預期第四季以及全年營收與獲利（top-line與bottom-line）將持續成長。在雞肉（Chicken）方面，我們重申全年事業部營業利益展望區間為19億至20.5億美元。此水準大致可與2025年相比，並受我們的商業模式、營運執行力、活體作業（live operations）的影響以及持續的銷量成長所支撐。

In Beef, industry conditions are challenged and we now expect a full-year segment operating income loss in the range of $650 million to $500 million. As continued USDA margin compression and higher cattle costs more than offset the benefits of our network optimization actions.

在牛肉（Beef）方面，產業環境充滿挑戰；我們目前預期全年事業部營業利益將出現6.5億至5億美元的虧損。原因在於USDA利差（margin）持續遭到壓縮以及牛隻成本上升，這些因素的負面影響超過了我們網路優化措施所帶來的效益。

In Pork, we are reaffirming our segment operating income outlook of $250 million to $300 million. In International, we are also reaffirming our outlook of $150 million to $200 million. Our corporate expenses and amortization outlook remain the same at $950 million to $975 million. Overall, I remain confident that 2026 will be another strong year for the company.

在豬肉（Pork）方面，我們重申事業部營業利益展望為2.5億至3億美元。在國際（International）方面，我們也重申展望為1.5億至2億美元。公司費用與攤銷的展望維持不變，仍為9.5億至9.75億美元。整體而言，我仍有信心2026年將是公司另一個強勁的一年。

I will now turn the call back to Donnie for closing remarks.

接下來我把電話交回給Donnie做結語。

Thank you, Curt. I'm excited for the opportunities in front of us in 2027 and confident in the long-term prospects for Tyson Foods. Let me quickly recap our forecast and focus areas.

謝謝你，Curt。我對2027年擺在我們面前的機會感到振奮，也對泰森食品（Tyson Foods）的長期前景充滿信心。我快速回顧一下我們的預測與聚焦重點。

In Chicken, we anticipate continued strength in our differentiated Chicken model underpinned by our end-to-end execution, live performance, branded and value-added mix, and strategic customer relationships. In Prepared Foods, we expect continued growth in both volume and profit, supported by the strength of our brands, ongoing innovation, and sustained consumer demand for convenient protein-centric options.

在雞肉（Chicken）方面，我們預期差異化的雞肉模式將持續展現強勁表現，並由端到端的執行力、活體表現、品牌與加值產品組合，以及策略性客戶關係所支撐。在調理食品（Prepared Foods）方面，我們預期銷量與獲利將持續成長，並受惠於品牌實力、持續創新，以及消費者對便利、以蛋白質為核心選項的持續需求。

In Beef, we will remain focused on operational discipline and performing competitively within our optimized long-term footprint as we continue to navigate the challenging cattle cycle. In Pork and International, we expect stable results with continued gains in operational execution across both segments.

在牛肉（Beef）方面，面對充滿挑戰的牛隻循環，我們將持續聚焦營運紀律，並在我們已優化的長期產能布局下維持具競爭力的表現。在豬肉（Pork）與國際（International）方面，我們預期結果將保持穩定，且兩個事業部的營運執行力將持續提升並帶來進一步改善。

Before we open the call for questions, I want to take a moment to say thank you to our team members, our customers, our family farmers and ranchers, and our shareholders. I'd also like to thank our Chairman, John Tyson, and the Tyson family, Barbara, John Randall, and Olivia, for their support and leadership throughout my time as CEO.

在我們開放提問之前，我想花點時間向我們的團隊成員、客戶、家族農民與牧場主，以及股東致謝。我也要感謝董事長John Tyson與Tyson家族的Barbara、John Randall與Olivia，在我擔任執行長期間給予的支持與領導。

Tyson is a strong company because of the people behind it, and I'm grateful for the work they do every day. We operated with discipline throughout another dynamic quarter, and I feel good about the progress we are making. Our strategy is working. Our portfolio is strong, and this team is well positioned for the opportunities ahead.

Tyson之所以強大，是因為背後的人；我感謝他們每天所付出的努力。在又一個多變的季度中，我們始終以紀律運作，我對我們正在取得的進展感到踏實。我們的策略正在奏效。我們的產品組合很強，而這個團隊也已為前方的機會做好充分準備。

Most importantly, we have a solid foundation in place. We are building momentum, growing the business, and staying focused on delivering stronger performance over time. I am incredibly proud of what this team has built and energized by what lies ahead under Jeff and his leadership team.

最重要的是，我們已建立穩固的基礎。我們正在累積動能、擴大業務，並持續專注於隨時間推進交出更強勁的表現。我為這個團隊所打造的一切感到無比自豪，也對在Jeff及其領導團隊帶領下的未來充滿期待。

With a clear focus on accelerating our brands and value-added mix, deepening our connection with consumers, strengthening strategic customer relationships, and continuing to raise the bar on operational execution, Tyson is well positioned to build on the momentum and create meaningful long-term value for our shareholders.

透過明確聚焦於加速推進我們的品牌與加值產品組合、深化與消費者的連結、強化策略性客戶關係，並持續提高營運執行標準，Tyson已具備良好條件在既有動能上再接再厲，並為股東創造具意義的長期價值。

While I'm stepping out of the CEO role, I will remain on the Board and stay closely engaged in the company's performance in a long-term direction. This strategy matters deeply to me, and I will continue to support Jeff and the team as we deliver on the commitments we have made to our shareholders.

雖然我將卸下執行長職務，但我仍會留任董事會，並持續在公司長期方向上密切關注其營運表現。這項策略對我而言意義重大；在我們履行對股東所做的承諾之際，我也將持續支持Jeff與團隊。

With that, I will turn the call back to John to begin the Q&A session.

接下來，我把電話交回給John，開始問答（Q&A）環節。

Thank you, Donnie. We will now open the line for questions. Please note that our cautions regarding forward-looking statements and non-GAAP measures apply to both our prepared remarks on the following Q&A. Donnie, Curt, Jeff, and Wes are available for your questions. Operator, please provide the Q&A instructions.

謝謝你，Donnie。我們現在開放提問。請注意，關於前瞻性陳述與非GAAP衡量指標的警示說明，適用於我們的準備發言以及接下來的問答內容。Donnie、Curt、Jeff與Wes將回答各位的問題。接線員，請提供問答指引。

(Operator Instructions)

（接線員指示）

Andrew Strelzik, BMO.

Andrew Strelzik，BMO。

Great, thank you. And first, I wanted to say congratulations, Donnie as you take this next step. My question, you've highlighted strong performance in Chicken and Prepared Foods. I guess as we look forward, what gives you confidence in the sustainability of that performance in '27 against a tough commodity chicken and consumer backdrop? And do you expect to hold or grow profits in those segments next year?

很好，謝謝。首先，我想祝賀你，Donnie，邁向下一個階段。我的問題是：你提到雞肉與調理食品表現強勁。我想在展望未來時，在大宗商品雞肉與消費者環境偏具挑戰的背景下，是什麼讓你對2027年這樣的表現可持續性有信心？你是否預期明年這些事業部的獲利能夠維持或成長？

Great question, Andrew, and thank you, and thanks for this particular question. It's a good one. So let me start out with this and see if I can do this. Kurt, if I leave something out, you or someone else feel free to step in. So let me start with what we've done. I mean, we're really pleased with our Q3 performance.

很好的問題，Andrew，謝謝你，也謝謝你提出這個特別的問題。這確實是個好問題。那我先從這裡開始，看看我能不能把它說清楚。Kurt，如果我漏了什麼，你或其他人請隨時補充。那我先從我們已經做過的事情談起。我的意思是，我們對第三季（Q3）的表現真的很滿意。

We've improved volume, gained market share, and increased profitability. That's our 12th consecutive quarter of doing what we said we'd do. Prepared Foods raised its guidance at midpoint to $1.3 billion to $1.35 billion on a third straight quarter of volume and share growth.

我們提升了銷量、取得了市占，並提高了獲利能力。這是我們連續第12個季度做到我們說過會做到的事。在連續第三個季度銷量與市占成長之下，加工食品（Prepared Foods）將指引中位數上調至13億至13.5億美元。

Chicken delivered its seventh straight quarter of volume and net sales growth with $488 million of segment operating income and 11.2% margin, a $40 million improvement year-over-year. This is an execution story, end-to-end execution.

雞肉業務連續第七個季度實現銷量與淨銷售成長，分部營業利益為4.88億美元、利潤率11.2%，較去年同期改善4,000萬美元。這是一個執行力的故事，端到端的執行。

So Andrew, back to your question directly to FY27. I need to make this really clear. I don't think about Tyson as a commodity chicken company. About three quarters of our Chicken segment's operating income now runs on the same model as Prepared Foods, a pull business. Built against committed strategic customer demand, our investment in the number one brand in chicken and direct digital engagement with our consumers. This is not a push business exposed to the open cutout market.

所以Andrew，回到你直接問到FY27的問題。我需要把這點講得非常清楚。我不把Tyson視為一家大宗商品雞肉公司。我們雞肉分部的營業利益中，現在約有四分之三是以與加工食品相同的模式運作——拉式（pull）業務。這是建立在已承諾的策略性客戶需求之上，同時我們投資於雞肉第一品牌，並透過直接數位互動與消費者連結。這不是一種暴露於公開分切（cutout）市場的推式（push）業務。

Industrywide chicken oversupply is a commodity market dynamic. It pressures processors selling into that spot market. This is not us. Because most of our chicken volume is already spoken for before we place the baby chick.

全產業雞肉供給過剩是大宗商品市場的動態。它會對那些把產品賣到現貨市場的加工商造成壓力。但這不是我們的情況。因為我們大部分的雞肉產量，在我們投放雛雞之前就已經被預先承諾了。

Chicken is running the same playbook that has made prepared food so resilient, growing through mix, brand investment, customer partnership, and consumer-centric discipline, not by chasing commodity price. And our portfolio, excluding beef, for segment operating income, $172 million or 6.5% over the first nine months, led by chicken, prepared foods and pork. And by the way, pork's role in the portfolio is largely a raw material supply to Prepared Foods.

雞肉業務正沿用讓加工食品如此具韌性的同一套打法：透過產品組合（mix）、品牌投資、客戶合作夥伴關係，以及以消費者為中心的紀律來成長，而不是追逐大宗商品價格。另外，我們的投資組合（不含牛肉）在前九個月的分部營業利益為1.72億美元、成長6.5%，主要由雞肉、加工食品與豬肉帶動。順帶一提，豬肉在投資組合中的角色很大程度上是為加工食品提供原料供應。

Beef. Beef hasn't performed the way we expected, and we're not pretending otherwise. But we're controlling what we can control there, and we're not waiting passively for the cycle to turn. Beef is our only true commodity business. All of this taken together, Andrew, it's hard to find another consumer staples food company growing both volume and profitability the way we are. A customer built business, not a commodity one. And that's why I'm confident this will continue in FY27 and beyond.

牛肉。牛肉的表現沒有達到我們的預期，我們也不會假裝不是如此。但我們會把能控制的部分控制好，也不會被動等待景氣循環反轉。牛肉是我們唯一真正的大宗商品業務。綜合以上，Andrew，很難找到另一家民生必需品食品公司能像我們一樣，同時在銷量與獲利上成長。我們是一個以客戶為基礎建立的業務，而不是大宗商品型的業務。這也是為什麼我有信心，這樣的表現會在FY27以及之後持續下去。

Okay, that's super helpful. And maybe just a follow-up. If I heard you correctly, I think you made a comment in the prepared remarks about '27 looking a lot like fiscal '26. And I just wanted to clarify if you were talking about earnings or operating profit or was that a broader comment about kind of the strategic priorities, the operational discipline, those types of things?

好的，這非常有幫助。我可能再追問一下。如果我沒聽錯的話，我想你在事先準備的發言中提到，'27看起來會很像會計年度'26。我只是想釐清，你指的是盈餘、營業利益，還是更廣泛地指策略優先事項、營運紀律這類事情？

Great follow-up. As I think about 2027, we did say it would look a lot like '26. We think the momentum continues across all of our businesses. I think that would be underscored with growth in the business. That would be growth in volume, growth in profitability. We'll continue to execute with our strategic customers and so I think it's across all businesses, even beef where I just said that we're not pleased with the performance of that.

很好的追問。當我思考2027年時，我們確實說過它會很像'26。我們認為動能會在我們所有業務中延續。我想這會透過業務成長來凸顯。那會是銷量成長、獲利成長。我們會持續與策略性客戶執行到位，所以我認為這是涵蓋所有業務的，包括牛肉——儘管我剛才說過我們對牛肉的表現並不滿意。

Our execution in beef is still very good and the execution across all businesses is still very good. And our model, as I just tried to point out, we're not a commodity company except, for example, beef. And so that's what gives me confidence in that, and I feel good about that.

我們在牛肉的執行仍然非常好，而在所有業務上的執行也仍然非常好。而且如我剛才試著指出的，我們不是一家大宗商品公司，除了例如牛肉之外。因此這就是我對此有信心的原因，我對此感覺良好。

And so in terms of -- from a pricing standpoint, even if you use Q3 as a proof point, it's not a price -- if this wasn't a price story for us, if you look at underlying cutout values, composite cutout, the cutout for commodity chicken on the commodity market was down 45% and we saw net price realization and that's driven by our mix, a more value-added mix which that we've talked about often.

所以就——從定價角度來看，即便以Q3作為佐證，這對我們而言並不是一個價格故事；如果你看基礎的分切（cutout）價值、綜合分切（composite cutout），大宗商品市場上的大宗雞肉分切價格下跌了45%，但我們仍實現了淨價格實現（net price realization），而這是由我們的產品組合所驅動——也就是我們常談到的、更高附加價值的組合。

Our pricing models, even for those products and areas that where they're not quite branded and they're not quite value-added, but we have these customer pricing models that smooth and trim peaks and protect valleys. And so we feel good about that. In our strategic customer partnerships, we continue to add to that and all of these are built on service, quality and innovation, not discounting.

我們的定價模型，即使是針對那些還不算真正品牌化、也不算真正高附加價值的產品與領域，我們也有這些客戶定價模型，能夠平滑並削減高峰、保護低谷。因此我們對此感覺良好。在我們的策略性客戶夥伴關係方面，我們持續擴增，而這些都建立在服務、品質與創新之上，而不是靠打折。

A ProofPoint, for example, is 11.2% margin in chicken in our Q3. And we're not chasing share price, we're chasing share through price, we're growing via mix and execution. And so, all of that together gives me great confidence in our ability to not only do what we did in '26, but even beyond and even better.

例如，一個佐證是我們Q3雞肉業務的利潤率達到11.2%。我們不是在追逐股價（share price），我們是透過價格來追逐市占（share），我們是靠產品組合與執行來成長。因此，綜合以上，讓我對我們不僅能做到'26所做到的事，甚至能做得更多、更好，充滿信心。

Ben Theurer, Barclays.

Barclays的Ben Theurer。

Yeah, good morning and thank you very much for taking my question. Also, Donnie, I can just follow Andrew's comments here. Congrats on a great tenure here with Tyson. So let me pick up a little bit of the chicken business and just the commentary you just had.

是的，早安，非常感謝讓我提問。另外，Donnie，我也想延續Andrew剛才的評論。恭喜你在Tyson任期表現出色。那我想接著談一點雞肉業務，以及你剛才的評論。

But I would like to understand a little bit better. As we look at your chicken year to date and then obviously if we just take the full fiscal quarter of last year, we're kind of like shaking out at the low end of the guidance for fiscal '26.

但我想更清楚地理解一下。當我們看你們雞肉業務今年迄今的表現，然後顯然如果我們只看去年完整的會計季度，我們目前大概落在會計年度'26指引的低端。

So what I would like to understand based on what you've done and what you've implemented over the last couple of quarters, what would take you to the higher end of the guidance versus what would be basically a year-over-year fourth quarter flat? So just a little bit more detail maybe on the fourth quarter, particularly just to understand the high versus low for the full year guidance. That would be my first question.

所以我想了解的是，基於你們在過去幾個季度所做、以及所落實的措施，什麼因素會讓你們達到指引的高端，而不是基本上第四季與去年同期持平？所以也許請再多提供一些關於第四季的細節，特別是為了理解全年指引高端與低端的差異。這是我的第一個問題。

Sure. I would tell you in terms of fourth quarter last year, it was an all-time record. Quite frankly, the market was exceptional and so we took advantage of that by producing some product and actually selling that on the market. So we took advantage of that.

當然。我會告訴你，就去年第四季而言，那是史上紀錄。坦白說，市場表現非常出色，所以我們透過生產一些產品並實際在市場上銷售來把握了那個機會。所以我們把握了那個機會。

This year in Q4, it's not going to look that way, so we obviously won't do the same thing again. But our bread and butter is going to be our branded and value-added portfolio and those strategic customers. So we think Q4 will be a really good quarter. It will be a really good year for us as a company, but you're not going to see the peaks in Q4 that we saw in Q4 of last year because of what I've just described, the actions we took last year to take advantage of the market.

今年在第四季（Q4）就不會呈現那樣的情況，所以我們顯然不會再做同樣的事情。但我們的核心主力將會是我們的品牌與加值產品組合，以及那些策略性客戶。因此我們認為第四季會是一個非常好的季度。對我們公司而言，這將會是非常好的一年，但你不會在第四季看到像去年第四季那樣的高峰，原因正如我剛才所描述的——去年我們採取行動以把握市場機會。

Ben, this is Curt. I might just add. Obviously, as you looked at the guidance, we obviously maintained chickens range that we had last quarter that would imply somewhere between a $430 million and $580 million midpoint, just a little bit over $500. Just point out, right, our average through the nine months is running right at about $490 million just inside of the $500 million mark.

Ben，我是 Curt。我補充一下。顯然，當你看我們的指引時，我們顯然維持了上季的雞肉區間，這意味著中位數大約介於4.30億到5.80億美元之間，略高於5.00億美元。再指出一點，對吧，我們前九個月的平均值大約在4.90億美元，略低於5.00億美元的水準。

So it's a pretty balanced year in total, I think. The high-low would be either a $52 million, $48 million split front half-back half or at the high end, $48 million, $52 million. And so, as Donnie mentioned, a really strong quarter in Q4 of a year ago for the reasons he illustrated. I think we were more like a $47 million, $53 million front half-back half split last year, so I think it's pretty balanced in total across the range we provided.

所以我認為全年合計是相當均衡的一年。高低區間的前半/後半分布，可能是5.2億、4.8億的分配，或在高端則是4.8億、5.2億。因此，如 Donnie 提到的，去年第四季之所以特別強勁，原因就是他所說明的那些。我想去年我們更接近4.7億、5.3億的前半/後半分配，所以我認為在我們提供的區間內，整體而言相當均衡。

Okay, got it. Thank you very much. And then as you look into the Prepared Foods business, I want to maybe understand a little bit as you're balancing that out over the remainder of the year, but then also building on the momentum into next year. Clearly, it's been different than a lot of other food companies and you've been able to establish a better margin profile.

好的，了解。非常感謝。接著，當你看向調理食品（Prepared Foods）業務時，我想更了解一些：你們如何在今年剩餘期間做平衡，同時把這股動能延續到明年。很明顯，這與許多其他食品公司不同，而你們也建立了更好的毛利率結構。

So maybe help us understand what allowed you to reach that level and how confident are you as it looks into next year to maintain that margin level in Prepared Foods in particular? Are you seeing any cost pressure, anything we should be aware of that might be a risk as we move into fiscal '27?

所以也許請你們協助我們理解，是什麼讓你們能達到那樣的水準？以及展望明年，你們對於維持調理食品（特別是 Prepared Foods）的那個毛利率水準有多大信心？你們是否看到任何成本壓力，或有什麼我們需要留意、可能在邁入2027會計年度（fiscal '27）時成為風險的因素？

Sure. Thanks for that. Let's start with really two things that are fundamental to every business. We're in the protein, the value-added protein business where we sell real food. And so that's a big point of difference for us. But in terms of how that looks, looking at the most recent quarter, and we see this continuing. A lot of similarities to all the things I just said about chicken and the overall portfolio, but we had three consecutive quarters of volume and net sales growth, certainly outpacing the industry.

當然。謝謝你的提問。我們先從每個事業都很根本的兩件事談起。我們是在蛋白質、加值蛋白質的業務中，銷售的是真正的食品。因此，這是我們很大的差異化。就其呈現方式而言，回到最近一季來看，而且我們也看到這種情況會延續。這與我剛才談到雞肉與整體產品組合的許多內容很相似；但我們已連續三季在銷量與淨銷售額上成長，且明顯領先產業。

This quarter, again, we gained share in volume, dollars and units. In our Q3, 13 of the 13 weeks, we saw continuous share gain in retail. We achieved the highest ever volume share this quarter. Of course, you look at all of our competitors and you'll see real quickly that they didn't do that and you pointed that out. But our brand wins were all broad-based, Hillshire snacking was up 18.4%, Lunchmeat was up 7%, Aidell's was up 5.8%, Smoked Sausage up 3.7% and Jimmy Dean breakfast was up 2.7%.

本季我們再次在銷量、金額與件數上取得市占。在我們第三季（Q3）的13週中，13週都看到零售端市占持續提升。本季我們達成了史上最高的銷量市占。當然，你看看所有競爭對手，很快就會發現他們並沒有做到這點，而你也指出了這一點。但我們的品牌勝利是全面性的：Hillshire 零食（snacking）成長18.4%，Lunchmeat 成長7%，Aidell's 成長5.8%，Smoked Sausage 成長3.7%，Jimmy Dean 早餐成長2.7%。

Prepared Foods is the jewel of our portfolio in delivering as promised. And we're trying to illustrate for everyone that our chicken business is very similar in nature to that. But all this is driven by those strategic customer partnerships that we have, innovation where we continue to gain distribution and increasing household penetration. And so the alignment with the customer and the consumer and with us, it's our success that we're seeing is a result of creating a win-win across all of those three constituents.

調理食品（Prepared Foods）是我們產品組合中兌現承諾的明珠。而我們也試圖向大家說明，我們的雞肉業務在本質上與此非常相似。但這一切都由我們的策略性客戶夥伴關係所驅動，加上創新——我們持續擴大通路覆蓋——以及提升家庭滲透率。因此，客戶、消費者與我們之間的協同一致，我們所看到的成功，是在這三個利害關係人之間創造三贏（win-win）的結果。

Just to add to that as well, similar to the commentary already had for chicken, I know you had a question there and as we finish the fourth quarter, our range in a tightened Prepared Foods range implies a Q4 somewhere around roughly a $290 million to a $340 million, that's with an average in the first nine months of just inside of $340 million.

我也補充一下，類似於先前對雞肉的評論，我知道你那邊有個問題；當我們完成第四季時，我們在收斂後的調理食品區間所隱含的第四季，大約落在2.90億到3.40億美元左右，而前九個月的平均值則略低於3.40億美元。

So it's pretty balanced again in Q4, as you know and we've talked before, typically our second half in Prepared Foods is a little underweight for the first half, the historical kind of $55 million to $45 million split. But as we've really reshaped the portfolio and driven all the elements as Donnie highlighted in delivering for the customers and consumers, we expect that to be a bit more balanced. And this would be a year that's implying a continuation of that more balanced view, somewhere around $52 million, $48 million would be about the midpoint.

所以第四季同樣相當均衡；如你所知、我們也談過，通常調理食品的下半年相對上半年會略偏輕，歷史上大概是55/45的分配。但隨著我們確實重塑了產品組合，並推動 Donnie 所強調的各項要素以交付給客戶與消費者，我們預期會更為均衡一些。而今年所隱含的就是延續這種更均衡的觀點，中位數大約是52/48的分配。

We will lap a Q4 of a year ago that was a little under for the reasons we talked about last year, but very positive outlook in Q4 and also carrying through into '27, as Donnie said earlier, expecting growth both in volume and profitability in prepared foods for next year.

我們將會與去年第四季相比（去年第四季因我們談到的原因而略低）形成基期效應，但我們對第四季的展望非常正面，也會延續到2027年；如 Donnie 先前所說，我們預期明年調理食品在銷量與獲利能力上都會成長。

Michael Lavery, Piper Sandler.

Michael Lavery，Piper Sandler。

Thank you. Good morning. And Donnie, congrats. And Jeff, welcome. Just wanted to come back to check in. And I know genetics got a little bit unexpected airtime last quarter. Just curious if you could give us an update there, partly with an eye -- I know you've already touched on some of the key kind of moving parts for how to think about next year.

謝謝。早安。Donnie，恭喜。Jeff，歡迎加入。我想再回來確認一下。我知道上季「遺傳育種（genetics）」意外地被談到不少。想請問你們能否更新一下那邊的情況，部分也是著眼於——我知道你們已經提到一些思考明年的關鍵變動因素。

But I think it sounds like some of the benefits from genetics and even that that business's own momentum could pick up. There's a little bit -- I know you made it clear, it's modest, but some potential help from Mexico cattle imports. And I know you've called out how some of the easing costs in Prepared Foods would hit next quarter and start flowing through. So I guess maybe -- am I right to think we should consider those things as well, how big a role could the genetics piece play?

但我覺得聽起來，遺傳育種帶來的一些效益，甚至那個業務本身的動能，都可能會加速。另外還有一點——我知道你們說得很清楚，影響不大——但墨西哥牛隻進口可能帶來一些幫助。而且我知道你們也提到，調理食品的部分成本趨緩會在下一季反映並開始逐步傳導。所以我想問——我這樣理解對嗎：我們也應該把這些因素納入考量？遺傳育種這一塊可能扮演多大的角色？

And if you put it all together, I know you said similar to fiscal '26, but it sounds like maybe even a step up and better, is that a fair characterization?

如果把這些都加總起來，我知道你說會與2026會計年度（fiscal '26）類似，但聽起來可能甚至會再往上一步、更好一些，這樣的描述公平嗎？

Okay. A lot of questions in there, Michael. Let me start with the genetics question and I may ask you to be maybe a little more specific on the following ones. But let me clear up a few things as it relates to our genetics business. First, I would remind you that the genetics business is part of our chicken segment. It's an important part of our chicken story, but our entire end-to-end chicken business is performing well.

好的。Michael，你這裡面有很多問題。我先從遺傳育種的問題開始，後面的部分我可能會請你再更具體一些。不過先釐清幾點，關於我們的遺傳育種業務。首先，我要提醒你，遺傳育種業務是我們雞肉事業部的一部分。它是我們雞肉故事中重要的一環，但我們端到端的整體雞肉業務表現都很好。

So let me see if I can explain this. So you start with the chicken segment. Within the chicken segment, you have domestic chicken and you also have our genetics company there. Both have P&Ls. Within that genetics company, we have two breeds predominantly. We have one that is small bird genetics, and we have one for big bird.

那我看看我能不能把這個解釋清楚。你先從雞肉事業部開始。在雞肉事業部裡，你有國內雞肉業務，同時也有我們的育種基因公司。兩邊都有各自的損益表（P&L）。在那家育種基因公司裡，我們主要有兩個品系。一個是小型雞的基因品系，另一個是大型雞的基因品系。

Now, I'll get a little more color on the big bird piece of that, which is really the story we're talking about here. We sell those genetics domestically, internally to our domestic chicken business, but we also sell to outside customers and competitors. That's predominantly today a small portion of what we do.

接下來我再補充一些關於大型雞那一塊的細節，這其實就是我們今天在談的重點。我們在國內銷售這些基因產品，內部供應給我們的國內雞肉業務，但我們也會賣給外部客戶與競爭對手。就目前而言，這部分在我們整體業務中占比仍然偏小。

If I look at our genetics business, our Cobb P&L, if you go back to 2014, our genetics, our big bird genetics, began to decline. They never were as competitive as we needed, and they troughed at about 2024. And so what that looked like is that not only did the genetics company suffer from a P&L perspective, but also domestic chicken suffered from that as a result because we were disadvantaged in areas like eggs per hen house, livability, and, of course, the amount of breast meat you get per live animal.

如果我看我們的育種基因業務、也就是我們 Cobb 的損益表（P&L），回到 2014 年，我們的育種基因、我們的大型雞基因品系開始走下坡。它們從來沒有達到我們所需要的競爭力，並在大約 2024 年觸底。因此呈現出來的情況是：不只是育種基因公司在損益（P&L）角度受到影響，國內雞肉業務也因此受到拖累，因為我們在每棟雞舍每隻母雞的產蛋數、存活率，當然還有每隻活禽可取得的胸肉量等方面都處於劣勢。

What we talked about last time was we now have a competitive big bird genetics that is rolling through our supply chain. The status of that is this. By the end of the fiscal year, end of the calendar year, I should say, we will be harvesting about, in those locations that use big bird genetics, about 75% will be this new line of genetics that we have. The balance of that 75% will occur in physical '27 of 25%. Again, that's only for those chickens that require big bird genetics.

我們上次談到的是，我們現在已經有具競爭力的大型雞基因品系，正在我們的供應鏈中逐步導入。目前的進度是這樣：到本會計年度年底——更精確地說是到曆年年底——在那些使用大型雞基因品系的地點，我們收成（出欄/屠宰）的雞隻中，大約 75% 會是我們這條新的基因品系。這 75% 的剩餘導入量，將在 2027 財年完成最後 25%。再次強調，這只適用於那些需要大型雞基因品系的雞隻。

And so, you should see a P&L impact to the genetics company and likewise, and even more importantly, a bigger impact on the domestic chicken business. That's where the real fruit is. So let me pause there and let you redirect me.

因此，你應該會看到育種基因公司在損益表（P&L）上的影響；同樣地，而且更重要的是，對國內雞肉業務的影響會更大。真正的成果會在那裡體現。我先在這裡停一下，讓你把問題導回你想問的方向。

No, that's really helpful and I had a jumbo size question. The other piece was just kind of rolling it all into the overview on just the look ahead because it seems like that genetics flowing through should be a tailwind next year. And same with some of the Prepared Foods, cost pressure easing and even maybe a lift from cattle imports. So that plus some of the commentary you'd already added on how to think about the moving parts next year.

不，這真的很有幫助，而且我有一個超大題。另一部分是想把這些都放進對未來展望的整體理解裡，因為看起來這些基因品系在供應鏈中逐步導入，明年應該會形成順風。另外，部分調理食品（Prepared Foods）的成本壓力也在緩解，甚至可能因牛隻進口而有所提振。所以把這些，再加上你先前對明年各項變動因素的評論，想請你一起說明一下該怎麼看。

It sounds like there's room for some nice improvement. And maybe I was just trying to make sure I understood how to potentially nitpick your wording when you say similar to fiscal '26. It sounds like there's lots of reasons to believe fiscal '27 can certainly be better or possibly nicely better. Is that fair?

聽起來改善空間不小。我可能只是想確認我理解無誤：當你說「類似於 26 財年」時，我是否可以更精準地解讀你的用詞。聽起來有很多理由相信 27 財年肯定可以更好，甚至可能明顯更好。這樣理解公平嗎？

Michael, it's Curt. Let me pick up on a couple of things there. I think, look, I appreciate where we are in the cycle. We're not giving guidance yet for '27. Certainly, we need to finish '26 before we get there. So give me a little bit of liberty there, if you wouldn't mind. But I think what the message we were intending to deliver qualitatively is first and foremost, we expect to continue on the trend that we've been on in Prepared Foods to grow volume and ultimately profitability.

Michael，我是 Curt。我來接著回應你剛剛提到的幾點。我想，你看，我理解我們目前所處的景氣循環位置。我們還沒有對 27 財年提供指引。當然，在談到那之前，我們得先把 26 財年走完。所以如果你不介意的話，請容我在這裡保留一些彈性。但我認為我們想要傳達的定性訊息，首先也是最重要的是：我們預期調理食品（Prepared Foods）將延續目前的趨勢，持續提升銷量，並最終提升獲利能力。

We've demonstrated that, differentiated than most anyone else, and we expect to continue to deliver that. I think Donnie's messages in the first question were really around the differentiation that we believe we have in our chicken business and not being a commodity company, not being a chicken commodity company. And so we expect another constructive year in chicken.

我們已經證明了這一點，而且相較幾乎所有其他同業更具差異化，我們也預期會持續交付這樣的成果。我想 Donnie 在第一個問題中的重點，主要是在談我們認為雞肉業務具備的差異化優勢——我們不是一家大宗商品公司，也不是一家雞肉大宗商品公司。因此，我們預期雞肉業務會是另一個具建設性的一年。

Not ready to give guidance yet for the reasons I illustrated earlier, but we expect it to be another constructive year. I think we've done well in these last couple of years and we believe a lot of those things are within our control and we'll continue to manage those.

基於我先前說明的原因，我們還沒準備好提供指引，但我們預期會是另一個具建設性的一年。我想我們在過去這幾年做得不錯，而且我們相信其中很多事情是在我們可控範圍內，我們也會持續把這些管理好。

And in total, right, certainly there is a lot of market pressures in the beef business, but what you can expect from us is to run our beef business as efficiently as we can and control the controllables, which is the message that we've been sending over the last year plus. Certainly, as it's been a challenging beef business. So a little early, we'll certainly give more commentary as we get there in our next call. But I wanted to leave you with some qualitative thoughts in '27 by each of the segments. Hopefully that helps with some context there.

整體來說，沒錯，牛肉業務確實面臨很多市場壓力，但你可以期待我們會盡可能高效率地經營牛肉業務，並把可控的事情控制好——這也是我們過去一年多一直在傳達的訊息。畢竟牛肉業務一直都很具挑戰。所以現在談還稍早，我們會在下一次電話會議更接近時提供更多評論。但我想先按各事業部給你一些關於 27 財年的定性想法。希望這能提供一些背景脈絡。

Really helpful color. I appreciate it. Thanks so much.

這些補充資訊非常有幫助。我很感謝。非常謝謝。

Heather Jones, Heather Jones Research.

Heather Jones，Heather Jones Research。

Morning. And, Donnie, I just want to say it's been wonderful to work with you all these years, and you're definitely going to be truly missed. And Jeff wanted to extend a welcome and looking forward to working with you.

早安。Donnie，我只是想說，這些年能和你們合作非常愉快，你一定會讓大家非常想念。另外 Jeff 也想表達歡迎，並期待與你合作。

Thank you, Heather.

謝謝你，Heather。

Thanks, Heather.

謝謝，Heather。

Yeah. I guess I'm going to start out with a balance sheet capital allocation question. Your balance sheet is the strongest it's been in a while. And so just wondering if you could give us updated thinking about how you're thinking about capital allocation. You mentioned some share repurchases you did recently.

好的。我想我先從資產負債表的資本配置問題開始。你們的資產負債表是近一段時間以來最強健的。所以想請教你們對資本配置的最新想法是什麼。你提到你們最近做了一些庫藏股回購。

So just updated thinking on that and is there potentially any large-scale M&A that could be on the table given how strong the balance sheet is now?

所以想聽聽你們對此的最新思考；另外，鑑於目前資產負債表這麼強健，是否有可能把任何大型併購（M&A）納入考量？

Thanks, Heather. And thanks for noting. Certainly, we worked very hard through the business all the way through the capital allocation and the choices that we've been making over the last couple of years, so appreciate the notice. And as always, I start out a capital allocation question around our priorities and re-emphasizing maintaining that financial strength is always first in the list.

謝謝你，Heather。也謝謝你的肯定。確實，過去幾年我們從營運一路到資本配置與各項選擇都非常努力，所以謝謝你注意到這點。一如往常，我在回答資本配置問題時會先從我們的優先順序談起，並再次強調：維持財務實力永遠是清單上的第一順位。

But we also invest in the business, both organically and inorganically, to your question, as well as returning cash for shareholders. I'll comment on the share repurchases in just a second. But I think we've demonstrated consistently that we intend to build that financial strength, and as you noted, we have an incredibly healthy balance sheet. We're right at about $4 billion liquidity, about 2.1 times on a net leverage basis.

但我們也會投資於業務——無論是有機成長或無機成長（呼應你剛剛的問題）——同時也會回饋現金給股東。我等一下會再談庫藏股回購。不過我認為我們已經一貫地展現出，我們的確打算持續強化財務實力；如你所說，我們的資產負債表非常健康。我們的流動性大約在 40 億美元左右，淨槓桿倍數約為 2.1 倍。

We've taken gross debt down about $800 million this year, over $900 million of free cash flow, and with that, we've invested about $550 million in CapEx and we've shared a range a little tighter, but we shared a range this morning $700 million to $900 million of CapEx. And so far on a year-to-date basis returned about $650 million to shareholders through dividends and repos.

今年我們已將總負債降低約8億美元，自由現金流超過9億美元；同時，我們在資本支出（CapEx）上投資約5.5億美元。我們把區間收斂了一些，今天早上也分享了CapEx區間為7億至9億美元。此外，截至目前為止，我們透過股利與庫藏股回購，約向股東回饋6.5億美元。

But to your comment, we did make an earlier comment in the prepared remarks. Around we've already done some share repos already in the early part of Q4, about $45 million or so. I think that represents certainly an attractive valuation for us to allocate capital to, and it's been a good return for us, we believe.

不過針對你的評論，我們在事先準備的發言中也較早提到過。我們在第四季初期已經進行了一些股票回購，約4,500萬美元左右。我認為這對我們而言確實代表一個具吸引力的估值，值得我們配置資本，而且我們相信這也帶來了不錯的回報。

But we still continue to see great opportunities to invest in their business, and we'll take a balanced view as we have, and we'll certainly share guidance in the upcoming call next quarter relative to our thoughts of CapEx, but we continue to see really great opportunities to invest organically in our business.

但我們仍持續看到在公司業務上投資的絕佳機會；我們會一如既往採取平衡的觀點。至於CapEx的想法，我們會在下季即將召開的電話會議中提供指引；不過我們仍然看到非常好的機會，可以在本業上進行有機投資。

Okay, thank you for that. And then my follow-up is, I've just been trying to reconcile a couple of things on the chicken business. So, Donnie, to your comments about the genetics, improved yield, improved hen production, egg production. Just basically improving across the board on the productivity.

好的，謝謝你的說明。接著我的追問是：我一直在嘗試釐清雞肉業務上的幾件事。所以，Donnie，依你對基因、提升出肉率、提升母雞產能、產蛋量的評論來看，基本上就是整體生產力全面改善。

During you'all's Q3, the industry grew volumes like 4.7%, but you'all's volumes were only up 1%. I'm just trying to reconcile disparity there. Is that just lower external purchases? How should I think about that so that I can think about it correctly going forward?

在你們第三季期間，產業的出貨量成長大約4.7%，但你們的出貨量只成長1%。我想釐清這之間的差異。這只是因為外部採購較少嗎？我應該如何理解這點，才能在未來正確地看待？

Sure. Your numbers in terms of supply, if I understood correctly. They do go up from an industry standpoint. I would remind you that very simply said, we match our supply to our demand. That being said, remember that we are growing our branded and value-added offerings at a faster pace than we're growing the overall. In fact, it's almost 4 times what we're growing overall sales.

當然。如果我理解正確，你提到的是供給面的數字。從產業角度來看，供給確實上升。但我想提醒你，很簡單地說，我們會讓供給與需求相匹配。此外，也請記得，我們的品牌與加值型產品的成長速度，快於整體業務的成長速度。事實上，幾乎是我們整體銷售成長速度的4倍。

So if you go back and look through history, you would find that we probably sold more whole birds or we sold more of a product with bones in it, meaning could be whole body, could be APs, could be any of those things. But we're selling a more value-added mix today that looks more like a portion boneless skinless chicken breast or a ready-to-eat chicken tenderloin or things like that.

所以如果你回頭看歷史，你會發現我們過去可能賣更多全雞，或賣更多帶骨的產品，也就是可能是全雞、AP（整雞分切）或任何這類產品。但今天我們賣的是更偏加值的產品組合，例如分切去骨去皮雞胸肉、即食雞里肌條等這類產品。

But our business is growing, but it's growing in the places where we want it to grow. And as I referenced, that's growing about four times the total sales of about just over 1%.

我們的業務確實在成長，但成長發生在我們希望成長的領域。如我所提到的，那部分的成長大約是整體銷售成長（略高於1%）的4倍。

Leah Jordan, Goldman Sachs.

Leah Jordan，高盛。

Good morning. Thank you for taking my question. And Donnie, I wanted to say thank you for everything you've done for the company and shareholders over the years, wishing you the best. And Jeff, definitely looking forward to working with you and congrats on the new role.

早安。謝謝讓我提問。Donnie，我想感謝你多年來為公司與股東所做的一切，祝你一切順利。Jeff，也很期待與你合作，恭喜你擔任新職務。

So this has all been really helpful color today, and I know we'll have more discussions about '27 going forward. But I just wanted to dig into Prepared Foods. You're taking share, but the category has broadly decelerated recently, and we're in a mixed consumer backdrop. So maybe you could just comment on the competitive environment overall, what you're seeing in terms of promotional activity.

今天這些補充資訊都非常有幫助，我也知道接下來我們會就2027年有更多討論。但我想更深入談談預製食品（Prepared Foods）。你們正在提升市占，但整體品類最近普遍放緩，而且消費者環境也較為分化。所以也許你可以評論一下整體競爭環境，以及你們看到的促銷活動情況。

And then in an earlier question, you talked about you still expect volume growth into next year. So I was just curious how you're thinking about category growth versus share gains as key drivers to that volume growth in Prepared Foods. Thank you.

另外，在先前的問題中，你提到你們仍預期明年會有銷量成長。所以我也想了解，你們如何看待品類成長與市占提升，作為預製食品銷量成長的主要驅動因素。謝謝。

Great question. Let me say this. In all of these categories in which we participate, I think it's important to remember we're the category leader. Being the category leader requires you to grow the category, and that's a responsibility that we take very seriously. I guess the overall categories are trending down and we're growing.

好問題。我這樣說。在我們參與的所有品類中，我認為重要的是要記得：我們是品類領導者。作為品類領導者，你必須推動品類成長，這是一項我們非常認真看待的責任。整體品類趨勢在下滑，而我們仍在成長。

Most of that is driven by new product innovation, improved distribution, and the momentum in there just continues. We're connecting with younger consumers. We've talked about that in here that our consumer with aging and we had an opportunity with younger consumers. Some of our new Jimmy Dean High Protein, for example, is resonating with younger consumers, but we've also targeted products like HillShire Snacking for on-the-go growth. And so think of it in terms of the point of difference.

這主要是由新品創新、更好的通路覆蓋，以及持續的動能所驅動。我們正在與更年輕的消費者建立連結。我們在這裡也談過，我們的消費者族群在老化，而我們在年輕消費者上有機會。例如我們的一些新品 Jimmy Dean 高蛋白系列，正在引起年輕消費者共鳴；同時我們也鎖定像 HillShire Snacking 這類產品，以掌握外出即食的成長。因此可以從「差異化」的角度來看。

It's protein-focused. Bold flavors and everyday convenience. And we see a lot of meaningful runway ahead to expand distribution and launch new products. So we feel good about where we are, but even in '27 and beyond, we see tremendous opportunity behind the iconic brands that we have, not only in Prepared Foods, but in chicken and look to continue to grow there.

它以蛋白質為核心。濃郁風味與日常便利性。我們看到未來仍有很大的空間可以擴大通路覆蓋並推出新產品。所以我們對目前的狀況感到樂觀；而且即使到2027年及之後，我們也看到在我們這些標誌性品牌背後的巨大機會，不僅在預製食品，也在雞肉業務上，並希望持續在那裡成長。

We have -- what I would say is the best-in-class tools across the whole commercial front that we've invested in digital tools and we're seeing the benefit of that with consumers and that first-party data and those type things. That's a point of difference for us, I believe. We've done work with and tested a number of products using Agentic AI and that's looking good and we'll expand that as we move forward.

我們擁有——我會說——在整個商業端最一流的工具；我們投資了數位工具，也正看到其帶來的效益，包括與消費者互動、第一方數據等這些面向。我相信這是我們的差異化優勢。我們也已運用並測試了多項產品的 Agentic AI（代理式AI），效果看起來不錯，未來也會持續擴大應用。

So we're getting closer to the consumer. We have the products that they want. They taste good, they're affordable, they're nutritious, and they're convenient. And so the intersection of all that and all of this taken together leads to growth, efficiency, and a lot of runway ahead, and it all starts with the consumer.

因此我們正更貼近消費者。我們有他們想要的產品。好吃、價格可負擔、營養、而且方便。這些要素的交集，以及把所有因素綜合起來，會帶來成長、效率與更長的成長跑道，而一切都從消費者開始。

And then for my follow-up, I just want to stick with Prepared Foods a little bit more here in your comments around we should get some cost recovery later in the fourth quarter? Just more detail on how we should think about the timing of that in the quarter and into next year? And then what are you seeing and how are you planning across the different inputs? What are you seeing in terms of inflation or deflation? Any helpful color there?

接著我的追問，我想再多聚焦預製食品一點：你在評論中提到，我們應該會在第四季稍晚看到一些成本回收？能否更詳細說明一下，我們應該如何看待這在本季內的時間點，以及延伸到明年的影響？另外，你們如何看待並規劃不同投入成本？在通膨或通縮方面你們看到了什麼？若能提供一些補充資訊會很有幫助。

Sure. If I look at in Q3, we had about $30 million of higher commodity costs in Q3. That was concentrated predominantly in beef trim, pork commodities have begun to decline. Our pricing continues to catch up on beef. The pork benefit that I just mentioned from declining commodities didn't really show up in Q3. It was in inventory. The port benefits will flow through in Q4, and we're seeing that and into '27.

當然。如果我看第三季，我們第三季大約有3,000萬美元的原物料成本上升。這主要集中在牛肉修整肉（beef trim）；豬肉原物料已開始下跌。我們在牛肉的定價仍在持續追上成本。我剛提到的豬肉因原物料下跌帶來的好處，在第三季其實沒有真正反映出來。因為它還在庫存裡。豬肉的成本利多會在第四季反映出來，我們也看到這個趨勢延續到2027年。

If I think about fuel cost, that's starting in, what was it, about mid-April, we saw fuel costs go up. Fuel and distribution costs were a bit of a headwind in Q3 and have been since April. But remember that fuel for us or particularly customer prey is a pass through. It may lag, but a quarter or two, but we ultimately recapture that. We do not subsidize that. And so we think all this is baked into our plan and as you might expect from us, it will be conservative in our approach.

如果我想到燃料成本，那是從——是什麼時候開始的——大約在四月中旬，我們看到燃料成本上升。燃料與配送成本在第三季是一項逆風，而且自四月以來一直如此。但請記得，對我們而言，或特別是客戶運費（customer freight），這是可轉嫁的成本。可能會有落後，但落後一到兩個季度，不過我們最終會把這部分收回。我們不會補貼這部分。因此我們認為這些都已納入我們的計畫中，而且如同你們對我們的期待，我們的做法會偏保守。

But we're extremely proud of our Prepared Foods business. I personally don't believe there's another packaged goods company that is performing at the level of our Prepared Foods today and there's significant runway ahead.

但我們對我們的即食食品（Prepared Foods）業務感到非常自豪。我個人不認為還有其他包裝食品公司能達到我們目前即食食品的表現水準，而且未來仍有很大的成長跑道。

Peter Galbo, Bank of America.

美國銀行（Bank of America）的 Peter Galbo。

Curt, maybe just one on beef. Again, going back to your comments about, I think you said potential for improvement next year, it would be slow on the back of Mexico reopening. I think if I look at street estimates for next year and understanding you're not giving quantitative times today, they're looking for you to though like have the losses almost that you're going to see this year.

Curt，或許問一個關於牛肉的問題。再回到你剛才的評論，我想你提到明年有改善的可能，但會是緩慢的，因為墨西哥重新開放的影響。我想如果我看一下市場對明年的預估，而且我理解你們今天不會提供量化的時間點，但他們其實是在期待你們——嗯——明年的虧損幾乎會跟今年你們將看到的虧損差不多。

I just wanted to push on whether that's even like within the realm of possibility given the update today or whether there's probably a more conservative approach directionally that we should all be looking at.

我只是想追問一下，依照今天的更新，這是否還在可能的範圍內；或者我們在方向上應該更偏向採取較保守的看法。

Yeah, Peter, this is Wes. Thanks for your question. The administration opening the border to Mexico, historically about 5% of the US harvest comes out of Mexico. And so as that starts August 24 in Arizona, then goes to New Mexico and then ultimately to Texas. And so that creates some tailwinds for us going forward.

是的，Peter，我是 Wes。謝謝你的問題。政府開放與墨西哥的邊境，歷史上美國約有 5% 的屠宰量來自墨西哥。因此當這項措施在 8 月 24 日先從亞利桑那州開始，接著到新墨西哥州，最後到德州。這會在未來為我們帶來一些順風。

And most of those are feeder cattle, so it'll take six months plus after they go on grass or into feedlots. And then heifer retention up 3% is a positive move forward. It's not the rapid rebuild we saw in '14, but another set of tailwinds going forward.

而其中多數是育肥前的架子牛（feeder cattle），所以在牠們上草場或進入育肥場之後，還需要六個月以上的時間。另外，小母牛留養（heifer retention）增加 3% 也是一個正向的進展。這不是像 2014 年那樣的快速重建，但仍是另一股未來的順風。

Okay. Thanks, Wes, for that. And I guess just to pick up on that comment, Donnie, on pork inputs moving lower, obviously, that's a favorable tailwind from a margin standpoint. I think there's been some discussion just how much of that is supply driven, just, hey, we have more availability and so that's creating a better environment versus has there been demand destruction, not necessarily for Tyson, but just at an industry level in some of these subcategories and that's kind of pushing down the input costs. Just wondering if you could kind of elaborate a bit more from that perspective, what you're seeing kind of on a category level for the industry. Thanks very much.

好的。謝謝你，Wes。我想接續 Donnie 剛才提到豬肉投入成本走低的評論，顯然從毛利角度看這是有利的順風。我想外界也有一些討論：這其中有多少是供給驅動的——也就是說，供應更充足，因而帶來更好的環境——相對地，是否存在需求被破壞（demand destruction），不一定是針對 Tyson，而是在產業層級、某些子類別中出現，進而壓低了投入成本。想請你從這個角度再多談一點，你在產業的品類層級看到的是什麼情況。非常感謝。

Thank you for the question. We have seen them go down. And of course, from a pork perspective, it looks to me to be stable from a supply chain perspective. And so there was -- you saw lots of concern or questions about [PRRS], that was top of mind like in Q2 and about the supply. For us, we've not seen the real impact of that.

謝謝你的提問。我們確實看到它們下降。當然，從豬肉的角度來看，在供應鏈層面我覺得是穩定的。因此你看到很多擔憂或問題是關於 [PRRS]（豬繁殖與呼吸綜合症），在第二季時這是大家最關心的，尤其是對供應的影響。就我們而言，我們沒有看到它帶來實質影響。

I mean, the hogs that we have are predominantly in the Midwest and so we weren't impacted at all by that. I think hog supplies will be adequate moving forward. Demand is solid. I think if there's any negative to this, I don't think we've seen the pork business pick up as much volume as you might expect with high-priced beef.

我的意思是，我們的豬隻主要在美國中西部，因此完全沒有受到那件事影響。我認為未來豬隻供應會是充足的。需求也很穩健。如果要說有任何負面，我認為我們沒有看到豬肉業務的量如你在牛肉價格高企時可能預期的那樣增加。

I think chicken took most of that. And so that was a bit. A bit surprising, well, a bit surprising, but I think we're well balanced from a Tyson perspective in terms of the hogs. And remember our hog supplies are predominantly an input for our Prepared Foods business and so we expect stable, predictable raw material cost as we move forward and certainly an advantage as we optimize that through Prepared Foods.

我想雞肉拿走了大部分。所以這有點——有點令人意外，嗯，是有點令人意外，但我認為就 Tyson 而言，在豬隻供應方面我們的配置相當均衡。而且請記得，我們的豬隻供應主要是我們即食食品（Prepared Foods）業務的投入，因此我們預期未來原料成本會穩定、可預測，並且在我們透過即食食品來最佳化運用時，這會成為一項優勢。

Thomas Palmer, JP Morgan.

摩根大通（JP Morgan）的 Thomas Palmer。

Good morning, and thanks for the question. Donnie, congratulations. And Jeff and Wes, welcome to your respective roles. Jeff, I know it's still early, but I did want to maybe ask on kind of your key focus items and initiatives coming in the context especially of you come from maybe a more traditional CPG background rather than one that's more protein-centric and to what extent that might signal a bit of an ongoing change in kind of Tyson's focus in having you kind of head up with so much focus on value-add that Donnie has been commenting on here for the last couple of years?

早安，謝謝讓我提問。Donnie，恭喜你。Jeff 和 Wes，也歡迎你們分別就任新職。Jeff，我知道現在還早，但我想問一下你上任後的關鍵聚焦事項與推動的計畫，特別是在你可能來自較傳統的民生消費品（CPG）背景、而非以蛋白為核心的背景之下；以及這在多大程度上可能意味著 Tyson 的重點正在持續轉變——也就是由你來領導，並延續 Donnie 這幾年一直在談的、對加值（value-add）的高度聚焦？

Yes, thanks, Thomas. And I think Donnie has been pretty clear about what our strategy is and more importantly, very clear that it's working. So as you expect, as I come in, we're going to stay the course and accelerate the strategy that is already delivering great results. I'll have a lot more to say about that in the future next quarter, but let me just say a couple of things, Thomas.

是的，謝謝你，Thomas。我想 Donnie 對我們的策略已經講得很清楚，更重要的是，也很清楚地表明這個策略正在奏效。所以如你所預期，我上任後我們會持續既定方向，並加速這個已經帶來優異成果的策略。我在未來、下個季度會就此分享更多，但先讓我說幾點，Thomas。

And the first is, I can't tell you how excited I am to be on this team. I've spent an enormous amount of time in the last few weeks listening and learning, meeting with team members, several customers, five plants, and I've visited the homes of consumers to see how they experience our categories and brands.

第一，我無法形容我加入這個團隊有多興奮。過去幾週我花了大量時間傾聽與學習，與團隊成員會面、與多位客戶交流、走訪了五座工廠，也拜訪了消費者的家，看看他們如何體驗我們的品類與品牌。

And as you can tell from this call, we have a great foundation in place for our next chapter of growth. We will win. Our people, our culture and our brands are strong and the customers I talk to, they want us to help them grow. So like I said, I have a lot more to say in the future, but I really like where we are and I really like our chances. Thanks, Thomas.

而且從這通電話你也聽得出來，我們已經為下一個成長篇章打下很好的基礎。我們會贏。我們的人才、文化與品牌都很強，而我交談的客戶也希望我們協助他們成長。所以如我所說，未來我會分享更多，但我非常喜歡我們目前的位置，也很看好我們的勝算。謝謝你，Thomas。

Thanks for that. I had another question on chicken. Look, for several quarters, feed cost has been a cost tailwind. I think they were pretty neutral this quarter. In your view, what's kind of the path forward when we think about the input cost environment for the chicken business and then to what extent we should think about the business having maybe price escalators to mitigate the impacts?

謝謝你的分享。我還有一個關於雞肉的問題。你看，過去好幾個季度，飼料成本一直是成本面的順風。我想這一季大致上相當中性。以你們的觀點，當我們思考雞肉業務的投入成本環境時，未來的路徑會是什麼？另外，我們在多大程度上應該認為這項業務可能有價格調整機制（price escalators）來緩解影響？

Sure. I mean, I look at the futures on that and we do see some moderate increase in that as we move forward. I think what I might say to that, Tom, is that I think it's important to remind everyone that we have alignment with strategic customers where we collectively manage the risk associated with input costs and we have a diversified pricing models that try to mitigate these things as well. So we're not uncovered in this.

當然。我的意思是，我會看相關期貨，我們確實看到未來會有一些溫和的上升。我想我會對此說的是，Tom，我認為重要的是提醒大家：我們與策略性客戶之間是有一致性的，我們會共同管理與投入成本相關的風險；同時我們也有多元化的定價模式，來盡量緩解這些因素。所以我們並不是毫無避險地暴露在這之下。

We're not trying to out guess the market, but we're trying to be on the market and try to get just stable commodity prices. And I feel good about what we're able to do there, not only what we've done, but as I think about moving into '27, I think the processes in place to mitigate those risks.

我們不是想要去猜測市場走勢，而是希望參與市場，並盡力取得相對穩定的商品價格。我對我們在這方面能做到的事情感到很有信心，不僅是我們已經做過的；而且當我展望邁入 2027 年時，我認為我們已建立起可降低這些風險的流程。

Those risks or increases will be real if they occur, but based on all the projections I've seen, based on corn and soy, I feel good about where we are.

如果那些風險或成本上升真的發生，影響會很真實；但根據我看過的所有預測，基於玉米和黃豆的走勢，我對我們目前的位置感到有信心。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Good morning, everyone, and congratulations to Donnie and welcome to Jeff. Can I just start with beef? Can you talk about how much more cost-cutting productivity savings and benefits there are? I know you've been working really hard to close plants, to improve capacity utilization, and get the business right size given the state of the herd. Is there more of that to come and what would it take to get beef profitability back to positive? Is that within reach at this point?

各位早安，也恭喜 Donnie，並歡迎 Jeff。我可以先從牛肉談起嗎？你能談談還有多少進一步的成本削減、生產力節省與效益空間嗎？我知道你們一直很努力關廠、提升產能利用率，並在牛群規模現況下把業務調整到合適的規模。接下來還會有更多這類措施嗎？要讓牛肉業務的獲利回到正值，需要什麼條件？以目前來看，這有機會達成嗎？

Yeah, thanks Alexia. I've been in my role for seven weeks and certainly beef has been a top priority. We do have a great cross-functional team effort going on as we speak to control everything we can in this period of tight cattle supply. Our past optimization delivered on plan but unfortunately was offset in the quarter by live cutout spread differences.

好的，謝謝 Alexia。我上任七週，牛肉確實一直是最優先事項之一。在牛隻供給吃緊的這段期間，我們目前正進行一個很強的跨部門團隊合作，去控管所有我們能控管的事情。我們過去的最佳化措施按計畫達成，但很不幸地，本季被活牛與分切肉價差（live cutout spread）的差異所抵銷。

Thank you. Yes, I'm just curious about whether there's a path to profitability here. Okay, and then separately, freight cost inflation has come up as a problem for other companies. My understanding is that you've got a lot of owned freight, so it shouldn't be an issue for you. Can you just elaborate on that? What is your exposure there if freight costs continue to rise?

謝謝。是的，我只是好奇這裡是否有一條通往獲利的路徑。另外，運費成本通膨已被其他公司提到是個問題。我的理解是你們有很大比例是自有運輸車隊，所以對你們來說應該不是問題。你能再多說明一下嗎？如果運費成本持續上升，你們的曝險程度是什麼？

Sure. Yes, we have seen the inflation from fuel costs in the quarter and essentially since about mid-April. But I would remind you that customer freight is a pass through. We don't subsidize it. Recovery can lag one or two quarters. But to your point, our large internal fleet that we have helps us mitigate our overall cost impacts. And so that is performing as well. But it is higher, but we mitigate that through our process.

當然。是的，我們在本季看到燃料成本帶來的通膨，基本上從大約 4 月中旬開始就有感。但我想提醒各位，客戶端的運費是轉嫁（pass through）的。我們不會補貼。回收（轉嫁）可能會落後一到兩個季度。不過如你所說，我們龐大的內部自有車隊有助於降低整體成本衝擊。因此這部分也運作良好。雖然成本確實更高，但我們透過流程來加以緩解。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Good morning, and thanks for the question, and congrats on that successful tenure, Donnie, and looking forward to working with you, Jeff. Maybe just two quick ones for me, or maybe we could loop this into one, really.

各位早安，謝謝讓我提問，也恭喜 Donnie 任期表現成功，並期待與你合作，Jeff。我這邊可能兩個很快的問題，或其實可以把它們合併成一個。

It's on comment on heifer retention, Wes. You got to it before I did. I did want to ask about this because I was a little surprised seeing that number as high as it was. We were hearing concerns of drought in key cattle producing states. So chatter was heifer retention or herd expansion would get delayed. So a, was that 3% to 4% upside, was that a surprise in your view? And maybe as just a follow-up, you mentioned 5% of head slaughtered for the border reopening, and we're doing it phased. How long do you think it would take for us to get a full 5%?

是關於小母牛留養（heifer retention）的評論，Wes。你在我之前就提到了。我確實想問這個，因為看到那個數字這麼高，我有點意外。我們聽到在主要產牛州有乾旱疑慮。所以市場傳言是小母牛留養或牛群擴張會被延後。所以第一，3% 到 4% 的上行幅度，在你看來算意外嗎？另外追問，你提到邊境重新開放會帶來 5% 的屠宰頭數，而且是分階段進行。你認為要多久我們才能完全達到 5%？

I think it's going to take up to a year. By the time you move through the process in Arizona, then New Mexico, then Texas, knowing these are younger cattle that will go to grass or feed yards, it will be close to a year before you see the positive impact of that border opening.

我認為最多需要一年。等你在亞利桑那州完成流程，接著是新墨西哥州，再到德州；考量這些是較年輕的牛隻，會先去放牧或進入育肥場，在你看到邊境開放帶來的正面影響之前，將接近一年。

As for your question on heifer retention, no, there's been enough positive environmental conditions that I wasn't surprised by the 3% heifer retention. But I would point out that's not a number, that's the rapid rebuild we saw in the 2014 timeframe. So encouraging, it's starting, but still a long way to go.

至於你關於小母牛留養的問題，不會，因為環境條件有足夠多的正面因素，所以我對 3% 的小母牛留養並不意外。但我要指出，那不是我們在 2014 年前後看到的那種快速重建的數字。所以這是令人鼓舞的，代表開始了，但距離完成仍有很長的路要走。

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

問答環節到此結束。我想把電話會議交回給 Donnie King，請他做任何結語。

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

感謝各位撥冗，以及持續關注 Tyson Foods。我們期待在下個季度與各位分享我們持續的進展。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。