Tyson Foods' Second Quarter Performance: A Testament to Discipline, Diversification, and Market Traction

Good morning, and welcome to the Tyson Foods second quarter 2026 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions.

Tyson Foods 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.

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.

On May 4th, Tyson Foods shared its Q2 results with investors and analysts, showcasing a remarkable performance that underscores the company's discipline, diversification, and market traction. With $13.7 billion in sales and $497 million in adjusted operating income, the second quarter results demonstrate that Tyson's strategy is working and gaining momentum for both the company and its customers.

Donnie King, President and CEO of Tyson Foods, expressed satisfaction with the performance, stating, "I'm pleased with our performance in the second quarter. We are raising our AOI guidance for the year to incorporate better performance year to date and continued confidence in the future of our business." This optimism is well-founded, given the company's focus on disciplined execution, a diversified multi-protein portfolio, and a balanced approach to capital allocation.

One of the key drivers of Tyson's success has been its shift to segment operating income. This change empowers business leaders to pursue volume growth and enhance decision-making based on a more direct view of the impacts of those decisions without corporate expenses and amortization. As stated previously, the company will continue to focus on reducing spend and maximizing efficiencies in its corporate functions, with more runway seen with both initiatives.

The second quarter results also highlight Tyson's commitment to continuous improvement. Within chicken, the company delivered another impressive quarter with $523 million in segment operating income at a 12% margin. This performance underscores the company's ability to capture growing demand for high-quality protein and its position as a diversified protein-centric company.

Tyson Foods' scale and operating capabilities support cash generation across cycles, enabling the company to reinvest in the business, reduce leverage over time, and return capital to shareholders consistent with its capital priorities. The company remains committed to its long-term strategy that creates value for customers, consumers, and shareholders, and will continue to be transparent with its investors along the way.

As the company looks ahead, it is well-positioned to capitalize on the growing demand for high-quality protein. With a diversified portfolio, disciplined execution, and a focus on reducing costs and maximizing efficiencies, Tyson Foods is poised to drive long-term value creation for all stakeholders."