Seaboard Corporation
seaboardcorp.comWhat Do They Do?
Produces pork products, trades and processes agricultural commodities, and provides cargo shipping for food processors, commodity buyers and cargo shippers.
10-K for FY2025, filed Feb 12, 2026Seaboard Corporation and its subsidiaries (collectively, “Seaboard”) together comprise a diversified group of companies that operate…View ↗
Pork Segment - Seaboard, through its subsidiary Seaboard Foods LLC (“Seaboard Foods”), is a vertically integrated pork producer. This…View ↗
CT&M Segment - Seaboard’s CT&M segment, which is managed under the name Seaboard Overseas and Trading Group (“SOTG”), is an integrated…View ↗
Marine Segment - Seaboard, through its subsidiary Seaboard Marine Ltd. and third-party agents, provides dry, refrigerated and other cargo…View ↗
How Do They Make Money?
Customers generally pay for products and services when they are delivered; most arrangements are completed at a single point, while cargo-shipping customers pay as each voyage progresses. Some commodity-trading customers pay in advance or on delivery.
10-K for FY2025, filed Feb 12, 2026
$9.7B
-
10-K for FY2025, filed Feb 12, 2026
$9.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Products
Sold outright
10-K for FY2025, filed Feb 12, 2026 |
80%
FY2022: 80%
|
Products, FY2025
$7.8B Sources
|
Sold outright |
|
Services
Mix
10-K for FY2025, filed Feb 12, 2026 |
18%
FY2022: 19%
|
Services, FY2025
$1.7B Sources
|
Mix |
|
Other
|
2.4%
FY2022: 1.5%
|
Other, FY2025
$237M Sources
|
Who Are Their Customers?
Pork products go to food processors, foodservice operators, distributors and grocery stores; commodity trading serves third-party and affiliated buyers. The company also sells cargo shipping, biofuels and electricity to grid customers, while Butterball sells turkey products to retailers, foodservice outlets and industrial buyers.
10-K for FY2025, filed Feb 12, 2026Pork Segment - Seaboard, through its subsidiary Seaboard Foods LLC (“Seaboard Foods”), is a vertically integrated pork producer. This…View ↗
CT&M Segment - Seaboard’s CT&M segment, which is managed under the name Seaboard Overseas and Trading Group (“SOTG”), is an integrated…View ↗
Marine Segment - Seaboard, through its subsidiary Seaboard Marine Ltd. and third-party agents, provides dry, refrigerated and other cargo…View ↗
Liquid Fuels Segment - Seaboard, through its subsidiary Seaboard Energy, LLC, produces biodiesel at facilities in Oklahoma and Missouri and…View ↗
Power Segment - Seaboard, through its subsidiary Transcontinental Capital Corp. (Bermuda) Ltd. (“TCCB”), is an independent power producer…View ↗
Turkey Segment - Seaboard has a non-controlling 52.5% investment in Butterball, a producer and processor of turkey products. Butterball is…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
$239MView ↗
10-K for FY2025, filed Feb 12, 2026
$501MView ↗
10-K for FY2025, filed Feb 12, 2026
$6MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
Flat. Revenue was $9.7B in FY2025, about the same as the $9.2B of FY2021.
Biofuel production
The latest report describes biodiesel and renewable diesel production as a separate Liquid Fuels segment, while the older report placed those products within Pork.
10-K for FY2022, filed Feb 14, 2023 10-K for FY2025, filed Feb 12, 2026The Pork segment produces biodiesel at facilities in Oklahoma and Missouri and renewable diesel at a facility in Kansas, which began…View ↗
Liquid Fuels Segment - Seaboard, through its subsidiary Seaboard Energy, LLC, produces biodiesel at facilities in Oklahoma and Missouri and…View ↗
Sugar and alcohol business
The older report identifies Sugar and Alcohol as a reportable segment; the latest report describes sugar and alcohol production in Argentina under Other Business.
10-K for FY2022, filed Feb 14, 2023 10-K for FY2025, filed Feb 12, 2026Seaboard has six reportable segments: Pork, CT&M, Marine, Liquid Fuels, Power and Turkey. All Other represents primarily a sugar and…View ↗
Other BusinessView ↗
Seaboard, through its subsidiary Seaboard Energías Renovables y Alimentos S.R.L. (“SERA”), operates a vertically integrated sugar and…View ↗
Renewable natural gas
The latest report adds production of swine-derived renewable natural gas and related environmental credits from certain hog farms.
10-K for FY2022, filed Feb 14, 2023 10-K for FY2025, filed Feb 12, 2026Pork Segment - Seaboard, through its subsidiary Seaboard Foods LLC, is a vertically integrated pork producer that primarily produces and…View ↗
Pork Segment - Seaboard, through its subsidiary Seaboard Foods LLC (“Seaboard Foods”), is a vertically integrated pork producer. This…View ↗
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