Tyson Foods (TSN) 10-K Summary — Year Ended Sep 30, 2023
Tyson Foods reported a net loss and negative operating income for the fiscal year ended September 2023, driven by impairment charges and lower earnings. Despite the loss, the company generated positive cash from operations and believes its liquidity is sufficient for planned activities.
Key takeaway
Year ended Sep 30, 2023 · FY2025 10-K
Tyson Foods reported a net loss and negative operating income for the fiscal year ended September 2023, driven by impairment charges and lower earnings. Despite the loss, the company generated positive cash from operations and believes its liquidity is sufficient for planned activities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$52.9B
Revenue reported for the fiscal year.
Operating income
-$395M
Income from operations reported for the year.
Net income
-$648M
Net income reported for the year.
Operating cash flow
$1.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Oct 2, 2021 | $47B | n/a |
| Oct 1, 2022 | $53.3B | +13.2% |
| Sep 30, 2023 | $52.9B | -0.8% |
Business overview
Tyson Foods operates in the protein and prepared foods industry, processing and marketing chicken, beef, pork, and other food products. The company's business overview is outlined in Item 1 of the filing, and it faces various risks detailed in Item 1A. The management discussion in Item 7 provides further analysis of financial results.
Financial performance
Revenue declined slightly compared to the prior year, while the company swung from a large net profit to a net loss. Operating cash flow decreased due to lower earnings and changes in working capital, though it remained positive.
Material risks
The filing indicates material risks, including impairment of goodwill and assets, which contributed to the reported loss. The company also faces risks related to legal matters, annual incentive compensation, and tax items that affected cash flows and earnings.
Liquidity and capital
The company expects to meet its cash needs for working capital, capital expenditures, debt repayments, dividends, and share repurchases using existing cash, operating cash flows, or short-term borrowings. It may also pursue capital market transactions to generate additional liquidity or refinance debt.
What to watch
Investors should monitor whether the company returns to profitability and whether the impairment charges that affected earnings recur in the next filing.