SEBNYSEWholesale-Farm Product Raw MaterialsUS GAAP · USD

Seaboard Corporation

Seaboard Corp is a U.S.-based diversified agribusiness and transportation company with operations spanning commodity trading, pork production, marine shipping, and related industrial activities. Its business is organized around global sourcing, processing, logistics, and distribution of agricultural and food products, supported by owned and chartered vessels and other operating assets across multiple countries.

Revenue9,746m USD
+7.1 %y/y
Operating profit (EBIT)239m USD
+53.2 %y/y
EBIT margin2.5%
+0.7 ppy/y
Net income501m USD
+456.7 %y/y
Free cash flow6.0m USD
−25.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2.50.02.55.07.510.012.5bn USD2020: 7.1 bn USD2020: EBIT 0.25 bn USD20202021: 9.2 bn USD2021: EBIT 0.46 bn USD20212022: 11.2 bn USD2022: EBIT 0.66 bn USD20222023: 9.6 bn USD2023: EBIT -0.09 bn USD20232024: 9.1 bn USD2024: EBIT 0.16 bn USD20242025: 9.7 bn USD2025: EBIT 0.24 bn USD20259.70.24
RevenueOperating profit (EBIT)

Business

Share of revenue
Commodity Trading & Merchandising45 %

Buying, selling, and distributing agricultural and other commodities through the CT&M segment.

Marine Transportation20 %

Ocean freight and vessel-based logistics services provided through Seaboard Marine.

Pork Production20 %

Live hog production, pork processing, and sales of fresh and frozen pork products.

Liquid Fuels10 %

Sales of fuel products and environmental credits through the energy-related segment.

Other Businesses5 %

Smaller operations including additional agribusiness, milling, and related activities.

Products

Reported · share of revenue
80.1%16.7%FY2025100 %
  • Products80.1 %
  • Transportation16.7 %
  • Energy Service2.4 %
  • Product and Service Other Services0.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Seaboard sells to a mix of food processors, distributors, wholesalers, importers, exporters, and industrial buyers that need commodity supply, pork products, or shipping capacity. Its customer base also includes trading counterparties and logistics users in markets tied to global agricultural flows, where price, availability, and transport reliability matter. Demand is shaped by end-market consumption, trade routes, and the ability to move products efficiently across borders.

Food distributors and processors

Buy pork and related protein products for further processing, retail, or foodservice use.

Commodity trading counterparties

Buy and sell agricultural commodities and feed inputs through merchandising channels.

Marine shipping customers

Use Seaboard Marine for containerized freight and regional ocean transport.

Fuel and environmental credit buyers

Purchase fuel products and credits tied to energy and compliance markets.

International import/export customers

Rely on Seaboard’s logistics and commodity network to move goods across trade lanes.

Strategy

Seaboard’s strategy centers on maintaining a diversified operating base across commodities, protein, and logistics while managing global trade and market volatility. It also invests in fleet renewal, working-capital flexibility, and balance-sheet capacity so it can support cyclical businesses and fund capital-intensive assets such as vessels and processing infrastructure.

Fleet renewal and marine capacity expansionMedium term

New vessels improve fuel efficiency, tonnage capacity, and fleet balance.

Liquidity and balance-sheet flexibilityShort term

Commodity and shipping businesses require working capital and funding access through cycles.

Diversified global operating modelLong term

Multiple segments reduce dependence on any single commodity or market.

Geography

Seaboard operates across the United States and a broad set of foreign markets, with meaningful exposure to international trade lanes, ports, and commodity flows. The company keeps a substantial portion of its operations and profits outside the U.S., and its marine and trading businesses depend on cross-border movement of goods. Geography matters because tariffs, trade restrictions, and shipping costs can quickly change demand, pricing, and route economics.

Risks

Seaboard is exposed to commodity price swings, trade policy changes, and shipping-related cost volatility because its businesses depend on global agricultural flows and cross-border logistics. Its pork and commodity businesses can also be affected by tariffs, retaliatory trade actions, and shifts in export access, while marine operations face fuel, port, and vessel-related risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →U.S. and foreign trade policy changes1Commodity price volatility2Shipping and port cost inflation3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. U.S. and foreign trade policy changesImpact: HighLikelihood: High

    Tariffs, sanctions, and trade barriers can reduce market access and raise costs.

    ExposurePork exportsCommodity tradingMarine logistics
  2. Commodity price volatilityImpact: HighLikelihood: High

    Sales prices and input costs move with global supply-demand conditions.

    Exposure: CT&M and food processing

  3. Shipping and port cost inflationImpact: MediumLikelihood: High

    Marine freight economics depend on fuel, vessel, and port-related expenses.

    Exposure: Seaboard Marine

  4. Foreign exchange and cross-border fundingImpact: Medium

    Operations and cash balances span multiple currencies and jurisdictions.

    Exposure: International subsidiaries

Accounting

Judgemental items
Commodity inventory valuation

Agricultural and fuel inventories can be sensitive to market price changes.

Impact: Affects gross margin and period-to-period comparability

Derivative accounting

The company occasionally uses derivatives to manage commodity, FX, and rate risk.

Impact: Can create earnings volatility depending on hedge designation and mark-to-market

Vessel construction and depreciation

Marine fleet investments are capital intensive and depreciated over long lives.

Impact: Affects asset values, depreciation expense, and future capacity

Foreign earnings and deferred taxes

Substantially all foreign profits are treated as permanently reinvested.

Impact: Influences deferred tax liabilities and repatriation assumptions

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026