Seaboard Corp 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______________ to ____________________Commission file number:1-3390SEABOARD CORPORATION(Exact Name of Registrant as Specified in Its Charter)Delaware04-2260388(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)9000 West 67th Street, Merriam, Kansas66202(Address of Principal Executive Offices)(Zip Code)Registrant’s telephone number, including area code(913) 676-8928 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.YesNo Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reportingcompany” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Accelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). The aggregate market value of the 248,274 shares of Seaboard common stock held by nonaffiliates was $705,914,981 based on theclosing price of $2,843.29 per share on June 28, 2025, the end of Seaboard’s most recently completed second fiscal quarter. As ofJanuary 31, 2026, the number of shares of common stock outstanding was 957,794. DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates information by reference to the registrant’sdefinitive proxy statement, to be filed with the Securities and ExchangeCommission within 120 days after the close of the fiscal year ended December 31, 2025. SEABOARD CORPORATIONFORM 10-KYEAR ENDED DECEMBER 31, 2025TABLE OF CONTENTS Part IPageItem 1Business2Item 1ARisk Factors6Item 1BUnresolved Staff Comments14Item 1CCybersecurity14Item 2Properties15Item 3Legal Proceedings16Item 4Mine Safety Disclosures16 Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities16Item 6[Reserved]17Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations17Item 7AQuantitative and Qualitative Disclosures About Market Risk24Item 8Financial Statements and Supplementary Data25Report of Independent Registered Public Accounting Firm25Consolidated Statements of Comprehensive Income27Consolidated Balance Sheets28Consolidated Statements of Changes in Equity29Consolidated Statements of Cash Flows30Notes to Consolidated Financial Statements31Item 9Changes in and Disagreements with Accountants on Accounting and Financial Disclosure57Item 9AControls and Procedures57Item 9BOther Information57Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspectio