史密斯菲德食品 2025年度报告

52-0845861 (IRS Employer Identification No.) 200 Commerce StreetSmithfield, Virginia 23430(Address of principal executive offices, including zip code)Registrant’s telephone number, including area code: (757) 365-3000 Name of each exchange on which registered Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch 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. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See thedefinitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards 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 effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes‐Oxley Act (15 U.S.C. 7262(b)) by the registered public 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 registrant included in the filing reflect the correction of an error topreviously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive‐based compensation received by any of the registrant’s executiveofficers during the relevant recovery period pursuant to §240.10D‐1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒ The aggregate market value of the registrant’s common stock held by non-affiliates as of June 27, 2025 the last business day of the registrant’s most recently completed second fiscal quarterwas $585,552,517.92. As of March 23, 2026, the registrant had 393,477,263 shares of common stock, no par value, outstanding. Documents Incorporated by Reference: Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held June 2, 2026 are incorporated by reference into Part III, Items 10-14.The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. TABLE OF CONTENTS Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.Cybersecurity DisclosureItem 2PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Part II Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities56Item 6Reserved57Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations58Item 7AQuantitative and Qualitative Disclosures About Market Risk83Item 8Financial Statements and Supplementary Data86Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure142Item 9AControls and Procedures143Item 9BOther Information144Item 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections144 Item 10Directors, Executive Officers and Corporate Governance144Item 11Executive Compensation144Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters144Item 13Certain Relationships and Related Transactions, and Director Independence145Item 14Principal Accountant Fees and Services145 Part IVItem 15Exhibits, Financial Statement SchedulesItem 16Form 10-K SummarySignatures 145148149 PART I ITEM 1. BUSINESS Our Company Headquartered in Smithfield, Virginia, since 1936, Smithfield Foods, Inc., together with its subsidiaries (“Smithfield,” “the Company,”“we,” “us” or “our”), produces a wide variety of packaged meats and fresh pork products primarily in the United States (“U.S.”).Smithfield is an American food company that employs approximately 32,000 people in the U.S. and 2,500 people in Mexico.Smithfield’s portfolio inclu