SEGMENT REPORTING

3 Months Ended

Jan. 25, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE O - SEGMENT REPORTING

Segment Results: The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the U.S. This segment also includes the results from the Company’s MegaMex Foods joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.

The International segment processes, markets, and sells the Company's products through retail and foodservice channels internationally. This segment also includes the results from the Company’s international joint ventures, equity method investments, and royalty arrangements, as well as operations in China and Brazil.

The results of each segment are regularly provided to the Company's Interim Chief Executive Officer, who is the chief operating decision maker (CODM). The CODM primarily uses net sales and segment profit to compare results to the prior year, annual operating plan, and periodic forecasts when evaluating segment performance and allocating resources.

The accounting policies of the segments are generally the same as those presented in Note A - Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2025. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. Segment profit also excludes unallocated general corporate expenses, deferred compensation, non-recurring expenses associated with the Transform and

Modernize initiative, corporate restructuring plan costs, and interest and other income and expense. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded.

Segment results, including the significant expense categories regularly provided to the CODM, are provided below. Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. The Company does not represent that these segments, if operated independently, would report the profit and other financial information shown.

	Quarter Ended January 25, 2026
In thousands	Retail		Foodservice		International		Total
Net Sales	$	1,847,806	$	998,227	$	181,284
Cost of Products Sold	1,619,712		794,438		142,885
Selling, General, and Administrative	140,846		47,248		22,345
Equity in Earnings of Affiliates	8,942		—		6,824
Noncontrolling Interest (Earnings) Loss	—		—		32
Segment Profit	$	96,190	$	156,541	$	22,910	$	275,641
Net Unallocated Expense							41,298
Noncontrolling Interest Earnings (Loss)							(32)
Earnings Before Income Taxes							$	234,312

	Quarter Ended January 26, 2025
In thousands	Retail		Foodservice		International		Total
Net Sales	$	1,890,133	$	930,185	$	168,495
Cost of Products Sold	1,640,761		743,519		129,053
Selling, General, and Administrative	139,528		47,840		25,170
Equity in Earnings of Affiliates	9,303		—		6,527
Noncontrolling Interest (Earnings) Loss	—		—		45
Segment Profit	$	119,147	$	138,826	$	20,845	$	278,818
Net Unallocated Expense							60,700
Noncontrolling Interest Earnings (Loss)							(45)
Earnings Before Income Taxes							$	218,073

The Company’s CODM reviews assets and capital expenditures at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose these measures by segment. Depreciation and amortization expense is included in the measure of segment profit and disclosed below.

In thousands	Quarter Ended
		January 25, 2026		January 26, 2025
Depreciation and Amortization
Retail		$	35,563	$	36,210
Foodservice		20,797		19,952
International		4,566		4,332
Corporate		6,168		5,379
Total Depreciation and Amortization		$	67,095	$	65,872

Disaggregated Revenues: The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:

	Quarter Ended
In thousands	January 25, 2026		January 26, 2025
Perishable	$	2,238,330	$	2,151,822
Shelf-stable	788,987		836,991
Total Net Sales	$	3,027,317	$	2,988,813

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.