What Seaboard Corporation told the SEC could break it.

Seaboard exports ~25% of pork (to Mexico, Japan, China and others) and runs a global grain/oilseed trading business, so new U.S. tariffs, trade-agreement changes and retaliatory countermeasures could materially disrupt its business.

“The U.S. recently instituted certain changes, and proposed additional changes, in trade policies that include the negotiation or termination of trade agreements, the imposition of higher tariffs on imports into the U.S. and other government regulations affecting trade between the U.S. and other countries where Seaboard conducts business.”

Seaboard's Liquid Fuels / renewable-gas economics depend on federal credits — the IRA clean fuel production tax credit (which replaced the expired blender's credit in 2025, contributing a $66M cost-of-sales offset) plus RINs and LCFS credits subject to market and regulatory change.

“With the passing of the U.S. Inflation Reduction Act of 2022, the federal blender's credits expired December 31, 2024, and a new clean fuel production tax credit replaced the federal blender's credits starting in 2025.”

Seaboard's Pork and commodity-trading (CT&M) results swing with hard-to-predict pork prices, feed-grain/third-party hog costs and oilseed markets.

“While management anticipates the Pork segment will be profitable in 2026, no assurances can be made as it is difficult to predict market prices for pork products, the cost of production or third-party hogs and the impact of tariffs for future periods.”

Within the Turkey (Butterball) segment, two retail customers were ~28% of segment sales in 2025, concentrating that segment's demand (no single customer is ≥10% of Seaboard consolidated revenue).

“The Turkey segment had two retail customers that collectively represented approximately 28%, 30%, and 27% of its total 2025, 2024, and 2023 sales, respectively.”

Both of the Power segment's generating barges sit in the Dominican Republic, so a single adverse event there (selling primarily to government-owned distributors) could impact one or both.

“The Power segment has two power-generating barges, both located in the Dominican Republic, and an adverse event in the Dominican Republic could impact one or both barges.”

The Power segment's EDM III barge runs only on natural gas, and there is only one supplier of natural gas in the Dominican Republic — a single-source fuel dependence for that operation.

“EDM III only operates on natural gas and there is only one supplier of natural gas in the Dominican Republic.”