TSN · CIK 100493
What Tyson Foods, Inc. told the SEC could break it.
Tyson's risk register is led by commodity exposure: its costs and selling prices ride on beef, pork, poultry, corn, soybean meal, and vegetable oils, with corn, soybean meal, and other feed ingredients alone about 53% of the cost of growing a live chicken in fiscal 2025 — and it has little control over those volatile feed prices. It also carries significant legal exposure around how proteins are priced, with ongoing Broiler and Pork antitrust civil litigation, a federal DOJ investigation, and state Attorney General complaints from Washington, New Mexico, Alaska, and others alleging supply and price-information conspiracies. A smaller exposure runs through its exports — under 10% of the business — which face tariffs, quotas, and retaliatory measures that could disrupt sales abroad.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- feed grains (corn, soybean meal), live cattle/swinehigh
Tyson's costs and selling prices depend on beef, pork, poultry, corn, soybean meal and vegetable oils; corn, soybean meal and other feed ingredients were ~53% of the cost of growing a live chicken in fiscal 2025, with little control over volatile feed prices.
“Our results of operations and financial condition, as well as the selling prices for our products, are dependent upon the cost and supply of commodities and raw materials such as beef, pork, poultry, corn, soybean meal and vegetable oils. Corn, soybean meal and other feed ingredients, for instance, represented roughly 53% of our cost of growing a live chicken in fiscal 2025.”
Litigation
- broiler/pork antitrust litigation and state AG complaintsmedium
Tyson faces ongoing Broiler and Pork antitrust civil litigation, a federal DOJ antitrust investigation (under conditional leniency), and state Attorney General complaints (Washington, New Mexico, Alaska, Florida, Louisiana) alleging supply/price-information conspiracies.
“The Offices of the Attorneys General in Washington, New Mexico and Alaska have filed complaints against us and certain of our poultry subsidiaries, as well as several other poultry processing companies and Agri Stats based on allegations similar to those asserted in the Broiler Antitrust Civil Litigation. These complaints alleged violations of state antitrust, unfair trade practice, and unjust enrichment laws.”
SEC filing →As of 2025
Regulatory & policy
- trade restrictions/tariffs on protein exportslow
Tyson's exports (<10% of business — chicken leg quarters/paws, boxed beef, variety meats) are exposed to new/increased tariffs, quotas and customs restrictions and retaliatory measures that could disrupt sales and demand in affected countries.
“We are subject to changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions through our international sales and operations. Our exports account for less than 10% of our business, primarily composed of chicken leg quarters and paws, boxed beef and variety meats of all proteins. As a result of the recent changes in trade policies and tariffs both domestically and internationally, we may experience some sales disruptions and other impacts associated with tariffs.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Walmart Inc. accounted for approximately 18.7 % of our fiscal 2025 consolidated sales. Sales to Walmart Inc. were included in all of our segments. Any extended discontinuance of sales to this customer could, if not replaced, have a material impact on our operations.”
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