Seaboard
36 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Butterball retail customers
earns from · approximately 28%The Turkey segment had two retail customers that collectively represented approximately 28%, 30%, and 27% of its total 2025, 2024, and 2023 sales, respectively.Business (Item 1)
Dominican Republic government-owned electricity distribution companies
earns fromnamed as a riskThe Power segment sells power in the Dominican Republic primarily to government-owned distribution companies.Business (Item 1)
Suppliers
Dominican Republic natural gas supplier
depends onnamed as a riskSupply of natural gas in the Dominican Republic is limited to one primary supplier.Risk factors (Item 1A)
Butterball partner (grain supplier)
depends onThe Turkey segment purchases a significant portion of its grain used in the manufacturing of feed for its turkeys in North Carolina from Seaboard’s partner in Butterball.Business (Item 1)
Butterball poult supplier
depends onAlso, Butterball purchases poults for its operations from one supplier with multiple locations.Business (Item 1)
Partners and platforms
Seaboard Triumph Foods, LLC (STF)
depends on · approximately one-third of STF’s hogsnamed as a riskThis segment provides approximately one-third of STF’s hogs for processing and also markets substantially all pork products produced.Risk factors (Item 1A)
Triumph Foods, LLC
Seaboard has marketing agreements with STF, Daily’s and Triumph to market their products and has a margin-sharing arrangement with Triumph that considers the average sales price, standard costs and the mix of products sold from the Seaboard and Triumph plants.Business (Item 1)
Other companies
Butterball, LLC
52.5%named as a riskSeaboard has a non-controlling 52.5% investment in Butterball, a producer and processor of turkey products.Business (Item 1)
Dominican peso
exposed to its pricenamed as a riskFluctuations in economic conditions or changes in the Dominican Republic political climate could have an impact on the costs of operations, the sales prices of products and the exchange rate of the Dominican peso to the U.S. dollar.Risk factors (Item 1A)
Places
Argentina
operates in · nearly 70,000 acresSERA owns nearly 70,000 acres of cultivated land to grow sugarcane and a processing mill with an annual capacity to crush approximately three million metric tons of sugarcane.Business (Item 1)
Also named by BALL, C, ECL, FISV, GMED, INGR, JNJ, KMB and 6 more
Africa
operates in · 26 countriesOverall, the CT&M segment, including its affiliates, has facilities in 26 countries, primarily in Africa and South America.Business (Item 1)
Also named by AMT
Mexico, Japan and China pork export markets
earns from · approximately 25% of salesSeaboard Foods primarily sells pork products to further processors, foodservice operators, distributors and grocery stores in the U.S. and internationally, with approximately 25% of sales to Mexico, Japan, China and numerous other foreign markets.Business (Item 1)
Singapore
operates innamed as a riskThe new power-generating barge is being constructed in Singapore, and expected to commence commercial operations in 2028.Risk factors (Item 1A)
Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more
North Carolina
concentrated innamed as a riskAlthough Butterball has three primary processing plants, it is disproportionately dependent on the continued operation of its processing plant in North Carolina, which handles a significant volume of the production of turkey products.Risk factors (Item 1A)
Also named by ABR, AUB, DUK, FCNCA, FHN, GLW, IMKTA, MLM and 5 more
Dominican Republic
concentrated innamed as a riskThe 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.Risk factors (Item 1A)
Oklahoma pork processing plant
concentrated innamed as a riskThe Pork segment is largely dependent on the continued operation at full capacity of its Oklahoma pork processing plant and the STF plant.Risk factors (Item 1A)
Miami, Florida
concentrated inThis segment’s primary commercial operations are in Miami, Florida, with strategic operations in The Bahamas, and scheduled port calls are made in Houston, Texas; New Orleans, Louisiana; various domestic ports on the East Coast; and various foreign ports.Business (Item 1)
Also named by AIR
Hazards
Hurricanes
operates innamed as a riskIn the Marine segment, port operations can be subject to disruption due to hurricanes or other adverse weather conditions, and any associated damage could take significant time to repair while cargos would move to other ports of entry.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Russia-Ukraine conflict
named as a riskCommodity trades involving Russian-originated commodities could be directly or indirectly impacted by export controls, economic sanctions and the ability to collect on contracts, any of which, along with the general volatility in commodities prices and margins, could negatively impact Seaboard’s business, financial condition, results of operations and the market price of its common stock.Risk factors (Item 1A)
Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more
Commodities and inputs
Wheat
exposed to its price · approximately 15 million metric tons per yearnamed as a riskThe CT&M segment sources, transports and markets approximately 15 million metric tons per year of wheat, corn, soybeans, soybean meal and other commodities, generally purchased from farmers, grain elevators and wholesale merchants.Business (Item 1)
Also named by CAG, CPB, FLO, FPI, GIS, HSY, KHC, MDLZ and 1 more
Grains and oilseeds derivatives
exposed to its price · $ 23named as a riskSeaboard uses various grain, hog, oilseed and other commodity futures and options purchase contracts to manage certain risks of increasing prices of inventories and firm sales commitments or anticipated sales contracts.Market risk (Item 7A)
Corn
exposed to its pricenamed as a riskFeed costs are the most significant single component of the cost of raising hogs and turkeys for the Pork and Turkey segments and are affected by commodity price fluctuations for corn and soybean meal.Risk factors (Item 1A)
Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more
Soybean meal
exposed to its pricenamed as a riskFeed costs are the most significant single component of the cost of raising hogs and turkeys for the Pork and Turkey segments and are affected by commodity price fluctuations for corn and soybean meal.Risk factors (Item 1A)
Diesel
exposed to its pricenamed as a riskIn the Liquid Fuels segment, the market price for biodiesel and renewable diesel is influenced by world diesel prices and government mandates and incentives to use biofuels.Risk factors (Item 1A)
Marine fuel
exposed to its pricenamed as a riskFuel is a large expense for the Marine and Power segments and also impacts the CT&M segment’s results with regards to owned and chartered vessels.Risk factors (Item 1A)
Also named by KEX
Pork prices
exposed to its pricenamed as a riskIn the Pork and Turkey segments, commodity pork and turkey prices demonstrate a cyclical nature over periods of years, reflecting changes in the supply of fresh meat and competing proteins on the market.Risk factors (Item 1A)
Animal fats and vegetable oils
exposed to its pricenamed as a riskThe Liquid Fuels segment’s raw material costs are impacted by fluctuations in the market price of pork fat, other animal fats and vegetable oils, all of which are utilized to produce biodiesel and renewable diesel.Risk factors (Item 1A)
Vessel charter rates
exposed to its pricenamed as a riskDespite the recent purchases of several new vessels, time-charter expenses are one of this segment’s largest expenses.Risk factors (Item 1A)
Regulators
Federal Maritime Commission
subject tonamed as a riskIn the Marine segment, many aspects of the shipping industry, including rate agreements and vessel cost sharing agreements, are subject to extensive governmental regulation by the Federal Maritime Commission, the U.S. Coast Guard, and U.S. Customs and Border Protection, as well as regulation by private industry organizations.Risk factors (Item 1A)
Dominican Republic government
subject tonamed as a riskThis segment’s barges are subject to various permitting requirements imposed by the Dominican government.Risk factors (Item 1A)
Laws and programs
Employment visas
depends on · approximately 26% of the Pork segment’s workforcenamed as a riskIn 2025, approximately 26% of the Pork segment’s workforce was dependent upon employment visas.Business (Item 1)
Renewable Fuel Standard
subject tonamed as a riskThe profitability of this segment’s biodiesel and renewable diesel plants has been and could be adversely affected by various factors, including the market prices of fuel and environmental credits, which are influenced by world diesel prices and government policies, regulations, mandates and federal and state programs and incentives to produce and use biofuels, such as those under the federal Renewable Fuel Standard and the California Low Carbon Fuel Standard.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more
U.S. tariffs and trade policy
subject tonamed as a riskIf Seaboard is unable to navigate further changes in U.S. or international trade policy, it could have a material adverse impact on Seaboard’s business and financial condition.Risk factors (Item 1A)
Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more
California Low Carbon Fuel Standard
subject tonamed as a riskRINs are generated based on gallons produced, and LCFS credits are generated based on the specific carbon-reducing initiatives throughout the production process and the number of gallons sold in California.Business (Item 1)
Also named by CRC, CVX, DINO, DTE, GPRE, MPC, PBF, UGI and 2 more
Clean fuel production tax credit (Section 45Z)
subject tonamed as a riskThe federal blender’s credit expired December 31, 2024, and was replaced by a new clean fuel production tax credit.Risk factors (Item 1A)
State sow housing laws
subject tonamed as a riskSome laws apply to animals grown in the state of enactment while, more recently, several states have enacted laws that prohibit the sale of meat from non-compliant animals grown in any of the fifty states or foreign countries.Risk factors (Item 1A)