Tyson’s pork bill grows as beef losses bite

Tyson Foods will pay $48 million to settle claims that it drove up pork prices between 2014 and 2018, adding to the meat giant’s growing legal bill over allegations of price fixing.

A federal judge on Oct. 1 gave final approval to the settlement with restaurants and commercial food buyers that accused Tyson of conspiring with other meatpackers to restrict pork supplies and inflate prices.

The allegations extend across the pork industry, with Tyson competitors Smithfield Foods, JBS USA and Hormel Foods also named in the litigation.

Tyson has denied the claims and said in its latest quarterly filing in August that it has “valid and meritorious defenses,” but has pursued settlements to avoid the cost and uncertainty of prolonged litigation.

Tyson has reached multiple settlements over the claims. The company agreed to pay $85 million last year to settle claims from consumers and $50 million in 2025 to settle claims from businesses that bought pork directly from Tyson and other producers.

The litigation began in 2018, when pork buyers sued Tyson and other producers for conspiring to restrict supply and drive up prices of the meat beginning in 2009 — leaving Tyson with a growing antitrust bill.

In the first nine months of its 2026 fiscal year alone, Tyson paid $245 million related to its pork antitrust cases, bringing its payments since fiscal 2025 to $295 million.

Last month, the company cut its 2026 outlook for pork by $50 million, as growing supply of hogs pushed pork prices down and squeezed margins. Over the past three fiscal years, Tyson’s pork business posted a combined operating loss of $190 million.

The pork challenges are only one source of pressure facing Tyson. Its beef business, which accounts for about 40% of sales, reported an adjusted operating loss of $138 million last quarter as a shrinking cattle supply drove up costs and squeezed margins.

The weakness in beef and pork has cut into profits even as sales have grown. Through the first nine months of its fiscal year, sales rose 3% to $41.8 billion. Adjusted operating income fell 4% to $1.6 billion. Tyson shares have fallen 11% this year, closing Monday at $51.71.

Those challenges now fall to new CEO Jeff Schomburger, who took over Oct. 4. The former Procter & Gamble executive has said growth is his top priority, with Tyson putting more emphasis on branded and value-added products. “The biggest priority in the company right now is to shift and grow our business,” Schomburger said at a September investor conference.