TSNTyson Foods

2 paragraphs in Risk Factors of the 10-K filed Nov 10, 2025 with nothing like them in the 10-K filed Nov 12, 2024. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 31 Consumer staples companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions, could require us to change the way we conduct business, impose increased costs, and reduce demand for our products. Tariffs and trade disputes could increase the price of our goods in the affected countries and result in less or no demand. In addition, tariffs could affect the pricing of commodities and raw materials, and this could impose additional costs on us or on our suppliers, which could affect the costs and availability of sourcing of such commodities and raw materials. The extent and duration of tariffs is subject to change, and this could adversely affect general economic conditions. In times of economic uncertainty, consumers may purchase fewer products or shift to lower-priced offerings such as private-label goods, and this could adversely affect our product sales.

Negative consequences relating to these risks and uncertainties could jeopardize or limit our ability to transact business in one or more of those markets where we operate or in other developing markets and could adversely affect our financial results.

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New in the latest 10-Q

12 paragraphs in the 10-Q filed Aug 3, 2026 with nothing like them in the 10-Q filed May 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

We have supplier financing programs with financial institutions, in which we agree to pay the financial institution the stated amount of confirmed invoices on the invoice due date for participating suppliers. Participation in these programs is optional and solely up to the supplier, who negotiates the terms of the arrangement directly with the financial institution and may allow the supplier to receive early payment from the financial institution. Supplier participation in these programs has no bearing on the Company's amounts due. The payment terms that we have with participating suppliers under these programs are generally up to 120 days. We do not have an economic interest in any supplier's participation in the program or a direct financial relationship with the financial institution funding the program and we are only responsible for ensuring that participating financial institutions are paid according to the terms negotiated with the supplier. The outstanding payment obligations due to the financial institutions as of the end of a period are included in accounts payable in the Consolidated Condensed Balance Sheets. The activity related to these programs is reflected within the operating activities section of the Consolidated Condensed Statements of Cash Flows. Amounts outstanding on our supplier financing programs were $ 198 million and $ 52 million as of June 27, 2026 and September 27, 2025, respectively.

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In July 2026, we completed the sale of our 40 % minority interest in a vertically-integrated Brazilian poultry producer, which was accounted for under the equity method, for $ 120 million including $ 84 million received at closing and $ 36 million to be paid in July 2027. As a result of the sale, we do not expect to recognize a significant gain or loss in our fiscal year 2026 Consolidated Statement of Income.

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During the third quarter of fiscal 2026, we announced certain executive leadership changes, including the transition of our Chief Executive Officer and Chief Operating Officer from their respective roles, the appointment of their successors and the execution of a new employment agreement with the Chairman of our Board of Directors. In connection with these transitions, we recognized charges of $ 73 million during the three and nine months ended June 27, 2026, consisting of $ 41 million of one-time cash payments and $ 32 million of severance and related charges. These charges were recognized as corporate expenses within Selling, General and Administrative in our Consolidated Condensed Statements of Income. Additionally, we expect to recognize charges of $ 29 million associated with these transitions in the fourth quarter of fiscal 2026.

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• Increase of $40 million for a lower of cost or net realizable value inventory adjustment in our Beef segment.

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• Increase of $40 million for a lower of cost or net realizable value inventory adjustment in our Beef segment.

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• Decrease of $10 million in amortization, primarily from brand and product line discontinuations in the prior year.

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• Decrease of $31 million in amortization, primarily from brand and product line discontinuations in the prior year.

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• Subsequent to June 27, 2026, the Company repurchased an additional 0.9 million shares of its Class A common stock on the open market for an aggregate purchase price of approximately $49 million under its existing share repurchase program.

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Item 6

10.1 * Employment Agreement, dated May 27, 2026, between the Company and Jeffrey Schomburger.

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** 10.2 * Employment Agreement, dated June 4, 2026, between the Company and Wes Morris.

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** 10.3 * Separation Agreement, dated June 16, 2026, between the Company and Devin Cole.

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** 10.4 * Third Amended and Restated Employment Agreement, dated June 17, 2026, between the Company and John H. Tyson.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Aug 3, 2026 against Item 1A of the 10-K filed Nov 10, 2025. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
Our business is subject to a variety of risks and uncertainties. These risks are described in this Quarterly Report on Form 10-Q and elsewhere in our other filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 27, 2025. The risks identified in such reports have not changed in any material respect.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.