Tyson Foods delivered a solid QQ1 2025 performance characterized by revenue growth, notable margin expansion in a challenging beef cycle, and strong cash flow generation that supported a continued deleveraging trajectory. For the quarter, net sales rose 2% year-over-year to $13.62 billion, with adjusted operating income up 60% YoY to $946 million and adjusted earnings per share up about 65%. The company ended Q1 with liquidity of roughly $4.5 billion and net leverage of 2.3x, down from 4.1x at the end of 2023, reflecting disciplined cash management, ongoing optimization of working capital, and targeted debt reduction (including a $750 million term loan payoff in January). Management signaled confidence in fiscal 2025 with raised guidance and a continued emphasis on the diversified multi-protein portfolio (Beef, Pork, Chicken, Prepared Foods) to navigate a dynamic consumer backdrop. Chicken delivered the strongest quarterly performance in eight years, while Prepared Foods faced near-term input-cost headwinds but remained on track for full-year improvement. International and Asia remained a bright spot, delivering the best quarterly adjusted operating income in the segment’s history. The outlook assumes continued volume-driven demand for protein, restrained by seasonal and macro headwinds, with a focus on disciplined capital allocation and preserving free cash flow. Overall, Tyson’s trajectory points to a constructive earnings progression in 2025, supported by price/mix discipline, productivity gains, and strategic investments in branding, distribution, and digital tools.