Tyson Foods delivered a solid Q4 2024 performance against a challenging beef backdrop, underscored by strong profitability in chicken and prepared foods and meaningful improvements in international operations. For the full-year 2024, Tyson reported an AOI of more than $1.8 billion and adjusted earnings per share (EPS) of $3.10, with free cash flow of roughly $1.5 billion—over twice the dividend and a material step-change versus 2023. The company reinforced a disciplined capital-allocation framework that yielded stronger cash generation, reduced leverage to 2.6x net debt to adjusted EBITDA, and ~4B of liquidity. Management outlined a clear FY25 path: AOI expected to grow ~10% to a range of $1.8–$2.2 billion, with roughly equal contribution from prepared foods and chicken (about 50% of AOI each) and ongoing emphasis on value-added brands and digital-enabled operating improvements. The guidance also contemplates flat-to-down revenue (0% to -1%) as beef/pork volumes offset chicken/prepared foods growth, with CapEx limited to $1.0–$1.2 billion and free cash flow above ~$700 million. Investors should monitor live-animal cost dynamics, cattle cycles, demand for value-added products, and the company’s progress on its five strategic enablers: operational excellence, brand value-up, data/digital, capital allocation, and people development.