A diversified global agribusiness, energy, and transportation company, Seaboard runs everything from Seaboard Foods, a top U.S. pork producer, and Butterball turkeys to cargo ships across the Caribbean and renewable-diesel plants. It began in 1918 when flour broker Otto Bresky bought a mill in Atchison, Kansas, and later adopted the name "Seaboard" after a 1959 merger — a nod to its growing focus on coastal trade routes. Descendants of the founder still own much of the company today.
Liquid Fuels swings to a $90M H1 profit, but Marine income drops $60M and a barge outage clouds the Power segment.
The Liquid Fuels swung to a $90 million in the first half, reshaping Seaboard's earnings. rose 17.8% to $2.92 billion and operating income nearly doubled to $100 million, but the gain was concentrated in one segment while Marine income fell $60 million and a damaged power barge will be offline indefinitely. The quarter shows a company whose earnings engine has shifted, with a new source of profit offsetting a decline in its traditional marine business and a fresh operational disruption ahead.
Key takeaways
The Liquid Fuels drove the quarter, swinging to a $90 million for the first half of 2026 from a $52 million loss a year ago, as higher environmental credit and fuel sales and $12 million in lifted results.
Marine fell $60 million in the first half, as higher voyage-related costs more than offset the benefit of increased cargo volumes and the full fleet of eight new dual-fueled vessels.
Commodity Trading and Milling declined $21 million in the first half, pressured by $20 million in and reduced trading margins, despite higher commodity volumes.
Section summaries
Management's Discussion and Analysis
Liquid Fuels segment drove a $106M operating income increase for H1 2026, offsetting Marine cost pressures and CT&M derivative losses.
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Consolidated rose $526M for H1 2026, led by Liquid Fuels (+$300M on higher environmental credit and fuel sales) and CT&M (+$188M on higher commodity volumes).
increased $106M for H1 2026, as Liquid Fuels swung from a $52M loss to $90M profit, more than offsetting a $60M decline in Marine due to higher voyage-related costs.
The Pork returned to profitability, posting a $7 million in Q1 compared to a $31 million loss a year ago, as higher margins on pork and hogs and a $19 million decline in feed costs more than offset the non-recurrence of a prior-year reserve benefit.
was negative $30 million for the first half, a $91 million swing from the prior year, as a $160 million increase tied to and in CT&M and Liquid Fuels consumed cash.
A routine inspection found damage on the EDM III power barge, which will be nonoperational for an undetermined period, creating uncertainty for the Power .
What changed
The Liquid Fuels 's $37 million Q1 profit, flagged as a key watch item, was sustained into Q2, with the segment reaching a $90 million H1 profit as higher fuel volumes and prices and took hold.
The Marine 's Q1 of $34 million, already down $23 million from the prior year, was followed by a further decline in H1 to a $60 million drop, as higher voyage-related costs overwhelmed volume gains.
The CT&M 's , flagged as a risk of reversal, instead continued, with $20 million in losses pressuring H1 results and reducing the segment's by $21 million.
The Pork 's return to profitability in Q1, with a $7 million , was a positive inflection from the $31 million loss a year ago, though Q2 figures were not separately reported in this filing.
What to watch
Power in Q3 2026 — whether the EDM III barge damage materially reduces earnings, and whether management provides a timeline for its return to service.
Liquid Fuels in Q3 2026 — whether the $90 million H1 profit run rate can be sustained as production tax credit impacts stabilize and energy market volatility from the Iran conflict persists.
Marine quarterly — whether the $60 million H1 decline represents a new run rate as the full fleet of eight dual-fueled vessels operates, or if freight rates and voyage costs stabilize.
and — whether the $160 million and build in CT&M and Liquid Fuels reverses in H2, and whether the company stays within its $305 million remaining 2026 capital expenditure budget.
CT&M H1 fell $21M, pressured by $20M in mark-to-market derivative losses and reduced trading margins, despite higher volumes.
Cash used in operations was $30M for H1 2026 versus $61M provided a year ago, driven by a $160M increase tied to and in CT&M and Liquid Fuels.
The Power faces uncertainty after a routine inspection found damage on the EDM III barge, which will be nonoperational for an undetermined period.
Management budgeted $305M in remaining 2026 , including $60M for the EDM IV barge, and expects to fund it with cash, short-term investments, and borrowing capacity.
Quantitative and Qualitative Disclosures About Market Risk
Seaboard is exposed to various types of market risks in its day-to-day operations. Primary market risk exposures result from changing commodity prices, foreign currency exchange rates, interest rates and equity prices. Occasionally, Seaboard utilizes derivative instruments to ma…
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Seaboard is exposed to various types of market risks in its day-to-day operations. Primary market risk exposures result from changing commodity prices, foreign currency exchange rates, interest rates and equity prices. Occasionally, Seaboard utilizes derivative instruments to manage these overall market risks. The nature of Seaboard’s market risk exposure related to these items has not changed materially since December 31, 2025. See Note 5 to the condensed consolidated financial statements for further discussion of market risk exposure.
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Except for the additional risk factor set forth below, there have been no material changes in the risk factors as previously disclosed in Seaboard’s 2025 10-K: Operational Risks (1) The Conflict Involving Iran Could Further Affect the Business. In February 2026, the U.S. and Isr…
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Except for the additional risk factor set forth below, there have been no material changes in the risk factors as previously disclosed in Seaboard’s 2025 10-K:
Operational Risks
(1) The Conflict Involving Iran Could Further Affect the Business. In February 2026, the U.S. and Israel launched military strikes against Iran and the regional conflict continued through the second quarter of 2026. The Middle East is a critical corridor for the global movement of crude oil, refined petroleum products, LNG and other commodities. As a result, the ongoing conflict and heightened geopolitical tensions involving Iran have affected, and could continue to affect, global economic conditions and commodity markets. Although Seaboard does not operate in Iran, its operations have been affected by higher fuel prices, increased shipping costs, and, to a lesser extent, higher grain prices that have occurred since the conflict began. At the same time, the Liquid Fuels segment results have been affected from higher fuel prices amid volatile energy markets. The duration of the conflict remains uncertain, and the ultimate resolution, continuation or expansion of the conflict could affect Seaboard's business, financial condition and results of operations.