Lamb Weston vs Tyson Foods: Revenue, Profit and Business Model
Lamb Weston reported $6.6B of revenue in FY2026 and $290M of net income. Tyson Foods reported $54.4B of revenue in FY2025 and $474M of net income.
Latest financial snapshot
Lamb Weston
- Latest revenue
- $6.6B (FY2026)
- Net income
- $290M
- Net margin
- 4.4%
- Revenue growth
- +8.5% a year, FY2017–FY2026
Tyson Foods
- Latest revenue
- $54.4B (FY2025)
- Net income
- $474M
- Net margin
- 0.9%
- Revenue growth
- +4.4% a year, FY2016–FY2025
Financial summary
Lamb Weston
Sales climbed from $3.17 billion in fiscal 2017 to $6.47 billion in fiscal 2024, helped by post-pandemic pricing and the 2023 consolidation of its European joint venture. Profit then fell: net income dropped from $1.01 billion in fiscal 2023 to $357.2 million in fiscal 2025 and $290 million in fiscal 2026. Fiscal 2026 adjusted EBITDA was $1.147 billion, capital spending was cut to $410 million, free cash flow reached $537 million, and $321 million went back to shareholders through dividends and buybacks.
Tyson Foods
Fiscal 2025 (ended September 27, 2025) sales rose 2.1% to $54.441 billion, or 3.3% excluding a $653 million increase in legal contingency accruals recorded as a reduction to sales. GAAP operating income fell 22% to $1.098 billion, while adjusted operating income rose 26% to $2.287 billion; GAAP EPS was $1.33 and adjusted EPS $4.12. Tyson reduced total debt by $957 million and ended the year with $3.7 billion of liquidity. In the first nine months of fiscal 2026, sales were $41.834 billion (up 3.1%), GAAP operating income $1.099 billion (up 17%), adjusted operating income $1.616 billion (down 4%) and free cash flow $913 million. Third-quarter sales were flat at $13.87 billion as 3.4% higher pricing offset a 2.8% volume decline tied to constrained cattle supply.
Revenue and profit by year
Lamb Weston
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $6.6B | $290M | 4.4% | +2.5% | Source |
| FY2025 | $6.5B | $357.2M | 5.5% | -0.3% | Source |
| FY2024 | $6.5B | $725.5M | 11.2% | +20.9% | Source |
| FY2023 | $5.4B | $1B | 18.9% | +30.5% | Source |
| FY2022 | $4.1B | $200.9M | 4.9% | +11.7% | Source |
| FY2021 | $3.7B | $317.8M | 8.7% | -3.2% | Source |
| FY2020 | $3.8B | $365.9M | 9.6% | +1.0% | Source |
| FY2019 | $3.8B | $478.6M | 12.7% | +9.7% | Source |
| FY2018 | $3.4B | $416.8M | 12.2% | +8.1% | Source |
| FY2017 | $3.2B | $326.9M | 10.3% | — | Source |
Tyson Foods
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $54.4B | $474M | 0.9% | +2.1% | Source |
| FY2024 | $53.3B | $800M | 1.5% | +0.8% | Source |
| FY2023 | $52.9B | -$648M | -1.2% | -0.8% | Source |
| FY2022 | $53.3B | $3.2B | 6.1% | +13.2% | Source |
| FY2021 | $47B | $3B | 6.5% | +8.9% | Source |
| FY2020 | $43.2B | $2.1B | 4.8% | +1.8% | Source |
| FY2019 | $42.4B | $2B | 4.7% | +5.9% | Source |
| FY2018 | $40.1B | $3B | 7.4% | +4.7% | Source |
| FY2017 | $38.3B | $1.8B | 4.6% | +3.7% | Source |
| FY2016 | $36.9B | $1.8B | 4.8% | — | Source |
Where the revenue comes from
Lamb Weston
- North America~65%
Sales to quick-service and full-service restaurant chains, distributors, and grocery and club retailers in the U.S., Canada and Mexico.
- International~35%
Sales outside North America, largely from European, Argentine, Chinese and Australian plants.
Tyson Foods
- Beef
Largest segment
Processes fed cattle into boxed beef and byproducts; profit depends on the spread between cattle costs and beef prices.
- Chicken
Second-largest segment
Vertically integrated chicken sold to retail and foodservice; the main profit driver in fiscal 2025-2026.
- Prepared Foods
Branded segment
Branded breakfast, deli, hot dog and snacking products with steadier margins than fresh meat.
- Pork
Smaller segment
Hog processing for retail, export and internal prepared-foods use.
Business model and strategy
Lamb Weston
How it makes money
Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe, Argentina and China, then cuts, blanches, par-fries and freezes them in its own plants. It sells the finished fries, wedges, hash browns and specialty items through two reporting segments: North America (about two-thirds of sales) and International.
Growth strategy
Since late 2024 Lamb Weston has shifted from capacity expansion to efficiency. It completed major expansions in American Falls (Idaho), China, the Netherlands and Argentina, then slowed further capital projects, closed or curtailed older lines, and launched a cost-savings program. The 'Focus to Win' strategy prioritizes core customers and markets, commercial wins, and lower cost per pound.
Competitive advantage
Lamb Weston's edge is specialization at scale. It has decades of potato processing know-how, contracted grower networks in prime growing regions, a global plant footprint, and long-standing supply relationships with chains that need fries to cook and taste the same across thousands of restaurants.
Tyson Foods
How it makes money
Tyson makes money by buying or raising animals, processing them into fresh and value-added products, and selling them to retailers, restaurant chains, foodservice distributors and export buyers. In chicken it is vertically integrated: it owns breeder flocks, hatcheries and feed mills and pays contract farmers to raise birds.
Growth strategy
Tyson's plan centers on chicken execution (better yields and value-added mix), prepared-foods brand growth, managing beef through the cattle cycle, plant network consolidation, automation, cost control and debt reduction.
Competitive advantage
Tyson's advantage comes from scale, vertical integration in chicken, branded foods, plant network, foodservice relationships, cold-chain logistics, and procurement reach.
Questions about Lamb Weston vs Tyson Foods
Which company has higher revenue — Lamb Weston Holdings, Inc. or Tyson Foods, Inc.?
Lamb Weston Holdings, Inc. reported $6.6B (FY2026), while Tyson Foods, Inc. reported $54.4B (FY2025). By last reported revenue, Tyson Foods, Inc. is the larger business, with Lamb Weston Holdings, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Lamb Weston Holdings, Inc. vs Tyson Foods, Inc.?
Lamb Weston Holdings, Inc.'s market capitalisation stands at $6.4B, while Tyson Foods, Inc.'s is $18.4B. Tyson Foods, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lamb Weston Holdings, Inc..
Which is more financially efficient — Lamb Weston Holdings, Inc. or Tyson Foods, Inc.?
Lamb Weston Holdings, Inc. generates $661k / employee in revenue per employee, while Tyson Foods, Inc. generates $409k / employee. Lamb Weston Holdings, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Lamb Weston Holdings, Inc. and Tyson Foods, Inc. make money?
Lamb Weston Holdings, Inc. and Tyson Foods, Inc. generate revenue in fundamentally different ways. Lamb Weston Holdings, Inc.: Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe, Argentina and China, then cuts, blanches, par-fries and freezes them in its own plants. Tyson Foods, Inc.: Tyson makes money by buying or raising animals, processing them into fresh and value-added products, and selling them to retailers, restaurant chains, foodservice distributors and export buyers.
Which company is valued higher relative to revenue — Lamb Weston Holdings, Inc. or Tyson Foods, Inc.?
On a price-to-sales (P/S) basis, Lamb Weston Holdings, Inc. trades at 1.0x P/S and Tyson Foods, Inc. at 0.3x P/S. Lamb Weston Holdings, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tyson Foods, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Lamb Weston Holdings, Inc. bigger than Tyson Foods, Inc.?
By last reported revenue, Tyson Foods, Inc. ($54.4B (FY2025)) is the larger company compared to Lamb Weston Holdings, Inc. ($6.6B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Lamb Weston vs Tyson Foods overview