Smithfield Foods now expects its Fresh Pork business to swing to an adjusted operating loss in Q3 2026, with lower adjusted operating profit also anticipated from its Hog Production business. This outlook is primarily due to the further weakening of USDA pork cutout values, which has compressed the industry's processing spread. The company had previously cut its full-year 2026 sales and profit outlook in August, indicating a continued deterioration in its earnings trajectory.