Smithfield Foods is the largest pork processor in the U.S. and one of the largest packaged meats companies. Smithfield makes and sells branded packaged pork products — bacon, hot dogs, sausage, deli and lunch meats, ham, and pepperoni — under brands including Smithfield, Eckrich, Nathan's Famous, Farmland, and Armour. Smithfield also sells fresh, unprocessed pork cuts to retail, foodservice, and export customers. The company operates three segments: Packaged Meats (~56% of sales, ~85% of operating profit), Fresh Pork (~low-to-mid 30s% of sales), and Hog Production (~low-double-digit % of sales). Packaged Meats is the core profit engine, converting raw pork into higher-value branded products at 10-14% adjusted operating margins. Fresh Pork processes live hogs into primal cuts, roughly one-third of which feed into Packaged Meats internally. Hog Production raises hogs on company-owned and contract farms, with profitability driven by hog prices and feed costs. Smithfield is vertically integrated, sourcing ~80% of its Packaged Meats raw materials internally. Walmart accounts for ~15% of consolidated sales, and the top ten customers account for ~42%. Smithfield's strategy focuses on shifting mix toward higher-margin value-added packaged products, growing volume through product innovation, and shrinking its Hog Production segment to reduce earnings volatility. Smithfield is also acquiring the Nathan's Famous brand outright, having licensed it since 2014.