Consumer Staples
Consumer Staples Food
Food is protein, snacks, and foodservice
Sysco FY2026 sales were $84.6B. Tyson FY2025 was $54.4B. Mondelez 2025 was $38.5B. These are not the same business. PepsiCo foods sit on the Beverage tab.
Organic food sales split: snacks up, center store down
Mondelez 2025 organic +4.3% and Hershey organic constant currency +4.2%. General Mills FY2026 organic -2%. Kraft Heinz 2025 organic -3.4%. Campbell FY2025 organic -1% (not covered here). Kellanova has no FY2025 public print after the Mars close.
Price carried snacks. Volume did not.
Mondelez 2025: volume/mix -3.7 points, pricing +8.0 points. Hershey: about -1 volume and +6 price. General Mills organic volume and price/mix were both -1 point. Kraft Heinz volume/mix -4.1, price +0.7.
VolumePrice
Sysco is U.S. foodservice first
FY2026: U.S. Foodservice $58.8B, International $16.0B, SYGMA $8.6B, Other $1.1B. The four lines sum to $84.6B. Restaurants stay on Travel and Leisure. Sysco sells into that demand.
Mondelez is Europe first
2025: Europe $15.0B, North America $10.7B (down 2.1%), AMEA $7.9B, Latin America $4.9B. The four lines sum to $38.5B.
Tyson is still a beef company
FY2025: Beef $21.6B, Chicken $16.8B, Prepared Foods $9.9B, Pork $5.8B. Intersegment sales are omitted. Reported sales include a $653M legal-accrual cut.
Tyson volume: chicken grew, beef did not
FY2025 sales volume: Chicken +2.6%, Beef -1.9%, Pork -1.7%, Prepared Foods -2.5%. This is physical volume, not the dollar bars above.
Hershey is still confectionery
2025: North America confectionery $9.48B, North America salty $1.27B, International $0.94B. The three lines sum to $11.69B.