false --12-27 2025 Q2 0001289237 8429 8513 0001289237 2024-12-29 2025-06-28 0001289237 uspb:ClassAUnitsMember 2025-07-26 0001289237 uspb:ClassBUnitsMember 2025-07-26 0001289237 2025-06-28 0001289237 2024-12-28 0001289237 uspb:ClassAUnitsMember 2025-06-28 0001289237 uspb:ClassAUnitsMember 2024-12-28 0001289237 uspb:ClassBUnitsMember 2025-06-28 0001289237 uspb:ClassBUnitsMember 2024-12-28 0001289237 2025-03-30 2025-06-28 0001289237 2024-03-31 2024-06-29 0001289237 2023-12-31 2024-06-29 0001289237 uspb:ClassAUnitsMember 2025-03-30 2025-06-28 0001289237 uspb:ClassAUnitsMember 2024-03-31 2024-06-29 0001289237 uspb:ClassAUnitsMember 2024-12-29 2025-06-28 0001289237 uspb:ClassAUnitsMember 2023-12-31 2024-06-29 0001289237 uspb:ClassBUnitsMember 2025-03-30 2025-06-28 0001289237 uspb:ClassBUnitsMember 2024-03-31 2024-06-29 0001289237 uspb:ClassBUnitsMember 2024-12-29 2025-06-28 0001289237 uspb:ClassBUnitsMember 2023-12-31 2024-06-29 0001289237 2023-12-30 0001289237 2024-06-29 0001289237 uspb:NationalBeefPackingCompanyLlcMember 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember 2024-12-29 2025-06-28 0001289237 uspb:TreasurySecuritiesMember 2024-12-29 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember us-gaap:InvestmentsMember 2024-12-29 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember us-gaap:InvestmentsMember 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments1Member 2024-12-29 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments1Member 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments2Member 2024-12-29 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments2Member 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments3Member 2024-12-29 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments3Member srt:MinimumMember 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments3Member srt:MaximumMember 2025-06-28 0001289237 us-gaap:CertificatesOfDepositMember uspb:Investments3Member 2025-06-28 0001289237 uspb:TreasurySecuritiesMember us-gaap:InvestmentsMember 2024-12-29 2025-06-28 0001289237 uspb:TreasurySecuritiesMember us-gaap:InvestmentsMember 2025-06-28 0001289237 uspb:TreasurySecuritiesMember uspb:Investments1Member 2024-12-29 2025-06-28 0001289237 uspb:TreasurySecuritiesMember uspb:Investments1Member 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2025-03-30 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2025-03-30 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2025-03-30 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember 2025-03-30 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2024-12-29 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2024-12-29 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2024-12-29 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember 2024-12-29 2025-06-28 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2024-03-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2024-03-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2024-03-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember 2024-03-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2023-12-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2023-12-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2023-12-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember 2023-12-31 2024-06-29 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EquityMethodInvestmentInNationalBeefPackingCompanyLLCAndSubsidiariesMember 2024-03-30 0001289237 us-gaap:ReportableSubsegmentsMember uspb:EliminationOfUnconsolidatedAffiliateMember 2024-03-30 0001289237 us-gaap:ReportableSubsegmentsMember uspb:CorporateAndOtherOfUSPBMember 2024-03-30 0001289237 us-gaap:ReportableSubsegmentsMember 2024-03-30 0001289237 uspb:CashIncentiveAndBonusPlansMember 2025-06-28 0001289237 uspb:CashIncentiveAndBonusPlansMember 2024-12-28 0001289237 us-gaap:OtherIncomeMember 2024-12-29 2025-06-28 0001289237 2024-12-29 2025-03-29 0001289237 2025-03-29 0001289237 2023-12-31 2024-03-30 0001289237 2024-03-30 0001289237 uspb:CoBankMember us-gaap:RevolvingCreditFacilityMember 2025-06-28 0001289237 uspb:CoBankMember us-gaap:RevolvingCreditFacilityMember 2024-12-29 2025-06-28 0001289237 us-gaap:RevolvingCreditFacilityMember 2025-06-28 0001289237 us-gaap:RevolvingCreditFacilityMember 2024-12-29 2025-06-28 0001289237 uspb:ClassAUnitsMember 2023-12-31 2024-03-30 0001289237 uspb:ClassBUnitsMember 2023-12-31 2024-03-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:CAD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to   .

Commission file number 333-115164

U. S. PREMIUM BEEF, LLC

(Exact name of registrant as specified in its charter)

delaware		20-1576986
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

12200 North Ambassador Drive

Kansas City, MO 64163

(Address of principal executive offices)

Telephone: (866) 877-2525

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and ‘emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-Accelerated Filer ☒ Small Reporting Company ☒ Emerging Growth Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant’s units are not traded on an exchange or in any public market. As of July 26, 2025, there were 735,385 Class A units and 755,385 Class B units outstanding.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

TABLE OF CONTENTS

PART I.	FINANCIAL INFORMATION	Page No.

Item 1.	Financial Statements (unaudited).	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	13

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	16

Item 4.	Controls and Procedures.	16


PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings.	17

Item 1A.	Risk Factors.	18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	18

Item 3.	Defaults Upon Senior Securities.	18

Item 4.	Mine Safety Disclosures.	18

Item 5.	Other Information.	18

Item 6.	Exhibits.	19

	Signatures.	20

Unless the context indicates or otherwise requires, the terms “USPB”, “the Company”, “we”, “our”, and “us” refer to U.S. Premium Beef, LLC. As used in this report, the terms “NBP” and “National Beef” refer to National Beef Packing Company, LLC, a Delaware limited liability company.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited).

U.S. PREMIUM BEEF, LLC

Balance Sheets

(thousands of dollars, except unit information)


	June 28, 2025		December 28, 2024
	(unaudited)

Assets
Current assets:
Cash and cash equivalents	$	20,653	$	39,008
Investments in certificates of deposit and treasury securities		47,959		30,224
Accrued interest receivable		540		185
Due from affiliates		466		182
Other current assets		707		901
Total current assets		70,325		70,500
Property, plant, and equipment, at cost		274		274
Less accumulated depreciation		251		244
Net property, plant, and equipment		23		30
Right of use assets, net		217		228
Investment in National Beef Packing Company, LLC		153,828		169,381
Other assets		272		1
Total assets	$	224,665	$	240,140
Liabilities and Members' Capital
Current liabilities:
Accounts payable - trade	$	9	$	28
Due to other affiliates		90		74
Accrued compensation and benefits		1,897		2,413
Lease obligations		70		61
Other accrued expenses and liabilities		110		293
Distributions payable		294		153
Total current liabilities		2,470		3,022
Long-term liabilities:
Lease obligations		147		167
Other liabilities		7,459		7,307
Total long-term liabilities		7,606		7,474
Total liabilities		10,076		10,496

Commitments and contingencies		–		–

Members' capital
Members' contributed capital, 735,385 Class A units and 755,385 Class B units authorized, issued and outstanding		214,589		229,644
Total members' capital		214,589		229,644
Total liabilities and members' capital	$	224,665	$	240,140

See accompanying notes to financial statements.

U.S. PREMIUM BEEF, LLC

Statements of Operations

(thousands of dollars, except unit and per unit data)


	13-weeks ended						26-weeks ended
	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	–		$	–		$	–		$	–
Costs and expenses:
Cost of sales		–			–			–			–
Selling, general, and administrative expenses		811			752			1,770			1,790
Depreciation and amortization		3			3			7			7
Total costs and expenses		814			755			1,777			1,797
Operating loss		(814	)		(755	)		(1,777	)		(1,797	)
Other income:
Interest income		630			786			1,237			1,639
Equity in net (loss) income of National Beef Packing Company, LLC		(5,290	)		4,781			(15,553	)		4,099
Other income, net		732			466			767			646
Total other income		(3,928	)		6,033			(13,549	)		6,384
Net (loss) income	$	(4,742	)	$	5,278		$	(15,326	)	$	4,587

(Loss) income per unit:
Basic and diluted
Class A units	$	(0.64	)	$	0.72		$	(2.08	)	$	0.62
Class B units	$	(5.65	)	$	6.29		$	(18.26	)	$	5.47

Outstanding weighted-average Class A and Class B units:
Basic and diluted
Class A units		735,385			735,385			735,385			735,385
Class B units		755,385			755,385			755,385			755,385

See accompanying notes to financial statements.

U.S. PREMIUM BEEF, LLC

Statements of Cash Flows

(thousands of dollars)


	26-weeks ended
	June 28, 2025			June 29, 2024
	(unaudited)			(unaudited)
Cash flows from operating activities:
Net (loss) income	$	(15,326	)	$	4,587
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization		7			7
Equity in net loss (income) of National Beef Packing Company, LLC		15,553			(4,099	)
Changes in assets and liabilities:
Accounts receivable		(355	)		(209	)
Due from affiliates		(284	)		57
Other assets		194			570
Accounts payable		(19	)		(7	)
Due to affiliates		16			(27	)
Accrued compensation and benefits		(364	)		(1,109	)
Other accrued expenses and liabilities		(42	)		(22	)
Net cash used in operating activities		(620	)		(252	)
Cash flows from investing activities:
Investments in certificates of deposit and treasury securities		(37,959	)		(40,000	)
Redemptions of certificates of deposit		20,224			20,000
Net cash used in investing activities		(17,735	)		(20,000	)
Cash flows from financing activities:
Member distributions		–			(9,851	)
Net cash used in financing activities		–			(9,851	)
Net decrease in cash		(18,355	)		(30,103	)
Cash and cash equivalents at beginning of period		39,008			58,481
Cash and cash equivalents at end of period	$	20,653		$	28,378

See accompanying notes to financial statements.

U.S. PREMIUM BEEF, LLC

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(1) Interim Financial Statements

Basis of Presentation

The accompanying unaudited Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information; therefore, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments. For further information, refer to the audited Financial Statements and Notes to Financial Statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024, as amended by Amendment No. 1 on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on March 19, 2025 (the “2024 Form 10-K”). The results of operations for the interim periods presented are not necessarily indicative of the results for a full fiscal year.

(2) Accounting Policies

Accounting for Investment in NBP. USPB’s 15.0729% investment in NBP is accounted for using the equity method of accounting, as the Company has the ability to exercise significant influence over NBP, but does not have financial or operational control.

Operating losses, diminished cash flows, economic and industry events, pandemics, such as coronavirus disease (COVID-19), and a variety of other factors may result in a decrease in the value of the investment in NBP, which may be other than temporary. Such potential decreases in value, if deemed other than temporary, would cause the Company to record an impairment charge, which may have an impact on the trading values of USPB’s Class A and Class B units. We believe the fair value of our investment in NBP exceeds the carrying value.

Cash and Cash Equivalents. The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of June 28, 2025 and December 28, 2024, the Company’s balance sheet reflected Cash and cash equivalents of $20.7 million and $39.0 million, respectively. The cash is invested in the CoBank, ACB (“CoBank”) overnight investment account. Investments are not deposits and are not insured by the Federal Deposit Insurance Corporation or the Farm Credit System Insurance Corporation.

Certificates of Deposit. Certificates of deposit held for investment with original maturities greater than three months and remaining maturities less than one year are classified as current assets. Certificates of deposit with remaining maturities greater than one year are classified as long-term assets. The table below summarizes the certificate of deposit investments:


Investment Date	Maturity Date	Interest Rate	Amount Invested
1/30/2025	7/31/2025	4.38%	$	10,000,000
10/3/2024	10/2/2025	3.05%	$	10,000,000
4/3/2025	10/2/2025	4.02%	$	9,000,000
Various 2025	Various 2025	4.00% - 4.40%	$	4,794,000

Treasury Securities. Treasury securities held for investment with original maturities greater than three months and remaining maturities less than one year are classified as current assets. The table below summarizes the treasury securities:


Investment Date	Maturity Date	Interest Rate	Current Investment Amount
1/31/2025	8/31/2025	4.25%	$	9,928,900
4/7/2025	10/2/2025	4.06%	$	4,235,607

Accrued Expenses. The Company accrues for expenses that have been incurred but have not been invoiced. As of June 28, 2025, the Company had $0.1 million accrued, the majority of which relates to accounting expenses. The accrued amount is included in Other accrued expenses and liabilities on the balance sheet.

Segment Reporting

USPB is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. USPB’s equity method investment is the operating segment of USPB. Accordingly, USPB has one reportable segment. The remaining activity of USPB relates to the corporate function of the Company. The total amount of investment in equity method investees is disclosed in the Company’s balance sheets above.

USPB’s CEO is the Chief Operating Decision Maker (“CODM”) for USPB. As the CODM, he is responsible for managing all of USPB’s operations. The Company’s primary business operation is managing its members’ investment in National Beef. An operating segment is defined as a component of an enterprise for which separate financial information is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. The segment participates in activities and derives income.

The CODM assesses performance of the segment based on equity in earnings of National Beef for purposes of allocating resources and evaluating financial performance as presented on the statement of operations. The CODM uses this measure in the annual budgeting and monthly forecasting process and to evaluate income generated from segment assets to distribute cash to unitholders. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

Significant segment expenses regularly provided to the CODM are the financial statement line items of National Beef, as disclosed in the tables below.

The operating results and assets of the Company’s reportable segment were as follows (in thousands):


	13-weeks ended June 28, 2025
	Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)			Elimination of Unconsolidated Affiliate			Corporate and Other of USPB			Consolidated Total of USPB
Net sales	$	3,263,256		$	(3,263,256	)	$	–		$	–
Cost of sales		3,216,822			(3,216,822	)		–			–
Selling, general and administrative expenses		25,501			(25,501	)		(811	)		(811	)
Depreciation and amortization		42,707			(42,707	)		(3	)		(3	)
Interest income		7			(7	)		630			630
Interest expense		(12,855	)		12,855			–			–
Other, net		–			–			732			732
Income tax refund		522			(522	)		–			–
Net loss at National Beef		(34,100	)		34,100			–			–
Equity in net loss of National Beef		(5,290	)								(5,290	)
Net loss of USPB										$	(4,742	)

Total assets	$	2,327,690		$	(2,327,690	)	$	224,665		$	224,665
Total liabilities	$	1,347,645		$	(1,347,645	)	$	10,076		$	10,076
Capital expenditures for segment assets	$	(20,680	)	$	20,680		$	–		$	–

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

	26-weeks ended June 28, 2025
	Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)			Elimination of Unconsolidated Affiliate			Corporate and Other of USPB			Consolidated Total of USPB
Net sales	$	6,529,485		$	(6,529,485	)	$	–		$	–
Cost of sales		6,466,795			(6,466,795	)		–			–
Selling, general and administrative expenses		56,140			(56,140	)		(1,770	)		(1,770	)
Depreciation and amortization		84,399			(84,399	)		(7	)		(7	)
Interest income		18			(18	)		1,237			1,237
Interest expense		(24,397	)		24,397			–			–
Other, net		–			–			767			767
Income tax refund		1,042			(1,042	)		–			–
Net loss at National Beef		(101,186	)		101,186			–			–
Equity in loss of National Beef		(15,553	)								(15,553	)
Net loss of USPB										$	(15,326	)

Total assets	$	2,327,690		$	(2,327,690	)	$	224,665		$	224,665
Total liabilities	$	1,347,645		$	(1,347,645	)	$	10,076		$	10,076
Capital expenditures for segment assets	$	(33,421	)	$	33,421		$	–		$	–

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

	13-weeks ended June 29, 2024
	Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)			Elimination of Unconsolidated Affiliate			Corporate and Other of USPB			Consolidated Total of USPB
Net sales	$	3,098,975		$	(3,098,975	)	$	–		$	–
Cost of sales		2,988,872			(2,988,872	)		–			–
Selling, general and administrative expenses		28,071			(28,071	)		(752	)		(752	)
Depreciation and amortization		38,169			(38,169	)		(3	)		(3	)
Interest income		19			(19	)		786			786
Interest expense		(11,124	)		11,124			–			–
Other, net		–			–			466			466
Income tax refund		(40	)		40			–			–
Net income at National Beef		32,718			(32,718	)		–			–
Equity in net income of National Beef		4,781									4,781
Net income of USPB										$	5,278

Total assets	$	2,299,283		$	(2,299,283	)	$	236,944		$	236,944
Total liabilities	$	1,237,959		$	(1,237,959	)	$	10,227		$	10,227
Capital expenditures for segment assets	$	(38,705	)	$	38,705		$	–		$	–

(1) Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

	26-weeks ended June 29, 2024
	Equity Method Investment in National Beef Packing Company, LLC and Subsidiaries (1)			Elimination of Unconsolidated Affiliate			Corporate and Other of USPB			Consolidated Total of USPB
Net sales	$	5,928,977		$	(5,928,977	)	$	–		$	–
Cost of sales		5,741,616			(5,741,616	)		–			–
Selling, general and administrative expenses		65,441			(65,441	)		(1,790	)		(1,790	)
Depreciation and amortization		72,707			(72,707	)		(7	)		(7	)
Interest income		60			(60	)		1,639			1,639
Interest expense		(20,235	)		20,235			–			–
Other, net		–			–			646			646
Income tax refund		154			(154	)		–			–
Net income in National Beef		29,192			(29,192	)		–			–
Equity in net income of National Beef		4,099									4,099
Net income of USPB										$	4,587

Total assets	$	2,299,283		$	(2,299,283	)	$	236,944		$	236,944
Total liabilities	$	1,237,959		$	(1,237,959	)	$	10,227		$	10,227
Capital expenditures for segment assets	$	(72,222	)	$	72,222		$	–		$	–

(1)	Amounts reflect those recorded in National Beef Packing Company, LLC and subsidiaries consolidated financial statements.

(3) Noncompetition Agreement

The CEO’s employment agreement provides for him to receive noncompetition payments for a twelve-month period following his termination of employment with USPB.

As of June 28, 2025 and December 28, 2024, the Company had accrued $0.4 million and $0.3 million, respectively, for the noncompetition agreement. The accrued amount is included in “Other liabilities” on the Balance Sheet.

(4) Employee Compensation Plans

In September 2010, USPB’s Board of Directors approved a management phantom unit plan and subsequently awarded phantom units in fiscal years 2010 and 2013. As of June 28, 2025 and December 28, 2024, the Company had accrued $8.4 million and $8.5 million, respectively, for the management phantom awards. The accrued amounts are included in Accrued compensation and benefits and Other liabilities on the balance sheet. The table below summarizes the current and long-term portions of the accrued amounts (thousands of dollars):

Schedule of accrued liabilities
	June 28, 2025		December 28, 2024
	(unaudited)
Current phantom unit	$	1,686	$	1,703
Long-term phantom unit		6,743		6,810
Total phantom accrual	$	8,429	$	8,513

USPB provides its employees the opportunity to earn cash incentives and bonuses. As of June 28, 2025 and December 28, 2024, the Company had accrued $0.6 million and $0.8 million, respectively, for the cash incentive and bonus plans. The accrued amounts are included in Accrued compensation and benefits and “Other liabilities” on the Balance Sheet.

(5) Delivery Right Lease Income

As of June 28, 2025, USPB realized Delivery Right Lease income of $0.7 million related to leasing company owned delivery rights to USPB’s members and associates. Delivery Right Lease income is included in “Other income” on the Statement of Operations.

(6) Loss/Income Per Unit

Under the LLC structure, earnings of the Company are to be allocated to members based on their proportionate share of underlying equity. Earnings Per Unit (EPU) has been presented in the accompanying Statements of Operations and in the table that follows.

Basic EPU excludes dilution and is computed by first allocating a portion of USPB’s net income or net loss to Class A units and the remainder is allocated to Class B units. For the thirteen- and twenty-six-week periods ended June 28, 2025 and June 29, 2024, 10% of USPB’s net loss or net income was allocated to the Class A units and 90% to the Class B units. The net loss or net income allocated to the Class A and Class B units were then divided by the weighted-average number of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit.

Diluted EPU reflects the potential dilution that could occur to the extent that any outstanding dilutive Class A or Class B units were exercised. There are no potentially dilutive Class A or Class B units outstanding.

Schedule of income per unit calculation
Net (Loss) Income Per Unit Calculation	13-weeks ended					26-weeks ended
(thousands of dollars, except unit and per unit data)	June 28, 2025			June 29, 2024		June 28, 2025			June 29, 2024
	(unaudited)			(unaudited)		(unaudited)			(unaudited)
Basic and diluted (loss) income per unit:
(Loss) income attributable to USPB available to members (numerator)
Class A	$	(474	)	$	528	$	(1,533	)	$	459
Class B	$	(4,268	)	$	4,750	$	(13,793	)	$	4,128

Weighted average outstanding units (denominator)
Class A		735,385			735,385		735,385			735,385
Class B		755,385			755,385		755,385			755,385

Per unit amount
Class A	$	(0.64	)	$	0.72	$	(2.08	)	$	0.62
Class B	$	(5.65	)	$	6.29	$	(18.26	)	$	5.47

(7) Investment in National Beef Packing Company, LLC

USPB’s 15.0729% investment in NBP is accounted for using the equity method of accounting, as the Company has the ability to exercise significant influence over NBP, but does not have financial or operational control. The table below summarizes the changes to USPB’s investment in NBP for the thirteen and twenty-six week periods ended June 28, 2025 and June 29, 2024:


Investment at December 28, 2024	$	169,381
Equity in net loss for thirteen-week period		(10,263	)
Distributions		–
Investment at March 29, 2025		159,118
Equity in net loss for thirteen-week period		(5,290	)
Distributions		–
Investment at June 28, 2025	$	153,828

Investment at December 30, 2023	$	162,597
Equity in net loss for thirteen-week period		(682	)
Distributions		–
Investment at March 30, 2024		161,915
Equity in net income for thirteen-week period		4,781
Distributions		–
Investment at June 29, 2024	$	166,696

The difference between USPB’s percentage ownership share of NBP net loss or income and the recorded amount of Equity in net loss or income of NBP is attributable to the amortization of a basis difference related to the purchase accounting for NBP’s acquisition of Ohio Beef in 2019.

Below is a summary of the results of operations for NBP for the thirteen and twenty-six weeks ended June 28, 2025 and June 29, 2024 (thousands of dollars):


	13-weeks ended						26-weeks ended
	June 28, 2025			June 29, 2024			June 28, 2025			June 29, 2024
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net sales	$	3,263,256		$	3,098,975		$	6,529,485		$	5,928,977
Costs and expenses:
Cost of sales		3,216,822			2,988,872			6,466,795			5,741,616
Selling, general, and administrative expenses		25,501			28,071			56,140			65,441
Depreciation and amortization		42,707			38,169			84,399			72,707
Total costs and expenses		3,285,030			3,055,112			6,607,334			5,879,764
Operating (loss) income		(21,774	)		43,863			(77,849	)		49,213
Other income (expense):
Interest income		7			19			18			60
Interest expense		(12,855	)		(11,124	)		(24,397	)		(20,235	)
Net (loss) income before taxes		(34,622	)		32,758			(102,228	)		29,038
Income tax refund (expense)		522			(40	)		1,042			154
Net (loss) income	$	(34,100	)	$	32,718		$	(101,186	)	$	29,192

(8) Income Taxes

Effective August 29, 2004, the Company converted to an LLC, and under this structure, taxes are not assessed at the Company level as the results of operations are included in the taxable income of the individual members.

Although income taxes are assessed to the individual members, USPB is required to withhold state income taxes from the cash distributions it makes to its members. As of June 28, 2025 and December 28, 2024, Other accrued expenses and liabilities on the Company’s balance sheet reflected state taxes payable of less than $0.1 million and greater than $0.1 million, respectively.

(9) Long-term Debt and Loan Agreements

On June 24, 2025, USPB and CoBank entered into an Amended and Restated Revolving Term Promissory Note (the “A&R Note”). The A&R Note amended and restated the Amended and Restated Revolving Term Promissory Note, dated July 13, 2020, issued by the USPB to CoBank, which had a scheduled maturity of June 30, 2025. The A&R Note was issued under that certain Credit Agreement, dated July 13, 2020, between the USPB and CoBank and is secured by an Affirmation of Pledge Agreement, dated July 13, 2020, providing CoBank with a first-priority security interest in USPB’s membership interests in, and distributions from, NBP.

The A&R Note provides for a $1.0 million revolving term commitment. That commitment carries a term of five years, maturing on June 30, 2030. Amounts outstanding under the A&R Note bear interest at 2.6% plus the higher of 0.00% and Daily Simply SOFR (as defined in the A&R Note).

USPB may request that the amount of the revolving loan commitment be increased by an aggregate amount of up to $30.0 million. Any requested increase must be for at least $5.0 million and advancing such amount will be at the discretion of CoBank.

USPB was in compliance with the financial covenant under its Credit Agreement as of June 28, 2025.

(10) Members’ Capital

The following table represents a reconciliation of Members’ Capital for the thirteen and twenty-six-weeks ended June 28, 2025 and June 29, 2024 (unaudited) (thousands of dollars).


Balance at December 28, 2024	$	229,644
Net loss for the thirteen-week period ended March 29, 2025		(10,583	)
Balance at March 29, 2025		219,061
Net loss for the thirteen-week period ended June 28, 2025		(4,742	)
Advanced distribution		270
Balance at June 28, 2025	$	214,589

Balance at December 30, 2023	$	232,133
Net loss for the thirteen-week period ended March 30, 2024		(691	)
Member distributions
Class A ($0.45 per Class A unit)		(330	)
Class B ($3.93 per Class B unit)		(2,969	)
Balance at March 30, 2024		228,143
Net income for the thirteen-week period ended June 29, 2024		5,278
Member distributions
Class A ($0.29 per Class A unit)		(670	)
Class B ($2.55 per Class B unit)		(6,034	)
Balance at June 29, 2024	$	226,717

(11) Legal Proceedings

As of June 28, 2025, USPB is not involved in any litigation. However, because its ownership interest in NBP is USPB’s largest asset and because of the cattle procurement and distribution relationship between USPB and NBP, litigation involving NBP may impact USPB.

NBP is a defendant in (i) five putative class action lawsuits in the United States District Court for the District of Minnesota alleging that NBP violated some combination of the Sherman Antitrust Act, the Packers and Stockyards Act, the Commodity Exchange Act, and various state laws (the “US Class Actions”) and (ii) putative class action lawsuits in the Supreme Court of British Columbia and the Superior Court of Quebec for the district of Montreal alleging that it violated the Canadian Competition Act and various provincial laws (the “Canadian Class Actions” and the “US Class Actions” are collectively referred to as the “Beef Class Actions”). The Beef Class Actions are entitled In re Cattle Antitrust Litigation, which was filed originally on April 23, 2019; Peterson et al. v. JBS USA Food Company Holdings, et al., which was filed originally on April 26, 2019; In re DPP Beef Litigation, which was filed originally on April 26, 2019; Erbert & Gerbert’s, Inc. v. JBS USA Food Company Holdings, et al., which was filed originally on June 18, 2020; Specht v. Tyson Foods, Inc., et al., which was filed originally on October 31, 2022; Giang Bui v. Cargill, Incorporated, et al. which was filed originally on February 18, 2022; and Sylvie De Bellefeuille v. Cargill, Inc. et al., which was filed originally on March 24, 2022. Since the original class action complaints were filed, certain purchasers of beef products have opted to file individual complaints and to proceed with direct actions making similar claims (the “Opt-Out Cases”), and others may do so in the future. The Opt-Out Cases are entitled Winn-Dixie Stores, Inc. and Bi-Lo Holding, LLC v. Cargill, Inc., et al., which was filed on August 2, 2021 in the United States District Court, Minnesota; Cheney Brothers, Inc. v. Cargill, Inc., et al., which was filed on January 31, 2022 in the United States District Court, Southern District of Florida; Subway v. Cargill, Inc. et al., which was filed on February 22, 2022 in the United States District Court, Connecticut; Amory Investments LLC v. Cargill, Inc. et al., which was filed originally on March 8, 2022 in the United States District Court, Northern District of New York; Associated Grocers, Inc., et al. v. Cargill, Inc., et al., which was filed originally on May 12, 2022 in the United States District Court, Northern District of Illinois; Giant Eagle, Inc. v. Cargill, Inc., et al., which was filed originally on June 8, 2022 in the United States District Court, Northern District of Illinois; Sysco Corporation v. Cargill, Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Southern District of Texas; John Soules Foods, Inc. v. Cargill, Inc., et al., which was filed originally on August 5, 2022 in the United States District Court, Eastern District of Texas; Associated Grocers of the South et al. v. Cargill, Inc., et al., which was filed originally on September 15, 2022 in the United States District Court, District of Montana; The Kroger Co. et al. v. Cargill, Inc., et al., which was filed originally on September 15, 2022 in the United States District Court, District of Montana; Spartannash Co vs. Cargill, Inc. et al, which was filed originally on September 21, 2022 in the United States District Court, Northern District of Illinois; Kraft Heinz Food Company v. Cargill Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Eastern District of New York; Aramark Food and Support Services Group., Inc. v. Cargill Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Eastern District of New York; ARCOP, Inc. v. Cargill, Inc., et al., which was filed originally on December 19, 2022 in the United States District Court, Southern District of Florida; CKE Restaurant Holdings, Inc. v. Cargill, Inc., et al., which was filed originally on December 19, 2022 in the United States District Court, Southern District of Florida; Sonic Industries Services Inc. v. Cargill, Inc. et al., which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Restaurant Services, Inc. v. Cargill, Inc., et al., which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Whatabrands LLC et al. vs. Cargill, Inc., et al. which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Sherwood Food Distributors, LLC et al. v. Cargill, Inc., et al., which was filed originally on March 7, 2023 in the United States District Court, Easter District of New York; McClane Company, Inc v. Cargill, Inc., et al., which was filed originally on April 3, 2023 in the United States District Court, Southern District of Florida; Aldi, Inc v. Cargill, Inc., et al., which was filed originally on August 28. 2023 in the United States District Court, Northern District of Illinois; Quirich Foods, LLC et al. v. Cargill, Inc., et al., which was filed originally on October 9, 2023 in the United States District Court, Northern District of Illinois; Conagra Brands, Inc v. Cargill, Inc., et al., which was filed originally on October 31, 2023 in the United States District Court, Northern District of Illinois; Compass Group USA, Inc v. Cargill, Inc., et al., which was filed originally on October 31, 2023 in the United States District Court, Western District of North Carolina; Target Corp v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; BJ’s Wholesale Club, Inc v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Glazier Foods Co et al. v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Jetro Holdings, Inc v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Quality Supply Chain Co-Op, Inc. v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; and Sodexo, Inc., et al. v. Cargill, Inc., et al., which was filed originally on April 29, 2024 in the United States District Court of Maryland, and McDonald’s Corporation v. Cargill, Inc., et. al., which was originally file on October 4, 2024 in the United States District Court, Eastern District of New York. On October 4, 2022, the US Class Actions and Opt-Out Cases were consolidated for pretrial proceedings in the United States District Court, Minnesota District under the style In re: Cattle and Beef Antitrust Litigation. The plaintiffs in these cases seek treble damages and other relief under various laws including the Sherman Antitrust Act, the Canadian Competition Act, the Packers & Stockyards Act, and/or the Commodities Exchange Act and various state and provincial laws and attorneys’ fees. NBP believes it has meritorious defenses to the claims in these cases and intends to defend them vigorously. There can be no assurances, however, as to the outcome of these matters or the impact on NBP’s consolidated financial position, results of operations and cash flows. NBP has negotiated a settlement with the plaintiffs in the Canadian Class Actions and will pay CAN $495,000 to resolve these claims. The settlement is subject to approval of the Canadian courts overseeing the matters. If the settlement is not ultimately approved, there can be no assurances, however, as to the outcome of the Canadian Class Actions or the impact on the NBP’s consolidated financial position, results of operations and cash flows.

In addition to the antitrust litigation, NBP is subject to an investigation by the United States Department of Justice (“DOJ”) and approximately 30 state attorneys general regarding fed cattle and beef packing markets. NBP has responded to the federal and state requests for information and cooperated with the investigations. NBP believes it has meritorious defenses to any potential claims that might arise out of these government investigations, although there can be no assurance as to the outcome of these investigations or the impact on NBP’s consolidated financial position, results of operations and cash flows.

NBP is a defendant in a putative class action lawsuit entitled Brown, et al. v. JBS USA Food Company et al. and filed in the United States District Court for the District of Colorado on November 1, 2022. The defendants filed motions to dismiss, which the court denied except as to NBP’s subsidiary, Iowa Premium. The plaintiffs filed an amended complaint on January 12, 2024. The amended complaint alleges that the defendants directly and through industry wage surveys and a benchmarking service (i) fixed wages and benefits, and (ii) exchanged information regarding compensation and benefits in an effort to depress and stabilize wages and benefits in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, pre- and post-judgment interest, declaratory and injunctive relief and the costs of the suit (including attorney fees). NBP believes it has meritorious defenses to the claims in this case, and if this proceeds to trial, intends to defend the case vigorously; however, NBP has negotiated a settlement with the plaintiffs in the employee wages and benefits matter. The settlement was submitted to the District Court for approval and the District Court granted a motion to preliminarily approve the settlement for approximately $14.2 million on January 15, 2025. NBP has paid the settlement funds into escrow. If the settlement is not ultimately approved, there can be no assurances, however, as to the outcome of this case or the impact on the NBP’s consolidated financial position, results of operations and cash flows.

NBP is a party to various other lawsuits and claims arising out of the operation of its business. Management of NBP believes the ultimate resolution of such matters should not have a material adverse effect on NBP’s financial condition, results of operations or liquidity.

USPB is not able to assess what impact, if any, the actions described above will have on NBP or USPB.

(12) Subsequent Events

USPB has evaluated subsequent events through the date of the financial statements were issued and determined there were no such other events to report.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this report.

Disclosure Regarding Forward-Looking Statements

This report contains “forward-looking statements,” which are subject to a number of risks and uncertainties, many of which are beyond our control. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, and similar expressions. Actual results could differ materially from those contemplated by these forward-looking statements as a result of many factors, including economic conditions generally and in our principal markets, the availability and prices of live cattle and commodities, food safety, livestock disease, including the identification of cattle with bovine spongiform encephalopathy (BSE), competitive practices and consolidation in the cattle production and processing industries, actions of domestic or foreign governments (including the imposition or potential imposition of tariffs), hedging risk, changes in interest rates and foreign currency exchange rates, consumer demand and preferences, the cost of compliance with environmental and health laws, loss of key customers, loss of key employees, labor relations, and consolidation among our customers.

In light of these risks and uncertainties, there can be no assurance that the results and events contemplated by the forward-looking information contained in this report will in fact transpire. Readers are cautioned not to place undue reliance on these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Please review Part II. Item 1A. Risk Factors, included in this report, for other important factors that could cause actual results to differ materially from those in any such forward-looking statements.

Products and Production

USPB provides an integrated cattle production, processing and marketing system for the benefit of its members and associates. As the basis of that system, USPB’s Class A members have a guaranteed right plus an obligation (on a one head per Class A unit per delivery year basis) to deliver cattle to USPB, pursuant to the Uniform Cattle Delivery and Marketing Agreement. USPB facilitates the delivery of cattle to NBP for processing and subsequent product distribution and marketing. Shortly after the cattle are processed, cattle suppliers receive, at no extra charge, individual animal carcass data previously considered proprietary by many processors. This carcass data assists producers in refining production methodologies, thereby improving the product quality and subsequently enhancing the return to the producer.

We believe the primary advantage of USPB’s ownership in NBP is USPB’s ability to provide NBP with a consistent supply of quality beef from a known source, allowing NBP to target higher margin value-added markets. Consumers have historically demonstrated their willingness and desire to buy branded products that offer better value in other consumer product markets, with the Certified Angus Beef^® product line being an example in the beef industry.

Investment in National Beef Packing Company, LLC

NBP processes and sells a comprehensive line of fresh beef, case-ready products, and beef by-products for domestic and international markets. The largest share of NBP’s revenue is generated from the sale of boxed beef and beef by-products.

NBP has two beef slaughter and processing facilities located in southwest Kansas and a third located in central Iowa. In addition, NBP operates a leather tannery, three case-ready manufacturing facilities, a fresh and frozen hamburger manufacturing facility and a transportation and logistics company that provides refrigerated and livestock transportation across the U.S.

NBP’s profitability typically fluctuates seasonally as well as cyclically, based on the availability of fed cattle and the demand for beef and beef by-products. Its profitability is dependent, in large part, on the spread between its cost for live cattle, the primary raw material for its business, and the value received from selling boxed beef and other products coupled with its overall volume. NBP operates in a large and fast-moving commodity market and does not have much influence over the price it pays for cattle or the selling price it receives for the products it produces. The NBP financial information provided herein has been provided to us by NBP. We have not independently verified the information.

NBP’s revenues in the thirteen-weeks ended June 28, 2025, increased approximately 5.3% in comparison to the thirteen-weeks ended June 29, 2024, primarily due to increased revenue per head. NBP’s cost of sales increased by approximately 7.6% for the thirteen-weeks ended June 28, 2025, as compared to the thirteen-weeks ended June 29, 2024, primarily due to increased cattle costs. For the thirteen-weeks ended June 28, 2025, NBP had a net loss of $34.1 million compared to a net income of $32.7 million for the thirteen-weeks ended June 29, 2024. Lower per unit beef processing margin was the key driver of the decrease in overall profitability in the 2025 period, as compared to the 2024 period.

NBP’s revenues in the twenty-six weeks ended June 28, 2025, increased approximately 10.1% in comparison to the twenty-six weeks ended June 29, 2024, primarily due higher average unit selling prices for many of NBP’s products. NBP’s cost of sales increased by approximately 12.6% for the twenty-six weeks ended June 28, 2025, as compared to the twenty-six weeks ended June 29, 2024, primarily due to higher prices for fed cattle. For the twenty-six weeks ended June 28, 2025, NBP had net loss of $101.2 million compared to net income of $29.2 million for the twenty-six weeks ended June 29, 2024. Lower per unit beef processing margin was the key driver of the decrease in overall profitability in the 2025 period, as compared to the 2024 period.

On June 10, 2019, USPB and NBP entered into the First Amended and Restated Cattle Purchase and Sale Agreement (“A&R Agreement”) with USPB. The terms and conditions of the A&R Agreement are substantially the same as those of the Cattle Purchase and Sale Agreement dated December 30, 2011. Per the terms and conditions of the A&R Agreement, NBP is required to purchase through USPB from its owners and associates, and USPB is required to sell and deliver from its owners and associates to NBP, a base amount of 735,385 (subject to adjustment) head of cattle per year with prices based on those published by the U.S. Department of Agriculture, subject to adjustments for cattle performance. NBP obtained approximately 26% and 23% of its cattle requirements under this agreement during the twenty-six-weeks ended June 28, 2025 and June 29, 2024, respectively.

USPB Results of Operations

Thirteen-weeks ended June 28, 2025 compared to thirteen-weeks ended June 29, 2024

Net Sales. There were no net sales in the thirteen-weeks ended June 28, 2025 and June 29, 2024.

Cost of Sales. There were no cost of sales in the thirteen-weeks ended June 28, 2025 and June 29, 2024.

Selling, General and Administrative Expenses. Selling, general and administrative expenses were approximately $0.8 million for the thirteen-weeks ended June 28, 2025 and June 29, 2024.

Operating Loss. Operating loss was approximately $0.8 million for the thirteen-weeks ended June 28, 2025 and June 29, 2024.

Equity in Net Loss/Income of National Beef Packing Company, LLC. Equity in NBP net loss was $5.3 million for the thirteen-weeks ended June 28, 2025 compared to net income of $4.8 million for the thirteen-weeks ended June 29, 2024. USPB carries its 15.0729% investment in NBP under the equity method of accounting.

Interest Income. Interest income was $0.6 million for the thirteen-weeks ended June 28, 2025, compared to approximately $0.8 million for the thirteen-weeks ended June 29, 2024.

Other, net. Other income was $0.7 million for the thirteen-weeks ended June 28, 2025 compared to other income of $0.5 million for the thirteen-weeks ended June 29, 2024. The income in both periods was primarily delivery right lease income.

Net (Loss)/Income. Net loss was $4.7 million for the thirteen-weeks ended June 28, 2025 compared to net income of $5.3 million thirteen-weeks ended June 29, 2024.

Twenty-six-weeks ended June 28, 2025 compared to twenty-six-weeks ended June 29, 2024

Net Sales. There were no net sales in the twenty-six-weeks ended June 28, 2025 and June 29, 2024.

Cost of Sales. There were no cost of sales in the twenty-six-weeks ended June 28, 2025 and June 29, 2024.

Selling, General and Administrative Expenses. Selling, general and administrative expenses were approximately $1.8 million for the twenty-six-weeks ended June 28, 2025 and June 29, 2024.

Operating Loss. Operating loss was approximately $1.8 million for the twenty-six-weeks ended June 28, 2025 and June 29, 2024.

Equity in Net Loss /Income of National Beef Packing Company, LLC. Equity in NBP net loss was $15.6 million for the twenty-six-weeks ended June 28, 2025, compared to net income of $4.1 million for the twenty-six-weeks ended June 29, 2024. USPB carries its 15.0729% investment in NBP under the equity method of accounting.

Interest Income. Interest income was $1.2 million for the twenty-six-weeks ended June 28, 2025 compared to approximately $1.6 million for the twenty-six-weeks ended June 29, 2024.

Other, net. Other income was $0.8 million for the twenty-six-weeks ended June 28, 2025, compared to other income of $0.6 million for the twenty-six-weeks ended June 29, 2024. The income in both periods was primarily delivery right lease income.

Net (Loss)/Income. Net loss was $15.3 million for the twenty-six-weeks ended June 28, 2025, compared to net income of $4.6 million twenty-six-weeks ended June 29, 2024.

Liquidity and Capital Resources

As of June 28, 2025, we had net working capital (the excess of current assets over current liabilities) of approximately $67.9 million, which included cash and cash equivalents of $20.7 million. As of December 28, 2024, we had net working capital of approximately $67.5 million, which included cash and cash equivalents of $39.0 million. Our primary sources of liquidity for the first two quarters of fiscal year 2025 and fiscal year 2024 were cash and available borrowings from CoBank.

As of June 28, 2025, USPB had no long-term debt outstanding. We had a $1.0 million revolving term credit commitment with CoBank, all of which was available. USPB was in compliance with the financial covenant under its Credit Agreement as of June 28, 2025.

We believe our cash will be sufficient to support our cash needs for the foreseeable future. For a review of our obligations that affect liquidity, please see the “Cash Payment Obligations” table in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the 2024 Form 10-K.

Operating Activities

Net cash used in operating activities in the twenty-six-weeks ended June 28, 2025 was approximately $0.6 million compared to approximately $0.3 million in the twenty-six-weeks ended June 29, 2024.

Investing Activities

Net cash used in investing activities was approximately $17.7 million in the twenty-six-weeks ended June 28, 2025 compared to $20.0 million in the twenty-six-weeks ended June 29, 2024. The decrease was due to the maturity of investments in Certificates of Deposit in the current period.

Financing Activities

Net cash provided by financing activities was $0.0 million in the twenty-six-weeks ended June 28, 2025 compared to net cash used of $9.9 million in the twenty-six-weeks ended June 29, 2024. The $10.0 million decrease was due to no distributions in the current period.

Credit Agreement

On June 24, 2025, USPB and CoBank entered into (the “A&R Note”). The A&R Note amended and restated the Amended and Restated Revolving Term Promissory Note, dated July 13, 2020, issued by the Company to CoBank, which had a scheduled maturity of June 30, 2025.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The principal market risks affecting USPB’s business are exposure to interest rate risk, to the extent the Company has debt outstanding. As of June 28, 2025, the Company did not have any outstanding debt.

Item 4. Controls and Procedures.

We maintain a system of controls and procedures designed to provide reasonable assurance as to the reliability of the Financial Statements and other disclosures included in this report, as well as to safeguard assets from unauthorized use or disposition. We evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e) under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, as of the end of the period covered by this Quarterly Report on Form 10-Q, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective in alerting them, in a timely manner, to material information required to be included in our periodic SEC filings. There have been no changes in our internal controls over financial reporting during the twenty-six-weeks ended June 28, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

NBP is a defendant in (i) five putative class action lawsuits in the United States District Court for the District of Minnesota alleging that NBP violated some combination of the Sherman Antitrust Act, the Packers and Stockyards Act, the Commodity Exchange Act, and various state laws the (“US Class Actions”) and (ii) putative class action lawsuits in the Supreme Court of British Columbia and the Superior Court of Quebec for the district of Montreal alleging that it violated the Canadian Competition Act and various provincial laws (the “Canadian Class Actions” and the “US Class Actions” are collectively referred to as the “Beef Class Actions”). The Beef Class Actions are entitled In re Cattle Antitrust Litigation, which was filed originally on April 23, 2019; Peterson et al. v. JBS USA Food Company Holdings, et al., which was filed originally on April 26, 2019; In re DPP Beef Litigation, which was filed originally on April 26, 2019; Erbert & Gerbert’s, Inc. v. JBS USA Food Company Holdings, et al., which was filed originally on June 18, 2020; Specht v. Tyson Foods, Inc., et al., which was filed originally on October 31, 2022; Giang Bui v. Cargill, Incorporated, et al. which was filed originally on February 18, 2022; and Sylvie De Bellefeuille v. Cargill, Inc. et al., which was filed originally on March 24, 2022. Since the original class action complaints were filed, certain purchasers of beef products have opted to file individual complaints and to proceed with direct actions making similar claims (the “Opt-Out Cases”), and others may do so in the future. The Opt-Out Cases are entitled Winn-Dixie Stores, Inc. and Bi-Lo Holding, LLC v. Cargill, Inc., et al., which was filed on August 2, 2021 in the United States District Court, Minnesota; Cheney Brothers, Inc. v. Cargill, Inc., et al., which was filed on January 31, 2022 in the United States District Court, Southern District of Florida; Subway v. Cargill, Inc. et al., which was filed on February 22, 2022 in the United States District Court, Connecticut; Amory Investments LLC v. Cargill, Inc. et al., which was filed originally on March 8, 2022 in the United States District Court, Northern District of New York; Associated Grocers, Inc., et al. v. Cargill, Inc., et al., which was filed originally on May 12, 2022 in the United States District Court, Northern District of Illinois; Giant Eagle, Inc. v. Cargill, Inc., et al., which was filed originally on June 8, 2022 in the United States District Court, Northern District of Illinois; Sysco Corporation v. Cargill, Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Southern District of Texas; John Soules Foods, Inc. v. Cargill, Inc., et al., which was filed originally on August 5, 2022 in the United States District Court, Eastern District of Texas; Associated Grocers of the South et al. v. Cargill, Inc., et al., which was filed originally on September 15, 2022 in the United States District Court, District of Montana; The Kroger Co. et al. v. Cargill, Inc., et al., which was filed originally on September 15, 2022 in the United States District Court, District of Montana; Spartannash Co vs. Cargill, Inc. et al, which was filed originally on September 21, 2022 in the United States District Court, Northern District of Illinois; Kraft Heinz Food Company v. Cargill Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Eastern District of New York; Aramark Food and Support Services Group., Inc. v. Cargill Inc., et al., which was filed originally on September 30, 2022 in the United States District Court, Eastern District of New York; ARCOP, Inc. v. Cargill, Inc., et al., which was filed originally on December 19, 2022 in the United States District Court, Southern District of Florida; CKE Restaurant Holdings, Inc. v. Cargill, Inc., et al., which was filed originally on December 19, 2022 in the United States District Court, Southern District of Florida; Sonic Industries Services Inc. v. Cargill, Inc. et al., which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Restaurant Services, Inc. v. Cargill, Inc., et al., which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Whatabrands LLC et al. vs. Cargill, Inc., et al. which was filed originally on December 20, 2022 in the United States District Court, Southern District of Florida; Sherwood Food Distributors, LLC et al. v. Cargill, Inc., et al., which was filed originally on March 7, 2023 in the United States District Court, Easter District of New York; McClane Company, Inc v. Cargill, Inc., et al., which was filed originally on April 3, 2023 in the United States District Court, Southern District of Florida; Aldi, Inc v. Cargill, Inc., et al., which was filed originally on August 28. 2023 in the United States District Court, Northern District of Illinois; Quirich Foods, LLC et al. v. Cargill, Inc., et al., which was filed originally on October 9, 2023 in the United States District Court, Northern District of Illinois; Conagra Brands, Inc v. Cargill, Inc., et al., which was filed originally on October 31, 2023 in the United States District Court, Northern District of Illinois; Compass Group USA, Inc v. Cargill, Inc., et al., which was filed originally on October 31, 2023 in the United States District Court, Western District of North Carolina; Target Corp v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; BJ’s Wholesale Club, Inc v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Glazier Foods Co et al. v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Jetro Holdings, Inc v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; Quality Supply Chain Co-Op, Inc. v. Cargill, Inc., et al., which was filed originally on December 29, 2023 in the United States District Court, Eastern District of New York; and Sodexo, Inc., et al. v. Cargill, Inc., et al., which was filed originally on April 29, 2024 in the United States District Court of Maryland, and McDonald’s Corporation v. Cargill, Inc., et. al., which was originally file on October 4, 2024 in the United States District Court, Eastern District of New York. On October 4, 2022, the US Class Actions and Opt-Out Cases were consolidated for pretrial proceedings in the United States District Court, Minnesota District under the style In re: Cattle and Beef Antitrust Litigation. The plaintiffs in these cases seek treble damages and other relief under various laws including the Sherman Antitrust Act, the Canadian Competition Act, the Packers & Stockyards Act, and/or the Commodities Exchange Act and various state and provincial laws and attorneys’ fees. NBP believes it has meritorious defenses to the claims in these cases and intends to defend them vigorously. There can be no assurances, however, as to the outcome of these matters or the impact on NBP’s consolidated financial position, results of operations and cash flows. NBP has negotiated a settlement with the plaintiffs in the Canadian Class Actions and will pay CAN $495,000 to resolve these claims. The settlement is subject to approval of the Canadian courts overseeing the matters. If the settlement is not ultimately approved, there can be no assurances, however, as to the outcome of the Canadian Class Actions or the impact on the NBP’s consolidated financial position, results of operations and cash flows.

USPB is not able to assess what impact, if any, the actions described above will have on NBP or USPB.

Item 1A. Risk Factors.

The risk factors set forth in the 2024 Form 10-K have not materially changed. Please refer to the 2024 Form 10-K to consider those risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Insider trading arrangements.

During the quarter ended June 28, 2025, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits.

3.1	Certificate of Formation of U.S. Premium Beef, LLC (incorporated herein by reference to Appendix C to the voting materials – prospectus contained in U.S. Premium Beef, Inc. Registration Statement on Form S-4 (File No. 333-115164) filed with the SEC on August 5, 2004).
3.2	Amended and Restated Limited Liability Company Agreement of U.S. Premium Beef, LLC, dated as of November 10, 2023 (incorporated herein by reference to Exhibit 3.3 to Form 10-Q (File No. 333-115164) filed with the SEC on November 13, 2023).
10.1	Amended and Restated Revolving Term Promissory Note between U.S. Premium Beef, LLC and CoBank, ACB, dated June 24, 2025 (incorporated herein by reference to Exhibit 10.1 to Form 8-K (File No. 333-115164) filed with the SEC on July 16, 2025).
31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted in inline XBRL, and included in exhibit 101).

** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	U.S. Premium Beef, LLC

	By:	/s/ Stanley D. Linville
		Stanley D. Linville Chief Executive Officer (Principal Executive Officer)

By:

/s/ Scott J. Miller

Scott J. Miller
Chief Financial Officer

(Principal Financial and Accounting Officer)

Date: August 6, 2025

U. S. Premium Beef, LLC 10-Q