# EDGAR Filing Document

**Accession Number:** 0001289237
**File Stem:** 0001683168-26-001814
**Filing Date:** 2026-3
**Character Count:** 16933
**Document Hash:** b1aaa596d5b8fa783832e4bf2b2f8b88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-26-001814.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001683168-26-001814

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260316

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** U. S. Premium Beef, LLC
- **CENTRAL INDEX KEY:** 0001289237
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - LIVESTOCK & ANIMAL SPECIALTIES [0200]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 201576986
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-115164
- **FILM NUMBER:** 26754870

**BUSINESS ADDRESS:**
- **STREET 1:** 12200 NORTH AMBASSADOR DRIVE, SUITE 501
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64163
- **BUSINESS PHONE:** 816-713-8800

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 20103
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 46195

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** U. S. Premium Beef, Inc.
- **DATE OF NAME CHANGE:** 20040504

?xml version='1.0' encoding='ASCII'? U. S. PREMIUM BEEF, LLC 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 16, 2026

**<u>U. S. PREMIUM BEEF, LLC</u>**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **333-115164** | **20-1576986** |
| (State or Other Jurisdiction | (Commission | (I.R.S. Employer |
| of Incorporation) | File Number) | Identification No.) |

---

**12200 North Ambassador Drive**

 **Kansas City, Missouri 64163**

(Address of Principal Executive Offices) (Zip Code)

**(816) 713-8800**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**ITEM 7.01 Regulation FD Disclosure.**

On March 16, 2026, U.S. Premium Beef, LLC (the "Company") issued USPB Update, a newsletter to its members. The Company hereby furnishes (but does not file) the USPB Update.

**ITEM 9.01 Financial Statements and Exhibits**

Exhibit No. Description <br> 99.1 [Newsletter](uspb_ex9901.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**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: <u>/s/ Stanley D. Linville</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley D. Linville |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer |

---

Dated: March 16, 2026

## Exhibit 99.1

**Exhibit 99.1**

![](image_001.jpg)

**FY 2025 Financial Results**

Net income for U.S. Premium Beef, LLC (USPB) decreased in fiscal year 2025 as compared to the prior fiscal year. For the year, which ended Dec. 27, 2025, USPB recorded net loss of $19.8 million compared to the net income of $7.5 million in 2024, a decrease of approximately $27.3 million.

The decrease in USPB's net income was due to significantly lower income at National Beef. For the year, National Beef realized net loss of $127.1 million, a decrease of approximately $176.2 million compared to the prior year. Reduced volume and a decline in gross margin per head resulted in lower profitability in 2025 as compared to 2024.

As a result of the net loss, USPB did not pay any cash distributions to its members in 2025. At fiscal year-end, USPB's balance sheet remained strong and positioned us well for the future.

**Staying the Course**

*CattleFax's Kevin Good share's a long-term outlook shaped by demand, quality and innovation.*

What goes up must come down, and after two years of a bull market, the beef industry faces a big unknown: How long can these prices persist? With feeder and fed cattle selling at all-time highs, along with retail beef, the industry braces for an eventual change in course, even as today's market signals remain strong.

At the 2026 Cattle Industry Convention in Nashville, Kevin Good, vice president of industry relations at CattleFax, outlined the key forces shaping the market in the months and years ahead. His message centered on a demand-driven market and the industry's continued progress on quality.

**Supply Slow to Build**

In discussing cattle supply, Good emphasizes that progress on the beef side is unfolding gradually. Compared to the last cattle cycle, supply is building back much slower. A big driver of this slow expansion is Mother Nature. The last several years have been marked by a long-term drought cycle, and it will take at least two years of better moisture before producers get excited about retaining heifers. CattleFax's weather forecaster had promising news to report on that front, suggesting wetter patterns in the second half of 2026 that will hopefully carry into 2027.

The grain outlook suggests this year will yield another big crop to add to the big crop from last year. Corn will likely be in the $4-$5 range, which Good says is "very reasonable compared to the value of fed cattle."

Cow slaughter last year was down by 500,000 head, which would have suggested some expansion. "The problem," he says, "is we're just not keeping enough heifers back. The heifer replacement number was still lackluster."

While low heifer retention can primarily be pointed to drought in most cases, other headwinds in this cycle also include age of producers, urban sprawl, the cost of money and the uncertainties. "The last cycle of 2015-2016, we came down the ladder pretty hard and people remember that," Good says.

However, on the dairy side, Good noted there was some expansion. Numbers rose a couple hundred thousand compared to a year ago as producers lean on the value of day-old calves and the salvage value of cows for a bigger portion of their income.

"We're in the process of turning the herd around, but it's a slow recovery on the beef side," he summarizes.

**Demand-Driven Market**

Unlike the last cycle, Good says demand is driving the market rather than supply. This time around, per capita supplies remain just as strong through the last two to three years of record prices, which indicates demand is driving the shift.

To understand the evolution of better beef demand, Good looks back at the 1980s and '90s. At that time, beef demand was cut in half. There was a nutritional "war on fat." So the industry produced a lean, tough product, which turned consumers off to beef in the late '90s.

"We suggest a turning point in beef demand was 1998," Good says. "USPB started in 1997. As we think about the evolution of better demand since that timeframe, I think we can dovetail both USPB as well as improved demand, primarily with quality and paying producers for producing higher quality product. And that is really what has driven the ship over the last 25 years."

Heading into the 21st century, roughly 50% of harvested cattle graded Select. Last year, the industry hit 12% Prime. Nearly 31.5% graded upper two-thirds Choice. Combined, Choice and Prime carcasses accounted for 84% of cattle.

"That's a massive change," Good infers. "We would suggest quality and a more consistent product are the drivers for better beef demand."

Good also ties those outcomes to the way cattle are valued in the marketplace now. Producers today are paid for quality, which was not the case in the '80s and '90s. The grid system helped create premiums and therefore drove incentive to produce higher quality cattle. In turn, that drove innovation to improve genetics to improve grade.

In addition to those long-term shifts, Good points to current tailwinds supporting demand, namely the U.S. diet's growing emphasis on protein. As evident with the upside-down food pyramid released earlier this year, more people are turning to high-quality protein as part of a healthy lifestyle, "which singles out beef as the primary source of that protein," Good says.

U.S. beef also continues to set the gold standard on the global export stage. Trading partners like Japan and South Korea held steady last year despite high prices. Unfortunately, many U.S. beef plants are delisted in China, but when they do get relisted, Good is optimistic exports may actually be bigger in 2026 despite tight supplies and high prices.

"The world demands that high-quality product," he says. "As we think about the better demand we've created over the last 25 years, obviously USPB has been a big part of that.

"We've got a consumer that's rewarding us for that better product," he continues. "We don't need to jump ship. We need to continue down that road and concentrate on quality."

Good says this focus will matter for the next generation entering the beef business. With real dollars available in the industry, there is profit incentive to draw new people. Although cost of entry is high on the production side, innovation is changing at a rapid rate, which will move the industry exponentially further in terms of quality.

"Let's not be surprised [to see] 20-30% Prime within the next five to 10 years," he says. "That consistency of that quality of the product will continue to be rewarding.

Click <u>HERE</u> for video.

**Young Producers Council to Meet in August**

Many talented young men and women are in management positions at our members' operations. In an effort to familiarize them USPB, we are now accepting applications for the 2026 Young Producers Council (YPC) class. The class is designed for producers in their 20s and 30s.

USPB started its YPC program in 2016 with a goal to provide young adults an opportunity to become better acquainted with USPB's goals, origins and operations. Since 2016, more than 140 young men and women have enjoyed the program. YPC members come from the farms, ranches and feedlots that make up USPB.

This August, attendees will have the opportunity to tour the National Beef processing plant in Dodge City, Kansas, have discussions with USPB and National Beef management, and hear from local USPB board members. In November, the class will travel to Kansas City for further sessions with USPB and National Beef management, and tour the Kansas City Steak Company and the National Beef Leathers facility.

These are the young men and women who will lead the industry in the future. Many geographic regions are represented in each class. If you have a staff member that could benefit from future YPC meetings, please email us at uspb@uspb.com, or call Tracy Thomas or Brian Bertelsen at 866-877-2525.

**Account Action Items**

Call our office at 866-877-2525 if we can assist you with the following:

&nbsp;&nbsp;&nbsp;&nbsp;· A change in your contact information.

&nbsp;&nbsp;&nbsp;&nbsp;· Leasing out your Class A delivery rights. Demand is very high.

&nbsp;&nbsp;&nbsp;&nbsp;· If you wish to be on our multi-year list to lease out your Class A delivery
rights.

&nbsp;&nbsp;&nbsp;&nbsp;· If you want to learn more about our Transfer on Death form, which communicates
your estate plan wishes to USPB.

**Member Discount**

Your affiliation with USPB qualifies you for discounts at the Kansas City Steak Company.

To receive your 15% discount, use BEEFUSPB when ordering online at kansascitysteaks.com or by calling 888-KCSTEAK.

**Building Value with Data**

With so many unprecedented factors transforming the industry, producers are looking for new ways to improve and stay profitable. For Bruce Mershon of Buckner, Missouri, the answer has come through disciplined genetic progress, retained ownership and a long-standing partnership with U.S. Premium Beef (USPB).

Mershon, his wife, Tracey, and their family operate a commercial cow-calf herd and carry their steers all the way through harvest, a decision that requires confidence in both cattle quality and marketing strategy.

Alongside their cow-calf enterprise, they manage an extensive bred heifer operation. Their commercial females are enrolled in the American Simmental Association herdbook, which provides EPDs on those females to make data-driven breeding decisions. Over time, that commitment to measurable genetics has shaped a herd designed not just to perform in the pasture, but to excel on the rail.

"We've worked really hard at improving our genetics and net retained ownership, and we want to be rewarded for that investment," Mershon says.

The Mershons delivered cattle to a feedyard in Scott City that marketed fed cattle through USPB. Through that partnership, the Mershons began marketing on USPB's value-based grid. For producers who had invested years into improving genetics, that marketing outlet was a way to capture even more value, reflecting the effort behind each generation of improvement.

Generational improvement was catapulted with detailed carcass data USPB provided on each head harvested. "What's so wonderful about USPB," Mershon shares, "is we capture all that carcass data in a user-friendly way to help us get better every day." That information becomes a feedback loop to inform future breeding, selection and management decisions, instead of guessing which genetics worked or which management decisions paid off.

Another layer of value comes through benchmarking. Through USPB, the Mershons receive reports showing how their cattle compare with others in the system. That broader perspective shows where their operation is competitive and highlights opportunities for further refinement.

As they look ahead, Mershon Cattle expects to grow by using the right tools and strong relationships that elevate their program.

"I expect that 20 years from now we'll still be partners with U.S. Premium Beef," Mershon says. "We continue to want to grow, and with our son returning to the farm after retiring from the military, we couldn't be more excited about the future."

Click <u>HERE</u> for video.

**Qualified Seedstock Suppliers**

USPB's Qualified Seedstock Suppliers (QSS) assist producers who seek a genetic supplier with knowledge and experience in producing cattle for USPB's quality-based system. Commercial ranchers have added assurance these breeders offer high-quality genetics designed for USPB's integrated product system.

Listed below are upcoming sale dates from QSS members. A complete list of QSS members is available <u>HERE</u>.

*Click on each ranch name below for further information.*

**Upcoming Sales**

March 15, <u>Briarwood Farms</u>, Butler, MO

March 15, <u>Bruning Farms</u>, Bruning, NE

March 18, <u>Schlegel Genetics,</u> Alexander, KS

March 20, <u>Marshall & Fenner</u>, Malta Bend, MO

March 21, <u>Molitor Angus Ranc</u>h, Zenda, KS

March 23, <u>Oleen Brother</u>s, Dwight, KS

March 24, <u>Ferguson Angus</u>, Agra, KS

March 28, <u>Sandhill Farm</u>s, Haviland, KS

April 4, <u>Gardiner Angus Ranc</u>h, Ashland, KS

April 11, <u>Fink Beef Genetics</u>, Randolph, KS

May 4, <u>Gardiner Angus Ranch</u>, Ashland, KS

**Private Treaty**

<u>Blair Brothers Angus</u>, Sturgis, SD

<u>Cow Camp Ranch, LLC</u>, Lost Springs, KS

<u>Dalebanks Angus</u>, Eureka, KS

<u>Downey Ranch</u>, Wamego, KS

<u>Harms Plainview</u> Ranch, Lincolnville, KS

<u>Kniebel Farms & Cattle Company</u>, White City, KS

<u>McCurry Bros</u>. Angus, Sedgwick, KS

<u>Pelton Simmenta</u>l / Red Angus, Burdett, KS