December is upon us and the fall calf run all but ended, the beef industry is finalizing its estimates of 2025 profitability and market performance. For cow-calf producers, the results from all but the last two weeks of the year indicate profits easily hit a record high, even on an inflation-adjusted basis. With these strong financial returns in their back pocket and a positive outlook for 2026, producers should be in a situation to expand heifer retentions, likely to three-year high levels.  2025 Results Despite the sharp pullback in feeder cattle prices in late October and November, values for 2025 were still easily a record high. Through Q4 – the peak time for marketing calves and feeder cattle – Kansas steer prices aver...