BGS earnings analysis
What we found in BGS's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
B&G Foods delivered mixed Q2 results: revenue of $383.3 million declined 9.6% year over year and missed consensus, while GAAP EPS improved to a loss of $0.05 and adjusted EPS of $0.06 exceeded estimates. Adjusted EBITDA rose 4.2% to $60.4 million with a 15.8% margin, and fiscal 2026 guidance was maintained. Debt remains a material risk, with $772.1 million of variable-rate borrowings exposing the company to approximately $7.7 million of annual interest-expense sensitivity for each 1.0% rate move; the company also redeemed $509.3 million of 5.25% notes due 2027 after quarter-end.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue declined and missed consensus
- Q2 revenue was $383.3 million, down 6.3% from $409 million in Q1 2026 and down 9.6% from $424 million in Q2 2025. Revenue was also 2.9% below the $394.9 million consensus estimate.
- EPS improved year over year
- GAAP diluted EPS was $(0.05), improved from $(0.41) in Q1 2026 and $(0.12) in Q2 2025. Adjusted diluted EPS was $0.06, versus the $0.05 estimate.
- EBITDA and margin improved
- Adjusted EBITDA increased 4.2% to $60.4 million, while adjusted EBITDA margin expanded to 15.8%.
- Fiscal outlook maintained
- Fiscal 2026 outlook was reaffirmed at $1.735 billion-$1.775 billion of net sales, $275.0 million-$290.0 million of adjusted EBITDA and $0.575-$0.675 of adjusted diluted EPS.
- Debt redemption reduces near-term maturities
- At July 4, 2026, the company had $1,783.6 million of fixed-rate debt and $772.1 million of variable-rate debt. The company subsequently redeemed $509.3 million principal amount of 5.25% senior notes due 2027.
- No material control deficiencies reported
- Management concluded that disclosure controls were effective as of the period end and that no change in internal control over financial reporting materially affected, or was reasonably likely to materially affect, controls during the period.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Variable-rate debt creates interest risk
- The company had $772.1 million of variable-rate debt at July 4, 2026; a hypothetical 1.0% increase in interest rates would have increased annual interest expense by approximately $7.7 million.
- Commodity and inflation pressure
- Commodity prices, inflation, production and distribution costs remain identified market risks. The filing incorporates the MD&A discussion of fluctuations in commodity prices and production and distribution costs but does not quantify the current-period impact in the supplied text.
- Divestiture creates outlook uncertainty
- The company states that it does not believe there have been any material changes in risk factors from the 2025 Form 10-K. However, the pending divestiture is excluded from fiscal 2026 guidance, which is $1.735 billion-$1.775 billion of net sales, creating execution and comparability risk if the transaction closes in Q3 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
What they said about what is next.
Fiscal 2026 guidance was reaffirmed: net sales of $1.735 billion-$1.775 billion, adjusted EBITDA of $275.0 million-$290.0 million, and adjusted diluted EPS of $0.575-$0.675. Guidance excludes the pending Green Giant Canada divestiture, expected to close in Q3 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 13, 2026
- B&G Foods reported Q1 2026 results with revenues of $408.9 million, exceeding expectations, and an adjusted EPS of $0.08, beating the consensus estimate. However, net sales decreased by 3.9% compared to Q1 2025 mainly…
- 10-K · March 3, 2026
- B&G Foods reports a Q4 (fiscal 2025) revenue of $539.556 million and diluted EPS of $0.28 with Q4 gross margin of 22.8% and operating margin of 5.8%. The company is actively reshaping its portfolio through multiple…
- 10-Q · November 5, 2025
- B&G Foods reported third-quarter net sales of $439,304,000 (down from $461,073,000 a year ago) and a net loss of $19,142,000 (diluted loss per share $0.24). Gross margin held roughly steady at ~22.5% while operating…
- 10-Q · May 8, 2024
- B&G Foods reported first-quarter net sales of $475.2M and a net loss of $40.2M (diluted EPS $(0.51)) versus net sales of $511.8M and net income of $3.4M (EPS $0.05) in Q1 2023. Results were driven by a non-cash goodwill…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing BGS makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever