CAG earnings analysis
What we found in CAG's 10-K: 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
Conagra Brands, Inc. reported substantial financial challenges in FY26, highlighted by a significant diluted loss per share of $4.00, driven by impairments totaling $2.93 billion linked to goodwill and intangible assets. The company anticipates continued pressure in the upcoming fiscal year with projected organic sales decreases and a mildly optimistic outlook for adjusted EPS between $1.40 - $1.50. Despite these hurdles, Conagra will focus on innovation and adapting to shifting consumer preferences in the health and wellness sector.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Impairments
- Conagra recorded goodwill and brand impairments totaling $2.93 billion, significantly impacting financial health.
- Organic Sales Decrease Projected
- Management projects an organic sales decrease of (1)% to (3)% for FY27.
- Strong Cash Generation
- Despite challenges, Conagra generated $1.40 billion from operations in FY26.
- Positive Adjusted EPS Guidance
- Expected adjusted EPS in the range of $1.40 to $1.50 for FY27, indicating some recovery.
- Diverse Brand Portfolio
- Conagra operates a diverse brand portfolio with significant consumer recognition.
- Capital Structure Maintenance
- Conagra reported total debt of $7.27 billion, focusing on maintaining an investment-grade rating.
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.
- Severe Financial Losses
- The company reported a diluted loss per share of $4.00 in FY26, down from earnings per share of $2.40 in FY25.
- Decreased Segment Performance
- Operating profits declined across all segments comparing FY26 to FY25, with the Refrigerated & Frozen segment down 25.5%.
- High Debt Levels
- Total debt of approximately $7.27 billion as of May 31, 2026, raises concerns over liquidity and repayment.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-4.0
- Gross margin
- 23.9%
- Operating margin
- -14.4%
- Segment
- Grocery & Snacks
- Segment
- Refrigerated & Frozen
- Segment
- International
- Segment
- Foodservice
What they said about what is next.
Annual outlook deferred; management has indicated a focus on innovation and adjusting to market trends.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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