10-K · July 22, 2026
Cal-Maine’s FY2026 results normalized sharply from the exceptional HPAI-driven price environment of FY2025: revenue fell 31.7% to $2.912 billion, operating income fell 77.2% to $350.2 million, and diluted EPS fell to…
Earnings analysis · 10-Q
CALM earnings analysis
Filed September 30, 2026 · Our reading of the company's report
The latest report
Cal-Maine Foods reported a sharply weaker first quarter, with revenue of $539.607 million and diluted EPS of $(1.26), both below consensus, while operating income swung from $249.184 million of income to an $82.165…
Read full summary
Cal-Maine Foods reported a sharply weaker first quarter, with revenue of $539.607 million and diluted EPS of $(1.26), both below consensus, while operating income swung from $249.184 million of income to an $82.165 million loss. The principal headwind was a 59.3% decline in conventional shell egg pricing, although Specialty Shell Eggs and Prepared Foods grew to 54.1% of net sales. Management provided no numerical revenue or EPS outlook but cited more than 60% planned Prepared Foods capacity growth through the first half of fiscal 2028.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.26
- Segment
- Specialty Shell Eggs and Prepared Foods represented 54.1% of net sales; individual segment revenue amounts were not disclosed in the provided filing text.
What stood out
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Revenue and EPS missed estimates
First-quarter revenue was $539.607 million versus the $574.815 million consensus estimate, while diluted EPS was $(1.26) versus the $(0.59) estimate.
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Operating profitability turned negative
Operating income deteriorated to an $82.165 million loss from $249.184 million of operating income in the comparable prior period.
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Conventional egg pricing fell sharply
Conventional shell egg pricing declined 59.3%, which management identified as the primary driver of the quarterly deterioration.
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Diversified mix exceeded half of sales
Specialty Shell Eggs and Prepared Foods reached 54.1% of net sales, indicating continued mix diversification away from conventional shell eggs.
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Prepared Foods capacity expansion
Management planned more than 60% growth in Prepared Foods capacity through the first half of fiscal 2028, supporting the company’s longer-term diversification strategy.
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Share repurchases continued
The company repurchased 66,601 shares at an average price of $74.76, with $315.747 million remaining under the repurchase authorization.
What to watch
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Conventional egg price pressure
A 59.3% decline in conventional shell egg pricing pressured revenue and profitability, contributing to the quarter’s operating loss.
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Severe earnings deterioration
Operating income fell from $249.184 million to an $82.165 million loss, demonstrating substantial earnings sensitivity to pricing and product mix.
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No updated risk-factor disclosure
The filing states there were no material changes to previously disclosed risk factors, representing zero newly identified risk-factor changes versus the Annual Report.
Management's outlook
No numerical revenue or EPS guidance was provided. Management cited more than 60% planned Prepared Foods capacity growth through the first half of fiscal 2028.
Earlier filings 4
10-Q · April 1, 2026
Cal‑Maine reported net sales of $666,951 and diluted EPS of $1.06 for the thirteen weeks ended February 28, 2026, with sharply compressed margins versus the year‑ago quarter following lower egg prices and acquisitions.…
10-Q · October 1, 2025
Cal‑Maine reported net sales of $922,602 (in thousands) and diluted EPS of $4.12 for the thirteen weeks ended August 30, 2025, up versus the year-ago quarter but below the most recent quarterly peak. The quarter…
10-K · July 22, 2025
Cal‑Maine reported a clear multi-year inflection in fiscal 2025 driven by higher shell egg prices and margin recovery: net sales rose to $4,261,885,000 and net income attributable to Cal‑Maine was $1,220,048,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.