10-K · June 9, 2026
J. M. Smucker's 2026 10-K reveals a strategic focus on brand building and market leadership in attractive categories, despite recent challenges from economic conditions impacting consumer demand. The company experienced…
Earnings analysis · 10-Q
SJM earnings analysis
Filed August 26, 2026 · Our reading of the company's report
The latest report
J. M. Smucker reported $2.219 billion of revenue and EPS of $3.24, exceeding consensus estimates by 4.4% and 45.9%, respectively. The extracted filing does not include sufficient income-statement, segment,…
Read full summary
J. M. Smucker reported $2.219 billion of revenue and EPS of $3.24, exceeding consensus estimates by 4.4% and 45.9%, respectively. The extracted filing does not include sufficient income-statement, segment, balance-sheet, or cash-flow detail to assess margins, working capital, leverage, or free cash flow for the quarter. Risk disclosures emphasize debt-rate sensitivity of $485.8 million and commodity derivative sensitivity ranging from a $28.1 million loss to a $35.8 million gain, while no new risk factors or quantitative guidance were provided.
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
- $3.24
What stood out
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Revenue and EPS Beat Estimates
Reported revenue was $2.219 billion, approximately 4.4% above the $2.126 billion consensus estimate. Reported EPS was $3.24, $1.02 above the $2.22 estimate, a 45.9% positive surprise.
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Limited Share Repurchases
The company repurchased 49,501 shares during the first quarter at an average price of $115.90 per share, while no shares were purchased under the publicly announced repurchase program.
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Modest Foreign-Currency Exposure
International exposure remains limited: customers outside the U.S. represented 3% of net sales for the three months ended July 31, 2026.
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Controls Remained Effective
Management stated that controls and procedures were effective as of July 31, 2026, and that no changes in internal control materially affected, or were reasonably likely to materially affect, reporting controls during the quarter.
What to watch
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Material Debt Rate Sensitivity
A hypothetical 100-basis-point decrease in interest rates would increase the fair value of long-term debt by $485.8 million, highlighting material interest-rate sensitivity despite the company’s use of derivatives.
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Commodity Price Volatility
Commodity derivative fair-value sensitivity for a hypothetical 10% market-price change ranged from a potential gain of $35.8 million to a potential loss of $28.1 million as of July 31, 2026.
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Limited but Ongoing FX Exposure
Foreign-currency exposure is concentrated primarily in Canadian currency, although management said the balance-sheet exposure was not expected to materially affect earnings or cash flow. Foreign customers represented 3% of quarterly net sales.
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No New Risk-Factor Disclosure
The filing carries forward risks related to supply-chain disruptions, input-cost inflation, product recalls, consumer demand, goodwill impairments, and execution of Sweet Baked Snacks optimization initiatives. The 10-Q states that the risk factors from the April 30, 2026 10-K should be considered and does not identify additional changes.
Management's outlook
No quantitative outlook was provided in the extracted 10-Q text. The prior 10-K had projected fiscal 2027 net sales to decline 3.0% to 4.0%, but this filing does not explicitly update or reaffirm that outlook.
Earlier filings 4
10-Q · February 26, 2026
J.M. Smucker reported Q3 net sales of $2,339.4 million (up from $2,186.0 million a year ago) but recorded a large GAAP operating loss of $(548.4) million and a Q3 net loss of $(724.2) million (GAAP EPS $(6.79)).…
10-Q · November 25, 2025
SJM reported third-quarter net sales of $2,330.1 million (up $58.9 million vs. $2,271.2 million a year ago) and operating income of $418.5 million (versus $169.7 million a year ago), driving GAAP diluted EPS of $2.26…
10-Q · August 27, 2025
Smucker reported mixed top-line stability but materially weaker profitability and cash flow in the quarter. Net sales were essentially flat at $2,113.3 million while gross margin compressed to ~22.5% and the company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.