# CONAGRA BRANDS INC. (CAG)

Informational only - not investment advice.

CIK: 0000023217
SIC: 2000 Food and Kindred Products
SIC breadcrumb: [Manufacturing](/division/D/) > [Food And Kindred Products](/major-group/20/) > [SIC 2000 Food and Kindred Products](/industry/2000/)
Latest 10-K filed: 2026-07-15
SEC page: https://www.sec.gov/edgar/browse/?CIK=23217
Filing source: https://www.sec.gov/Archives/edgar/data/23217/000110465926083905/tmb-20260531x10k.htm

## At a glance

FY2026 · period end 2026-05-31 · filed 2026-07-15 · accession 0001104659-26-083905 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023217.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 11,281,600,000 USD | 2026 | verified |
| Net income | -1,916,200,000 USD | 2026 | verified |
| Assets | 17,274,400,000 USD | 2026 | verified |
| Free cash flow | 978,700,000 USD | 2026 | computed |
| Net margin | -16.99% | 2026 | computed |
| Operating margin | -14.43% | 2026 | computed |
| Revenue YoY | -2.85% | 2026 | computed |
| ROE | -30.14% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Food and beverage staples](/compare/food-beverage/) · SIC 2000 Food and Kindred Products

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including CAG

- Food and beverage staples: [peer review](/compare/food-beverage/) · [market-risk page](/compare/food-beverage/risk/)

### Peer percentile fingerprint

| Ratio | CAG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -17.0% | 6.1% | 11 | 10 |
| Operating margin | -14.4% | 7.3% | 22 | 10 |
| Revenue growth | -2.9% | 4.4% | 33 | 10 |
| FCF margin | 8.7% | 6.9% | 75 | 9 |
| ROE | -30.1% | 6.1% | 14 | 8 |
| ROA | -11.1% | 3.7% | 11 | 10 |
| Liabilities / equity | 1.72 | 1.99 | 29 | 8 |
| Current ratio | 0.90 | 2.04 | 33 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2000 Food and Kindred Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 11281600000 | USD | 2026 | 2026-07-15 |
| Net income | -1916200000 | USD | 2026 | 2026-07-15 |
| Assets | 17274400000 | USD | 2026 | 2026-07-15 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-15. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023217.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 7,826,900,000 | 7,938,300,000 | 9,538,400,000 | 11,054,400,000 | 11,184,700,000 | 11,535,900,000 | 12,277,000,000 | 12,050,900,000 | 11,612,800,000 | 11,281,600,000 |
| Net income |  | 639,300,000 | 808,400,000 | 678,300,000 | 840,100,000 | 1,298,800,000 | 888,200,000 | 683,600,000 | 347,200,000 | 1,152,400,000 | -1,916,200,000 |
| Operating income |  | 1,240,000,000 | 1,412,500,000 | 1,641,800,000 | 1,815,600,000 | 2,141,000,000 | 1,587,600,000 | 1,075,300,000 | 852,800,000 | 1,364,600,000 | -1,628,400,000 |
| Gross profit |  |  |  |  |  |  |  | 3,264,800,000 | 3,333,400,000 | 3,003,500,000 | 2,698,400,000 |
| Diluted EPS |  | 1.46 | 1.98 | 1.52 | 1.72 | 2.66 | 1.84 | 1.42 | 0.72 | 2.40 | -4.00 |
| Operating cash flow |  | 1,170,200,000 | 954,200,000 | 1,125,500,000 | 1,842,600,000 | 1,468,100,000 | 1,177,300,000 | 995,400,000 | 2,015,600,000 | 1,691,900,000 | 1,402,100,000 |
| Capital expenditures |  | 242,100,000 | 251,600,000 | 353,100,000 | 369,500,000 | 506,400,000 | 464,400,000 | 362,200,000 | 388,100,000 | 389,300,000 | 423,400,000 |
| Dividends paid |  | 415,000,000 | 342,300,000 | 356,200,000 | 413,600,000 | 474,600,000 | 581,800,000 | 623,800,000 | 659,300,000 | 669,200,000 | 669,700,000 |
| Share buybacks | 0.00 | 1,000,000,000 | 967,300,000 | 0.00 | 0.00 | 298,100,000 | 50,000,000 | 150,000,000 |  | 64,000,000 | 15,300,000 |
| Assets |  | 10,096,300,000 | 10,389,500,000 | 22,213,800,000 | 22,304,000,000 | 22,195,600,000 | 22,435,100,000 | 22,052,600,000 | 20,862,300,000 | 20,933,900,000 | 17,274,400,000 |
| Liabilities |  | 6,018,500,000 | 6,632,900,000 | 14,750,100,000 | 14,353,300,000 | 13,564,200,000 | 13,572,900,000 | 13,245,300,000 | 12,351,000,000 | 12,001,200,000 | 10,916,800,000 |
| Stockholders' equity |  | 4,077,800,000 | 3,756,600,000 | 7,463,700,000 | 7,950,700,000 | 8,631,400,000 | 8,862,200,000 | 8,807,300,000 | 8,511,300,000 | 8,932,700,000 | 6,357,600,000 |
| Cash and cash equivalents |  | 251,400,000 | 128,000,000 | 236,600,000 | 553,300,000 | 79,200,000 | 83,300,000 | 93,300,000 | 77,700,000 | 68,000,000 | 218,000,000 |
| Free cash flow |  | 928,100,000 | 702,600,000 | 772,400,000 | 1,473,100,000 | 961,700,000 | 712,900,000 | 633,200,000 | 1,627,500,000 | 1,302,600,000 | 978,700,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 8.17% | 10.18% | 7.11% | 7.60% | 11.61% | 7.70% | 5.57% | 2.88% | 9.92% | -16.99% |
| Operating margin |  | 15.84% | 17.79% | 17.21% | 16.42% | 19.14% | 13.76% | 8.76% | 7.08% | 11.75% | -14.43% |
| Return on equity |  | 15.68% | 21.52% | 9.09% | 10.57% | 15.05% | 10.02% | 7.76% | 4.08% | 12.90% | -30.14% |
| Return on assets |  | 6.33% | 7.78% | 3.05% | 3.77% | 5.85% | 3.96% | 3.10% | 1.66% | 5.50% | -11.09% |
| Liabilities / equity |  | 1.48 | 1.77 | 1.98 | 1.81 | 1.57 | 1.53 | 1.50 | 1.45 | 1.34 | 1.72 |
| Current ratio |  | 1.17 | 0.83 | 1.28 | 0.88 | 0.82 | 0.86 | 0.76 | 0.97 | 0.71 | 0.90 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CAG/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-15. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023217.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-08-28 |  |  | -0.16 | reported discrete quarter |
| 2023-Q2 | 2022-11-27 |  |  | 0.79 | reported discrete quarter |
| 2023-Q3 | 2023-02-26 |  |  | 0.71 | reported discrete quarter |
| 2024-Q1 | 2023-08-27 | 2,904,000,000 | 319,700,000 | 0.67 | reported discrete quarter |
| 2024-Q2 | 2023-08-27 |  | 319,700,000 |  | reported discrete quarter |
| 2024-Q2 | 2023-11-26 | 3,208,100,000 |  | 0.60 | reported discrete quarter |
| 2024-Q3 | 2023-11-26 |  | 286,200,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-02-25 | 3,032,900,000 |  | 0.64 | reported discrete quarter |
| 2024-Q4 | 2024-05-26 | 2,905,900,000 | -567,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-08-25 | 2,794,900,000 | 466,800,000 | 0.97 | reported discrete quarter |
| 2025-Q2 | 2024-08-25 |  | 466,800,000 |  | reported discrete quarter |
| 2025-Q2 | 2024-11-24 | 3,195,100,000 |  | 0.59 | reported discrete quarter |
| 2025-Q3 | 2024-11-24 |  | 284,500,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-02-23 | 2,841,000,000 |  | 0.30 | reported discrete quarter |
| 2025-Q4 | 2025-05-25 | 2,781,800,000 | 256,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-08-24 | 2,632,600,000 | 164,500,000 | 0.34 | reported discrete quarter |
| 2026-Q2 | 2025-08-24 |  | 164,500,000 |  | reported discrete quarter |
| 2026-Q2 | 2025-11-23 | 2,979,100,000 |  | -1.39 | reported discrete quarter |
| 2026-Q3 | 2025-11-23 |  | -663,600,000 |  | reported discrete quarter |
| 2026-Q3 | 2026-02-22 | 2,787,800,000 |  | 0.42 | reported discrete quarter |
| 2026-Q4 | 2026-05-31 | 2,882,100,000 | -1,616,900,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CAG's latest 10-K: [/company/CAG/business/](/company/CAG/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CAG's latest 10-K: [/company/CAG/risk-factors/](/company/CAG/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/23217/000110465926038548/tmb-20260222x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-04-01
Report date: 2026-02-22

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

The information contained in this report includes forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, legal matters, costs and cost savings, impairments, and dividends, as well as other statements that are not historical facts. You can identify forward-looking statements by their use of forward-looking words, such as “may”, “will”, “anticipate”, “expect”, “believe”, “estimate”, “intend”, “plan”, “should”, “seek”, or comparable terms.

Readers of this report should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include: risks associated with general economic and industry conditions, including inflation, reduced consumer confidence and spending, increased tariffs and taxes, increased energy and fuel costs, actual or threatened hostilities or war, and or other geopolitical conflicts, declining benefits or increased limitations under government food assistance programs for consumers, rising unemployment, recessions, supply chain challenges, labor cost increases or shortages, currency rate fluctuations; risks related to the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, weather conditions, health pandemics or outbreaks of disease, or other geopolitical uncertainty; disruptions or inefficiencies in our supply chain and/or operations; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the ultimate impact of, including reputational harm caused by, any product recalls and product liability or labeling litigation, including litigation related to lead-based paint and pigment and cooking spray; risks related to our ability to execute operating and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to the Company’s competitive environment, cost structure, and related market conditions; risks related to our ability to respond to changing consumer preferences including health and wellness perceptions and the success of our innovation and marketing investments; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks related to the seasonality of our business; risks associated with our contract manufacturing arrangements and other third-party service provider dependencies; risks associated with actions of governments and regulatory bodies that affect our businesses, including the ultimate impact of new or revised regulations or interpretations including to address climate change; risks related to the Company’s ability to execute on its strategies or achieve expectations related to environmental, social, and governance matters, including as a result of evolving legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon pricing or carbon taxes; risks related to a material failure in or breach of our or our vendors’ information technology systems and other cybersecurity incidents; risks related to our ability to identify, attract, hire, train, retain and develop qualified personnel; risk of increased pension, labor or people-related expenses; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; risks relating to our ability to protect our intellectual property rights; risks relating to acquisition, divestiture, joint venture or investment activities; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; the amount and timing of future stock repurchases; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission (the “SEC”). We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility to update these statements, except as required by law.

The discussion that follows should be read together with the unaudited Condensed Consolidated Financial Statements and related notes contained in this report and with the financial statements, related notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 and subsequent filings with the SEC. Results for the third quarter of fiscal 2026 are not necessarily indicative of results that may be attained in the future.

EXECUTIVE OVERVIEW

Conagra Brands, Inc. (the “Company”, “Conagra Brands”, “we”, “us”, or “our”), headquartered in Chicago, is one of North America’s leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The Company’s portfolio is continuously evolving to satisfy consumers’ ever-changing food preferences. Conagra’s brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender’s®, Reddi-wip®, Slim Jim®, Angie’s® BOOMCHICKAPOP®, and many more.

23

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Fiscal 2026 Third Quarter Results

In the third quarter of fiscal 2026, results reflected a decrease in net sales, with organic (excludes the impact of divestitures and foreign exchange) net sales increases in our Grocery & Snacks, Refrigerated & Frozen, and Foodservice segments, partially offset by an decrease in our International segment, in each case compared to the third quarter of fiscal 2025. Overall gross profit decreased primarily due to the impacts of input cost inflation, unfavorable operating leverage, and a reduction in profit from divested businesses, partially offset by higher organic net sales and productivity. Overall segment operating profit decreased in all four of our segments compared to the third quarter of fiscal 2025. Corporate expenses and selling, general and administrative (“SG&A”) expenses were lower compared to the prior year primarily due to items impacting comparability, discussed below, partially offset by higher incentive compensation expense. We recognized lower interest expense, lower equity method investment earnings, and lower income tax expense compared to the third quarter of fiscal 2025. Excluding items impacting comparability, our effective tax rate was higher than the third quarter of fiscal 2025.

Diluted earnings per share were $0.42 and $0.30 in the third quarter of fiscal 2026 and 2025, respectively. The increase in diluted earnings per share reflected higher net income. See “Items Impacting Comparability” below as several items affected the comparability of year-over-year results.

Trends Impacting Our Business

Our industry continues to be impacted by persistent weak consumer sentiment, commodity cost fluctuations, labor cost inflation, input cost inflation, supply chain pressures, exchange rate volatility, and other global macroeconomic challenges. In the third quarter of fiscal 2026, we continued to experience an elevated amount of input cost inflation, which we were able to partially offset through our on-going productivity initiatives and targeted pricing actions.

We expect continued volatility in our costs of goods sold as a result of inflation and changes to trade policies in fiscal 2026. While we expect consumer trends to improve over time, we also expect persistent weak consumer sentiment to drive value seeking behaviors, negatively impacting our volumes during fiscal 2026. We continue to evaluate the evolving macroeconomic environment and take action to mitigate negative impacts on our business, consolidated results of operations, and financial condition.

Items Impacting Comparability

Segment presentation of gains and losses from derivatives used for economic hedging of anticipated commodity input costs and foreign currency exchange rate risks of anticipated transactions is discussed in further detail in Note 8, “Derivative Financial Instruments”, to the Condensed Consolidated Financial Statements contained in this report. We had $2.7 million and $7.7 million of derivative gains in the third quarter of fiscal 2026 and 2025, respectively, and $0.9 million of derivative losses and $17.3 million of derivative gains in the first three quarters of fiscal 2026 and 2025, respectively, which were included in general corporate expenses and reflected as items impacting comparability.

Other items of note impacting comparability for the third quarter of fiscal 2026 included the following:

[[GREPCENT_TABLE]]
[["","\u25cf","an income tax benefit of $35.2 million and related equity method investment expense of $1.3 million ($33.9 million after-tax) associated with certain elections made on an income tax return of a joint venture,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $12.9 million ($9.8 million after-tax) in connection with our restructuring activities,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","income tax expense of $11.1 million related to a prior divestiture, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $5.4 million ($4.1 million after-tax) related to environmental matters."]]
[[/GREPCENT_TABLE]]

Items of note impacting comparability for the third quarter of fiscal 2025 included the following:

[[GREPCENT_TABLE]]
[["","\u25cf","net charges totaling $95.8 million ($72.3 million after-tax) related to legacy legal matters,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $27.2 million ($22.9 million after-tax) related to the impairment of a business held for sale, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $6.9 million ($5.1 million after-tax) in connection with our restructuring activities."]]
[[/GREPCENT_TABLE]]

Other items of note impacting comparability for the first three quarters of fiscal 2026 included the following:

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $968.3 million ($902.9 million after-tax) related to the impairments of goodwill and certain brand intangible assets,"]]
[[/GREPCENT_TABLE]]

24

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[[GREPCENT_TABLE]]
[["","\u25cf","a net gain of $42.2 million ($20.6 million after-tax loss) associated with the divestiture of our Chef Boyardee\u00ae and frozen fish businesses,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an income tax benefit of $35.2 million and related equity method investment expense of $1.3 million ($33.9 million after-tax) associated with certain elections made on an income tax return of a joint venture,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a net benefit of $37.4 million ($28.3 million after-tax) related to legacy legal matters,"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/23217/000110465926083905/tmb-20260531x10k.htm
Complete FY 2026 MD&A: /company/CAG/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-07-15
Report date: 2026-05-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis is intended to provide a summary of significant factors relevant to our financial performance and condition. The discussion and analysis should be read together with our consolidated financial statements and related notes in Item 8, Financial Statements and Supplementary Data. Results for the fiscal year ended May 31, 2026 are not necessarily indicative of results that may be attained in the future.

FORWARD-LOOKING STATEMENTS

The information contained in this report includes forward-looking statements within the meaning of the federal securities laws. Examples of forward-looking statements include statements regarding our expected future financial performance or position, results of operations, business strategy, plans and objectives of management for future operations, and other statements that are not historical facts. You can identify forward-looking statements by their use of forward-looking words, such as “may”, “will”, “anticipate”, “expect”, “believe”, “estimate”, “intend”, “plan”, “should”, “seek”, or comparable terms.

Readers of this report should understand that these forward-looking statements are not guarantees of performance or results. Forward-looking statements provide our current expectations and beliefs concerning future events and are subject to risks, uncertainties, and factors relating to our business and operations, all of which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks, uncertainties, and factors include: risks associated with general economic and industry conditions, including inflation, oil, energy and fuel costs, reduced consumer confidence and spending, increased tariffs and taxes, actual or threatened hostilities or war and/or other geopolitical conflicts, declining benefits or changing eligibility requirements under government food assistance programs for consumers, rising unemployment, recessions, supply chain challenges, labor cost increases or shortages, interest rate and currency rate fluctuations; risks related to the availability and prices of commodities and other supply chain resources, including raw materials, packaging, energy, and transportation, weather conditions, pandemics, epidemics, and disease, in humans, plants, and animals; disruptions or inefficiencies in our supply chain and/or operations; risks related to the effectiveness of our hedging activities and ability to respond to volatility in commodities; risks related to the ultimate impact of, including reputational harm caused by, any product recalls and product liability or labeling litigation; risks related to our ability to execute operating and value creation plans and achieve returns on our investments and targeted operating efficiencies from cost-saving initiatives, and to benefit from trade optimization programs; risks related to our ability to deleverage on currently anticipated timelines, and to continue to access capital on acceptable terms or at all; risks related to the Company’s competitive environment, cost structure, and related market conditions; risks related to our ability to respond to changing consumer preferences, including health and wellness perceptions and the success of our innovation and marketing investments; risks associated with actions by our customers, including changes in distribution and purchasing terms; risks related to the seasonality of our business; risks associated with our contract manufacturing arrangements and other third-party service provider dependencies; risks associated with actions of governments and regulatory bodies that affect our businesses, including regulations or interpretations designed to address climate change; risks related to the Company’s ability to execute on its strategies or achieve expectations related to environmental, social, and governance matters, including as a result of evolving legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon pricing or carbon taxes; risks related to a material failure in or breach of our or our vendors’ information technology systems and other cybersecurity incidents; risks related to our ability to identify, attract, hire, train, retain and develop qualified personnel; risk of increased pension, labor or people-related expenses; risks and uncertainties associated with intangible assets, including any future goodwill or intangible assets impairment charges; risks relating to our ability to protect our intellectual property rights; risks relating to acquisition,

25

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divestiture, joint venture or investment activities; the amount and timing of future dividends, which remain subject to Board approval and depend on market and other conditions; the amount and timing of future stock repurchases; and other risks described in our reports filed from time to time with the U.S. Securities and Exchange Commission (the “SEC”). We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility to update these statements, except as required by law. 

The discussion that follows should be read together with the consolidated financial statements and related notes contained in this report. Results for fiscal 2026 are not necessarily indicative of results that may be attained in the future.

EXECUTIVE OVERVIEW

Conagra Brands, Inc. (the “Company”, “Conagra Brands”, “we”, “us”, or “our”), headquartered in Chicago, is one of North America’s leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company’s portfolio is continuously evolving to satisfy consumers’ ever-changing food preferences. Conagra’s brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender’s®, Reddi-wip®, Slim Jim®, Angie’s® BOOMCHICKAPOP®, and many more.

Trends Impacting our Business

We continue to expect our industry to be impacted by weak consumer sentiment, inflation, commodity cost fluctuations, supply chain pressures, trade and regulatory uncertainty, and other global macroeconomic challenges. In fiscal 2026, these challenges resulted in input cost inflation, labor cost inflation, and higher oil, energy, and fuel costs. Additionally, in fiscal 2026, rapidly changing U.S. tariffs and reciprocal tariffs caused increased uncertainty as well as input cost inflation in key materials used in our products, including tin-plate steel used in packaging for our canned products, which we were able to partially offset with productivity initiatives and price increases on impacted products.

We will continue to evaluate the evolving macroeconomic environment to take action to mitigate the impact on our business, consolidated results of operations, and financial condition. While we will continue to seek to offset input cost inflation with productivity initiatives and tariff mitigation efforts, we anticipate that we may need to increase prices on certain products in fiscal 2027 to mitigate margin impacts and would expect corresponding elasticity impacts. Throughout fiscal 2027, continued consumer sensitivity to price increases may negatively impact our volumes while input cost inflation could negatively impact our earnings.

We expect consumer expectations to continue to evolve and we plan to continue our focus on innovation to meet consumers’ changing preferences. With consumers prioritizing wellness and the increase in affordability and accessibility of weight loss drugs, we see consumers continuing to seek products that enhance their wellness and weight management goals, including portion-controlled, high protein, and high fiber meals and snacks, positioning our portfolio of products well for fiscal 2027.

Fiscal 2026 Results

Fiscal 2026 results compared to fiscal 2025 reflected lower net sales, inclusive of a 53rd week in fiscal 2026. On an organic basis, which excludes the impacts of foreign exchange, acquisitions, divestitures, and the 53rd week, increased net sales in our Foodservice segment were more than offset by declines in our Grocery & Snacks, Refrigerated & Frozen, and International segments. Gross profit decreased primarily due to lower net sales, input cost inflation, and unfavorable operating leverage, partially offset by productivity and the 53rd week.

Segment operating profit decreased across all segments. Selling, general and administrative (“SG&A”) expenses decreased due to items impacting comparability, partially offset by higher incentive compensation expense in fiscal 2026. Compared to fiscal 2025, we recognized lower equity method investment earnings, lower interest expense, and higher income tax expense. Excluding items impacting comparability, our effective tax rate increased from fiscal 2025.

Diluted loss per share was $4.00 in fiscal 2026 compared to diluted earnings per share of $2.40 in fiscal 2025, reflecting lower net income in fiscal 2026.

See “Items Impacting Comparability” below for a discussion of significant items affecting the comparability of year-over-year results.

26

Table of Contents

Items Impacting Comparability

Items of note impacting comparability of results for fiscal 2026 included the following:

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $2.93 billion ($2.73 billion after-tax) related to the impairments of goodwill and certain brand intangible assets,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an income tax benefit of $35.2 million and related equity method investment benefit of $0.3 million ($35.5 million after-tax) associated with certain elections made on an income tax return of a joint venture,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a net gain of $42.2 million ($20.6 million after-tax loss) associated with the divestiture of our Chef Boyardee\u00ae and frozen fish businesses,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $45.7 million ($34.6 million after-tax) in connection with our restructuring plans,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a net benefit of $37.4 million ($28.3 million after-tax) related to legacy legal matters,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a net benefit of $22.5 million ($17.1 million after-tax) primarily related to our year-end remeasurement of certain hourly pension plan liabilities,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","income tax expense of $11.1 million related to a former divestiture,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $8.1 million ($8.1 million after-tax) related to the separation of our CEO,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges of $7.5 million ($5.7 million after-tax) related to restructuring activities of the Ardent Mills joint venture, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $5.4 million ($4.1 million after-tax) related to environmental matters."]]
[[/GREPCENT_TABLE]]

Items of note impacting comparability of results for fiscal 2025 included the following:

[[GREPCENT_TABLE]]
[["","\u25cf","income tax benefits of $253.5 million associated with the release of valuation allowances on certain deferred tax assets based primarily on interactions with the taxing authorities,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","charges totaling $101.7 million ($77.0 million after-tax) in connection with our restructuring plans,"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/CAG/mda/fy2026/
All MD&A years: /company/CAG/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/CAG/mda/fy2025/): filed 2025-07-10; accession 0001558370-25-009180 (https://www.sec.gov/Archives/edgar/data/23217/000155837025009180/tmb-20250525x10k.htm)
- [FY 2024 MD&A](/company/CAG/mda/fy2024/): filed 2024-07-11; accession 0001558370-24-009764 (https://www.sec.gov/Archives/edgar/data/23217/000155837024009764/tmb-20240526x10k.htm)
- [FY 2023 MD&A](/company/CAG/mda/fy2023/): filed 2023-07-13; accession 0001437749-23-019879 (https://www.sec.gov/Archives/edgar/data/23217/000143774923019879/cag20230206_10k.htm)
- [FY 2022 MD&A](/company/CAG/mda/fy2022/): filed 2022-07-21; accession 0001437749-22-017530 (https://www.sec.gov/Archives/edgar/data/23217/000143774922017530/cag20220209_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2000 Food and Kindred Products) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CAG.md · JSON record: /company/CAG.json · verified financials: /company/CAG/financials.json / /company/CAG/financials.csv · machine TOC for the whole site: /llms.txt