# CAL-MAINE FOODS INC (CALM) Informational only - not investment advice. CIK: 0000016160 SIC: 0200 Agricultural Prod-Livestock & Animal Specialties SIC breadcrumb: [Agriculture, Forestry, And Fishing](/division/A/) > [SIC Major Group 02](/major-group/02/) > [SIC 0200 Agricultural Prod-Livestock & Animal Specialties](/industry/0200/) Latest 10-K filed: 2026-07-22 SEC page: https://www.sec.gov/edgar/browse/?CIK=16160 Filing source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000080/calm2026053010K.htm ## At a glance FY2026 · period end 2026-05-30 · filed 2026-07-22 · accession 0001562762-26-000080 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016160.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,911,632,000 USD | 2026 | verified | | Net income | 316,682,000 USD | 2026 | verified | | Assets | 3,107,570,000 USD | 2026 | verified | | Free cash flow | 328,533,000 USD | 2026 | computed | | Net margin | 10.88% | 2026 | computed | | Operating margin | 12.03% | 2026 | computed | | Revenue YoY | -31.68% | 2026 | computed | | ROE | 12.03% | 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. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2911632000 | USD | 2026 | 2026-07-22 | | Net income | 316682000 | USD | 2026 | 2026-07-22 | | Assets | 3107570000 | USD | 2026 | 2026-07-22 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016160.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,074,513,000 | 1,502,932,000 | 1,361,188,000 | 1,351,609,000 | | | | 2,326,443,000 | 4,261,885,000 | 2,911,632,000 | | Net income | | -74,278,000 | 125,932,000 | 54,229,000 | 18,391,000 | 2,060,000 | 132,650,000 | 758,024,000 | 277,888,000 | 1,220,048,000 | 316,682,000 | | Operating income | | -134,146,000 | 100,507,000 | 45,781,000 | 1,269,000 | -26,264,000 | 143,537,000 | 967,726,000 | 312,452,000 | 1,536,539,000 | 350,186,000 | | Gross profit | | 45,550,000 | 361,046,000 | 222,859,000 | 179,588,000 | 160,661,000 | 337,059,000 | 1,196,457,000 | 541,571,000 | 1,850,885,000 | 672,049,000 | | Diluted EPS | | -1.54 | 2.60 | 1.12 | 0.38 | 0.04 | 2.72 | 15.52 | 5.69 | 24.95 | 6.63 | | Operating cash flow | 57,538,000 | | 200,415,000 | 115,085,000 | 73,609,000 | 26,136,000 | 126,209,000 | 863,010,000 | 451,398,000 | 1,224,734,000 | 479,753,000 | | Capital expenditures | | 66,657,000 | 19,671,000 | 67,989,000 | 124,178,000 | 95,069,000 | 72,399,000 | 136,569,000 | 147,116,000 | 161,255,000 | 151,220,000 | | Dividends paid | | 0.00 | 0.00 | 41,713,000 | 0.00 | 1,652,000 | 6,117,000 | 252,292,000 | 91,856,000 | 330,290,000 | 231,622,000 | | Assets | | 1,033,094,000 | 1,150,447,000 | 1,156,278,000 | 1,206,694,000 | 1,229,174,000 | 1,427,489,000 | 1,954,525,000 | 2,184,761,000 | 3,084,619,000 | 3,107,570,000 | | Liabilities | | 188,601,000 | 194,765,000 | 166,472,000 | 197,019,000 | 216,393,000 | 323,144,000 | 344,942,000 | 387,718,000 | 518,604,000 | 467,038,000 | | Stockholders' equity | | 842,687,000 | 953,333,000 | 986,624,000 | 1,009,675,000 | 1,012,781,000 | 1,104,551,000 | 1,611,081,000 | 1,800,147,000 | 2,560,624,000 | 2,632,732,000 | | Cash and cash equivalents | | 17,564,000 | 48,431,000 | 69,247,000 | 78,130,000 | 57,352,000 | 59,084,000 | 292,824,000 | 237,878,000 | 499,392,000 | 107,217,000 | | Free cash flow | | | 180,744,000 | 47,096,000 | -50,569,000 | -68,933,000 | 53,810,000 | 726,441,000 | 304,282,000 | 1,063,479,000 | 328,533,000 | ### 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 | 2013 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -6.91% | 8.38% | 3.98% | 1.36% | | | | 11.94% | 28.63% | 10.88% | | Operating margin | | -12.48% | 6.69% | 3.36% | 0.09% | | | | 13.43% | 36.05% | 12.03% | | Return on equity | | -8.81% | 13.21% | 5.50% | 1.82% | 0.20% | 12.01% | 47.05% | 15.44% | 47.65% | 12.03% | | Return on assets | | -7.19% | 10.95% | 4.69% | 1.52% | 0.17% | 9.29% | 38.78% | 12.72% | 39.55% | 10.19% | | Liabilities / equity | | 0.22 | 0.20 | 0.17 | 0.20 | 0.21 | 0.29 | 0.21 | 0.22 | 0.20 | 0.18 | | Current ratio | | 6.74 | 5.45 | 7.58 | 5.60 | 5.77 | 3.58 | 6.16 | 5.45 | 6.38 | 7.70 | ## 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/CALM/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-22. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000016160.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 | 2022-08-27 | | | 2.57 | reported discrete quarter | | 2023-Q2 | 2022-11-26 | | | 4.07 | reported discrete quarter | | 2023-Q3 | 2023-02-25 | | | 6.62 | reported discrete quarter | | 2024-Q1 | 2023-09-02 | 459,344,000 | 926,000 | 0.02 | reported discrete quarter | | 2024-Q2 | 2023-12-02 | 523,234,000 | 17,009,000 | 0.35 | reported discrete quarter | | 2024-Q3 | 2024-03-02 | 703,076,000 | 146,712,000 | 3.00 | reported discrete quarter | | 2024-Q4 | 2024-06-01 | 640,789,000 | 113,241,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-08-31 | 785,871,000 | 149,976,000 | 3.06 | reported discrete quarter | | 2025-Q2 | 2024-11-30 | 954,671,000 | 219,064,000 | 4.47 | reported discrete quarter | | 2025-Q3 | 2025-03-01 | 1,417,685,000 | 508,533,000 | 10.38 | reported discrete quarter | | 2025-Q4 | 2025-05-31 | 1,103,658,000 | 342,475,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-08-30 | 922,602,000 | 199,340,000 | 4.12 | reported discrete quarter | | 2026-Q2 | 2025-11-29 | 769,498,000 | 102,759,000 | 2.13 | reported discrete quarter | | 2026-Q3 | 2026-02-28 | 666,951,000 | 50,459,000 | 1.06 | reported discrete quarter | | 2026-Q4 | 2026-05-30 | 552,581,000 | -35,876,000 | | derived Q4 = FY annual - nine-month YTD | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CALM's latest 10-K: [/company/CALM/business/](/company/CALM/business/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/16160/000156276226000046/calm-20260228.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Confidence: high Filing date: 2026-04-01 Report date: 2026-02-28 EXECUTIVE OVERVIEW For the third quarter and the first thirty-nine weeks of fiscal 2026, we recorded a gross profit of $119.3 million and $638.0 million, respectively, compared to $716.1 million and $1.3 billion, respectively, for the same periods of fiscal 2025, primarily driven by a decrease in the net average selling price of shell eggs, particularly conventional eggs. Our net average selling price per dozen for shell eggs for the third quarter of fiscal 2026 declined 56.5% to $1.766 from $4.060 in the prior-year period. Average conventional egg prices per dozen declined 70.1% to $1.423 from $4.766 in the prior-year period. Average specialty egg prices per dozen declined 16.9% to $2.313 from $2.784 in the prior-year period. Our dozens sold for the third quarter of fiscal 2026 decreased 2.2% compared to the third quarter of fiscal 2025. Wholesale shell egg prices are volatile, cyclical, and impacted by a number of factors, including consumer demand, seasonal fluctuations, the number and productivity of laying hens in the U.S., outbreaks of agricultural diseases such as HPAI, severe weather patterns and retailers go-to-market strategies and how they manage their inventories. We believe the recent decline in Index 24 wholesale egg prices primarily reflects improved egg supply, following disruptions associated with HPAI in the prior fiscal year. Compared to the same period last year, panic-driven purchasing activity appears to have subsided, and improved pipeline availability relative to the prior fiscal year period appears to have reduced the need for accelerated purchasing or inventory builds by retailers and foodservice operators. As a result, wholesale shell egg prices have declined, while retail shell egg prices have adjusted more gradually. The daily average price for the Urner Barry Southeast Large Index in the third quarter of fiscal 2026 fell 78.6%, while the USDA daily average price for large shell eggs dropped 78.9%, compared to the same period last year. According to the USDA, the monthly average size of the layer hen flock from December 2025 through February 2026 (which most closely aligns with our third fiscal quarter) was approximately 310.8 million hens, an increase of 6.7 million hens, or 2.2%, compared to the same period in the previous year. During the third quarter of fiscal 2026, 13.2 million hens were depopulated due to HPAI, compared with 45.0 million during the same period of fiscal 2025, representing a 70.6% reduction in depopulations. For more information about historical shell egg prices, see Part I, Item 1. “Business – Price for Shell Eggs” of our 2025 Annual Report. Prepared food sales for the third quarter of fiscal 2026 increased $51.9 million, compared to the third quarter of fiscal 2025, primarily due to our acquisition of Echo Lake Foods in the first quarter of fiscal 2026. Our farm production costs per dozen produced for the third quarter of fiscal 2026 increased 4.4%, or $0.04 compared to the prior year period, primarily due to higher other farm production costs. Other farm production costs increased 9.1% primarily due to high facility costs compared to the comparable period in the prior year. Feed costs per dozen produced remained relatively flat in the third quarter of fiscal 2026, compared to the third quarter of fiscal 2025. For information about historical corn and soybean meal prices, see Part I, Item 1. “Business – Feed Costs for Shell Egg Production” of our 2025 Annual Report. Our prepared foods cost of sales increased $44.8 million for the third quarter of fiscal 2026, compared to the prior-year period, primarily due to the acquisition of Echo Lake Foods. RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, certain items from our Condensed Consolidated Statements of Income expressed as a percentage of net sales. Thirteen Weeks Ended Thirty-nine Weeks Ended February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025 Net sales 100.0 % 100.0 % 100.0 % 100.0 % Cost of sales 82.1 % 49.5 % 73.0 % 58.2 % Gross profit 17.9 % 50.5 % 27.0 % 41.8 % Selling, general and administrative 12.5 % 5.6 % 10.0 % 7.0 % (Gain) loss on involuntary conversions (0.1) % — % (0.3) % — % (Gain) loss on disposal of fixed assets 0.1 % — % 0.1 % — % Operating income 5.4 % 44.9 % 17.2 % 34.8 % Total other income, net 3.3 % 1.9 % 2.1 % 1.6 % Income before income taxes 8.7 % 46.8 % 19.3 % 36.4 % Income tax expense 1.1 % 10.9 % 4.4 % 8.7 % Net income 7.6 % 35.9 % 14.9 % 27.7 % Less: Income (loss) attributable to noncontrolling interest 0.1 % — % — % — % Net income attributable to Cal-Maine Foods, Inc. 7.5 % 35.9 % 14.9 % 27.7 % NET SALES Total net sales for the third quarter of fiscal 2026 were $667.0 million, compared to $1.4 billion for the same period of fiscal 2025. Index 25 Shell egg sales represented 85.8% and 94.9% of total net sales for the third quarters of fiscal 2026 and 2025, respectively. The Company’s shell egg offerings, for both branded and private-label products, include specialty and conventional shell eggs. Specialty shell eggs include cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced shell eggs. Conventional shell eggs sales represent all other shell egg sales not sold as specialty shell eggs. The Company’s prepared food offerings include items such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Egg product offerings include liquid and frozen egg products. Other sales represent feed sales, miscellaneous byproducts and resale products. Total net sales for both the thirty-nine weeks ended February 28, 2026 and March 1, 2025 was $2.4 billion and $3.2 billion, respectively. Shell egg sales represented 85.3% and 94.7% of total net sales for the thirty-nine weeks ended February 28, 2026 and March 1, 2025, respectively. The table below presents net sales in key categories (in thousands, except percentage data): Thirteen Weeks Ended Thirty-nine Weeks Ended February 28, 2026 March 1, 2025 % Change February 28, 2026 March 1, 2025 % Change Shell Eggs $ 572,314 $ 1,345,382 (57.5) % $ 2,011,278 $ 2,990,756 (32.8) % Prepared foods 63,626 11,757 441.2 219,212 31,134 604.1 Egg products 18,360 49,267 (62.7) 89,998 105,716 (14.9) Other 12,651 11,279 12.2 38,563 30,621 25.9 Total net sales $ 666,951 $ 1,417,685 (53.0) % $ 2,359,051 $ 3,158,227 (25.3) % The table below presents an analysis of our shell egg sales (in thousands, except percentage data): Thirteen Weeks Ended Thirty-nine Weeks Ended February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025 Shell egg sales Conventional $ 283,173 49.5 % $ 1,016,438 75.6 % $ 1,152,979 57.3 % $ 2,118,065 70.8 % Specialty 289,141 50.5 328,944 24.4 % 858,299 42.7 872,691 29.2 Total shell egg sales $ 572,314 100.0 % $ 1,345,382 100.0 % $ 2,011,278 100.0 % $ 2,990,756 100.0 % Dozens sold Conventional 199,035 61.4 % 213,247 64.3 % 600,291 62.3 % 622,833 64.1 % Specialty 125,024 38.6 118,148 35.7 363,941 37.7 348,385 35.9 Total dozens sold 324,059 100.0 % 331,395 100.0 % 964,232 100.0 % 971,218 100.0 % Net average selling price per dozen Conventional $ 1.423 $ 4.766 $ 1.921 $ 3.401 Specialty $ 2.313 $ 2.784 $ 2.358 $ 2.505 All shell eggs $ 1.766 $ 4.060 $ 2.086 $ 3.079 Shell egg sales Third Quarter – Fiscal 2026 vs. Fiscal 2025 - In the third quarter of fiscal 2026, conventional egg sales decreased $733.3 million, or 72.1%, compared to the third quarter of fiscal 2025, primarily due to a 70.1% decrease in the prices for conventional eggs, which resulted in a $665.4 million decrease in net sales, and a 6.7% decrease in the volume of conventional dozens sold, which resulted in a $67.7 million decrease in net sales. - In the third quarter of fiscal 2026, specialty egg sales decreased $39.8 million, or 12.1%, compared to the third quarter of fiscal 2025, primarily due to a 16.9% decrease in prices for specialty eggs, which resulted in a $58.9 million decrease in net sales, partially offset by a 5.8% increase in the volume of specialty eggs sold, which resulted in a $19.1 million increase in net sales. Index 26 - See “Executive Overview” above for additional discussion of factors impacting shell egg sales for the third quarters of fiscal 2026 and 2025. Thirty-nine weeks – Fiscal 2026 vs. Fiscal 2025 - For the thirty-nine weeks ended February 28, 2026, conventional egg sales decreased $965.1 million, or 45.6%, compared to the same period of fiscal 2025, primarily due to a 43.5% decrease in the prices for conventional shell eggs, which resulted in an $888.4 million decrease in net sales, and a 3.6% decrease in the volume of conventional eggs sold, which resulted in a $76.7 million decrease in net sales. - For the thirty-nine weeks ended February 28, 2026, specialty egg sales decreased $14.4 million, or 1.6%, compared to the same period of fiscal 2025, primarily due to a 5.9% decrease in the prices for specialty eggs, which resulted in a $53.5 million decrease in net sales, partially offset by a 4.5% increase in the volume of specialty eggs sold, which resulted in a $39.0 million increase in net sales. During the first three quarters of fiscal 2026, a higher proportion of our conventional eggs were sold on a hybrid pricing model that takes into account both our cost of production as well as wholesale market prices, instead of solely market-based pricing, in response to customer demand. We believe the hybrid pricing arrangement may help some customers better plan and manage their businesses and reinforces our role as a trusted supplier as well as reduce volatility in our financial results compared to historical time periods when wholesale market prices were volatile. Prepared foods sales Third Quarter – Fiscal 2026 vs. Fiscal 2025 - In the third quarter of fiscal 2026, prepared food sales increased $51.9 million, compared to the third quarter of fiscal 2025, primarily due to an 834.3% increase in pounds sold which resulted in a $49.3 million increase in net sales. The increase in sales volume is primarily due to the acquisition of Echo Lake Foods, which was completed in the first quarter of fiscal 2026 as well as a nine-fold increase in sales volume at Crepini. Thirty-nine weeks – Fiscal 2026 vs. Fiscal 2025 - Prepared foods net sales increased $188.1 million, compared to fiscal 2025, primarily due to the same reasons discussed above. Egg products sales Third Quarter – Fiscal 2026 vs. Fiscal 2025 - In the third quarter of fiscal 2026, egg products sales decreased $30.9 million, or 62.7%, compared to the third quarter of fiscal 2025, primarily due to a 60.7% decrease in the net average selling price, resulting in a $31.0 million decrease in net sales, partially offset by a 3.6% increase in the volume of egg products sales, resulting in a $706 thousand increase in net sales. Thirty-nine weeks – Fiscal 2026 vs. Fiscal 2025 - For the thirty-nine weeks ended February 28, 2026, egg products sales decreased $15.7 million, or 14.9%, compared to the same period of fiscal 2025, primarily due to a 16.4% decrease in [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A MD&A text quarantined because Item 7 boundaries were low-confidence, or no Item 7 text was extracted. No filing narrative is emitted for this company until the parser has a clean span. All MD&A years: /company/CALM/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/CALM/mda/fy2025/): filed 2025-07-22; accession 0001562762-25-000170 (https://www.sec.gov/Archives/edgar/data/16160/000156276225000170/calm2025053110K.htm) - [FY 2024 MD&A](/company/CALM/mda/fy2024/): filed 2024-07-23; accession 0001562762-24-000177 (https://www.sec.gov/Archives/edgar/data/16160/000156276224000177/calm2024060110K.htm) - [FY 2023 MD&A](/company/CALM/mda/fy2023/): filed 2023-07-25; accession 0001562762-23-000287 (https://www.sec.gov/Archives/edgar/data/16160/000156276223000287/calm-20230603_10K.htm) - [FY 2022 MD&A](/company/CALM/mda/fy2022/): filed 2022-07-19; accession 0001562762-22-000297 (https://www.sec.gov/Archives/edgar/data/16160/000156276222000297/calm-20210529_10K.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (SIC 0200 Agricultural Prod-Livestock & Animal Specialties) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. No tailored SIC indicator subset is available for this company; use /indicators/. No macro-to-micro thread currently includes this sector. All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CALM.md · JSON record: /company/CALM.json · verified financials: /company/CALM/financials.json / /company/CALM/financials.csv · machine TOC for the whole site: /llms.txt