Track market-moving stories before they get noisy

Two packaged-food giants both bleed red ink on paper, both offer yields that would make most retirees salivate, yet one has already slashed its payout while the other keeps insisting it won't. The cash flow numbers behind each promise tell…

Conagra Brands (NYSE:CAG | CAG Price Prediction) or Kraft Heinz (NASDAQ:KHC): which packaged-food dividend looks safer for retirement-focused investors right now? Both companies report negative trailing EPS, -4.12 for Conagra and -2.87 for Kraft Heinz. Both still yield 8.48% and 6.71%, respectively. Conagra has already cut its dividend. Kraft Heinz has held its payout.

Most of the red ink comes from write-downs. Conagra booked $2.0 billion in non-cash goodwill and brand impairment charges, caused by a sustained decline in its share price. Kraft Heinz recorded $7.4 billion in non-cash goodwill and intangible impairments in its second quarter, down from $9.3 billion in 2025. Those charges show brand values eroding. Whether the dividend survives depends on cash flow, though, and the companies are far apart on that.

Dividend Track Record: Kraft Heinz Wins
Kraft Heinz has paid $0.40 per quarter since 2019, when it cut the payout from $0.625. The payout stayed flat through two straight years of multibillion-dollar impairments.

Conagra paid $0.35 quarterly from July 2023 through April 2026, then halved it to $0.175. Chief Executive John Brase framed the cut as a way to “enhance financial flexibility” and fund brand and supply chain investment. Jim Cramer noted on Mad Money that Conagra was “yielding north of 10%” before the cut, adding: “With very few exceptions, a double-digit dividend yield is a major red flag.” That red flag is the same pattern we broke down in a free guide to the seven warning signs a big yield is about to be cut.

Cash Coverage and Debt: Kraft Heinz Wins
Kraft Heinz generated $3.66 billion of free cash flow in 2025, against $1.898 billion in common dividends. That covers the dividend about 1.9x. In the second quarter, it paid down $1.9 billion of debt and repaid another $1 billion after the quarter closed. It also held $2.42 billion in cash. CFO Andre Maciel put it: “Our balance sheet remains very strong.”

Conagra’s fiscal 2026 free cash flow of $978.7 million covered its $669.7 million dividend bill about 1.5x at the old rate. In the first quarter of fiscal 2027, litigation payments drove operating cash flow to-$4.2 million and free cash flow to -$127.9 million. Management expects net leverage of about 4.0x at fiscal year-end. After the cut, the $0.70 annual rate works out to roughly 48% of the center of Conagra’s adjusted EPS guidance. For Kraft Heinz, the figure is about 78%. Conagra got that buffer by cutting its payout, and with leverage near 4.0x, it has little room for errors.

Turnaround Momentum: Kraft Heinz Wins
Kraft Heinz raised its 2026 organic net sales outlook to a decline of 0.5% to 2.0%, improved from 1.5% to 3.5%. It also raised adjusted EPS guidance to $2.03-$2.09 after a fifth consecutive EPS beat. Consumption fell about 2.5% in the second quarter, then improved to roughly minus 1% in July. Emerging Markets sales rose 10.4%.

Conagra beat expectations with first-quarter adjusted EPS of $0.41, against a $0.28 consensus. Even so, it guides fiscal 2027 adjusted EPS to $1.40 to $1.50, down from $1.72. Organic volume declined 2.1%. Share prices show the same split: Kraft Heinz is up 3.12% over the past year, while Conagra is down 14.43%.

Verdict: Kraft Heinz Has the Sturdier Retirement Income Profile
Kraft Heinz wins all three categories. Its payout has been stable since 2019, free cash flow covers the dividend nearly twice, and sales trends are improving. It has real risks of its own. The company guides constant-currency adjusted operating income down 16% to 18% while raising brand investment to about $700 million. In its next earnings report, investors should check whether the July consumption improvement held up.

Conagra’s case rests on a different profile: deep value and turnaround risk, coupled with the higher yield and a payout already reset to a level its guided earnings cover with room to spare.

Contact [email protected] for any questions or corrections.

IFP Advisors Inc raised its stake in Conagra Brands (NYSE: CAG) by 36.8% in the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 309,934 shares of the company's stock after acquiring an additional 83,371 shares during the period. IFP Advisors Inc

State of Alaska Department of Revenue lessened its stake in shares of Conagra Brands (NYSE: CAG) by 33.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 121,318 shares of the company's stock after selling 60,297 shares during the period. State of Alaska Department

Conagra already cut its dividend in half and shares have lost nearly 60% over five years, yet income investors keep buying the yield. Whether that payout survives comes down to a single metric that management admits is still moving in…

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Conagra Brands (NYSE:CAG | CAG Price Prediction) has already cut its dividend in half. Shares trade at $13.57 as of Thursday’s close, down 27.47% over the past year. Income investors now have to decide whether the smaller payout sits on solid ground or whether the pressure that forced the first cut is still building. A high yield only holds up as long as the company can keep paying it, and Conagra’s ability to keep paying depends on one thing: getting volume growing again.

Here’s a simple dividend safety check: A payout is sustainable when earnings and free cash flow cover it well and the company isn’t borrowing to fund it.

A Halved Payout That Still Screens as High Yield The quarterly dividend fell from 35 cents to 17.5 cents starting with the July 30 ex-dividend date. The latest declaration kept it at that level. That works out to a forward annual payout of 70 cents, or a forward yield of about 5.28% at today’s price. Stock screeners show something different. The trailing yield is 9.29%, based on $1.225 in trailing payments, and much of that money came at the old rate. Anyone shopping by trailing yield is looking at a payout that no longer exists.

The appeal is easy to see. Conagra owns familiar brands like Birds Eye, Duncan Hines, Healthy Choice, Marie Callender’s, Reddi-wip and Slim Jim, and its dividend history runs back to 1999 in the records.

Why the Yield Rose: A Falling Share Price Did the Work The quarterly payout held at 35 cents from mid-2023 through April 2026, so the yield climbed because the stock kept falling: $18.22 on Oct. 1, 2025, $17.19 on Dec. 19, 2025, $15.62 on April 1 and $14.01 on Sept. 30. Shares have lost 11.07% in the past month alone and 59.76% over five years. The slide was sharp enough to trigger a $968 million non-cash goodwill and brand impairment in fiscal Q2 2026.

Coverage Looks Fine in Earnings and Weak in Cash Conagra is an ordinary corporate, so adjusted EPS is the right measure of coverage. On that basis, the new 70-cent payout uses about 47% to 50% of fiscal 2027 adjusted EPS guidance of $1.40 to $1.50. The old rate would have used 93% to 100%, which explains why it was cut. Guidance itself is falling, down from roughly $1.70 in fiscal 2026. GAAP results look worse, with trailing diluted EPS at -$4.06 after impairments.

Cash flow is lighter. In fiscal Q1 2027, operating cash flow was negative $4.2 million and free cash flow was negative $127.9 million after $123.7 million of CapEx. Cash on hand fell 46.77% to $371.6M. Management says seasonal inventory builds use up cash in the first half.

Even so, the reduced dividend costs about $334 million a year. That has to come out of the same cash that pays about $360M in interest, about $550M in capex and roughly $250 million in planned debt paydown. Conagra also bought back $44 million of stock in the quarter.

Leverage Is What Forced the First Cut Net leverage ended the quarter at 3.99x, and management expects about four times at fiscal year end against a three times target. On the call, management said it is “maniacally focused on getting there as soon as possible.” Total liabilities stand at $11.30 billion, while shareholders’ equity fell 28.16% to $6.4 billion. Near-term maturities look manageable. Debt is “pretty much 100% fixed,” and a $500 million note issued in July at 5.4% pre-funded maturing bonds.

Volume Is the One Thing That Has to Turn Around Organic volume fell 2.1% in Q1. Revenue has now declined for four straight quarters: -5.8%, -6.8%, -1.9% and -1.4%. Guidance projects organic net sales to change by -3% to -1% this year, with Q2 expected at -2%. Inflation is running toward the higher end of the 5% to 6% range, and transportation costs have effectively doubled versus plan. Conagra is raising prices to offset that, but it models two-to-one elasticity in frozen, which means every price increase costs volume. Lower volume spreads fixed plant costs over fewer units, and margins shrink. Operating income already fell 22.74%, and Q2 operating margin is guided to the higher-single-digit range versus 11.5% in Q1.

What Has to Go Right for the Payout to Hold The bull case starts with earnings. Q1 adjusted EPS of 41 cents beat the 28.15-cent estimate. Ardent Mills equity earnings rose 71.8% to $50 million, and Foodservice grew 3.2%. The beat has asterisks, though.

About 3 cents came from SG&A timing and one-time items, Ardent’s trading gains are hard to forecast, and most SKU reduction savings won’t arrive until fiscal 28. Staples companies with long dividend records usually protect the payout by cutting elsewhere first, and Conagra still has room to pause buybacks or trim capex before touching the dividend again. For the payout to hold, cost savings and tariff relief have to restore margins, and volume has to stabilize. Analysts remain cautious: 10 Hold ratings, three Sell ratings and two Strong Sell ratings, with a $14.32 average target.

1 Signal That Settles the Question Fiscal year-end net leverage needs attention against the roughly 4.0x guide. If volume keeps falling and leverage finishes above that level despite second-half cash inflows, coverage of even the reduced dividend starts to look thin. A double-digit trailing yield on a stock that just halved its payout is the classic setup, and we listed the indicators that confirm a cut is coming in a free dividend traps report.

Conagra’s shareholders have already seen that a dividend cut rarely saves the share price. The remaining 5.28% yield needs to be judged on volume, cash flow and leverage. A yield by itself doesn’t justify a purchase.

Contact [email protected] for any questions or corrections.

The Zacks Food-Miscellaneous industry continues to navigate a challenging environment as elevated living costs and cautious consumer spending drive demand for value-oriented and private-label products. Uneven foodservice demand, intense promotional activity and persistent cost pressures across raw materials, labor and transportation are weighing on sales volumes, limiting pricing flexibility and creating profitability challenges for several industry participants.

Despite these headwinds, food companies are focusing on product innovation, supply-chain modernization and operational efficiencies to strengthen competitiveness and support long-term growth. Growing consumer interest in health-focused, protein-rich and convenient food options is also creating opportunities for portfolio expansion and differentiation. Mondelez International, Inc. (MDLZ - Free Report) , Conagra Brands, Inc. (CAG - Free Report) , The Chefs' Warehouse, Inc. (CHEF - Free Report) and Mama's Creations, Inc. (MAMA - Free Report) are among the industry players positioned to capitalize on these evolving trends.

About the Industry The Zacks Food-Miscellaneous industry consists of companies that manufacture and sell a wide range of food and packaged food items, such as cereals, flour, sauces, bakery items, spices and condiments, natural and organic food items and frozen products. Some companies also provide comfort food items, such as chocolates and ready-to-serve meals, soups and snacks. A few players are engaged in providing pet food products and supplements. Several food companies also offer organic and natural products. Companies operating in this space sell their products mainly through wholesalers, distributors, large retail organizations, grocery chains, mass merchandisers, drug stores and e-commerce service providers. Some also cater to foodservice channels, including restaurants, cafes and hotels. Others offer services to schools, hospitals and industry caterers.

Major Trends Shaping the Future of the Food Industry Value-Conscious Consumer Behavior Pressures Demand: Consumer spending patterns remain pressured, with shoppers increasingly prioritizing value and affordability in everyday food purchases. Elevated living costs continue to encourage a shift toward private-label and lower-priced alternatives, creating volume pressure for branded food manufacturers. Foodservice demand also remains uneven as consumers become more selective about dining out and increasingly favor at-home consumption. These dynamics have intensified promotional activity and competition across categories, weighing on organic volume growth and limiting pricing flexibility for several industry participants.

Persistent Cost Inflation Pressures Margins: Food companies continue to face elevated costs across raw materials, labor, packaging and transportation. Although previous pricing actions have provided partial relief, margin recovery remains uneven amid ongoing cost volatility. At the same time, companies are investing in supply-chain resilience, automation, manufacturing upgrades and operational efficiencies to strengthen long-term competitiveness. While strategically important, these initiatives can add near-term cost pressures, making profitability increasingly dependent on productivity gains, effective execution and disciplined expense management.

Health and Wellness Trends Drive Portfolio Innovation: Growing demand for health-focused, functional and premium food products continues to create long-term growth opportunities across the industry. Consumers are increasingly drawn to brands offering cleaner labels, nutritional benefits, protein-rich options and convenient meal solutions. In response, companies are modernizing their portfolios through product innovation, reformulation initiatives and expansion into adjacent growth categories. These efforts are helping strengthen brand relevance, support pricing resilience and position companies for more sustainable long-term growth within the Food – Miscellaneous industry.

Zacks Industry Rank Indicates Dull Prospects The Zacks Food-Miscellaneous industry is housed within the broader Zacks Consumer Staples sector. The industry currently carries a Zacks Industry Rank #210, which places it in the bottom 15% of more than 247 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential. Since the beginning of August 2026, the industry’s consensus earnings estimate for the current financial year has declined 0.8%.

Let’s take a look at the industry’s performance and current valuation.

Industry vs. Broader Market The Zacks Food-Miscellaneous industry has underperformed the S&P 500 and the broader Zacks Consumer Staples sector over the past year.

The industry has declined 22.5% over this period against the S&P 500 and the broader sector’s growth of 17.7% and 2.8%, respectively.

One-Year Price Performance

Industry's Current Valuation On the basis of forward 12-month price-to-earnings (P/E), which is commonly used for valuing consumer staples stocks, the industry is currently trading at 13.62X compared with the S&P 500’s 19.99X and the sector’s 16.31X.

Over the past five years, the industry has traded as high as 19.32X and as low as 13.53X, with the median being at 16.47X, as the chart below shows.

Price-to-Earnings Ratio (Past 5 Years)

4 Food Stocks to Keep a Close Eye On Chefs' Warehouse: This Zacks Rank #1 (Strong Buy) company is a leading specialty food distributor serving chefs, fine-dining restaurants, hotels and catering businesses across North America and select international markets. The company continues to benefit from strong demand for premium specialty ingredients, center-of-the-plate products and value-added foodservice offerings. Chefs’ Warehouse is leveraging investments in infrastructure, technology and salesforce expansion to drive market-share gains and customer penetration. Its diversified product portfolio, strategic pricing initiatives and focus on operational efficiencies continue to support profitability growth. The company also remains focused on disciplined expansion and selective acquisition opportunities to strengthen its long-term growth platform. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for CHEF’s current fiscal-year earnings per share (EPS) has remained unchanged at $2.54 over the past seven days. Shares of Chefs' Warehouse have rallied 97% over the past year.

Price and Consensus: CHEF

Mondelez: As one of the world's leading snacking companies, this Zacks Rank #2 (Buy) firm boasts a strong portfolio of iconic brands, including Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop, along with premium chocolate brands such as Cadbury Dairy Milk, Milka and Toblerone. Mondelez remains focused on driving growth across its core categories, including chocolate, biscuits and baked snacks. Strategic portfolio optimization, product innovation and strong brand activations remain key contributors to the company’s long-term growth strategy. Mondelez is also focused on enhancing brand relevance, improving operational efficiency and maintaining disciplined cost management to support profitability. In addition, the company continues to expand its presence in better-for-you and wellness-oriented snacking categories to address evolving consumer preferences.

The Zacks Consensus Estimate for Mondelez’s current financial-year EPS has remained unchanged at $3.05 over the past seven days. Shares of MDLZ have fallen 3.7% in the past year.

Price and Consensus: MDLZ

Mama's Creations: This Zacks Rank #2 company is a provider of fresh deli-prepared foods, offering a broad portfolio of ready-to-eat and ready-to-cook meal solutions, including meatballs, chicken, meatloaf, sausages, pasta and other prepared foods. Mama's Creations continues to strengthen its position through product innovation, an expanding manufacturing footprint and growing relationships with leading grocery, club and mass retail customers. The company remains focused on enhancing operational efficiency through technology investments and supply-chain improvements while expanding its product portfolio and branded offerings. Mama's Creations also emphasizes disciplined execution, customer collaboration and strategic acquisitions to support sustainable growth and profitability.

The Zacks Consensus Estimate for MAMA’s current fiscal-year EPS has remained unchanged at 25 cents over the past seven days. Shares of Mama's Creations have rallied 20.7% over the past year.

Price and Consensus: MAMA

Conagra: This consumer-packaged foods company, offering a diversified portfolio of branded food products, carries a Zacks Rank #3 (Hold). Conagra remains focused on leveraging its established brand portfolio, product innovation and presence in key categories such as snacks and frozen foods to support long-term growth. The company's emphasis on portfolio optimization, brand investments and differentiated, value-added offerings underscores its commitment to strengthening market relevance and profitability. Conagra is also prioritizing operational efficiencies, supply-chain productivity and disciplined cost management to support margin improvement. Meanwhile, consumer preference for convenient, value-oriented meals and better-for-you snacking options continues to present growth opportunities for its portfolio.

The Zacks Consensus Estimate for CAG’s current fiscal-year EPS has risen 0.7% to $1.46 in the past seven days. Shares of Conagra have declined 29.2% in the past year.

Price and Consensus: CAG

Four packaged food stocks sit on the same grocery shelves, but their dividends tell completely different stories about which companies are quietly rebuilding and which ones are still in danger of the next cut.

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The center of the grocery store has been a hard place to own stocks. Conagra Brands (NYSE:CAG | CAG Price Prediction) has lost 48.84% of its value over five years, and General Mills (NYSE:GIS) and Campbell’s (NASDAQ:CPB) have also fallen hard. J.M. Smucker (NYSE:SJM) has gone the other way. All four sell off the same shelves, but each one leaves income investors with a very different dividend check and a very different level of safety.

General Mills: 127 Years of Payments and an Ultra-High Yield With a Catch General Mills yields about 7.6% on its $2.44 annualized dividend at a share price of $32.02. It qualifies as an ultra-high-yield stock, but consider where that yield came from. The quarterly payout has been $0.61 since 2025, while the shares are down 27.83% year to date and 35.86% over five years. When the price falls and the dividend stays the same, the yield rises on its own. In this case the high yield reflects doubt in the market, with the payout itself unchanged.

Its dividend history is strong. General Mills is in its 127th consecutive year of continuous dividends, and the quarterly rate went from $0.59 to $0.60 to $0.61 before leveling off. Coverage is lower. Against fiscal 2027 adjusted EPS guidance of $3.00 to $3.20, the dividend uses roughly 76% to 81% of earnings. Fiscal 2026 free cash flow was $1.63B. In the seasonally light first quarter, free cash flow came to $207.3 million, while dividends paid were $330.5M. Leverage is running “just a touch” above four times net debt to EBITDA, against a three-times target that management says will take “at least a couple years” to reach.

Bull case: The company’s pressures have names. Stretched shoppers are waiting for promotions, smaller insurgent brands are taking fruit snack share, and Wilderness dry dog food is shrinking. Management is responding with $750 million of fiscal 2027 cost savings, $3 billion in total by fiscal 2030, and new products that grew from 3% to 5% of net sales. Organic sales held flat last quarter, and adjusted EPS of $0.75 beat the $0.72 consensus.

Risk: Adjusted operating profit is guided down 8% to 13% in constant currency this fiscal year, which leaves very little room for the payout to grow.

Campbell’s: A 36% Dividend Cut That Rebuilds Coverage Campbell’s yields about 5.1% on its new $1 annualized dividend at $19.62. Trailing yield screens show a bigger number because they still include the old $0.39 checks. If you buy at today’s price, the reset rate is what you will collect. The shares are down 25.13% year to date and 41.77% over five years.

The board cut the quarterly payout to $0.25, a 36% reduction, to speed up debt reduction. Before that, the dividend rose in small steps: $0.35 from 2017, $0.37 from late 2021 and $0.39 from 2025. Coverage is now much better. The new rate uses about 56% to 61% of fiscal 2027 adjusted EPS guidance of $1.65 to $1.80. Fiscal 2026 free cash flow was $678 million, against $470 million of dividends at the old rate. The balance sheet is the pressure point: total liabilities are $11.49B against equity of $3.85B, and a $500 million bond comes due in March.

Chief executive Mick Beekhuizen called the cut “a difficult decision, but it’s an unfortunately necessary decision that we needed to take.”

Bull case: Rao’s, Goldfish, Pepperidge Farm and Swanson give Campbell’s real pricing power, and Meals & Beverages organic sales grew 3%. A new $500M cost-savings program runs through fiscal 2030, and the company plans price increases on roughly 60% of its portfolio.

Risk: Snacks are getting worse. Segment operating earnings fell 34% in the fourth quarter, and the company took $117M in impairments on its Cape Cod and Kettle Brand trademarks.

Conagra Brands: Half the Dividend, Full Focus on Debt Conagra yields about 5.2% on its $0.70 annualized payout at $13.36. Income investors should know that “held flat” describes a level that was already cut. The quarterly dividend dropped from $0.35 to $0.175, a 50% reduction, and the latest declaration kept it at that level. Trailing screens still show the old payments. The shares are down 18.46% year to date.

The lower rate is easy to cover. It uses about 47% to 50% of fiscal 2027 adjusted EPS guidance of $1.40 to $1.50. Fiscal 2026 free cash flow was $978.7 million, against $669.7 million of dividends at the old rate. First-quarter free cash flow was negative $127.9M because of legal payments and a seasonal inventory build. Leverage was 3.99 times, and management plans to pay down about $250 million of debt this year. The dividend history shows steady increases, from $0.2125 between 2018 and 2020 up to $0.35 from 2023, before the cut.

“Our target is three times,” CFO Dave Marberger said. “We are maniacally focused on getting there as soon as possible.”

Bull case: First-quarter adjusted EPS of $0.41 beat the $0.28 consensus, and Ardent Mills equity earnings rose 71.8%. Frozen volumes are falling, and higher gas prices are cutting into convenience-store snack traffic. Management is responding by trimming SKUs across a single-serve meal portfolio of more than 400 SKUs, dropping Celeste Pizza and raising marketing spend to 3% of net sales.

Risk: Costs are rising faster than planned. Cost of goods inflation is running near 7%, and transportation inflation is double the company’s original plan.

J.M. Smucker: Outlier in the Aisle With a Growing Payout Smucker yields about 3.8% on its $4.48 forward dividend at $117.21. Here the yield math runs in reverse. The stock is up 23.46% year to date, 13.15% over the past year and 16.46% over five years. A rising price has kept the yield modest even as the payout keeps growing.

This is the strongest dividend of the four. The quarterly rate rose from $1.10 to $1.12, and it has increased every year since 2017, when it was $0.75. The forward payout uses only about 41% to 43% of raised fiscal 2027 adjusted EPS guidance of $10.50 to $11.00. Full-year free cash flow guidance went up to about $1.1B, and first-quarter free cash flow alone was $337.3M. Smucker already reached its three-times leverage target in the quarter and plans to pay down roughly $500 million of debt. Management said, “We remain committed to the quarterly dividend, which we recently announced an increase.”

Bull case: Coffee has pricing power. U.S. Retail Coffee grew 13% to $807.8M, and Café Bustelo grew 23%. Uncrustables growth guidance was raised to high single digits, with new capacity coming online in McCalla, Alabama. Even after the rally, the stock trades at about 12 times forward earnings.

Risk: The headline beat had help. First-quarter adjusted EPS of $3.24 included a $0.84 per share benefit from one-time tariff refunds, and Hostess sales fell 7%.

Coverage and Debt Separate the Payouts That Hold The dividends in this group that can hold share three things: a payout well below earnings, free cash flow that grows, and leverage already near target. Smucker has all three. Campbell’s and Conagra cut their payouts to rebuild coverage. General Mills offers the highest yield of the group, but it also has the weakest earnings coverage, and its stock price has done the most to push that yield up. The same warning signs that preceded the Campbell’s and Conagra cuts tend to show up well before a board acts, and we catalogued them in a free guide to spotting dividend traps. In packaged food, the yields that held up came from companies that kept growing their cash flow.

Contact [email protected] for any questions or corrections.

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U.S. stocks traded mixed toward the end of trading, with the Dow Jones index falling over 200 points on Wednesday.

The Dow traded down 0.42% to 51,135.81 while the NASDAQ rose 0.86% to 27,028.35. The S&P 500 also rose, gaining, 0.32% to 7,695.23.

Leading and Lagging Sectors

Information technology shares jumped by 1.2% on Wednesday.

In trading on Wednesday, consumer staples stocks fell by 1.2%.

Top Headline

Conagra Brands Inc (NYSE:CAG) posted better-than-expected earnings for the first quarter.

The company posted adjusted earnings of 41 cents per share, beating market estimates of 28 cents per share. The company’s sales came in at $2.596 billion versus estimates of $2.589 billion.

Equities Trading UP
           

Capital Bancorp Inc (NASDAQ:CBNK) shares shot up 12% to $39.90. Peoples Bancorp Inc. and Capital Bancorp announced a merger agreement. Shares of Connect Biopharma Holdings Ltd (NASDAQ:CNTB) got a boost, surging 41% to $1.40 after the company announced preliminary topline data from its global Phase 2 study evaluating rademikibart. FormFactor Inc (NASDAQ:FORM) shares were also up, gaining 8% to $147.56. Deutsche Bank analyst George Brown initiated coverage on FormFactor with a Buy rating and announced a price target of $200. Equities Trading DOWN

Darkiris Inc. (NASDAQ:DKI) shares dipped 38% to $1.57 after the company issued business update on Cine3.AI global expansion and entertainment technology ecosystem. Shares of Trulieve Cannabis Corp (NYSE:TRLV) were down 12% to $10.92. Rafael Holdings Inc (NYSE:RFL) was down, falling 37% to $1.27 after the company announced topline results from the Pivotal Phase 3 TransportNPC™ Study of Trappsol Cyclo in Niemann-Pick Disease Type C (NPC). Commodities

In commodity news, oil traded up 1.3% to $90.52 while gold traded up 0.8% at $4,213.50.

Silver traded up 0.2% to $61.285 on Wednesday, while copper rose 0.3% to $6.62.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 declined 0.3%, while Spain’s IBEX 35 Index fell 0.2%, London’s FTSE 100 fell 0.2%, Germany’s DAX fell 0.6%, while France’s CAC 40 dipped 0.8%.

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 jumping 1.94%, Hong Kong’s Hang Seng index gaining 0.37%, China’s SSE Composite Index gaining 0.31% and India’s BSE Sensex falling 0.07%.

Economics

The personal consumption expenditures (PCE) price index rose 0.3% month-over-month, below economists’ expectations of 0.4%.On an annual basis, headline PCE inflation held at 3.4%, matching July’s revised reading and below the 3.7% consensus.Core PCE, which excludes volatile food and energy prices, rose 0.2% month-over-month, compared with a 0.3% forecast. The annual core rate slowed to 3.0% from 3.3%, below expectations of 3.3%.Second-quarter GDP growth was revised up, to 2.2% from 1.5%.U.S. private businesses added 90,000 jobs in September, above market estimates of 70,000, compared to a revised 36,000 gain in August.The U.S. goods trade deficit increased to $132.6 billion in August from $118.9 billion in the previous month.Personal income rose by 0.2% month-over-month in August.U.S. personal consumption expenditures rose by 0.9%, in August.U.S. crude inventories jumped by 0.922 million barrels to 427.3 million barrels in the week ended Sept. 25, compared to market estimates of a 0.3 million-barrel draw.Photo via Shutterstock

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Why Conagra’s Dividend Cut Could Be the Best Thing for InvestorsConagra Brands NYSE: CAG reported a first-quarter fiscal 2027 organic net sales decline of 1.1%, while adjusted profit measures came in ahead of the company’s expectations. The maker of frozen meals, snacks and grocery staples reaffirmed its full-year outlook as it works through consumer spending pressure, elevated input costs and planned pricing actions.

Chief Executive Officer John Brase said the company delivered “a solid start to the fiscal year despite a challenging operating environment.” Organic net sales totaled about $2.6 billion in the quarter, while adjusted gross margin was 23.8%, adjusted operating margin was 11.5% and adjusted earnings per share were $0.41.

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Tomato Prices Are Spiking, and These 2 Food Stocks Could Feel the SqueezeAdjusted EPS increased from $0.39 a year earlier. Chief Financial Officer Dave Marberger said adjusted operating profit declined slightly, but higher equity earnings from the Ardent Mills joint venture, supported by volatility in wheat markets, more than offset that decline.

Sales trends varied across portfolio Conagra’s volumes declined 2.1% in the quarter, while price mix increased 1%. Total company dollar consumption fell about 0.6%, which Brase said was roughly one percentage point better than domestic shipment performance.

Conagra Stock Yields Nearly 9% After a 60% Decline—Time to Buy?In frozen foods, dollar consumption declined 0.7% and volume fell 0.5%. Birds Eye vegetables and Healthy Choice single-serve meals posted dollar-consumption growth of 7% and 8%, respectively. Brase said the gains were offset by weakness in brands including Marie Callender’s and P.F. Chang’s.

The company also chose not to repeat certain merchandising events for Sandwich Brothers, a decision that created sales pressure but improved profitability, according to Brase.

Snack dollar consumption was approximately flat despite a 3.9% volume decline. Meat snacks grew, offsetting pressure in the convenience-store channel. Brase said FATTY produced strong growth, while Slim Jim remains a near-term focus for increased merchandising and marketing investment. Popcorn continued to face broader category softness.

Within staples, Conagra saw consumption trends improve sequentially as the effects of its prior strategic pricing actions moderated. Tomatoes, chili and pickles grew, while whipped toppings and salad dressings declined.

Grocery and snacks organic sales fell 2%, with volume down 5.4% and price mix up 3.4%. Refrigerated and frozen organic sales declined 1.6%, with roughly flat volumes and negative price mix driven primarily by unfavorable mix. International organic sales rose 0.9%, supported by global markets. Foodservice organic sales increased 3.3%, its fifth consecutive quarter of organic growth. Foodservice volume rose 2.5%, though Marberger said approximately 150 basis points of that growth reflected accelerated timing of certain customer orders.

Margin initiatives and portfolio simplification Adjusted operating margin declined 33 basis points from the prior year to 11.5%, though it exceeded the company’s expectations for a high-single-digit margin. Price mix added 130 basis points to margin, as inflation-justified pricing actions more than offset increased merchandising investment.

Inflation, including core inflation and tariff-related effects, was about 5% during the quarter. Marberger said protein costs were more favorable than expected, but fuel and logistics costs accelerated during the period and are expected to weigh on the second quarter and the rest of the fiscal year.

Conagra expects strategic inflation-justified pricing to begin affecting results around the middle of the second quarter. Its productivity pipeline remains on track to deliver more than 4% for the full year, Brase said.

The company increased advertising and promotion investment by 15% in the first quarter. Brase said the spending generated about four times the media impressions of the prior-year period and improved media productivity by 35%. The investment supported campaigns for Healthy Choice, Banquet and Slim Jim.

Conagra is also simplifying its portfolio and operations. The company exited the Celeste frozen pizza business, which created a modest 15-basis-point net-sales headwind in the first quarter. Brase said the decision is expected to be margin accretive going forward.

The company has launched a broader review of its SKU portfolio and is evaluating strategic options for certain non-core businesses. Brase said most benefits from complexity reduction are expected over the next 12 to 18 months, reflecting the need to coordinate with customer reset cycles and supply-chain operations.

Guidance reaffirmed amid higher expected costs Conagra reaffirmed its fiscal 2027 guidance, including an expected organic net sales decline of 1% to 3%, adjusted operating margin of 10% to 10.5%, and adjusted EPS of $1.40 to $1.50.

The company continues to expect mid-single-digit volume declines for the full year, including greater-than-historical elasticity effects in frozen foods from its pricing actions. It plans to raise advertising and promotion spending to about 3% of net sales.

Marberger said full-year inflation is now expected to trend toward the higher end of Conagra’s 5% to 6% range, driven by logistics, fuel, packaging and edible-oil costs. The outlook includes more than 4% productivity savings as a percentage of cost of goods sold.

For the second quarter, Conagra expects organic net sales to decline about 2% and adjusted operating margin to be in the high single digits. The company expects inflation to increase from first-quarter levels, while it also accelerates advertising investment and absorbs SG&A expenses that benefited from timing in the first quarter.

Conagra ended the quarter with a net leverage ratio of 3.99 times and reduced net debt by nearly $200 million from the first quarter of fiscal 2026. The company said it remains on track to end the fiscal year at approximately 4 times net leverage.

About Conagra Brands (NYSE:CAG)Conagra Brands, Inc is a packaged food company headquartered in Chicago, Illinois. The company develops, produces and markets branded food products sold through grocery stores, mass merchandisers, club stores, convenience stores, foodservice operators and e-commerce channels.

Its portfolio includes frozen, refrigerated, grocery and snack products. Well-known brands include Birds Eye, Healthy Choice, Marie Callender's, Banquet, Duncan Hines, Reddi-wip, Slim Jim, Hunt's, Chef Boyardee, Orville Redenbacher's, Vlasic, PAM and Angie's BOOMCHICKAPOP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Conagra Brands (CAG - Free Report) came out with quarterly earnings of $0.41 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +32.26%. A quarter ago, it was expected that this company would post earnings of $0.46 per share when it actually produced earnings of $0.47, delivering a surprise of +2.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Conagra Brands, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $2.6 billion for the quarter ended August 2026, surpassing the Zacks Consensus Estimate by 0.04%. This compares to year-ago revenues of $2.63 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Conagra Brands shares have lost about 18.4% since the beginning of the year versus the S&P 500's gain of 12.1%.

What's Next for Conagra Brands?While Conagra Brands has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Conagra Brands was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.39 on $2.95 billion in revenues for the coming quarter and $1.50 on $10.84 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Miscellaneous is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Utz Brands (UTZ - Free Report) , is yet to report results for the quarter ended September 2026.

This company is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Utz Brands' revenues are expected to be $385.4 million, up 2% from the year-ago quarter.

Conagra Brands Inc (NYSE:CAG) shares fell 4.6% after the packaged food maker reported a 1.4% drop in first-quarter revenue to $2.6 billion, with organic net sales down 1.1%, even as adjusted earnings topped Wall Street estimates. 

Revenue was slightly ahead of the $2.59 billion analysts expected. 

Adjusted earnings per share rose 5.1% from a year earlier to $0.41, well above analyst estimates of $0.28. 

Adjusted operating profit came in at $297.9 million, compared with estimates of $235 million, and was down 4.1% year over year. Adjusted operating margin was 11.5%. Adjusted EBITDA rose 2.4% to $451.4 million, topping estimates of $352 million. 

Foodservice and international were the growth segments. Foodservice net sales rose 3.2% to $272.9 million, while international net sales increased 2.7% to $218.1 million. 

Grocery & Snacks net sales fell 2.6% to $1.1 billion, and Refrigerated & Frozen net sales declined 2.1% to $1.1 billion. 

The company affirmed its fiscal 2027 guidance, including adjusted EPS of $1.40 to $1.50, against analyst estimates of $1.44. It also reiterated organic net sales in a range of a 3% decline to a 1% decline, adjusted operating margin of 10.0% to 10.5%, free cash flow conversion above 90% and net leverage of about 4.0 times. 

Net debt stood at $7.4 billion, down 2.5% from a year earlier. The company's dividend is 35 cents per share. 

, /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) reported results for the first quarter of fiscal year 2027, which ended on August 30, 2026. All comparisons are against the prior year fiscal period, unless otherwise noted.

Highlights

Reported net sales decreased 1.4%; organic net sales decreased 1.1%. Reported operating margin was 10.3%; adjusted operating margin was 11.5%. Reported diluted earnings per share (EPS) was $0.36, a 5.9% increase. Adjusted earnings per share was $0.41, a 5.1% increase. The company is reaffirming its fiscal 2027 guidance, reflecting: Organic net sales change of (3)% to (1)% compared to fiscal 2026 Adjusted operating margin between 10.0% and 10.5% Adjusted EPS between $1.40 and $1.50 CEO Perspective
John Brase, president and chief executive officer of Conagra Brands, commented, "We delivered a solid start to fiscal 2027 with top line results largely in line with expectations and profit ahead of expectations amid a challenging operating environment. Importantly, we are acting on our previously outlined priorities including restoring margins, increasing investment, reducing complexity, and rebalancing capital allocation, which are translating into measurable progress across the business. While there is more work to be done, we remain on track to deliver the year and are reaffirming our fiscal 2027 guidance."

Total Company First Quarter Results
In the quarter, net sales decreased 1.4% to $2.6 billion, reflecting:

a 0.2% increase from the favorable impact of foreign exchange, a 0.5% decrease from the impact of M&A, and a 1.1% decrease in organic net sales. The 1.1% decrease in organic net sales was driven by a 1.0% positive impact from price/mix and a 2.1% volume decrease. In the quarter, the company gained dollar share in categories including frozen vegetables, pudding, chili, frozen breakfast, hot dogs, and frozen desserts.

Gross profit decreased 3.4% to $619 million in the quarter and adjusted gross profit decreased 3.9% to $619 million as higher productivity and approximately $4 million in tariff refunds were more than offset by lower organic net sales, the negative impact of cost of goods sold inflation, and unfavorable operating leverage. Gross margin decreased 50 basis points to 23.8% in the quarter, and adjusted gross margin decreased 62 basis points to 23.8%.

Selling, general, and administrative expense (SG&A), which includes advertising and promotional expense (A&P), increased 4.4% to $350 million in the quarter primarily due to legacy legal matters. Adjusted SG&A, which includes A&P, decreased 3.7% to $321 million including a $10 million benefit related to fiscal 2026 incentive compensation, partially offset by a 15.1% increase in A&P to $61 million.

The company realized pension and postretirement non-service income of $6 million in the quarter, in line with the prior year.

In the quarter, equity method investment earnings increased 71.8% to $50 million primarily driven by favorable market conditions and effective management through recent volatility in wheat markets for the Ardent Mills joint venture.

Net interest expense was $92 million in the quarter. Compared to the prior year period, net interest expense decreased 2.1% due to a reduction in total debt.

In the quarter, the effective tax rate was 25.2% compared to 43.1% in the prior year period, when the rate was affected by the Chef Boyardee and frozen seafood divestitures. The adjusted effective tax rate was 24.8% compared to 25.0% in the prior year period.

In the quarter, net income increased 6.0% to $174 million, or $0.36 per diluted share compared to $165 million, or $0.34 per diluted share in the prior year period. Adjusted net income increased 4.3% to $197 million, or $0.41 per diluted share, compared to $189 million, or $0.39 per diluted share in the prior year period primarily as a result of lower adjusted SG&A expense and higher equity earnings, partially offset by lower gross profit.

Adjusted EBITDA, which includes equity method investment earnings and pension and postretirement non-service income, increased 2.4% to $451 million in the quarter.

The weighted average diluted share count in the quarter was 480 million shares.

In the quarter, the company paid a dividend of $0.35 per share.

Grocery & Snacks Segment First Quarter Results
Net sales for the Grocery & Snacks segment decreased 2.6% to $1.1 billion in the quarter, reflecting:

a 0.6% decrease from the impact of M&A, and a 2.0% decrease in organic net sales. The decrease in organic net sales was driven by a price/mix increase of 3.4% and a volume decrease of 5.4%.

Operating profit for the segment decreased 21.5% to $205 million in the quarter and adjusted operating profit decreased 7.2% to $205 million as higher productivity was more than offset by lower organic net sales, the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher A&P investment.

Refrigerated & Frozen Segment First Quarter Results
Net sales for the Refrigerated & Frozen segment decreased 2.1% to $1.1 billion in the quarter, reflecting:

a 0.5% decrease from the impact of M&A, and a 1.6% decrease in organic net sales. The decrease in organic net sales was driven by a price/mix decrease of 1.5% and a volume decrease of 0.1%. 

Operating profit for the segment decreased 9.6% to $102 million in the quarter and adjusted operating profit decreased 13.0% to $100 million as higher productivity was more than offset by lower organic net sales, the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher A&P investment.

International Segment First Quarter Results
Net sales for the International segment increased 2.7% to $218 million in the quarter reflecting:

a 2.4% increase from the favorable impact of foreign exchange, a 0.6% decrease from the impact of M&A, and a 0.9% increase in organic net sales. The increase in organic net sales was driven by a price/mix increase of 1.6% and a volume decrease of 0.7%.

Operating profit for the segment decreased 7.9% to $34 million in the quarter and adjusted operating profit decreased 8.6% to $34 million as higher organic net sales and higher productivity were more than offset by the negative impact of cost of goods sold inflation, unfavorable foreign exchange rates, and higher A&P investment.

Foodservice Segment First Quarter Results
Net sales for the Foodservice segment increased 3.2% to $273 million in the quarter, reflecting:

a 0.1% decrease from the impact of M&A, and a 3.3% increase in organic net sales. The increase in organic net sales was driven by a price/mix increase of 0.8% and a volume increase of 2.5%. Volumes benefited approximately 150 basis points due to timing of customer orders, which occurred in the third quarter last year.

Operating profit and adjusted operating profit for the segment increased 11.4% to $31 million as higher organic net sales and higher productivity more than offset the negative impact of cost of goods sold inflation.

Cash Flow and Debt Update
For the first quarter of fiscal 2027, net cash used in operating activities totaled $4 million compared to $121 million generated in the prior year period, driven primarily by lower operating profit and higher litigation payments, net of recoveries. Capital expenditures were $124 million compared to $147 million in the prior year period. These items resulted in free cash flow of ($128) million, a decrease of $102 million compared to the prior year. Dividends paid were approximately flat to prior year at $168 million.

The company ended the quarter with net debt of $7.4 billion, representing a $193 million, or 2.5%, reduction in net debt versus the prior year period, resulting in a 3.99x net leverage ratio at the end of the quarter.

Outlook
The company is reaffirming its fiscal 2027 guidance, reflecting:

Organic net sales change of (3)% to (1)% compared to fiscal 2026 Adjusted operating margin between 10.0% and 10.5% Adjusted EPS between $1.40 and $1.50 Key assumptions incorporated in the above guidance remain unchanged and include:

Equity earnings contribution of approximately $140 million Pension income of approximately $25 million Interest expense of approximately $360 million Adjusted effective tax rate of approximately 24% Capital expenditures of approximately $550 million Free cash flow conversion of greater than 90% Net leverage ratio at fiscal year end of approximately 4.0x The inability to predict the amount and timing of the impacts of foreign exchange, acquisitions, divestitures, and other items impacting comparability makes a detailed reconciliation of forward-looking non-GAAP financial measures impracticable. For the same reasons, the company is unable to address the probable significance of these items, which could be material to future results. Please see the end of this release for more information.

Discussion of Results and Outlook
Conagra Brands will issue pre-recorded remarks prior to hosting a live Q&A conference call and webcast at 9:30 a.m. Eastern time today to discuss the company's results and outlook. The live audio webcast Q&A conference call, pre-recorded remarks, transcript of the pre-recorded remarks, and presentation slides will be available on www.conagrabrands.com/investor-relations under Events & Presentations. The Q&A conference call may be accessed by dialing 1‑877‑883‑0383 for participants in the U.S. and 1‑412‑902‑6506 for all other participants and using passcode 7690130. Please dial in 10 to 15 minutes prior to the call start time. A replay of the Q&A conference call will be available on www.conagrabrands.com/investor-relations under Events & Presentations until September 30, 2027.

About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), 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. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2026 net sales of over $11 billion. For more information, visit www.conagrabrands.com.

Note on Forward-Looking Statements
The information contained in this document 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 document 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, among other things: 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, 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 document, which speak only as of the date of this document. We undertake no responsibility to update these statements, except as required by law.

Note on Non-GAAP Financial Measures
This document includes certain non-GAAP financial measures, including adjusted EPS, organic net sales, adjusted gross profit, adjusted operating profit, adjusted SG&A, adjusted corporate expenses, adjusted gross margin, adjusted operating margin, adjusted effective tax rate, adjusted net income, free cash flow, net debt, net leverage ratio, and adjusted EBITDA. Management considers GAAP financial measures as well as such non-GAAP financial information in its evaluation of the company's financial statements. We believe these non-GAAP financial measures provide useful supplemental information to investors to facilitate year-over-year comparisons by removing non-recurring items and other items impacting comparability such as the impacts of foreign exchange, divested businesses and acquisitions, as well as the impact of any 53rd week, as noted in more detail for each measure below. We also believe the below financial measures are used by investors and analysts to assess the company's operating performance and financial position. These measures should be viewed in addition to, and not in lieu of, the company's diluted earnings per share, operating performance and financial measures as calculated in accordance with GAAP.

Organic net sales excludes, from reported net sales, the impacts of foreign exchange, divested businesses and acquisitions, as well as the impact of any 53rd week to provide a more transparent view of year-over-year comparability. All references to changes in volume and price/mix throughout this release are on an organic net sales basis.

Free cash flow is net cash from operating activities less additions to property, plant and equipment. Free cash flow conversion is free cash flow divided by adjusted net income. We use this non-GAAP financial measure to provide additional information about the amount of cash available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases after all of the company's business needs and obligations are met.

References to adjusted items throughout this release refer to measures computed in accordance with GAAP less the impact of items impacting comparability. Items impacting comparability are income or expenses (and related tax impacts) that management believes have had, or are likely to have, a significant impact on the earnings of the applicable business segment or on the total corporation for the period in which the item is recognized, and are not indicative of the company's core operating results. We exclude these items that we believe affect comparability of underlying results from period to period and may obscure trends in our underlying profitability.

References to earnings before interest, taxes, depreciation, and amortization (EBITDA) refer to net income before the impacts of discontinued operations, income tax expense (benefit), interest expense, depreciation, and amortization. For adjusted EBITDA, we exclude items resulting from infrequently occurring events or items that we believe significantly affect the year-to-year assessment of the company's operating results.

Hedge gains and losses are generally aggregated, and net amounts are reclassified from unallocated corporate expense to the operating segments when the underlying commodity or foreign currency being hedged is expensed in segment cost of goods sold. The net change in the derivative gains (losses) included in unallocated corporate expense during the period is reflected as a comparability item, corporate hedging derivative gains (losses). Since our hedging contracts are generally for future periods, this adjustment facilitates year-over-year comparisons of cost of goods sold, matching the derivative gains and losses with the underlying economic exposure being hedged for the period.

References to adjusted equity method investment income refer to equity method investment income adjusted to exclude the impact of certain restructuring activities and unusual tax items, as applicable, from the Ardent Mills JV.

Note on Forward-Looking Non-GAAP Financial Measures
Our fiscal 2027 guidance includes certain non-GAAP financial measures (organic net sales change, adjusted operating margin, adjusted EPS, net leverage ratio, free cash flow conversion, adjusted effective tax rate) that are presented on a forward-looking basis. Historically, the company has calculated these non-GAAP financial measures excluding the impact of certain items such as, but not limited to, foreign exchange, acquisitions, divestitures, restructuring expenses, the extinguishment of debt, hedging gains and losses, impairment charges, legacy legal contingencies, and unusual tax items. Reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not provided because the company is unable to provide such reconciliations without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the timing and financial impact of such items. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

Conagra Brands, Inc.

Consolidated Statements of Earnings

(in millions)

(unaudited)

FIRST QUARTER

Thirteen Weeks
Ended

Thirteen Weeks
Ended

August 30, 2026

August 24, 2025

Percent Change

Net sales

$

2,595.9

$

2,632.6

(1.4) %

Cost of goods sold

1,977.2

1,992.0

(0.7) %

Gross profit

$

618.7

$

640.6

(3.4) %

Selling, general and administrative expenses

350.3

335.6

4.4 %

Gain on divestitures

—

(42.4)

(100.0) %

Operating profit

$

268.4

$

347.4

(22.7) %

Pension and postretirement non-service income

5.9

6.1

(3.8) %

Interest expense, net

91.8

93.8

(2.1) %

Equity method investment earnings

50.4

29.4

71.8 %

Income before income taxes

$

232.9

$

289.1

(19.4) %

Income tax expense

58.6

124.6

(52.9) %

Net income

$

174.3

$

164.5

6.0 %

Earnings per share - basic

Net income

$

0.36

$

0.34

5.9 %

Basic weighted average shares outstanding

479.3

478.7

0.1 %

Earnings per share - diluted

Net income

$

0.36

$

0.34

5.9 %

Diluted weighted average shares outstanding

480.0

479.6

0.1 %

Conagra Brands, Inc.

Consolidated Balance Sheets

(in millions)

(unaudited)

August 30, 2026

May 31, 2026

ASSETS

Current assets

Cash and cash equivalents

$

371.6

$

218.0

Receivables, less allowance for doubtful accounts of $4.0 and $3.9

677.0

658.2

Inventories

2,154.0

1,905.4

Prepaid expenses and other current assets

143.9

100.5

Current assets held for sale

13.3

—

Total current assets

3,359.8

2,882.1

Property, plant and equipment, net

2,823.8

2,862.9

Goodwill

8,118.9

8,119.3

Brands, trademarks and other intangibles, net

1,819.8

1,830.7

Other assets

1,579.2

1,566.4

Noncurrent assets held for sale

—

13.0

$

17,701.5

$

17,274.4

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Notes payable

$

32.5

$

34.2

Current installments of long-term debt

787.5

778.2

Accounts and other payables

1,562.6

1,513.3

Accrued payroll

98.8

201.7

Other accrued liabilities

584.0

660.6

Current liabilities held for sale

—

—

Total current liabilities

3,065.4

3,188.0

Senior long-term debt, excluding current installments

6,940.1

6,456.0

Deferred income taxes

712.0

693.4

Other noncurrent liabilities

579.1

579.4

Total stockholders' equity

6,404.9

6,357.6

$

17,701.5

$

17,274.4

Conagra Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions)

Thirteen Weeks Ended

August 30, 2026

August 24, 2025

Cash flows from operating activities:

Net income

$

174.3

$

164.5

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation and amortization

97.9

95.3

Asset impairment charges

0.6

1.2

Gain on divestitures

—

(42.4)

Equity method investment earnings in excess of distributions

(32.2)

(0.2)

Stock-settled share-based payments expense

14.3

19.6

Contributions to pension plans

(1.8)

(2.7)

Pension benefit

(3.7)

(4.0)

Other items

1.6

(3.6)

Change in operating assets and liabilities excluding effects of business acquisitions and
dispositions:

Receivables

(20.3)

(51.3)

Inventories

(248.6)

(207.4)

Deferred income taxes and income taxes payable, net

10.3

99.3

Prepaid expenses and other current assets

(30.9)

(41.8)

Accounts and other payables

113.3

20.3

Accrued payroll

(102.9)

(29.9)

Other accrued liabilities

50.0

91.7

Litigation receivables, net of recoveries

1.6

65.1

Litigation accruals, net of payments

(27.7)

(53.1)

Net cash flows from operating activities

(4.2)

120.6

Cash flows from investing activities:

Additions to property, plant and equipment

(123.7)

(146.8)

Sale of property, plant and equipment

15.0

6.2

Proceeds from divestitures, net of cash divested

—

643.6

Other items

(1.0)

(1.0)

Net cash flows from investing activities

(109.7)

502.0

Cash flows from financing activities:

Issuance of short-term borrowings, maturities greater than 90 days

25.2

31.9

Repayment of short-term borrowings, maturities greater than 90 days

(26.9)

(536.3)

Net repayment of other short-term borrowings, maturities less than or equal to 90 days

—

(258.8)

Issuance of long-term debt

500.0

1,000.0

Repayment of long-term debt

(4.4)

(18.0)

Debt issuance costs

(3.9)

(10.6)

Repurchase of Conagra Brands, Inc. common shares

(44.0)

(15.0)

Cash dividends paid

(167.5)

(167.1)

Exercise of stock options and issuance of other stock awards, including tax withholdings

(12.7)

(18.8)

Other items

1.5

(0.1)

Net cash flows from financing activities

267.3

7.2

Effect of exchange rate changes on cash and cash equivalents

0.2

0.3

Net change in cash and cash equivalents

153.6

630.1

Cash and cash equivalents at beginning of period

218.0

68.0

Cash and cash equivalents at end of period

$

371.6

$

698.1

Conagra Brands, Inc.

Reconciliation of Q1 FY27 QTD Organic Net Sales by Segment - YOY Change

(in millions)

Q1 FY27

Grocery &
Snacks

Refrigerated
& Frozen

International

Foodservice

Total
Conagra
Brands

Net Sales

$

1,051.1

$

1,053.8

$

218.1

$

272.9

$

2,595.9

Impact of foreign exchange 1

—

—

(5.0)

—

(5.0)

Organic Net Sales

$

1,051.1

$

1,053.8

$

213.1

$

272.9

$

2,590.9

Year-over-year change - Net Sales

(2.6) %

(2.1) %

2.7 %

3.2 %

(1.4) %

Impact of foreign exchange (pp) 1

—

—

(2.4)

—

(0.2)

Net sales from divested businesses (pp)

0.6

0.5

0.6

0.1

0.5

Organic Net Sales

(2.0) %

(1.6) %

0.9 %

3.3 %

(1.1) %

Volume (Organic)

(5.4) %

(0.1) %

(0.7) %

2.5 %

(2.1) %

Price/Mix

3.4 %

(1.5) %

1.6 %

0.8 %

1.0 %

Q1 FY26

Grocery &
Snacks

Refrigerated
& Frozen

International

Foodservice

Total
Conagra
Brands

Net Sales

$

1,079.6

$

1,076.2

$

212.3

$

264.5

$

2,632.6

Net sales from divested businesses

(7.0)

(4.9)

(1.1)

(0.2)

(13.2)

Organic Net Sales

$

1,072.6

$

1,071.3

$

211.2

$

264.3

$

2,619.4

1 Excludes the impact of foreign exchange related to divested businesses.

Conagra Brands, Inc.

Reconciliation of Q1 FY27 Adj. Operating Profit by Segment - YOY Change

(in millions)

Q1 FY27

Grocery &
Snacks

Refrigerated
& Frozen

International

Foodservice

Corporate
Expense

Total
Conagra
Brands

Operating Profit

$

205.2

$

102.1

$

34.4

$

30.9

$

(104.2)

$

268.4

Restructuring plans

2.2

3.2

—

—

4.3

9.7

Legal matters, net of recoveries

(2.5)

(5.7)

—

—

16.3

8.1

Environmental matters

—

—

—

—

3.0

3.0

Executive transition costs

—

—

—

—

3.5

3.5

Corporate hedging derivative losses (gains)

—

—

—

—

5.2

5.2

Adjusted Operating Profit

$

204.9

$

99.6

$

34.4

$

30.9

$

(71.9)

$

297.9

Operating Profit Margin

19.5 %

9.7 %

15.8 %

11.3 %

10.3 %

Adjusted Operating Profit Margin

19.5 %

9.4 %

15.8 %

11.3 %

11.5 %

Year-over-year % change - Operating Profit

(21.5) %

(9.6) %

(7.9) %

11.4 %

13.0 %

(22.7) %

Year-over-year % change - Adjusted Operating Profit

(7.2) %

(13.0) %

(8.6) %

11.4 %

(20.0) %

(4.1) %

Year-over-year bps change - Operating Profit

(470) bps

(81) bps

(182) bps

83 bps

(285) bps

Year-over-year bps change - Adjusted Operating Profit

(95) bps

(118) bps

(196) bps

83 bps

(33) bps

Q1 FY26

Grocery & Snacks

Refrigerated
& Frozen

International

Foodservice

Corporate
Expense

Total
Conagra
Brands

Operating Profit

$

261.6

$

113.0

$

37.4

$

27.7

$

(92.3)

$

347.4

Restructuring plans

2.0

1.0

0.3

—

1.1

4.4

Acquisitions and divestitures

—

—

—

—

1.5

1.5

Loss (gain) on sale of business

(42.8)

0.4

—

—

—

(42.4)

Legal matter recoveries

—

—

—

—

(2.4)

(2.4)

Corporate hedging derivative losses (gains)

—

—

—

—

2.2

2.2

Adjusted Operating Profit

$

220.8

$

114.4

$

37.7

$

27.7

$

(89.9)

$

310.7

Operating Profit Margin

24.2 %

10.5 %

17.6 %

10.5 %

13.2 %

Adjusted Operating Profit Margin

20.5 %

10.6 %

17.7 %

10.5 %

11.8 %

Conagra Brands, Inc.

Reconciliation of Q1 FY27 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, and Adj. EPS - YOY Change

(in millions)

Q1 FY27

Gross profit

Selling,
general and
administrative
expenses 1

Operating
profit

Income
before
income taxes

Income tax
expense

Income tax
rate

Net income

Diluted EPS
from net
income

Reported

$

618.7

$

350.3

$

268.4

$

232.9

$

58.6

25.2 %

$

174.3

$

0.36

% of Net Sales

23.8 %

13.5 %

10.3 %

Restructuring plans

2.9

6.8

9.7

9.7

2.3

7.4

0.02

Legal matters, net of recoveries

(8.2)

16.3

8.1

8.1

2.0

6.1

0.01

Environmental matters

—

3.0

3.0

3.0

0.7

2.3

—

Executive transition costs

—

3.5

3.5

3.5

0.2

3.3

0.01

Corporate hedging derivative losses (gains)

5.2

—

5.2

5.2

1.3

3.9

0.01

Adjusted

$

618.6

$

320.7

$

297.9

$

262.4

$

65.1

24.8 %

$

197.3

$

0.41

% of Net Sales

23.8 %

12.4 %

11.5 %

Year-over-year % of net sales change - reported

(50) bps

74 bps

(285) bps

Year-over-year % of net sales change - adjusted

(62) bps

(29) bps

(33) bps

Year-over-year change - reported

(3.4) %

4.4 %

(22.7) %

(19.4) %

(52.9) %

6.0 %

5.9 %

Year-over-year change - adjusted

(3.9) %

(3.7) %

(4.1) %

4.0 %

3.1 %

4.3 %

5.1 %

Q1 FY26

Gross profit

Selling,
general and
administrative
expenses 1

Operating
profit

Income
before
income taxes

Income tax
expense

Income tax
rate

Net income

Diluted EPS
from net
income

Reported

$

640.6

$

335.6

$

347.4

$

289.1

$

124.6

43.1 %

$

164.5

$

0.34

% of Net Sales

24.3 %

12.7 %

13.2 %

Restructuring plans

0.7

3.7

4.4

4.4

1.1

3.3

0.01

Acquisitions and divestitures

—

1.5

1.5

1.5

0.4

1.1

—

Loss (gain) on sale of business

—

—

(42.4)

(42.4)

(62.8)

20.4

0.04

Legal matter recoveries

—

(2.4)

(2.4)

(2.4)

(0.6)

(1.8)

—

Corporate hedging derivative losses (gains)

2.2

—

2.2

2.2

0.5

1.7

—

Adjusted

$

643.5

$

332.8

$

310.7

$

252.4

$

63.2

25.0 %

$

189.2

$

0.39

% of Net Sales

24.4 %

12.6 %

11.8 %

1 Includes advertising and promotion (A&P) expense of $60.9 million and $52.9 million for Q1 FY27 and Q1 FY26, respectively. A&P as a percentage of net sales was 2.3% and 2.0% for Q1 FY27 and Q1 FY26, respectively.

Conagra Brands, Inc.

Reconciliation of QTD Free Cash Flow, Net Debt, and Net Leverage Ratio

(in millions)

Q1 FY27

Q1 FY26

% Change

Net cash flows from operating activities

$

(4.2)

$

120.6

N/A

Additions to property, plant and equipment

(123.7)

(146.8)

(15.7) %

Free cash flow

$

(127.9)

$

(26.2)

388.2 %

August 30, 2026

August 24, 2025

Notes payable

$

32.5

$

41.5

Current installments of long-term debt

787.5

1,015.7

Senior long-term debt, excluding current installments

6,940.1

7,222.6

Total Debt

$

7,760.1

$

8,279.8

Less: Cash and cash equivalents

371.6

698.1

Net Debt

$

7,388.5

$

7,581.7

FY26

Q1 FY26 
YTD

Q1 FY27 
YTD

Q1 FY27
TTM

(a)

(b)

(c)

(a)-(b)+(c)

Net income (loss)

$

(1,916.2)

$

164.5

$

174.3

$

(1,906.4)

Add Back: Income tax expense

91.8

124.6

58.6

25.8

Interest expense, net

382.6

93.8

91.8

380.6

Depreciation

352.9

84.5

87.1

355.5

Amortization

43.1

10.8

10.8

43.1

Earnings (loss) before interest, taxes, depreciation, and amortization (EBITDA)

$

(1,045.8)

$

478.2

$

422.6

$

(1,101.4)

Restructuring plans2

37.7

3.9

9.0

42.8

Goodwill and brand impairment charges

2,929.6

—

—

2,929.6

Acquisitions and divestitures

1.5

1.5

—

—

(Gain) loss on sale of business

(42.2)

(42.4)

—

0.2

Legal matters, net of recoveries

(37.4)

(2.4)

8.1

(26.9)

Ardent JV restructuring activities

7.5

—

—

7.5

Ardent JV asset impairment

2.4

—

—

2.4

Environmental matters

5.4

—

3.0

8.4

Executive transition costs

8.1

—

3.5

11.6

Corporate hedging derivative losses (gains)

(3.6)

2.2

5.2

(0.6)

Pension settlement and valuation adjustment

(22.5)

—

—

(22.5)

Unusual tax items

(0.3)

—

—

(0.3)

Adjusted EBITDA

$

1,840.4

$

441.0

$

451.4

$

1,850.8

Net Debt1

$

7,388.5

Net Debt to Adjusted EBITDA3

3.99

1 As of August 30, 2026.

2 Excludes comparability items related to depreciation.

3 The company defines its net debt leverage ratio as net debt divided by adjusted EBITDA for the trailing twelve month (TTM) period.

Conagra Brands, Inc.

Reconciliation of Q1 FY27 QTD EBITDA - YOY Change

(in millions)

Q1 FY27

Q1 FY26

% Change

Net income

$

174.3

$

164.5

6.0 %

Add Back: Income tax expense

58.6

124.6

Interest expense, net

91.8

93.8

Depreciation

87.1

84.5

Amortization

10.8

10.8

Earnings before interest, taxes, depreciation, and amortization

$

422.6

$

478.2

(11.6) %

Restructuring plans 1

9.0

3.9

Corporate hedging derivative losses (gains)

5.2

2.2

Environmental matters

3.0

—

Executive transition costs

3.5

—

Legal matters, net of recoveries

8.1

(2.4)

Acquisitions and divestitures

1.5

Gain on sale of business

—

(42.4)

Adjusted Earnings before interest, taxes, depreciation, and amortization

$

451.4

$

441.0

2.4 %

1 Excludes comparability items related to depreciation.

For more information, please contact:
MEDIA: Mike Cummins
312‑549‑5257
[email protected]
INVESTORS: Matthew Neisius
312‑549‑5002
[email protected]

SOURCE Conagra Brands, Inc.

The food manufacturer, which owns Orville Redenbacher's popcorn and Slim Jim meat sticks, said fiscal first-quarter profit rose to $174.3 million, or 36 cents a share, from $164.5 million, or 34 cents a share, a year earlier.

Funding will support nonprofit organizations working to expand access to nutritious food, nutrition education, healthy lifestyles and urban agriculture programs.

, /PRNewswire/ -- The Conagra Brands Foundation today announced the recipients of its 2026 Nourish Our Community grants, awarding $350,000 to 21 nonprofit organizations across 12 states. Unveiled during Hunger Action Month, the grants support programs that expand access to nutritious food, promote healthy lifestyles, provide nutrition education and cooking skills, and strengthen communities where Conagra employees live and work.

For more than 30 years, the Nourish Our Community program has empowered employees to help shape the Foundation's community investments by nominating organizations making a meaningful difference at the local level. Grant applications are reviewed by a cross-functional employee committee that evaluates submissions and selects the nonprofit recipients each year.

"Nourish Our Community is a powerful example of how employee engagement and philanthropy come together to create meaningful impact," said Robert Rizzo, Senior Director of the Conagra Brands Foundation. "Each year, employees help identify organizations that are addressing critical community needs, and we're proud to support their work through these grants. The program not only strengthens local communities, but also helps raise awareness of the ongoing challenges many families face." 

Hunger Action Month, a nationwide initiative led by Feeding America, encourages individuals and organizations to take action in support of hunger relief efforts. The Conagra Brands Foundation has maintained a longstanding partnership with Feeding America, combining employee volunteerism, food donations, and financial contributions to help address hunger across the country.

Beyond its local grantmaking efforts, the Foundation supports programs that expand access to nutritious and culturally relevant food, strengthen hunger-relief organizations, and advance long-term solutions to food insecurity. Conagra also donates substantial amounts of food annually through Feeding America's network of food banks, helping provide meals to people and families in communities nationwide. Conagra employees actively lend their support as well by volunteering their time throughout the year to support food banks, community pantries, urban farms and many other essential nonprofit partners who serve the unique needs of our communities.

More information about each of the "Nourish Our Community" grant recipients can be found below:

AREA NEIGHBORHOOD SERVICE CENTER INC. (MN)
Project: Food Security in Waseca County
Area Neighborhood Service Center's food shelf provides food assistance to individuals and families experiencing food insecurity in the Waseca area. Support from the Conagra Brands Foundation will help purchase nutritious staples, including protein, dairy products, and other high-demand foods, ensuring the food shelf can meet growing community needs while promoting healthy meal choices.
Nominated by Conagra Brands employee: Thalia S. –Waseca, MN

BACK PACK BLESSINGS (GA)
Project: Fighting Childhood Hunger One BackPack at a Time
Back Pack Blessings provides backpacks filled with meals and snacks to approximately 600 children each week during the academic year. Funding from the Conagra Brands Foundation will support food purchases, helping ensure students facing food insecurity have access to nutritious meals over the weekend.
Nominated by Conagra Brands employee: Stacy R. – Atlanta, GA

CARE FOR FRIENDS (IL)
Project: Growing Our Services
The Conagra Brands Foundation grant supports Care for Friends' mission to address food insecurity among individuals and families in Chicago experiencing or at risk of homelessness. Through nutritious hot meals, a well-stocked pantry, and grocery deliveries to low-income households, Care for Friends helps ensure consistent access to food, while expanding services to meet growing community needs and increasing demand across its programs.
Nominated by Conagra Brands employee: Madison S. – Chicago, IL

CITY SPROUTS (NE)
Project: Community Greenhouse
Funding from the Conagra Brands Foundation will support the City Sprouts Community Greenhouse, expanding year-round food production and increasing access to fresh produce for families experiencing food insecurity while creating hands-on learning opportunities in sustainable food growing and nutrition.
Nominated by Conagra Brands employee: Randy V. – Omaha, NE

COMMUNITY SERVICES COUNCIL INC. OF FORT MADISON IOWA (IA)
Project: Purchase Food
Community Services Council, Inc. of Fort Madison, Iowa, operates the Fort Madison Food Pantry, which helps address food insecurity by providing nutritious food to individuals and families in the community. Funding from the Conagra Brands Foundation will support the purchase of pantry staples and fresh produce, ensuring residents have reliable access to healthy food.
Nominated by Conagra Brands employee: Lori G. – Fort Madison, IA

CONSCIOUS ALLIANCE (CO)
Project: Feed Kids, Not Landfills
Funding from the Conagra Brands Foundation supports Conscious Alliance in rescuing and redistributing nutritious meals and snacks to children in the Denver metro area. By reducing food waste and ensuring that healthy food reaches those in need, the organization enhances both the physical and emotional well-being of local children.
Nominated by Conagra Brands employee: Kimmee H. – Denver, CO

EASTERN NEBRASKA COMMUNITY ACTION PARTNERSHIP (NE)
Project: Bellevue Food Pantry: Fresh Food Access
Eastern Nebraska Community Action Partnership operates the Bellevue Food Pantry, providing nutritious food and supportive services to approximately 1,500 to 1,700 individuals each month. Funding from the Conagra Brands Foundation will support the purchase of fresh foods such as milk, eggs, fruits, and vegetables, helping ensure community members have consistent access to nutritious options.
Nominated by Conagra Brands employee: Raymond T. – Omaha, NE

FEEDING OUR COMMUNITIES PARTNERS (MN)
Project: Nourishing the Next Generation
Feeding Our Communities Partners works to combat food insecurity among K-12 students by providing weekend, summer, and school-break meals to more than 1,200 food-insecure youth through a continuum of programs. Support from the Conagra Brands Foundation will help provide nutritious food to students year-round, ensuring children have reliable access to meals that support their health, well-being, and academic success.
Nominated by Conagra Brands employee: Lisa H. – Waterloo, IA

GIRLS INC. OF WASHINGTON COUNTY (MD)
Project: Kids Café
Girls Inc. of Washington County provides programs that give girls access to nutritious meals and snacks while encouraging healthy eating habits. Support from the Conagra Brands Foundation will help fund the Kids Café, which offers daily snacks and dinners and gives participants hands-on experience with menu planning, budgeting, and using produce grown in the organization's garden.
Nominated by Conagra Brands employee: Zach Z. – Hagerstown, MD

KEOKUK HOMELESS ALLIANCE (IA)
Project: Food Center
Keokuk Homeless Alliance helps individuals experiencing homelessness access nutritious meals while working toward recovery and self-sufficiency. Funding from the Conagra Brands Foundation will support the meals it serves to residents as well as some necessary kitchen equipment and food storage resources.
Nominated by Conagra Brands employee: Lori G. – Fort Madison, IA

MACOMB COUNTY ROTATING EMERGENCY SHELTER TEAM (MI)
Project: MCREST Meals
Macomb County Rotating Emergency Shelter Team provides emergency shelter, meals, and supportive services to individuals and families experiencing homelessness in Macomb County. Funding from the Conagra Brands Foundation will help provide meals that meet guests' immediate needs while they work toward stable housing, employment, and long-term independence.
Nominated by Conagra Brands employee: Krystal K. – Macomb, MI

MARIE WILKINSON FOOD PANTRY (IL)
Project: Food Insecurity
Support from the Conagra Brands Foundation helps expand food distribution programs that provide nutritious food to individuals, families, and older adults across the community. Through walk-in and drive-through distributions, school-based food access, senior outreach, and home delivery services, the organization increases access to food while meeting growing demand and reaching more neighbors in need.
Nominated by Conagra Brands employee: Brenda J. – Chicago, IL

NOURISH MEALS ON WHEELS (CO)
Project: More Than a Meal: Nourishing Health, Independence & Connection
Funds from the Conagra Brands Foundation will provide approximately 5,000 meals to 50 low-income older adults. Nourish Meals on Wheels enriches the lives of older adults and homebound individuals in South Metro Denver by delivering nutritious meals, wellness checks, and social connections that support health, independence, and quality of life.
Nominated by Conagra Brands employee: Shirley E. – Chicago, IL

OMAHA FORUS (NE)
Project: Pride Pantry
Omaha ForUs addresses the disproportionate effects of poverty and food insecurity on LGBTQ+ individuals and families throughout Eastern Nebraska and Western Iowa by creating an inclusive and equitable space. Support from the Conagra Brands Foundation will strengthen the organization's food pantry, increase access to nutritious food, and provide urban gardening and kitchen skills education.
Nominated by Conagra Brands employee: Jason H. – Omaha, NE

RIVER VALLEY FOOD 4 KIDS (AR)
Project: Fresh 4 Kids
River Valley Food 4 Kids provides food assistance to children experiencing food insecurity throughout the Arkansas River Valley. This grant from the Conagra Brands Foundation will support the Fresh 4 Kids initiative, providing fresh fruits and vegetables to children and families through year-round food distribution programs.
Nominated by Conagra Brands employee: Tim A. – Russellville, AR

SAVING GRACE PERISHABLE FOOD RESCUE (NE)
Project: Nourishing People, Nurturing the Planet
Saving Grace addresses food insecurity and environmental sustainability by rescuing surplus perishable food and delivering it to individuals and families in need. Funding from the Conagra Brands Foundation will help expand food recovery and distribution efforts, increasing access to nutritious food while reducing food waste across the Omaha-Council Bluffs region.
Nominated by Conagra Brands employee: Brittani B. – Omaha, NE

THRIVING TITANS (NE)
Project: Food Pantry
Support from the Conagra Brands Foundation helps strengthen the Food Pantry program at Lewis Central Community Schools, which provides bi-monthly food boxes to approximately 25 to 30 families and distributes more than 700 boxes annually. Each box contains nonperishable items and donated bread, with grant funding helping to provide meat, milk, eggs, and other healthy food options, ensuring students and families have access to nutritious foods that support their health and well-being.
Nominated by Conagra Brands employee: Jana S. – Omaha, NE

THE BRIDGE FOOD & DIAPER BANK (WI)
Project: Nutritious Food Distribution
The Bridge Food & Diaper Bank addresses food insecurity by providing nutritious food and essential products to individuals and families throughout Walworth County. Funding from the Conagra Brands Foundation will support food purchases and distribution efforts, helping ensure neighbors have reliable access to healthy food and other necessities.
Nominated by Conagra Brands employee: Charles N. – Darien, WI

TIME OUT YOUTH (NC)
Project: The Center Table: Food Security, Belonging, and Stability
Funds from the Conagra Brands Foundation will support Time Out Youth's Center Table program, which provides nutritious meals, snacks, pantry access, and take-home groceries to LGBTQ+ youth and allies ages 13 to 24 in the Charlotte region. This program helps address food insecurity by expanding access to healthy and consistent meals within a trusted and affirming environment, while also connecting LGBTQ+ young people to additional resources within Time Out Youth that promote long-term stability and well-being.
Nominated by Conagra Brands employee: Jeff S. – Charlotte, NC

WEST SUBURBAN COMMUNITY PANTRY (IL)
Project: Nourishing Our Neighbors in Need
West Suburban Community Pantry provides access to nutritious food for neighbors experiencing food insecurity through its in-person pantry, online market, and home delivery programs. Support from the Conagra Brands Foundation will help purchase essential items such as meat, dairy, and fresh produce while supporting food distribution efforts that serve approximately 17,000 individuals annually, helping ensure families have reliable access to healthy food.
Nominated by Conagra Brands employee: Gisela S. – Chicago, IL

YOU FEED THEM MISSIONAL FOOD PANTRY (IN)
Project: Food Pantry
You Feed Them Missional Food Pantry works to alleviate food insecurity by providing nutritious food and supportive services to underserved communities. Support from the Conagra Brands Foundation will help strengthen its client-choice pantry model, increasing access to healthy food for individuals and families facing economic hardship.
Nominated by Conagra Brands employee: Tim K. – Indianapolis, IN

About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), 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. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2026 net sales of over $11 billion. For more information, visit www.conagrabrands.com.

About Conagra Brands Foundation
Conagra Brands Foundation believes everyone has a right to healthy and nutritious food knowing that food insecurity exists in every U.S. county. The Foundation partners with exceptional national and local nonprofits with high-impact programs located in the communities where we live and work. By focusing our efforts within five areas: Direct Food Access, Cooking Skills, Nutrition Education, Healthy and Active Lifestyles and Urban Agriculture, we are able to be a leader in the fight against food insecurity in North America.

For all media inquiries, please contact:
[email protected] 

SOURCE Conagra Brands, Inc.

Key Takeaways Conagra expects Q1 organic net sales to decline in the low-single-digit range amid soft category trends. CAG expects Q1 adjusted operating margin in the high-single-digit range amid inflation and tariff costs. Conagra targets productivity above 4% of the cost of goods sold while investing more in growth platforms. Conagra Brands, Inc. (CAG - Free Report) is likely to witness a top-and bottom-line decline when it reports first-quarter fiscal 2027 earnings on Sept. 30. The Zacks Consensus Estimate for revenues is pegged at $2.6 billion, indicating a decrease of 1.4% from the year-ago reported number.

The consensus mark for earnings has remained unchanged over the past 30 days at 31 cents a share, which suggests a fall of 20.5% from the figure recorded in the year-ago period. CAG has a trailing four-quarter surprise of about 5%, on average.

Factors Likely to Influence CAG’s Upcoming ResultsConagra Brands’ first-quarter results are likely to be pressured by soft category trends and the lingering impact of inflation-justified pricing actions implemented during fiscal 2026. Management expects organic net sales to decline in the low-single-digit range, reflecting current category trends and the wrap of prior pricing actions. New pricing initiatives are not expected to reach the market until mid-second quarter, limiting their ability to support first-quarter sales.

Margins are also likely to have remained under pressure. Management expects heightened first-quarter inflation stemming from oil-related and logistics pressures, while the roughly $40 million fiscal 2027 tariff-related cost wrap is expected to over-index to the quarter. The planned step-up in advertising and promotional spending could have added to near-term costs. Conagra expects first-quarter adjusted operating margin in the high-single-digit range, which suggests a contraction from the year-ago period’s figure of 11.8%.

Some pressures may have been partly offset by productivity efforts and continued brand support. Conagra is targeting productivity above 4% of the cost of goods sold for fiscal 2027, while increased advertising investment is focused on growth platforms such as frozen meals and meat snacks. Recent volume-share gains in frozen meals and vegetables, along with momentum in meat snacks, may also have provided some support if sustained into the quarter.

Earnings Whispers for CAGOur proven model doesn’t conclusively predict an earnings beat for Conagra Brands this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.

 Conagra Brands currently carries a Zacks Rank #4 (Sell) and has an Earnings ESP of +3.22%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With the Favorable CombinationHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Colgate-Palmolive Company (CL - Free Report) currently has an Earnings ESP of +1.94% and a Zacks Rank of 3. The Zacks Consensus Estimate for its upcoming quarter’s revenues is pegged at $5.3 billion, indicating an approximately 4% rise from the figure reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for Colgate-Palmolive’s earnings is pegged at 92 cents per share, implying 1.1% growth from the year-ago quarter. CL delivered a trailing four-quarter earnings surprise of 3.2%, on average.

Philip Morris International Inc. (PM - Free Report) currently has an Earnings ESP of +1.95% and a Zacks Rank of 3. The consensus estimate for the quarterly revenues is pinned at $11.4 billion, which suggests 5.2% growth from the figure reported in the prior-year quarter.

The Zacks Consensus Estimate for Philip Morris’ upcoming quarter’s EPS is pegged at $2.29, which calls for a 2.2% increase from the year-ago period figure. PM delivered a trailing four-quarter earnings surprise of 6%, on average.

The Coca-Cola Company (KO - Free Report) currently has an Earnings ESP of +0.57% and a Zacks Rank #3. The consensus estimate for quarterly revenues is pegged at $12.9 billion, which indicates an improvement of about 4% from the figure reported in the prior-year quarter.

The Zacks Consensus Estimate for Coca-Cola’s upcoming quarter’s EPS is pegged at 87 cents, which calls for 6.1% growth from the figure reported in the prior-year quarter. KO delivered a trailing four-quarter earnings surprise of 4.6%, on average.

Wall Street analysts forecast that Conagra Brands (CAG - Free Report) will report quarterly earnings of $0.31 per share in its upcoming release, pointing to a year-over-year decline of 20.5%. It is anticipated that revenues will amount to $2.59 billion, exhibiting a decrease of 1.4% compared to the year-ago quarter.

The consensus EPS estimate for the quarter has been revised 1.5% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Given this perspective, it's time to examine the average forecasts of specific Conagra Brands metrics that are routinely monitored and predicted by Wall Street analysts.

The consensus among analysts is that 'Sales- Grocery & Snacks' will reach $1.07 billion. The estimate indicates a change of -1.2% from the prior-year quarter.

Analysts expect 'Sales- Foodservice' to come in at $266.16 million. The estimate indicates a change of +0.6% from the prior-year quarter.

Analysts predict that the 'Sales- International' will reach $210.39 million. The estimate suggests a change of -0.9% year over year.

The collective assessment of analysts points to an estimated 'Sales- Refrigerated & Frozen' of $1.05 billion. The estimate suggests a change of -2.2% year over year.

The average prediction of analysts places 'Price/Mix - Foodservice' at 3.2%. The estimate is in contrast to the year-ago figure of 3.8%.

Analysts' assessment points toward 'Adjusted Operating Profit (loss)- Grocery & Snacks' reaching $193.63 million. Compared to the present estimate, the company reported $220.80 million in the same quarter last year.

The consensus estimate for 'Adjusted Operating Profit (loss)- Refrigerated & Frozen' stands at $92.41 million. The estimate compares to the year-ago value of $114.40 million.

It is projected by analysts that the 'Adjusted Operating Profit (loss)- Foodservice' will reach $25.33 million. The estimate compares to the year-ago value of $27.70 million.

The combined assessment of analysts suggests that 'Adjusted Operating Profit (loss)- International' will likely reach $30.67 million. The estimate is in contrast to the year-ago figure of $37.70 million.

View all Key Company Metrics for Conagra Brands here>>>

Shares of Conagra Brands have experienced a change of -8.4% in the past month compared to the +0.7% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), CAG is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Conagra Brands (NYSE:CAG) shareholders elected all 11 director nominees, approved executive compensation, ratified KPMG LLP as the company’s independent auditor for fiscal 2027, and approved a shareholder proposal limiting the board’s authority to issue blank-check preferred stock at the company’s 2026 annual meeting.

The virtual meeting, held Sept. 23, had approximately 80% of Conagra’s voting stock represented either in person or by proxy, according to Executive Vice President, General Counsel and Corporate Secretary Carey Bartell. The certified final voting results are expected to be filed with the Securities and Exchange Commission on Form 8-K within four business days.

The shareholder proposal was submitted by The Accountability Board. Matthew Prescott, the organization’s president and chief operating officer, urged shareholders to support the measure, saying similar proposals had “passed resoundingly at other companies recently.” Board Changes and Leadership Transition Non-Executive Chairman Richard Lenny opened the meeting by welcoming John Brase to his first shareholder meeting as Conagra’s president and chief executive officer. Brase assumed the CEO position at the start of fiscal 2027.

Lenny said the board added John Mulligan and Pietro Satriano as independent directors during fiscal 2026. He also outlined committee leadership changes under the board’s succession plan: Melissa Lora became chair of the nominating and corporate governance committee, Denise Paulonis became chair of the audit and finance committee, and Mulligan succeeded Ruth Ann Marshall as chair of the human resources committee.

Lenny thanked Marshall for 10 years of leadership of the human resources committee and recognized Emanuel Chirico, who did not stand for reelection. He also credited former CEO Sean Connolly, who led Conagra for more than a decade and oversaw its transformation into a focused branded food company.

“The board’s fully committed to working with John Brase and his management team to drive long-term shareholder value,” Lenny said.

Fiscal 2026 Results Brase said Conagra delivered fiscal 2026 results within its original guidance ranges amid what he described as a dynamic environment, while acknowledging that the company needs to take “bold action” to unlock its full potential.

Reported net sales decreased 2.9%. Organic net sales decreased 0.4%. Reported operating margin was negative 14.4%, while adjusted operating margin was 11.3%. Reported diluted loss per share was $4, while adjusted earnings per share were $1.72. The company paid approximately $670 million in dividends. Net debt fell by nearly $1 billion compared with fiscal 2025. Conagra plans to report its first-quarter fiscal 2027 results on Sept. 30.

Four Priorities for Profitable Growth Brase outlined four interconnected priorities: restoring margins, increasing investment in brands and supply-chain capabilities, simplifying the business, and reallocating capital.

On margins, he said Conagra has sacrificed a “significant amount” of profitability over several years due to inflation and an emphasis on volume growth. The company aims to generate more than 4% productivity and will use targeted, inflation-justified pricing where needed, particularly in its frozen portfolio. Brase said those pricing steps could pressure volumes in the short term but are intended to support longer-term investment and category health.

For fiscal 2027, Conagra intends to raise advertising spending to approximately 3% of net sales, a 14% year-over-year increase. The additional investment will focus especially on frozen meals and meat snacks. The company also plans to increase capital investment in its supply chain to improve service, resilience and productivity.

Brase said “radical simplicity” will guide Conagra’s operations and portfolio decisions. The company will focus resources on brands and categories where it is best positioned and evaluate strategic alternatives for non-core businesses.

He also discussed Conagra’s July decision to reset its dividend, describing it as a move intended to accelerate progress toward the company’s leverage target, support business investments and improve financial flexibility. Brase said the company still intends to maintain a meaningful dividend that can grow with earnings over time.

Portfolio and Consumer Trends During the shareholder question-and-answer session, Brase said Conagra regularly evaluates strategic alternatives and expects to continue pursuing acquisitions and divestitures over time, though he declined to comment on possible future transactions or a potential company split.

Brase said the company’s portfolio is positioned to serve consumers using GLP-1 treatments through portion-controlled offerings, Healthy Choice frozen meals, high-protein Duke’s and Slim Jim snacks, and fiber-forward products including DAVID Seeds, Orville Redenbacher’s and Angie’s BOOMCHICKAPOP popcorn.

He also said Conagra’s range of frozen-meal brands allows it to compete across varying consumer spending conditions, citing premium offerings such as Healthy Choice and Evol alongside value-oriented Banquet products.

Brase said Conagra is developing a longer-term strategic roadmap and plans to provide additional details at a publicly available Investor Day in early calendar 2027.

About Conagra Brands (NYSE:CAG) Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender’s, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt’s and PAM.

Why Conagra’s Dividend Cut Could Be the Best Thing for InvestorsConagra Brands NYSE: CAG shareholders elected all 11 director nominees, approved executive compensation, ratified KPMG LLP as the company’s independent auditor for fiscal 2027, and approved a shareholder proposal limiting the board’s authority to issue blank-check preferred stock at the company’s 2026 annual meeting.

The virtual meeting, held Sept. 23, had approximately 80% of Conagra’s voting stock represented either in person or by proxy, according to Executive Vice President, General Counsel and Corporate Secretary Carey Bartell. The certified final voting results are expected to be filed with the Securities and Exchange Commission on Form 8-K within four business days.

Get Conagra Brands alerts:

Tomato Prices Are Spiking, and These 2 Food Stocks Could Feel the SqueezeThe shareholder proposal was submitted by The Accountability Board. Matthew Prescott, the organization’s president and chief operating officer, urged shareholders to support the measure, saying similar proposals had “passed resoundingly at other companies recently.”

Board Changes and Leadership Transition Non-Executive Chairman Richard Lenny opened the meeting by welcoming John Brase to his first shareholder meeting as Conagra’s president and chief executive officer. Brase assumed the CEO position at the start of fiscal 2027.

Conagra Stock Yields Nearly 9% After a 60% Decline—Time to Buy?Lenny said the board added John Mulligan and Pietro Satriano as independent directors during fiscal 2026. He also outlined committee leadership changes under the board’s succession plan: Melissa Lora became chair of the nominating and corporate governance committee, Denise Paulonis became chair of the audit and finance committee, and Mulligan succeeded Ruth Ann Marshall as chair of the human resources committee.

Lenny thanked Marshall for 10 years of leadership of the human resources committee and recognized Emanuel Chirico, who did not stand for reelection. He also credited former CEO Sean Connolly, who led Conagra for more than a decade and oversaw its transformation into a focused branded food company.

“The board’s fully committed to working with John Brase and his management team to drive long-term shareholder value,” Lenny said.

Fiscal 2026 Results Brase said Conagra delivered fiscal 2026 results within its original guidance ranges amid what he described as a dynamic environment, while acknowledging that the company needs to take “bold action” to unlock its full potential.

Reported net sales decreased 2.9%. Organic net sales decreased 0.4%. Reported operating margin was negative 14.4%, while adjusted operating margin was 11.3%. Reported diluted loss per share was $4, while adjusted earnings per share were $1.72. The company paid approximately $670 million in dividends. Net debt fell by nearly $1 billion compared with fiscal 2025. Conagra plans to report its first-quarter fiscal 2027 results on Sept. 30.

Four Priorities for Profitable Growth Brase outlined four interconnected priorities: restoring margins, increasing investment in brands and supply-chain capabilities, simplifying the business, and reallocating capital.

On margins, he said Conagra has sacrificed a “significant amount” of profitability over several years due to inflation and an emphasis on volume growth. The company aims to generate more than 4% productivity and will use targeted, inflation-justified pricing where needed, particularly in its frozen portfolio. Brase said those pricing steps could pressure volumes in the short term but are intended to support longer-term investment and category health.

For fiscal 2027, Conagra intends to raise advertising spending to approximately 3% of net sales, a 14% year-over-year increase. The additional investment will focus especially on frozen meals and meat snacks. The company also plans to increase capital investment in its supply chain to improve service, resilience and productivity.

Brase said “radical simplicity” will guide Conagra’s operations and portfolio decisions. The company will focus resources on brands and categories where it is best positioned and evaluate strategic alternatives for non-core businesses.

He also discussed Conagra’s July decision to reset its dividend, describing it as a move intended to accelerate progress toward the company’s leverage target, support business investments and improve financial flexibility. Brase said the company still intends to maintain a meaningful dividend that can grow with earnings over time.

Portfolio and Consumer Trends During the shareholder question-and-answer session, Brase said Conagra regularly evaluates strategic alternatives and expects to continue pursuing acquisitions and divestitures over time, though he declined to comment on possible future transactions or a potential company split.

Brase said the company’s portfolio is positioned to serve consumers using GLP-1 treatments through portion-controlled offerings, Healthy Choice frozen meals, high-protein Duke’s and Slim Jim snacks, and fiber-forward products including DAVID Seeds, Orville Redenbacher’s and Angie’s BOOMCHICKAPOP popcorn.

He also said Conagra’s range of frozen-meal brands allows it to compete across varying consumer spending conditions, citing premium offerings such as Healthy Choice and Evol alongside value-oriented Banquet products.

Brase said Conagra is developing a longer-term strategic roadmap and plans to provide additional details at a publicly available Investor Day in early calendar 2027.

About Conagra Brands (NYSE:CAG)Conagra Brands, Inc is a packaged food company that develops, manufactures and markets branded and private-label food products primarily in North America. Its portfolio spans frozen meals and sides, snacks, shelf-stable foods, condiments, refrigerated foods and cooking products, serving retail grocery, foodservice and other distribution channels.

Its well-known brands include Birds Eye, Healthy Choice, Banquet, Marie Callender's, Duncan Hines, Reddi-wip, Slim Jim, Vlasic, Hunt's and PAM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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The market expects Conagra Brands (CAG - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended August 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on September 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of -20.5%.

Revenues are expected to be $2.59 billion, down 1.4% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.47% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Conagra Brands?For Conagra Brands, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.22%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Conagra Brands will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Conagra Brands would post earnings of $0.46 per share when it actually produced earnings of $0.47, delivering a surprise of +2.17%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Conagra Brands doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Americans are increasingly asking AI what to snack on, according to Conagra Brands (CAG.N), a shift the Slim Jim meat stick-maker says is helping fuel demand for higher-protein foods, bold flavours ​and products tailored to specific health goals.

Driven partly by the rapid rise ​of weight-loss drugs and the White House's "Make America Healthy Again" ⁠initiative, consumers are seeking healthier food options more than ever.

Conagra, which also makes Hunt's ​ketchup, worked with research firm Circana to analyse more than 53 million shopping transactions ​covering 17,000 products across the US snacking sector. The sector generates $198.2 billion in annual retail sales and is growing about 1.4 times faster than the broader food market.

More has changed in ​how Americans eat and shop for food in the six years since the ​COVID-19 pandemic than in the previous 50 years, said Bob Nolan, Conagra's senior vice president of ‌growth ⁠science.

"Snacks are playing a bigger and more personal role in consumers' lives, whether someone wants a boost of protein, lasting energy, or a moment of comforting indulgence," Nolan said on Wednesday.

Health trends are only part of the story. Conagra's research ​found that younger ​consumers, particularly Gen ⁠Z, are driving demand for bolder flavours, from sweet-and-spicy combinations to tangy and briny snacks.

Consumers are also examining ingredients more ​closely and increasingly using AI tools to guide purchasing decisions, ​Conagra said. ⁠Rather than searching for a specific product, shoppers are asking for snacks that meet particular needs, such as higher protein or fibre content.

"That's why some of the traditional ⁠categories ​have been under pressure," said Nolan, noting that ​cookies and salty snacks have struggled.

"The emergence of these more nutrient-dense snacks and snacking for purpose have ​started really growing and accelerating," Nolan said.

New Guinness World Record Set as 429-foot Slim Jim is Certified in Omaha

, /PRNewswire/ -- For hundreds of employees at Conagra Brands' Omaha campus, September 9, 2026, will be remembered as the day they could meat history. Today Slim Jim®, America's best-selling meat stick1 and a brand of Conagra Brands, Inc. (NYSE: CAG) secured a Guinness World Records™ title for the World's Longest Meat Snack Stick. The stunning 429-foot-5-inch Slim Jim meat stick was certified by an official Guinness World Records adjudicator as their new World Record holder.

Slim Jim sets a Guinness World Record with a 429-foot meat stick

Conagra Brands Senior Vice President of R&D Jess Sweley addresses attendees in Omaha, Nebraska, where Slim Jim set a new Guinness World Records Title with a 429-foot-5 inch Slim Jim, the world’s longest meat snack stick.

Slim Jim set a new Guiness World Record Title in Omaha, Nebraska on September 9, 2026, for the world’s longest meat snack stick, a Slim Jim measuring 429 feet, 5 inches long.

Slim Jim set a new Guiness World Record Title in Omaha, Nebraska on September 9, 2026, for the world’s longest meat snack stick, a Slim Jim measuring 429 feet, 5 inches long.

Slim Jim set a new Guiness World Record Title in Omaha, Nebraska on September 9, 2026, for the world’s longest meat snack stick, a Slim Jim measuring 429 feet, 5 inches long.

Slim Jim set a new Guiness World Record Title in Omaha, Nebraska on September 9, 2026, for the world’s longest meat snack stick, a Slim Jim measuring 429 feet, 5 inches long.

Slim Jim set a new Guiness World Record Title in Omaha, Nebraska on September 9, 2026, for the world’s longest meat snack stick, a Slim Jim measuring 429 feet, 5 inches long. Experience the full interactive Multichannel News Release here: https://www.multivu.com/conagra-brands/9419851-en-slim-jim-guinness-world-record-worlds-largest-meat-snack-stick

At 143 yards – well past the length of a football field – and weighing in at nearly 70 pounds, the history-making Slim Jim is a fitting representation of the brand's bold, larger-than-life personality. While many in attendance today will share the tale of this behemoth Slim Jim with their grandchildren, the day was especially poignant for those team members who helped craft the Bunyanesque treat.

"The record-breaking Slim Jim is a testament to the creativity, expertise and dedication of our team," said Jess Sweley, Senior Vice President of Research & Development at Conagra Brands. "Our people bring innovation to life every day, and we wanted to find a unique way to celebrate their passion. This record-breaking Slim Jim was a true labor of love for our group."

The epic Slim Jim surged well past the former record holder, a 314-foot-long meat stick unveiled in 2023. Once the World Record was confirmed, Conagra Brands team members were invited to "Snap into a Slim Jim" like no other, taking celebratory bites of this history-making snack.

The task of beefing up a typical Slim Jim started in June 2025, with a team of 11 Conagra Brands employees who were charged with creating the record-breaking stick. Staying true to the iconic Slim Jim recipe, the group worked to ensure that this once-in-a-lifetime meat stick delivered the legendary snap that Slim Jim aficionados know and love.

"Slim Jim fans crave snacks that are big and bold," said Juan Amadaor, VP/GM for Slim Jim. "That attitude led us to create a Slim Jim stick that's bigger and bolder than anything the world has ever seen. We wish all the members of the Long Boi Gang could have joined us in Omaha today for a bite."

For a Slim Jim experience more suitable for everyday enjoyment, fans can get their own taste of big flavor with the new Slim Jim Cheese Mode™, the first-ever Slim Jim featuring real cheese inside every bite. Available in Cheddar and Cheddar & Jalapeño flavors, Cheese Mode brings together the legendary Slim Jim snap while delivering 10g of protein per stick.

Ready to "Snap into a Slim Jim?" For more information about Slim Jim and its lineup of bold-flavored meat snacks, visit slimjim.com.

About Slim Jim

Slim Jim, America's No. 1 meat stick1, has been satisfying generations of passionate fans with delicious snacks that deliver an iconic snap. Introduced as a tavern snack in Philadelphia nearly 100 years ago, Slim Jim currently offers sticks in a range of sizes and heat levels, including the top-selling Original Giant stick. A brand of Conagra Brands, Inc., Slim Jim products can be found in convenience stores, grocery stores and mass retail outlets nationwide. For more information, visit. www.slimjim.com.

About Conagra Brands

Conagra Brands, Inc. (NYSE: CAG), 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. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world.
Headquartered in Chicago, Conagra Brands generated fiscal 2025 net sales of nearly $12 billion. For more information, visit www.conagrabrands.com.

1: Circana POS MULO+w/C L52 Ending 7/26/26 (Snacks = RTE Salty Snacks, RTE Popcorn, Microwave Popcorn, Meat Snacks, Seeds/Snack Nuts/Trail Mix).

For all media inquiries, please contact:
Dan Skinner
Conagra Brands
(312) 549-5636
[email protected]

SOURCE Conagra Brands, Inc.

Conagra is rated a Buy, with low investor expectations, conservative guidance, and visible turnaround catalysts supporting an attractive risk-reward profile. CAG's near-term margin pressure is offset by upcoming pricing actions, productivity gains, and targeted reinvestment in brands, supply chain, and innovation. Management's conservative FY27 volume outlook, especially for frozen, leaves room for upside as recent share gains and product velocity outpace assumptions.

New Chicken Offering Delivers MEGA Taste, 16g of Protein Per Serving

, /PRNewswire/ -- As Americans look to add protein to their diets, the nation's appetite for chicken is reaching new heights. Among the most popular ways to enjoy chicken are crispy tenders, a category that has grown to $1.8 billion in annual retail sales1. To meet the nation's insatiable appetite for this beloved food, Banquet®, a brand of Conagra Brands, Inc. (NYSE: CAG) has debuted Banquet MEGA Crispy Chicken Tenders, available in Original and Spicy varieties. Perfect for a weeknight meal during the busy back-to-school season, Banquet MEGA Crispy Chicken Tenders provide 16g of protein per serving.  

As Americans look to add protein to their diets, the nation’s appetite for chicken is reaching new heights. Among the most popular ways to enjoy chicken are crispy tenders, a category that has grown to $1.8 billion in annual retail sales. To meet the nation’s insatiable appetite for this beloved food, Banquet, a brand of Conagra Brands, Inc.has debuted Banquet MEGA Crispy Chicken Tenders, available in Original and Spicy varieties.

As Americans look to add protein to their diets, the nation’s appetite for chicken is reaching new heights. Among the most popular ways to enjoy chicken are crispy tenders, a category that has grown to $1.8 billion in annual retail sales. To meet the nation’s insatiable appetite for this beloved food, Banquet, a brand of Conagra Brands, Inc., has debuted Banquet MEGA Crispy Chicken Tenders, available in Original and Spicy varieties.

As Americans look to add protein to their diets, the nation’s appetite for chicken is reaching new heights. Among the most popular ways to enjoy chicken are crispy tenders, a category that has grown to $1.8 billion in annual retail sales. To meet the nation’s insatiable appetite for this beloved food, Banquet, a brand of Conagra Brands, Inc., has debuted Banquet MEGA Crispy Chicken Tenders, available in Original and Spicy varieties.

As Americans look to add protein to their diets, the nation’s appetite for chicken is reaching new heights. Among the most popular ways to enjoy chicken are crispy tenders, a category that has grown to $1.8 billion in annual retail sales. To meet the nation’s insatiable appetite for this beloved food, Banquet, a brand of Conagra Brands, Inc., has debuted Banquet MEGA Crispy Chicken Tenders, available in Original and Spicy varieties. "Chicken tenders provide so much of what Americans seek in a meal," said Ayesha Narula, VP/GM, Conagra Brands. "Convenient protein, easy prep, and delicious taste are among the many reasons consumers enjoy chicken tenders. As we prepared for the arrival of our Banquet MEGA Crispy Chicken Tenders, we found some fascinating insights on their broad popularity."

Chicken in America: A Closer Look
Since the 1940s, chicken has steadily risen to become America's most widely available protein. In 1996, chicken moved past pork to become the second-most available protein then overtook beef in 20102. The average American's total chicken consumption first surpassed 100 pounds in 2024 and is projected at 106.8 pounds per American in 20273.

Driving the appetite for chicken are Gen Z consumers seeking protein. Half of Gen Z adults are looking to add more protein to their diets, up 14% versus year ago4. With 23% of Gen Z's annual eating occasions marked as "Heat & Eat" meals5, chicken tenders are an ideal mealtime solution. Nationwide, 48% of all consumers say they are actively seeking more protein, a figure that is up 6.8 points versus a year ago6.

The following stats further illustrate the depth of America's appetite for chicken and chicken tenders.

$1.8 billion: Annual retail sales for frozen chicken tenders and strips1 3%: Three-year compound annual dollar growth for frozen chicken tenders and strips7 62.3%: Share of U.S. households buying frozen prepared chicken at least once a year8 27%: Tenders' menu penetration rate; more than a quarter of all U.S. restaurant menus9 $56.5 billion: Consumer spending at chicken-focused quick-service restaurants over the 12-month period ending June 2026, up 5% over the previous year10 38%: Percentage of frozen chicken prepared at home in an oven, narrowly topping air fryers (37%) as the top prep method11 Adding to chicken tenders' universal appeal is their ability to be customized with dipping sauces. Recent research found that top menu pairings include ranch (21% of menu pairings), Buffalo (18%), honey mustard (17%) and BBQ (7%)12; while at home ketchup (51%) accounts for more than half of the condiment or sauce pairings with chicken tenders13.

Banquet MEGA Crispy Chicken Tenders are ready to prepare whenever you need them. Easy to prepare in an air fryer, a 22 oz. bag includes approximately 11 tenders. The Banquet MEGA Crispy Chicken Tenders are now available in Original and Spicy varieties for a suggested retail price of $7.49. For more information, visit www.banquet.com. 

About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), 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. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2026 net sales of over $11 billion. For more information, visit www.conagrabrands.com.

1, 7, 8: Total MULO+ C L52 WE 7/26/2026; Circana Panel Total US – All Outlets L52 W/E 7/12/2026
2, 3: Per Capita Consumption of Poultry and Livestock, 1960 to Forecast 2027, in pounds – National Chicken Council
4: Circana NET Habits L1YE Ending September 2025 
5: Circana National Eating Trends 1 Year Ending June 2025 
6: Circana National Eating Trends HABTS L12 Months Ending March 2026 
9: Datassential, August 2026 
10: Circana CREST Data 12ME June 2026 
11,13: Circana National Eating Trends, Frozen Chicken Tenders, last two years ending January 2025 
12: Datassential, June 2026

For all media inquiries, please contact:
Dan Skinner
Conagra Brands
(312) 549-5636
[email protected]

SOURCE Conagra Brands, Inc.

Conagra Brands to Release Fiscal 2027 First Quarter Earnings on September 30, 2026 PR Newswire CHICAGO, Aug. 31, 2

Conagra Brands faces ongoing declines in margins, sales, and earnings, with FY '27 guidance signaling further deterioration. New CEO John Brase halved the dividend to 4.3%, freeing capital for debt reduction, core brand investment, and productivity initiatives. Management plans to divest non-core brands, simplify operations, and target a net leverage of 3.0, though FY27 net leverage is expected to rise to 4.0.