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Conagra Brands, Inc. remains a Buy, supported by a compelling portfolio, a strategic CEO transition, and an attractive valuation despite recent underperformance. The new CEO, John Brase, brings operational excellence and a clear mandate to simplify operations, raise prices, and focus on growth categories like frozen meals and meat snacks. The 50% dividend cut, while anticipated, strengthens CAG's balance sheet and supports long-term capital allocation priorities amid elevated leverage and margin pressures.

Alexandre Eboli, the chief supply chain and transformation officer at Conagra Brands, Inc. (CAG -0.14%), disposed of 8,186 shares of common stock at $14.28 per share on July 17, 2026, and July 19, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueShares sold8,186Transaction value~$116,896Post-transaction shares (directly held)67,109Post-transaction value$984,153.48Transaction value based on SEC Form 4 weighted average sale price ($14.28).

Key questionsWhat was the specific catalyst for this transaction?
The disposal was a non-discretionary event triggered by the vesting of restricted stock units (RSUs) granted in July 2023 and July 2025. These awards reached scheduled vesting milestones on July 17, 2026, and July 19, 2026, and the shares were withheld by the company to fulfill the insider's tax withholding requirements.What is the executive's remaining equity exposure?
Following the withholding, Eboli maintains a direct position of 67,109 shares. The executive also holds 24,015 derivative securities in the form of unvested RSUs, which are scheduled to vest in subsequent tranches through July 2028.How does this transaction align with the company's current financial profile?
As of the July 20, 2026 market close, Conagra Brands common stock was priced at $14.66, giving the company a market capitalization of $7.0 billion. The firm reported trailing twelve-month revenue of $11.3 billion and a net loss of $1.9 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$14.66Market Capitalization$7.0 billionRevenue (TTM)$11.3 billionNet Income (TTM)-$1.9 billionCompany SnapshotConagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, generating revenue through four primary segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.The company operates a vertically integrated business model that combines manufacturing, distribution, and retail partnerships to deliver packaged foods to consumers through multiple channels, including supermarkets, foodservice establishments, and direct-to-consumer platforms.Conagra serves a broad customer base spanning retail consumers, foodservice operators, and institutional purchasers across North America, with particular emphasis on the United States market, where the majority of revenue is generated.Conagra Brands is a leading manufacturer of packaged food products with an enterprise value of $7.0 billion and annual revenues of $11.3 billion (TTM). The company leverages its diversified product portfolio and established distribution infrastructure to maintain competitive positioning within the packaged foods sector. Conagra's multi-segment operating structure provides revenue diversification across consumer retail channels and foodservice markets, supporting its strategic positioning in the defensive consumer staples category.

What this transaction means for investorsEboli's remaining awards vest in tranches stretching to July 2028, which tells you that this filing is just one scheduled slice of a multiyear compensation package coming due, with 8,186 shares peeled off for taxes at $14.28. He's one of several Conagra executives whose stock vested and got withheld the same week, a telltale sign of a shared annual grant date, rather than a huddle over the share price. Plus, he keeps 67,109 shares plus more unvested units, which means he has plenty of reason to ensure the firm performs well.

His title is worth pausing on, though. As chief supply chain and transformation officer, Eboli owns the levers Conagra is now pulling. The company just closed fiscal 2026 with fourth-quarter adjusted operating margin down 215 basis points to 11.7%, squeezed by roughly 6.5% inflation, including tariffs, and is pouring freed-up cash into supply chain modernization and manufacturing in-sourcing. CEO John Brase is pushing an initiative he calls "radical simplicity" to cut complexity. In other words, Conagra is spending to rebuild margins while sales decline, but the executive running that effort just had routine shares vest, nothing more.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Conagra Brands (CAG 1.31%) reported fourth-quarter and full-year fiscal 2026 earnings on July 15. Newly appointed CEO John Brase, who took the helm on June 1, wasted no time announcing a 50% cut to the dividend, reducing the quarterly payout from $0.35 per share to $0.175, or $0.70 per year. The dividend cut will reduce Conagra's yield from 10% to 5%, which is still high-yield territory and significantly higher than the S&P 500's dividend yield of 1%.

With Conagra stock down more than 50% in the last two years and its market cap falling to $6.7 billion, Conagra was kicked out of the S&P 500 on June 29.

Despite the massive dividend cut, Conagra Brands fell just 0.4% on July 15. Here's why the dividend cut could signal the right move for long-term investors. Is the value stock a good buy now?

Image source: Getty Images.

The good and the bad from Conagra's results Conagra reported a 2.9% decrease in net sales for fiscal 2026 and a 0.4% decline in organic net sales. The company is guiding for a 1% to 3% decline in fiscal 2027 organic net sales compared to fiscal 2026 as the industrywide slowdown drags on.

Conagra took a $2 billion goodwill and brand impairment charge in its latest quarter, which it attributed to a sustained decline in its share price and market capitalization. The impairment charge led to a hefty $3.37 in negative earnings per share (EPS). But excluding that charge, Conagra earned $0.47 in EPS and is guiding for adjusted fiscal 2027 EPS of $1.40 to $1.50 and adjusted operating margins of 10% to 10.5%.

While impairment charges affect the income statement and earnings, they don't affect cash inflows and outflows. In fact, Conagra raked in $979 million in free cash flow (FCF) in fiscal year 2026, which was less than the $1.3 billion from the prior fiscal year but was still enough to cover $670 million in dividends. With dividend expense cut in half and growth basically stalling, Conagra should have more cash to work with in fiscal 2027 to try to turn its business around.

Conagra exited fiscal 2026 with $7.1 billion in net debt, a 11.9% reduction from the prior year, but still a significant amount of debt for a company of its size. With more FCF to work with, Conagra should be able to reduce its leverage further in fiscal 2027.

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A dividend cut was the right move While no investor wants to see their quarterly dividend checks shrink, the trade-off is worth it if the underlying business improves. After all, a dividend is only as reliable as the company paying it. And if the dividend is soaking up much-needed cash or adding to the company's debt, it's unstable.

If you had invested $1,000 in Conagra stock 10 years ago, you'd have $554 today -- even when factoring in dividends. You can think of collecting high-yield dividends from a struggling company like plugging holes in a sinking ship. It would be far more useful to fix the underlying problem causing the ship to sink than to appease shareholders with a short-term solution like a high dividend.

However, the challenge with Conagra is that extra cash alone won't solve its problems. The company doesn't have an exciting new business idea with a good chance of generating a high return on capital. Rather, it has a portfolio anchored in frozen foods, snacks, treats, and processed foods.

Conagra has made a concerted effort to fine-tune its healthier brands by reducing its product count, removing artificial colors, and offering more nutritious versions of some products. But there's no denying Conagra is operating in the most challenging part of the food industry -- which is North American processed foods.

For context, PepsiCo (PEP 1.66%) is hovering around a multiyear low because its North American snack business (PepsiCo owns Frito-Lay) is dragging down what has otherwise been a solid performance from its North American beverage portfolio and excellent international results. Conagra doesn't benefit from diversification, as the vast majority of its sales come from North America.

Conagra is dirt cheap for good reasons Even after its dividend cut, Conagra will still yield around 5%. Its FCF should be more than enough to cover its dividend. And the stock trades at just 9.7 times the midpoint of its adjusted earnings forecast. But Conagra has a lot of debt. And the company's pivot toward healthier options has yet to translate to meaningful results. So investors should consider the consumer staples stock only if they believe the company's portfolio of brands is strong enough to adapt to changing consumer preferences. If that happens, Conagra could look dirt cheap in hindsight. But a safer bet is to go with a stock like Pepsi that isn't solely dependent on the North American packaged food industry.

Like Conagra, Pepsi's valuation has compressed down to multiyear lows. Pepsi trades at just 15.8 times forward earnings, has a solid balance sheet, yields 4.4%, and has 54 consecutive years of increasing its dividend -- making it a Dividend King (a company that has raised its dividend for 50 or more consecutive years).

So while investors could reach all the way to the bottom of the bargain bin and scoop up shares of Conagra, a far less risky way to bet on a recovery in the North American packaged food industry is to go with Pepsi.

Conagra Brands (NYSE:CAG) executives said the packaged-food company is pursuing a more balanced strategy for fiscal 2027, emphasizing margin stabilization, increased brand and supply chain investment, and a more focused portfolio after a period of pressure from inflation and complexity.

During the company’s fourth-quarter fiscal 2026 earnings Q&A call, newly appointed CEO John Brase said Conagra is taking steps to create more flexibility in its capital allocation, including a dividend reduction intended to help the company move toward a 3.0x leverage target over time.

“I really believe a balanced approach to capital allocation is critical to the long-term success of the company,” Brase said. He said the dividend cut is intended to support deleveraging while also “unlocking some meaningful investments in the business in fiscal 2027.”

Conagra Plans Higher Brand and Supply Chain Spending Brase said Conagra plans to increase brand-building investment by $40 million in fiscal 2027, representing a 14% increase, and add $125 million in capital spending. He characterized the brand spending as “a first move towards efficiency” and said the company will continue to evaluate additional opportunities to invest where it can accelerate profitable growth.

The additional capital spending is expected to support supply chain resilience and lower costs by moving more production in-house. Matthew Neisius, senior director of investor relations, said Conagra’s long-term capital expenditure guidance remains between 4% and 5% of net sales, with fiscal 2027 toward the upper end of that range. He said roughly $100 million of the year-over-year increase in capital spending is related to larger insourcing projects, including fried chicken and broader protein-related initiatives.

Brase said Conagra will track service levels as a key measure of supply chain progress, aiming to operate in the 98% to 98.5% range. Neisius added that inventory and working capital management will remain priorities after the company reduced inventories in fiscal 2026.

Pricing Actions Aim to Offset Persistent Inflation Executives said Conagra is facing continued inflationary pressure in fiscal 2027. Neisius said the company expects inflation of 5% to 6%, while targeting productivity savings above 4%. He said inflation exceeding productivity remains a pressure point, but pricing actions planned for mid-second quarter should provide a partial offset.

Brase said the company’s “first line of defense” against inflation will be productivity, but added that Conagra will also use inflation-justified pricing where needed.

“This is all about balance, ensuring we’re priced competitively, we’re also passing along inflation-justified prices where we need to give us the ability to drive our brands that we compete in,” Brase said.

Neisius said the company’s guidance implies volumes down mid-single digits for the year and, at the midpoint of a 2% organic net sales decline, price/mix of about positive 3%. He said pricing will be more visible in the second quarter and beyond, particularly in Frozen, where some of the pricing is concentrated.

Frozen Business Remains a Priority Despite Margin Pressure Analysts pressed executives on Conagra’s Frozen business, where prior investments to drive volume have contributed to margin compression. Brase said Conagra is not backing away from the category.

“We are not backing off our commitment to Frozen,” Brase said. He described Frozen as an attractive category where Conagra has scale, a strong competitive position and a significant innovation pipeline.

Brase said past investments have helped volume performance but have also weighed on margins. For fiscal 2027, he said the company has built in prudent assumptions, including higher-than-historical price elasticities and volume declines weighted toward Frozen. Neisius said elasticity assumptions in Frozen reflect the current consumer environment, while Grocery & Snacks assumptions are closer to a one-to-one level.

Conagra also plans to continue investing in what Brase called “permissible snacking,” including meat snacks, seeds, popcorn and some sweet snacks that he said are performing well.

CEO Points to Portfolio Simplification Brase, who said he has spent his first 45 days listening to employees, customers, consumers and investors, repeatedly pointed to simplification as a major area of focus. He said Conagra’s portfolio is “too large” and “too complex” and that reshaping it will be a meaningful part of the company’s strategy.

Brase said the effort will include both a bottom-up review of individual SKUs and a top-down assessment of what the portfolio should look like over the next five years. He said Conagra has about 5,500 SKUs and that each item will need to demonstrate that it is serving consumers and customers while creating value for the enterprise.

“Complexity can be the enemy of execution,” Brase said, adding that simplification should allow Conagra to focus resources on brands and segments where it has “a right to win.”

He said broader portfolio reshaping is likely to have a mid- to long-term impact, while some SKU cleanup could occur sooner. Brase said the company plans to provide a fuller strategic update at an Investor Day in early 2027.

Deleveraging and Credit Ratings Remain in Focus Conagra executives also discussed the balance sheet following questions about leverage, ratings and debt maturities. Neisius said the dividend reduction is expected to free up roughly $1 billion of incremental cash flow over the next three years, much of which will be used to reduce debt.

Neisius said Conagra remains committed to its investment-grade credit rating and that rating agencies are aware of the company’s plan. He also noted that Conagra delivered free cash flow conversion of 119% in fiscal 2026, marking the third consecutive year above 115%.

Asked about October debt maturities, Neisius said Conagra is evaluating refinancing options, including commercial paper, term loans and public notes. He said the company’s interest expense outlook reflects a continued focus on debt paydown.

Brase said the company’s task now is to execute on its plan. “Our actions matter even more,” he said. “Our job now is to go deliver that plan with no excuses.”

About Conagra Brands (NYSE:CAG) Conagra Brands, Inc is a leading packaged foods company based in Chicago, Illinois, with a broad portfolio of shelf-stable, frozen and refrigerated foods marketed under familiar brands. The company develops, produces and distributes a wide range of consumer food products, serving both retail grocery and foodservice channels. Conagra’s product lineup includes frozen entrees, snacks, condiments, baking goods and desserts, providing convenient meal solutions for consumers across North America and select international markets.

Among its well-known brands are Birds Eye, Healthy Choice, Lean Cuisine, Marie Callender’s and Banquet in the frozen foods category, as well as Hunt’s sauces, Orville Redenbacher’s popcorn, Slim Jim meat snacks and Reddi-wip toppings.

Conagra Brands Inc (NYSE:CAG) is embarking on a strategic reset after reporting fourth quarter results that missed expectations on sales and operating profit, prompting Jefferies to reiterate its Hold rating while raising its price target to $14 from $13.

The company reported fourth quarter revenue and operating profit below consensus expectations, although adjusted earnings per share were broadly in line with forecasts, helped by a lower tax rate. Management also issued fiscal 2027 guidance that Jefferies described as broadly consistent with buy-side expectations.

A key announcement was Conagra's decision to cut its dividend by 50%, a move expected to free about $335 million in annual cash flow. The company plans to use the funds for debt reduction, increased investment in its brands, and supply chain modernization.

Jefferies wrote that the dividend reduction should help accelerate progress toward the company's long-term leverage target, although leverage is expected to rise to around 4.0x in fiscal 2027. Capital expenditure is projected to increase to about $550 million in fiscal 2027, with roughly $100 million of the year-over-year increase allocated to protein and fried chicken projects. Advertising and promotion spending is also expected to rise to around 3% of net sales.

The firm highlighted CEO John Brase's strategic priorities, including a shift in the frozen food business away from volume growth and toward protecting margins through pricing. According to Jefferies, the company's guidance assumes mid-single-digit percentage volume declines alongside low-single-digit price increases, driven primarily by the frozen category.

Brase also outlined plans to simplify Conagra's product portfolio and operations, beginning with a review of individual stock keeping units (SKUs) before broader portfolio changes over the medium to long term. Additional details are expected at an investor day in early calendar 2027.

Jefferies wrote that inflation remains a challenge, with management citing approximately 6.5% inflation across beef, edible oils, and more recently crude oil and logistics, while consumers remain focused on value.

"With the fiscal 2027 guide within buyside expectations and actions outlined to address volume/margin imbalance, underinvestment, and complexity, we don't view the print as an incremental negative,” the analysts wrote.

Jefferies noted that the key question is whether fiscal 2027 represents the low point for earnings and whether the company's assumptions are sufficiently conservative.

The firm added that if Conagra's reinvestment efforts lead to a gradual improvement in demand while restoring profitability, the turnaround could ultimately benefit the business, although execution risks remain.

Shares of Conagra traded at $14 on Thursday afternoon, down about 16% so far this year.

Key Takeaways CAG targets a margin reset with fiscal 2027 goals for sales, operating margin and EPS.Conagra Brands plans $40M more brand investment and $125M incremental capital spending.CAG is evaluating its 5,500 SKUs to reduce complexity and improve resource allocation. Conagra Brands, Inc. (CAG - Free Report) used its fourth-quarter fiscal 2026 earnings call to outline a reset focused on restoring margins, improving supply chain capabilities and simplifying the portfolio. Management emphasized balancing near-term profitability with investments intended to strengthen future performance.

The company reported adjusted EPS of $0.47, ahead of the Zacks Consensus Estimate of $0.46, while revenues reached $2.882 billion compared with the consensus estimate of $2.876 billion. Management’s discussion centered more on strategic changes than on quarterly results.

CAG's Margin Reset PlanCEO John Brase said the company is prioritizing a healthier margin structure after several years of emphasizing volume growth. He highlighted the need to balance competitive pricing, investment levels and profitability as Conagra works toward a stronger operating foundation.

The company’s fiscal 2027 outlook reflects this shift, with organic net sales expected to decline 3-1%, adjusted operating margin targeted at 10-10.5%, and adjusted EPS projected at $1.40-$1.50.

Management also pointed to productivity as a key driver, targeting productivity savings above 4% while addressing inflation pressures. Executives noted that pricing actions will play a role in supporting investment capacity.

Conagra's Investment BalanceBrase said the company plans to increase brand investment by $40 million, representing a 14% increase, while adding $125 million of incremental capital spending to strengthen supply chain resilience and reduce costs.

The company expects fiscal 2027 capital expenditures of about $550 million, with free cash flow conversion above 90%. Management said investments are designed to improve manufacturing capabilities while supporting long-term efficiency.

During the Q&A, a Barclays analyst questioned whether balance sheet constraints limited investment levels. Brase responded that the dividend reduction and capital allocation changes create room for both reinvestment and progress toward the company’s leverage target.

CAG's Frozen FocusManagement maintained that frozen remains a strategic priority despite recent margin pressure. Brase said the company intends to continue investing in frozen brands while using pricing and productivity actions to rebuild profitability.

The Refrigerated & Frozen segment generated $1.2 billion in fourth-quarter sales, but adjusted operating profit declined 18.5% to $139 million due to inflation, higher SG&A and unfavorable operating leverage.

A Bank of America analyst asked about the balance between frozen margin improvement and continued investment. Management said pricing actions, productivity improvements and innovation spending are intended to address both priorities.

Conagra's Portfolio ReviewBrase said portfolio simplification is a major focus, noting that the company plans to evaluate opportunities to reduce complexity and improve resource allocation. He said the review will include a detailed assessment of the company’s approximately 5,500 SKUs.

Management highlighted frozen and permissible snacking categories, including meat snacks, seeds and popcorn, as areas where Conagra believes it has competitive advantages.

A RBC Capital Markets analyst asked about the timing of portfolio changes. Brase said strategic portfolio actions would be a longer-term effort, while near-term opportunities include reducing SKU complexity.

CAG's Guidance FrameworkConagra entered fiscal 2027 with a focus on improving execution while managing inflation and consumer sensitivity. Management said pricing assumptions and volume trends are key factors it will monitor throughout the year.

The company reported fiscal 2026 adjusted EPS of $1.72, adjusted operating margin of 11.3% and free cash flow of $978.7 million. Net debt ended the year at $7.1 billion, with a net leverage ratio of 3.83X.

Executives also said the dividend reduction is expected to support deleveraging efforts. Management expects the change to free roughly $1 billion of incremental cash flow over the next three years.

Conagra's Closing DirectionBrase said his early focus has been listening to investors, customers and employees while identifying opportunities to simplify operations and improve accountability. He highlighted Project Catalyst as an initiative aimed at improving efficiency.

Management’s message on the call was centered on rebuilding operational discipline through targeted investments, portfolio focus and stronger cash management. The company plans to provide additional strategic details at an Investor Day in early 2027.

Zacks Signals for CAGCAG carries a Zacks Rank #4 (Sell) at present, which indicates that the stock is currently positioned lower within the Zacks Rank system based on earnings estimate revisions. The Zacks Rank can change as analysts update their estimates following new company information.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Value Score of A, a Growth Score of D, a Momentum Score of B and a VGM Score of B. The Zacks Style Score is designed to complement the Zacks Rank by evaluating value, growth and momentum characteristics, with higher grades representing stronger relative characteristics within each style category.

Conagra Brands, Inc. (CAG) Q4 2026 Earnings Call Prepared Remarks Transcript

HomeIndustriesFood/Beverages/TobaccoEarnings ResultsEarnings ResultsThe packaged-food giant, known for brands like Slim Jim and Healthy Choice, forecast a drop in organic salesJuly 15, 2026, 2:07 p.m. ET

Conagra Brands’ stock was up a bit on Thursday, but the company’s results and forecast were the latest dose of bad news for the packaged-food industry.

Conagra — known for brands like Slim Jim jerky, Healthy Choice frozen meals, Hunt’s tomato sauce and Orville Redenbacher’s popcorn — cut its dividend in half to shore up its finances, booked a $2 billion impairment charge from a months-long drop in its stock price, reported mixed fourth-quarter results and forecast falling sales in the fiscal year ahead.

Conagra Brands, Inc. (CAG) Q4 2026 Earnings Call Transcript

The packaged food company announced fiscal 2027 profit guidance and cut its annual dividend.

For the quarter ended May 2026, Conagra Brands (CAG - Free Report) reported revenue of $2.88 billion, up 3.6% over the same period last year. EPS came in at $0.47, compared to $0.56 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $2.88 billion, representing a surprise of +0.21%. The company delivered an EPS surprise of +2.17%, with the consensus EPS estimate being $0.46.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Conagra Brands performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales growth - Grocery & Snacks: 0.3% versus the three-analyst average estimate of -0.2%.Net Sales growth - Refrigerated & Frozen: 5.3% versus 5.6% estimated by three analysts on average.Price/Mix - Foodservice: 2.6% versus 3.2% estimated by three analysts on average.Volume (Organic) - Foodservice: -0.8% versus -0.2% estimated by three analysts on average.Price/Mix - International: 0.6% versus 0.8% estimated by three analysts on average.Net Sales growth - International: 6.3% versus 1.6% estimated by three analysts on average.Net Sales growth - Foodservice: 8.1% compared to the 9.5% average estimate based on three analysts.Net Sales growth - Total Sales: 3.6% versus 0.9% estimated by three analysts on average.Sales- Grocery & Snacks: $1.15 billion versus $1.15 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change.Sales- Foodservice: $302.2 million versus the three-analyst average estimate of $306.25 million. The reported number represents a year-over-year change of +8%.Sales- International: $244.4 million versus the three-analyst average estimate of $233.68 million. The reported number represents a year-over-year change of +6.2%.Sales- Refrigerated & Frozen: $1.18 billion compared to the $1.19 billion average estimate based on three analysts. The reported number represents a change of +5.3% year over year.View all Key Company Metrics for Conagra Brands here>>>

Shares of Conagra Brands have returned +4.4% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

, /PRNewswire/ -- Today Conagra Brands, Inc. (NYSE: CAG) reported results for the fourth quarter and full fiscal year 2026, which ended on May 31, 2026. All comparisons are against the prior year fiscal period, unless otherwise noted.

Highlights

Fourth quarter fiscal 2026: Reported net sales increased 3.6%; organic net sales were approximately flat Reported operating margin was (57.5)%; adjusted operating margin was 11.7% Reported diluted loss per share was $3.37, primarily as a result of certain non-cash goodwill and brand impairment charges; adjusted earnings per share (EPS) were $0.47 Full year fiscal 2026: Reported net sales decreased 2.9%; organic net sales decreased 0.4% Reported operating margin was (14.4)%; adjusted operating margin was 11.3% Reported diluted loss per share was $4.00; adjusted EPS was $1.72 The company is providing fiscal 2027 guidance to reflect: 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, "I am honored to step into the role of CEO and energized by the opportunities ahead. Conagra has an exceptional portfolio of iconic brands, talented employees, strong customer relationships, and leading positions in attractive categories. In fiscal 2026, our team delivered results within our guidance ranges, navigating a dynamic operating environment while demonstrating the resilience of our business and disciplined execution across the organization."

He continued, "As I immerse myself in the business, I see several near-term opportunities to strengthen the business including stabilizing and restoring our margin profile, increasing investment behind our brands and supply chain, driving simplicity and reducing complexity across the organization, and enhancing our financial flexibility. Taking action against these opportunities will improve our competitiveness, build a strong foundation for growth, and help unlock the full potential of our portfolio. Consistent with these priorities, and as approved by our Board of Directors, we are announcing today a reduction in our dividend to an annualized rate of $0.70 per share. While there is important work to do, I am confident in the strength of our brands, our people, and our ability to improve performance and deliver attractive long-term returns for shareholders."

Total Company Fourth Quarter Results
In the quarter, reported net sales increased 3.6% to $2.9 billion reflecting:

a 0.5% increase from the favorable impact of foreign exchange, a 4.6% decrease from the impact of M&A, a 7.7% increase from the impact of the 53rd week, and flat organic net sales. Organic net sales were driven by a 1.6% positive impact from price/mix and a 1.6% decrease in volume. In the quarter, the company gained volume share in categories including frozen single-serve meals, frozen multi-serve meals, frozen vegetables, meat snacks, seeds, and pudding.

Gross profit decreased 0.4% to $704 million in the quarter and adjusted gross profit decreased 1.6% to $706 million versus the prior year as productivity, approximately $6 million in tariff refunds, and the impact of the 53rd week were more than offset by the negative impact of cost of goods sold inflation and unfavorable operating leverage. Gross margin decreased 99 basis points to 24.4% in the quarter, and adjusted gross margin decreased 130 basis points to 24.5%.

Selling, general, and administrative expense (SG&A), which includes advertising and promotional expense (A&P), increased 20.4% to $401 million in the quarter primarily due to certain restructuring charges, higher incentive compensation expense, and the impact of the 53rd week. Adjusted SG&A, which includes A&P, increased 11.0% to $369 million primarily due to the incentive compensation and 53rd week impacts previously mentioned. A&P increased 8.4% to $67 million compared to the prior year quarter.

In the quarter, the company incurred $2.0 billion of non-cash goodwill and brand impairment charges primarily triggered by a sustained decline in the company's share price and market capitalization.

Pension and postretirement non-service income was $28 million in the quarter compared to $17 million of income in the prior year period. Adjusted pension and postretirement non-service income increased $2 million to $5 million in the quarter.

In the quarter, equity method investment earnings decreased 25.8% to $43 million and adjusted equity method investment earnings decreased 26.1% to $45 million as results from the company's joint venture, Ardent Mills, were impacted by lower commodity trading revenue and unfavorable operating leverage.

Net interest expense was $100 million in the quarter. Compared to the prior year period, net interest expense decreased 2.0% or $2 million, due to a reduction in total debt.

In the quarter, the effective tax rate was 4.2% compared to 12.7% in the prior year. The adjusted effective tax rate was 20.6% compared to 22.3% in the prior year period driven by a one-time benefit related to foreign currency translations.

In the quarter, net loss attributable to Conagra Brands was $1.6 billion, or $3.37 per diluted share. Adjusted net income attributable to Conagra Brands was $228 million, or $0.47 per diluted share.

Adjusted EBITDA, which includes adjusted equity method investment earnings and adjusted pension and postretirement non-service income, was $484 million in the quarter.

The average diluted share count in the quarter was 479 million shares.

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

Total Company Fiscal 2026 Results
For the full fiscal year, net sales decreased 2.9% to $11.3 billion reflecting:

a 0.3% increase from the favorable impact of foreign exchange, a 4.6% decrease from the impact of M&A, a 1.8% increase from the impact of the 53rd week, and a 0.4% decrease in organic net sales. For the full fiscal year, gross profit decreased 10.2% to $2.7 billion and adjusted gross profit decreased 9.4% to $2.7 billion as higher productivity and the favorable impact of the 53rd week 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 194 basis points to 23.9% and adjusted gross margin decreased 175 basis points to 24.0%.

For the full fiscal year, diluted loss per share was $4.00, primarily as a result of the non-cash goodwill and brand impairment charges outlined above, and adjusted EPS was $1.72.

Grocery & Snacks Segment Fourth Quarter Results
Net sales for the Grocery & Snacks segment increased 0.3% to $1.2 billion in the quarter, reflecting: 

an 8.0% decrease from the impact of M&A, a 7.8% increase from the impact of the 53rd week, and a 0.5% increase in organic net sales. The increase in organic net sales was driven by a price/mix increase of 4.0% and a volume decrease of 3.5%. 

Operating loss for the segment was $13 million in the quarter as a result of the brand impairment charges outlined above. Adjusted operating profit decreased 4.1% to $216 million as higher organic net sales, higher productivity, and the impact from the 53rd week were more than offset by the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher SG&A.

Refrigerated & Frozen Segment Fourth Quarter Results
Net sales for the Refrigerated & Frozen segment increased 5.3% to $1.2 billion in the quarter, reflecting:

a 1.8% decrease from the impact of M&A, a 7.6% increase from the impact of the 53rd week, and a 0.5% decrease in organic net sales. The decrease in organic net sales was driven by a price/mix decrease of 0.8% and a volume increase of 0.3%.

Operating loss for the segment was $1.6 billion as a result of the non-cash goodwill and brand impairment charges outlined above. Adjusted operating profit decreased 18.5% to $139 million as higher productivity and the impact from the 53rd week were more than offset by lower organic net sales, the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher SG&A.

International Segment Fourth Quarter Results
Net sales for the International segment increased 6.3% to $244 million in the quarter, reflecting:

a 6.0% increase from the favorable impact of foreign exchange, a 4.9% decrease from the impact of M&A, a 7.6% increase from the impact of the 53rd week, and a 2.4% decrease in organic net sales. The decrease in organic net sales was driven by a price/mix increase of 0.6% and a volume decrease of 3.0%.

Operating profit for the segment decreased 8.0% to $32 million in the quarter and adjusted operating profit decreased 7.1% to $33 million as higher productivity, favorable foreign exchange rates, and the impact of the 53rd week were more than offset by lower organic net sales, the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher SG&A.

Foodservice Segment Fourth Quarter Results
Net sales for the Foodservice segment increased 8.1% to $302 million in the quarter, reflecting:

a 1.4% decrease from the impact of M&A, a 7.7% increase from the impact of the 53rd week, and a 1.8% increase in organic net sales. The increase in organic net sales was driven by a price/mix increase of 2.6% and a volume decrease of 0.8%. 

Operating profit and adjusted operating profit for the segment decreased 6.9% to $29 million in the quarter as higher organic net sales, higher productivity, and the impact of the 53rd week were more than offset by the negative impact of cost of goods sold inflation, unfavorable operating leverage, and higher SG&A.

Cash Flow and Debt Update
For the full fiscal year, the company generated $1.4 billion in net cash flows from operating activities compared to $1.7 billion in the prior year period, driven primarily by lower operating profit and lapping the accelerated receipt of a portion of the company's outstanding receivables, partially offset by favorable inventory management. Capital expenditures were $423 million compared to $389 million in the prior year period, and free cash flow was $979 million compared to $1.3 billion in the prior year. Dividends paid were approximately unchanged versus the prior year at $670 million.

The company ended the year with net debt of $7.1 billion, representing an 11.9% reduction in net debt versus the prior year, resulting in a 3.83x net leverage ratio at fiscal year end.

Dividend Update
The company announced today that its Board of Directors approved a quarterly dividend payment of $0.175 per share of Conagra common stock to be paid on September 2, 2026 to stockholders of record as of the close of business on July 30, 2026. On an annualized basis, the dividend rate for the company's common stock is $0.70 per share.

Outlook
The company is providing the following guidance for fiscal 2027:

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 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 4873871. 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 July 15, 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 pension income, adjusted net income attributable to Conagra Brands, free cash flow, net debt, net leverage ratio, adjusted EBITDA, and adjusted equity method investment income. 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 attributable to Conagra Brands, Inc. 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 attributable to Conagra Brands 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 Operations

(in millions)

(unaudited)

FOURTH QUARTER

Fourteen Weeks Ended

Thirteen Weeks Ended

May 31, 2026

May 25, 2025

Percent Change

Net sales

$

2,882.1

$

2,781.8

3.6 %

Cost of goods sold

2,178.0

2,074.6

5.0 %

Gross profit

$

704.1

$

707.2

(0.4) %

Selling, general and administrative expenses

401.1

333.0

20.4 %

Goodwill impairment charges

1,611.1

—

100.0 %

Other intangible asset impairment charges

350.2

53.2

558.7 %

Operating profit (loss)

$

(1,658.3)

$

321.0

N/A

Pension and postretirement non-service income

27.6

16.6

67.1 %

Interest expense, net

99.7

101.8

(2.0) %

Equity method investment earnings

42.6

57.4

(25.8) %

Income (loss) before income taxes

$

(1,687.8)

$

293.2

N/A

Income tax (benefit) expense

(70.9)

37.2

N/A

Net income (loss) attributable to Conagra Brands, Inc.

$

(1,616.9)

$

256.0

N/A

Earnings (loss) per share - basic

Net income (loss) attributable to Conagra Brands, Inc.

$

(3.37)

$

0.54

N/A

Weighted average shares outstanding

479.2

478.2

0.2 %

Earnings (loss) per share - diluted

Net income (loss) attributable to Conagra Brands, Inc.

$

(3.37)

$

0.53

N/A

Weighted average share and share equivalents outstanding 1

479.2

479.5

(0.1) %

1 In Q4 FY26, we reported a GAAP net loss. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The weighted average diluted share count was 480.2 million shares.

Conagra Brands, Inc.

Consolidated Statements of Operations

(in millions)

(unaudited)

FISCAL YEAR

Fifty-
Three Weeks Ended

Fifty-
Two Weeks Ended

May 31, 2026

May 25, 2025

Percent Change

Net sales

$

11,281.6

$

11,612.8

(2.9) %

Cost of goods sold

8,583.2

8,609.3

(0.3) %

Gross profit

$

2,698.4

$

3,003.5

(10.2) %

Selling, general and administrative expenses

1,439.4

1,537.3

(6.4) %

Goodwill impairment charges

2,382.4

—

100.0 %

Other intangible asset impairment charges

547.2

72.1

659.6 %

Loss (gain) on divestitures

(42.2)

29.5

N/A

Operating profit (loss)

$

(1,628.4)

$

1,364.6

N/A

Pension and postretirement non-service income

45.9

25.9

77.5 %

Interest expense, net

382.6

416.7

(8.2) %

Equity method investment earnings

140.7

182.4

(22.8) %

Income (loss) before income taxes

$

(1,824.4)

$

1,156.2

N/A

Income tax expense

91.8

3.7

2345.1 %

Net income (loss)

$

(1,916.2)

$

1,152.5

N/A

Less: Net income attributable to noncontrolling interests

—

0.1

(100.0) %

Net income (loss) attributable to Conagra Brands, Inc.

$

(1,916.2)

$

1,152.4

N/A

Earnings (loss) per share - basic

Net income (loss) attributable to Conagra Brands, Inc.

$

(4.00)

$

2.41

N/A

Weighted average shares outstanding

479.0

478.3

0.1 %

Earnings (loss) per share - diluted

Net income (loss) attributable to Conagra Brands, Inc.

$

(4.00)

$

2.40

N/A

Weighted average share and share equivalents outstanding 1

479.0

479.7

(0.1) %

1 In FY26, we reported a GAAP net loss. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The weighted average diluted share count was 479.8 million shares.

Conagra Brands, Inc.

Consolidated Balance Sheets

(in millions)

(unaudited)

May 31, 2026

May 25, 2025

ASSETS

Current assets

Cash and cash equivalents

$

218.0

$

68.0

Receivables, less allowance for doubtful accounts of $3.9 and $3.6

658.2

770.0

Inventories

1,905.4

2,048.3

Prepaids and other current assets

100.5

90.6

   Current assets held for sale

—

94.1

Total current assets

2,882.1

3,071.0

Property, plant and equipment

6,843.3

6,558.1

Less: Accumulated depreciation

(3,980.4)

(3,731.5)

Property, plant and equipment, net

2,862.9

2,826.6

Goodwill

8,119.3

10,501.9

Brands, trademarks and other intangibles, net

1,830.7

2,421.1

Other assets

1,566.4

1,571.0

Noncurrent assets held for sale

13.0

542.3

$

17,274.4

$

20,933.9

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Notes payable

$

34.2

$

804.7

Current installments of long-term debt

778.2

1,028.8

Accounts and other payables

1,513.3

1,590.1

Accrued payroll

201.7

146.0

Other accrued liabilities

660.6

744.7

   Current liabilities held for sale

—

2.7

Total current liabilities

3,188.0

4,317.0

Senior long-term debt, excluding current installments

6,456.0

6,234.1

Deferred income taxes

693.4

810.3

Other noncurrent liabilities

579.4

639.6

Noncurrent liabilities held for sale

—

0.2

Total liabilities

10,916.8

12,001.2

Common stockholders' equity

Common stock of $5 par value, authorized 1,200,000,000 shares; issued 584,219,229

2,921.2

2,921.2

Additional paid-in capital

2,316.1

2,347.2

Retained earnings

4,171.7

6,759.1

Accumulated other comprehensive income

7.4

16.3

Less treasury stock, at cost, common shares 105,666,163 and 106,846,304

(3,058.8)

(3,111.1)

Total stockholders' equity

6,357.6

8,932.7

$

17,274.4

$

20,933.9

Conagra Brands, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Fifty-Three Weeks Ended

Fifty-Two Weeks Ended

May 31, 2026

May 25, 2025

Cash flows from operating activities:

Net income (loss)

$

(1,916.2)

$

1,152.5

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

396.0

390.2

Asset impairment charges

2,950.9

149.8

Loss (gain) on divestitures

(42.2)

29.5

Equity method investment earnings less than (in excess of) distributions

0.4

(22.1)

Stock-settled share-based payments expense

54.7

41.5

Contributions to pension plans

(11.4)

(11.9)

Pension benefit

(37.4)

(19.6)

Other items

(5.3)

4.8

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

Receivables

35.0

173.8

Inventories

144.9

(35.6)

Deferred income taxes and income taxes payable, net

(81.5)

(224.0)

Prepaid expenses and other current assets

(13.2)

(0.9)

Accounts and other payables

(56.0)

49.6

Accrued payroll

58.4

(45.9)

Other accrued liabilities

1.6

(0.9)

Litigation receivables, net of recoveries

80.2

(67.1)

Litigation accruals, net of payments

(156.8)

128.2

Net cash flows from operating activities

1,402.1

1,691.9

Cash flows from investing activities:

Additions to property, plant and equipment

(423.4)

(389.3)

Sale of property, plant and equipment

38.9

3.4

Purchase of businesses, net of cash acquired

—

(230.6)

Proceeds from divestitures, net of cash divested

648.9

76.8

Other items

(1.8)

(2.5)

Net cash flows from investing activities

262.6

(542.2)

Cash flows from financing activities:

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

116.4

338.0

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

(628.1)

(135.3)

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

(258.8)

(328.3)

Issuance of long-term debt

1,000.0

—

Repayment of long-term debt

(1,031.4)

(281.3)

Debt issuance costs

(11.7)

—

Repurchase of Conagra Brands, Inc. common shares

(15.3)

(64.0)

Cash dividends paid

(669.7)

(669.2)

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

(19.8)

(20.6)

Other items

2.3

2.4

Net cash flows from financing activities

(1,516.1)

(1,158.3)

Effect of exchange rate changes on cash and cash equivalents

1.4

(2.4)

Net change in cash and cash equivalents, including cash balances classified as assets held
for sale

150.0

(11.0)

Less: Net change in cash balances classified as assets held for sale

—

(1.3)

Net change in cash and cash equivalents

150.0

(9.7)

Cash and cash equivalents at beginning of period

68.0

77.7

Cash and cash equivalents at end of period

$

218.0

$

68.0

Conagra Brands, Inc.

Reconciliation of Q4 FY26 and FY26 Organic Net Sales by Segment - YOY Change

(in millions)

Refrigerated &

Total Conagra

Q4 FY26

Grocery & Snacks

Frozen

International

Foodservice

Brands

Net Sales

$

1,154.3

$

1,181.2

$

244.4

$

302.2

$

2,882.1

Impact of foreign exchange 1

—

—

(13.2)

—

(13.2)

Impact of 53rd week

(83.0)

(83.4)

(16.7)

(21.2)

(204.3)

Organic Net Sales

$

1,071.3

$

1,097.8

$

214.5

$

281.0

$

2,664.6

Year-over-year change - Net Sales

0.3 %

5.3 %

6.3 %

8.1 %

3.6 %

Impact of foreign exchange (pp) 1

—

—

(6.0)

—

(0.5)

Net sales from acquired businesses (pp)

—

—

—

—

—

Net sales from divested businesses (pp)

8.0

1.8

4.9

1.4

4.6

Impact of 53rd week (pp)

(7.8)

(7.6)

(7.6)

(7.7)

(7.7)

Organic Net Sales

0.5 %

(0.5) %

(2.4) %

1.8 %

— %

Volume

(3.5) %

0.3 %

(3.0) %

(0.8) %

(1.6) %

Price/Mix

4.0 %

(0.8) %

0.6 %

2.6 %

1.6 %

Refrigerated &

Total Conagra

Q4 FY25

Grocery & Snacks

Frozen

International

Foodservice

Brands

Net Sales

$

1,150.2

$

1,121.8

$

230.1

$

279.7

$

2,781.8

Net sales from divested businesses

(84.1)

(18.3)

(10.2)

(3.6)

(116.2)

Organic Net Sales

$

1,066.1

$

1,103.5

$

219.9

$

276.1

$

2,665.6

Refrigerated &

Total Conagra

FY26

Grocery & Snacks

Frozen

International

Foodservice

Brands

Net Sales

$

4,610.1

$

4,641.8

$

913.9

$

1,115.8

$

11,281.6

Impact of foreign exchange 1

—

—

(28.7)

—

(28.7)

Net sales from acquired businesses

(10.6)

—

—

(0.7)

(11.3)

Net sales from divested businesses

(7.0)

(4.9)

(1.1)

(0.2)

(13.2)

Impact of 53rd week

(83.0)

(83.4)

(16.7)

(21.2)

(204.3)

Organic Net Sales

$

4,509.5

$

4,553.5

$

867.4

$

1,093.7

$

11,024.1

Year-over-year change - Net Sales

(5.9) %

(0.4) %

(4.4) %

1.9 %

(2.9) %

Impact of foreign exchange (pp) 1

—

—

(3.2)

—

(0.3)

Net sales from acquired businesses (pp)

(0.2)

—

—

(0.1)

(0.1)

Net sales from divested businesses (pp)

7.8

1.5

7.0

1.6

4.7

Impact of 53rd week (pp)

(1.8)

(1.8)

(1.9)

(2.0)

(1.8)

Organic Net Sales

(0.1) %

(0.7) %

(2.5) %

1.4 %

(0.4) %

Volume

(2.4) %

0.3 %

(4.2) %

(2.2) %

(1.4) %

Price/Mix

2.3 %

(1.0) %

1.7 %

3.6 %

1.0 %

Refrigerated &

Total Conagra

FY25

Grocery & Snacks

Frozen

International

Foodservice

Brands

Net Sales

$

4,899.3

$

4,662.3

$

956.5

$

1,094.7

$

11,612.8

Net sales from divested businesses

(385.9)

(76.8)

(66.7)

(16.2)

(545.6)

Organic Net Sales

$

4,513.4

$

4,585.5

$

889.8

$

1,078.5

$

11,067.2

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

Conagra Brands, Inc.

Reconciliation of Q4 FY26 Adj. Operating Profit by Segment - YOY Change

(in millions)

Grocery &

Refrigerated &

Corporate

Total Conagra

Q4 FY26

Snacks

Frozen

International

Foodservice

Expense

Brands

Operating Profit (Loss)

$

(13.1)

$

(1,617.1)

$

32.3

$

29.3

$

(89.7)

$

(1,658.3)

Restructuring plans

14.4

9.7

0.6

—

5.2

29.9

Goodwill and brand impairment charges

215.0

1,746.3

—

—

—

1,961.3

CEO separation costs

—

—

—

—

8.1

8.1

Corporate hedging derivative losses (gains)

—

—

—

—

(4.5)

(4.5)

Adjusted Operating Profit

$

216.3

$

138.9

$

32.9

$

29.3

$

(80.9)

$

336.5

Operating Profit (Loss) Margin

(1.1) %

(136.9) %

13.2 %

9.7 %

(57.5) %

Adjusted Operating Profit Margin

18.7 %

11.8 %

13.4 %

9.7 %

11.7 %

Year-over-year % change - Operating Profit

N/A

N/A

(8.0) %

(6.9) %

9.7 %

N/A

Year-over year % change - Adjusted Operating Profit

(4.1) %

(18.5) %

(7.1) %

(6.9) %

3.4 %

(12.5) %

Year-over-year bps change - Operating Profit

N/A

N/A

(207) bps

(156) bps

N/A

Year-over-year bps change - Adjusted Operating Profit

(87) bps

(343) bps

(195) bps

(156) bps

(215) bps

Grocery &

Refrigerated &

Corporate

Total Conagra

Q4 FY25

Snacks

Frozen

International

Foodservice

Expense

Brands

Operating Profit

$

209.5

$

126.5

$

35.2

$

31.5

$

(81.7)

$

321.0

Restructuring plans

4.9

2.0

0.1

—

4.0

11.0

Brand impairment charges

11.2

42.0

—

—

—

53.2

Legal matter recoveries

—

—

—

—

(10.5)

(10.5)

Acquisitions and divestitures

—

—

—

—

0.8

0.8

Corporate hedging derivative losses (gains)

—

—

—

—

9.1

9.1

Adjusted Operating Profit

$

225.6

$

170.5

$

35.3

$

31.5

$

(78.3)

$

384.6

Operating Profit Margin

18.2 %

11.3 %

15.3 %

11.3 %

11.5 %

Adjusted Operating Profit Margin

19.6 %

15.2 %

15.4 %

11.3 %

13.8 %

Conagra Brands, Inc.

Reconciliation of FY26 Adj. Operating Profit by Segment - YOY Change

(in millions)

Grocery &

Refrigerated &

Corporate

Total Conagra

FY26

Snacks

Frozen

International

Foodservice

Expense

Brands

Operating Profit (Loss)

$

690.4

$

(2,235.9)

$

133.5

$

114.3

$

(330.7)

$

(1,628.4)

Restructuring plans

20.6

8.1

0.9

—

16.1

45.7

Legal matter recoveries

—

—

—

—

(37.4)

(37.4)

Loss (gain) on sale of business

(42.7)

0.5

—

—

—

(42.2)

Goodwill and brand impairment charges

216.7

2,712.9

—

—

—

2,929.6

Acquisitions and divestitures

—

—

—

—

1.5

1.5

Environmental matters

—

—

—

—

5.4

5.4

CEO separation costs

—

—

—

—

8.1

8.1

Corporate hedging derivative losses (gains)

—

—

—

—

(3.6)

(3.6)

Adjusted Operating Profit

$

885.0

$

485.6

$

134.4

$

114.3

$

(340.6)

$

1,278.7

Operating Profit (Loss) Margin

15.0 %

(48.2) %

14.6 %

10.2 %

(14.4) %

Adjusted Operating Profit Margin

19.2 %

10.5 %

14.7 %

10.2 %

11.3 %

Year-over-year % change - Operating Profit

(30.2) %

N/A

(6.5) %

(12.8) %

(17.2) %

N/A

Year-over year % change - Adjusted Operating Profit

(13.0) %

(25.5) %

(6.7) %

(12.8) %

10.2 %

(21.8) %

Year-over-year bps change - Operating Profit

(522) bps

N/A

(32) bps

(172) bps

N/A

Year-over-year bps change - Adjusted Operating Profit

(156) bps

(351) bps

(35) bps

(172) bps

(274) bps

Grocery &

Refrigerated &

Corporate

Total Conagra

FY25

Snacks

Frozen

International

Foodservice

Expense

Brands

Operating Profit

$

989.4

$

500.8

$

142.8

$

131.0

$

(399.4)

$

1,364.6

Restructuring plans

15.7

80.5

(1.2)

—

6.7

101.7

Impairment of business held for sale

—

27.2

—

—

—

27.2

Loss on sale of business

—

—

2.3

—

—

2.3

Acquisitions and divestitures

—

—

—

—

1.1

1.1

Brand impairment charges

11.9

60.2

—

—

—

72.1

Legal matters, net of recoveries

—

—

—

—

88.7

88.7

Fire related insurance recoveries

—

(17.0)

—

—

—

(17.0)

Consulting fees on tax matters

—

—

—

—

2.0

2.0

Corporate hedging derivative losses (gains)

—

—

—

—

(8.2)

(8.2)

Adjusted Operating Profit

$

1,017.0

$

651.7

$

143.9

$

131.0

$

(309.1)

$

1,634.5

Operating Profit Margin

20.2 %

10.7 %

14.9 %

12.0 %

11.8 %

Adjusted Operating Profit Margin

20.8 %

14.0 %

15.1 %

12.0 %

14.1 %

Conagra Brands, Inc.

Reconciliation of Q4 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, and Adj. EPS - YOY

(in millions)

Q4 FY26

Gross profit

Selling, general
and
administrative
expenses 1

Operating
profit (loss)

Income (loss)
before income
taxes

Income tax
expense
(benefit)

Income tax rate

Net income
(loss)
attributable to
Conagra
Brands, Inc.

Diluted EPS
from income
(loss)
attributable to
Conagra
Brands, Inc.
common
stockholders 2

Reported

$

704.1

$

401.1

$

(1,658.3)

$

(1,687.8)

$

(70.9)

$

4.2 %

$

(1,616.9)

$

(3.37)

% of Net Sales

24.4 %

13.9 %

(57.5) %

Restructuring plans

6.2

23.7

29.9

29.9

7.3

22.6

0.05

Goodwill and brand impairment charges

—

—

1,961.3

1,961.3

132.8

1,828.5

3.81

Ardent JV restructuring activities

—

—

—

1.7

0.4

1.3

—

Ardent JV asset impairment

—

—

—

2.4

0.6

1.8

—

CEO separation costs

—

8.1

8.1

8.1

—

8.1

0.02

Corporate hedging derivative losses (gains)

(4.5)

—

(4.5)

(4.5)

(1.1)

(3.4)

(0.01)

Pension settlement and valuation adjustment

—

—

—

(22.5)

(5.4)

(17.1)

(0.03)

Unusual tax items

—

—

—

(1.6)

(4.6)

3.0

0.01

Rounding

—

—

—

—

—

—

(0.01)

Adjusted

$

705.8

$

369.3

$

336.5

$

287.0

$

59.1

20.6 %

$

227.9

$

0.47

% of Net Sales

24.5 %

12.8 %

11.7 %

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

(99) bps

194 bps

N/A

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

(130) bps

85 bps

(215) bps

Year-over-year change - reported

(0.4) %

20.4 %

N/A

N/A

N/A

N/A

N/A

Year-over-year change - adjusted

(1.6) %

11.0 %

(12.5) %

(17.4) %

(23.6) %

(15.6) %

(16.1) %

Q4 FY25

Gross profit

Selling, general
and
administrative
expenses 1

Operating
profit

Income before
income taxes

Income tax
expense

Income tax rate

Net income
attributable to
Conagra
Brands, Inc.

Diluted EPS
from income
attributable to
Conagra
Brands, Inc.
common
stockholders

Reported

$

707.2

$

333.0

$

321.0

$

293.2

$

37.2

$

12.7 %

$

256.0

$

0.53

% of Net Sales

25.4 %

12.0 %

11.5 %

Restructuring plans

1.0

10.0

11.0

11.0

2.7

8.3

0.02

Brand impairment charges

—

—

53.2

53.2

12.3

40.9

0.09

Corporate hedging derivative losses (gains)

9.1

—

9.1

9.1

2.3

6.8

0.01

Legal matter recoveries

—

(10.5)

(10.5)

(10.5)

(2.6)

(7.9)

(0.02)

Acquisitions and divestitures

—

0.8

0.8

0.8

0.1

0.7

—

Ardent JV restructuring activities

—

—

—

3.6

0.8

2.8

0.01

Valuation allowance adjustment

—

—

—

—

27.7

(27.7)

(0.06)

Pension settlement gain

—

—

—

(13.0)

(3.2)

(9.8)

(0.02)

Adjusted

$

717.3

$

332.7

$

384.6

$

347.4

$

77.3

$

22.3 %

$

270.1

$

0.56

% of Net Sales

25.8 %

12.0 %

13.8 %

1 Includes advertising and promotion (A&P) expense of $67.3 million and $62.1 million for Q4 FY26 and Q4 FY25, respectively. A&P as a percentage of net sales was 2.3% and 2.2% for Q4 FY26 and Q4 FY25, respectively.

2 In Q4 FY26, we reported a GAAP net loss. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The adjusted diluted earnings per share calculation includes the impact of outstanding stock awards.

Conagra Brands, Inc.

Reconciliation of FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, and Adj. EPS - YOY Change

(in millions)

FY26

Gross profit

Selling, general
and
administrative
expenses 1

Operating
profit (loss)

Income (loss)
before income
taxes

Income tax
expense

Income tax rate

Net income
(loss)
attributable to
Conagra
Brands, Inc.

Diluted EPS from
income (loss)
attributable to
Conagra Brands,
Inc. common
stockholders 2

Reported

$

2,698.4

$

1,439.4

$

(1,628.4)

$

(1,824.4)

$

91.8

$

(5.0) %

$

(1,916.2)

$

(4.00)

% of Net Sales

23.9 %

12.8 %

(14.4) %

Restructuring plans

11.9

33.8

45.7

45.7

11.1

34.6

0.07

Goodwill and brand impairment charges

—

—

2,929.6

2,929.6

198.2

2,731.4

5.69

Acquisitions and divestitures

—

1.5

1.5

1.5

0.4

1.1

—

Loss (gain) on sale of business

—

—

(42.2)

(42.2)

(73.9)

31.7

0.07

Legal matter recoveries

—

(37.4)

(37.4)

(37.4)

(9.1)

(28.3)

(0.06)

Ardent JV restructuring activities

—

—

—

7.5

1.8

5.7

0.01

Ardent JV asset impairment

—

—

—

2.4

0.6

1.8

—

Environmental matters

—

5.4

5.4

5.4

1.3

4.1

0.01

CEO separation costs

—

8.1

8.1

8.1

—

8.1

0.02

Corporate hedging derivative losses (gains)

(3.6)

—

(3.6)

(3.6)

(0.9)

(2.7)

—

Pension settlement and valuation adjustment

—

—

—

(22.5)

(5.4)

(17.1)

(0.03)

Unusual tax items

—

—

—

(0.3)

30.6

(30.9)

(0.06)

Adjusted

$

2,706.7

$

1,428.0

$

1,278.7

$

1,069.8

$

246.5

$

23.0 %

$

823.3

$

1.72

% of Net Sales

24.0 %

12.7 %

11.3 %

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

(194) bps

(48) bps

N/A

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

(175) bps

99 bps

(274) bps

Year-over-year change - reported

(10.2) %

(6.4) %

N/A

N/A

2345.1 %

N/A

N/A

Year-over-year change - adjusted

(9.4) %

5.4 %

(21.8) %

(24.7) %

(22.6) %

(25.3) %

(25.2) %

FY25

Gross profit

Selling, general
and
administrative
expenses 1

Operating
profit

Income before
income taxes

Income tax
expense

Income tax rate

Net income
attributable to
Conagra
Brands, Inc.

Diluted EPS from
income
attributable to
Conagra Brands,
Inc. common
stockholders

Reported

$

3,003.5

$

1,537.3

$

1,364.6

$

1,156.2

$

3.7

$

0.3 %

$

1,152.4

$

2.40

% of Net Sales

25.9 %

13.2 %

11.8 %

Restructuring plans

10.6

91.1

101.7

101.7

24.7

77.0

0.16

Acquisitions and divestitures

—

1.1

1.1

1.1

0.2

0.9

—

Corporate hedging derivative losses (gains)

(8.2)

—

(8.2)

(8.2)

(2.0)

(6.2)

(0.01)

Fire related insurance recoveries

(17.0)

—

(17.0)

(17.0)

(4.2)

(12.8)

(0.03)

Pension settlement gain

—

—

—

(13.0)

(3.2)

(9.8)

(0.02)

Impairment of business held for sale

—

—

27.2

27.2

4.3

22.9

0.05

Loss on sale of business

—

—

2.3

2.3

0.8

1.5

—

Brand impairment charges

—

—

72.1

72.1

16.7

55.4

0.12

Consulting fees on tax matters

—

2.0

2.0

2.0

0.5

1.5

—

Legal matters, net of recoveries

—

88.7

88.7

88.7

21.7

67.0

0.14

Ardent JV restructuring activities

—

—

—

7.2

1.7

5.5

0.01

Valuation allowance adjustment

—

—

—

—

253.5

(253.5)

(0.53)

Rounding

—

—

—

—

—

—

0.01

Adjusted

$

2,988.9

$

1,354.4

$

1,634.5

$

1,420.3

$

318.4

$

22.4 %

$

1,101.8

$

2.30

% of Net Sales

25.7 %

11.7 %

14.1 %

1 Includes advertising and promotion (A&P) expense of $279.4 million and $263.2 million for FY26 and FY25, respectively. A&P as a percentage of net sales was 2.5% and 2.3% for FY26 and FY25, respectively.

2 In FY26, we reported a GAAP net loss. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect. The adjusted diluted earnings per share calculation includes the impact of outstanding stock awards.

Conagra Brands, Inc.

Reconciliation of Q4 FY26 and FY26 Adj. Pension and Postretirement Non-service Income and Adj. Equity Method Investment Earnings

(in millions)

Q4 FY26

Q4 FY25

% Change

Pension and postretirement non-service income

$

27.6

$

16.6

67.1 %

Pension settlement and valuation adjustment

(22.5)

(13.0)

73.1 %

Adjusted pension and postretirement non-service income

$

5.1

$

3.6

41.7 %

FY26

FY25

% Change

Pension and postretirement non-service income

$

45.9

$

25.9

77.5 %

Pension settlement and valuation adjustment

(22.5)

(13.0)

73.1 %

Adjusted pension and postretirement non-service income

$

23.4

$

12.9

81.4 %

Q4 FY26

Q4 FY25

% Change

Equity method investment earnings

$

42.6

$

57.4

(25.8) %

Ardent JV restructuring activities

1.7

3.6

(52.8) %

Ardent JV asset impairment

2.4

—

100.0 %

Unusual tax items

(1.6)

—

(100.0) %

Adjusted equity method investment earnings

$

45.1

$

61.0

(26.1) %

FY26

FY25

% Change

Equity method investment earnings

$

140.7

$

182.4

(22.8) %

Ardent JV restructuring activities

7.5

7.2

4.2 %

Ardent JV asset impairment

2.4

—

100.0 %

Unusual tax items

(0.3)

—

(100.0) %

Adjusted equity method investment earnings

$

150.3

$

189.6

(20.7) %

Conagra Brands, Inc.

Reconciliation of FY26 Free Cash Flow, Net Debt, and Net Leverage Ratio

(in millions)

FY26

FY25

% Change

Net cash flows from operating activities

$

1,402.1

$

1,691.9

(17.1) %

Additions to property, plant and equipment

(423.4)

(389.3)

8.8 %

Free cash flow

$

978.7

$

1,302.6

(24.9) %

May 31, 2026

May 25, 2025

Notes payable

$

34.2

$

804.7

Current installments of long-term debt

778.2

1,028.8

Senior long-term debt, excluding current installments

6,456.0

6,234.1

Total Debt

$

7,268.4

$

8,067.6

Less: Cash

218.0

68.0

Net Debt

$

7,050.4

$

7,999.6

FY26

Net Debt 1

$

7,050.4

Net loss attributable to Conagra Brands, Inc.

$

(1,916.2)

Add Back: Income tax expense

91.8

Interest expense, net

382.6

Depreciation

352.9

Amortization

43.1

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

$

(1,045.8)

Restructuring plans 2

37.7

Goodwill and brand impairment charges

2,929.6

Acquisitions and divestitures

1.5

Gain on sale of business

(42.2)

Legal matter recoveries

(37.4)

Ardent JV restructuring activities

7.5

Ardent JV asset impairment

2.4

Environmental matters

5.4

CEO separation costs

8.1

Corporate hedging derivative losses (gains)

(3.6)

Pension settlement and valuation adjustment

(22.5)

Unusual tax items

(0.3)

Adjusted EBITDA

$

1,840.4

Net Debt to Adjusted EBITDA 3

3.83

1 As of May 31, 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 period.

Conagra Brands, Inc.

Reconciliation of Q4 FY26 and FY26 EBITDA - YOY Change

(in millions)

Q4 FY26

Q4 FY25

% Change

Net income (loss) attributable to Conagra Brands, Inc.

$

(1,616.9)

$

256.0

N/A

Add Back: Income tax expense (benefit)

(70.9)

37.2

Interest expense, net

99.7

101.8

Depreciation

91.5

82.0

Amortization

10.8

13.3

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

$

(1,485.8)

$

490.3

N/A

Restructuring plans 1

25.3

10.7

Goodwill and brand impairment charges

1,961.3

53.2

Ardent JV restructuring activities

1.7

3.6

Ardent JV asset impairment

2.4

—

CEO separation costs

8.1

—

Corporate hedging derivative losses (gains)

(4.5)

9.1

Pension settlement and valuation adjustment

(22.5)

(13.0)

Acquisitions and divestitures

—

0.8

Legal matter recoveries

—

(10.5)

Unusual tax items

(1.6)

—

Adjusted Earnings before interest, taxes, depreciation, and amortization

$

484.4

$

544.2

(11.0) %

FY26

FY25

% Change

Net income (loss) attributable to Conagra Brands, Inc.

$

(1,916.2)

$

1,152.4

N/A

Add Back: Income tax expense

91.8

3.7

Interest expense, net

382.6

416.7

Depreciation

352.9

336.5

Amortization

43.1

53.7

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

$

(1,045.8)

$

1,963.0

N/A

Restructuring plans 1

37.7

99.2

Goodwill and brand impairment charges

2,929.6

72.1

Acquisitions and divestitures

1.5

1.1

Loss (gain) on sale of business

(42.2)

2.3

Legal matters, net of recoveries

(37.4)

88.7

Ardent JV restructuring activities

7.5

7.2

Ardent JV asset impairment

2.4

—

Environmental matters

5.4

—

CEO separation costs

8.1

—

Corporate hedging derivative losses (gains)

(3.6)

(8.2)

Pension settlement and valuation adjustment

(22.5)

(13.0)

Unusual tax items

(0.3)

—

Fire related insurance recoveries

—

(17.0)

Impairment of business held for sale

—

27.2

Consulting fees on tax matters

—

2.0

Adjusted Earnings before interest, taxes, depreciation, and amortization

$

1,840.4

$

2,224.6

(17.3) %

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 maker of Orville Redenbacher's popcorn and Slim Jim swung to a loss in the fiscal fourth quarter and cut its dividend, as its new chief executive aims to strengthen the company with a more conservative spending strategy.

Food and snack companies are facing headwinds that could result in dividend cuts.

The latest USDA Egg Markets Overview paints a picture of a market that has shifted dramatically from just a year ago. National wholesale prices for loose, large shell eggs stood at $0.27 per dozen in the latest weekly report, while supplies were described as “moderate to heavy” and trading remained slow.

The agency also reported that total shell egg inventories rose 4% from the prior week, with large egg inventories increasing 6%.

The Biggest Loser May Be Cal-MaineNo company benefited more from soaring egg prices than Cal-Maine Foods Inc. (NASDAQ:CALM), the nation’s largest egg producer.

The bird flu outbreak sent wholesale egg prices to record levels over the past two years, driving exceptional revenue and profit growth across the industry. But the same pricing environment that fueled those earnings is beginning to fade.

USDA data now point to recovering supplies, growing inventories and significantly lower wholesale prices than those seen during the height of the shortage. While Cal-Maine continues to benefit from its scale and specialty egg portfolio, investors may increasingly focus on how quickly earnings normalize as pricing returns closer to historical levels.

Food Companies Could Quietly BenefitEggs are only one component of overall food costs, but the sharp reversal removes a pressure point that weighed on many food companies during the inflation surge.

The Investment Story Has ChangedThe USDA report suggests the market has moved beyond the emergency conditions created by bird flu.

Supplies are rebuilding, inventories are growing and retailers are once again promoting conventional eggs, with the average advertised price falling to $1.48 per dozen in the latest reporting week.

For consumers, that means cheaper breakfasts.

For investors, it may signal a shift in leadership.

Over the past two years, soaring egg prices created clear winners in egg production. As the market normalizes, the advantage could gradually shift toward the food manufacturers and restaurant operators that spent much of that period paying the bill.

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Conagra Brands, Inc. (NYSE:CAG) will release its fourth quarter earnings report before the opening bell on Wednesday, July 15.

Analysts expect the Chicago, Illinois-based company to report quarterly earnings of 46 cents per share, down from 56 cents per share in the year-ago period. The consensus estimate for Conagra Brands’ quarterly revenue is $2.89 billion. It reported $2.78 billion last year, according to Benzinga Pro.

On April 1, Conagra Brands reported mixed third-quarter results and issued a cautious outlook.

Shares of Conagra Brands rose 0.3% to close at $14.34 on Thursday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying CAG stock? Here’s what analysts think:

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In this article

CAG

SPX

Conagra Brands’ new CEO inherits slowing growth, heavy debt and the S&P 500’s highest dividend yield, leaving investors increasingly focused on whether the payout will be cut. (Dreamstime)

For dividend-hungry investors, Conagra Brands 10% yield looks enticing. But trimming the payout may be a key part of the new CEO’s turnaround plan.

Conagra Brands trades near its 52-week low with a compelling ~10.6% forward yield, reflecting deeply discounted valuation. Despite a weak EPS trajectory and rising leverage, operational recovery in the Frozen and Snacks segments is genuine, defending volume share at scale. Free cash flow remains sufficient to cover the dividend through FY2026, providing headroom despite current strain.

Top Frozen Brands Lead the Way with Dozens of New Meals and Side Dishes

, /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG), one of North America's leading branded food companies, is introducing an extensive lineup of new food arriving on shelves this month. These introductions across the company's portfolio of frozen foods and grocery staples deliver on consumers desire for taste, convenience and value. From hearty breakfast bowls, midday snacks, and dinnertime solutions, the new lineup highlights the modern attributes today's consumers seek.

"Our 2026 innovation line-up reflects how people want to eat today – bold flavors, convenient prep methods, and exceptional value," said Noelle O'Mara, president, Refrigerated & Frozen, Conagra Brands. "Our new offerings bring together leading brands that consumers trust combined with fresh ideas inspired by the ways they shop, cook and share meals."

Across the industry-leading portfolio, Conagra is setting the pace with the following new foods:

Breakfast is Served
As Americans seek convenient and delicious ways to add protein to their morning routine, Conagra is serving up a variety of new options.

Banquet: Start your day with a freshly made breakfast sandwich with new Banquet® Brown 'N Serve® Sausage Sandwich Size Patties. These larger breakfast sausage patties from the leader in pre-cooked frozen sausage1 are designed to fit English Muffins, with a 30 oz. pack featuring approximately 20 patties for $7.49. They're a great solution for quick and delicious breakfast sandwich prep.

Earlier this year, Banquet MEGA introduced new Banquet MEGA breakfast bowls, each crafted with 30 grams of protein per bowl.  The four varieties include Sausage, Meat Lovers, Sausage & Gravy, and Bacon. Each offers 25% more food than the leading breakfast bowl brand2 with an MSRP of $4.49.

Odom's Tennessee Pride: Odom's Tennessee Pride® is growing its snack-size breakfast sandwich lineup with two new flavors: a Chicken Sandwich made with breaded 100% white meat chicken; and a Maple Pancake Sausage Sandwich that pairs sweet maple-flavored pancakes with Odom's famous mild sausage. Both flavors are available in a box of 10 sandwiches for $6.99.

Sandwich Bros. For ultra-fast and portable protein, a pair of new breakfast pita sandwiches from Sandwich Bros.® offer 12g of protein per ~3.7oz sandwich. Enjoy new Sausage, Egg and Cheese, or Egg White, Turkey Sausage and Cheese breakfast pitas, which are ready in the microwave in minutes. A four-pack retails for $7.99.

Delicious, Convenient Frozen Meals for Any Occasion
Conagra's standout collection of frozen meals and entrees are perfect for lunch at the office, or dinner at home with the family. Each are thoughtfully created and full of delicious ingredients and contemporary flavors. Top brands offer single-serve and multi-serve meals.

Banquet: Say good-bye to fast food chicken tenders. Banquet MEGA is bringing home new Banquet MEGA Chicken Tenders, available in Original Crispy and Spicy Crispy flavors. Made with 100% natural* white meat chicken and seasoned to perfection, these juicy tenders are a convenient way to enjoy a restaurant favorite at home. A serving of two tenders offers 16g of protein. A 22 oz. bag retails for $7.49.

The Banquet MEGA collection of chicken filets is adding an exciting flavor – new Vlasic™ Dill Pickle, which joins the popular Original and Spicy filets. Made with 100% natural* white meat chicken and crispy breading, these filets offer bold Vlasic pickle flavor in every bite.

Banquet MEGA is also leveling up dinnertime with three new Banquet MEGA XL multi-serve meals, perfect for big appetites. Country Fried Chicken features white meat chicken patties on mashed potatoes and corn, topped with homestyle gravy and cheese; Buffalo-Style Chicken Mac 'N Cheese includes Buffalo-style seasoned chicken breast in macaroni, with cheddar cheese sauce and mozzarella; while Dynamite Penne with Meatballs offers meatballs and penne pasta topped with spicy tomato sauce. Each 24-26 oz. meal has 29-46g of protein, with an MSRP of $5.99.

Rounding out the new intros from Banquet MEGA are two new single-serve meals: Cheesy Rice & Chicken with creamy cheddar cheese sauce over white rice with broccoli florets and white meat chicken; and Chicken Parmesan featuring white meat chicken patties over penne pasta with marinara sauce, topped with mozzarella cheese and parsley. Both retail for $3.49.

Bertolli: As the No. 1 brand in premium Italian skillet meals3, Bertolli® is known for delivering pasta favorites that are easy to prepare and enjoy. New this year is a Beef Bolognese Skillet Meal, a dish popular in restaurants but underrepresented in the frozen aisle. This meal is made with rigatoni pasta in a rich beef sauce. A 22oz. meal retails for $7.99.

Dolly Parton's: Following up on the debut of four comfort food classics last year, Dolly is back in the kitchen with two new delicious dishes inspired by her favorite Southern recipes. Dolly Parton's™ Homestyle Meatloaf is made with beef and pork topped with Southern-inspired tomato glaze paired with roasted potatoes and creamy cornbread casserole. The delicious Fried Chicken Mac & Cheese includes white meat chicken with macaroni noodles in a creamy cheese sauce made with cheddar and Monterey Jack cheeses and buttermilk. Each meal retails for $4.49.

evol: As consumers seek more protein, evol® is answering their request with four delicious new Protein Bowls, inspired by comfort recipes and modern flavors. Mac & Beef and Beef & Broccoli both offer 25g of protein per bowl, while Buffalo Style Chicken Mac and 3 Cheese Chicken & Rice offer 40g of protein per bowl. These high-protein, all natural meals offer ingredients you can feel good about, including ABF chicken and USDA Choice Beef. evol is also adding a new Blackened Chicken Alfredo, with seasoned chicken breast and penne pasta in a flavorful and indulgent three-cheese alfredo sauce. The evol Protein Bowls have a suggested price $6.99, while the Blacked Chicken Alfredo retails for $4.49.

Healthy Choice: Healthy Choice® continues to show that you don't need to sacrifice taste to enjoy a better-for-you meal. The brand has six new meals across their Café, Café Steamers® and Simply Steamers lines. The four new Café entrees offer 12-15g of protein and are a good source of fiber. The comfort food dishes include Herb Roasted Chicken with Vegetables, Meatloaf, Salisbury Steak with Roasted Potatoes, and Roasted Turkey Breast.   

A delicious Swedish Meatballs dish with fettucine and a sour cream sauce is the new Café Steamers introduction. Simply Steamers welcomes Blackened Chicken Alfredo with seasoned chicken breast with penne pasta, celery, onion, and red bell pepper in a creamy alfredo sauce.

All six items feature the GLP-1 "On Track" badge, making them easy to locate on shelf. Prices range from $3.49-$3.99.

Hungry-Man: For the heartiest of appetites, Hungry-Man® meals are always a satisfying option. With 15.5oz of food and 26g of protein, Hungry-Man Chicken Alfredo is also an excellent source of fiber. The meal is made with 100% white meat chicken, hearty penne pasta, and tender broccoli florets covered in a rich alfredo sauce, and, for the first time ever, a king size brownie for even more of your favorite dessert. All that food is available for an MSRP of $3.99, making Hungry-Man a great value option.

Marie Callender's: Marie Callender knew how to serve up a comforting meal the whole family could enjoy. Now the Marie Callender's® collection of family size meals is adding three new dishes –  Meat Lasagna, Baked Ziti, and Garlic Chicken Pasta. The robust 40 oz. Meat Lasagna is a classic recipe made with marinara sauce with ground beef, pork sausage, and real mozzarella cheese. The Baked Ziti includes pasta and meatballs in marinara sauce with real mozzarella cheese; while the Garlic Chicken Pasta offers grilled white meat chicken and rotini pasta in a creamy garlic sauce with diced carrots and broccoli. Both the Baked Ziti and Garlic Chicken are 36oz. All three family size meals retail for $9.99.

Marie Callender's also has three new single-serve meals – a Spaghetti with Meat Sauce meal that features freshly made pasta in a hearty tomato sauce made with beef and pork; and two new single-serve bowls. The Chicken Bacon Ranch bowl features grilled white meat chicken and bacon with Rotini pasta tossed in a thick and creamy ranch sauce. A savory Chicken Lo Mein bowl features tender white meat chicken served with thick lo mein noodles and vegetables mixed in a soy, ginger and garlic sauce. The single-serve meals range from $3.49-$3.99.

P.F. Chang's Home Menu: The newest entrée from P.F. Chang's Home Menu®, Japanese Style BBQ Crispy Chicken, reflects both the popularity of air fryers and consumer desires for protein-forward meal options. These delicious chunks of tempura chicken breast with a ginger soy BBQ Sauce can be enjoyed on their own, or paired with rice or a side of choice. An 18 oz. bag retails for $7.99.

One potential pairing is the new P.F. Chang's Home Menu Mini Pork Egg Rolls, a delicious accompaniment for any meal. Adding to the mini egg roll collection that includes chicken and vegetable, this new appetizer features ground pork, cabbage and carrots. A box of eight includes a sauce packet and retails for $4.49.

And for a quick, easy-to-prepare dish, the newest P.F. Chang's Home Menu bowl is the Korean BBQ Style Bowl. This entrée for one includes white rice with battered chicken breast, cabbage, carrots and green onions in a Korean BBQ style sauce. The meal has a retail price of $4.99.

Vegetables Complete the Meal
Birds Eye: Birds Eye® is continuing to reimagine the frozen vegetable aisle with products that make sides and ingredients feel easier, more versatile and more exciting. Birds Eye vegetables are flash frozen at the peak of ripeness to lock in freshness, texture and nutrients. Frozen vegetables also eliminate the prep time associated with fresh and offer a reliable, ready-when-you-are solution that helps reduce waste and stretch grocery budgets.

As consumers replicate their favorite restaurant recipes at home, Birds Eye is making that task easier with a pair of new Steakhouse Sides, featuring Green Beans with Bacon and Creamed Spinach. Both side dishes bring restaurant-inspired, steakhouse classics into the home with simple microwave or oven prep, tapping into growing demand for steakhouse eating occasions. The suggested retail price is $3.49.

Expanding on a successful debut last year, Birds Eye is adding two new dishes to the ULTIMATE Vegetables collection, delivering convenient yet craveable and indulgent vegetable side dishes. New this year are Cheesy Broccoli Mac & Cheese and Creamy Parmesan Scalloped Potatoes, which bring popular recipes to life in a convenient microwavable format. Both retail for $3.49.

The Birds Eye Steamfresh® line of vegetables offers unbeatable convenience in microwave vegetable prep. In plain vegetables, new offerings include Fire-Roasted Super Sweet Corn, Quinoa, and Shelled Edamame that deliver highly versatile meal and side solutions that are ready when you are. In sauced and seasoned vegetables, Birds Eye is tapping into globally inspired, rapidly growing flavor spaces with offerings like Vegetable Fried Rice and Mexican Street Corn that deliver broadly appealing, craveable flavors consumers are increasingly seeking. Prices range from $2.49–2.99.

Plant-Based Meals Bursting with Flavor
Conagra is continuing to move plant-based eating forward with delicious products that are both surprising and satisfying.

Gardein: Gardein®, the sales leader in premium plant-based chicken4, is expanding its leading line-up with ULTIMATE Plant-Based Extra Crispy Chick'n Nuggets featuring a recipe with no soy ingredients, a tempura-style breading for extra crunch and 18g protein per serving. In single-serve meals, Gardein presents the new ULTIMATE Bowls Chick'n Alfredo with 15g protein, which pairs plant-based chick'n, penne pasta and broccoli in a creamy plant-based Alfredo sauce. A 14.2oz bag of Nuggets retails for $8.99, while the new bowl is $4.99.

Purple Carrot: Two Italian-inspired pasta bowls join the Purple Carrot® roster of convenient vegan meals. New arrivals include Spring Vegetable Alfredo-Style Bowl with 15g protein, featuring shell pasta and vegetables in a creamy white sauce; and the Vegetable Basil Pesto Bowl with 16g protein, made with lentil pasta, cherry tomatoes, spinach and green beans. The two new meals have a retail price of $4.49.

Perfect for the Pantry
Conagra's innovation pipeline also extends to the pantry, highlighted by a pair of distinct licensed partnerships.

Wendy's Chili: Adding to a growing collection of canned chili, Wendy's Baconator® Chili celebrates the iconic burger, delivering bold, unmistakable Baconator taste in every beefy spoonful. The chili features craveworthy traditionally cured bacon crumbles, beefy cheeseburger flavor, and a savory hint of applewood smoke. A 15oz. can retails for $5.19.

Stubb's Baked Beans: Known for bold, authentic BBQ flavor, Stubb's® has partnered with Conagra to introduce two new canned baked beans varieties: Original and Sticky Sweet. Each flavor is crafted with Stubb's signature seasonings and layered with Texas-style BBQ notes, delivering a rich combination of savory BBQ sauce and hearty baked beans in every bite. Perfect for summer cookouts, both varieties are vegetarian, gluten-free, and an excellent source of fiber. The 15oz. cans have a suggested retail price of $2.79.

Sweet Treats Make the Day Complete
Satisfying sweets and snacks are the perfect mid-day treat or finishing course to a meal. Conagra has the following tasty new snacks.

Snack Pack: Dr Pepper® fans, get ready for a fun new twist on your favorite flavor! New Snack Pack® Dr Pepper Juicy Gels offer a unique way to savor that iconic 23 flavor Dr Pepper taste. These 3.25 oz. cups deliver a sweet, tasty treat that you can enjoy anywhere, anytime. A four-pack will retail for $2.49.

Snack Pack is also making waves with the arrival of new Snack Pack Splash Juicy Gels™. Made with 98% fruit juice, these treats are available in Strawberry and Orange. Snack Pack Splash has no added sugar, no artificial dyes, and no artificial flavors. A pack of four will retail for $2.49.

Glutino: Whether your gluten-free snack tastes are sweet or salty, Glutino® has you covered. New Dark Chocolate Strawberry Wafer Bites feature crispy wafer layers between a sweet strawberry filling, coated in rich dark chocolate. Frosted Animal Crackers are coated in a sweet frosting with rainbow sprinkles. Both retail for $6.99.

Garlic Parmesan Pretzel Twists feature a super crunchy pretzel with a cheesy garlic and parmesan seasoning. Garlic Parmesan is the fastest-growing flavor in pretzels5. An 11oz. bag is $7.49.

For more information on Conagra Brands, including innovation from the company's roster of nearly 100 brands, visit conagrabrands.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.

*Chicken raised without added hormones, minimally processed. No artificial ingredients. Federal regulations prohibit the use of added hormones in chicken

1-5: Circana Total MULO+ w/ Conv L52 WE 4/12/2026

Bertolli® is a registered trademark of Mizkan America, Inc., used under license

Dolly Parton owns all rights to the Dolly™ and DOLLY PARTON™ trademarks, as well as her name, image and likeness, which are used under license by Conagra Brands, Inc.®

P.F. CHANG'S and P.F. CHANG'S HOME MENU are registered trademarks owned by P.F. Chang's China Bistro, Inc. and are used with permission

©2026 Purple Carrot, used with permission

The Wendy's name, design and logo and Baconator are trademarks of Quality Is Our Recipe, LLC, used with permission. © 2026 Quality Is Our Recipe, LLC

Stubb's and logo™ is a trademark of One World Foods, LLC, licensed to Conagra Foods RDM, LLC

DR PEPPER is a trademark of Dr Pepper/Seven Up, Inc., used by Conagra Brands under license. © 2026 Dr Pepper/Seven Up, Inc.

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.  

About Stubb's®

Founded by C.B. "Stubb" Stubblefield in Lubbock, Texas, Stubb's® Legendary Bar-B-Q was built on a passion for authentic Texas barbecue and bringing people together over bold, great-tasting food. What began as a small barbecue restaurant known for its signature sauces and live music has grown into a trusted brand synonymous with rich, slow-smoked flavor. Today, Stubb's® offers a full line of barbecue sauces, marinades, rubs and seasonings crafted to deliver genuine Texas-style taste for backyard grills and everyday meals alike.

Stubb's® is one of McCormick & Company's (MKC) brands. McCormick is a global leader in flavor, with over $7 billion in annual sales across 150 countries and territories. The company manufactures, markets and distributes herbs, spices, seasonings, condiments and flavors to retailers, food manufacturers and foodservice businesses worldwide. Founded in 1889 and headquartered in Hunt Valley, Maryland, USA, McCormick is guided by its principles and committed to its Purpose — To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor, where healthy, sustainable and delicious go hand in hand. To learn more, visit www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

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

SOURCE Conagra Brands, Inc.

Blue Owl Capital Inc. and Conagra Brands, Inc. offer 10% yields amid poor sentiment, with turnaround potential if management executes successfully. OWL trades at 10.4x earnings, well below its 24.4x average, and boasts 100% fee-related earnings backed by $223B in permanent capital. CAG faces margin pressure from consumer trade-downs but trades at 8x earnings, with analysts expecting EPS stabilization and possible growth by FY2028.

CHICAGO, May 4, 2026 /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG) today announced the publication of its Fiscal 2025 Citizenship Report, highlighting key initiatives and actions that support Conagra's employees, the communities it serves and the health of the planet. Conagra's Citizenship approach is centered around four pillars—Good Food, Responsible Sourcing, Better Planet and Stronger Communities—that guide how the company creates value while operating responsibly.

Conagra Charitable Donation Will Fund 100 Scholarships CHICAGO, May 12, 2026 /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG), one of North America's leading branded food companies, is celebrating America's 250th birthday with a poignant and meaningful partnership. Conagra Brands is teaming up with Folds of Honor, a charitable organization that ensures families who've sacrificed so much for our country and communities receive the education and opportunities they deserve.

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I highlight the top ten ReFa/Ro dividend dogs for April 2026, all offering dividends from $1,000 invested that exceed their share price. Analyst 1-year targets project 23.15% to 71.69% net gains for these high-yield stocks by April 2027, with an average estimated gain of 46.15%. Five lowest-priced ReFa/Ro dogs are expected to outperform, delivering 21.96% higher gains versus the full top ten, per analyst targets.

Meat Snacks, Seeds, Sweet & Salty Offerings Highlight Dynamic Portfolio CHICAGO, May 18, 2026 /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG), one of North America's leading branded food companies, is prepping a collection of satisfying snacks and tempting sweets for the bright lights of Las Vegas and the National Confectioners Association's 2026 Sweets & Snacks Expo. Meat snacks, sweet treats, and salty snacks comprise the company's $3.3 billion1  snacks portfolio, highlighted by several industry-leading brands.