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SummaryCal-Maine Foods, Inc. is downgraded to Hold due to weaker-than-expected profitability amid a sharp decline in conventional egg prices.CALM's operating leverage and cash outflows highlight vulnerability to egg price cycles, despite a strong balance sheet and diversification into specialty and prepared foods.Specialty and prepared foods segments showed resilience, but conventional eggs posted a deeply negative margin, raising concerns about operational efficiency.CALM's valuation appears fair at a P/E of 8 based on 7-year average profits, but near-term performance hinges on egg price recovery and improved execution. The Good Brigade/DigitalVision via Getty Images

Intro When I published my last article on Cal-Maine Foods, Inc. (CALM) back in January, I rated the stock a Buy. At the time, my thesis was that the company was better prepared for an

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Cal-Maine Foods, Inc. (CALM) Q1 2027 Earnings Call September 30, 2026 9:00 AM EDT

Company Participants

Sherman Miller - CEO, President & Director
Max Bowman - VP, CFO, Treasurer, Secretary & Director
Johnathan Zoeller - Chief Financial Officer - Prepared Foods
Keira Lombardo - Chief Strategy Officer

Conference Call Participants

Heather Jones - Heather Jones Research LLC
Leah Jordan - Goldman Sachs Group, Inc., Research Division
Pooran Sharma - Stephens Inc., Research Division
Benjamin Mayhew - BMO Capital Markets Equity Research
Benjamin Klieve - StoneX Financial, Inc., Research Division

Presentation

Operator

Good morning, everyone, and welcome to the Cal-Maine Foods, Inc. First Quarter Fiscal Year 2027 Earnings Conference Call and Webcast. Joining us today are Sherman Miller, President and CEO; Max Bowman, VP and CFO; Keira Lombardo, Chief Strategy Officer; and John Zoeller, CFO, Prepared Foods. [Operator Instructions] Please note, this call is being recorded.

I will now turn the call over to Sherman. Please go ahead.

Sherman Miller
CEO, President & Director

Good morning. Thank you for joining us today. I want to remind everyone that today's remarks may include forward-looking statements. These are based on management's current expectations and are subject to risks and uncertainties described in our SEC filings.

I'd like to begin with a question we believe is most important as we look at Cal-Maine from this point in the cycle. How does the earnings power of the company evolve from here? There are really 2 timing questions underneath that. The first is when the conventional shell egg market begins to rebalance. The second is when the investments we are making in Prepared Foods translate into greater earnings contribution.

Starting with conventional eggs, the market remains oversupplied, which continues to put downward pressure on wholesale prices. The key question is the timing of rebalancing. There are some early indicators worth watching. According to the American Egg

The egg producer posted a loss of $58.6 million in its fiscal first quarter, compared with a profit of $199.3 million a year ago, as net sales fell 42% to $539.6 million.

RIDGELAND, Miss., Sept. 30, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today reported results for its first quarter ended August 29, 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2026.

Financial Highlights

 (in thousands except per share amounts and percentages) First Quarter 2027  2026 $ Change % ChangeNet sales$539,607  $922,602 $(382,995) (41.5)%Gross profit$403  $311,314 $(310,911) (99.9)%Operating income (loss)$(82,165) $249,184 $(331,349) (133.0)%Net income (loss) attributable to Cal-Maine Foods, Inc.$(58,615) $199,340 $(257,955) (129.4)%Income (loss) per share - diluted$(1.26) $4.12 $(5.38) (130.6)% Strategic Execution Highlights

Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time In the first quarter of fiscal 2027: Prepared Foods accounted for 11.7% of net sales compared to 7.8%Combined, Specialty Shell Eggs and Prepared Foods increased to 54.1% of net sales compared to 37.1% Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its Specialty Shell Eggs category penetration across one of the nation’s largest, highest-income consumer marketsContinued progress on previously announced projects to increase efficiency and production capacity, which are expected to increase Prepared Foods production capacity more than 60% by the first half of fiscal 2028, compared to fiscal 2026 year-end Commentary

Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Our first-quarter results reflect both the current point in the conventional shell egg cycle and the continued evolution of Cal-Maine Foods’ earnings model. Conventional Shell Egg pricing remains under pressure from an industry supply imbalance, while underlying demand remains healthy. At the same time, Specialty Shell Eggs and Prepared Foods now represent approximately 54% of our net sales, demonstrating the progress we have made in broadening our business. We remain focused on our foundational Conventional Shell Egg business while scaling Specialty and Prepared Foods and converting the investments we have made into profitable growth.”
Segment Results Summary

 Segment Net Sales (in thousands except percentages) First Quarter 2027  2026  Volume
Change Avg.
Price
ChangeConventional Shell Eggs$201,683  $498,433  (0.7)% (59.3)%Specialty Shell Eggs 236,932   275,590  (3.8)% (10.7)%Prepared Foods 62,995   72,368  (19.3)% 7.9 %Total Reportable Segments$501,610  $846,391         Operating Income (Loss) (in thousands except percentages) First Quarter       Operating Margin 2027  2026  2027 2026Conventional Shell Eggs$(71,045) $168,236  (35.2)% 33.8 %Specialty Shell Eggs 14,937   64,196  6.3 % 23.3 %Prepared Foods 7,842   13,221  12.4 % 18.3 %Total Reportable Segments$(48,266) $245,653  (9.6)% 29.0 %Other - Segment Income (Loss) (8,374)  12,219  N/A  N/A  Unallocated Corporate SG&A (24,609)  (16,072) N/A  N/A  Gain on Involuntary Conversion —   7,488  N/A  N/A  Loss on Disposal of Fixed Assets (916)  (104) N/A  N/A  Operating Income (Loss)$(82,165) $249,184  (15.2)% 27.0 % N/A – Not Applicable

Conventional Shell Eggs

First-quarter performance reflected an abundantly supplied egg market following industry layer flock repopulation during fiscal 2026. The increase in egg supply, together with the first quarter’s historically softer seasonal pricing, resulted in substantially lower conventional shell egg prices compared with the prior-year period.

Conventional Shell Eggs sales decreased 59.5%, primarily reflecting a 59.3% decrease in average selling price per dozen, while volume remained relatively flat. The effect of lower market prices was partially mitigated by hybrid and cost-plus pricing arrangements with certain customers. Segment loss was $71.0 million, compared with segment income of $168.2 million in the prior-year period, as lower pricing more than offset lower outside egg purchase costs.

Specialty Shell Eggs

Specialty Shell Eggs sales decreased 14.0%, reflecting a 10.7% decrease in average selling price per dozen and a 3.8% decrease in volume. The prior-year period benefited from atypical pricing relationships between conventional and specialty shell eggs that temporarily accelerated demand for certain specialty shell egg categories. During the current quarter, lower volumes reflected a more typical demand relationship across the conventional and specialty shell egg categories.

Segment income was $14.9 million, compared with $64.2 million in the prior-year period, primarily due to lower selling prices and higher cost per dozen resulting from increased feed and production costs, partially offset by lower selling, general and administrative expense.

Prepared Foods

Prepared Foods sales decreased 13.0% reflecting a 19.3% decrease in pounds sold, primarily related to temporary production reductions during capacity expansion and network optimization activities, which was partially offset by a 7.9% increase in average selling price per pound. Segment income was $7.8 million, compared with $13.2 million in the prior-year period. We continue to advance our previously announced production capacity and optimization projects to support future growth and improved operating efficiency.

Outlook

Mr. Miller commented, “Looking ahead, there are two important timing dynamics: when the conventional shell egg market begins to rebalance and when our investments in Prepared Foods translate into greater earnings contribution. We cannot precisely predict the first, but we have considerably greater visibility into the second. Current earnings reflect a difficult point in the commodity cycle while we are simultaneously investing ahead of growth, and we do not believe that fully reflects the through-cycle earnings power we are building. With a strong balance sheet, more than 60% planned growth in Prepared Foods capacity through the first half of fiscal 2028, and continued opportunities across Specialty Shell Eggs, we are well positioned to invest through the cycle and build a more diversified and durable earnings profile.”

Share Repurchase Update

Cal-Maine Foods repurchased 66,601 shares of its common stock under the company’s current share repurchase authorization during the first quarter of fiscal 2027 for a total of $5.0 million. The repurchase program permits the company to repurchase up to $500 million, of which $315.7 million remained available as of the end of the first quarter of fiscal 2027. Subsequent to the end of the first quarter, Cal-Maine Foods repurchased 204,888 shares under the repurchase program for $14.9 million.

Dividend Payment

Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend with respect to the first quarter of fiscal 2027. The company will not pay a dividend for a subsequent profitable quarter until it is profitable on a cumulative basis computed from the date of the last quarter in which a dividend was paid. As of August 29, 2026, the cumulative loss to be recovered before payment of any future dividend under the variable dividend policy was $94.5 million.

Conference Call and Webcast

Management will host a conference call and webcast at 9:00 a.m. ET on September 30, 2026. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations. To join by telephone, participants can register here. Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, nutritionally enhanced, organic, brown, pasture-raised, and free-range eggs—serving retail, foodservice and industrial customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) changes in wholesale shell egg market prices, (ii) changes in the demand for shell eggs and our prepared foods offerings, (iii) increases in feed costs for our shell egg operations as well as increases in input costs for prepared foods, (iv) our ability to predict and meet demand for cage-free and other specialty shell eggs, (v) the risks and hazards inherent in shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (vi) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vii) our ability to successfully integrate and manage recently acquired businesses, like Echo Lake Foods, and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (viii) our ability to produce, supply and distribute shell eggs and prepared foods efficiently and reliably, (ix) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (x) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations, (xi) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xii) the loss or expiration of any registered trademarks or other intellectual property that we use in our business, (xiii) adverse results in pending litigation and other legal matters, (xiv) global instability, including as a result of geopolitical conflicts and other uncertainties and (xv) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as may be updated by the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). The Company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
 SUMMARY STATEMENTS OF OPERATIONS
   13 Weeks Ended  August 29, 2026 August 30, 2025Net sales $539,607  $922,602 Cost of sales  539,204   611,288 Gross profit  403   311,314 Selling, general and administrative  81,652   69,514 Gain on involuntary conversions  —   (7,488)Loss on disposal of fixed assets  916   104 Operating income (loss)  (82,165)  249,184 Other income, net  7,969   14,081 Income (loss) before income taxes  (74,196)  263,265 Income tax expense (benefit)  (17,992)  64,158 Net income (loss)  (56,204)  199,107 Less: Income (loss) attributable to noncontrolling interest  2,411   (233)Net income (loss) attributable to Cal-Maine Foods, Inc. $(58,615) $199,340        Net income (loss) per common share:      Basic $(1.26) $4.13 Diluted $(1.26) $4.12 Weighted average shares outstanding:      Basic  46,703   48,281 Diluted  46,703   48,424  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
 SUMMARY BALANCE SHEETS
       August 29, 2026 May 30, 2026Assets      Cash and short-term investments $767,592 $924,057Receivables, net  285,232  264,431Inventories, net  394,690  375,265Prepaid expenses and other current assets  24,379  17,789Current assets  1,471,893  1,581,542       Property, plant and equipment, net  1,312,285  1,318,335Other noncurrent assets  229,201  207,693Total assets $3,013,379 $3,107,570       Liabilities and stockholders' equity      Accounts payable and accrued expenses $191,127 $205,516Current liabilities  191,127  205,516       Deferred income taxes and other liabilities  242,305  261,522Stockholders' equity  2,579,947  2,640,532Total liabilities and stockholders' equity $3,013,379 $3,107,570        Contacts

Investors: [email protected] 
Media: [email protected] 
Telephone: (601) 948-6813

ATLANTA--(BUSINESS WIRE)--Speria - MTech Systems today announced that Cal-Maine Foods, Inc., one of the largest producers and distributors of fresh shell eggs in the United States, has selected Amino, part of Speria - MTech System's connected operational intelligence offering, to modernize its financial and flock management operations. The implementation will improve reporting flexibility and streamline data flow between operational and enterprise systems. The move to Amino is designed to provi.

RIDGELAND, Miss., Sept. 09, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today announced it will report results for its fiscal 2027 first quarter at approximately 6:00 a.m. ET on Wednesday, September 30, 2026. The earnings release will be available on the Cal-Maine Foods website at https://investors.calmainefoods.com/press-releases.

Management will review the results during a conference call and webcast at 9:00 a.m. ET the same day. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://investors.calmainefoods.com/events-presentation.

To join by telephone, participants can register in advance here. Upon registering, participants will receive the dial-in info and a unique PIN to join the call, as well as an email confirmation with the details.

A replay of the webcast will be available following the call on the Investor Relations page of the Cal-Maine Foods website at https://investors.calmainefoods.com/events-presentation.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

On September 03, 2026, Cal-Maine Foods Inc CALM shares fell 3.5%, closing at $76.06. This decline comes amid a challenging year for the stock, which has seen a range between $71.92 and $115.49 over the past 52 weeks.

GF Value™ verdict: The current price of $76.06 is 12.5% above the GF Value™ estimate of $67.63. GF Score™ of 71/100 indicates that CALM is performing above average compared to its peers. Notable signal: Financial strength rating of 10/10 suggests a robust financial position. Is CALM Overvalued or Undervalued? Cal-Maine Foods Inc CALM currently trades at $76.06, which is above its GF Value™ estimate of $67.63. This implies that the stock is overvalued by approximately 12.5%, indicating a potential risk for investors looking to enter at these levels. GF Value™ is GuruFocus' proprietary intrinsic-value estimate based on various factors, including historical trading multiples, past business growth, and future performance estimates.

The current valuation suggests that there may not be a sufficient margin of safety for new investors. With GF Valuation indicating that CALM is modestly overvalued, this raises questions regarding the sustainability of its current pricing, especially given the company’s recent underperformance in the market.

How Does CALM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 11.6x 6.2x Forward P/E 47.1x N/A The current P/E ratio of 11.6x is significantly above its 5-year median P/E of 6.2x, representing an 88% increase. This analysis aligns with the GF Value™ verdict, further supporting the notion that CALM is overvalued at this time.

What Does CALM's GF Score™ Tell Us? The GF Score™ measures a company's performance across multiple dimensions, including financial strength, profitability, growth, valuation, and momentum. CALM's GF Score™ of 71/100 indicates a solid performance overall, with strengths in financial stability and profitability.

Metric Rating GF Score™ 71/100 Financial Strength 10/10 Profitability 8/10 Growth 4/10 Valuation 6/10 Momentum 2/10 While CALM shines in financial strength and profitability, its growth and momentum rankings are weaker, indicating potential challenges in these areas. The overall GF Score™ reflects a mixed outlook, suggesting that while the company is financially robust, it may face hurdles in maintaining its previous growth trajectory.

What Are Gurus and Insiders Doing with CALM? Currently, six gurus hold positions in CALM, with three adding to their stakes and five trimming in recent quarters. This mixed activity indicates a cautious sentiment among institutional investors, who are weighing their options in the current market.

In terms of insider activity, there has been a notable purchase of $0.3 million by insiders over the past 12 months, with no selling reported. This buying behavior may suggest confidence in the company's long-term prospects despite the recent stock price decline.

What This Means for Investors Based on the GF Value™ assessment, CALM is currently overvalued at $76.06, which is 12.5% above its intrinsic value of $67.63. Although the company displays strong financial strength and profitability, the elevated valuation and mixed guru and insider activity suggest that potential investors should proceed with caution. For more in-depth information, visit the Cal-Maine Foods Inc CALM stock page for further insights and analysis.

Frequently Asked Questions What is CALM's GF Score™?

CALM's GF Score™ is 71/100, indicating that it performs above average relative to its peers across various financial metrics.

Is CALM overvalued or undervalued?

CALM is considered overvalued according to the GF Value™ verdict, which indicates that its current price exceeds its intrinsic value by 12.5%.

What is CALM's P/E ratio?

CALM's P/E ratio is 11.6x, which is significantly higher than its 5-year median P/E of 6.2x, suggesting that the stock is trading above its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

RIDGELAND, Miss., Aug. 31, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today announced that members of its management team will participate in the Barclays Global Consumer Conference on September 9–10, 2026, at the InterContinental Boston.

Sherman Miller, President and Chief Executive Officer; Keira Lombardo, Chief Strategy Officer; and Johnathan Zoeller, Chief Financial Officer, Prepared Foods, will participate in one-on-one meetings with institutional investors during the conference.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

Cal-Maine Foods remains a Buy as valuation discounts its transformation toward value-added products despite weak egg prices. CALM is investing heavily in prepared foods and specialty eggs, targeting over 60% prepared foods capacity growth by H1 FY28 to reduce commodity exposure. Despite a sharp YoY revenue decline and suspended dividend, CALM's debt-free balance sheet and ongoing buybacks provide capital flexibility.

Posted by Defense World Staff on Jul 24th, 2026

Bank of New York Mellon Corp reduced its stake in Cal-Maine Foods, Inc. (NASDAQ:CALM – Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 697,727 shares of the basic materials company’s stock after selling 61,583 shares during the quarter. Bank of New York Mellon Corp owned 1.47% of Cal-Maine Foods worth $55,225,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. IFP Advisors Inc raised its stake in shares of Cal-Maine Foods by 58.2% during the third quarter. IFP Advisors Inc now owns 378 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 139 shares during the last quarter. Pinnacle Holdings LLC purchased a new position in Cal-Maine Foods in the 4th quarter valued at $30,000. WealthCollab LLC grew its position in Cal-Maine Foods by 105.2% in the 4th quarter. WealthCollab LLC now owns 431 shares of the basic materials company’s stock valued at $34,000 after buying an additional 221 shares during the last quarter. National Bank of Canada FI acquired a new position in Cal-Maine Foods in the 3rd quarter valued at $42,000. Finally, Signaturefd LLC increased its stake in Cal-Maine Foods by 46.5% in the 4th quarter. Signaturefd LLC now owns 488 shares of the basic materials company’s stock valued at $39,000 after buying an additional 155 shares during the period. Institutional investors and hedge funds own 84.67% of the company’s stock.

Wall Street Analyst Weigh In Several research firms have recently commented on CALM. Stephens reduced their target price on shares of Cal-Maine Foods from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada set a $100.00 price target on shares of Cal-Maine Foods in a research note on Tuesday, May 26th. Wells Fargo & Company set a $100.00 price target on shares of Cal-Maine Foods in a report on Monday, July 13th. BMO Capital Markets raised their price objective on shares of Cal-Maine Foods from $75.00 to $83.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, Benchmark reaffirmed a “buy” rating on shares of Cal-Maine Foods in a report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $94.71.

Get Our Latest Analysis on Cal-Maine Foods

Trending Headlines about Cal-Maine Foods Here are the key news stories impacting Cal-Maine Foods this week:

Positive Sentiment: BMO Capital Markets raised its price target on Cal-Maine Foods from $75 to $83, but kept a market perform rating, suggesting the firm sees some valuation support even though it still implies downside from the current share price. Benzinga article Neutral Sentiment: Cal-Maine Foods was the target of unusually large options trading, indicating heightened investor attention after earnings, but not necessarily a clear directional catalyst. American Banking News article Neutral Sentiment: Analysts and commentary around the results focused on whether CALM is fairly valued after the earnings report and on management’s discussion of revenue declines and diversification efforts. Yahoo Finance article Negative Sentiment: Media coverage emphasized the surprise Q4 loss, low egg prices, and a significant drop in sales and margins, reinforcing the core reason for the stock’s weakness. Motley Fool article Cal-Maine Foods Stock Performance NASDAQ:CALM opened at $88.14 on Friday. The stock has a fifty day moving average price of $80.30 and a two-hundred day moving average price of $80.42. The stock has a market capitalization of $4.18 billion, a price-to-earnings ratio of 13.46 and a beta of 0.25. Cal-Maine Foods, Inc. has a 1 year low of $71.92 and a 1 year high of $119.17.

Cal-Maine Foods (NASDAQ:CALM – Get Free Report) last released its earnings results on Wednesday, July 22nd. The basic materials company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.84). The business had revenue of $552.58 million during the quarter, compared to analyst estimates of $563.83 million. Cal-Maine Foods had a net margin of 10.88% and a return on equity of 11.79%. Cal-Maine Foods’s revenue was down 49.9% compared to the same quarter last year. During the same period last year, the business posted $7.04 EPS.

Cal-Maine Foods Company Profile (Free Report)

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

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Cal-Maine Foods, Inc. (CALM) Q4 2026 Earnings Call Transcript

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RIDGELAND, Miss., July 22, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today reported results for its fourth quarter and fiscal year ended May 30, 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.

Financial Highlights

 (in thousands except per share amounts and percentages) Fourth QuarterFiscal Year 2026 2025 $ Change % Change2026 2025 $ Change % ChangeNet sales$552,581  $1,103,658  $(551,077) (49.9)%$2,911,632  $4,261,885  $(1,350,253) (31.7)%Gross profit$34,066  $531,510  $(497,444) (93.6)%$672,049  $1,850,885  $(1,178,836) (63.7)%Operating income (loss)$(58,811) $435,851  $(494,662) (113.5)%$350,186  $1,536,539  $(1,186,353) (77.2)%Net income attributable to Cal-Maine Foods, Inc.$(35,876) $342,475  $(378,351) (110.5)%$316,682  $1,220,048  $(903,366) (74.0)%Income (loss) per share - diluted$(0.76) $7.01  $(7.77) (110.8)%$6.63  $24.95  $(18.32) (73.4)%                                Strategic Execution Highlights

Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time In the fourth quarter of fiscal 2026: Prepared Foods accounted for 10.9% of net salesCombined, Specialty Shell Eggs and Prepared Foods increased to 53.0% of net sales In fiscal 2026: Prepared Foods accounted for 8.4% of net salesCombined, Specialty Shell Eggs and Prepared Foods grew to 44.4% of net sales Acquired certain assets of Creighton Brothers LLC and its affiliates, intended to further enhance vertically integrated operating model and strengthen connectivity across shell egg and prepared foods value chainAcquired the Van’s® brand, aimed at accelerating strategic evolution into value-added, consumer-facing prepared foods and further diversifying earnings profileSubsequent to fiscal year-end: Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its specialty shell egg category penetration across one of the nation’s largest, highest-income consumer marketsAnnounced new $54 million investment to further expand Prepared Foods production capacity: Expected to add approximately 30% incremental production capacity beginning in the first half of fiscal 2028Builds on previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growthPrepared Foods production capacity projected to increase by over 60% from the end of fiscal 2026 through the first half of fiscal 2028 Commentary

Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Fiscal 2026, culminating in a particularly challenging fourth quarter, reinforced the importance of our strategy to enhance the structural mix of our business, expand our portfolio of products that support more stable and predictable financial performance, and reposition our pricing structure by reducing the impact of market-based pricing. Equally important has been maintaining a strong balance sheet, which provides the financial flexibility to navigate market cyclicality while supporting our long-term strategic priorities.

“During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels. This dynamic was largely supply-driven rather than demand-driven, and we continue to see favorable long-term demand fundamentals across our end markets. The sustained trough pricing environment in the quarter provides a valuable stress-case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature.

“We are proud of the progress we have made this year executing our strategy. We are advancing our Prepared Foods network optimization and expansion initiatives on schedule, driving improved operating performance and sequential margin improvement in the quarter. We delivered Specialty Shell Egg volume growth for the full fiscal year with broad-based gains across subcategories. Notably, Specialty Shell Eggs plus Prepared Foods represented more than half of our net sales for the fourth quarter of fiscal 2026.”

New Reportable Operating Segments

Cal-Maine Foods previously operated as one operating and one reportable segment. Effective in the fourth quarter of fiscal 2026, the company implemented a new operating segment structure designed to better align with how management reviews operating results and makes decisions about resource allocation and strategic initiatives.

Cal-Maine Foods’ reportable operating segments now consist of the following:

Conventional Shell EggsSpecialty Shell EggsPrepared Foods Cal-Maine Foods’ remaining operations, which include co-pack shell eggs, egg products, hard-cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard. All prior fiscal year periods have been recast to reflect the new reportable segments, and such recast information is included in the schedules accompanying this release.

Segment Results Summary

 Segment Sales (in thousands except percentages) Fourth QuarterFiscal Year 2026 2025 Volume Change Avg. Price Change2026 2025 Volume Change Avg. Price ChangeConventional Shell Eggs$210,765  $702,069  3.1 % (70.9)%$1,348,076  $2,755,859  (0.3)% (50.9)%Specialty Shell Eggs 239,731   305,142  (5.9)% (16.5)% 1,070,458   1,154,951  2.4 % (9.5)%Prepared Foods 60,403   1,565  N.M. % N.M. % 244,802   4,050  N.M. % N.M. %Total Reportable Segments$510,899  $1,008,776       $2,663,336  $3,914,860                                   N.M. – Not Meaningful

 Operating Income (Loss) (in thousands except percentages) Fourth QuarterFiscal Year       Operating Margin      Operating Margin 2026 2025 2026 20252026 2025 2026 2025Conventional Shell Eggs$(40,587) $370,499  (19.3)% 52.8 %$216,641  $1,290,003  16.1 % 46.8 %Specialty Shell Eggs 17,538   87,129  7.3 % 28.6 % 181,544   333,602  17.0 % 28.9 %Prepared Foods 8,820   (647) 14.6 % (41.3)% 33,882   (2,119) 13.8 % (52.3)%Total Reportable Segments$(14,229) $456,981  (2.8)% 45.3 %$432,067  $1,621,486  16.2 % 41.4 %Other - Segment Income (Loss) (7,394)  25,535  N/A   N/A   19,044   42,091  N/A   N/A  Unallocated Corporate SG&A (37,897)  (45,923) N/A   N/A   (108,353)  (127,141) N/A   N/A  Gain (Loss) on Involuntary Conversion 851   —  N/A   N/A   8,819   (156) N/A   N/A  Gain (Loss) Disposal of Fixed Assets (142)  (742) N/A   N/A   (1,391)  259  N/A   N/A  Operating Income (Loss)$(58,811) $435,851  (10.6)% 39.5 %$350,186  $1,536,539  12.0 % 36.1 %                         N/A – Not Applicable

Conventional Shell Eggs

Fourth quarter and full-year performance reflected an egg pricing environment that deteriorated throughout fiscal 2026, with egg prices reaching historically low inflation-adjusted levels in the fourth quarter and remaining well below the record-high prices of the prior fiscal year. Market conditions were driven by elevated supply, resulting in low pricing. During fiscal 2026, supply increased to levels that left the market abundantly supplied, a sharp contrast to the severe shortages experienced in the prior fiscal year. In addition, the fourth and first fiscal quarters are typically the seasonally lowest periods for pricing, even under more normal supply conditions.

These headwinds were partially offset by the benefits of existing grain-based and hybrid pricing arrangements with certain customers and rigorous commercial execution. Volume increased 3.1% in the fourth quarter and was relatively flat for the fiscal year, indicating that lower results were driven by pricing rather than demand. Average selling price per dozen decreased 70.9% in the fourth quarter and 50.9% for the fiscal year. Margins declined due to substantially lower pricing, partially offset by improved price realization relative to both the prior-year fourth quarter and preceding quarter.

Specialty Shell Eggs

Fourth quarter volumes were more consistent with historical seasonal patterns, underlying demand, and typical pricing relationships across adjacent categories. Volumes decreased 5.9% in the fourth quarter primarily due to an unusually strong prior-year comparison, which benefited from temporary demand acceleration driven by an atypical pricing relationship with conventional shell eggs. The average selling price per dozen for the fourth quarter decreased 16.5%, driven by supply-side dynamics.

As a result, the quarter reflects a seasonal reversion from an exceptionally strong prior-year period, while the broader segment continues to benefit from stable long-term pricing and favorable demand fundamentals. For the fiscal year, volume increased 2.4% despite more typical pricing dynamics, an encouraging result that reflects resilient consumer demand and the strength of the company’s commercial execution. The average selling price per dozen for the fiscal year decreased 9.5%. Margins declined in both the fourth quarter and fiscal year, primarily due to pricing that remained below the elevated prior-year levels and lower volumes in the fourth quarter.

Prepared Foods

For the fourth quarter, results reflected continued execution of previously announced network optimization and expansion initiatives. As these initiatives advanced on schedule, higher production improved utilization and fixed-cost absorption, driving stronger operating performance and sequential margin improvement. Sales prices and volume increased compared to the third quarter of fiscal 2026. The integration of Van’s® progressed in line with expectations, with early results demonstrating strong performance. The Crepini® joint venture continued to exhibit robust growth momentum, reinforcing the company’s ability to scale high-performing brands and products.

Outlook

Mr. Miller commented, "Looking ahead, we believe we are increasingly well positioned as market conditions improve, particularly as we move beyond our first quarter. During the first five weeks of our first quarter, Urner Barry reported that market prices averaged just $0.72, approximately 54% below the comparable period in our fourth quarter. More recently, Urner Barry has reported that pricing has strengthened, increasing by more than 90% in only a few weeks. Early indications point to improving supply-demand balance, supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period.

“More importantly, we believe the strategy we have been executing is beginning to gain traction. A key component of this strategy is expanding our presence in categories with attractive long-term growth opportunities and strong market positioning.

“We are excited about the expansion of our Eggland’s Best® franchise territory in the Northeast, which provides us with the right to distribute and sell Eggland’s Best® and Land O’Lakes® branded eggs in Maine, Massachusetts, New Hampshire, Rhode Island, and select key areas in Vermont, New York, and Connecticut. This expansion is expected to increase our Specialty Shell Egg volume by approximately 5% annually, and further strengthens our position in an important growth market.

“We are also advancing our long-term growth strategy with a new $54 million investment to further expand our Prepared Foods production capacity. This investment will add approximately 30% incremental production beginning in the first half of fiscal 2028, strengthening our business with a more durable, predictable, and diversified revenue and earnings profile. Together with our previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth, Prepared Foods production capacity will increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028.

“We are still in the early stages of our evolution, with substantial runway to grow our value-added businesses through both organic expansion and targeted acquisitions. As our portfolio continues to mature, we expect a greater share of earnings to come from higher-quality, less cyclical sources, creating a more consistent earnings profile and positioning the company for sustainable growth and long-term shareholder value creation.”

Share Repurchase Update

Cal-Maine Foods repurchased 396,083 shares of its common stock under the company’s current share repurchase authorization during the fourth quarter for a total of $30.1 million. The repurchase program permits the company to repurchase up to $500 million, of which $320.7 million remains available.

Dividend Payment

Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend for the fourth quarter and will not pay a dividend for a subsequent profitable quarter until the company is profitable on a cumulative basis computed from the date of the last quarter in which a dividend was paid. As of May 30, 2026, the total cumulative loss to be recovered before payment of any future dividends under our variable dividend policy was $35.9 million.

Conference Call and Webcast

Management will host a conference call and webcast at 9:00 a.m. ET on July 22, 2026. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations. To join by telephone, participants can register here. Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-Q and Current Reports on Form 8-K), (ii) changes in wholesale shell egg market prices, (iii) changes in the demand for shell eggs and our prepared foods offerings, (iv) increases in feed costs for our shell egg operations as well as increases in input costs for prepared foods, (v) our ability to predict and meet demand for cage-free and other specialty shell eggs, (vi) the risks and hazards inherent in shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (vii) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (viii) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (ix) our ability to produce, supply and distribute shell eggs and prepared foods efficiently and reliably, (x) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (xi) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations, (xii) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xiii) the loss or expiration of any registered trademarks or other intellectual property that we use in our business, (xiv) adverse results in pending litigation and other legal matters, and (xv) global instability, including as a result of geopolitical conflicts and other uncertainties. The Company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)SUMMARY STATEMENTS OF INCOME

       13 Weeks Ended 52 Weeks Ended  May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net sales $552,581  $1,103,658  $2,911,632  $4,261,885 Cost of sales  518,515   572,148   2,239,583   2,411,000 Gross profit  34,066   531,510   672,049   1,850,885 Selling, general and administrative  93,586   94,917   329,291   314,449 (Gain) loss on involuntary conversions  (851)  —   (8,819)  156 (Gain) loss on disposal of fixed assets  142   742   1,391   (259)Operating income (loss)  (58,811)  435,851   350,186   1,536,539 Other income, net  12,285   17,348   60,818   66,603 Income (loss) before income taxes  (46,526)  453,199   411,004   1,603,142 Income tax expense (benefit)  (11,486)  111,069   92,892   384,910 Net income (loss)  (35,040)  342,130   318,112   1,218,232 Less: Income (loss) attributable to noncontrolling interest  836   (345)  1,430   (1,816)Net income (loss) attributable to Cal-Maine Foods, Inc. $(35,876) $342,475  $316,682  $1,220,048              Net income (loss) per common share:            Basic $(0.76) $7.03  $6.65  $25.04 Diluted $(0.76) $7.01  $6.63  $24.95 Weighted average shares outstanding:            Basic  47,000   48,696   47,650   48,719 Diluted  47,000   48,821   47,781   48,891                   CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY BALANCE SHEETS

         May 30, 2026
 May 31, 2025
ASSETS        Cash and short-term investments $924,057  $1,392,100 Receivables, net  264,431   272,361 Inventories, net  375,265   295,670 Prepaid expenses and other current assets  17,789   7,979 Current assets  1,581,542   1,968,110          Property, plant and equipment, net  1,318,335   1,026,684 Other noncurrent assets  207,693   89,825 Total assets $3,107,570  $3,084,619          LIABILITIES AND STOCKHOLDERS' EQUITY        Accounts payable and accrued expenses $205,516  $194,208 Dividends payable  —   114,163 Current liabilities  205,516   308,371          Deferred income taxes and other liabilities  261,522   210,233 Stockholders' equity  2,640,532   2,566,015 Total liabilities and stockholders' equity $3,107,570  $3,084,619           CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Conventional Shell Eggs               Fiscal Year 2026 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$486,523  $350,452  $271,556  $201,026 Intersegment sales 11,910   10,035   6,835   9,739 Total segment sales 498,433   360,487   278,391   210,765 Segment COGS 312,205   273,170   240,567   233,237 Segment SG&A 17,992   17,495   18,654   18,115 Segment operating income$168,236  $69,822  $19,170  $(40,587)               Fiscal Year 2025 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$462,018  $588,004  $964,061  $689,419 Intersegment sales 10,332   12,735   16,640   12,650 Total segment sales 472,350   600,739   980,701   702,069 Segment COGS 308,879   342,667   428,040   313,626 Segment SG&A 17,956   18,221   18,523   17,944 Segment operating income$145,515  $239,851  $534,138  $370,499                Fiscal Year 2024 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$214,773  $266,782  $392,199  $353,149 Intersegment sales 5,441   4,454   5,476   5,018 Total segment sales 220,214   271,236   397,675   358,167 Segment COGS 228,197   239,499   263,730   238,605 Segment SG&A 16,673   15,893   15,710   15,284 Segment operating income$(24,656) $15,844  $118,235  $104,278                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

  Specialty Shell Eggs
                 Fiscal Year 2026
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$269,579  $271,941  $275,254  $232,454 Intersegment sales 6,011   4,806   3,136   7,277 Total segment sales 275,590   276,747   278,390   239,731 Segment COGS 184,575   186,830   210,693   195,822 Segment SG&A 26,819   28,263   29,541   26,371 Segment operating income$64,196  $61,654  $38,156  $17,538                  Fiscal Year 2025
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$241,620  $272,233  $314,590  $298,158 Intersegment sales 6,086   5,554   9,726   6,984 Total segment sales 247,706   277,787   324,316   305,142 Segment COGS 168,890   179,280   178,985   190,256 Segment SG&A 24,923   27,737   23,521   27,757 Segment operating income$53,893  $70,770  $121,810  $87,129                  Fiscal Year 2024
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$193,674  $203,503  $243,273  $222,847 Intersegment sales 2,683   2,199   2,721   2,719 Total segment sales 196,357   205,702   245,994   225,566 Segment COGS 157,112   157,392   170,152   163,580 Segment SG&A 20,263   20,904   24,119   23,902 Segment operating income$18,982  $27,406  $51,723  $38,084                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Prepared Foods              Fiscal Year 2026 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$72,368  $60,012  $52,019  $60,403 Intersegment sales —   —   —   — Total segment sales 72,368   60,012   52,019   60,403 Segment COGS 53,471   45,218   42,978   43,703 Segment SG&A 5,676   5,784   6,210   7,880 Segment operating income$13,221  $9,010  $2,831  $8,820               Fiscal Year 2025 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$—  $1,024  $1,461  $1,565 Intersegment sales —   —   —   — Total segment sales —   1,024   1,461   1,565 Segment COGS —   1,303   1,609   1,599 Segment SG&A —   460   585   613 Segment operating income$—  $(739) $(733) $(647)                 Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

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LOS ANGELES--(BUSINESS WIRE)---- $CALM--CALM Investors Have Opportunity to Join Cal-Maine Foods, Inc. Fraud Investigation with the Schall Law Firm.

July 06, 2026 16:30 ET  | Source: Cal-Maine Foods, Inc.

RIDGELAND, Miss., July 06, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM), the largest egg company in the United States and a leading player in the egg-based food industry, today announced it will report results for its fourth quarter and fiscal year 2026 at approximately 6:00 a.m. ET on Wednesday, July 22, 2026. The earnings release will be available on the Cal-Maine Foods website at https://www.calmainefoods.com/press-releases.

Management will review the results during a conference call and webcast at 9:00 a.m. ET the same day. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

To join by telephone, participants can register in advance here. Upon registering, participants will receive the dial-in info and a unique PIN to join the call, as well as an email confirmation with the details.

A replay of the webcast will be available following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

Rigged egg-flation.

Three of the US’s major egg producers had been artificially inflating prices of the shelled food — spiking Americans’ grocery bills for months — and will now be forced to pay $3.3 million for their dirty business dealings after reaching a proposed settlement with the Justice Department and 17 states.

Big egg companies Cal-Maine Foods, Versova, and Hickman’s Egg Ranch will be forced to fork over the cash and donate 53 million eggs in the settlement — 4.9 million of which will be delivered to food banks and organizations serving New Yorkers, New York Attorney General Letitia James announced Monday.

Three major egg producers will have to shell out a combined $3.3 million and 53 million eggs for secretly communicating to inflate the daily egg price index between June 2022 and March 2025. AP Photo/Erin Hooley A bipartisan investigation led by James’ office and the DOJ, which began over a year ago, revealed that the top egg producers had been in cahoots and “secretly communicated” with each other to inflate the daily egg price index between June 2022 and March 2025.

A December 2022 email even caught Hickman’s CEO emailing Versova and Cal-Maine executives to urge them to submit “strong bids, early and often” to boost the cost of the grocery staple, all while Americans were struggling to put food on the table, prosecutors said.

The DOJ’s complaint showed that executives used “spoofing-like tactics” in which a trader places buy or sell orders in hopes of moving the price, then cancels them before they are filled, the Wall Street Journal reported.

The scheme was carried out while eggs were scarce and carton prices soared to record highs, the outlet reported. In late 2022, Midwest large egg prices skyrocketed to $5.36 per dozen amid a historic bird flu epidemic, the outlet reported.

The scheme was carried out while eggs were scarce and carton prices soared to record highs due to bird flu outbreaks Helayne Seidman Prices continued to climb during additional outbreaks in 2024 and 2025, which decimated the hen population.

In January 2025, restaurant owners struggled to stay afloat after the average price of a dozen eggs spiked to nearly $9 — up 70% from the year before.

A month later, New York City bodegas even started selling “loosie”-style eggs — à la notorious single cigarettes — as bird flu shortages drove prices out of control.

The proposed settlements — which will have to be approved by a federal judge — will force the three companies to end price-manipulation tactics, adopt compliance measures, and fully cooperate with state oversight, the DOJ announced on Tuesday.

The attorneys general in New York, Arizona, California, Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland, Minnesota, North Carolina, Ohio, Pennsylvania, Texas, Utah, and Vermont all worked to secure the settlement.

“When powerful corporations collude behind the scenes to raise prices, working families suffer the costs,” James said in a statement.

The three companies have denied wrongdoing. Paul Martinka “These egg producers manipulated the market to squeeze even more profit out of consumers and businesses. By shutting this scheme down and delivering millions of eggs to those in need, we’re sending a clear message that companies will not get away with illegal price hikes in New York.”

Mississippi-based Cal-Maine Foods, the largest US egg company, said in a statement that it “denies all wrongdoing and violations of law, continues to believe that such claims are baseless and that its conduct was lawful, appropriate and in the best interest of supplying eggs to the marketplace.”

“We are pleased that this agreement enables us to move forward so we can devote our full attention to what matters most: delivering affordable, high-quality eggs and egg-based prepared foods to consumers nationwide, while helping ensure a reliable domestic supply of a nutritious, everyday staple that families depend on,” Sherman Miller, president and CEO of Cal-Maine Foods, added in a statement.

Top five Iowa-based egg producer Versova also denied wrongdoing. Hickman, a smaller company now owned by meatpacking giant JBS and Brazilian egg supplier Mantiqueira, claimed the scandal occurred before it acquired the company in late 2025, the Journal reported.

RIDGELAND, Miss., June 23, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM), the largest egg company in the United States and a leading player in the egg-based food industry, today announced the appointment of Haley R. Fisackerly and Michael J. Highfield as independent members of its Board of Directors, effective June 23, 2026. Concurrently with these appointments, the Board was increased from eight to ten directors.

The appointment of Haley and Mike further strengthens the Board's collective expertise as the company expands its business, pursues new opportunities, and executes its long-term strategic objectives.

“Haley and Mike are accomplished leaders whose experience, judgment, and strategic perspectives will be tremendous assets to our Board and our shareholders,” said Dolph Baker, Board Chair of Cal-Maine Foods. “As Cal-Maine continues its evolution into a more diversified egg-based food company, their expertise in operations, infrastructure, economic development, finance, capital markets, and organizational leadership will help support our continued momentum and long-term value creation.”

Haley R. Fisackerly

Mr. Fisackerly brings more than three decades of leadership experience in utility operations, regulatory affairs, customer service, public policy, and economic development. Mr. Fisackerly currently serves as President and Chief Executive Officer of Entergy Mississippi, LLC. Since assuming his current role in 2008, he has led significant operational, infrastructure, and economic development initiatives. He currently serves on the board of BankFirst Financial Services.

Michael J. Highfield, Ph.D., CFA, CTP, ChBP

Dr. Highfield brings more than two decades of experience in finance, banking, capital markets, governance, and executive leadership. He currently serves as the Provost and Executive Vice President of Mississippi Christian University, where he is responsible for academic strategy, institutional effectiveness, accreditation, and long-term planning. He previously served as Professor of Finance and Head of the Department of Finance and Economics at Mississippi State University and was recently named the next President and Chief Academic Officer of the Graduate School of Banking at LSU. He is a Chartered Financial Analyst (CFA) charterholder, Certified Treasury Professional (CTP), and Chartered Banking Professional (ChBP), with expertise in financial institutions, corporate finance, risk management, and investment oversight.

Mr. Fisackerly and Dr. Highfield will join the Board’s Compensation, Audit and Nominating and Corporate Governance Committees.

Following the appointment of Mr. Fisackerly and Dr. Highfield, the Board consists of ten directors, seven of whom are independent.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (NASDAQ: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s Foods®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg, egg products, and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (iii) changes in the demand for and market prices of shell eggs and feed costs as well as increase in input costs for prepared foods, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (vi) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (vii) our ability to compete effectively with existing and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (viii) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations (ix) potential impacts to our business as a result of our Company ceasing to be a “controlled company” under the rules of The Nasdaq Stock Market on April 14, 2025, (x) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse results in pending litigation and other legal matters, and (xii) global instability, including as a result of geopolitical conflicts and uncertainties. The company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise.

Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

Posted by Defense World Staff on Apr 7th, 2026

Allspring Global Investments Holdings LLC acquired a new stake in shares of Cal-Maine Foods, Inc. (NASDAQ:CALM – Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 79,570 shares of the basic materials company’s stock, valued at approximately $6,244,000. Allspring Global Investments Holdings LLC owned approximately 0.16% of Cal-Maine Foods at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Cal-Maine Foods by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,401 shares of the basic materials company’s stock valued at $2,218,000 after acquiring an additional 1,057 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of Cal-Maine Foods by 100.8% in the first quarter. NewEdge Advisors LLC now owns 7,985 shares of the basic materials company’s stock valued at $726,000 after acquiring an additional 4,009 shares during the last quarter. United Services Automobile Association bought a new position in shares of Cal-Maine Foods in the first quarter valued at approximately $245,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Cal-Maine Foods by 10.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,422 shares of the basic materials company’s stock valued at $7,765,000 after acquiring an additional 7,736 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Cal-Maine Foods in the second quarter valued at approximately $8,829,000. 84.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes A number of research analysts have recently issued reports on CALM shares. Stephens lifted their target price on shares of Cal-Maine Foods from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Benchmark reiterated a “buy” rating on shares of Cal-Maine Foods in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cal-Maine Foods in a research note on Friday, March 27th. Finally, BMO Capital Markets cut their target price on shares of Cal-Maine Foods from $85.00 to $80.00 and set a “market perform” rating for the company in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cal-Maine Foods presently has a consensus rating of “Hold” and an average price target of $93.00.

Get Our Latest Stock Report on Cal-Maine Foods

Cal-Maine Foods Price Performance CALM stock opened at $78.97 on Tuesday. The company has a 50 day moving average price of $83.46 and a 200 day moving average price of $85.47. The stock has a market capitalization of $3.76 billion, a PE ratio of 5.50 and a beta of 0.32. Cal-Maine Foods, Inc. has a fifty-two week low of $71.92 and a fifty-two week high of $126.40.

Cal-Maine Foods (NASDAQ:CALM – Get Free Report) last issued its earnings results on Wednesday, April 1st. The basic materials company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.89 by $0.17. The company had revenue of $666.95 million during the quarter, compared to analysts’ expectations of $655.82 million. Cal-Maine Foods had a net margin of 20.07% and a return on equity of 26.05%. The business’s revenue for the quarter was down 53.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.39 EPS. As a group, equities analysts expect that Cal-Maine Foods, Inc. will post 15.59 earnings per share for the current fiscal year.

Cal-Maine Foods Cuts Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Wednesday, April 29th will be given a dividend of $0.36 per share. The ex-dividend date is Wednesday, April 29th. This represents a $1.44 annualized dividend and a dividend yield of 1.8%. Cal-Maine Foods’s payout ratio is presently 20.14%.

Cal-Maine Foods Profile (Free Report)

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

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Posted by Defense World Staff on Apr 13th, 2026

Burney Co. lessened its position in Cal-Maine Foods, Inc. (NASDAQ:CALM – Free Report) by 35.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,613 shares of the basic materials company’s stock after selling 39,423 shares during the quarter. Burney Co. owned approximately 0.15% of Cal-Maine Foods worth $5,619,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CALM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cal-Maine Foods by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,401 shares of the basic materials company’s stock valued at $2,218,000 after buying an additional 1,057 shares during the last quarter. NewEdge Advisors LLC raised its position in Cal-Maine Foods by 100.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,985 shares of the basic materials company’s stock valued at $726,000 after buying an additional 4,009 shares during the last quarter. United Services Automobile Association acquired a new stake in Cal-Maine Foods in the 1st quarter valued at approximately $245,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cal-Maine Foods by 10.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 85,422 shares of the basic materials company’s stock valued at $7,765,000 after buying an additional 7,736 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Cal-Maine Foods by 323.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,087 shares of the basic materials company’s stock valued at $108,000 after buying an additional 830 shares during the last quarter. Institutional investors and hedge funds own 84.67% of the company’s stock.

Cal-Maine Foods Price Performance CALM stock opened at $75.83 on Monday. The business has a 50 day moving average price of $83.00 and a two-hundred day moving average price of $84.86. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 5.28 and a beta of 0.32. Cal-Maine Foods, Inc. has a twelve month low of $71.92 and a twelve month high of $126.40.

Cal-Maine Foods (NASDAQ:CALM – Get Free Report) last posted its quarterly earnings results on Wednesday, April 1st. The basic materials company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.17. The firm had revenue of $666.95 million during the quarter, compared to the consensus estimate of $655.82 million. Cal-Maine Foods had a return on equity of 26.05% and a net margin of 20.07%.The business’s revenue was down 53.0% compared to the same quarter last year. During the same period last year, the company earned $10.39 earnings per share. On average, equities research analysts anticipate that Cal-Maine Foods, Inc. will post 15.59 EPS for the current fiscal year.

Cal-Maine Foods Cuts Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Shareholders of record on Wednesday, April 29th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, April 29th. Cal-Maine Foods’s dividend payout ratio (DPR) is currently 20.14%.

Analyst Upgrades and Downgrades A number of equities research analysts recently issued reports on the company. Benchmark reissued a “buy” rating on shares of Cal-Maine Foods in a research report on Tuesday, March 3rd. Stephens lifted their target price on Cal-Maine Foods from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Wednesday, March 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cal-Maine Foods in a research report on Friday, March 27th. Finally, BMO Capital Markets dropped their target price on Cal-Maine Foods from $85.00 to $80.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 25th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $93.00.

Get Our Latest Stock Analysis on Cal-Maine Foods

Cal-Maine Foods Company Profile (Free Report)

Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

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HomeIndustriesFood/Beverages/TobaccoEgg prices crossed the $6 barrier in March of last year, but they have since fallen as farmers have replenished their flocksPublished: April 17, 2026 at 6:56 p.m. ET

Shares of Cal-Maine Foods fell in extended trading Friday after a report that the Justice Department could be close to filing a civil antitrust lawsuit against the major egg producer and some of its rivals.

The report from the Wall Street Journal late Friday comes after higher egg prices last year and in 2024 became emblematic of the cost-of-living increases that have squeezed consumers over the past half-decade. Egg prices surged during those years as a large bird-flu outbreak led producers to cull millions of egg-laying chickens, curbing supplies.

About the Author

Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.

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NEW YORK--(BUSINESS WIRE)---- $CALM #NASDAQ--Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of Cal-Maine Foods, Inc. (NASDAQ: CALM) failed to manage Cal-Maine Foods in an acceptable manner, breaching their fiduciary duties to Cal-Maine Foods, and whether Cal-Maine Foods and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation—what shareholders need to know: On April 17, 2026, the Wall Stree.

On April 30, 2026, River Road Asset Management, LLC disclosed a new position in Cal-Maine Foods (CALM +1.01%).

What happenedAccording to a Securities and Exchange Commission (SEC) filing dated April 30, 2026, River Road Asset Management, LLC established a new stake in Cal-Maine Foods by adding 1,369,522 shares. The estimated transaction value is $112.50 million, calculated using the average closing price during the first quarter. As of March 31, the quarter-end position was valued at $108.40 million, reflecting both share purchases and market price changes.

What else to knowThis was a new position, representing 1.23% of River Road’s 13F reportable assets under management as of March 31, 2026.Top holdings after the filing:NYSE: BJ: $344.81 million (3.9% of AUM)NYSE: WTM: $264.78 million (3.0% of AUM)NASDAQ: MGRC: $238.30 million (2.7% of AUM)NYSE: BRK-B: $218.25 million (2.5% of AUM)NYSE: MUSA: $195.51 million (2.2% of AUM)As of April 29, 2026, shares of Cal-Maine Foods were priced at $75.07, down 15.4% over the past year, underperforming the S&P 500 by 43.68 percentage points.Company OverviewMetricValueRevenue (TTM)$3.46 billionNet Income (TTM)$695.03 millionDividend Yield6.28%Price (as of market close 2026-04-29)$75.07Company SnapshotProduces, grades, packages, markets, and distributes shell eggs, including specialty varieties such as cage free, organic, and nutritionally enhanced eggs under brands like Egg-Land's Best and Land O' Lakes.Operates an integrated supply chain model, generating revenue primarily through the sale of shell eggs to retail and foodservice channels.Serves national and regional grocery chains, club stores, independent supermarkets, and foodservice distributors across the southwestern, southeastern, mid-western, and mid-Atlantic United States.Cal-Maine Foods, Inc., together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs, including specialty varieties under brands like Egg-Land's Best and Land O' Lakes. Cal-Maine Foods, Inc. offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, and 4-Grain brand names, as well as under private labels. Cal-Maine Foods, Inc. sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, and foodservice distributors primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

What this transaction means for investorsAlthough investors are often reduced to speculation when one sells, purchases are different. Thus, River Road’s $112.5 million investment in Cal-Maine Foods is a clear signal of optimism in this consumer staples stock.

During the quarter, the stock’s price has fallen to its lowest level since 2024. This comes as the company faces a DOJ investigation regarding egg prices. Also, net income fell significantly as high margins came down as supply and demand came into better balance.

Today, egg prices have come down from the peaks in early 2025. Nonetheless, the world could face higher food prices as the conflict in Iran has led to lower fertilizer supplies. While not good for the consumer, that could increase the profitability of the company if food prices rise.

Today's Change

(

1.01

%) $

0.80

Current Price

$

79.87

Additionally, its P/E ratio stands at just 5. While Cal-Maine is unlikely to command high multiples, this ultra-low P/E ratio increases the chances that River Road can win by owning more of this stock.TMF Writers add your take here...

© bangoland / Shutterstock.com

The Invesco S&P SmallCap High Dividend Low Volatility ETF (NASDAQ:XSHD) promises small-cap yield with smoother price action. Monthly distributions have shrunk meaningfully over the past two years, and the fund’s core holdings reveal the payout strain behind that decline.

How XSHD Generates Its Income XSHD tracks the S&P SmallCap High Dividend Low Volatility Index, which screens the 90 highest-yielding US small-cap stocks and keeps the 60 least volatile, then weights them by dividend yield. Hunting high yield in the small-cap universe is itself an anomaly: most small caps reinvest rather than distribute, so the screen pulls heavily into REITs, mortgage lenders, and cyclical payers. The volatility filter aims to soften the ride but does not protect the dividend itself.

Distributions are paid monthly. The fund paid out $1.03 in 2024, $0.82 in 2025, and roughly $0.25 year to date in 2026. Per-distribution averages have fallen from about 9 cents in 2024 to around 6 cents in early 2026. The headline yield near 5% to 7% depending on when you check is held up by a falling share price rather than by payout growth.

The Holdings Telling the Story Innovative Industrial Properties (NYSE:IIPR) is the clearest warning. The cannabis REIT pays a $1.90 quarterly dividend, held steady for eight straight quarters, but Q1 2026 AFFO came in at $1.88 per share, putting the AFFO payout ratio at 101%. Every dollar earned is going out the door, with another penny borrowed. Tenant defaults stripped $6.9 million from quarterly revenue, and $291 million in unsecured notes mature this month. CEO Alan Gold said the company has “additional secured and unsecured debt financings underway totaling nearly $130 million” to address it. Until refinancing closes and tenant turnover stabilizes, the dividend is being funded by borrowing rather than by operating cash flow.

Arbor Realty Trust (NYSE:ABR) has already moved. The multifamily bridge lender cut its quarterly payout from $0.43 to $0.30 in mid-2025, a 30% reduction. Q4 2025 distributable EPS dropped to $0.19 from $0.40 a year earlier, barely covering the reduced dividend after a $68.9 million charge-off on a legacy loan and $20.5 million REO impairment. With 26 non-performing loans totaling $569 million, another cut is plausible if credit losses continue.

Cal-Maine Foods (NASDAQ:CALM) operates a variable dividend tied to roughly one-third of quarterly profit. That payout has fallen from $2.35 in Q4 fiscal 2025 to $0.36 in Q3 fiscal 2026 as egg prices normalized, with shell egg selling prices down about 57% year over year. The balance sheet is fortress-grade at $1.15 billion in cash, but income investors should understand: when the company earns less, it pays less.

Global Net Lease (NYSE:GNL) is the most encouraging holding, though the cushion is thin. The diversified REIT earned agency upgrades to investment-grade BBB- from both Fitch and S&P, cut net debt by $2.2 billion in 2025, and delivered full-year AFFO of $0.99 against a $0.76 dividend. The catch: 2026 AFFO guidance of $0.80 to $0.84 leaves only a few cents of cushion above the payout. The company itself cut its dividend from $0.275 to $0.19 in early 2025, so the current rate already reflects one round of right-sizing.

Total Return Reality A high yield only matters if the principal holds. XSHD trades near $13.84, down about 20% over five years while the Russell 2000 has gained ground. Year to date the fund is up roughly 9%, helpful but not a thesis reset. Investors have been collecting income while watching their cost basis erode.

The Verdict on XSHD’s Distribution The distribution is mechanically passed through from holdings whose own payouts are under measurable strain: one paying above AFFO, one already cut, one variable by design, and one operating with single-digit cents of headroom. Other small-cap dividend funds that screen for dividend growth and balance sheet quality have delivered better total returns over comparable periods. XSHD makes sense only for investors who understand they are buying a yield that the underlying companies are actively struggling to maintain.

NEW YORK--(BUSINESS WIRE)---- $CALM #NASDAQ--Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of Cal-Maine Foods, Inc. (NASDAQ: CALM) failed to manage Cal-Maine Foods in an acceptable manner, breaching their fiduciary duties to Cal-Maine Foods, and whether Cal-Maine Foods and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation—what shareholders need to know: On April 17, 2026, the Wall Stree.