CAL-MAINE FOODS INC (CALM) FY2026 10-K Annual Report
CAL-MAINE FOODS INC (CALM) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 22, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CAL-MAINE FOODS INC FY2026 10-K Analysis
Business Overview
- • Core business: Fully-integrated producer and distributor of fresh shell eggs and prepared foods
- • New emphasis: Significant capital expenditures to expand cage-free egg production capacity in response to customer demand and regulatory trends
- • Strategic shift: Increased focus on cage-free egg segment amid heightened regulatory and competitor pressures on animal welfare standards
- • Quantitative metric: Top three customers accounted for 43.1% of net sales in fiscal 2026, Walmart alone 30.0%, down from 49.2% and 33.6% respectively in fiscal 2025
- • Noteworthy fact: Settled DOJ antitrust investigation into nationwide egg price increases in June 2026; facing ongoing class action lawsuits alleging price-fixing related to 2022 avian flu outbreak
Management Discussion & Analysis
- • Revenue $2.9B in fiscal 2026, down 31.7% YoY from $4.3B in 2025 due to 50.9% drop in conventional shell egg prices
- • Operating income $350.2M vs $1.5B in 2025, margin approx. 12% vs 36% in prior year; net income $316.7M vs $1.2B in 2025
- • Best segment: Conventional Shell Eggs net sales $1.35B, down 51.1%; worst segment: Specialty Shell Eggs net sales $1.07B, down 7.3%
- • Prepared Foods sales $244.8M, up from $4.1M due to acquisitions; acquisition spend $427.8M; share repurchase $131.1M; dividends $231.6M paid
- • Management outlook notes continued volatility from HPAI and feed costs; focus on growth in specialty and prepared foods; risks include price pressure, legal proceedings, and operational disruptions
Risk Factors
- • DOJ antitrust investigation into nationwide egg price increases; settled June 2026, settlement pending court approval
- • Geopolitical conflicts and weather caused feed price volatility; corn and soybean meal costs increased four consecutive years before declining in fiscal 2026
- • HPAI outbreaks caused depopulation of 352,000 pullets at Maryland facility in March 2026, negatively impacting production capacity
- • Walmart accounted for 30.0% of net sales in fiscal 2026, posing customer concentration risk and pricing pressure potential
- • ERP system implementation underway with risks of delays, increased costs, or disruptions that could materially affect operations and financial results
CAL-MAINE FOODS INC FY2026 Key Financial MetricsXBRL
Revenue
$2.9B
▼ -31.7% YoY
Net Income
$317M
▼ -74.0% YoY
Gross Margin
23.1%
▼ -2035bp YoY
Operating Margin
12.0%
▼ -2403bp YoY
Net Margin
10.9%
▼ -1775bp YoY
ROE
12.0%
▼ -3562bp YoY
Total Assets
$3.1B
▲ +0.7% YoY
EPS (Diluted)
$6.63
▼ -73.4% YoY
Operating Cash Flow
$480M
▼ -60.8% YoY
Source: XBRL data from CAL-MAINE FOODS INC FY2026 10-K filing on SEC EDGAR. All figures in USD.
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