Short answer
CAL-MAINE FOODS INC (CALM) filed its fiscal 2026 10-K annual report with the SEC on Jul 22, 2026. It reported revenue of $2.9B (−31.7% year over year) and net income of $317M.
- Top risk flagged: DOJ antitrust investigation into nationwide egg price increases; settled June 2026, settlement pending court approval
FY2026 key financial metrics · XBRL
- Revenue
- $2.9B
- −31.7% YoY
- Net income
- $317M
- −74.0% YoY
- Operating margin
- 12.0%
- −24.0 pp YoY
- Gross margin
- 23.1%
- −20.3 pp YoY
- EPS (diluted)
- $6.63
- −73.4% YoY
- ROE
- 12.0%
- −35.6 pp YoY
- Operating cash flow
- $480M
- −60.8% YoY
Source: XBRL data from the CAL-MAINE FOODS INC (CALM) FY2026 10-K on SEC EDGAR. USD.
CAL-MAINE FOODS INC FY2026 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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