Conagra Brands (CAG) FY2026 10-K Annual Report
Conagra Brands (CAG) 10-K annual report for fiscal year 2026, filed with SEC EDGAR on Jul 15, 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.
Conagra Brands FY2026 10-K Analysis
Business Overview
- • Core business: branded consumer packaged foods with retail and foodservice focus across Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments
- • New leadership: John P. Brase appointed CEO in June 2026, bringing CPG experience from J.M. Smucker and Procter & Gamble
- • Strategic emphasis: accelerated enterprise-wide supply chain transformation under new EVP & Chief Transformation Officer Alexandre O. Eboli, leveraging AI and digital technologies
- • Workforce size: approximately 17,400 employees as of May 31, 2026, with 48% unionized, maintaining stable employee relations
- • OSHA incident rate improved to 1.24 per 100 full-time workers in fiscal 2026, below food manufacturing sector average and down from 1.32 in 2025
Management Discussion & Analysis
- • Revenue $11.28B, down 2.9% YoY; Grocery & Snacks $4.61B (-5.9%), Refrigerated & Frozen $4.64B (-0.4%), International $913.9M (-4.4%), Foodservice $1.12B (+1.9%)
- • Segment operating profit declines: Refrigerated & Frozen worst at $485.6M (-25.5%), Grocery & Snacks $885.0M (-13.0%), Foodservice $114.3M (-12.8%), International best at $134.4M (-6.7%)
- • Operating margin approx. 19.7% in Grocery & Snacks ($885M/$4.61B) vs lower due to input cost inflation and operating leverage; overall diluted loss per share $(4.00) vs EPS $2.40 prior year
- • Cash flow: Operating cash flow $1.40B down from $1.69B; Investing cash inflow $262.6M vs outflow $542.2M; Financing cash outflow $1.52B vs $1.16B, including $669.7M dividends and $15.0M repurchases
- • Fiscal 2027 outlook notes possible price increases due to input cost inflation, consumer price sensitivity may impact volumes; capital expenditures ~$550M planned; risks include inflation, supply chain, geopolitical issues, and evolving consumer preferences
Risk Factors
- • FDA directive to phase out petroleum-based synthetic dyes in food, plus new state ingredient and labeling laws, may raise reformulation and compliance costs
- • Geopolitical exposure to Russia-Ukraine conflict and Middle East tensions causing ingredient shortages, tariffs, and supply chain volatility despite no direct operations there
- • Supply chain disruptions from labor shortages, transportation issues, and dependence on contract manufacturers may constrain production and sales volumes
- • Competition intensifies from private label products and e-commerce entrants, with Walmart accounting for 29% of sales, increasing pricing pressure
- • High leverage with $7.27B debt and $762.5M due Oct 2026 could restrict liquidity, refinancing ability, and limit capital for growth or dividends
Conagra Brands FY2026 Key Financial MetricsXBRL
Revenue
$11.3B
▼ -2.9% YoY
Net Income
-$1.9B
▼ -266.3% YoY
Gross Margin
23.9%
▼ -195bp YoY
Operating Margin
-14.4%
▼ -2618bp YoY
Net Margin
-17.0%
▼ -2691bp YoY
ROE
-30.1%
▼ -4304bp YoY
Total Assets
$17.3B
▼ -17.5% YoY
EPS (Diluted)
$-4.00
▼ -266.7% YoY
Operating Cash Flow
$1.4B
▼ -17.1% YoY
Source: XBRL data from Conagra Brands FY2026 10-K filing on SEC EDGAR. All figures in USD.
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