Executive Summary

No Q2 2026 8-K or earnings call transcript for B&G Foods (BGS) were available in the document corpus; the latest full earnings press release is Q2 2025 (filed Aug 4, 2025) and the latest call transcript is Q3 2025 (Nov 5, 2025). We therefore anchor on these primary sources and S&P Global consensus for Q2 2026 for context .
Q2 2025: Net sales $424.4M (-4.5% y/y), adjusted EBITDA $58.0M (-9.3% y/y), GAAP diluted EPS $(0.12), adjusted diluted EPS $0.04; FY25 guidance was revised to net sales $1.83–$1.88B, adj. EBITDA $273–$283M, adj. EPS $0.50–$0.60 .
Q3 2025 call: Sequential improvement continued; adjusted EBITDA margin reached 16% with adjusted EPS $0.15; management highlighted tariff headwinds (~$3.5M in Q3) and execution on portfolio reshaping (Le Sueur U.S. divested; agreement to sell Green Giant Canada), with a narrowed FY25 guide to net sales $1.82–$1.84B, adj. EBITDA $273–$280M, adj. EPS $0.50–$0.58 .
Q2 2026 S&P Global consensus: EPS $0.05 (2 ests) and revenue $412.8M (1 est); results are not yet reported, so estimate revisions and beat/miss analysis are pending. Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well
- Sequential improvement in trend after a weak Q1; Q2 2025 results showed adjusted gross margin holding at 21.0% and adjusted EBITDA margin of 13.7% despite lower sales .
- Cost actions flowing through: Q3 2025 adjusted EBITDA margin 16% with SG&A down y/y; management cited a $10M back-half cost-savings program and productivity gains .
- Portfolio reshaping: divestitures of Don Pepino/Sclafani (Q2) and Le Sueur U.S. (Q3) to simplify portfolio and improve margins/cash flow; CEO: “reshaping and restructuring our portfolio to sharpen focus, simplify the business, and improve margins and cash flow” .
What Went Wrong
- Volume and pricing pressure: Q2 2025 net sales down 4.5% y/y on lower volume, pricing/mix, and FX; Frozen & Vegetables segment adjusted EBITDA swung to a loss on higher costs, trade and tariffs .
- Tariff headwinds: Q3 2025 adjusted EBITDA reduced by nearly $3.5M, with ~60% impacting Spices & Flavor Solutions; targeted pricing was implemented to offset, but elasticity and timing risks remain .
- Specialty softness: Q3 2025 base business net sales for Specialty down ~4.5%, with Crisco net sales down $4.1M due to lower pricing and volume, though EBITDA held flat on cost relief .

Financial Results

Latest actuals (Q1–Q3 2025) and consensus for Q2 2026. Note: Q2 2026 results are not yet reported.

Metric	Q1 2025	Q2 2025	Q3 2025	Q2 2026E
Revenue ($USD Millions)	$425.4*	$424.4	$439.3	$412.8*
Diluted EPS (GAAP)	$0.01*	$(0.12)	$(0.24)*	$0.05 (Primary EPS consensus)*
Adjusted EBITDA ($USD Millions)	—	$58.0	$70.4	—
Adjusted EBITDA Margin %	13.19%*	13.7%	16.0%	—
Gross Profit ($USD Millions)	$90.6*	$87.0	$99.0	—
Gross Profit Margin % (GAAP)	21.30%*	20.5%	22.5%	—

Values retrieved from S&P Global.*

Segment mix (Q2 2025 vs Q2 2024)

Segment Net Sales ($USD Millions)	Q2 2024	Q2 2025
Specialty	$146.6	$134.9
Meals	$107.9	$104.1
Frozen & Vegetables	$91.6	$89.0
Spices & Flavor Solutions	$98.5	$96.5
Total	$444.6	$424.4

Segment Adjusted EBITDA ($USD Millions)	Q2 2024	Q2 2025
Specialty	$31.7	$32.7
Meals	$23.9	$25.7
Frozen & Vegetables	$3.8	$(2.7)
Spices & Flavor Solutions	$27.6	$24.1
Total Segment Adj. EBITDA	$87.1	$79.8
Adjusted EBITDA (Company)	$63.9	$58.0

Additional KPIs (latest available)

Cash from operations Q2 2025: $17.8M; YTD Q2 2025: $70.6M .
Q2 2025 loss on sales of assets (Don Pepino/Sclafani): $12.6M pre-tax .
Q3 2025 leverage ratio: 6.88x (credit agreement definition) .
Net debt at Q3 2025: $1.984B .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Sales	FY 2025	$1.83B–$1.88B (Aug 4)	$1.82B–$1.84B (Nov 5)	Narrowed; lower midpoint
Adjusted EBITDA	FY 2025	$273M–$283M	$273M–$280M	Narrowed; low-end maintained
Adjusted Diluted EPS	FY 2025	$0.50–$0.60	$0.50–$0.58	Narrowed downward slightly

Management notes that guidance excludes uncertain incremental tariff scenarios; targeted pricing is intended to recover known tariff impacts .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025 PR)	Q3 2025 Current Period	Trend
Portfolio reshaping/divestitures	Don Pepino & Sclafani sold; focus on simplifying and improving margins/cash flow	Le Sueur U.S. divested; agreement to sell Green Giant Canada; evaluating U.S. Frozen divestiture	Accelerating portfolio simplification
Tariffs and pricing	Tariffs cited as headwind in Frozen & Vegetables and Spices	~$3.5M adjusted EBITDA headwind in Q3; targeted pricing implemented (late Oct/Nov)	Pricing actions underway; monitoring elasticity
Cost savings/productivity	Adjusted gross margin flat y/y at 21.0% in Q2	16% adj. EBITDA margin; $10M 2H cost actions; productivity gains in Mexico plant	Sequential improvement sustained
Frozen & Vegetables performance	EBITDA decline on costs, promos, tariffs	Segment EBITDA +$3M y/y in Q3; favorable new crop pack and productivity	Recovery underway
Leverage/deleveraging	—	Leverage 6.88x; targeting ~6x within ~9 months via divestitures and cash flow	Deleveraging path defined

Note: No Q2 2026 filings/call yet; table references latest available sources.

Management Commentary

CEO on portfolio strategy (Q2 2025 PR): “reshaping and restructuring our portfolio to sharpen focus, simplify the business, and improve margins and cash flow” .
CEO on forward trajectory (Q3 2025 call): “FY 2026 is poised to be a transformational year with a more focused, higher margin and stable portfolio… expect continued improvement in base business trends towards the long term algorithm of 1%” .
CFO on tariffs and pricing: “Tariffs again pressured our portfolio, reducing adjusted EBITDA in the third quarter by nearly $3.5 million… we have executed pricing actions to help offset these cost increases” .
CFO on leverage: “We expect to reduce our consolidated leverage ratio to six times within the next nine months by using divestiture proceeds and excess cash…” .

Q&A Highlights

Sales/guidance framing: Narrowing of FY25 net sales range reflects divestiture impacts and keeping base business trends consistent (-2% to -3% in Q4) .
Pricing elasticity: Spices tariff-recovery pricing largely effective starting late Oct/Nov; management expects modest elasticity (0.5–0.6), to be monitored .
Channel mix clarity: ~35%–40% of portfolio is unmeasured in Nielsen, including Canada (7%–8%), food service (13%–14%), private label (7%–8%), industrial (5%), and unmeasured U.S. customers (~3%) .
Working capital/transitions: Temporary working capital usage in Q3 from Le Sueur U.S. and TSA inventory purchases; reimbursements flowed in Q4 .

Estimates Context

Q2 2026 consensus: Revenue $412.8M (1 estimate), EPS $0.05 (2 estimates). Values retrieved from S&P Global.*
With actuals not yet reported for Q2 2026, estimate revisions and beat/miss analysis are pending. Use Q2 2025/Q3 2025 trends (tariff pass-through, Frozen & Vegetables recovery, SG&A/cost saves) as qualitative context for potential upside/downside risks .

Key Takeaways for Investors

Near-term setup hinges on tariff pass-through and elasticity: targeted pricing began late Oct/Nov; monitor early Q4 consumption and any volume degradation in Spices & Flavor .
Portfolio simplification is the structural catalyst: Le Sueur U.S. closed, Green Giant Canada agreed; remaining U.S. Frozen process ongoing. Expect improved margins/cash flow and lower working capital intensity post-divestitures .
Margin trajectory improving: Q3 2025 adjusted EBITDA margin at 16% versus 13.7% in Q2; sustained cost savings and productivity are key to bridging to management’s longer-term 20% target on a simplified portfolio .
Deleveraging path in sight: 6.88x in Q3 2025 with target ~6x over ~9 months; divestiture proceeds plus cash generation are primary levers .
Watch frozen category dynamics: improving crop costs and Mexico productivity aided Q3, but mix, promos, and tariffs were prior headwinds; successful U.S. Frozen divestiture would de-risk volatility .
FY25 guidance narrowed (NS $1.82–$1.84B; adj. EBITDA $273–$280M; adj. EPS $0.50–$0.58) with a 53rd week tailwind in Q4; execution risk remains around tariffs, consumer softness, and holiday seasonality .
For Q2 2026, consensus embeds modest EPS ($0.05) and revenue (~$413M); actual results could hinge on timing/impact of tariff pricing and portfolio changes. Values retrieved from S&P Global.*

Notes and sources:

Q2 2025 8-K earnings release and exhibits: .
Q3 2025 earnings call transcript: .
S&P Global consensus/actuals: Values retrieved from S&P Global.*

B&G Foods, Inc. (BGS)·Q2 2026 Earnings Summary