CONAGRA BRANDS (CAG) Company Report

Conagra expects year-over-year organic net sales growth in fiscal H2, driven by momentum in frozen and snacks and timing shifts in promotional activity, with Q3 promotions weighted later than last year.
The company maintains its 7% gross inflation guidance (approximately 4% core cost and 3% tariffs) for FY26, with Q2 inflation slightly below 7% and mixed outlooks across proteins and tariffs.
Q3 operating margins are projected to be below Q2 levels due to over 3% of net sales in higher advertising, marketing and promotion spend and elevated SG&A, while gross margin remains roughly flat with Q2.
Conagra’s Project Catalyst—a strategic initiative to re-engineer core business processes using AI and technology—is underway, with detailed 2026 rollout and cost-savings plans to be shared in calendar 2026.

4 days ago

Transcript

Conagra Brands projects positive H2 organic sales growth

CAG

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Conagra expects organic net sales growth in the second half of FY 2026, driven by easier frozen comps, full merchandising, and a full innovation slate; momentum already seen in December.
Annual sales and operating margin outlook maintained despite a $30 million Ardent adjustment (~$0.05 EPS); favorable tariff timing and chicken inflation offset by beef/pork cost pressures, with core productivity on track.
Snacks and frozen remain the primary growth drivers: snacks growing robustly on C-store recovery and frozen market share rebounding to ~53% in single-serve meals, supported by stronger back-half promotions.
Launched Project Catalyst, a dedicated, multi-year program to re-engineer core business processes using AI and technology for efficiency gains; detailed investor update planned for calendar 2026.

4 days ago

Transcript

Conagra expects H2 FY26 sales growth; outlines margin drivers and Project Catalyst

CAG

Earnings

Guidance Update

Revenue Acceleration/Inflection

Conagra anticipates positive organic net sales growth in the second half of FY26, with Q3 operating margins below Q2 due to over 3% contribution from AMP and higher SG&A, while gross margin remains in line.
The company’s gross inflation guidance (~7% gross; net ~5.5%) is unchanged, as favorability in tariffs and chicken costs offsets higher beef and pork inflation.
Conagra has reclaimed frozen market share lost to prior-year supply constraints and is seeing robust snacks growth, with stronger frozen promotional activity expected in Q3 versus a year ago.
Project Catalyst, a multi-year initiative to re-engineer core processes using AI, will incur upfront costs and begin delivering efficiency and margin benefits in calendar 2026.

4 days ago

Transcript

Conagra Brands reports Q2 FY2026 results

CAG

Earnings

Guidance Update

Organic net sales of $2,975 million, down 3.0% year-over-year
Q2 adjusted EPS of $0.45, down 35.7%, and adjusted operating margin of 11.3%, down 406 bps
H1 organic net sales of $5,586 million, down 1.9%, and H1 adjusted EPS of $0.85, down 30.9%
Reaffirmed FY2026 guidance: organic net sales change of -1% to +1%, adj. operating margin of ~11.0–11.5%, adj. EPS of $1.70–$1.85

4 days ago

Presentation

Conagra Brands reports Q2 fiscal 2026 results

CAG

Earnings

Guidance Update

Conagra reported net sales down 6.8% to $3.0 billion and an adjusted operating margin of 11.3% in Q2 FY26.
The company incurred $968 million of non-cash goodwill and brand impairment charges, driving a reported diluted loss per share of $1.39, while adjusted EPS was $0.45.
Management reaffirmed fiscal 2026 guidance for organic net sales change of (1)% to 1%, adjusted operating margin of 11.0%–11.5%, and adjusted EPS of $1.70–$1.85.
Net debt fell 10.1% year-over-year to $7.6 billion, and first-half free cash flow was $113 million.

4 days ago

Press Release

Conagra Brands reports Q2 FY2026 results

CAG

Earnings

Guidance Update

New Projects/Investments

Conagra’s Q2 FY2026 organic net sales declined 3% to $3 billion, with volumes down 3% and flat price/mix; Grocery & Snacks fell 1.5%, Refrigerated & Frozen down 5.1%, Foodservice +0.2%.
Adjusted gross margin was 23.4%, adjusted operating margin 11.3%, and EPS $0.45 versus $0.70 a year ago; reaffirmed FY26 guidance: organic net sales change –1% to +1%, adjusted operating margin 11–11.5%, EPS $1.70–1.85.
Supply chain achieved record service levels of ~99% and productivity of 5% of COGS; a 100 bp inventory timing headwind in Q2 shipments vs. consumption is expected to unwind in Q3.
Growth businesses in frozen and snacks sustained two-year volume gains and share expansion, supported by targeted margin investments; launched Project Catalyst to leverage AI and digital tools for operational efficiency.

4 days ago

Transcript

Conagra Brands reports Q2 FY26 results

CAG

Earnings

Guidance Update

Q2 FY26 organic net sales were $2.975 billion, down 3.0% year-over-year; H1 FY26 organic net sales were $5.586 billion, down 1.9%.
Q2 adjusted operating margin was 11.3%, down 406 bps, and adjusted EPS was $0.45, down 35.7% versus prior year.
Reaffirmed full-year FY26 guidance: organic net sales change of –1% to +1%, adjusted operating margin of ~11.0–11.5%, and adjusted EPS of $1.70 to $1.85.
Continued category momentum with frozen single-serve meals up 0.5%, frozen vegetables up 1.3%, and Conagra snacks retail sales up 3.9% vs. a –2.5% category decline.

4 days ago

Presentation

Conagra Brands reports Q2 FY2026 results and reaffirms guidance

CAG

Earnings

Guidance Update

New Projects/Investments

In Q2 FY2026, Conagra reported organic net sales of $3.0 billion (–3% year-over-year), adjusted gross margin of 23.4%, adjusted operating margin of 11.3%, and adjusted EPS of $0.45. Net debt fell by $850 million to a net leverage of 3.83× at quarter end.
The company reaffirmed full-year FY2026 guidance with organic net sales change of –1% to +1%, adjusted operating margin of 11%–11.5%, and adjusted EPS of $1.70–$1.85, expecting a return to H2 organic net sales growth driven by frozen supply recovery, pricing, and investments.
Frozen and snacks businesses showed positive momentum: frozen volumes up on a two-year basis with 90% of the portfolio holding or gaining share, while snacks marked a fourth consecutive quarter of dollar-sales growth, supported by protein-centric offerings.
Supply chain performance was record-high with service levels of ~99% and ~5% productivity in H1, and the company launched Project Catalyst to leverage AI and new technologies across operations.

4 days ago

Transcript

Conagra Brands reports Q2 FY2026 results

CAG

Earnings

Guidance Update

Conagra delivered $3.0 billion in organic net sales (–3% y/y) with adjusted operating margin of 11.3% and adjusted EPS of $0.45 (–$0.25) in Q2 FY2026.
Frozen and snacks segments showed improving volume trends and market-share gains, underpinned by ~99% service levels and ~5% productivity in the supply chain.
Introduced Project Catalyst, a multi-year AI and data initiative aimed at driving operational efficiencies across the organization.
Reaffirmed FY2026 guidance of organic net sales change –1% to +1%, adjusted operating margin ~11–11.5%, and adjusted EPS $1.70–$1.85, and updated Ardent Mills equity earnings to $170 million from $200 million.

4 days ago

Transcript

Conagra at J.P. Morgan U.S. Opportunities Forum outlines strategic priorities

CAG

New Projects/Investments

Guidance Update

Conagra is expanding frozen entree capacity, modernizing its baked chicken facility and adding fried chicken lines to meet surging protein demand, with service levels now back above 98% following earlier disruptions.
The company forecasts 7% overall inflation for the year (4% core, 3% from tariffs) and expects to mitigate 5.5% through pricing, cost actions and hedging, despite double-digit inflation in its protein basket.
Prioritizing volume growth, Conagra has kept promotional lifts at pre-COVID levels and deferred broad-based price hikes in frozen and snacks to rebuild household penetration, foregoing margin for market share.
Capital allocation remains balanced: planned 16% increase in CapEx, $700 million targeted debt reduction, and a maintained dividend, with no opportunistic share buybacks this year.
While remaining open to M&A and divestitures, management plans to shift the portfolio toward higher-growth frozen and snack businesses, with shelf-stable grocery products declining as a share of sales.

Nov 12, 2025, 2:55 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for CONAGRA BRANDS.

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CONAGRA BRANDS (CAG)

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