CONAGRA BRANDS (CAG) Company Report

Conagra has returned to growth in its frozen and snacks segments, with 75% of the growth portfolio holding or gaining share and frozen service levels restored to 98%.
CEO Sean Connolly emphasizes a $12 billion predominantly U.S. portfolio in frozen, snacks, and staples—81% of revenue from top-two brands—with health and wellness commitments, including full dye elimination by end of 2027.
CFO Dave Marberger targets 100% free cash flow conversion for FY2026 and underscores disciplined capital allocation, prioritizing debt paydown, increased CapEx, and dividend support.
The company reaffirms FY2026 guidance: organic net sales of -1% to +1%, adjusted operating margin of 11.0%–11.5%, and EPS of $1.70–$1.85.
Conagra launches Project Catalyst, a multi-year AI-driven initiative leveraging its unified ERP and data foundation to enhance revenue, margins, and cash flow.

Feb 17, 2026, 2:00 PM

Transcript

Conagra Brands reaffirms FY2026 guidance and outlines growth strategy

CAG

Guidance Update

Product Launch

Conagra’s US-focused portfolio generates $12 billion in organic net sales, with 81% of revenue from top-two category brands and 75% of its frozen and snacks segments holding or gaining share.
Emphasizing “Superior Relative Provocativeness,” Conagra leverages AI-driven consumer insights to optimize taste, convenience, health and value across its frozen, snacks and staples platforms, launching multiple new innovations.
Supply chain resilience is restored with service levels above 98%, and a 5% cost-savings target as a percentage of COGS (including 1% from tariff mitigation), underpinning a long-term productivity goal of ~4% annually.
FY2026 guidance reaffirmed: organic net sales of -1% to +1%, adjusted operating margin of 11%-11.5%, EPS of $1.70-$1.85, and targeting 100% free cash flow conversion, supporting balanced capital allocation and debt reduction.

Feb 17, 2026, 2:00 PM

Transcript

Conagra Brands reaffirms FY2026 guidance at CAGNY 2026

CAG

Guidance Update

Product Launch

Conagra reaffirmed FY 2026 guidance of organic net sales -1% to +1%, adjusted operating margin 11.0%–11.5%, and adjusted EPS $1.70–$1.85.
Returned to growth with 75% of its frozen and snacks portfolio holding or gaining share over the last 13 weeks and 5.3% year-to-date snack growth, outpacing the broader snack arena.
Supply chain fully recovered to >98% service levels, while driving 5% cost savings of COGS in FY 2026 (including 1% from tariff mitigation) and targeting 4% annual productivity long-term.
Forecasting 100% free cash flow conversion in FY 2026 (three-year average 115%), with a balanced capital allocation strategy prioritizing debt reduction, growth CapEx, and dividends.
Highlighted a pipeline of provocative product innovations, including Mega Tenders, Snack Pack Protein, Dolly Parton Blondie Bars, and Rebel Roots tallow snacks to drive brand vitality.

Feb 17, 2026, 2:00 PM

Transcript

Conagra Brands reaffirms fiscal 2026 guidance

CAG

Guidance Update

Product Launch

Conagra Brands reaffirmed fiscal 2026 guidance with organic net sales change of (1)% to 1%, adjusted operating margin of ~11.0%–11.5%, and adjusted EPS of $1.70–$1.85.
The company now expects 100% free cash flow conversion for fiscal 2026, up from a prior expectation of ~90%.
Conagra will present its business strategies, financial outlook, and preview new product innovations at the CAGNY conference on Feb. 17, 2026, via a live webcast.

Feb 16, 2026, 2:00 PM

Press Release

Conagra forecasts H2 organic sales growth and maintains FY26 guidance

CAG

Earnings

Guidance Update

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.

Dec 19, 2025, 2:30 PM

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.

Dec 19, 2025, 2:30 PM

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.

Dec 19, 2025, 2:30 PM

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

Dec 19, 2025, 2:30 PM

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.

Dec 19, 2025, 12:30 PM

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.

Dec 19, 2025, 12:00 PM

Transcript

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CONAGRA BRANDS (CAG)

Analyst Earnings Quarterly Reports

Q1 2026

Q4 2025

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Executives

Sean Connolly

Alexandre Eboli

Carey Bartell

David Marberger

Melissa Napier

Noelle O’Mara

Thomas McGough

Board Members

Anil Arora

Denise Paulonis

Francisco Fraga

George Dowdie

Manny Chirico

Melissa Lora

Richard Lenny

Ruth Ann Marshall

Tony Brown

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Max Andrew Gumport

Megan Christine Alexander

Thomas Palmer

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Conagra Declares 'Return to Growth' at CAGNY 2026, Raises Free Cash Flow Outlook

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