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CONAGRA BRANDS (CAG)

Conagra Brands, Inc. is a leading branded food company in North America, known for its diverse portfolio that adapts to changing consumer preferences. The company operates through four main segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice, offering a wide range of food products . Conagra's product lines include iconic brands such as Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim, and Angie's BOOMCHICKAPOP, spanning categories like frozen foods, snacks, and shelf-stable meals . The company focuses on innovation and quality to drive growth and maintain market leadership, actively reshaping its portfolio through innovation, acquisitions, and divestitures .

  1. Grocery & Snacks - Offers branded, shelf-stable food products sold in various retail channels across the United States.
  2. Refrigerated & Frozen - Provides branded, temperature-controlled food products catering to consumer needs for freshness and convenience.
  3. Foodservice - Supplies branded and customized food products for restaurants and other establishments, supporting the foodservice industry.
  4. International - Delivers branded food products to markets outside the United States, expanding the company's global reach.

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NamePositionExternal RolesShort Bio

Sean M. Connolly

ExecutiveBoard

President and CEO

Board Member at S.C. Johnson & Son, Inc.

CEO of Conagra since 2015, previously CEO of Hillshire Brands and held leadership roles at Sara Lee, Campbell Soup, and P&G.

View Report →

Alexandre O. Eboli

Executive

EVP and Chief Supply Chain Officer

None

Chief Supply Chain Officer since 2021, previously Head of Supply Chain, North America at Unilever.

Carey L. Bartell

Executive

EVP, General Counsel, and Corporate Secretary

None

General Counsel since 2022, joined Conagra in 2016, previously led litigation and compliance programs.

Charisse Brock

Executive

EVP and Chief Human Resources Officer

None

Chief HR Officer since 2015, joined Conagra in 2004, previously held HR roles at Quaker Oats/PepsiCo.

David S. Marberger

Executive

EVP and CFO

None

CFO of Conagra since 2016, oversees Finance, IT, and M&A functions. Previously CFO at Prestige Brands and Godiva Chocolatier.

Noelle O'Mara

Executive

EVP and President, New Platforms and Acquisitions

None

Joined Conagra in 2024, previously Group President at Tyson Foods, recognized for driving growth and innovation.

Thomas M. McGough

Executive

EVP and Chief Operating Officer

None

COO since 2024, joined Conagra in 2007, held multiple leadership roles including President of Consumer Foods.

William E. Johnson

Executive

SVP and Corporate Controller

None

Corporate Controller since 2023, joined Conagra in 2019, previously Director of Internal Audit at Kiewit Corporation.

Anil Arora

Board

Independent Director

Lead Independent Director at ON24, Inc.; Senior Partner at The TIFIN Group

Director since 2018, former CEO of Yodlee, expertise in technology and financial services.

Denise A. Paulonis

Board

Independent Director

President and CEO of Sally Beauty Holdings, Inc.; Board Member at Sally Beauty Holdings, Inc.

Director since 2022, CEO of Sally Beauty, expertise in finance and retail operations.

Emanuel Chirico

Board

Independent Director

Board Member at Dick's Sporting Goods

Director since 2021, former CEO of PVH Corp., expertise in finance and governance.

Fran Horowitz

Board

Independent Director

CEO and Board Member at Abercrombie & Fitch Co.

Director since 2021, CEO of Abercrombie & Fitch, expertise in retail and international operations.

Francisco Fraga

Board

Independent Director

EVP, CIO, and CTO at McKesson Corporation

Director since 2023, former CIO at Campbell Soup, expertise in technology and cybersecurity.

George Dowdie

Board

Independent Director

None

Director since 2022, former EVP at Starbucks, expertise in supply chain and product development.

Melissa Lora

Board

Independent Director

Director at NVIDIA Corporation

Director since 2019, former President of Taco Bell International, expertise in finance and governance.

Richard H. Lenny

Board

Independent Board Chair

Lead Independent Director at Illinois Tool Works Inc.

Board Chair since 2018, former CEO of Hershey, brings governance and strategy expertise.

Ruth Ann Marshall

Board

Independent Director

Lead Independent Director at Regions Financial Corporation; Director at Global Payments, Inc.

Director since 2007, former President of MasterCard Americas, expertise in payments technology and governance.

Thomas K. Brown

Board

Independent Director

Director at 3M Company

Director since 2013, former Group VP at Ford Motor Company, expertise in global supply chain management.

  1. Given the increased promotional activity aimed at value-seeking consumers leading to a negative mix effect on dollar sales, how do you plan to maintain or improve gross margins in the face of rationalized promotions and deep lifts in frozen categories?
  2. With your focus on portfolio reshaping and potential divestitures of slower-growth assets, can you specify which segments are under consideration and how you will ensure these moves align with long-term shareholder value despite possible short-term earnings dilution?
  3. Considering the double-digit inflation in key inputs like beef and sweeteners exceeding your initial estimates, what specific cost management or pricing strategies are you employing to mitigate these pressures without compromising volume growth?
  4. In the increasingly competitive meat snacks category, particularly meat sticks, how will you leverage brands like Slim Jim and the recent FATTY acquisition to defend and grow your market share against both established and emerging competitors?
  5. Given the shifting consumer behaviors affecting convenience store traffic and the importance of this channel for your snacking portfolio, what targeted actions are you taking to offset softness in this channel and capitalize on growth opportunities in mass merchant and club stores?
Program DetailsProgram 1
Approval DateN/A
End Date/DurationN/A
Total additional amountN/A
Remaining authorization amount$852.6 million
DetailsThe program is part of a share repurchase authorization aimed at managing the company's capital structure and returning value to shareholders. The repurchase authorization does not obligate the company to repurchase any shares at any specific time, and the amount and timing of repurchases depend on various factors, including stock price, liquidity, and market conditions.
YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
20241,000.0 4.30% Senior Notes4.30 11.8% = (1,000 / 8,463.6) * 100
2024500.0 0.50% Senior Notes0.50 5.9% = (500 / 8,463.6) * 100
2025300.0 2024 Term LoanN/A3.5% = (300 / 8,463.6) * 100
2025849.0 Commercial PaperN/A10.0% = (849 / 8,463.6) * 100
20251,031.1 Current Installments of Long-Term DebtN/A12.2% = (1,031.1 / 8,463.6) * 100
2026500.0 5.30% Senior Notes5.30 5.9% = (500 / 8,463.6) * 100
CustomerRelationshipSegmentDetails

Walmart, Inc.

Largest single retail customer; no purchase obligation

Grocery & Snacks, Refrigerated & Frozen

• 29% or $3,368 million of net sales in FY2025 • 16% or $123 million of net receivables as of May 25, 2025 • 32% or $279 million as of May 26, 2024

NameStart DateEnd DateReason for Change
KPMG LLP2005 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Sweetwood Smoke & Co.

2024

Conagra Brands acquired Sweetwood Smoke & Co. in August 2024 for a cash purchase price of approximately $180 million (with allocations of about $129.9 million in goodwill, $55.8 million in non-amortizing intangible assets, and $5.5 million in amortizing intangible assets) to expand its better-for-you snack portfolio and boost its Grocery & Snacks segment, contributing to net sales in Q1 and Q2 FY2025.

Manufacturing operations of a co-manufacturer of cooking spray products

2024

Conagra Brands completed the acquisition in July 2024 for around $51 million (with a significant portion allocated as goodwill of approximately $44.7–$46.0 million) to strengthen its Grocery & Snacks segment, achieving a net gain in SG&A expenses and contributing incremental net sales in fiscal 2025.

Recent press releases and 8-K filings for CAG.

Conagra Brands reports Q1 FY2026 results and outlook
·$CAG
Earnings
Guidance Update
New Projects/Investments
  • Service levels restored to 98% in Q1, enabling resumed merchandising and strong consumer uptake of frozen and snack innovations (e.g., Dolly Parton line).
  • Expects a low-single-digit volume decline in Q2 due to timing and tough comps, but projects positive organic sales growth in H2 driven by frozen volume momentum, protein snacks, and inflation-justified pricing.
  • Annual inflation guided at ~7% (4% core, 3% tariffs) with 85% coverage in Q2 and 60–65% for the full year; animal proteins remain the primary pressure point.
  • Q1 net debt fell by ~$400 million (down $1.1 billion on a 12-month basis); on track to pay down $700 million in debt in FY26, with Q1 inventory build deemed a planned timing to support service levels.
  • Management reaffirms FY26 guidance as prudent, citing potential for margin expansion beyond FY26 via productivity gains, inflation relief, supply chain investments (e.g., chicken plant upgrades), pricing, and AI-driven efficiencies.
8 days ago
Conagra Brands reports Q1 FY26 results
·$CAG
Earnings
Guidance Update
  • Organic net sales of $2,611 M declined 0.6% YoY; adj. EPS was $0.39 (–26.4%) and adj. operating margin fell to 11.8% (–244 bps) in Q1 FY26.
  • Price/Mix contributed +0.6% while volume was –1.2%; Grocery & Snacks net sales declined 1.0%, Refrigerated & Frozen rose 0.2%, International fell 3.5% and Foodservice grew 0.2%.
  • Completed divestitures of Chef Boyardee and frozen seafood, generating $644 M of proceeds and reducing net debt by >$400 M to $7,582 M, lowering net leverage to 3.55x.
  • Supply chain delivered 98% service levels, though management noted persistent inflation (now expected in the low 7% range) and weak consumer sentiment.
  • Reaffirmed FY26 guidance: organic net sales growth –1% to +1%, adj. operating margin ~11.0–11.5%, adj. EPS $1.70–$1.85, and maintained annual dividend of $1.40.
8 days ago
Conagra Brands reports Q1 FY2026 results
·$CAG
Earnings
Guidance Update
  • Net sales of $2.6 billion, down 5.8% YoY; organic net sales decreased 0.6%.
  • Operating margin at 13.2% (down 118 bps) and adjusted operating margin at 11.8% (down 244 bps); reported EPS of $0.34 (−64.9%), adjusted EPS $0.39 (−26.4%).
  • Free cash flow of $(26) million vs. $135.6 million in Q1 FY2025; net debt reduced 12.3% to $7.6 billion, with a 3.55× net leverage ratio.
  • Reaffirmed FY2026 guidance: organic net sales growth of (1)%–1%, adjusted operating margin of ~11.0%–11.5%, and adjusted EPS of $1.70–$1.85.
8 days ago
Conagra Brands reports Q1 FY26 results
·$CAG
Earnings
Guidance Update
Dividends
  • Conagra Brands reported net sales of $2.6 billion, down 5.8%; organic net sales decreased 0.6%.
  • Reported operating margin was 13.2% (adjusted 11.8%), and EPS was $0.34, a 64.9% decline; adjusted EPS was $0.39, down 26.4%.
  • The company generated $121 million in net cash from operations, free cash flow of $(26 million), and ended the quarter with $7.6 billion of net debt (3.55x leverage).
  • Conagra reaffirmed FY26 guidance: organic net sales growth of –1% to +1%, adjusted operating margin of 11.0–11.5%, and adjusted EPS of $1.70–$1.85.
  • The board declared a $0.35 per share quarterly dividend.
8 days ago
Conagra Brands reports Q1 FY2026 results
·$CAG
Earnings
Guidance Update
M&A
  • Conagra’s organic net sales of $2.6 billion declined 0.6% year-over-year; adjusted operating margin was 11.8% and adjusted EPS was $0.39.
  • The company achieved 98% service levels in Q1, overcame frozen supply chain constraints, and reduced net debt by over $400 million through divestitures of Chef Boyardee, Van de Camps and Mrs. Paul’s.
  • Productivity gains exceeded 5% of COGS, mitigating a significant portion of ~7% total inflation (including tariffs).
  • Conagra reaffirmed FY2026 guidance: organic net sales growth of -1% to +1%, adjusted operating margin of 11%–11.5%, and adjusted EPS of $1.70–$1.85.
8 days ago
Conagra Brands reports Q1 FY2026 results
·$CAG
Earnings
Guidance Update
  • Reported Q1 FY26 organic net sales of $2.61 B, down 0.6%, with price/mix +0.6% partially offset by volume (−1.2%) and M&A (−5.1%) impacts.
  • Achieved adjusted operating margin of 11.8%, down 244 bps YoY, driven by COGS inflation (−5.1%) and partially offset by productivity gains (+3.4%).
  • Q1 adjusted EPS was $0.39, a 26.4% decrease YoY, and net debt declined by over $400 M to $7.6 B following Q1 divestitures.
  • Reaffirmed FY26 guidance for organic net sales growth of (1)% to +1%, adj. operating margin ~11.0%–11.5%, and adj. EPS $1.70–$1.85.
8 days ago
CONAGRA BRANDS INC. issues $1 billion senior notes
·$CAG
Debt Issuance
  • Conagra Brands priced $500 million 5.000% Senior Notes due August 1, 2030 at 99.674% and $500 million 5.750% Senior Notes due August 1, 2035 at 99.915% of par ; net proceeds were $496.62 million and $497.325 million, respectively.
  • The offering was conducted under an underwriting agreement dated July 15, 2025, with BofA Securities, Goldman Sachs & Co. LLC, and Mizuho Securities USA LLC as representatives.
  • The notes bear interest semi-annually on February 1 and August 1, with maturities in 2030 and 2035, and include a company call option and a change-of-control repurchase at 101% of principal.
  • Proceeds are earmarked for general corporate purposes, notably the repayment of a portion of Conagra’s 4.600% Senior Notes due November 2025.
Jul 22, 2025, 12:00 AM
Conagra Brands reports Q4 2025 results and provides FY 2026 guidance
·$CAG
Earnings
Guidance Update
Dividends
  • Conagra returned to absolute volume growth in Q2 FY 2025 through targeted investments in frozen and snacks, and resolved supply constraints to achieve ~98% service levels in Q4 FY 2025.
  • FY 2026 organic net sales are guided to –1% to +1%, with sales expected to be down slightly in H1 and up slightly in H2.
  • The company anticipates 4% core inflation plus 3% tariffs, partly offset by >5% productivity, leading to temporary margin compression but targeting margin expansion in FY 2027 through productivity, supply-chain resiliency and AI-enabled process improvements.
  • CapEx is planned to be +16%, with 90% cash conversion, $700 million of debt paydown and the dividend to be maintained.
Jul 10, 2025, 3:45 PM
Conagra Brands enters $2.0 B revolving credit facility
·$CAG
Debt Issuance
  • On June 27, 2025, Conagra Brands entered into a Third Amended and Restated Revolving Credit Agreement providing a $2.0 billion unsecured revolver, replacing its prior facility that matured in 2027.
  • The new facility matures on June 27, 2030 and may be extended annually by one or two years upon lender consent.
  • Borrowings bear interest at either Term SOFR + 0.805%–1.30% or Bank of America’s Base Rate + 0.00%–0.30%, with a 0.07%–0.20% per annum facility fee based on the company’s debt ratings.
  • The agreement includes customary investment-grade covenants—such as a maximum net leverage ratio and minimum interest coverage ratio—and standard events of default.
Jun 30, 2025, 12:00 AM
Conagra Brands Special Call: Portfolio Transformation and Strategic Initiatives
·$CAG
M&A
New Projects/Investments
Debt Issuance
  • Portfolio Transformation: Management explained the shift from a diversified holding company to a North American pure-play brand—modernizing its portfolio through investments, acquisitions, and targeted divestitures, including the recent Chef Boyardee divestiture.
  • Consumer and Promotional Strategy: The executives detailed adapting to a challenging macro environment by focusing on quality promotions and innovative merchandising to drive volume growth amid inflation and cost pressures.
  • Segment Focus: Highlighted the strengths in the frozen segment—driving volume growth with innovative initiatives—and in snacking, bolstered by new product investments like the "FATTY" meat stick to capture market share.
  • Capital Allocation Priorities: Emphasis was placed on sustained debt reduction, effective cost management, and strategic allocation of capital to ensure long-term shareholder value.
May 13, 2025, 12:56 PM