Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

6715d330587eb1e59c965ce5d6026ebaaeb34bdb8e0a00946c4c0d309151f92f

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

931cab24c2c4eeb7f0e0b84be2ba395eb9b787c11bdc9e47aaad89f54c87faa1

c31ef360e573bef8e32f48bd15232241f866512cf7ee2593637150739859278e

Foreign Net Sales

Total Revenue

478a8eb4a62ef3e949b9c188710e8cf51eeb714a7a1c66e05aa3a1ae0454083c

5755c2a52ca6b6aed4a08c787b5d6fd5d50e40cebedbe59be2690504296a4190

Volume in Grocery & Snacks segment (percentage)

Price/mix in Grocery & Snacks segment (percentage)

Net sales contributed by acquisitions in Grocery & Snacks segment (USD millions)

Volume in Refrigerated & Frozen segment (percentage)

Price/mix in Refrigerated & Frozen segment (percentage)

Net sales impacted by Hebrew National disruptions in Refrigerated & Frozen segment (USD millions)

Foreign exchange impact on net sales in International segment (percentage)

Volume in International segment (percentage)

Price/mix in International segment (percentage)

Volume in Foodservice segment (percentage)

Price/mix in Foodservice segment (percentage)

Net sales impacted by Hebrew National disruptions in Foodservice segment (USD millions)

6f8d3daa1bf7bd2f3766b889abc72429da5ac5619939dfafbe3672fe1c89a090

Net sales (USD, millions)

Cost of goods sold (USD, millions)

Selling, general and administrative expenses (USD, millions)

Pension and postretirement non-service income (expense) (USD, millions)

Interest expense, net (USD, millions)

Equity method investment earnings (USD, millions)

Income before income taxes (USD, millions)

Income tax expense (benefit) (USD, millions)

Net income (USD, millions)

Less: Net income attributable to noncontrolling interests (USD, millions)

Net income attributable to Conagra Brands, Inc. (USD, millions)

97966520be2c10e3b0cab920d3610b4e97ca3f5d89eb2dadd7efd53370d08101

50c0614f48366280c4dc0f53f4b7f99c9f87cdbe7b90d91a549f88bc962d8b2d

The spike in **cash and cash equivalents** during Q1 2025 was primarily driven by a net cash increase of **$49.7 million** resulting from a combination of factors. **Operating activities** generated **$268.6 million**, while **investing activities** used **$286.3 million** (including substantial capital expenditures and asset purchases). Importantly, **financing activities** contributed an inflow of **$70.1 million** through net short-term borrowing issuances. These components, along with minor foreign exchange effects, collectively led to the overall increase in cash and cash equivalents during the period.  **[0001558370-24-013126_tmb-20240825x10q.htm:31]** **[0001558370-24-013121_tmb-20241002xex99d1.htm:10]** 

Why did Cash and cash equivalents spike in Q1 2025?

The sharp drop in **cash and cash equivalents** in Q2 2025 was driven by a combination of factors. Conagra experienced **lower operating profits** and **lower dividend payments** related to an equity method investment, which reduced operating cash flow. At the same time, the company significantly increased spending in investing activities—primarily through **capital expenditures** and **acquisitions**—and used more cash in financing activities through higher **long-term debt repayments**, **cash dividends**, and **common stock repurchases**. Additionally, a **$4.6 million decrease** due to unfavorable exchange rate movements also contributed to the decline.  **[0001558370-24-016392_tmb-20241124x10q.htm:38]** 

What caused the sharp drop in Cash and cash equivalents in Q2 2025?

The **Total Assets** for FY 2024 were lower because of several factors that impacted the overall asset value compared to previous years. Notably, there was a significant **impairment in goodwill** (decreasing from **$11,109.4 million** to **$10,582.7 million**) and in the net value of **brands, trademarks, and other intangibles** (from **$3,192.3 million** to **$2,708.4 million**), both of which substantially reduced total assets. Additionally, there were decreases in **receivables** (from **$952.8 million** to **$871.8 million**) and **inventories** (from **$2,212.2 million** to **$2,083.0 million**). Although these declines were partially offset by an increase in the net value of **property, plant, and equipment** (rising from **$2,736.4 million** to **$2,896.9 million**), the overall effect was a notable decrease in Total Assets in FY 2024.  **[0001558370-24-009749_tmb-20240711xex99d1.htm:9]** **[0001558370-24-009764_tmb-20240526x10k.htm:90]** 

Why are Total Assets lower in FY 2024 compared to previous years?

The drastic decline in current installments of long-term debt in Q4 2024 is not explicitly explained in the documents. However, it is most likely attributable to actions such as **significant debt repayment or refinancing**—potentially involving the **reclassification of previously current obligations to long-term debt**. This interpretation is supported by the increase in senior long-term debt from **$7,081.3 million** to **$7,492.6 million** while current installments dropped from **$1,516.0 million** to **$20.3 million**.  **[20240711LA58835:10]** **[0001558370-24-009764_tmb-20240526x10k.htm:99]** 

What explains the drastic decline in current installments of long-term debt in Q4 2024?

The significant drop in Senior long-term debt in Q2 2025 was primarily due to the prepayment of **$250.0 million** from the unsecured term loan, which was mainly funded by operating cash flows. This action contributed to an overall reduction of **$1,254.8 million** in the debt figure, and the company may also have utilized other cash flows or refinancing strategies to further reduce its long-term debt obligations.  **[0001558370-24-016392_tmb-20241124x10q.htm:35]** 

Why did Senior long-term debt drop significantly in Q2 2025?

9de6235b36963eee585f681b959cbcfd003d1e1aaa745f4fbe26b06101e7ebfd

The Q3 2024 surge in operating cash flow was driven by several key factors. **Improved net income** played a significant role, reflecting a robust performance compared to the prior year. In addition, there were notable changes in operating assets and liabilities, including **better inventory management** (which added positively to cash flows), **improvements in receivables**, and **smaller reductions in accounts and other payables**. **Lower asset impairment charges** further reduced non-cash adjustments, while targeted **cost savings initiatives**—including a 4.6% savings in Q3—boosted operational efficiency. These elements combined to substantially enhance the company's cash generation in Q3 2024.  **[0001437749-24-011000_ex_620435.htm:15]** **[0001437749-24-011036_ex_650030.htm:15]** **[0001437749-24-011036_ex_650030.htm:10]** **[0001437749-24-011000_ex_620435.htm:10]** **[0001437749-24-011081_cag20240125_10q.htm:5]** 

What drove the operating cash flow surge in Q3 2024?

The significant drop in operating cash flow in **Q1 2025** was primarily due to **lower operating profits**, which directly reduced cash generation, along with **changes in working capital** such as **increased accounts receivables** and **higher cash payments for incentive plans**. Additionally, **seasonal factors** played a role in the decline, even as **lower inventory balances** provided only a partial offset to these negative impacts.  **[0001558370-24-013126_tmb-20240825x10q.htm:31]** **[0001558370-24-013121_tmb-20241002xex99d1.htm:15]** **[20241002LA21070:2]** 

Why did operating cash flow drop so sharply in Q1 2025?

The massive spike in Q4 2024 asset impairment charges was primarily driven by two major factors. **Goodwill impairments** of **$526.5 million** in the Sides, Components, Enhancers reporting unit occurred due to a **75-basis point increase in the discount rate**, lower market multiples in the food industry, and a downward revision to sales forecasts. Additionally, **indefinite-lived intangibles impairments** of **$430.2 million** were recognized primarily within the Grocery & Snacks and Refrigerated & Frozen segments, driven by increased discount rates, volume declines, and revised sales growth expectations for key brands like Birds Eye® and Earth Balance®. Together with broader economic challenges such as higher interest rates and weaker industry conditions, these factors led to the significant spike in impairment charges.  **[0001558370-24-009764_tmb-20240526x10k.htm:67]** **[0001558370-24-009764_tmb-20240526x10k.htm:91]** **[0001558370-24-009764_tmb-20240526x10k.htm:92]** 

What caused the massive spike in asset impairment charges in Q4 2024?

In Q2 2025, the significantly higher asset impairment charges resulted primarily from two factors. First, there were substantial impairments for indefinite-lived brands—**$18.2 million** in the Refrigerated & Frozen segment and **$0.7 million** in the Grocery & Snacks segment—assessed using the "relief from royalty" method. Second, there was an impairment of **$64.7 million** related to long-lived assets in the Refrigerated & Frozen segment, driven by the decision to exit a manufacturing facility, which led to reduced future expected cash flows based on a discounted cash flow valuation model for restructuring activities.  **[0001558370-24-016392_tmb-20241124x10q.htm:21]** 

Why are asset impairment charges significantly higher in Q2 2025?

The turnaround to **positive financing cash flows** in **Q1 2025** was mainly driven by a switch in the company's short-term borrowing strategy and changes in debt repayment practices. Specifically, the company recorded **net short-term borrowing issuances of $336.2 million** in Q1 2025, as opposed to **net short-term borrowing repayments of $128.3 million** in Q1 2024. Additionally, while Q1 2024 involved significant **long-term debt repayments of $504.3 million**, there were no such repayments in Q1 2025. These shifts, along with minor differences in cash dividends and common stock repurchases, collectively contributed to the positive financing cash flows in Q1 2025.  **[0001558370-24-013126_tmb-20240825x10q.htm:31]** 

What led to the turnaround to positive financing cash flows in Q1 2025?

5c1481aec751625670b82e79e669ca59b145ae85539992bc04bc3d0383402614

There is conflicting information in the documents. One document reports the Q3 2024 SG&A expense as **$5.30 million**  **[0001437749-24-011081_cag20240125_10q.htm:2]**  yet another source explains a significant increase in SG&A costs—detailing an increase to **$387.4 million** in Q3 2024, with contributing factors such as legal matters, increased compensation costs, and higher advertising investments.  **[0001437749-24-011081_cag20240125_10q.htm:29]**  Because these sources show very different figures, there isn’t a definitive explanation available from the documents for why the Q3 2024 SG&A expense would be so low if it were indeed **$5.30 million**. The documents do not reconcile this discrepancy.

Why was SG&A expense so low in Q3 2024?

The sharp decline in net income in Q4 2024 was primarily driven by **$957 million in non-cash goodwill and brand impairment charges**. In addition, the company experienced **lower net sales** with a **2.3% decline**, driven by a **2.4% drop in organic net sales** due to a **1.8% decline in volume** and a **0.6% reduction in price/mix**. Furthermore, **SG&A expenses surged by 87.4% to $1.4 billion**, largely because of the impairment charges and a **5.6% increase in advertising and promotional expenses**. Lastly, additional pressures from **cost of goods sold** and the slight impact of a **3.1% decrease in net interest expense** compounded the decline, resulting in a net loss of **$567 million**.  **[20240711LA58835:0]** **[0001558370-24-009749_tmb-20240711xex99d1.htm:0]** **[20240711LA58835:11]** **[CAG_3393037_4]** 

What drove the sharp decline in net income in Q4 2024?

Income tax expense turned negative in Q4 2024 due to several significant factors. The company recorded **$956.7 million** in goodwill and brand impairment charges, **$28.2 million** in restructuring-related expenses and other adjustments, as well as a **$11.5 million** pension valuation adjustment. These items drastically reduced taxable income, contributing to a **negative pre-tax income of $601.8 million** and resulting in a reported income tax benefit of **$34.6 million** in Q4 2024.  **[0001558370-24-009749_tmb-20240711xex99d1.htm:8]** **[20240711LA58835:11]** **[0001558370-24-009749_tmb-20240711xex99d1.htm:19]** 

Why did income tax expense turn negative in Q4 2024?

The reversal in the pension expense sign in Q3 2024 was driven by **higher interest costs** during the quarter and a **lump-sum settlement offer** that led to a remeasurement of the pension plan obligations, resulting in an immaterial settlement loss.  **[0001437749-24-011081_cag20240125_10q.htm:31]** **[0001437749-24-011081_cag20240125_10q.htm:17]** **[0001558370-24-009764_tmb-20240526x10k.htm:105]** 

What led to the reversal in pension expense sign in Q3 2024?

While one document shows the standalone Q3 2024 figure as **N/A**  **[0001437749-23-027773_cag20230714_10q.htm:2]** , another document provides a detailed explanation of the factors that led to a **7.2% decrease** in income before income taxes in Q3 2024—from **$391.8 million** in Q3 2023 to **$363.5 million** in Q3 2024.  **[0001437749-24-011036_ex_650030.htm:8]** **[0001437749-24-011000_ex_620435.htm:8]**  However, none of the documents explicitly state why the singular figure for Q3 2024 was not provided, so the exact reason for its unavailability is not clarified in the available information.  **[0001437749-23-027773_cag20230714_10q.htm:2]** **[0001437749-24-011036_ex_650030.htm:8]** 

Why is income before income taxes unavailable in Q3 2024?

669573214f80037f14bbc0bffe857206cf0b11246a966a3e70c93d7ef7eaaf2a

Cash and cash equivalents (USD, millions)

Receivables, less allowance for doubtful accounts (USD, millions)

Inventories (USD, millions)

Prepaid expenses and other current assets (USD, millions)

Current assets held for sale (USD, millions)

Total current assets (USD, millions)

Property, plant and equipment, net (USD, millions)

Goodwill (USD, millions)

Brands, trademarks and other intangibles, net (USD, millions)

Other assets (USD, millions)

Noncurrent assets held for sale (USD, millions)

Notes payable (USD, millions)

Current installments of long-term debt (USD, millions)

Accounts and other payables (USD, millions)

Accrued payroll (USD, millions)

Other accrued liabilities (USD, millions)

Current liabilities held for sale (USD, millions)

Total current liabilities (USD, millions)

Senior long-term debt, excluding current installments (USD, millions)

Other noncurrent liabilities (USD, millions)

Noncurrent liabilities held for sale (USD, millions)

Total stockholders' equity (USD, millions)

e98264ae60be4435cfd92328721033e13e1d7dfa423cba82333a808416652fa7

Conagra Brands Inc (CAG)

Financials