Cal-Maine Foods, Inc. (CALM) is the largest producer and distributor of shell eggs in the United States. The company specializes in the production, packaging, marketing, and distribution of fresh shell eggs, egg products, and prepared foods. CALM offers a diverse range of products, including conventional and specialty shell eggs, as well as liquid and frozen egg products.
- Conventional Shell Eggs - Produces and distributes fresh, high-quality conventional shell eggs for retail and foodservice customers.
- Specialty Shell Eggs - Offers cage-free and other specialty eggs catering to evolving consumer preferences.
- Egg Products - Provides liquid and frozen egg products, along with ready-to-eat items such as hard-cooked eggs, egg wraps, protein pancakes, crepes, and wrap-ups.
- Other Products - Includes miscellaneous offerings beyond shell eggs and egg products.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Adolphus B. Baker ExecutiveBoard | Chairman of the Board | Board Director at Trustmark Corporation; Board Director at Trustmark National Bank; Board Director at Eggland’s Best, Inc.; Board Manager at Eggland’s Best, LLC | Adolphus B. Baker has been the Chairman of Cal-Maine Foods since 2012. He previously served as CEO from 2010 until September 30, 2022 and has accumulated over 35 years of industry experience. | |
Max P. Bowman ExecutiveBoard | Vice President, Chief Financial Officer, Treasurer, and Secretary | Max P. Bowman serves as the Vice President, Chief Financial Officer, Treasurer, and Secretary at CALM since October 5, 2018. He is a member of the Executive Committee and previously joined CALM as Vice President, Finance in June 2018. | ||
Michael T. Walters ExecutiveBoard | Vice President – Operations and Chief Operating Officer | Board of The Ohio Poultry Association; Board of The Texas Poultry Federation; United Egg Producers | Michael T. Walters is the Vice President – Operations and Chief Operating Officer at Cal-Maine Foods since March 24, 2023. He has been with the company since 1997 and served as Vice President – Operations starting July 11, 2011. He also holds external board memberships, including positions with The Ohio Poultry Association, The Texas Poultry Federation, and active membership in United Egg Producers. | |
Sherman L. Miller ExecutiveBoard | President and Chief Executive Officer (CEO) | Board of the U.S. Poultry and Egg Association; Board of United Egg Producers | Sherman L. Miller is the President and Chief Executive Officer (CEO) of Cal-Maine Foods, Inc. since October 2022, having previously served as President since March 2018 and as COO from 2011 to March 2023. | View Report → |
Robert L. Holladay Executive | Vice President – General Counsel | Robert L. Holladay, Jr. has served as Vice President – General Counsel at Cal-Maine Foods since 2011. He was previously an outside attorney at Young Williams, P.A.. | ||
Scott D. Hull Executive | Vice President of Sales | Scott D. Hull has been with CALM since 2009 and currently serves as Vice President of Sales, a role he began on October 1, 2021. He assumed an executive officer role on April 4, 2024 and previously held roles including National Sales Manager starting in September 2016. | ||
Camille S. Young Board | Independent Director | Principal and Director at Cornerstone Government Affairs; Board member at Mississippi Power Company; Board member at BankFirst Financial Services | Camille S. Young has served as an Independent Director at Cal-Maine Foods, Inc. since 2021, participating in key committees such as Audit, Compensation, Long-Term Incentive Plan, and Nominating. She also brings extensive experience in government affairs and strategic communications from her role as Principal and Director at Cornerstone Government Affairs since 2011. | |
James E. Poole Board | Independent Director | James E. Poole has served as an independent director at Cal-Maine Foods, Inc. since 2004 and currently chairs both the Compensation and Long-Term Incentive Plan Committees, while also serving on the Audit and Nominating Committees. His background as a CPA and experience founding major accounting firms underscore his extensive career. | ||
Letitia C. Hughes Board | Director | Letitia C. Hughes has served as Director at Cal-Maine Foods, Inc. since 2001 and was appointed Lead Independent Director on March 25, 2025. With an extensive background in financial services, she began her career as a management trainee at Trustmark National Bank in 1974. | ||
Steve W. Sanders Board | Independent Director | Steve W. Sanders is an Independent Director at CALM since 2009, with extensive experience from his leadership roles at Ernst & Young LLP and Valley Services, Inc. |
Research analysts covering Cal-Maine Foods Inc.
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Walmart (including Sam's Club) | Largest single customer | Retail | Accounts for 33.6% of net sales (FY 2025), 34.0% (FY 2024), 34.2% (FY 2023). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Echo Lake Foods | 2025 | Cal-Maine acquired Echo Lake Foods in an all‐cash transaction valued at $258 million (effective $230 million after a $28 million tax benefit) to expand into high-growth, value‐added egg foods and leverage its strong retail and food service distribution; the deal also delivered operational synergies and included integration of Echo Lake’s management. |
Deal-Rite Feeds, Inc. | 2025 | The company bought Deal-Rite Feeds for approximately $4.7 million, acquiring feed mills, storage facilities, grain, vehicles, and a retail feed business in North Carolina to streamline feed production and lower delivery costs for its egg facilities, with the transaction recorded as a business combination recognizing $1.0 million of goodwill. |
ISE America, Inc. | 2024 | Cal-Maine completed the acquisition of ISE America for roughly $110 million (with cash on hand) to gain extensive commercial shell egg production and processing assets, including feed mills, about 4,000 acres of land, and a broad customer network across the Northeast and Mid-Atlantic, thereby expanding its cage-free capacity and market reach. |
Fassio Egg Farms, Inc. | 2023 | Cal-Maine acquired Fassio Egg Farms for an estimated $54.746 million—including a contingent $1 million component—securing commercial egg production facilities with a capacity for 1.2 million laying hens, a feed mill, and fertilizer operations in Utah, to bolster its western U.S. presence in cage-free production with performance-based terms. |
Tyson Foods, Inc. | 2024 | Cal-Maine purchased a closed broiler processing plant, hatchery, and feed mill from Tyson Foods in Dexter, Missouri on March 14, 2024, with plans to remodel and repurpose the assets for shell egg and egg product production, thereby enhancing local supply and distribution capabilities through significant local investments. |
MeadowCreek Investment | 2023 | Cal-Maine made a strategic investment in MeadowCreek Food, LLC—its majority-owned subsidiary focused on hard-cooked egg products—by injecting an additional $13.8 million in 2023 (following an earlier $18.5 million investment) to boost production capacity and support expansion in the value-added egg product segment. |
Recent press releases and 8-K filings for CALM.
- Cal-Maine Foods reported strong financial results for the fourth quarter and fiscal year ended May 31, 2025, with net sales of $1.1 billion and net income of $342.5 million for Q4, and net sales of $4.3 billion and net income of $1.2 billion for the full fiscal year.
- The company increased its average number of layer hens by 18% in Q4 fiscal 2025 and sold a record 311.4 million dozen shell eggs, a 9.0% increase year-over-year, reflecting re-start of prior facility outages and both organic and inorganic expansion.
- Higher net sales were primarily driven by an increase in the net average selling price of shell eggs, a direct result of reduced supply across the industry due to highly pathogenic avian influenza (HPAI) outbreaks.
- Cal-Maine Foods declared a cash dividend of approximately $2.35 per share for Q4 fiscal 2025 and repurchased approximately $50 million of its Common Stock, with $450 million remaining under its $500 million share repurchase program.
- The company expanded its operations through acquisitions, including processing facilities from ISE America, Inc. and feed mills from Deal-Rite Feeds, Inc., and closed the acquisition of Echo Lake Foods on June 2, 2025, to diversify its product portfolio.