Lamb Weston Holdings, Inc. is a leading global producer, distributor, and marketer of value-added frozen potato products, with French fries representing the majority of their product portfolio . The company operates in two reportable segments: North America and International . In North America, their products are sold to quick service and full-service restaurants, foodservice distributors, non-commercial channels, and retailers, under brands such as Lamb Weston, Grown in Idaho, and Alexia . Internationally, they sell similar products through various channels, including direct sales to restaurant chains and through importers or small local distributors . Lamb Weston has a strong presence in over 100 countries and is the number one supplier of value-added frozen potato products in North America, with a significant presence in high-growth emerging markets .
- French Fries - Produces and markets a wide range of French fries, which are the primary product and major contributor to the company's revenue.
- Frozen Potatoes - Offers a variety of frozen potato products beyond French fries, catering to diverse culinary needs.
- Commercial Ingredients - Supplies potato-based ingredients for use in commercial food production and preparation.
- Appetizers - Provides a selection of frozen appetizers, expanding their product offerings beyond potatoes.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael J. Smith ExecutiveBoard | President and Chief Executive Officer | None | Joined LW in 2007; held various leadership roles, including COO (2023-2025); became CEO on January 3, 2025. Extensive experience in strategy and operations. | View Report → |
Bernadette M. Madarieta Executive | Chief Financial Officer | None | Joined LW in 2016; became CFO in August 2021. Over 25 years of finance leadership experience. | |
Eryk J. Spytek Executive | General Counsel and Chief Compliance Officer | None | Joined LW in 2016; oversees legal and compliance functions; previously served as Corporate Secretary. | |
Marc Schroeder Executive | President, International | None | Joined LW in 2023; former CEO of LW EMEA and Pepsi Lipton; extensive global leadership experience in food and beverage. | |
Sharon L. Miller Executive | President, North America | None | Joined LW in 2016; promoted to President, North America in 2023; extensive experience in sales and leadership in food manufacturing. | |
Steven J. Younes Executive | Chief Human Resources Officer | None | Joined LW in 2022; over 30 years of HR and employment law experience; previously CHRO at Loews Hotels. | |
Norman Prestage Board | Director | None | Former partner at Ernst & Young; expertise in consumer products and foodservice industries. | |
Peter J. Bensen Board | Director | CarMax, Inc. (Board Member); President of Bensen LLC | Former CFO and Chief Administrative Officer of McDonald’s; expertise in financial reporting and governance. | |
Rita Fisher Board | Director | Reynolds Consumer Products (CIO and EVP, Supply Chain) | CIO and EVP at Reynolds; former global IT and supply chain leader at Kraft Heinz. | |
Robert A. Niblock Board | Director | ConocoPhillips (Board Member); PNC Financial Services Group (Board Member) | Former Chairman and CEO of Lowe’s Companies; extensive leadership and financial expertise. | |
W.G. Jurgensen Board | Chairman of the Board | None | Chairman of LW since 2017; former CEO of Nationwide Financial Services; extensive experience in financial services and corporate governance. |
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Given the ongoing challenging restaurant traffic trends and your recent capacity reductions, can you elaborate on how you plan to balance supply and demand if industry demand remains weak over the next year? Are further capacity adjustments anticipated?
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You've announced a restructuring plan to improve operating efficiency and protect profitability, including reducing your adjusted SG&A target. Could you provide more specifics on where these cost savings will come from, and how they might impact your operations and future growth initiatives?
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With the anticipated increase in your effective tax rate due to a higher proportion of income from your International segment and other discrete items, how confident are you in achieving your updated adjusted EBITDA and EPS targets in this challenging environment?
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Regarding the estimated $500 million in environmental capital expenditures over the next five years for wastewater capital investments, can you provide more details on what is driving these costs, how they will impact your free cash flow, and whether there are opportunities to mitigate or offset these expenses?
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As you have idled certain production lines due to lower demand, how are you managing the fixed cost deleverage, and what impact do you expect this to have on your gross margins in both the short term and if the demand environment doesn't improve in the long term? Do you have potential to further mitigate fixed cost deleverage beyond the incremental cost savings announced for next year?
Research analysts who have asked questions during Lamb Weston Holdings earnings calls.
Carla Casella
JPMorgan Chase & Co.
4 questions for LW
Marc Torrente
Wells Fargo
4 questions for LW
Robert Moskow
TD Cowen
4 questions for LW
Alexia Howard
AllianceBernstein
3 questions for LW
Andrew Lazar
Barclays PLC
3 questions for LW
Kenneth Goldman
JPMorgan Chase & Co.
3 questions for LW
Matthew Smith
Analyst
3 questions for LW
Peter Galbo
Bank of America
3 questions for LW
Thomas Palmer
Citigroup Inc.
3 questions for LW
Max Andrew Gumport
BNP Paribas
2 questions for LW
Robert Dickerson
Jefferies
2 questions for LW
Adam Samuelson
The Goldman Sachs Group, Inc.
1 question for LW
Max Gumport
BNP Paribas
1 question for LW
Scott Marks
Jefferies
1 question for LW
Stephen Robert Powers
Deutsche Bank
1 question for LW
Steve Powers
Deutsche Bank
1 question for LW
Yasmin Daswani
Bank of America
1 question for LW
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Agristo NV | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
Aviko B.V. | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
Cavendish Farms Corporation | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
Clarebout Potatoes NV | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
Farm Frites International B.V. | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
J.R. Simplot Company | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. | |
McCain Foods Limited | Significant competitor in the highly competitive value-added frozen potato products industry in North America, Europe, and other international markets. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McDonald’s Corporation | Largest customer | All | 15% of consolidated net sales in FY 2025 (approximately $967.7 million) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Lamb-Weston/Meijer v.o.f. (LW EMEA) | 2023 | Completed on February 28, 2023, Lamb Weston acquired the remaining 50% equity interest for a total consideration of $1,447.5 million (comprising cash of €531.6 million, 1,952,421 shares valued at $197.3 million, and non-cash consideration of $51.8 million) to become the sole owner. The deal added five manufacturing facilities (plus a 75% interest in a sixth facility) that produce nearly 2 billion pounds of finished frozen products annually, further supporting Lamb Weston’s strategic expansion in the EMEA region. |
Lamb Weston Alimentos Modernos S.A. (LWAMSA) | 2023 | Lamb Weston increased its stake from 50% to 90% by acquiring an additional 40% equity interest for $42.3 million in cash, leading to consolidation of LWAMSA’s financials into its Global segment starting in the first quarter of fiscal 2023. This acquisition, aimed at expanding operations in Argentina, had a limited impact on consolidated net sales and total assets while supporting strategic growth. |
Recent press releases and 8-K filings for LW.
- Bragar Eagel & Squire, P.C. is conducting an investigation into whether Lamb Weston’s board breached fiduciary duties by misrepresenting the design and implementation of its new ERP system between July 25, 2023 and April 3, 2024.
- On April 4, 2024, Lamb Weston disclosed ERP‐related disruptions that cost $135 million in net sales, $72 million in net income, and prompted a $330 million cut to full‐year sales guidance, sending the stock down over 19%.
- Long‐term stockholders who purchased between July 25, 2023 and April 3, 2024 are encouraged to contact Bragar Eagel & Squire at [email protected] or (212) 355-4648 at no cost or obligation.
- Lamb Weston inaugurated a 40,000 m² frozen French fry plant in Mar del Plata, Argentina, with capacity to process 200 million pounds of potatoes annually and produce over 100 varieties of products.
- The facility is fully operational, completed its first shipments to Brazil, and will export 80% of output to Brazil and other Latin America markets.
- The project created 250 direct jobs, is expected to generate approximately 3,000 indirect jobs, and sources raw materials from more than 100 local producers, using sustainable, low-waste practices.
- Management views the new plant as a key strategic asset to expand Lamb Weston’s presence in the Latin America region via the Mar del Plata port.
- Lamb Weston delivered flat net sales of $1.659 B, with volume +6% offsetting price/mix -7%, resulting in adjusted EBITDA of $302 M (+1%) and adjusted EPS of $0.74 (-5%).
- Generated $273 M free cash flow and $352 M net operating cash flow, returning $62 M to shareholders ($52 M dividends, $10 M repurchases) in Q1.
- Capital expenditures were $79 M (down $256 M YoY) as the company shifts from growth spending to modernization and maintenance; FY26 capex forecast ~$500 M.
- Reaffirmed FY26 outlook: net sales $6.35 B–$6.55 B, adjusted EBITDA $1.0 B–$1.2 B, interest expense ~$190 M, and tax rate 26–27%.
- Delivered strong volume growth in both segments; cost savings, working capital improvements and reduced capex (down to $79 M) drove strong free cash flow.
- Returned $62 M to shareholders in Q1 (including $52 M dividends and $10 M repurchases), with $348 M remaining under buyback authorization.
- Restarted a curtailed North America line and began shipping from its Mar del Plata, Argentina facility; preparing to launch innovative retail products this fall.
- Reaffirmed fiscal 2026 guidance: revenue of $6.35 B–$6.55 B (constant currency) and $1 B–$1.2 B adj. EBITDA, including a 53rd week and enacted tariffs.
- Lamb Weston reported Q1 FY2026 net sales of $1.659 billion, income from operations of $156.5 million, net income of $64.3 million (–50% YoY) and diluted EPS of $0.46; adjusted EBITDA was $302.2 million.
- The company reaffirmed FY2026 guidance for net sales at constant currency of $6.35 – 6.55 billion, adjusted EBITDA of $1.00 – 1.20 billion, and capital expenditures of approximately $500 million.
- North America segment net sales declined 2% to $1.085 billion due to a 7% decline in price/mix despite a 5% volume increase; International net sales rose 4% to $574.7 million (flat at constant currency).
- Operating cash flow for the quarter was $352.0 million, capital expenditures were $79.2 million, and available liquidity under the revolving credit facility was $1.318 billion as of August 24, 2025.
- The company returned $51.7 million in dividends and repurchased $10.4 million of common stock in Q1, leaving $348 million remaining under its share repurchase authorization.
- Reported $1,659.3 million in Q1 fiscal 2026 net sales, flat year-over-year as a 6% volume gain was offset by a 7% price/mix decline, resulting in a 1% constant-currency decrease.
- Delivered $156.5 million of operating income (down 26% year-over-year) and $64.3 million of net income, with diluted EPS of $0.46 (down 48%).
- Achieved $302.2 million of Adjusted EBITDA, a 1% increase year-over-year.
- Returned $62.1 million to shareholders in Q1, including $51.7 million of dividends and $10.4 million of share repurchases.
- Reaffirmed fiscal 2026 targets of $6.35 billion–$6.55 billion net sales at constant currency, $1.00 billion–$1.20 billion Adjusted EBITDA, and approximately $500 million of capital expenditures.
- Bragar Eagel & Squire is investigating potential fiduciary breaches by Lamb Weston’s board over its ERP system rollout, covering stock purchases from July 25, 2023, to April 3, 2024.
- On April 4, 2024, Lamb Weston disclosed that ERP issues led to a $135 million net sales loss, $72 million net income impact, $95 million adjusted EBITDA reduction, and a $330 million cut to fiscal 2024 sales guidance, triggering a $19.59 (19%) stock drop.
- Affected investors are encouraged to contact attorneys Brandon Walker or Marion Passmore at Bragar Eagel & Squire for no-cost consultations.
- Lamb Weston delivered 4% net sales growth and 8% volume growth in Q4 2025, with adjusted EBITDA of $285 million, flat year-over-year.
- Management announced a $250 million annualized cost savings program by end of FY2028, with ~$100 million of run-rate savings targeted by FY2026.
- For fiscal 2026, the company guides net revenue of $6.35 billion–$6.55 billion (–2% to +2% on constant currency) and adjusted EBITDA of $1.0 billion–$1.2 billion.
- In FY2025, Lamb Weston generated $860 million of operating cash flow and ended with net debt of $4.1 billion (3.3× EBITDA leverage).
- Bragar Eagel & Squire is investigating Lamb Weston for alleged misrepresentations about its new ERP system during the Class Period of July 25, 2023–April 3, 2024.
- On April 4, 2024, Lamb Weston disclosed ERP-related disruptions that cost $135 million in net sales, $72 million in net income, and $95 million in adjusted EBITDA, and cut its fiscal 2024 sales guidance midpoint by $330 million.
- The ERP rollout issues triggered a $19.59 per-share (over 19%) stock price decline upon the Q3 2024 results release.
- Long-term Lamb Weston stockholders are encouraged to contact Bragar Eagel & Squire to discuss potential claims.
- Bragar Eagel & Squire, P.C. is investigating potential fiduciary breaches by Lamb Weston’s board following a class action complaint covering July 25, 2023 through April 3, 2024
- The probe centers on alleged misrepresentations and omissions regarding the design and implementation of Lamb Weston’s new ERP system
- On April 4, 2024, Lamb Weston disclosed ERP-related disruptions that cost $135 million in net sales, $72 million in net income, and $95 million in adjusted EBITDA, and led to a $330 million full-year sales-guidance cut at midpoint and a $19.59 per-share stock drop (>19%)
- Long-term stockholders may contact Bragar Eagel & Squire at [email protected] or (212) 355-4648 at no cost or obligation