Total Revenue (Net Sales)

+4.3% (from $1,458.3M in Q3 2024 to $1,520.5M in Q3 2025)

Moderate revenue growth likely reflects a combination of improved market demand and continued pricing/mix initiatives from the previous period. While earlier periods may have featured more aggressive changes (for example, major one-time consolidation effects), the current period’s more organic growth of 4.3% suggests stability after prior larger adjustments " " " vs. " "

North America Segment

+4.1% (from $947.5M to $986.3M)

North America revenue increased modestly by 4.1%, building on previously strong regional performance—driven by ongoing pricing strategies and operational improvements. The relatively modest increase indicates that prior robust actions have transitioned into steady, albeit slower, growth in mature markets " " vs. " "

International Segment

+4.6% (from $510.8M to $534.2M)

International growth of 4.6% suggests slight gains in global markets from favorable mix adjustments and recovering demand, following earlier periods when acquisitions or one-off factors may have caused greater volatility. The current period shows a balanced improvement compared to the previous year’s results " " vs. " "

Income from Operations

+11% (from $223.9M to $248.7M)

Operating income improved by 11% driven by better cost controls, improved gross margins, and the lasting impact of previous period’s pricing and mix enhancements. This stronger operational performance indicates that cost efficiencies and margin management initiatives from Q3 2024 continued to positively affect the current quarter " vs. "

Net Income

Essentially Unchanged ($146.0M YoY)

Net income remained flat at $146.0M despite operating improvements, suggesting that increased non-operating expenses (such as higher interest expense) or tax impacts neutralized gains seen in operating income relative to the previous period. This reflects a lag in translating operational gains to bottom‐line profitability compared to prior performance " vs. "

Earnings per Share

+89% (from $1.01 to $1.91)

EPS nearly doubled, in large part due to a decline in the share count—possibly from share buybacks or other capital structure adjustments—compared to Q3 2024. Although net income did not change, the improved per-share metric indicates the effect of a lower denominator and enhanced shareholder value " vs. "

Interest Expense, Net

+32.6% (from $35.7M to $47.3M)

Interest expense increased significantly by 32.6%, reflecting higher total debt levels and/or a less favorable interest rate environment compared to the previous period. The current period’s increase is more pronounced than earlier figures, underscoring a shift in the company’s financing conditions relative to Q3 2024 " vs. "

Revenue/Net Sales

FY 2025

$6.35 billion to $6.45 billion "

$6.35 billion to $6.45 billion "

no change

Adjusted EBITDA

FY 2025

$1.17 billion to $1.21 billion "

$1.17 billion to $1.21 billion "

no change

Capital Expenditures

FY 2025

Approximately $750 million "

Approximately $750 million "

no change

Volume Guidance (International)

FY 2025

Expected to grow "

Expected to see a mid- to high single-digit increase "

no change

Volume Guidance (North America)

FY 2025

Expected to grow "

Expected to slightly decline "

lowered

Price/Mix Guidance (North America)

FY 2025

Expected to decline "

Forecasted to decline low to mid-single digits "

no change

Price/Mix Guidance (International)

FY 2025

Expected to decline "

Forecasted to be approximately flat on a constant currency basis "

raised

Adjusted Gross Margin

FY 2025

no prior guidance

Expected to decline about 700 basis points sequentially " "

no prior guidance

Adjusted SG&A

FY 2025

no prior guidance

$665 million to $675 million (down from $680 million-$690 million) "

no prior guidance

Effective Tax Rate

FY 2025

no prior guidance

Targeting ~28% full‐year effective tax rate "

no prior guidance

Restructuring Savings

FY 2025

no prior guidance

On track to deliver at least $55 million of pretax savings "

no prior guidance

Tariff Impact

FY 2025

no prior guidance

No impact from tariffs "

no prior guidance

Volume Growth and Supply-Demand Trends

In Q4 2024 and Q1 2025, volume declines and headwinds (e.g. customer share losses, ERP‐transition effects) were highlighted; Q2 2025 focused on incremental volume growth amid soft restaurant traffic. " " "

Q3 2025 reports a 9% volume increase driven by customer contract wins and the full lapping of ERP‐transition losses, though soft restaurant traffic and pricing headwinds remain. "

Moderate recovery in volume growth with strategic customer wins, yet supply–demand challenges persist.

Customer Engagement, Retention, and Market Share

Q4 2024 noted notable market share losses and efforts to rebuild trust; Q1 and Q2 2025 emphasized regaining lost share mainly through direct sales and improved customer service. " " "

Q3 2025 features strong CEO direct engagement, improved fill rates, contract reshaping, and innovative product launches to regain market share. " " "

Improved customer engagement strategies and renewed market share efforts despite ongoing competitive pressures.

Pricing Environment and Margin Management

Previous periods (Q4 2024, Q1 2025, and Q2 2025) described a competitive pricing environment with mixed price/mix performance and persistent margin pressure from unfavorable mixes and targeted pricing investments. " " "

Q3 2025 shows a further planned decline in price/mix (down ~5%) due to deliberate pricing investments in a competitive setting, with margins remaining squeezed amid rising costs. " "

Ongoing margin pressure with aggressive pricing measures designed to protect market share amid a highly competitive environment.

Cost Efficiency and Operational Initiatives

Q4 2024, Q1 2025, and Q2 2025 stressed restructuring measures such as facility closures, headcount reductions, and supply chain cost management drives to improve efficiency. " " "

Q3 2025 highlights continued restructuring resulting in pretax savings (at least $55 million), reduced SG&A, and enterprise-wide value creation efforts. " " "

Consistent focus on cost reduction evolving into demonstrable pretax savings and enhanced operational efficiency.

Competitive Pressures and Market Dynamics

Earlier calls (Q4 2024, Q1 2025, Q2 2025) repeatedly noted intensifying competitive pressures leading to customer share losses and pricing challenges in both domestic and international markets. " "

In Q3 2025, competitive pressures remain evident through further price/mix declines and soft demand, with a continued focus on capacity rationalization amid challenging market dynamics. " "

Persistent competitive pressures with an intensified emphasis on pricing actions and capacity adjustments; sentiment remains cautious.

ERP System Transition and Customer Service Challenges

Past periods (Q4 2024, Q1 2025, Q2 2025) described disruptive ERP transitions causing customer service challenges and share losses, with efforts underway to regain customer trust. " "

Q3 2025 indicates that the adverse effects of the ERP transition have been lapped, with improved fill rates and direct CEO engagement restoring customer service levels. " " "

ERP-related issues are receding as customer service improvements and leadership engagement help stabilize relationships.

Financial Strategies: Share Buybacks and Leverage Management

Q1 2025 and Q2 2025 featured active share repurchases and clear leverage management with a consistent target of around 3.5x as part of ongoing liquidity and capital return plans. " "

In Q3 2025, detailed share buyback activity was less emphasized, while liquidity levels and net debt metrics (e.g. 3.4x leverage) reaffirm stability. "

Stable financial strategies continue with consistent share buybacks and maintained leverage, though Q3 offered fewer new initiatives.

Activist Investor and Corporate Governance Concerns

In Q2 2025, an activist investor’s call for board changes was raised, though other periods (Q1 and Q4 2024) did not address such issues. "

Q3 2025 does not mention activist investor or governance concerns.

A relatively isolated issue in previous periods with no further developments in the current period.

Environmental Compliance and Capital Expenditures

Q4 2024 focused on capital expenditure forecasts (around $850 million) and rephasing of investments, with little emphasis on environmental aspects; Q1 and Q2 2025 introduced discussions on environmental spend and modernization goals. " "

Q3 2025 provides clear details: $563 million spent so far, a target of $750 million for fiscal 2025, and a dedicated $150 million for environmental projects, reflecting a shift toward lower overall capex aligned with modernization and compliance. " "

Greater clarity and emphasis on environmental compliance, with a strategic reduction in total capital expenditures and earmarked modernization spending.

Contract Negotiations and Tariff Concerns

Q4 2024 and Q1 2025 mentioned standard contract processes with limited details; Q2 2025 had minimal discussion of these topics. " "

Q3 2025 offers detailed disclosures on the timing of contract negotiations, a normalized cycle for large-chain customers, and emerging tariff concerns (including a 10% U.S. import tariff). " "

A new emphasis emerges in Q3 with detailed contract negotiation processes and tariff implications, highlighting evolving regulatory challenges.

Global Demand, Consumer Trends, and Restaurant Traffic

Q4 2024 showed soft global restaurant traffic and subdued consumer trends; Q1 2025 and Q2 2025 reported modest improvements in some regions but persistent softness overall. " " "

Q3 2025 continues to face soft restaurant traffic (e.g. 2% U.S. decline) yet notes strong french fry attachment rates and mixed international trends, underscoring ongoing consumer uncertainty. " "

Continued challenges in global demand with soft restaurant traffic, though strong product attachment rates suggest resilience amid consumer uncertainty.

Capacity Management and Operational Adjustments

Across Q4 2024, Q1 2025, and Q2 2025, discussions focused on evaluating manufacturing networks, plant closures, and utilizing capacity adjustments to mitigate soft demand. " " "

Q3 2025 emphasizes further capacity rationalization (e.g. closing plants, curtailing production lines) and highlights proactive operational adjustments—especially to manage fixed costs and optimize utilization. " " "

A sustained strategic focus on capacity management and operational adjustments continues, with current actions aimed at optimizing production in response to demand fluctuations.