Total Revenue

~–2% (from $2,229M in Q3 2024 to $2,186M in Q3 2025)

Revenue decreased slightly by approximately 2% as the stable U.S. segment performance (U.S. revenue at $2,068.4M) did not offset weaker contributions from international markets, where challenges like previous divestitures and lower sales volumes likely continued to weigh on overall revenue. " "

Operating Income (EBIT)

Dropped from $297.4M in Q3 2024 to –$594M in Q3 2025

EBIT reversed dramatically by roughly $891M, driven by higher operating expenses and significant one-time charges or impairments not encountered in the prior period, reflecting severe margin pressure and operational challenges. " "

Net Income

Fell from $120.4M in Q3 2024 to –$662.3M in Q3 2025

Net income declined sharply by about $782.7M, mirroring the EBIT deterioration and compounded by additional factors such as increased interest expenses or tax impacts, marking a substantial deterioration in profitability compared to the previous period. " " "

EPS – Basic

Turned from $1.12 in Q3 2024 to –$6.23 in Q3 2025

EPS eroded drastically from a positive $1.12 to a loss of $6.23 per share, reflecting the steep decline in net income and overall earnings deterioration, which underscores the severe impact of the operating challenges faced in Q3 2025. "

Geographic Revenue Breakdown

U.S. Dominance: U.S. at $2,068.4M; International at ~$117.6M

Heavy U.S. exposure continues with the U.S. market generating the bulk of revenue, while international sales remain modest; this concentration poses risks given that past international challenges such as divestitures (e.g., Canadian and other markets) impacted overall revenue growth. "

Comparable Sales Guidance

FY 2025

8% at the midpoint "

7.25% at the midpoint "

lowered

Coffee Segment

FY 2025

Expected margins for Q3 forecasted as “mid-20s to low-20s” " "

Achieved a 28% profit margin in Q3, with an expectation of pressure in Q4 " "

raised

Pet Segment

FY 2025

no prior guidance

Expected sequential improvement in the pet portfolio " "

no prior guidance

Sweet Baked Snacks

FY 2025

no prior guidance

Revised sales target changed from $1.4B to $1.2B; long-term growth rate of 4% " "

no prior guidance

Hostess Acquisition and Integration

Q1: Emphasized integration progress, strong synergy realization, and acknowledged execution challenges and reduced top‐line guidance. " " " " Q2: Focused on achieving $100 million in cost synergies, noted execution issues and consumer cautiousness but remained optimistic about long‑term potential. " "

Q3: Highlighted significant impairment charges (an $800 million goodwill write‑down and a $200 million impairment), persistent execution missteps, and a reduced fiscal sales target – while maintaining long‑term bullishness on the brand. " " " " "

Mixed sentiment: While the long‑term potential remains intact, there is increased emphasis on execution challenges and higher impairment charges in Q3.

Coffee Segment Performance and Commodity Cost Management

Q1: Addressed margin pressures from green coffee inflation, outlined pricing actions to recover costs, and noted the need to manage price elasticity across a broad portfolio. " " " " Q2: Reported strong Q2 margins (28%) but warned of future margin pressures driven by record high green coffee costs and pricing challenges. " " " "

Q3: Continued to report robust margins (28%), yet underscored that record high green coffee commodity costs are a significant headwind for future quarters and earnings, reiterating the critical need for aggressive pricing and cost management strategies. " " " " "

Consistent with heightened caution: Strong current margins continue but with an increased focus on upcoming headwinds from green coffee costs.

Core Brand Growth and Innovation

Q1: Highlighted double‑digit growth for Uncrustables and strong performances from Café Bustelo and Milk‑Bone, with innovation (such as peanut buttery bites) supporting brand expansion and capacity growth. " " " " " Q2: Emphasized robust performance and innovation across core brands with strong sales projections, notably for Uncrustables and Meow Mix. " " "

Q3: No mention of core brand performance or product innovation was recorded during the earnings call.

Disappeared: A formerly key discussion point is absent in Q3, indicating reduced focus or less material news on these brands in the current period.

Revised Sales Guidance and Macroeconomic Headwinds

Q1: Noted a revision in full‑year sales guidance (from 10% to 9%) due to category softness (particularly Sweet Baked Snacks) and operational slowdowns stemming from inflation and reduced discretionary income. " " " Q2: Also pointed to headwinds from inflation and lower discretionary income impacting multiple channels and driving lower-than-expected performance. " "

Q3: Reported a downward revision in comparable sales guidance (from 8% to 7.25%) with a $60 million reduction, attributed to a Q3 miss, a call‑down in Hostess sales, elevated gas prices, cautious consumer behavior, and instance‐specific execution issues such as supply disruptions in pet food. " " "

Consistently negative: The sentiment remains cautious with ongoing macroscopic pressures, though Q3 provides more specificity in numbers and additional supply chain issues.

Emerging Consumer Trends Impacting Demand

Q1: Acknowledged monitoring of GLP‑1 weight loss drugs but found no meaningful impact on Sweet Baked Snacks; softness was chalked up to reduced discretionary income. " Q2: Recognized the potential risk from increased GLP‑1 uptake but noted that no material impact had yet been observed, while considering innovation responses such as portion adjustments and sugar reduction. "

Q3: Reiterated that there is no material impact from GLP‑1 drugs on demand for indulgent snacking; instead, declines are attributed to a more cautious consumer influenced by factors like high gas prices and limited discretionary spending, with some acknowledgement of execution missteps. "

Stable but monitored: The potential risk is acknowledged consistently, though all periods conclude that GLP‑1 drugs have not materially affected demand.

Divestiture Impact on Earnings

Q1: No specific discussion on the earnings effects of the Voortman divestiture was provided [no citation]. Q2: Detailed expectations of a full‑year earnings hit of $0.25, with a current year impact of $0.10 offset partially by debt paydown proceeds, resulting in a net impact of about $0.05. "

Q3: Mentioned only in the context of the Sweet Baked Snacks top‑line outlook (revised from $1.4 billion to $1.2 billion) with just $65 million of the reduction attributed to the Voortman divestiture, with no direct earnings impact commentary. "

Diminished focus: Earlier detailed earnings concerns in Q2 have been de‐emphasized in Q3, with the divestiture now mentioned only indirectly via top‑line revisions.