Conagra Brands, Inc. (NYSE: CAG) manufactures and markets branded packaged foods through retail, e-commerce and foodservice channels. Its brands include Birds Eye, Healthy Choice, Slim Jim and Marie Callender’s. It reports Grocery & Snacks, Refrigerated & Frozen, International and Foodservice segments.
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A snapshot of what CONAGRA BRANDS INC. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| May 26, 20240001558370-24-009764 | Jul 11, 2024 | 10-K | Open 10-Ksec.gov |
| May 25, 20250001558370-25-009180 | Jul 10, 2025 | 10-K | Open 10-Ksec.gov |
| May 31, 20260001104659-26-083905 | Jul 15, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Conagra’s problem extends beyond its large noncash impairments: fiscal 2026 sales declined despite an extra week, every segment’s operating profit weakened, and operating cash flow fell. Divestitures and cash generation reduced annual debt, but lower earnings limited the improvement in leverage. After the annual filing, the company completed a refinancing issuance and paid a halved quarterly dividend. First-quarter fiscal 2027 net income increased because lower taxes and stronger joint-venture earnings offset weaker operating results; operating cash flow turned negative. Management reaffirmed guidance for lower annual organic sales and adjusted earnings, not an immediate recovery. Retailer concentration, price-sensitive consumers, manufacturing dependencies, litigation payments and refinancing access remain important constraints. Transformation costs and benefits remain uncertain, and earlier impairments left some assets without a valuation cushion.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-15 · 10-Q · 2026-08-30 · EX-99.1 · 2026-09-30 · 8-K · 2026-07-28
Conagra’s largest businesses serve U.S. retailers: Grocery & Snacks sells principally shelf-stable products, while Refrigerated & Frozen sells temperature-controlled foods. International serves markets outside the United States, and Foodservice supplies restaurants and institutions. Revenue is recognized on delivery, net of discounts, returns and promotional consideration. Brand investment and innovation must generate enough demand to cover manufacturing, ingredients, packaging, labor and distribution costs. Walmart represented approximately 29% of fiscal 2026 sales, and the ten largest customers approximately 60%. Customers generally have no contractual purchase obligation, leaving Conagra exposed to shelf-allocation decisions, retailer bargaining power and private-label substitution.
Sources: 10-K · 2026-05-31 · 10-K · 2025-05-25
For the 53 weeks ended May 31, 2026, reported sales fell 2.9% to $11,281.6 million. Divestitures reduced the business base, while currency and the extra week helped. Organic sales declined 0.4%, comprising a 1.4% volume decline and 1.0% favorable price/mix. Management attributed weaker gross profit to lower sales, inflation and unfavorable operating leverage, partly offset by productivity and the extra week. Profit declined across all four segments. Goodwill and brand impairments of $2,929.6 million contributed to a $1,916.2 million parent-attributable GAAP loss, but adjusted operating profit also fell 21.8% to $1,278.7 million. Adjusted EPS was $1.72 versus a GAAP diluted loss of $4.00.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-15
Fiscal 2026 operating cash flow declined to $1,402.1 million from $1,691.9 million. Management cited weaker operating profits and comparison with fiscal 2025’s accelerated receivable collections, partly offset by inventory management. Noncash impairment add-backs explain why cash flow remained positive despite the GAAP loss; they do not make cash flow equivalent to profit. Cash capital expenditure was $423.4 million, leaving company-defined free cash flow of $978.7 million. Business-sale proceeds of $648.9 million were separate investing receipts. Cash dividends consumed $669.7 million and repurchases $15.3 million. The approximately $15.0 million authorization-based buyback disclosure describes the same activity on a different presentation basis, not additional spending.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-15
At May 31, 2026, debt was $7,268.4 million and cash $218.0 million. Published net leverage was 3.83 times trailing adjusted EBITDA, whose decline limited the benefit of debt reduction. The $2 billion unsecured revolver, maturing June 27, 2030, was undrawn: it is borrowing capacity, not cash. On July 28, Conagra completed a $500 million, 5.400% senior-note issuance due August 1, 2031. The latest quarter still described $762.5 million of October 2026 maturities as expected repayments; completion is not established by the supplied records. Conagra reported covenant compliance at August 30, but neither actual covenant calculations nor numerical headroom was disclosed.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-15 · 8-K · 2026-07-28 · 10-Q · 2026-08-30
The September 30 filings reported first-quarter fiscal 2027 sales of $2,595.9 million for the thirteen weeks ended August 30, down 1.4%; organic sales fell 1.1%. GAAP operating profit declined to $268.4 million and adjusted operating profit fell 4.1% to $297.9 million. Net income nevertheless rose to $174.3 million because lower taxes and higher equity-method earnings offset operating weakness. Operating cash flow reversed to a $4.2 million outflow, reflecting lower profits and higher litigation payments net of recoveries. Cash rose to $371.6 million because financing inflows exceeded operating and investing outflows. The reduced $0.175 quarterly dividend was paid September 2, after quarter-end.
Sources: 10-Q · 2026-08-30 · EX-99.1 · 2026-09-30 · 8-K · 2026-09-30
On September 30, management reaffirmed fiscal 2027 guidance for organic sales down 3% to 1%, adjusted operating margin of 10.0%–10.5% and adjusted EPS of $1.40–$1.50. These are conditional non-GAAP expectations. Achieving free-cash-flow conversion above 90% requires improvement after the negative first quarter. Project Catalyst’s total costs, timing and savings remain unquantified. Consumer price sensitivity, concentrated retailers, supply-chain dependencies, litigation and financing access remain material risks. Refrigerated & Frozen and certain brands were written to fair value at fiscal 2026 year-end, leaving no valuation cushion against further adverse changes. Management’s assessment of adequate litigation provisions does not eliminate potentially material estimate revisions.
Sources: EX-99.1 · 2026-09-30 · 10-Q · 2026-08-30 · 10-K · 2026-05-31
USD 11.6128 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.6128 bn | -3.6% |
| 2024 | USD 12.0509 bn | — |
Reported consolidated net sales; fiscal 2026 contains 53 weeks versus 52 weeks in fiscal 2025 and fiscal 2024.
Sources: 10-K · 2026-05-31
USD 11.2816 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 11.2816 bn | — |
Reported consolidated net sales; fiscal 2026 contains 53 weeks versus 52 weeks in fiscal 2025 and fiscal 2024.
Sources: 10-K · 2026-05-31
USD -1.9162 bn
FY2026 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD -1.9162 bn | Turned loss-making |
| 2025 | USD 1.1524 bn | 231.9% |
| 2024 | USD 347.2 m | — |
Net income or loss attributable to the parent after noncontrolling interests.
Sources: 10-K · 2026-05-31
USD 1.4021 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.4021 bn | -17.1% |
| 2025 | USD 1.6919 bn | -16.1% |
| 2024 | USD 2.0156 bn | — |
GAAP consolidated net operating cash flow.
Sources: 10-K · 2026-05-31
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