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Conagra Brands (CAG) investor relations material
Conagra Brands Q2 2026 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 (Q&A) earnings summary19 Dec, 2025
Executive summary
Q2 2026 net sales declined 6.8% year-over-year to $2.98 billion, with organic net sales down 3.0% and decreases across all major segments, partially offset by Foodservice growth.
The quarter was impacted by a challenging macro environment, weak consumer sentiment, government shutdowns, and weather disruptions, but growth businesses and supply chain productivity showed resilience.
Significant non-cash impairment charges of $968 million (goodwill and intangibles) led to a reported net loss of $664 million and diluted loss per share of $1.39; adjusted EPS was $0.45.
Project Catalyst was launched to re-engineer business processes using AI and technology, with more details expected in 2026.
Fiscal 2026 guidance was reaffirmed, expecting organic net sales change of (1)% to 1%, adjusted operating margin of ~11.0%-11.5%, and adjusted EPS of $1.70-$1.85.
Financial highlights
Q2 2026 net sales were $2.98B, down from $3.20B in Q2 2025; gross profit was $696M, down 17.8% year-over-year.
Q2 2026 adjusted gross margin was 23.4% (down 292 bps YoY); adjusted operating margin was 11.3% (down 406 bps YoY); adjusted EPS was $0.45 (down 35.7% YoY).
Q2 2026 net loss was $664M, compared to net income of $284.5M in Q2 2025.
Free cash flow for H1 FY26 was $113M, down from $539M in H1 FY25.
Net interest expense fell 11.2% to $96M due to lower net debt.
Outlook and guidance
Fiscal 2026 guidance reaffirmed: organic net sales change of (1)% to 1%, adjusted operating margin ~11.0%-11.5%, and adjusted EPS $1.70-$1.85.
H2 expected to return to organic net sales growth, driven by easing frozen supply constraints, inflation-justified pricing, and increased investments.
Full-year inflation including tariffs projected at ~7%, with tariffs expected to increase costs by ~3% annually.
Adjusted equity earnings guidance lowered to ~$170M from ~$200M.
EPS range remains wide due to ongoing volatility and will be updated later in the year.
Refrigerated & Frozen outlook post-impairment?
Mitigate Q2 retailer/trade headwinds?
Tariff mitigation actions: expected impact?
Key milestones for gross margin expansion
Future portfolio reshaping priorities
Efficiency of promotional volume growth
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Next Conagra Brands earnings date
Q3 20262 Apr, 2026
Next Conagra Brands earnings date
Q3 20262 Apr, 2026
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Frequently asked questions
Consumer Packaged Goods
Conagra Brands, Inc. (formerly known as ConAgra Foods) is an American holding company that owns a variety of different brands that produce consumer packaged goods. Its repertoire of products includes both frozen and refrigerated meals, snacks, and condiments, with a focus on convenient food options that take little to no time to prepare. Conagra's brands are sold in the US and select international markets, and amongst its portfolio, one finds classic brands such as Chef Boyardee and Slim Jim. The company is headquartered in Chicago, Illinois, and its shares are traded on the NYSE.
From Flour Mills to a Public Company
Conagra Brands has its origins in the conglomeration of four Nebraska flour mills, which constituted the initial structure of what would become Consolidated Mills in 1919. The company initially focused on milling grain and expanded its operations into poultry and livestock feed. In 1971, Consolidated Mills changed its name to ConAgra, a portmanteau of 'Consolidated' and 'Agriculture. The company continued to grow organically over the years while acquiring various food businesses along the way and diversifying its product offerings. In 2016, reflecting a shift toward a more contemporary image and a focus on brand-centric food offerings, the company updated its name to Conagra Brands. Today, the company competes in the food industry with names such as Kraft Heinz, General Mills, Kellogg, and similar businesses.
Frozen and Refrigerated Food
Conagra Brands has a substantial footprint in the frozen and refrigerated food segment, offering an extensive selection of products designed for convenience. The lineup includes frozen single-serve and family-sized entrees, such as Healthy Choice's low-calorie meals and Marie Callender's homestyle dishes. The company offers plant-based items with Gardein, offering meat-free burgers, sausages, and meatless nuggets.
Other Products
Beyond the frozen and refrigerated aisles, Conagra Brands' portfolio spans a wide range of pantry staples and snacks. They offer well-known snack options, including Slim Jim meat sticks and Orville Redenbacher's gourmet popping corn, satisfying a variety of snacking occasions. In the condiment space, Conagra produces Hunt's tomato ketchup and barbecue sauces, as well as PAM cooking sprays for baking and grilling. The shelf-stable pantry items feature an array of choices from Rosarita refried beans to Chef Boyardee canned pasta, serving as quick meal or side dish. This, as well as the names in the previous paragraph, is just a snapshot of some of the products that Conagra offers through its subsidiaries.
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