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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Conagra Brands
Conagra Brands (CAG) investor relations material
Conagra Brands Q1 2027 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 (Q&A) earnings summary30 Sep, 2026
Executive summary
Q1 FY27 net sales fell 1.4% to $2.60 billion; organic net sales declined 1.1%.
Adjusted EPS rose 5.1% to $0.41, while diluted EPS increased 5.9% to $0.36.
FY27 guidance was reaffirmed as brand investment, productivity initiatives, and capital allocation remained strategic priorities.
Financial highlights
Adjusted gross margin was 23.8%, down 62 bps; adjusted operating margin was 11.5%, down 33 bps.
Net income rose to $174.3 million from $164.5 million; adjusted net income increased 4.3% to $197 million.
Adjusted EBITDA increased 2.4% to $451 million; equity method investment earnings rose 71.8% to $50 million, driven by Ardent Mills.
Free cash flow was $(128) million versus $(26) million in Q1 FY26; operating cash flow was $(4.2) million, affected by litigation payments and lower operating profit.
Q1 EPS benefited from SG&A timing, lower-than-planned inflation, Ardent Mills, a one-time benefit, and a tariff refund worth close to $0.01 per share.
Outlook and guidance
FY27 organic net sales guidance is a 1%-3% decline; adjusted operating margin is 10.0%-10.5% and adjusted EPS is $1.40-$1.50.
Q2 organic sales are projected down 2%; Thanksgiving timing may leave shipments below consumption during the quarter.
FY27 inflation is expected at 5%-6%, toward the high end; Q2 and Q3 rates are expected above Q1, with Q4 below Q3.
FY27 operating margin guidance is unchanged; gross margin is expected relatively flat year over year despite higher inflation.
Pricing assumptions remain two-to-one elasticity overall and one-to-one in Grocery & Snacks, with no competitor pricing follow-through assumed; targeted price increases are planned by end of H1.
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Latest events from Conagra Brands
- Adjusted EPS up 5.1% to $0.41 as margin restoration and capital allocation progress continue.CAG
Q1 2027 Prepared Remarks - All board and shareholder proposals passed as new leadership outlined strategies for growth.CAGAGM 2026
- Board recommends voting for directors, pay, and auditor, but against limiting preferred stock authority.CAGProxy filing
- Votes include director elections, auditor ratification, and a proposal to limit board stock authority.CAGProxy filing
- CEO succession, Board refreshment, and pay-for-performance drive governance and strategy.CAGProxy filing
- Flat sales, margin pressure, and a 50% dividend cut drive focus on deleveraging.CAGQ4 2026 Prepared Remarks
- Dividend halved to $0.70 as sales and margins fall, supporting deleveraging and investment.CAGQ4 2026 (Q&A)
- Transitory value-seeking trends drive innovation and margin focus, with frozen and snacks prioritized.CAGJ.P. Morgan U.S. Opportunities Forum
- Adjusted EPS fell 19.7% as sales declined, but reported EPS rose on a tax benefit.CAGQ1 2025 (Q&A)
Next Conagra Brands earnings date
Q2 202718 Dec, 2026
Conagra Brands
Next Conagra Brands earnings date
Q2 202718 Dec, 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.