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Lamb Weston (LW) investor relations material

Lamb Weston Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary30 Sep, 2025

Executive summary

  • Delivered Q1 FY26 results exceeding expectations, with 6% volume growth and strong customer momentum, supported by the Focus to Win strategy and new product launches.

  • Early execution of cost savings and operational excellence initiatives led to lower manufacturing costs and SG&A expenses.

  • Restarted a previously curtailed production line in North America to meet sustained demand.

  • Reaffirmed fiscal 2026 outlook, positioning for long-term value creation.

  • Net income dropped 50% to $64.3 million, and diluted EPS fell 48% to $0.46, mainly due to higher taxes and lower equity earnings.

Financial highlights

  • Q1 FY26 net sales were $1,659.3 million, up $5.2 million year-over-year, with a 6% volume increase offset by a 7% price/mix decline at constant currency.

  • Adjusted EBITDA was $302.2 million, up 1% year-over-year; North America adjusted EBITDA declined $18 million to $260 million, while International increased $5.8 million to $57.2 million.

  • Adjusted gross profit declined $14.2 million to $338.9 million, mainly due to unfavorable price/mix.

  • Free cash flow was strong at $273 million, with $352 million generated from operations, up $21.8 million year-over-year.

  • Adjusted diluted EPS was $0.74, down $0.04 year-over-year.

Outlook and guidance

  • Fiscal 2026 outlook reaffirmed: net sales at constant currency expected between $6.35 billion and $6.55 billion; adjusted EBITDA guidance of $1.0–$1.2 billion, including current tariffs.

  • Capital expenditures forecasted at ~$500 million for FY26.

  • Effective tax rate expected at 26–27% for FY26, with higher rates in the first half.

  • Guidance includes current tariffs but excludes potential future trade policy changes.

  • Expect year-over-year volume growth in both segments, with price/mix unfavorable in the first half and moderating in the second half.

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Frequently asked questions

The king of french fries

Lamb Weston is one of the leading potato product manufacturers in the world. To make their scale more tangible, over 60 million portions of their potato fries are sold daily, both through B2B customers like McDonald’s and through their own branded consumer products.

Founder of the world's first cutting machine

Lamb Weston was founded in 1950 by Gilbert Lamb, who invented the world’s first cutting machine designed to cut fries under high pressure. The company is actually the originator of both curly and crisscut fries as well. With over four billion in annual revenue and almost half a billion in EBIT, potatoes are undoubtedly a big business. Since the spin-off from ConAgra Brands in 2016, Lamb Weston’s stock has appreciated 145 percent. And that excludes dividends.

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