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Lamb Weston (LW) investor relations material
Lamb Weston Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary19 Dec, 2025
Executive summary
Focus to Win strategy and cost savings drove customer partnerships, operational improvements, and share gains, with volume up 8% in Q2 and 7% for the first half, especially in North America and Asia.
Net sales for Q2 2026 rose 1% year-over-year to $1,618.1 million, with volume gains offset by an 8% decline in price/mix; foreign currency provided a $24.4 million benefit.
Cost savings initiatives improved manufacturing costs and reduced SG&A, supporting margin resilience.
Board authorized a 3% increase in the quarterly dividend, continuing annual increases since IPO.
Restarted previously curtailed North American production lines to meet higher demand.
Financial highlights
Q2 net sales: $1,618.1M (up $17.2M YoY); volume up 8%, price/mix down 8%; gross profit: $324.3M (up $46.5M YoY); adjusted EBITDA: $285.7M (down $8.5M YoY); net income: $62.1M (vs. $(36.1)M YoY).
Free cash flow for 1H FY26 was $375M; net cash from operations was $530.4M, up $101.1M YoY.
Capital expenditures for 1H FY26 were $155.7M, down $330.7M from prior year.
North America Adjusted EBITDA rose $18.6M to $287.8M; International Adjusted EBITDA fell $21.4M to $27.2M.
Q2 gross margin: 20.1% (up from 17.4% YoY); effective tax rate: 36.7% (vs. (59.0)% YoY).
Outlook and guidance
Fiscal 2026 net sales guidance reaffirmed at $6.35–$6.55 billion; adjusted EBITDA expected at $1.00–$1.20 billion, with expectations to finish near the midpoint.
Capital expenditures for fiscal 2026 projected at approximately $500 million; interest expense ~$190M; D&A ~$390M; tax rate 28–29%.
Guidance includes current tariffs but excludes potential future trade policy changes.
North America volumes expected to grow at or above first-half rates; International volumes to be flat year-over-year in the second half.
Price/mix headwinds to persist but moderate in the second half; Adjusted Gross Margin expected flat to down versus first half's 20.4%.
Elaborate on volume growth vs. price/mix decline
Reconcile GAAP vs. Adjusted earnings performance
Mitigating International segment's cost pressures
International market pricing pressure drivers?
North America mix shift impact on margins?
Accelerate share repurchases given stock drop?
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Next Lamb Weston earnings date
Q3 20262 Apr, 2026
Next Lamb Weston earnings date
Q3 20262 Apr, 2026
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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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