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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.
Maple Leaf Foods
Maple Leaf Foods (MFI) investor relations material
Maple Leaf Foods Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 sales rose 2.4% YoY to CAD 1,034.7M; Adjusted EBITDA increased 15.4% to CAD 128.9M, with margin up 140 bps to 12.5%.
Branded revenue grew 4.5%; Prepared Foods branded growth, favourable mix and cost management supported profitability.
Q3 free cash flow was CAD 174.9M; net debt to trailing 12-month Adjusted EBITDA was 1.9x at quarter-end.
Financial highlights
Q3 gross profit rose 8.0% to CAD 175.8M; gross margin increased to 17.0% from 16.1%.
Adjusted Basic EPS rose 71.4% to CAD 0.36; Adjusted Operating Earnings increased 29.5% to CAD 80.8M.
Earnings from continuing operations were CAD 22.3M, or CAD 0.18/share, versus CAD 23.3M, or CAD 0.19/share; lower total earnings versus the prior year reflected forgone earnings from divested pork operations.
Q3 free cash flow was CAD 174.9M versus CAD 46.2M; 9M free cash flow was CAD 192.6M versus CAD 248.6M, or up 57.0% excluding prior-year discontinued-operation FCF.
9M sales increased 3.3% to CAD 3,017.7M and Adjusted EBITDA rose 8.4% to CAD 388.4M.
Outlook and guidance
FY2026 revenue growth remains expected at mid-single digits; Adjusted EBITDA is expected around the bottom of the prior CAD 520M–CAD 540M range, with Q4 revenue and profit growth expected.
FY2026 capital investment guidance was lowered to CAD 130M–CAD 150M; dividend growth of ~10% and an investment-grade balance sheet remain priorities.
2030 targets reaffirmed: ~CAD 5B revenue, ~CAD 750M Adjusted EBITDA, and CAD 1.7B–CAD 1.8B cumulative free cash flow for 2026–2030; leverage target below 3.0x.
Outlook reflects tougher consumer conditions, elevated promotions and persistent input-cost inflation; strong protein demand and an additional Q4 shipping week are assumptions.
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Latest events from Maple Leaf Foods
- Seventh straight quarter of revenue and margin growth, with 2026 guidance reaffirmed.MFI
Q2 2026 - Q1 2026 sales up 6.2%, margin and cash flow improved, debt down, and outlook reaffirmed.MFIQ1 2026
- Targeting CAD 5B revenue by 2030, driven by protein, sustainability, and brand leadership.MFIInvestor Day 2026
- Strong 2025 growth, margin expansion, and improved balance sheet set up for continued gains in 2026.MFIQ4 2025
- Q3 2025 saw strong sales and EBITDA growth, pork spin-off, new brands, and improved leverage.MFIQ3 2025
- Raised 2025 EBITDA outlook after strong Q2 growth; Canada Packers spin-off on track.MFIQ2 2025
- Adjusted EBITDA margin rose to 11.2% as sales and cash flow improved, with a pork spin-off ahead.MFIQ3 2024
- Adjusted EBITDA up 37% and margin at 11.2%, with pork spin-off planned for 2025.MFIQ2 2024
- Q1 2025 delivered strong sales and margin gains, with the Pork spin-off progressing as planned.MFIQ1 2025
Next Maple Leaf Foods earnings date
Q4 202625 Feb, 2027
Maple Leaf Foods
Next Maple Leaf Foods earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
Maple Leaf Foods Inc produces and markets prepared meats, fresh pork, and plant-based protein products. The company operates food processing facilities and distributes its brands across retail and foodservice channels in Canada and internationally. The company is headquartered in Mississauga, Canada, and its shares are listed on the TSX.