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The J. M. Smucker Company
The J. M. Smucker Company (SJM) investor relations material
The J. M. Smucker Company Q3 2026 [Q&A] earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 [Q&A] earnings summary26 Feb, 2026
Executive summary
Net sales increased 7% year-over-year to $2.34 billion, with comparable net sales up 8% excluding divestitures and FX; growth was driven by higher net pricing, especially in coffee, but offset by volume declines in several categories.
Net loss per diluted share was $6.79 due to significant noncash impairment charges, while adjusted EPS was $2.38, down 9% year-over-year.
Free cash flow increased to $487.0 million from $151.3 million in the prior year, with cash from operations also rising.
Results reflect divestitures of Sweet Baked Snacks value brands and Voortman business, as well as board and governance enhancements following engagement with Elliott Management.
Full-year fiscal 2026 financial outlook updated, with leadership expressing confidence in the current team and board to execute the growth strategy.
Financial highlights
Net sales reached $2,339.4 million, up from $2,186.0 million year-over-year, with gross profit down 6% to $827.8 million and adjusted gross profit down 3%.
Adjusted operating income decreased 7% to $431.6 million, with margin dropping to 18.4%.
Net loss widened to $724.2 million from $662.3 million, primarily due to $961.7 million in impairment charges for Sweet Baked Snacks and Hostess brand.
Free cash flow for the nine months ended January 31, 2026, was $672.3 million, up from $517.7 million in the prior year period.
EBITDA (as adjusted) was $548.4 million, representing 23.4% of net sales.
Outlook and guidance
Fiscal 2026 net sales expected to increase 3.5% to 4.0% (5.0–5.5% on a comparable basis), with adjusted EPS guidance maintained at $8.75–$9.25 and free cash flow forecast at $975 million.
Adjusted gross profit margin projected at approximately 35%; capital expenditures at $325 million.
Management anticipates continued input cost inflation, elevated price elasticity, and persistent macroeconomic uncertainty through 2026.
Adjusted effective income tax rate projected at 24.0%.
No material impact from recent U.S. corporate tax law changes is expected.
Sweet Baked Snacks segment profit recovery
Maintaining EPS despite lower sales guidance
Coffee segment profit margin pressure
How will new board members impact capital allocation?
Rationale for Hostess trademark amortization?
Quantify FY27 coffee tariff tailwind?
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The J. M. Smucker Company
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Frequently asked questions
Jams, Coffee, Pet Food, and More
The J.M. Smucker Company is an American company that manufactures and sells a variety of food and beverage products. The company operates under three major divisions: consumer foods, pet foods, and coffee. J.M Smucker has several subsidiaries but is most known for its flagship brand Smuckers, which produces items such as jams, peanut butter, syrups, snacks, and similar products. The company is headquartered in Orrville, Ohio, and its shares are listed on the NYSE.
From Apple Butter to Public Company
Founded in 1897, The J.M. Smucker Company began as a small enterprise in Orrville, Ohio, where Jerome Monroe Smucker sold apple butter from a horse-drawn wagon. The company grew steadily throughout the 1900s and built up a reputation for quality. The J.M. Smucker Company went public in 1959. The company has broadened its portfolio through acquisitions throughout the year, notably integrating Jif and Crisco in 2002, and the significant purchase of Folgers in 2008. These moves diversified Smucker's offerings, extending its reach beyond traditional fruit spreads to include a variety of food products. Today, The J.M. Smucker Company is a large player in the food industry together with names such as Kraft Heinz, General Mills, and Conagra, and still maintains a substantial family involvement in management.
Smuckers
The Smuckers brand is the company’s flagship and offers a variety of food products. Central to its portfolio are its fruit spreads, including jams, jellies, and preserves, which form the cornerstone of its product line. The brand has also expanded to offer peanut butter, ice cream toppings, syrups, and honey. To cater to as wide of a customer base as possible Smucker's provides options such as low-sugar and sugar-free versions of its spreads as well as organic and natural products.
Other Offerings
The J.M. Smucker Company manages an array of brands that span several categories in the food and consumer goods sectors. Among them is Folgers, a major brand in the coffee segment offering various coffee products. Jif, another brand within the company's lineup, specializes in a selection of peanut butter. The company also sells pet food for both dogs and cats through its brands Milk-Bone and Meow Mix. Additionally, J.M. Smucker company also owns the rights to produce and sell coffee under the Dunkin' brand outside of Dunkin’ restaurants and sells Café Bustelo, a brand known for its Cuban-style espresso.
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