B&G Foods (BGS) Q2 2026 earnings summary

Executive summary

• Q2 2026 net sales decreased 9.7% year-over-year to $383.3 million, primarily due to divestitures, partially offset by acquisitions and co-manufacturing agreements.

• Adjusted EBITDA for Q2 2026 grew 4.2% to $60.4 million (15.8% margin), with margin expansion from 13.7% year-over-year.

• Net loss narrowed to $4.0 million; adjusted net income was $4.9 million.

• Major portfolio reshaping included divestitures of Green Giant U.S. Frozen, Le Sueur US Shelf Stable, and Don Pepino, and the acquisition of College Inn and Kitchen Basics.

• CEO transition to Rob Mills, expected to accelerate transformation and execution.

Financial highlights

• Q2 2026 net sales: $383.3 million (down 9.7% year-over-year); base business net sales: $346.3 million (down 2.9%).

• Gross profit: $79.6 million (20.8% margin); adjusted gross profit: $83.7 million (21.8% margin).

• Adjusted EBITDA: $60.4 million (15.8% of net sales), up from $58 million (13.7%) in Q2 2025.

• Net loss: $4.0 million ($0.05/share); adjusted net income: $4.9 million ($0.06/share).

• SG&A expenses decreased by $6.6 million (14%) to $40.6 million; Q2 2026 SG&A as % of net sales: 10.6%.

Outlook and guidance

• Full-year 2026 net sales guidance reaffirmed at $1.735–$1.775 billion; Adjusted EBITDA $275–$290 million; EPS $0.575–$0.675.

• Guidance includes closed M&A but excludes pending Green Giant Canada divestiture.

• Full-year interest expense expected at $157.5–$162.5 million; CapEx at lower end of $30–$35 million.

• Dividend rate reduced to $0.38 per share per annum, with expected 2026 aggregate dividend payments of $46.1 million.

• Management expects certain raw material and freight costs to remain elevated through 2026.