Aug 2026 (Q1 FY27) — Sep 30, 2026
Conagra Brands Q1 FY27 — Profit execution offsets volume and inflation pressure
Read the full callConagra Brands (CAG) earnings
- Aug 2026
- Aug 2026 (Q1 FY27)
- May 2026
Conagra Brands earnings: last reported Wed, 30 Sep 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,596 | −1.4% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 10.3 | −2.9 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | 174 | +6.0% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
19 of 37 judged targets kept · 37 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted operating margin | high single digits | May 2026 | adjusted operating margin declined 33 basis points over the previous year to 11.5%, ahead of our expectations of high single digits. | Achieved |
| Adjusted EPS | $1.40 to $1.50 | May 2026 | we continue to expect adjusted EPS in the range of $1.40 to $1.50. | On Track |
| Adjusted equity earnings | approximately $170 million | Nov 2025 | Ghosted |
18 of CONAGRA BRANDS INC.'s 74 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 71 more targets are in the full ledger.
Claimed
- Adjusted EPS increased approximately 5% to $0.41 from $0.39 and exceeded management's expectations.
- Birds Eye vegetables and Healthy Choice single-serve meals grew 7% and 8%, respectively.
- A&P investment increased 15%, generating approximately 4x the prior-year media impressions while improving media productivity 35%.
- Foodservice organic net sales grew 3.3%, its fifth consecutive quarter of organic growth, with volume up 2.5%.
- Net debt declined nearly $200 million year over year, and management expects approximately $250 million of FY27 debt repayment.
Qualified
- Organic net sales declined 1.1%, with volume down 2.1%; Grocery & Snacks volume fell 5.4% as price/mix rose 3.4%.
- FY27 inflation is now expected toward the high end of 5%-6%, with transportation inflation running at roughly double the planned rate.
- Adjusted operating margin fell 33 basis points to 11.5%; Q2 margin is expected to fall to the high-single-digit range as inflation, delayed SG&A and added A&P hit.
- Snacks volume declined 3.9%, while convenience-channel pressure from higher gasoline prices weighed on meat snacks and popcorn remained affected by category softness.
- Net leverage ended Q1 at 3.99x, well above the long-term 3x target, despite nearly $200 million of year-over-year net-debt reduction.
Price
$14.03 −3.04% · −$0.44
Performance −24.4% 1Y
1Y: $18.56 on 17 Oct 2025 → $14.03. High $20.02 (11 Feb 2026), low $12.58 (3 Jun 2026).
- Previous close
- $14.47
- 52-week range
- $12.58 – $20.02
- One year
- −24.16%
Overview
- Symbol
- CAG
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 37 judged targets kept · 37 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted operating margin | high single digits | May 2026 | adjusted operating margin declined 33 basis points over the previous year to 11.5%, ahead of our expectations of high single digits. | Achieved |
| Adjusted EPS | $1.40 to $1.50 | May 2026 | we continue to expect adjusted EPS in the range of $1.40 to $1.50. | On Track |
| Adjusted equity earnings | approximately $170 million | Nov 2025 | Ghosted |
Claimed
- Adjusted EPS increased approximately 5% to $0.41 from $0.39 and exceeded management's expectations.
- Birds Eye vegetables and Healthy Choice single-serve meals grew 7% and 8%, respectively.
- A&P investment increased 15%, generating approximately 4x the prior-year media impressions while improving media productivity 35%.
- Foodservice organic net sales grew 3.3%, its fifth consecutive quarter of organic growth, with volume up 2.5%.
- Net debt declined nearly $200 million year over year, and management expects approximately $250 million of FY27 debt repayment.
Qualified
- Organic net sales declined 1.1%, with volume down 2.1%; Grocery & Snacks volume fell 5.4% as price/mix rose 3.4%.
- FY27 inflation is now expected toward the high end of 5%-6%, with transportation inflation running at roughly double the planned rate.
- Adjusted operating margin fell 33 basis points to 11.5%; Q2 margin is expected to fall to the high-single-digit range as inflation, delayed SG&A and added A&P hit.
- Snacks volume declined 3.9%, while convenience-channel pressure from higher gasoline prices weighed on meat snacks and popcorn remained affected by category softness.
- Net leverage ended Q1 at 3.99x, well above the long-term 3x target, despite nearly $200 million of year-over-year net-debt reduction.
The full ledger
Open CONAGRA BRANDS INC.’s full ledger
A free account opens 5 company ledgers a month. All 74 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q4 FY26) — Jul 15, 2026
Conagra Brands Q4 FY26 — Strategic Reset, Dividend Cut by 50%, and FY27 Reinvestment Plan
Read the full callFeb 2026 (Q3 FY26) — Apr 1, 2026
Conagra Brands Q3 FY26 — Volume Growth Momentum and Strong Cash Flow
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Conagra Brands earnings calls (CAG)
Financials
What the filings say
Net profit, year on year: +6% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,195 | 2,841 | 2,782 | 2,633 | 2,979 | 2,788 | 2,882 | 2,596 |
| Operating profit | 403 | 239 | 321 | 347 | -598 | 280 | -1,658 | 268 |
| Operating margin | 12.6% | 8.4% | 11.5% | 13.2% | −20.1% | 10.1% | −57.5% | 10.3% |
| Profit before tax | 346 | 189 | 293 | 289 | -655 | 230 | -1,688 | 233 |
| Tax rate | 17.8% | 23.2% | 12.7% | 43.1% | −1.3% | 13.0% | 4.2% | 25.2% |
| Net profit | 285 | 145 | 256 | 165 | -664 | 200 | -1,617 | 174 |
| EPS ($ per share) | 0.60 | 0.30 | — | 0.34 | -1.39 | 0.42 | — | 0.36 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,921 | 2,921 | 2,921 | 2,921 | 2,921 | 2,921 | 2,921 | 2,921 |
| Reserves | 5,048 | 5,471 | 6,263 | 6,551 | 6,599 | 6,276 | 6,759 | 4,172 |
| Total liabilities | 14,750 | 14,353 | 13,564 | 13,573 | 13,245 | 12,351 | 12,001 | 10,917 |
| Fixed assets | 2,327 | 2,365 | 2,572 | 2,737 | 2,736 | 2,821 | 2,836 | 2,863 |
| Total assets | 22,214 | 22,304 | 22,196 | 22,435 | 22,053 | 20,862 | 20,934 | 17,274 |
| Line item | May 2019 | May 2020 | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,126 | 1,843 | 1,468 | 1,177 | 995 | 2,016 | 1,692 | 1,402 |
| Cash from investing | -5,166 | -154 | -340 | -435 | -355 | -375 | -542 | 263 |
| Cash from financing | 4,150 | -1,370 | -1,610 | -738 | -632 | -1,657 | -1,158 | -1,516 |
| Net cash flow | 109 | 317 | -474 | 3 | 11 | -15 | -11 | 150 |
| Capital expenditure | -353 | -369 | -506 | -464 | -362 | -388 | -389 | -423 |
| Free cash flow | 772 | 1,473 | 962 | 713 | 633 | 1,628 | 1,303 | 979 |
CAG revenue by segment
Foodservice grew from 9% to 11% of revenue over the last two years.
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Refrigerated and Frozen | 42% | 39% | 40% | 41% | 42% | 41% | 41% | 41% | -2.1% |
| Grocery and Snacks | 41% | 44% | 41% | 41% | 41% | 42% | 40% | 40% | -2.6% |
| Foodservice | 9% | 9% | 10% | 10% | 10% | 9% | 10% | 11% | +3.2% |
| International | 8% | 8% | 8% | 8% | 8% | 8% | 8% | 8% | +2.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
79 filings between Nov 4, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
$1.12M
3 purchases by 3 insiders
Sales
$223.7K
1 sale by 1 insider
Compensation
not trading decisions- 25
- Award — granted as compensation
- 24
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Brase John P | $510.6K | — | Jul 17, 2026 |
| LENNY RICHARD H | $358.5K | — | Apr 14, 2026 |
| Mulligan John J | $250.4K | — | Apr 14, 2026 |
| Napier Melissa C. | — | $223.7K | Nov 4, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | MARSHALL RUTH ANN Director | Award | 1,629 | $26.2K |
| Jul 24, 2026 | Brock Charisse EVP, Chief HR Officer | Option exercise | 5,481 | $0 |
| Jul 24, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Tax withheld | 2,429 | $35.9K |
| Jul 24, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Tax withheld | 4,857 | $71.7K |
| Jul 24, 2026 | McGough Thomas M EVP & COO | Option exercise | 11,419 | $0 |
| Jul 24, 2026 | MARBERGER DAVID S EVP and CFO | Option exercise | 11,419 | $0 |
| Jul 24, 2026 | Brock Charisse EVP, Chief HR Officer | Tax withheld | 2,429 | $35.9K |
| Jul 24, 2026 | McGough Thomas M EVP & COO | Tax withheld | 3,346 | $49.4K |
| Jul 24, 2026 | O'Mara Noelle EVP & President, R & F | Tax withheld | 20,438 | $301.9K |
| Jul 24, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Option exercise | 5,481 | $0 |
| Jul 24, 2026 | O'Mara Noelle EVP & President, R & F | Option exercise | 34,257 | $0 |
| Jul 24, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Option exercise | 10,962 | $0 |
| Jul 24, 2026 | Napier Melissa C. SVP, Corporate Controller | Tax withheld | 1,196 | $17.7K |
| Jul 24, 2026 | O'Mara Noelle EVP & President, R & F | Option exercise | 7,308 | $0 |
| Jul 24, 2026 | MARBERGER DAVID S EVP and CFO | Tax withheld | 5,059 | $74.7K |
| Jul 24, 2026 | Napier Melissa C. SVP, Corporate Controller | Option exercise | 2,698 | $0 |
| Jul 24, 2026 | O'Mara Noelle EVP & President, R & F | Option exercise | 4,568 | $0 |
| Jul 22, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Tax withheld | 3,116 | $46.2K |
| Jul 22, 2026 | Napier Melissa C. SVP, Corporate Controller | Award | 1,025 | $0 |
| Jul 22, 2026 | Brock Charisse EVP, Chief HR Officer | Award | 9,375 | $0 |
| Jul 22, 2026 | Brock Charisse EVP, Chief HR Officer | Tax withheld | 6,404 | $95.0K |
| Jul 22, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Tax withheld | 5,538 | $82.1K |
| Jul 22, 2026 | Brock Charisse EVP, Chief HR Officer | Award | 5,078 | $0 |
| Jul 22, 2026 | McGough Thomas M EVP & COO | Award | 19,532 | $0 |
| Jul 22, 2026 | MARBERGER DAVID S EVP and CFO | Award | 19,532 | $0 |
| Jul 22, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Award | 7,032 | $0 |
| Jul 22, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Award | 12,500 | $0 |
| Jul 22, 2026 | MARBERGER DAVID S EVP and CFO | Award | 19,532 | $0 |
| Jul 22, 2026 | McGough Thomas M EVP & COO | Tax withheld | 5,723 | $84.9K |
| Jul 22, 2026 | Napier Melissa C. SVP, Corporate Controller | Tax withheld | 455 | $6.7K |
| Jul 22, 2026 | MARBERGER DAVID S EVP and CFO | Tax withheld | 17,306 | $256.6K |
| Jul 19, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Option exercise | 6,468 | $0 |
| Jul 19, 2026 | Napier Melissa C. SVP, Corporate Controller | Option exercise | 2,388 | $0 |
| Jul 19, 2026 | Napier Melissa C. SVP, Corporate Controller | Tax withheld | 1,185 | $16.9K |
| Jul 19, 2026 | Brock Charisse EVP, Chief HR Officer | Tax withheld | 5,527 | $78.9K |
| Jul 19, 2026 | Brock Charisse EVP, Chief HR Officer | Option exercise | 7,882 | $0 |
| Jul 19, 2026 | Brock Charisse EVP, Chief HR Officer | Option exercise | 4,851 | $0 |
| Jul 19, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Tax withheld | 1,612 | $23.0K |
| Jul 19, 2026 | MARBERGER DAVID S EVP and CFO | Tax withheld | 17,907 | $255.7K |
| Jul 19, 2026 | MARBERGER DAVID S EVP and CFO | Option exercise | 30,316 | $0 |
| Jul 19, 2026 | MARBERGER DAVID S EVP and CFO | Option exercise | 10,106 | $0 |
| Jul 19, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Tax withheld | 2,866 | $40.9K |
| Jul 19, 2026 | McGough Thomas M EVP & COO | Tax withheld | 2,962 | $42.3K |
| Jul 19, 2026 | McGough Thomas M EVP & COO | Option exercise | 10,106 | $0 |
| Jul 19, 2026 | Bartell Carey EVP, GC and Corp. Secretary | Option exercise | 3,638 | $0 |
| Jul 17, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Tax withheld | 5,320 | $76.0K |
| Jul 17, 2026 | Eboli Alexandre EVP, Chief SC & Transformation | Option exercise | 12,007 | $0 |
| Jul 17, 2026 | Brase John P President and CEO | Purchase | 35,000 | $510.6K |
| Jul 17, 2026 | O'Mara Noelle EVP & President, R & F | Tax withheld | 5,320 | $76.0K |
| Jul 17, 2026 | O'Mara Noelle EVP & President, R & F | Option exercise | 12,007 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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