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Conagra Brands

Conagra Brands (CAG) Q2 2026 Earnings

Reported Dec 19, 2025 at 7:32 AM ET · SEC Source

Q2 26 EPS

$0.45

BEAT +3.19%

Est. $0.44

Q2 26 Revenue

$2.98B

MISS 0.14%

Est. $2.98B

vs S&P Since Q2 26

-27.6%

TRAILING MARKET

CAG -18.7% vs S&P +8.9%

Market Reaction

Did CAG Beat Earnings? Q2 2026 Results

Conagra Brands delivered a mixed fiscal Q2 2026, edging past earnings expectations while grappling with broad-based revenue pressure and a massive non-cash charge that dominated the headline numbers. Adjusted EPS came in at $0.45, beating the $0.44 c… Read more Conagra Brands delivered a mixed fiscal Q2 2026, edging past earnings expectations while grappling with broad-based revenue pressure and a massive non-cash charge that dominated the headline numbers. Adjusted EPS came in at $0.45, beating the $0.44 consensus estimate by 3.19%, but the underlying business showed strain as net sales fell 6.8% year-over-year to $2.98 billion, narrowly missing forecasts. The most consequential development in the quarter was $968 million in non-cash goodwill and brand impairment charges, triggered largely by a sustained decline in the company's share price, which pushed the reported net loss to $663.60 million, or $1.39 per diluted share. Organic sales declined 3.0%, with Refrigerated and Frozen being the weakest segment as adjusted operating profit dropped 35.6%. Adjusted gross margin contracted 292 basis points to 23.4%, pressured by cost inflation and divestiture-related profit loss. Analysts at multiple firms trimmed price targets following the report. Looking ahead, Conagra reaffirmed adjusted EPS guidance of $1.70 to $1.85 for fiscal 2026, though it lowered its equity earnings outlook to approximately $170 million, citing softer Ardent Mills results and flagging roughly 7% total cost inflation, including tariff-related headwinds.

Key Takeaways

  • • 3.0% organic volume decline driven by changes in retailer purchasing activity and timing of merchandising events
  • • ~100 basis point headwind from retailer inventory timing shifts around quarter end
  • • ~60 basis point price/mix headwind from prior-year trade expense accrual adjustment and unfavorable product mix
  • • Cost of goods sold inflation more than offset productivity gains
  • • Lost profit from divested businesses
  • • $968 million non-cash goodwill and brand impairment charges driven by sustained share price decline
  • • Volume share gains in snacks categories including ready-to-eat popcorn, pudding, hot cocoa, seeds, refrigerated whipped toppings, frozen desserts, and frozen breakfast
24/7 Wall St

CAG YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CAG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q3 26

“While we continued to navigate a challenging consumer environment in the second quarter, I am pleased with the continued underlying momentum we are seeing across the business. As we look ahead to the second half, we are well positioned to return to organic net sales growth supported by a robust innovation pipeline, increased merchandising and A&P investment, and a resilient supply chain. While the macro environment remains dynamic, our active management and focused execution give us confidence in our path forward. Accordingly, we are reaffirming our fiscal 2026 guidance.”

— Sean Connolly, Q2 2026 Earnings Press Release

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