Conagra Brands (CAG) Q4 2026 Earnings
GAAP diluted loss per share of $(3.37) includes $2.0 billion in non-cash goodwill and brand impairment charges ($1,961.3 million pre-tax), $29.9 million in restructuring charges, and $8.1 million in CEO separation costs.
How Did CAG Stock React to Q4 2026 Earnings?
S&P 500 over the same 30 days: +2.85%.
Did CAG Beat Earnings? Q4 2026 Results
Yes. Conagra Brands reported Q4 2026 earnings of $0.47 a share on Jul 15, 2026, beating the $0.46 consensus estimate by 2.8%. Revenue was $2.9B against a $2.9B estimate.
Conagra Brands delivered a mixed fiscal fourth-quarter report, edging past Wall Street's adjusted earnings target while falling just short on revenue. The packaged food company posted adjusted diluted EPS of $0.47, narrowly ahead of the $0.46 consensus estimate by 2.78%, even as a staggering $2.0 billion in non-cash goodwill and brand impairment charges, triggered by a sustained decline in the company's share price, drove a GAAP diluted loss of $3.37 per share. Net sales of $2.88 billion rose 3.6% year over year, aided by a 53rd fiscal week, though the figure came in 0.30% below the $2.89 billion analyst forecast. Incoming CEO John Brase signaled a strategic reset, announcing a dividend cut to an annualized $0.70 per share to free up capital for brand investment and supply chain improvements. Shares edged higher following the report. Looking ahead, Conagra guided fiscal 2027 adjusted EPS of $1.40 to $1.50, with organic net sales expected to decline between 1% and 3% and adjusted operating margin of 10.0% to 10.5%.
- Flat organic net sales driven by 1.6% positive price/mix offset by 1.6% volume decline
- 53rd week added 7.7% to reported sales
- M&A activity (divestitures) reduced sales by 4.6%
- COGS inflation and unfavorable operating leverage pressured margins
- Productivity gains partially offset cost headwinds
- Volume share gains in frozen single-serve meals, frozen multi-serve meals, frozen vegetables, meat snacks, seeds, and pudding
- $2.0 billion non-cash goodwill and brand impairment charges triggered by sustained share price and market cap decline
- Ardent Mills JV earnings declined 25.8% on lower commodity trading revenue
“I am honored to step into the role of CEO and energized by the opportunities ahead. Conagra has an exceptional portfolio of iconic brands, talented employees, strong customer relationships, and leading positions in attractive categories. In fiscal 2026, our team delivered results within our guidance ranges, navigating a dynamic operating environment while demonstrating the resilience of our business and disciplined execution across the organization.”
Conagra Brands CEO, on the earnings call
What Was Conagra Brands's Outlook in Q4 2026?
For fiscal 2027, Conagra guided organic net sales change of (3)% to (1)% vs fiscal 2026, adjusted operating margin between 10.0% and 10.5%, and adjusted EPS between $1.40 and $1.50. Key assumptions include equity earnings contribution of approximately $140 million, pension income of approximately $25 million, interest expense of approximately $360 million, adjusted effective tax rate of approximately 24%, capital expenditures of approximately $550 million, free cash flow conversion of greater than 90%, and net leverage ratio at fiscal year end of approximately 4.0x.
CAG YoY Financials
| Metric | Q4 2026 | Q4 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.9B | $2.8B | +3.6% |
| Gross Profit | $704.1M | $707.2M | −0.4% |
CAG Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.