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Cal-Maine Foods

Cal-Maine Foods (CALM) Q3 2025 Earnings

Reported Apr 8, 2025 at 4:16 PM ET · SEC Source

Q3 25 EPS

$10.38

MISS 3.44%

Est. $10.75

Q3 25 Revenue

$1.42B

MISS 0.78%

Est. $1.43B

vs S&P Since Q3 25

-30.1%

TRAILING MARKET

CALM +5.6% vs S&P +35.8%

Market Reaction

Did CALM Beat Earnings? Q3 2025 Results

Cal-Maine Foods delivered a blowout fiscal third quarter, posting earnings of $10.38 per share on revenue of $1.42 billion as a devastating avian flu crisis reshaped the U.S. Egg market in the company's favor. The dominant force behind the results wa… Read more Cal-Maine Foods delivered a blowout fiscal third quarter, posting earnings of $10.38 per share on revenue of $1.42 billion as a devastating avian flu crisis reshaped the U.S. Egg market in the company's favor. The dominant force behind the results was a historic collapse in industry supply, with the U.S. Table-egg layer flock falling to its lowest level since September 2015 after more than 73 million commercial hens and pullets were depopulated since the start of 2024, driving Cal-Maine's average net selling price per dozen up 80.7% year-over-year to $4.06. Net income more than tripled to $508.53 million, even as record dozens sold of 331.4 million rose 10.2%, reflecting the company's aggressive biosecurity investments that kept its flocks largely intact. Looking ahead, Cal-Maine is actively expanding capacity and announced a $258 million acquisition of breakfast foods maker Echo Lake Foods, expected to be at least mid-single-digit accretive to earnings in fiscal 2026, though a DOJ antitrust inquiry into egg pricing adds a layer of uncertainty to the outlook.

Key Takeaways

  • • Net average selling price per dozen surged to $4.060 from $2.247 in prior-year quarter due to HPAI-driven supply shortages
  • • Record total dozens sold of 331.4 million, a 10.2% increase year-over-year
  • • 14% increase in average number of layer hens during the quarter compared to prior year
  • • Feed costs per dozen declined 9.6% year-over-year due to more favorable commodity pricing
  • • Strong consumer demand during peak seasonal period, amplified by severe weather events and GLP-1 medication-related egg consumption recommendations
  • • Farm production costs per dozen were 5.7% lower than the prior-year period
24/7 Wall St

CALM YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

CALM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q3 26

“Dynamic market conditions and HPAI-related supply shortages persisted this quarter. However, the entire Cal-Maine Foods team did an outstanding job in maximizing production through a period of high demand, while operating safely and maintaining diligence on biosecurity measures. We were fortunate to have the ability to utilize our existing operational scale and to benefit from recent acquisitions, which helped increase our production capacity in this challenging supply environment. Above all, we stayed focused on meeting the needs of our valued customers, while honoring our long-standing pricing frameworks.”

— Sherman Miller, Q3 2025 Earnings Press Release

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