Cal-Maine Foods Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.75%.
Did CALM Beat Earnings? Q4 2025 Results
Cal-Maine Foods capped fiscal 2025 with a blowout fourth quarter, posting earnings of $7.04 per diluted share against a consensus estimate of $5.43, a beat of 29.65%, while revenue of $1.10 billion topped the $875.75 million analyst expectation by 26.02% and surged 72.2% from the year-ago period. The dominant force behind the results was a sharply higher egg pricing environment, as ongoing highly pathogenic avian influenza outbreaks depleted industry flock sizes and squeezed shell egg supply, driving the net average selling price per dozen to $3.31 from $2.13 a year earlier. Volume growth added to the tailwind, with total dozens sold rising 9.0% to 311.4 million, including record specialty egg volumes aided by the ISE America acquisition. Analysts have since lifted their fiscal 2026 estimates, though consensus projections still point to a revenue decline as the pricing environment normalizes. Looking ahead, management expressed confidence in continued expansion through organic capacity additions and the recently closed Echo Lake Foods acquisition, which is expected to diversify Cal-Maine's reach into retail and food service channels.
- Net average selling price per dozen increased to $3.305 from $2.133 in the prior-year quarter due to reduced industry supply from HPAI outbreaks during high Easter demand
- Total dozens sold increased 9.0% to 311.4 million dozens, including contribution from acquisitions
- Record specialty egg volumes of 121.8 million dozens, up 16.0% year-over-year
- Feed costs per dozen declined 2.2% year-over-year due to more favorable commodity pricing for key feed ingredients
- 18% increase in the average number of layer hens during Q4 reflecting re-start of prior-year facility outages and organic and inorganic expansion
- Outside egg purchase costs increased significantly due to higher shell egg market prices
“Our results for the fourth quarter of fiscal 2025 marked a strong finish to a challenging, but successful year of transformation for Cal-Maine Foods. We continued to advance our growth strategy in a dynamic market environment, maintained a strong focus on safely, efficiently and sustainably managing our operations, added production capacity to meet customer demand and stayed disciplined in our investments.”
Cal-Maine Foods CEO, on the earnings call
Forward Guidance & Outlook
Management expressed confidence in Cal-Maine Foods' positioning for fiscal 2026, citing its production capability, fully integrated operations, expanding product portfolio through the Echo Lake Foods acquisition, broad distribution reach, and financial discipline. The company plans to continue expanding shell egg production capacity and product mix both organically and through strategic acquisitions. Organic expansion projects are expected to add approximately 1.1 million cage-free layer hens, 250,000 pullets, and contract production of 1.2 million free-range layer hens. The Echo Lake Foods acquisition is expected to diversify the product offering, leverage existing distribution channels, and expand reach in retail, quick-service restaurants, and other food service customers. HPAI remains an ongoing risk with unpredictable future outbreaks.
CALM YoY Financials
CALM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.