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Cal-Maine Foods

Cal-Maine Foods (CALM) Q4 2026 Earnings

Reported Jul 22, 2026 at 6:07 AM ET · SEC Source

Q4 26 EPS

$-0.76

MISS 790.91%

Est. $0.11

Q4 26 Revenue

$552.6M

MISS 1.99%

Est. $563.8M

vs S&P Since Q4 26

+1.9%

BEATING MARKET

CALM +0.6% vs S&P -1.2%

Full Year 2026 Results

FY 26 EPS

$6.63

MISS 10.71%

Est. $7.43

FY 26 Revenue

$2.91B

MISS 0.38%

Est. $2.92B

Market Reaction

Did CALM Beat Earnings? Q4 2026 Results

Cal-Maine Foods delivered a deeply disappointing fiscal fourth quarter, swinging to a loss of $0.76 per diluted share against a consensus estimate of $0.11, a miss of 790.91%, as cratering conventional egg prices overwhelmed the company's results. Re… Read more Cal-Maine Foods delivered a deeply disappointing fiscal fourth quarter, swinging to a loss of $0.76 per diluted share against a consensus estimate of $0.11, a miss of 790.91%, as cratering conventional egg prices overwhelmed the company's results. Revenue fell 49.9% year-over-year to $552.58 million, also trailing the $563.83 million analyst estimate, with the Conventional Shell Eggs segment bearing the sharpest pain, as average selling prices per dozen collapsed 70.9% amid severe industry oversupply that drove wholesale shell egg prices to multi-year lows. The structural damage to conventional pricing underscored why management's pivot toward specialty and prepared foods is accelerating; Specialty Shell Eggs and Prepared Foods together represented 53.0% of Q4 net sales, and the company announced a $54.00 million capacity expansion expected to grow Prepared Foods production by roughly 30%. Looking ahead, management pointed to pricing that has strengthened more than 90% in recent weeks and flagged the historically stronger fall season as reasons for cautious optimism that the earnings trough may be forming.

Key Takeaways

  • • Industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels in Q4
  • • Conventional Shell Egg average selling price per dozen decreased 70.9% in Q4
  • • Prepared Foods benefited from network optimization, improved utilization and fixed-cost absorption, driving sequential margin improvement
  • • Specialty Shell Eggs plus Prepared Foods represented 53.0% of Q4 net sales, reflecting continued mix shift
  • • Specialty Shell Egg full-year volume increased 2.4% despite pricing headwinds
  • • Conventional Shell Egg volume increased 3.1% in Q4, indicating demand remained stable

CALM Forward Guidance & Outlook

Management sees improving market conditions ahead, particularly beyond the first quarter of fiscal 2027. During the first five weeks of Q1 fiscal 2027, Urner Barry market prices averaged $0.72, approximately 54% below the comparable period in Q4. More recently, pricing has strengthened by more than 90% in a few weeks. Early indications point to improving supply-demand balance supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period. The company expects Prepared Foods production capacity to increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028, driven by a new $54 million investment adding approximately 30% incremental production capacity, combined with previously announced 30% organic growth and 6% Van's acquisition-driven capacity growth. The Eggland's Best franchise territory expansion in the Northeast is expected to increase Specialty Shell Egg volume by approximately 5% annually. The company expects a greater share of earnings over time to come from higher-quality, less cyclical sources.

24/7 Wall St

CALM YoY Financials

Q4 2026 vs Q4 2025, source: SEC Filings

24/7 Wall St

CALM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q4 26

“Fiscal 2026, culminating in a particularly challenging fourth quarter, reinforced the importance of our strategy to enhance the structural mix of our business, expand our portfolio of products that support more stable and predictable financial performance, and reposition our pricing structure by reducing the impact of market-based pricing. Equally important has been maintaining a strong balance sheet, which provides the financial flexibility to navigate market cyclicality while supporting our long-term strategic priorities.”

— Sherman Miller, Q4 2026 Earnings Press Release

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