[Highlights of First Quarter Fiscal Year 2026](index=1&type=section&id=Highlights%20of%20First%20Quarter%20Fiscal%20Year%202026) The first quarter of fiscal year 2026 saw solid progress with top-line improvement, strategic execution, and net debt reduction, despite a decrease in net sales and EPS [CEO Perspective](index=1&type=section&id=CEO%20Perspective) CEO Sean Connolly expressed satisfaction with solid Q1 FY26 progress, noting top-line improvement, strategic execution, restored supply chain service levels, and net debt reduction, while reaffirming fiscal 2026 guidance despite inflationary pressures - Solid progress in Q1 FY26 with top-line improvement and continued strategic execution across the portfolio[4](index=4&type=chunk) - Successfully delivered on key supply chain objectives and fully restored service levels[4](index=4&type=chunk) - Advanced portfolio reshaping, enabling further reduction in net debt[4](index=4&type=chunk) - Reaffirmed fiscal 2026 guidance despite a dynamic operating environment with inflationary pressure and cautious consumer sentiment[4](index=4&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) Conagra Brands reported a 5.8% decrease in net sales and a 0.6% decrease in organic net sales for Q1 FY26, with significant declines in diluted and adjusted EPS, yet reaffirmed its fiscal 2026 guidance Q1 FY26 Key Financial Highlights | Metric | Q1 FY26 Value | YoY Change | | :-------------------------- | :------------ | :--------- | | Net Sales | $2.6 billion | -5.8% | | Organic Net Sales | N/A | -0.6% | | Gross Profit | $641 million | -13.4% | | Adjusted Gross Profit | $644 million | -11.3% | | Reported Operating Margin | 13.2% | -118 bps | | Adjusted Operating Margin | 11.8% | -244 bps | | Reported Diluted EPS | $0.34 | -64.9% | | Adjusted EPS | $0.39 | -26.4% | - The company gained volume share in categories including frozen desserts, refrigerated whipped topping, hot dogs, pudding, canned tomatoes, and frozen multi-serve meals[5](index=5&type=chunk) Fiscal 2026 Guidance Reaffirmed | Metric | Guidance Range | | :---------------------- | :------------- | | Organic Net Sales Growth | (1)% to 1% | | Adjusted Operating Margin | ~11.0% to ~11.5% | | Adjusted EPS | $1.70 to $1.85 | [Total Company First Quarter Results](index=1&type=section&id=Total%20Company%20First%20Quarter%20Results) The company's Q1 FY26 results show a decline in net sales and profitability metrics, with adjusted EBITDA also decreasing, while expenses saw mixed changes [Net Sales Performance](index=1&type=section&id=Net%20Sales%20Performance) Total net sales for Q1 FY26 decreased by 5.8% to $2.6 billion, with organic net sales down 0.6% due to volume decline, partially offset by positive price/mix Q1 FY26 Net Sales Breakdown | Metric | Value | Impact on Net Sales | | :-------------------------------- | :------------ | :------------------ | | Total Net Sales | $2.6 billion | -5.8% YoY | | Organic Net Sales | N/A | -0.6% YoY | | Price/Mix (Organic) | N/A | +0.6% | | Volume (Organic) | N/A | -1.2% | | Unfavorable M&A Impact | N/A | -5.1% | | Unfavorable Foreign Exchange Impact | N/A | -0.1% | - The **0.6% decrease in organic net sales** was driven by a **0.6% positive impact from price/mix**, inclusive of favorable trade expense timing and product mix, and a **1.2% decrease in volume**[5](index=5&type=chunk) [Profitability Metrics](index=1&type=section&id=Profitability%20Metrics) Gross profit and operating margins declined in Q1 FY26 due to lower sales and inflation, leading to a significant decrease in reported and adjusted net income and EPS Q1 FY26 Profitability Overview | Metric | Q1 FY26 Value | YoY Change | | :-------------------------- | :------------ | :--------- | | Gross Profit | $640.6 million | -13.4% | | Adjusted Gross Profit | $643.5 million | -11.3% | | Gross Margin | 24.3% | -212 bps | | Adjusted Gross Margin | 24.4% | -153 bps | | Reported Operating Margin | 13.2% | -118 bps | | Adjusted Operating Margin | 11.8% | -244 bps | | Net Income Attributable to Conagra Brands | $164.5 million | -64.8% | | Adjusted Net Income Attributable to Conagra Brands | $189.2 million | -25.1% | | Reported Diluted EPS | $0.34 | -64.9% | | Adjusted Diluted EPS | $0.39 | -26.4% | - Productivity gains were more than offset by lower net sales, negative impact of cost of goods sold inflation, and lost profit from divested businesses[6](index=6&type=chunk)[8](index=8&type=chunk) - Reported EPS for Q1 FY26 included a net expense of approximately **$0.04 per diluted share** related to the loss on sale of businesses and **$0.01 per diluted share** for restructuring plans[33](index=33&type=chunk)[38](index=38&type=chunk) - Reported EPS for Q1 FY25 included a net benefit of approximately **$0.44 per diluted share** related to a valuation allowance adjustment and **$0.03 per diluted share** from fire-related insurance recoveries[34](index=34&type=chunk)[38](index=38&type=chunk) [Expenses](index=2&type=section&id=Expenses) SG&A and A&P expenses increased in Q1 FY26, primarily due to higher incentive compensation, while net interest expense decreased due to reduced net debt Q1 FY26 Expense Overview | Metric | Q1 FY26 Value | YoY Change | | :-------------------------------- | :------------ | :--------- | | SG&A | $335.6 million | +0.1% | | Adjusted SG&A | $332.8 million | +1.5% | | A&P Expense | $52.9 million | +5.0% | | Net Interest Expense | $93.8 million | -11.4% | - Higher incentive compensation was the primary driver for the increase in adjusted SG&A[9](index=9&type=chunk) - The decrease in net interest expense was driven by a reduction in net debt[10](index=10&type=chunk) [Adjusted EBITDA](index=2&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA for Q1 FY26 decreased by 16.4% to $441 million, primarily driven by the decline in adjusted gross profit Q1 FY26 Adjusted EBITDA | Metric | Q1 FY26 Value | YoY Change | | :------------- | :------------ | :--------- | | Adjusted EBITDA | $441 million | -16.4% | - The decrease in adjusted EBITDA was primarily driven by the decrease in adjusted gross profit[12](index=12&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) Most segments experienced net sales declines in Q1 FY26, with varying impacts on organic net sales and adjusted operating profit due to inflation and divestitures [Grocery & Snacks Segment](index=2&type=section&id=Grocery%20%26%20Snacks%20Segment) The Grocery & Snacks segment saw an 8.7% net sales decrease and a 12.9% adjusted operating profit decline in Q1 FY26, impacted by lower organic sales, inflation, and divestitures Grocery & Snacks Segment Q1 FY26 Performance | Metric | Q1 FY26 Value | YoY Change | | :---------------------- | :------------ | :--------- | | Net Sales | $1.1 billion | -8.7% | | Organic Net Sales | N/A | -0.6% | | Price/Mix (Organic) | N/A | +0.6% | | Volume (Organic) | N/A | -1.6% | | Adjusted Operating Profit | $220.8 million | -12.9% | - Adjusted operating profit was negatively impacted by lower organic net sales, cost of goods sold inflation, higher SG&A (inclusive of A&P), and lost profit from divested businesses[14](index=14&type=chunk) [Refrigerated & Frozen Segment](index=2&type=section&id=Refrigerated%20%26%20Frozen%20Segment) The Refrigerated & Frozen segment's net sales decreased by 0.9% in Q1 FY26, despite a 0.2% organic net sales increase, with adjusted operating profit down 28.1% due to inflation and operating leverage Refrigerated & Frozen Segment Q1 FY26 Performance | Metric | Q1 FY26 Value | YoY Change | | :---------------------- | :------------ | :--------- | | Net Sales | $1.1 billion | -0.9% | | Organic Net Sales | N/A | +0.2% | | Price/Mix (Organic) | N/A | -0.3% | | Volume (Organic) | N/A | +0.5% | | Adjusted Operating Profit | $114.4 million | -28.1% | - Volume was favorably impacted from lapping last year's supply constraints on Hebrew National[15](index=15&type=chunk) - Adjusted operating profit was negatively impacted by cost of goods sold inflation, unfavorable operating leverage, and lost profit from divested businesses, despite higher organic net sales and productivity[16](index=16&type=chunk) [International Segment](index=2&type=section&id=International%20Segment) The International segment's net sales significantly decreased by 18.0% in Q1 FY26 due to M&A impacts and organic decline, though adjusted operating profit increased by 5.3% International Segment Q1 FY26 Performance | Metric | Q1 FY26 Value | YoY Change | | :-------------------------------- | :------------ | :--------- | | Net Sales | $212.3 million | -18.0% | | Organic Net Sales | N/A | -3.5% | | Price/Mix (Organic) | N/A | +1.7% | | Volume (Organic) | N/A | -5.2% | | Unfavorable M&A Impact | N/A | -13.2% | | Unfavorable Foreign Exchange Impact | N/A | -1.3% | | Adjusted Operating Profit | $37.7 million | +5.3% | - Productivity and favorable foreign exchange rates helped offset negative impacts on adjusted operating profit[20](index=20&type=chunk) [Foodservice Segment](index=4&type=section&id=Foodservice%20Segment) The Foodservice segment experienced a 0.8% net sales decrease in Q1 FY26, with adjusted operating profit down 21.1%, as inflation and operating leverage offset organic net sales growth Foodservice Segment Q1 FY26 Performance | Metric | Q1 FY26 Value | YoY Change | | :---------------------- | :------------ | :--------- | | Net Sales | $264.5 million | -0.8% | | Organic Net Sales | N/A | +0.2% | | Price/Mix (Organic) | N/A | +3.8% | | Volume (Organic) | N/A | -3.6% | | Adjusted Operating Profit | $27.7 million | -21.1% | - Higher organic net sales and productivity were more than offset by cost of goods sold inflation, unfavorable operating leverage, and lost profit from divested businesses[22](index=22&type=chunk) [Other Financial Items](index=4&type=section&id=Other%20Financial%20Items) Corporate expenses increased due to incentive compensation, while tax rates saw significant changes, and other income streams remained stable in Q1 FY26 [Corporate Expenses](index=4&type=section&id=Corporate%20Expenses) Corporate expenses and adjusted corporate expenses increased slightly in Q1 FY26, primarily driven by higher incentive compensation expense Q1 FY26 Corporate Expenses | Metric | Q1 FY26 Value | YoY Change | | :-------------------- | :------------ | :--------- | | Corporate Expenses | $92 million | +0.1% | | Adjusted Corporate Expenses | $90 million | +5.2% | - The increase in corporate expenses was driven primarily by higher incentive compensation expense[23](index=23&type=chunk) [Tax Rate and Other Income](index=4&type=section&id=Tax%20Rate%20and%20Other%20Income) The effective tax rate for Q1 FY26 significantly increased to 43.1%, impacted by divestitures, while adjusted effective tax rate rose to 25.0% due to reduced stock compensation benefits Q1 FY26 Tax Rate and Other Income | Metric | Q1 FY26 Value | Q1 FY25 Value | | :-------------------------------- | :------------ | :------------ | | Effective Tax Rate | 43.1% | (42.4)% | | Adjusted Effective Tax Rate | 25.0% | 22.1% | | Pension and Post-retirement Non-service Income | $6 million | $3 million | | Equity Method Investment Earnings | $29 million | $29.1 million | - The effective tax rate was negatively impacted by tax expense connected to the Chef Boyardee and frozen seafood divestitures[24](index=24&type=chunk) - The adjusted effective tax rate increased due to reduced benefits from stock compensation vesting[24](index=24&type=chunk) [Dividends](index=4&type=section&id=Dividends) The company paid a dividend of $0.35 per share in Q1 FY26, totaling $167 million, which remained flat compared to the prior year Q1 FY26 Dividends Paid | Metric | Q1 FY26 Value | Q1 FY25 Value | | :---------------- | :------------ | :------------ | | Dividend per Share | $0.35 | N/A | | Total Dividends Paid | $167 million | $167 million | [Cash Flow and Debt Update](index=4&type=section&id=Cash%20Flow%20and%20Debt%20Update) Net cash flow from operations decreased significantly, leading to negative free cash flow, despite a reduction in net debt and a stable leverage ratio [Cash Flow from Operations](index=4&type=section&id=Cash%20Flow%20from%20Operations) Net cash flows from operating activities decreased by 55.1% to $121 million in Q1 FY26, primarily due to lower operating profit and increased inventory levels Q1 FY26 Net Cash Flows from Operating Activities | Metric | Q1 FY26 Value | YoY Change | | :-------------------------------- | :------------ | :--------- | | Net Cash Flows from Operating Activities | $120.6 million | -55.1% | - The decrease was driven primarily by lower operating profit and increased levels of inventory reflecting inflationary cost increases in addition to rebuilding some inventory due to previous supply chain constraints[26](index=26&type=chunk) [Free Cash Flow](index=4&type=section&id=Free%20Cash%20Flow) Capital expenditures increased by 10.4% in Q1 FY26, resulting in a negative free cash flow of $(26) million, a $162 million decrease from the prior year Q1 FY26 Free Cash Flow | Metric | Q1 FY26 Value | YoY Change | | :-------------------------- | :------------ | :--------- | | Capital Expenditures | $146.8 million | +10.4% | | Free Cash Flow | $(26.2) million | N/A | [Net Debt and Leverage Ratio](index=4&type=section&id=Net%20Debt%20and%20Leverage%20Ratio) The company ended Q1 FY26 with net debt of $7.6 billion, a 12.3% reduction year-over-year, resulting in a net leverage ratio of 3.55x Q1 FY26 Net Debt and Leverage Ratio | Metric | Q1 FY26 Value | YoY Change | | :---------------- | :------------ | :--------- | | Net Debt | $7.6 billion | -12.3% | | Net Leverage Ratio | 3.55x | N/A | [Fiscal Year 2026 Outlook](index=4&type=section&id=Fiscal%20Year%202026%20Outlook) Conagra Brands reaffirmed its fiscal 2026 guidance for key financial metrics, while updating expectations for interest expense and adjusted effective tax rate, and anticipating elevated cost of goods sold inflation [Reaffirmed Guidance](index=4&type=section&id=Reaffirmed%20Guidance) Conagra Brands reaffirmed its fiscal 2026 guidance for organic net sales, adjusted operating margin, and adjusted EPS, while updating interest expense and adjusted effective tax rate expectations Fiscal 2026 Reaffirmed Guidance | Metric | Guidance Range | | :---------------------- | :------------- | | Organic Net Sales Growth | (1)% to 1% | | Adjusted Operating Margin | ~11.0% to ~11.5% | | Adjusted EPS | $1.70 to $1.85 | Updated Fiscal 2026 Guidance | Metric | Updated Expectation | | :-------------------------- | :------------------ | | Interest Expense | ~$390 million | | Adjusted Effective Tax Rate | ~24% | - All other guidance metrics, including equity earnings contribution, pension income, capital expenditures, free cash flow conversion, net leverage ratio, and the adjusted EPS benefit of the 53rd week, remain unchanged[30](index=30&type=chunk) [Cost of Goods Sold Inflation and Tariffs](index=6&type=section&id=Cost%20of%20Goods%20Sold%20Inflation%20and%20Tariffs) The company expects core cost of goods sold inflation to be slightly higher than 4% in fiscal 2026, with anticipated U.S. tariffs adding approximately 3%, resulting in a total inflation in the low 7% range - Cost of goods sold inflation is expected to continue at an elevated level in fiscal 2026, with core inflation slightly higher than **4%**[31](index=31&type=chunk) - Anticipated U.S. tariffs are expected to increase cost of goods sold by approximately **3% annually**, prior to mitigating actions[31](index=31&type=chunk) - Total cost of goods sold inflation is now expected in the **low 7% range**[31](index=31&type=chunk) [Note on Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains various non-GAAP financial measures used by Conagra Brands to provide supplemental information for year-over-year comparisons [Definitions and Explanations](index=8&type=section&id=Definitions%20and%20Explanations) This section defines and explains various non-GAAP financial measures, such as adjusted EPS and organic net sales, used by Conagra Brands to provide useful supplemental information for year-over-year comparisons - Non-GAAP financial measures provide useful supplemental information to investors to facilitate year-over-year comparisons by removing non-recurring items and other items impacting comparability[42](index=42&type=chunk)[43](index=43&type=chunk) - Organic net sales excludes impacts of foreign exchange, divested businesses, acquisitions, and any 53rd week to provide a more transparent view of year-over-year comparability[44](index=44&type=chunk) - Free cash flow is net cash from operating activities less additions to property, plant and equipment, used to assess cash available for debt repayment, dividends, acquisitions, and share repurchases[45](index=45&type=chunk) - Adjusted items exclude income or expenses that management believes have a significant impact on earnings and are not indicative of core operating results, such as restructuring plans, acquisitions/divestitures, hedging gains/losses, impairment charges, and unusual tax items[46](index=46&type=chunk)[50](index=50&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's Consolidated Statements of Earnings, Balance Sheets, and Cash Flows for the first quarter of fiscal years 2026 and 2025 [Consolidated Statements of Earnings](index=12&type=section&id=Consolidated%20Statements%20of%20Earnings) The Consolidated Statements of Earnings detail the company's financial performance for Q1 FY26 and FY25, including net sales, gross profit, operating expenses, and net income Consolidated Statements of Earnings (in millions) | | FIRST QUARTER | | | | | | | --- | --- | --- | --- | --- | --- | | | Thirteen Weeks | | Thirteen Weeks | | | | | Ended | | Ended | | | | | August 24, 2025 | | August 25, 2024 | Percent Change | | Net sales | $ 2,632.6 | $ 2,794.9 | (5.8)% | | Cost of goods sold | 1,992.0 | 2,055.6 | (3.1)% | | Gross profit | $ 640.6 | $ 739.3 | (13.4)% | | Selling, general and administrative expenses | 335.6 | 335.4 | 0.1% | | Loss (gain) on divestitures | (42.4) | 2.3 | N/A | | Operating profit | $ 347.4 | $ 401.6 | (13.5)% | | Pension and postretirement non-service income | 6.1 | 3.1 | 95.4% | | Interest expense, net | 93.8 | 105.8 | (11.4)% | | Equity method investment earnings | 29.4 | 29.1 | 1.0% | | Income before income taxes | $ 289.1 | $ 328.0 | (11.9)% | | Income tax expense (benefit) | 124.6 | (138.9) | N/A | | Net income | $ 164.5 | $ 466.9 | (64.8)% | | Less: Net income attributable to noncontrolling interests | — | 0.1 | (100.0)% | | Net income attributable to Conagra Brands, Inc. | $ 164.5 | $ 466.8 | (64.8)% | | Earnings per share - basic | | | | | Net income attributable to Conagra Brands, Inc. | $ 0.34 | $ 0.97 | (64.9)% | | Basic weighted average shares outstanding | 478.7 | 478.8 | (0.0)% | | Earnings per share - diluted | | | | | Net income attributable to Conagra Brands, Inc. | $ 0.34 | $ 0.97 | (64.9)% | | Diluted weighted average shares outstanding | 479.6 | 480.3 | (0.1)% | [Consolidated Balance Sheets](index=14&type=section&id=Consolidated%20Balance%20Sheets) The Consolidated Balance Sheets provide a snapshot of the company's assets, liabilities, and stockholders' equity as of August 24, 2025, and May 25, 2025 Consolidated Balance Sheets (in millions) | | August 24, 2025 | May 25, 2025 | | :-------------------------------------------------- | :-------------- | :----------- | | ASSETS | | | | Current assets | | | | Cash and cash equivalents | $ 698.1 | $ 68.0 | | Receivables, less allowance for doubtful accounts of $4.2 and $3.6 | 756.5 | 770.0 | | Inventories | 2,258.2 | 2,048.3 | | Prepaid expenses and other current assets | 127.3 | 90.6 | | Current assets held for sale | — | 94.1 | | Total current assets | 3,840.1 | 3,071.0 | | Property, plant and equipment, net | 2,815.8 | 2,835.9 | | Goodwill | 10,501.6 | 10,501.9 | | Brands, trademarks and other intangibles, net | 2,410.2 | 2,421.1 | | Other assets | 1,579.5 | 1,571.0 | | Noncurrent assets held for sale | 25.6 | 533.0 | | | $ 21,172.8 | $ 20,933.9 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Current liabilities | | | | Notes payable | $ 41.5 | $ 804.7 | | Current installments of long-term debt | 1,015.7 | 1,028.8 | | Accounts and other payables | 1,532.5 | 1,590.1 | | Accrued payroll | 113.5 | 146.0 | | Other accrued liabilities | 926.4 | 744.7 | | Current liabilities held for sale | — | 2.7 | | Total current liabilities | 3,629.6 | 4,317.0 | | Senior long-term debt, excluding current installments | 7,222.6 | 6,234.1 | | Deferred income taxes | 810.6 | 810.3 | | Other noncurrent liabilities | 594.2 | 639.6 | | Noncurrent liabilities held for sale | — | 0.2 | | Total stockholders' equity | 8,915.8 | 8,932.7 | | | $ 21,172.8 | $ 20,933.9 | [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows detail cash generated from operating, investing, and financing activities for Q1 FY26 and FY25, showing a significant increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows (in millions) | | Thirteen Weeks Ended | | | --- | --- | --- | | | August 24, 2025 | August 25, 2024 | | Cash flows from operating activities: | | | | Net income | $ 164.5 | $ 466.9 | | Adjustments to reconcile net income to net cash flows from operating activities: | | | | Depreciation and amortization | 95.3 | 99.1 | | Asset impairment charges | 1.2 | 0.1 | | Loss (gain) on divestitures | (42.4) | 2.3 | | Equity method investment earnings in excess of distributions | (0.2) | (5.2) | | Stock-settled share-based payments expense | 19.6 | 20.6 | | Contributions to pension plans | (2.7) | (2.9) | | Pension benefit | (4.0) | (0.8) | | Other items | (3.6) | 6.7 | | Change in operating assets and liabilities excluding effects of business acquisitions | | | | and dispositions: | | | | Receivables | (51.3) | (62.5) | | Inventories | (207.4) | (112.5) | | Deferred income taxes and income taxes payable, net | 99.3 | (165.9) | | Prepaid expenses and other current assets | (41.8) | (43.0) | | Accounts and other payables | 20.3 | 67.7 | | Accrued payroll | (29.9) | (83.7) | | Other accrued liabilities | 91.7 | 84.4 | | Litigation receivables, net of recoveries | 65.1 | 5.0 | | Litigation accruals, net of payments | (53.1) | (7.7) | | Net cash flows from operating activities | 120.6 | 268.6 | | Cash flows from investing activities: | | | | Additions to property, plant and equipment | (146.8) | (133.0) | | Sale of property, plant and equipment | 6.2 | 0.3 | | Purchase of businesses, net of cash acquired | — | (230.4) | | Proceeds from divestitures, net of cash divested | 643.6 | 76.8 | | Other items | (1.0) | — | | Net cash flows from investing activities | 502.0 | (286.3) | | Cash flows from financing activities: | | | | Issuance of short-term borrowings, maturities greater than 90 days | 31.9 | 35.1 | | Repayment of short-term borrowings, maturities greater than 90 days | (536.3) | (35.3) | | Net issuance (repayment) of other short-term borrowings, maturities less than or equal | | | | to 90 days | (258.8) | 336.4 | | Issuance of long-term debt | 1,000.0 | — | | Repayment of long-term debt | (18.0) | (14.9) | | Debt issuance costs | (10.6) | — | | Repurchase of Conagra Brands, Inc. common shares | (15.0) | (64.0) | | Cash dividends paid | (167.1) | (167.3) | | Exercise of stock options and issuance of other stock awards, including tax | | | | withholdings | (18.8) | (19.8) | | Other items | (0.1) | (0.1) | | Net cash flows from financing activities | 7.2 | 70.1 | | Effect of exchange rate changes on cash and cash equivalents | 0.3 | (2.7) | | Net change in cash and cash equivalents, including cash balances classified as assets | | | | held for sale | 630.1 | 49.7 | | Less: Net change in cash balances classified as assets held for sale | — | (1.3) | | Net change in cash and cash equivalents | 630.1 | 51.0 | | Cash and cash equivalents at beginning of period | 68.0 | 77.7 | | Cash and cash equivalents at end of period | $ 698.1 | $ 128.7 | [Reconciliations of Non-GAAP Financial Measures](index=17&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations of reported to adjusted financial measures, including organic net sales, operating profit, gross margin, net income, EPS, free cash flow, net debt, and EBITDA [Reconciliation of Q1 FY26 QTD Organic Net Sales by Segment - YOY Change](index=17&type=section&id=Organic%20Net%20Sales%20by%20Segment%20Reconciliation) This section reconciles reported net sales to organic net sales for each segment and total Conagra Brands, detailing impacts from foreign exchange, acquisitions, and divestitures Q1 FY26 QTD Organic Net Sales by Segment - YOY Change (in millions) | | Grocery & Snacks | Refrigerated & Frozen | International | Foodservice | Total Conagra Brands | | :-------------------------------- | :--------------- | :-------------------- | :------------ | :---------- | :------------------- | | Q1 FY26 Net Sales | $ 1,079.6 | $ 1,076.2 | $ 212.3 | $ 264.5 | $ 2,632.6 | | Impact of foreign exchange | — | — | 3.0 | — | 3.0 | | Net sales from acquired businesses | (10.6) | — | — | (0.7) | (11.3) | | Net sales from divested businesses | (7.0) | (4.9) | (1.1) | (0.2) | (13.2) | | Organic Net Sales | $ 1,062.0 | $ 1,071.3 | $ 214.2 | $ 263.6 | $ 2,611.1 | | Year-over-year change - Net Sales | (8.7)% | (0.9)% | (18.0)% | (0.8)% | (5.8)% | | Impact of foreign exchange (pp) | — | — | 1.3 | — | 0.1 | | Net sales from acquired businesses (pp) | (1.0) | — | — | (0.3) | (0.4) | | Net sales from divested businesses (pp) | 8.7 | 1.1 | 13.2 | 1.3 | 5.5 | | Organic Net Sales | (1.0)% | 0.2% | (3.5)% | 0.2% | (0.6)% | | Volume (Organic) | (1.6)% | 0.5% | (5.2)% | (3.6)% | (1.2)% | | Price/Mix | 0.6% | (0.3)% | 1.7% | 3.8% | 0.6% | [Reconciliation of Q1 FY26 Adj. Operating Profit by Segment - YOY Change](index=18&type=section&id=Adjusted%20Operating%20Profit%20by%20Segment%20Reconciliation) This reconciliation details adjustments from reported to adjusted operating profit for each segment and total Conagra Brands, including impacts from restructuring, divestitures, and hedging derivatives Q1 FY26 Adj. Operating Profit by Segment - YOY Change (in millions) | | Grocery & Snacks | Refrigerated & Frozen | International | Foodservice | Corporate Expense | Total Conagra Brands | | :-------------------------------- | :--------------- | :-------------------- | :------------ | :---------- | :---------------- | :------------------- | | Operating Profit | $ 261.6 | $ 113.0 | $ 37.4 | $ 27.7 | $ (92.3) | $ 347.4 | | Restructuring plans | 2.0 | 1.0 | 0.3 | — | 1.1 | 4.4 | | Acquisitions and divestitures | — | — | — | — | 1.5 | 1.5 | | Loss (gain) on sale of businesses | (42.8) | 0.4 | — | — | — | (42.4) | | Legal matter recoveries | — | — | — | — | (2.4) | (2.4) | | Corporate hedging derivative losses (gains) | — | — | — | — | 2.2 | 2.2 | | Adjusted Operating Profit | $ 220.8 | $ 114.4 | $ 37.7 | $ 27.7 | $ (89.9) | $ 310.7 | | Operating Profit Margin | 24.2% | 10.5% | 17.6% | 10.5% | | 13.2% | | Adjusted Operating Profit Margin | 20.5% | 10.6% | 17.7% | 10.5% | | 11.8% | | Year-over-year % change - Operating Profit | 5.0% | (35.8)% | 11.2% | (21.1)% | 0.1% | (13.5)% | | Year-over year % change - Adjusted Operating Profit | (12.9)% | (28.1)% | 5.3% | (21.1)% | 5.2% | (21.9)% | | Year-over-year bps change - Operating Profit | 317 bps | (571) bps | 463 bps | (269) bps | | (118) bps | | Year-over-year bps change - Adjusted Operating Profit | (97) bps | (402) bps | 394 bps | (269) bps | | (244) bps | [Reconciliation of Q1 FY26 Adj. Gross Margin, Adj. Gross Profit, Adj. SG&A, Adj. Net Income, and Adj. EPS - YOY Change](index=20&type=section&id=Adjusted%20Gross%20Margin%2C%20Gross%20Profit%2C%20SG%26A%2C%20Net%20Income%2C%20and%20EPS%20Reconciliation) This reconciliation provides a comprehensive breakdown of adjustments from reported to adjusted gross profit, SG&A, operating profit, net income, and diluted EPS for Q1 FY26 and FY25 Q1 FY26 Adj. Gross Margin, Gross Profit, SG&A, Net Income, and EPS - YOY Change (in millions) | | Gross profit | Selling, general and administrative expenses 1 | Operating profit | Income before income taxes | Income tax expense | Income tax rate | Net income attributable to Conagra Brands, Inc. | Diluted EPS from income attributable to Conagra Brands, Inc common stockholders | | :-------------------------------- | :----------- | :--------------------------------------------- | :--------------- | :------------------------- | :----------------- | :-------------- | :-------------------------------------------- | :----------------------------------------------------------------------------- | | Q1 FY26 Reported | $ 640.6 | $ 335.6 | $ 347.4 | $ 289.1 | $ 124.6 | 43.1% | $ 164.5 | $ 0.34 | | % of Net Sales | 24.3% | 12.7% | 13.2% | | | | | | | Restructuring plans | 0.7 | 3.7 | 4.4 | 4.4 | 1.1 | | 3.3 | 0.01 | | Acquisitions and divestitures | — | 1.5 | 1.5 | 1.5 | 0.4 | | 1.1 | — | | Loss (gain) on sale of businesses | — | — | (42.4) | (42.4) | (62.8) | | 20.4 | 0.04 | | Legal matter recoveries | — | (2.4) | (2.4) | (2.4) | (0.6) | | (1.8) | — | | Corporate hedging derivative losses (gains) | 2.2 | — | 2.2 | 2.2 | 0.5 | | 1.7 | — | | Adjusted | $ 643.5 | $ 332.8 | $ 310.7 | $ 252.4 | $ 63.2 | 25.0% | $ 189.2 | $ 0.39 | | % of Net Sales | 24.4% | 12.6% | 11.8% | | | | | | | Year-over-year % of net sales change - reported | (212) bps | 75 bps | (118) bps | | | | | | | Year-over-year % of net sales change - adjusted | (153) bps | 91 bps | (244) bps | | | | | | | Year-over-year change - reported | (13.4)% | 0.1% | (13.5)% | (11.9)% | N/A | | (64.8)% | (64.9)% | | Year-over-year change - adjusted | (11.3)% | 1.5% | (21.9)% | (22.2)% | (11.9)% | | (25.1)% | (26.4)% | [Reconciliation of YTD Free Cash Flow, Net Debt, and Net Leverage Ratio](index=22&type=section&id=Free%20Cash%20Flow%2C%20Net%20Debt%2C%20and%20Net%20Leverage%20Ratio%20Reconciliation) This reconciliation provides the calculation of free cash flow, net debt, and the net debt to adjusted EBITDA ratio for Q1 FY26, along with comparative data for Q1 FY25 and FY25 YTD Free Cash Flow, Net Debt, and Net Leverage Ratio (in millions) | | Q1 FY26 | Q1 FY25 | % Change | | :------------------------------------------ | :-------- | :-------- | :--------- | | Net cash flows from operating activities | $ 120.6 | $ 268.6 | (55.1)% | | Additions to property, plant and equipment | (146.8) | (133.0) | 10.4% | | Free cash flow | $ (26.2) | $ 135.6 | N/A | | | August 24, 2025 | August 25, 2024 | | | Notes payable | $ 41.5 | $ 1,266.4 | | | Current installments of long-term debt | 1,015.7 | 20.2 | | | Senior long-term debt, excluding current installments | 7,222.6 | 7,485.6 | | | Total Debt | $ 8,279.8 | $ 8,772.2 | | | Less: Cash and cash equivalents | 698.1 | 128.7 | | | Net Debt | $ 7,581.7 | $ 8,643.5 | | | | Q1 FY25 | Q1 FY26 | Q1 FY26 TTM | | Net income attributable to Conagra Brands, Inc. | $ 1,152.4 | $ 466.8 | $ 164.5 | $ 850.1 | | Add Back: Income tax expense (benefit) | 3.7 | (138.9) | 124.6 | 267.2 | | Interest expense, net | 416.7 | 105.8 | 93.8 | 404.7 | | Depreciation | 336.5 | 85.7 | 84.5 | 335.3 | | Amortization | 53.7 | 13.4 | 10.8 | 51.1 | | Earnings before interest, taxes, depreciation, and amortization (EBITDA) | $ 1,963.0 | $ 532.8 | $ 478.2 | $ 1,908.4 | | Restructuring plans | 99.2 | 2.9 | 3.9 | 100.2 | | Acquisitions and divestitures | 1.1 | — | 1.5 | 2.6 | | Corporate hedging derivative losses (gains) | (8.2) | 1.3 | 2.2 | (7.3) | | Fire related insurance recoveries | (17.0) | (17.0) | — | — | | Impairment of business held for sale | 27.2 | — | — | 27.2 | | Goodwill and brand impairment charges | 72.1 | — | — | 72.1 | | Consulting fees on tax matters | 2.0 | 2.0 | — | — | | Loss (gain) on sale of businesses | 2.3 | 2.3 | (42.4) | (42.4) | | Legal matters, net of recoveries | 88.7 | 3.4 | (2.4) | 82.9 | | Pension settlement gain | (13.0) | — | — | (13.0) | | Ardent JV restructuring activities | 7.2 | — | — | 7.2 | | Adjusted EBITDA | $ 2,224.6 | $ 527.7 | $ 441.0 | $ 2,137.9 | | Net Debt to Adjusted EBITDA | | | | 3.55 | [Reconciliation of Q1 FY26 QTD EBITDA - YOY Change](index=23&type=section&id=EBITDA%20Reconciliation) This reconciliation calculates reported and adjusted EBITDA for Q1 FY26 and FY25, detailing add-backs for tax expense, interest, depreciation, amortization, and other adjustments Q1 FY26 QTD EBITDA - YOY Change (in millions) | | Q1 FY26 | Q1 FY25 | % Change | | :-------------------------------------------------- | :-------- | :-------- | :--------- | | Net income attributable to Conagra Brands, Inc. | $ 164.5 | $ 466.8 | (64.8)% | | Add Back: Income tax expense (benefit) | 124.6 | (138.9) | | | Interest expense, net | 93.8 | 105.8 | | | Depreciation | 84.5 | 85.7 | | | Amortization | 10.8 | 13.4 | | | Earnings before interest, taxes, depreciation, and amortization | $ 478.2 | $ 532.8 | (10.2)% | | Restructuring plans 1 | 3.9 | 2.9 | | | Corporate hedging derivative losses (gains) | 2.2 | 1.3 | | | Fire related insurance recoveries | — | (17.0) | | | Consulting fees on tax matters | — | 2.0 | | | Legal matters, net of recoveries | (2.4) | 3.4 | | | Acquisitions and divestitures | 1.5 | — | | | Loss (gain) on sale of businesses | (42.4) | 2.3 | | | Adjusted Earnings before interest, taxes, depreciation, and amortization | $ 441.0 | $ 527.7 | (16.4)% | [Legal and Corporate Information](index=6&type=section&id=Legal%20and%20Corporate%20Information) This section provides details on the upcoming Q&A conference call, an overview of Conagra Brands, and a cautionary note on forward-looking statements [Discussion of Results and Outlook](index=6&type=section&id=Discussion%20of%20Results%20and%20Outlook) Conagra Brands will host a live Q&A conference call and webcast on October 1, 2025, to discuss the company's Q1 FY26 results and future outlook - Conagra Brands will host a live Q&A conference call and webcast at **9:30 a.m. Eastern time on October 1, 2025**, to discuss results and outlook[36](index=36&type=chunk) - Pre-recorded remarks, transcript, and presentation slides will be available on www.conagrabrands.com/investor-relations[36](index=36&type=chunk) [About Conagra Brands](index=6&type=section&id=About%20Conagra%20Brands) Conagra Brands, Inc. is a leading North American branded food company with a 100-year history, headquartered in Chicago, generating nearly $12 billion in net sales in fiscal 2025 - Conagra Brands, Inc. is one of North America's leading branded food companies, combining a **100-year history** with agility, collaboration, and innovation[37](index=37&type=chunk) - The company's portfolio includes well-known brands such as Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, Slim Jim®, and Angie's® BOOMCHICKAPOP®[37](index=37&type=chunk) - Headquartered in Chicago, Conagra Brands generated fiscal 2025 net sales of nearly **$12 billion**[37](index=37&type=chunk) [Note on Forward-Looking Statements](index=8&type=section&id=Note%20on%20Forward-Looking%20Statements) This section cautions that forward-looking statements are not guarantees of performance and are subject to various risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are not guarantees of performance or results and are subject to risks, uncertainties, and factors that could cause actual results to differ materially[39](index=39&type=chunk)[40](index=40&type=chunk) - Key risks include general economic and industry conditions (inflation, reduced consumer confidence), commodity prices, supply chain disruptions, competitive environment, and regulatory actions[40](index=40&type=chunk) - The company undertakes no responsibility to update these statements, except as required by law[40](index=40&type=chunk)

Core Insights - Conagra Brands reported a net sales decrease of 5.8% to $2.6 billion for the first quarter of fiscal year 2026, with organic net sales down 0.6% driven by a 1.2% decrease in volume despite a 0.6% positive impact from price/mix [2][10][39] - The company reaffirmed its fiscal 2026 guidance, expecting organic net sales growth between -1% to 1%, adjusted operating margin of approximately 11.0% to 11.5%, and adjusted EPS between $1.70 and $1.85 [10][27][18] Financial Performance - Gross profit decreased 13.4% to $641 million, with adjusted gross profit down 11.3% to $644 million, primarily due to lower net sales and inflationary pressures on cost of goods sold [3][10] - Selling, general, and administrative expenses (SG&A) increased 0.1% to $336 million, with adjusted SG&A rising 1.5% to $333 million, driven by higher incentive compensation [4][10] - Net income attributable to Conagra Brands fell 64.8% to $165 million, or $0.34 per diluted share, compared to $467 million, or $0.97 per diluted share in the prior year [6][10][39] Segment Performance - Grocery & Snacks segment net sales decreased 8.7% to $1.1 billion, with organic net sales impacted by a 1.6% volume decrease [7][10] - Refrigerated & Frozen segment net sales decreased 0.9% to $1.1 billion, with a volume increase of 0.5% offset by a 0.3% price/mix decrease [8][10] - International segment net sales decreased 18.0% to $212 million, driven by a 5.2% volume decrease despite a 1.7% price/mix increase [9][10] Cash Flow and Debt - The company generated $121 million in net cash flows from operating activities, down from $269 million in the prior year, primarily due to lower operating profit and increased inventory levels [17][10] - Conagra ended the quarter with net debt of $7.6 billion, a 12.3% reduction from the prior year, resulting in a net leverage ratio of 3.55x [18][10] Outlook and Guidance - The company anticipates continued elevated cost of goods sold inflation, projecting core inflation slightly above 4% and total cost of goods sold inflation in the low 7% range for fiscal 2026 [19][10] - Guidance includes an expected interest expense of approximately $390 million and an adjusted effective tax rate of around 24% for the fiscal year [18][10]

Market Overview - U.S. stock futures declined on Wednesday following gains on Tuesday, with major indices experiencing drops due to the federal government entering a shutdown after Congress failed to agree on a spending plan [1][2] - Historical data indicates that government shutdowns typically have a short-lived and limited long-term impact on equities [1] Economic Indicators - The 10-year Treasury bond yielded 4.15%, while the two-year bond was at 3.60%, with a 94.6% likelihood of the Federal Reserve cutting interest rates in the upcoming October meeting [2] - U.S. job openings increased by 19,000 to 7.227 million in August, while the Chicago Business Barometer fell to 40.6 in September, below market expectations [5] Recent Performance - The S&P 500 gained over 3% in September, with the Dow increasing nearly 2% and the Nasdaq rising 5.6% [4] - Most sectors on the S&P 500 closed positively on Tuesday, with information technology, health care, and industrials showing the largest gains, while energy and consumer discretionary sectors closed lower [3] Analyst Insights - Historical trends suggest that October is often a positive month for the S&P 500, with nearly 60% of Octobers since 1950 showing positive returns and an average gain of 0.89% [8] - The fourth quarter (October to December) is historically the strongest three-month period for equities, with an average return of almost 2% since 1950, and over 6% in the past five years [12][17] - The current momentum of the S&P 500, which is on a five-month winning streak, indicates a historically bullish setup for equities as the year ends [14][17] Company Performance - Nike Inc. reported better-than-expected first-quarter results, with earnings of 49 cents per share surpassing the consensus estimate of 27 cents, and sales of $11.720 billion exceeding the estimate of $11.000 billion [17] - Ryvyl Inc. surged 94.66% following a $75 million merger agreement, while AST SpaceMobile Inc. jumped 6.38% due to news about its upcoming satellite launch [17]

Market Sentiment - The CNN Money Fear and Greed index improved to a reading of 52.7, remaining in the "Neutral" zone, up from 51.3 [5] - U.S. stocks showed positive performance with the Nasdaq Composite gaining approximately 0.3% and the Dow Jones reaching a new closing high [1][3] Economic Indicators - Major indices saw gains in September, with the S&P 500 increasing over 3%, the Dow rising nearly 2%, and the Nasdaq jumping 5.6% [2] - U.S. job openings rose by 19,000 to 7.227 million in August, while the Chicago Business Barometer fell to 40.6 in September, below market expectations [2] Sector Performance - Most sectors in the S&P 500 closed positively, particularly information technology, health care, and industrials, while energy and consumer discretionary sectors declined [3] - The Dow Jones closed higher by around 82 points to 46,397.89, the S&P 500 rose 0.41% to 6,688.46, and the Nasdaq Composite gained 0.30% to 22,660.01 [3] Upcoming Earnings - Investors are anticipating earnings results from Conagra Brands Inc., RPM International Inc., and Acuity Inc. [4]

Company Earnings Reports - Conagra Brands Inc. is expected to report quarterly earnings of 33 cents per share on revenue of $2.62 billion [2] - Nike Inc. reported quarterly earnings of 49 cents per share, exceeding the analyst consensus estimate of 27 cents per share, with sales of $11.720 billion, surpassing the estimate of $11.000 billion [2] - RPM International Inc. is anticipated to post earnings of $1.88 per share on revenue of $2.06 billion [2] - Acuity Inc. is expected to report quarterly earnings of $4.84 per share on revenue of $1.23 billion [2] Stock Performance - Conagra shares gained 0.2% to $18.35 in after-hours trading [2] - Nike shares surged 4.5% to $72.85 in after-hours trading [2] - RPM shares increased by 0.5% to $118.50 in after-hours trading [2] - Acuity shares rose 1.4% to $349.22 in after-hours trading [2] - Ryvyl Inc. shares jumped 77.8% to $0.53 following a $75 million merger agreement with RTB Digital [2]

Conagra Brands, Inc. (NYSE:CAG) will release earnings results for the first quarter, before the opening bell on Wednesday, Oct. 1.Analysts expect the Chicago, Illinois-based company to report quarterly earnings at 33 cents per share, down from 53 cents per share in the year-ago period. Conagra Brands projects to report quarterly revenue at $2.62 billion. It generated $2.79 billion the previous year, according to data from Benzinga Pro.On July 10, ConAgra Brands reported worse-than-expected fourth-quarter fi ...

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Company Overview - Conagra Brands, Inc. (CAG) has a market cap of $8.7 billion and is a leading North American packaged foods company with a diverse portfolio including brands like Birds Eye, Healthy Choice, Slim Jim, Reddi-wip, and Marie Callender's [1] - The company operates across four segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice, focusing on innovative food products that cater to changing consumer preferences [1] Financial Performance - Conagra Brands is set to announce its Q1 2026 results on October 1, with analysts expecting an adjusted EPS of $0.33, a decrease of 37.7% from $0.53 in the same quarter last year [2] - For fiscal 2026, analysts forecast an adjusted EPS of $1.73, representing a 24.8% decrease from $2.30 in fiscal 2025, but anticipate an 8.7% year-over-year growth to $1.88 in fiscal 2027 [3] Stock Performance - Shares of Conagra Brands have declined over 44% in the past 52 weeks, underperforming the S&P 500 Index's 15.4% return and the Consumer Staples Select Sector SPDR Fund's 5.9% decline [4] - Following the release of weak Q4 2025 results, shares fell 4.4%, with adjusted EPS of $0.56 missing consensus estimates and net sales of $2.8 billion down 4.3% year-over-year [5] Analyst Sentiment - The consensus view on CAG stock is cautious, with a "Hold" rating from 17 analysts; two recommend "Strong Buy," 12 suggest "Hold," one advises "Moderate Sell," and two "Strong Sells" [6] - The average analyst price target for Conagra Brands is $20.47, indicating a potential upside of 13.2% from current levels [6]

Core Insights - Investors are increasingly turning to dividend-yielding stocks during market turbulence, favoring companies with high free cash flows and substantial dividend payouts [1] Group 1: Conagra Brands, Inc. (NYSE: CAG) - Conagra Brands has a dividend yield of 7.74% [7] - Morgan Stanley analyst Megan Alexander maintained an Equal-Weight rating and raised the price target from $20 to $21 on Sept. 24, 2025, with an accuracy rate of 65% [7] - UBS analyst Bryan Adams maintained a Neutral rating and reduced the price target from $20 to $19 on Sept. 24, 2025, with an accuracy rate of 66% [7] - Conagra Brands will release its fiscal 2026 first quarter results on Wednesday, Oct. 1, 2025 [7] Group 2: Target Corporation (NYSE: TGT) - Target Corporation has a dividend yield of 5.23% [7] - Evercore ISI Group analyst Greg Melich maintained an In-Line rating and cut the price target from $106 to $105 on Sept. 23, 2025, with an accuracy rate of 78% [7] - UBS analyst Michael Lasser maintained a Buy rating and reduced the price target from $135 to $130 on Aug. 21, 2025, with an accuracy rate of 79% [7] - On Sept. 22, Target received notice of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to 1,500,000 shares at $89.00 per share [7] Group 3: The Campbell's Company (NASDAQ: CPB) - The Campbell's Company has a dividend yield of 4.84% [7] - Morgan Stanley analyst Megan Alexander maintained an Equal-Weight rating and raised the price target from $32 to $33 on Sept. 5, 2025, with an accuracy rate of 65% [7] - TD Cowen analyst Robert Moskow maintained a Hold rating and increased the price target from $29 to $31 on Sept. 4, 2025, with an accuracy rate of 65% [7] - On Sept. 3, Campbell Soup reported fourth-quarter EPS above estimates [7]

Core Insights - During market turbulence, investors often seek dividend-yielding stocks, which typically have high free cash flows and offer substantial dividends [1] Group 1: Conagra Brands, Inc. (NYSE: CAG) - Conagra Brands has a dividend yield of 7.74% [7] - Morgan Stanley analyst Megan Alexander maintained an Equal-Weight rating and raised the price target from $20 to $21 on Sept. 24, 2025, with an accuracy rate of 65% [7] - UBS analyst Bryan Adams maintained a Neutral rating and reduced the price target from $20 to $19 on Sept. 24, 2025, with an accuracy rate of 66% [7] - Conagra Brands will release its fiscal 2026 first quarter results on Wednesday, Oct. 1, 2025 [7] Group 2: Target Corporation (NYSE: TGT) - Target has a dividend yield of 5.23% [7] - Evercore ISI Group analyst Greg Melich maintained an In-Line rating and cut the price target from $106 to $105 on Sept. 23, 2025, with an accuracy rate of 78% [7] - UBS analyst Michael Lasser maintained a Buy rating and reduced the price target from $135 to $130 on Aug. 21, 2025, with an accuracy rate of 79% [7] - On Sept. 22, Target received notice of an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to 1,500,000 shares at $89.00 per share [7] Group 3: The Campbell's Company (NASDAQ: CPB) - Campbell's Company has a dividend yield of 4.84% [7] - Morgan Stanley analyst Megan Alexander maintained an Equal-Weight rating and raised the price target from $32 to $33 on Sept. 5, 2025, with an accuracy rate of 65% [7] - TD Cowen analyst Robert Moskow maintained a Hold rating and increased the price target from $29 to $31 on Sept. 4, 2025, with an accuracy rate of 65% [7] - On Sept. 3, Campbell Soup reported fourth-quarter EPS above estimates [7]