Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh eggs[6] - The company has a diversified customer base, with 34% of revenue from its largest customer and 49% from its top 3 customers as of FY24[22] - Cal-Maine's operating footprint includes 27 feed mills, 3 breeding facilities, 2 hatcheries, 49 production facilities, 49 processing & packaging facilities, and 5 egg product facilities[19] Market Dynamics and Strategy - Approximately 27% of U S households are expected to be in cage-free states by 2030, driving a shift in production[48] - Conventional eggs maintain a leading retail market share, accounting for 56% of dozens sold by volume in FYTD 25[59] - The company is focused on operational excellence, adapting to changing consumer demand, and responsible capital allocation[71, 73, 75] Financial Performance and Capital Allocation - Cal-Maine reported net income of $219064 million in Q2 2025[145] - The company has paid a total of $905 million in dividends since FY2000[96] - From FY 2022 to FY 2025 (YTD), Cal-Maine allocated $438 million to dividends, $122 million to maintenance CapEx, $251 million to organic growth, $203 million to inorganic growth, and $51 million to ready-to-eat products[103] Acquisitions and Growth - Cal-Maine acquired ISE America, Inc for $112 million, increasing cage-free capacity by 1 million cage-free laying hens[115] - The company has completed 25 acquisitions through Q2 2025[113]

Company Overview - Cal-Maine Foods is the number one U S producer and distributor of fresh eggs [10] - The company's mission is to be the most sustainable producer and reliable supplier of consistent, high-quality fresh eggs and egg products in the United States [13] - Cal-Maine Foods has a premier diverse, integrated asset base, including 29 feed mills, 2 breeding facilities, 2 hatcheries, 49 production facilities, 49 processing & packaging facilities, and 5 egg product facilities [24] - The company has a capacity of approximately 81 million eggs per hour [24] - Shell eggs account for 953% of Cal-Maine Foods' total revenue [26] Market Dynamics and Strategies - 97% of U S households purchase eggs [44] - 71% of U S consumers are increasing protein intake [60] - Conventional eggs maintain a leading retail market share [70] - The top five producers own approximately 37% of the U S layer hen flock [73] Financial Performance and Capital Allocation - Cal-Maine Foods' net income for FYTD Q3 2025 is $878 million [38] - The company has paid over $292 million in dividends since FY2000 [103] - Cal-Maine Foods is acquiring Echo Lake Foods for $258 million Enterprise Value [122]