Financial Data and Key Metrics Changes - For the full year 2025, organic net sales grew by 2.4%, while branded salty organic net sales increased by 4.7%, contrasting with a 0.5% decline in the category's retail sales dollars [3][4] - Adjusted gross margin expanded by 260 basis points, and adjusted EBITDA margin increased by 80 basis points for the full year [5][20] - In the fourth quarter, net sales growth was 0.4%, driven by a 0.5% increase in price, while volume mix decreased by 0.1% [19][8] Business Line Data and Key Metrics Changes - Branded salty snacks organic net sales grew by 2.5% in the fourth quarter, supported by a volume mix growth of 2.1% [19][9] - Non-branded and non-salty snacks experienced a decline of 14.8% in organic net sales [19] - The company achieved 7% productivity in 2025, exceeding the goal of 6% of adjusted cost of goods sold [5] Market Data and Key Metrics Changes - In core geographies, total retail sales dollars increased by 0.5%, while total company retail volume decreased by 2.4% [13] - Expansion geographies saw retail sales growth of 7.3%, significantly outpacing the salty snacks category growth of 1.1% [14] - The average market share in expansion geographies is 3.2%, compared to 6.7% in core markets, indicating substantial growth potential [14] Company Strategy and Development Direction - The company plans to continue increasing marketing spending in 2026 to support brand growth, following a 35% increase in 2025 [5][17] - Expansion into the California market is viewed as a key growth differentiator, with shipments expected to begin shortly [6] - The company aims to deliver consistent and predictable adjusted EBITDA growth while focusing on free cash flow generation for deleveraging and capital allocation flexibility [25][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds in the fourth quarter but emphasized substantial progress on long-term strategies during 2025 [3] - The company expects organic net sales growth of 2%-3% for 2026, assuming a flat category at the midpoint [26] - Management expressed confidence in achieving 2026 top and bottom-line guidance through innovation and marketing strategies [10] Other Important Information - The company plans to file its 2025 10-K after the market closes on February 12 [2] - Cash provided by operations for the 52 weeks ended December 28, 2025, was $112.2 million, with cash on hand at $120.4 million [24] - The company expects adjusted free cash flow to be between $60 million and $80 million in 2026, representing about 70% conversion of expected adjusted net income [35] Q&A Session Summary Question: What are the expectations for 2026 organic net sales growth? - The company expects organic net sales growth of 2%-3%, assuming a flat category at the midpoint, with a $20 million benefit from the 53rd week in the fourth quarter [26] Question: How will the company manage its capital expenditures moving forward? - Capital expenditures are expected to decline from $102.8 million in 2025 to a range of $60-$65 million in 2026, reflecting a more normal cadence [33] Question: What is the outlook for adjusted EPS in 2026? - Adjusted EPS is expected to decline between 3% and 6% due to higher depreciation, interest expense, and a modestly higher tax rate [30]

Financial Data and Key Metrics Changes - Conagra's organic net sales for Q3 were $2.9 billion, reflecting a 5.2% decline compared to the prior year [18] - Adjusted gross margin was 24.8% and adjusted operating margin was 12.7%, both down from the previous year [18] - Adjusted earnings per share (EPS) were $0.51, a decrease of $0.18 year-over-year [18] Business Line Data and Key Metrics Changes - Grocery and Snacks segment net sales were $1.2 billion, down 3.9% year-over-year due to lower volumes and unfavorable price mix [20] - Refrigerated and Frozen segment net sales were $1.1 billion, down 7.2% year-over-year, impacted by supply constraints [21] - International segment organic net sales declined 1.2% year-over-year, with volume declines partially offset by price mix increases [21] - Foodservice business organic net sales decreased 6.3% year-over-year, affected by ongoing softness in commercial traffic [22] Market Data and Key Metrics Changes - Domestic retail consumption volume increased by 1.1% compared to the prior year, indicating strong consumer demand [6] - 60% of Conagra's portfolio either held or gained volume share, outperforming peers by eight percentage points [10] Company Strategy and Development Direction - The company is focused on restoring inventory and improving customer service levels through investments in infrastructure and strategic partnerships [5] - Conagra is committed to a disciplined approach to brand building, avoiding heavy discounting to ensure long-term brand health [11] - Investments are being made to expand capacity in frozen vegetables and frozen meals to meet elevated demand [29] Management's Comments on Operating Environment and Future Outlook - Management remains vigilant regarding external factors such as tariffs, inflation, and shifts in consumer sentiment, while maintaining fiscal 2025 guidance unchanged [5][16] - The company expects total company volume to improve in Q4, driven by strong consumption trends [28] Other Important Information - The company generated $1.3 billion in net cash flows from operating activities in the first three quarters of fiscal 2025, down from the prior year but historically strong [26] - Capital expenditures for the year are expected to be approximately $410 million to support supply chain modernization [31] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.