Conagra Brands (CAG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 09, 2026

Before Open (Confirmed)

Period Ending

2026 (Q4)

Consensus EPS Forecast

0.46

Last Year’s EPS

0.56

Same Quarter Last Year

Analyst Consensus

Hold

Based on 15 Analysts Ratings

Earnings Call Summary

Q3 2026

Earnings Call Date:Apr 01, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call balanced clear operational improvements and strong cash-generation progress against ongoing macro-related headwinds. Highlights include recovering volume (notably in Frozen and Snacks), strong productivity (over 5% delivered), an expectation to hit the high end of prior operating margin guidance, and raised free cash flow conversion (to ~105%). Lowlights center on exposure to commodity inflation (especially proteins and diesel), tariff-wrap headwinds, Ardent Mills earnings volatility, spot freight spikes and elevated inventory. On balance, management presented a constructive path to margin and cash improvement while acknowledging remaining commodity and macro risks.

Company Guidance

The company reiterated positive near‑term guidance, saying it expects positive organic net sales growth in Q4 and an operating‑margin inflection from Q3 to Q4 that takes results to the high end of its prior 11.0%–11.5% FY26 guide (with an implied exit rate above ~12%), driven by productivity (core productivity + tariff mitigation of just over 5% year‑to‑date), lower A&P (more in line with a ~2.5% average in Q4), and the 53rd week tailwind; material‑cost hedges are ~60% covered for Q1 and ~40% for the full year (proteins only ~15% covered), diesel covered only through the end of this fiscal year, and freight largely on contracted line haul; inflation was characterized as ~4% core + ~3% tariff (total ~7%) with prior mitigation modeled at ~1% (now likely closer to ~0.5%), free‑cash‑flow conversion was raised to ~105% (with a 90%+ conversion target as the baseline going forward), inventory stands at ~$2.0 billion with further reductions planned via Project Catalyst/AI, and Ardent Mills distributions were maintained despite equity earnings weakness (payout above 100% this year).

Volume Momentum and Market Share Recoveries

Total portfolio returned to growth this quarter with particularly strong momentum in Frozen and Snacks. Refrigerated & Frozen shipments were +3.9% in Q3 (Q3 a year ago was -3%), and management reported ~88% of the core frozen business is holding or gaining share.

Positive Near-Term Top-Line Outlook

Company expects positive organic net sales growth in Q4 (implied by full-year guide midpoint) and notes merchandising and innovation shipments supporting sequential top-line improvement.

Operating Margin Guidance and Q4 Inflection

Company now expects to deliver at the higher end of its prior operating margin guide (initially 11.0%–11.5%) with an expected Q3-to-Q4 inflection driven by lower A&P as a percent of sales, 53rd-week leverage and timing benefits from productivity and inflation timing.

Robust Productivity Delivered

Core productivity plus tariff mitigation delivered just over 5% in fiscal '26, contributing meaningfully to margin recovery and cash generation.

Strong Free Cash Flow Conversion and Cash Discipline

Free cash flow conversion target was increased (company reported conversion at 105% versus prior 100% figure), with continued emphasis on cash tax efficiency, dividend discipline and inventory reduction initiatives.

Inventory Reduction Opportunity and Project Catalyst

Inventory stands at $2.0 billion and management highlighted Project Catalyst and AI-enabled supply planning as a long runway to materially reduce inventory and further improve working capital/cash generation.

Strategic Supply-Chain Investments

Progress on supply-chain investments: baked chicken facility completed and volume being repatriated this year (favorable margin tailwind), fried chicken project progressing on schedule to bring additional volume in-house over time.

Successful Targeted Pricing and Elasticities

Surgically taken price increases (e.g., canned foods and cocoa-oriented products) showed encouraging elasticities, demonstrating some restored pricing power in categories managed for cash.

Conagra Brands (CAG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CAG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 09, 2026	2026 (Q4)	0.46 / -	0.56	―	―	―
Apr 01, 2026	2026 (Q3)	0.40 / 0.39	0.51	-23.53% (-0.12)
Dec 19, 2025	2026 (Q2)	0.44 / 0.45	0.7	-35.71% (-0.25)
Oct 01, 2025	2026 (Q1)	0.33 / 0.39	0.53	-26.42% (-0.14)
Jul 10, 2025	2025 (Q4)	0.58 / 0.56	0.61	-8.20% (-0.05)
Apr 03, 2025	2025 (Q3)	0.52 / 0.51	0.69	-26.09% (-0.18)
Dec 19, 2024	2025 (Q2)	0.68 / 0.70	0.71	-1.41% (-0.01)
Oct 02, 2024	2025 (Q1)	0.60 / 0.53	0.66	-19.70% (-0.13)
Jul 11, 2024	2024 (Q4)	0.57 / 0.61	0.62	-1.61% (-0.01)
Apr 04, 2024	2024 (Q3)	0.65 / 0.69	0.76	-9.21% (-0.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CAG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 01, 2026	$15.72	$15.52	-1.27%
Dec 19, 2025	$17.45	$17.01	-2.53%
Oct 01, 2025	$17.59	$18.55	+5.41%
Jul 10, 2025	$19.23	$18.39	-4.37%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.