The earnings call presented a mixed outlook. The company demonstrated strong cash flow and successful debt repayment, along with positive growth in the snacking segment. However, challenges such as ongoing supply chain constraints, persistent inflation, and potential consumption weakness due to inventory levels were highlighted. Although there is strong consumer demand, external factors pose risks to cost structures.

Company Guidance -

Q4 2025

During the Conagra Brands third quarter fiscal 2025 earnings call, guidance was provided for the remainder of the fiscal year and touched upon expectations for fiscal 2026. Key metrics included a strong free cash flow conversion of 125% and the repayment of half a billion dollars of debt over the last twelve months. Conagra also highlighted a 4% productivity target and anticipated that inflation would remain a wildcard. The company expects improvements in gross margins and shipment volumes in Q4, despite persistent supply chain challenges. Dave Marberger, CFO, mentioned the priority of using cash flow to continue paying down debt and achieving a leverage target of three times by the end of the next fiscal year. Additionally, Conagra plans to address ongoing supply and inventory issues, with measures already in place to improve service levels, and expects no repeat of the supply constraints experienced in the second half of the current fiscal year. The call also noted that the company had adjusted its CapEx guidance for the year by $40 million due to timing but expected it to return to normal levels next year.

Strong Cash Flow and Debt Repayment

Free cash flow conversion was at 125%, with half a billion dollars of debt paid down in the last twelve months.

Snacking Segment Growth

Snack volumes were up 4% in Q3, driven by strong performance in protein and fiber-rich snacks like meat snacks and popcorn.

Strong Consumer Pull for Products

Overall consumer pull remains strong, with continued growth in frozen foods and healthy snacking categories.

Modernization Efforts

Ongoing multiyear effort to modernize the supply chain, including significant investments in maintenance capital.

Conagra Brands (CAG) Earnings, Revenues Date & History

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CAG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 10, 2025	2025 (Q4)	0.58 / -	0.61	―	―	―
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)
Jan 04, 2024	2024 (Q2)	0.68 / 0.71	0.81	-12.35% (-0.10)
Oct 05, 2023	2024 (Q1)	0.60 / 0.66	0.57	15.79% (+0.09)
Jul 13, 2023	2023 (Q4)	0.59 / 0.62	0.65	-4.62% (-0.03)
Apr 05, 2023	2023 (Q3)	0.64 / 0.76	0.58	31.03% (+0.18)

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 03, 2025	$26.00	$26.40	+1.54%
Dec 19, 2024	$26.61	$26.07	-2.03%
Oct 02, 2024	$31.44	$28.90	-8.08%
Jul 11, 2024	$27.36	$26.95	-1.50%

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.