Cal-Maine Foods (CALM) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Mar 31, 2026

Before Open (Confirmed)

Period Ending

2026 (Q3)

Consensus EPS Forecast

1.17

Last Year’s EPS

10.38

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 3 Analysts Ratings

Earnings Call Summary

Q2 2026

Earnings Call Date:Jan 07, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

Balanced outcome: the company demonstrated meaningful strategic progress — rapid growth in prepared foods (YoY), a clear mix shift toward specialty and value-added products, sizable capacity expansion plans, and a strong cash-rich, virtually debt-free balance sheet. However, near-term financial results show considerable revenue and profit compression driven by much lower commodity egg prices, margin pressure from prepared foods expansion work, higher SG&A, and persistent avian flu risk. Management presented a confident long-term thesis while acknowledging short-term headwinds and transitional costs.

Company Guidance

The company guided that its strategy centers on expanding specialty eggs and scaling prepared foods—targeting ~30% prepared foods volume growth over the next 18–24 months and a ~19% EBITDA margin for Echo Lake—funded by targeted CapEx and M&A: a $15.0M Echo Lake network optimization adding ~17M pounds of scrambled egg capacity by mid‑FY2027, a $14.8M high‑speed pancake line adding ~12M pounds by early FY2027, and a Trapini JV investing $7.0M through FY2028 to add ~18M pounds (combined prepared foods capacity +30%+ over 18–24 months); specialty capacity was increased via the Clean Egg asset purchase (≈677,000 specialty layers/pullets) with management saying specialty could comprise >50% of shell egg sales over time. Near‑term headwinds include temporary lower prepared‑foods volume and higher costs through the remainder of the fiscal year as projects ramp, but management emphasized a strong balance sheet (≈$1.1B cash/temporary investments, virtually debt‑free), continued buybacks (846,037 shares for $74.8M this quarter; $375.2M repurchase authorization remaining), and a variable cash dividend of about $0.72 per share payable Feb 12, 2026.

Diversification and Mix Shift Toward Specialty and Prepared Foods

Specialty eggs and prepared foods combined increased materially as a portion of net sales, representing approximately 42.8%–46.4% of net sales (company cited ranges across periods), up from ~31%–32% a year earlier — a clear mix shift away from pure commodity shell eggs toward higher-margin and more stable categories.

Prepared Foods Rapid Revenue Growth (Year-over-Year)

Prepared foods sales grew substantially year-over-year: Q2 FY2026 prepared foods sales were $71.7M vs $10.4M in Q2 FY2025 (+586.4%). YTD FY2026 prepared foods sales were $155.6M vs $19.4M in prior year (+702.9%). Echo Lake Foods contributed $56.6M in Q2 and $127.1M YTD.

Investments to Expand Prepared Foods Capacity

Announced ~$36M of CapEx for Echo Lake (including a $15M network optimization adding ~17M lbs scrambled egg production and a previously announced $14.8M high-speed pancake line adding ~12M lbs). Joint venture Trapini Foods to invest $7M through FY2028 adding ~18M lbs. Combined prepared foods capacity expected to increase >30% over the next 18–24 months.

Specialty Egg Capacity and M&A

Acquisition of Clean Egg LLC production assets in Texas expanded specialty cage-free and free-range capacity (described as ~677,000 brown cage-free/free-range layers and pullets) supporting local sourcing and specialty growth; specialty egg sales were essentially stable Q2 (down 0.4%) and up 4.7% YTD, showing resilience.

Strong Balance Sheet and Cash Position

Ended the quarter with $1.1B in cash and temporary cash investments (despite an 18.2% decline vs prior period), a virtually debt-free balance sheet, and $94.8M of operating cash flow in Q2 and $373.4M YTD (up 55.5% YTD), providing flexibility for capex, M&A and buybacks.

Share Repurchases and Dividend Return of Capital

Purchased 846,037 shares for $74.8M in the quarter under an existing repurchase program (up to $500M authorized; $375.2M remaining). Company announced an approximate cash dividend of $0.72 per share under its variable dividend policy.

Operational Growth Metrics (Flock & Hatchery)

Production capacity and future supply showed expansion: breeder flocks grew (Q2 +12.7%; YTD +21.6%), total chicks hatched rose (Q2 +65.1%; YTD +71%), and average layer hens expanded (Q2 +2.6%; YTD +6%), supporting future sales and percent produced of sales moving toward company target levels.

Management Confidence and Long-Term Strategy

Management emphasized structural changes (hybrid pricing, vertical integration, specialty and prepared foods growth) that they say make the company more durable vs prior cycles and better positioned to manage lower ag prices without forcing losses.

Cal-Maine Foods (CALM) 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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CALM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 31, 2026	2026 (Q3)	1.17 / -	10.38	―	―	―
Jan 07, 2026	2026 (Q2)	1.95 / 2.13	4.47	-52.35% (-2.34)
Oct 01, 2025	2026 (Q1)	5.01 / 4.12	3.06	34.64% (+1.06)
Jul 22, 2025	2025 (Q4)	6.27 / 7.04	2.32	203.45% (+4.72)		―
Apr 08, 2025	2025 (Q3)	10.55 / 10.38	3	246.00% (+7.38)		―
Jan 07, 2025	2025 (Q2)	4.05 / 4.47	0.35	1177.14% (+4.12)		―
Oct 01, 2024	2025 (Q1)	3.36 / 3.06	0.02	15200.00% (+3.04)		―
Jul 23, 2024	2024 (Q4)	2.41 / 2.32	2.27	2.20% (+0.05)		―
Apr 02, 2024	2024 (Q3)	2.45 / 3.00	6.62	-54.68% (-3.62)	―	―
Jan 03, 2024	2024 (Q2)	0.83 / 0.35	4.07	-91.40% (-3.72)	―	―

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

CALM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 07, 2026	$79.08	$77.81	-1.61%
Oct 01, 2025	$92.64	$91.52	-1.21%
Jul 22, 2025	$100.83	$114.75	+13.80%
Apr 08, 2025	$83.85	$85.93	+2.49%

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.