The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q4 2025 Earnings Presentation
31 slides from The J.m. Smucker's earnings presentation, Jun 10, 2025
Slide 1: Fiscal 2025 Fourth Quarter Results
FISCAL 2025 FOURTH QUARTER RESULTS SUPPLEMENTARY INFORMATION June 10, 2025
Slide 2: Executive Summary
EXECUTIVE SUMMARY Net sales decreased 3%. Comparable net sales (A) decreased 1%. Net loss per diluted share was $6.85. Adjusted earnings per share was $2.31, a decrease of 13%. Free cash flow was $298.9 million, compared to $297.5 million in the prior year. Provided full-year fiscal 2026 financial o
Slide 3: Consolidated Results
(Dollars in millions, except per share data) CONSOLIDATED RESULTS FY25 Q4 FY24 Q4 YoY Change Net Sales $2,143.8 $2,205.7 (3%) Adjusted Gross Profit $804.2 $888.4 (9%) Adjusted Gross Profit Margin 37.5% 40.3% -280bps Adjusted Operating Income $422.4 $461.6 (8%) Adjusted Operating Income Margin 19.7%
Slide 4: Consolidated Results: Reported Net Sales Analysis
(Dollars in millions) CONSOLIDATED RESULTS Reported Net Sales Analysis (3%) $62 YoY $(46) $(4) $(74) $2,206 $2,144 YoY Change (3%) 3% (2%) (0%) Net Sales Volume/Mix(A) Net Price Divestitures Foreign Currency Net Sales FY24 Q4 Realization Exchange FY25 Q4 Note: Amounts may not add due to rounding (A)
Slide 5: Consolidated Results: Comparable Net Sales Analysis
(Dollars in millions) CONSOLIDATED RESULTS Comparable Net Sales Analysis (1%) YoY $62 $(46) $(74) $2,206 $2,160 $2,148 YoY Change (3%) 3% Net Sales Divestitures Comparable Net Sales Volume/Mix (A) Net Price Comparable Net Sales FY24 Q4 FY24 Q4 Realization FY25 Q4 (B) Note: Amounts may not add due to
Slide 6: Balance Sheet & Cash Flow Highlights
(Dollars in millions) BALANCE SHEET & CASH FLOW HIGHLIGHTS FY25 Q4 FY24 Q4 Cash Provided by (Used for) Operations $393.9 $428.1 Capital Expenditures (95.0) (130.6) Free Cash Flow $298.9 $297.5 April 30, 2025 April 30, 2024 Total Debt (Gross) $7,677.6 $8,364.0 Cash and Cash Equivalents (69.9) (62.0)
Slide 7: Segment Results
(Dollars in millions) SEGMENT RESULTS U.S. Retail U.S. Retail U.S. Retail Sweet Baked Int’l & AFH Coffee FH&S Pet Foods (A) Snacks (A) Net Sales Net Sales $738.6 $449.8 $395.5 $251.0 $308.9 YoY Change 11% - (13%) (26%) 3% YoY Net Sales Change Summary: Divestitures - - - (14%) - Foreign Currency Exch
Slide 8: Full-Year Fiscal 2026 Outlook
(Dollars in millions, except per share data) FULL-YEAR FISCAL 2026 OUTLOOK Net Sales Increase vs. Prior Year 2.0% to 4.0% Adjusted EPS $8.50 - $9.50 Free Cash Flow $875.0 Capital Expenditures $325.0 Adjusted Effective Income Tax Rate 23.7% FY25 Q4 RESULTS SUPPLEMENT 8
Slide 9: FY26 Reported Net Sales
(Dollars in millions) FY26 REPORTED NET SALES Reported Net Sales Outlook Analysis +3% at mid-point 9% (0%) (2%) $8,726 -4% BASE BUSINESS GROWTH Net Sales Volume/Mix Net Price Pet Contract Divestitures (A) Net Sales FY25 Realization Manufacturing FY26 Guidance Note: Amounts may not add due to roundin
Slide 10: FY26 Comparable Net Sales
(Dollars in millions) FY26 COMPARABLE NET SALES Comparable Net Sales Outlook Analysis +4.5% at mid-point 9% (0%) (2%) $8,726 $8,591 -4% COMPARABLE BUSINESS GROWTH (B) Net Sales Divestitures Comparable Volume/Mix Net Price Pet Contract Comparable Net Sales FY25 Net Sales FY25 (A) Realization Manufact
Slide 11: Total Company $8.7B
TOTAL COMPANY Fiscal 2025 Net Sales by Reportable Segment 32% U.S. Retail Coffee 14% Sweet Baked Snacks 22% U.S. Retail Frozen Handheld & Spreads $8.7B 14% International & Away From Home 19% U.S. Retail Pet Foods (A) Note: Amounts may not add due to rounding (A) Includes $38.2 million of contract ma
Slide 12: Net Sales by U.S. Retail Channels
NET SALES BY U.S. RETAIL CHANNELS (A) Fiscal 2025 Net Sales 36% 5% Grocery Convenience 29% 4% $7.5B Walmart E-Commerce (B) 16% 2% Club Pet Specialty 6% 3% Dollar Other (C) Note: Amounts may not add due to rounding (A) Includes U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, and U.S. Ret
Slide 13: U.S. Retail Coffee Segment
U.S. RETAIL COFFEE SEGMENT Fiscal 2025 Net Sales 13% Premium 49% Mainstream Roast & Ground $2.8B 8% Instant 28% One Cup 1% Other (A) Note: Amounts may not add due to rounding (A) Primarily represents liquid coffee. FY25 Q4 RESULTS SUPPLEMENT 13
Slide 14: U.S. Retail Frozen Handheld & Spreads Segment
U.S. RETAIL FROZEN HANDHELD & SPREADS SEGMENT Fiscal 2025 Net Sales 41% 17% $1.9B Peanut Butter Fruit Spreads 38% 4% Uncrustables® Toppings & Syrups Sandwiches Note: Amounts may not add due to rounding FY25 Q4 RESULTS SUPPLEMENT 14
Slide 15: U.S. Retail Pet Foods Segment
U.S. RETAIL PET FOODS SEGMENT Fiscal 2025 Net Sales 44% Cat Food & Snacks 54% Dog Snacks $1.7B 2% Divested Pet Food Contract Manufacturing Note: Amounts may not add due to rounding FY25 Q4 RESULTS SUPPLEMENT 15
Slide 16: Sweet Baked Snacks Segment
SWEET BAKED SNACKS SEGMENT Fiscal 2025 Net Sales 12% Breakfast 42% $1.2B Snack Cakes 11% Divested Businesses (A) 31% Donuts 4% Other Note: Amounts may not add due to rounding (A) Includes partial year of net sales from the divested Voortman® business and certain Sweet Baked Snacks value brands. FY25
Slide 17: International and Away From Home Segments
INTERNATIONAL AND AWAY FROM HOME SEGMENTS Fiscal 2025 Net Sales 41% 26% Away From Home Canada $1.2B Food & Pet 22% 10% Away From Home International Beverage Note: Amounts may not add due to rounding FY25 Q4 RESULTS SUPPLEMENT 17
Slide 18: Segment Cost of Products Sold
SEGMENT COST OF PRODUCTS SOLD (A) Fiscal 2025 49% Ingredients Top 5 Raw Materials 1. Coffee 12% 11% 2. Nuts Co-Manufacturing 71% 12% $5.4B Labor 3. Resin of total raw materials Packaging 11% 4. Paper Overhead 5. Grains 6% Freight Note: Amounts may not add due to rounding (A) Segment cost of products
Slide 19: Segment Cost of Products Sold by Segment
SEGMENT COST OF PRODUCTS SOLD (A) Fiscal 2025 32% U.S. Retail Coffee 14% Sweet Baked Snacks (C) 22% U.S. Retail Frozen Handheld & Spreads $5.4B 15% International & Away From Home 17% U.S. Retail Pet Foods (B) Note: Amounts may not add due to rounding (A) Segment cost of products sold excludes specia
Slide 20: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 21: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures, including: net sales excluding acquisition, divestitures, and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, deprecia
Slide 22: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended April 30, Increase 2025 2024 (Decrease) % Net sales reconciliation: Net sales $2,143.8 $2,205.7 ($61.9) (3%) Sweet Baked Snacks value brands divestiture - (11.2) 11.2 1 Voortman® divestiture - (34.7) 34.7 2 Foreign curren
Slide 23: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended April 30, 2025 2024 Gross profit reconciliation: Gross profit $823.3 $913.3 Change in net cumulative unallocated derivative gains and losses (16.5) (27.8) Cost of products sold – special project costs (2.6) 2.9 Adjusted g
Slide 24: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars and shares in millions, except per share data) Three Months Ended April 30, 2025 2024 Net income (loss) reconciliation: Net income (loss) ($729.0) $245.1 Income tax expense 31.9 68.0 Amortization 53.6 56.0 Goodwill impairment charges 867.3 - Other intan
Slide 25: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES (Dollars in millions) Three Months Ended TTM Ended Year Ended July 31, October 31, January 31, April 30, April 30, April 30, 2024 2024 2025 2025 2025 2024 EBITDA (as adjusted) reconciliation: Net income (loss) $185.0 ($24.5) ($662.3) ($729.0) ($1,230.8) $744.0 I
Slide 26: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2026 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $5.59 $6.59 Change in net cumulative unallocated derivative gains and losses (A) 0.58 0.58 Amortization 1.43 1.
Slide 27: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Company Guidance (Dollars in millions) Year Ending April 30, 2026 Free cash flow reconciliation: Net cash provided by operating activities $1,200.0 Additions to property, plant, and equipment (325.0) Free cash flow $875.0 FY25 Q4 RESULTS SUPPLEMENT 27
Slide 28: Supplemental Net Sales Information
SUPPLEMENTAL NET SALES INFORMATION Net Sales Excluding Divestitures (Dollars in millions) Three Months Ended Year Ended July 31, October 31, January 31, April 30, April 30, 2024 2024 2025 2025 2025 Total Company Net Sales $2,125.1 $2,271.2 $2,186.0 $2,143.8 $8,726.1 Divested Voortman® Business (37.1
Slide 29: Supplemental Segment Information
SUPPLEMENTAL SEGMENT INFORMATION (Dollars in millions) Year Ended April 30, 2025 U.S. Retail Frozen International U.S. Retail Handheld and U.S. Retail Sweet Baked and Away Coffee Spreads Pet Foods Snacks From Home Total Net sales $2,806.6 $1,877.0 $1,663.6 $1,178.8 $1,200.1 $8,726.1 Segment cost of
Slide 30: Supplemental Segment Information
SUPPLEMENTAL SEGMENT INFORMATION (Dollars in millions) Year Ended April 30, 2024 U.S. Retail Frozen International U.S. Retail Handheld and U.S. Retail Sweet Baked and Away Coffee Spreads Pet Foods Snacks From Home Total Net sales $2,704.4 $1,815.6 $1,822.8 $637.3 $1,198.6 $8,178.7 Segment cost of pr
Slide 31: Additional Information
ADDITIONAL INFORMATION Crystal Beiting Vice President, Investor Relations & FP&A ir.team@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/
The J.M. Smucker Company — Q4 2025 Earnings Presentation on 6ix