Cal-Maine Foods Reports Fourth Quarter and Fiscal 2026 Results

About this update from Cal-maine Foods, Inc.

Announces New Segment Reporting Structure, Acquisition of Additional Eggland’s Best® Franchise Territory, and New Prepared Foods Growth Investment RIDGELAND, Miss., July 22, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today reported results for its fourth quarter and fiscal year ended May 30, 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025. Financial Highlights   (in thousands except per share amounts and percentages)   Fourth Quarter Fiscal Year   2026   2025   $ Change   % Change 2026   2025   $ Change   % Change Net sales $ 552,581     $ 1,103,658     $ (551,077 )   (49.9 ) % $ 2,911,632     $ 4,261,885     $ (1,350,253 )   (31.7 ) % Gross profit $ 34,066     $ 531,510     $ (497,444 )   (93.6 ) % $ 672,049     $ 1,850,885     $ (1,178,836 )   (63.7 ) % Operating income (loss) $ (58,811 )   $ 435,851     $ (494,662 )   (113.5 ) % $ 350,186     $ 1,536,539     $ (1,186,353 )   (77.2 ) % Net income attributable to Cal-Maine Foods, Inc. $ (35,876 )   $ 342,475     $ (378,351 )   (110.5 ) % $ 316,682     $ 1,220,048     $ (903,366 )   (74.0 ) % Income (loss) per share - diluted $ (0.76 )   $ 7.01     $ (7.77 )   (110.8 ) % $ 6.63     $ 24.95     $ (18.32 )   (73.4 ) %                                                               Strategic Execution Highlights Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time In the fourth quarter of fiscal 2026: Prepared Foods accounted for 10.9% of net sales Combined, Specialty Shell Eggs and Prepared Foods increased to 53.0% of net sales In fiscal 2026: Prepared Foods accounted for 8.4% of net sales Combined, Specialty Shell Eggs and Prepared Foods grew to 44.4% of net sales Acquired certain assets of Creighton Brothers LLC and its affiliates, intended to further enhance vertically integrated operating model and strengthen connectivity across shell egg and prepared foods value chain Acquired the Van’s® brand, aimed at accelerating strategic evolution into value-added, consumer-facing prepared foods and further diversifying earnings profile Subsequent to fiscal year-end: Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its specialty shell egg category penetration across one of the nation’s largest, highest-income consumer markets Announced new $54 million investment to further expand Prepared Foods production capacity: Expected to add approximately 30% incremental production capacity beginning in the first half of fiscal 2028 Builds on previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth Prepared Foods production capacity projected to increase by over 60% from the end of fiscal 2026 through the first half of fiscal 2028 Commentary Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Fiscal 2026, culminating in a particularly challenging fourth quarter, reinforced the importance of our strategy to enhance the structural mix of our business, expand our portfolio of products that support more stable and predictable financial performance, and reposition our pricing structure by reducing the impact of market-based pricing. Equally important has been maintaining a strong balance sheet, which provides the financial flexibility to navigate market cyclicality while supporting our long-term strategic priorities. “During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels. This dynamic was largely supply-driven rather than demand-driven, and we continue to see favorable long-term demand fundamentals across our end markets. The sustained trough pricing environment in the quarter provides a valuable stress-case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature. “We are proud of the progress we have made this year executing our strategy. We are advancing our Prepared Foods network optimization and expansion initiatives on schedule, driving improved operating performance and sequential margin improvement in the quarter. We delivered Specialty Shell Egg volume growth for the full fiscal year with broad-based gains across subcategories. Notably, Specialty Shell Eggs plus Prepared Foods represented more than half of our net sales for the fourth quarter of fiscal 2026.” New Reportable Operating Segments Cal-Maine Foods previously operated as one operating and one reportable segment. Effective in the fourth quarter of fiscal 2026, the company implemented a new operating segment structure designed to better align with how management reviews operating results and makes decisions about resource allocation and strategic initiatives. Cal-Maine Foods’ reportable operating segments now consist of the following: Conventional Shell Eggs Specialty Shell Eggs Prepared Foods Cal-Maine Foods’ remaining operations, which include co-pack shell eggs, egg products, hard-cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard. All prior fiscal year periods have been recast to reflect the new reportable segments, and such recast information is included in the schedules accompanying this release. Segment Results Summary   Segment Sales   (in thousands except percentages)   Fourth Quarter Fiscal Year   2026   2025   Volume Change   Avg. Price Change 2026   2025   Volume Change   Avg. Price Change Conventional Shell Eggs $ 210,765     $ 702,069     3.1   %   (70.9 ) % $ 1,348,076     $ 2,755,859     (0.3 ) %   (50.9 ) % Specialty Shell Eggs   239,731       305,142     (5.9 ) %   (16.5 ) %   1,070,458       1,154,951     2.4   %   (9.5 ) % Prepared Foods   60,403       1,565     N.M.   %   N.M.   %   244,802       4,050     N.M.   %   N.M.   % Total Reportable Segments $ 510,899     $ 1,008,776               $ 2,663,336     $ 3,914,860                                                                     N.M. – Not Meaningful   Operating Income (Loss)   (in thousands except percentages)   Fourth Quarter Fiscal Year               Operating Margin             Operating Margin   2026   2025   2026   2025 2026   2025   2026   2025 Conventional Shell Eggs $ (40,587 )   $ 370,499     (19.3 ) %   52.8   % $ 216,641     $ 1,290,003     16.1   %   46.8   % Specialty Shell Eggs   17,538       87,129     7.3   %   28.6   %   181,544       333,602     17.0   %   28.9   % Prepared Foods   8,820       (647 )   14.6   %   (41.3 ) %   33,882       (2,119 )   13.8   %   (52.3 ) % Total Reportable Segments $ (14,229 )   $ 456,981     (2.8 ) %   45.3   % $ 432,067     $ 1,621,486     16.2   %   41.4   % Other - Segment Income (Loss)   (7,394 )     25,535     N/A       N/A       19,044       42,091     N/A       N/A     Unallocated Corporate SG&A   (37,897 )     (45,923 )   N/A       N/A       (108,353 )     (127,141 )   N/A       N/A     Gain (Loss) on Involuntary Conversion   851       —     N/A       N/A       8,819       (156 )   N/A       N/A     Gain (Loss) Disposal of Fixed Assets   (142 )     (742 )   N/A       N/A       (1,391 )     259     N/A       N/A     Operating Income (Loss) $ (58,811 )   $ 435,851     (10.6 ) %   39.5   % $ 350,186     $ 1,536,539     12.0   %   36.1   %                                                 N/A – Not Applicable Conventional Shell Eggs Fourth quarter and full-year performance reflected an egg pricing environment that deteriorated throughout fiscal 2026, with egg prices reaching historically low inflation-adjusted levels in the fourth quarter and remaining well below the record-high prices of the prior fiscal year. Market conditions were driven by elevated supply, resulting in low pricing. During fiscal 2026, supply increased to levels that left the market abundantly supplied, a sharp contrast to the severe shortages experienced in the prior fiscal year. In addition, the fourth and first fiscal quarters are typically the seasonally lowest periods for pricing, even under more normal supply conditions. These headwinds were partially offset by the benefits of existing grain-based and hybrid pricing arrangements with certain customers and rigorous commercial execution. Volume increased 3.1% in the fourth quarter and was relatively flat for the fiscal year, indicating that lower results were driven by pricing rather than demand. Average selling price per dozen decreased 70.9% in the fourth quarter and 50.9% for the fiscal year. Margins declined due to substantially lower pricing, partially offset by improved price realization relative to both the prior-year fourth quarter and preceding quarter. Specialty Shell Eggs Fourth quarter volumes were more consistent with historical seasonal patterns, underlying demand, and typical pricing relationships across adjacent categories. Volumes decreased 5.9% in the fourth quarter primarily due to an unusually strong prior-year comparison, which benefited from temporary demand acceleration driven by an atypical pricing relationship with conventional shell eggs. The average selling price per dozen for the fourth quarter decreased 16.5%, driven by supply-side dynamics. As a result, the quarter reflects a seasonal reversion from an exceptionally strong prior-year period, while the broader segment continues to benefit from stable long-term pricing and favorable demand fundamentals. For the fiscal year, volume increased 2.4% despite more typical pricing dynamics, an encouraging result that reflects resilient consumer demand and the strength of the company’s commercial execution. The average selling price per dozen for the fiscal year decreased 9.5%. Margins declined in both the fourth quarter and fiscal year, primarily due to pricing that remained below the elevated prior-year levels and lower volumes in the fourth quarter. Prepared Foods For the fourth quarter, results reflected continued execution of previously announced network optimization and expansion initiatives. As these initiatives advanced on schedule, higher production improved utilization and fixed-cost absorption, driving stronger operating performance and sequential margin improvement. Sales prices and volume increased compared to the third quarter of fiscal 2026. The integration of Van’s® progressed in line with expectations, with early results demonstrating strong performance. The Crepini® joint venture continued to exhibit robust growth momentum, reinforcing the company’s ability to scale high-performing brands and products. Outlook Mr. Miller commented, "Looking ahead, we believe we are increasingly well positioned as market conditions improve, particularly as we move beyond our first quarter. During the first five weeks of our first quarter, Urner Barry reported that market prices averaged just $0.72, approximately 54% below the comparable period in our fourth quarter. More recently, Urner Barry has reported that pricing has strengthened, increasing by more than 90% in only a few weeks. Early indications point to improving supply-demand balance, supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period. “More importantly, we believe the strategy we have been executing is beginning to gain traction. A key component of this strategy is expanding our presence in categories with attractive long-term growth opportunities and strong market positioning. “We are excited about the expansion of our Eggland’s Best® franchise territory in the Northeast, which provides us with the right to distribute and sell Eggland’s Best® and Land O’Lakes® branded eggs in Maine, Massachusetts, New Hampshire, Rhode Island, and select key areas in Vermont, New York, and Connecticut. This expansion is expected to increase our Specialty Shell Egg volume by approximately 5% annually, and further strengthens our position in an important growth market. “We are also advancing our long-term growth strategy with a new $54 million investment to further expand our Prepared Foods production capacity. This investment will add approximately 30% incremental production beginning in the first half of fiscal 2028, strengthening our business with a more durable, predictable, and diversified revenue and earnings profile. Together with our previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth, Prepared Foods production capacity will increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028. “We are still in the early stages of our evolution, with substantial runway to grow our value-added businesses through both organic expansion and targeted acquisitions. As our portfolio continues to mature, we expect a greater share of earnings to come from higher-quality, less cyclical sources, creating a more consistent earnings profile and positioning the company for sustainable growth and long-term shareholder value creation.” Share Repurchase Update Cal-Maine Foods repurchased 396,083 shares of its common stock under the company’s current share repurchase authorization during the fourth quarter for a total of $30.1 million. The repurchase program permits the company to repurchase up to $500 million, of which $320.7 million remains available. Dividend Payment Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend for the fourth quarter and will not pay a dividend for a subsequent profitable quarter until the company is profitable on a cumulative basis computed from the date of the last quarter in which a dividend was paid. As of May 30, 2026, the total cumulative loss to be recovered before payment of any future dividends under our variable dividend policy was $35.9 million. Conference Call and Webcast Management will host a conference call and webcast at 9:00 a.m. ET on July 22, 2026. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations . To join by telephone, participants can register here . Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations . About Cal-Maine Foods Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day. The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best® , Land O’Lakes® , Farmhouse Eggs® , 4Grain® , Sunups® , Sunny Meadow® , MeadowCreek Foods® , Van’s® , and Crepini® . Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders. Forward Looking Statements Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-Q and Current Reports on Form 8-K), (ii) changes in wholesale shell egg market prices, (iii) changes in the demand for shell eggs and our prepared foods offerings, (iv) increases in feed costs for our shell egg operations as well as increases in input costs for prepared foods, (v) our ability to predict and meet demand for cage-free and other specialty shell eggs, (vi) the risks and hazards inherent in shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (vii) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (viii) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (ix) our ability to produce, supply and distribute shell eggs and prepared foods efficiently and reliably, (x) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (xi) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations, (xii) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xiii) the loss or expiration of any registered trademarks or other intellectual property that we use in our business, (xiv) adverse results in pending litigation and other legal matters, and (xv) global instability, including as a result of geopolitical conflicts and other uncertainties. The Company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise. CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands, except per share amounts) SUMMARY STATEMENTS OF INCOME               13 Weeks Ended   52 Weeks Ended     May 30, 2026   May 31, 2025   May 30, 2026   May 31, 2025 Net sales   $ 552,581     $ 1,103,658     $ 2,911,632     $ 4,261,885   Cost of sales     518,515       572,148       2,239,583       2,411,000   Gross profit     34,066       531,510       672,049       1,850,885   Selling, general and administrative     93,586       94,917       329,291       314,449   (Gain) loss on involuntary conversions     (851 )     —       (8,819 )     156   (Gain) loss on disposal of fixed assets     142       742       1,391       (259 ) Operating income (loss)     (58,811 )     435,851       350,186       1,536,539   Other income, net     12,285       17,348       60,818       66,603   Income (loss) before income taxes     (46,526 )     453,199       411,004       1,603,142   Income tax expense (benefit)     (11,486 )     111,069       92,892       384,910   Net income (loss)     (35,040 )     342,130       318,112       1,218,232   Less: Income (loss) attributable to noncontrolling interest     836       (345 )     1,430       (1,816 ) Net income (loss) attributable to Cal-Maine Foods, Inc.   $ (35,876 )   $ 342,475     $ 316,682     $ 1,220,048                             Net income (loss) per common share:                         Basic   $ (0.76 )   $ 7.03     $ 6.65     $ 25.04   Diluted   $ (0.76 )   $ 7.01     $ 6.63     $ 24.95   Weighted average shares outstanding:                         Basic     47,000       48,696       47,650       48,719   Diluted     47,000       48,821       47,781       48,891                                     CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) SUMMARY BALANCE SHEETS                   May 30, 2026   May 31, 2025 ASSETS                 Cash and short-term investments   $ 924,057     $ 1,392,100   Receivables, net     264,431       272,361   Inventories, net     375,265       295,670   Prepaid expenses and other current assets     17,789       7,979   Current assets     1,581,542       1,968,110                     Property, plant and equipment, net     1,318,335       1,026,684   Other noncurrent assets     207,693       89,825   Total assets   $ 3,107,570     $ 3,084,619                     LIABILITIES AND STOCKHOLDERS' EQUITY                 Accounts payable and accrued expenses   $ 205,516     $ 194,208   Dividends payable     —       114,163   Current liabilities     205,516       308,371                     Deferred income taxes and other liabilities     261,522       210,233   Stockholders' equity     2,640,532       2,566,015   Total liabilities and stockholders' equity   $ 3,107,570     $ 3,084,619                     CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) SUMMARY SEGMENT INCOME   Conventional Shell Eggs                               Fiscal Year 2026   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 486,523     $ 350,452     $ 271,556     $ 201,026   Intersegment sales   11,910       10,035       6,835       9,739   Total segment sales   498,433       360,487       278,391       210,765   Segment COGS   312,205       273,170       240,567       233,237   Segment SG&A   17,992       17,495       18,654       18,115   Segment operating income $ 168,236     $ 69,822     $ 19,170     $ (40,587 )                               Fiscal Year 2025   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 462,018     $ 588,004     $ 964,061     $ 689,419   Intersegment sales   10,332       12,735       16,640       12,650   Total segment sales   472,350       600,739       980,701       702,069   Segment COGS   308,879       342,667       428,040       313,626   Segment SG&A   17,956       18,221       18,523       17,944   Segment operating income $ 145,515     $ 239,851     $ 534,138     $ 370,499                                 Fiscal Year 2024   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 214,773     $ 266,782     $ 392,199     $ 353,149   Intersegment sales   5,441       4,454       5,476       5,018   Total segment sales   220,214       271,236       397,675       358,167   Segment COGS   228,197       239,499       263,730       238,605   Segment SG&A   16,673       15,893       15,710       15,284   Segment operating income $ (24,656 )   $ 15,844     $ 118,235     $ 104,278                                   CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) SUMMARY SEGMENT INCOME     Specialty Shell Eggs                                   Fiscal Year 2026   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 269,579     $ 271,941     $ 275,254     $ 232,454   Intersegment sales   6,011       4,806       3,136       7,277   Total segment sales   275,590       276,747       278,390       239,731   Segment COGS   184,575       186,830       210,693       195,822   Segment SG&A   26,819       28,263       29,541       26,371   Segment operating income $ 64,196     $ 61,654     $ 38,156     $ 17,538                                     Fiscal Year 2025   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 241,620     $ 272,233     $ 314,590     $ 298,158   Intersegment sales   6,086       5,554       9,726       6,984   Total segment sales   247,706       277,787       324,316       305,142   Segment COGS   168,890       179,280       178,985       190,256   Segment SG&A   24,923       27,737       23,521       27,757   Segment operating income $ 53,893     $ 70,770     $ 121,810     $ 87,129                                     Fiscal Year 2024   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 193,674     $ 203,503     $ 243,273     $ 222,847   Intersegment sales   2,683       2,199       2,721       2,719   Total segment sales   196,357       205,702       245,994       225,566   Segment COGS   157,112       157,392       170,152       163,580   Segment SG&A   20,263       20,904       24,119       23,902   Segment operating income $ 18,982     $ 27,406     $ 51,723     $ 38,084                                   CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) SUMMARY SEGMENT INCOME   Prepared Foods                             Fiscal Year 2026   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ 72,368     $ 60,012     $ 52,019     $ 60,403   Intersegment sales   —       —       —       —   Total segment sales   72,368       60,012       52,019       60,403   Segment COGS   53,471       45,218       42,978       43,703   Segment SG&A   5,676       5,784       6,210       7,880   Segment operating income $ 13,221     $ 9,010     $ 2,831     $ 8,820                               Fiscal Year 2025   1st Qtr   2nd Qtr   3rd Qtr   4th Qtr Net sales - external customers $ —     $ 1,024     $ 1,461     $ 1,565   Intersegment sales   —       —       —       —   Total segment sales   —       1,024       1,461       1,565   Segment COGS   —       1,303       1,609       1,599   Segment SG&A   —       460       585       613   Segment operating income $ —     $ (739 )   $ (733 )   $ (647 )                                 Contacts Investors: [email protected] Media: [email protected] Telephone: (601) 948-6813

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