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Press Release
Cal-Maine Foods Reports Second Quarter Fiscal 2026 Results
RIDGELAND, Miss., Jan. 7, 2026 – 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 fiscal 2026 second quarter, ended November 29,
2025. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.
Strategic Execution Highlights
●
Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and
predictability over time
o
In the second quarter of fiscal 2026
◾
Shell egg sales represented 84.4% of total net sales, down 1,030 basis points
◾
Specialty eggs drove a greater portion of shell egg sales, accounting for 44.0% of total
shell egg sales, up 1,230 basis points
◾
Specialty eggs and prepared foods combined accounted for 46.4% of net sales, up 1,520
basis points
◾
Announced a $36 million investment to centralize and expand prepared foods production,
increasing capacity by over 30% in the next two years to support long-term growth in
high-protein, ready-to-eat products
◾
Acquired Clean Egg, LLC production assets expanding specialty, free-range egg capacity
to support local sourcing, capture accelerating market growth, and optimize supply chain
o
In the first half of fiscal 2026
◾
Shell egg sales represented 85.0% of total net sales, down 950 basis points
◾
Specialty eggs drove a greater portion of shell egg sales, accounting for 39.6% of total
shell egg sales, up 660 basis points
◾
Specialty eggs and prepared foods combined accounted for 42.8% of net sales, up 1,040
basis points
Second Quarter Fiscal 2026 Highlights
●
Net sales of $769.5 million, down 19.4%
o
Shell egg sales of $649.6 million, down 28.1%
◾
Conventional egg sales of $363.9 million, down 41.0%
◾
Specialty egg sales of $285.7 million, down 0.4%
◾
Breeder flocks grew 12.7%, total chicks hatched rose 65.1%, and the average number of
layer hens expanded 2.6%
o
Prepared foods sales of $71.7 million versus $10.4 million, up 586.4%
◾
Sales down 14.5% sequentially due to short-term production decline during Echo Lake
remodeling and expansion projects
●
Gross profit of $207.4 million, down 41.8%, and gross profit margin of 27.0%
●
Operating income of $123.9 million, down 55.5%, and operating income margin of 16.1%
●
Net income attributable to Cal-Maine Foods of $102.8 million, down 53.1%
●
Diluted earnings per share of $2.13, down 52.3%
●
Net cash flow from operations of $94.8 million, down 22.8%
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●
Cash dividend of approximately $34.3 million, or approximately $0.72 per share, pursuant to the
company’s established dividend policy
First Half of Fiscal 2026 Highlights
●
Net sales of $1.692 billion, down 2.8%
o
Shell egg sales of $1.439 billion, down 12.5%
◾
Conventional egg sales of $869.8 million, down 21.0%
◾
Specialty egg sales of $569.2 million, up 4.7%
◾
Breeder flocks grew 21.6%, total chicks hatched rose 71.0%, and the average number of
layer hens expanded 6.0%
●
Prepared foods sales of $155.6 million versus $19.4 million, up 702.9%
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Gross profit of $518.7 million, down 14.0%, and gross profit margin of 30.7%
●
Operating income of $373.1 million, down 19.8%, and operating income margin of 22.1%
●
Net income attributable to Cal-Maine Foods of $302.1 million, down 18.1%
●
Diluted earnings per share of $6.26, down 17.0%
●
Net cash flow from operations of $373.4 million, up 55.5%
Commentary
“Despite the impact of eggs prices, we believe our performance in the second quarter and first half of the
fiscal year demonstrates strength and momentum. We delivered solid results compared to a prior year
marked by supply-demand imbalances and historic price levels. With lower egg prices, our increasingly
diversified business model, paired with disciplined execution, proved to be a source of resilience. In our
view, this positions us as a rare combination of value and growth —an advantage poised to strengthen over
time,” said Sherman Miller, president and chief executive officer of Cal-Maine Foods.
He continued, “Our specialty egg business maintained strong prices and volumes in the quarter and achieved
higher sales dollars and volume in the first half of the fiscal year. With our recently announced expansions,
we are positioning our prepared foods business to deliver sustained double -digit volume growth.”
“We expect the ongoing sales mix shift across our portfolio, visible throughout the first half of the fiscal
year, will enhance the durability and predictability of our earnings over time. This reflects the deliberate
execution of our long -term strategy, and our results reinforce the strength of that approach as we continue
to deliver operational and financial excellence,” Mr. Miller said.
Second Quarter Fiscal 2026 Results Overview
Net sales were $769.5 million, compared to $954.7 million, down 19.4%.
Total shell egg sales decreased 28.1%, with 26.5% lower selling prices and 2.2% lower sales volume.
Conventional egg sales decreased 41.0%, with 38.8% lower selling prices and 3.6% lower sales volume.
Specialty egg sales decreased 0.4%, with 0.8% lower selling prices and 0.3% higher sales volume. Prepared
foods sales were $71.7 million, compared to $10.4 million in fiscal 2025 second quarter, up 586.4%, and
compared to $83.9 million in fiscal 2026 first quarter, down 14.5%. Echo Lake Foods contributed $56.6
million in sales in fiscal 2026 second quarter, compared to $70.5 million in sales in fiscal 2026 first quarter.
Gross profit was $207.4 million, compared to $356.0 million, down 41.8%, primarily driven by 26.5% lower
shell egg selling prices and 2.2% lower shell egg sales volume, partially offset by lower egg prices for
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outside purchases and a 3% increase in percent produced to sold, as well as contributions from prepared
foods.
First Half of Fiscal 2026 Results Overview
Net sales were $1.692 billion, compared to $1.741 billion, down 2.8%.
Total shell egg sales decreased 12.5%, with 0.1% higher sales volume and 12.6% lower selling prices.
Conventional egg sales decreased 21.0%, with 19.4% lower selling prices and 2.0% lower sales volume.
Specialty egg sales increased 4.7%, with 3.8% higher sales volume and 0.8% higher selling prices. Prepared
foods sales were $155.6 million, compared to $19.4 million, up 702.9%. Echo Lake Foods contributed
$127.1 million in sales.
Gross profit was $518.7 million, compared to $603.3 million, down 14.0%, primarily driven by 12.6% lower
shell egg selling prices, offset partially by a decrease in the price and volume of outside egg purchases, as
dozens produced increased 3.1%, as well as contributions from prepared foods.
Looking Forward
“Cal-Maine is systematically advancing a structural upgrade in the egg category from a position of strength.
While the market has long viewed us as a pure commodity business, we are focused on becoming a higher-
value, more stable earnings platform as consumer demand shifts toward specialty, premium, and convenient
protein solutions. Our core shell-egg business provides a durable foundation, while specialty eggs, more
hybrid pricing arrangements, and prepared foods are driving sales mix improvement, deeper customer
engagement, and a higher earnings floor with more predictable and resilient results. This is not a pivot—it
is a disciplined evolution of an essential food business into a more diversified platform with multiple growth
engines and opportunity for improved long-term earnings visibility,” Mr. Miller concluded.
Share Repurchase Update
Cal-Maine Foods repurchased 846,037 shares of its common stock during the quarter for a total of $74.8
million. These transactions were completed under the company’s current share repurchase authorization,
which permits the repurchase of up to $500 million, of which $375.2 million remains available.
Dividend Payment
For the second quarter of fiscal 2026, Cal-Maine Foods will pay a cash dividend of approximately $0.72
per share to holders of its common stock, pursuant to the company’s variable dividend policy. The dividend
is payable on February 12, 2026, to holders of record on January 28, 2026. The final amount paid per share
will be based on the number of outstanding shares on the record date.
Conference Call and Webcast
Management will host a conference call and webcast at 9:00 a.m. ET on January 7, 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
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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
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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®, 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 A of the Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K), (ii) the risks and hazards inherent in the 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 November 2023 and that first
impacted our flocks in December 2023, (iii) changes in the demand for and market prices of shell eggs and
feed costs as well as increase in input costs for prepared foods, (iv) our ability to predict and meet demand
for cage-free and other specialty eggs, (v) 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,
(vi) 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, (vii) our ability to compete effectively with existing and new market entrants, retain existing
customers, acquire new customers and grow our product mix including our prepared foods product
offerings, (viii) the impacts and potential future impacts of government, customer and consumer reactions
to recent high market prices for eggs, (ix) potential impacts to our business as a result of our Company
ceasing to be a “controlled company” under the rules of The Nasdaq Stock Market on April 14, 2025, (x)
risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse results
in pending litigation and other legal matters, and (xii) global instability, including as a result of the war in
Ukraine, the conflicts involving Israel and Iran, and attacks on shipping in the Red Sea. The Company’s
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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.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
SUMMARY STATEMENTS OF INCOME
13 Weeks Ended
26 Weeks Ended
November 29, 2025
November 30, 2024
November 29, 2025
November 30, 2024
Net sales
$
769,498
$
954,671
$
1,692,100
$
1,740,542
Cost of sales
562,112
598,629
1,173,400
1,137,282
Gross profit
207,386
356,042
518,700
603,260
Selling, general and administrative
82,887
77,633
152,401
139,565
(Gain) Loss on involuntary conversions
-
10
(7,488)
156
(Gain) loss on disposal of fixed assets
630
338
734
(1,479)
Operating income
123,869
278,061
373,053
465,018
Other income, net
12,210
10,900
26,291
21,896
Income before income taxes
136,079
288,961
399,344
486,914
Income tax expense
33,152
70,602
97,310
118,965
Net income
102,927
218,359
302,034
367,949
Less: Income (loss) attributable to
noncontrolling interest
168
(705)
(65)
(1,091)
Net income attributable to Cal-Maine
Foods, Inc.
$
102,759
$
219,064
$
302,099
$
369,040
Net income per common share:
Basic
$
2.14
$
4.49
$
6.27
$
7.57
Diluted
$
2.13
$
4.47
$
6.26
$
7.54
Weighted average shares outstanding:
Basic
48,019
48,765
48,150
48,762
Diluted
48,167
48,970
48,295
48,953
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
SUMMARY BALANCE SHEETS
November 29, 2025
May 31, 2025
ASSETS
Cash and short-term investments
$
1,138,988
$
1,392,100
Receivables, net
262,369
272,361
Inventories, net
340,588
295,670
Prepaid expenses and other current assets
12,473
7,979
Current assets
1,754,418
1,968,110
Property, plant and equipment, net
1,218,654
1,026,684
Other noncurrent assets
170,992
89,825
Total assets
$
3,144,064
$
3,084,619
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
184,545
$
194,208
Dividends payable
34,283
114,163
Current liabilities
218,828
308,371
Deferred income taxes and other liabilities
227,470
210,233
Stockholders' equity
2,697,766
2,566,015
Total liabilities and stockholders' equity
$
3,144,064
$
3,084,619
Contacts
Investors: ir@cmfoods.com
Media: media@cmfoods.com
Telephone: (601) 948-6813