Press Release
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2026 Results
Announces New Segment Reporting Structure, Acquisition of Additional Eggland’s Best® Franchise
Territory, and New Prepared Foods Growth Investment
RIDGELAND, Miss., July 22, 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 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
o
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
o
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®
prepared foods and further diversifying earnings profile
●
Subsequent to fiscal year-end:
o
Acquired additional
Eggland’s Best®
distribution footprint and increasing its specialty shell egg category penetration across one of the
nation’s largest, highest-income consumer markets
o
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®
provides us with the right to distribute and sell
Eggland’s Best®
Land O’Lakes®
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®
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: ir@cmfoods.com
Media: media@cmfoods.com
Telephone: (601) 948-6813