Press Release
Cal-Maine Foods Reports First Quarter Fiscal 2027 Results
RIDGELAND, Miss., September 30, 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 first quarter ended August 29, 2026. Unless
otherwise indicated, all comparisons are to the comparable period of fiscal 2026.
Financial Highlights
(in thousands except per share amounts and percentages)
First Quarter
2027
2026
$ Change
% Change
Net sales
$
539,607
$
922,602
$
(382,995)
(41.5)
%
Gross profit
$
403
$
311,314
$
(310,911)
(99.9)
%
Operating income (loss)
$
(82,165)
$
249,184
$
(331,349)
(133.0)
%
Net income (loss) attributable to Cal-Maine Foods, Inc.
$
(58,615)
$
199,340
$
(257,955)
(129.4)
%
Income (loss) per share - diluted
$
(1.26)
$
4.12
$
(5.38)
(130.6)
%
Strategic Execution Highlights
●
Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and
predictability over time
o
In the first quarter of fiscal 2027:
◾
Prepared Foods accounted for 11.7% of net sales compared to 7.8%
◾
Combined, Specialty Shell Eggs and Prepared Foods increased to 54.1% of net sales
compared to 37.1%
●
Acquired additional
Eggland’s Best®
distribution footprint and increasing its Specialty Shell Eggs category penetration across one of the
nation’s largest, highest-income consumer markets
●
Continued progress on previously announced projects to increase efficiency and production capacity,
which are expected to increase Prepared Foods production capacity more than 60% by the first half of
fiscal 2028, compared to fiscal 2026 year-end
Commentary
Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Our first-quarter results
reflect both the current point in the conventional shell egg cycle and the continued evolution of Cal-Maine
Foods’ earnings model. Conventional Shell Egg pricing remains under pressure from an industry supply
imbalance, while underlying demand remains healthy. At the same time, Specialty Shell Eggs and Prepared
Foods now represent approximately 54% of our net sales, demonstrating the progress we have made in
broadening our business. We remain focused on our foundational Conventional Shell Egg business while
scaling Specialty and Prepared Foods and converting the investments we have made into profitable growth.”
Segment Results Summary
Segment Net Sales
(in thousands except percentages)
First Quarter
2027
2026
Volume
Change
Avg.
Price
Change
Conventional Shell Eggs
$
201,683
$
498,433
(0.7)
%
(59.3)
%
Specialty Shell Eggs
236,932
275,590
(3.8)
%
(10.7)
%
Prepared Foods
62,995
72,368
(19.3)
%
7.9
%
Total Reportable Segments
$
501,610
$
846,391
Operating Income (Loss)
(in thousands except percentages)
First Quarter
Operating Margin
2027
2026
2027
2026
Conventional Shell Eggs
$
(71,045)
$
168,236
(35.2)
%
33.8
%
Specialty Shell Eggs
14,937
64,196
6.3
%
23.3
%
Prepared Foods
7,842
13,221
12.4
%
18.3
%
Total Reportable Segments
$
(48,266)
$
245,653
(9.6)
%
29.0
%
Other - Segment Income (Loss)
(8,374)
12,219
N/A
N/A
Unallocated Corporate SG&A
(24,609)
(16,072)
N/A
N/A
Gain on Involuntary Conversion
—
7,488
N/A
N/A
Loss on Disposal of Fixed Assets
(916)
(104)
N/A
N/A
Operating Income (Loss)
$
(82,165)
$
249,184
(15.2)
%
27.0
%
N/A – Not Applicable
Conventional Shell Eggs
First-quarter performance reflected an abundantly supplied egg market following industry layer flock
repopulation during fiscal 2026. The increase in egg supply, together with the first quarter’s historically
softer seasonal pricing, resulted in substantially lower conventional shell egg prices compared with the prior-
year period.
Conventional Shell Eggs sales decreased 59.5%, primarily reflecting a 59.3% decrease in average selling
price per dozen, while volume remained relatively flat. The effect of lower market prices was partially
mitigated by hybrid and cost-plus pricing arrangements with certain customers. Segment loss was $71.0
million, compared with segment income of $168.2 million in the prior-year period, as lower pricing more
than offset lower outside egg purchase costs.
Specialty Shell Eggs
Specialty Shell Eggs sales decreased 14.0%, reflecting a 10.7% decrease in average selling price per dozen
and a 3.8% decrease in volume. The prior-year period benefited from atypical pricing relationships between
conventional and specialty shell eggs that temporarily accelerated demand for certain specialty shell egg
categories. During the current quarter, lower volumes reflected a more typical demand relationship across
the conventional and specialty shell egg categories.
Segment income was $14.9 million, compared with $64.2 million in the prior-year period, primarily due to
lower selling prices and higher cost per dozen resulting from increased feed and production costs, partially
offset by lower selling, general and administrative expense.
Prepared Foods
Prepared Foods sales decreased 13.0% reflecting a 19.3% decrease in pounds sold, primarily related to
temporary production reductions during capacity expansion and network optimization activities, which was
partially offset by a 7.9% increase in average selling price per pound. Segment income was $7.8 million,
compared with $13.2 million in the prior-year period. We continue to advance our previously announced
production capacity and optimization projects to support future growth and improved operating efficiency.
Outlook
Mr. Miller commented, “Looking ahead, there are two important timing dynamics: when the conventional
shell egg market begins to rebalance and when our investments in Prepared Foods translate into greater
earnings contribution. We cannot precisely predict the first, but we have considerably greater visibility into
the second. Current earnings reflect a difficult point in the commodity cycle while we are simultaneously
investing ahead of growth, and we do not believe that fully reflects the through-cycle earnings power we
are building. With a strong balance sheet, more than 60% planned growth in Prepared Foods capacity
through the first half of fiscal 2028, and continued opportunities across Specialty Shell Eggs, we are well
positioned to invest through the cycle and build a more diversified and durable earnings profile.”
Share Repurchase Update
Cal-Maine Foods repurchased 66,601 shares of its common stock under the company’s current share
repurchase authorization during the first quarter of fiscal 2027 for a total of $5.0 million. The repurchase
program permits the company to repurchase up to $500 million, of which $315.7 million remained available
as of the end of the first quarter of fiscal 2027. Subsequent to the end of the first quarter, Cal-Maine Foods
repurchased 204,888 shares under the repurchase program for $14.9 million.
Dividend Payment
Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend with
respect to the first quarter of fiscal 2027. The company will not pay a dividend for a subsequent profitable
quarter until it is profitable on a cumulative basis computed from the date of the last quarter in which a
dividend was paid. As of August 29, 2026, the cumulative loss to be recovered before payment of any future
dividend under the variable dividend policy was $94.5 million.
Conference Call and Webcast
Management will host a conference call and webcast at 9:00 a.m. ET on September 30, 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, nutritionally enhanced, organic, brown, pasture-raised, and free-range eggs—serving retail,
foodservice and industrial 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) changes in wholesale shell egg market prices, (ii) changes in the
demand for shell eggs and our prepared foods offerings, (iii) increases in feed costs for our shell egg
operations as well as increases in input costs for prepared foods, (iv) our ability to predict and meet demand
for cage-free and other specialty shell eggs, (v) 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, (vi) 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, (vii) 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, (viii) our ability to produce,
supply and distribute shell eggs and prepared foods efficiently and reliably, (ix) 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, (x) the impacts of
government, customer and consumer reactions to high market prices for eggs, including, without limitation,
potential new or expanded government regulations, (xi) risks relating to potential changes in inflation,
interest rates and trade and tariff policies, (xii) the loss or expiration of any registered trademarks or other
intellectual property that we use in our business, (xiii) adverse results in pending litigation and other legal
matters, (xiv) global instability, including as a result of geopolitical conflicts and other uncertainties and
(xv) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as
may be updated by the company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). 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 OPERATIONS
13 Weeks Ended
August 29, 2026
August 30, 2025
Net sales
$
539,607
$
922,602
Cost of sales
539,204
611,288
Gross profit
403
311,314
Selling, general and administrative
81,652
69,514
Gain on involuntary conversions
—
(7,488)
Loss on disposal of fixed assets
916
104
Operating income (loss)
(82,165)
249,184
Other income, net
7,969
14,081
Income (loss) before income taxes
(74,196)
263,265
Income tax expense (benefit)
(17,992)
64,158
Net income (loss)
(56,204)
199,107
Less: Income (loss) attributable to noncontrolling interest
2,411
(233)
Net income (loss) attributable to Cal-Maine Foods, Inc.
$
(58,615)
$
199,340
Net income (loss) per common share:
Basic
$
(1.26)
$
4.13
Diluted
$
(1.26)
$
4.12
Weighted average shares outstanding:
Basic
46,703
48,281
Diluted
46,703
48,424
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
SUMMARY BALANCE SHEETS
August 29, 2026
May 30, 2026
Assets
Cash and short-term investments
$
767,592
$
924,057
Receivables, net
285,232
264,431
Inventories, net
394,690
375,265
Prepaid expenses and other current assets
24,379
17,789
Current assets
1,471,893
1,581,542
Property, plant and equipment, net
1,312,285
1,318,335
Other noncurrent assets
229,201
207,693
Total assets
$
3,013,379
$
3,107,570
Liabilities and stockholders' equity
Accounts payable and accrued expenses
$
191,127
$
205,516
Current liabilities
191,127
205,516
Deferred income taxes and other liabilities
242,305
261,522
Stockholders' equity
2,579,947
2,640,532
Total liabilities and stockholders' equity
$
3,013,379
$
3,107,570
Contacts
Investors: ir@cmfoods.com
Media: media@cmfoods.com
Telephone: (601) 948-6813