Conagra Brands

Conagra Brands makes and sells branded packaged foods in North America. Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip, Slim Jim and Angie's BOOMCHICKAPOP. It has four segments: Grocery & Snacks, Refrigerated & Frozen, International and Foodservice. Net sales were $11.3 billion in fiscal 2026, which ended on May 31, 2026.

Conagra also owns part of Ardent Mills, a flour milling joint venture, and reports its share of the profit as equity earnings. In the first quarter of fiscal 2026, it sold its Chef Boyardee business and some frozen seafood brands and used the money to repay debt. John Brase became President and CEO on June 1, 2026.

The market prices Conagra for falling volumes and high debt. Organic net sales fell 1.1% in Q1 fiscal 2027, with volume down 2.1%, and the company expects organic net sales to fall 1% to 3% in fiscal 2027. Cost inflation lowered the adjusted gross margin to 23.8%. Net leverage was 3.99 times at August 30, 2026, and in July 2026 the new CEO cut the annual dividend to $0.70 per share from $1.40.

In Q4 fiscal 2026, Conagra recorded $2.0 billion of non-cash goodwill and brand impairments because of the fall in its share price and market value. For the gap to close, three things must be true. Volumes must stop falling as the company spends more on advertising and on its brands. The adjusted operating margin must stay within the fiscal 2027 guidance of 10.0% to 10.5%, and then grow.

Net leverage must start to fall from about 4.0 times as free cash flow conversion stays above 90%. The Q2 fiscal 2027 report, estimated for about December 30, 2026, shows the holiday quarter. The fiscal 2027 results and the fiscal 2028 outlook in July 2027 are the larger test of the new plan. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a longer decline in demand for its grocery and frozen brands, which more advertising may not stop.

1. Dec 30, 2026 · est.Pending

   Q2 fiscal 2027 earnings: volumes and marginOrganic net sales within the full year range of minus 3% to minus 1% and an adjusted operating margin near the 10.0% to 10.5% guidance pass; a guidance cut or a larger volume decline fail.
2. Jul 2027 · est.Pending

   Fiscal 2027 results and fiscal 2028 outlookNet leverage at or below about 4.0 times and an outlook for stable or growing organic net sales pass; higher leverage or another dividend cut fail.

Every passed and failed checkpoint across all picks

• September 30, 2026Conagra reported Q1 fiscal 2027 results. Net sales fell 1.4% to $2.6 billion, and organic net sales fell 1.1%, with volume down 2.1% and price and mix up 1.0%. Adjusted EPS rose 5.1% to $0.41, helped by higher earnings from Ardent Mills. Free cash flow was negative $128 million because of lower operating profit and litigation payments. Conagra reaffirmed its fiscal 2027 guidance of adjusted EPS of $1.40 to $1.50. The CEO also said that Conagra started a full review of its product range to remove weak products, and that it stopped making Celeste frozen pizza.
• July 28, 2026Conagra completed an offering of $500 million of 5.400% senior notes due August 1, 2031. On the same day, it said that Thomas McGough, Chief Operating Officer, will retire no later than September 4, 2026, and that it will eliminate the position.
• July 15, 2026Conagra reported Q4 and full year fiscal 2026 results. Full year adjusted EPS was $1.72, and organic net sales fell 0.4%. In Q4, it recorded $2.0 billion of non-cash goodwill and brand impairment charges, which caused a loss of $3.37 per share. Guidance for fiscal 2027 is an organic net sales change of minus 3% to minus 1% and adjusted EPS of $1.40 to $1.50. The board cut the dividend to an annual rate of $0.70 per share.

Last earnings

September 30, 2026 (8-K on sec.gov)

Next earnings

Expected about December 30, 2026. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Aug 30, 2026Filed September 30, 2026 · tmb-20260830x10q
• 8-KEarnings releaseFiled September 30, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled September 28, 2026 · tmb-20260923x8k
• 8-KNew material agreement and New debt or financial obligationFiled July 28, 2026 · tmb-20260728x8k
• 8-KChange of directors or officersFiled July 28, 2026 · tmb-20260724x8k
• 10-KAnnual report for the period ended May 31, 2026Filed July 15, 2026 · tmb-20260531x10k
• 8-KEarnings releaseFiled July 15, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled June 23, 2026 · tmb-20260622x8k
• 8-KChange to shareholder rights or bylawsFiled May 7, 2026 · tmb-20260505x8k
• 8-KChange of directors or officers and Investor disclosureFiled April 13, 2026 · tmb-20260408x8k

Every filing on SEC EDGAR (CIK 23217)

• Volumes fell 2.1% in Q1 fiscal 2027, and Grocery & Snacks volume fell 5.4%. The company expects organic net sales to fall again in fiscal 2027. If more advertising and brand spending do not stop the decline, profit and cash flow fall further.
• Net leverage was 3.99 times at August 30, 2026. The revolving credit facility requires funded net debt to EBITDA of no more than 4.5 times. A further fall in EBITDA leaves less room under this limit and can force more cuts to spending or the dividend.
• Cost of goods sold inflation lowered the adjusted gross margin by 62 basis points to 23.8% in Q1 fiscal 2027. Higher costs for ingredients, packaging, labor or tariffs can lower margins if Conagra cannot raise prices.
• Conagra faces product liability claims about Pam and other cooking sprays. It paid $141.1 million in fiscal 2026 and $44.3 million in Q1 fiscal 2027, and a jury entered a $25 million verdict against it in Q3 fiscal 2026. It also faces lawsuits about ultra-processed foods.

Conagra funds itself with senior notes and commercial paper, backed by a $2.0 billion revolving credit facility that matures on June 27, 2030. At August 30, 2026, total debt was $7.76 billion: $6.94 billion of senior long-term debt, $787.5 million of current installments and $32.5 million of notes payable. Read more

Yield at the current rate

4.7% (current annual rate, at today’s price)

Dividend yield

7.1% (last 12 months, at today’s price of $14.83)

Paid per share

$1.05 in the last 12 months (4 payments)

Current annual rate

$0.70 ($0.175 × 4 a year)

Latest ex-dividend date

November 5, 2026, $0.175 per share

Special payment or a cut. The last 12 months paid at least 25% more than the current annual rate. The company may have paid a special dividend, or it may have cut its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.9% a year. From 2015 to 2025, the dividend grew by about 6.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.