Cal-Maine 8-K

Summary

Q3 FY2026 results with a qualitative prepared-foods outlook. Net sales and earnings fell sharply as conventional egg prices declined, while specialty egg and prepared-foods sales gained share. Cal-Maine expects prepared-foods volumes to recover as capacity comes online and utilization improves; it also acquired certain assets of Creighton Brothers and its affiliates after quarter-end to expand integration across its value chain.

Key Figures

• Q3 gross profit was $119M, down 83.3%, with a 17.9% margin. Conventional egg sales fell 72.1% as selling prices declined 70.1% and volume fell 6.7%; specialty egg sales fell 12.1% as prices declined 16.9%, partly offset by 5.8% volume growth. Prepared-foods sales rose 441.2% to $63.6M, primarily on Echo Lake-driven volume growth.
• Specialty eggs reached 50.5% of shell egg sales, up 2,610 bp; prepared foods were 9.5% of net sales, up 870 bp. Together they represented 52.9% of net sales, up 2,890 bp.
• For the first 39 weeks, net sales were $2.36B (-25.3%), operating income $409M (-62.8%), net income attributable to Cal-Maine Foods $353M (-59.8%), diluted EPS $7.34 (-59.0%) and operating cash flow $477M (-41.2%).
• Repurchased 329,830 shares for $24.3M; $350.8M remained under the $500M authorization. Diluted weighted-average shares were 47.4M, down 3.2% Y/Y. Cash and short-term investments were $1.15B at 2/28/2026 vs $1.39B at 5/31/2025.
• Q3 dividend: ≈$0.36 per share, or ≈$16.8M total, payable 5/14/2026 to holders of record 4/29/2026.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch prepared-foods volume recovery as capacity comes online and utilization improves.
• Egg prices and supply conditions remain key drivers of shell-egg results; Cal-Maine attributed lower wholesale prices to improved supply and more stable retail and foodservice purchasing.
• Integration of the acquired assets will test whether greater internal sourcing and value-chain integration support prepared-foods growth and operating efficiency.