Cal-Maine 8-K
NegativeEarningsGuidance
Industry oversupply pushed conventional egg prices to historically low levels, driving a Q4 loss despite higher conventional egg volume.
Filed 2026-07-22 06:07 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2026 results with operating outlook. Industry oversupply pushed conventional egg prices to historically low levels, sharply reducing sales and earnings despite higher Q4 conventional egg volume. Cal-Maine also adopted three reportable segments and expanded its Northeast Eggland’s Best territory, while announcing a $54M Prepared Foods capacity investment.
Key Figures
| Metric | Q4 2026 | Q4 2025 | Y/Y |
|---|---|---|---|
| Net sales | $553M | $1.10B | -49.9% |
| Gross profit | $34.1M | $532M | -93.6% |
| Operating income (loss) | $(58.8)M | $436M | n/m |
| Net income (loss) attributable to Cal-Maine Foods, Inc. | $(35.9)M | $342M | n/m |
| Diluted EPS | $(0.76) | $7.01 | n/m |
| Metric | FY2026 | FY2025 | Y/Y |
|---|---|---|---|
| Net sales | $2.91B | $4.26B | -31.7% |
| Gross profit | $672M | $1.85B | -63.7% |
| Operating income | $350M | $1.54B | -77.2% |
| Net income attributable to Cal-Maine Foods, Inc. | $317M | $1.22B | -74.0% |
| Diluted EPS | $6.63 | $24.95 | -73.4% |
- Q4 conventional shell egg volume rose 3.1% while average selling price per dozen fell 70.9%; FY average price fell 50.9% and volume was relatively flat. Specialty Shell Eggs and Prepared Foods together accounted for 53.0% of Q4 net sales.
- Cash and short-term investments were $924M at 5/30/2026 vs $1.39B a year earlier. Q4 repurchases totaled 396,083 shares for $30.1M; weighted average diluted shares were 47.0M vs 48.8M. The $500M authorization had $320.7M remaining. No Q4 dividend was paid; $35.9M of cumulative losses must be recovered before future dividends under the policy.
- The Northeast Eggland’s Best franchise territory acquisition is expected to broaden specialty-egg distribution. The company announced a $54M Prepared Foods capacity investment.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Specialty Shell Egg volume from Northeast territory | Annually | ≈5% increase | — | — |
| Prepared Foods production capacity, incremental | Beginning H1 FY2028 | ≈30% increase | — | — |
| Prepared Foods production capacity, total increase | End FY2026 through H1 FY2028 | Over 60% | — | — |
Investor Takeaways
- Watch whether the reported strengthening in egg prices continues into the seasonally stronger fall period; sustained improvement would support recovery from the quarter’s supply-driven pricing trough.
- Track the Prepared Foods capacity ramp and specialty-egg volume growth against the stated outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3