Conagra Brands, Inc.

conagrabrands.com

What Do They Do?

Sells branded packaged foods to retail customers and branded or customized meals, sauces, and culinary products to restaurants and other foodservice businesses.

How Do They Make Money?

Frozen foods are sold to retailers, alongside other packaged foods and foodservice products; customers pay on short-term terms after delivery, with sales made directly or through brokers and distributors.

revenue

Segment	Share	How money arrives
Frozen Sold outright	35% FY2023: 35%	Sold outright
Other Shelf-stable Sold outright	21% FY2023: 23%	Sold outright
Refrigerated Sold outright	6.4% FY2023: 7.1%	Sold outright
Snacks Sold outright	20% FY2023: 17%	Sold outright
International Sold outright	8.1% FY2023: 8.2%	Sold outright
Foodservice Sold outright	9.9% FY2023: 9.3%	Sold outright

Who Are Their Customers?

Retailers and foodservice customers buy directly or through distributors; online sales run through e-commerce platforms and retailers.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2024: 28% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $1.9B in FY2026, but brought in more cash than it spent: $978.7M of free cash flow.

Operating income, FY2026

−14% of revenue

▼ Now a loss vs FY2025 ($1.4B, 12%)

Net income, FY2026

−17% of revenue

▼ Now a loss vs FY2025 ($1.2B, 10%)

Free cash flow, FY2026

9% of revenue

▼ −25% vs FY2025 ($1.3B, 11%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Aug 30, 2026

Revenue: ▼ −1%; vs $2.6B in Q1 FY2026
Net income: ▲ +6%; vs $164.5M in Q1 FY2026

Frozen share of revenue vs 34.1% in Q1 FY2026

Flat. Revenue was $11.3B in FY2026, about the same as the $11.5B of FY2022.

Revenue over time

Frozen Other Shelf-stable Refrigerated Snacks International Foodservice

$20B$10B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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