Cal-Maine Foods (NASDAQ: CALM) is a shell egg production company that produces, grades, packages, and sells fresh shell eggs to retail and foodservice customers across the United States. Revenue is transactional, generated by selling shell eggs at wholesale market prices that fluctuate with supply and demand conditions. The company's product mix includes conventional shell eggs and specialty eggs such as cage-free varieties. Customer concentration is high: the top three customers accounted for 49.2% of net sales dollars in fiscal 2025 (fiscal year ended May 31, 2025), with Walmart Inc. (including Sam's Club) alone representing 33.6% of net sales dollars. Net income attributable to Cal-Maine Foods reached $1.2 billion, or $25.04 per basic share, in fiscal 2025, up from $277.9 million, or $5.70 per basic share, in fiscal 2024. As of May 31, 2025, the company employed 3,828 people, with 3,064 working directly in egg production, processing, and marketing.

Revenue model

Transactional sales of shell eggs at wholesale market prices. Pricing is market-based and volatile, driven by industry supply and demand dynamics. The company has no subscription or licensing revenue stream disclosed in the filing.

Products and services

Fresh shell eggs, including conventional shell eggs and specialty eggs such as cage-free varieties. The company also operates feed mill operations to support flock production.

Customers and end markets

Retail grocery and club store channels are the primary end markets. Walmart Inc. (including Sam's Club) was the largest single customer at 33.6% of net sales dollars in fiscal 2025. The top three customers combined for 49.2% of net sales dollars in fiscal 2025. Customers are generally free to source shell eggs from competing suppliers.

Value-chain role

Vertically integrated producer: the company hatches and grows flocks, mills feed, produces shell eggs, and grades, packages, and markets the finished product directly to customers. Feed ingredients and flock inventories are managed internally.

Geographic exposure

United States. No international operations are described in the filing excerpts.

Source: SEC 10-K, filed 2025-07-22

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