Lamb Weston Holdings, Inc.

lambweston.com

What Do They Do?

Produces and sells frozen potato products to restaurant chains, foodservice distributors, and retailers.

How Do They Make Money?

Customers generally pay for frozen potato products when they take delivery or the products ship; for customized products, payment is earned as production is completed. The company also receives a fee tied to a joint venture’s net sales for providing its sales and marketing services.

revenue

Segment	Share	Revenue	How money arrives
North America Sold outright	66% FY2023: 79%		Sold outright
International Sold outright	34% FY2023: 21%		Sold outright

Who Are Their Customers?

Restaurant chains, foodservice distributors, retailers, and institutions buy through Lamb Weston’s sales staff and independent brokers, agents, and distributors; some customers collect orders at distribution centers.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2025: 15% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2026 and turned 8 cents into free cash flow.

Operating income, FY2026

9% of revenue

▼ −11% vs FY2025 ($665.1M, 10%)

Net income, FY2026

4% of revenue

▼ −19% vs FY2025 ($357.2M, 6%)

Free cash flow, FY2026

8% of revenue

▲ +135% vs FY2025 ($230.1M, 4%)

How Are They Changing?

Since the FY2026 annual report

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

Revenue: ▲ +1%; vs $1.7B in Q1 FY2026
Net income: ▼ −55%; vs $64.3M in Q1 FY2026

North America share of revenue vs 65.4% in Q1 FY2026

Growing. Revenue grew 61% in 4 years, from $4.1B in FY2022 to $6.6B in FY2026, about 13% a year.

Segment organization The older report grouped operations into Global, Foodservice, Retail, and Other; the latest describes North America and International, with offerings organized by geography.

Revenue over time

North America International

$10B$5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Agristo, Aviko B.V., Cavendish Farms, Farm Frites International B.V., J.R. Simplot, The Kraft Heinz, and McCain Foods

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