For this week’s earnings call analysis, let’s look at three companies keeping Americans (and the world) fed.
It’s not an easy business to be in right now. Food prices are up 32% since 2019, with grocery inflation hitting its highest monthly increase since 2022 in August 2025. Tariffs on everything from palm oil to coffee are squeezing producers, while consumers increasingly trade down to private label to make budgets work.
Add in disease outbreaks crippling egg supplies and ongoing supply chain pressures, and you get a pretty chaotic sector.
Here’s how Conagra, Cal-Maine, and Lamb Weston are navigating the mess.
Conagra Brands (CAG)
Chicago-based Conagra Brands - maker of frozen meals like Banquet and Healthy Choice along with snacks like Slim Jim and Duncan Hines - reported a challenging Q1 fiscal 2026. Revenues were down 5.8% and operating margins compressed by over 240 basis points. The company is navigating operational missteps, double-digit protein inflation, and tariff pressures while consumers look for cheaper alternatives.
Key details from the call:
1. Big issues with chicken quality control
Conagra discovered product inconsistencies at their main chicken facility for frozen meals (Banquet, Healthy Choice) and had to halt production entirely. The team scrambled to enlist the help of outside manufacturers while fixing the plant, then restarted at reduced capacity. Service levels initially dropped and some shelves went empty. But by Q1 they had clawed back to 98% service levels.
2. Protein inflation is sky-high
Beef, pork, turkey, and eggs are all inflating at double-digit rates, driving core inflation to over 4%.
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