Conagra Brands, Inc. earnings overview

CAG FY2026 Q4 · Calendar Q3 2026

Conagra Brands, Inc.

Conagra delivered a modest EPS beat ($0.47 vs. $0.46 estimate) with a slight revenue miss ($2.88B vs. $2.89B estimate). The headline story is a strategic pivot: management cut the dividend to free approximately $1 billion in cash flow for accelerated deleveraging toward a 3.0x leverage target, while simultaneously increasing brand-building spend by $40 million and stepping up capex by $125 million for FY27. Strong free cash flow conversion (119%) and the launch of Project Catalyst, an operational efficiency program, round out a quarter that prioritizes balance-sheet repair over near-term shareholder returns.