Analyst Consensus ?
ConsensusHold24 ratings
Bullish625.0%
Neutral1458.3%
Bearish416.7%
Conagra Brands, Inc. · CAG · FY2026 Q3 · Calendar Q2 2026
Conagra Q3: EPS of $0.39 slipped, revenue beat; FY26 guidance held on frozen/snacks momentum
Conagra's FY26 narrative is a margin-and-cash-flow story. Management held full-year EPS guidance despite a modest Q3 miss, betting that returning volume in frozen and snacks, pricing elasticity on canned and cocoa, and Project Catalyst productivity plus in-house chicken capacity will expand margins and sustain strong cash conversion even as inflation pressures animal-protein and freight costs.
Reported Before market openNYSEConsumer Defensive
$7.03B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.39
Consensus $0.40
EPS surprise
-2.9%
Reported versus consensus
Reported revenue
$2.79B
Consensus $2.76B
Revenue surprise
+0.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-7.5%
Up to 20 sessions
CAGSPY benchmark
Ask FN2 about CAG FY2026 Q3
Transcript, numbers and history already loaded
Why did CAG fall 1.3% after missing EPS estimates in FY2026 Q3?What changed in CAG's guidance and outlook in FY2026 Q3?Give me the bull and bear case for CAG after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q3 EPS of $0.39 missed consensus by roughly 2.9% while revenue of $2.788B came in about 0.9% above estimates. Versus the prior quarter, the story shifted from a wider EPS range and absorption headwinds to recovering volume in frozen and snacks with stronger pricing elasticity. The stock fell about 2.0% in the event session and drifted about 7.5% lower subsequently, though the consensus analyst target of $13.95 sits modestly below the current price of $14.68.
Guidance delta
Management held full-year FY26 EPS guidance unchanged (sentiment: maintained), expressing confidence it can absorb cost pressures and deliver second-half organic sales growth on returning volume; no upward or downward revision to the range was made.
Key takeaways
- Volume growth in frozen and snacks is back on track, driving organic sales expansion
- Pricing on canned and cocoa products showed encouraging elasticity, supporting margins
- Project Catalyst, AI inventory tools, and in-house chicken capacity are the key margin levers
- Cost coverage is mixed: about 60% of material spend is hedged but only 15% of animal-protein inputs
- Free cash flow conversion exceeded 100% despite the modest EPS dip
Management priorities
- Rebuild volume through frozen and snacks innovation and promotional activity
- Execute productivity and cost savings via Project Catalyst
- Complete chicken facility projects to bring more production in-house
- Accelerate inventory reduction using AI and advanced supply-chain tools
- Mitigate tariff exposure while managing pricing under inflation
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$14.45Current
$12Low
$23.73Average
$43High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Deutsche Bank | Hold | Hold | Maintain | Sep 18, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 14, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 17, 2026 |
| UBS | Neutral | Neutral | Maintain | Jul 16, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 16, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 5, 2026 |
| Bernstein | Underperform | Market Perform | Downgrade | Jun 3, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | May 18, 2026 |
| Stifel | Hold | Hold | Maintain | Apr 21, 2026 |
| BNP Paribas | Neutral | Outperform | Downgrade | Apr 9, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Apr 2, 2026 |
| TD Cowen | Hold | Hold | Maintain | Dec 22, 2025 |
| B of A Securities | Underperform | Underperform | Maintain | Dec 22, 2025 |
| Jefferies | Hold | Hold | Maintain | Dec 12, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Jun 28, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 31, 2023 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | May 11, 2020 |
| CFRA | Strong Buy | Buy | Upgrade | Mar 12, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Oct 30, 2017 |
| Bank of America | Buy | Neutral | Upgrade | Feb 12, 2016 |
| Keybanc | Hold | Buy | Downgrade | Jun 18, 2014 |
| S&P Capital IQ | Buy | Strong Buy | Downgrade | Dec 19, 2013 |
| Edward Jones | Buy | Hold | Upgrade | Dec 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $14.44. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Steve Powers | $13 | $15.12 | -10.0% | Sep 18, 2026 |
| Evercore ISI | Analyst unavailable | $12.5 | $14.61 | -13.5% | Sep 14, 2026 |
| UBS | Peter Grom | $14 | $14.44 | -3.1% | Jul 16, 2026 |
| RBC Capital | Analyst unavailable | $14 | $14.28 | -3.1% | Jul 16, 2026 |
| Barclays | Analyst unavailable | $16 | $14.04 | +10.8% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $16 | $13.89 | +10.8% | Jun 25, 2026 |
| Deutsche Bank | Steve Powers | $12 | $13.16 | -16.9% | Jun 18, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $13 | $12.66 | -10.0% | Jun 5, 2026 |
| Coker Palmer | Thomas Palmer | $14 | $12.66 | -3.1% | Jun 5, 2026 |
| Bernstein | Analyst unavailable | $12 | $12.86 | -16.9% | Jun 3, 2026 |
| UBS | Peter Grom | $13 | $12.92 | -10.0% | Jun 2, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $15 | $14.53 | +3.8% | Apr 23, 2026 |
| Stifel Nicolaus | Analyst unavailable | $15 | $14.84 | +3.8% | Apr 21, 2026 |
| BNP Paribas | Analyst unavailable | $16 | $15.55 | +10.8% | Apr 9, 2026 |
| Wells Fargo | Chris Carey | $15 | $16.98 | +3.8% | Mar 12, 2026 |
| UBS | Analyst unavailable | $20 | $19.52 | +38.5% | Feb 13, 2026 |
| Morgan Stanley | Megan Alexander Clapp | $18 | $17.38 | +24.6% | Jan 16, 2026 |
| Wells Fargo | Analyst unavailable | $18 | $17.05 | +24.6% | Jan 5, 2026 |
| Bernstein | Alexia Howard | $18 | $17.48 | +24.6% | Dec 29, 2025 |
| UBS | Peter Grom | $18 | $17.26 | +24.6% | Dec 23, 2025 |
| Deutsche Bank | Steve Powers | $18 | $17.3 | +24.6% | Dec 22, 2025 |
| Morgan Stanley | Analyst unavailable | $19 | $17.36 | +31.5% | Dec 22, 2025 |
| Evercore ISI | David Palmer | $22 | $17.36 | +52.3% | Dec 22, 2025 |
| RBC Capital | Analyst unavailable | $20 | $17.35 | +38.5% | Dec 22, 2025 |
| RBC Capital | Nik Modi | $22 | $17.74 | +52.3% | Dec 17, 2025 |
| Wells Fargo | Analyst unavailable | $19 | $17.83 | +31.5% | Dec 12, 2025 |
| Jefferies | Analyst unavailable | $18 | $17.6 | +24.6% | Dec 11, 2025 |
| Stifel Nicolaus | Analyst unavailable | $19 | $17.44 | +31.5% | Dec 11, 2025 |
| Goldman Sachs | Analyst unavailable | $16 | $17.52 | +10.8% | Nov 25, 2025 |
| Wells Fargo | Chris Carey | $20 | $19.3 | +38.5% | Oct 2, 2025 |
| Morgan Stanley | Megan Alexander Clapp | $20 | $19.4 | +38.5% | Jul 11, 2025 |
| Bernstein | Alexia Howard | $21 | $19.4 | +45.4% | Jul 11, 2025 |
| Morgan Stanley | Megan Alexander | $22 | $20.52 | +52.3% | Jul 7, 2025 |
| Evercore ISI | David Palmer | $26 | $20.99 | +80.0% | Jul 7, 2025 |
| Jefferies | Rob Dickerson | $30 | $32.31 | +107.7% | Sep 24, 2024 |
| Coker Palmer | Thomas Palmer | $33 | $32.31 | +128.5% | Sep 24, 2024 |
| Goldman Sachs | Leah Jordan | $36 | $29.82 | +149.2% | Aug 12, 2024 |
| Stifel Nicolaus | Matthew Smith | $30 | $28.38 | +107.7% | Jul 12, 2024 |
| Barclays | Andrew Lazar | $34 | $31.09 | +135.4% | Apr 8, 2024 |
| Wells Fargo | Chris Carey | $32 | $30.64 | +121.5% | Apr 5, 2024 |
| Stifel Nicolaus | Matthew Smith | $32 | $30.64 | +121.5% | Apr 5, 2024 |
| Coker Palmer | Thomas Palmer | $32 | $30.64 | +121.5% | Apr 5, 2024 |
| Morgan Stanley | Pamela Kaufman | $32 | $30.64 | +121.5% | Apr 5, 2024 |
| CFRA | Arun Sundaram | $34 | $30.64 | +135.4% | Apr 4, 2024 |
| Evercore ISI | David Palmer | $32 | $29.06 | +121.5% | Apr 4, 2024 |
| RBC Capital | Nik Modi | $29 | $29.58 | +100.8% | Apr 1, 2024 |
| Stifel Nicolaus | Matthew Smith | $43 | $35.96 | +197.7% | May 19, 2023 |
| Deutsche Bank | Steve Powers | $35 | $35.52 | +142.3% | Mar 20, 2023 |
| RBC Capital | Conagra Brands | $38 | $40.58 | +163.1% | Jan 6, 2023 |
| J.P. Morgan | Analyst unavailable | $43 | $41 | +197.7% | Jan 6, 2023 |
| Morgan Stanley | Analyst unavailable | $48 | $40.5 | +232.3% | Jan 6, 2023 |
| UBS | Analyst unavailable | $45 | $40.66 | +211.5% | Jan 6, 2023 |
| Credit Suisse | Analyst unavailable | $40 | $39.97 | +176.9% | Jan 6, 2023 |
| Evercore ISI | Analyst unavailable | $42 | $38.77 | +190.8% | Dec 29, 2022 |
| Morgan Stanley | Pamela Kaufman | $45 | $38.49 | +211.5% | Dec 20, 2022 |
| Deutsche Bank | Steve Powers | $34 | $38.25 | +135.4% | Dec 6, 2022 |
| UBS | Cody Ross | $41 | $35.81 | +183.8% | Nov 18, 2022 |
| BNP Paribas | Analyst unavailable | $42 | $33.91 | +190.8% | Nov 15, 2022 |
| Morgan Stanley | Pamela Kaufman | $34 | $33.83 | +135.4% | Jul 15, 2022 |
| Morgan Stanley | Pamela Kaufman | $36 | $35.11 | +149.2% | Jan 14, 2022 |
| Citigroup | Wendy Nicholson | $37 | $32.96 | +156.1% | Jul 14, 2021 |
| Stifel Nicolaus | Christopher Growe | $35 | $32.96 | +142.3% | Jul 14, 2021 |
| Barclays | Andrew Lazar | $39 | $32.96 | +170.0% | Jul 14, 2021 |
Track every rating change on CAG the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationConagra Brands, Inc., a prominent manufacturer of packaged food products, conducts its business across North America through its various subsidiary companies. The firm organizes its extensive operations into four distinct segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks division primarily distributes non-perishable food items through various retail channels within the United States. In contrast, the Refrigerated & Frozen segment focuses on supplying temperature-sensitive food products to comparable U.S. retail outlets.…
Historical context
All CAG earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| GIS General Mills, Inc. | FY2027 Q1 · Calendar Q3 2026 | +4.6% | +1.0% | General Mills leans on mix, innovation and e-commerce amid pressure |
| KR The Kroger Co. | FY2026 Q2 · Calendar Q3 2026 | +2.8% | +2.7% | Kroger: Strong digital growth offsets softer sales outlook |
| CPB Campbell Soup Company | FY2026 Q4 · Calendar Q3 2026 | +1.1% | -7.0% | Campbell’s leans on savings and innovation amid pressured demand |
| BF-A Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | +3.0% | — | Brown-Forman holds FY27 outlook as RTD innovation offsets barrel pressure |
| BF-B Brown-Forman Corporation | FY2027 Q1 · Calendar Q3 2026 | 0.0% | — | Brown-Forman maintains FY27 outlook as innovation offsets pressure |
| DG Dollar General Corporation | FY2027 Q2 · Calendar Q3 2026 | +23.4% | +2.5% | Dollar General Raises FY2026 Outlook After Strong Q2 |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the CAG recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T13:21:03.540862+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T13:21:03.538155+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.