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Packaged foods · Consumer Defensive · Fiscal year ends May 30
Conagra Brands reported revenue of $11.3B in the fiscal year ended May 2026, down 2.9% from the year before. Operating income was −$1.6B, an operating margin of −14.4%, and net income was −$1.9B. Operating cash flow of $1.4B less capital expenditure of $423M left free cash flow of $979M. Net debt was $7B.
Ranks among the 21 packaged foods companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 11,536 | 12,277 | 12,051 | 11,613 | 11,282 |
| Cost of revenue | 8,697 | 9,012 | 8,718 | 8,609 | 8,583 |
| Gross profit | 2,839 | 3,265 | 3,333 | 3,004 | 2,698 |
| Research & development | 53.4 | 57.7 | 61.4 | 60.8 | 62.7 |
| Selling, general & admin | 1,493 | 1,432 | 1,488 | 1,537 | 1,439 |
| Operating income | 1,588 | 1,075 | 853 | 1,365 | −1,628 |
| Net interest incomeBanks | −380 | −410 | −431 | −417 | −383 |
| Pre-tax income | 1,179 | 902 | 610 | 1,156 | −1,824 |
| Income tax | 291 | 219 | 263 | 3.7 | 91.8 |
| Net income | 888 | 684 | 347 | 1,152 | −1,916 |
| Diluted EPS | 1.84 | 1.42 | 0.72 | 2.40 | −4.00 |
| Diluted shares | 482 | 481 | 480 | 480 | 479 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 83.3 | 93.3 | 77.7 | 68.0 | 218 |
| Receivables | 867 | 953 | 872 | 770 | 658 |
| Inventory | 1,967 | 2,212 | 1,982 | 2,048 | 1,905 |
| Current assets | 3,034 | 3,385 | 3,150 | 3,071 | 2,882 |
| Net PP&E | 2,737 | 2,736 | 2,821 | 2,836 | 2,863 |
| Goodwill | 11,255 | 10,853 | 10,326 | 10,502 | 8,119 |
| Total assets | 22,435 | 22,053 | 20,862 | 20,934 | 17,274 |
| Payables | 1,865 | 1,526 | 1,494 | 1,590 | 1,513 |
| Current liabilities | 3,519 | 4,441 | 3,242 | 4,317 | 3,188 |
| Short-term debt | 707 | 1,516 | 20.3 | 1,029 | 778 |
| Long-term debt | 8,088 | 7,081 | 7,493 | 6,234 | 6,456 |
| Total liabilities | 13,573 | 13,245 | 12,351 | 12,001 | 10,917 |
| Shareholders' equity | 8,788 | 8,737 | 8,440 | 8,933 | 6,358 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 1,177 | 995 | 2,016 | 1,692 | 1,402 |
| Capital expenditure | 464 | 362 | 388 | 389 | 423 |
| Free cash flow | 713 | 633 | 1,628 | 1,303 | 979 |
| Depreciation & amortisation | 375 | 370 | 401 | 390 | 396 |
| Stock-based compensation | 26.1 | 79.2 | 30.8 | 41.5 | 54.7 |
| Acquisitions | – | – | – | 231 | – |
| Share buybacks | 50.0 | 150 | – | 64.0 | 15.3 |
| Dividends paid | 582 | 624 | 659 | 669 | 670 |
| Dividend per share | 1.25 | 1.32 | 1.40 | 1.40 | 1.40 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.4% | −1.8% | −3.6% | −2.9% |
| Operating income growth (YoY) | – | −32.3% | −20.7% | 60.0% | −219.3% |
| EPS growth (YoY) | – | −22.8% | −49.3% | 233.3% | −266.7% |
| Gross margin | 24.6% | 26.6% | 27.7% | 25.9% | 23.9% |
| Operating margin | 13.8% | 8.8% | 7.1% | 11.8% | −14.4% |
| Net margin | 7.7% | 5.6% | 2.9% | 9.9% | −17.0% |
| Return on equityBlank when equity is negative | 10.1% | 7.8% | 4.1% | 12.9% | −30.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.4% | 6.1% | 4.8% | 8.2% | −11.6% |
| Free cash flow margin | 6.2% | 5.2% | 13.5% | 11.2% | 8.7% |
| Cash conversion (CFO ÷ net income) | 1.33x | 1.46x | 5.81x | 1.47x | −0.73x |
| Receivable days | 27 | 28 | 26 | 24 | 21 |
| Inventory days | 83 | 90 | 83 | 87 | 81 |
| Payable days | 78 | 62 | 63 | 67 | 64 |
| Debt ÷ equity | 1.00x | 0.98x | 0.89x | 0.81x | 1.14x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 8,712 | 8,504 | 7,435 | 7,195 | 7,016 |
| Current ratio | 0.86x | 0.76x | 0.97x | 0.71x | 0.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.