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Packaged foods · Consumer Defensive · Fiscal year ends May 31
Lamb Weston reported revenue of $6.6B in the fiscal year ended May 2026, up 2.5% from the year before. Operating income was $591M, an operating margin of 8.9%, and net income was $290M. Operating cash flow of $943M less capital expenditure of $403M left free cash flow of $540M. Net debt was $3.9B.
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 | 4,099 | 5,351 | 6,468 | 6,451 | 6,612 |
| Cost of revenue | 3,267 | 3,919 | 4,701 | 5,053 | 5,253 |
| Gross profit | 832 | 1,432 | 1,767 | 1,399 | 1,360 |
| Research & development | 16.2 | 17.2 | 26.4 | 22.0 | 18.9 |
| Selling, general & admin | 388 | 550 | 701 | 634 | 665 |
| Operating income | 444 | 882 | 1,065 | 665 | 591 |
| Pre-tax income | 273 | 1,234 | 956 | 500 | 418 |
| Income tax | 71.8 | 225 | 230 | 143 | 128 |
| Net income | 201 | 1,009 | 726 | 357 | 290 |
| Diluted EPS | 1.38 | 6.95 | 4.98 | 2.50 | 2.08 |
| Diluted shares | 146 | 145 | 146 | 143 | 139 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 525 | 305 | 71.4 | 70.7 | 68.2 |
| Receivables | 447 | 724 | 744 | 782 | 779 |
| Inventory | 574 | 932 | 1,139 | 1,035 | 969 |
| Current assets | 1,660 | 2,127 | 2,090 | 2,033 | 2,014 |
| Net PP&E | 1,579 | 2,808 | 3,583 | 3,688 | 3,690 |
| Goodwill | 318 | 1,041 | 1,060 | 1,090 | 1,130 |
| Total assets | 4,140 | 6,520 | 7,367 | 7,393 | 7,380 |
| Payables | 403 | 637 | 834 | 616 | 613 |
| Current liabilities | 699 | 1,360 | 1,624 | 1,476 | 1,416 |
| Short-term debt | – | 161 | 326 | 371 | 249 |
| Long-term debt | 2,696 | 3,248 | 3,837 | 3,772 | 3,675 |
| Total liabilities | 3,779 | 5,109 | 5,579 | 5,655 | 5,555 |
| Shareholders' equity | 361 | 1,411 | 1,788 | 1,738 | 1,825 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 419 | 762 | 798 | 868 | 943 |
| Capital expenditure | 290 | 654 | 930 | 638 | 403 |
| Free cash flow | 129 | 108 | −131 | 230 | 540 |
| Depreciation & amortisation | 192 | 223 | 307 | 375 | 397 |
| Stock-based compensation | 21.3 | 38.5 | 46.8 | 39.5 | 46.2 |
| Acquisitions | 0.0 | 0.0 | 10.5 | 0.0 | – |
| Dividends paid | 138 | 146 | 174 | 207 | 208 |
| Dividend per share | 0.96 | 1.05 | 1.28 | 1.46 | 1.50 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.5% | 20.9% | −0.3% | 2.5% |
| Operating income growth (YoY) | – | 98.5% | 20.8% | −37.6% | −11.1% |
| EPS growth (YoY) | – | 403.6% | −28.3% | −49.8% | −16.8% |
| Gross margin | 20.3% | 26.8% | 27.3% | 21.7% | 20.6% |
| Operating margin | 10.8% | 16.5% | 16.5% | 10.3% | 8.9% |
| Net margin | 4.9% | 18.9% | 11.2% | 5.5% | 4.4% |
| Return on equityBlank when equity is negative | 55.7% | 71.5% | 40.6% | 20.6% | 15.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.9% | 17.1% | 18.5% | 11.2% | 9.9% |
| Free cash flow margin | 3.1% | 2.0% | −2.0% | 3.6% | 8.2% |
| Cash conversion (CFO ÷ net income) | 2.08x | 0.75x | 1.10x | 2.43x | 3.25x |
| Receivable days | 40 | 49 | 42 | 44 | 43 |
| Inventory days | 64 | 87 | 88 | 75 | 67 |
| Payable days | 45 | 59 | 65 | 45 | 43 |
| Debt ÷ equity | 7.48x | 2.42x | 2.33x | 2.38x | 2.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,171 | 3,104 | 4,092 | 4,072 | 3,857 |
| Current ratio | 2.37x | 1.56x | 1.29x | 1.38x | 1.42x |
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.