Cal-Maine Foods (NASDAQ: CALM) Q3 profit falls 90% on egg price reset
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cal-Maine Foods reported sharply lower results for fiscal Q3 2026 as egg prices normalized from prior-year highs. Net sales were $667.0 million, down 53.0% year over year, and net income attributable to the company fell to $50.5 million, down 90.1%. Diluted EPS declined to $1.06, down 89.8%.
Shell egg sales dropped 57.5% to $572.3 million, driven by a 72.1% decline in conventional egg sales, while specialty egg sales fell 12.1%. Prepared foods remained a growth area, with Q3 sales of $63.6 million, up 441.2%.
Despite margin pressure, the company continued shifting its mix toward specialty eggs and prepared foods, which made up 52.9% of Q3 net sales. Cal-Maine repurchased 329,830 shares for $24.3 million and declared a cash dividend of about $0.36 per share under its variable dividend policy.
Positive
- None.
Negative
- Sharp earnings and revenue decline: Q3 2026 net sales fell 53.0% to $667.0 million and net income attributable to Cal-Maine dropped 90.1% to $50.5 million, with diluted EPS down 89.8% to $1.06, marking a major normalization from prior-year peak conditions.
Insights
Results show steep earnings normalization as egg prices retreat.
Cal-Maine Foods posted Q3 2026 net sales of $667.0 million, down 53.0%, with net income attributable to the company dropping 90.1% to $50.5 million. Diluted EPS fell to $1.06, reflecting the reversal of prior-year windfall pricing.
Conventional egg sales were hit hardest, down 72.1%, while specialty egg sales fell a milder 12.1%. At the same time, prepared foods sales surged 441.2% to $63.6 million, helped by the Echo Lake acquisition, signaling gradual diversification beyond spot shell-egg pricing.
Management highlighted that specialty eggs and prepared foods comprised 52.9% of Q3 net sales, suggesting a more resilient mix over time. However, gross profit declined 83.3% to $119.3 million, and operating income fell 94.3% to $35.9 million, underscoring ongoing sensitivity to egg price cycles despite strategic progress.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q3 2026 net sales: $667.0 million
Q3 2026 net income attributable: $50.5 million
Q3 2026 diluted EPS: $1.06 per share
+5 more
8 metrics
Q3 2026 net sales
$667.0 million
13 weeks ended February 28, 2026; down 53.0% year over year
Q3 2026 net income attributable
$50.5 million
13 weeks ended February 28, 2026; down 90.1% year over year
Q3 2026 diluted EPS
$1.06 per share
13 weeks ended February 28, 2026; down 89.8% year over year
Q3 2026 prepared foods sales
$63.6 million
13 weeks ended February 28, 2026; up 441.2% year over year
First three quarters net sales
$2.4 billion
39 weeks ended February 28, 2026; down 25.3% year over year
Cash and short-term investments
$1,151,927 thousand
Balance sheet as of February 28, 2026
Share repurchases in Q3 2026
$24.3 million
329,830 shares repurchased during the quarter
Q3 2026 dividend per share
$0.36 per share (approx.)
Cash dividend payable May 14, 2026 to holders of record April 29, 2026
Key Terms
prepared foods, specialty eggs, variable dividend policy, hybrid pricing models, +1 more
5 terms
prepared foods financial
"Prepared foods sales of $63.6 million, up 441.2%"
specialty eggs financial
"Specialty eggs sales increased to 50.5% of total shell egg sales"
variable dividend policy financial
"pursuant to the company’s variable dividend policy"
A variable dividend policy is when a company changes its cash payouts to shareholders based on current profits, cash flow or other business conditions instead of paying a fixed amount. For investors it matters because payments can rise when the company does well and fall or stop in harder times, so this policy offers flexibility for the business but creates less predictable income and a signal about financial health—like a seasonal allowance that grows or shrinks with income.
hybrid pricing models financial
"executed under hybrid pricing models, supporting greater stability"
highly pathogenic avian influenza (HPAI) technical
"current outbreak of HPAI affecting poultry in the U.S."
Earnings Snapshot
Revenue: $667.0 million
Q3 2026
Revenue
$667.0 million
-53.0% YoY
Net income attributable
$50.5 million
-90.1% YoY
Diluted EPS
$1.06
-89.8% YoY
Gross profit
$119.3 million
-83.3% YoY
Operating income
$35.9 million
-94.3% YoY
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
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Item 2.02. Results of Operations
On April 1, 2026, Cal-Maine Foods, Inc. (the “Company”) issued a press release announcing its financial results for the third
quarter ended February 28, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1 to this Current
Report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1 hereto, which are furnished herewith pursuant to and relate to this Item 2.02, shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject
to the liabilities of Section 18 of the Exchange Act. The information in this Item 2.02 of this Current Report on Form 8-K and
Exhibit 99.1 hereto shall not be incorporated by reference into any filing or other document filed by the Company with the SEC
pursuant to the Securities Act of 1933, as amended, the rules and regulations of the SEC thereunder, the Exchange Act, or the
rules and regulations of the SEC thereunder except as shall be expressly set forth by specific reference to this Form 8-K in such
filing or document.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
Description
99.1
Press Release issued by the Company on April 1, 2026
104
Cover Page Interactive Data File, (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements for the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
CAL-MAINE FOODS, INC.
Date:
April 1, 2026
By:
/s/ Max P. Bowman
Max P. Bowman
Director, Vice President, and Chief Financial Officer
Press Release
Cal-Maine Foods Reports Third Quarter Fiscal 2026 Results
RIDGELAND, Miss., Apr . 1, 2026 – Cal-Maine Foods, Inc. (NASDAQ: CALM) (“Cal-Maine Foods,”
“we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in
the egg-based food industry, today reported results for its fiscal 2026 third quarter, ended February 28, 2026
.
Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.
Strategic Execution Highlights
●
Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and
predictability over time
●
In the third quarter of fiscal 2026:
o
Specialty eggs sales increased to 50.5% of total shell egg sales, up 2,610 basis points
o
Prepared foods accounted for 9.5% of net sales, up 870 basis points
o
Combined, specialty eggs and prepared foods accounted for 52.9% of net sales, up 2,890 basis
points
●
In the first three quarters of fiscal 2026:
o
Specialty eggs increased to 42.7% of total shell egg sales, up 1,350 basis points
o
Prepared foods accounted for 9.3% of net sales, up 830 basis points
o
Combined, specialty eggs and prepared foods accounted for 45.7% of net sales, up 1,710 basis
points
●
Subsequent to third quarter, acquired certain assets of Creighton Brothers LLC and its affiliates,
increasing integration across value chain
Third Quarter Fiscal 2026 Highlights
●
Net sales of $667.0 million, down 53.0%
o
Shell egg sales of $572.3 million, down 57.5%
◾
Conventional egg sales of $283.2 million, down 72.1%
◾
Specialty egg sales of $289.1 million, down 12.1%
◾
Average number of layer hens and breeding flock grew 2.0% and 13.0%, respectively
and total chicks hatched rose 41.7%
o
Prepared foods sales of $63.6 million, up 441.2%
●
Gross profit of $119.3 million, down 83.3%, and gross profit margin of 17.9%
●
Operating income of $35.9 million, down 94.3%, and operating income margin of 5.4%
●
Net income attributable to Cal-Maine Foods of $50.5 million, down 90.1%
●
Diluted earnings per share of $1.06, down 89.8%
●
Net cash flow from operations of $103.6 million, down 81.9%
●
Cash dividend of approximately $16.8 million, or approximately $0.36 per share, pursuant to the
company’s established dividend policy
First Three Quarters of Fiscal 2026 Highlights
●
Net sales of $2.4 billion, down 25.3%
o
Shell egg sales of $2.0 billion, down 32.8%
◾
Conventional egg sales of $1.2 billion, down 45.6%
◾
Specialty egg sales of $858.3 million, down 1.6%
◾
Average number of layer hens and breeding flock grew 4.6% and 18.5%, respectively
and total chicks hatched rose 59.6%
●
Prepared foods sales of $219.2 million, up 604.1%
●
Gross profit of $638.0 million, down 51.6%, and gross profit margin of 27.0%
●
Operating income of $409.0 million, down 62.8%, and operating income margin of 17.2%
●
Net income attributable to Cal-Maine Foods of $352.6 million, down 59.8%
●
Diluted earnings per share of $7.34, down 59.0%
●
Net cash flow from operations of $476.9 million, down 41.2%
Commentary
“The shell egg market in the third quarter provided an important real-time test of our strategy. Periods of
egg price softness highlighted that our performance is not simply a function of spot market conditions, but
of how effectively we manage mix, pricing structures, costs, and capital across the cycle. Despite materially
lower egg prices compared to the historic levels seen in the prior year, our diversified portfolio and
operational execution enabled us to deliver solid results and maintain momentum. In our view, this
reinforces the resilience of the model we are building that we expect will lead to more durable normalized
earnings power” said Sherman Miller, president and chief executive officer of Cal-Maine Foods.
He continued, “We believe the recent decline in wholesale egg prices reflects improved supply following
prior-year HPAI disruptions, during our last fiscal quarter, depopulations reported by the USDA were down
70.6% and the average national layer flock increased 2.2%, year over year. In parallel, more stable
purchasing patterns across retail and foodservice have contributed to lower wholesale prices, while retail
pricing continues to adjust more gradually.”
“At the same time, we continue to invest in strengthening the long-term structure of the business. The
acquisition of certain assets of Creighton Brothers and Crystal Lake advances several elements of our
strategy simultaneously: expanding the scale and geographic reach of our shell egg platform, increasing
internal sourcing capabilities for egg-based ingredients, and enhancing our ability to support the growth of
our prepared foods business. By integrating shell egg production, egg products, and prepared foods more
tightly within our value chain, we believe we can improve supply security, increase operational efficiency,
and reinforce the economics of our prepared foods platform. Deploying capital into assets that deepen these
structural advantages is central to our disciplined capital allocation framework,” Mr. Miller said.
Review of Financial Results
13 Weeks Ended
(in thousands)
February 28, 2026
March 1, 2025
$ Variance
% Variance
Net sales
$
666,951
$
1,417,685
$
(750,734)
(53.0)
%
Conventional egg sales
$
283,173
$
1,016,438
$
(733,265)
(72.1)
%
Conventional egg price per dozen
$
(70.1)
%
Conventional sales volume
(6.7)
%
Specialty egg sales
$
289,141
$
328,944
$
(39,803)
(12.1)
%
Specialty egg price per dozen
$
(16.9)
%
Specialty egg sales volume
5.8
%
Prepared foods sales
$
63,626
$
11,757
$
51,869
441.2
%
Gross profit
$
119,283
$
716,115
$
(596,832)
(83.3)
%
Third Quarter Fiscal 2026 Results Overview
Net sales were $667.0 million, compared to $1.4 billion, down 53.0%.
Conventional egg sales decreased 72.1%, with 70.1% lower selling prices and 6.7% lower sales volume. A
higher proportion of conventional egg sales were executed under hybrid pricing models, supporting greater
stability through cycles.
Specialty egg sales decreased 12.1%, with 16.9% lower selling prices and 5.8% higher sales volume. Volume
growth was broad-based across the majority of specialty egg subcategories, including free-range and
pasture-raised.
Prepared foods sales were $63.6 million, up 441.2%, with a 834.3% volume increase. The acquisition of
Echo Lake was the primary driver of the increased prepared foods sales volume as well as a ninefold increase
from Crepini.
Gross profit was $119.3 million, compared to $716.1 million, down 83.3%, primarily driven by 56.5% lower
shell egg selling prices partially offset by a decrease in the price and volume of outside egg purchases, as
the percent produced to sold increased 3.1 percentage points to 91.5%.
Outlook
“Looking forward, we expect a progressive recovery in prepared foods, with volumes rebounding as
capacity comes online and utilization improves, supported by steady underlying demand. Importantly, these
dynamics position the business for more stable, higher-quality earnings over the long term,” Mr. Miller said.
“We believe Cal-Maine Foods is well positioned to benefit from durable shifts shaping the egg category.
Our strategy is designed to strengthen the quality and consistency of our earnings over time. By building on
the structural strength of our core shell egg platform while expanding specialty eggs, egg products, and
prepared foods, we are enhancing the resilience and diversification of our business. The progress we are
seeing across the portfolio reflects the effectiveness of this strategy —improving mix, deepening customer
partnerships, reinforcing operational efficiency, and strengthening the long-term economics of our model,
positioning Cal-Maine Foods for sustainable growth and long-term value creation,” he concluded.
Share Repurchase Update
Cal-Maine Foods repurchased 329,830 shares of its common stock under the company’s current share
repurchase authorization during the quarter for a total of $24.3 million. The repurchase program permits the
company to repurchase up to $500 million, of which $350.8 million remains available.
Dividend Payment
For the third quarter of fiscal 2026, Cal-Maine Foods will pay a cash dividend of approximately $0.36 per
share to holders of its common stock, pursuant to the company’s variable dividend policy. The dividend is
payable on May 14, 2026, to holders of record on April 29, 2026. The final amount paid per share will be
based on the number of outstanding shares on the record date.
Conference Call and Webcast
Management will host a conference call and webcast at 9:00 a.m. ET on April 1, 2026. Participants can
access the live webcast on the Investor Relations page of the Cal-Maine Foods website at
https://www.calmainefoods.com/events -presentations. To join by telephone, participants can register here.
Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-
in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days
following the call on the Investor Relations page of the Cal-Maine Foods website at
https://www.calmainefoods.com/events -presentations.
About Cal-Maine Foods
Cal-Maine Foods, Inc. (NASDAQ: CALM) is the largest egg company in the United States and a leading
player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious,
affordable, and sustainable protein to millions of households every day.
The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-
free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and
foodservice customers nationwide. Cal -Maine Foods also participates in the growing prepared foods sector,
with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked
eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land
O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, and
Crepini®.
Headquartered in Ridgeland, Mississippi, Cal -Maine’s strategy combines scale, operational excellence, and
financial discipline with a commitment to innovation and sustainability, to enable the company to deliver
trusted nutrition, enduring partnerships, and long-term value for its stakeholders.
Forward Looking Statements
Statements contained in this press release that are not historical facts are forward -looking statements as that
term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are
based on management’s current intent, belief, expectations, estimates and projections regarding our
Company and our industry. These statements are not guarantees of future performance and involve risks,
uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The
factors that could cause actual results to differ materially from those projected in the forward-looking
statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its
Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-
Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg, egg products, and
prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for
product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S.,
Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and
that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026 (iii) changes
in the demand for and market prices of shell eggs and feed costs as well as increase in input costs for
prepared foods, (iv) our ability to predict and meet demand for cage-free and other specialty eggs, (v) risks,
changes, or obligations that could result from our recent or future acquisition of new flocks or businesses,
such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause
conditions to completing a pending acquisition not to be met, (vi) our ability to successfully integrate and
manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such
acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial
returns, expanded customer relationships, or sales or growth opportunities, (vii) our ability to compete
effectively with existing and new market entrants, retain existing customers, acquire new customers and
grow our product mix including our prepared foods product offerings, (viii) the impacts of government,
customer and consumer reactions to high market prices for eggs, including, without limitation, potential
new or expanded government regulations (ix) potential impacts to our business as a result of our Company
ceasing to be a “controlled company” under the rules of The Nasdaq Stock Market on April 14, 2025, (x)
risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse results
in pending litigation and other legal matters, and (xii) global instability, including as a result of geopolitical
conflicts and uncertainties. The Company’s SEC filings may be obtained from the SEC or the company’s
website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward -looking
statements because, while we believe the assumptions on which the forward-looking statements are based
are reasonable, there can be no assurance that these forward -looking statements will prove to be accurate.
Further, forward -looking statements included herein are made only as of the respective dates thereof, or if
no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or
obligation to update publicly these forward-looking statements, whether because of new information, future
events, or otherwise.
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
SUMMARY STATEMENTS OF INCOME
13 Weeks Ended
39 Weeks Ended
February 28, 2026
March 1, 2025
February 28, 2026
March 1, 2025
Net sales
$
666,951
$
1,417,685
$
2,359,051
$
3,158,227
Cost of sales
547,668
701,570
1,721,068
1,838,852
Gross profit
119,283
716,115
637,983
1,319,375
Selling, general and administrative
83,304
79,967
235,705
219,532
(Gain) Loss on involuntary conversions
(480)
-
(7,968)
156
(Gain) loss on disposal of fixed assets
515
478
1,249
(1,001)
Operating income
35,944
635,670
408,997
1,100,688
Other income, net
22,242
27,359
48,533
49,255
Income before income taxes
58,186
663,029
457,530
1,149,943
Income tax expense
7,068
154,876
104,378
273,841
Net income
51,118
508,153
353,152
876,102
Less: Income (loss) attributable to
noncontrolling interest
659
(380)
594
(1,471)
Net income attributable to Cal-Maine
Foods, Inc.
$
50,459
$
508,533
$
352,558
$
877,573
Net income per common share:
Basic
$
1.07
$
10.42
$
7.37
$
17.99
Diluted
$
1.06
$
10.38
$
7.34
$
17.92
Weighted average shares outstanding:
Basic
47,299
48,798
47,866
48,774
Diluted
47,414
48,971
48,003
48,962
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
SUMMARY BALANCE SHEETS
February 28, 2026
May 31, 2025
ASSETS
Cash and short-term investments
$
1,151,927
$
1,392,100
Receivables, net
234,898
272,361
Inventories, net
348,910
295,670
Prepaid expenses and other current assets
13,751
7,979
Current assets
1,749,486
1,968,110
Property, plant and equipment, net
1,221,162
1,026,684
Other noncurrent assets
168,613
89,825
Total assets
$
3,139,261
$
3,084,619
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
196,137
$
194,208
Dividends payable
16,841
114,163
Current liabilities
212,978
308,371
Deferred income taxes and other liabilities
219,151
210,233
Stockholders' equity
2,707,132
2,566,015
Total liabilities and stockholders' equity
$
3,139,261
$
3,084,619
Contacts
Investors: ir@cmfoods.com
Media: media@cmfoods.com
Telephone: (601) 948-6813
FAQ
How did Cal-Maine Foods (CALM) perform in fiscal Q3 2026?
Cal-Maine Foods reported a major step down from prior-year levels. Net sales were $667.0 million, down 53.0%, and net income attributable to the company fell 90.1% to $50.5 million, with diluted EPS declining to $1.06 as prior windfall egg pricing normalized.
What happened to Cal-Maine Foods’ egg sales mix in Q3 2026?
In Q3 2026, specialty eggs rose to 50.5% of total shell egg sales, while prepared foods reached 9.5% of net sales. Combined, specialty eggs and prepared foods represented 52.9% of net sales, reflecting a strategic shift toward higher-value and more diversified product categories.
How did Cal-Maine Foods’ prepared foods business perform in Q3 2026?
Prepared foods was a key growth driver. Q3 2026 prepared foods sales were $63.6 million, up 441.2% year over year, supported by an 834.3% volume increase. Management cited the Echo Lake acquisition and stronger demand across egg-based prepared products as major contributors.
What were Cal-Maine Foods’ results for the first three quarters of fiscal 2026?
For the first three quarters of fiscal 2026, net sales were $2.4 billion, down 25.3%. Net income attributable to Cal-Maine Foods was $352.6 million, down 59.8%, and diluted EPS was $7.34, down 59.0%, illustrating broad earnings normalization versus fiscal 2025 peaks.
How strong is Cal-Maine Foods’ balance sheet as of February 28, 2026?
As of February 28, 2026, Cal-Maine Foods reported total assets of $3,139,261 thousand and stockholders’ equity of $2,707,132 thousand. Cash and short-term investments were $1,151,927 thousand, supporting ongoing investment, acquisitions, and shareholder returns despite lower current-period earnings.