Conagra Brands, Inc. (NYSE: CAG) is a leading consumer packaged goods company with a broad portfolio of iconic and emerging food brands across frozen, snacks, grocery, and international categories.
On April 1, 2026, Conagra released its fiscal 2026 third-quarter results (period ended February 22, 2026). The performance was mixed: the company delivered positive organic growth for the first time in several quarters, driven by strength in Frozen and Snacks segments, but faced margin pressure from persistent inflation.
Key Q3 Highlights
Despite the modest earnings miss, management highlighted improving consumer demand trends and strong execution in key categories. CEO Sean Connolly noted progress in meeting demand for on-trend products in Frozen and Snacks.
On the balance sheet, Conagra exceeded its targets for free cash flow conversion (now guided higher to ~105%) and debt reduction. The company reduced net debt by approximately $818 million versus the prior year, ending the quarter with a net leverage ratio of 3.83x.
Conagra narrowed its full-year fiscal 2026 guidance, now expecting adjusted EPS of approximately $1.70 (at the low end of the prior range), primarily due to weaker contributions from its Ardent Mills joint venture rather than core operations.
The results reflect a challenging macroeconomic environment with elevated input costs, while underscoring Conagra’s focus on portfolio optimization, operational agility, and disciplined capital allocation.
