Conagra Brands Misses Earnings Estimates Despite Revenue Beat

Font: Financial Modeling Prep  • Apr 01, 2026

Conagra Brands, Inc. (NYSE: CAG) reported third-quarter results that fell short of earnings expectations but exceeded revenue estimates, with shares declining more than 2% intraday Wednesday.

Adjusted earnings per share came in at $0.39, slightly below the consensus estimate of $0.40, while revenue totaled $2.79 billion, modestly above the $2.76 billion forecast.

The company narrowed its full-year adjusted EPS guidance to approximately $1.70, representing the lower end of its prior range of $1.70 to $1.85.

Net sales declined 1.9% year over year, though organic net sales increased 2.4%, driven by a 1.9% rise in price and mix along with a 0.5% increase in volume.

Conagra highlighted continued strength in its Frozen and Snacks segments, with market share gains in categories such as frozen single-serve meals, frozen vegetables, meat snacks, and hot cocoa.

Adjusted operating margin reached 10.6% during the quarter, and the company expects full-year adjusted operating margin to come in near the upper end of its previously guided 11.0% to 11.5% range.

Segment performance showed Refrigerated & Frozen leading with organic net sales growth of 3.6%, supported by a 3.9% increase in volume as the company recovered market share following prior supply constraints. The Grocery & Snacks segment posted 1.8% organic growth, while Foodservice grew 3.6%.