Detailed financial statements for Conagra Brands, Inc. (CAG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Conagra Brands, Inc., a prominent manufacturer of packaged food products, conducts its business across North America through its various subsidiary companies. The firm organizes its extensive operations into four distinct segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. The Grocery & Snacks division primarily distributes non-perishable food items through various retail channels within the United States.
Analysis Summary
Conagra Brands, Inc. reported revenue of $11.28B in the most recent fiscal year, growing at a 5-year CAGR of 0.2%.
Trailing-twelve-month margins: gross margin 23.8%, operating margin -15.1%, net margin -17.0%. Free cash flow grew at 0.4% CAGR over 5 years.
At the current price of $13.19, CAG has negative trailing earnings (P/E not meaningful) and an ROE of -30.14%. Market capitalisation stands at $6.3B.
Balance sheet quality for CAG: current ratio of 0.9, net debt of $7.05B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $7.83B | $7.94B | $9.54B | $11.05B | $11.18B | $11.54B | $12.28B | $12.05B | $11.61B | $11.28B |
| Cost of Revenue | $5.48B | $5.59B | $6.89B | $7.98B | $8.01B | $8.70B | $9.01B | $8.72B | $8.61B | $8.58B |
| Gross Profit | $2.34B | $2.35B | $2.65B | $3.07B | $3.18B | $2.84B | $3.26B | $3.33B | $3.00B | $2.70B |
| Research & Development | 0 | 0 | 0 | 0 | $51.3M | $53.4M | $57.7M | $61.4M | $60.8M | 0 |
| Selling, General & Admin | $1.47B | $1.40B | $1.47B | $1.62B | $1.40B | $1.49B | $1.43B | $1.49B | $1.54B | $1.44B |
| Operating Expenses | $1.47B | $1.40B | $1.47B | $1.62B | $1.40B | $1.49B | $2.19B | $2.48B | $1.64B | $4.33B |
| Operating Income | $869.8M | $953.1M | $1.18B | $1.45B | $1.78B | $1.35B | $1.08B | $852.8M | $1.36B | -$1.63B |
| EBITDA | $1.20B | $1.29B | $1.55B | $1.85B | $2.22B | $1.94B | $1.69B | $1.45B | $1.97B | -$1.63B |
| Interest Expense | $199.2M | $162.5M | $398.2M | $490.2M | $422.3M | $382.0M | $413.5M | $436.2M | $416.7M | $382.6M |
| Pre-tax Income | $800.7M | $972.1M | $899.1M | $1.04B | $1.49B | $1.18B | $901.9M | $610.2M | $1.16B | -$1.82B |
| Income Tax | $254.7M | $174.6M | $218.8M | $201.3M | $193.8M | $290.5M | $218.7M | $262.5M | $3.7M | $91.8M |
| Net Income | $639.3M | $808.4M | $678.3M | $840.1M | $1.30B | $888.2M | $683.6M | $347.2M | $1.15B | -$1.92B |
| EPS | $1.48 | $2.00 | $1.53 | $1.72 | $2.67 | $1.85 | $1.43 | $0.73 | $2.41 | $-4.00 |
| EPS (Diluted) | $1.46 | $1.98 | $1.52 | $1.72 | $2.66 | $1.84 | $1.42 | $0.72 | $2.41 | $-4.00 |
| Shares Outstanding (Diluted) | $436.0M | $407.4M | $445.6M | $488.6M | $487.8M | $482.2M | $480.7M | $480.0M | $478.3M | $479.0M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $2.98B | $2.79B | $2.88B | $2.60B |
| Gross Profit | $698.4M | $657.7M | $701.7M | $618.7M |
| Operating Income | $371.3M | $280.1M | -$2.63B | $268.4M |
| EBITDA | -$459.1M | $424.6M | -$2.07B | $423.9M |
| Net Income | -$663.6M | $199.8M | -$1.62B | $174.3M |
| EPS | $-1.39 | $0.42 | $-3.37 | $0.36 |
| EPS (Diluted) | $-1.39 | $0.42 | $-3.37 | $0.36 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $251.4M | $128.0M | $236.6M | $553.3M | $79.2M | $83.3M | $93.3M | $77.7M | $68.0M | $218.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $563.4M | $569.4M | $818.2M | $860.8M | $793.9M | $867.4M | $952.8M | $871.8M | $770.0M | $658.2M |
| Inventory | $927.9M | $988.7M | $1.55B | $1.36B | $1.71B | $1.97B | $2.21B | $1.98B | $2.05B | $1.91B |
| Total Current Assets | $2.01B | $1.94B | $2.73B | $2.89B | $2.70B | $3.03B | $3.38B | $3.15B | $3.07B | $2.88B |
| Property, Plant & Equipment | $1.63B | $1.59B | $2.33B | $2.37B | $2.57B | $2.74B | $2.74B | $2.82B | $2.84B | $2.86B |
| Goodwill | $4.30B | $4.49B | $11.44B | $11.36B | $11.34B | $11.33B | $11.11B | $10.33B | $10.50B | $8.12B |
| Intangible Assets | $1.22B | $1.28B | $4.54B | $4.30B | $4.12B | $3.86B | $3.19B | $2.48B | $2.42B | $1.83B |
| Total Assets | $10.10B | $10.39B | $22.21B | $22.30B | $22.20B | $22.44B | $22.05B | $20.86B | $20.93B | $17.27B |
| Accounts Payable | $773.1M | $905.3M | $1.25B | $1.51B | $1.66B | $1.86B | $1.53B | $1.49B | $1.59B | $1.51B |
| Short-term Debt | $227.2M | $584.3M | 0 | $846.6M | $730.5M | $891.6M | $2.15B | $948.7M | $1.83B | $812.4M |
| Total Current Liabilities | $1.72B | $2.34B | $2.14B | $3.29B | $3.31B | $3.52B | $4.44B | $3.24B | $4.32B | $3.19B |
| Long-term Debt | $2.77B | $3.23B | $10.66B | $8.90B | $8.28B | $8.09B | $7.08B | $7.49B | $6.23B | $6.46B |
| Total Liabilities | $6.02B | $6.63B | $14.75B | $14.35B | $13.56B | $13.57B | $13.25B | $12.35B | $12.00B | $10.92B |
| Retained Earnings | $4.25B | $4.74B | $5.05B | $5.47B | $6.26B | $6.55B | $6.60B | $6.28B | $6.76B | $4.17B |
| Total Equity | $3.99B | $3.68B | $7.38B | $7.88B | $8.55B | $8.79B | $8.74B | $8.44B | $8.93B | $6.36B |
| Total Debt | $3.00B | $3.82B | $10.68B | $9.95B | $9.19B | $9.18B | $9.42B | $8.61B | $8.07B | $7.27B |
| Net Debt | $2.75B | $3.69B | $10.44B | $9.40B | $9.11B | $9.10B | $9.33B | $8.54B | $8.00B | $7.05B |
| Working Capital | $292.7M | -$397.3M | $591.2M | -$401.5M | -$604.1M | -$485.1M | -$1.06B | -$92.3M | -$1.25B | -$305.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $46.6M | $55.1M | $218.0M | $371.6M |
| Total Assets | $19.54B | $19.21B | $17.27B | $17.70B |
| Total Liabilities | $11.45B | $11.05B | $10.92B | $11.30B |
| Total Equity | $8.09B | $8.16B | $6.36B | $6.40B |
| Total Debt | $7.62B | $6.56B | $7.27B | $7.76B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $546.0M | $797.5M | $680.3M | $841.8M | $1.30B | $888.2M | $683.2M | $347.2M | $1.15B | -$1.92B |
| Depreciation & Amortization | $268.0M | $257.0M | $333.0M | $388.9M | $387.7M | $375.4M | $369.9M | $400.9M | $390.2M | $396.0M |
| Stock-based Compensation | $36.1M | $37.9M | $33.7M | $59.2M | $63.9M | $26.1M | $79.2M | $30.8M | $41.5M | 0 |
| Change in Working Capital | $199.0M | $50.9M | $102.4M | $312.7M | -$298.4M | -$218.4M | -$816.0M | $130.7M | -$22.8M | $12.6M |
| Operating Cash Flow | $1.18B | $954.2M | $1.13B | $1.84B | $1.47B | $1.18B | $995.4M | $2.02B | $1.69B | $1.40B |
| Capital Expenditure | -$242.1M | -$251.6M | -$353.1M | -$369.5M | -$506.4M | -$464.4M | -$362.2M | -$388.1M | -$389.3M | -$423.4M |
| Acquisitions | $163.3M | -$337.1M | -$4.84B | $194.6M | $160.9M | $100,000 | $3.2M | $800,000 | -$153.8M | $687.8M |
| Stock Repurchased | -$1.00B | -$967.3M | 0 | 0 | -$298.1M | -$50.0M | -$150.0M | 0 | -$64.0M | -$15.3M |
| Dividends Paid | -$415.0M | -$342.3M | -$356.2M | -$413.6M | -$474.6M | -$581.8M | -$623.8M | -$659.3M | -$669.2M | -$669.7M |
| Free Cash Flow | $933.4M | $702.6M | $772.4M | $1.47B | $961.7M | $712.9M | $633.2M | $1.63B | $1.30B | $978.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | $210.6M | $564.4M | $506.5M | -$4.2M |
| Capital Expenditure | -$71.8M | -$95.6M | -$109.2M | -$123.7M |
| Free Cash Flow | $138.8M | $468.8M | $397.3M | -$127.9M |
| Dividends Paid | -$167.7M | -$167.4M | -$167.5M | -$167.5M |
| Stock-based Compensation | $13.5M | $16.6M | $5.0M | $14.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +1.4% | +20.2% | +15.9% | +1.2% | +3.1% | +6.4% | -1.8% | -3.6% | -2.9% |
| Net Income Growth (YoY) | | +26.5% | -16.1% | +23.9% | +54.6% | -31.6% | -23.0% | -49.2% | +231.9% | -266.3% |
| EPS Growth (YoY) | | +35.1% | -23.5% | +12.4% | +55.2% | -30.7% | -22.7% | -49.0% | +230.1% | -266.0% |
| Shares Change (YoY) | | -6.6% | +9.4% | +9.6% | -0.2% | -1.1% | -0.3% | -0.1% | -0.4% | +0.1% |
| FCF Growth (YoY) | | -24.7% | +9.9% | +90.7% | -34.7% | -25.9% | -11.2% | +157.0% | -20.0% | -24.9% |
| Gross Margin | 29.9% | 29.6% | 27.8% | 27.8% | 28.4% | 24.6% | 26.6% | 27.7% | 25.9% | 23.9% |
| Operating Margin | 11.1% | 12.0% | 12.4% | 13.1% | 15.9% | 11.7% | 8.8% | 7.1% | 11.8% | -14.4% |
| EBITDA Margin | 15.3% | 16.3% | 16.3% | 16.7% | 19.9% | 16.8% | 13.7% | 12.0% | 16.9% | -14.4% |
| Net Margin | 8.2% | 10.2% | 7.1% | 7.6% | 11.6% | 7.7% | 5.6% | 2.9% | 9.9% | -17.0% |
| FCF Margin | 11.9% | 8.9% | 8.1% | 13.3% | 8.6% | 6.2% | 5.2% | 13.5% | 11.2% | 8.7% |
| Effective Tax Rate | 31.8% | 18.0% | 24.3% | 19.3% | 13.0% | 24.6% | 24.2% | 43.0% | 0.3% | -5.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $2.14 | $1.72 | $1.73 | $3.01 | $1.97 | $1.48 | $1.32 | $3.39 | $2.72 | $2.04 |
| Dividends Per Share | $0.95 | $0.84 | $0.80 | $0.85 | $0.97 | $1.21 | $1.30 | $1.37 | $1.40 | $1.40 |
| Shares Outstanding (Basic) | $431.9M | $403.9M | $444.0M | $487.3M | $485.8M | $480.3M | $478.9M | $478.6M | $478.3M | $479.0M |
What to look at in Consumer Defensive companies
- Gross margin (stable 5y) (Stable >=35%) — Brand pricing power — Coca-Cola does not drop margins.
- ROE / ROIC stable (ROE >=15% stable) — Defensive businesses have high consistent ROEs — Lynch's stalwarts.
- FCF / Net Income (>=90%) — Earnings to cash conversion — best names exceed 95%.
- Dividend growth 10y (>=6%/year) — Dividend Aristocrats raise 25+ years — moat signal.
- Payout Ratio (<75%) — >80% = dividend at risk. <60% comfortable.
- Net Debt / EBITDA (<2.5x) — Defensive with high debt loses its essence.
Profitability
| Return on Equity | -30.14% |
| Return on Invested Capital | -10.93% |
| Return on Assets | -11.09% |
| Gross Margin | 23.80% |
| Operating Margin | -15.13% |
| Net Margin | -16.95% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 1.10 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.00 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 26.04 | 18.53 | 17.50 | 20.19 | 14.27 | 17.92 | 24.36 | 41.48 | 9.29 | -3.28 |
| P/B | 4.17 | 4.07 | 1.61 | 2.15 | 2.16 | 1.81 | 1.91 | 1.72 | 1.20 | 0.99 |
| P/S | 2.13 | 1.89 | 1.25 | 1.53 | 1.65 | 1.38 | 1.36 | 1.20 | 0.92 | 0.56 |
| Gross Margin | 29.9% | 29.6% | 27.8% | 27.8% | 28.4% | 24.6% | 26.6% | 27.7% | 25.9% | 23.9% |
| Operating Margin | 11.1% | 12.0% | 12.4% | 13.1% | 15.9% | 11.7% | 8.8% | 7.1% | 11.8% | -14.4% |
| Net Margin | 8.2% | 10.2% | 7.1% | 7.6% | 11.6% | 7.7% | 5.6% | 2.9% | 9.9% | -17.0% |