Cal-Maine Foods Reports Second Quarter Fiscal 2026 Results
Rhea-AI Summary
Cal-Maine Foods (NASDAQ: CALM) reported fiscal Q2 2026 results for the quarter ended Nov 29, 2025, showing mixed operational progress amid lower egg prices. Net sales were $769.5M, down 19.4% year-over-year; gross profit was $207.4M, down 41.8%; and net income attributable to Cal-Maine was $102.8M, down 53.1%, with diluted EPS of $2.13 (down 52.3%).
The company is shifting mix toward specialty eggs and prepared foods: prepared foods sales rose to $71.7M (+586.4% YoY) and management announced a $36M capacity expansion plus acquisition of Clean Egg production assets. Quarterly share repurchases totaled $74.8M, and a cash dividend of $0.72 per share is payable Feb 12, 2026.
Positive
- Prepared foods sales +586.4% to $71.7M in Q2
- Announced $36M to expand prepared foods capacity >30%
- Acquired Clean Egg production assets to boost specialty capacity
- H1 net cash flow from operations +55.5% to $373.4M
- Breeder flocks +12.7%, chicks hatched +65.1% in Q2
Negative
- Net sales Q2 down 19.4% to $769.5M
- Gross profit Q2 down 41.8% to $207.4M
- Net income attributable down 53.1% to $102.8M
- Total shell egg sales Q2 down 28.1%; conventional eggs down 41.0%
- Prepared foods sales down 14.5% sequentially due to Echo Lake disruption
News Market Reaction
On the day this news was published, CALM declined 1.61%, reflecting a mild negative market reaction. Argus tracked a trough of -9.5% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $63M from the company's valuation, bringing the market cap to $3.84B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Key peers showed mixed moves: VITL +0.77%, FDP +1.71%, TSN -1.84%, BG +0.47%, DOLE -0.21%, suggesting stock-specific focus on CALM’s results.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 16 | Earnings scheduling | Neutral | +1.8% | Announcement of Q2 FY26 earnings release and webcast timing. |
| Dec 03 | Growth investment | Positive | +3.3% | Leadership changes and multi-project capacity expansion in prepared foods. |
| Nov 12 | Conference participation | Neutral | +0.7% | Management participation in Stephens investment conference with posted materials. |
| Oct 01 | Record earnings | Positive | -1.2% | Strongest Q1 in company history with record sales and earnings. |
| Sep 17 | Earnings call launch | Neutral | +0.9% | Inaugural quarterly earnings call and webcast announcement. |
Recent news has generally produced modest single-digit moves, with one notable divergence where record Q1 results were followed by a slight negative reaction.
Over the last six months, Cal-Maine has highlighted record Q1 FY26 results, strong shell egg and prepared foods growth, and expanded investor communications. Prepared foods capacity investments and leadership changes underscore a diversification strategy that ties directly to today’s results, where specialty eggs and prepared foods increased their share of net sales. Prior communications-related releases (earnings calls, conferences, scheduling notices) saw modest positive reactions, while record Q1 earnings led to a small next-day decline.
Market Pulse Summary
This announcement details softer headline results alongside a clear strategic shift. Q2 net sales were $769.5 million with diluted EPS of $2.13, both down year over year, while prepared foods sales reached $71.7 million and H1 prepared foods totaled $155.6 million. A $36 million capacity investment and a $74.8 million share repurchase underscore management’s commitment to higher-margin mix and capital returns, themes echoed in prior updates.
Key Terms
basis points financial
AI-generated analysis. Not financial advice.
RIDGELAND, Miss., Jan. 07, 2026 (GLOBE NEWSWIRE) -- 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 second quarter, ended November 29, 2025. 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 second quarter of fiscal 2026
- Shell egg sales represented
84.4% of total net sales, down 1,030 basis points - Specialty eggs drove a greater portion of shell egg sales, accounting for
44.0% of total shell egg sales, up 1,230 basis points - Specialty eggs and prepared foods combined accounted for
46.4% of net sales, up 1,520 basis points - Announced a
$36 million investment to centralize and expand prepared foods production, increasing capacity by over30% in the next two years to support long-term growth in high-protein, ready-to-eat products - Acquired Clean Egg, LLC production assets expanding specialty, free-range egg capacity to support local sourcing, capture accelerating market growth, and optimize supply chain
- Shell egg sales represented
- In the first half of fiscal 2026
- Shell egg sales represented
85.0% of total net sales, down 950 basis points - Specialty eggs drove a greater portion of shell egg sales, accounting for
39.6% of total shell egg sales, up 660 basis points - Specialty eggs and prepared foods combined accounted for
42.8% of net sales, up 1,040 basis points
- Shell egg sales represented
- In the second quarter of fiscal 2026
Second Quarter Fiscal 2026 Highlights
- Net sales of
$769.5 million , down19.4% - Shell egg sales of
$649.6 million , down28.1% - Conventional egg sales of
$363.9 million , down41.0% - Specialty egg sales of
$285.7 million , down0.4% - Breeder flocks grew
12.7% , total chicks hatched rose65.1% , and the average number of layer hens expanded2.6%
- Conventional egg sales of
- Prepared foods sales of
$71.7 million versus$10.4 million , up586.4% - Sales down
14.5% sequentially due to short-term production decline during Echo Lake remodeling and expansion projects
- Sales down
- Shell egg sales of
- Gross profit of
$207.4 million , down41.8% , and gross profit margin of27.0% - Operating income of
$123.9 million , down55.5% , and operating income margin of16.1% - Net income attributable to Cal-Maine Foods of
$102.8 million , down53.1% - Diluted earnings per share of
$2.13 , down52.3% - Net cash flow from operations of
$94.8 million , down22.8% - Cash dividend of approximately
$34.3 million , or approximately$0.72 per share, pursuant to the company’s established dividend policy
First Half of Fiscal 2026 Highlights
- Net sales of
$1.69 2 billion, down2.8% - Shell egg sales of
$1.43 9 billion, down12.5% - Conventional egg sales of
$869.8 million , down21.0% - Specialty egg sales of
$569.2 million , up4.7% - Breeder flocks grew
21.6% , total chicks hatched rose71.0% , and the average number of layer hens expanded6.0%
- Conventional egg sales of
- Shell egg sales of
- Prepared foods sales of
$155.6 million versus$19.4 million , up702.9% - Gross profit of
$518.7 million , down14.0% , and gross profit margin of30.7% - Operating income of
$373.1 million , down19.8% , and operating income margin of22.1% - Net income attributable to Cal-Maine Foods of
$302.1 million , down18.1% - Diluted earnings per share of
$6.26 , down17.0% - Net cash flow from operations of
$373.4 million , up55.5%
Commentary
“Despite the impact of eggs prices, we believe our performance in the second quarter and first half of the fiscal year demonstrates strength and momentum. We delivered solid results compared to a prior year marked by supply-demand imbalances and historic price levels. With lower egg prices, our increasingly diversified business model, paired with disciplined execution, proved to be a source of resilience. In our view, this positions us as a rare combination of value and growth—an advantage poised to strengthen over time,” said Sherman Miller, president and chief executive officer of Cal-Maine Foods.
He continued, “Our specialty egg business maintained strong prices and volumes in the quarter and achieved higher sales dollars and volume in the first half of the fiscal year. With our recently announced expansions, we are positioning our prepared foods business to deliver sustained double-digit volume growth.”
“We expect the ongoing sales mix shift across our portfolio, visible throughout the first half of the fiscal year, will enhance the durability and predictability of our earnings over time. This reflects the deliberate execution of our long-term strategy, and our results reinforce the strength of that approach as we continue to deliver operational and financial excellence,” Mr. Miller said.
Second Quarter Fiscal 2026 Results Overview
Net sales were
Total shell egg sales decreased
Gross profit was
First Half of Fiscal 2026 Results Overview
Net sales were
Total shell egg sales decreased
Gross profit was
Looking Forward
“Cal-Maine is systematically advancing a structural upgrade in the egg category from a position of strength. While the market has long viewed us as a pure commodity business, we are focused on becoming a higher-value, more stable earnings platform as consumer demand shifts toward specialty, premium, and convenient protein solutions. Our core shell-egg business provides a durable foundation, while specialty eggs, more hybrid pricing arrangements, and prepared foods are driving sales mix improvement, deeper customer engagement, and a higher earnings floor with more predictable and resilient results. This is not a pivot—it is a disciplined evolution of an essential food business into a more diversified platform with multiple growth engines and opportunity for improved long-term earnings visibility,” Mr. Miller concluded.
Share Repurchase Update
Cal-Maine Foods repurchased 846,037 shares of its common stock during the quarter for a total of
Dividend Payment
For the second quarter of fiscal 2026, Cal-Maine Foods will pay a cash dividend of approximately
Conference Call and Webcast
Management will host a conference call and webcast at 9:00 a.m. ET on January 7, 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 A of the 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 November 2023 and that first impacted our flocks in December 2023, (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 and potential future impacts of government, customer and consumer reactions to recent high market prices for eggs, (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 the war in Ukraine, the conflicts involving Israel and Iran, and attacks on shipping in the Red Sea. 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 | 26 Weeks Ended | ||||||||||||||
| November 29, 2025 | November 30, 2024 | November 29, 2025 | November 30, 2024 | ||||||||||||
| Net sales | $ | 769,498 | $ | 954,671 | $ | 1,692,100 | $ | 1,740,542 | |||||||
| Cost of sales | 562,112 | 598,629 | 1,173,400 | 1,137,282 | |||||||||||
| Gross profit | 207,386 | 356,042 | 518,700 | 603,260 | |||||||||||
| Selling, general and administrative | 82,887 | 77,633 | 152,401 | 139,565 | |||||||||||
| (Gain) Loss on involuntary conversions | - | 10 | (7,488 | ) | 156 | ||||||||||
| (Gain) loss on disposal of fixed assets | 630 | 338 | 734 | (1,479 | ) | ||||||||||
| Operating income | 123,869 | 278,061 | 373,053 | 465,018 | |||||||||||
| Other income, net | 12,210 | 10,900 | 26,291 | 21,896 | |||||||||||
| Income before income taxes | 136,079 | 288,961 | 399,344 | 486,914 | |||||||||||
| Income tax expense | 33,152 | 70,602 | 97,310 | 118,965 | |||||||||||
| Net income | 102,927 | 218,359 | 302,034 | 367,949 | |||||||||||
| Less: Income (loss) attributable to noncontrolling interest | 168 | (705 | ) | (65 | ) | (1,091 | ) | ||||||||
| Net income attributable to Cal-Maine Foods, Inc. | $ | 102,759 | $ | 219,064 | $ | 302,099 | $ | 369,040 | |||||||
| Net income per common share: | |||||||||||||||
| Basic | $ | 2.14 | $ | 4.49 | $ | 6.27 | $ | 7.57 | |||||||
| Diluted | $ | 2.13 | $ | 4.47 | $ | 6.26 | $ | 7.54 | |||||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 48,019 | 48,765 | 48,150 | 48,762 | |||||||||||
| Diluted | 48,167 | 48,970 | 48,295 | 48,953 | |||||||||||
| CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands) | ||||||
| SUMMARY BALANCE SHEETS | ||||||
| November 29, 2025 | May 31, 2025 | |||||
| ASSETS | ||||||
| Cash and short-term investments | $ | 1,138,988 | $ | 1,392,100 | ||
| Receivables, net | 262,369 | 272,361 | ||||
| Inventories, net | 340,588 | 295,670 | ||||
| Prepaid expenses and other current assets | 12,473 | 7,979 | ||||
| Current assets | 1,754,418 | 1,968,110 | ||||
| Property, plant and equipment, net | 1,218,654 | 1,026,684 | ||||
| Other noncurrent assets | 170,992 | 89,825 | ||||
| Total assets | $ | 3,144,064 | $ | 3,084,619 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Accounts payable and accrued expenses | $ | 184,545 | $ | 194,208 | ||
| Dividends payable | 34,283 | 114,163 | ||||
| Current liabilities | 218,828 | 308,371 | ||||
| Deferred income taxes and other liabilities | 227,470 | 210,233 | ||||
| Stockholders' equity | 2,697,766 | 2,566,015 | ||||
| Total liabilities and stockholders' equity | $ | 3,144,064 | $ | 3,084,619 | ||
Contacts
Investors: ir@cmfoods.com
Media: media@cmfoods.com
Telephone: (601) 948-6813
FAQ
What were Cal-Maine Foods (CALM) fiscal Q2 2026 net sales and EPS?
How did Cal-Maine's prepared foods business perform in Q2 2026 (CALM)?
What dividend did Cal-Maine (CALM) declare for Q2 fiscal 2026 and when is it payable?
How much stock did Cal-Maine (CALM) repurchase in Q2 2026?
What material investments did Cal-Maine (CALM) announce on Jan 7, 2026?
How did specialty and conventional egg sales trend for Cal-Maine (CALM) in Q2 2026?
