CALM · Cal-Maine Foods, Inc.

Cal-Maine Foods' third quarter fiscal 2026 results reflect a normalization of the shell egg market following the historic price levels of the prior year. Net sales declined 53.0% to $667.0 million, primarily driven by a 70.1% decrease in conventional egg selling prices. Despite the significant top-line contraction, the company demonstrated strategic resilience through its continued mix shift toward higher-value categories. Specialty egg sales increased to 50.5% of total shell egg sales, up 2,610 basis points year-over-year, while prepared foods sales surged 441.2% to $63.6 million, largely attributable to the Echo Lake acquisition and volume growth from Crepini. Gross profit margin compressed to 17.9%, down from the prior year, as lower selling prices outpaced cost reductions. Operating income margin stood at 5.4%. Management highlighted that improved supply conditions, with USDA-reported depopulations down 70.6% and the national layer flock up 2.2%, contributed to the price declines. The company continues to execute its diversification strategy, recently acquiring assets of Creighton Brothers LLC to enhance integration across the value chain. Capital returns to shareholders remained active, with $24.3 million deployed for share repurchases and a quarterly dividend of $0.36 per share declared.