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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Conagra’s latest quarter offers early signs of progress, but not evidence of a broad recovery. For the quarter ended August 30, 2026, the company reported higher net income, adjusted net income and adjusted EBITDA. At the same time, organic sales and volume fell, adjusted gross margin narrowed, and management’s fiscal 2027 outlook still calls for an annual organic-sales decline.
What changed in the latest quarter?
In fiscal 2027’s first quarter, Conagra reported net sales of $2.6 billion, down 1.4% year over year. Organic net sales declined 1.1%, reflecting a 1.0% favorable price/mix contribution that was more than offset by a 2.1% drop in volume. The quarter ended August 30, 2026; the company released results on September 30, 2026. Conagra’s Q1 results release
That mix is central to judging the turnaround: pricing helped revenue, but fewer units sold weighed on underlying sales. Conagra said it gained dollar share in frozen vegetables, pudding, chili, frozen breakfast, hot dogs and frozen desserts. Those category-specific gains are encouraging, but they do not negate the company-wide declines in organic sales and volume.
Profit rose while gross margin weakened
Net income increased 6.0% to $174 million, or $0.36 per diluted share. Adjusted net income rose 4.3% to $197 million, or $0.41 per diluted share, and adjusted EBITDA increased 2.4% to $451 million. Adjusted results exclude specified items and are not the same as GAAP results.
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But the improvement did not come with stronger gross economics. Adjusted gross profit fell 3.9% to $619 million, and adjusted gross margin declined 62 basis points to 23.8%. Productivity and roughly $4 million in tariff refunds were outweighed by lower organic sales, cost inflation and unfavorable operating leverage. Net income also benefited from factors beyond branded-food operations: equity-method investment earnings rose 71.8% to $50 million, primarily reflecting favorable market conditions and management through wheat-market volatility at Ardent Mills. Lower adjusted selling, general and administrative expenses and higher equity earnings helped adjusted net income, partly offset by lower gross profit.
Brand spending increased even as adjusted SG&A fell
Adjusted SG&A declined 3.7% to $321 million, partly because the quarter included a $10 million benefit related to fiscal 2026 incentive compensation. Meanwhile, advertising and promotion spending rose 15.1% to $61 million. The distinction matters: Conagra increased a visible form of brand investment, but the lower total adjusted SG&A figure was helped by a compensation comparison rather than showing that every operating cost was falling.
How broad is the improvement across Conagra’s businesses?
Performance varied sharply by segment in Q1 FY2027. Grocery & Snacks and Refrigerated & Frozen, the two largest listed segments, had lower organic sales and adjusted operating profit. International and Foodservice grew organic sales, but both recorded lower adjusted operating profit except Foodservice. Conagra’s segment results show why a few pockets of growth should not be mistaken for a company-wide rebound. Conagra’s Q1 results release
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| Segment | Organic sales | Price/mix | Volume | Adjusted operating profit |
|---|---|---|---|---|
| Grocery & Snacks | Down 2.0% | Up 3.4% | Down 5.4% | Down 7.2% |
| Refrigerated & Frozen | Down 1.6% | Down 1.5% | Down 0.1% | Down 13.0% |
| International | Up 0.9% | Up 1.6% | Down 0.7% | Down 8.6% |
| Foodservice | Up 3.3% | Up 0.8% | Up 2.5% | Up 11.4% |
Foodservice’s volume increase needs a timing qualification: about 150 basis points of its growth benefited from customer orders placed in the prior-year third quarter. The reported 2.5% volume gain therefore overstates the amount attributable to the quarter’s underlying trend.
Why the fiscal 2026 baseline matters
Conagra entered the new fiscal year after a difficult FY2026. For the year ended May 31, 2026, net sales fell 2.9% to $11.3 billion, while organic sales declined 0.4%. Adjusted gross margin was 24.0%, down 175 basis points, and adjusted operating margin was 11.3%. Adjusted EPS was $1.72. Reported diluted loss per share was $4.00, primarily because of non-cash goodwill and brand impairment charges; fourth-quarter impairments totaled $2.0 billion and were primarily triggered by sustained declines in share price and market capitalization. Conagra’s July 15, 2026 results filing Conagra’s FY2026 results release
Reported sales and underlying demand are not interchangeable. The FY2026 reported sales comparison included a 4.6% decline from mergers and acquisitions and a 1.8% increase from the 53rd week, alongside the 0.4% organic decline. Gross profit fell 10.2%, while adjusted gross profit fell 9.4%; productivity and the extra week were outweighed by lower organic sales, input-cost inflation and unfavorable operating leverage.
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The GAAP loss and adjusted EPS answer different questions. The $4.00 reported loss includes the specified impairment charges; adjusted EPS excludes specified items. Neither figure should be substituted for the other when assessing the year.
What is Conagra doing to try to turn the business around?
CEO John Brase identified four priorities in the July 15, 2026 results release: restoring margins, investing more behind brands and the supply chain, simplifying operations and reducing complexity, and improving financial flexibility. The rise in Q1 advertising and promotion spending is one measurable sign of increased brand investment. The quarter’s margin decline, however, shows that the restoration goal is not yet reflected in gross-margin results.
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Financial flexibility is also a concrete part of the reset. Conagra’s board reduced the quarterly dividend to $0.175 per share, equivalent to an annualized $0.70. That capital-allocation change accompanied management’s stated aim of strengthening the balance sheet’s flexibility. Conagra’s FY2026 results release
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What do cash flow and debt say about the turnaround?
Conagra used $4 million of cash in operations in Q1 FY2027, compared with generating $121 million a year earlier. The company attributed the change primarily to lower operating profit and higher litigation payments net of recoveries. Capital expenditures were $124 million, leaving free cash flow at negative $128 million for the quarter. Net debt was $7.4 billion and net leverage was 3.99x, although net debt was down $193 million, or 2.5%, year over year. Conagra’s Q1 results release
A single quarter’s cash flow can be affected by timing, so it does not by itself establish the full-year trend. For FY2027, management’s assumptions published with the July results included free-cash-flow conversion above 90% and year-end net leverage near 4.0x. The company subsequently reaffirmed its overall FY2027 guidance in September. These are management assumptions, not achieved outcomes.
What guidance sets the test for FY2027?
On September 30, 2026, Conagra reaffirmed its FY2027 outlook. The ranges point to continued pressure on sales and margins rather than a return to growth this year. Conagra’s Q1 results release
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| FY2027 measure | Management guidance |
|---|---|
| Organic net sales change | Down 3% to down 1% |
| Adjusted operating margin | 10.0% to 10.5% |
| Adjusted EPS | $1.40 to $1.50 |
The midpoint of the adjusted operating-margin range is 10.25%, below FY2026’s 11.3%. This is a comparison of management’s forecast with the prior year’s reported adjusted result, not a claim that FY2027 results have already been determined.
What would confirm that the turnaround is taking hold?
The most useful evidence will be whether improvements become broader and persist beyond one quarter. In upcoming results, readers can track:
- Organic sales and unit volume: A smaller organic-sales decline would be progress; sustained volume improvement would show that growth is not being supported by price/mix alone.
- Adjusted gross margin: Q1’s 23.8%, down 62 basis points, is a counter-signal to the margin-restoration goal. A sustained improvement would better support the case that productivity and pricing are overcoming inflation and operating leverage.
- Segment breadth: Growth in more than Foodservice and selected categories would be stronger evidence of a portfolio recovery, particularly if it came with improving segment profit.
- Cash generation and leverage: The negative Q1 free cash flow and 3.99x net leverage make progress against management’s full-year cash-conversion and leverage assumptions important to monitor.
- Profit quality: Adjusted earnings growth should be considered alongside gross profit, operating performance and joint-venture earnings, rather than treated alone as proof of stronger core operations.
For now, Conagra has delivered higher quarterly earnings measures, but sales, volume, gross margin and the FY2027 outlook remain weak. The turnaround is beginning to show in selected profit figures; a broader recovery still needs confirmation.
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