Conagra Brands, Inc.

Name: Conagra Brands, Inc. financial statements and ratios
Creator: Annalist

CAG · NYSE · Consumer staples, packaged food · United States · US GAAP · Fiscal year ends May

Latest report: Q1 FY2027, the quarter ended 30 August 2026, released 30 September 2026. Snapshot FY2027Q1_d06b3d8f.

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Overview

Revenue, quarter

−1.4% year on year

Operating income, quarter

−22.7% year on year

Net income, quarter

+6.0% year on year

Diluted EPS, quarter

+5.9% year on year

Operating margin, last 4 quarters

−26.6pp year on year

Return on invested capital, last 4 quarters

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 August 2026 was US$2.6 billion, 1.4% lower than in the same quarter a year earlier.
Newin Q1 FY2027 · first stated
Rule: Revenue against a year earlier · Sources 10-Q 2026-08
History of this finding, 11 records
1. Q1 FY2027 NewRevenue for the quarter ended 30 August 2026 was US$2.6 billion, 1.4% lower than in the same quarter a year earlier.Recorded from FY2027Q1_d06b3d8f · data update
2. Q1 FY2027 RetiredThe finding changed to lower than a year earlier.Recorded from FY2027Q1_d06b3d8f · data update
3. Q4 FY2026 NewRevenue for the quarter ended 31 May 2026 was US$2.9 billion, 3.6% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q3 FY2026 WeakenedRevenue for the quarter ended 22 February 2026 was US$2.8 billion, 1.9% lower than in the same quarter a year earlier.Reconstructed · data update
6. Q2 FY2026 ConfirmedRevenue for the quarter ended 23 November 2025 was US$3.0 billion, 6.8% lower than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2026 StrengthenedRevenue for the quarter ended 24 August 2025 was US$2.6 billion, 5.8% lower than in the same quarter a year earlier.Reconstructed · data update
8. Q4 FY2025 WeakenedRevenue for the quarter ended 25 May 2025 was US$2.8 billion, 4.3% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2025 StrengthenedRevenue for the quarter ended 23 February 2025 was US$2.8 billion, 6.3% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q2 FY2025 WeakenedRevenue for the quarter ended 24 November 2024 was US$3.2 billion, 0.4% lower than in the same quarter a year earlier.Reconstructed · data update
11. Q1 FY2025 NewRevenue for the quarter ended 25 August 2024 was US$2.8 billion, 3.8% lower than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$174 million, 6.0% higher than in the same quarter a year earlier.
Newin Q1 FY2027 · first stated
Rule: Net income against a year earlier · Sources 10-Q 2026-08
History of this finding, 16 records
1. Q1 FY2027 NewNet income attributable to the company was US$174 million, 6.0% higher than in the same quarter a year earlier.Recorded from FY2027Q1_d06b3d8f · data update
2. Q1 FY2027 RetiredThe finding changed to higher than a year earlier.Recorded from FY2027Q1_d06b3d8f · data update
3. Q4 FY2026 NewThe company reported a net loss of US$1.6 billion, against net income of US$256 million in the same quarter a year earlier.Reconstructed · data update
4. Q4 FY2026 RetiredThe finding changed to a loss.Reconstructed · data update
5. Q3 FY2026 NewNet income attributable to the company was US$200 million, 37.7% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
7. Q2 FY2026 NewThe company reported a net loss of US$664 million, against net income of US$284 million in the same quarter a year earlier.Reconstructed · data update
8. Q2 FY2026 RetiredThe finding changed to a loss.Reconstructed · data update
9. Q1 FY2026 NewNet income attributable to the company was US$164 million, 64.8% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q1 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
11. Q4 FY2025 NewNet income attributable to the company was US$256 million, against a net loss of US$567 million in the same quarter a year earlier.Reconstructed · data update
12. Q4 FY2025 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
13. Q3 FY2025 StrengthenedNet income attributable to the company was US$145 million, 53.0% lower than in the same quarter a year earlier.Reconstructed · data update
14. Q2 FY2025 NewNet income attributable to the company was US$284 million, 0.6% lower than in the same quarter a year earlier.Reconstructed · data update
15. Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
16. Q1 FY2025 NewNet income attributable to the company was US$467 million, 46.0% higher than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was -15.2%, 26.6 percentage points lower than a year earlier.
Strengthenedin Q1 FY2027 · stated since Q4 FY2026
Rule: Operating margin against a year earlier · Sources 10-Q 2025-11, 10-Q 2026-02, 10-K 2026-05 and 1 more
History of this finding, 13 records
1. Q1 FY2027 StrengthenedThe operating margin over the last 4 quarters was -15.2%, 26.6 percentage points lower than a year earlier.Recorded from FY2027Q1_d06b3d8f · data update
2. Q4 FY2026 NewThe operating margin over the last 4 quarters was -14.4%, 26.2 percentage points lower than a year earlier.Reconstructed · data update
3. Q4 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
4. Q3 FY2026 NewThe operating margin over the last 4 quarters was 3.1%, 1.0 percentage points higher than a year earlier.Reconstructed · data update
5. Q3 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q2 FY2026 NewThe operating margin over the last 4 quarters was 2.8%, 2.2 percentage points lower than a year earlier.Reconstructed · data update
7. Q2 FY2026 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
8. Q1 FY2026 StrengthenedThe operating margin over the last 4 quarters was 11.4%, 5.3 percentage points higher than a year earlier.Reconstructed · data update
9. Q4 FY2025 NewThe operating margin over the last 4 quarters was 11.8%, 4.7 percentage points higher than a year earlier.Reconstructed · data update
10. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
11. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was 2.1%, 12.8 percentage points lower than a year earlier.Reconstructed · data update
12. Q2 FY2025 StrengthenedThe operating margin over the last 4 quarters was 4.9%, 10.0 percentage points lower than a year earlier.Reconstructed · data update
13. Q1 FY2025 NewThe operating margin over the last 4 quarters was 6.1%, 9.6 percentage points lower than a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$877 million, and operating cash flow was -0.7 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin Q1 FY2027 · stated since Q1 FY2025
Rule: Free cash flow · Sources 10-Q 2025-08, 10-Q 2025-11, 10-Q 2026-02 and 2 more
History of this finding, 9 records
1. Q1 FY2027 WeakenedFree cash flow over the last 4 quarters was US$877 million, and operating cash flow was -0.7 times net income attributable to the company.Recorded from FY2027Q1_d06b3d8f · data update
2. Q4 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$979 million, and operating cash flow was -0.7 times net income attributable to the company.Reconstructed · data update
3. Q3 FY2026 ConfirmedFree cash flow over the last 4 quarters was US$842 million, and operating cash flow was -28.7 times net income attributable to the company.Reconstructed · data update
4. Q2 FY2026 WeakenedFree cash flow over the last 4 quarters was US$876 million, and operating cash flow was -12.9 times net income attributable to the company.Reconstructed · data update
5. Q1 FY2026 WeakenedFree cash flow over the last 4 quarters was US$1.1 billion, and operating cash flow was 1.8 times net income attributable to the company.Reconstructed · data update
6. Q4 FY2025 WeakenedFree cash flow over the last 4 quarters was US$1.3 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
7. Q3 FY2025 WeakenedFree cash flow over the last 4 quarters was US$1.4 billion, and operating cash flow was 5.6 times net income attributable to the company.Reconstructed · data update
8. Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 3.9 times net income attributable to the company.Reconstructed · data update
9. Q1 FY2025 NewFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 3.7 times net income attributable to the company.Reconstructed · initial

Records before Q1 FY2027 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Findings No Longer Stated

Rules whose findings applied in earlier quarters but not in the latest one.

Return on equity against a year earlier · retired in Q1 FY2026
1. Q1 FY2026 RetiredThe rule did not apply to the figures as at Q1 FY2026.Reconstructed · data update
2. Q4 FY2025 NewReturn on equity over the last 4 quarters was 13.3%, against 4.0% a year earlier.Reconstructed · data update
3. Q4 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was 3.7%, against 10.6% a year earlier.Reconstructed · data update
5. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 5.5%, against 11.1% a year earlier.Reconstructed · data update
6. Q1 FY2025 NewReturn on equity over the last 4 quarters was 5.6%, against 12.4% a year earlier.Reconstructed · initial
Net debt or net cash · retired in Q1 FY2027
1. Q1 FY2027 RetiredThe rule did not apply to the figures as at Q1 FY2027.Recorded from FY2027Q1_d06b3d8f · data update
2. Q4 FY2026 NewNet debt was US$7.1 billion at 31 May 2026.Reconstructed · data update
3. Q1 FY2026 RetiredThe rule did not apply to the figures as at Q1 FY2026.Reconstructed · data update
4. Q4 FY2025 NewNet debt was US$8.0 billion at 25 May 2025, 4.6 times EBITDA over the last 4 quarters.Reconstructed · initial

Data

Source documents26 documents, latest Form 10-Q, period ended 30 August 2026List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2027Q1_d06b3d8f

Corporate Events

Sales of businesses for cash31 May 2026
Received US$649 million from sales of businesses in fiscal 2026.
Source 10-K 2026-05
Acquisition or disposal1 October 2020
Completed an acquisition or disposition of assets.
Source 8-K 2020-10

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q1 FY2027

Form 10-Q, period ended 30 August 2026, filed 30 September 2026. Changes are against the previous report, and each figure shows its period.

6changes3thresholds crossed

Changes in This Report 6

NewRevenue Against a Year Earlier10-Q 2026-08
Revenue for the quarter ended 30 August 2026 was US$2.6 billion, 1.4% lower than in the same quarter a year earlier.
Earlier record, Q4 FY2026
Revenue for the quarter ended 31 May 2026 was US$2.9 billion, 3.6% higher than in the same quarter a year earlier.
NewNet Income Against a Year Earlier10-Q 2026-08
Net income attributable to the company was US$174 million, 6.0% higher than in the same quarter a year earlier.
Earlier record, Q4 FY2026
The company reported a net loss of US$1.6 billion, against net income of US$256 million in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-08
The operating margin over the last 4 quarters was -15.2%, 26.6 percentage points lower than a year earlier.
Earlier record, Q4 FY2026
The operating margin over the last 4 quarters was -14.4%, 26.2 percentage points lower than a year earlier.
WeakenedFree Cash Flow10-Q 2026-08
Free cash flow over the last 4 quarters was US$877 million, and operating cash flow was -0.7 times net income attributable to the company.
Earlier record, Q4 FY2026
Free cash flow over the last 4 quarters was US$979 million, and operating cash flow was -0.7 times net income attributable to the company.

2 more changes

WeakenedCash Backing of Earnings10-Q 2026-08
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 16.4% of average total assets.
Earlier record, Q4 FY2026
Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 17.4% of average total assets.
RetiredNet Debt or Net Cash
The rule did not apply to the figures as at Q1 FY2027.
Earlier record, Q4 FY2026
Net debt was US$7.1 billion at 31 May 2026.

Thresholds Crossed 3

NewDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 6.0 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 9.3% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
ConfirmedLiquidity Cover
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
NewAltman Z'' Zone
The Altman Z'' score for fiscal 2026 was 0.65, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Data Limits 1

Debt Not Captured at the Latest Balance Sheet
The balance sheet of Q1 FY2027 gives no long-term debt, while the balance sheet at 31 May 2026 gives $6.5bn. Total debt at that date is incomplete, so its debt measures are not computed, and the credit metrics stand at 31 May 2026.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA 5.97x, FFO to debt 9.3% · FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 6.0 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 9.3% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Newin FY2026 · first stated
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-08, 10-K 2026-05, 10-K 2025-05
History of this finding, 6 records
1. FY2026 NewLease-adjusted debt was 6.0 times adjusted EBITDA for fiscal 2026, and funds from operations equalled 9.3% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · data update
2. Q4 FY2026 RetiredThe finding changed to the highly leveraged band.Reconstructed · data update
3. Q4 FY2025 ConfirmedLease-adjusted debt was 4.5 times adjusted EBITDA over the 4 quarters ended 25 May 2025, within the aggressive band of the S&P standard volatility table.Reconstructed · restatement
4. Q4 FY2025 NewLease-adjusted debt was 4.5 times adjusted EBITDA over the last 4 quarters, within the aggressive band of the S&P standard volatility table.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to the aggressive band.Reconstructed · data update
6. Q4 FY2024 NewLease-adjusted debt was 6.5 times adjusted EBITDA over the 4 quarters ended 26 May 2024, within the highly leveraged band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2026

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 6.0 years of adjusted EBITDA; a year of funds from operations equals 9.3% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5.97x5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	9.3%below 12%

By Fiscal Year

Ratio	FY202229 May 2022	FY202328 May 2023	FY202426 May 2024	FY202525 May 2025	FY202631 May 2026	Q1 FY2027latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						n/a
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost						est.
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes						n/a
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	aggressive	highly leveraged	aggressive	aggressive	highly leveraged	n/a
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	aggressive	highly leveraged	aggressive	aggressive	highly leveraged	n/a
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA						n/a
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt						n/a
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt						n/a
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt						n/a
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)						n/a
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)						n/a
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						n/a

Reconciliation of the Credit Figures

Item	FY202229 May 2022	FY202328 May 2023	FY202426 May 2024	FY202525 May 2025	FY202631 May 2026	Q1 FY2027latest quarter
Total debt	$9.0bn	$9.2bn	$8.4bn	$8.1bn	$7.3bn	n/a
Operating lease liabilities	$241m	$229m	$212m	$243m	$207m	n/a
Lease-adjusted debt	$9.2bn	$9.5bn	$8.7bn	$8.3bn	$7.5bn	n/a
EBIT	$1.6bn	$1.1bn	$853m	$1.4bn	−$1.6bn	−$1.7bn
Depreciation and amortisation	$375m	$370m	$401m	$390m	$396m	$399m
Goodwill impairment	$0	$142m	$526m	$0	$2.4bn	$0
Share-based compensation	$26.1m	$79.2m	$30.8m	$41.5m	$54.7m	$49.4m
Operating lease cost	$52.9m	$55.3m	$53.1m	$47.6m	$48.1m	$48.1m
Adjusted EBITDA	$2.0bn	$1.7bn	$1.9bn	$1.8bn	$1.3bn	−$1.2bn
Cash interest	−$394m	−$416m	−$444m	−$427m	−$374m	n/a
Lease interest	−$7.5m	−$8.3m	−$8.5m	−$9.4m	−$9.8m	n/a
Cash taxes	−$299m	−$407m	−$343m	−$228m	−$173m	n/a
Funds from operations	$1.3bn	$890m	$1.1bn	$1.2bn	$695m	n/a

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
Operating lease cost is reported in the annual report only. Over the last 4 quarters, the lease figures that the quarters do not report are estimated from the latest fiscal year, and every value computed with such an estimate is marked.

Liquidity and MaturitiesUses above sourcesLiquidity cover 0.87x, Debt due within 12 months $820m · Q1 FY2027

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Confirmedin Q1 FY2027 · stated since Q2 FY20260.87x from 0.85x in Q4 FY2026
Rule: Liquidity cover · Sources 10-Q 2026-08, 10-Q 2025-08, 10-Q 2025-11 and 2 more
History of this finding, 11 records
1. Q1 FY2027 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2027Q1_d06b3d8f · data update
2. Q4 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q3 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.7 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q2 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q2 FY2026 RetiredThe finding changed to sources of cash that fall short of the uses.Reconstructed · data update
6. Q1 FY2026 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.1 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q1 FY2026 RetiredThe finding changed to sources of cash that cover the uses.Reconstructed · data update
8. Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
10. Q2 FY2025 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
11. Q1 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 0.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q1 FY2027

Sources	Amount
Cash and short-term investments	$372m
Operating cash flow	$1.3bn
Sources	$1.6bn

Uses	Amount
Debt due within 12 months	$820m
Capital expenditure	$400m
Dividends paid	$670m
Uses	$1.9bn

Liquidity cover 0.87x

Debt Maturities at 31 May 2026

Principal due by fiscal year, US dollars

FY2027	FY2028	FY2029	FY2030	FY2031	After FY2031	Total
$779m	$1.0bn	$1.7bn	$19.0m	$818m	n/a	n/a

The report gives no amount for After FY2031, so the schedule has no total.

By Fiscal Year

Ratio	FY202229 May 2022	FY202328 May 2023	FY202426 May 2024	FY202525 May 2025	FY202631 May 2026	Q1 FY2027latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule						n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −16.4% · Q1 FY2027

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 16.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin Q1 FY2027 · stated since Q1 FY2025−16.4% from −17.4% in Q4 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-08, 10-Q 2026-08, 10-Q 2025-11 and 2 more
History of this finding, 9 records
1. Q1 FY2027 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 16.4% of average total assets.Recorded from FY2027Q1_d06b3d8f · data update
2. Q4 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 17.4% of average total assets.Reconstructed · data update
3. Q3 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.4% of average total assets.Reconstructed · data update
4. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.7% of average total assets.Reconstructed · data update
5. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.3% of average total assets.Reconstructed · data update
6. Q4 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.6% of average total assets.Reconstructed · data update
7. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.0% of average total assets.Reconstructed · data update
8. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.6% of average total assets.Reconstructed · data update
9. Q1 FY2025 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202631 May 2026	Q1 FY2027latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)		n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)	n/a	n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' 0.65, Beneish −3.53 · Piotroski 4 of 9 · Last 4 quarters 0.84 at Q1 FY2027 · FY2026

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2026 was 0.65, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Newin FY2026 · first stated
Rule: Altman Z'' zone · Sources 10-Q 2026-08, 10-K 2026-05
History of this finding, 4 records
1. FY2026 NewThe Altman Z'' score for fiscal 2026 was 0.65, below the distress threshold of 1.10.Reconstructed · data update
2. Q4 FY2026 RetiredThe finding changed to the distress zone.Reconstructed · data update
3. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 1.88, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2024 NewThe Altman Z'' score for fiscal 2024 was 1.95, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2026 was minus 3.53, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Strengthenedin FY2026 · stated since FY2024−3.53 from −2.67 in FY2025
Rule: Beneish M-score against its threshold · Sources 10-K 2026-05, 10-Q 2026-08
History of this finding, 3 records
1. FY2026 StrengthenedThe Beneish M-score for fiscal 2026 was minus 3.53, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 2.67, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2024 NewThe Beneish M-score for fiscal 2024 was minus 2.97, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2026 was 4 of 9. The 5 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Newin FY2026 · first stated
Rule: Piotroski F-score · Sources 10-K 2025-05, 10-K 2026-05, 10-Q 2026-08
History of this finding, 5 records
1. FY2026 NewThe Piotroski F-score for fiscal 2026 was 4 of 9. The 5 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
2. Q4 FY2026 RetiredThe finding changed to a middle score.Reconstructed · data update
3. FY2025 NewThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and margin higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 RetiredThe finding changed to a high score.Reconstructed · data update
5. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202229 May 2022	FY202328 May 2023	FY202426 May 2024	FY202525 May 2025	FY202631 May 2026	Q1 FY2027latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2026

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

0.65Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of 0.65 is in the distress zone of the model, below 1.10. The largest part is retained earnings, at 0.79; working capital below zero lowers the score by 0.12 and an operating loss by 0.63.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.018	6.560	−0.116
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.241	3.260	0.787
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.094	6.720	−0.633
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.582	1.050	0.611
Score			0.649

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2026

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−3.53Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 3.53 is below the model threshold of minus 1.78.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.880	0.920	0.810
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.081	0.528	0.571
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.929	0.404	0.375
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.971	0.892	0.867
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.969	0.115	0.111
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.964	−0.172	−0.166
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.192	4.679	−0.899
Leverage indexDebt against total assets, against a year earlier.	1.108	−0.327	−0.362
Score			−3.533

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2026

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.51 means a probability of a misstatement 0.51 times the average rate in the Dechow sample: 0.19% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.143	0.790	−0.113
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.006	2.518	−0.015
Change in inventories / average total assetsThe growth of stock against average assets.	−0.007	1.191	−0.009
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.822	1.979	1.626
Change in cash salesThe growth of sales collected in cash.	−0.027	0.171	−0.005
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	−0.155	−0.932	0.145
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−6.263
Probability of a misstatement			0.19%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2026

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

4 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2026	FY2025
Return on assets above zero	Not met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Not met	Met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 August 2026	30 Sep 2026	10-Q:0001104659-26-112354
Form 10-K, period ended 31 May 2026	15 Jul 2026	10-K:0001104659-26-083905
Form 10-Q, period ended 22 February 2026	1 Apr 2026	10-Q:0001104659-26-038548
Form 10-Q, period ended 23 November 2025	19 Dec 2025	10-Q:0001104659-25-123200
Form 10-Q, period ended 24 August 2025	1 Oct 2025	10-Q:0001104659-25-095651
Form 10-K, period ended 25 May 2025	10 Jul 2025	10-K:0001558370-25-009180
Form 10-Q, period ended 23 February 2025	3 Apr 2025	10-Q:0001558370-25-004399
Form 10-Q, period ended 24 November 2024	19 Dec 2024	10-Q:0001558370-24-016392
Form 10-Q, period ended 25 August 2024	2 Oct 2024	10-Q:0001558370-24-013126
Form 10-K, period ended 26 May 2024	11 Jul 2024	10-K:0001558370-24-009764
Form 10-Q, period ended 25 February 2024	4 Apr 2024	10-Q:0001437749-24-011081
Form 10-Q, period ended 26 November 2023	4 Jan 2024	10-Q:0001437749-24-000605
Form 10-Q, period ended 27 August 2023	5 Oct 2023	10-Q:0001437749-23-027773
Form 10-K, period ended 28 May 2023	13 Jul 2023	10-K:0001437749-23-019879
Form 10-Q, period ended 26 February 2023	5 Apr 2023	10-Q:0001437749-23-009534
Form 10-Q, period ended 27 November 2022	5 Jan 2023	10-Q:0001437749-23-000496
Form 10-Q, period ended 28 August 2022	6 Oct 2022	10-Q:0001437749-22-023764
Form 10-K, period ended 29 May 2022	21 Jul 2022	10-K:0001437749-22-017530
Form 10-Q, period ended 27 February 2022	7 Apr 2022	10-Q:0001564590-22-013862
Form 10-Q, period ended 28 November 2021	6 Jan 2022	10-Q:0001564590-22-000559
Form 10-Q, period ended 29 August 2021	7 Oct 2021	10-Q:0001564590-21-050405
Form 10-K, period ended 30 May 2021	23 Jul 2021	10-K:0001564590-21-037738
Form 10-Q, period ended 28 February 2021	8 Apr 2021	10-Q:0001564590-21-018099
Form 10-Q, period ended 29 November 2020	7 Jan 2021	10-Q:0001564590-21-000508
Form 10-Q, period ended 30 August 2020	6 Oct 2020	10-Q:0001564590-20-045859
Form 8-K, period ended 1 October 2020	1 Oct 2020	8-K:0001193125-20-260492

Checks

302291 of 302 checks passed, 11 warnings

Fiscal calendar66 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year129 of 131 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level; a difference that a later report explains is a warning, which does not stop publication.

Selling, general and administrative expense, FY2023: $2,190m against $1,432m

Operating income, FY2023: $1,464m against $1,075m

Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Selling, general and administrative expense, Q3 FY2024: $387m against $353m

Figures of another period0 of 2 passedA quarterly figure that equals the figure of a longer period is left out. Checked at warning level.

Deferred income tax expense, Q2 FY2025: −$210m

Deferred income tax expense, Q3 FY2025: −$221m

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity25 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure25 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 6 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

30 May 2021: $2,781m against $8,298m

29 May 2022: $3,529m against $8,796m

28 May 2023: $4,337m against $8,597m

26 May 2024: $4,788m against $7,513m

25 May 2025: $4,544m against $7,263m

31 May 2026: $4,341m against $7,234m

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit13 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Primary statements5 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,361
Confirmed by other figures	55.3%, 753 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	19.8%, 270 values
Values withheld	0
Restated figures tracked	37
Changes compared on one basis	6
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Conagra Brands, Inc., snapshot conagra-brands/FY2027Q1_d06b3d8f (as of FY2027 Q1); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2027Q1_d06b3d8f · dataset SHA-256 d06b3d8ffd4f88bd47ebc6caf3350d6337fc0539e0ff83cf04deeda4a263c8d1 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json