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Analyst
Peter Galbo
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 146on tracked calls
- Challenge rate
- 16%24 of 146 questions
- Companies
- 18questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 146 of 146 questions from 18 companies
MKCMcCormick & Company16 questions · 8 reporting periods · 2 of 16 challenging
Calendar 2026 Q3
help us understand exactly what happened with the packaging supplier, what you're doing to rectify it?
Show response
Foley called it an industry packaging conversion issue in Consumer Americas, mitigated with other formats, but declined to give more detail.
maybe you can give us a little bit more of a timeline in terms of how you're going to get that business back to bright
Show response
Foley said recovery is taking longer on a shift to the Mexican aisle; expects gradual progress and lapping headwinds into early 2027, no firm date.
Calendar 2026 Q2
how do we all gain confidence that this is sustainable, right? That the actions you're putting in place are going to work
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Foley offered qualitative reassurance on resilience and prior recoveries without specific volume-recovery metrics.
If you could put any sort of guardrails around the EPS rate of decline kind of for three Q
Show response
Gabriel said tax normalization from ~16% to ~24% is roughly a 700-800bps headwind on Q3 EPS.
Calendar 2026 Q1
will the transaction include India Foods or is that kind of excluded from current thinking
Show response
Brendan confirmed clearly that India Foods is excluded from the transaction.
is it bringing more of the Unilever assets into front of house and foodservice
Show response
Brendan outlined both directions: Hellman's brand opportunity for front-of-house presence; McCormick opportunity to leverage Unilever's global food service infrastructure (chef-to-chef coverage model) for back-of-house penetration. Global expansion of McCormick's North American food service strength.
Calendar 2025 Q4
I want to make sure I understood you clearly that you're accelerating the spend
Show response
Marcos explained ERP wave consolidation compresses dual-operation periods to minimize data reconciliation risks. Total program cost unchanged but shifts more expense into FY2026. Last go-live in early 2027, with costs moderating in 2027 and further in 2028.
I didn't know if that meant full recovery of '25 into '26
Show response
Marcos confirmed expectation to recover FY2025's 60bp gross margin compression in FY2026. Explained Q4 gross margin miss: indirect tariff-related cost acceleration plus direct tariff recognition higher than planned. SG&A savings offset at OP level.
Calendar 2025 Q3
the fourth quarter gross margin needs to step up closer to something like 41% to hit comparable for the year-on-year
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Marcos confirmed Q4 gross margin expected to improve sequentially and year-over-year as more mitigation efforts come into effect.
You took the cost inflation guidance for the year up, even excluding the tariff in 2025. Maybe you can just unpack a bit of what actually accelerated
Show response
Marcos broke down Q3 gross margin decline: two-thirds from commodity costs and tariffs, one-third from capacity investment for HEAT platform. Packaging costs also rising. Described guide revision as modest.
Calendar 2025 Q2
I was hoping maybe to get a little bit more detail if you can frame up kind of the gross tariff exposure of the $90 million
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Marcos detailed: 90%+ local production in US, exposure is agricultural raw materials only. Blended tariff rate ~2% of global COGS from 30% China, 10% ROW, ~0% USMCA. No single commodity disproportional.
You kind of had a couple of headwinds and a couple of tailwinds in the quarter and maybe more on the go forward
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Brendan broke down: Flavors business seeing CPG softness globally offset by high-growth innovators in H&W categories. Americas QSR strong on innovation/LTOs. EMEA QSR softer than expected from geopolitical boycotts but expected to stabilize.
Calendar 2025 Q1
the price gap management -- the incremental price gap management in the first quarter was maybe seasonal or tied to a seasonal business
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Brendan explained incremental recipe mix promotion was opportunistic due to cold weather driving chili/gravy demand. Expects flat pricing globally for rest of year with slight EMEA commodity pricing.
whether there were any dynamics you saw from a carryover perspective on inventories out of Thanksgiving? Or any timing shift related to Easter
Show response
Brendan attributed shipment-consumption gap to typical Q1 seasonality. Easter falling later means no early shipments this year. Innovation slotting spend pulled into Q1. Combined Q4+Q1 exactly where expected.
Calendar 2024 Q4
when we talked at Investor Day, we were looking more for like a 2% to 3% on organic sales for '25 as an initial. And now the range has moved slightly below that
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Brendan explained low end driven by China consumer weakness and EMEA QSR softness, high end by Americas/EMEA consumer strength. Said outlook consistent with Investor Day thinking.
the less talked about outside of Americas consumer. Just your perspective, US Foodservice, it seems like maybe we're setting up for a bit better year in '25
Show response
Brendan expects continued EMEA consumer strength, gradual Flavor Solutions improvement. Noted Middle East geopolitical impact on both QSR and CPG customers in EMEA.
TSNTyson Foods14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
I think you said potential for improvement next year, it would be slow on the back of, you know, Mexico reopening
Show response
Morris said the phased border reopening starts August 24th with feeder cattle, taking six-plus months to benefit, and characterized heifer retention up 3% as encouraging but not a rapid rebuild.
how much of that is supply-driven, just, hey, we have more availability and so that’s creating a better environment
Show response
King said hog supply looks stable, PRRS did not materially affect Tyson's Midwest hogs, and pork raw material is largely an input for prepared foods.
Calendar 2026 Q1
how you see the balance of the year, particularly in prepared and around some of the input cost dynamics
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King quantified Prepared Foods commodity inflation and described pricing, freight pass-through, and value engineering as the offsets.
this business is contributing from an EBIT standpoint in the Chicken segment, even if it's in percentage terms today
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King gave a relative magnitude (about one-third of the QoQ improvement) but declined to provide an absolute EBIT figure for genetics.
Calendar 2025 Q4
historically, there's been a fair amount of seasonality in the Chicken business, particularly into the second quarter. Just does anything change regarding that
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Donnie confirmed normal seasonality expected; noted Tyson is not immune but less influenced by commodity markets due to strategic customer relationships and portfolio composition; Q2 is very much in line with guidance and internal expectations.
should we be viewing this as x the accounting changes were announced today, none of the segment dollar ranges really would have changed
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Curt confirmed the thesis is reasonable: ex-accounting change, segment ranges would not have materially changed; Q1 performed in line with November expectations; referenced recast historicals filed via 8-K for 2023-2025 by quarter and segment.
Calendar 2025 Q3
maybe you could just help us a little bit with the phasing of profitability over the course of the year
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Curt declined to give quarterly guidance but indicated normal seasonality expected across segments; noted some volatility to work through in beef.
whether the competitive activity out there in deli specifically has been, I guess, rational is probably the word I would use
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Devin emphasized 10.3% lunch meat volume growth as evidence of winning combination of pricing and targeted MAP spending; cited software investments providing real-time visibility; noted pass-through pricing with lags and willingness to take price action when needed. Kristina added distribution increases in almost every category in Q4.
Calendar 2025 Q2
in the context of heifer retention beginning, that's obviously a positive, but it was pretty notable, I think, the relatively large impairment taken in the quarter on the beef business
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Brady explained prolonged drought at cycle bottom extended this cycle versus prior decades; noted feeder calf receipt changes and heifer-to-steer mix shifts in feed yards as data points. Curt explained impairment mechanics: fair value cushion was below 10%, and rising cattle costs increased carrying value.
just the elasticity that you're seeing so far as you put through some of the pricing on some of those items
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Brady highlighted strong brands, innovation pipeline (Griddle Cakes, Chicken Biscuit, Hillshire snacking, bacon), and use of data to understand consumer behavior; noted protein typically has lower elasticity than other food categories.
Calendar 2025 Q1
in Prepared Foods specifically, I think, again, in the Q you called out kind of higher raw material costs. And so maybe you kind of got to the margin you did based on SG&A. I'm just curious kind of...
Show response
Brady outlined three pillars: innovation (RITE brand sausage, Hillshire Snacking, Jimmy Dean Chicken Biscuit), distribution gains, and operational improvements in manufacturing. Donnie added Prepared Foods is in mid-innings and has proof points for delivering above 10% return on sales.
I actually wanted to start on the changes in the cold storage facilities that came out. I think you mentioned $200 million of annual savings, and that's maybe over a five-year period
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Brady Stewart explained rationale of reducing complexity and getting products closer to customers; Curt noted the network is principally for Poultry and Prepared Foods with very little Beef and Pork utilization, but declined to provide a specific dollar split between segments.
Calendar 2024 Q4
are you satisfied with kind of the state of the current portfolio, whether that's legacy brands or legacy categories
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Kyle expressed confidence in portfolio quality while acknowledging margin trajectory still trails peers; highlighted new distribution gains materializing in back half.
anything more you can provide, just how you see the moving pieces and there are quite a bit of them by protein across beef, pork and chicken
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Donnie, Brady, and Wes each addressed their protein's exposure; quantified chicken Mexico exposure as <80M lbs of 3B+ total; Brady noted pork operates as global supply chain.
CPBCampbell Soup Company13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q3
So just want to understand in the context of the interest expense guidance being higher, your commentary today, how we might think about kind of the capital structure going forward?
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Cunfer guided FY27 interest expense about $25M higher YoY (La Regina debt plus the first cash payment financing) and flagged a $500M March bond maturity likely refinanced with a hybrid carrying a higher coupon but 50% equity credit.
maybe you can talk a little bit just more about the initiatives for fiscal 2027 as you think about the focus on cooking soups versus RTS
Show response
Beekhuizen said cooking soups (broth and condensed cooking, about half the soup portfolio) and semi-scratch cooking are growing while eating/RTS soup like Chunky needs work, with the company leaning into Rao's, Pacific and everyday-cooking marketing.
Calendar 2026 Q2
how do you think about reconciling those 2 things of kind of stabilizing the earnings
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Cunfer acknowledged the EPS drag but cited ~50% equity credit and rating-agency benefit as the tradeoff.
I just wanted to make sure that, that mechanically, that's flowing through next year as well.
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Cunfer confirmed the ~306 million full-year share count carries into FY27.
Calendar 2026 Q1
I believe Q3 looks similar to Q2, and then you would see a normal step down in Q4 just to hit the $0.90 you need to deliver in the back half at midpoint. Do I have that math right?
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CEO confirmed Peter's H2 EPS cadence math: Q3 adjusted EPS similar to Q2, with a normal seasonal step down in Q4, totaling approximately $0.90 at the midpoint for the back half.
the focus is really to be more promotional within chips versus maybe moving the everyday. Obviously, your largest competitor is making it more of an everyday shift
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CEO emphasized Cape Cod and Kettle's right to win in kettle subcategory based on brand positioning. Promotional activity is the primary near-term lever in key channels and moments. Acknowledged that if list price gaps become too large, selective permanent adjustments may be needed. Price pack architecture work underway but takes longer.
Calendar 2025 Q3
I was hoping you could just maybe dive a little bit deeper into some of the puts and takes on the outlook for fiscal 2026, particularly just factors that may drive you kind of towards the upper or ...
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CEO provided detailed EPS bridge: ~$0.40 midpoint decline, two-thirds from net tariffs, one-third from base business (flat organic sales, marketing step-up, incentive comp reset). CFO guided Q1 sequential improvement vs Q4, similar margin pressure (~150bp) spread throughout the year.
Calendar 2025 Q2
Should we be viewing that as a full quarter impact? Presumably, you would have carried some inventory maybe into the quarter
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CFO detailed three tariff exposure areas: Canada retaliatory, Section 232 steel/aluminum, reciprocal on Italian Rao's imports. Cautioned against annualizing as tariffs phasing in and mitigation levers take time.
what you think needs to happen from a category perspective in snacks to actually be able to see some improvement
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CEO identified improving consumer confidence as the primary category catalyst, combined with brands meeting consumer needs around value, better-for-you, and indulgence through innovation.
Calendar 2025 Q1
anticipating the broth headwinds, kind of whether your expectations have changed at all in the back half from maybe more negative to maybe slightly less negative
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CEO confirmed broth outlook modestly better than expected. Category strength from cooking-at-home trends plus slower private label recovery. Supply chain over-delivering to meet demand.
that's just never been the case. 4Q has always been a much lower EPS delivery quarter relative to 3Q, maybe outside of one year over the past 20
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CFO explained Q3 still has Snacks pressure, while Q4 benefits from lapping prior-year promotional investment, creating more balanced split. Historical pattern disrupted by timing of promotional investment cycle.
Calendar 2024 Q4
just maybe you can unpack that a bit more, given your kind of an October quarter end with Thanksgiving later? And if you can just quantify at all
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CEO quantified ~2pp gap between in-market consumption and net sales in M&B, with more than half from Thanksgiving timing. Confirmed inventory began building in November.
I'm just curious kind of what data you're looking at internally or what you're seeing that suggests that that's actually the case
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CEO cited meal migration data (83% in-home), growth from middle/lower-middle income households, and value comparison vs DoorDash/takeout driving broader adoption.
HSYHershey Company (The)13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
it suggests it was like 200 basis points of growth for the first half. So maybe you can just
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Galbo asked what drove the untracked channel outperformance; Kirk identified foodservice as the biggest piece plus specialty retail and Easter compression. Direct.
Calendar 2026 Q1
confection organic may actually dip negative in the second quarter, just given some of the timing aspects
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Steve confirmed Q2 confection organic expected slightly down due to Easter sell-through pull-forward and international timing. Kirk added May and June momentum will pick up.
help us think about gross margin phasing over the back 3 quarters of the year
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Steve outlined clear margin cadence: Q2 up nearly 300bps YoY as inflection point, then greater improvement in back half as higher-priced cocoa is lapped.
Calendar 2025 Q4
you had some pretty nice upside in the gross margin, I think, even relative to your own expectations to the tune of, like, 150 basis points plus
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Steve identified few hundred bps gross margin beat driven by stronger volumes (leverage) and lower-than-expected supplier tariffs. LIFO/inventory reval headwinds partially offset.
the impetus kind of for why now, you know, why this, why now on both those brands, again, given it's been some time would be helpful
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Kirk framed 2026 as celebrating both brands with full-year activation. Innovation on both brands plus Milton Hershey movie in fall. Builds on consumer connection and relevance.
Calendar 2025 Q3
it was actually a loss-making quarter in that business. So I guess just applying that forward
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Steve acknowledged international challenges from cocoa-intensive products and more severe elasticity. Growing share in most core markets. Brazil strong. Profitability will recover when cocoa turns.
the translation of that dynamic happening in Europe, back to the U.S., is there kind of a future where the same thing happens
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Steve differentiated US from Europe: CMG very resilient and rational here, no major concerning price gaps. No reason to believe rationality won't continue.
Calendar 2025 Q2
Just curious if you can give us an update there in terms of the discussions that you're having and kind of how you've maybe seen that evolve
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Michele noted increasing optimism on cocoa exemption after Secretary Lutnick public comments. Government understands cocoa can only be sourced outside US. Country negotiations still underway.
there was a little bit of maybe a pull forward on shipments from Q3 into Q2. Just want to understand that dynamic
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Michele noted normal seasonal variability in Halloween timing. Social media 'summer wean' trend driving earlier celebrations. Retailers excited to set higher bar for Halloween 2025.
Calendar 2025 Q1
maybe there was a big internal debate as to whether to include the impact of tariff for full year in the guidance versus just for 2Q
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Steve explained decision driven by transparency: unmitigated impact and mitigation actions need to be matched before sharing net impact. More detail at mid-year.
maybe you can just help us on the revenue phasing in the back half of the year
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Michele confirmed back-half revenue in line with long-term 2-4% growth algorithm across both quarters and segments.
Calendar 2024 Q4
there's been some reporting about maybe your own activities that have been outside of the norm. So, just wanted to get a deeper understanding
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Michele acknowledged off-exchange sourcing at lower origin prices but declined to specify instruments. Steve noted market dislocations can present opportunities.
I know you gave color on 1Q and 2Q in the prepared remarks, but I think there was a comment you just actually just made
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Steve clarified shipping day impact: Q1 has two fewer, Q4 has one fewer, net one day short. Second-half expected low single-digit growth.
MDLZMondelez International13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
Just how you are viewing the environment from a pricing discipline perspective amongst the players
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Luca quantified surplus, coverage months and spec positioning, then declined to give a coverage percentage for 2027 while asserting earnings are insulated.
how you see that volume improvement in Europe particularly evolving in the second half?
Show response
Luca addressed the heat wave, the negative price from prior-year adjustments and the expected profitability rebound.
Calendar 2026 Q1
maybe you can give us a little bit more color like where are you still left to go?
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Luca confirmed nearly all European negotiations complete with only a couple of small customers remaining. Promotions lined up for rest of year.
given the strong start to Q1, the decision to only reaffirm EPS, a little bit more around the reinvestment
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Luca explained Q1 upside absorbed by Middle East cost headwinds plus decision to reinvest any EPS upside back into brands ahead of 2027. Transparent rationale.
Calendar 2025 Q4
the North American market, where you stand on that debate, and, on the pricing front, kind of what the go forward actions might look like
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Dirk described consumer confidence near historic low with flat basket for 2-3 years. Biscuit category down 4% volume last three months. Adjusting strategy: more brand awareness investment, PPA for affordability, channel expansion in value/club/online, pushing premium and protein brands. Aggressive 2025 promos didn't generate ROI; shifted to less promotion with better price realization.
talk us through a bit more the cost phasing on cocoa through 2026. And then maybe how we would think about the phasing on potential price investments
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Luca explained no further cocoa pricing but 2025 wasn't fully priced. Flat chocolate pricing in 2026. Inventory accounting adjustment of approximately a billion dollars hitting predominantly Q1. Higher costs in first half, sequential improvement. Volume and revenue improve through year with A&C investment equally spaced.
Calendar 2025 Q3
give us a similar walk around the U.S. in terms of the path forward maybe to getting back to growth
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Dirk detailed US biscuit volume down 4% vs 2.8% YTD. Consumer seeking value with flat basket size for 3 years. Shifting to value/club/online channels. Actions: channel expansion (under-indexed in growing channels), multipacks, RGM on price points, protein brands growing 20%+, premium brands, promo effectiveness. Believes can reach positive growth next year.
should we be expecting that on top line, you'd have some visibility to algorithm top line, even if it's at the low end
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Luca outlined three 2026 top-line components: Europe (deflationary chocolate pricing but volume recovery from lower elasticity), developing markets (continued growth, more volume-driven as pricing contribution fades), US (not projecting market improvement but material benefits from channel expansion, brand investment, and doubling down on working categories).
Calendar 2025 Q2
there's obviously been a lot of discussion around the move in cocoa and cocoa butter in particular, which I think has moved in a pretty favorable direction
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Luca detailed improving cocoa fundamentals: grindings down 7-8%, pod count promising, took advantage of dip below GBP 5,000. Cocoa butter ratio roughly halved vs prior year. Material supply/demand surplus possible for 2026.
I wanted maybe to put a finer point on the previous question, particularly around the lack of change in guidance for the second half
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Dirk cited two key watch items: European chocolate elasticity (hard to read through heat wave) and US consumer facing full tariff effect in H2. Maintaining realistic assumptions.
Calendar 2025 Q1
one question we got on the North America destocking, just given that you do operate a DSD system in the US
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Dirk said destocking mostly in food and mass channel. Despite DSD, retailers still manage back-of-store inventory centrally. DSD execution benefit limited by centralized ordering.
if we had accounted for that, it would even imply that maybe elasticity was a bit better than you even planned for
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Luca confirmed Q1 elasticity slightly better than planned. But more pricing coming in Q2 across Europe, Brazil, India. Easter held up well in UK, Brazil, Australia despite price increases.
Calendar 2024 Q4
is 2023 probably the right high watermark to use from an earnings per share perspective just given this past year
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Luca said base EPS benchmark is first 3 quarters of 2024 (favorable cocoa pipeline vs market). Committed to EPS growth in 2026 via two paths: cocoa declines restore earnings power, or sustained pricing if cocoa stays high.
HRLHormel Foods11 questions · 6 reporting periods · 4 of 11 challenging
Calendar 2026 Q3
should we be erring kind of more on the lower end of that 1% to 2%, just given some of the things that John talked about for Q4
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Jeff stayed with the full range rather than steering to the low end, citing foodservice momentum and retail recovery efforts.
you spoke a little bit about this in terms of kind of seeing a delayed benefit of some of the lower input costs coming through.
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Paul confirmed slower turns and a partial-quarter pork benefit, with more expected to carry forward into future quarters and 2027.
Calendar 2026 Q2
it might be helpful to kind of bridge the upside relative to your expectations.
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Ghingo bridged the beat to top-line growth, pricing, mix, and manufacturing, noting a discrete rabbi-trust gain was not the main driver.
Calendar 2025 Q3
is the visibility just on cost and on, you know, just various cuts? Like, is there a problem there from a system standpoint?
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Jeff deferred to Jacinth. She clarified inventory build was intentional for customer supply needs and fill rate improvement, not a problem. Dollar balances appear elevated due to commodity cost inflation. Jeff pushed back on visibility concerns though acknowledged being only five weeks into the role.
I'm hoping to get a little bit more color in terms of when you think you kind of get back to parity from a price versus cost perspective?
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John noted pass-through pricing is a matter of timing with better performance when markets decline. List price changes in retail being evaluated with balance of consumer health and brand investment. Trade promotion is another lever. Jacinth added they navigate volatility well but sharp run-ups are harder with longer lag.
Calendar 2025 Q2
whether we should think about 4Q, that improvement really being probably the bigger contributor given when you ship whole bird? And in the context of Turkey, just the market has changed so dramatic...
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Jacinth guided Q3 strong top-line with low double-digit EPS growth. Jim noted tightening turkey supply, whole birds slightly better than original outlook with most upside captured during Thanksgiving fresh season.
I think to kind of hit the midpoint of the revised guidance, you have to deliver about $700 million of operating income. That would be up versus the $575 million you did in the second half of last ...
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Jim outlined drivers: Planters recovery on track, value-added Turkey momentum, strong Retail, Foodservice momentum with favorable comps, International steady growth, and T&M delivering as expected. John added double-digit advertising increases planned with Planters returning to growth.
Calendar 2025 Q1
just curious if there's any different in the thinking this time around with the board on being more aggressive in an external search
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Jim emphasized board is considering both internal and external candidates with focus on getting it right rather than going fast. Plans to stay through year-end and as strategic adviser.
just curious what gives you, you know, confidence that you can actually effectively ramp the EPS, you know, to the level it needs to be
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Jim outlined unchanged positives (value-added retail, Planters recovery, Foodservice, International) and the one change: turkey supply chain pressure requiring strategic pricing with Q3/Q4 benefit.
Calendar 2024 Q4
is the expectation in '25 that turkey on the full year basically ends up being a neutral
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Jacinth noted turkey pricing assumed flat to Q4 depressed levels. Grains hedged with moderate benefit. Value-added turkey business expected to grow.
I think there's just a lot of confusion now about what this net $250 million means
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Jim confirmed the math and pointed to Planters recovery, T&M acceleration in FY26, and underlying brand strength as drivers to close the gap.
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CAGConagra Brands9 questions · 6 reporting periods · 3 of 9 challenging
Calendar 2026 Q3
how you see it pacing over the balance of the year? And maybe just help us think about exit rate.
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Galbo asked about inflation pacing and exit rate; Marberger kept the full-year guide at the higher end of 5% to 6%, with Q2-Q3 above Q1 and Q4 lower than Q3.
Calendar 2026 Q2
we want to grow margins in the frozen business, but also we want to reinvest at the same time
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Brase leaned on productivity and inflation-justified pricing to reconcile the tension, reaffirming commitment to frozen but framing it as a balancing act.
Calendar 2026 Q1
There's a lot of, I think, concern in the market just given where fertilizer costs have gone and you all are a pretty big procurer of vegetables
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Sean clarified fertilizer impact is more FY2028 than FY2027, with conversations with growing partners being productive. Emphasized the super-dynamic environment requiring daily agility.
the change or the revision to that line item, I think it's the second one of the year. And historically, in that business, when there has been a lot of wheat volatility, you've been able to take ad...
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Sean explained Ardent's core milling business is stable but commodity trading revenue suffered from low wheat prices and reduced volatility. War has increased wheat futures and volatility, but benefits won't be immediate. No FY2027 Ardent line-of-sight yet.
Calendar 2025 Q4
You've now had two of your largest peers not only talk about, but start to enact price cuts. And just asking kind of for your crystal ball into the back half of fiscal 2026
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Sean differentiated Conagra's approach from peers: didn't roll back list price to move volume, instead deferred inflation-justified pricing and maintained consistent promotional intensity. Percent volume sold on deal and depth of discount at or below historical norms.
Calendar 2025 Q2
with where the leverage is projected to go on this year, you know, the need to kind of shore up the supply chain with the capital spend, just like, your draws on cash are pretty significant, and so...
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Dave laid out full cash flow allocation: CapEx up 16%, $700M debt paydown ($600M from divestitures + $100M discretionary), dividend held flat, 90% free cash flow conversion. Emphasized FY2027 profit levers.
Dave, maybe you could just help us unpack the 4% core inflation number for fiscal 2026. Obviously a lot of buckets within that.
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Dave provided detailed COGS breakdown: 60% materials (20% animal proteins inflating double digits), 25% manufacturing with labor inflation, 15% logistics with warehousing pressure. Very transparent response.
Calendar 2024 Q3
just around kind of the cyclical versus structural nature of convenience store kind of traffic declines
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Sean characterized c-store softness as cyclical with offsetting strength in mass/club channels, requiring agility across channels.
it shouldn't be that we expect really a meaningful rebound now that it's kind of behind you in the rest of the year
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Sean confirmed Hebrew National seasonal spike between Memorial Day and Labor Day means lost volume won't recover until next grilling season.
GISGeneral Mills9 questions · 7 reporting periods · 2 of 9 challenging
Calendar 2026 Q3
outline maybe where inflation came in, in Q1 and then just how you kind of see it pacing over the balance of the year
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Kofi gave direct texture: inflation around 4% in Q1, similar through Q3, and around 6% in Q4, near the high end of the range.
Calendar 2026 Q2
the cost associated with innovation and renovation, against what you have announced
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McNabb said HMM funds reinvestment by cutting what consumers do not value; Bruce added the step-up is within normal HMM gearing.
Calendar 2026 Q1
Can you comment on what you are seeing in terms of driver tightness or anything that might be a potential hiccup on that side?
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Kofi said freight not expected to be material in FY2026 given contracted rates but is being factored into FY2027 inflation range; will provide fuller picture in two months.
Can you provide a few more details into the thinking to exit the market and what drove the decision this time?
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CEO explained Brazil divestiture driven by sub-scale local brands that are not core global platforms, enabling International segment to focus on super premium ice cream, Mexican food, snack bars, and pet food with improved margins.
Calendar 2025 Q4
I just wanted to pick up on maybe some of your commentary just now in terms of the sustainability of the volume growth in North America Retail
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Dana confirmed 8 of 10 categories growing pound share but acknowledged shipment timing benefit in Q2 with Nielsen pounds about flat; expects some unwinding in the back half.
I think the discussion around price cliff management and solving some of the price gaps has grown even louder in the past week with one of your largest peers also announcing some pretty dramatic pr...
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CEO noted discounting levels are about the same as a year ago, emphasized that execution quality matters more than going first, and reiterated price mix is down about 3% in NAR vs 30-plus percent increases in prior years.
Calendar 2025 Q3
is the industry, or is the retail packaged food industry, adapting fast enough in your mind to be able to compete effectively against away from home
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CEO noted QSR traffic remains flat despite value deals due to faster labor-driven inflation; GIS well-positioned in growing noncommercial channels (K-12, healthcare) at ~2% growth.
Calendar 2025 Q2
is that a full reversal in Q1? I just want to kind of understand the magnitude there
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CEO acknowledged pet inventory lumpiness but noted positive direction: cat business back to mid-single-digit growth, Tiki Cat integrated well, Edgard & Cooper growing in Europe.
Calendar 2025 Q1
how do you think about just you said maybe you can be nimble there. Is that part of how you plan for it as well?
Show response
CEO detailed category-specific plans: fruit snacks needs value plus innovation like Harry Potter; bars has strong innovation pipeline; salty needs value and bolder flavors.
SJMJ.M. Smucker Company (The)9 questions · 5 reporting periods · 2 of 9 challenging
Calendar 2026 Q3
Just how kind of the recent move in coffee prices are impacting that decision?
Show response
Smucker explained they paused a list-price cut, passing deflation through trade promotion instead pending a sustained move.
Calendar 2026 Q2
a deceleration, I suppose, to get to the full year down 3% to 4%. So understanding that maybe there is some prudence
Show response
Mark framed frozen handheld and spreads holistically, defending the guide as a total PB&J story with Uncrustables strength.
there is obviously been some trade press around potential further actions on a portfolio review basis.
Show response
Mark redirected from M&A speculation to stabilization and profitability, declining to comment on portfolio action.
Calendar 2026 Q1
maybe you could put some guardrails around how you're thinking about that coffee deflation entering the P&L from a calendar '26 perspective
Show response
Tucker confirms coffee outlook positive: deflation helps both profit dollars and margin %. Hedging for flexibility. Q4 expects mid-20s segment profit margin. Tariff lapse adds to tailwind.
I noted in the profile on Bruce specifically, just his background in M&A. So just the thought process there of his experience, whether that could maybe accelerate a more portfolio reshaping
Show response
Mark emphasizes portfolio diversity and ongoing review but doesn't commit to accelerated reshaping. Tucker adds: historically used divestiture proceeds for debt paydown or buybacks. Share repurchases possible after 3x leverage achieved.
Calendar 2025 Q3
I just want to understand if that comment was really driven by just of the compares and some of the one-offs that happened in the second half of last year
Show response
Mark confirms comps help but also highlights advertising support, PB Bytes innovation, seasonals, and tactical price-point sharpening. Consumer discretionary caution acknowledged.
elasticity, I think, that you've assumed now is about $0.20 better than you had at Q4. With the additional $0.25 on tariffs, so netting about $0.05 worse
Show response
Tucker provides detailed elasticity framework: May pricing better than 0.5, August at historical 0.5, winter actions at greater than historical due to cumulative pricing. Coffee up $100M on year.
Calendar 2024 Q4
March coffee prices seem to kind of make new highs every day, at least in the commodity markets. You know, you've taken two rounds of pricing at this point
Show response
Mark provides detailed context: $3 Arabica unprecedented in decade, market speculative pre-harvest, will pass costs through responsibly. Balanced transparency.
your midpoint has now moved, I think, from $10 to $9.80, now back to $9.90. And I just want to understand the volatility in what you've seen
Show response
Tucker clearly explains the Q1 cut (top-line reduction + coffee inflation) and Q2 raise (locking in gross margin beat). Transparent communication.
KHCKraft Heinz7 questions · 6 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
So I just want to make sure I understand that cadence correctly.
Show response
Andre confirmed the cadence, quantifying Q2 consumption down about 2.5% and July around minus 1%, with sequential improvement expected in Q3 and Q4.
Calendar 2026 Q1
I know the guidance is largely unchanged after what was probably a better than expected Q1. You called out some timing factors
Show response
CFO guided Q2 at -3% to -5% due to Easter shift and SNAP 100 bps headwind starting Q2. Inflation initially ~4% now seeing energy and resin spikes. Hedged in energy for year and resins through mid-Q3. Continued market share improvement expected.
Can you touch on the decision between the different categories and some of those changes, and then as a part b to that question, whether that signals anything in terms of how you are viewing potent...
Show response
CEO detailed specific moves: Frozen downgraded to Hold, Hydration upgraded to Win Big on strong category growth and Capri Sun momentum, Cheese upgraded to Win on margin and brand opportunity. Framed changes as getting smarter and being realistic.
Calendar 2025 Q4
just maybe help us understand a little bit more even what's happened in the last four weeks to kind of cause that change in terms of the thinking
Show response
CEO explained iterative exploration under the hood revealed more short-term fix opportunities than expected. Board had reserved the right to reassess. Pause is indefinite with no end date, preserving optionality for future portfolio optimization.
Calendar 2025 Q3
has there been any thought as to a pivot for Kraft Heinz, whether that means the leadership isn't the way that you thought it would pan out, the brands that you announced at the spin now, maybe som...
Show response
CEO defended separation rationale, citing Taste Elevation playbook working with 70% of U.S. business gaining share in September. CFO added perimeter was based on growth history, margin profile, and synergies. Both companies targeting investment grade with net debt below 4x.
Calendar 2025 Q2
there was a pretty sizable impairment that was taken in the quarter. And I was just hoping to get a little bit more detail
Show response
CFO explained impairment was triggered solely by sustained stock price decline reducing intangible asset carrying value, previously disclosed in 10-Q. Stated it does not change view of basic value of the company.
Calendar 2024 Q4
how are you thinking about the growth rates for each, ACCELERATE, PROTECT and BALANCE, within that organic sales guidance
Show response
CFO provided specific trajectory for each pillar: Emerging Markets building to double-digit exit rate, Away From Home improving to mid-single-digit, ACCELERATE driving most US improvement.
CLColgate-Palmolive5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
just your level of confidence even potentially that that emerging market total performance could accelerate.
Show response
Noel expected better emerging-market growth but no category inflection given oil and consumer uncertainty, and flagged a strong, balanced India quarter.
Calendar 2026 Q1
I was actually hoping to pivot back to APAC. You called it out in your prepared remarks as a source of strength
Show response
Noel declined to give India specifics as they had not officially announced. Focused instead on China and Hawley & Hazel improvements, dual tube innovation, and broader APAC performance.
Calendar 2025 Q4
North America seems to be kind of the last ship to turn around here, particularly, I think you called out Personal Care
Show response
Wallace detailed month-by-month US category weakness. Government shutdown and SNAP impacts in Oct-Nov. Innovation pipeline and RGM strategies gearing up for 2026. Premium innovation focus across categories.
Calendar 2025 Q3
I know you called out maybe the acceleration in palm oil costs
Show response
Sutula noted tough comp plus greater raw material inflation (fats/oils), lower volume leverage, tariffs, and FX. Q4 should improve sequentially with less material inflation offset by slightly greater tariffs.
Calendar 2025 Q2
as the private label kind of you exit that effective in July, right, that will still impact the P&L through, I guess, the first half of next year
Show response
Sutula confirmed private label drag increases to 80-90bps in H2 from 60bps in Q2 as prior-year comparisons phase out. Wallace cited consistent strategy, segment focus on wet/cat/small dogs, and professional advocacy.
KOThe Coca-Cola Company5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
how do you think about just the opportunity to continue to push the underlying kind of operating margins going forward?
Show response
Murphy named the asset-light shift, top-line quality and the FX swing as the margin drivers without guiding a level.
Calendar 2026 Q1
I wanted to pivot to the Away-From-Home business a bit. I know that you've had maybe a more offensive minded effort there
Show response
Henrique gave a general answer about expanding beverage occasions through customer partnerships and RGM capabilities; limited specifics on new channel dynamics.
Calendar 2025 Q4
I was hoping, just from your prepared remarks, to dig in on a couple of topics
Show response
John attributed 3 points of negative mix to: faster EM growth vs DM, lower-margin categories outperforming in some DMs, and timing of marketing investments. Called it a one-off, not a trend. Equity income hit from Coca-Cola Consolidated sale.
Calendar 2025 Q3
volume was flat and improved sequentially for the second consecutive quarter
Show response
Henrique detailed affordability and premiumization strategy. Mini cans now represent $1 billion in revenue. Premium brands (Topo Chico, Smartwater, fairlife) drove 2 points of positive mix.
Calendar 2025 Q2
it seems like as we get into the back half, EMEA is probably gonna be, you know, driving the bus a bit from a unit case perspective
Show response
James noted Europe had balanced east-west growth with strong Coke Zero, Sprite, and Fuze Tea. Africa grew volumes despite tough comps. Eurasia grew on localness strategy.
PEPPepsiCo5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q3
give us a sense order of magnitude, how much kind of the inflation expectation moved up that drove that?
Show response
Schmitt gave no magnitude, only that commodities keep ramping as 6-12 month hedges roll off, deferring the 2027 view to February.
Calendar 2026 Q2
if there's big differences in terms of the two segments and the rate of improvement
Show response
Schmitt expects faster profit improvement from PBNA than foods as value investments ripple through the system, and better profit performance in Q4 than Q3.
Calendar 2025 Q4
is there any way to kind of frame what those -- once they become organic, kind of will be contributors to the full year
Show response
Steve provided timing (Siete March, poppi July, Alani Nu year-end) but declined to quantify organic contribution, deferring to quarterly reporting as the year evolves.
Calendar 2025 Q3
the decision of kind of using the in-house brands like Muscle Milk or Propel to address, you know, protein in a bigger way
Show response
Ramon explained organic development is preferred ROI when existing platforms have potential; Muscle Milk being repositioned with better product, Propel expanding into functional hydration plus. Acquisitions reserved for segments without existing platforms.
Calendar 2025 Q2
is it possible that we see maybe a step back in that volume trend before it reaccelerates
Show response
Ramon declined to address Q3 specifics, redirecting to the overarching message that PepsiCo will reach the low end of its algorithm through international strength and sequential NA improvement.
PGThe Procter & Gamble Company5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
the interventions that you can make in some of the other categories would help that total China number tick up
Show response
Schulten gave a category-by-category walk including SK-II, hair care, Fabric Care and FemCare, and named the three remaining gaps: lower-tier hair care, oral care and mass skin.
Calendar 2026 Q1
where the incremental investments are really going in from a country product combination standpoint
Show response
Andre highlighted U.S. Baby Care, Beauty Care momentum, and Tide Evo launch as key investment areas but declined to reveal full specifics for competitive reasons.
Calendar 2025 Q4
returning to kinda the lower half of algorithm in the back half on the near term, maybe a bit of clarification there
Show response
Andre said US structurally 2-3% value growth, 3% outside US in line with market; committed to exit fiscal year with share momentum in US and globally.
Calendar 2025 Q3
maybe you can just give us a bit more detail on what you're seeing real time from a competitive standpoint
Show response
Andre cited competitor promotions in both categories; said the response is integrated superiority through innovation like Luvs, Baby Dry mid-tier and Tide liquid upgrade.
Calendar 2025 Q2
maybe the $1 billion tariff headwind had moved down by about $100 million after this past weekend with Europe
Show response
Andre cautioned against optimism; noted any tariff tailwind would likely be offset by pricing rescinded in market.
STZConstellation Brands5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q3
Specifically, should we expect shipments to lag depletions as you normalize that inventory?
Show response
Fink said distributor inventories are healthy but still below historical averages after the prior-year overcorrection, and expects a normal back half.
Calendar 2026 Q2
can you give a little more clarity on the shipment side for Q2? There are a lot of moving pieces
Show response
Hankinson explained Q1 seasonal overshipment normalizes through the year so full-year shipments and depletions align.
Calendar 2026 Q1
Victoria actually being a nice bright spot for the portfolio. That's obviously a very Hispanic-dominant brand
Show response
Garth said wine destocking spreads throughout the year, not concentrated. Bill explained Victoria attracts younger 21-25 Hispanic consumers who identify with its heritage and authenticity, a different demographic from broader Hispanic consumer weakness.
Calendar 2025 Q4
I just -- I wanted to clarify whether that is a shipment comment, a depletion comment
Show response
Bill confirmed H2 ships and depletes expected to be essentially equal. Minor variation in Q3 expected to reverse in Q4. Garth clarified comment was specific to billings.
Calendar 2025 Q2
I'm just wondering how much of that as well is maybe some favorability on the peso that you guys locked in kind of at a more favorable value
Show response
Garth detailed 3-year layered hedging approach, now above 80% hedged on peso for FY26 after locking in favorable rates, also layered incremental hedges for FY27-28. Peso seen as slightly overvalued due to dedollarization.
KDPKeurig Dr Pepper4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
I wanted to go back to your comments around the CEO search for Global Coffee Co.
Show response
Tim reaffirmed confidence in hiring before the 2027 separation but gave no finite timeline, prioritizing quality over speed.
Calendar 2026 Q1
it would just be helpful to sensitize or help us sensitize some of the exposures to things like aluminum and PET
Show response
Anthony detailed direct and indirect exposure to aluminum, resins, diesel, freight from Middle East conflict. No single input has outsized impact. Comprehensive hedging program provides 2026 insulation. If higher prices sustain, mitigating action plans would be developed for longer term.
Calendar 2025 Q4
just what's been happening through the start of the year on some of SNAP waiver adjustments in certain states
Show response
Tim detailed state-by-state monitoring of SNAP restrictions. Category eligibility changes expected to shift payment method not consumption, as CSDs are top-five grocery items for both SNAP and non-SNAP households. Magnitude reductions potentially more impactful. Some allowance baked into 2026 plans.
Calendar 2025 Q1
maybe you can just help us a little bit with the phasing and how you're thinking about the build of EPS over the rest of the year
Show response
Sudhanshu attributed about $0.015 of Q1 beat to Vita Coco gain. Declined to guide by quarter but noted Q1 upside provides flexibility for balance of year headwinds.
TAPMolson Coors Beverage Company2 questions · 2 reporting periods · 1 of 2 challenging
Calendar 2025 Q3
in the context of cyclical versus structural, I would think this would lean more towards the structural lens
Show response
Tracey said debt maturity will be reviewed closer to due date, committed to below 2.5x leverage. Rahul acknowledged impairment driven by 2025 performance, outlook, discount rates, and multiples but maintained confidence in returning to growth and belief the company is undervalued.
Calendar 2025 Q2
was just hoping to unpack that a bit more as we think about the second half and the year specifically, how we should think about the volume deleverage impact?
Show response
Tracey reiterated 300K hectoliter shipment timing headwind to reverse in H2, mainly Q3. Plans to ship to consumption with convergence expected by year-end.
CELHCelsius Holdings, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
I know that, that may stall or hinder the ability to get back to low 50s by the back half of this year.
Show response
Galbo pressed on aluminum (Midwest premium, LME) risk to the low-50s target; Langhans detailed a clear path but noted commodity-dependent timing, with a new North Carolina line helping in 2027.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MKC McCormick & Company | 16 | 13%2 of 16 questions |
| TSN Tyson Foods | 14 | 7%1 of 14 questions |
| CPB Campbell Soup Company | 13 | 15%2 of 13 questions |
| HSY Hershey Company (The) | 13 | 15%2 of 13 questions |
| MDLZ Mondelez International | 13 | 15%2 of 13 questions |
| HRL Hormel Foods | 11 | 36%4 of 11 questions |
| CAG Conagra Brands | 9 | 33%3 of 9 questions |
| GIS General Mills | 9 | 22%2 of 9 questions |
| SJM J.M. Smucker Company (The) | 9 | 22%2 of 9 questions |
| KHC Kraft Heinz | 7 | 14%1 of 7 questions |
- MKCMcCormick & Company · 16 questions13%2 of 16 questions
- TSNTyson Foods · 14 questions7%1 of 14 questions
- CPBCampbell Soup Company · 13 questions15%2 of 13 questions
- HSYHershey Company (The) · 13 questions15%2 of 13 questions
- MDLZMondelez International · 13 questions15%2 of 13 questions
- HRLHormel Foods · 11 questions36%4 of 11 questions
- CAGConagra Brands · 9 questions33%3 of 9 questions
- GISGeneral Mills · 9 questions22%2 of 9 questions
- SJMJ.M. Smucker Company (The) · 9 questions22%2 of 9 questions
- KHCKraft Heinz · 7 questions14%1 of 7 questions
Show all 18 companies
| Company | Questions | Challenge rate |
|---|---|---|
| CL Colgate-Palmolive | 5 | 20%1 of 5 questions |
| KO The Coca-Cola Company | 5 | 0%none of 5 questions |
| PEP PepsiCo | 5 | 0%none of 5 questions |
| PG The Procter & Gamble Company | 5 | 0%none of 5 questions |
| STZ Constellation Brands | 5 | 0%none of 5 questions |
| KDP Keurig Dr Pepper | 4 | 25%1 of 4 questions |
| TAP Molson Coors Beverage Company | 2 | —Rate withheld: fewer than 3 questions |
| CELH Celsius Holdings, Inc. | 1 | —Rate withheld: fewer than 3 questions |
- CLColgate-Palmolive · 5 questions20%1 of 5 questions
- KOThe Coca-Cola Company · 5 questions0%none of 5 questions
- PEPPepsiCo · 5 questions0%none of 5 questions
- PGThe Procter & Gamble Company · 5 questions0%none of 5 questions
- STZConstellation Brands · 5 questions0%none of 5 questions
- KDPKeurig Dr Pepper · 4 questions25%1 of 4 questions
- TAPMolson Coors Beverage Company · 2 questions—rate withheld: under 3 questions
- CELHCelsius Holdings, Inc. · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 2 | 0%none of 2 questions | 1 |
| 2024 Q4 | 14 | 36%5 of 14 questions | 8 |
| 2025 Q1 | 14 | 14%2 of 14 questions | 8 |
| 2025 Q2 | 22 | 9%2 of 22 questions | 15 |
| 2025 Q3 | 20 | 25%5 of 20 questions | 14 |
| 2025 Q4 | 18 | 17%3 of 18 questions | 13 |
| 2026 Q1 | 24 | 13%3 of 24 questions | 15 |
| 2026 Q2 | 21 | 19%4 of 21 questions | 16 |
| 2026 Q3 | 11 | 0%none of 11 questions | 8 |
- 2024 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2024 Q414 questions · challenge rate 36% (5 of 14 questions) · 8 companies
- 2025 Q114 questions · challenge rate 14% (2 of 14 questions) · 8 companies
- 2025 Q222 questions · challenge rate 9% (2 of 22 questions) · 15 companies
- 2025 Q320 questions · challenge rate 25% (5 of 20 questions) · 14 companies
- 2025 Q418 questions · challenge rate 17% (3 of 18 questions) · 13 companies
- 2026 Q124 questions · challenge rate 13% (3 of 24 questions) · 15 companies
- 2026 Q221 questions · challenge rate 19% (4 of 21 questions) · 16 companies
- 2026 Q311 questions · challenge rate 0% (none of 11 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Demand44
- Margin34
- Cost Pressure31
- Guidance Reliability28
- Competitive Dynamics27
- Pricing24
- Revenue Growth19
- Capital Allocation15
- M&A9
- Supply Chain9
Show all 20 topics
- Trade Tariffs8
- Geographic Expansion7
- Inventory5
- Product Launch5
- Macroeconomic4
- Capex Investment4
- Innovation & R&D3
- Regulation Policy3
- Credit2
- Fx2