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Analyst
Rob Moskow
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 119on tracked calls
- Challenge rate
- 30%36 of 119 questions
- Companies
- 19questioned 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 119 of 119 questions from 19 companies
MKCMcCormick & Company12 questions · 8 reporting periods · 7 of 12 challenging
Calendar 2026 Q3
what caused momentum with your CPG customers in the U.S. to slow down in the third quarter
Show response
Foley blamed accelerating industry volume declines plus softer QSR traffic tied to the cyclospora outbreak, not pipeline delays.
There's a lot of focus on the Unilever acquisition. Has that affected execution in any form or function?
Show response
Foley pinned it on timing coordination with retailers and said separate teams run integration, so the deal has not hurt base execution.
Calendar 2026 Q2
brands of yours like Grill Mates and Lawry's are losing share, and it's to some up-and-coming emerging brands
Show response
Foley said attractive categories draw private label and branded competition and more promotional activity, and that price gaps are part of it.
Is there enough time here to execute the things that you want to execute to get volume back to positive in the Americas?
Show response
Foley acknowledged the prior recovery took longer but argued faster customer dialogue and digital tools enable quicker execution now.
Calendar 2026 Q1
how you were able to keep people on that team focused on executing their operating plan
Show response
Fernando cited Unilever's recent ice cream separation experience in 57 countries as precedent. TSAs in place for about 2 years. Brendan said McCormick has strong talent to step up while dedicated leadership manages integration. Emphasized this is a combination with both companies' employees involved.
Calendar 2025 Q4
some weakening sales growth share, you know, share shares are down. Both in our data, both in terms of volume and value
Show response
Brendan said channel inventory is exactly where expected, no anomalies. Holiday performance was strong. Brief consumption dip from SNAP funding news was followed by recovery closer to holidays. Consumers purchasing closer to holiday reflecting budget control behavior.
Calendar 2025 Q3
I would imagine they're a little bit less willing to raise prices for tariffs, given that the tariffs may not be permanent
Show response
Brendan pushed back on assumption tariffs are temporary, MKC views them as staying in cost structure. Customer conversations described as collaborative and productive around offsetting true input costs while maintaining volume.
to what extent are you willing to let volume dip into negative territory, maybe even just temporarily, as you try to raise prices to offset costs
Show response
Brendan said ambition is to maintain positive volume in 2026 but can't predict exact level. Balancing volume growth with offsetting discrete new costs. Conversations with customers are productive and aligned around consumer affordability.
Calendar 2025 Q2
how do you go about doing both of those things at the same time? Is there any risk of sacrificing quality?
Show response
Brendan firmly stated no quality tradeoff with alternative sourcing. Marcos explained gross margin pressure from supply/demand standstill, expected commodity cost decreases didn't materialize, leading to flat gross margin guidance revision.
Calendar 2025 Q1
I would have thought that Flavor Solutions would be a little weaker, Consumer would be stronger given everything you said about the shift to scratch cooking
Show response
Brendan acknowledged Flavor Solutions was slightly stronger than expected. Consumer volume was described as quite strong at +2.6% globally. Confirmed promotional recipe mix activity was financially smart and built loyalty.
Calendar 2024 Q4
You mentioned that the low end factors in weakness in China. And I wanted to know, could you be more specific about your expectations in China?
Show response
Brendan acknowledged China has repeatedly missed expectations in FY23 and FY24. Said they recently visited China in January to review plans. Marcos added guidance is balanced given dynamic environment.
the flow-through to operating income wasn't quite as strong as we and I think the Street had expected. And you talked about some really strong volumes in consumer
Show response
Marcos confirmed Q4 OI was in line with internal expectations. SG&A increase from technology/R&D expense shift from Q3 into Q4 was the main driver, as previously communicated.
HSYHershey Company (The)11 questions · 7 reporting periods · 3 of 11 challenging
Calendar 2026 Q2
some supply chain challenges, I think, the manufacturing facilities can you tell us specifically what happened?
Show response
Moskow pressed on Dot's supply-chain problems and whether a capital fix was needed; Kirk called the growing pains largely behind them with automation coming in 2027. Direct.
Calendar 2026 Q1
Can you tease out sweet performance in first quarter and what your expectations are for this year
Show response
Kirk highlighted Jolly Rancher growing faster than category with Heat Wave innovation. New Shack lineup item launching for spring/summer momentum. Robust pipeline in 2027-2028.
I wanted to know what are your expectations for this Hershey premium product you're launching in the second half
Show response
Kirk expressed confidence based on deep consumer research and testing. Noted innovation is a collection across portfolio including Reese's Oreo and Hershey movie in Q4.
Calendar 2025 Q4
can you be more specific on what playing offense means? Like, what kind of things can you do
Show response
Kirk cited affordability, driving convenience/IC channels, availability of top SKUs, unique packages and price points as customer solutions. Only 2 of 12 states implemented so far, early days.
can they figure out the cumulative impact of all these things at once? It sounds just like a lot to put into models that probably don't have a lot of historical precedence
Show response
Steve acknowledged modeling challenge. Dedicated teams on each macro factor with firsthand information. Running scenarios for risk-balanced view. Gets smarter every month with more data. Portfolio can play offense against challenges.
Calendar 2025 Q3
is it fair to say that elasticity is probably the most -- the biggest and most determining factor
Show response
Steve confirmed elasticity is probably biggest swing factor alongside cocoa. Considering potentially wider 2026 guidance range to account for uncertainty.
what we really found was some pretty sizable ones in king size in the convenience channel after you raised price
Show response
Steve acknowledged king-size gaps exist, some closing, some may persist. In aggregate not concerning. Normal cadence give-and-take in rational category.
Calendar 2025 Q2
everyday chocolate as a category was up 6.7%. Your everyday chocolate is up less than that. And I wanted to know how you would gauge your competitiveness
Show response
Michele noted IC gaining share from gold standard planograms. Take-home under pressure from private label and insurgent brands. Oreo launch targeting take-home. Q4 comps tougher from 2024 innovation ramp.
Calendar 2025 Q1
if the plan was, say, to expand capacity on chocolate by 10%, but volume has got to be lower than what you thought
Show response
Michele noted the Reese's chocolate processing facility gives vertical integration and supply chain control. Billion-dollar investment helped capture seasons demand and gain share for eight consecutive seasons.
Calendar 2024 Q4
are you seeing your competitors take similar actions on pricing? You've been very strategic about where you're going to take it
Show response
Michele confirmed rational category pricing with broad-based competitor actions. Nothing is off the table for HSY's portfolio.
Do you expect your gross margin pressure to be pretty even throughout the quarters? Or in fourth quarter, are you fully covered
Show response
Steve detailed first-half under 500bp pressure with more in back-half as hedge positions roll to higher prices. Nearly fully covered for full year.
CLXClorox10 questions · 8 reporting periods · 1 of 10 challenging
Calendar 2026 Q2
Can you give us some examples of how it's helping you move faster maybe, make decisions with fewer touches
Show response
Luc outlined ERP-driven supply-chain and back-office efficiencies ramping later in FY2027; candid they are still in stabilization mode.
Calendar 2026 Q1
Is it possible that since everyone is kind of facing the same cost at once, that makes it a little bit easier to go to retailers and argue for either some price increases
Show response
Linda: Recognizes everyone faces same costs, making conversations more productive. But approaching with discipline, consumer under stress, absolute #1 priority is value superiority to drive categories and share. Can take targeted pricing, trade optimization, RGM. Will discuss pacing between sales and margin once FY27 inflation picture clearer. Retailers seeing same stressed consumer.
Calendar 2025 Q4
What's the risk of of getting distracted as you're trying to execute on you know, on the core business.
Show response
Linda said GOJO adds to already strong Health & Wellness segment (4% 10-year CAGR). Strong management team retained, advanced operations. Integrating in disciplined way, only where value-add. Operating model has dedicated teams per business so Glad team stays laser-focused regardless. Confident in ability to manage multiple categories while integrating, been doing this for years.
Calendar 2025 Q3
are your customer fill rates now back to normal? Or are you still like a little bit below normal in your second quarter?
Show response
Linda confirmed fill rates back to normal, inventories largely rebuilt (Professional slight exception due to distribution network). Luc on price/mix: FY26 outlook ~-1pt headwind (improvement from -2pts last year). NRM benefits partially offsetting value-seeking behavior and channel shifting.
Calendar 2025 Q2
what makes this spend so unique that there's an end point to it and it doesn't. We don't end up having to think about another investment a year or 2 from now.
Show response
Linda differentiated: this was a once-in-a-generation reset (25-year-old ERP + surrounding systems). Future technology investments will be normal course OpEx/CapEx. FY26 is final year with $0.35 excluded charges. Ongoing AI/tech will be in normal P&L.
Calendar 2025 Q1
when you do give us a tariff impact, what do you think will be included in there? Will it be finished goods, packaging?
Show response
Luc said mostly packaging and raw material inputs. Some imports from Canada/Mexico (single-digit % of costs) and some exports to Canada, both relatively small.
do you have like any evidence that that impacts grocery basket, like purchases of staples?
Show response
Linda said cannot provide one-to-one correlation but all evidence points to consumers adjusting overall wallet. Key supporting data: at-home behaviors haven't changed (no trade-down), just buying patterns shifting. Consumer interviews confirm wallet management.
Calendar 2024 Q4
I'd like a little more color on what's driving the strong growth in professional and also international.
Show response
International: cleaning shares leading globally, litter expansion into Europe/Asia asset-light, innovation resonating, pricing in non-US markets. Professional: new vertical penetration (government, healthcare), share growth in base, slight office occupancy tailwind.
Do you have any way just to quantify what percent of your raw materials come from Mexico and Canada? Is it like less than 5%?
Show response
Kevin confirmed single-digit percentage exposure but did not provide specific breakdown by country. Fairly limited overall.
Calendar 2024 Q3
I just want to make sure I understand the logic for the gross margin being at 43% for 2Q
Show response
Kevin explained Q2 seasonality (Kingsford off-season, Burt's holiday merch). Confirmed Q1 beat internal forecast but kept full-year conservative given macro uncertainty.
CPBCampbell Soup Company9 questions · 7 reporting periods · 3 of 9 challenging
Calendar 2026 Q3
can you talk a little bit about how the Board's view on the dividend has evolved over the last 3 months?
Show response
Beekhuizen called the dividend reduction a difficult but necessary decision made in constructive dialogue with the board, centered on creating long-term value for shareholders.
Calendar 2026 Q2
Are there any types of promotions that are proving out to be more effective than others?
Show response
Cunfer said shelf-only TPRs underperform while feature-and-display drives strong ROI, the focus of investment.
Calendar 2026 Q1
Your competitors talked about double-digit gains, and I wanted to know if you have seen distribution losses as a result of that
Show response
CEO reported Goldfish gaining distribution due to brand strength. Chips more net neutral with some gains and losses. Innovation driving distribution gains in cookies. On oil: CFO noted 85% hedged on all commodities including diesel. Independent DSD operators bear their own fuel costs, no direct P&L impact but route economics matter long-term. If oil remains elevated months from now, pricing or additional cost reductions needed.
Calendar 2025 Q4
you said two things about the soup business
Show response
CEO walked through soup portfolio dynamics: cooking (broth + condensed cooking) growing but private label recovering; eating-focused condensed and RTS under pressure from pricing elasticities. Acknowledged RTS share losses from tariff-related pricing but noted selective incremental competitive actions taken for soup season with latest 4-week trends showing improvement.
Calendar 2025 Q3
some of your peers who are facing tariffs on steel and aluminum are taking a more aggressive stance on pricing to offset it. I wanted to know how you thought about the pros and cons of raising pric...
Show response
CEO emphasized surgical pricing approach, deploying targeted increases where opportunity exists within the soup portfolio while balancing consumer sensitivity. Pricing is one lever among several including inventory management, supplier collaboration, and productivity.
I think the guidance for fourth quarter was for tariffs to be $0.03 to $0.05 of impact, and it ended up being $0.02
Show response
CFO attributed better-than-expected tariff impact to proactive inventory management and supplier collaboration, noting the fuller impact will manifest in FY2026.
Calendar 2025 Q1
Have you started doing any math on what the tariff environment might mean for your steel can costs
Show response
CEO outlined exposures: Canadian thin plate steel for cans, canola oil for chips, plus retaliatory tariff risk on US soup exports to Canada. Working with suppliers on mitigation; pricing may be needed depending on duration.
do you view both of these as similar phenomenons? I can see it in the data, there's been price investments in crackers
Show response
CEO differentiated salty (differentiated brands, better-for-you positioning) from crackers (Lance winning on value, Goldfish needs marketing/innovation/PPA focus). Emphasized Goldfish proposition remains attractive.
Calendar 2024 Q4
Can you still hit your margin target for this year? I think there was like a 50 basis point expectation for margin expansion
Show response
CFO outlined H2 drivers: improving volume trends, better Leadership Brands mix, lower partner brands impact, neutral net price/marketing YoY, and step-up in cost savings.
PGThe Procter & Gamble Company9 questions · 8 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
is this a category where you can do this successfully, and is it a priority even for fiscal 2027?
Show response
Jejurikar committed to reactivating the Charmin and Bounty vertical portfolio this fiscal year; Schulten conceded commodity-based pricing pushed price points too far in some channels.
Calendar 2026 Q1
when you talked about fourth quarter being lower than third, I just want to confirm that's in absolute dollars
Show response
Andre clarified Q4 vs Q3 refers to growth rate, not absolute dollars. Approximately 1 point of growth shifted from Q4 into Q3 due to Easter timing.
you talked about consumers pulling forward purchases as an inflation hedge. I thought that's what I heard.
Show response
Andre clarified no consumer pantry loading is visible. Any pull-forward was trade-driven and largely a base-period effect rather than price-driven loading.
Calendar 2025 Q4
the percent of products sold on promotion at The Procter & Gamble Company is substantially higher
Show response
Andre said promo read misses gift cards and layered couponing; higher promo volume drives trial of superior innovation, not just price discounting.
Calendar 2025 Q3
now that the tariff impact is half of what it was before curious on how that affects your pricing strategy, if at all
Show response
Andre said U.S. pricing is innovation-led not tariff-led; reiterated sequential absolute share gains and plans to exit year at neutral-to-growth.
Calendar 2025 Q2
Are you going to be raising prices more this year in the U.S. than you did in fiscal '25
Show response
Andre quantified pricing at mid-single digits on 25% of SKUs, averaging ~2.5% portfolio-wide, broadly in line with inflation.
Calendar 2025 Q1
I wanted a little more clarity on the commodity inflation guidance. It stayed the same at $200 million.
Show response
Andre confirmed commodity guide excludes tariffs; declined to commit on FY26 commodity outlook.
Calendar 2024 Q4
pricing has been flat in many quarters. And is there any scenario you could imagine where pricing turns negative
Show response
Andre explained mix reflects within-category trade-up (e.g., unit dose premiumization); Jon ruled out intentional negative pricing.
Calendar 2024 Q3
do you intend to like hold it back and maybe deploy it in categories where you kind of need to compete more effectively
Show response
Andre stressed it remains a $200 million after-tax headwind and that any reinvestment is a business-unit decision, not a corporate one.
CAGConagra Brands8 questions · 6 reporting periods · 3 of 8 challenging
Calendar 2026 Q3
I don't know if I saw, kind of, a firm guide on gross margin for the year.
Show response
Moskow asked for a firm gross-margin guide and about frozen-volume deleverage; Marberger held operating-margin guidance at roughly flat gross margin with absorption modeled.
Calendar 2026 Q2
how you went about trying to figure out what the new earnings base should be
Show response
Brase framed the reset EPS base as a balancing act to reach a healthy structural margin that can support reinvestment, without engaging the specific $1.20 downside.
Calendar 2026 Q1
when I just look at your shipments and I try to do that same 2-year CAGR just for Refrigerated & Frozen division, it's down on a 2-year basis
Show response
Sean attributed discrepancy to refrigerated businesses managed for cash (like canned), not volume growth. Dave countered that Q3 R&F volume was actually up on a 2-year basis (+3.9% vs -3% prior year). Rob clarified he meant dollars, not volume.
can you remind us what the tariff component of your cost inflation is this year? I think it's like 2% or so. And how should we think about it for fiscal '27?
Show response
Dave confirmed FY2026 tariffs were 3% gross with 1% mitigation ($80M implied). FY2027 tariff wrap headwind estimated at roughly half that ($40M) rather than full amount. New tariffs offset by mitigation wrapping.
Calendar 2025 Q4
Is there a risk here that retailers just decide to go forward with less inventory than normal for the rest of the year just because they want to be more efficient?
Show response
Sean explained the seasonal inventory build dynamic: retailers must replenish for seasonal promotional volumes to wrap prior-year performance. December orders already materializing consistent with expectations. SNAP pause may have caused temporary retailer caution.
Calendar 2025 Q2
I want to know about all the innovation that you're doing in frozen. I mean, no one does more than Conagra in frozen. To help try to grow the category. But I think it's been difficult to see eviden...
Show response
Sean strongly pushed back, walking through Banquet's pricing journey from $0.88-$0.98 to closer to $4 over ten years while improving perceived value. Highlighted Banquet Mega Chicken Fillets as a premium multi-serve innovation that massively exceeded expectations.
Calendar 2024 Q3
There's a discrepancy, I think, between the IRI data and the Nielsen data on your Meat Snacks sales
Show response
Sean couldn't speak to discrepancy between IRI and Nielsen. Dave added Slim Jim IRI volume up just below 1% but dollars down slightly.
Have you fully lapped the price rollbacks that you -- I think you had last year in frozen entrees and maybe some other categories
Show response
Dave confirmed second-half wrapping on price rollbacks and edible fats deflation pass-through for spreads.
Show 13 more companies
SJMJ.M. Smucker Company (The)8 questions · 6 reporting periods · 3 of 8 challenging
Calendar 2026 Q3
how you're trying to manage that overall dog snacks business, which has been kind of challenged
Show response
Smucker pushed back that dog snacks had a solid quarter, with Pup-Peroni and Milk-Bone up; only Jerky Treats was down.
Calendar 2026 Q2
anything that you are looking at to accelerate the efforts of the transformation office
Show response
Tucker described the next generation of transformation efforts but offered no acceleration specifics, deferring detail to later.
Calendar 2026 Q1
would it be fair to say that the giveback on pricing would be more on the ground coffee than it would be on the pods just because of how it plays out
Show response
Tucker acknowledges roast-and-ground has higher coffee cost percentage but declines to detail deflation strategy. Mark adds margins are generally similar across coffee portfolio.
a lot of the management team and probably the next layer level down has left the business. And I'm just wondering, like do you think that you need to make a bigger investment in talent
Show response
Mark directly pushes back: confident in current team. Issue is category dynamics and operational challenges (Indianapolis closure costlier than expected, now largely behind them).
Calendar 2025 Q4
sequentially, it's a step down. And it generally, you know, when you have these SKU rationalizations, it improves the profitability of the business
Show response
Tucker acknowledges profit missed expectations. Attributes shortfall to bakery network transition costs, absorption, overhead, timing. Expects improvement in Q3/Q4 with $10M Indianapolis benefit in Q4.
In the commentary, you described the category dog treats as getting better. Your business is still down. What should we expect in the back half
Show response
Tucker quantifies: low single-digit pet growth in Q3/Q4. Mark details Milk-Bone 'More Dog' campaign, PB Bites success, new Jif collaboration innovation launching. Meow Mix growth expected to continue.
Calendar 2025 Q3
I didn't notice any mention of the SKU rationalization impacting the volume. I wanted to know if that impacted it as well
Show response
Mark confirms SKU rationalization did not impact Q1 volume. Dedicated sales force provides focus on right execution. Green shoots noted in c-store and key retail accounts.
Calendar 2024 Q4
you mentioned that execution weakened. Can you give us a little more detail about what aspect of that weakened and what caused it and how you can fix it
Show response
Mark acknowledges display execution gap across channels and details four-pronged fix: better display, distribution expansion, new marketing campaign, co-promotions with legacy brands.
CLColgate-Palmolive6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
is there something going on in unmeasured channels that you think is not being reflected as well as it should be?
Show response
Noel attributed the tracking-versus-reported gap mainly to inventory destocking in tracked channels plus some share loss, offering more detail offline.
Calendar 2026 Q1
I was wondering what made you decide today or just recently to expand the scope of the SGPP program
Show response
Noel cited better-than-expected execution and additional ideas from operations for simplifying structure. Stan added the program achieved the high end of initial targets, with $200-300M in additional savings identified.
Calendar 2025 Q4
how does your strategy take into account improving performance, I guess, for lower and middle tier priced products
Show response
Wallace described multi-pronged approach: couponing strategy, price pack architecture, core business innovation, planogram execution, and trade growth stories alongside premium innovation. Competitive activity constructive so far.
Calendar 2025 Q3
I noticed in the script that in the U.S., you mentioned some increased competitive activity, getting more promotional
Show response
Wallace described slight uptick as constructive overall. Premium and super-premium still growing. Value and mid-price segments suffering. Strategy focused on core innovation to stimulate demand at lower end.
Calendar 2025 Q2
you're raising prices in Brazil. Can you give us like just kind of ballpark, like how much are you raising prices
Show response
Wallace didn't quantify Brazil pricing but cited brand strength, Colgate Total premium pricing success, and innovation as pricing enablers. Took pricing late Q2 with H2 flow-through expected.
Calendar 2025 Q1
Are you still seeing that, or is the Hill's brand holding up okay in this kind of dynamic
Show response
Wallace clarified no trade-down in Hill's. Private label flat to down. Trade-down limited to super premium to mid-tier in toothpaste. Hill's grew in every format and diet combination.
PEPPepsiCo6 questions · 6 reporting periods · 1 of 6 challenging
Calendar 2026 Q2
are you taking steps to kind of cushion the blow for consumers so that affordability doesn't get worse in that channel
Show response
Laguarta said the convenience channel is critical and PepsiCo is driving purchase incidence via bundles and incentives with customers, not raising single-serve prices to fund take-home investments.
Calendar 2026 Q1
could talk about it in PBNA also. Is it fair to say that on a value basis, those shares are still in decline
Show response
Ramon pivoted from the value share question to emphasize the 9% total growth including energy, functional hydration leadership, and poppi acceleration, without directly addressing the value share trajectory.
Calendar 2025 Q4
you're merging food and beverage distribution. What's working?
Show response
Ramon confirmed positive early results in integrated delivery and inventory points; plans to share specifics by year-end including potential small refranchising models in parts of the country.
Calendar 2025 Q3
your willingness to engage with them and if there's any ideas in there that you think are particularly important
Show response
Ramon described engagement as constructive, both aligned PepsiCo is undervalued. Most Elliott ideas already in strategy 2030. A few areas need further mutual education with conversations planned in coming weeks and months.
Calendar 2025 Q1
do you feel like in terms of your value actions, you need to be more active on that part of the portfolio
Show response
Ramon confirmed strategic principle unchanged: more intentional pricing in less-differentiated products, more value capture in differentiated products. Organization has become more nuanced and granular.
Calendar 2024 Q4
there's a pretty detailed study by Numerator Cornell showing that salty snacks was a category that was probably most impacted by GLP usage
Show response
Ramon acknowledged health awareness is accelerating but attributed minimal direct GLP-1 impact due to low adoption; highlighted protein opportunity through Muscle Milk and Quaker.
CHDChurch & Dwight5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
how do you think you dodge that bullet? Do you think it's because of the categories?
Show response
Rick said retail inventory movements are immaterial and rarely worth commenting on; TOUCHLAND is growing with a high-single-digit outlook.
Calendar 2025 Q4
did I get it right that the exit rate for the business, excluding Vitamins, is 1.8%
Show response
CEO explained Q4 exit rate understates momentum due to tough comp. Ex-portfolio changes, 2025 brand consumption was 3.5%. Combined with 2% category growth and share gains, supports 3-4% organic.
Calendar 2025 Q3
when I look at your retail tracking data, at least in my metrics, things do get weaker in October, can I assume that, that's a comparison to last year's port strike?
Show response
CEO explained October weakness from 3 factors: port strike (+11% comp week), threatened January strike also pulling forward, and duration of pantry loading working through. No roll-forward into 2026.
Calendar 2025 Q2
Can you give us an update on how that's doing? Like how is HERO doing? How is THERABREATH doing
Show response
CEO highlighted mid-to-high single digit international growth driven by HERO (50 countries in 12 months) and THERABREATH global expansion. Strong demand even in countries with economic malaise.
Calendar 2025 Q1
other than vitamins, are there any categories where you've had to shift your tactics maybe lean in a little more from a promotional standpoint?
Show response
CEO said no promotional changes needed beyond vitamins. Main pivot is shifting advertising messaging toward value positioning and reallocating media across brands.
GISGeneral Mills5 questions · 4 reporting periods · 3 of 5 challenging
Calendar 2026 Q3
I was hoping to drill down on the high single-digit decline in dog food.
Show response
Dana attributed the dry dog decline mainly to Wilderness while Life Protection Formula held with the category, citing renovation coming in the back half.
Calendar 2026 Q1
The salty snacks segment of the market has become much more competitive with price cuts and innovation. I wanted to know if some of that is just adjacent to you, or do you think that is carving int...
Show response
Dana differentiated GIS salty (3 consecutive quarters of share growth) from broader salty category weakness; Totino's bag-to-box conversion identified as main Snacks drag, now converting back with retailer support.
ex-Totino's, are Snacks stable, or can you tease it out for us?
Show response
Dana noted ex-Totino's Snacks still down slightly driven by grain bars; Nature Valley, proteins, and wafers performing well; Fiber One seeing comeback with GLP-1 users; Ghost protein bars scaling nationally.
Calendar 2025 Q3
if your category volume is flat, but you're holding or gaining share in 8 out of 10 categories, why is your volume reported down negative one?
Show response
Dana McNabb explained top 10 categories improved ~1pt vs Q4 but was offset by flour/desserts declines and 4-point pet shipment timing headwind.
Calendar 2025 Q2
I wanted to know if you think pricing can get back into positive territory at some point during the course of the year
Show response
CEO acknowledged long-term need for balanced volume/price mix but noted current environment favors volume. Fresh pet category now $3B, projected $10B in 10 years.
KOThe Coca-Cola Company5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q1
I was wondering about the mix headwinds in the first quarter. How sustainable are those headwinds during the course of the year
Show response
John said Q1 mix headwinds from North America category mix and Latin America geographic mix are not expected to fully repeat; full-year balanced algorithm of 3/2 or 2.5/2.5 on track.
Calendar 2025 Q3
volume was down. And I thought with the hot weather in the third quarter
Show response
James noted same income divergence in Europe as US with lower-end pressure. Hot weather only in parts of Europe. Did not directly address volume share question.
Calendar 2025 Q2
I just wanted to get a sense of your level of conviction that concentrate volume returns to positive territory in the back half
Show response
John expressed confidence in positive H2 volume. Underlying trends generally good with Q2 anomalies in key markets. Stronger first-half profit provides optionality for investment.
Calendar 2025 Q1
could you be a little more specific as to where you think you are on clearing up the misconceptions about Trademark Coke
Show response
James said viral video impact is largely past. Hispanic consumer pullback driven by geopolitical tension causing cautious spending. Focused on localness and affordability.
Calendar 2024 Q4
Is there any way to kind of delineate this, like how much of a mix shift is necessary to go more toward plastic, less towards aluminum cans
Show response
James emphasized aluminum cost increase is manageable through hedging, supply sourcing, can weight reduction, and potential PET substitution.
STZConstellation Brands5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
once we lap that initial shock of restrictions on immigration policy, is it possible that it just gets a little bit less bad
Show response
Bill noted ZIP codes with 20%+ Hispanic representation still very challenging, some improvement in sub-20% areas. High state-by-state volatility around immigration policy. Brands like Pacifico, Victoria, Modelo Draft, Sunbrew all working well.
Calendar 2025 Q3
Given the macro pressures around the Hispanic consumer, are these price increases more in low Hispanic markets
Show response
Bill reaffirmed 1-2% pricing by SKU/market, cited Modelo's #1 position with 10% share (2pp ahead of #2) and on-premise draft growth from #5 to #2 as evidence of pricing power.
Calendar 2025 Q1
If you spend like $900 million a year on aluminum cans and it's a 25% tariff, do I just put those two numbers together
Show response
Garth repeatedly declined to break out specific tariff impact, directing analysts to back into it from margin guidance. Emphasized all tariff impacts are baked into the 39-40% margin framework.
Calendar 2024 Q4
price competitiveness has started to dial up on the light beer segment. And I wanted to know like -- I didn't hear if you have a response to that
Show response
Bill maintained 1-2% pricing algorithm, emphasized consistency vs broad swings, noting selective market-by-market and pack-size approach.
Calendar 2024 Q3
if the plan going forward also includes more acquisitions. You had Sea Smoke acquisition earlier this year
Show response
Bill said focus is on improving operational performance rather than acquisitions, expects sequential improvement in H2.
KMBKimberly-Clark4 questions · 4 reporting periods · 2 of 4 challenging
Calendar 2026 Q2
would you consider 2027 to have an easy comparison at this point
Show response
Nelson declined to commit on 2027, pointing to macro volatility and the pace of China recovery, and deferred a specific view to year-end.
Calendar 2026 Q1
the $150 million, $170 million is actually higher than what the tariff headwind ended up being. So I'm just trying to figure out how nervous to be
Show response
Hsu contextualized: current potential costs are a fraction of 2022-2023 inflation super cycle ($1.6-1.7B per year). Enhanced cost management capability and PNOC discipline since then.
Calendar 2025 Q4
what's to stop that from happening again in 2026? It seems like the environment continues to be really competitive
Show response
Urdaneta noted costs projected neutral YoY in 2026, productivity ~6%, and lapping 2024 pricing investments. Hsu emphasized innovation-led virtuous cycle over promotional activity.
Calendar 2024 Q4
in 2024 did any of that productivity savings help you on pulp costs? Because it would appear that pulp costs are going higher in 2025
Show response
Hsu and Urdaneta explained productivity is manufacturing-driven not procurement, and PNOC expected at least neutral with improved cost visibility.
TAPMolson Coors Beverage Company4 questions · 4 reporting periods · 2 of 4 challenging
Calendar 2025 Q3
do you think that the national marketing of those brands is doing just fine? And really, it's just the regional execution could improve
Show response
Rahul acknowledged opportunities in national campaigns for Coors Light and Miller Lite, not just regional execution. Pointed to Miller Lite 50th anniversary campaign, Coors Light share loss improvement in Q3 vs Q2, and Coors Banquet as example of brand meeting consumer need. Plans to lean into live sports programming.
Calendar 2025 Q2
at what point do you have to take another look at your asset footprint both in terms of manufacturing and distribution
Show response
Gavin said pleased with current footprint. Removing Pabst reduced complexity, freed summer capacity, enabled Peroni onshoring and Yuengling partnership (successful Illinois launch). Noted capacity utilization varies by season with full utilization in summer.
Calendar 2025 Q1
if you could put a finer point on, on how your forecast for North America has changed for the next few quarters
Show response
Tracey declined quarterly guidance but noted STW/STR alignment expected mostly in Q3, Q2 contract brewing cycling similar to Q1, and premiumization plus Fever-Tree driving top-line improvement.
Calendar 2024 Q4
Is there any reason to believe that those divisions can grow as fast as the rest of the company in 2025
Show response
Gavin acknowledged softer UK consumer demand and a value-over-volume approach on Carling but pointed to Madri success in Bulgaria, Caraiman relaunch in Romania, and long-term growth potential exceeding North America.
BF-BBrown–Forman3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
I wanted to ask about the realignment of your U.S. control state distribution network
Show response
Asked by Seamus Cassidy on behalf of Rob Moskow, Whiting said the control-state transition should be smoother than the open-state changes, with emerging brands needing time to ramp after the initial Jack Daniel's focus, and expressed confidence the company is better positioned than a year ago.
Calendar 2026 Q1
I wanted to ask a follow up on the U S distributor realignment. You described it as a multi quarter transition and one of your key initiatives
Show response
Asked by Seamus Cassidy on behalf of Rob Moskow, Whiting said most transitions began August 1, on-premise hiring has caught up, and the dedicated focus is a benefit, with Jack Daniel's on-premise performance improving to some of the best in some time. He cautioned these changes take time but expressed comfort with the company's position versus a year ago.
Calendar 2025 Q2
Have you done any like testing of how your Jack Daniel's brand is perceived in these international markets, if anything has changed?
Show response
Lawson cited historical resilience of Jack Daniel's brand through anti-American sentiment episodes in Russia, France, and other markets. Consumer testing shows no brand health knock so far, with meaningful improvement in brand health measures. Leanne confirmed no change in A&P philosophy, spend aligned with depletion-based growth, with $100M increase over last 5 years.
KDPKeurig Dr Pepper3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2026 Q2
Can you give a little more detail on what they're able to do on a joint basis?
Show response
Tim outlined U.S. revenue synergies from a single sales force; Anthony reaffirmed the $400 million cost synergy target with procurement, IT/SG&A and logistics levers.
Calendar 2026 Q1
you said in your prepared remarks that after the split, you'll have optionality for value-enhancing capital actions
Show response
Tim highlighted two areas of enhanced BevCo optionality: route-to-market optimization including DSD ownership decisions on a local basis, and portfolio future-proofing through earlier-stage partnerships, new geographies, and creative structures for white space expansion.
Calendar 2025 Q3
I wanted to know about the high single-digit EPS growth target for coffee. There's a lot of leverage there implied
Show response
Jane explained early years of HSD driven by visible cost synergies and deleveraging. Longer-term from revenue traction and continuous productivity. Will need to prove it over time.
KHCKraft Heinz3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2026 Q2
it sounds like you have more confidence in the high end than the low end.
Show response
Andre confirmed the midpoint optically implies weaker H2 than H1, but explained that normalizing for a 0.7 pp Q1 snowstorm benefit and 0.8% Q2 shipment phasing, underlying H2 improves roughly 70-80 bps.
Calendar 2025 Q4
in the work you did internally, did you find brands that have not responded well to investment as well
Show response
CEO deflected from naming underperformers, acknowledging ~20% of portfolio may be more challenged. Highlighted Mac & Cheese protein innovation and Heinz/Philly momentum. CFO stated no change to commodity discipline, following commodity curves.
Calendar 2025 Q3
have you started rolling out the Brand Growth System to these categories? Is it harder to implement it in these than it is in the others
Show response
Question was cut off by a technical difficulty that ended the call before management could respond. Moskow highlighted that Coffee, Meats, and Cheese represent approximately 40% of North American Grocery sales with lower right to win per management's own CAGNY presentation.
MDLZMondelez International3 questions · 2 reporting periods · 2 of 3 challenging
Calendar 2026 Q1
I was hoping you could reconcile for me your comment about the consumer in the U.S.
Show response
Dirk acknowledged consumer will remain anxious but Luca explained sequential improvement driven by share gains in savory, Sour Patch Kids growth, and strong execution in club and value channels.
Calendar 2025 Q2
The comment that you need to invest in working media in 2026, a lot of other companies do that when they reduced media in a given year
Show response
Dirk explained: with chocolate prices up 30-50% in 2 years, need to support volume recovery. Also need increased investment in NA biscuits given weak consumer. Working media protected in 2025, only non-working was cut.
you're also raising prices in the U.S., and you've mentioned that the consumer is under a lot of pressure. Is this one of the flex points
Show response
Luca said pricing is surgical: protecting $3-$4 sweet spot and multipacks, raising prices on non-top brands. Historical data shows limited elasticity on these items. Consumption boost planned for H2 via RGM and promotions.
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 | 12 | 58%7 of 12 questions |
| HSY Hershey Company (The) | 11 | 27%3 of 11 questions |
| CLX Clorox | 10 | 10%1 of 10 questions |
| CPB Campbell Soup Company | 9 | 33%3 of 9 questions |
| PG The Procter & Gamble Company | 9 | 22%2 of 9 questions |
| CAG Conagra Brands | 8 | 38%3 of 8 questions |
| SJM J.M. Smucker Company (The) | 8 | 38%3 of 8 questions |
| CL Colgate-Palmolive | 6 | 17%1 of 6 questions |
| PEP PepsiCo | 6 | 17%1 of 6 questions |
| CHD Church & Dwight | 5 | 0%none of 5 questions |
- MKCMcCormick & Company · 12 questions58%7 of 12 questions
- HSYHershey Company (The) · 11 questions27%3 of 11 questions
- CLXClorox · 10 questions10%1 of 10 questions
- CPBCampbell Soup Company · 9 questions33%3 of 9 questions
- PGThe Procter & Gamble Company · 9 questions22%2 of 9 questions
- CAGConagra Brands · 8 questions38%3 of 8 questions
- SJMJ.M. Smucker Company (The) · 8 questions38%3 of 8 questions
- CLColgate-Palmolive · 6 questions17%1 of 6 questions
- PEPPepsiCo · 6 questions17%1 of 6 questions
- CHDChurch & Dwight · 5 questions0%none of 5 questions
Show all 19 companies
| Company | Questions | Challenge rate |
|---|---|---|
| GIS General Mills | 5 | 60%3 of 5 questions |
| KO The Coca-Cola Company | 5 | 20%1 of 5 questions |
| STZ Constellation Brands | 5 | 0%none of 5 questions |
| KMB Kimberly-Clark | 4 | 50%2 of 4 questions |
| TAP Molson Coors Beverage Company | 4 | 50%2 of 4 questions |
| BF-B Brown–Forman | 3 | 0%none of 3 questions |
| KDP Keurig Dr Pepper | 3 | 33%1 of 3 questions |
| KHC Kraft Heinz | 3 | 33%1 of 3 questions |
| MDLZ Mondelez International | 3 | 67%2 of 3 questions |
- GISGeneral Mills · 5 questions60%3 of 5 questions
- KOThe Coca-Cola Company · 5 questions20%1 of 5 questions
- STZConstellation Brands · 5 questions0%none of 5 questions
- KMBKimberly-Clark · 4 questions50%2 of 4 questions
- TAPMolson Coors Beverage Company · 4 questions50%2 of 4 questions
- BF-BBrown–Forman · 3 questions0%none of 3 questions
- KDPKeurig Dr Pepper · 3 questions33%1 of 3 questions
- KHCKraft Heinz · 3 questions33%1 of 3 questions
- MDLZMondelez International · 3 questions67%2 of 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 | 5 | 20%1 of 5 questions | 4 |
| 2024 Q4 | 14 | 29%4 of 14 questions | 11 |
| 2025 Q1 | 13 | 15%2 of 13 questions | 11 |
| 2025 Q2 | 13 | 38%5 of 13 questions | 12 |
| 2025 Q3 | 18 | 39%7 of 18 questions | 15 |
| 2025 Q4 | 15 | 33%5 of 15 questions | 13 |
| 2026 Q1 | 20 | 25%5 of 20 questions | 15 |
| 2026 Q2 | 15 | 20%3 of 15 questions | 14 |
| 2026 Q3 | 6 | 67%4 of 6 questions | 5 |
- 2024 Q35 questions · challenge rate 20% (1 of 5 questions) · 4 companies
- 2024 Q414 questions · challenge rate 29% (4 of 14 questions) · 11 companies
- 2025 Q113 questions · challenge rate 15% (2 of 13 questions) · 11 companies
- 2025 Q213 questions · challenge rate 38% (5 of 13 questions) · 12 companies
- 2025 Q318 questions · challenge rate 39% (7 of 18 questions) · 15 companies
- 2025 Q415 questions · challenge rate 33% (5 of 15 questions) · 13 companies
- 2026 Q120 questions · challenge rate 25% (5 of 20 questions) · 15 companies
- 2026 Q215 questions · challenge rate 20% (3 of 15 questions) · 14 companies
- 2026 Q36 questions · challenge rate 67% (4 of 6 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics44
- Demand38
- Pricing32
- Cost Pressure18
- Margin17
- Revenue Growth17
- Guidance Reliability11
- Supply Chain10
- Trade Tariffs8
- Macroeconomic8
Show all 19 topics
- Capex Investment7
- Capital Allocation6
- Innovation & R&D6
- Geographic Expansion6
- Product Launch5
- M&A5
- Inventory2
- Credit1
- Regulation Policy1