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Analyst
Steve Powers
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 101on tracked calls
- Challenge rate
- 12%12 of 101 questions
- Companies
- 22questioned 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 101 of 101 questions from 22 companies
MKCMcCormick & Company12 questions · 7 reporting periods · 2 of 12 challenging
Calendar 2026 Q3
how confident are you that momentum can improve and be restored in that business before deal close?
Show response
Foley said he cannot comment on Unilever Foods' trends but sees the same consumer pressures and no incremental concern for the deal thesis.
is there any further you can go in terms of, I guess, more discretely defining TSA scope
Show response
Gabriel said TSAs cover back-office support for about 2 years with a phased exit and costs already in the deal model; details to come.
Calendar 2026 Q2
for how long would you expect that to translate into what seems to be a favorable spread
Show response
Foley framed the strength as aligned with durable consumer trends rather than a point-in-time benefit.
maybe you could shed a little bit more light, if you could, on the work that's going on behind the scenes
Show response
Foley described parallel, function-organized work streams hitting timelines, but deferred specifics to Q3.
Calendar 2026 Q1
could you speak at a high level to the scope anticipated duration of those agreements
Show response
Brendan said TSAs will cover IT system separation and first-year integration handover. Fernando added Unilever's food business is already more than 80% on external organization with own manufacturing, distribution, and salesforce, enabling separation without significant disruption.
Calendar 2025 Q3
is your kind of working assumption that there's a balance, kind of an even balance between pricing and some of the sourcing and savings initiatives
Show response
Marcos confirmed 2026 mitigation is more skewed toward CCI savings, productivity, and alternative sourcing across all P&L lines. Pricing is the residual through surgical price initiatives.
what you've seen so far in early elasticity analytics and where you think consumers are likely to be more accepting of pricing
Show response
Brendan said it's too early for meaningful elasticity data with only about September available. Expressed confidence in analytics used to predict outcomes but acknowledged very limited real data so far.
Calendar 2025 Q2
does the incrementality of those distribution innovation pushes skew at all kind of 3Q versus 4Q?
Show response
Brendan expects even contribution from innovation/distribution across Q3 and Q4. Surgical pricing more likely in Q4. More new items hitting shelf in H2 vs H1. Distribution growth already appearing in data.
the decision to step down brand marketing. By my math, it looks like maybe a $5 million to $10 million reduction versus your prior planning
Show response
Brendan said change reflects productivity/CCI efficiencies in A&P buying, not a strategy pullback. H2 still has significant year-over-year A&P increases. Continues to reinvest flexibly each quarter, did so in Q1 recipe mixes and Q2 hot sauce.
Calendar 2025 Q1
is there -- as we see net positive pricing flowing through your business this quarter and over the course of the year, as expected, is that -- is what we're really seeing
Show response
Brendan clarified EMEA pricing is targeted at specific commodity items like French desserts ingredients, not broad-based. Also focused on maintaining right price points on shelf alongside price gap management.
I was hoping you could talk a little bit more about what you're seeing in Europe and, I guess, in the EMEA segment as it relates to Consumer
Show response
Brendan noted European consumer trends closely mirror US, more scratch cooking, value-seeking, discounter growth, e-commerce acceleration. Inflation worry equally high in both regions.
Calendar 2024 Q4
on your brand marketing plans for the year. It sounded like the rates of increase year-over-year was going to be pretty even throughout the year
Show response
Marcos confirmed even cadence across quarters. Brendan added spend is allocated strategically across brands based on ROI, with some brands getting increased focus like Frank's RedHot receiving 12-month media coverage.
CHDChurch & Dwight10 questions · 7 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
do we see sort of a return to more of a full promotional stance in the back half as well?
Show response
Rick said consumption and organic are both around 5% with no disconnect, and a 2-year stack shows 5% in H1 and 6% in H2, expecting momentum to continue.
Calendar 2026 Q1
is there any heuristic you could offer as to how external dynamics—volatility in the Middle East, further increases or duration in oil—translate into that $25 million to $30 million growing
Show response
CEO declined specific oil-to-cost heuristic. Laid out mitigation hierarchy: (1) productivity, (2) RGM on household promotions, (3) pricing behind innovation. Current $25-30M manageable; $50-100M+ would require escalation.
If it is transitory, is the productivity you are putting in place structural, or more belt-tightening such that, if it rolls over, some gets reinvested and some backfilled?
Show response
CEO clarified: not belt-tightening but acceleration of existing 3-year productivity pipeline. If costs reverse, could slow projects and reinvest savings into marketing to drive growth, 'build the virtuous cycle again.'
Calendar 2025 Q4
Are you just calling that out to kind of quantify it, make it a priority or -- and be more intentional about it?
Show response
CEO confirmed ARM & HAMMER growth acceleration expected from 2026 onward with plans in place. TheraBreath paste targets loyal mouthwash following with best-in-class performance and superior flavor.
Calendar 2025 Q3
There's definitely a narrative about the Church & Dwight has been more promotional through the third quarter
Show response
CEO pointed to amounts sold on deal as definitive metric showing CHD down YoY while competition up 300-600bps. Negative price/mix in laundry from larger size trade-up, not deeper discounting.
Calendar 2025 Q2
Just how do you think about your spending levels and your capabilities? How do you benchmark them against peers
Show response
CEO emphasized CHD's pay-as-you-go approach vs peers' restructuring programs. Investments in analytics CoE, pricing group, international infrastructure all embedded within Evergreen model.
can you talk a little bit about just how compartmentalized that business is and how easily separatable it is
Show response
CEO described VMS as relatively compartmentalized with dedicated manufacturing in Vancouver and plant-within-plant in York. Some allocated costs would create stranded overhead, offset by Touchland addition.
Calendar 2025 Q1
what does success look like in terms of monitoring things as we go? And then ultimately, what is the I mean the expectation clearly the ambition is to be winning and growing
Show response
CEO outlined KPIs: weekly POS inflection, customer reviews improvement, TDP stabilization, and confidence in growth from retrenched position.
the guidance implies -- I think your expectations are explicit about back half improvement in organic growth. And I'm just juxtaposing that against your expectation that you're not really expecting...
Show response
CEO bridged to back half via: positive category growth returning, distribution gains, innovation, and sustained marketing investment.
Calendar 2024 Q4
just to kick the tires a little bit on the ERP upgrade that you called out in the release
Show response
Dierker confirmed no revenue recognition impact in 2025, with SAP go-live pushed to Q1/Q2 2026. Linares highlighted BATISTE Sweat Activated (cross-category odor platform) and Hardball litter (open innovation with extruded sorghum) as examples of transformed R&D capabilities.
CLXClorox9 questions · 6 reporting periods · 0 of 9 challenging
Calendar 2026 Q2
was there anything that was done differently in approaching the fiscal -- to fiscal '27 guidance formulation
Show response
Linda said FY2027 guidance used the same principled, factor-based approach as every year, with no extra conservatism for the transition.
Calendar 2026 Q1
can you just, Luc, maybe bridge exactly what's changed and what the drivers are between last quarter's full year outlook for gross margin down around 100 basis points and now down 250 to 300.
Show response
Luc: Q4 GM ~5pts below year ago driven by: 150bps lapping ERP operating leverage (in prior outlook), 200bps GOJO (50bps ongoing + 150bps one-time inventory step-up), 100-150bps Middle East oil. Plus 50bps one-time cost savings acceleration investment. Net new vs prior outlook: GOJO + Middle East + some ERP cost overrun make up the ~150-200bps additional decline.
I'm assuming that annualized at $100, your impact at $100 of oil would be $80 million to $100 million.
Show response
Linda cautioned against simple annualization, secondary/downstream effects from Middle East highly uncertain (Strait of Hormuz, infrastructure impacts). If only direct energy: $80-100M fair assumption but reality could differ materially. Luc on advertising: just rounding, GOJO brings Q4 down 1pt but only 25bps for full year, still rounds to 11%.
Calendar 2025 Q2
is there any potential risk of transition from an offsetting standpoint, I'm thinking, I guess, in some kind of structural period of essentially but would translate it like a destocking headwind.
Show response
Linda said no structural risk. ERP improves CLX internal efficiency and visibility but doesn't change retailer inventory processes. Retailers didn't hold extra inventory to compensate for old ERP. Benefits are cost removal on CLX side, not retailer behavior change.
is there any way -- any reason why from where we sit today that we shouldn't be thinking about kind of the midpoint of your normalized earnings exiting the year at around $7
Show response
Luc confirmed: headline EPS midpoint + ~$0.90 ERP add-back = ~$7 normalized. Range exists around it given ERP and environment uncertainty.
Calendar 2025 Q1
Number one, why do you think that is? Because it's not just you had observed this as -- we've seen it in the outside
Show response
Linda said consumers have learned from prior cycles and trust branded essentials to work. Currently managing wallet through channel/size shifts, not category exit. Risk: uncertain how long volatility continues and whether deeper trade-offs force traditional trade-down. Watching closely.
Calendar 2024 Q4
I think as the year started, we had talked about free cash flow coming in around 12% of sales for the year. And at least that was our expectation. I think year-to-date, we're running closer to 9%.
Show response
Kevin said base FCF trending to high end of 11-13% target range. ERP will add $50-100M cash tie-up in Q4 (inventory build + prepaid suppliers), pulling reported FCF closer to 11%. All reverses in front half FY2026.
Is that a good number to kind of anchor to in terms of the cash cost that you're likely to have when that transition takes place?
Show response
Kevin confirmed ~$530M is the fair value anchor. Will repurchase P&G's 20% via cash or borrowing. Eliminating 20% cash flow payment currently in COGS will step up gross margin and earnings post-close.
Calendar 2024 Q3
just perspective on the Household penetration metric that you guys track, how that's progressing
Show response
Linda said household penetration trend has reversed after pricing headwinds and cyber disruption. Back-half 3-5% is in line with consumption, not shipping ahead.
PGThe Procter & Gamble Company9 questions · 8 reporting periods · 2 of 9 challenging
Calendar 2026 Q2
how would you assess the underlying fundamentals of those markets as you think through the puts and takes?
Show response
Jejurikar quantified the market slowdown, sized the U.S. and Europe opportunity at $5 billion to $10 billion over 3 to 5 years, and said the innovation bar has to rise.
Calendar 2026 Q1
do you think productivity alone will be necessarily relied upon as offense to those factors?
Show response
Andre acknowledged productivity alone likely insufficient to offset the full $1B after-tax headwind. Signaled selective pricing paired with innovation as the second offset lever.
in the third quarter, how do you assess underlying progress on organic growth?
Show response
Andre expressed strong confidence in organic growth progress, citing breadth across regions and categories. Highlighted Tide liquid mid-teens growth and SK-II as evidence the model works.
Calendar 2025 Q4
on the second half, improvements, if we think about things by category segment versus by geography
Show response
Andre said family care grows in January, baby returning to global share growth; Shailesh said 12-18 months to fully distribute the reinvention.
Calendar 2025 Q3
Maybe just a little bit more perspective about what you've seen evolving on the ground in that market
Show response
Andre highlighted go-to-market/distributor changes, local innovation and communication upgrades as drivers of SK-II +12%, Baby Care +20% and Fabric Care +5 points.
Calendar 2025 Q2
could you elaborate further on those tailwind creation efforts and when within the fiscal year you might expect
Show response
Jon highlighted Shailesh's Fabric & Home Care and COO experience; said tailwinds build over a planning-execution-impact cycle through the year.
Calendar 2025 Q1
has the nature of that investment changed at all? In terms of, you know, advertising versus trade or the like
Show response
Andre said media/advertising flat as % of sales; no shift between advertising and trade promotion.
Calendar 2024 Q4
I'm a little surprised that your currency outlook as it relates to the impacts on the top-line didn't move off
Show response
Andre confirmed spot rates, FX impact mostly H2, productivity levers and enterprise pricing offsets.
Calendar 2024 Q3
So what do you say to investors who are more concerned about deceleration from here in that underlying growth?
Show response
Andre pointed to the 85% developed-market core growing ~4% on high comps and easing headwinds as the basis for confidence.
KOThe Coca-Cola Company7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
there's a bit more investment in price/mix than we had expected to generate that volume
Show response
Braun unpacked the Asia Pacific profit decline into three roughly equal drivers rather than deflecting.
Calendar 2026 Q1
you mentioned that you were fairly well positioned despite the broader inflationary backdrop as you think about the year
Show response
John acknowledged bottlers face more aluminum/PET exposure, described system-wide RGM and procurement playbook used for years on disruptions.
Calendar 2025 Q4
a few months ago, you talked about some steady, [ you expressed ] as light drizzle in the macro environment that seems to be trending worse for consumers
Show response
James said India, China, ASEAN and some European markets need to build back volume through the year. Mexico tax impact more front-loaded in Q1. May see more price early in year with better balance later.
Calendar 2025 Q3
entering September, you'd called out momentum that was trending a bit slower than expected in the third quarter
Show response
James attributed improvement to system doubling down on marketing, innovation, affordability and execution rather than macro improvement. Environment expected to remain similar.
Calendar 2025 Q2
how quickly do you expect a rebound in those markets? And if there are any other markets as you go into the back half
Show response
James flagged ASEAN as the most surprising weakness area. Mexico cycling easier Q3 comp with hundredth anniversary plans. India getting new refranchised bottler via Jubilant Group.
Calendar 2025 Q1
could you talk maybe about how you're leaning more into some of those local brands in the current environment
Show response
James emphasized local nature of business (860,000 US jobs, $58B GDP contribution) and reinforcing 'made in' messaging rather than switching to local brands.
Calendar 2024 Q4
Your outlook seems to imply some pretty strong underlying margin and profitability progress just net of the FX pressures and the higher tax rate
Show response
James cited marketing transformation producing productivity without reducing investment. John noted modest gross margin expansion expected.
PEPPepsiCo7 questions · 7 reporting periods · 2 of 7 challenging
Calendar 2026 Q2
is it more about optimizing and scaling the efforts that you've already put in motion
Show response
Laguarta said portfolio transformation and portion-control are executing well (scaling Naked, Doritos protein); away-from-home slowed in Q2 but is accelerating in Q3; affordability tweaks underway.
Calendar 2026 Q1
have you seen any meaningful change at all in competitive intensity, whether pricing promotions or on shelf behavior
Show response
Ramon acknowledged competitive intensity will increase in summer but emphasized the multi-lever strategy beyond price, plus productivity advantages competitors may not have.
Calendar 2025 Q4
how you expect the energy portfolio to contribute to that segment's progress, just how material that is
Show response
Ramon highlighted combined CELSIUS/Alani Nu approaching 20% energy share; Alani Nu integration showing improving execution metrics with more distributor onboarding ahead; good collaboration with CELSIUS team.
Calendar 2025 Q3
Could you just give a little bit more detail on where the interventions are specifically
Show response
Ramon detailed manufacturing node closures, warehouse rationalization with automation, go-to-market labor rightsizing, and global capability center efficiencies. On One North America, testing in Texas with nuanced regional solutions planned rather than one-size-fits-all.
Calendar 2025 Q2
if there's a way to distill those initiatives down to maybe the top 1, 2 or 3 things that you would say are the most critical
Show response
Ramon walked through food (category stabilization, subsegment improvement, Lay's/Tostitos relaunch) and beverage (cola share gains, Gatorade recovery, Propel growth) pillars, targeting low end of algo in next few quarters.
Calendar 2025 Q1
just decompose in a bit more detail just the drivers of the reduced full-year earnings outlook
Show response
Jamie clearly broke down: tariffs (new news), heightened macro/consumer uncertainty (Consumer Confidence nosedived), and Frito subdued performance. Top-line solidly in band when normalizing for international calendar.
Calendar 2024 Q4
the comments you made today, Ramon, signal a change on that front such that pricing in Frito could potentially start to run negative
Show response
Ramon firmly rejected negative pricing, instead describing surgical price-pack architecture with multiple count and price-point options to give consumers flexibility without diluting pricing.
Show 16 more companies
ELEstée Lauder Companies (The)6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
on what has improved since May that's allowed you to upgrade the fiscal '27 margin outlook
Show response
CFO tied the upgrade to the FY26 beat, further SG&A optimization and continued PRGP savings ramping into FY28; acknowledged Makeup/Hair/Fragrance profitability upside.
Calendar 2025 Q4
talk about what you're seeing in that segment and how you see the progression of profitability
Show response
Akhil noted Q2 makeup profitability temporarily impacted by returns taken on Q3 innovation. No structural reason makeup margins should differ materially from other categories. PRGP fixed cost rightsizing and sales acceleration with Double Wear launch expected to improve margins. Stephane added TikTok Shop, Sephora entry for MAC, and innovation acceleration (19% vs 16% target) mostly from makeup.
Calendar 2025 Q3
I'm curious as to what degree you think you still have opportunities to catch up and how that plays into future planning?
Show response
Stephane detailed global expansion: Amazon in U.S., Canada, Japan, U.K., Mexico. TikTok Shop as consumer recruitment ecosystem. MAC in Sephora. Shopify DTC partnership. 40 net new fragrance freestanding stores. Europe team rolling out more TOM FORD, Jo Malone, KILIAN distribution. New 4-region structure enabling faster deployment with sophisticated media targeting by age group and retailer.
Calendar 2025 Q2
I was hoping you could just maybe better decompose the gap between retail sales and shipments that you see entering fiscal '26
Show response
Akhil confirmed inventory reduced in every major market. Travel retail inventory now aligned with forecasted demand. North America still has some gap due to retail environment. Net sales expected to track retail much more closely in FY2026. Greater disconnect anticipated in Q1 but narrowing throughout the year.
Calendar 2025 Q1
can you talk about whether you expect that to be true kind of across all categories and geographies or whether you see outliers
Show response
Akhil confirmed travel retail inventory significantly improved since December. North America retailers tightening inventories, reflected in outlook. Broader range given for Q4 due to volatility.
Calendar 2024 Q3
just amidst all this volatility, you get some perspective on how you see your market share standing across key markets
Show response
Tracey addressed regional outlook, noting continued China/TR pressure. Fabrizio detailed share gains in China skincare (+1pt), Japan fragrance (#1 position), and U.S. retail acceleration.
CLColgate-Palmolive5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
So I guess just in that context, perspective on your outlook and the expectations for Europe?
Show response
Noel credited Europe's success to a premium and super-premium toothpaste strategy shifted 3 or 4 years ago, now a template for North America.
Calendar 2025 Q3
to what extent are they really points of category acceleration or points of Colgate-specific differentiation versus more just the cost of doing business
Show response
Wallace positioned initiatives as competitive advantage: faster innovation via AI, agentic commerce partnerships, demand planning automation. Sutula noted investments already well underway, not new costs.
Calendar 2025 Q2
when you think about doubling down and stepping up innovation capabilities, is it simply objective of more and more broad-based innovation
Show response
Wallace highlighted need to improve breakthrough/transformational innovation. Will incubate more H2/H3 innovation with additional resources. Some geographies need faster H1 agility.
Calendar 2025 Q1
to what degree you will be carrying idle capacity on Hill's, you know, related to that into 2026
Show response
Wallace noted network optimization absorbing freed capacity through share growth and SKU focus. Confirmed P&L flex exists, holding gross margin flat despite $200M tariffs demonstrates this.
Calendar 2024 Q4
how much of the expected underlying operating income improvement is going to be driven by that gross margin versus SG&A reductions
Show response
Wallace confirmed front-loaded capability investment in 2023-2024 provides solid base. Continued investment in data, technology, and AI planned. ROIC back to 35-36% as proof of discipline.
KHCKraft Heinz5 questions · 4 reporting periods · 1 of 5 challenging
Calendar 2026 Q2
So just maybe a little bit more perspective on how you're seeing progression.
Show response
Andre acknowledged share was flat Q2 versus Q1 as anticipated, tied partly to offsetting a 100 bps SNAP headwind, and pointed to ramping investment and innovation for improvement.
Calendar 2026 Q1
are you able to parse out where there is more meaningful, true underlying progress that you think can really be momentum you can build on versus maybe some transitory impacts
Show response
CEO acknowledged Easter and weather tailwinds but cited share trajectory as genuine: total portfolio from 21% holding/gaining share to 58% in March. Taste Elevation from 24% to 87% in March. CFO added market share loss narrowed from -90 bps to -30 bps mix-adjusted.
anything to call out in terms of timing of year-to-go free cash flow
Show response
CFO noted H2 cash flow may decline due to investment step-up. Strong cash position enabling Q2 debt maturity paydown plus considering early repayment of portion of $1.9B maturing next year to reduce interest expense.
Calendar 2025 Q4
what how do we define short term? Is that know, do we need to see results, you know, in the next couple of quarters
Show response
CEO set timeline: exit 2026 with best trends during the year, target organic growth in 2027. Investments disproportionately U.S.-focused. No end date on separation pause; optionality preserved for future portfolio optimization.
Calendar 2025 Q3
are you able to frame maybe pro forma the performance of Global Taste Elevation Co. versus North American Grocery Co. in the third quarter
Show response
CFO disclosed both companies declining low single digits pro forma. Priority for Global Taste Elevation is return to growth in 2026. North American Grocery prioritizing stable cash flows. Declined to quantify one-time separation costs, citing ongoing work.
KMBKimberly-Clark4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
greater confidence, maybe faster realization of the the existing $1.9 billion cost synergy target
Show response
Russ said the pace reflects greater confidence in achieving the outlined synergies rather than a higher number, with detailed cadence to come at deal close.
Calendar 2025 Q4
Just maybe a little bit more precision around how you expect the overall 2% category growth to shake out North America versus rest of world
Show response
Urdaneta detailed net sales 50/50 first/second half with organic growth accelerating in back half. Productivity targeting ~6% again. Gross margin expansion of 70-80bps expected for 2026.
Calendar 2025 Q2
your overall assessment of competition, your pricing outlook for the balance of the year and any expectations or considerations
Show response
Hsu confirmed PNOC discipline focus. Promotional intensity below category average and pre-COVID levels. Targeted pricing adjustments in some categories but promotion viewed as tactical trial lever only.
Calendar 2024 Q4
could you give us a bit more detail on the sources and timing of that productivity, your line-of-sight to achieving it cleanly
Show response
Urdaneta confirmed $200M SG&A savings ramping in 2025-2026. Hsu noted advertising spend at healthy 6.5% with plans to maintain similar level.
STZConstellation Brands4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q3
is there a way to dimension maybe how you expect contributions to divide among them?
Show response
Fink declined to size contributions without mid-term guidance but cited Pacifico, Victoria and Mi CAMPO growth and runway for Modelo and Corona.
is there anything notable on your contracted or hedged on other operating costs that could be an advantage in 2027
Show response
Hankinson said this year is hedged at or above 90% for most commodities and currencies, with hedges layered for later years, and Veracruz depreciation starts in fiscal 2028.
Calendar 2025 Q1
how you see the various factors stacking up to inform the flat to 3% outlook that you have on the portfolio you are planning to retain
Show response
Bill cited Q4 retained wine depletion growth of 4% as evidence for premium-focused strategy. Garth said capacity expectations reduced through FY28 per slides, managing footprint responsibly.
Calendar 2024 Q4
my impression of Veracruz commitments is that they're a bit more fixed. So could you talk about whether that is correct or not
Show response
Bill confirmed Veracruz on schedule but stressed future expansions at Veracruz or Obregon can speed up or slow down. Garth noted first Veracruz module is only 3M hectoliters.
BF-BBrown–Forman3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
I’m just wondering if there is a specific dollar amount in terms of that we should anchor to
Show response
Peters set the organic operating income base at roughly $1.1 billion (reported ~$1 billion plus the impairment add-back) and confirmed a cash benefit as already-paid higher-cost inventory flows through the P&L, with working capital positive to cash flow.
Calendar 2026 Q1
you had mentioned in your opening remarks plans to. I think the word was liquidate aging barrels in the coming years. I just want to pause on that word. Liquidate.
Show response
Cunningham clarified 'liquidate' means emptying and bottling aged whiskey, not discounting. On taxes she said the lower rate reflects favorable year-over-year changes, lower state taxes and discrete items with a cash benefit, but expects a reversion to the normal 21% to 23% range going forward.
Calendar 2025 Q4
is it fair to assume that, that reverses, and that shipments and depletions end up the year essentially in line?
Show response
Leanne confirmed gap between shipments and depletions already narrowed significantly from Q1 to H1, expected to narrow further but shipments may remain slightly ahead due to continued Blackberry launch. Cautioned that New Mix will begin comping very strong prior year double-digit growth in H2. Declined to quantify distributor term benefits specifically but confirmed seeing flow-through.
HSYHershey Company (The)3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
does that hold true as you look across performance maybe by income cohort.
Show response
Powers asked whether elasticities differ by income cohort; Kirk noted low-income households feel more pressure but balanced channel performance persists. Direct.
Calendar 2026 Q1
if perhaps that is a higher priority for incremental investment attention, then maybe on the outside, it's perceived
Show response
Kirk confirmed functional snacking is a big growth area with double-digit growth currently. JV with VivaKi for breakthrough protein delivery. Small but mighty part of growth strategy.
I guess just want to frame how big that noncore part of the portfolio is today and whether that is something that we should keep in mind
Show response
Kirk confirmed private label will continue as a drag. Focus is on branded growth from Dots, Skinny Pop and LesserEvil which are driving exceptional growth in salty category.
KDPKeurig Dr Pepper3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
One thing that I am left questioning, is the existing Keurig Dr Pepper Inc. debt. And how that is to be allocated across future bev versus CoffeeCo
Show response
Anthony clarified capital structure: $9B new debt plus $5B JDEP rollover stays with CoffeeCo; existing KDP debt plus $4.5B convertible preferred stays with BevCo. Tim confirmed energy category expected to gain shelf space vs other LRBs with significant incremental distribution points especially in C-stores.
Calendar 2025 Q3
how do you get comfortable with the risk and opportunity costs of pursuing that and maintaining all the good that you've been doing
Show response
Tim cited team's experience with large acquisitions and separations. TMO carved off dedicated team freeing rest of 29,000 employees to focus on base business. Q3 results as proof point.
Calendar 2024 Q4
I was hoping you could maybe building on what you outlined in your prepared marks around KDPs, ambitions and energy
Show response
Tim detailed energy portfolio strategy with complementary brands targeting distinct consumer cohorts. Set double-digit share goal. GHOST distribution transition starting in March.
KVUEKenvue3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
how big a headwind to organic growth would that be as you reduce the complexity and kind of cut the tail on complexity
Show response
CFO deferred specifics on growth headwinds and restructuring costs as premature until strategic review progresses. Noted cash flow should remain in same neighborhood as prior year despite earnings decline.
Calendar 2025 Q1
whether today's change in some ways signals more appetite and more open-mindedness for analogous types of corporate action on Kenvue's part
Show response
CEO deflected the corporate action question by focusing on Amit's consumer goods expertise and profitable growth mandate. Did not address parallels to Kellogg/Kellanova separation.
Calendar 2024 Q4
how much progress do you think you'll be able to make against that 100% plus target in 2025
Show response
CFO explained 2024 free cash flow declined from $2.7B to $1.3B, split between separation costs and operational items. Not reaching 90-100% conversion in 2025 due to ongoing TSA/IT investment.
SJMJ.M. Smucker Company (The)3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q3
maybe an update on how you're thinking about productivity and the -- maybe the pipeline that's building even as we look
Show response
Marshall affirmed continued transformation-office benefits but deferred specific productivity figures to future forums.
Calendar 2026 Q1
I just want to ask around the decision to start regularly amortizing the Hostess trademark beginning in the fourth quarter
Show response
Tucker explains: reduced long-term growth rate to 2% triggered reclassification from indefinite-lived to amortizable. Reflects prudent resource allocation approach. Full-year amortization outlook now $210M.
Calendar 2024 Q4
the sensitivity to demand has held pretty stable. You know, we were looking for things to potentially get worse quarter over quarter. And that doesn't seem to have happened
Show response
Mark explains Milk-Bone resilience across value spectrum. Innovation (PB Bites with Jif) performing exceptionally well. Pup-Peroni refresh planned. Not calling incremental softness.
GISGeneral Mills2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
Just anything to call out in terms of how much HMM impact is yet to come?
Show response
Kofi outlined Q3 still down due to divestiture, investment, and trade timing drag; Q4 benefits from ~$100M trade expense timing tailwind plus 53rd week, together driving about 30% profit growth in Q4.
I guess I'm curious as to what degree you think Love Made Fresh has, in some ways, contributed to that base business progress
Show response
CEO said too early to see Love Made Fresh halo effect on base Blue Buffalo; core improvement driven by sharpened LPF go-to-market, Tiki Cat growing solidly, and Tastefuls marketing plus pricing.
TAPMolson Coors Beverage Company2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
how much of the expected improvement that you're calling for in the back half comes from identified cost savings
Show response
Rahul said EMEA/APAC top-line actions (Carling innovation, Madri, Above Premium) are already in motion, while the bottom-line improvement rests largely on cost savings and restructuring already actioned earlier in the year, plus U.K. Christmas-season timing.
Calendar 2025 Q3
Just curious as to exactly how the restructuring will enable that increased speed
Show response
Rahul said restructuring brings U.S. sales, marketing and Canadian leadership to the table for faster decision-making. Shifting resources regionally based on portfolio dynamics. Beer continues to get right marketing pressure on big brands; beyond beer gets balance sheet deployment. More detail to come on the exact balance.
CAGConagra Brands1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
was there particular feedback that stood out or surprised you most?
Show response
Brase cited simplification and prioritization, restoring credibility by delivering on commitments, and the need to reinvest as the three top themes he acted on.
CELHCelsius Holdings, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
any kind of known headwinds that you would call-out in terms of reasons for sequential moderation in the gross margin
Show response
Langhans was comfortable with Q1 core margin but noted Alani inventory step-up noise and an uncertain H2, declining to draw a firm line on back-half margin.
CPBCampbell Soup Company1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q3
if you had those 3 years ago, what decisions do you think you might have made differently
Show response
Beekhuizen said stronger consumer-insight and RGM capabilities would have made the company faster and better positioned, noting the growth office and RGM build (started six to nine months ago) are already bearing fruit in Campbell's RTS, condensed sauces and Goldfish gluten-free.
MNSTMonster Beverage1 question · 1 reporting period · 1 of 1 challenging
Calendar 2025 Q2
case growth this quarter notably outpaced realized revenue growth, which obviously resulted in a lower all-in price per case
Show response
CEO attributed lower price per case to geographic mix (41% international sales), product mix (faster Strategic Brands growth at lower price points), and increased affordable brand sales internationally.
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 | 17%2 of 12 questions |
| CHD Church & Dwight | 10 | 20%2 of 10 questions |
| CLX Clorox | 9 | 0%none of 9 questions |
| PG The Procter & Gamble Company | 9 | 22%2 of 9 questions |
| KO The Coca-Cola Company | 7 | 14%1 of 7 questions |
| PEP PepsiCo | 7 | 29%2 of 7 questions |
| EL Estée Lauder Companies (The) | 6 | 0%none of 6 questions |
| CL Colgate-Palmolive | 5 | 20%1 of 5 questions |
| KHC Kraft Heinz | 5 | 20%1 of 5 questions |
| KMB Kimberly-Clark | 4 | 0%none of 4 questions |
- MKCMcCormick & Company · 12 questions17%2 of 12 questions
- CHDChurch & Dwight · 10 questions20%2 of 10 questions
- CLXClorox · 9 questions0%none of 9 questions
- PGThe Procter & Gamble Company · 9 questions22%2 of 9 questions
- KOThe Coca-Cola Company · 7 questions14%1 of 7 questions
- PEPPepsiCo · 7 questions29%2 of 7 questions
- ELEstée Lauder Companies (The) · 6 questions0%none of 6 questions
- CLColgate-Palmolive · 5 questions20%1 of 5 questions
- KHCKraft Heinz · 5 questions20%1 of 5 questions
- KMBKimberly-Clark · 4 questions0%none of 4 questions
Show all 22 companies
| Company | Questions | Challenge rate |
|---|---|---|
| STZ Constellation Brands | 4 | 0%none of 4 questions |
| BF-B Brown–Forman | 3 | 0%none of 3 questions |
| HSY Hershey Company (The) | 3 | 0%none of 3 questions |
| KDP Keurig Dr Pepper | 3 | 0%none of 3 questions |
| KVUE Kenvue | 3 | 0%none of 3 questions |
| SJM J.M. Smucker Company (The) | 3 | 0%none of 3 questions |
| GIS General Mills | 2 | —Rate withheld: fewer than 3 questions |
| TAP Molson Coors Beverage Company | 2 | —Rate withheld: fewer than 3 questions |
| CAG Conagra Brands | 1 | —Rate withheld: fewer than 3 questions |
| CELH Celsius Holdings, Inc. | 1 | —Rate withheld: fewer than 3 questions |
| CPB Campbell Soup Company | 1 | —Rate withheld: fewer than 3 questions |
| MNST Monster Beverage | 1 | —Rate withheld: fewer than 3 questions |
- STZConstellation Brands · 4 questions0%none of 4 questions
- BF-BBrown–Forman · 3 questions0%none of 3 questions
- HSYHershey Company (The) · 3 questions0%none of 3 questions
- KDPKeurig Dr Pepper · 3 questions0%none of 3 questions
- KVUEKenvue · 3 questions0%none of 3 questions
- SJMJ.M. Smucker Company (The) · 3 questions0%none of 3 questions
- GISGeneral Mills · 2 questions—rate withheld: under 3 questions
- TAPMolson Coors Beverage Company · 2 questions—rate withheld: under 3 questions
- CAGConagra Brands · 1 question—rate withheld: under 3 questions
- CELHCelsius Holdings, Inc. · 1 question—rate withheld: under 3 questions
- CPBCampbell Soup Company · 1 question—rate withheld: under 3 questions
- MNSTMonster Beverage · 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 | 3 | 33%1 of 3 questions | 3 |
| 2024 Q4 | 13 | 15%2 of 13 questions | 12 |
| 2025 Q1 | 13 | 8%1 of 13 questions | 11 |
| 2025 Q2 | 14 | 14%2 of 14 questions | 11 |
| 2025 Q3 | 11 | 18%2 of 11 questions | 10 |
| 2025 Q4 | 11 | 0%none of 11 questions | 10 |
| 2026 Q1 | 15 | 7%1 of 15 questions | 10 |
| 2026 Q2 | 15 | 13%2 of 15 questions | 14 |
| 2026 Q3 | 6 | 17%1 of 6 questions | 4 |
- 2024 Q33 questions · challenge rate 33% (1 of 3 questions) · 3 companies
- 2024 Q413 questions · challenge rate 15% (2 of 13 questions) · 12 companies
- 2025 Q113 questions · challenge rate 8% (1 of 13 questions) · 11 companies
- 2025 Q214 questions · challenge rate 14% (2 of 14 questions) · 11 companies
- 2025 Q311 questions · challenge rate 18% (2 of 11 questions) · 10 companies
- 2025 Q411 questions · challenge rate 0% (none of 11 questions) · 10 companies
- 2026 Q115 questions · challenge rate 7% (1 of 15 questions) · 10 companies
- 2026 Q215 questions · challenge rate 13% (2 of 15 questions) · 14 companies
- 2026 Q36 questions · challenge rate 17% (1 of 6 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics25
- Demand24
- Margin20
- Cost Pressure17
- Revenue Growth14
- Innovation & R&D13
- Pricing13
- M&A12
- Capital Allocation12
- Guidance Reliability11
Show all 19 topics
- Capex Investment9
- Macroeconomic7
- Geographic Expansion7
- Product Launch7
- Supply Chain6
- Inventory2
- Trade Tariffs2
- Cloud & AI2
- Fx1