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Sentiment · FY2026 Q3
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Andy Lazar | Barclays | 9 | 33% |
| Tom Palmer | JPMorgan | 8 | 25% |
| Chris Carey | Wells Fargo | 8 | 25% |
| Max Gumport | BNP Paribas | 7 | 0% |
| Peter Galbo | Bank of America | 7 | 43% |
| Alexia Howard | Bernstein | 6 | 0% |
| Rob Moskow | TD Cowen | 6 | 33% |
| Leah Jordan | Goldman Sachs | 5 | 0% |
| Megan Clapp | Morgan Stanley | 5 | 0% |
| Dave Palmer | Evercore ISI | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| JPMorgan | 2 | 11 | 18% |
| Barclays | 1 | 9 | 33% |
| Bank of America | 2 | 8 | 38% |
| Wells Fargo | 1 |
| 8 |
| 25% |
| BNP Paribas | 1 | 7 | 0% |
| Bernstein | 1 | 6 | 0% |
| TD Cowen | 1 | 6 | 33% |
| Morgan Stanley | 1 | 5 | 0% |
Conagra's FY2026-Q3 marked the return to positive organic net sales growth as frozen share recovery neared completion with 88% of the business holding or gaining share and R&F volumes up 3.9%. Operating margin is now expected at the high end of the guided range, supported by productivity exceeding 5% and inflation tracking as expected. Free cash flow conversion was raised to 105% from 100%, driven by inventory reduction and cash tax efficiency. War-driven macro uncertainty clouds the forward outlook, with animal protein coverage at only about 15% for next fiscal year and a tariff mitigation wrap headwind of $40-80 million expected.
Demand | Pricing | Margin | Competitive Dynamics | Cost Pressure | Revenue Growth | Supply Chain | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 1 | 9 | 1 | 7 | 1 | 1 |
| 2025Q3 | 4 | 1 | 2 | 4 | 1 | 3 | 1 | |
| 2025Q4 | 4 | 7 | 6 | 1 | 2 | 2 | 2 | |
| 2026Q2 | 7 | 2 | 5 | 3 | 2 | 3 | 3 | 2 |
| 2026Q3 | 3 | 2 | 4 | 1 | 6 | 2 | 3 | 3 |
| '25Q1 | '25Q3 | '25Q4 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|
| Demand | 5 | 4 | 4 | 7 | 3 |
| Pricing | 6 | 7 | 2 | 2 | |
| Margin | 1 | 1 | 6 | 5 | 4 |
| Competitive Dynamics | 9 | 2 | 1 | 3 | 1 |
| Cost Pressure | 1 | 4 | 2 | 2 | 6 |
| Revenue Growth | 7 | 1 | 3 | 2 | |
| Supply Chain | 1 | 3 | 2 | 3 | 3 |
| Capital Allocation | 1 | 1 | 2 | 2 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CAG Conagra Brands | 5 | -1.9% | |
| CPB Campbell Soup Company | 1 | -4.5% | |
| GIS General Mills | 4 | -8.4% | |
| HRL Hormel Foods | 6 | +2.5% | |
| KHC Kraft Heinz | 4 | +0.8% | |
| MKC McCormick & Company | 6 | +16.7% | |
| SJM J.M. Smucker Company (The) | 5 | +7.0% |