Conagra Brands (CAG) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended August 30, 2026 and Conagra Brands published the results on September 30, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Conagra Brands reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Conagra's fiscal year ends on the last Sunday in May. Q1 fiscal 2027 is the 13 weeks ended August 30, 2026; fiscal 2026 had an extra week, which fell in its fourth quarter.
• Conagra sold its Chef Boyardee and frozen fish businesses in Q1 fiscal 2026. The year-ago quarter includes $13.2 million of net sales from divested businesses and a $42.4 million gain on divestitures.

Source: Conagra Brands Q1 fiscal 2027 results, September 30, 2026. Also in the Form 10-Q for the quarter ended August 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Conagra Brands splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Conagra Brands's Grocery & Snacks revenue was $1.1 billion in Q1 fiscal 2027, down 3% from $1.1 billion in Q1 fiscal 2026, 40% of total revenue.
• Conagra Brands's Refrigerated & Frozen revenue was $1.1 billion in Q1 fiscal 2027, down 2% from $1.1 billion in Q1 fiscal 2026, 41% of total revenue.
• Conagra Brands's International revenue was $218 million in Q1 fiscal 2027, up 3% from $212 million in Q1 fiscal 2026, 8% of total revenue.
• Conagra Brands's Foodservice revenue was $273 million in Q1 fiscal 2027, up 3% from $265 million in Q1 fiscal 2026, 11% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Conagra reaffirmed the fiscal 2027 guidance it gave in July 2026.

In its Q1 fiscal 2027 release, Conagra Brands said:

“Organic net sales change of (3)% to (1)% compared to fiscal 2026”

“Adjusted operating margin between 10.0% and 10.5%”

“Adjusted EPS between $1.40 and $1.50”

Source: Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026.

This is the company's own guidance as of Sep 30, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CAG forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP diluted EPS, each as first reported. The Q2 and Q4 fiscal 2026 losses came from goodwill and brand impairment charges ($771.3 million of goodwill in Q2, $1,611.1 million in Q4). Q4 fiscal 2026 included the extra 53rd week.

Conagra Brands's next report is expected around December 18, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Sep 30, 2026

Conagra Brands reported net sales of $2,595.9 million in Q1 fiscal 2027, down 1.4% from $2,632.6 million. It reports four segments: Grocery & Snacks, shelf-stable brands sold in U.S. retail ($1,051.1 million); Refrigerated & Frozen, temperature-controlled U.S. retail brands ($1,053.8 million); International ($218.1 million); and Foodservice ($272.9 million). Its brands include Birds Eye, Duncan Hines, Healthy Choice, Marie Callender's, Reddi-wip and Slim Jim. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026; Conagra Brands Form 10-Q, Q1 fiscal 2027, Sep 30, 2026)

Conagra's organic net sales fell 1.1%: price/mix added 1.0% and volume took away 2.1%. Divestitures cost 0.5% and foreign exchange added 0.2%. Grocery & Snacks was the weakest, with organic net sales down 2.0% as price/mix rose 3.4% and volume fell 5.4%, which the 10-Q puts down to inflation-driven pricing and corresponding elasticity impacts. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026; Conagra Brands Form 10-Q, Q1 fiscal 2027, Sep 30, 2026)

In Refrigerated & Frozen organic net sales fell 1.6%, with price/mix down 1.5% and volume down 0.1%. Foodservice grew organic net sales 3.3% on volume up 2.5%, of which about 150 basis points came from the timing of customer orders. International organic net sales rose 0.9%. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026)

Sales are concentrated in a few retailers. Conagra's 10-K says Walmart, Inc. and its affiliates accounted for approximately 29% of consolidated net sales in fiscal 2026, and its 10 largest customers for about 60%. (Conagra Brands Form 10-K, fiscal 2026, Jul 15, 2026)

Conagra Brands' GAAP diluted EPS was $0.36 in Q1 fiscal 2027 and adjusted EPS $0.41, against $0.34 and $0.39. Adjusted figures exclude restructuring ($0.02), legacy legal matters net of recoveries ($0.01), executive transition costs ($0.01), corporate hedging derivative losses ($0.01) and environmental matters. Reported SG&A rose 4.4% to $350 million, mainly because of legacy legal matters. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026)

Equity method investment earnings, mostly the Ardent Mills joint venture, rose 71.8% to $50 million, which Conagra attributed to favorable market conditions and management of volatility in wheat markets. Net interest expense fell 2.1% to $92 million on lower debt. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026)

The effective tax rate was 25.2%, against 43.1% a year earlier, when the Chef Boyardee and frozen seafood divestitures distorted it. Diluted weighted average shares were 480.0 million, against 479.6 million; Conagra repurchased 2.7 million shares for $44.0 million in the quarter. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026; Conagra Brands Form 10-Q, Q1 fiscal 2027, Sep 30, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Conagra Brands gives full-year guidance in its release and reaffirmed it for fiscal 2027: an organic net sales change of (3)% to (1)%, adjusted operating margin between 10.0% and 10.5%, and adjusted EPS between $1.40 and $1.50. Its assumptions include equity earnings of approximately $140 million, interest expense of approximately $360 million, an adjusted effective tax rate of approximately 24%, capital expenditures of approximately $550 million and a fiscal year end net leverage ratio of approximately 4.0x. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026)

Conagra does not reconcile these forward non-GAAP figures to GAAP, saying the timing of items such as foreign exchange, divestitures and legal contingencies cannot be predicted. The 10-Q says it expects to have implemented additional targeted price increases by the end of the first half of fiscal 2027. (Conagra Brands Q1 fiscal 2027 release, Sep 30, 2026; Conagra Brands Form 10-Q, Q1 fiscal 2027, Sep 30, 2026)

A consensus figure is the average of the models published by the analysts who cover Conagra Brands, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Conagra Brands's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CAG is on is CAG a buy or a sell?, what analysts expect next is on the CAG forecast, and what the company does is on the Conagra Brands (CAG) stock page.

Every number on this page can be traced to a document Conagra Brands published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.