Cal-Maine Foods (CALM) Q1 FY2027 earnings: revenue $540 million, down 41.5% on the year

Cal-Maine Foods Inc. (CALM) reported revenue of $540 million for Q1 FY2027, the quarter ended 29 August 2026, down 41.5% on the same quarter a year earlier. Net income was -$59 million, and diluted earnings per share $-1.26. The figures are the company's own, from the 10-Q it filed with the SEC on 30 September 2026.

Revenue$540 milliondown 41.5%

Net income-$59 million

Diluted EPS$-1.26

QuarterQ1 FY2027ended 29 August 2026

What management said

Guidance figures: 1 kept.

Sales collapsed on conventional egg cycle: Net sales fell 41.5% to $540 million in the quarter as conventional eggs represented 37.4% of sales. Operating loss reached $(82.2) million versus operating income of $249.2 million a year ago. Net loss was $(58.6) million or $(1.26) per diluted share.
Gross margin nearly eliminated by pricing collapse: Gross profit declined 99.9% to just $0.4 million as the company faced a severe pricing environment while production costs remained elevated. Cost of sales exceeded 99% of revenues despite efforts to offset lower egg prices with cost reductions and hybrid pricing arrangements.
Pricing down 59% on industry oversupply: Conventional shell egg sales fell 59.5% to $201.7 million with average selling prices per dozen collapsing 59.3% year-over-year while volumes remained flat at minus 0.7%, demonstrating that the decline was driven entirely by market pricing rather than demand loss.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q1 FY2027	Q4 FY2026	Q1 FY2026	Change on the year
Revenue	540	553	923	-41.5%
Cost of revenue	539	519	611	-11.8%
Gross profit	0.4	34.1	311	-99.9%
Gross margin	0.1%	6.2%	33.7%
Selling, general and administrative	81.7	93.6	69.5	+17.5%
Operating income	-82.2	-58.8	249	n/a
Operating margin	-15.2%	-10.6%	27.0%
Pre-tax income	-74.2	-46.5	263	n/a
Income tax	-18.0	-11.5	64.2	n/a
Effective tax rate	n/a	n/a	24.4%
Net income	-58.6	-35.9	199	n/a
Net margin	-10.9%	-6.5%	21.6%
Diluted EPS	-$1.26	-$0.68	$4.12	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2027	Q4 FY2026	Q1 FY2026	Change on the year
Operating cash flow	-101	2.8	279	n/a
Capital expenditure	26.6	27.5	45.3	-41.3%
Free cash flow	-128	-24.7	233	n/a
Free cash flow margin	-23.7%	-4.5%	25.3%
Cash from investing	111	-237	-410	n/a
Cash from financing	-5.1	-47.0	-114	n/a
Depreciation and amortisation	33.5	34.0	29.7	+13.0%
Share-based compensation	n/a	1.3	1.3	n/a
Dividends paid	0.0	16.8	114	n/a
Dividend per share	n/a	n/a	$1.37	n/a
Diluted shares, weighted	47m	48m	48m	-3.6%
Shares outstanding at period end	47m	47m	47m	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2027	Q4 FY2026	Q1 FY2026	Change on the year
Shareholders' equity	2,570	2,633	2,697	-4.7%
Non-controlling interest	10.2	7.8	5.2	+98.0%
Debt	0.0	0.0	0.0	n/a
Other liabilities	433	467	494	-12.3%
Total liabilities and equity	3,013	3,108	3,196	-5.7%
Fixed assets	1,312	1,318	1,196	+9.8%
Goodwill	97.1	97.1	75.8	+28.0%
Intangible assets	96.6	73.1	50.4	+91.5%
Investments	654	817	1,001	-34.7%
Cash and equivalents	114	107	252	-54.9%
Receivables	176	136	243	-27.5%
Inventory	395	375	328	+20.2%
Other assets	169	183	49.9	+238.9%
Total assets	3,013	3,108	3,196	-5.7%

Questions

What was Cal-Maine Foods' revenue in Q1 FY2027?

Cal-Maine Foods (CALM) reported revenue of $540 million for Q1 FY2027, the quarter ended 29 August 2026, down 41.5% on the same quarter a year earlier.

How much did Cal-Maine Foods earn in Q1 FY2027?

Net loss for Q1 FY2027 was $59 million, and the diluted loss per share $1.26.

When did Cal-Maine Foods report Q1 FY2027 results?

Cal-Maine Foods filed its 10-Q for the quarter ended 29 August 2026 with the SEC on 30 September 2026.

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	523	703	641	786	955	1,418	1,104	923	769	667	553	540
Cost of revenue	432	485	454	539	599	702	572	611	562	548	519	539
Gross profit	91.1	219	186	247	356	716	532	311	207	119	34.1	0.4
Gross margin	17%	31%	29%	31%	37%	51%	48%	34%	27%	18%	6%	0%
SG&A	76.6	66.0	57.8	61.9	77.6	80.0	94.9	69.5	82.9	83.3	93.6	81.7
Operating income	14.2	163	142	187	278	636	436	249	124	35.9	-58.8	-82.2
Operating margin	3%	23%	22%	24%	29%	45%	39%	27%	16%	5%	-11%	-15%
Pre-tax income	22.1	185	152	198	289	663	453	263	136	58.2	-46.5	-74.2
Tax rate	25%	21%	26%	24%	24%	23%	25%	24%	24%	12%	n/a	n/a
Net income	17.0	147	113	150	219	509	342	199	103	50.5	-35.9	-58.6
Net margin	3%	21%	18%	19%	23%	36%	31%	22%	13%	8%	-6%	-11%
Diluted EPS	$0.35	$3.00	$2.32	$3.06	$4.47	$10.38	$7.04	$4.12	$2.13	$1.06	-$0.68	-$1.26
Operating cash flow	50.0	164	214	117	123	572	413	279	94.8	104	2.8	-101
Capital expenditure	39.1	30.2	51.1	35.8	29.8	49.8	45.9	45.3	46.8	31.6	27.5	26.6
Free cash flow	10.9	134	163	81.7	92.9	522	367	233	47.9	72.0	-24.7	-128
Dividends paid	0.3	5.7	48.9	37.8	50.0	73.0	169	114	66.4	34.3	16.8	0.0
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	47m	47m	48m	47m	47m	47m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 August 2026, filed 30 September 2026, accession 0001562762-26-000113: the filing on EDGAR. All of Cal-Maine Foods Inc.'s filings: EDGAR company page.

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