J.M. Smucker (SJM) Q2 FY2026 earnings: revenue $2.3 billion, up 2.6% on the year

J.M. Smucker Co. (SJM) reported revenue of $2.3 billion for Q2 FY2026, the quarter ended 31 October 2025, up 2.6% on the same quarter a year earlier. Net income was $241 million, and diluted earnings per share $2.26. The figures are the company's own, from the 10-Q it filed with the SEC on 25 November 2025.

Revenue

$2.3 billion

+2.6% on the year · +10.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.0%

7.5% a year earlier

Q3 FY2024Q2 FY2026

Net income

$241 million

Q3 FY2024Q2 FY2026

Diluted EPS

$2.26

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 5 narrowed, 9 kept.

Net sales rose 3 percent: Net sales rose $58.9 million, or 3 percent, to $2.3 billion. Excluding divestitures and currency, net sales rose 5 percent.
Net price lifted comparable sales: Net price realization added 11 percentage points to comparable net sales, mainly from higher coffee pricing.
Adjusted EPS fell 24 percent: Adjusted earnings per share was $2.10, down 24 percent. GAAP diluted EPS was $2.26, against a $0.23 loss a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,330	2,113	2,271	+10.3%	+2.6%
Cost of revenue	1,460	1,639	1,385	-10.9%	+5.4%
Gross profit	870	475	886	+83.3%	-1.8%
Gross margin	37.3%	22.5%	39.0%
Selling, general and administrative	398	377	391	+5.5%	+1.9%
Operating income	418	45.6	170	+817.8%	+146.6%
Operating margin	18.0%	2.2%	7.5%
Interest expense	98.6	100	98.7	-1.6%	-0.1%
Pre-tax income	318	-56.5	66.8		+376.6%
Income tax	77.1	-12.6	91.3		-15.6%
Effective tax rate	24.2%	n/a	136.7%
Net income	241	-43.9	-24.5
Net margin	10.4%	-2.1%	-1.1%
Diluted EPS	$2.26	-$0.41	-$0.23

$ million except per share.

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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	346	-10.6	404		-14.3%
Capital expenditure	66.3	84.3	87.0	-21.4%	-23.8%
Free cash flow	280	-94.9	317		-11.7%
Free cash flow margin	12.0%	-4.5%	14.0%
Cash from investing	7.9	-198	-53.3
Cash from financing	-330	178	-341
Depreciation and amortisation	143	135	128	+6.0%	+12.0%
Share-based compensation	8.9	9.0	6.9	-1.1%	+29.0%
Buybacks	0.4	4.6	0.1	-91.3%	+300.0%
Dividends paid	117	114	114	+2.1%	+2.1%
Dividend per share	$1.10	$1.10	$1.08	0.0%	+1.9%
Shares outstanding at period end	107m	107m	106m	0.0%	+0.3%

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

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	6,060	5,926	7,633	+2.3%	-20.6%
Debt	7,788	7,990	8,264	-2.5%	-5.8%
Operating lease liabilities	126	90.7	118	+38.5%	+6.6%
Finance lease liabilities	8.0	8.5	8.8	-5.9%	-9.1%
Other liabilities	3,646	3,727	3,996	-2.2%	-8.7%
Total liabilities and equity	17,628	17,742	20,020	-0.6%	-11.9%
Fixed assets	3,023	3,047	3,087	-0.8%	-2.1%
Goodwill	5,708	5,709	7,396	-0.0%	-22.8%
Intangible assets	6,246	6,297	6,780	-0.8%	-7.9%
Cash and equivalents	62.8	39.3	49.2	+59.8%	+27.6%
Receivables	675	643	805	+5.0%	-16.1%
Inventory	1,354	1,386	1,084	-2.3%	+24.9%
Other assets	559	620	820	-9.9%	-31.8%
Total assets	17,628	17,742	20,020	-0.6%	-11.9%

Questions

What was J.M. Smucker's revenue in Q2 FY2026?

J.M. Smucker (SJM) reported revenue of $2.3 billion for Q2 FY2026, the quarter ended 31 October 2025, up 2.6% on the same quarter a year earlier.

How much did J.M. Smucker earn in Q2 FY2026?

Net income for Q2 FY2026 was $241 million, and diluted earnings per share $2.26.

When did J.M. Smucker report Q2 FY2026 results?

J.M. Smucker filed its 10-Q for the quarter ended 31 October 2025 with the SEC on 25 November 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	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	2,050	2,057	2,034	1,873	2,205	2,216	2,235	1,805	1,939	2,229	2,206	2,125	2,271	2,186	2,144	2,113	2,330	2,339	2,268	2,219
Cost of revenue	1,338	1,374	1,367	1,320	1,504	1,460	1,442	1,150	1,214	1,406	1,292	1,328	1,385	1,308	1,320	1,639	1,460	1,512	1,406	1,240
Gross profit	712	683	667	552	701	756	792	655	724	823	913	797	886	878	823	475	870	828	862	980
Gross margin	35%	33%	33%	29%	32%	34%	35%	36%	37%	37%	41%	38%	39%	40%	38%	22%	37%	35%	38%	44%
SG&A	348	336	353	344	354	381	376	314	334	374	425	390	391	368	381	377	398	363	358	410
Operating income	312	151	302	180	293	318	-634	304	299	297	406	350	170	-594	-599	45.6	418	-548	444	512
Operating margin	15%	7%	15%	10%	13%	14%	-28%	17%	15%	13%	18%	16%	7%	-27%	-28%	2%	18%	-23%	20%	23%
Interest expense	40.3	39.5	38.0	39.1	39.7	37.9	35.3	32.1	35.1	99.8	97.3	100	98.7	95.4	94.2	100	98.6	94.5	87.9	82.3
Pre-tax income	269	110	260	141	253	275	-679	238	249	196	313	246	66.8	-662	-697	-56.5	318	-652	328	428
Tax rate	23%	36%	22%	22%	24%	24%	n/a	23%	22%	38%	22%	25%	137%	n/a	n/a	n/a	24%	n/a	-18%	24%
Net income	206	69.7	202	110	191	208	-601	184	195	120	245	185	-24.5	-662	-729	-43.9	241	-724	388	324
Net margin	10%	3%	10%	6%	9%	9%	-27%	10%	10%	5%	11%	9%	-1%	-30%	-34%	-2%	10%	-31%	17%	15%
Diluted EPS	$1.90	$0.64	$1.87	$1.03	$1.79	$1.95	-$5.69	$1.79	$1.90	$1.13	$2.30	$1.74	-$0.23	-$6.22	-$6.85	-$0.41	$2.26	-$6.79	$3.64	$3.03
Operating cash flow	165	440	394	-39.0	205	585	444	218	177	406	428	173	404	239	394	-10.6	346	558	579	426
Capital expenditure	59.2	117	173	88.3	102	142	145	150	149	157	131	124	87.0	88.1	95.0	84.3	66.3	71.5	95.3	88.4
Free cash flow	106	322	221	-127	103	443	299	67.6	28.2	250	298	49.2	317	151	299	-94.9	280	487	484	337
Buybacks	0.7	0.2	263	7.8	0.1	0.1	360	372	0.4	0.1	0.3	2.6	0.1	0.4	0.2	4.6	0.4	0.2	0.4	5.7
Dividends paid	107	107	107	105	108	108	108	105	108	112	112	112	114	114	114	114	117	117	117	117
Shares outstanding	108m	108m	106m	107m	107m	107m	104m	102m	102m	106m	106m	106m	106m	106m	106m	107m	107m	107m	107m	107m
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	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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 31 October 2025, filed 25 November 2025: the filing.