Packaged Foods & Meats
Case studies in packaged foods & meats.
The Campbell’s Company: Funding a Near-Term Maturity
On September 24, 2026, Campbell’s filed its FY2026 Form 10-K. One financing question remained open: how would the company fund the $500 million of 5.20% senior notes due March 19, 2027? The filing said Campbell expected to repay and/or refinance the notes, naming capital markets, cash, commercial paper (CP) and its revolving credit facility as possible sources. Read case
Conagra Brands: Reinvest, harvest, or wait for better evidence?
Conagra Brands’ fiscal 2026 Form 10-K reported a steep decline in operating profit for its Refrigerated & Frozen segment and large impairment charges for both the segment’s goodwill and several brand names. Birds Eye, a recognized frozen-food brand, was among them. Read case
General Mills: Choosing the Next Growth Moves
On September 30, General Mills announced that Chief Operating Officer Dana McNabb would become CEO on January 1, 2027. Her public statement emphasized returning the company to profitable growth through digitally enabled demand generation and supply-chain modernization. The announcement did not describe a first-year budget or a North America Retail (NAR) resource plan. Read case
The Hershey Company — Pricing the Moment
Hershey’s North America Confectionery segment had realized approximately 2% higher prices in the third quarter of 2024, while segment volume declined approximately 2%. Over the first nine months, price realization was approximately 3% higher and volume declined approximately 5%. Read case
Hormel Foods: Where to Place the Next Growth Bets?
Hormel Foods is preparing for fiscal 2027. One part of its business has reported consecutive quarters of organic sales growth, while its largest segment faces a steep decline in volume and uneven results across categories. At the same time, the company is simplifying parts of its portfolio and has an announced leadership transition ahead. Read case
J.M. Smucker — What Comes After the Hostess Reset?
On August 26, 2026, The J. M. Smucker Company reported first-quarter results for fiscal 2027. The quarter included a mixed picture: company net sales were up 5%, while its Sweet Baked Snacks segment, which primarily includes Hostess products, reported lower sales and segment profit. Sweet baked goods volume and mix remained weak. Read case
JBS N.V. — Should It Pursue Full Ownership of Pilgrim’s Pride?
On August 18, JBS N.V. proposed exchanging 2.086 of its Class A shares for each share of Pilgrim’s Pride Corporation (PPC) it did not already own. JBS reported that it held approximately 82% of PPC. The proposal was nonbinding and could be modified or withdrawn. Read case
John B. Sanfilippo & Son: Where should the next equipment dollar go?
John B. Sanfilippo & Son, Inc. (JBSS) had just reported its fiscal 2026 results. Management had described a multiyear equipment and infrastructure program, while the company’s plants showed different combinations of seasonal bottlenecks and unused capacity. Read case
Kraft Heinz: Where Should the Next Investment Go?
By October 2026, Kraft Heinz leaders faced a strategic question that could not be answered by looking at one sales number. The company had paused work on its proposed separation and announced a major commercial investment program. After its second quarter, management raised the 2026 incremental investment estimate again. Read case
Where Should McCormick Place Its Next Growth Bets?
At 4:37 p.m. Eastern Time on January 23, 2025, McCormick & Company filed its fiscal 2024 Form 10-K. The company had reported its year-end results earlier that day and had issued its outlook for 2025. Read case
Mondelēz International: Pricing Chocolate Through a Cocoa-Cost Shock
Imagine Mondelēz International’s commercial leadership is preparing its next developed-market chocolate pricing cycle. Cocoa costs have become a source of pressure, while recent reported results show pricing growth alongside weaker volume/mix. The team must choose how to balance shelf prices, pack options, promotions and productivity. Read case
Once Upon a Farm: Where Should the Next Growth Dollar Go?
Once Upon a Farm PBC had just reported second-quarter 2026 net sales of $85.4 million, up 42.3% from a year earlier. Gross margin, however, had declined to 35.9% from 40.7%. Adjusted EBITDA was a loss of $1.7 million, while the company reported a $5.0 million GAAP net loss. Read case
Tyson Foods — Where Should the Next Discretionary Dollar Go?
Tyson Foods entered the final quarter of fiscal 2026 with sharply different conditions across its segments. Its latest filing showed a GAAP Beef operating loss of $142 million for the third quarter and $701 million for the first nine months. Chicken and Prepared Foods reported GAAP operating income of $389 million and $312 million, respectively, in the quarter. Read case