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• It's like a Kraft Heinz for brands such as Birds Eye, Slim Jim, and Chef Boyardee.
• The Procter & Gamble of everyday food brands.

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• Frozen Meals and Vegetables: Conagra offers a variety of frozen foods including vegetables, complete meals, and pot pies under brands like Birds Eye, Marie Callender's, and Healthy Choice.
• Snacks: This category includes popular items such as Orville Redenbacher's popcorn, Slim Jim meat sticks, and Boomchickapop ready-to-eat popcorn.
• Sweet Treats and Baking: Major products feature Duncan Hines baking mixes and frostings, Swiss Miss hot cocoa, and Reddi-wip whipped topping.
• Canned Goods: Conagra produces canned tomatoes and sauces under the Hunt's brand, alongside various canned pasta meals from Chef Boyardee.
• Plant-Based Foods: This segment includes meat alternatives from Gardein and plant-based spreads from Earth Balance, catering to growing dietary preferences.

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• Walmart Inc. (WMT): Walmart Inc. and its affiliates consistently represent Conagra Brands' largest customer, accounting for approximately 25% of their net sales in recent fiscal years.
• Other Major Retail Chains: This category includes large grocery chains, mass merchandisers, and club stores across the United States. Examples of public companies in this category include:
  • The Kroger Co. (KR)
  • Target Corporation (TGT)
  • Costco Wholesale Corporation (COST)
  • Albertsons Companies, Inc. (ACI)
• Foodservice Distributors: Conagra also sells to foodservice distributors, who supply restaurants, schools, healthcare facilities, and other institutions. Examples of public companies in this category include:
  • Sysco Corporation (SYY)
  • US Foods Holding Corp. (USFD)

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Sean M. Connolly, President and Chief Executive Officer

Sean M. Connolly joined Conagra Brands in March 2015. Prior to Conagra, he served as President and CEO of The Hillshire Brands Company from its formation as an independent company to its sale to Tyson Foods in August 2014. Before leading Hillshire Brands, he was CEO for Sara Lee North American Retail and Foodservice, and President of Campbell Soup North America. Earlier in his career, Connolly managed numerous food and beverage businesses at Procter & Gamble.

David S. Marberger, Executive Vice President and Chief Financial Officer

David S. Marberger has been the Chief Financial Officer and Executive Vice President of Conagra Brands since 2016. Prior to Conagra, he served as Chief Financial Officer of Prestige Brands Holdings, Inc. from 2015 to 2016. He also held the role of Chief Financial Officer and Senior Vice President of Godiva Chocolatier, Inc. from 2008 to 2015. Before joining Godiva, Mr. Marberger served as Chief Financial Officer and Executive Vice President from 2006 to 2008, and Senior Vice President and Chief Financial Officer from 2003 to 2006 at Tasty Baking Company.

Tom McGough, Executive Vice President and Chief Operating Officer

Tom McGough joined Conagra Brands (formerly ConAgra Foods) in 2007. He has held various leadership roles within the company, including President of Conagra Brands' Operating segments. Mr. McGough is a 30-year veteran of the branded food business, having started his career at H.J. Heinz in 1990.

Carey Bartell, Executive Vice President, General Counsel and Corporate Secretary

Carey Bartell oversees all legal and governmental affairs activity for Conagra Brands, having joined the company in 2016. Prior to Conagra Brands, she worked for eight years at Hospira, Inc., a global pharmaceutical and medical device company, serving as senior counsel and later as vice president, legal.

Charisse Brock, Executive Vice President and Chief Human Resources Officer

Charisse Brock joined Conagra in 2004 as Director of Human Resources of the Refrigerated Foods Group. She previously held various roles at The Quaker Oats Company in the Consumer Foods division for more than 15 years.

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The key risks to Conagra Brands (CAG) primarily revolve around intense market competition, supply chain vulnerabilities coupled with inflationary pressures, and notable financial risks.

1. Intense Competition and Evolving Consumer Preferences: Conagra operates within a highly competitive food sector, facing significant challenges from both established rivals like Kraft Heinz, Nestlé, and General Mills, and the growing presence of private-label brands. The company must continuously adapt to rapidly changing consumer preferences, including an increasing demand for healthier, organic, and sustainable food options. A failure to innovate, introduce new products in a timely manner, or meet these evolving tastes can lead to reduced sales and diminished profitability.
2. Supply Chain Disruptions and Input Cost Inflation: Conagra is exposed to substantial risks stemming from supply chain disruptions, transportation challenges, and labor issues. These factors, along with elevated input costs for commodities and energy, can result in higher production expenses, squeezed profit margins, inventory shortages, and difficulties in product allocation. Geopolitical turmoil can further exacerbate these supply chain vulnerabilities.
3. Financial Risks: The company's financial health is subject to risks associated with relatively high debt levels and a lower current ratio, which can impact its liquidity and capacity to fund daily operations and pursue growth opportunities. Furthermore, Conagra has experienced declining profitability, partly attributed to increased selling, general, and administrative expenses, as well as higher interest expenses.

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The clear emerging threat to Conagra Brands (CAG) is the acceleration and mainstream adoption of consumer preferences for fresh, minimally processed, organic, and plant-based foods, which is being effectively capitalized upon by a proliferation of smaller, agile, and often digitally native food brands. These challenger brands frequently utilize direct-to-consumer (DTC) models or specialized retail channels, allowing them to quickly innovate, build direct customer relationships, and capture market share in high-growth segments without the legacy infrastructure and product portfolios of traditional packaged food giants. This shift fundamentally challenges Conagra's reliance on mass-market processed foods and established retail distribution, mirroring how new business models and product offerings disrupted incumbents in the provided historical examples.

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Conagra Brands (CAG) operates in several large addressable markets, primarily within the United States and North America. Their main product categories include frozen foods, snacks (savory and sweet), condiments and sauces, and staple foods.

• Frozen Foods: The U.S. frozen food market was estimated at USD 83.50 billion in 2024 and is projected to reach USD 89.94 billion in 2025. This market is expected to grow to USD 132.67 billion by 2030, with a compound annual growth rate (CAGR) of 8.1% from 2025 to 2030. Another estimate places the U.S. frozen food market at USD 83.52 billion in 2024, growing to USD 183.68 billion by 2034 with a CAGR of 8.2% from 2025 to 2034. Within this category, frozen meals represented a 34.6% revenue share in the U.S. in 2024, with the U.S. frozen cooked ready meals market specifically valued at USD 12.9 billion in 2024. The U.S. frozen snacks segment is anticipated to grow at a CAGR of 11.6% from 2025 to 2030. Globally, the frozen ready meals market reached USD 298.9 billion in 2024 and is projected to grow to USD 455.25 billion by 2032, at a CAGR of 5.40%.
• Snacks (Savory and Sweet): The U.S. snacks market was estimated at USD 172.54 billion in 2024 and is anticipated to exceed USD 193.51 billion by 2030, growing at a CAGR of approximately 2.18%. Another report valued the U.S. snack market at US$156.7 billion in 2022. The North America savory snacks market was valued at USD 44 billion and is anticipated to grow from US$ 44.2 billion in 2024 to US$ 82.25 billion by 2033, with a CAGR of 7.15% from 2025 to 2033. The U.S. represents a significant portion of the savory snacks market, accounting for USD 78.2 billion in 2024. The North America sweet & salty snacks market is forecast to reach approximately USD 97.8 billion by 2030, with a CAGR of 2.70% during the forecast period of 2024-2030. Globally, the savory snacks market reached USD 267.7 billion in 2024 and is expected to grow to USD 472.7 billion by 2034, at a CAGR of 5.7%.
• Condiments and Sauces: The U.S. was the largest global market for sauces, dips, and condiments, with retail sales of US$31.5 billion in 2022. The U.S. Sauces, Dressings & Condiments Market was valued at approximately USD 36.11 billion in 2024 and is projected to reach USD 41.18 billion by 2030, growing at a CAGR of around 2.66% from 2025 to 2030. The market size for Seasoning, Sauce and Condiment Production in the U.S. was $33.0 billion in 2024 and is projected to be $33.3 billion in 2025. The U.S. condiments market is projected to reach USD 32.84 billion by 2032. Globally, the condiments market was valued at USD 94.88 billion in 2024 and is projected to grow to USD 153.97 billion by 2032, exhibiting a CAGR of 6.30%.
• Staple Foods: The United States staple market is projected to grow from USD 25.5 billion in 2024 to USD 40.5 billion by 2035, reflecting a CAGR of 4.3% from 2025 to 2035. Globally, the staple food market is expected to reach $2.6 trillion by 2031, with a market growth of 7.0% CAGR. Another estimate values the global branded food staple market at USD 69.5 billion in 2024, with an expected increase to USD 126.9 billion by 2034, at a CAGR of 6.2%.

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Conagra Brands (CAG) is focused on several key drivers to stimulate future revenue growth over the next two to three years. These strategies involve enhancing brand performance, optimizing its product portfolio, and expanding into high-growth categories.

1. Volume Growth Through Brand Investment and Consumer Engagement: Conagra is strategically investing in its brands and trade merchandising to drive volume improvement in its domestic retail business. The company has observed sequential volume trend improvement across its snacks, frozen meals, refrigerated, and international segments, anticipating continued positive traction. Conagra aims to nudge volumes back to positive growth without resorting to deep discounting, focusing on long-term revenue and earnings enhancement.
2. Strategic Focus on Frozen and Snacks Categories: A significant portion of Conagra's growth strategy centers on its key Frozen and Snacks domains. The company has reported market share gains and positive volume consumption growth in these areas, particularly in segments like plant-based proteins (Healthy Choice), fresh-cut vegetables and meal kits (Birds Eye), and permissible snacking options such as Slim Jim, Duke's, David, and Angie's BOOMCHICKAPOP.
3. Portfolio Optimization through Acquisitions and Divestitures: Conagra is actively reshaping its brand portfolio to concentrate on high-growth and high-margin opportunities. This includes strategic acquisitions, such as FATTY Smoked Meat Sticks in Q1 FY2025 to bolster its presence in the meat stick category. Simultaneously, the company has divested non-core assets like the Van de Kamp's and Mrs. Paul's frozen seafood brands in June 2025, and Chef Boyardee in 2024, to reallocate resources towards more strategically vital and profitable offerings.
4. Product Innovation and Development: Innovation is a core pillar of Conagra's growth strategy, particularly within its priority frozen and snacks categories. The company is committed to introducing new products, expanding its plant-based offerings, and developing solutions like fresh-cut vegetables and meal kits. Conagra's research and development efforts also extend to areas like sustainable packaging and leveraging AI-driven consumer insights.
5. Productivity Improvements and Cost Savings: While primarily impacting profitability, Conagra's focus on productivity initiatives and cost savings indirectly supports revenue growth. These efforts allow the company to mitigate the impact of inflation and tariffs, free up capital for strategic investments in brand building and product innovation, and maintain competitive pricing. Conagra anticipates approximately $350 million in gross productivity savings for fiscal 2025 and aims for $1 billion in cost savings by the end of fiscal 2025.

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Share Repurchases

• Conagra Brands reported annual share buybacks of $150 million in fiscal year 2023.
• Share buybacks totaled $50 million in fiscal year 2022.
• The company plans to resume a minimal amount of share repurchases in fiscal year 2025 to offset dilution from equity incentive plans.

Share Issuance

• Conagra Brands reported $2.3 million from the exercise of stock options and issuance of other stock awards, including tax withholdings, in fiscal year 2023.
• For fiscal year 2022, activities related to the exercise of stock options and issuance of other stock awards, including tax withholdings, resulted in a net negative impact of $(11.3) million.
• In fiscal year 2021, the exercise of stock options and issuance of other stock awards, including tax withholdings, resulted in a net negative impact of $(0.1) million.

Outbound Investments

• In the first quarter of fiscal year 2025, Conagra Brands acquired The FATTY Smoked Meat Sticks.
• During the first quarter of fiscal year 2025, the company completed the sale of its 51.8% ownership stake in Agro Tech Foods Limited for net proceeds of $76.8 million.
• Historically, Conagra Brands has made two investments in other companies, including Flipkart, and has acquired 17 companies, including Sweetwood Smokehouse and Pinnacle Foods.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were $389.3 million, for fiscal year 2024 were $388.1 million, and for fiscal year 2023 were $362.2 million.
• Conagra Brands has projected capital expenditures of approximately $500 million for fiscal year 2024 (preliminary estimate) and $450 million for fiscal year 2026.
• The primary focus of capital expenditures includes increasing investments to support supply chain resiliency, significantly boosting chicken production to meet higher-than-expected demand for new products, and resolving frozen vegetable shortages.