Here are 1-3 brief analogies to describe Cal-Maine Foods (CALM):

• The Tyson Foods for eggs
• The Chiquita Brands International for eggs

• Conventional Shell Eggs: Standard fresh eggs produced from hens housed in traditional cage systems.
• Specialty Shell Eggs: A diverse category including cage-free, organic, free-range, and nutritionally enhanced eggs, meeting various consumer demands.

null

Sherman Miller, President, Chief Executive Officer

Mr. Miller was named President and Chief Executive Officer of Cal-Maine Foods in 2022. He joined the company in 1996 and has served in various management positions, including Vice President of Operations in 2007, Chief Operations Officer in 2011, and President in 2018. Mr. Miller was elected to the Board of Directors in 2012. He is recognized as an animal protein industry expert and is active in industry associations such as the U.S. Poultry and Egg Association and United Egg Producers, and is a past director of the American Feed Industry Association.

Max P. Bowman, Vice President, Chief Financial Officer, Treasurer, Secretary and Director

Mr. Bowman has served as Vice President and Chief Financial Officer of Cal-Maine Foods since October 2018, also holding the titles of Treasurer, Secretary, and Director. He joined the company in June 2018 as Vice President, Finance. A Certified Public Accountant, Mr. Bowman has extensive experience in corporate finance and accounting, financial reporting, risk management, and merger and acquisition efforts. Before joining Cal-Maine Foods, he was Chief Financial Officer of Southern States Utility Trailer Sales and H&P Leasing from 2014 to 2018. From 2003 to 2014, Mr. Bowman co-founded Tenax, LLC and Tenax Aerospace, LLC, where he served as chief executive officer, chief financial officer, and president. He also served as Chief Financial Officer for ChemFirst, Inc. from 1997 to 2003, which was sold to DuPont Co in December 2002. He began his career at Arthur Andersen & Company in 1982.

Adolphus B. Baker, Chairman of the Board of Directors

Mr. Baker has served as Chairman of the Board of Directors since 2012. He served as Chief Executive Officer from 2010 until 2022. Previously, Mr. Baker served as Company President from 2010 to 2018 and as Chief Operations Officer from 1997 to 2010. He joined Cal-Maine Foods in 1986.

Keira Lombardo, Chief Strategy Officer

Ms. Lombardo was appointed as the company's first Chief Strategy Officer in August 2025. Prior to Cal-Maine Foods, she served as Chief Executive Officer of Dairy MAX. Before that, Ms. Lombardo was a senior executive at Smithfield Foods, where she played a key role in repositioning the company.

Todd Walters, Vice President, Chief Operating Officer

Mr. Walters has been the Vice President and Chief Operating Officer of Cal-Maine Foods since March 2023.

The key risks to Cal-Maine Foods' business include highly pathogenic avian influenza outbreaks, the cyclical nature of egg prices, and ongoing regulatory investigations.

1. Highly Pathogenic Avian Influenza (HPAI) Outbreaks: HPAI, or bird flu, is identified as the most immediate and unpredictable risk, posing an "existential threat" to the egg industry. Outbreaks lead to the culling of millions of hens, causing significant supply shocks and price volatility. While these outbreaks can temporarily drive up egg prices and Cal-Maine Foods' profits, they also create substantial operational instability and pose a major risk to flock health and overall egg supply. The widespread nature of HPAI in wild bird populations means no farm is immune, and the extent of future outbreaks is unpredictable.
2. Cyclicality of Egg Prices and Market Fluctuations: The company's financial performance is heavily influenced by the cyclical nature of conventional egg prices. Recent record profits for Cal-Maine Foods in fiscal year 2025 were largely driven by temporary market conditions and supply constraints following HPAI outbreaks, rather than organic growth. Analysts anticipate a decline in revenue as the egg market normalizes, indicating that the high average selling prices achieved are not sustainable without continued supply shocks. This inherent volatility in egg prices is a significant ongoing risk, although the company's growing exposure to premium eggs and prepared foods may partially mitigate its impact.
3. Regulatory and Antitrust Investigations: Cal-Maine Foods is currently subject to antitrust investigations by the Department of Justice and the State of New York. These investigations are focused on alleged anticompetitive conduct and high egg prices within the egg industry. Such regulatory scrutiny introduces a layer of uncertainty, with potential legal and financial repercussions, including fines and reputational damage, that could materially affect the company's operations and financial condition.

The clear emerging threat to Cal-Maine Foods is the accelerating growth and market penetration of plant-based egg substitutes. Products like JUST Egg and other plant-derived alternatives are directly competing with shell eggs, particularly in the foodservice sector and among consumers seeking vegan or flexitarian options. These substitutes offer an alternative to traditional eggs, potentially disrupting demand as they improve in taste, texture, functionality, and achieve greater price parity, similar to how plant-based meat alternatives are impacting traditional meat industries.

Shell Eggs

Processed Egg Products (Egg Protein)

Cal-Maine Foods (CALM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Specialty Egg Sales: Cal-Maine Foods is prioritizing the expansion of its specialty egg offerings, which include cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced categories. This strategy aims to meet accelerating consumer demand for differentiated products and shift the sales mix towards higher-margin categories. Specialty eggs represented 30.7% of net sales in the first quarter of fiscal 2026 and saw a 7.5% growth in sales volume. The company's focus on cage-free egg production aligns with changing consumer preferences and regulatory trends.
2. Growth in Prepared Foods Platform: The company is actively building a scaled prepared foods platform across multiple formats and meal occasions to cater to the demand for convenient, protein-rich foods. This segment has shown significant growth, with prepared foods sales increasing by over 800% in Q1 fiscal 2026, largely due to contributions from acquisitions like Echo Lake Foods. This represents a strategic diversification away from a sole reliance on commodity eggs.
3. Strategic Acquisitions and M&A: Cal-Maine Foods plans to pursue disciplined and accretive mergers and acquisitions to strengthen financial returns and advance its consumer-driven growth strategy. Recent examples include the acquisition of Echo Lake Foods, which significantly boosted prepared foods revenue, and ISE America, Inc., which added production capacity for specialty dozens.
4. Increased Production Capacity and Operational Efficiency: Investments in modern production facilities, advanced technologies, and organic expansion projects are aimed at boosting production volume and enhancing operational efficiency. The company has been increasing its breeder flocks and total chicks hatched, and has ongoing organic expansion projects to add cage-free and free-range layer hens. These initiatives reinforce the company's low-cost position and support leading biosecurity practices.
5. Favorable Egg Market Dynamics and Pricing Strategies: Strong consumer demand for protein and advantageous pricing strategies are expected to continue driving revenue. The company has benefited from higher shell egg selling prices, partly due to supply challenges in the industry, such as outbreaks of highly pathogenic avian influenza (HPAI), during periods of high demand.

Share Repurchases

• Cal-Maine Foods' Board of Directors approved a new share repurchase program on February 25, 2025, authorizing up to $500 million for common stock repurchases.
• In April 2025, the company agreed to purchase approximately $50 million (551,876 shares) of its common stock from selling stockholders as part of the new program.
• Following this repurchase, $450 million remained authorized under the share repurchase program.

Share Issuance

• On April 15, 2025, an underwritten public offering of 2,978,740 shares of common stock was conducted by selling stockholders, with Cal-Maine Foods not selling any shares or receiving proceeds from this offering.
• Prior to this offering, all outstanding Class A common stock was converted into common stock, resulting in the company ceasing to be a "controlled company".

Outbound Investments

• In July 2024, Cal-Maine Foods acquired key assets from ISE America for approximately $110 million to $112 million, including shell egg production facilities and land, expanding its market presence in the Northeast and Mid-Atlantic regions.
• The company completed a strategic investment with Crepini LLC in September 2024, forming a new egg products and prepared foods joint venture, Crepini Foods LLC. Cal-Maine Foods invested approximately $6.75 million in cash for a 51% interest.
• Cal-Maine Foods announced the pending acquisition of Echo Lake Foods, a company specializing in packaged egg breakfast offerings.

Capital Expenditures

• Cal-Maine Foods allocated $830 million of its capital expenditures to cage-free investments in the two years leading up to June 2025, in anticipation of cage-free legislation and regulation by 2030.
• Material cash requirements for capital expenditures primarily focus on construction projects aimed at increasing cage-free production capacity.
• In December 2023, the company announced a $13 million investment to establish an egg processing facility in Dexter, Missouri, by repurposing an existing facility, which is expected to create around 96 jobs.