Cal-Maine Foods, Inc. (Calm): Business Model Canvas [Jan-2025 Mis à jour]

Cal-Maine Foods, Inc. (Calm) est un titan dans l'industrie de la production d'œufs, révolutionnant comment les tables de petit-déjeuner et les fournisseurs de services alimentaires américains obtiennent leur source de protéines essentielles. Avec un modèle commercial sophistiqué qui s'étend de la ferme à la fourche, cette entreprise transforme l'œuf apparemment simple en un écosystème complexe d'innovation agricole, de partenariats stratégiques et de diverses offres de produits. Plongez dans la toile du modèle commercial complexe qui révèle à quel point le calme est devenu un 2,5 milliards de dollars Powerhouse dans le monde concurrentiel de la production et de la distribution des œufs, offrant la qualité, la variété et la fiabilité des clients sur plusieurs segments de marché.

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: partenariats clés

Producteurs d'oeufs majeurs et fournisseurs agricoles

Cal-Maine Foods collabore avec plusieurs partenaires agricoles clés pour maintenir sa chaîne d'approvisionnement de production d'œufs.

Type de partenaire	Nombre de partenariats	Volume annuel
Producteurs d'œufs régionaux	37	1,1 milliard d'œufs par an
Fermes indépendantes	23	480 millions d'oeufs par an

Fourniture et céréales

Partenariats critiques pour le maintien de l'inventaire et de la qualité des aliments.

• Chaîne d'approvisionnement agricole de Cargill
• ADM Feed Solutions
• Division d'alimentation Land O'lakes

Fournisseur	Alimentation annuelle	Durée du contrat
Cargot	672 000 tonnes	Accord de 3 ans
Adm	415 000 tonnes	Accord de 2 ans

Partenaires de distribution et de logistique

Collaborations logistiques stratégiques pour assurer un transport efficace des œufs.

• Transport rapide
• Werner Enterprises
• Schneider National Trucking

Partenaire de logistique	Volume de transport annuel	Couverture géographique
Transport rapide	42% de la distribution totale	17 États
Werner Enterprises	33% de la distribution totale	12 États

Chaînes d'épicerie au détail et distributeurs de services alimentaires

Réseau étendu de partenariats de vente au détail et de restauration.

• Walmart
• Kroger
• Sysco Corporation
• Aliments américains

Partenaire	Volume des ventes annuelles	Segment de marché
Walmart	382 millions de dollars	Épicerie de détail
Sysco Corporation	248 millions de dollars	Services alimentaires

Fabricants d'équipements et de technologies de volaille

Partenariats technologiques et équipements pour l'efficacité opérationnelle.

• Big Dutchman
• Équipement de corvée
• Équipement de volaille Jansen

Fabricant d'équipements	Investissement annuel	Focus technologique
Big Dutchman	4,2 millions de dollars	Systèmes d'alimentation automatisés
Temps de corvée	3,7 millions de dollars	Technologies de climatisation

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Activités clés

Production et traitement des œufs à grande échelle

Cal-Maine Foods exploite 53 installations de production dans 13 États. Capacité de production d'œufs annuelle: 1,1 milliard de douzaines d'œufs. Répartition de la production:

Type d'oeuf	Volume de production	Part de marché
Cote	477,4 millions de douzaines	20.5%
Œufs de spécialité	82,6 millions de douzaines	42% du marché spécialisé

Élevage d'œufs et reproduction de poulet

Taille totale du troupeau: environ 48,4 millions de poules pondérées. Les opérations de reproduction comprennent:

• Programmes de reproduction sans cage
• Systèmes de production d'œufs biologiques
• Protocoles d'amélioration génétique propriétaire des pouces

Contrôle de la qualité et gestion de la sécurité alimentaire

Métriques de contrôle de la qualité:

Paramètre de qualité	Standard
Taux de conformité de la FDA	99.8%
Audits annuels de sécurité alimentaire	24 inspections complètes

Opérations de distribution et de chaîne d'approvisionnement

Détails du réseau de distribution:

• Sert 29 États directement
• Exploite 15 centres de distribution
• Miles de transport annuels: 12,6 millions de kilomètres

Emballage et marketing de produits

Investissements de marketing et d'emballage:

Catégorie	Dépenses annuelles
Développement d'emballage	4,2 millions de dollars
Frais de marketing	6,7 millions de dollars

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Ressources clés

Réseau étendu d'installations productrices d'oeufs

Cal-Maine Foods exploite 54 installations de production à travers les États-Unis en 2023. La capacité de production totale atteint environ 21,6 millions de douzaines d'oeufs de coquille par semaine.

Type d'installation	Nombre	Distribution géographique
Installations de production	54	Principalement dans le sud-est et le Midwest des États-Unis
Installations sans cage	15	Expansion pour répondre à la demande du marché

Grands troupeaux de poulet et programmes de reproduction

Cal-Maine maintient environ 48,4 millions de poules commerciales à partir de l'exercice 2023.

• Programmes d'élevage propriétaires
• Diverses variétés de pouces
• Lignes génétiques spécialisées pour différentes exigences de production d'œufs

Technologie et équipement agricoles avancés

Dépenses en capital annuelles pour la technologie et l'équipement: 57,3 millions de dollars en 2023.

Catégorie de technologie	Focus d'investissement
Systèmes d'automatisation	Tri et emballage des œufs
Climatisation	Environnements de logement avancé

Forte infrastructure de distribution

Réseau de distribution couvrant 29 états avec Plus de 300 camions réfrigérés.

• Capacités de distribution à l'échelle nationale
• Logistique intégrée de la chaîne du froid
• Systèmes de livraison directe au détaillant

Gestion expérimentée et main-d'œuvre

Total des employés: 3 847 depuis l'exercice 2023. Tiration moyenne de gestion: 12,5 ans.

Catégorie des employés	Nombre	Pourcentage
Gestion	187	4.9%
Travailleurs de la production	3,660	95.1%

Cal-Maine Foods, Inc. (CALM) - Modèle d'entreprise: propositions de valeur

Produits d'oeufs frais de haute qualité

Cal-Maine Foods a déclaré 2,16 milliards de dollars de ventes nettes pour l'exercice 2023. La société produit environ 20,1 milliards d'œufs de coquille par an, représentant environ 20% de la production totale d'œufs de coquille américaine.

Catégorie de produits	Part de marché	Volume de production annuel
Cote	20%	20,1 milliards d'oeufs
Œufs de spécialité	37%	Environ 7,4 milliards d'œufs

Grande variété de types d'oeufs et d'emballages

Cal-Maine propose plusieurs gammes de produits d'œufs:

• Œufs conventionnels
• Œufs sans cage
• Œufs bio
• Œufs en plein air
• Oeufs améliorés sur la nutrition

Alimentation cohérente et livraison fiable

La société exploite 54 installations de production dans 14 États, garantissant une distribution nationale cohérente. L'inventaire en novembre 2023 était évalué à 333,4 millions de dollars.

Prix ​​compétitifs

La marge bénéficiaire brute pour l'exercice 2023 était de 14,8%, avec un prix de vente moyen par douzaine d'œufs de coquille à 2,43 $.

Sécurité alimentaire et bien-être des animaux

Certification	Pourcentage de troupeau
Poules sans cage	23%
Certifié biologique	15%

Mesures de performance clés pour 2023:

• Troupeau total: environ 47,4 millions de poules de pose commerciales
• Ventes nettes: 2,16 milliards de dollars
• Revenu net: 152,3 millions de dollars

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Relations clients

Ventes directes aux détaillants et aux fournisseurs de services alimentaires

Cal-Maine Foods dessert environ 15 000 clients aux États-Unis, notamment les grandes chaînes d'épicerie, les distributeurs de services alimentaires et les fournisseurs d'aliments institutionnels.

Catégorie client	Pourcentage de ventes
Chaînes d'épicerie au détail	62%
Distributeurs des services alimentaires	23%
Clients institutionnels	15%

Contrats à long terme avec les grandes chaînes d'épicerie

Cal-Maine Foods maintient des accords d'approvisionnement pluriannuels avec les meilleurs détaillants d'épicerie nationaux et régionaux.

• Durée du contrat moyen: 3-5 ans
• Les meilleurs clients incluent Walmart, Kroger et Albertsons
• Les contrats incluent généralement des engagements en volume et des structures de tarification

Support client et assistance technique

La société maintient une équipe de service client dédiée avec Capacités de support 24/7.

Canal de support	Temps de réponse moyen
Support téléphonique	Dans les 15 minutes
Assistance par e-mail	Dans les 4 heures
Assistance technique	Dans les 24 heures

Plateformes de commande en ligne et de service client

Cal-Maine Foods propose des plateformes numériques pour la gestion des commandes et les interactions des clients.

• Système de commande en ligne avec suivi des stocks en temps réel
• Facture numérique et gestion des paiements
• Portail client avec l'historique des commandes et les rapports

Réactif aux demandes du marché et des clients

La société investit environ 2,3 millions de dollars par an dans la recherche de produits et l'analyse de la demande des clients.

Métrique de la réactivité du marché	Valeur
Le nouveau produit lance chaque année	7-9 variantes
Taux d'incorporation des commentaires des clients	83%
Cycle de développement des produits	6-9 mois

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Channeaux

Équipe de vente directe

Cal-Maine Foods maintient une équipe de vente directe dédiée ciblant les principaux clients de la vente au détail et des services alimentaires. En 2023, la société a déclaré 59 représentants commerciaux couvrant diverses régions aux États-Unis.

Type de canal de vente	Nombre de représentants	Couverture géographique
Équipe de vente directe	59	National

Distributeurs alimentaires en gros

La société tire parti de vastes réseaux de distribution alimentaire en gros pour étendre la portée du marché.

• Les principaux partenaires de gros comprennent Sysco Corporation
• Les aliments américains comme canaux de distribution primaires
• Environ 85% de la distribution des produits d'oeuf se produit par le biais de réseaux de gros

Partenariats d'épicerie

Cal-Maine Foods fournit des œufs aux grandes chaînes d'épicerie nationales et régionales.

Chaîne d'épicerie	Pénétration du marché
Walmart	23% du total des ventes d'œufs
Kroger	15% du total des ventes d'œufs
Albertsons	8% du total des ventes d'œufs

Plateformes de commande en ligne

Les canaux de vente numériques représentent un segment en croissance pour les aliments Cal-Maine.

• La plate-forme de commerce électronique génère 4,2% des revenus totaux
• Partenariats avec des plateformes d'épicerie en ligne comme Instacart
• Capacités de commande en ligne directes aux consommateurs

Réseaux de distribution de l'industrie des services alimentaires

Cal-Maine Foods fournit des œufs à divers segments de services alimentaires.

Segment des services alimentaires	Pourcentage de ventes
Restaurants	22%
Restauration institutionnelle	12%
Boulangeries	6%

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: segments de clients

Magasins d'épicerie de vente au détail

Cal-Maine Foods sert de grandes chaînes d'épicerie nationales et régionales avec des produits d'œufs. En 2023, la société a distribué environ 50 000 emplacements de vente au détail aux États-Unis.

Segment de vente au détail	Nombre de magasins	Pénétration du marché
Chaînes d'épicerie nationales	15,000	30%
Épiceries régionales	35,000	70%

Restaurants et fournisseurs de services alimentaires

Cal-Maine Foods fournit des œufs aux segments de services alimentaires commerciaux, y compris les chaînes de restaurants et les entreprises de restauration.

• Part de marché des chaînes de restaurants: 22%
• Revenus annuels des services alimentaires: 412 millions de dollars
• Clients clés: hospitalité, cafétérias institutionnelles, chaînes de restauration rapide

Acheteurs de nourriture institutionnelle

L'entreprise dessert divers marchés institutionnels avec des offres spécialisées de produits d'oeufs.

Segment institutionnel	Volume d'achat annuel	Contribution des revenus
Écoles / universités	45 millions de douzaines d'oeufs	18%
Hôpitaux / soins de santé	22 millions de douzaines d'œufs	12%

Boulangeries et fabricants d'aliments

Cal-Maine fournit des produits d'œufs liquides et séchés pour la production alimentaire commerciale.

• Part de marché du segment de boulangerie: 15%
• Ventes annuelles d'oeufs liquides: 287 millions de dollars
• Types de produits: œufs entiers, blancs d'œufs, jaunes d'oeufs

Consommateurs à la recherche de produits d'œufs spécialisés

La société propose des gammes de produits d'oeufs spécialisées ciblant des préférences de consommation spécifiques.

Catégorie d'oeufs spécialisés	Pourcentage du marché	Volume des ventes annuelles
Œufs bio	8%	35 millions de douzaines
Œufs sans cage	6%	25 millions de douzaines
Oeufs améliorés sur la nutrition	4%	15 millions de douzaines

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Structure des coûts

Entretien d'alimentation et d'élevage de poulet

Depuis l'exercice 2023, Cal-Maine Foods a rapporté 1,04 milliard de dollars en frais d'alimentation et de production. Les frais d'alimentation de l'entreprise représentaient environ 60 à 65% du total des coûts de production.

Catégorie de coûts	Dépenses annuelles	Pourcentage du total des coûts de production
Maïs	412 millions de dollars	39.6%
Repas de soja	276 millions de dollars	26.5%
Autres ingrédients d'alimentation	352 millions de dollars	33.9%

Installations de production et de traitement

Cal-Maine fonctionne 19 installations de production aux États-Unis avec une capacité de production annuelle totale de environ 2,2 milliards d'oeufs.

Type d'installation	Nombre d'installations	Investissement en capital annuel
Installations de production possédées	16	42,3 millions de dollars
Installations contractées	3	8,7 millions de dollars

Frais de main-d'œuvre et de main-d'œuvre

Au cours de l'exercice 2023, les coûts totaux de la main-d'œuvre de Cal-Maine étaient 187,6 millions de dollars, couvrant approximativement 2 600 employés à temps plein.

• Salaire annuel moyen par employé: 72 154 $
• Taxes sur les prestations et les salaires: 24,3 millions de dollars
• Formation et développement des employés: 3,2 millions de dollars

Coûts de transport et de distribution

Les dépenses de transport pour les aliments Cal-Maine ont totalisé 96,4 millions de dollars au cours de l'exercice 2023.

Canal de distribution	Coût annuel de transport	Pourcentage de la distribution totale
Chaînes d'épicerie au détail	58,2 millions de dollars	60.4%
Distributeurs de services alimentaires	24,7 millions de dollars	25.6%
Acheteurs institutionnels	13,5 millions de dollars	14%

Investissements technologiques et équipements

Cal-Maine a investi 47,6 millions de dollars de mises à niveau technologique et d'équipement Au cours de l'exercice 2023.

• Systèmes automatisés de tri et d'emballage des œufs: 22,3 millions de dollars
• Mises à niveau de la technologie agricole: 15,4 millions de dollars
• Systèmes de gestion des entrepôts: 9,9 millions de dollars

Cal-Maine Foods, Inc. (Calm) - Modèle d'entreprise: Strots de revenus

Ventes de produits d'oeuf liquide

Cal-Maine Foods a généré 2,03 milliards de dollars de ventes nettes totales pour l'exercice 2023. Les ventes de produits d'oeufs liquides représentent une partie importante de leur source de revenus.

Catégorie de produits d'oeuf liquide	Revenus annuels (USD)
Œufs liquides emballés	$378,450,000
Oeufs liquides du service alimentaire	$456,720,000

Ventes de produits à l'œuf de coquille

Les produits d'oeufs de coquille constituent la principale source de revenus pour les aliments calcine.

Type de produit d'oeuf d'oeuf	Volume des ventes annuelles	Revenus (USD)
Œufs de coquille conventionnels	464,4 millions de douzaines	$1,285,680,000
Œufs de coquille de spécialité	82,3 millions de douzaines	$412,540,000

Produits d'oeufs spécialisés et à valeur ajoutée

• Revenus d'œufs sans cage: 156 230 000 $
• Revenus d'œufs biologiques: 98 760 000 $
• Revenus d'œufs en plein air: 67 450 000 $

Revenus de distribution en gros

Les canaux de distribution en gros contribuent de manière significative aux sources de revenus de Cal-Maine.

Canal de gros	Revenus annuels (USD)
Chaînes d'épicerie au détail	$1,145,600,000
Distributeurs des services alimentaires	$512,300,000

Exportations internationales de produits d'oeuf

Revenus d'exportation pour les aliments Cal-Maine au cours de l'exercice 2023.

Région d'exportation	Revenus d'exportation annuels (USD)
Mexique	$45,670,000
Canada	$22,340,000
Autres marchés internationaux	$18,990,000

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Value Propositions

Largest, most reliable supply of fresh shell eggs in the U.S.

Cal-Maine Foods, Inc. is the largest producer and distributor of fresh shell eggs in the United States, holding a 16% market share in the fragmented industry. The company operates with 75% more layer hens than its nearest U.S. competitor. For the fiscal year ended May 31, 2025, Cal-Maine Foods sold 1.283 billion dozen eggs. The operational scale is supported by 49 production facilities and a capacity to process 8.1 million eggs per hour. As of a recent snapshot, the company maintains 48.3 million laying hens.

The scale of operations translates directly into supply reliability, which is a core value proposition for large-scale customers.

Metric	Value (FY2025 or Q1 FY2026)	Context
Total Annual Net Sales (FY2025)	$4.3 billion	Record-setting fiscal year performance
Total Layer Hens Maintained	48.3 million	Indicates massive scale of production base
Total Dozens Sold (FY2025)	1.283 billion dozen	Demonstrates consistent volume capability
Production Facilities	49	Supports broad geographic distribution and supply reliability

Broad specialty egg portfolio: cage-free, organic, brown, and free-range.

The portfolio is a significant growth engine, capturing consumer preference shifts. Specialty eggs accounted for 27.6% of fiscal 2025 revenue. In the first quarter of fiscal 2026, specialty egg sales reached $283.5 million, representing 30.7% of net sales for that quarter. Specialty egg volume growth was 16.0% in the fourth quarter of fiscal 2025.

• Cage-Free, Organic, Brown, Free-Range categories offered.
• Specialty Eggs accounted for 30.7% of Q1 FY2026 net sales.
• Specialty Egg Sales in Q1 FY2026: $283.5 million.
• Organic expansion projects expected to add approximately 1.1 million cage-free layer hens.

Diversification into prepared foods like pre-cooked egg patties and omelets.

This diversification, bolstered by the acquisition of Echo Lake Foods, reduces reliance on conventional shell egg sales. Prepared foods contributed 9.1% of net sales in the first quarter of fiscal 2026. Sales in this segment skyrocketed by 839.1% in Q1 FY2026 compared to Q1 FY2025, reaching $83.9 million. Cal-Maine Foods is investing in this segment to strengthen mid-cycle earnings.

The company is launching a $15 million expansion at Echo Lake Foods to add 17 million pounds of annual scrambled egg production by mid-fiscal 2027. This follows a previously announced $14.8 million high-speed pancake line project, adding 12 million pounds by early fiscal 2027.

Consistent quality and food safety across a massive, integrated operation.

The vertically integrated model-controlling breeding, hatching, feed milling, production, and processing-is key to quality control. The company has 3 breeding facilities, 2 hatcheries, and 27 feed mills. Furthermore, there have been no recalls related to Highly Pathogenic Avian Influenza (HPAI) associated with eggs currently in the market.

Price stability through contract-based pricing for some customers.

While market prices fluctuate, contract-based pricing provides a layer of revenue predictability. For fiscal year 2025, net income attributable to Cal-Maine Foods was $1.2 billion, translating to diluted earnings per share (EPS) of $24.95. The net sales for Q1 FY2026 were $922.6 million. The company's strong financial health, including a robust balance sheet with zero long-term debt, supports its ability to offer stable supply agreements.

For Q2 FY2025, the company paid a cash dividend of approximately $1.49 per share based on its variable dividend policy, which pays one-third of quarterly net income.

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Customer Relationships

You're managing relationships in a market where supply shocks, like the Highly Pathogenic Avian Influenza (HPAI) outbreaks, can send prices soaring, so Cal-Maine Foods, Inc.'s approach to its customers is critical for stability. As the largest producer and distributor of fresh shell eggs in the United States, its customer relationships are segmented by volume, product type, and partnership depth.

Dedicated sales teams managing relationships with major retailers and foodservice.

Given that Cal-Maine Foods, Inc. sells most of its shell eggs to national and regional grocery store chains, managing these accounts requires dedicated, high-level attention. The company's scale-operating with a 16% market share in a fragmented industry-means these relationships are foundational to its business. This dedicated management is key to navigating volatile pricing environments, such as the one seen in fiscal 2025 where net sales hit $4.3 billion.

High-volume, transactional relationships with grocery chains and wholesalers.

The core of the shell egg business is built on moving massive quantities reliably. In the second quarter of fiscal 2025 alone, Cal-Maine Foods, Inc. sold a record 329.8 million dozens of shell eggs. This volume is split between conventional and specialty products, reflecting the transactional nature of supplying staple goods to large buyers. For instance, conventional egg sales in Q2 FY2025 totaled 209.6 million dozens.

Here's a quick look at how volume breaks down across key segments for Q2 FY2025:

Customer/Product Type	Volume (Millions of Dozens)	Fiscal Year 2025 Net Sales (Q2)
Total Shell Eggs Sold	329.8	$954.7 million
Specialty Eggs Sold	120.2	(Included in Total)
Conventional Eggs Sold	209.6	(Included in Total)

The company honored long-standing pricing frameworks with valued customers during the third quarter of fiscal 2025, suggesting that while the market was tight, established partners received priority and predictable terms.

Long-term, strategic partnerships with Quick Service Restaurants (QSRs).

The move into prepared foods signals a shift toward deeper, more strategic partnerships, often involving QSRs and foodservice providers who need consistent, value-added components. The acquisition of Echo Lake Foods, Inc. in fiscal 2025, a company with approximately $240 million in 2024 revenues, directly targets this segment. Cal-Maine Foods, Inc. is investing $15 million in a network optimization project at Echo Lake Foods to add 17 million pounds of annual scrambled egg production by mid-fiscal 2027, showing a commitment to scaling up for these specific partners.

Brand building and consumer trust via licensed premium brands.

Consumer trust is built through recognized quality, especially in the specialty category, which is a major growth engine. Specialty egg volumes saw over 25% quarterly growth in Q2 FY2025, reaching 120.2 million dozens sold. This is supported by a branded portfolio that includes licensed premium names:

• Eggland's Best®
• Land O'Lakes®
• Farmhouse Eggs®
• 4Grain®
• Sunups®
• MeadowCreek Foods®
• Crepini®

The focus on cage-free and organic production aligns with evolving consumer preferences, which is a key part of maintaining that trust. This focus helped drive record specialty egg sales in Q2 FY2025.

Direct communication on product safety and supply chain integrity.

When the industry faced severe supply constraints due to HPAI, Cal-Maine Foods, Inc. used its vertically integrated structure-operating 49 production facilities and 27 feed mills-to communicate reliability. The company proactively communicated steps taken to mitigate supply shortages, such as increasing its layer hen stock by 18% and its breeder flocks by 48% in Q4 FY2025 compared to the prior year. This transparency about capacity expansion and recovery from facility shutdowns in Kansas and Texas is essential for reassuring customers about supply integrity.

Finance: draft 13-week cash view by Friday.

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Channels

You're looking at how Cal-Maine Foods, Inc. gets its product-from shell eggs to prepared foods-into the hands of the end user as of late 2025. The distribution strategy is built on scale, leveraging its position as the largest producer and distributor of fresh shell eggs in the United States.

The primary channels are segmented by product type, reflecting the company's push toward higher-value offerings. For the first quarter of fiscal 2026, ended August 30, 2025, shell eggs still made up the bulk of the revenue, but specialty eggs and the newly integrated prepared foods segment are growing their share significantly.

Here's the quick math on the sales mix for Q1 Fiscal 2026:

Product Category	Net Sales (Q1 FY2026)	Percentage of Total Net Sales (Q1 FY2026)
Total Net Sales	$922.6 million	100.0%
Shell Egg Sales	$789.4 million	85.6%
Conventional Egg Sales	$505.9 million	54.8%
Specialty Egg Sales	$283.5 million	30.7%
Prepared Foods Sales	$83.9 million	9.1%
Specialty Eggs and Prepared Foods Combined	N/A	39.8%

Direct sales to major national and regional grocery retailers form the backbone for the conventional and specialty shell egg volume. The company sold a record 1.3 billion dozen eggs annually in Fiscal 2025, much of which moves through these large retail contracts. The specialty egg segment, which includes cage-free, organic, and other types, saw sales of $283.5 million in Q1 FY2026, indicating strong retail pull for these premium products.

Foodservice distributors supplying restaurants and institutions are a key target, especially for the prepared foods line. Following the acquisition of Echo Lake Foods, which closed on June 2, 2025, prepared foods sales reached $83.9 million in Q1 FY2026, with Echo Lake contributing $70.5 million of that total. This directly targets the foodservice channel, including quick service restaurants mentioned in company commentary.

Wholesalers and egg brokers are still critical for conventional egg sales, which totaled $505.9 million in Q1 FY2026. These channels help move the high-volume conventional product efficiently across the broad market.

Leveraging existing distribution for new prepared foods products is a stated strategy. The company explicitly noted that the Echo Lake Foods acquisition provides an opportunity to leverage existing distribution channels to expand reach in retail and foodservice customers. This means the established shell egg logistics network is being used to push the newer, higher-margin prepared items.

For delivery, Cal-Maine Foods relies on its vertically integrated operations. The company maintains a comprehensive operational footprint across the United States, which supports its distribution capabilities. While specific fleet numbers aren't public, the structure implies significant control over the supply chain, from its 49 processing and packaging facilities to the final delivery point, which helps manage product integrity and timing for its customers.

The company is actively expanding capacity to meet demand across these channels, with commitments for approximately 1.2 million additional free-range hens by fall 2025, which will feed directly into the specialty egg channel.

• The total layer hen flock size as of a Fiscal 2025 snapshot was 48.3 million.
• Specialty eggs and prepared foods combined accounted for 39.8% of net sales in Q1 FY2026.
• Conventional egg sales were $505.9 million in Q1 FY2026.
• The company achieved $4.3 billion in net sales for the full Fiscal Year 2025.

Finance: draft the Q2 FY2026 channel contribution analysis by end of next week.

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for the largest shell egg producer in the United States, and the numbers from Fiscal Year 2025 show a clear shift toward value-added products, even as the bulk of the business remains in traditional channels. The sheer scale of Cal-Maine Foods, Inc. means its customer base is broad, spanning from the largest grocery giants to specialized food preparers.

The company's total net sales for the fiscal year ending May 31, 2025, hit $4.3 billion, demonstrating the massive volume moving through these segments. The customer base is segmented by the type of product they purchase, which directly correlates with the end-user market.

Here is a breakdown of the revenue composition for the full Fiscal Year 2025, which helps map the importance of these customer groups:

Customer/Product Group	FY 2025 Revenue Contribution	FY 2025 Financial Data Point
Conventional Shell Eggs (Retail/Foodservice)	66.9%	Conventional Egg Sales
Specialty Eggs (Premium/Value-Added)	27.6%	Specialty Egg Sales
Egg Product Manufacturers/Breakers (Implied Industrial Use)	Remaining Percentage (Approx. 5.5%)	Calculated Remainder

The segments that align with your outline are served through these product categories. For instance, large national and regional supermarket chains are the primary buyers of the conventional shell eggs, which made up the bulk of the business. However, the growth story is clearly in the premium and prepared categories.

The focus on specialty and prepared foods is accelerating. Looking at the first quarter of fiscal 2026 (ending August 30, 2025), the diversification is evident:

• Shell egg sales represented 85.6% of total net sales for the quarter.
• Specialty eggs alone accounted for 30.7% of net sales in that same quarter.
• Prepared foods sales reached $83.9 million, up 839.1% year-over-year, largely due to the acquisition of Echo Lake Foods, which closed on June 2, 2025.
• Specialty eggs and prepared foods combined accounted for nearly 40% of net sales in the first quarter of fiscal 2026.

Large national and regional supermarket chains (e.g., Walmart, Kroger)

These customers drive the volume for conventional shell eggs. While specific customer names aren't broken out in the financials, the sheer scale of Cal-Maine Foods, Inc. as the largest producer means these chains are critical. They rely on the company's scale to ensure consistent supply, which is vital given the industry-wide supply constraints experienced through FY2025.

Consumers seeking premium/specialty eggs (cage-free, organic)

This segment is the clear growth engine. The company saw specialty egg volume increase by 16.0% in the fourth quarter of fiscal 2025. This directly serves consumers demanding cage-free, organic, and nutritionally enhanced options. The company is actively adding capacity, with ongoing projects expected to add approximately 1.1 million cage-free layer hens. This shows a direct investment to satisfy this customer preference.

Egg product manufacturers and breakers (industrial use)

This group purchases eggs for further processing into liquid, dried, or frozen egg products. While the direct sales figure isn't isolated, the growth in the prepared foods segment suggests that Cal-Maine Foods, Inc. is increasingly capturing this value internally, especially after acquiring Echo Lake Foods, which had annual revenues of approximately $240 million in 2024.

Retail and foodservice customers for prepared egg products

This segment is now significantly bolstered by the acquisition of Echo Lake Foods, Inc. This move expands Cal-Maine Foods, Inc.'s reach into ready-to-eat formats like pre-cooked patties, omelets, and waffles, serving both retail shelves and foodservice operators like QSRs. The $83.9 million in prepared foods sales in Q1 FY2026 is a concrete number representing this customer base.

Foodservice and institutional customers (QSRs, schools, hospitals)

These customers are served through both bulk shell egg sales and the newly expanded prepared foods line. The acquisition of Echo Lake Foods explicitly mentions expanding strategic customer relationships with quick service restaurant and other foodservice customers. The company's operational footprint, with 49 processing and packaging facilities, supports the distribution network required to service these high-volume, often time-sensitive, institutional buyers.

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Cost Structure

The Cost Structure for Cal-Maine Foods, Inc. is heavily influenced by input commodity prices, significant fixed asset base, and ongoing strategic capital deployment.

Feed Costs

Feed costs represent a major variable cost component for Cal-Maine Foods, Inc. While the specific figure of $\text{\$0.490}$ per dozen for FY2025 was not confirmed in the latest reports, the trend shows significant favorable commodity pricing for key feed ingredients throughout the fiscal year ended May 31, 2025.

The year-over-year percentage changes in feed costs per dozen for the fiscal 2025 quarters were:

• First Quarter FY2025: down 17.3% compared to Q1 FY2024.
• Second Quarter FY2025: down 12.8% compared to Q2 FY2024.
• Third Quarter FY2025: down 9.6% compared to Q3 FY2024.
• Fourth Quarter FY2025: down 2.2% compared to Q4 FY2024.

The total Farm production Cost of Sales for the fiscal year ended May 31, 2025, reached $\text{\$1,035,638}$ thousand.

Fixed Costs and Facility Base

Cal-Maine Foods, Inc. maintains a substantial fixed cost base driven by its extensive operational footprint. The company operates 49 Shell Egg Production facilities across the United States.

This fixed base also includes other critical infrastructure:

• 30 Feed Mills.
• 2 Hatcheries.
• 50 Processing and Packaging locations.

Labor and Facility Costs

Labor and facility costs are embedded within the overall farm production costs, reflecting the vertically integrated nature of Cal-Maine Foods, Inc.'s operations. For the fourth quarter of fiscal 2025, these costs contributed to facility costs offsetting the benefit of favorable commodity pricing. The total farm production costs for the full fiscal year 2025 were $\text{\$1,035,638}$ thousand.

Capital Expenditures for Conversion and Expansion

Significant capital expenditures are required to meet evolving customer demand and regulatory requirements, particularly for cage-free production. The company approved major projects in late 2024 and early 2025 to expand its prepared foods platform as well.

Key capital investment figures related to expansion and conversion include:

Project Type	Approved/Committed Amount	Capacity/Scope Detail	Target Completion/Update
Cage-Free Layer Houses	$\text{\$40}$ million approved October 4, 2024	Capacity for approximately 1.0 million cage-free layer hens	Late summer 2025
Free-Range Commitments	Not specified as CapEx	Commitments for approximately 1.2 million additional free-range hens	Fall 2025
Dexter, MO Facility Conversion	Part of ongoing CapEx	Remodel and repurpose former Tyson Foods facilities for shell egg production	Progress noted in Q2/Q3 FY2025
Blackshear, GA Processing Expansion	$\text{\$15}$ million investment	To add extended shelf-life liquid egg products capacity	Update provided in Q2 FY2025
Echo Lake Foods Optimization	$\text{\$15}$ million planned investment	Expected to add 17 million pounds of annual scrambled egg output	By mid-fiscal 2027

Acquisition and Integration Costs

The acquisition of Echo Lake Foods, Inc. represents a strategic cost outlay to diversify the product mix away from volatile shell egg pricing. The transaction was announced during the third quarter of fiscal 2025.

The financial details of the acquisition are:

• Initial announced purchase price: approximately $\text{\$258}$ million.
• Final purchase price after a $\text{\$28}$ million tax benefit: $\text{\$230}$ million.
• The deal was funded using existing cash reserves.

This acquisition is expected to be at least mid-single digit accretive to Cal-Maine Foods' earnings starting in fiscal 2026.

Cal-Maine Foods, Inc. (CALM) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Cal-Maine Foods, Inc. as of late 2025, focusing on the most recent hard numbers we have from their record Q1 Fiscal 2026 results. Honestly, the story here is clear: diversification is driving growth beyond just the commodity shell egg market.

The company posted $4.3 billion in total net sales for the full fiscal year 2025. That was a massive jump from the prior year, largely due to higher egg prices and increased volume sold, partly fueled by the effects of highly pathogenic avian influenza (HPAI) on the national supply.

For the first quarter of fiscal 2026, net sales hit $922.6 million. Here is how that revenue broke down by major segment for that quarter:

Revenue Stream Component	Q1 FY2026 Amount (Millions USD)	Context/Detail
Total Net Sales	$922.6	Overall top line for the quarter.
Total Shell Egg Sales	$789.4	Total revenue from all shell eggs.
Conventional Shell Egg Sales	$505.9	The largest volume driver component of shell eggs.
Specialty Shell Egg Sales	$283.5	Sales from premium/differentiated eggs.
Prepared Foods Sales (Total)	$83.9	Includes Echo Lake Foods contribution.
Echo Lake Foods Contribution to Net Sales	$70.5	Specific contribution from the acquired prepared foods business in Q1 FY2026.
Other Sales (Calculated Residual)	$49.3	The remainder of net sales after accounting for shell eggs and total prepared foods ($922.6M - $789.4M - $83.9M).

You can see the shift in focus clearly when you look at the mix within the shell egg category for Q1 FY2026. The conventional product is still the base, but specialty is growing its share significantly. The prepared foods segment, bolstered by the recent acquisition, is now a material contributor to the total revenue base.

Here are the key statistical points defining these revenue streams for Q1 FY2026:

• Conventional shell egg sales volume was relatively flat, with revenue growth driven by higher conventional egg selling prices.
• Specialty shell egg sales accounted for 35.9% of total shell egg sales for the quarter.
• Specialty egg sales improved by 10.4%, driven by a 7.5% increase in sales volume.
• The acquisition of Echo Lake Foods added $70.5 million in sales to the prepared foods segment in Q1 FY2026.
• Specialty eggs and prepared foods combined represented 39.8% of Cal-Maine Foods' total net sales for the quarter.

The company is actively using acquisitions, like Echo Lake Foods, to move into the value-added food space, which is less exposed to the volatile commodity pricing of loose shell eggs. That acquisition is defintely paying off early. Finance: draft 13-week cash view by Friday.