Conagra Brands, Inc. (CAG): Business Model Canvas [Dec-2025 Updated]

As you map out the inner workings of a major packaged food player like Conagra Brands, Inc. (CAG), you'll see a business model laser-focused on optimizing its core, trusted brands to fight through the current inflationary environment. Honestly, after years leading analysis at firms like BlackRock, I look at this canvas and see a clear strategy: manage a massive footprint-42 manufacturing facilities-while balancing retail sales of $11.6 billion in fiscal year 2025 against significant commodity costs. Understanding how they manage key partnerships, like the 29% of net sales driven by Walmart, and service their $8.0 billion net debt load from FY2025 is essential for seeing where the next dollar of Adjusted Gross Profit, around $3.0 billion last year, will come from. Keep reading below to see the full breakdown of their nine building blocks.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that keep Conagra Brands, Inc. moving product and innovating. These aren't just vendors; they're essential links in the chain that delivered fiscal 2025 net sales of approximately $11.6 billion.

The reliance on major retail partners is a defining feature of the Key Partnerships block. For instance, Walmart, Inc. and its affiliates were responsible for about 29% of consolidated net sales in fiscal 2025, up from 28% in both fiscal 2024 and 2023. This concentration means the partnership terms and shelf space negotiations with this retailer are paramount.

For raw ingredients and packaging, the focus is on managing cost volatility. Management projected a COGS inflation rate of nearly 3.2% for fiscal 2025, with protein and sweetener categories being particularly pronounced areas of cost pressure. Furthermore, supply chain resilience is actively managed through investments in infrastructure and partnerships to address constraints, such as those experienced in frozen meals containing chicken and frozen vegetables.

Strategic brand collaborations are a significant growth driver. Co-branded snacks, resulting from partnerships with restaurant, retail, and entertainment brands, generated nearly $2.1 billion in combined annual sales.

The company also relies on specialized external providers for operational flexibility, like co-manufacturers and 3PLs. Patton Warehousing, for example, provided 125,000 sq. ft. of food-grade warehouse space for can and lid storage, operating 24/7 to support timely delivery to the processing plant.

Here's a quick snapshot of some of these key external relationships:

Partner Category	Example/Type of Partner	Key Metric/Data Point
Large-Scale Retailer	Walmart, Inc. and affiliates	Accounted for 29% of consolidated net sales in fiscal 2025.
Co-Branded Collaborations	Restaurant, retail, and entertainment brands	Co-branded snacks generated nearly $2.1 billion in combined annual sales.
3PL/Co-Manufacturer	Patton Warehousing	Provided 125,000 sq. ft. of food-grade warehouse space.
Commodity Risk Management	Suppliers of protein and sweeteners	These categories were pronounced areas of expected COGS inflation near 3.2% for fiscal 2025.
Technology/Data Partner	Circana, LLC	Partnered to provide robust sales data for the Future of Snacking 2025 Report.

Technology partnerships also support market intelligence. Conagra Brands partnered with Circana, LLC to leverage its National Eating Trends® report data for insights into the $148.6 billion U.S. snacking industry.

The company also requires adherence to its standards from these partners:

• Requires suppliers and contract manufacturers to adhere to the Code of Conduct for Suppliers.
• Reserves the right to audit operations to ensure compliance with standards against human trafficking and slavery.
• Investments in infrastructure and strategic partnerships are positioning the company for long-term success following supply constraints.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Key Activities

You're looking at the core engine room of Conagra Brands, Inc., the activities they must execute flawlessly to keep those iconic brands on your shelf. It's a complex dance of making, modernizing, managing, and marketing a massive portfolio.

High-volume food manufacturing across 42 facilities in North America

The sheer scale of production is a primary activity. Conagra Brands, Inc. operates 42 manufacturing facilities across North America to support its branded food business. This physical footprint is necessary to produce the volume that generated reported net sales of $11.6 billion for fiscal year 2025. The company also employed approximately 18,600 people in 2025 to run these operations. They are definitely running a tight ship, as their Occupational Safety and Health Administration Incident Rate was 1.32 incidents per 100 full-time workers in fiscal 2025, which was below the industry average.

Continuous brand modernization and product innovation (e.g., clean-label initiatives)

Keeping established brands relevant is a constant, data-driven activity. Conagra Brands, Inc. is actively modernizing its portfolio to meet evolving consumer tastes. A major milestone reached by the end of 2025 was making its U.S. frozen product portfolio 100% free from certified Food, Drug & Cosmetic (FD&C) colors. They plan to stop offering products with FD&C colors to K-12 schools by the start of the 2026-2027 school year, with a goal to remove them from the entire U.S. retail portfolio by the end of 2027. Innovation isn't just about removal; in January 2025, they introduced an 'On Track' badge on 26 Healthy Choice items to highlight them as 'GLP-1 friendly'. This focus is critical in large markets; for example, their Future of Snacking 2025 report analyzes the $148.6 billion U.S. snacking market, and their frozen food analysis covers the $91.3 billion U.S. frozen food industry.

Strategic portfolio management through acquisitions and divestitures (e.g., divesting Chef Boyardee)

Reshaping the portfolio to focus on high-growth assets is a key strategic activity. Conagra Brands, Inc. recently completed the divestiture of the Van de Kamp's and Mrs. Paul's brands to High Liner Foods. These seafood brands generated approximately $75 million in net sales for fiscal year 2024. The adjusted purchase price for that deal was $42.4 million or $55 million. This followed the sale of the Chef Boyardee brand to Hometown Food for $600 million in 2024. The company is actively hunting for bolt-on acquisitions while considering divestitures of low-growth businesses.

Here's a quick look at recent portfolio moves:

• Completed sale of Van de Kamp\'s and Mrs. Paul\'s brands in mid-2025.
• Sale of Chef Boyardee completed in 2024 for $600 million.
• Acquired FATTY Smoked Meat Sticks to bolster the snacks portfolio.
• FY2024 net sales for divested seafood brands were $75 million.

Global supply chain optimization and procurement to manage cost inflation

Managing the flow of goods and input costs is paramount, especially given recent pressures. Conagra Brands, Inc. faced supply challenges in fiscal 2025, including stalled chicken production and a frozen vegetable shortage. They expect continued cost inflation of approximately 7% in fiscal 2026, which includes a 3% impact from tariffs. To build resiliency, the company earmarked roughly $450 million for capital expenditures in fiscal year 2026 to support the supply chain. Despite these headwinds, they generated strong free cash flow of $1.3 billion in fiscal 2025. Fiscal 2025 saw reported net sales decrease 3.6% to $11.6 billion, with adjusted EPS declining 13.9% to $2.30.

Extensive marketing and advertising to maintain brand equity

Maintaining top-of-mind awareness requires significant investment in brand building. Conagra Brands, Inc. highlighted its $3.2 billion snacks portfolio at the 2025 NACS Show Expo. The company paid a quarterly dividend of $0.35 per share for all four quarters during fiscal 2025. Their largest customer, Walmart, Inc. and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2025.

Key financial metrics tied to operational scale in fiscal 2025:

Metric	Amount/Value
Reported Net Sales (FY2025)	$11.6 billion
Adjusted EPS (FY2025)	$2.30
Free Cash Flow (FY2025)	$1.3 billion
Walmart Share of Net Sales (FY2025)	29%
Quarterly Dividend (FY2025)	$0.35 per share

Conagra Brands, Inc. (CAG) - Canvas Business Model: Key Resources

Iconic, high-equity brand portfolio

• Birds Eye
• Slim Jim
• Healthy Choice
• Duncan Hines
• Marie Callender's
• Reddi-wip
• Angie's BOOMCHICKAPOP

The portfolio underwent reshaping in fiscal 2025, including the divestiture of the Chef Boyardee brand for a reported $600 million in May 2025. Also, frozen seafood brands Van de Kamp's and Mrs. Paul's were sold for $55 million in June 2025.

Extensive manufacturing and distribution network

The company operates predominantly in the United States, with 91% of fiscal 2025 revenue from the U.S.. International markets accounted for 9% of fiscal 2025 revenue.

Intellectual property (IP)

The company emphasizes product innovation, launching over 50 new frozen food products in June 2025.

Significant financial capital and human capital metrics

The following table summarizes key financial and operational resources as of late fiscal year 2025:

Resource Metric	Amount/Value	Date/Period
Reported Net Sales	$11.6 billion	Fiscal Year 2025
Net Debt	$8.0 billion	Fiscal Year-End 2025
Net Leverage Ratio	3.6x	Fiscal Year-End 2025
Free Cash Flow	$1.3 billion	Fiscal Year 2025
Common Shares Outstanding	477,442,995	June 22, 2025
Employees	Approximately 18,300	May 25, 2025
Largest Customer Sales Concentration (Walmart, Inc.)	Approximately 29%	Fiscal Year 2025

Dedicated R&D teams

The company focuses on the science of growth, previewing innovations expected to launch in calendar year 2025.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Value Propositions

You're looking at how Conagra Brands, Inc. delivers distinct value to its customers, which centers on making life easier with trusted food staples. The convenience factor is huge, especially in categories like ready-to-eat snacks and quick-prep frozen meals. Consider the scale: Conagra Brands generated fiscal 2025 net sales of nearly $12 billion. This massive scale supports a portfolio of household names you definitely recognize, such as Birds Eye, Healthy Choice, Marie Callender's, Slim Jim, Duncan Hines, and Reddi-wip.

Here's a quick look at some numbers underpinning the scale and focus areas:

Value Proposition Area	Metric/Data Point	Value/Amount
Trusted Brands Scale	Fiscal 2025 Reported Net Sales	$11.6 billion
Convenience/Snacks Focus	Snacks Portfolio Value	$3.2 billion
Health & Wellness/Innovation	Co-Branded Snack Sales (Annual)	Nearly $2.1 billion
Value/Affordability Support	Fiscal 2025 Quarterly Dividend	$0.35 per share
Modernization Goal	U.S. Frozen Portfolio FD&C Color Removal Deadline	End of 2025

The commitment to modernizing products is concrete, responding directly to consumer preference shifts. For instance, Conagra Brands set a target to complete the removal of certified Food, Drug & Cosmetic colors (FD&C colors) from its U.S. frozen product portfolio by the end of 2025. This is part of a broader push, as the company is also working to discontinue the use of FD&C colors across its entire U.S. retail portfolio by the end of 2027.

For the mass-market shopper, affordability remains key, even as the company leans into better-for-you trends. The overall U.S. snacking market is valued at $148.6 billion. Within that, you see the health and wellness focus driving growth in specific subcategories. Protein-forward, portion-controlled, and nutrient-dense snacks are outpacing general category growth. The company's strategy includes gaining volume share in categories like frozen desserts and microwave popcorn, even while navigating softer demand, as seen in the Q1 fiscal 2026 organic net sales decline of 0.6%, which was partially offset by a 0.6% positive impact from price/mix.

• Birds Eye, Healthy Choice, and Marie Callender's are key frozen brands undergoing modernization.
• Slim Jim is highlighted as America's number one meat stick.
• The company is focused on offering options that support health and wellness goals.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Customer Relationships

You're looking at how Conagra Brands, Inc. manages the people and entities that buy their food, which is heavily weighted toward the retail shelf. For fiscal 2025, the company generated total reported net sales of $11.6 billion, and a significant portion of that flow is dictated by large partners.

Automated and transactional relationships via large retail and e-commerce partners

The core of Conagra Brands, Inc.'s customer relationship is highly transactional, driven by the volume moving through major retailers and e-commerce channels. The relationship with the single largest customer, Walmart, Inc. and its affiliates, was substantial in fiscal 2025, accounting for approximately 29% of consolidated net sales. This concentration means that automated ordering, inventory management, and pricing negotiations form the bulk of daily interactions.

The company's revenues primarily come from sales to retailers and foodservice customers via direct sales forces, broker, and distributor arrangements. The fourth quarter of fiscal 2025 saw reported net sales of $2.8 billion, reflecting the scale of these transactional relationships. Still, the company faced challenges, with fiscal 2025 organic net sales decreasing by 2.9% overall.

Relationship Metric	Fiscal 2025 Data Point	Context/Comparison
Largest Customer Sales Share	29%	Of consolidated net sales (Walmart, Inc. and affiliates).
Full Fiscal Year Net Sales	$11.6 billion	Reported net sales for fiscal 2025.
Q4 Reported Net Sales	$2.8 billion	Reported net sales for the fourth quarter ended May 25, 2025.
FY2025 Organic Net Sales Change	-2.9%	Decrease compared to the prior-year fiscal period.

Dedicated sales and category management teams for key retail accounts

To manage these massive transactional relationships, Conagra Brands, Inc. deploys dedicated sales and category management teams. These teams focus on understanding the specific needs of retail customers to develop joint business plans designed for shared value creation. These plans leverage the company's strengths in consumer demand science, marketing services, and collaborative product development with those key customers across all retail channels. The company competes on factors including customer service performance, alongside quality and brand loyalty.

Direct-to-consumer engagement through social media and brand websites

Direct-to-consumer (DTC) engagement is more about influencing the shopper before they reach the retailer, using data to drive product innovation and marketing. Conagra Brands, Inc. actively uses social media trends to inform product development, especially for trending segments like permissible snacking and frozen foods. For instance, data-informed marketing campaigns have shown results like a 30% increase in purchase intent. The company's innovation strategy is fueled by understanding consumer priorities, such as the focus on health and wellness.

The digital landscape they target is massive, with reports focusing on the $148.6 billion U.S. snacking industry and the $91.3 billion U.S. frozen food industry in 2025. You see this direct influence in product labeling, such as the introduction of an "On Track" badge on 26 Healthy Choice® items in January 2025, highlighting them as "GLP-1 friendly."

• Leveraging social media trends to inform product innovation.
• Data-driven marketing leading to a 30% increase in purchase intent in some campaigns.
• Focus on modernizing portfolio to align with consumer trends, like removing FD&C colors from frozen brands by the end of 2025.

Customer service channels for product quality and recall management

For product quality and safety, Conagra Brands, Inc. maintains formal customer service channels, which are part of their global business services structure, including Consumer Affairs. The company competes on customer service, and managing issues like product quality is key to retaining retailer and consumer trust. A concrete example of their commitment to product quality and modernization is the internal goal to have their leading frozen brands be 100% free from certified Food, Drug & Cosmetic colors by the end of 2025. This proactive quality step is a significant relationship management effort aimed at meeting evolving consumer preferences.

• Consumer Affairs is managed within the global business services function.
• Achieved 100% removal of FD&C colors from the U.S. frozen portfolio by the end of 2025.
• Competition is based on customer service performance alongside product quality.

Finance: review the impact of the 2.5% Q4 volume decline on Q1 2026 inventory levels by next Tuesday.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Channels

You're looking at how Conagra Brands, Inc. gets its products, from Mrs. Paul's to Slim Jim, into the hands of consumers and customers as of late 2025. The distribution strategy is broad, hitting nearly every type of food retailer and buyer.

The core of the distribution remains traditional brick-and-mortar retail. Conagra Brands, Inc. sells its portfolio through distributors to a wide array of operators, including chain, wholesale, value, cooperative, and independent grocery stores, as well as pharmacy and drug stores, and convenience stores. For the full fiscal year 2025, total company net sales reached approximately $11.6 billion.

The reliance on a few massive retail partners is a key feature of this channel strategy. For instance, the largest customer, Walmart, Inc. and its affiliates, accounted for 29% of consolidated net sales for fiscal 2025. This concentration means channel performance is heavily tied to that single retailer's strategy and volume.

E-commerce platforms and online grocery delivery services are an established, though not separately quantified, part of the mix. The company explicitly states its products are sold online through various e-commerce platforms and retailers. This channel supports the domestic retail segments (Grocery & Snacks and Refrigerated & Frozen) which principally sell through various retail channels in the United States.

The Foodservice channel supplies institutional buyers and commercial food service operations. This includes restaurants and bars, travel and leisure customers, schools, health care facilities, and government customers. For the fourth quarter of fiscal 2025, net sales for the Foodservice segment were $280 million. This channel operates alongside the domestic retail focus.

International distribution is a smaller, but significant, component. Foreign net sales, which include sales by domestic segments to customers outside the United States, totaled approximately $987.9 million in fiscal 2025. The International reporting segment itself focuses on branded food products sold in various retail and foodservice channels outside the United States. To be fair, the search results didn't isolate specific revenue for Canada or Mexico, but they confirm the international scope.

Finally, club stores are specifically mentioned as a sales outlet, catering to bulk and value-focused sales alongside other wholesale and value operators.

Here's a quick look at the scale of the major segments that feed into these channels for the full fiscal year 2025, keeping in mind the total company net sales were $11.6 billion:

Channel/Segment Indicator	FY 2025 Net Sales (Approximate Context)	Key Channel Detail
Largest Customer Concentration (Walmart)	29% of consolidated net sales	Mass-market retail dominance.
International Net Sales	$987.9 million	Distribution outside the US.
Foodservice Segment (Q4 Example)	$280 million (Q4 FY2025)	Supplying institutional and commercial buyers.
Total Company Net Sales (FY2025)	$11.6 billion	Overall scale of distribution.

The company's channel strategy relies heavily on maintaining strong relationships within the mass-market retail environment, while the Foodservice segment provides a distinct, non-retail revenue stream. The international piece is managed as a separate segment but contributes less than 10% of the total reported net sales.

• Mass-market retail and grocery stores: Primary volume driver, exemplified by the 29% reliance on Walmart.
• E-commerce platforms and online grocery delivery services: An integrated digital extension of the retail presence.
• Foodservice channel: Supports commercial and institutional demand, with Q4 sales at $280 million.
• International distribution networks: Contributed approximately $987.9 million in foreign net sales in FY2025.
• Club stores and discount retailers: Included within the broader wholesale/value store operator sales.

Finance: draft 13-week cash view by Friday.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Customer Segments

You're looking at where Conagra Brands, Inc. focuses its sales efforts, which directly maps to who buys their products. Honestly, the numbers show a heavy reliance on the domestic retail channel, which serves the mass-market U.S. household.

The core customer base is definitely the mass-market U.S. household seeking convenient, affordable food solutions. This is evident when you look at the segment revenue breakdown for fiscal year 2025. The combined retail segments-Grocery & Snacks and Refrigerated & Frozen-represent the vast majority of the company's top line.

Here's a look at the net sales by reporting segment for the full fiscal year 2025:

Customer-Facing Segment	Fiscal 2025 Net Sales (Millions USD)	Percentage of Total Net Sales
Grocery & Snacks	$4,899.3	42.2%
Refrigerated & Frozen	$4,662.3	40.1%
Foodservice	$1,094.7	9.4%
International	$956.5	8.2%
Total Reported Net Sales	$11,612.8	100.0%

The consumers prioritizing frozen and snack categories for quick consumption are the engine for the two largest segments. For instance, the U.S. snacking landscape alone was valued at $148.6 billion in 2025. Within that, younger consumers, like Gen Z, are driving demand for globally inspired snacks, which posted $5.7 billion in retail sales. Also, co-branded products, which offer instant appeal, generated nearly $2.1 billion in annual sales. You see this focus on convenience reflected in product introductions; Conagra Brands introduced over 50 new frozen food items in 2025.

Foodservice operators-restaurants, schools, and hospitals needing bulk ingredients-form a distinct segment, though smaller in overall revenue contribution. For the full fiscal year 2025, the Foodservice segment generated net sales of $1,094.7 million. To give you a quarterly snapshot, the fourth quarter of fiscal 2025 saw this segment bring in $280 million in net sales.

Health-conscious buyers seeking 'better-for-you' options, such as those purchasing brands like Healthy Choice, are a growing focus area, especially within the frozen category. This trend is also strong in snacking, where protein-forward, portion-controlled, and nutrient-dense options are outpacing overall category growth. Claims like "gut health" and "clean label" are resonating with these wellness-driven shoppers. For example, spicy frozen meals, a category that appeals to younger demographics like Gen Z (who are reportedly 48% more likely to buy them), is a significant area of focus.

International consumers in North America and select global markets represent the International segment, which recorded net sales of $956.5 million for fiscal year 2025. Within North America, Conagra Brands holds approximately 15% of the U.S. packaged food market, while their market share in Canada is slightly lower, at around 12%.

You should keep in mind the concentration risk here:

• The largest single customer, Walmart, Inc. and its affiliates, accounted for 29% of consolidated net sales for fiscal 2025.
• The Grocery & Snacks and Refrigerated & Frozen segments together accounted for over 82% of total net sales in fiscal 2025.

Finance: draft 13-week cash view by Friday.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Cost Structure

You're looking at the hard costs that keep the lights on and the products moving for Conagra Brands, Inc. as of late 2025. It's a structure dominated by input costs, a sprawling physical footprint, and necessary brand investment.

High cost of goods sold (COGS) driven by commodity and packaging inflation.

Input costs are a major driver, with material costs-ingredients and packaging-making up roughly 60% of the total cost of goods sold. Manufacturing accounts for another 25%, and logistics costs are about 15% of the total COGS structure. Animal proteins, which include beef, chicken, pork, turkey, and eggs, represent about 20% of that material cost bucket. Looking ahead to fiscal year 2026, the company expects total COGS inflation to be in the low 7% range. This is composed of core inflation anticipated to be slightly higher than 4%, plus an additional expected impact of approximately 3% annually from tariffs before any mitigating actions are factored in. Conagra Brands reported net sales of $11.6 billion for fiscal year 2025.

The cost breakdown for COGS inputs can be seen here:

Cost Component	Approximate % of Total COGS	Specific Detail
Material Costs (Ingredients & Packaging)	60%	Animal proteins within this bucket are inflating double digits in fiscal 2026.
Manufacturing Expenses	25%	Costs associated with running the production facilities.
Logistics Expenses	15%	Costs related to moving goods through the supply chain.

Significant manufacturing and logistics expenses for a 42-plant network.

The physical infrastructure represents a fixed cost base. Conagra Brands operates a network of 42 manufacturing facilities. Management notes that the utilization of manufacturing capacity varies by plant based on product assignment and demand levels. The company maintains stand-alone distribution facilities, with warehouses also present at most manufacturing sites. This network supports the sale of branded, value-added consumer food products, foodservice items, and ingredients.

Brand building and marketing investment to support core brands.

Supporting the portfolio requires consistent investment in advertising and promotion (A&P). For the first quarter of fiscal 2026, A&P spending was $53 million compared to the prior year period, representing a 5.0% increase. This investment is key because the company is in the business of building brands, and relentless pricing actions can lead to volume declines. The company is focused on driving growth in its frozen and snacking categories, where innovation launches in fiscal 2025 saw a 36% dollar growth versus fiscal 2024 launches.

Interest expense on debt, with guidance around $400 million for FY2026.

Debt servicing is a predictable, non-operating cost. For fiscal year 2026, the guidance for interest expense is approximately $390 million. This is down from the net interest expense reported in the first quarter of fiscal 2026, which was $94 million, reflecting a decrease driven by debt reduction. The company ended the first quarter of fiscal 2026 with net debt of $7.6 billion, representing a 12.3% reduction versus the prior year period.

Key debt and interest metrics:

• FY2026 Interest Expense Guidance: Approximately $390 million.
• Net Debt as of end of Q1 FY2026: $7.6 billion.
• Net Leverage Ratio at end of Q1 FY2026: 3.55x.
• Debt Paydown Plan: The company plans to pay down $700 million in debt during fiscal 2026.

Restructuring and productivity program costs to achieve long-term savings.

Conagra Brands incurs costs related to the Conagra Restructuring Plan over multiple years to optimize the supply chain network and improve SG&A expense effectiveness. Cumulative pre-tax charges recognized under this plan through February 23, 2025, totaled $310.2 million. For the first three quarters of fiscal 2025 alone, charges recognized were $90.7 million. The company anticipates recognizing costs related to this restructuring plan through the end of fiscal 2026. Productivity improvements are a key lever to offset inflation, with plans to offset 4% of core inflation through these initiatives.

Conagra Brands, Inc. (CAG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Conagra Brands, Inc. brings in money, which is all about moving branded food from their plants to your plate, or to a restaurant's kitchen. For the full fiscal year 2025, total net sales came in at $11.6 billion, which was a 3.6% decrease compared to fiscal 2024.

The biggest chunk of that revenue comes from selling branded products through retail channels. While the prompt suggests retail sales totaled $11.6 billion in FY2025, the reported total net sales for the year were $11.6 billion. The company's operations are segmented, giving us a clearer picture of where the money originates, even if the prompt groups the retail components together.

Here's a look at the key revenue streams based on the latest segment data available for the fiscal year ending around August 2025:

Revenue Stream Category	FY2025 Approximate Revenue (Millions USD)	FY2025 Percentage of Total Sales (Approximate)
Total Net Sales (Reported)	$11,600	100%
Grocery & Snacks (Retail)	$4,800
Refrigerated & Frozen (Retail)	$4,650
Foodservice Sales	$1,090	9%
International Sales	$909.70	9%

The retail sales, which you mentioned, are primarily driven by the Grocery & Snacks segment and the Refrigerated & Frozen segment. For instance, using the data from the period ending September 30, 2025, Grocery and Snacks was $4.80B and Refrigerated and Frozen was $4.65B. To be fair, summing these retail-like segments doesn't perfectly equal the $11.6 billion total net sales figure, but they represent the core domestic retail engine.

The Foodservice stream provides branded and customized products to commercial customers like restaurants. For the fiscal year ending in August 2025, Foodservice Revenue was approximately $1.09 billion, which the company noted represented about 9% of total fiscal 2025 revenue.

International sales, covering markets like Canada and Mexico, also contribute significantly. The International Segment revenue for the period ending August 2025 was reported at $909.70 million, also representing about 9% of the total fiscal 2025 revenue.

Conagra Brands, Inc. also generates revenue through licensing agreements. While specific dollar amounts for licensing revenue from divested brands or co-branded products aren't always broken out separately in the main top-line reports, it remains a distinct revenue stream.

Profitability from these sales streams is measured by the gross profit. For the full fiscal year 2025, the Adjusted Gross Profit was approximately $3.0 billion, or $3.004B, reflecting a 9.9% decline from the prior year, largely due to lower net sales and cost of goods sold inflation outpacing productivity gains.

You should keep an eye on the mix, as the company has been actively reshaping its portfolio, which impacts these revenue figures due to divestitures. For example, in Q1 FY2026, divestitures accounted for a 5.1% decrease in reported net sales.

• Retail sales are the primary driver of the overall $11.6 billion in FY2025 net sales.
• Foodservice and International each accounted for roughly 9% of total fiscal 2025 revenue.
• Adjusted Gross Profit for FY2025 settled at about $3.0 billion.
• The company is focused on disciplined cost management to protect margins against persistent inflation.

Finance: draft 13-week cash view by Friday.