Press Release

Cal-Maine Foods Reports Strongest First Quarter in Company History

Specialty Eggs and Prepared Foods Positioned as Growth Engines, Anchored by Scale,

Integration, and Financial Strength

Ridgeland, Miss. (October 1, 2025)

— Cal-Maine Foods, Inc. (NASDAQ: CALM), the largest

egg company in the United States and a leading player in the egg-based food industry, today

reported results for the first quarter of fiscal 2026, ended August 30, 2025. Unless otherwise

indicated, all comparisons are to the comparable period of fiscal 2025.

Financial and Operating Highlights

●

Net sales of $922.6 million, up 17.4%

o

Shell egg sales of $789.4 million, up 6.5%

◾

Conventional egg sales of $505.9 million, up 4.4%

◾

Specialty egg sales of $283.5 million, up 10.4%

◾

Conventional eggs and specialty eggs accounted for 64.1% and 35.9% of total

shell egg sales, compared to 65.4% and 34.6%, respectively

o

Prepared foods sales of $83.9 million versus $8.9 million,

up 839.1%

◾

Echo Lake contributed $70.5 million in sales

o

Specialty eggs and prepared foods combined accounted for 39.8% of net sales,

compared to 33.8%

●

Gross profit of $311.3 million,

up 25.9%, and gross profit margin of 33.7%

●

Operating income of $249.2 million, up 33.3%, and operating income margin of 27.0%

●

Net income of $199.3 million, up 32.9%

●

Diluted earnings per share of $4.12, up 34.6%

●

Net cash flow from operations of $278.6 million,

up 137.2%

●

Declared cash dividend of approximately $66.5 million, or $1.37 per share, pursuant to the

company’s established dividend policy

●

Breeder flocks grew 46%, total chicks hatched rose 77%, and the average number of layer

hens expanded 10%, reflecting previously announced investments

Commentary

“We delivered our strongest first quarter in company history, aided by higher specialty egg sales,

the expansion of our prepared foods platform, and supported by solid performance in

conventional eggs. Cal-Maine Foods enters fiscal 2026 from a position of strength and is a

uniquely attractive combination of both value and growth in today’s food sector,” said Sherman

Miller, president and chief executive officer of Cal-Maine Foods.

Quarterly Results Overview

Net sales were $922.6 million, compared to $785.9 million, up 17.4%. Total shell egg sales

increased 6.5% on 2.5% higher sales volume and 3.9% higher selling prices. Shell egg sales

represented 85.6% of total net sales as the company diversified its sales towards prepared foods.

The acquisition of Echo Lake Foods added $70.5 million to net sales.

Conventional egg sales grew 4.4%, primarily due to 4.7% higher conventional egg selling prices.

Conventional egg sales volume was relatively flat. Specialty egg sales improved 10.4%,

primarily due to a 7.5% increase in specialty egg sales volume and 2.6% higher specialty egg

selling prices. Specialty eggs drove a greater portion of shell egg sales, accounting for 35.9% of

total shell egg sales, a 130-basis point increase, reflecting ongoing mix shift.

Gross profit was $311.3 million, compared to $247.2 million, up 25.9%, primarily driven by

3.9% higher shell egg selling prices, 7.5% growth in specialty egg sales volume, 4.3% lower feed

costs, and contributions from the Echo Lake Foods acquisition.

Strategic Priorities Powering Growth

Mr. Miller continued, “Cal-Maine Foods is advancing as a diversified and consumer-driven egg-

based food company anchored by three clear priorities: expanding specialty eggs and prepared

foods; pursuing disciplined, accretive M&A; and leveraging operational and financial excellence.

Executing on these strategic priorities in unison is driving tangible results, and positioning us for

accelerated growth, broader diversification, and stronger, more consistent earnings.”

Expanding Specialty Eggs and Prepared Foods

Cal-Maine Foods is advancing its growth strategy by expanding specialty eggs, while building a

scaled prepared foods platform across multiple formats and dayparts to meet accelerating

demand for differentiated, convenient, and protein-rich foods.

Specialty eggs represented 30.7% of net sales in the first quarter, supported by the company’s

broad portfolio spanning cage-free, organic, brown, free-range, pasture-raised, and nutritionally

enhanced categories. Prepared foods — including pre-cooked egg patties, omelets, folded and

scrambled egg products, hard-cooked, pancakes, and waffles — contributed 9.1% of sales,

following the Echo Lake Foods acquisition in June 2025. Together, specialty eggs and prepared

foods accounted for nearly 40% of net sales in the first quarter, underscoring their central role in

Cal-Maine’s strategy and long-term financial performance.

Specialty egg sales delivered notable gains, including double-digit dollar and volume increases

in cage-free and pasture-raised, reflecting sustained consumer demand for premium products.

Specialty egg growth was broad-based across channels, with retail advancing at a strong single-

digit pace, foodservice posting double-digit increases, and private-label programs also expanding

at a double-digit rate — strengthening scale and further diversifying the customer base.

Cal-Maine Foods is a growing house of brands, spanning nationally recognized labels, trusted

regional names, and private-label programs that reach a wide spectrum of customers and

consumers, including Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4-Grain®,

Sunups®, Sunny Meadow®, MeadowCreek Foods®, and Crepini®. Notably, Cal-Maine and

affiliates account for roughly half of all Eggland’s Best® sales nationally, and the brand

maintained its leadership position as the #1 branded specialty egg in the U.S. during the first

quarter.

Pursuing Disciplined, Accretive M&A

Cal-Maine’s strong balance sheet and robust cash flow provide the flexibility to invest

organically and pursue M&A opportunities that strengthen financial returns and advance its

consumer-driven growth strategy.

Echo Lake Foods and Crepini Foods are compelling recent examples, expanding prepared foods

into new formats and dayparts, while deepening differentiation in both retail and foodservice.

These acquisitions

reflect Cal-Maine’s disciplined approach: targeting assets that enhance mix,

improve margin profile, and build capabilities that compound long-term value. With a strong

pipeline of opportunities, M&A remains an important lever to deploy capital prudently, build

scale, extend reach into value-added categories, and reinforce Cal-Maine’s leadership in eggs and

egg-based foods.

“I’m proud to share that our acquisition of Echo Lake Foods is on track to exceed every financial

and operational expectation set at the time of the transaction. Building on that strong

performance, we are investing an incremental $14.8 million in a new high-speed pancake

production line at our Burlington, Wisconsin facility to capture accelerating customer demand.

This expansion will add 12 million pounds of annual pancake capacity, materially enhancing our

operational capabilities and positioning Cal-Maine Foods for sustainable growth in the frozen

breakfast category," said Mr. Miller.

Leveraging Operational and Financial Excellence

Cal-Maine’s vertically integrated model is built to provide quality, safety, supply reliability, and

efficiency across our operations. In-line facilities and ongoing modernization initiatives further

enhanced yields and productivity during the quarter, reinforcing the company’s low-cost position

and enabling leading biosecurity practices at scale. The “Cal-Maine Way” — combining best

practices, process innovation, and talent development — drives consistent operational execution.

The company also maintains a robust balance sheet, a strategic advantage that provides full

flexibility to allocate capital dynamically.

Supply and Demand Dynamics

U.S. egg consumption continues to be fueled by powerful consumer trends such as growing

demand for protein, increased focus on health and wellness, affordability, and the steady

expansion of the U.S. population. Specialty eggs and prepared food categories are capturing

greater share as consumers increasingly choose products with enhanced attributes and added

convenience. On the supply side, the national table-egg flock is recovering from the impacts of

Highly Pathogenic Avian Influenza (HPAI) but remains below historical levels. In this

environment, biosecurity is paramount. Since 2015, Cal-Maine has invested more than $80

million in advanced technology, equipment, supplies, procedures, and training to safeguard flock

health. While HPAI continues to affect national supply, our rigorous measures help mitigate risk

and support continuity across our operations.

Looking Forward

“Looking ahead, we see a clear and compelling long-term growth trajectory for Cal-Maine Foods

as we continue to execute on our strategic priorities.

Our significant scale, vertical integration,

diversification, and financial discipline all provide a resilient foundation. Specialty eggs and

prepared foods are delivering today and are value drivers for the future. Moving forward, the

market will gain even more clarity, predictability, and visibility into both the existing strength of

Cal-Maine Foods and the path we are building for the future,” Mr. Miller concluded.

Dividend Payment

For the first quarter of fiscal 2026, Cal-Maine Foods will pay a cash dividend of approximately

$1.37 per share to holders of its common stock, pursuant to the company’s variable dividend

policy. The dividend is payable on November 13, 2025, to holders of record on October 29,

2025. The final amount paid per share will be based on the number of outstanding shares on the

record date.

Conference Call and Webcast

Management will host a conference call and webcast at 9:00 a.m. ET on October 1, 2025.

Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods

website at https://www.calmainefoods.com/events-presentations. To join by telephone,

participants can register here. Upon registration, participants will receive a confirmation email

with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A

replay of the webcast will be available for 30 days following the call on the Investor Relations

page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (NASDAQ: CALM) is the largest egg company in the United States and a

leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods

provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty,

including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—

serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in

the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded

and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its

branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®,

Sunups®, MeadowCreek Foods®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational

excellence, and financial discipline with a commitment to innovation and sustainability, to enable

the company to deliver trusted nutrition, enduring partnerships, and long-term value for its

stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking

statements as that term is defined in the Private Securities Litigation Reform Act of 1995.

The

forward-looking statements are based on management’s current intent, belief, expectations,

estimates and projections regarding our Company and our industry. These statements are not

guarantees of future performance and involve risks, uncertainties, assumptions and other factors

that are difficult to predict and may be beyond our control. The factors that could cause actual

results to differ materially from those projected in the forward-looking statements include,

among others, (i) the risk factors set forth the Company’s SEC Filings (including its Annual

Report on Form 10-K,

Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii)

the risks and hazards inherent in the shell egg business (including disease, pests, weather

conditions, and potential for product recall), including but not limited to the current outbreak of

HPAI affecting poultry in the U.S., Canada and other countries that was first detected in

commercial flocks in the U.S. in November 2023 and that first impacted our flocks in December

2023, (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) our

ability to predict and meet demand for cage-free and other specialty eggs, (v) risks, changes, or

obligations that could result from our recent or future acquisition of new flocks or businesses,

such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that

may cause conditions to completing a pending acquisition not to be met, (vi) our ability to

successfully integrate and manage the business of Echo Lake Foods and realize the expected

benefits of the acquisition, including synergies, cost savings, reduction in earnings volatility,

margin expansion, financial returns, expanded customer relationships, or sales or growth

opportunities, (vii) our ability to retain existing customers, acquire new customers and grow our

product mix including our prepared foods product offerings, (viii) the impacts and potential

future impacts of government, customer and consumer reactions to recent high market prices for

eggs, (ix) potential impacts to our business as a result of our Company ceasing to be a

“controlled company” under the rules of The Nasdaq Stock Market on April 14, 2025, (x) risks

relating to potential changes in inflation, interest rates and trade and tariff policies, (xi) adverse

results in pending litigation and other legal matters, and (xii) global instability, including as a

result of the war in Ukraine, the conflicts involving Israel and Iran, and attacks on shipping in the

Red Sea. The Company’s SEC filings may be obtained from the SEC or the Company’s website,

www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking

statements because, while we believe the assumptions on which the forward-looking statements

are based are reasonable, there can be no assurance that these forward-looking statements will

prove to be accurate. Further, forward-looking statements included herein are made only as of

the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise

required by law, we disclaim any intent or obligation to update publicly these forward-looking

statements, whether because of new information, future events, or otherwise.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands, except per share amounts)

SUMMARY STATEMENTS OF INCOME

13 Weeks Ended

August 30, 2025

August 31, 2024

Net sales

922,602

785,871

Cost of sales

611,288

538,653

Gross profit

311,314

247,218

Selling, general and administrative

69,514

61,932

(Gain) Loss on involuntary conversions

(7,488)

146

(Gain) loss on disposal of fixed assets

104

(1,817)

Operating income

249,184

186,957

Other income, net

14,081

10,996

Income before income taxes

263,265

197,953

Income tax expense

64,158

48,363

Net income

199,107

149,590

Less: Loss attributable to noncontrolling interest

(233)

(386)

Net income attributable to Cal-Maine Foods, Inc.

199,340

149,976

Net income per common share:

Basic

4.13

3.08

Diluted

4.12

3.06

Weighted average shares outstanding:

Basic

48,281

48,761

Diluted

48,424

48,932

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

(In thousands)

SUMMARY BALANCE SHEETS

August 30, 2025

May 31, 2025

ASSETS

Cash and short-term investments

1,253,395

1,392,100

Receivables, net

245,921

272,361

Inventories, net

328,429

295,670

Prepaid expenses and other current assets

19,109

7,979

Current assets

1,846,854

1,968,110

Property, plant and equipment, net

1,195,545

1,026,684

Other noncurrent assets

153,993

89,825

Total assets

3,196,392

3,084,619

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable and accrued expenses

203,494

194,208

Dividends payable

66,457

114,163

Current liabilities

269,951

308,371

Deferred income taxes and other liabilities

224,524

210,233

Stockholders' equity

2,701,917

2,566,015

Total liabilities and stockholders' equity

3,196,392

3,084,619

Contacts

Investors: ir@cmfoods.com

Media: media@cmfoods.com

Telephone: (601) 948-6813

CAL-MAINE FOODS INC 8-K