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Conagra Brands supplies foods for consumers to eat at home, with brands including Birds Eye, Healthy Choice, Marie Callender’s and Slim Jim. Most revenue comes from frozen and refrigerated foods, shelf-stable groceries and snacks sold through U.S. retailers. It sells directly to retailers and through distributors, which buy its products for resale to shoppers. A smaller business supplies meals, sauces and ingredients to restaurants and other foodservice customers; it also sells branded foods outside the United States.
Walmart and its affiliates are its largest customer and account for a substantial share of sales. Major customers generally have no contractual obligation to keep buying, so consumer demand and retailers’ purchasing decisions both matter. Retailers can resist price increases and promote their own store brands, limiting Conagra’s ability to pass higher ingredient, packaging and production costs on to buyers.
Food-safety, ingredient, packaging and labeling rules constrain how Conagra makes and markets its products. Failure to comply can lead to recalls or restrictions on production and sales.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Conagra’s results hinge on U.S. branded-food demand, pricing and input costs, with Nestlé a key frozen-food rival to watch outside this list.
General Mills competes with Conagra for North American grocery shoppers’ spending on frozen meals, snacks and baking mixes. Its North America Retail results are the relevant comparison, rather than its pet-food business.
Kraft Heinz competes with Conagra to sell branded grocery staples, frozen potato products and refrigerated meats to U.S. retailers. Watch its North American brands, including Ore-Ida and Oscar Mayer, for the closest product overlap.
Campbell’s competes with Conagra to supply grocery retailers and foodservice buyers with branded packaged meals, sauces, frozen entrées and snacks. Its Rao’s and Michael Angelo’s frozen entrées offer a concrete comparison with Conagra’s frozen-meal business.
B&G Foods challenges Conagra’s Birds Eye frozen vegetables with Green Giant and also competes in branded shelf-stable groceries sold to retailers. Its Frozen & Vegetables results are the clearest comparison for Birds Eye.
Hormel Foods competes with Conagra for retail and foodservice purchases of branded meat snacks, packaged meats and shelf-stable foods. Its packaged-meat brands, including Applegate and Hormel Black Label, are more relevant to that rivalry than its overall revenue.
J.M. Smucker competes with Conagra in frozen convenience foods, packaged snacks and baking products sold primarily through North American retailers. Watch its frozen handheld foods and sweet baked goods rather than coffee or pet food when comparing demand with Conagra.
PepsiCo’s convenient foods compete with Conagra’s snacks and shelf-stable foods for grocery and convenience-store purchases. Its North American food business, selling products such as chips, granola bars and mixes to distributors and retailers, is the useful comparison—not beverages.
Conagra depends heavily on Walmart’s purchases of packaged foods for resale: Walmart and its affiliates accounted for about 29% of Conagra’s consolidated net sales in both fiscal 2026 and fiscal 2025. Watch changes in Walmart’s buying quantities or terms, since it is generally not contractually obliged to keep buying.
Utz Brands, Inc. competes directly for buyers of Conagra’s popcorn and other salty snacks, selling ready-to-eat popcorn, pretzels, chips and snack mixes. Its Branded Salty Snacks business is the relevant part to watch, since that is where Utz focuses investment and brand-building.
Tyson Foods competes with Conagra to supply retailers and foodservice customers with frozen and refrigerated prepared foods, meals and packaged meats. Its Prepared Foods segment is the closer comparison than its beef, pork or chicken businesses.
Mondelēz competes with Conagra for consumers’ branded-snack spending, including salted snacks, but has much greater exposure to chocolate and biscuits. Its salted snacks are the closer comparison; chocolate and biscuit results are less directly comparable to Conagra’s snack business.
Smithfield Foods competes with Conagra’s Hebrew National and other packaged meats by selling hot dogs, sausages and prepared foods through retail and foodservice brands. Its Packaged Meats results are the relevant comparison, rather than fresh pork or hog production.
Nomad Foods Limited offers a comparison for Conagra’s branded frozen-food demand and cost pressures, but sells to European customers rather than Conagra’s predominantly U.S. base. Its frozen meals and vegetables are useful to watch, while fish—its largest revenue contributor in 2023–2025—makes the overall sales mix different.
Conagra buys metal and custom containers from Silgan Holdings to package its food, making Silgan relevant to its packaging supply and costs. Watch Silgan’s metal-container and custom-container businesses rather than its closures business for this tie.
Smithfield Foods, Inc. earningsSFD
Smithfield’s Packaged Meats results offer a comparison for demand among the retail and foodservice buyers that also buy Conagra’s packaged meats.
Focus on sales and operating performance in Smithfield’s Packaged Meats business, not fresh pork or hog production. Resilient results would suggest demand for packaged meats is holding up. Weak results would point to softer demand or tougher competition for Conagra’s packaged-meat brands, but would not by themselves show that Conagra lost share.
Utz Brands, Inc. earningsUTZ
Utz Brands competes with Conagra for popcorn and other salty-snack purchases, so its report offers a read on demand in that shared category.
Look at sales in Utz’s Branded Salty Snacks business alongside any disclosed volume or pricing detail. Steady sales with volume support would suggest resilient demand for these snacks. Weak sales, or growth driven mainly by price while volumes soften, would point to shoppers buying less or becoming more price-sensitive—a risk for Conagra’s popcorn and other salty snacks too.
Silgan Holdings Inc earningsSLGN
Silgan supplies Conagra with metal and custom containers, so its relevant businesses offer clues about food-packaging supply and costs.
Focus on Silgan’s metal-container and custom-container businesses, not its closures business. Steady volumes and improving cost or profit trends would suggest a more supportive container-supply environment; weaker volumes or rising cost pressure would point to tighter supply or higher packaging expense. Silgan’s report does not disclose Conagra’s specific prices or supply terms.
The Kraft Heinz Company earningsKHC
Kraft Heinz’s North American brands compete with Conagra for shoppers and shelf space in grocery staples and some frozen and refrigerated foods.
Look at Kraft Heinz’s North American brands in the overlapping categories, using sales alongside any disclosed volume and pricing detail. Steady sales and volumes would suggest demand in those shared aisles is holding up. Softer volumes or falling sales would point to more cautious shoppers or tougher shelf competition for Conagra too, but Kraft Heinz’s overall results cannot establish a change in Conagra’s share.
B&G Foods, Inc. earningsBGS
B&G Foods’ frozen-vegetable business competes directly with Conagra’s Birds Eye, making its results a read on demand and competitive pressure in that category.
Focus on sales and operating performance in B&G Foods’ frozen-vegetable business. Resilient results would suggest demand for frozen vegetables is holding up; weak results would raise concern about demand pressure on Conagra’s Birds Eye too. B&G’s results alone cannot distinguish a category slowdown from a shift in share between brands.
Retail Sales MoM (Oct)
Retail sales track how much consumers spend at stores, which can affect purchases of Conagra’s branded foods and sales to retailers such as Walmart.
Stronger retail sales suggest firmer consumer spending that may support orders for Conagra’s branded foods; weaker sales suggest less support and may pressure orders and sales, including through Walmart.
Walmart Inc. earningsWMT
Walmart and its affiliates account for about 29% of Conagra’s sales, so Walmart’s grocery demand and replenishment matter to Conagra’s largest customer relationship.
Read Walmart’s grocery sales and inventory alongside any comments on replenishment, supplier buying or terms. Firm grocery demand and steady replenishment would support the outlook for Conagra’s largest customer relationship; weaker demand or replenishment could mean fewer orders or more pressure on terms. Walmart does not report its purchases from Conagra separately, so these are indirect signals.
The Campbell's Company earningsCPB
Campbell’s frozen entrées compete with Conagra’s frozen meals, so the relevant results offer a read on demand for convenient frozen food.
Focus on sales for Campbell’s relevant frozen-entrée brands, along with any disclosed volume or pricing detail. Steady sales and volumes would suggest demand for convenient frozen meals is holding up. Weakness would point to a risk that shoppers are buying less or watching prices more closely, though Campbell’s results alone cannot show how Conagra’s share changed.
Conagra Brands, Inc. earningsThis company
Conagra’s report will show whether sales and profit in its branded retail food businesses can hold up against cost pressure.
Read sales and segment operating profit together for Grocery & Snacks and Refrigerated & Frozen, then check what Conagra says about input costs and productivity. If both sales and profit hold up, demand, pricing or efficiency is keeping pace with costs. If both keep falling, weaker sales and cost pressure are still outweighing productivity gains.
