Conagra Brands, Inc.

Read together, the filings show a sharp drop in reported profit in fiscal 2026 alongside a weaker balance sheet. Revenue declined 2.9% to $11.28 billion, but the move to a $1.92 billion net loss is far larger than the revenue change would suggest, so the loss is the item that needs explaining. Total assets fell to $17.27 billion from $20.93 billion, and liabilities to $10.92 billion. The forensic scores should be read one at a time. The Beneish M-Score is -3.530, below the -1.78 threshold and not in the elevated manipulation-risk zone. This is a screening output, and a non-elevated reading does not confirm that reported figures are accurate. The Altman Z″-Score is 0.65, which falls in the distress zone; lower values indicate more financial stress, and the zone is an estimate, not a forecast of default. The Piotroski F-Score is 5 of 9 computable signals, where a higher count means stronger results on a checklist of profitability, leverage, and efficiency tests, so 5 sits in the middle. The Fog Index is 16.36, in the hard-to-read band of 14 to 18, so the MD&A demands careful reading. The operating cash flow to net income ratio of -0.73 is negative only because net income is negative. The filings name specific exposures: wheat, corn, vegetable oils, pork, dairy, and tinplate steel for canned packaging, the last affected by tariffs. A hypothetical 10% move in agriculture commodity prices would produce a potential gain or loss of $11.0 million on related contracts. The 10-Q reports no material changes to risk factors. Readers may want to look at Note 16 of the 10-K and Note 12 of the 10-Q for legal contingency detail, which the excerpt does not reproduce.

Catalyst.Revenue for fiscal 2026 (ended May 31, 2026) was $11.28 billion, down from $11.61 billion in fiscal 2025, a 2.9% decline. The fiscal 2026 result includes an operating loss of $1.63 billion, compared with operating income of $1.36 billion a year earlier. The focus named in the risk factors is offsetting cost pressure: the company anticipates continued elevated input cost inflation in fiscal 2027 and plans to respond through productivity gains, cost cuts, pricing, and hedging. In the first quarter of fiscal 2027 (ended August 30, 2026), the company repurchased 2,662,660 shares, leaving about $793.6 million under its repurchase authorization. The excerpt provided does not include the MD&A results discussion that would explain the drivers of the fiscal 2026 loss.

Hidden risk.The most easily missed item is the swing from profit to loss: net income moved from $1.15 billion in fiscal 2025 to a loss of $1.92 billion in fiscal 2026, while operating cash flow stayed positive at $1.4 billion. Equity fell from $8.93 billion to $6.36 billion over the same year. Long-term debt on the annual balance sheet is $6.46 billion, while the 10-Q reports a carrying amount of $7.73 billion including current installments, and a 1% rise in interest rates would decrease the fair value of fixed-rate debt by approximately $318.0 million. The excerpt does not state what caused the loss, so readers may want to look at the full 10-K for that explanation.