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Cal-Maine Foods
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Latest analysis
Updated Sep 2, 2026
Cal-Maine Foods refinances $250M revolving credit facility with tightened financial covenants amid 31.7% annual revenue decline.
Cal-Maine entered into a Second Amended and Restated Credit Agreement on August 31, 2026, refinancing its $250 million senior unsecured revolving credit facility with BMO Bank N.A. The new five-year facility matures August 31, 2031 and includes an accordion feature permitting up to $250 million in incremental capacity. The refinance occurs against a backdrop of severe operational deterioration: consolidated annual revenue declined 31.7% from $4.26 billion in FY2025 to $2.91 billion in FY2026, reflecting the structural collapse in egg market pricing stemming from prolonged avian influenza impacts. The new agreement imposes a maximum Total Funded Debt to Capitalization Ratio of 50% tested quarterly and requires maintenance of Minimum Tangible Net Worth of $1.5 billion plus 50% of consolidated net income, signaling lender concern about liquidity runway and capital structure resilience in a protracted market downturn.
Tone: defensiveRevenue
$2.9B
CALM 10-K · FY 2026
Revenue growth YoY
-31.7%
Founded
1957
Headquarters
Ridgeland, MS
Profile
CALM 10-K Item 1 · Jul 22, 2026Cal-Maine Foods is the largest egg company in the United States, producing and distributing shell eggs across the full value ladder from conventional to specialty, while expanding into prepared foods through recent acquisitions. The company serves retail and foodservice customers nationwide through a vertically integrated network of farms, hatcheries, feed mills, and processing facilities. Its branded portfolio includes Eggland's Best, Land O'Lakes, Farmhouse Eggs, Van's, and Crepini.
Read filing description ↓ Collapse description ↑
Cal-Maine Foods, Inc. is the largest egg company in the U.S. and a leading player in the egg-based food industry, headquartered in Ridgeland, Mississippi. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day. In fiscal 2026, we sold approximately 1.2 billion dozen shell eggs. Our total flock as of May 30, 2026 of approximately 50.0 million layers and 14.5 million pullets and breeders is the largest in the U.S. The Company's shell egg portfolio spans the full egg value ladder from conventional to specialty, including cage-free, nutritionally enhanced, organic, brown, pasture-raised and free-range eggs 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. Our branded portfolio includes Eggland's Best, Land O'Lakes, Farmhouse Eggs, 4Grain, Sunups, Van's, MeadowCreek Foods, and Crepini. We sell our products to a diverse group of customers, including national and regional grocery store chains, club stores, companies servicing independent supermarkets in the U.S., and foodservice distributors serving restaurants, convenience stores, healthcare and education facilities, and hotels throughout the majority of the U.S. Our strategy includes three primary priorities: expanding specialty shell eggs and prepared foods, pursuing disciplined growth through acquisitions and leveraging our scale, vertical integration, operational excellence and financial strength. Since 1989, we have acquired and integrated 28 businesses.
Primary products
- Conventional shell eggs
- Cage-free shell eggs
- Nutritionally enhanced shell eggs
- Organic shell eggs
- Brown shell eggs
- Pasture-raised shell eggs
Business segments
End markets
Geographies
Named customers
Our largest customer, Walmart Inc. (including Sam's Club) accounted for 30.0%, 33.6% and 34.0% of net sales dollars for fiscal 2026, 2025, and 2024, respectively.
“An important competitive advantage for Cal-Maine Foods is our ability to meet our customers' evolving needs with a favorable mix of branded and private-label products of conventional and specialty shell eggs, including cage-free, nutritionally enhanced, organic, brown, pasture-raised and free-range eggs, as well as prepared foods and egg products.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Net sales for fiscal year 2026 were $2.9 billion compared to $4.3 billion in fiscal 2025, a decrease of $1.3 billion or 31.7%, primarily due to the decline in conventional shell egg prices as the layer population recovered from HPAI outbreaks.
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