JM Smucker Company (SJM)

J.M. Smucker Tops Quarterly Forecasts as Revenue and Earnings Beat Expectations (SJM)June 9, 2026 8:53 AM
IH Market News The J.M. Smucker Co. (NYSE:SJM) reported fourth-quarter results that came in ahead of Wall Street expectations, sending its shares up 4.2% in premarket trading following the announcement. For the quarter ended April 30, the food products company posted adjusted earnings per share of $2.77, exceeding the analyst consensus estimate of $2.65 by $0.12. Revenue totaled $2.3 billion, surpassing forecasts of $2.26 billion and rising 6% from $2.14 billion in the same period a year earlier. The increase in sales was primarily driven by a 10 percentage point contribution from net price realization, particularly within the coffee and sweet baked goods categories. This benefit was partially offset by a 4 percentage point decline related to volume and product mix. Looking ahead, Smucker issued fiscal 2027 adjusted earnings per share guidance of $9.75 to $10.25. The midpoint of $10.00 would represent growth of approximately 9% compared with adjusted earnings per share of $9.15 reported for fiscal 2026. The company also expects net sales to decline between 3.0% and 4.0% during the year and forecasts free cash flow of approximately $1.0 billion. “Our strong fourth quarter results demonstrate the continued strength of our focused strategy and portfolio enhancement efforts, which have transformed the Company over time,” said Mark Smucker, Chief Executive Officer. “We delivered positive net sales and earnings growth in the quarter, while navigating a dynamic external environment, and we are entering fiscal year 2027 with meaningful momentum.” Adjusted earnings per share increased 20% from $2.31 in the prior-year quarter, reflecting continued operational improvements and pricing initiatives. Cash generation also strengthened during the period. The company produced free cash flow of $483.9 million in the fourth quarter, compared with $298.9 million in the corresponding quarter last year. For the full 2026 fiscal year, J.M. Smucker returned $464.7 million to shareholders through dividend payments and reduced its debt by $720.0 million, further strengthening its balance sheet. JM Smucker stock price Original: J.M. Smucker Tops Quarterly Forecasts as Revenue and Earnings Beat Expectations (SJM)

The J.M. Smucker Co. Announces Fiscal Year 2026 Fourth Quarter Results and Provides Full-Year Fiscal 2027 OutlookJune 9, 2026 7:00 AM
PR Newswire (US) ORRVILLE, Ohio, June 9, 2026 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced results for the fourth quarter of its fiscal year ending April 30, 2026. Financial results for the fourth quarter and fiscal year reflect the divestiture of certain Sweet Baked Snacks value brands on March 3, 2025, and the divestiture of the Voortman® business on December 2, 2024. All comparisons are to the fourth quarter of the prior fiscal year, unless otherwise noted.EXECUTIVE SUMMARYFourth Quarter Highlights Net sales for the quarter was $2.3 billion, an increase of $124.3 million, or 6 percent. Net sales excluding the divestiture and foreign currency exchange increased 6 percent.Net income per diluted share was $3.64 in the quarter. Adjusted earnings per share was $2.77, an increase of 20 percent.Cash provided by operations for the quarter was $579.2 million compared to $393.9 million in the prior year.Free cash flow was $483.9 million for the quarter compared to $298.9 million in the prior year.Fiscal Year 2026 HighlightsNet sales for the fiscal year was $9.1 billion, an increase of 4 percent. Fiscal year 2026 net sales excluding the divestitures and foreign currency exchange increased 5 percent.Net loss per diluted share for the fiscal year was $1.30. Adjusted earnings per share was $9.15, a decrease of 10 percent.Cash provided by operations for the fiscal year was $1.5 billion compared to $1.2 billion in the prior year.Free cash flow for the fiscal year was $1.2 billion compared to $816.6 million in the prior year.Return of cash to shareholders through dividends was $464.7 million for the fiscal year.Total debt repayment for the fiscal year was $720.0 million.Fiscal Year 2027 Outlook Highlights The Company provided its fiscal year 2027 outlook, with net sales expected to decrease 3.0 to 4.0 percent, adjusted earnings per share to range from $9.75 to $10.25, and free cash flow of approximately $1.0 billion.CHIEF EXECUTIVE OFFICER REMARKS"Our strong fourth quarter results demonstrate the continued strength of our focused strategy and portfolio enhancement efforts, which have transformed the Company over time," said Mark Smucker, Chief Executive Officer, President and Chair of the Board. "We delivered positive net sales and earnings growth in the quarter, while navigating a dynamic external environment, and we are entering fiscal year 2027 with meaningful momentum.""Looking ahead, our strategic priorities for the fiscal year are to — drive focused organic volume growth across our key platforms, improve profitability and accelerate earnings growth, and maintain a disciplined approach to capital deployment. Our strategy is working, and the strong foundation we have established gives us confidence in our ability to drive long-term growth and create shareholder value."FOURTH QUARTER CONSOLIDATED RESULTS
Three Months Ended April 30,
2026
2025
% Increase
(Decrease)
(Dollars and shares in millions, except per share data)





Net sales$2,268.1
$2,143.8
6 %





Operating income (loss)$444.5
($599.1)
n/mAdjusted operating income482.1
422.4
14 %





Net income (loss) per common share – assuming dilution$3.64
($6.85)
n/mAdjusted earnings per share – assuming dilution2.77
2.31
20 %





Weighted-average shares outstanding – assuming dilution     106.9
106.4
— %Net SalesNet sales increased $124.3 million, or 6 percent. Excluding $5.1 million of noncomparable net sales in the prior year related to the divestiture of certain Sweet Baked Snacks value brands and $3.1 million of favorable foreign currency exchange, net sales increased $126.3 million, or 6 percent.The increase in comparable net sales reflects a 10 percentage point increase from net price realization, primarily driven by higher net pricing for coffee and sweet baked goods. Comparable net sales also reflects a 4 percentage point decrease from volume/mix, primarily driven by decreases for coffee and sweet baked goods, partially offset by an increase for Uncrustables® sandwiches.Operating IncomeGross profit increased $38.8 million, or 5 percent. The increase primarily reflects higher net price realization, partially offset by higher costs, inclusive of commodity costs and tariffs, and unfavorable volume/mix. Operating income increased $1,043.6 million, primarily reflecting the lapping of noncash impairment charges related to the goodwill of the Sweet Baked Snacks reporting unit and Hostess® brand trademark in the prior year, the increase in gross profit, and a decrease in selling, distribution, and administrative ("SD&A") expenses.Adjusted gross profit increased $31.1 million, or 4 percent. The difference between adjusted gross profit and generally accepted accounting principles ("GAAP") results reflects the exclusion of the change in net cumulative unallocated derivative gains and losses and special project costs. Adjusted operating income increased $59.7 million, or 14 percent, which further reflects the exclusion of amortization expense, noncash impairment charges related to the goodwill of the Sweet Baked Snacks reporting unit and Hostess® brand trademark, the net pre-tax gain on divestitures in the prior year, and other special project costs as compared to GAAP operating income.Interest Expense and Income TaxesNet interest expense decreased $6.3 million, primarily due to reduced debt outstanding as compared to the prior year.The effective income tax rate was (18.5) percent, compared to (4.6) percent in the prior year. The current year effective income tax rate reflects the cumulative unfavorable impact of the goodwill impairment charge recognized in the third quarter for the Sweet Baked Snacks reporting unit, which was included in the annual effective income tax rate and impacts the effective income tax rate in the fourth quarter. Additionally, the prior year effective income tax rate included the unfavorable impact of the goodwill impairment charge for the Sweet Baked Snacks reporting unit, partially offset by the deferred tax impact of favorable state legislative changes. These impacts were excluded from the adjusted effective income tax rate for each respective fiscal year. The adjusted effective income tax rate was 24.5 percent, compared to 23.9 percent in the prior year reflecting unfavorable state income tax impacts in the current year.Cash Flow and DebtCash provided by operating activities was $579.2 million, compared to $393.9 million in the prior year, primarily reflecting an increase in net income adjusted for noncash items, a decrease in cash used for income and other taxes, and less cash required to fund working capital. Free cash flow was $483.9 million, compared to $298.9 million in the prior year, reflecting the increase in cash provided by operating activities. Net cash outflows related to debt were $370.5 million.FULL-YEAR OUTLOOKThe Company provided its full-year fiscal year 2027 guidance as summarized below:Net sales decrease vs. prior year
(4.0)% to (3.0)%Adjusted earnings per share
$9.75 - $10.25Free cash flow (in billions)
$1.0Capital expenditures (in millions)
$325.0Adjusted effective income tax rate     
24.3 %The Company continues to operate in a dynamic and evolving external environment, including geopolitical, macroeconomic, and policy changes, as well as changes in consumer behaviors, that could impact its fiscal year 2027 outlook. This guidance reflects the Company's expectations based on its current understanding of these factors and does not assume any impacts from new or changes to existing tariffs, or tariff refunds.Net sales is expected to decrease 3.0 to 4.0 percent versus the prior year. The decrease in net sales primarily reflects lower net price realization as well as a decline in volume/mix. Adjusted earnings per share is expected to range from $9.75 to $10.25, an increase of 7 to 12 percent versus the prior year. This guidance reflects the decrease in net sales, adjusted gross profit margin of approximately 38.0 percent, an increase of SD&A expenses of approximately 5.0 percent versus the prior year, interest expense of approximately $345.0 million, an adjusted effective income tax rate of 24.3 percent, and 107.0 million weighted-average common shares outstanding. Free cash flow is expected to be $1.0 billion at the midpoint of our adjusted earnings per share guidance range, with capital expenditures of $325.0 million.FOURTH QUARTER SEGMENT RESULTSDuring the fourth quarter, the Company completed its annual evaluation of operating segments and, as a result, the Away From Home business met the criteria to be presented as a reportable segment. The Company has updated its presentation of segment results accordingly. The presentation of Other within the Unaudited Reportable Segments table represents the International operating segment, which does not meet the criteria to be presented as a reportable segment. Prior year amounts have been modified to reflect this change.Dollar amounts in the segment tables below are reported in millions.U.S. Retail Coffee

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q4 Results
$830.6
$214.0
25.8 %Increase (decrease) vs. prior year
12 %
1 %
-280bpsNet sales increased $92.0 million, or 12 percent. Net price realization increased net sales by 21 percentage points driven by higher net pricing across the portfolio. Volume/mix decreased net sales by 8 percentage points, reflecting decreases for the Dunkin'® and Folgers® brands, partially offset by an increase for the Café Bustelo® brand.Segment profit increased $2.8 million, primarily reflecting higher net price realization and lower marketing spend, mostly offset by higher costs, inclusive of commodity costs and tariffs, and unfavorable volume/mix.U.S. Retail Frozen Handheld and Spreads

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q4 Results
$454.1
$124.7
27.5 %Increase (decrease) vs. prior year
1 %
37 %
730bpsNet sales increased $4.3 million, or 1 percent. Net price realization increased net sales by 2 percentage points, primarily driven by higher net pricing for Uncrustables® sandwiches and lower trade spend for Jif® peanut butter. Volume/mix decreased net sales by 2 percentage points, primarily reflecting decreases for Jif® peanut butter and Smucker's® fruit spreads, partially offset by an increase for Uncrustables® sandwiches.Segment profit increased $33.7 million, primarily reflecting lower marketing spend, higher net price realization, lapping equipment write-off charges in the prior year, lower costs, and lower pre-production expenses primarily related to the new Uncrustables® sandwiches manufacturing facility, partially offset by unfavorable volume/mix.U.S. Retail Pet Foods

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q4 Results
$401.7
$125.7
31.3 %Increase (decrease) vs. prior year
2 %
18 %
450bpsNet sales increased $6.2 million, or 2 percent. Net price realization increased net sales by 3 percentage points, reflecting higher net pricing for cat food and dog snacks. Volume/mix decreased net sales by 2 percentage points, primarily driven by a decrease for dog snacks and lapping contract manufacturing sales related to the divested pet foods brands in the prior year, partially offset by an increase for cat food.Segment profit increased $19.6 million, primarily reflecting higher net price realization and lower marketing spend.Sweet Baked Snacks

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q4 Results
$237.2
$29.0
12.2 %Increase (decrease) vs. prior year
(5) %
45 %
420bpsNet sales decreased $13.8 million, or 5 percent. Excluding noncomparable net sales in the prior year related to the divestiture of certain Sweet Baked Snacks value brands, net sales decreased $8.7 million, or 4 percent. Volume/mix decreased net sales by 12 percentage points, primarily driven by decreases for snack cakes and breakfast, partially offset by an increase for donuts. Higher net price realization increased net sales by 8 percentage points, primarily reflecting higher net pricing across the majority of the portfolio.Segment profit increased $9.0 million, primarily reflecting higher net price realization and lower marketing spend, partially offset by unfavorable volume/mix and higher costs.Away From Home

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q4 Results
$228.3
$55.3
24.2 %Increase (decrease) vs. prior year
15 %
21 %
120bpsNet sales increased $29.1 million, or 15 percent. Excluding $0.3 million of favorable foreign currency exchange, net sales increased $28.8 million, or 14 percent. Net price realization contributed an 8 percentage point increase to net sales, primarily reflecting higher net pricing for coffee. Volume/mix increased net sales by 6 percentage points, primarily driven by increases for Uncrustables® sandwiches, fruit spreads, and coffee.Segment profit increased $9.5 million, primarily reflecting higher net price realization and favorable volume/mix, partially offset by higher costs.Financial Results Discussion and WebcastAt approximately 7:00 a.m. Eastern Time today, the Company will post to its website at investors.jmsmucker.com a pre-recorded management discussion of its fiscal year 2026 financial results, a transcript of the discussion, and supplemental materials. At 9:00 a.m. Eastern Time today, the Company will webcast a live question-and-answer session with Mark Smucker, Chief Executive Officer, President and Chair of the Board, and Tucker Marshall, Chief Financial Officer | Executive Vice President, Frozen Handheld and Spreads and Sweet Baked Snacks. The live webcast and replay can be accessed at investors.jmsmucker.com.The J.M. Smucker Co. Forward-Looking StatementsThis press release contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by those forward-looking statements. The risks, uncertainties, important factors, and assumptions listed and discussed in this press release, which could cause actual results to differ materially from those expressed, include: the Company's ability to maintain operational stability and continue executing ongoing optimization initiatives to realize the anticipated benefits with respect to the Hostess Brands' acquisition, including the possibility that the benefits will not be realized or will not be realized within the expected time period; disruptions or inefficiencies in the Company's operations or supply chain, including any impact caused by product recalls, political instability, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics, work stoppages or labor shortages, or other calamities; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation; the impact of food security concerns involving either the Company's products or its competitors' products, changes in consumer preferences, consumer or other litigation, actions by the U.S. Food and Drug Administration or other agencies, and product recalls; risks associated with derivative and purchasing strategies the Company employs to manage commodity pricing and interest rate risks; the availability of reliable transportation on acceptable terms; the ability to achieve cost savings related to the Company's restructuring and cost management programs in the amounts and within the time frames currently anticipated; the ability to generate sufficient cash flow to continue operating under the Company's capital deployment model, including capital expenditures, debt repayment to meet the Company's deleveraging objectives, dividend payments, and share repurchases; a change in outlook or downgrade in the Company's public credit ratings by a rating agency below investment grade; the ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period; the success and cost of marketing and sales programs and strategies intended to promote growth in the Company's businesses, including product innovation; general competitive activity in the market, including competitors' pricing practices and promotional spending levels; the Company's ability to attract and retain key talent; the concentration of certain of the Company's businesses with key customers and suppliers, including primary or single-source suppliers of certain key raw materials and finished goods, and the Company's ability to manage and maintain key relationships; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets; the impact of new or changes to existing governmental laws, regulations, and policies and their application, including tariffs, food ingredients, food labeling, and food accessibility; the outcome of tax examinations, changes in tax laws, and other tax matters; a disruption, failure, or security breach of the Company or its suppliers' information technology systems, including, but not limited to, ransomware attacks; foreign currency exchange rate and interest rate fluctuations; and risks related to other factors described under "Risk Factors" in other reports and statements filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K. The Company undertakes no obligation to update or revise these forward-looking statements, which speak only as of the date made, to reflect new events or circumstances.About The J.M. Smucker Co.At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin'®, Café Bustelo®, Jif®, Uncrustables®, Smucker's®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants.The J.M. Smucker Co.Unaudited Condensed Consolidated Statements of Income (Loss)




Three Months Ended April 30,
Year Ended April 30,
2026
2025
% Increase
(Decrease)
2026
2025
% Increase
(Decrease)
(Dollars and shares in millions, except per share data)











Net sales$2,268.1
$2,143.8
6 %
$9,050.9
$8,726.1
4 %Cost of products sold1,406.0
1,320.5
6 %
6,016.4
5,341.4
13 %Gross Profit862.1
823.3
5 %
3,034.5
3,384.7
(10) %Gross margin38.0 %
38.4 %


33.5 %
38.8 %













Selling, distribution, and administrative expenses357.8
380.6
(6) %
1,496.6
1,529.0
(2) %Amortization59.9
53.6
12 %
210.6
219.3
(4) %Goodwill impairment charges—
867.3
(100) %
507.5
1,661.6
(69) %Other intangible assets impairment charges—
112.7
(100) %
454.2
320.9
42 %Other special project costs4.5
7.9
(43) %
21.1
35.8
(41) %Loss (gain) on divestitures – net—
(0.9)
100 %
—
310.1
(100) %Other operating expense (income) – net(4.6)
1.2
n/m
(15.7)
(18.1)
13 %Operating Income (Loss)444.5
(599.1)
n/m
360.2
(673.9)
n/mOperating margin19.6 %
(27.9) %


4.0 %
(7.7) %













Interest expense – net(87.9)
(94.2)
(7) %
(381.2)
(388.7)
(2) %Other debt gains (charges) – net—
(0.1)
100 %
—
30.2
(100) %Other income (expense) – net(29.0)
(3.7)
n/m
(41.4)
(14.4)
n/mIncome (Loss) Before Income Taxes327.6
(697.1)
147 %
(62.4)
(1,046.8)
94 %Income tax expense (benefit)(60.5)
31.9
n/m
76.3
184.0
(59) %Net Income (Loss)$388.1
($729.0)
n/m
($138.7)
($1,230.8)
89 %











Net Income (Loss) Per Common Share$3.64
($6.85)
n/m
($1.30)
($11.57)
89 %











Net Income (Loss) Per Common Share –
Assuming Dilution$3.64
($6.85)
n/m
($1.30)
($11.57)
89 %











Dividends Declared Per Common Share$1.10
$1.08
2 %
$4.40
$4.32
2 %











Weighted-average shares outstanding106.7
106.4
— %
106.7
106.4
— %











Weighted-average shares outstanding –
assuming dilution106.9
106.4
— %
106.7
106.4
— % The J.M. Smucker Co.Unaudited Condensed Consolidated Balance Sheets 






April 30, 2026
April 30, 2025

(Dollars in millions)Assets



Current Assets



Cash and cash equivalents
$58.6
$69.9Trade receivables – net
656.3
619.0Inventories
1,126.5
1,209.4Other current assets
131.7
248.3Total Current Assets
1,973.1
2,146.6




Property, Plant, and Equipment – Net
3,032.1
3,079.6




Other Noncurrent Assets



Goodwill
5,205.0
5,710.0Other intangible assets – net
5,683.7
6,346.9Other noncurrent assets
325.5
280.2Total Other Noncurrent Assets
11,214.2
12,337.1Total Assets
$16,219.4
$17,563.3




Liabilities and Shareholders' Equity



Current Liabilities



Accounts payable
$1,175.1
$1,288.7Current portion of long-term debt
150.0
—Short-term borrowings
420.9
640.8Other current liabilities
792.2
722.5Total Current Liabilities
2,538.2
2,652.0




Noncurrent Liabilities



Long-term debt, less current portion
6,392.8
7,036.8Other noncurrent liabilities
1,744.6
1,791.9Total Noncurrent Liabilities
8,137.4
8,828.7




Total Shareholders' Equity
5,543.8
6,082.6Total Liabilities and Shareholders' Equity
$16,219.4
$17,563.3 The J.M. Smucker Co.Unaudited Condensed Consolidated Statements of Cash Flow




Three Months Ended April 30,
Year Ended April 30,
2026
2025
2026
2025
(Dollars in millions)Operating Activities






Net income (loss)$388.1
($729.0)
($138.7)
($1,230.8)Adjustments to reconcile net income (loss) to net cash provided by
(used for) operations:






Depreciation74.5
69.8
346.4
283.2Amortization59.9
53.6
210.6
219.3Goodwill impairment charges—
867.3
507.5
1,661.6Other intangible assets impairment charges—
112.7
454.2
320.9Pension settlement loss (gain)26.6
—
34.4
—Share-based compensation expense3.2
4.7
23.6
29.9Loss (gain) on divestitures – net—
(0.9)
—
310.1Deferred income tax expense (benefit)(91.5)
(44.8)
(103.3)
(108.0)Loss (gain) on disposal of assets – net3.6
9.7
3.9
12.6Other noncash adjustments – net9.3
11.5
50.9
15.3Defined benefit pension contributions(8.1)
(1.3)
(11.5)
(5.0)Changes in assets and liabilities, net of effect from acquisition and
divestitures:






Trade receivables(10.6)
36.7
(36.9)
117.2Inventories44.7
(121.4)
83.3
(180.6)Other current assets(26.3)
(21.2)
61.1
(48.9)Accounts payable38.8
137.2
(112.0)
(36.5)Accrued liabilities36.3
31.6
(48.5)
(85.4)Income and other taxes23.8
(17.1)
142.6
(50.6)Other – net6.9
(5.2)
6.0
(13.9)Net Cash Provided by (Used for) Operating Activities579.2
393.9
1,473.6
1,210.4







Investing Activities






Proceeds from divestitures – net—
35.5
—
326.0Additions to property, plant, and equipment(95.3)
(95.0)
(317.4)
(393.8)Proceeds from disposal of property, plant, and equipment—
6.8
13.1
7.0Collateral received (pledged) for derivative cash margin accounts10.1
(29.0)
44.9
(39.4)Other – net0.3
(0.1)
0.6
(0.1)Net Cash Provided by (Used for) Investing Activities(84.9)
(81.8)
(258.8)
(100.3)







Financing Activities






Short-term borrowings (repayments) – net(70.5)
172.4
(251.5)
19.2Proceeds from long-term debt—
650.0
—
650.0Repayments of long-term debt(300.0)
(1,000.0)
(500.0)
(1,300.0)Capitalized debt issuance costs—
(3.0)
—
(3.0)Quarterly dividends paid(116.8)
(114.5)
(464.7)
(455.4)Purchase of treasury shares(0.4)
(0.2)
(5.6)
(3.3)Other – net(1.1)
3.2
(4.7)
(10.2)Net Cash Provided by (Used for) Financing Activities(488.8)
(292.1)
(1,226.5)
(1,102.7)Effect of exchange rate changes on cash0.3
2.7
0.4
0.5Net increase (decrease) in cash and cash equivalents5.8
22.7
(11.3)
7.9Cash and cash equivalents at beginning of period52.8
47.2
69.9
62.0Cash and Cash Equivalents at End of Period$58.6
$69.9
$58.6
$69.9 The J.M. Smucker Co.Unaudited Supplemental Schedule




Three Months Ended April 30,
Year Ended April 30,
2026
% of Net Sales
2025
% of Net Sales
2026
% of Net Sales
2025
% of Net Sales
(Dollars in millions)Net sales$2,268.1


$2,143.8


$9,050.9


$8,726.1

Selling, distribution, and
administrative expenses:














Marketing94.1
4.1 %
124.3
5.8 %
463.8
5.1 %
468.2
5.4 %Selling66.9
2.9 %
63.2
2.9 %
264.0
2.9 %
263.7
3.0 %Distribution67.9
3.0 %
72.3
3.4 %
281.5
3.1 %
286.4
3.3 %General and administrative128.9
5.7 %
120.8
5.6 %
487.3
5.4 %
510.7
5.9 %Total selling, distribution, and
administrative expenses$357.8
15.8 %
$380.6
17.8 %
$1,496.6
16.5 %
$1,529.0
17.5 %















Amounts may not add due to rounding.











 The J.M. Smucker Co.Unaudited Reportable Segments






Three Months Ended April 30,
Year Ended April 30,

2026
2025
2026
2025

(Dollars in millions)Net sales:







U.S. Retail Coffee
$830.6
$738.6
$3,304.9
$2,806.6U.S. Retail Frozen Handheld and Spreads
454.1
449.8
1,853.9
1,877.0U.S. Retail Pet Foods
401.7
395.5
1,600.0
1,663.6Sweet Baked Snacks
237.2
251.0
971.3
1,178.8Away From Home
228.3
199.2
879.0
763.0Other (A)
116.2
109.7
441.8
437.1Total net sales
$2,268.1
$2,143.8
$9,050.9
$8,726.1








Segment profit:







U.S. Retail Coffee
$214.0
$211.2
$701.5
$795.1U.S. Retail Frozen Handheld and Spreads
124.7
91.0
444.7
425.3U.S. Retail Pet Foods
125.7
106.1
473.3
459.6Sweet Baked Snacks
29.0
20.0
97.2
219.8Away From Home
55.3
45.8
220.1
176.1Other (A)
20.5
23.4
69.6
71.3Total segment profit
$569.2
$497.5
$2,006.4
$2,147.2Amortization
(59.9)
(53.6)
(210.6)
(219.3)Goodwill impairment charges
—
(867.3)
(507.5)
(1,661.6)Other intangible assets impairment charges
—
(112.7)
(454.2)
(320.9)Gain (loss) on divestitures – net
—
0.9
—
(310.1)Interest expense – net
(87.9)
(94.2)
(381.2)
(388.7)Change in net cumulative unallocated derivative gains and losses
32.2
16.5
(58.6)
58.2Cost of products sold – special project costs
(5.4)
2.6
(66.1)
(9.1)Other special project costs
(4.5)
(7.9)
(21.1)
(35.8)Other debt gains (charges) – net 
—
(0.1)
—
30.2Corporate administrative expenses
(87.1)
(75.1)
(328.1)
(322.5)Other income (expense) – net
(29.0)
(3.7)
(41.4)
(14.4)Income (loss) before income taxes
$327.6
($697.1)
($62.4)
($1,046.8)








Segment profit margin:







U.S. Retail Coffee
25.8 %
28.6 %
21.2 %
28.3 %U.S. Retail Frozen Handheld and Spreads
27.5 %
20.2 %
24.0 %
22.7 %U.S. Retail Pet Foods
31.3 %
26.8 %
29.6 %
27.6 %Sweet Baked Snacks
12.2 %
8.0 %
10.0 %
18.6 %Away From Home
24.2 %
23.0 %
25.0 %
23.1 %Other (A)
17.6 %
21.3 %
15.8 %
16.3 %








(A) Represents the International operating segment.







Non-GAAP Financial MeasuresThe Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortization, impairment charges related to intangible assets, and gains and losses on divestitures ("EBITDA (as adjusted)"); and free cash flow, as key measures for purposes of evaluating performance internally. The Company believes that investors' understanding of its performance is enhanced by disclosing these performance measures. Furthermore, these non-GAAP financial measures are used by management in preparation of the annual budget and for the monthly analyses of its operating results. The Board of Directors also utilizes certain non-GAAP financial measures as components for measuring performance for incentive compensation purposes.Non-GAAP financial measures exclude certain items affecting comparability that can significantly affect the year-over-year assessment of operating results, which include amortization expense and impairment charges related to intangible assets; certain divestiture, acquisition, integration, and restructuring costs ("special project costs"); gains and losses on divestitures; the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities ("change in net cumulative unallocated derivative gains and losses"); and other infrequently occurring items that do not directly reflect ongoing operating results. Income taxes, as adjusted is calculated using an adjusted effective income tax rate that is applied to adjusted income before income taxes and reflects the exclusion of the previously discussed items, as well as any adjustments for one-time tax-related activities, when they occur. While this adjusted effective income tax rate does not generally differ materially from the GAAP effective income tax rate, certain exclusions from non-GAAP results, such as the unfavorable income tax impact associated with the impairment charges for the Sweet Baked Snacks reporting unit, can significantly impact the adjusted effective income tax rate.These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP. Rather, the presentation of these non-GAAP financial measures supplements other metrics used by management to internally evaluate its businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. A reconciliation of certain non-GAAP financial measures to the comparable GAAP financial measure for the current and prior year periods is included in the "Unaudited Non-GAAP Financial Measures" tables. The Company has also provided a reconciliation of non-GAAP financial measures for its fiscal year 2027 outlook.The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures




Three Months Ended April 30,
Year Ended April 30,
2026
2025
Increase
(Decrease)
%
2026
2025
Increase
(Decrease)
%
(Dollars in millions)Net sales reconciliation:














Net sales$2,268.1
$2,143.8
$124.3
6 %
$9,050.9
$8,726.1
$324.8
4 %Sweet Baked Snacks value
brands divestiture—
(5.1)
5.1
—
—
(48.4)
48.4
1Voortman® divestiture—
—
—
—
—
(86.3)
86.3
1Foreign currency exchange(3.1)
—
(3.1)
—
(3.3)
—
(3.3)
—Net sales excluding divestitures
and foreign currency exchange $2,265.0
$2,138.7
$126.3
6 %
$9,047.6
$8,591.4
$456.2
5 %















Amounts may not add due to rounding.









 The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures




Three Months Ended April 30,
Year Ended April 30,
2026
2025
2026
2025
(Dollars in millions, except per share data)Gross profit reconciliation:






Gross profit$862.1
$823.3
$3,034.5
$3,384.7Change in net cumulative unallocated derivative gains and losses(32.2)
(16.5)
58.6
(58.2)Cost of products sold – special project costs5.4
(2.6)
66.1
9.1Adjusted gross profit$835.3
$804.2
$3,159.2
$3,335.6% of net sales36.8 %
37.5 %
34.9 %
38.2 %Operating income (loss) reconciliation:






Operating income (loss)$444.5
($599.1)
$360.2
($673.9)Amortization 59.9
53.6
210.6
219.3Goodwill impairment charges—
867.3
507.5
1,661.6Other intangible assets impairment charges—
112.7
454.2
320.9Loss (gain) on divestitures – net—
(0.9)
—
310.1Change in net cumulative unallocated derivative gains and losses(32.2)
(16.5)
58.6
(58.2)Cost of products sold – special project costs 5.4
(2.6)
66.1
9.1Other special project costs4.5
7.9
21.1
35.8Adjusted operating income$482.1
$422.4
$1,678.3
$1,824.7% of net sales21.3 %
19.7 %
18.5 %
20.9 %Net income (loss) reconciliation:






Net income (loss)$388.1
($729.0)
($138.7)
($1,230.8)Income tax expense (benefit)(60.5)
31.9
76.3
184.0Amortization 59.9
53.6
210.6
219.3Goodwill impairment charges—
867.3
507.5
1,661.6Other intangible assets impairment charges—
112.7
454.2
320.9Loss (gain) on divestitures – net—
(0.9)
—
310.1Change in net cumulative unallocated derivative gains and losses(32.2)
(16.5)
58.6
(58.2)Cost of products sold – special project costs5.4
(2.6)
66.1
9.1Other special project costs4.5
7.9
21.1
35.8Other expense – special project costs0.3
—
1.3
—Other infrequently occurring items:






Other debt charges (gains) – net (A)—
0.1
—
(30.2)Pension plan termination settlement charges (B)26.2
—
34.0
—Adjusted income before income taxes$391.7
$324.5
$1,291.0
$1,421.6Income taxes, as adjusted 96.1
77.7
313.2
342.8Adjusted income$295.6
$246.8
$977.8
$1,078.8







Weighted-average shares outstanding – assuming dilution (C)106.9
106.7
106.9
106.6Adjusted earnings per share – assuming dilution (C)$2.77
$2.31
$9.15
$10.12








(A) Net other debt charges (gains) includes a net gain on extinguishment of debt as a result of the tender offers completed during 2025.  (B) Pension plan termination settlement charges represents the pre-tax settlement charges recognized during 2026 related to the termination of one of the Company's U.S. qualified defined benefit plans.(C) Adjusted earnings per common share – assuming dilution for 2026 and 2025 was computed using the treasury stock method. Further, for the twelve months ended April 30, 2026, and the three and twelve months ended April 30, 2025, the weighted-average shares outstanding – assuming dilution differed from the Company's GAAP weighted-average common shares outstanding – assuming dilution as a result of the anti-dilutive effect of the Company's stock-based awards, which were excluded from the computation of net loss per share – assuming dilution. The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures




Three Months Ended April 30,
Year Ended April 30,
2026
2025
2026
2025
(Dollars in millions)EBITDA (as adjusted) reconciliation:






Net income (loss)$388.1
($729.0)
($138.7)
($1,230.8)Income tax expense (benefit)(60.5)
31.9
76.3
184.0Interest expense – net87.9
94.2
381.2
388.7Depreciation74.5
69.8
346.4
283.2Amortization59.9
53.6
210.6
219.3Goodwill impairment charges—
867.3
507.5
1,661.6Other intangible assets impairment charges—
112.7
454.2
320.9Loss (gain) on divestitures – net—
(0.9)
—
310.1EBITDA (as adjusted)$549.9
$499.6
$1,837.5
$2,137.0% of net sales24.2 %
23.3 %
20.3 %
24.5 %







Free cash flow reconciliation:






Net cash provided by (used for) operating activities$579.2
$393.9
$1,473.6
$1,210.4Additions to property, plant, and equipment(95.3)
(95.0)
(317.4)
(393.8)Free cash flow$483.9
$298.9
$1,156.2
$816.6 The following tables provide a reconciliation of the Company's fiscal year 2027 guidance for estimated adjusted earnings per share and free cash flow.

Year Ending April 30, 2027

Low
HighNet income per common share – assuming dilution reconciliation:



Net income per common share – assuming dilution
$7.94
$8.44Change in net cumulative unallocated derivative gains and losses(A)
0.16
0.16Amortization
1.64
1.64Adjusted effective income tax rate impact
0.01
0.01Adjusted earnings per share
$9.75
$10.25

(A) We are unable to project derivative gains and losses on a forward-looking basis as these will vary each quarter based on market conditions and derivative positions taken. The change in unallocated derivative gains and losses in the table above reflects the net impact of the gains and losses that have been recognized in the Company's GAAP results and excluded from non-GAAP results as of April 30, 2026, that are expected to be allocated to non-GAAP results in future periods. 


Year Ending
April 30, 2027

(Dollars in
millions)Free cash flow reconciliation:

Net cash provided by operating activities
$1,325.0Additions to property, plant, and equipment
(325.0)Free cash flow
$1,000.0       View original content to download multimedia:https://www.prnewswire.com/news-releases/the-jm-smucker-co-announces-fiscal-year-2026-fourth-quarter-results-and-provides-full-year-fiscal-2027-outlook-302795140.htmlSOURCE The J.M. Smucker Co. Original: The J.M. Smucker Co. Announces Fiscal Year 2026 Fourth Quarter Results and Provides Full-Year Fiscal 2027 Outlook

Walmart Signals Potential Price Increases as Food Producers Focus on Margins (WMT)May 27, 2026 7:52 AM
IH Market News Walmart (NYSE:WMT) absorbed roughly $175 million in fuel expenses above expectations during the first quarter of fiscal 2027, creating an estimated 250 basis point drag on operating income growth across its worldwide logistics, distribution and fulfillment operations, according to Barclays. The retailer said the move to absorb the additional costs was deliberate, allowing it to continue investing in pricing in order to strengthen customer loyalty and support ongoing market share gains. However, Walmart warned that if elevated operating costs remain in place, the company may need to introduce modest retail price increases beginning in the second quarter of fiscal 2027 and continuing throughout the remainder of the year. Barclays said packaged food manufacturers are increasingly likely to prioritise margin protection through pricing measures, even if doing so slows the pace of volume recovery. The bank noted that while price increases carry risks in a consumer environment already facing resistance to higher costs, food companies have historically tended to outperform during pricing-driven cycles because stronger pricing helps preserve revenue growth and profitability. The investment bank highlighted companies such as General Mills (NYSE:GIS), JM Smucker (NYSE:SJM) and Kraft Heinz (NASDAQ:KHC) as groups currently discussing efforts to optimise manufacturing footprints, suggesting capacity rationalisation could become a more important part of broader restructuring strategies. Barclays also noted that the food retail sector is facing increasing complexity as inflationary pressures coincide with heavier price investment across the industry. Walmart’s first-quarter results showed accelerating unit share gains, helped by a 20% increase in price rollbacks. Meanwhile, Kroger (NYSE:KR) is revising its pricing strategy under new leadership, while BJ’s Wholesale Club (NYSE:BJ) discussed additional pricing investments during the previous week. The bank added that even if Walmart ultimately raises prices, the retailer has historically demonstrated an ability to absorb a greater portion of cost inflation than many competitors, helping maintain significant pricing advantages across the market. Walmart stock price Original: Walmart Signals Potential Price Increases as Food Producers Focus on Margins (WMT)

The J.M. Smucker Co. Declares Dividend and Announces Annual Shareholder Meeting DateApril 16, 2026 4:30 PM
PR Newswire (US)

ORRVILLE, Ohio, April 16, 2026 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced its Board of Directors approved a $1.10 per share regular dividend on the common shares of the Company, payable out of the Company's capital surplus. The dividend will be paid on Monday, June 1, 2026, to shareholders of record at the close of business on Friday, May 15, 2026.The Company also announced its Annual Meeting of Shareholders will be held on Wednesday, August 12, 2026, in a virtual-only meeting format. The meeting will be held at 1:00 p.m. Eastern Time. Shareholders of record at the close of business on Monday, June 15, 2026, will be eligible to join the webcast and vote by accessing the meeting from the Company's website: investors.jmsmucker.com. To join, shareholders must enter the 16-digit control number found on their proxy card, voting instruction form, or notice of internet availability of proxy materials.About The J.M. Smucker Co.At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin'®, Café Bustelo®, Jif®, Uncrustables®, Smucker's®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants.





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Original: The J.M. Smucker Co. Declares Dividend and Announces Annual Shareholder Meeting Date

Beyond Meat $BYND does not use GMOs. JM Smucker $SJM uses GMO derived oils, sweeteners, and other bioengineered ingredients in many packaged foods.

J.M. Smucker shares climb as earnings beat outweighs trimmed sales outlookFebruary 26, 2026 9:44 AM
IH Market News
The J.M. Smucker Co. (NYSE:SJM) reported stronger-than-expected third-quarter earnings, helping lift its shares despite a slight reduction to full-year sales guidance following a recent manufacturing facility fire.The packaged food and beverage company posted adjusted earnings per share of $2.38 for the quarter ended January 31, surpassing analyst forecasts of $2.26. Revenue totaled $2.3 billion, modestly below expectations of $2.33 billion but up 7% from $2.19 billion a year earlier.Excluding the effects of divestitures and currency movements, net sales rose 8%, supported by a 10-percentage-point contribution from higher pricing — largely in coffee — which more than offset a 2-percentage-point decline related to volume and product mix.Shares advanced 7.9% following the earnings release as investors focused on profitability and cash-flow improvement.“Our business continues to deliver strong results in a dynamic external environment. In the third quarter, net sales and adjusted earnings per share exceeded our expectations, reflecting the strength of our portfolio of leading brands, along with our disciplined cost management,” said Mark Smucker, Chief Executive Officer, President and Chair of the Board.The company slightly tightened its full-year net sales growth forecast to a range of 3.5% to 4.0%, compared with its previous outlook of 3.5% to 4.5%. The revised midpoint of 3.75% reflects operational disruption caused by a February fire at its Emporia, Kansas manufacturing facility.Despite the adjustment, Smucker maintained its adjusted earnings per share guidance of $8.75 to $9.25, implying a midpoint of $9.00.Performance was led by the U.S. Retail Coffee division, where net sales surged 23% to $908.2 million, driven entirely by pricing actions. However, segment profit declined 5% due to higher commodity costs and tariff pressures.The Sweet Baked Snacks segment remained a weak spot, with net sales falling 19% and segment profit dropping 78%.Cash generation improved markedly during the quarter, with free cash flow rising to $487.0 million compared with $151.3 million in the prior-year period.JM Smucker stock price

Original: J.M. Smucker shares climb as earnings beat outweighs trimmed sales outlook

The J.M. Smucker Co. Appoints Two New Independent DirectorsFebruary 26, 2026 7:00 AM
PR Newswire (US)

NRG Energy CFO Bruce Chung and Experienced Consumer Industry Executive David Singer
to Join Board of DirectorsBoard Appointments Follow Constructive Engagement with Elliott Investment ManagementORRVILLE, Ohio, Feb. 26, 2026 /PRNewswire/ -- The J.M. Smucker Co. today announced it has appointed Woo-Sung (Bruce) Chung and David Singer to its Board of Directors, effective April 15, 2026. With the addition of Chung and Singer, the Board will comprise 11 directors, 10 of whom are independent, and all of whom are focused on advancing the work underway to drive continued growth, enhanced profitability, and disciplined capital allocation for the Company.The appointments follow constructive engagement with Elliott Investment Management, L.P. The Company has also entered into an information-sharing agreement with Elliott to facilitate collaboration toward the shared goal of driving sustainable value for all shareholders.Chung brings significant financial expertise and leadership experience to the Board and currently serves as Executive Vice President and Chief Financial Officer of NRG Energy, Inc., where he guides financial strategy, risk management, and corporate development.  Singer has extensive executive, operational, and board experience at branded food and beverage companies. He most recently served as Chief Executive Officer of Snyder's-Lance, Inc., and, prior to that, was the Executive Vice President and Chief Financial Officer of Coca-Cola Consolidated, Inc."Over the past several years, we have fundamentally transformed the Company and built a portfolio of leading and iconic brands in attractive categories that resonate with consumers. Today, we have a strong foundation in place and a clear focus on driving continued organic growth, while enhancing profitability and earnings," said Mark Smucker, Chief Executive Officer, President and Chair of the Board.Smucker continued, "The addition of Bruce and Dave—two proven executives with track records of creating value—underscores our commitment to continued Board refreshment and will further enable the Board by bringing additional skills and experiences to accelerate our ongoing business momentum. Alongside the rest of our Board, I look forward to Bruce's and Dave's insights as we continue to position the Company for long-term success.""The J.M. Smucker Company has a strong portfolio of market-leading brands in categories that benefit from durable consumer demand," said Marc Steinberg, Partner at Elliott. "As one of The J.M. Smucker Company's largest investors, we believe the new additions to the Board and decisive shift toward disciplined capital allocation, operational improvement, and purposeful leadership updates represent critical steps toward ensuring The J.M. Smucker Company reaches its full potential. Dave and Bruce bring to the Board proven leadership in consumer brand-building and financial stewardship that will further strengthen The J.M. Smucker Company as it executes on this path."Steinberg continued, "We appreciate our constructive engagement with the Company, and we look forward to continuing to work collaboratively with the Board and management team to drive long-term value for all The J.M. Smucker Company shareholders."Smucker concluded, "We welcome and value feedback from all shareholders and appreciate the constructive dialogue with Elliott. We remain confident in our strategy and in our ability to drive shareholder value over the long-term."About Bruce Chung Bruce Chung is Executive Vice President and Chief Financial Officer of NRG Energy, Inc., a leading energy and smart home services company. In his role, he oversees finance, capital allocation, risk management, and corporate development. Previously, Chung held senior leadership positions at NRG focused on finance, asset management, and project development, and he previously served as Chief Financial Officer of Nuclear Innovation North America, overseeing largescale nuclear project financing and development. Earlier in his career, he was a director in Citigroup's investment banking division, advising on capital markets and M&A transactions.Chung earned a bachelor's degree from Columbia University.About David SingerDavid Singer is the former Chief Executive Officer of Snyder's-Lance, Inc., a snacking company. Prior to that, he served as Executive Vice President and Chief Financial Officer of Coca-Cola Consolidated, Inc., the largest Coca-Cola bottler in the United States, where he held a range of senior leadership roles of increasing responsibility. Singer has extensive experience building consumer brands, executing growth strategies, and driving operational performance within complex organizations. He currently serves on the boards of Performance Food Group Company and Brunswick Corporation. He also served on the boards of Hanesbrands, Inc., SPX Flow Inc., Flower Foods, Inc., and Snyder's-Lance, Inc.He earned a bachelor's degree and a Master of Business Administration from Pennsylvania State University.About The J.M. Smucker Co. At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin'®, Café Bustelo®, Jif®, Uncrustables®, Smucker's®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com. The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants. 










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Original: The J.M. Smucker Co. Appoints Two New Independent Directors

The J.M. Smucker Co. Announces Fiscal 2026 Third Quarter ResultsFebruary 26, 2026 7:00 AM
PR Newswire (US)

ORRVILLE, Ohio, Feb. 26, 2026 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced results for the third quarter ended January 31, 2026, of its 2026 fiscal year. Financial results for the third quarter of fiscal year 2026 reflect the divestiture of certain Sweet Baked Snacks value brands on March 3, 2025, and the divestiture of the Voortman® business on December 2, 2024. All comparisons are to the third quarter of the prior fiscal year, unless otherwise noted.EXECUTIVE SUMMARYNet sales was $2.3 billion, an increase of $153.4 million, or 7 percent. Net sales excluding the divestitures and foreign currency exchange increased 8 percent.Net loss per diluted share was $6.79, reflecting noncash impairment charges attributable to the Sweet Baked Snacks reporting unit. Adjusted earnings per share was $2.38, a decrease of 9 percent.Cash provided by operations was $558.5 million compared to $239.4 million in the prior year. Free cash flow was $487.0 million compared to $151.3 million in the prior year.The Company updated its full-year fiscal 2026 financial outlook.CHIEF EXECUTIVE OFFICER REMARKS"Our business continues to deliver strong results in a dynamic external environment. In the third quarter, net sales and adjusted earnings per share exceeded our expectations, reflecting the strength of our portfolio of leading brands, along with our disciplined cost management," said Mark Smucker, Chief Executive Officer, President and Chair of the Board."We continue to advance our focused strategy centered around engaging and delighting consumers by participating in attractive categories, building brands consumers love, and being everywhere the consumer shops. Looking ahead, we remain confident in our fiscal 2026 outlook and are focused on driving top-line growth, while enhancing profitability and earnings for the Company. We have the right strategy and leadership team in place to support long-term value creation for all of our shareholders."THIRD QUARTER CONSOLIDATED RESULTS
Three Months Ended January 31,
2026
2025
% Increase (Decrease)
(Dollars and shares in millions, except per share data)





Net sales$2,339.4
$2,186.0
7 %





Operating income (loss)($548.4)
($594.0)
8 %Adjusted operating income431.6
463.8
(7) %





Net income (loss) per common share – assuming dilution($6.79)
($6.22)
(9) %Adjusted earnings per share – assuming dilution2.38
$2.61
(9) %





Weighted-average shares outstanding – assuming dilution106.7
106.4
— %Net SalesNet sales increased $153.4 million, or 7 percent. Excluding $26.3 million of noncomparable net sales in the prior year related to divestitures and $2.0 million of favorable foreign currency exchange, net sales increased $177.7 million, or 8 percent.The increase in comparable net sales reflects a 10 percentage point increase from net price realization, primarily driven by higher net pricing for coffee. Comparable net sales also reflects a 2 percentage point decrease from volume/mix, primarily driven by decreases for sweet baked goods and fruit spreads, and lapping contract manufacturing sales related to the divested pet food brands in the prior year, partially offset by an increase for Uncrustables® sandwiches.Operating IncomeGross profit decreased $50.3 million, or 6 percent. The decrease primarily reflects higher costs, inclusive of commodity costs and tariffs, and unfavorable volume/mix, partially offset by higher net price realization. Operating loss decreased $45.6 million, or 8 percent, primarily driven by lapping a $50.2 million net pre-tax loss on divestitures in the prior year and a $40.8 million decrease in impairment charges related to the goodwill of the Sweet Baked Snacks reporting unit and Hostess® brand trademark, partially offset by the decrease in gross profit.Adjusted gross profit decreased $28.4 million, or 3 percent. The difference between adjusted gross profit and generally accepted accounting principles ("GAAP") results reflects the exclusion of the change in net cumulative unallocated derivative gains and losses and special project costs. Adjusted operating income decreased $32.2 million, or 7 percent, which further reflects the exclusion of the noncash impairment charges related to the goodwill of the Sweet Baked Snacks reporting unit and Hostess® brand trademark, amortization, other special project costs, and the net pre-tax loss on divestitures in the prior year, as compared to GAAP operating income.Interest Expense and Income TaxesNet interest expense was comparable to the prior year.The effective income tax rate was (11.1) percent in the quarter, as compared to 0.0 percent in the prior year. Both the current and prior year effective income tax rates reflect the tax impacts related to the goodwill impairment charges for the Sweet Baked Snacks reporting unit. The decrease in the effective income tax rate is attributable to the tax impacts of the integration of Hostess Brands and the completion of the Voortman® business divestiture in the prior year. The adjusted effective income tax rate was 24.3 percent, compared to 23.7 percent in the prior year, reflecting additional withholding taxes in the current year on the repatriation of foreign cash.Cash Flow and Debt Cash provided by operating activities was $558.5 million, compared to $239.4 million in the prior year, primarily reflecting less cash required to fund working capital requirements and a decrease in cash used for income and other taxes, partially offset by lower net income (loss) adjusted for noncash items. Free cash flow was $487.0 million, compared to $151.3 million in the prior year, reflecting the increase in cash provided by operating activities and a decrease in capital expenditures as compared to the prior year.FULL-YEAR OUTLOOKThe Company updated its full-year fiscal 2026 guidance, as summarized below.

Current
PreviousNet sales increase vs. prior year
3.5% to 4.0%
3.5% to 4.5%Adjusted earnings per share
$8.75 - $9.25
$8.75 - $9.25Free cash flow (in millions)
$975.0
$975.0Capital expenditures (in millions)
$325.0
$325.0Adjusted effective income tax rate
24.0 %
23.8 %This guidance reflects the Company's current expectations as it continues to operate in a dynamic and evolving external environment. The change in the midpoint of the net sales guidance range reflects the estimated impact of a recent fire at the Company's Emporia, Kansas manufacturing facility in February. The Company maintains its adjusted earnings per share guidance and free cash flow expectations for the full fiscal year.Net sales is expected to increase 3.5 to 4.0 percent versus the prior year, which includes an impact of $134.7 million related to the divestitures of the Voortman® business and certain Sweet Baked Snacks value brands. Comparable net sales is expected to increase approximately 5.0 to 5.5 percent, which excludes the noncomparable sales in the prior year related to the divestitures. The increase in comparable net sales reflects higher net price realization, partially offset by a decline in volume/mix. This guidance also reflects a decline of approximately $38.0 million of contract manufacturing sales related to the divested pet food brands, as the contract manufacturing agreement concluded at the end of fiscal year 2025.Adjusted earnings per share is expected to range from $8.75 to $9.25. This guidance reflects the increase in net sales versus the prior year, adjusted gross profit margin of approximately 35.0 percent, SD&A expenses flat-to-slightly down versus the prior year, interest expense of approximately $380.0 million, an adjusted effective income tax rate of 24.0 percent, and 106.9 million weighted-average common shares outstanding. Free cash flow is expected to be approximately $975.0 million at the midpoint of our adjusted earnings per share guidance range, with capital expenditures of $325.0 million.THIRD QUARTER SEGMENT RESULTS(Dollar amounts in the segment tables below are reported in millions.)U.S. Retail Coffee

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q3 Results
$908.2
$199.0
21.9 %Increase (decrease) vs. prior year
23 %
(5) %
-630bpsNet sales increased $167.6 million, or 23 percent. Net price realization increased net sales by 23 percentage points, primarily driven by higher net pricing across the portfolio. Volume/mix decreased net sales by 1 percentage point, reflecting decreases for the Dunkin'® and Folgers® brands, partially offset by an increase for the Café Bustelo® brand.Segment profit decreased $9.6 million, primarily reflecting higher commodity costs, tariffs, unfavorable volume/mix, and lapping favorable property taxes in the prior year, partially offset by higher net price realization.U.S. Retail Frozen Handheld and Spreads

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q3 Results
$454.0
$103.6
22.8 %Increase (decrease) vs. prior year
2 %
4 %
50bpsNet sales increased $8.8 million, or 2 percent. Net price realization increased net sales by 2 percentage points, primarily driven by higher net pricing for Uncrustables® sandwiches, partially offset by higher trade spend for peanut butter. Volume/mix was neutral to net sales, reflecting an increase for peanut butter, mostly offset by a decrease for fruit spreads.Segment profit increased $4.4 million, primarily driven by higher net price realization and lower pre-production expenses primarily related to the new Uncrustables® sandwiches manufacturing facility, partially offset by higher costs and unfavorable volume/mix.U.S. Retail Pet Foods

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q3 Results
$417.1
$121.9
29.2 %Increase (decrease) vs. prior year
(1) %
4 %
160bpsNet sales decreased $5.9 million, or 1 percent. Volume/mix decreased net sales by 2 percentage points, primarily driven by lapping contract manufacturing sales related to the divested pet food brands in the prior year and a decrease for dog snacks, partially offset by an increase for cat food. Net price realization was neutral to net sales,  reflecting higher net pricing for cat food, mostly offset by lower net pricing for dog snacks.Segment profit increased $5.1 million, primarily driven by lower marketing spend.Sweet Baked Snacks

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q3 Results
$224.8
$12.2
5.4 %Increase (decrease) vs. prior year
(19) %
(78) %
-1430bpsNet sales decreased $53.8 million, or 19 percent. Excluding noncomparable net sales in the prior year related to the divested Voortman® business and certain Sweet Baked Snacks value brands, net sales decreased $27.5 million, or 11 percent. Volume/mix decreased net sales by 10 percentage points, primarily reflecting decreases for snack cakes, donuts, and breakfast. Net price realization was neutral to net sales.Segment profit decreased $42.6 million, primarily reflecting higher costs, unfavorable volume/mix, and higher marketing spend.International and Away From Home

Net Sales
Segment
Profit
Segment
Profit MarginFY26 Q3 Results
$335.3
$72.0
21.5 %Increase (decrease) vs. prior year
12 %
17 %
90bpsNet sales increased $36.7 million, or 12 percent. Excluding $2.0 million of favorable foreign currency exchange, net sales increased $34.7 million, or 12 percent. Net price realization increased net sales by 11 percentage points, primarily driven by higher net pricing for coffee. Volume/mix was neutral to net sales as increases for Uncrustables® sandwiches and coffee were mostly offset by decreases for fruit spreads, portion control products, cat food, and peanut butter.Segment profit increased $10.4 million, primarily reflecting higher net price realization, partially offset by higher costs, tariffs, and unfavorable volume/mix.Financial Results Discussion and WebcastAt approximately 7:00 a.m. Eastern Standard Time today, the Company will post to its website at investors.jmsmucker.com a pre-recorded management discussion of its fiscal 2026 third quarter financial results, a transcript of the discussion, and supplemental materials. At 9:00 a.m. Eastern Standard Time today, the Company will webcast a live question-and-answer session with Mark Smucker, Chief Executive Officer, President and Chair of the Board, and Tucker Marshall, Chief Financial Officer | Executive Vice President, Frozen Handheld and Spreads and Sweet Baked Snacks. The live webcast and replay can be accessed at investors.jmsmucker.com.The J.M. Smucker Co. Forward-Looking StatementsThis press release contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by those forward-looking statements. The risks, uncertainties, important factors, and assumptions listed and discussed in this press release, which could cause actual results to differ materially from those expressed, include: the Company's ability to successfully integrate Hostess Brands' operations and employees and to implement plans and achieve financial forecasts with respect to the Hostess Brands' business;  disruption from the acquisition of Hostess Brands by diverting the attention of the Company's management and making it more difficult to maintain business and operational relationships; the negative effects of the acquisition of Hostess Brands on the market price of the Company's common shares; the amount of the costs, fees, expenses, and charges and the risk of litigation related to the acquisition of Hostess Brands; the effect of the acquisition of Hostess Brands on the Company's business relationships, operating results, ability to hire and retain key talent, and business generally; disruptions or inefficiencies in the Company's operations or supply chain, including any impact caused by product recalls, political instability, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics, work stoppages or labor shortages, or other calamities; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation; the impact of food security concerns involving either the Company's products or its competitors' products, changes in consumer preferences, consumer or other litigation, actions by the U.S. Food and Drug Administration or other agencies, and product recalls; risks associated with derivative and purchasing strategies the Company employs to manage commodity pricing and interest rate risks; the availability of reliable transportation on acceptable terms; the ability to achieve cost savings related to the Company's restructuring and cost management programs in the amounts and within the time frames currently anticipated; the ability to generate sufficient cash flow to continue operating under the Company's capital deployment model, including capital expenditures, debt repayment to meet the Company's deleveraging objectives, dividend payments, and share repurchases; a change in outlook or downgrade in the Company's public credit ratings by a rating agency below investment grade; the ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period; the success and cost of marketing and sales programs and strategies intended to promote growth in the Company's businesses, including product innovation; general competitive activity in the market, including competitors' pricing practices and promotional spending levels; the Company's ability to attract and retain key talent; the concentration of certain of the Company's businesses with key customers and suppliers, including primary or single-source suppliers of certain key raw materials and finished goods, and the Company's ability to manage and maintain key relationships; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets; the impact of new or changes to existing governmental, regulations, and policies and their application, including tariffs, food ingredients, food labeling, and food accessibility; the outcome of tax examinations, changes in tax laws, and other tax matters; a disruption, failure, or security breach of the Company or its suppliers' information technology systems, including, but not limited to, ransomware attacks; foreign currency exchange rate and interest rate fluctuations; and risks related to other factors described under "Risk Factors" in other reports and statements filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K. The Company undertakes no obligation to update or revise these forward-looking statements, which speak only as of the date made, to reflect new events or circumstances.About The J.M. Smucker Co.At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin'®, Café Bustelo®, Jif®, Uncrustables®, Smucker's®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants.The J.M. Smucker Co.Unaudited Condensed Consolidated Statements of Income (Loss)




Three Months Ended January 31,
Nine Months Ended January 31,
2026
2025
% Increase (Decrease)
2026
2025
% Increase (Decrease)
(Dollars and shares in millions, except per share data)











Net sales$2,339.4
$2,186.0
7 %
$6,782.8
$6,582.3
3 %Cost of products sold1,511.6
1,307.9
16 %
4,610.4
4,020.9
15 %Gross Profit827.8
878.1
(6) %
2,172.4
2,561.4
(15) %Gross margin35.4 %
40.2 %


32.0 %
38.9 %













Selling, distribution, and administrative expenses363.2
367.6
(1) %
1,138.8
1,148.4
(1) %Amortization50.3
53.9
(7) %
150.7
165.7
(9) %Goodwill impairment charges507.5
794.3
(36) %
507.5
794.3
(36) %Other intangible assets impairment charges454.2
208.2
118 %
454.2
208.2
118 %Other special project costs5.0
10.1
(50) %
16.6
27.9
(41) %Loss (gain) on divestitures – net—
50.2
(100) %
—
311.0
(100) %Other operating expense (income) – net(4.0)
(12.2)
67 %
(11.1)
(19.3)
42 %Operating Income (Loss)(548.4)
(594.0)
8 %
(84.3)
(74.8)
(13) %Operating margin(23.4) %
(27.2) %


(1.2) %
(1.1) %













Interest expense – net(94.5)
(95.4)
(1) %
(293.3)
(294.5)
— %Other debt gains (charges) – net—
30.3
(100) %
—
30.3
(100) %Other income (expense) – net(9.0)
(3.4)
n/m
(12.4)
(10.7)
(16) %Income (Loss) Before Income Taxes(651.9)
(662.5)
2 %
(390.0)
(349.7)
(12) %Income tax expense (benefit)72.3
(0.2)
n/m
136.8
152.1
(10) %Net Income (Loss)($724.2)
($662.3)
(9) %
($526.8)
($501.8)
(5) %











Net Income (Loss) Per Common Share($6.79)
($6.22)
(9) %
($4.94)
($4.72)
(5) %











Net Income (Loss) Per Common Share – Assuming Dilution($6.79)
($6.22)
(9) %
($4.94)
($4.72)
(5) %











Dividends Declared Per Common Share$1.10
$1.08
2 %
$3.30
$3.24
2 %











Weighted-average shares outstanding106.7
106.4
— %
106.7
106.4
— %











Weighted-average shares outstanding – assuming dilution106.7
106.4
— %
106.7
106.4
— % The J.M. Smucker Co.Unaudited Condensed Consolidated Balance Sheets 




January 31, 2026
April 30, 2025
(Dollars in millions)Assets


Current Assets


Cash and cash equivalents$52.8
$69.9Trade receivables – net645.7
619.0Inventories1,171.1
1,209.4Other current assets119.0
248.3Total Current Assets1,988.6
2,146.6



Property, Plant, and Equipment – Net3,004.3
3,079.6



Other Noncurrent Assets


Goodwill5,204.6
5,710.0Other intangible assets – net5,743.3
6,346.9Other noncurrent assets324.9
280.2Total Other Noncurrent Assets11,272.8
12,337.1Total Assets$16,265.7
$17,563.3



Liabilities and Shareholders' Equity


Current Liabilities


Accounts payable$1,125.6
$1,288.7Short-term borrowings486.9
640.8Other current liabilities744.8
722.5Total Current Liabilities2,357.3
2,652.0



Noncurrent Liabilities


Long-term debt6,841.3
7,036.8Other noncurrent liabilities1,831.0
1,791.9Total Noncurrent Liabilities8,672.3
8,828.7



Total Shareholders' Equity5,236.1
6,082.6Total Liabilities and Shareholders' Equity$16,265.7
$17,563.3 The J.M. Smucker Co.Unaudited Condensed Consolidated Statements of Cash Flow




Three Months Ended January 31,
Nine Months Ended January 31,
2026
2025
2026
2025
(Dollars in millions)Operating Activities






Net income (loss)($724.2)
($662.3)
($526.8)
($501.8)Adjustments to reconcile net income (loss) to net cash provided by (used for) operations:






Depreciation93.8
68.2
271.9
213.4Amortization50.3
53.9
150.7
165.7Goodwill impairment charges507.5
794.3
507.5
794.3Other intangible assets impairment charges454.2
208.2
454.2
208.2Pension settlement loss (gain)7.8
—
7.8
—Share-based compensation expense2.5
9.4
20.4
25.2Loss (gain) on divestitures – net—
50.2
—
311.0Deferred income tax expense (benefit)(75.8)
(87.1)
(11.8)
(63.2)Other noncash adjustments – net13.6
(23.4)
41.9
6.7Changes in assets and liabilities, net of effect from acquisition and divestitures:






Trade receivables30.3
149.0
(26.3)
80.5Inventories184.2
(4.8)
38.6
(59.2)Other current assets10.4
(53.4)
87.4
(27.7)Accounts payable10.2
(90.3)
(150.8)
(173.7)Accrued liabilities(140.1)
(136.8)
(84.8)
(117.0)Income and other taxes135.7
(28.9)
118.8
(33.5)Other – net(1.9)
(6.8)
(4.3)
(12.4)Net Cash Provided by (Used for) Operating Activities558.5
239.4
894.4
816.5Investing Activities






Additions to property, plant, and equipment(71.5)
(88.1)
(222.1)
(298.8)Proceeds from divestitures – net—
290.5
—
290.5Proceeds from disposal of property, plant, and equipment—
0.2
13.1
0.2Collateral received (pledged) for derivative cash margin accounts87.6
4.5
34.8
(10.4)Other – net—
0.1
0.3
—Net Cash Provided by (Used for) Investing Activities16.1
207.2
(173.9)
(18.5)Financing Activities






Short-term borrowings (repayments) – net(268.4)
(31.6)
(181.0)
(153.2)Repayments of long-term debt(200.0)
(300.0)
(200.0)
(300.0)Quarterly dividends paid(116.7)
(114.4)
(347.9)
(340.9)Purchase of treasury shares(0.2)
(0.4)
(5.2)
(3.1)Other – net(0.7)
(0.5)
(3.6)
(13.4)Net Cash Provided by (Used for) Financing Activities(586.0)
(446.9)
(737.7)
(810.6)Effect of exchange rate changes on cash1.4
(1.7)
0.1
(2.2)Net increase (decrease) in cash and cash equivalents(10.0)
(2.0)
(17.1)
(14.8)Cash and cash equivalents at beginning of period62.8
49.2
69.9
62.0Cash and Cash Equivalents at End of Period$52.8
$47.2
$52.8
$47.2 The J.M. Smucker Co.Unaudited Supplemental Schedule




Three Months Ended January 31,
Nine Months Ended January 31,
2026
% of Net Sales
2025
% of Net Sales
2026
% of Net Sales
2025
% of Net Sales
(Dollars in millions)Net sales$2,339.4


$2,186.0


$6,782.8


$6,582.3

Selling, distribution, and administrative expenses:














Marketing109.6
4.7 %
112.9
5.2 %
369.7
5.5 %
343.9
5.2 %Selling65.6
2.8 %
63.5
2.9 %
197.1
2.9 %
200.5
3.0 %Distribution71.9
3.1 %
73.8
3.4 %
213.6
3.1 %
214.1
3.3 %General and administrative116.1
5.0 %
117.4
5.4 %
358.4
5.3 %
389.9
5.9 %Total selling, distribution, and administrative expenses$363.2
15.5 %
$367.6
16.8 %
$1,138.8
16.8 %
$1,148.4
17.4 %















Amounts may not add due to rounding.











 The J.M. Smucker Co.Unaudited Reportable Segments




Three Months Ended January 31,
Nine Months Ended January 31,
2026
2025
2026
2025
(Dollars in millions)Net sales:






U.S. Retail Coffee$908.2
$740.6
$2,474.3
$2,068.0U.S. Retail Frozen Handheld and Spreads454.0
445.2
1,399.8
1,427.2U.S. Retail Pet Foods417.1
423.0
1,198.3
1,268.1Sweet Baked Snacks224.8
278.6
734.1
927.8International and Away From Home335.3
298.6
976.3
891.2Total net sales$2,339.4
$2,186.0
$6,782.8
$6,582.3







Segment profit:






U.S. Retail Coffee$199.0
$208.6
$487.5
$583.9U.S. Retail Frozen Handheld and Spreads103.6
99.2
320.0
334.3U.S. Retail Pet Foods121.9
116.8
347.6
353.5Sweet Baked Snacks12.2
54.8
68.2
199.8International and Away From Home72.0
61.6
213.9
178.2Total segment profit$508.7
$541.0
$1,437.2
$1,649.7Amortization(50.3)
(53.9)
(150.7)
(165.7)Goodwill impairment charges(507.5)
(794.3)
(507.5)
(794.3)Other intangible assets impairment charges(454.2)
(208.2)
(454.2)
(208.2)Gain (loss) on divestitures – net—
(50.2)
—
(311.0)Interest expense – net(94.5)
(95.4)
(293.3)
(294.5)Change in net cumulative unallocated derivative gains and losses59.3
60.0
(90.8)
41.7Cost of products sold – special project costs(22.3)
(1.1)
(60.7)
(11.7)Other special project costs(5.0)
(10.1)
(16.6)
(27.9)Other debt gains (charges) – net—
30.3
—
30.3Corporate administrative expenses(77.1)
(77.2)
(241.0)
(247.4)Other income (expense) – net(9.0)
(3.4)
(12.4)
(10.7)Income (loss) before income taxes($651.9)
($662.5)
($390.0)
($349.7)







Segment profit margin:






U.S. Retail Coffee21.9 %
28.2 %
19.7 %
28.2 %U.S. Retail Frozen Handheld and Spreads22.8 %
22.3 %
22.9 %
23.4 %U.S. Retail Pet Foods29.2 %
27.6 %
29.0 %
27.9 %Sweet Baked Snacks5.4 %
19.7 %
9.3 %
21.5 %International and Away From Home21.5 %
20.6 %
21.9 %
20.0 %Non-GAAP Financial MeasuresThe Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortization expense, impairment charges related to intangible assets, and gains and losses on divestitures ("EBITDA (as adjusted)"); and free cash flow, as key measures for purposes of evaluating performance internally. The Company believes that investors' understanding of its performance is enhanced by disclosing these performance measures. Furthermore, these non-GAAP financial measures are used by management in preparation of the annual budget and for the monthly analyses of its operating results. The Board of Directors also utilizes certain non-GAAP financial measures as components for measuring performance for incentive compensation purposes.Non-GAAP financial measures exclude certain items affecting comparability that can significantly affect the year-over-year assessment of operating results, which include amortization expense and impairment charges related to intangible assets; certain divestiture, acquisition, integration, and restructuring costs ("special project costs"); gains and losses on divestitures; the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities ("change in net cumulative unallocated derivative gains and losses"); and other infrequently occurring items that do not directly reflect ongoing operating results. Income taxes, as adjusted is calculated using an adjusted effective income tax rate that is applied to adjusted income before income taxes and reflects the exclusion of the previously discussed items, as well as any adjustments for one-time tax-related activities, when they occur. While this adjusted effective income tax rate does not generally differ materially from the GAAP effective income tax rate, certain exclusions from non-GAAP results, such as the unfavorable income tax impacts associated with the impairment charges for the Sweet Baked Snacks reporting unit, can significantly impact the adjusted effective income tax rate.These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP. Rather, the presentation of these non-GAAP financial measures supplements other metrics used by management to internally evaluate its businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. A reconciliation of certain non-GAAP financial measures to the comparable GAAP financial measure for the current and prior year periods is included in the "Unaudited Non-GAAP Financial Measures" tables. The Company has also provided a reconciliation of non-GAAP financial measures for its fiscal year 2026 outlook.The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures




Three Months Ended January 31,
Nine Months Ended January 31,
2026
2025
Increase (Decrease)
%
2026
2025
Increase (Decrease)
%
(Dollars in millions)















Net sales reconciliation:














Net sales$2,339.4
$2,186.0
$153.4
7 %
$6,782.8
$6,582.3
$200.5
3 %Sweet Baked Snacks value brands divestiture—
(13.4)
13.4
1
—
(43.3)
43.3
1Voortman® divestiture—
(12.9)
12.9
1
—
(86.3)
86.3
1Foreign currency exchange(2.0)
—
(2.0)
—
(0.2)
—
(0.2)
—Net sales excluding divestitures and foreign currency exchange $2,337.4
$2,159.7
$177.7
8 %
$6,782.6
$6,452.7
$329.9
5 %















Amounts may not add due to rounding.









 The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures






Three Months Ended January 31,
Nine Months Ended January 31,

2026
2025
2026
2025

(Dollars and shares in millions, except per share data)
Gross profit reconciliation:







Gross profit$827.8
$878.1
$2,172.4
$2,561.4
Change in net cumulative unallocated derivative gains and losses(59.3)
(60.0)
90.8
(41.7)
Cost of products sold – special project costs 22.3
1.1
60.7
11.7
Adjusted gross profit$790.8
$819.2
$2,323.9
$2,531.4
% of net sales33.8 %
37.5 %
34.3 %
38.5 %
Operating income (loss) reconciliation:







Operating income (loss)($548.4)
($594.0)
($84.3)
($74.8)
Amortization 50.3
53.9
150.7
165.7
Goodwill impairment charges507.5
794.3
507.5
794.3
Other intangible assets impairment charges454.2
208.2
454.2
208.2
Loss (gain) on divestitures – net—
50.2
—
311.0
Change in net cumulative unallocated derivative gains and losses(59.3)
(60.0)
90.8
(41.7)
Cost of products sold – special project costs 22.3
1.1
60.7
11.7
Other special project costs 5.0
10.1
16.6
27.9
Adjusted operating income$431.6
$463.8
$1,196.2
$1,402.3
% of net sales18.4 %
21.2 %
17.6 %
21.3 %
Net income (loss) reconciliation:







Net income (loss)($724.2)
($662.3)
($526.8)
($501.8)
Income tax expense (benefit)72.3
(0.2)
136.8
152.1
Amortization 50.3
53.9
150.7
165.7
Goodwill impairment charges507.5
794.3
507.5
794.3
Other intangible assets impairment charges454.2
208.2
454.2
208.2
Loss (gain) on divestitures – net—
50.2
—
311.0
Change in net cumulative unallocated derivative gains and losses(59.3)
(60.0)
90.8
(41.7)
Cost of products sold – special project costs 22.3
1.1
60.7
11.7
Other special project costs 5.0
10.1
16.6
27.9
Other expense – special project costs0.1
—
1.0
—
Other infrequently occurring items:







Other debt charges (gains) – net (A)—
(30.3)
—
(30.3)
Pension plan termination settlement charge (B)7.8
—
7.8
—
Adjusted income before income taxes$336.0
$365.0
$899.3
$1,097.1
Income taxes, as adjusted81.5
86.7
217.1
265.1
Adjusted income$254.5
$278.3
$682.2
$832.0
Weighted-average shares outstanding – assuming dilution (C)106.9
106.7
106.9
106.6
Adjusted earnings per share – assuming dilution (C)$2.38
$2.61
$6.38
$7.80
(A)   Net other debt charges (gains) includes a net gain on extinguishment of debt as a result of the tender offers completed during the third quarter of 2025.  (B)   Represents the nonrecurring pre-tax settlement charge recognized during the third quarter of 2026 related to the termination of one of the Company's U.S. qualified defined benefit plans.(C)   Adjusted earnings per common share – assuming dilution for the three and nine months ended January 31, 2026 and 2025, was computed using the treasury stock method. Further, for the three and nine months ended January 31, 2026 and 2025, the weighted-average shares – assuming dilution differed from our GAAP weighted-average common shares outstanding – assuming dilution as a result of the anti-dilutive effect of our stock-based awards, which were excluded from the computation of net loss per share – assuming dilution.
 The J.M. Smucker Co.Unaudited Non-GAAP Financial Measures




Three Months Ended January 31,
Nine Months Ended January 31,
2026
2025
2026
2025
(Dollars in millions)EBITDA (as adjusted) reconciliation:






Net income (loss)($724.2)
($662.3)
($526.8)
($501.8)Income tax expense (benefit)72.3
(0.2)
136.8
152.1Interest expense – net94.5
95.4
293.3
294.5Depreciation93.8
68.2
271.9
213.4Amortization50.3
53.9
150.7
165.7Goodwill impairment charges507.5
794.3
507.5
794.3Other intangible assets impairment charges454.2
208.2
454.2
208.2Loss (gain) on divestitures – net—
50.2
—
311.0EBITDA (as adjusted)$548.4
$607.7
$1,287.6
$1,637.4% of net sales23.4 %
27.8 %
19.0 %
24.9 %







Free cash flow reconciliation:






Net cash provided by (used for) operating activities$558.5
$239.4
$894.4
$816.5Additions to property, plant, and equipment(71.5)
(88.1)
(222.1)
(298.8)Free cash flow$487.0
$151.3
$672.3
$517.7The following tables provide a reconciliation of the Company's fiscal year 2026 guidance for estimated adjusted earnings per share and free cash flow.

Year Ending April 30, 2026

Low
HighNet income per common share – assuming dilution reconciliation:



Net income per common share – assuming dilution
($1.89)
($1.39)Change in net cumulative unallocated derivative gains and losses (A)
1.04
1.04Amortization
2.61
2.61Goodwill impairment charge
6.29
6.29Other intangible assets impairment charge
5.63
5.63Special project costs
1.01
1.01Pension plan termination settlement charge (B)
0.57
0.57Adjusted effective income tax rate impact
(6.51)
(6.51)Adjusted earnings per share
$8.75
$9.25




(A)  We are unable to project derivative gains and losses on a forward-looking basis as these will vary each quarter based on market conditions and derivative positions taken. The change in unallocated derivative gains and losses in the table above reflects the net impact of the gains and losses that have been recognized in our GAAP results and excluded from non-GAAP results as of January 31, 2026, that are expected to be allocated to non-GAAP results in future periods.(B)  Represents non-recurring pre-tax settlement charges related to the termination of one of the Company's U.S. defined benefit pension plans anticipated to be realized during fiscal year 2026 upon settlement of the pension obligations.






Year Ending April 30, 2026



(Dollars in millions)

Free cash flow reconciliation:



Net cash provided by operating activities
$1,300.0

Additions to property, plant, and equipment
(325.0)

Free cash flow
$975.0







  





View original content to download multimedia:https://www.prnewswire.com/news-releases/the-jm-smucker-co-announces-fiscal-2026-third-quarter-results-302698274.htmlSOURCE The J.M. Smucker Co.

Original: The J.M. Smucker Co. Announces Fiscal 2026 Third Quarter Results

The J.M. Smucker Co. to Present at the 2026 Consumer Analyst Group of New York (CAGNY) Conference and Sets Date to Report Third Quarter EarningsJanuary 28, 2026 4:30 PM
PR Newswire (US)

ORRVILLE, Ohio, Jan. 28, 2026 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) invites interested parties to listen to management's presentation during the 2026 CAGNY Conference on Wednesday, Feb. 18, 2026, at 2:00 p.m. Eastern Standard Time.The Company will release its third quarter fiscal 2026 financial results on Thursday, Feb. 26, 2026. A press release, including financial statements and segment information, supplemental materials, pre-recorded management remarks, and a transcript of the pre-recorded remarks will be available beginning at 7:00 a.m. Eastern Standard Time. The Company will webcast a live question and answer session with Mark Smucker, Chief Executive Officer and Chair of the Board, and Tucker Marshall, Chief Financial Officer, at 9:00 a.m. Eastern Standard Time on that date.The live webcasts, replays, and other materials for both events can be accessed at the Company's website: investors.jmsmucker.com.About The J.M. Smucker Co.At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin'®, Café Bustelo®, Jif®, Uncrustables®, Smucker's®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants.





View original content to download multimedia:https://www.prnewswire.com/news-releases/the-jm-smucker-co-to-present-at-the-2026-consumer-analyst-group-of-new-york-cagny-conference-and-sets-date-to-report-third-quarter-earnings-302673184.htmlSOURCE The J.M. Smucker Co.

Original: The J.M. Smucker Co. to Present at the 2026 Consumer Analyst Group of New York (CAGNY) Conference and Sets Date to Report Third Quarter Earnings

Worm brain Kennedy will outlaw all junk foods that SJM makes. This is what is pressuring the stock lower.

And what a disastrous day for the longs it has been. LOL

SJM, reports Tuesday 6/10

News: $SJM JM Smucker Co (SJM) Q2 2020 Earnings Call Transcript

Image source: The Motley Fool. JM Smucker Co   (NYSE: SJM) Q2 2020 Earnings Call Nov 22, 2019 , 8:30 a.m. ET Operator Continue reading

Got this from SJM - JM Smucker Co (SJM) Q2 2020 Earnings Call Transcript

News: $SJM Why J.M. Smucker Stock Jumped 8% This Morning, Then Slumped

Shares of jelly maker J.M. Smucker (NYSE: SJM) popped more than 8% in early trading Friday after the company topped analyst estimates for fiscal Q2 2020 earnings this morning, but then gave back roughly half their gains. The stock was up only 4.2% as of 11:40 a.m. EST today.  Analysts ...

Find out more SJM - Why J.M. Smucker Stock Jumped 8% This Morning, Then Slumped

News: $SJM Futures Up, Aimed at Ending 3-Session Skid

U.S. stock index futures were slightly higher Friday morning, following three straight days of market losses. Futures for the Dow Jones Industrials gained 42 points, or 0.2%, Friday to 27,790. Futures for the S&P 500 added 4.25 points, or 0.1%, at 3,108.25. The NASDAQ Composit...

Find out more SJM - Futures Up, Aimed at Ending 3-Session Skid

News: $SJM The J. M. Smucker Company Announces Fiscal 2020 Second Quarter Results

ORRVILLE, Ohio , Nov. 22, 2019 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the second quarter ended October 31, 2019, of its 2020 fiscal year. Financial results reflect the divestiture of the Company's U.S. baking business on August 31, 2018 ...

Read the whole news SJM - The J. M. Smucker Company Announces Fiscal 2020 Second Quarter Results

News: $SJM Bodega-Born Café Bustelo® Coffee Makes National Advertising Debut in Vibrant New Campaign Created by Publicis Groupe

ORRVILLE, Ohio , Sept. 2, 2019 /PRNewswire/ -- Café Bustelo , the legacy espresso-style coffee brand, is making its national advertising debut in a vibrant new campaign, blending modern and traditional Latin imagery and music in a celebration of the brand's heritage. Since 1928, Ca...

Got this from Bodega-Born Café Bustelo® Coffee Makes National Advertising Debut in Vibrant New Campaign Created by Publicis Groupe

Perfect time to load up some long term gold. Peeps always gonna need pb&j

This Stock Is Almost On Sale With A Coupon

Since early June most of the leading food processing stocks have fallen off a cliff. Traders should take note that Smucker JM Co (NYSE:SJM) topped out long before that, peaking in August 2016 at $157.30 a share. Since that pivot top in the stock the shares have tumbled lower by $42.00. Today, SJM stock is trading at $114.95 a share. Many traders may think the stock is now on sale, but that is not the case just yet. There is still lower prices ahead before this stock reaches its institutional buy point.

Traders and investors should watch the $109.00 level for major chart support. This is an area where the stock price should be defended by the institutional traders. In fact, this was a major chart support level in July 2015 and it should be supported again when retested. This area is a support level where I will be looking to buy SJM stock.



Nicholas Santiago
InTHeMoneyStocks

SJM RSI 5

FLOAT = 112 M

EPS = 5.77

RE PURCH SHARES 3 MILLION
On February 22, 2017, The J. M. Smucker Company (the “Company”) entered into a share repurchase plan (the “Plan”) established in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in connection with the 6,586,598 remaining common shares authorized for repurchase by the Company’s Board of Directors as of the Company’s fiscal quarter ended January 31, 2017. A Rule 10b5-1 plan allows a company to repurchase its shares at times when it otherwise might be unable to do so under the Exchange Act’s insider trading rules or during self-imposed trading blackout periods.

The Plan will facilitate purchases of the Company’s common shares under its authorized share repurchase program. The Company’s designated broker will have authority under the Plan to repurchase up to 3,000,000 of the remaining 6,586,598 common shares authorized for repurchase commencing on February 27, 2017 and expiring on October 31, 2017, unless terminated earlier in accordance with the terms of the Plan. Repurchases under the Plan will be subject to specified parameters and certain price and volume restraints as established in the Plan. Therefore, there is no guarantee as to the exact number of common shares that will be repurchased. Any repurchased shares will be held in treasury.

J M Smucker $SJM has little Margin of Safety for value investors before earnings Friday: Fair Value Source

And it is Jamming!

SJM makes the best jam in town!

Gotta love pb&j!!!!

It was an obvious call...

Great time to load!!!

SJM$$$

SJM LONG$$$

Q2 14 call transcript


http://www.earningsimpact.com/Transcript/84615/SJM/Q2-2014-Earnings-Call

OGSPECULATOR, I agree. Though I would say the range of $110-$115. If their earnings are strong this quarter, it could happen. I believe they release earnings sometime at the end of this month. We will see...

It seems unlikely until the pps is 130-140, IMO

OGSPECULATOR, do you think they will this coming quarter?

Split sounds good to me :^)

OGSPECULATOR, I agree! Though J.M. Smucker (SJM) needs to break bread and split!

Best jam around!

Whale buyer spotted!!!

Exceptional company!!!

We are witnessing greatness here.

~ Thursday! $SJM ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $SJM ~ Earnings expected on Thursday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=SJM&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=SJM&p=W&b=3&g=0&id=p54550695994



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http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

Gabelli is out with its report today on J.M. Smucker (NYSE: SJM), downgrading SJM from Buy to Hold.

In a note to clients, Gabelli writes, "SJM faces several challenges going into FY2012, although the earnings guidance is achievable, we are changing our recommendation to a Hold based on valuation and potential 2H challenges."


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1157137/update-gabelli-downgrades-j-m-smucker-to-hold#ixzz1OssZRNZk