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How Conagra Brands (CAG) makes money

Conagra Brands (CAG) made $2.6B of revenue in the first quarter fiscal 2027 (Q1 FY27), -1% from a year earlier. Frozen brought in $878M (34%); Other Shelf-stable brought in $552M (21%); Snacks brought in $499M (19%). Of every dollar of revenue, 24¢ was left as gross profit, 10¢ was left as operating profit, 7¢ was left as net earnings.

Drawing the Sankey…

Conagra Brands revenue by segment, Q1 FY27Conagra Brands revenue by segment, Q1 FY27Frozen$878MOther Shelf-stable$552MSnacks$499MFoodservice$273MInternational$218MRefrigerated$176M
Conagra Brands: revenue by line, Q3 FY25 to Q1 FY27Conagra Brands: revenue by line, Q3 FY25 to Q1 FY27FrozenOther Shelf-stableSnacksInternationalFood serviceRefrigeratedFoodserviceFrozen: $878M latest$878MOther Shelf-stable: $552M latest$552MSnacks: $499M latest$499MInternational: $218M latest$218MFood service: $0 latestRefrigerated: $176M latestFoodservice: $273M latest$273MQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Other Shelf-stable went from 25% of revenue in Q3 FY25 to 21% in Q1 FY27, the largest shift in the mix.
Conagra Brands revenue by quarterConagra Brands revenue by quarter$2.8BQ3 FY25$2.8BQ4 FY25$2.6BQ1 FY26$3.0BQ2 FY26$2.8BQ3 FY26$2.9BQ4 FY26$2.6BQ1 FY27
Conagra Brands: where each dollar of revenue goesConagra Brands: where each dollar of revenue goesCost of revenue76¢Gross profit24¢Operating expenses13¢Operating profit10¢Income tax2¢Net earnings7¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
Frozen$878M33.8%-12%-2%
Other Shelf-stable$552M21.3%-5%-3%
Snacks$499M19.2%-13%-2%
Foodservice$273M10.5%-10%+3%
International$218M8.4%-11%+3%
Refrigerated$176M6.8%-2%-0.9%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$2.6B100.0%
Cost of revenue$2.0B76.2%
Gross profit$619M23.8%
Operating expenses$350M13.5%
Operating profit$268M10.3%
Income tax$58.6M2.3%
Net earnings$174M6.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$2.6B-1%
Q4 FY26$2.9B+4%
Q3 FY26$2.8B-2%
Q2 FY26$3.0B-7%
Q1 FY26$2.6B-6%
Q4 FY25$2.8B-4%
Q3 FY25$2.8B-6%

From Conagra Brands' 10-Q filed Sep 30, 2026 (on EDGAR).

Questions

How does Conagra Brands make money?

Conagra Brands (CAG) made $2.6B of revenue in the first quarter fiscal 2027 (Q1 FY27), -1% from a year earlier. Frozen brought in $878M (34%); Other Shelf-stable brought in $552M (21%); Snacks brought in $499M (19%). Of every dollar of revenue, 24¢ was left as gross profit, 10¢ was left as operating profit, 7¢ was left as net earnings.

What is Conagra Brands' biggest business?

Frozen: $878M in the first quarter fiscal 2027, 34% of revenue, -2% from a year earlier.

What is Conagra Brands' profit margin?

Net earnings were $174M, 6.7% of revenue, in the first quarter fiscal 2027; the operating margin was 10.3%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.