Operating margins have compressed significantly from a peak of 44.8% in 2025Q3 to 5.4% in 2026Q3, illustrating the company's high sensitivity to volatile wholesale egg price fluctuations.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 3.46B | 4.26B | 2.33B | 3.15B | 1.78B | 1.35B | 1.35B | 1.36B | 1.5B | 1.07B | 1.91B | 1.58B | 1.44B | 1.29B | 1.11B | 941.98M | 910.14M | 928.81M | 915.94M | 598.13M | 477.56M | 375.27M | 572.33M | 387.46M | 326.17M | 358.41M | 287.06M | 288M | 309.1M | 292.5M | 282.8M |
| Revenue Growth % | -8.85% | 83.19% | -26.06% | 77.04% | 31.74% | -0.19% | -0.7% | -9.43% | 39.87% | -43.7% | 21.1% | 9.38% | 11.86% | 15.72% | 18.17% | 3.5% | -2.01% | 1.41% | 53.13% | 25.25% | 27.26% | -34.43% | 47.71% | 18.79% | -9% | 24.86% | -0.33% | -6.83% | 5.68% | 3.43% | - |
| Cost of Goods Sold | 2.29B | 2.41B | 1.78B | 1.95B | 1.44B | 1.19B | 1.17B | 1.14B | 1.14B | 1.03B | 1.26B | 1.18B | 1.14B | 1.07B | 911.33M | 757.05M | 715.5M | 724.09M | 617.38M | 479.5M | 415.34M | 339.83M | 396.7M | 315.17M | 291.77M | 299.42M | 253.13M | 229.8M | 252.6M | 225.7M | 220.4M |
| COGS % of Revenue | - | 56.57% | 76.72% | 61.97% | 81.03% | 88.09% | 86.71% | 83.63% | 75.98% | 95.76% | 66.05% | 74.89% | 78.99% | 83.34% | 81.87% | 80.37% | 78.61% | 77.96% | 67.4% | 80.17% | 86.97% | 90.56% | 69.31% | 81.34% | 89.45% | 83.54% | 88.18% | 79.79% | 81.72% | 77.16% | 77.93% |
| Gross Profit | 1.17B | 1.85B | 541.57M | 1.2B | 337.06M | 160.66M | 179.59M | 222.86M | 361.05M | 45.55M | 648.07M | 395.72M | 302.76M | 214.55M | 201.78M | 184.93M | 194.64M | 204.73M | 298.56M | 118.62M | 62.22M | 35.43M | 175.63M | 72.29M | 34.4M | 58.99M | 33.92M | 58.2M | 56.5M | 66.8M | 62.4M |
| Gross Margin % | 33.77% | 43.43% | 23.28% | 38.03% | 18.97% | 11.91% | 13.29% | 16.37% | 24.02% | 4.24% | 33.95% | 25.11% | 21.01% | 16.66% | 18.13% | 19.63% | 21.39% | 22.04% | 32.6% | 19.83% | 13.03% | 9.44% | 30.69% | 18.66% | 10.55% | 16.46% | 11.82% | 20.21% | 18.28% | 22.84% | 22.07% |
| Gross Profit Growth % | - | 241.76% | -54.74% | 254.97% | 109.8% | -10.54% | -19.42% | -38.27% | 692.64% | -92.97% | 63.77% | 30.7% | 41.12% | 6.33% | 9.11% | -4.99% | -4.93% | -31.43% | 151.68% | 90.66% | 75.59% | -79.82% | 142.94% | 110.13% | -41.68% | 73.9% | -41.71% | 3.01% | -15.42% | 7.05% | - |
| Operating Expenses | 300.98M | 314.35M | 229.12M | 228.73M | 193.52M | 186.93M | 178.32M | 177.08M | 260.54M | 179.7M | 176.2M | 160.95M | 156.71M | 154.96M | 113.13M | 101.45M | 92.04M | 83.25M | 74.92M | 60.39M | 57.7M | 47.76M | 69.31M | 46.03M | 42.33M | 42.34M | 55.87M | 48.6M | 46.1M | 39.5M | 40.1M |
| OpEx % of Revenue | - | 7.38% | 9.85% | 7.27% | 10.89% | 13.86% | 13.19% | 13.01% | 17.34% | 16.72% | 9.23% | 10.21% | 10.88% | 12.03% | 10.16% | 10.77% | 10.11% | 8.96% | 8.18% | 10.1% | 12.08% | 12.73% | 12.11% | 11.88% | 12.98% | 11.81% | 19.46% | 16.88% | 14.91% | 13.5% | 14.18% |
| Selling, General & Admin | 330.62M | 314.45M | 232.98M | 232.21M | 198.63M | 183.94M | 178.24M | 177.04M | 179.32M | 176.03M | 177.76M | 160.39M | 156.71M | 126.96M | 113.13M | 101.45M | 92.04M | 83.25M | 74.92M | 60.39M | 57.7M | 47.76M | 69.31M | 46.03M | 42.33M | 42.34M | 40.06M | 36.4M | 34.1M | 28.9M | 29.7M |
| SG&A % of Revenue | - | 7.38% | 10.01% | 7.38% | 11.18% | 13.64% | 13.19% | 13.01% | 11.93% | 16.38% | 9.31% | 10.18% | 10.88% | 9.86% | 10.16% | 10.77% | 10.11% | 8.96% | 8.18% | 10.1% | 12.08% | 12.73% | 12.11% | 11.88% | 12.98% | 11.81% | 13.96% | 12.64% | 11.03% | 9.88% | 10.5% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.26M | -103K | -3.86M | -3.48M | -5.11M | 2.98M | 82K | 33K | 81.22M | 3.66M | -1.56M | 568K | 0 | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.81M | 12.2M | 12M | 10.6M | 10.4M |
| Operating Income | 868.51M | 1.54B | 312.45M | 967.73M | 143.54M | -26.26M | 1.27M | 45.78M | 100.51M | -134.15M | 471.88M | 234.77M | 146.05M | 59.59M | 88.65M | 83.48M | 102.6M | 121.47M | 223.64M | 58.23M | 4.51M | -12.32M | 106.32M | 26.26M | -7.93M | 16.66M | -21.94M | 9.6M | 10.4M | 27.3M | 22.3M |
| Operating Margin % | 25.08% | 36.05% | 13.43% | 30.76% | 8.08% | -1.95% | 0.09% | 3.36% | 6.69% | -12.48% | 24.72% | 14.9% | 10.14% | 4.63% | 7.96% | 8.86% | 11.27% | 13.08% | 24.42% | 9.74% | 0.95% | -3.28% | 18.58% | 6.78% | -2.43% | 4.65% | -7.64% | 3.33% | 3.36% | 9.33% | 7.89% |
| Operating Income Growth % | - | 391.77% | -67.71% | 574.2% | 646.52% | -2169.66% | -97.23% | -54.45% | 174.92% | -128.43% | 101% | 60.74% | 145.08% | -32.78% | 6.19% | -18.64% | -15.53% | -45.68% | 284.06% | 1189.7% | 136.63% | -111.59% | 304.82% | 431.28% | -147.59% | 175.92% | -328.55% | -7.69% | -61.9% | 22.42% | - |
| EBITDA | 977.24M | 1.63B | 392.69M | 1.04B | 211.93M | 33.21M | 59.37M | 100.43M | 154.53M | -85.03M | 516.47M | 275.48M | 183.25M | 93.77M | 119.4M | 114.24M | 134.39M | 151.03M | 248.96M | 79.71M | 25.08M | 4.12M | 123.16M | 42.89M | 9.38M | 34.2M | -6.13M | 21.8M | 22.4M | 37.9M | 32.7M |
| EBITDA Margin % | 28.22% | 38.26% | 16.88% | 33.05% | 11.93% | 2.46% | 4.39% | 7.38% | 10.28% | -7.91% | 27.06% | 17.48% | 12.72% | 7.28% | 10.73% | 12.13% | 14.77% | 16.26% | 27.18% | 13.33% | 5.25% | 1.1% | 21.52% | 11.07% | 2.88% | 9.54% | -2.14% | 7.57% | 7.25% | 12.96% | 11.56% |
| EBITDA Growth % | -26.71% | 315.23% | -62.24% | 390.7% | 538.1% | -44.06% | -40.88% | -35.01% | 281.73% | -116.46% | 87.48% | 50.32% | 95.44% | -21.47% | 4.52% | -15% | -11.02% | -39.33% | 212.34% | 217.76% | 509.43% | -96.66% | 187.18% | 357.13% | -72.57% | 657.46% | -128.14% | -2.68% | -40.9% | 15.9% | - |
| D&A (Non-Cash Add-back) | 108.73M | 94.02M | 80.24M | 72.23M | 68.39M | 59.48M | 58.1M | 54.65M | 54.03M | 49.11M | 44.59M | 40.71M | 37.2M | 34.17M | 30.75M | 30.75M | 31.79M | 29.56M | 25.32M | 21.48M | 20.57M | 16.44M | 16.84M | 16.62M | 17.31M | 17.54M | 15.81M | 12.2M | 12M | 10.6M | 10.4M |
| EBIT | 961.79M | 1.6B | 360.52M | 999.13M | 166.42M | -9.74M | 20.56M | 71.45M | 117.6M | -113.98M | 488.4M | 248.86M | 165.6M | 80.06M | 144.12M | 98.53M | 111.11M | 128.43M | 223.64M | 58.23M | 4.51M | -12.32M | 106.32M | 26.26M | -7.93M | 16.66M | -21.94M | 9.6M | 10.4M | 27.3M | 22.3M |
| Net Interest Income | 52.37M | 48.06M | 31.73M | 17.97M | 585K | 2.62M | 4.46M | 7.33M | 3.43M | 2.79M | 3.16M | -515K | -2.66M | -3.91M | -3.76M | -6.02M | -6.73M | -5.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 52.87M | 48.67M | 32.27M | 18.55M | 988K | 2.83M | 4.96M | 7.98M | 3.7M | 3.1M | 4.31M | 1.8M | 1.1M | 582K | 1.29M | 834K | 888K | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 506K | 612K | 549K | 583K | 403K | 213K | 498K | 644K | 265K | 318K | 1.16M | 2.31M | 3.75M | 4.49M | 5.05M | 6.86M | 7.62M | 7.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 42.22M | 66.6M | 47.52M | 30.82M | 22.48M | 16.32M | 18.79M | 25.02M | 16.83M | 19.85M | 15.37M | 11.78M | 15.79M | 15.97M | 50.42M | 8.19M | 889K | -140K | 7.75M | -1.97M | -5.99M | -3.08M | -80K | -7.13M | -8.44M | -5.94M | -5.07M | -1.6M | -2.1M | -3M | -4.9M |
| Pretax Income | 910.73M | 1.6B | 359.97M | 998.55M | 166.01M | -9.95M | 20.06M | 70.81M | 117.34M | -114.29M | 487.25M | 246.55M | 161.84M | 75.57M | 139.08M | 91.67M | 103.49M | 121.33M | 231.39M | 56.26M | -1.48M | -15.41M | 106.24M | 19.14M | -16.36M | 10.71M | -27.01M | 8M | 8.3M | 24.3M | 17.4M |
| Pretax Margin % | 26.3% | 37.62% | 15.47% | 31.74% | 9.34% | -0.74% | 1.48% | 5.2% | 7.81% | -10.64% | 25.53% | 15.64% | 11.23% | 5.87% | 12.49% | 9.73% | 11.37% | 13.06% | 25.26% | 9.41% | -0.31% | -4.11% | 18.56% | 4.94% | -5.02% | 2.99% | -9.41% | 2.78% | 2.69% | 8.31% | 6.15% |
| Income Tax | 215.45M | 384.91M | 83.69M | 241.82M | 33.57M | -12.01M | 1.73M | 15.74M | -8.86M | -39.87M | 169.2M | 84.27M | 52.03M | 24.81M | 49.11M | 33.4M | 37.96M | 41.51M | 79.53M | 19.61M | -465K | -5.05M | 39.8M | 6.92M | -5.79M | 3.89M | -9.63M | 2.9M | 2.9M | 9.5M | 6.5M |
| Effective Tax Rate % | 23.66% | 24.01% | 23.25% | 24.22% | 20.22% | 120.71% | 8.63% | 22.23% | -7.55% | 34.88% | 34.73% | 34.18% | 32.15% | 32.83% | 35.31% | 36.44% | 36.68% | 34.21% | 34.37% | 34.85% | 31.46% | 32.78% | 37.46% | 36.19% | 35.38% | 36.31% | 35.66% | 36.25% | 34.94% | 39.09% | 37.36% |
| Net Income | 695.03M | 1.22B | 277.89M | 758.02M | 132.65M | 2.06M | 18.39M | 54.23M | 125.93M | -74.28M | 316.04M | 161.25M | 109.21M | 50.42M | 89.73M | 60.84M | 67.82M | 79.5M | 151.86M | 36.66M | -1.01M | -10.36M | 66.44M | 12.21M | -10.57M | 6.82M | -17.38M | 5.1M | 5.4M | 14.8M | 10.9M |
| Net Margin % | 20.07% | 28.63% | 11.94% | 24.09% | 7.46% | 0.15% | 1.36% | 3.98% | 8.38% | -6.91% | 16.56% | 10.23% | 7.58% | 3.91% | 8.06% | 6.46% | 7.45% | 8.56% | 16.58% | 6.13% | -0.21% | -2.76% | 11.61% | 3.15% | -3.24% | 1.9% | -6.05% | 1.77% | 1.75% | 5.06% | 3.85% |
| Net Income Growth % | -29.85% | 339.04% | -63.34% | 471.45% | 6339.32% | -88.8% | -66.09% | -56.94% | 269.54% | -123.5% | 95.99% | 47.66% | 116.58% | -43.81% | 47.5% | -10.3% | -14.69% | -47.65% | 314.29% | 3718.56% | 90.22% | -115.59% | 444.07% | 215.49% | -254.95% | 139.27% | -440.76% | -5.56% | -63.51% | 35.78% | - |
| Net Income (Continuing) | 695.28M | 1.22B | 276.28M | 756.73M | 132.44M | 2.06M | 18.33M | 55.06M | 126.2M | -74.43M | 318.05M | 162.28M | 109.81M | 50.76M | 89.97M | 58.27M | 65.53M | 79.82M | 151.86M | 36.66M | -1.01M | -10.36M | 66.44M | 12.21M | -10.57M | 6.82M | -17.38M | 5.1M | 5.4M | 14.8M | 10.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.96M | 5.39M | -3.1M | -1.5M | -206K | 0 | 0 | 3.18M | 2.35M | 1.81M | 2.09M | 998K | 912K | 312K | 203K | -29K | -973K | 958K | 1.69M | 1.89M | 919K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 14.66 | 24.95 | 5.69 | 15.52 | 2.72 | 0.04 | 0.38 | 1.12 | 2.60 | -1.54 | 6.53 | 3.33 | 2.26 | 1.05 | 1.88 | 1.27 | 1.42 | 1.67 | 3.20 | 0.78 | -0.02 | -0.22 | 1.37 | 0.26 | -0.22 | 0.14 | -0.36 | 0.05 | 0.05 | 0.30 | 0.12 |
| EPS Growth % | -29.07% | 338.49% | -63.34% | 470.59% | 6330.26% | -88.87% | -66.07% | -56.92% | 268.83% | -123.58% | 96.1% | 47.35% | 115.24% | -44.15% | 48.03% | -10.56% | -14.97% | -47.81% | 310.26% | 3711.11% | 90.18% | -116.06% | 426.92% | 218.18% | -257.14% | 138.89% | -837.7% | -2.4% | -83.33% | 150% | - |
| EPS (Basic) | - | 25.04 | 5.70 | 15.58 | 2.73 | 0.04 | 0.38 | 1.12 | 2.60 | -1.54 | 6.56 | 3.35 | 2.27 | 1.05 | 1.88 | 1.27 | 1.43 | 1.67 | 3.21 | 0.78 | -0.02 | -0.22 | 1.39 | 0.26 | -0.22 | 0.14 | -0.36 | 0.05 | 0.05 | 0.30 | 0.12 |
| Diluted Shares Outstanding | 47.41M | 48.89M | 48.87M | 48.83M | 48.73M | 48.66M | 48.47M | 48.59M | 48.47M | 48.36M | 48.37M | 48.44M | 48.3M | 48.09M | 47.88M | 47.88M | 47.75M | 47.62M | 47.47M | 47.2M | 46.99M | 47.67M | 48.68M | 47.45M | 47.03M | 48.33M | 48.74M | 50.03M | 52.63M | 88M | 92.77M |
| Basic Shares Outstanding | 47.3M | 48.72M | 48.72M | 48.65M | 48.58M | 48.52M | 48.47M | 48.47M | 48.35M | 48.36M | 48.2M | 48.14M | 48.09M | 47.97M | 47.75M | 47.71M | 47.62M | 47.54M | 47.35M | 47.05M | 46.99M | 47.67M | 47.75M | 47.06M | 47.03M | 47.77M | 48.66M | 50.03M | 52.63M | 48.93M | 92.77M |
| Dividend Payout Ratio | - | 27.07% | 33.05% | 33.28% | 4.61% | 80.19% | - | 76.92% | - | - | 38.27% | 30.33% | 22.47% | 60.54% | 22.22% | 40.9% | 28.07% | 44.36% | 12.94% | 3.2% | - | - | 1.12% | - | - | 8.9% | - | 11.76% | 5.56% | - | - |
Commodity price volatility exposure
As indicated by recent financial disclosures, CALM's revenue growth has shifted from a triple-digit expansion of 101.6% in 2025Q3 to a contraction of 53.0% by 2026Q3, reflecting the inherent volatility of egg pricing cycles and the dissipation of temporary supply-side tailwinds that previously inflated top-line results.
The sharp deceleration in revenue suggests that the extraordinary pricing environment driven by HPAI-related supply constraints has largely normalized. Investors should interpret this trend as a reversion to historical commodity patterns rather than a permanent loss of market share, as the company remains a dominant national supplier.
Based on reported quarterly figures, gross margins have contracted significantly from a peak of 50.5% in 2025Q3 to 17.9% in 2026Q3, highlighting the company's high sensitivity to the spread between volatile wholesale egg prices and relatively rigid input costs like feed and labor.
This margin compression appears to confirm that the company's profitability is heavily tethered to external supply-demand imbalances. While the specialty egg segment provides some insulation, the current margin profile suggests that the company is currently operating in a trough phase of the commodity cycle.
According to the income statement data, operating income has plummeted from $635.7 million in 2025Q3 to $36.0 million in 2026Q3, demonstrating that the company's fixed cost base exerts significant downward pressure on operating margins when top-line revenue experiences a sharp, cyclical decline in pricing power.
The rapid erosion of operating margins suggests that the company lacks the flexibility to adjust its cost structure in lockstep with sudden revenue drops. This indicates that operating leverage works against the firm during periods of price normalization, necessitating careful monitoring of SG&A discipline.
Financial statements reveal that EPS has fallen from a high of $10.38 in 2025Q3 to $1.06 in 2026Q3, raising questions about whether the company's earnings floor is truly elevated or if it remains entirely dependent on the next industry-wide supply shock to drive meaningful profitability.
Short-term observers may argue that the current earnings decline exposes the lack of a durable, non-commodity growth engine. While the shift to specialty eggs is a positive strategic pivot, the data suggests that the company remains a high-beta play on egg prices rather than a stable consumer staple.
Quick answers to the most common questions about buying CALM stock.
For fiscal year 2025, Cal-Maine Foods, Inc. (CALM) reported total revenue of $4.26B. This represents a 1407.0% increase compared to $282.8M in 1996.
Cal-Maine Foods, Inc. (CALM) is profitable, generating $1.22B in net income for the fiscal year ending 2025 with a net profit margin of 28.6%.
Cal-Maine Foods, Inc. (CALM) reported an operating income of $1.54B, resulting in an operating profit margin of 36.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Cal-Maine Foods, Inc. (CALM) generated $1.85B in gross profit for the year, representing a gross profit margin of 43.4%. This demonstrates the company's core pricing power and production efficiency.