CalMaine Foods delivered a standout Q2 2025 performance, with revenue of $954.7 million and net income of $219.1 million, translating to EPS of $4.49. The quarter showed dramatic margin expansion, with gross margin of 37.3% and operating margin of 29.1%, supported by favorable product mix and egg-market pricing dynamics. YoY and QoQ comparisons were exceptionally strong: revenue rose 82.5% year over year and 21.5% sequentially; net income climbed roughly 1,188% YoY and 46% QoQ. The company also generated robust operating cash flow of $122.7 million and free cash flow of $92.9 million, while maintaining a healthy balance sheet with net cash (no long-term debt) and a large cash/short-term investment position of $797.2 million. Management commentary is not available in the provided data, but the financials imply disciplined cost control, favorable pricing/mix, and effective capital allocation. Looking ahead, CalMaine appears well-positioned to fund continued capex, dividends, or modest buybacks from its strong liquidity, though the primary macro risk remains egg price volatility and input costs driven by avian health and regulatory factors.
Key Performance Indicators
Revenue
Increasing
954.67M
QoQ: 21.48% | YoY: 82.46%
Gross Profit
Increasing
356.04M
37.29% margin
QoQ: 44.02% | YoY: 290.70%
Operating Income
Increasing
278.06M
QoQ: 48.73% | YoY: 1 853.50%
Net Income
Increasing
219.06M
QoQ: 46.07% | YoY: 1 187.93%
EPS
Increasing
4.49
QoQ: 45.78% | YoY: 1 182.86%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue and profitability metrics show a year of meaningful improvement alongside strong cash generation and balance sheet strength. Highlights include:
- Revenue: $954.671 million; YoY growth 82.46%; QoQ growth 21.48%.
- Gross Profit: $356.042 million; YoY growth 290.70%; QoQ growth 44.02%; Gross margin 37.29%.
- Operating Income: $278.061 million; YoY growth 1,853.50%; QoQ growth 48.73%; Operating margin 29.13%.
- Net Income: $219.064 million; YoY growth 1,187.93%; QoQ growth 46.07%; Net margin 22.95%.
- EPS: $4.49; Diluted $4.47; YoY EPS growth 1,182.86%; QoQ 45.78%.
- Cash Flow: Net cash provided by operating activities $122.699 million; free cash flow $92.884 million; CFO per share $2.52; FCF per share $1.91.
- Balance Sheet: Total assets $2.490 billion; total liabilities $438.6 million; stockholders’ equity $2.045 billion; cash and equivalents $140.3 million; short-term investments $656.9 million; cash and short-term investments $797.2 million; net cash position (net cash) of $-140.3 million (i.e., net debt negative).
- Liquidity and capital allocation: Strong liquidity with no long-term debt; dividends paid of $50.016 million; modest share repurchase activity; Capex of $29.815 million.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
954.67M
82.46%
21.48%
Gross Profit
356.04M
290.70%
44.02%
Operating Income
278.06M
1 853.50%
48.73%
Net Income
219.06M
1 187.93%
46.07%
EPS
4.49
1 182.86%
45.78%
Key Financial Ratios
Gross Profit Margin
Fair
37.30%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Excellent
29.10%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
22.90%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Good
8.80%
Return on assets shows solid performance and effective asset utilization
Return on Equity
Fair
10.70%
Return on equity is acceptable but below top-tier companies
Current Ratio
Strong
5.46
Current ratio indicates excellent liquidity and financial flexibility
P/E Ratio
Value
5.43x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
2.33x
Price-to-book ratio reasonable for profitable companies
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