CalMaine Foods Inc (CALM) Q3 2025: Calm

Executive Summary

CalMaine Foods delivered a standout Q3 2025 performance, marked by material margin expansion and very strong cash generation. Revenue reached $1.418 billion, up 101.6% year over year and 48.5% sequentially, with gross profit of $716.1 million and a gross margin of 50.5%. Operating income totaled $635.7 million and net income $508.5 million, translating to an EPS (diluted) of $10.38. EBITDA was $659.8 million with an EBITDA margin of approximately 46.5%. The pronounced profitability reflects a favorable mix and pricing environment for branded and specialty egg products, coupled with efficient cost management and favorable operating leverage.

Key Performance Indicators

Revenue

1.42B

QoQ: 48.50% | YoY:101.64%

Gross Profit

716.12M

50.51% margin

QoQ: 101.13% | YoY:227.63%

Operating Income

635.67M

QoQ: 128.61% | YoY:290.49%

Net Income

508.53M

QoQ: 132.14% | YoY:246.62%

EPS

10.42

QoQ: 132.07% | YoY:246.18%

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Revenue: $1,417.69M; YoY +101.64%; QoQ +48.50%
Gross Profit: $716.12M; Gross Margin 50.51%; YoY +227.63%; QoQ +101.13%
EBITDA: $659.76M; EBITDA Margin ~46.54%
Operating Income: $635.67M; Operating Margin 44.84%; YoY +290.49%; QoQ +128.61%
Net Income: $508.53M; Net Margin 35.87%; YoY +246.62%; QoQ +132.14%
EPS (Diluted): $10.38; YoY +246.18%; QoQ +132.07%
Operating Cash Flow: $571.58M; Free Cash Flow: $521.77M; FCF per share: $10.69
Dividends Paid: $73.03M; Common Stock Repurchased: $3.89M; Payout Ratio: 14.4%
Cash and Investments: Cash $497.24M; Short-term Investments $743.13M; Total Cash & Investments ~ $1.24B
Total Assets: $3,081.57M; Total Liabilities: $694.06M; Total Stockholders’ Equity: $2,381.77M
Current Ratio: 3.86; Quick Ratio: 3.26; Net Debt: -$497.24M (net cash position)
EV/Multiples (indicative): P/E ~2.17; Price/Book ~1.85; Price/Sales ~3.11; Dividend Yield ~1.66%

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	1.42B	101.64%	48.50%
Gross Profit	716.12M	227.63%	101.13%
Operating Income	635.67M	290.49%	128.61%
Net Income	508.53M	246.62%	132.14%
EPS	10.42	246.18%	132.07%

Key Financial Ratios

currentRatio

3.86

grossProfitMargin

50.5%

operatingProfitMargin

44.8%

netProfitMargin

35.9%

returnOnAssets

16.5%

returnOnEquity

21.4%

operatingCashFlowPerShare

$11.71

freeCashFlowPerShare

$10.69

dividendPayoutRatio

14.4%

priceToBookRatio

1.85

priceEarningsRatio

2.17

Net Income vs. Revenue

Expense Breakdown

Competitive Position

Company	Gross Margin	Operating Margin	Return on Equity	P/E Ratio
CALM Focus	50.51%	44.80%	21.40%	2.17%
BG	5.98%	3.22%	2.18%	15.36%
TSN	6.58%	2.55%	1.06%	26.48%
DOLE	7.95%	2.31%	1.04%	26.86%
AGRO	25.10%	6.29%	1.34%	74.57%

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q1 2026	922.60	4.12	+44.0%	View
Q3 2025	1,417.69	10.38	+101.6%	View
Q2 2025	954.67	4.47	+82.5%	View
Q1 2025	785.87	3.06	+71.1%	View
Q4 2024	640.79	2.32	-7.0%	View

CalMaine Foods Inc (CALM) Q3 2025 Earnings Report

Earnings Highlights

CalMaine Foods Inc (CALM) Q3 2025 Results Analysis: Margin Expansion, Strong Cash Flows and Fortified Balance Sheet in a Volatile Egg Market

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

CalMaine Foods Inc (CALM) Q3 2025 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

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Earnings Calendar