Lamb Weston delivered a solid start to fiscal 2026 (QQ1) with meaningful volume growth that underscored the momentum behind its Focus to Win strategic program. Reported revenue of $1.6593 billion reflected a net YoY decline of 2.9% and a modest sequential improvement in Q1, driven by favorable currency translation (+$24 million impact) and a 6% volume increase across segments. The company highlighted that price/mix remained unfavorably constrained by carryover pricing actions from fiscal 2025 and ongoing competitive dynamics in Europe, offset by stronger North America/Asia volumes and continued benefits from cost-savings initiatives. Management reaffirmed full-year guidance, calling for revenue of $6.35–$6.55 billion (constant-currency) and adjusted EBITDA of $1.0–$1.2 billion, with a 53rd week in the fourth quarter. They also signaled ongoing benefit from cost-reduction programs and new product introductions (Fall 2025) as catalysts for profitability and cash generation. A key near-term dynamic is margin cadence: gross margin is expected to be flat from Q1 to Q2 before typical seasonality drives step-ups in Q3 and a decline in Q4, with international margins bearing some pandemic-era startup and plant-integration costs, particularly tied to the Argentina facility ramp. As a result, investors should monitor (i) the pace of Focus to Win savings (targeting $250 million of annual run-rate savings by FY2028), (ii) commodity-cost trajectories (potato costs in Europe flat-to-down; NA prices down mid-single-digits), (iii) the ramp-up trajectory of the Argentina plant and its impact on international margins, and (iv) the degree to which new customer wins translate into sustainable volume and pricing power across channels.