The J.M. Smucker Company reported QQ1 2026 results showing a revenue decline and a still-challenged profitability profile, with the top-line at $2.1133 billion and net income of -$43.9 million (EPS -$0.41). The quarter underscored several ongoing dynamics shaping Smucker’s near-term trajectory: (1) a continued pricing-led lift in the coffee portfolio that management now views as mid-20% pricing with a low-to-mid-teens negative volume impact, (2) persistent tariff headwinds that offset pricing benefits and compress margins, and (3) a strategic portfolio action plan including SKU rationalization in Sweet Baked Snacks and an Indianapolis bakery closure designed to yield $30 million in annual savings, with $10 million benefitting in Q4 and the remaining in FY2027. Management reiterated an EPS midpoint of $9 for the full year, but highlighted that the net headwind from tariffs (~$0.50 per share) remains a timing and mix risk.