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Cal-Maine Foods’ Profits Collapse 90% — Can Its $1.1 Billion Cash Pile Save the Day?

Cal-Maine Foods reported net sales of $667 million for the third quarter of fiscal 2026, reflecting a 53% year-over-year decline primarily driven by significantly lower conventional egg sales, which fell 72.1% due to a 70.1% decrease in selling prices and a 6.7% reduction in sales volumes. Specialty egg sales also declined by 12.1%, with lower prices (-16.9%) but modest volume growth (+5.8%). Prepared Foods revenue increased substantially by 441.2% year-over-year to $63.6 million but fell 11.2% sequentially, reflecting transitional effects from network optimization and expansion activities. Gross profit dropped sharply by 83.3% to $119.3 million, and operating income declined 94.3% to $35.9 million, resulting in an operating margin of 5.4%. Net income attributable to Cal-Maine was $50.5 million versus $508.5 million a year prior, and diluted earnings per share declined nearly 90%. Despite these reductions, the company generated operational cash flow of $103.