Conagra Brands (CAG): what its 10-K says it depends on

Customers

Walmart, Inc.

earns from · approximately 29% of consolidated net salesnamed as a risk

During fiscal 2026, our 10 largest customers accounted for approximately 60% of our consolidated net sales, with our largest customer, Walmart, Inc. and its affiliates, accounting for approximately 29% of our consolidated net sales.Risk factors (Item 1A)

Also named by CALM, CHD, CL, CPB, GIS, HAS, HRL, HSY and 9 more

Ten largest customers

concentrated in · approximately 60% of our consolidated net salesnamed as a risk

During fiscal 2026, our 10 largest customers accounted for approximately 60% of our consolidated net sales, with our largest customer, Walmart, Inc. and its affiliates, accounting for approximately 29% of our consolidated net sales.Risk factors (Item 1A)

Also named by AMKR, MCK, MOD, MRVL, PWR, SANM, USAC

Partners and platforms

Commercial paper market

depends onnamed as a risk

A downgrade to our credit ratings would increase our borrowing costs and could affect our ability to issue debt and access the commercial paper markets, which we actively utilized in fiscal 2026 for our ongoing funding requirements.Risk factors (Item 1A)

Also named by CAT, CPB, KMB, MO, ROK

Dolly Parton

depends onnamed as a risk

Certain of our products are sold under licensing arrangement with others, including our licensing arrangement with Dolly Parton, and our licenses of the P.F. Chang’s®, Bertolli®, Wendy’s®, and Libby’s® trademarks.Risk factors (Item 1A)

P.F. Chang's trademark license

depends onnamed as a risk

Certain of our products are sold under licensing arrangement with others, including our licensing arrangement with Dolly Parton, and our licenses of the P.F. Chang’s®, Bertolli®, Wendy’s®, and Libby’s® trademarks.Risk factors (Item 1A)

Bertolli trademark license

depends onnamed as a risk

Certain of our products are sold under licensing arrangement with others, including our licensing arrangement with Dolly Parton, and our licenses of the P.F. Chang’s®, Bertolli®, Wendy’s®, and Libby’s® trademarks.Risk factors (Item 1A)

Wendy's trademark license

depends onnamed as a risk

Certain of our products are sold under licensing arrangement with others, including our licensing arrangement with Dolly Parton, and our licenses of the P.F. Chang’s®, Bertolli®, Wendy’s®, and Libby’s® trademarks.Risk factors (Item 1A)

Libby's trademark license

depends onnamed as a risk

Certain of our products are sold under licensing arrangement with others, including our licensing arrangement with Dolly Parton, and our licenses of the P.F. Chang’s®, Bertolli®, Wendy’s®, and Libby’s® trademarks.Risk factors (Item 1A)

Ardent Mills

Our most significant equity method investment is our joint venture with respect to Ardent Mills, a milling business.Business (Item 1)

Other companies

Senior unsecured notes

$762.5 million aggregate principal amount is maturing in October 2026named as a risk

As of May 31, 2026, we had total debt of approximately $7.27 billion, including approximately $7.02 billion aggregate principal amount of outstanding senior unsecured notes, of which $762.5 million aggregate principal amount is maturing in October 2026.Risk factors (Item 1A)

Also named by WPC

Collective bargaining agreements

Approximately 48% of our employees

Approximately 48% of our employees are parties to collective bargaining agreements.Business (Item 1)

Also named by APG, BALL, CARR, HLT, HSY, IEX, KR, NI and 10 more

Places

Middle East

named as a risk

Additionally, although we have no direct operations in Iran or elsewhere in the Middle East, Russia, Ukraine, China, or Taiwan, we have experienced, and may again experience, shortages in materials from these regions, increased tariffs, sanctions or restrictions relating to these areas, and increased costs or volatility relating to transportation, energy, and raw materials impacted by these regions, and reduced consumer confidence and consumption in these regions due in part to the negative impact of military conflicts and rising tensions in these areas on the global economy.Risk factors (Item 1A)

Also named by BKR, CINF, CPB, CTAS, FLS, GAIN, J, JPM and 10 more

North America

concentrated in

Although most of our products are manufactured in North America and we source the significant majority of our ingredients and raw materials from North America, global supply has at times been and may continue to be constrained, which has caused and may continue to cause the price of certain ingredients and raw materials used in our products to increase and/or we may experience disruptions to our operations.Risk factors (Item 1A)

Also named by ALSN, AOS, BMI, CAT, CHRW, CLS, CPB, CW and 19 more

Hazards

Russia-Ukraine conflict

named as a risk

Additionally, although we have no direct operations in Iran or elsewhere in the Middle East, Russia, Ukraine, China, or Taiwan, we have experienced, and may again experience, shortages in materials from these regions, increased tariffs, sanctions or restrictions relating to these areas, and increased costs or volatility relating to transportation, energy, and raw materials impacted by these regions, and reduced consumer confidence and consumption in these regions due in part to the negative impact of military conflicts and rising tensions in these areas on the global economy.Risk factors (Item 1A)

Also named by ABT, ADM, ARWR, CDRE, DOW, EMN, FDX, FLR and 14 more

Ultra-processed food litigation

named as a risk

We may be subject to liability resulting from claims (and have been or could be subject to lawsuits) alleging that the use or consumption of any of our products causes injury (including pending litigation alleging that certain of our products should be considered “ultra-processed” and consumption of such “ultra-processed” products allegedly causes negative health impacts), illness, or death.Risk factors (Item 1A)

Also named by KHC

Commodities and inputs

Energy commodities

exposed to its price · $ 3.8named as a risk

The potential gain or loss on the fair value of our outstanding commodity and foreign exchange contracts, assuming a hypothetical 10% fluctuation in commodity prices and foreign currency exchange rates, would have been (in millions):Market risk (Item 7A)

Aluminum

exposed to its pricenamed as a risk

We use many different commodities such as wheat, corn, oats, various vegetables, vegetable oils, beef, pork, poultry, dairy products, steel, aluminum, and energy.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

PFAS

subject tonamed as a risk

Similarly, demand for our products could be affected by consumer concerns or perceptions regarding the health effects of, and changes in regulatory restrictions on, certain packaging materials (such as per- and polyfluoroalkyl substances commonly referred to as PFAS), food production methods, ingredients such as colors or preservatives, sodium, trans fats, sugar, genetically modified ingredients, or other product attributes.Risk factors (Item 1A)

Also named by ACHR, APG, CAVA, CTVA, DD, ES, FDX, INTC and 12 more

Corn

exposed to its pricenamed as a risk

We purchase commodity inputs such as wheat, corn, vegetable oils, pork, dairy products, and energy to be used in our operations.Market risk (Item 7A)

Also named by ADM, BF/B, CALM, CL, DE, FLO, FPI, GIS and 10 more

Wheat

exposed to its pricenamed as a risk

We utilize derivatives to manage price risk for some of our principal ingredients and energy costs, including grains (wheat and corn), vegetable oils, pork, dairy products, and energy.Risk factors (Item 1A)

Also named by CPB, FLO, FPI, GIS, HSY, KHC, MDLZ, POST and 1 more

Beef

exposed to its pricenamed as a risk

We use many different commodities such as wheat, corn, oats, various vegetables, vegetable oils, beef, pork, poultry, dairy products, steel, aluminum, and energy.Risk factors (Item 1A)

Also named by CMG, CPB, DRI, MCD, QSR, TXRH, YUM

Pork

exposed to its pricenamed as a risk

We purchase commodity inputs such as wheat, corn, vegetable oils, pork, dairy products, and energy to be used in our operations.Market risk (Item 7A)

Also named by CMG, HRL

Dairy products

exposed to its pricenamed as a risk

We purchase commodity inputs such as wheat, corn, vegetable oils, pork, dairy products, and energy to be used in our operations.Market risk (Item 7A)

Also named by GIS, MKC

Tomatoes

exposed to its pricenamed as a risk

Climate change related adverse weather conditions, water shortages, and natural disasters may reduce agricultural productivity leading to decreased availability or less favorable pricing for commodities necessary for our products, including wheat, tomatoes, and various vegetables.Risk factors (Item 1A)

Also named by CMG, CPB

Tinplate steel

exposed to its pricenamed as a risk

We have seen tariff impacts on the costs of our ingredients, packaging (including tinplate steel used for our canned packaging), and other commodities used in making our products.Risk factors (Item 1A)

Also named by CPB

Vegetable oils

exposed to its pricenamed as a risk

We purchase commodity inputs such as wheat, corn, vegetable oils, pork, dairy products, and energy to be used in our operations.Market risk (Item 7A)

Also named by KHC

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Additionally, as a manufacturer and marketer of food products, we are subject to extensive regulation by the U.S. Food and Drug Administration, the U.S. Department of Agriculture, and other federal, state, and local government agencies.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Environmental Protection Agency (EPA)

subject tonamed as a risk

Our operations are also subject to extensive and increasingly stringent regulations administered by the Environmental Protection Agency and similar state, local, and foreign government agencies, which pertain to the discharge of materials into the environment and the handling and disposition of waste.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Department of Agriculture (USDA)

subject tonamed as a risk

Additionally, as a manufacturer and marketer of food products, we are subject to extensive regulation by the U.S. Food and Drug Administration, the U.S. Department of Agriculture, and other federal, state, and local government agencies.Risk factors (Item 1A)

Also named by AGM, BJ, CALM, CASH, CB, DLTR, FLO, FSUN and 11 more

Make America Healthy Again Commission

subject tonamed as a risk

In 2025, the Food and Drug Administration called on the food industry to phase out the approved use of petroleum-based synthetic dyes in food products, and the Make America Healthy Again Commission, led by the U.S. Health and Human Services and established by an Executive Order in 2025, published assessment and strategy reports discussing factors allegedly contributing to chronic disease, including diet.Risk factors (Item 1A)

Also named by CPB, MKC

Laws and programs

Extended producer responsibility (EPR) laws

subject tonamed as a risk

New and changing extended producer responsibility (EPR) laws and regulations that recently have been, and are being, implemented in the United States and Canada may increase our costs or require us to contribute funding to support recycling and waste processing infrastructure by making manufacturers, like Conagra, responsible for the cost of disposal of food packaging after consumer use.Risk factors (Item 1A)

Also named by COST, HRL, RSG, WDFC

U.S. tariffs and reciprocal tariffs

subject tonamed as a risk

We have seen tariff impacts on the costs of our ingredients, packaging (including tinplate steel used for our canned packaging), and other commodities used in making our products.Risk factors (Item 1A)

Also named by FERG, JCI

Federal Food, Drug & Cosmetic Act / Food Safety Modernization Act

subject tonamed as a risk

The Federal Food, Drug & Cosmetic Act (including as amended by the Food Safety Modernization Act), the Federal Meat, Poultry Products, and Egg Products Inspection Acts, and their respective regulations govern aspects of our operations, including the manufacturing, composition and ingredients, packaging, labeling, and safety of food products.Risk factors (Item 1A)

Federal Meat, Poultry Products, and Egg Products Inspection Acts

subject tonamed as a risk

The Federal Food, Drug & Cosmetic Act (including as amended by the Food Safety Modernization Act), the Federal Meat, Poultry Products, and Egg Products Inspection Acts, and their respective regulations govern aspects of our operations, including the manufacturing, composition and ingredients, packaging, labeling, and safety of food products.Risk factors (Item 1A)

FDA phase-out of petroleum-based synthetic dyes

subject tonamed as a risk

In 2025, the Food and Drug Administration called on the food industry to phase out the approved use of petroleum-based synthetic dyes in food products, and the Make America Healthy Again Commission, led by the U.S. Health and Human Services and established by an Executive Order in 2025, published assessment and strategy reports discussing factors allegedly contributing to chronic disease, including diet.Risk factors (Item 1A)

Government food assistance programs

earns fromnamed as a risk

New or changing limitations on inclusion of our products under government food assistance programs for consumers may also negatively impact demand for our products.Risk factors (Item 1A)

Technology

GLP-1 weight loss medication

named as a risk

Continued focus on wellness and growing use of weight loss medication has caused, and may continue to cause, shifts in consumer preferences and, if we fail to anticipate and appropriately respond to customer preferences, may impact our product sales, financial condition, and operating results.Risk factors (Item 1A)