Cal-Maine Foods
19 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Customers
Walmart Inc. (including Sam's Club)
earns from · 30.0%named as a riskOur largest customer, Walmart Inc. (including Sam's Club), accounted for 30.0%, 33.6% and 34.0% of net sales dollars for fiscal 2026, 2025 and 2024, respectively.Risk factors (Item 1A)
Also named by CAG, CHD, CL, CPB, GIS, HAS, HRL, HSY and 9 more
Partners and platforms
Eggland's Best, Inc.
depends on · approximately 56% of EB branded eggsIn 2025, our sales (including sales from affiliates) represented approximately 56% of EB branded eggs and 43% of Land O’ Lakes® branded eggs nationwide.Business (Item 1)
Urner Barry Publications, Inc.
exposed to its priceWholesale prices for cage-free eggs are also quoted by independent sources such as UB and the USDA.Business (Item 1)
Other companies
Echo Lake Foods
operates in · approximately $289.5 millionnamed as a riskFor example, Echo Lake Foods has and is expected to continue to experience a temporary reduction in production volumes and higher costs, which began late in the second quarter of fiscal 2026 and are expected to be completed in fiscal 2027.Risk factors (Item 1A)
Creighton Brothers LLC
operates in · approximately $129.3 millionEffective March 2, 2026, we acquired the shell egg, egg products, and prepared foods assets of Creighton Brothers LLC, including Crystal Lake LLC (“Creighton”), for approximately $129.3 million.Business (Item 1)
Egg price-fixing class actions
named as a riskSince November 2025, we have been named as a defendant, along with other egg producers and industry associations, in various class actions that allege the defendants conspired to fix the prices of conventional shell eggs nationwide, primarily through manipulation of industry price benchmarks, coordinated reporting, and supply restrictions, particularly during the 2022 avian flu outbreak.Risk factors (Item 1A)
People for the Ethical Treatment of Animals; Humane Society of the U.S.
named as a riskWe and many of our customers face pressure from animal rights groups, such as People for the Ethical Treatment of Animals and the Humane Society of the U. S., to require companies that supply food products to operate their businesses in a manner that treats animals in conformity with certain standards developed or approved by these groups.Risk factors (Item 1A)
Places
Hazards
Highly pathogenic avian influenza (HPAI)
approximately 352,000 pulletsnamed as a riskFor example, during the third and fourth quarters of fiscal 2024, we experienced HPAI outbreaks within our facilities located in Kansas and Texas, and in March of 2026 we experienced a HPAI outbreak within our pullet facility in Maryland, resulting in the depopulation of approximately 352,000 pullets.Risk factors (Item 1A)
Commodities and inputs
Corn
exposed to its price · typically exceeding 50% of our total farm production costsnamed as a riskFeed costs are the largest element of our shell egg production cost, typically exceeding 50% of our total farm production costs.Risk factors (Item 1A)
Also named by ADM, BF/B, CAG, CL, DE, FLO, FPI, GIS and 10 more
Wholesale shell eggs
exposed to its price · 84.6% to 94.3% of our net salesnamed as a riskOur primary exposure to market risk arises from changes in the prices of conventional shell eggs, which are subject to significant price fluctuations that are largely beyond our control.Market risk (Item 7A)
Soybean meal
exposed to its pricenamed as a riskOur exposure to market risk also includes changes in the prices of corn and soybean meal, which are commodities subject to significant price fluctuations due to market conditions that are largely beyond our control.Market risk (Item 7A)
Regulators
U.S. Department of Justice Antitrust Division
subject tonamed as a riskIn March 2025, we received a civil investigative demand in connection with a widely publicized investigation by the Antitrust Division of the Department of Justice (“DOJ”) into the causes behind nationwide increases in egg prices.Risk factors (Item 1A)
Also named by FSK
U.S. Food and Drug Administration (FDA)
subject toOur shell egg production and feed mill facilities as well as our prepared foods operations are subject to FDA, USDA, EPA and OSHA regulation and inspections, as applicable.Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Laws and programs
State cage-free egg laws
subject to · approximately 27% of the total U.S. populationnamed as a riskTen states in the U.S. have passed legislation or regulations mandating minimum space or cage-free requirements for egg production or mandated the sale of only cage-free eggs and egg products in their states, with implementation of these laws ranging from January 2022 to January 2030, representing approximately 27% of the total U.S. population according to the 2020 U.S. Census.Business (Item 1)
U.S. tariffs
exposed to its pricenamed as a riskChanges in U.S. trade and tariffs policies have caused and may continue to cause higher costs for construction materials, equipment, packaging and other items.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Federal antitrust laws
subject tonamed as a riskIn addition, federal antitrust laws require regulatory approval of acquisitions that exceed certain threshold levels of significance or that could otherwise negatively affect competition, and we cannot guarantee that such approvals would be obtained.Risk factors (Item 1A)