What changed in this filing

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Item 1. Business

2026-07-15 compared with 2025-07-10 · 41 added, 29 removed, 182 unchanged (28% of the section changed)

30 unchanged sentences

We use many different raw materials, most of which are commodities, to make and package our products.

The prices paid for raw materials used in making our food generally reflect factors such as global economic conditions, trade barriers or restrictions, supply and demand, weather, commodity market fluctuations, currency fluctuations, tariffs, and the effects of governmental agricultural programs, and may be impacted by supply chain disruptions including disruptions caused by pandemics, epidemics, and disease, in humans and animals, such as the avian flu.

The prices paid for raw materials used in making our food generally reflect factors such as global economic conditions, trade barriers or restrictions, supply and demand, weather, commodity market fluctuations, currency fluctuations, tariffs, and the effects of governmental agricultural programs, and may be impacted by supply chain disruptions including disruptions caused by weather, natural disasters, geopolitical and military conflicts, and disease, in humans, plants, and animals.

Although the prices of raw materials can be expected to fluctuate as a result of these factors, we believe such raw materials to be in adequate supply and generally available from numerous sources.

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Some of our competitors are larger and have greater resources than we have.

We compete primarily on the basis of quality, product innovation, value, customer service, brand recognition, and brand loyalty.

We compete primarily on the basis of quality, product innovation, value, convenience, customer service, brand recognition, and brand loyalty.

Demand for certain of our food items may be influenced by holidays, changes in seasons, or other annual events.

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Department of Labor, and various other federal, state, local, and international authorities (including government authorities in Canada and Mexico).

In particular, the processing, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation.

Additionally, we are subject to data privacy and security regulations, anticorruption, anti-bribery, trade sanction and export, tax, and securities laws and regulations, accounting and reporting standards, and other financial laws and regulations.

In particular, the production, packaging, transportation, storage, distribution, advertising, labeling, quality, and safety of food products, the health and safety of our employees, and the protection of the environment are each subject to governmental regulation.

Additionally, we are subject to data privacy and security regulations, anticorruption, anti-bribery, trade sanction and export, extended producer responsibility (such as regulations governing plastic or packaging taxes, recycling, and waste management programs), tax, and securities laws and regulations, accounting and reporting standards, and other financial laws and regulations.

We rely on our procedures, policies, and compliance programs, as well as legal advice from in-house and outside counsel, to align our operations, products, and practices with applicable laws and regulations.

4 unchanged sentences

Our largest customer, Walmart, Inc.

and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2025 and 28% for fiscal 2024 and 2023.

and its affiliates, accounted for approximately 29% of consolidated net sales for fiscal 2026 and 2025 and 28% for fiscal 2024.

Human Capital Resources

At Conagra, through our caring and performance-driven culture, we seek to motivate employees to contribute their best and to recognize and reward them based on their achievements and contributions toward our business success.

At Conagra, through our caring and performance-driven culture, we seek to motivate employees to contribute their best and we intentionally recognize and reward our employees based on their achievements and contributions toward our business success.

Leveraging diversity of thought, skills, and lived experiences helps us to maintain a competitive advantage and strengthens our portfolio and capabilities, fueling Conagra’s success today and in the future.

22 unchanged sentences

During fiscal 2026, our Occupational Safety and Health Administration Incident Rate was 1.24 incidents per 100 full-time workers, as compared to 1.32 incidents per 100 full-time workers in fiscal 2025 and 1.40 incidents per 100 full-time workers in fiscal 2024.

There were no incidents of fatalities involving Conagra employees in fiscal 2025, 2024, and 2023.

There were no incidents of fatalities involving Conagra employees in fiscal 2026, 2025, or 2024.

We compare our incident rate to that of the average for companies in the food manufacturing sector, as published by the Bureau of Labor Statistics.

In each of the last three fiscal years, our incident rate has been below the industry average.

In each of the last three fiscal years, our incident rate was below the industry average.

Human Capital Management

1 unchanged sentence

These strategies and objectives are advanced through a number of programs, policies, and initiatives.

Recruitment and Onboarding:

We believe Conagra offers one of the most impactful, energized and inclusive cultures in the food industry and provides a comprehensive employee experience for a long and prosperous career.

Our team is driven by collaboration, innovation, and a desire to grow and we support our employees with the tools they need to succeed and thrive in their careers.

Our team is driven by collaboration, innovation, and a desire to grow, and we support our employees with the tools they need to succeed and thrive throughout their careers.

Conagra has made differential investments in our recruitment tools and our talent acquisition programs to help us continue to attract the right candidates.

3 unchanged sentences

● We leverage data and key metrics to drive priorities and strategically focus recruiting efforts and talent acquisition resources across the enterprise.

The Conagra Promise to our employees is to provide every employee with tools and programs to help them reach their full potential.

Conagra provides new employees with a comprehensive cross-departmental onboarding program tailored to individual roles.

New employees are introduced to our culture, start forming key relationships, and are provided with the resources they need to succeed.

Learning and Development:

The Conagra Promise to our employees is to provide every employee with the tools and programs to help them reach their full potential.

By providing employees with growth opportunities, we empower them to build knowledge and skills and make an impact through their work at Conagra.

2 unchanged sentences

● Job profiles are aligned to a Conagra-specific skills framework that defines and prioritizes the top skills desired for each role.

Employees’ skills are assessed against the framework and the data is leveraged to provide tailored learning opportunities for each employee as well as drive programs to enhance organizational capabilities.

● Employees have access to numerous development opportunities, including functional development programs, on-demand learning content, and targeted leadership programs.

Our cross-functional Opportunity Marketplace allows employees to become involved in initiatives beyond their day-to-day job responsibilities, providing on-the-job learning and opportunities for exploring their intellectual curiosity.

Employees’ skills are assessed at least annually against the framework and the data is leveraged to provide tailored learning opportunities for each employee as well as drive programs to enhance organizational capabilities.

● Employees have access to on-demand learning covering a wide range of topics from improving time management to using artificial intelligence (AI).

● In addition to these learning opportunities, employees have access to numerous career development opportunities, including functional development programs, targeted leadership programs, and tuition reimbursement programs.

Employees are encouraged to become involved in initiatives beyond their day-to-day job responsibilities, and provided on-the-job learning and opportunities for exploring their intellectual curiosity.

● We use multiple levers to promote a learning culture such as expecting leaders to consistently coach, teach and mentor colleagues across the organization and our “Invest in You” program that encourages employees to set aside at least one-hour per workweek focused on learning.

37 unchanged sentences

Executive Vice President, Chief Human Resources Officer

Executive Vice President, Chief Supply Chain Officer

Executive Vice President, Chief Supply Chain Officer & Chief Transformation Officer

Executive Vice President and Chief Operating Officer

Noelle O’Mara

Executive Vice President and President New Platforms and Acquisitions

Executive Vice President and President Refrigerated & Frozen

Senior Vice President and Corporate Controller

Connolly has served as our President and Chief Executive Officer and a member of the Board since April 6, 2015.

Prior to that, he served as President and Chief Executive Officer and a director of The Hillshire Brands Company (a branded food products company) from June 2012 to August 2014, Executive Vice President of Sara Lee Corporation (a branded food products company and the predecessor to Hillshire), and Chief Executive Officer, Sara Lee North American Retail and Foodservice, from January 2012 to June 2012.

Prior to joining Sara Lee in anticipation of the spin-off of Hillshire, Mr.

Connolly served as President of Campbell North America, the largest division of Campbell Soup Company (a branded food products company), from October 2010 to December 2011, President, Campbell USA from 2008 to 2010, and President, North American Foodservice for Campbell from 2007 to 2008.

Before joining Campbell in 2002, he served in various marketing and brand management roles at The Procter & Gamble Company (a consumer packaged goods company).

Brase has served as our President and Chief Executive Officer and a member of our Board of Directors since June 1, 2026.

Previously, he served as President and Chief Operating Officer of The J.M.

Smucker Company (a North American branded food company), from April 2025 to February 2026.

Brase joined J.M.

Smucker in April 2020 as its Chief Operating Officer.

He began his career at The Procter & Gamble Company (a global branded consumer products company), where he worked for approximately 30 years, serving as the Senior Vice President and General Manager of Procter & Gamble’s North American Family Care business from April 2016 through his departure in March 2020.

Marberger has served as Executive Vice President and Chief Financial Officer since August 2016.

23 unchanged sentences

Alexandre “Ale” O.

Eboli has served as Executive Vice President and Chief Supply Chain Officer for Conagra Brands since August 2021.

Eboli has served as the Executive Vice President, Chief Supply Chain & Transformation Officer for Conagra Brands since January 2026.

Eboli has end-to-end supply chain responsibilities for the Company, overseeing the manufacturing, procurement, environment, health and safety, plant quality, logistics, and transportation and warehousing teams.

Eboli joined Conagra Brands with 25 years of experience of global end-to-end supply chain leadership within the consumer packaged goods industry and has held a variety of roles in finance, planning, distribution, logistics and manufacturing.

He also oversees enterprise-wide transformation programs aimed at continuously improving Conagra’s business performance through process reengineering and leveraging Artificial Intelligence and other digital technologies.

Eboli joined Conagra Brands as its Executive Vice President and Chief Supply Chain Officer in August 2021.

He has more than 30 years of global end-to-end supply chain leadership experience within the consumer packaged goods industry and throughout his career has held a variety of roles in finance, planning, distribution, logistics and manufacturing.

Prior to Conagra, Mr.

Eboli served as the Head of Supply Chain, North America for The Unilever Group, where he was responsible for overseeing manufacturing facilities and contract

manufacturers producing personal care, food and ice cream products as well as the related planning, procurement, manufacturing, engineering, logistics, quality, manufacturing excellence and customer service functions.

Eboli served as the Head of Supply Chain, North America for The Unilever Group, where he was responsible for overseeing manufacturing facilities and contract manufacturers producing personal care,

food and ice cream products as well as the related planning, procurement, manufacturing, engineering, logistics, quality, manufacturing excellence and customer service functions.

McGough has served as Executive Vice President and Chief Operating Officer since May 2024.

4 unchanged sentences

Heinz (a food processing company), where he began his career in 1990.

Noelle O’Mara has served as Executive Vice President and President, New Platforms and Acquisitions since May 2024.

Noelle O’Mara has served as Executive Vice President and President, Refrigerated & Frozen since September 2025.

She first joined Conagra as its Executive Vice President and President, New Platforms and Acquisitions in May 2024.

Prior to joining Conagra, she served as Group President and Chief Marketing Officer at Tyson Foods, from August 2019 to November 2022, where she was responsible for their prepared foods business unit.

1 unchanged sentence

O'Mara spent over a decade at Kraft Foods Group leading various brands and portfolios.

Johnson has served as Senior Vice President and Corporate Controller since June 2023.

He joined the Company as Assistant Controller in September 2019 and, prior to that, he was Director of Internal Audit at Kiewit Corporation, a North American construction and engineering organization, from June 2018 to August 2019.

Johnson began his career at KPMG, spending more than 12 years in positions of increasing responsibility from 2005 to 2018.

Napier has served as our Senior Vice President, Corporate Controller since October 2025.

She joined the Company as our Head of Investor Relations in April 2022 and in January 2025 became CFO of our Grocery & Snacks segment.

Prior to that, Ms.

Napier served as Senior Vice President, Treasurer and Investor Relations at US Foods from 2016 to April 2022.

She has 25 years of experience in the food industry in finance positions of increasing responsibility including roles at Sara Lee Corp., The Hillshire Brands Company, and Tyson Foods, Inc.

Napier began her career in public accountancy, including spending two years at Deloitte.

Foreign Operations

4 unchanged sentences

The information on our website is not, and will not be deemed to be, a part of this annual report on Form 10-K or incorporated into any of our other filings with the SEC.

We have also posted on our website our (1) Corporate Governance Principles, (2) Code of Conduct, (3) Code of Ethics for Senior Corporate Officers, and (4) Charters for the Audit/Finance Committee, Nominating and Corporate Governance Committee, and Human Resources Committee.

We have also posted on our website our (1) Certificate of Incorporation, (2) Bylaws, (3) Corporate Governance Principles, (4) Code of Conduct, (5) Code of Ethics for Senior Corporate Officers, and (6) Charters for each of the Audit/Finance Committee, Nominating and Corporate Governance Committee, and Human Resources Committee.

Stockholders may also obtain copies of these items at no charge by writing to:

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business