9 unchanged sentences
For segment financial information, see “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 13,
−Removed: Segments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 13, Segments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
Financial Statements and Supplementary Data” of this Form 10-K.
9 unchanged sentences
We account for our investment in Lamb Weston RDO under the equity method of accounting.
−Removed: In July 2022, we acquired an additional 40% interest in Lamb Weston Alimentos Modernos S.A.
−Removed: (“LWAMSA”), our joint venture in Argentina.
−Removed: In addition, in February 2023, we acquired the remaining 50% equity interest in LW EMEA, our joint venture in Europe.
−Removed: With the completion of the transactions, we own 90% and 100% of the equity interests in LWAMSA and LW EMEA, respectively.
−Removed: Accordingly, we consolidated LWAMSA’s and LW EMEA’s financial results in our Consolidated Financial Statements beginning in the first and fourth quarters of our fiscal 2023, respectively.
In addition, LW EMEA owns a 75% interest in a joint venture in Austria.
This joint venture’s financial results are consolidated in our financial statements.
−Removed: Prior to their respective acquisitions, we accounted for our investments in LW EMEA and LWAMSA under the equity method of accounting.
−Removed: For more information, see Note 12, Joint Venture Investments, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
+Added: For more information, see Note 6, Other Assets, of the Notes to Consolidated Financial Statements in “Part II, Item 8.
Financial Statements and Supplementary Data” of this Form 10-K.
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We have long-tenured relationships with leading quick service and fast casual restaurant chains, global foodservice distributors, large grocery retailers, and mass merchants.
−Removed: Our largest customer, McDonald’s Corporation, accounted for approximately 14%, 13%, and 10% of our consolidated net sales in fiscal 2024, 2023, and 2022, respectively.
−Removed: No other customer accounted for more than 10% of our consolidated net sales in fiscal 2024, 2023, or 2022.
+Added: Products are generally shipped from warehouse distribution centers where they are consolidated for shipment to customers if an order includes products manufactured in more than one production facility or product category.
+Added: Some customers also pick up their orders at distribution centers.
+Added: A relatively limited number of customers account for a large percentage of our consolidated net sales.
+Added: In fiscal 2025, our ten largest customers accounted for approximately 50% of our net sales.
+Added: In fiscal 2025, 2024, and 2023, our largest customer, McDonald’s Corporation, accounted for approximately 15%, 14%, and 13%, respectively, of our consolidated net sales.
+Added: No other customer accounted for more than 10% of our consolidated net sales in fiscal 2025, 2024, and 2023.
Research and Development
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Trademark registrations generally are for renewable, fixed terms.
−Removed: Our significant trademarks include Lamb Weston, Lamb Weston Supreme, Lamb Weston Seeing Possibilities in Potatoes (and design), Lamb Weston Seasoned, Lamb Weston Private Reserve, Lamb Weston Stealth Fries, Lamb Weston Colossal Crisp, Lamb Weston Crispy on Delivery, Lamb Weston Twister Fries , and Lamb Weston CrissCut .
+Added: Our significant trademarks include Lamb Weston, Lamb Weston Supreme, Lamb Weston Seeing Possibilities in Potatoes (and design), Possibilities in Potatoes (and design), Lamb Weston Seasoned, Lamb Weston Private Reserve, Lamb Weston Stealth Fries, Lamb Weston Colossal Crisp, Lamb Weston Crispy on Delivery, Twister Fries , and CrissCut .
We also sell certain products in connection with marks such as Grown in Idaho and Alexia , which we license from third parties.
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Our issued patents extend for varying periods according to the date of the patent application filing or grant, the legal term of patents in the various countries where patent protection is obtained, and, in most countries, the payment of fees to maintain the patents.
−Removed: The actual protection afforded by a patent, which can vary from country to country, depends upon the type of patent, the scope of its coverage as determined by the patent office or courts in the country, and the availability of legal remedies in the country.
+Added: The actual protection afforded by a patent, which can vary from country to country, depends upon the type of patent, the scope of its coverage as determined by the patent office or courts in the country, and the availability of legal remedies in the country, which may, in some countries, depend in part on appropriate patent marking and working the patents.
Raw Materials
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We source edible oils through strategic relationships with key suppliers, and we source packaging and energy inputs through multiple suppliers under a variety of agreement types.
−Removed: The prices paid for these raw materials, as well as other raw materials used in making our products, generally reflect factors such as weather, commodity market fluctuations, currency fluctuations, tariffs, and the effects of governmental agricultural programs.
+Added: The prices paid for these raw materials, as well as other raw materials used in making our products, generally reflect factors such as weather, commodity market fluctuations, currency fluctuations, tariffs, fuel prices, energy costs, labor, freight transportation, logistics, general U.S.
+Added: and global economic conditions, and the effects of governmental agricultural programs.
The prices of raw materials can fluctuate as a result of these factors.
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We seek to mitigate higher input costs through long-term relationships, contracting strategies, and hedging activities where an active market for an input exists, as well as, through our pricing and productivity initiatives.
−Removed: See “Part II, Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-K for a further discussion of these issues.
+Added: See also “Item 1A.
+Added: Risk Factors” for a discussion of risks related to our input costs.
Manufacturing
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Competitors include large North American and European frozen potato product companies that compete globally, as well as local and regional companies.
+Added: The international markets are highly fragmented with increased production capacity recently being added by local companies in emerging markets like Saudi Arabia and India.
Significant competitors include Agristo NV, Aviko B.V., Cavendish Farms Corporation, Clarebout Potatoes NV, Farm Frites International B.V., J.R.
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Some of our competitors are larger and have substantially more financial, sales and marketing, and other resources than us.
−Removed: We compete with producers of similar products on the basis of, among other things, customer service, value, product innovation, product quality, brand recognition and loyalty, price, and the ability to identify and satisfy customer and consumer preferences.
+Added: In addition, some local competitors are vertically integrated, which enables them to produce potato products at lower costs.
+Added: We compete with producers of similar products on the basis of, among other things, customer service and support, value, product innovation, product quality, brand recognition and loyalty, price, and the ability to identify and satisfy customer and consumer preferences.
The markets in which we operate are expected to remain highly competitive for the foreseeable future.
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In general, net sales and cash flows tend to be higher in our fiscal fourth quarter, reflecting customer and consumer buying patterns.
−Removed: In fiscal 2024, the number of days of inventory on hand exceeded typical levels due to inventory pre-build ahead of the ERP transition in the third quarter and subsequent decline in restaurant traffic trends.
+Added: The number of days of inventory on hand exceeded our typical levels the last two fiscal years primarily due to lower sales volume compared to forecasted amounts.
+Added: We have working capital initiatives underway to decrease inventories in line with historical levels.
Human Capital Resources
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Most of the union workers at our facilities are represented under contracts that expire at various times over the next several years.
−Removed: Of the hourly employees who are represented by these contracts, 27% are party to a collective bargaining agreement scheduled to expire over the course of the next twelve months.
+Added: Of the hourly employees who are represented by these contracts, 65% are party to a collective bargaining agreement currently in negotiations or scheduled to expire over the course of the next twelve months.
As the agreements expire, we believe they will be renegotiated on terms satisfactory to the parties.
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We strive for world-class safety at each of our facilities.
−Removed: This means we continuously focus on creating a zero-incident culture, where every employee goes home every day, accident free.
+Added: This means we continuously focus on creating a zero-incident culture.
To help achieve this goal, we foster safety leadership throughout the organization as part of our comprehensive environment, health, safety, and sustainability management system.
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Our compensation and benefits are designed to support the financial, mental, and physical well-being of our employees.
−Removed: We are committed to equal pay for equal work, regardless of gender, race, ethnicity, or other personal characteristics.
−Removed: As part of this commitment, we benchmark and set pay ranges based on market data and consider various factors such as an employee’s role and experience, job location, and performance.
−Removed: We also regularly review our
−Removed: compensation practices to promote fair and equitable pay.
+Added: We are committed to equal pay for equal work.
+Added: As part of this commitment, we regularly review our compensation practices and benchmark and set pay ranges based on market data and consider various factors such as an employee’s role and experience, job location, and performance.
In addition to base salaries, many employees also participate in an annual short-term incentive program and may also receive long-term equity awards.
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vary by country but are generally market competitive and representative of prevalent local company sponsored benefit programs.
−Removed: We have also adopted a hybrid work policy for office-based employees intended to allow employees flexibility in work location while maintaining productivity and performance expectations.
Eligibility for, and the level of, compensation and benefits vary depending on an employee’s full-time or part-time status, work location, job and career level, and tenure with the Company.
We regularly review our compensation and benefit programs with the aim of keeping them competitive and designed to meet our employees’ health and wellness needs, which we believe is important to attract and retain the best available talent.
−Removed: Diversity, Equity, and Inclusion (“DEI”)
−Removed: As a global company, we strive to honor and celebrate diversity in our team, which we believe enriches our work lives and drives diversity of perspectives in our decision-making as a company.
−Removed: We define diversity as the unique abilities, experiences, and cultural backgrounds our employees bring to our Company’s workplace.
−Removed: We are committed to providing a work environment that fosters respect, inclusion, fairness, and dignity, and is free of harassment, discrimination, or fear of retaliation.
−Removed: In addition, we have created business resource groups, which are voluntary, team member-led groups that bring employees together aligned around affinity areas.
−Removed: We believe these groups help create community and build inclusion.
−Removed: We have three business resource groups centered on women, multiculture and young professionals.
−Removed: We have also introduced a DEI learning and development platform to our global workforce to support team members’ DEI learning.
Recruitment, Training, and Development
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We also hold courses focused on leadership development for employees and people leaders across our global organization.
−Removed: In addition, with both in-person and our e-learning resources, employees can also focus on timely and topical development areas, including leadership capabilities, management excellence, functional skill building, and DEI.
−Removed: Employee Engagement
+Added: In addition, with both in-person and our e-learning resources, employees can also focus on timely and topical development areas, including leadership capabilities, management excellence, functional skill building, and inclusion.
+Added: Culture and Employee Engagement
We believe that having a workplace culture that supports and values all employees is critical to our success.
+Added: We believe a workforce with varied perspectives enhances decision-making and drives innovation.
+Added: We seek to provide a work environment that fosters respect, inclusion, fairness, and dignity, and is free of harassment, discrimination, or fear of retaliation.
To understand employee sentiments, we conduct a comprehensive survey every other year of our global workforce, as well as periodic short pulse surveys in between the comprehensive surveys.
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Department leaders were also given the engagement survey results and tasked with taking action based on their employees’ anonymous feedback (both quantitative and qualitative).
−Removed: In addition, following our acquisition of the remaining equity interest in LW EMEA, we conducted a global employee culture survey to help assess employees’ reactions to the acquisition and plans for the full integration of LW EMEA with our other operations.
−Removed: Similar to our fiscal 2024 engagement survey, our executive leadership team reviewed the results of the survey and shared those results with our Compensation and Human Capital Committee.
−Removed: By paying close attention to the results of the surveys and implementing actions based on our findings, both at an aggregate enterprise level as well as at department, business, and work group levels, we believe that we have been able to enhance our workplace culture and improve overall employee engagement levels.
+Added: By considering the results of the survey and implementing actions based on our findings, both at an aggregate enterprise level as well as at department, business, and work group levels, we believe that we have been able to enhance our workplace culture and improve overall employee engagement levels.
We are also committed to creating and building a culture of giving.
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Name Title Age
−Removed: Werner Director, President and Chief Executive Officer 58
+Added: Smith Director, President and Chief Executive Officer 48
+Added: Crowley President, North America 52
+Added: Benjamin Heselton Chief Information Officer 53
Bernadette M.
Madarieta Chief Financial Officer 50
−Removed: Miller President, North America 58
−Removed: Sukshma Rajagopalan Chief Information and Digital Officer 50
Marc Schroeder President, International 54
−Removed: Smith Chief Operating Officer 47
Spytek General Counsel and Chief Compliance Officer 57
+Added: Sylvia Wilks Chief Supply Chain Officer 61
Younes Chief Human Resources Officer 59
−Removed: Werner has served as our President and Chief Executive Officer and a member of our Board since November 2016.
−Removed: Prior to that, he served as President, Commercial Foods, for Conagra, a food company, since May 2015.
−Removed: In that role, he led the company’s Lamb Weston and Foodservice businesses, as well as its previously divested Spicetec Flavors & Seasonings and J.M.
−Removed: Swank operations.
−Removed: Werner also served as interim President of Conagra’s Private Brands from June 2015 through its divestiture in February 2016.
−Removed: Before his appointment as President, Commercial Foods, Mr.
−Removed: Werner served as Senior Vice President of Finance for Conagra’s Private Brands and Commercial Foods operating segments from June 2013 to April 2015, and Senior Vice President of Finance for Lamb Weston from May 2011 until June 2013.
+Added: Smith has served as our President and Chief Executive Officer and a member of our board of directors since January 2025.
+Added: Prior to that, he served as our Chief Operating Officer since May 2023, Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation from April 2018 until May 2023 and Senior Vice President, Growth and Strategy from September 2016 until April 2018.
+Added: Smith also served as Vice President and General Manager of Lamb Weston Retail from May 2011 to September 2016, Vice President and General Manager of Conagra’s Private Brands from March 2014 to February 2016, and Vice President of Global Marketing of Lamb Weston from July 2012 to March 2014.
+Added: Prior to joining Conagra in 2007, Mr.
+Added: Smith held various brand management roles at Dean Foods Company, a food and beverage company, and its WhiteWave division from May 2003 until December 2007.
+Added: Crowley has served as our President, North America since January 2025.
+Added: Prior to that, he served as our Senior Vice President and General Manager, Multinational Chain from June 2023 to January 2025, Vice President Sales, Global Accounts from October 2018 to June 2023 and Vice President Sales, National Accounts from January 2017 to October 2018.
+Added: Crowley has more than 25 years of experience working across every aspect of Lamb Weston’s business, including overseeing production and quality assurance at several North American processing facilities, corporate quality assurance, managing key global customer relationships, and several commercial leadership roles.
+Added: Benjamin Heselton has served as our Chief Information Officer since May 2025.
+Added: Before joining Lamb Weston, Mr.
+Added: Heselton served as the Chief Technology Officer of Wurth IT USA, an information technology services company and a division of The Würth Group, from January 2024 to April 2025.
+Added: Heselton joined The Würth Group, a producer and marketer of fastening and assembly materials, in April 2007.
+Added: During his 18 years at The Würth Group, Mr.
+Added: Heselton held various roles, including Wurth Industry North America’s Chief Information Officer from January 2020 to December 2023 and Vice President of Information Technology and Business Intelligence from September 2008 to December 2019.
Bernadette M.
Madarieta has served as our Chief Financial Officer since August 2021.
−Removed: She also served as Senior Vice President from August 2021 to May 2023.
Madarieta joined Lamb Weston in October 2016 as our Vice President and Controller and Principal Accounting Officer.
2 unchanged sentences
Madarieta has more than 25 years of finance management and leadership experience spanning public and privately held companies and Big 4 public accounting firms.
−Removed: Miller has served as our President, North America since May 2023.
−Removed: Before that, she served as our Senior Vice President and General Manager, Global Business Unit since September 2016 and Conagra’s Vice President and General Manager, Lamb Weston Global Business Unit from 2015 to August 2016.
−Removed: Since joining Conagra in 1999, Ms.
−Removed: Miller has held various leadership positions, including Vice President of Sales for LW EMEA.
−Removed: Prior to that, Ms.
−Removed: Miller was a key sales and business leader within Lamb Weston in both the U.S.
−Removed: She also has held various sales positions with other North American food manufacturers and foodservice distributors.
−Removed: Sukshma Rajagopalan has served as our Chief Information and Digital Officer since June 2023.
−Removed: Rajagopalan has more than 25 years of experience leading digital and information technology teams, most recently as Senior Vice President and Chief Digital Officer at Avantor, Inc., a life sciences company, from March 2020 to May 2023.
−Removed: At Avantor, Ms.
−Removed: Rajagopalan led the company’s global enterprise digital roadmap, including finance, supply chain and commercial solutions, as well as data and analytics including automation and artificial intelligence.
−Removed: Prior to joining Avantor, she spent
−Removed: 15 years at PepsiCo, Inc., a food and beverage company, and held various information technology and digital leadership roles, most recently as Vice President, Global Applications from March 2018 to March 2020.
Marc Schroeder has served as our President, International since May 2023.
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Prior to that, he spent more than 14 years at PepsiCo, Inc., a food and beverage company, and held various operating, commercial and corporate leadership roles, including Senior Vice President Global Nutrition Group from August 2014 to January 2016, Vice President Global Grains (Quaker) from September 2012 to July 2014 and General Manager of Frito-Lay in Russia from October 2009 to August 2012.
−Removed: Smith has served as our Chief Operating Officer since May 2023.
−Removed: Prior to that, he served as Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation since April 2018 and Senior Vice President, Growth and Strategy from September 2016 until March 2018.
−Removed: Smith also served as Vice President and General Manager of Lamb Weston Retail from May 2011 to September 2016, Vice President and General Manager of Conagra’s Private Brands from March 2014 to February 2016, and Vice President of Global Marketing of Lamb Weston from July 2012 to March 2014.
−Removed: Prior to joining Conagra in 2007, Mr.
−Removed: Smith held various brand management roles at Dean Foods Company, a food and beverage company, and its WhiteWave division from May 2003 until December 2007.
Spytek has served as our General Counsel and Chief Compliance Officer since October 2016.
−Removed: He also served as Senior Vice President from October 2016 to May 2023 and Corporate Secretary from October 2016 to November 2020.
+Added: He also served as Corporate Secretary from October 2016 to November 2020.
From June 2015 until October 2016, Mr.
5 unchanged sentences
Spytek was a partner at Winston & Strawn LLP, which he joined as an associate in 1996.
+Added: Sylvia Wilk s has served as our Chief Supply Chain Officer since August 2024.
+Added: Before joining Lamb Weston, Ms.
+Added: Wilks was Chief Supply Chain Officer of Recreational Equipment, Inc.
+Added: (“REI”), a specialty outdoor retailer, from May 2022 to August 2024, and Vice President, Supply Chain Operations at TireHub LLC, a national distributor of tires, from July 2018 to April 2022.
+Added: Wilks has more than 30 years of supply chain experience in consumer-packaged goods, food and beverage manufacturing, automotive and retail, including supply chain leadership roles at Kimberly-Clark Corporation and Starbucks Corporation.
Younes has served as our Chief Human Resources Officer since January 2022.
−Removed: He also served as Senior Vice President from January 2022 to May 2023.
Younes joined Lamb Weston from Loews Hotels & Co., a hospitality company, where he served as Executive Vice President and Chief Human Resources Officer from April 2019 through December 2021.
4 unchanged sentences
Ethics and Governance
−Removed: We have adopted a code of conduct that applies to all of our employees, as well as a code of ethics for senior corporate financial officers that applies to our Chief Executive Officer, Chief Financial Officer, and Controller.
+Added: We have adopted a code of conduct that applies to all our employees, as well as a code of ethics for senior corporate financial officers that applies to our Chief Executive Officer, Chief Financial Officer, and Controller.
These codes are available on our website at www.lambweston.com through the “Investors – Corporate Governance” link.
26 unchanged sentences
Our capital and operating budgets include planned costs and expenses associated with complying with these laws and other requirements.
+Added: We expect to spend approximately $100 million in fiscal 2026 to comply with environmental regulations, including those related to discharges into the air, land, and water.
+Added: These projects largely focus on wastewater treatment at our production facilities.
+Added: Further, we expect to spend about $500 million in the aggregate over the next six years to comply with government environmental regulations and permit limitations.
+Added: It is possible that our capital expenditure assumptions, estimates and project completion dates may change, and our projections are subject to change due to items such as the finalization of ongoing engineering projects, varying costs or changes in environmental laws and regulations.
+Added: See “Item 1A.
+Added: Risk Factors—Legal and Regulatory Risks—If we fail to comply with the many laws and regulations applicable to our business, we may face lawsuits or incur significant fines and penalties” of this Form 10-K.
Available Information
−Removed: We make available, free of charge on our website at www.lambweston.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.
+Added: We make available, free of charge on our website at www.lambweston.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC.
We use our website, through the “Investors” link, as a channel for routine distribution of important information, including news releases, analyst presentations, and financial information.
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.