3 unchanged sentences
We offer a broad product portfolio to a diverse channel and customer base in over 100 countries.
−Removed: French fries represent most of our value-added frozen potato product portfolio.
+Added: French fries represent most of our product portfolio.
We were organized as a Delaware corporation in July 2016.
7 unchanged sentences
Our North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers.
−Removed: Our North America segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company’s owned or licensed brands, including Grown in Idaho and Alexia , other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers’ own brands.
+Added: Our North America segment’s product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company’s owned or licensed brands, including Grown in Idaho and Alexia , other licensed brands comprised of brand names of major North American restaurant chains, customer labels, and retailers’ own brands.
International
5 unchanged sentences
We account for our investment in Lamb Weston RDO under the equity method of accounting.
−Removed: In addition, LW EMEA owns a 75% interest in a joint venture in Austria.
+Added: In addition, we own a 75% interest in a joint venture in Austria.
This joint venture’s financial results are consolidated in our financial statements.
5 unchanged sentences
We have long-tenured relationships with leading quick service and fast casual restaurant chains, global foodservice distributors, large grocery retailers, and mass merchants.
−Removed: 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: Products are generally shipped from refrigerated 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.
Some customers also pick up their orders at distribution centers.
1 unchanged sentence
In fiscal 2026, our ten largest customers accounted for approximately 50% of our net sales.
−Removed: 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: Our largest customer, McDonald’s Corporation, accounted for approximately 15%, 15%, and 14% of our consolidated net sales in fiscal 2026, 2025, and 2024, respectively.
No other customer accounted for more than 10% of our consolidated net sales in fiscal 2026, 2025, and 2024.
26 unchanged sentences
The prices of raw materials can fluctuate as a result of these factors.
−Removed: During fiscal 2025, we continued to face increased costs for the primary raw materials for our products, including potatoes, edible oils, packaging, grains, starches, and energy inputs.
+Added: See “Item 1A.
+Added: Risk Factors – Business and Operating Risks” for a discussion of risks related to our input costs.
+Added: During fiscal 2026, we continued to face increased costs for the primary raw materials for our products, including edible oils, packaging, grains, starches, and energy inputs.
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 also “Item 1A.
−Removed: Risk Factors” for a discussion of risks related to our input costs.
+Added: See “Part II, Item 7.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of this Form 10-K for a further discussion of these matters.
Manufacturing
3 unchanged sentences
We regularly evaluate our co-packing arrangements to ensure the most cost-effective manufacturing of our products and to utilize company-owned production facilities most effectively.
−Removed: International Operations
+Added: Global Operations
At May 31, 2026, we had operations in 32 countries, with sales support in each of these countries and production and processing facilities in eight countries.
7 unchanged sentences
Competitors include large North American and European frozen potato product companies that compete globally, as well as local and regional companies.
−Removed: The international markets are highly fragmented with increased production capacity recently being added by local companies in emerging markets like Saudi Arabia and India.
−Removed: Significant competitors include Agristo NV, Aviko B.V., Cavendish Farms Corporation, Clarebout Potatoes NV, Farm Frites International B.V., J.R.
+Added: The international markets are highly fragmented with increased production capacity added by local and regional companies in emerging markets like Saudi Arabia, China, and India.
+Added: Significant competitors include Agristo N.V., Aviko B.V., Cavendish Farms Corporation, Farm Frites International B.V., J.R.
Simplot Company, The Kraft Heinz Company, and McCain Foods Limited.
6 unchanged sentences
Our inventory levels, net sales, segment adjusted EBITDA, and cash flows are affected by seasonality.
−Removed: In general, our segment adjusted EBITDA percentage tends to be highest in our fiscal third quarter, reflecting the cost benefits of freshly harvested potatoes.
+Added: In general, our segment adjusted EBITDA percentage tends to be highest in our fiscal third quarter, reflecting the cost benefits of freshly harvested potatoes in the Northern Hemisphere.
We typically harvest potatoes in the Pacific Northwest of the U.S.
4 unchanged sentences
In general, net sales and cash flows tend to be higher in our fiscal fourth quarter, reflecting customer and consumer buying patterns.
−Removed: 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.
−Removed: We have working capital initiatives underway to decrease inventories in line with historical levels.
Human Capital Resources
37 unchanged sentences
We seek to provide a work environment that fosters respect, inclusion, fairness, and dignity, and is free of harassment, discrimination, or fear of retaliation.
−Removed: 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.
−Removed: This survey was completed in fiscal 2025 and was administered and analyzed by an independent third-party provider.
−Removed: The survey results were then reviewed by our executive leadership team and our Compensation and Human Capital Committee of the Board of Directors (the “Board”).
+Added: To understand employee sentiments, we conduct a comprehensive survey of our global workforce on an ad hoc basis and short pulse surveys on a routine basis in between the comprehensive surveys.
+Added: The last comprehensive survey was completed in fiscal 2025 and was administered and analyzed by an independent third-party provider.
+Added: The results for comprehensive and pulse surveys are then reviewed by our executive leadership team and our Compensation and Human Capital Committee of the Board of Directors (the “Board”).
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: 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.
+Added: By considering 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.
We are also committed to creating and building a culture of giving.
8 unchanged sentences
Name Title Age
+Added: Craps Executive Chair 48
Smith Director, President and Chief Executive Officer 49
Crowley President, North America 53
−Removed: Benjamin Heselton Chief Information Officer 53
−Removed: Bernadette M.
−Removed: Madarieta Chief Financial Officer 50
+Added: Gray Chief Financial Officer 60
+Added: Philip Chief Strategy and Technology Officer 48
Marc Schroeder President, International 55
2 unchanged sentences
Younes Chief Human Resources Officer 60
−Removed: Smith has served as our President and Chief Executive Officer and a member of our board of directors since January 2025.
−Removed: 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.
−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.
+Added: Craps has served as our Executive Chair and a member of our Board since February 2026.
+Added: He has also been an owner and director of Eli Eagle Consulting Limited, a board consulting firm, since October 2025.
+Added: Prior to that, Mr.
+Added: Craps served as Chief Executive Officer and a director of Budweiser Brewing Company APAC Limited (“Budweiser APAC”), a subsidiary of Anheuser-Busch InBev, a global brewing and beverage company, from May 2019 until April 2025.
+Added: Craps was appointed Co-Chair of the Board of Budweiser APAC in February 2020.
+Added: Smith has served as our President and Chief Executive Officer and a member of our Board since January 2025.
+Added: Prior to that, he served as our Chief Operating Officer from May 2023 until December 2024 and Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation from April 2018 until May 2023.
Crowley has served as our President, North America since January 2025.
−Removed: 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.
−Removed: 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.
−Removed: Benjamin Heselton has served as our Chief Information Officer since May 2025.
+Added: Prior to that, he served as our Senior Vice President and General Manager, Multinational Chain from June 2023 to January 2025 and Vice President Sales, Global Accounts from October 2018 to June 2023.
+Added: Gray has served as our Chief Financial Officer since April 2026.
Before joining Lamb Weston, Mr.
−Removed: 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.
−Removed: Heselton joined The Würth Group, a producer and marketer of fastening and assembly materials, in April 2007.
−Removed: During his 18 years at The Würth Group, Mr.
−Removed: 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.
−Removed: Bernadette M.
−Removed: Madarieta has served as our Chief Financial Officer since August 2021.
−Removed: Madarieta joined Lamb Weston in October 2016 as our Vice President and Controller and Principal Accounting Officer.
−Removed: Before that, Ms.
−Removed: Madarieta served as Vice President and Controller of Packaging Corporation of America, a containerboard and corrugated packaging manufacturer, from October 2013 to March 2016, and Vice President and Controller at Boise Inc., a packaging and paper products manufacturer, from February 2011 to October 2013.
−Removed: Madarieta has more than 25 years of finance management and leadership experience spanning public and privately held companies and Big 4 public accounting firms.
+Added: Gray served as the Executive Vice President and Chief Financial Officer at Ingredion Incorporated, a global ingredients solutions company, from March 2017 to March 2026.
+Added: Gray joined Ingredion in 2014 and during his tenure, also served as Vice President of Corporate Finance and Chief Financial Officer of North America.
+Added: Philip has served as our Chief Strategy and Technology Officer since July 2026.
+Added: Philip joined Lamb Weston in May 2026 as Chief Strategy Officer.
+Added: Before joining Lamb Weston, Mr.
+Added: Philip served as Executive Vice President, Business President and Chief Growth Officer of TreeHouse Foods, Inc., a food company, from May 2025 to February 2026.
+Added: Prior to that, he served as TreeHouse Foods’ Senior Vice President, Chief Strategy and Growth Officer from April 2022 to April 2025 and Senior Vice President, Chief Strategy Officer from August 2019 to March 2022.
Marc Schroeder has served as our President, International since May 2023.
−Removed: Schroeder is a Dutch national and joined Lamb Weston in February 2023 following the completion of our acquisition of the remaining equity interest in LW EMEA, having previously served as Chief Executive Officer of our former European joint venture since January 2021.
+Added: Schroeder joined Lamb Weston in February 2023 following the completion of our acquisition of the remaining equity interest in our former European joint venture, Lamb-Weston/Meijer v.o.f.
+Added: (“LW EMEA”), having previously served as Chief Executive Officer of LW EMEA since January 2021.
Before joining LW EMEA, Mr.
1 unchanged sentence
and Unilever for tea branded products, from February 2016 to November 2020.
−Removed: 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: Spytek has served as our General Counsel and Chief Compliance Officer since October 2016.
+Added: Spytek has served as our General Counsel and Chief Compliance Officer since joining Lamb Weston in October 2016.
He also served as Corporate Secretary from October 2016 to November 2020.
−Removed: From June 2015 until October 2016, Mr.
−Removed: Spytek was Of Counsel at Winston & Strawn LLP, a law firm.
−Removed: Before returning to Winston & Strawn LLP, he served from December 2009 until April 2015 in a variety of roles with Mead Johnson Nutrition Company, a manufacturer of infant formula, including as Vice President, Deputy General Counsel and Assistant Secretary from April 2013 to April 2015 and as Vice President, Associate General Counsel and Assistant Secretary from December 2009 to April 2013.
−Removed: Before that, Mr.
−Removed: Spytek served as Senior Vice President, General Counsel and Secretary at SIRVA, Inc., a moving and relocation services provider, from February 2006 to February 2009.
−Removed: Before joining SIRVA, Inc., Mr.
−Removed: Spytek was a partner at Winston & Strawn LLP, which he joined as an associate in 1996.
Sylvia Wilk s has served as our Chief Supply Chain Officer since August 2024.
Before joining Lamb Weston, Ms.
−Removed: Wilks was Chief Supply Chain Officer of Recreational Equipment, Inc.
−Removed: (“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.
−Removed: 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.
+Added: Wilks was Chief Supply Chain Officer of Recreational Equipment, Inc., 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.
Younes has served as our Chief Human Resources Officer since January 2022.
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.
−Removed: Prior to that, Mr.
−Removed: Younes was Senior Vice President of Human Resources for Ascension, a not-for-profit healthcare company, from July 2013 to December 2018.
−Removed: An employment lawyer by background, he spent 12 years in private practice and served as employment counsel to a number of organizations earlier in his career.
−Removed: Younes has more than 30 years of experience in human resources and employment law.
Ethics and Governance
28 unchanged sentences
Our capital and operating budgets include planned costs and expenses associated with complying with these laws and other requirements.
−Removed: 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.
−Removed: These projects largely focus on wastewater treatment at our production facilities.
−Removed: 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.
−Removed: 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.
−Removed: See “Item 1A.
−Removed: 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
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.
−Removed: 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.
+Added: We use our website, through the “Investors” link, as a channel for routine distribution of important information, including news releases, investor presentations, and financial information.
The information on our website is not, and shall not be deemed to be, a part of this Form 10-K or incorporated into any other filings we make with the SEC unless expressly noted in other such filings.
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.