What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-06-11 compared with 2025-06-12 · 33 added, 37 removed, 105 unchanged (40% of the section changed)

1 unchanged sentence

The facilities are comprised of plants for packaging, can manufacturing, seed production, a farming operation and a logistical support network.

Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, and Minnesota.

Food packaging operations are primarily supported by plant locations in New York, Michigan, Oregon, Wisconsin, Washington, Idaho, Illinois, Minnesota, and Arizona.

The Company also maintains warehouses which are generally located adjacent to its packaging plants.

4 unchanged sentences

2) provide low-cost, high-quality fruit and vegetable products to consumers through the elimination of costs from the Company’s supply chain and investment in state-of-the-art production and logistical technology;

3) focus on growth opportunities to capitalize on higher expected returns;

3) invest in growth opportunities;

and 4) pursue strategic acquisitions that leverage the Company’s core competencies.

10 unchanged sentences

The Other category comprises non-food operations including revenue derived from the sale of cans, ends, seed, and outside revenue from the Company's aircraft operations, and certain corporate items.

During fiscal 2026, the Company acquired the Green Giant U.S.

frozen business which is part of the vegetable reportable segment.

This acquisition enhances the Company’s existing frozen capabilities and expands its reach in the frozen category.

Refer to the information set forth under the heading “ Acquisition ” in Note 16 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data”, for additional details.

The Company’s food operations constituted 98% of total net sales in fiscal year 2026.

3 unchanged sentences

Principal Products and Markets

The Company’s principal product offerings include canned, frozen and jarred produce, and snack chips.

The Company’s principal product offerings include canned, frozen and jarred fruits and vegetables, as well as packaged snack chips.

The Company manufactures and sells the following:

private label products to retailers, such as supermarkets, mass merchandisers, and specialty retailers, for resale under the retailers’ own or controlled labels;

private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators;

branded products under national and regional brands that the Company owns or licenses, including Seneca®, Libby’s®, Green Giant®, Aunt Nellie’s®, CherryMan®, Green Valley® and READ®;

private label products are sold nationwide by major grocery outlets, such as supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores, for resale under the retailers’ own or controlled labels;

private label and branded products to the foodservice industry, including foodservice distributors and national restaurant operators, in addition to products sold to federal, state and local governments for school and other food programs;

branded products under national and regional brands that the Company owns or licenses, including Aunt Nellie’s®, CherryMan®, Green Giant®, Green Valley®, Libby’s®, READ® and Seneca®;

branded products under co-pack agreements to other major branded companies for their distribution;

products to the Company’s industrial customer base for repackaging in portion control packages and for use as ingredients by other food manufacturers.

The Company’s fruits and vegetables are sold nationwide by major grocery outlets, including supermarkets, mass merchandisers, limited assortment stores, club stores and dollar stores.

The Company also sells its products to foodservice distributors, restaurant chains, industrial markets, other food processors, export customers in approximately 55 countries and federal, state and local governments for school and other food programs.

Additionally, the Company packs canned and frozen vegetables under contract packing agreements.

products to the Company’s industrial customer base for use as ingredients by other food manufacturers;

products to export customers in approximately 55 countries.

The following table summarizes net sales by major product category for fiscal years 2026 and 2025 (in thousands):

7 unchanged sentences

Raw materials and other input costs, such as labor, fuel, utilities and transportation, are subject to fluctuations in price attributable to a number of factors.

Certain of the raw materials, namely steel, are subject to import tariffs and other restrictions, and the United States government may periodically impose new or revise existing duties, quotas, tariffs or other restrictions to which the Company may be subject.

Fluctuations in commodity prices can lead to retail price volatility and can influence consumer and trade buying patterns.

The cost of raw materials, fuel, labor, distribution and other costs related to our operations can increase from time to time significantly and unexpectedly.

The Company experienced material cost increases to various production inputs during the last several years due to a number of factors, including but not limited to, supply chain disruptions, steel supply and pricing, raw material shortages, labor shortages, and the conflict between Russia and Ukraine.

While the Company has no direct exposure to this foreign conflict, it had a negative impact on the global economy which increased certain of our input costs.

While some of the factors mentioned above have started to ease and stabilize during fiscal year 2025, the Company’s costs remain elevated as compared to historical levels.

The cost of raw materials, fuel, labor, distribution and other costs related to our operations can increase from time to time significantly and unexpectedly, the impact of which could increase our cost of products sold and reduce our profitability.

Additionally, foreign conflicts have disrupted the global economic environment during these years.

While the Company has no direct exposure to these foreign conflicts, some of which are ongoing, they have had a negative impact on the global economy which has increased certain of our input costs.

While some of the factors mentioned above have started to ease and stabilize, the Company’s costs remain elevated as compared to historical levels.

The Company attempts to manage costs by locking in prices through short-term supply contracts, advance grower purchase agreements, and by implementing cost saving measures.

3 unchanged sentences

To the extent the Company is unable to avoid or offset any present or future cost increases, its operating results could be materially adversely affected.

United States and International Sales

The following table sets forth United States and international net sales (in thousands, except percentages):

United States

International

Total net sales

As a percentage of net sales:

United States

International

Intellectual Property

The Company has a license agreement with B&G Foods, Inc., for use of the Green Giant® brand name to manufacture, market, distribute, and sell shelf-stable vegetable products within the United States and its territories, and certain Caribbean islands in perpetuity.

The license is royalty free and does not include Green Giant frozen, Green Giant Canada or the Le Sueur brand.

As part of the acquisition discussed in Note 16 of the Notes to Consolidated Financial Statements in Part II, Item 8, “Financial Statements and Supplementary Data”, the Company acquired the Green Giant® trade name, the master license agreement for certain Green Giant® vegetable products, and assumed responsibility for the administration of the related sublicense agreements.

The license does not include Green Giant Canada or the Le Sueur brand.

The Company holds the Libby's® brand name pursuant to a trademark license.

The license is limited to vegetables which are shelf-stable, frozen, and thermally packaged, and includes the Company's major vegetable varieties – sweet corn, peas and green beans – as well as certain other thermally packaged vegetable varieties and sauerkraut.

The license is renewable by the Company every 10 years for an aggregate period expiring in March 2081.

The license is renewable at the Company's discretion every 10 years for an aggregate period expiring in March 2081.

The Company is required to pay an annual royalty to Libby's Brand Holding, Ltd., who may terminate the license for non-payment of royalty, use of the trademark in sales outside the licensed territory, failure to achieve a minimum level of sales under the licensed trademark during any calendar year or a material breach or default by the Company under the agreement (which is not cured within the specified cure period).

2 unchanged sentences

The Company’s production cycle begins with planting in the spring followed by harvesting and packaging during the second and third fiscal quarters with sales spanning over the following twelve months.

Minimal food packaging occurs in the Company's last fiscal quarter ending March 31, which is the optimal time for maintenance, repairs and equipment changes in its packaging plants.

The last fiscal quarter ending March 31 is the optimal time for maintenance, repairs and equipment changes in the Company's seasonal packaging plants.

The supply of commodities, current pricing, and expected new crop quantity and quality affect the timing and amount of the Company’s sales and earnings.

1 unchanged sentence

For peas, the peak inventory time is mid-summer and for sweet corn and green beans, the Company's highest volume vegetables, the peak inventory is in mid-autumn.

The seasonal nature of the Company’s production cycle results in inventory and accounts payable typically reaching their lowest point in mid-to-late first quarter prior to the new seasonal pack commencing.

The seasonal nature of the Company’s production cycle results in inventory and accounts payable typically reaching their lowest point late in the fourth quarter prior to the new seasonal pack commencing.

As the seasonal pack progresses, these components of working capital both increase until the pack is complete.

9 unchanged sentences

Fiscal Year 2025

Net earnings (loss)

Accounts receivable, net (at quarter end)

3 unchanged sentences

Competition in the packaged food industry is substantial with brand recognition and promotion, quality, service, and pricing being the major determinants in the Company’s relative market position.

The Company believes that it is a major producer of canned vegetables, frozen vegetables, and jarred fruit but some producers of these products have sales which exceed the Company's sales.

The Company is aware of at least 13 competitors in the United States packaged fruit and vegetable industry, many of which are privately held companies.

The Company is a major producer of canned vegetables, frozen vegetables, and jarred fruit;

however, it competes with numerous companies of varying sizes, including divisions or subsidiaries of larger companies.

Certain competitors may have greater resources and brand recognition.

The Company believes its competitive strategies, which include providing superior product quality, effective cost control, an efficient supply chain, successful innovation programs, and strategic customer partnerships, allow it to compete effectively.

Government Regulation

7 unchanged sentences

There has been a broad range of proposed and promulgated state, national and international regulations aimed at reducing the effects of climate change.

In the United States, there is a possibility that some form of regulation will be forthcoming at the federal level to address the effects of climate change.

Such regulation could result in the creation of additional costs in the form of taxes, consultant expenses, the restriction of output, investments of capital to maintain compliance with laws and regulations or required acquisition or trading of emission allowances.

Such regulations could result in the creation of additional costs in the form of taxes, consultant expenses, the restriction of output, investments of capital to maintain compliance with laws and regulations or required acquisition or trading of emission allowances.

Climate change regulation continues to evolve, and while it is not possible to accurately estimate either a timetable for implementation or the Company’s future compliance costs relating to implementation, such regulation could have a material effect on our business, financial condition and results of operations.

8 unchanged sentences

As of March 31, 2026, Seneca employed approximately 2,995 employees and employed an additional approximately 4,015 seasonal employees during the Company’s peak summer harvest season.

100% of our employees are located in the United States, distributed across the Company’s facilities.

100% of our employees are distributed across the Company’s facilities located in the United States.

At Seneca, we work hard every day to feed the world safe and nutritious products, while adhering to our fundamental beliefs (which can be found on our website).

1 unchanged sentence

We also believe in promoting from within, which has resulted in many long-tenured employees in leadership positions throughout the Company.

Seneca believes that everyone should feel respected and welcome in our workplace.

The Company is committed to providing equal opportunity in all aspects of employment, and to applying fair labor practices while respecting the national and local laws of the states and communities where we have operations.

The Company does not engage in or tolerate discrimination, intimidation, harassment, or any other unlawful conduct.

We believe that a diverse and inclusive workforce provides the Company with the benefits of different viewpoints and perspectives, as well as a talented and innovative employee base.

Employee Health and Safety

13 unchanged sentences

LEADS ("Leadership Education and Development at Seneca") is a training program focused on leadership, managing employees in a positive and productive manner, and reinforces many of our fundamental beliefs, such as treating employees with respect.

Seneca believes that everyone should feel respected and welcome in our workplace.

The Company does not engage in or tolerate discrimination, intimidation, harassment, or any other unlawful conduct.

We believe that a diverse and inclusive workforce provides the Company with the benefits of different viewpoints and perspectives, as well as a talented and innovative employee base.

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