Financial Analysis

Note 2 Acquisition s Acquisition of Creighton Brothers, LLC Effective on March 2, 2026 , the Company acquired the shell egg, egg products, and prepared foods assets of Creighton Brothers LLC and including Crystal Lake LLC (Creighton). The acquired assets include commercial shell egg production and grading with capacity of approximately 3.2 million layers, including 500 thousand cage-free layers, and 865 thousand pullets, a feed mill, 1,007 acres of land, as well as an egg products and hard-cooked egg processing facility located near Warsaw, Indiana. The following table summarizes the consideration paid for Creighton and the value of assets acquired and liabilities assumed recognized at the acquisition date (in thousands): Cash consideration paid $ 128,784 Recognized amounts of identifiable assets acquired and liabilities assumed Inventories $ 16,504 Prepaid expenses and other current assets 890 Property, plant & equipment 101,883 Intangible assets, net 60 119,337 Accounts payable and other current liabilities (553) Total identifiable net assets 118,784 Goodwill 10,000 $ 128,784 Inventories consisted primarily of flock, feed ingredients, packaging, and egg inventory. Flock inventory was valued at carrying value as management believes that its carrying value best approximates its fair value. Feed ingredients, packaging and egg inventory were all valued based on market prices as of March 2, 2026. Property, plant and equipment were valued utilizing the cost approach and marke …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 16 - Commitments and Contingencies In re Shell Eggs Litigation Since November 2025, the Company has been named as a defendant in several lawsuits filed in federal courts alleging substantially identical claims, including: (1) the following lawsuits in the Southern District of Indiana: (a) King Kullen Grocery Co., Inc. v. Cal -Maine Foods, Inc., et al., Case No. 1:25 -cv-2274, (b) Nineteenseventynine LLC d/b/a The Breakfast Joynt v. Cal- Maine Foods, Inc., et al., Case No. 1:25 -cv-2301, (c) Taylor Egg Products, Inc. v. Cal -Maine Foods, Inc., et al., Case No. 1:25- cv-2554, (d) Hudson v. Cal -Maine Foods, Inc. et al., Case No. 1:25 -cv-02573, (e) Brandon Huyler v. Cal -Maine Foods, Inc., et al., Case No. 1:26 -cv-00135, and (f) Gloria Emery, Carol Goldberg, and Casey Whalen v. Cal -Maine Foods, Inc., et al., Case No. 1:26-cv-00135; (2) the following lawsuits in the Northern District of Illinois: (a) Birchmans Parisian, LLC (d/b/a Lisciandro's Restaurant) v. Cal -Maine Foods, Inc., et al., Case No. 1:25 -cv-14030, (b) Phil-N-Cindy's Lunch, Inc. v. Cal -Maine Foods, Inc., et al., Case No. 1:25 -cv-14082, (c) Yell -O-Glow Corporation v. Cal -Maine Foods, Inc., et al., Case No. 1:25 -cv-15084, and (d) Tariq Habash, Delia Govea, Andrew Phillips, and Catalina Torres v. Urner Barry Publications, Inc., Cal -Maine Foods, Inc., et al., Case No. 1:25 -cv-14112; (3) the following lawsuits in the Western District of Wisconsin: (a) Matthew Edlin v. Cal -Maine Foods, Inc., et al., Case …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 9 - Employee Benefit Plans KSOP The Company maintains a KSOP covering substantially all employees (the Plan). The Company contributes 3 % of eligible compensation, plus discretionary amounts, with contributions vesting immediately. Cash contributions to the Plan were $ 7.0 million, $ 5.5 million and $ 4.3 million in fiscal 2026, 2025, and 2024, respectively. The Plan purchases Company stock in the open market using Company contributions and dividends. Deferred Compensation and Other Postretirement Plans The Company maintains several deferred compensation and other postretirement plans for certain officers and a select group of management and highly compensated employees of the Company. The liability recorded related to these agreements was $ 6.7 million and $ 4.1 million at May 30, 2026 and May 31, 2025, respectively and is classified within Accrued expenses and other current liabilities and Other liabilities in the Companys Consolidated Balance Sheets. The related expense for these plans was $ 1.1 million, $ 1.5 million and $ 1.2 million in fiscal 2026, 2025 and 2024, respectively. …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Note 10 - Credit Facility For fiscal years 2026, 2025 and 2024, interest expense was $ 556 thousand, $ 612 thousand and $ 549 thousand, respectively, primarily related to commitment fees on the Credit Facility described below. On November 15, 2021, we entered into an Amended and Restated Credit Agreement (as amended, the Credit Agreement) with a five-year term, expiring November 15, 2026. The Credit Agreement provides for a senior secured revolving credit facility (the Credit Facility or Revolver) in an initial aggregate principal amount of up to $ 250 million, which includes a $ 15 million sublimit for the issuance of standby letters of credit and a $ 15 million sublimit for swingline loans. The Credit Facility also includes an accordion feature permitting, with the consent of BMO Harris Bank N.A. (the Administrative Agent), an increase in the Credit Facility in the aggregate up to $ 200 million by adding one or more incremental senior secured term loans or increasing one or more times the revolving commitments under the Revolver. No amounts were borrowed under the Credit Facility as of May 30, 2026 or May 31, 2025 or during fiscal 2026 or fiscal 2025. The Company had $ 5.9 million of outstanding standby letters of credit issued under the Credit Facility at May 30, 2026 . On May 26, 2023, we entered into the First Amendment (the First Amendment) to the Credit Agreement, which replaced the London Interbank Offered Rate interest rate benchmark with the secured overnight financ …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fiscal year May 30, 2026 Retail Foodservice Other Total Conventional Shell Egg $ 1,099,245 $ 193,614 $ 16,698 $ 1,309,557 Specialty Shell Egg 952,556 92,343 4,329 1,049,228 Prepared Foods 92,031 104,157 48,614 244,802 Other - segment sales 245,415 60,269 2,361 308,045 $ 2,389,247 $ 450,383 $ 72,002 $ 2,911,632 Fiscal year May 31, 2025 Retail Foodservice Other Total Conventional Shell Egg $ 2,247,913 $ 424,133 $ 31,456 $ 2,703,502 Specialty Shell Egg 1,022,253 98,508 5,840 1,126,601 Prepared Foods 4,050 4,050 Other - segment sales 337,489 89,347 896 427,732 $ 3,611,705 $ 611,988 $ 38,192 $ 4,261,885 Fiscal year June 1, 2024 Retail Foodservice Other Total Conventional Shell Egg $ 1,007,282 $ 210,423 $ 9,198 $ 1,226,903 Specialty Shell Egg 835,826 25,879 1,592 863,297 Other - segment sales 198,943 36,972 328 236,243 $ 2,042,051 $ 273,274 $ 11,118 $ 2,326,443 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 13 Stock-Based Compensation The Companys stock-based compensation plan, the Amended and Restated Cal -Maine Foods, Inc. 2012 Omnibus Long -Term Incentive Plan (the LTIP Plan), provides for the granting of equity -based awards such as restricted stock, performance stock units and stock options . Awards may be granted under the LTIP Plan to any employee, any non -employee member of the Board, and any consultant who is a natural person and provides services to us or one of our subsidiaries (except for incentive stock options, which may be granted only to our employees). As of May 30, 2026, the total number of shares available for issuance was 719,234 , and may be authorized but unissued shares or treasury shares. Common Stock issued from treasury shares under the plan was 89,867 shares, 47,700 shares and 86,803 shares for fiscal 2026, 2025 and 2024, respectively. Restricted Stock Restricted stock outstanding under the LTIP Plan vests three years from the grant date, or upon death or disability, change in control, or retirement (subject to certain requirements). The restricted stock contains no other service or performance conditions. Restricted stock is awarded in the name of the recipient and, except for the right of disposal, constitutes issued and outstanding shares of the Companys Common Stock for all corporate purposes during the period of restriction including the right to receive dividends. Compensation expense is a fixed amount based on the grant date closing price …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 4 - Fair Value Measurements The Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liabilitys fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including: o Quoted prices for similar assets or liabilities in active markets o Quoted prices for identical or similar assets in non-active markets o Inputs other than quoted prices that are observable for the asset or liability o Inputs derived principally from or corroborated by other observable market data Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and are significant to the fair value of the assets or liabilities The disclosure of fair value of certain financial assets and liabilities that are recorded at cost are as follows: Cash and Cash Equivalents, Accounts Receivable, and Accounts Payable The carrying amount appr …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 8 - Goodwill and Other Intangible Assets Goodwill During the fourth quarter of fiscal 2026, the Company transitioned into its new reporting structure which resulted in changes to the Companys operating segments and reporting units. The goodwill of the Companys historical reporting units were reallocat ed to the new reporting units on a relative fair value basis as of the date of the reorganization. The Company assessed goodwill for impairment immediately before and immediately after the reorganization and concluded that there was no goodwill impairment. For more information regarding the changes to our reportable segments in the fourth quarter of fiscal 2026, refer to Note 15 Segment Reporting . The changes in the carrying amount of goodwill were (in thousands): Consolidated Business Conventional Shell Eggs Specialty Shell Eggs Prepared Foods Total Balance June 1, 2024 $ 45,776 $ $ $ $ 45,776 Additions 1,000 1,000 Balance May 31, 2025 46,776 46,776 Additions 50,283 50,283 Balance March 2, 2026 97,059 97,059 Goodwill reallocation (97,059) 13,790 53,163 30,106 Balance May 30, 2026 $ $ 13,790 $ 53,163 $ 30,106 $ 97,059 Intangible Assets The carrying amounts for indefinite-lived intangibles consisted of the following (in thousands): May 30, 2026 May 31, 2025 Brand name $ 14,526 $ Water rights 2,942 2,942 Total $ 17,468 $ 2,942 During fiscal 2026, the Company purchased the Vans brand name as part of the asset acquisition. This intangible asset is classified as an indefinite-l …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Note 14 - Income Taxes Income Tax Provision The components of our income tax provision (benefit) were (in thousands): Fiscal year ended May 30, 2026 May 31, 2025 June 1, 2024 Current: Federal $ 29,749 $ 312,000 $ 83,721 State (4,220) 61,340 9,640 25,529 373,340 93,361 Deferred: Federal 59,739 12,703 (7,371) State 7,624 (1,133) (2,301) 67,363 11,570 (9,672) Total income tax provision $ 92,892 $ 384,910 $ 83,689 Deferred Taxes The tax effects of significant temporary differences creating deferred tax assets and liabilities were (in thousands): May 30, 2026 May 31, 2025 Deferred tax assets: Accrued expenses $ 3,985 $ 3,620 State operating loss carryforwards 2 6 Other comprehensive income 913 770 Right of use - asset 3,334 234 Other 12,969 13,239 Total deferred tax assets 21,203 17,869 Deferred tax liabilities: Property, plant and equipment $ (180,377) $ (128,789) Inventories (49,478) (35,041) Investment in affiliates (1,618) (2,205) Right of use - liability (3,358) (240) Other (8,244) (6,245) Total deferred tax liabilities (243,075) (172,520) Net deferred tax liabilities $ (221,872) $ (154,651) The company had income tax net operating loss carryforwards related to its state operations of approximately $ 96 thousand as of May 30, 2026. The loss carryforwards are not subject to expiration. On July 4, 2025, H.R. 1, informally known as the One Big Beautiful Bill Act (""The Tax Act""), was enacted. The Tax Act extends and makes permanent several key provisions of the Tax Cuts and Jo …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements and Policies In December 2023, the FASB issued ASU 2023 -09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . This ASU requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023 -09 is effective for fiscal periods beginning after December 15, 2024. The Company has adopted ASU 2023-09 for the year ended May 30, 2026, on a prospective basis. See Note 14 - Income Taxes for additional disclosures. In November 2024, the FASB issued ASU 2024 -03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40) . The objective of ASU 2024 -03 is to improve disclosures about a public entitys expenses, primarily through additional disaggregation of income statement expenses. Additionally, in January 2025, the FASB further clarified the effective date of ASU 2024 -03 with the issuance of ASU 2025 -01. ASU 2024 -03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statement disclosures. There are no other new accoun …

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Note 15 Segment Reporting The Company previously managed its business as one operating and reportable segment. Effective in the fourth quarter of 2026, the Company revised its internal reporting to change the manner in which its business is managed, which reflects a focus on managing operations based on the Companys product categories rather than on a consolidated basis. As a result, the Company identified three reportable segments: Conventional Shell Eggs, Specialty Shell Eggs, and Prepared Foods. The Companys remaining operations , which include co-pack shell eggs, egg products, hard -cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard . All prior fiscal year periods have been recast to reflect the new reportable segments . Conventional Shell Eggs The Conventional Shell Eggs segment consists primarily of the production, grading, packaging, marketing and distribution of shell eggs sold as conventional shell eggs, which includes our brands Sunups and Sunny Meadow. Specialty Shell Eggs The Specialty Shell Eggs segment consists primarily of the production, grading, packaging, marketing and distribution of shell eggs sold as cage -free, nutritionally enhanced, organic, brown, pasture -raised and free-range eggs. This segment includes our brands Farmhouse Eggs and 4Grain as well as branded products from our membership of Egglands Best, Inc. cooperative which includes Egg-Lands Best and Land O Lakes. Prepared Foo …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 1 - Summary of Significant Accounting Policies Nature of Operations Cal -Maine Foods, Inc. (we, us, our, or the Company) is the largest egg company in the United States (U.S.) and a leading player in the egg-based food industry. The Companys shell egg portfolio spans the full egg value ladder from conventional to specialty, including cage-free, nutritionally enhanced, organic, brown, pasture -raised, and free-range eggs serving both retail and foodservice customers nationwide. Cal -Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard -cooked eggs, pancakes, waffles, and specialty wraps. Our branded portfolio includes Egglands Best, Land OLakes, Farmhouse Eggs, 4Grain, Sunups, Vans, MeadowCreek Foods, and Crepini. We sell most of our products throughout much of the U.S. and aim to maintain efficient, state -of-the-art operations located close to our customers. We were founded in 1957 and are headquartered in Ridgeland, Mississippi. Principles of Consolidation The consolidated financial statements include the accounts of all wholly-owned subsidiaries and of majority -owned subsidiaries over which we exercise control. All significant intercompany transactions and accounts have been eliminated in consolidation. Fiscal Year The Companys fiscal year -end is on the Saturday closest to May 31. The fiscal years ending on May 30, 2026, May 31, 2025, June 1, 2024 each inclu …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 11 - Equity On April 14, 2025, all 4.8 million shares of Class A Common Stock were converted into Common Stock. Upon the conversion of the Class A Stock, the Company was no longer a controlled company under the rules of The Nasdaq Stock Market. On February 25, 2025, the Board approved a $ 500 million share repurchase program. The share repurchase program authorizes the Company, in managements discretion, to repurchase Common Stock from time to time for an aggregate purchase price up to $ 500 million (exclusive of any fees, taxes, commissions or other expenses related to such repurchases), subject to market conditions and other factors. The actual timing, number and value of shares repurchased under the program will be determined by management in its discretion and will depend on a number of factors, including, but not limited to, the market price of the Common Stock and general market and economic conditions. The Company repurchased 1,571,950 and 551,876 shares during fiscal 2026 and 2025, respectively, under the share repurchase program. As of May 30, 2026, the Company had remaining authorization to purchase up to $ 320.7 million under the repurchase program. Authorized preferred stock consists of 10,000,000 shares, with a par value of $ 0.01 , of which no shares were issued and outstanding as of May 30, 2026 and May 31, 2025. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 17 Subsequent Events Effective July 10, 2026 , the Company acquired the Egglands Best franchise territory in the Northeast for $ 25 million. The acquisition gives us the exclusive right to distribute and sell Egg-Lands Best and Land O Lakes branded eggs in Maine, Massachusetts, New Hampshire, Rhode Island, and select key areas in Vermont, New York, and Connecticut. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

Note 2 - Acquisitions Acquisition of Echo Lake Foods, LLC Effective June 2, 2025 , the Company acquired Echo Lake Foods, LLC and certain related companies (collectively Echo Lake Foods). Echo Lake Foods is based in Burlington, Wisconsin and produces, packages, markets and distributes prepared foods, including waffles, pancakes, scrambled eggs, frozen cooked omelets, egg patties, toast and diced eggs. The Company accounted for the acquisition as a business combination. The Company finalized the business combination accounting during the second quarter of fiscal 2026, which resulted in immaterial measurement period adjustments. The following table summarizes the consideration paid for Echo Lake Foods and the value of assets acquired and liabilities assumed recognized at the acquisition date (in thousands): Cash consideration paid $ 275,406 Recognized amounts of identifiable assets acquired and liabilities assumed Cash $ 115 Investment securities available-for-sale 14,147 Accounts receivable 31,923 Inventories 21,601 Prepaid expenses and other current assets 3,131 Property, plant & equipment 151,697 Intangible assets 36,800 259,414 Accounts payable and other current liabilities (14,114) Total identifiable net assets 245,300 Goodwill 30,106 $ 275,406 Cash and accounts receivable acquired along with liabilities assumed were valued at their carrying value which approximates fair value due to the short maturity of these instruments. Inventories consisted primarily of raw materia …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Note 10 - Commitments and Contingencies In re Shell Eggs Litigation Since November 2025, the Company has been named as a defendant in several lawsuits filed in federal courts alleging substantially identical claims, including: (1) the following lawsuits in the Southern District of Indiana: (a) King Kullen Grocery Co., Inc. v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-2274, (b) Nineteenseventynine LLC d/b/a The Breakfast Joynt v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-2301, (c) Taylor Egg Products, Inc. v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-2554, (d) Hudson v. Cal-Maine Foods, Inc. et al., Case No. 1:25-cv-02573, (e) Brandon Huyler v. Cal-Maine Foods, Inc., et al., Case No. 1:26-cv-00135, and (f) Gloria Emery, Carol Goldberg, and Casey Whalen v. Cal-Maine Foods, Inc., et al., Case No. 1:26-cv-00135; (2) the following lawsuits in the Northern District of Illinois: (a) Birchmans Parisian, LLC (d/b/a Lisciandro's Restaurant) v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-14030, (b) Phil-N-Cindy's Lunch, Inc. v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-14082, (c) Yell -O-Glow Corporation v. Cal-Maine Foods, Inc., et al., Case No. 1:25-cv- 15084, and (d) Tariq Habash, Delia Govea, Andrew Phillips, and Catalina Torres v. Urner Barry Publications, Inc., Cal-Maine Foods, Inc., et al., Case No. 1:25-cv-14112; (3) the following lawsuits in the Western District of Wisconsin: (a) Matthew Edlin v. Cal-Maine Foods, Inc., et al., Case No. 3:25-cv-946, a …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Thirteen Weeks Ended Thirty-nine Weeks Ended February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025 Conventional shell egg sales $ 283,173 $ 1,016,438 $ 1,152,979 $ 2,118,065 Specialty shell egg sales 289,141 328,944 858,299 872,691 Prepared foods 63,626 11,757 219,212 31,134 Egg products 18,360 49,267 89,998 105,716 Other 12,651 11,279 38,563 30,621 $ 666,951 $ 1,417,685 $ 2,359,051 $ 3,158,227 Thirteen Weeks Ended Thirty-nine Weeks Ended February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025 Retail $ 560,843 $ 1,199,697 $ 1,925,993 $ 2,679,826 Foodservice 94,389 207,315 371,410 451,040 Other 11,719 10,673 61,648 27,361 $ 666,951 $ 1,417,685 $ 2,359,051 $ 3,158,227

DisaggregationOfRevenueTableTextBlock

Note 8 - Stock Based Compensation Total stock-based compensation expense was $ 4.0 million and $ 3.4 million for the thirty-nine weeks ended February 28, 2026 and March 1, 2025, respectively. Unrecognized compensation expense as a result of non-vested shares of equity-based awards outstanding under the Amended and Restated 2012 Omnibus Long-Term Incentive Plan at February 28, 2026 of $ 11.2 million will be recorded over a weighted average period of 2.3 years. Refer to Part II Item 8, Notes to Consolidated Financial Statements and Supplementary Data, Note 13 Stock-Based Compensation in our 2025 Annual Report for further information on our stock compensation plans. The Companys equity-based award activity for the thirty-nine weeks ended February 28, 2026 was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding, May 31, 2025 212,717 $ 66.93 Granted 95,747 78.69 Vested (81,358) 54.12 Forfeited (3,766) 82.85 Outstanding, February 28, 2026 223,340 $ 76.37 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 4 - Fair Value Measurements The Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liabilitys fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor. Level 1 - Quoted prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including: Quoted prices for similar assets or liabilities in active markets Quoted prices for identical or similar assets in non-active markets Inputs other than quoted prices that are observable for the asset or liability Inputs derived principally from or corroborated by other observable market data Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities The disclosures of fair value of certain financial assets and liabilities that are recorded at cost are as follows: Cash and Cash Equivalents, Accounts Receivable, and Accounts Payable The carrying amount approx …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements and Policies In December 2023, the Financial Accounting Standards Board (FASB ) issued Accounting Standards Update (ASU) 2023- 09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures . This ASU requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40) . The objective of ASU 2024-03 is to improve disclosures about a public entitys expenses, primarily through additional disaggregation of income statement expenses. Additionally, in January 2025, the FASB further clarified the effective date of ASU 2024-03 with the issuance of ASU 2025-01. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and may be applied either on a prospective or retrospective basis. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statement disclosures. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 9 Segment Reporting The Company has one operating and one reportable segment, which is the production, packaging, marketing and distribution of shell eggs, prepared foods and egg products. The Company is managed on a consolidated basis. The Companys operating segment is determined on the basis of our organizational structure and information that is regularly reviewed by our Chief Operating Decision Maker (CODM). The Companys CODM is Sherman Miller, President and Chief Executive Officer. The CODM reviews net income, which is reported on the Condensed Consolidated Statements of Income, to assess the performance of, and make decisions on how to allocate resources to, the segment. The CODM utilizes consolidated expense information regularly provided in the CODM package in order to assist with assessing performance and deciding how to allocate resources, which align with the consolidated expense categories as disclosed on the face of the Condensed Consolidated Statements of Income. The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as Total assets. Revenue primarily derives from the sales of shell eggs, prepared foods, and egg products throughout the United States. The Companys shell egg product offerings include specialty and conventional shell eggs. Specialty shell eggs include cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs. Conventional shell eggs sales represent all other shell egg sales not sold as …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Note 1 - Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements of Cal-Maine Foods, Inc. and its subsidiaries (Cal-Maine Foods, the Company, we, us, our) have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial reporting and should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (the 2025 Annual Report). These statements reflect all adjustments that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented and, in the opinion of management, consist of adjustments of a normal recurring nature. Operating results for the interim periods are not necessarily indicative of operating results for the entire fiscal year. Fiscal Year The Companys fiscal year ends on the Saturday closest to May 31. Each of the three-month and year-to-date periods ended on February 28, 2026 and March 1, 2025 included 13 and 39 weeks, respectively. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Divide …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 6 - Equity The following reflects equity activity for the thirteen weeks ended February 28, 2026 and March 1, 2025 (in thousands): Thirteen Weeks Ended February 28, 2026 Cal-Maine Foods, Inc. Stockholders Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Capital Comp. Income Earnings Interest Total Balance at November 29, 2025 $ 751 $ (161,477) $ 83,514 $ 1,326 $ 2,767,347 $ 6,305 $ 2,697,766 Other comprehensive income, net of tax 78 78 Stock compensation plan transactions (1,366) 868 (498) Repurchase of shares (24,519) (24,519) Dividends ($ 0.355 per share) (16,813) (16,813) Net income 50,459 659 51,118 Balance at February 28, 2026 $ 751 $ (187,362) $ 84,382 $ 1,404 $ 2,800,993 $ 6,964 $ 2,707,132 Thirteen Weeks Ended March 1, 2025 Cal-Maine Foods, Inc. Stockholders Class A Treasury Paid In Accum. Other Retained Noncontrolling Amount Amount Amount Capital Comp. Loss Earnings Interest Total Balance at November 30, 2024 $ 703 $ 48 $ (31,661) $ 78,600 $ (908) $ 1,998,585 $ 6,116 $ 2,051,483 Other comprehensive income, net of tax 151 151 Stock compensation plan transactions (3,835) 1,077 (2,758) Dividends ($ 3.456 per share) Common (152,932) (152,932) Class A common (16,589) (16,589) Net income (loss) 508,533 (380) 508,153 Balance at March 1, 2025 $ 703 $ 48 $ (35,496) $ 79,677 $ (757) $ 2,337,597 $ 5,736 $ 2,387,508 Thirty-nine Weeks Ended February 28, 2026 Cal-Maine Foods, Inc. Stockholders Accum. Other Treasury Paid In Comp. Income Retained Noncontrolli …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Note 11 - Subsequent Events Effective on March 2, 2026 , the Company acquired the shell egg, egg products, and prepared foods assets of Creighton Brothers LLC, including Crystal Lake LLC, for a total purchase price of approximately $ 128.5 million, subject to post-closing adjustments. The acquired assets include commercial shell egg production and grading with capacity of approximately 3.2 million layers, including 500 thousand cage-free layers, and 865 thousand pullets, a feed mill, 1,007 acres of land, as well as an egg products and hard-cooked egg processing facility located near Warsaw, Indiana.

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