Conagra Brands reported fiscal 2025 net sales of nearly $12 billion, reflecting a modest year-over-year increase driven primarily by volume gains in frozen meals and snacks. Operating margin held steady at approximately 12%, supported by disciplined cost management initiatives that offset rising commodity and transportation expenses. Free cash flow exceeded $1 billion, enabling the company to reduce net debt by over $300 million and return capital to shareholders through dividends and share repurchases.

In its third annual Future of Frozen Food report, Conagra Brands underscored a $93.5 billion U.S. frozen food market shaped by four key themes. High-protein frozen items account for $12 billion in annual sales and are expanding at double-digit volume rates, while restaurant-style frozen offerings have reached $14.3 billion in sales as consumers seek at-home dining experiences. Multi-serve pizzas and family-style entrees represent roughly $12 billion in sales, and value-size packs now exceed 40% of aisle revenues, signaling robust demand for affordability and shared meals.

To capitalize on these industry dynamics, Conagra is accelerating innovation in protein-forward frozen meals and expanding restaurant-inspired platforms under its Birds Eye®, Marie Callender’s® and P.F. Chang’s Home Menu® brands. The company plans to invest an incremental $150 million over the next two years in manufacturing capacity and digital marketing, targeting Gen Z and Millennial consumers whose frozen breakfast occasions are growing faster than the overall category. Management projects these efforts will contribute to mid‐single-digit organic sales growth and further margin expansion by fiscal 2027.