CAL-MAINE FOODS INCCALM

CAL-MAINE FOODS INC Segments Disclosure

10-KFiled Jul 22, 20252 min read
Note 15 – Segment Reporting
The
 
Company
 
has
one
 
operating
 
and
one
 
reportable
 
segment,
 
which
 
is
 
the
 
production,
 
grading,
 
packaging,
 
marketing
 
and
distribution of shell eggs and egg products. The Company is managed on a consolidated basis.
 
The Company’s
 
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 Company’s
 
CODM is Sherman Miller,
 
President and Chief
Executive Officer.
 
The CODM reviews
 
net income, which
 
is reported on
 
the Consolidated Statements of
 
Income, to assess
 
the
performance
 
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
 
Consolidated
 
Statements
 
of
Income. The measure of segment assets is reported on the Consolidated Balance Sheet as Total assets.
 
Revenue primarily derives from the sales of shell eggs and egg products throughout the Unites States. The Company’s 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
specialty
 
shell
 
eggs.
 
The
 
Company’s
 
egg
 
products
 
offerings
 
include
 
liquid
 
and
 
frozen
 
egg
 
products,
 
as
 
well
 
as
 
ready-to-eat
products
 
such
 
as
 
hard-cooked
 
eggs,
 
egg
 
wraps,
 
protein
 
pancakes,
 
crepes
 
and
 
wrap-ups.
 
Other
 
sales
 
represent
 
feed
 
sales,
miscellaneous byproducts and resale products.
The following table provides revenue disaggregated by product category (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal years ended
May 31, 2025
June 1, 2024
June 3, 2023
52 weeks
52 weeks
53 weeks
Conventional shell egg sales
$
2,835,423
$
1,291,743
$
2,051,961
Specialty shell egg sales
1,184,487
925,665
956,993
Egg products and prepared foods
198,833
89,009
122,270
Other
43,142
20,026
14,993
$
4,261,885
$
2,326,443
$
3,146,217
The following table provides revenue disaggregated by sales channel (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal years ended
May 31, 2025
June 1, 2024
June 3, 2023
52 weeks
52 weeks
53 weeks
Retail
$
3,613,828
$
2,046,230
$
2,693,162
Foodservice
608,166
267,428
427,886
Other
39,891
12,785
25,169
$
4,261,885
$
2,326,443
$
3,146,217
Retail customers include primarily national and regional grocery store chains, club stores, and companies servicing independent
supermarkets
 
in
 
the
 
U.S.
 
Foodservice
 
customers
 
include
 
primarily
 
companies
 
that
 
sell
 
food
 
products
 
and
 
related
 
items
 
to
restaurants, healthcare and education facilities and hotels.
Our largest customer, Walmart Inc. (including Sam’s Club) accounted for
33.6
%,
34.0
% and
34.2
% of net sales dollars for fiscal
2025, 2024, and 2023, respectively.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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