CAL-MAINE FOODS INC
For the period ended May 31, 2025. Filed Jul 22, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jul 22, 2025
What changed in Risk Factors?
Read the current filingPrevious report: 10-K
Period ended 2024-06-01; filed 2024-07-23.
0001562762-24-000177
Item 1A. Risk FactorsCurrent report: 10-K
Period ended 2025-05-31; filed 2025-07-22.
0001562762-25-000170
Item 1A. Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 2467 previous paragraphs and 2594 current paragraphs.
1065 unchanged; 126 reworded; 1387 added; 1245 removed; 31 previous and 16 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1387)
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Reworded paragraphs (126)
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control. The following is a description of the known factors that may materially affect
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also materially adversely affect our business, financial condition or results
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also materially adversely affect our business, financial condition or results of operations.
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Our operating results are significantly affected by wholesale shell egg market prices, which fluctuate widely and are outside our
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effect on shell egg prices. Low shell egg prices adversely affect
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effect on shell egg prices. Low shell egg prices adversely affect our revenues and profits.
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high demand such as the initial outbreak of the COVID-19 pandemic and periods when high protein diets are popular. Shell egg
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ultimately resulted in an oversupply of eggs, leading to a period of lower prices.
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increasing the number of layers, which historically has ultimately resulted in an oversupply of eggs, leading to a period of lower
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the improved nutritional reputation of eggs and an increase
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We believe high-protein diet trends, industry advertising campaigns, the improved nutritional reputation of eggs and an increase
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egg demand. However, it is possible that the demand for shell eggs will decline in the future. Adverse publicity relating to health
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egg demand. However, it is possible that the demand
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shell eggs, which could have a material adverse effect on our future
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shell eggs, which could have a material adverse effect on our future results of operations and financial condition.
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Feed costs are volatile and increases in these costs can
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Feed costs are volatile and increases in these costs can adversely impact our results of operations.
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and its impact on the export markets. Our costs for corn and soybean meal
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Ukraine war and its impact on the export markets. Our costs for corn and soybean meal are also affected by local basis prices.
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and pests can materially and adversely affect the quality and quantity of shell eggs
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future adversely impact, the health of our flocks and could in the future adversely impact the health of our employees. Continued
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or intensified spread of HPAI could have a material adverse impact on our financial results
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affected by any of these factors in any given quarter or year,
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affected by any of these factors in any given quarter or year, our business, financial condition, and results of operations could be
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policies and procedures designed to comply with the complex rules and regulations governing egg production, such as The Final
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maintains policies and procedures designed to comply with the complex
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expenses, construction materials and equipment, including as a result of inflation and tariffs.
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In addition to feed ingredient costs, other significant input costs include costs of packaging materials and delivery expenses. Our
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In addition to feed ingredient costs, other significant input costs include costs
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experienced increases in delivery expenses during fiscal 2023 and 2022 due to increases in fuel and labor costs for both our fleet
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experienced increases in delivery expenses during fiscal 2023 and 2022 due to increases in fuel and labor costs for
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have an adverse effect on our profitability and cash flow.
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could have a material adverse effect on our profitability and cash flow.
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requirements to be designated as cage-free. Conversely,
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requirements to be designated as cage-free. Conversely, if we acquire cage-free production capacity, which is more expensive to
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Acquisitions require capital resources and can divert management’s attention from our existing business. Acquisitions also entail
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can divert management’s attention from our existing
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expenditures in integrating an acquired business than we anticipated at the
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expenditures in integrating an acquired business than we anticipated at the time of its purchase.
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levels of significance, and we cannot guarantee that such approvals
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levels of significance, and we cannot guarantee that such approvals would be obtained.
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Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations –
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Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and
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Our largest customers have accounted for a significant portion of our net sales volume. Accordingly, our business may be
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adversely affected by the loss of, or reduced purchases by,
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adversely affected by the loss of, reduced purchases by, or pricing pressure from, one or more
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Rearranged current paragraphs (16)
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for shell eggs will decline in the
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future. Adverse publicity relating to health
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Analysis of Financial Condition and Results of Operations – HPAI
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rules and regulations governing egg production, such as
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of packaging materials and delivery expenses. Our
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items. Increases in these costs are
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shortage of labor available to us
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stocking cage-free eggs, which may challenge
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our ability to meet the cage-
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operating results and financial condition could be
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our ability to source the commodities
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we use to feed our flocks, and
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could increase our cost to obtain insurance,
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and/or make it difficult for or
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and processing facilities, labor shortages or disruption
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The market price of our Common Stock
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our business, financial condition or results
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the COVID-19 pandemic and periods when high protein
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-protein diet trends, industry advertising campaigns,
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results of operations and financial condition.
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adversely impact our results of operations.
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are also affected by local basis prices.
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our business, financial condition, and results of operations could
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if we acquire cage-free production capacity,
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Our customers, such as supermarkets, warehouse clubs
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which could adversely affect our financial results.
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producing, marketing and selling shell eggs. We
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on our information technology systems, which we rely
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or financial results could be negatively impacted.
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by vulnerabilities present in acquired or integrated systems
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may at times fail (or be perceived
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perceived to have failed, to address or comply
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have a material adverse effect on our business.
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impact our business and results of operations.
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a material adverse effect on our results of operations.
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inspection by the USDA, OSHA, EPA and
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with such laws and regulations in the future.
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Climate change and legal or regulatory responses
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could materially and adversely affect our operating
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global crop production, including corn and
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change, significantly, our day-to-day
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time, oversight and enterprise expense. We
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need to grow or operate our business;
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difficult for them to supply raw materials;
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for eggs or increase our bad debt expense; or
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it could have an adverse effect on our business.
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Events beyond our control such as extreme