CALMHIGH SIGNALFINANCIAL10-K

CALM reported extraordinary financial performance with revenue increasing 291% to $1.4B and net income surging 339% to $1.2B, likely driven by avian flu impacts on egg supply and pricing.

These massive increases in profitability and cash generation represent exceptional performance that is likely unsustainable given the cyclical nature of the egg industry and temporary supply disruptions. The company has strengthened its balance sheet significantly while increasing shareholder returns through higher dividends, positioning it well for future market cycles.

Comparing 2025-07-22 vs 2024-07-23View on EDGAR →
FINANCIAL ANALYSIS

CALM delivered exceptional across-the-board financial performance with revenue growing 291% to $1.4B and net income increasing 339% to $1.2B, while operating cash flow expanded 171% to $1.2B. The company strengthened its balance sheet by reducing debt 62% and doubling cash reserves to $499M, while significantly increasing dividend payments by 260% to $330M. This comprehensive financial improvement reflects extraordinary profitability and cash generation that has allowed CALM to simultaneously invest in growth, reduce leverage, build cash reserves, and dramatically increase shareholder returns.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+391.8%
$312.5M→$1.5B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+339%
$277.9M→$1.2B

Net income grew 339% — bottom-line growth signals improving overall business health.

Revenue
P&L
+291.1%
$345.6M→$1.4B

Strong top-line growth of 291.1% — accelerating demand or successful expansion into new markets.

Dividends Paid
Cash Flow
+259.6%
$91.9M→$330.3M

Dividend payments increased 259.6% — management confidence in sustained cash generation.

Gross Profit
P&L
+241.8%
$541.6M→$1.9B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Cash Flow
Cash Flow
+171.3%
$451.4M→$1.2B

Operating cash flow surged 171.3% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+109.9%
$237.9M→$499.4M

Cash position surged 109.9% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+76.2%
$138.6M→$244.1M

Receivables surged 76.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Total Debt
Balance Sheet
-61.6%
$6.1M→$2.3M

Debt reduced 61.6% — deleveraging strengthens balance sheet and reduces financial risk.

Current Assets
Balance Sheet
+58.5%
$1.2B→$2.0B

Current assets grew 58.5% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2025-07-22
PRIOR — 2024-07-23
ADDED
As of July 22, 2025, 48,497,477 shares of the registrant s Common Stock, $0.01 par value, were outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 27 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 9A.
Risk Factors and elsewhere in this report as well as those included in other reports we file from time to time with the Securities and Exchange Commission (the SEC ) (including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S.
The actual timing, number and value of shares repurchased under our share repurchase 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 our Common Stock and general market and economic conditions.
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REMOVED
As of July 23, 2024, 44,238,766 shares of the registrant s Common Stock, $0.01 par value, and 4,800,000 shares of the registrant s Class A Common Stock, $0.01 par value, were outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 25 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63 9A.
) commercial table egg layer flocks of highly pathogenic avian influenza ( HPAI ), potential future impact on our business of inflation and changing interest rates, potential future impact on our business of new legislation, rules or policies, potential outcomes of legal proceedings, including loss contingency accruals and factors that may result in changes in the amounts recorded, and other projected operating data, including anticipated results of operations and financial condition.
Our mission is to be the most sustainable producer and reliable supplier of consistent, high quality fresh shell eggs and egg products in the country, demonstrating a "Culture of Sustainability" in everything we do, and creating value for our shareholders, customers, team members and communities.
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