B&G Foods Reports Financial Results for Third Quarter 2026

—Delivers Growth in Net Sales and Base Business Net Sales—

PARSIPPANY, N.J.--(BUSINESS WIRE)--B&G Foods, Inc. (NYSE: BGS) today announced financial results for the third quarter and first three quarters of 2026. Financial results for the third quarter and first three quarters of 2026 include the impact of the College Inn and Kitchen Basics acquisition, which was completed on March 19, 2026, the Green Giant U.S. frozen divestiture, which was completed on March 2, 2026, and the co-manufacturing agreement the Company entered into on March 2, 2026 with the acquirer of the Green Giant U.S. frozen business.

Summary

Guidance for Full Year Fiscal 2026

• Net sales increased to a range of $1.760 billion to $1.800 billion.
• Adjusted EBITDA increased to a range of $280.0 million to $290.0 million.
• Adjusted diluted earnings per share reaffirmed at a range of $0.575 to $0.675.

Commenting on the results, Rob Mills, President and Chief Executive Officer of B&G Foods, stated, “Third quarter and year-to-date results reflect encouraging progress across B&G Foods. We generated base business net sales growth of 5.0% in the third quarter and 1.8% year-to-date, while adjusted EBITDA increased $12.4 million, or 6.6%, year-to-date. We are encouraged by this progress and remain focused on building on it.”

“Since becoming CEO, I have spent considerable time engaging with our teams, reviewing our brands and operations, and identifying opportunities to strengthen performance. I have been impressed by the dedication of our employees, the strength of our brands and the potential across our portfolio. We are establishing a more focused and accountable operating approach, with an emphasis on profitable growth, productivity, faster and better decision-making, and disciplined execution.”

“As we look ahead, our priorities are clear: deliver on our 2026 commitments; build a stronger operating foundation for 2027 and beyond; accelerate productivity and cost savings; improve cash generation; and reduce leverage. We are taking deliberate actions to strengthen B&G Foods, improve financial flexibility and position our company for sustainable long-term performance.”

Financial Results for the Third Quarter of 2026
Net sales for the third quarter of 2026 increased $20.5 million, or 4.7%, to $459.8 million from $439.3 million for the third quarter of 2025. The increase was primarily attributable to an increase in base business net sales, three months of net sales for the College Inn and Kitchen Basics brands and three months of net sales from the co-manufacturing agreement the Company entered into with the acquirer of the Green Giant U.S. frozen business, partially offset by the Green Giant U.S. frozen and Le Sueur U.S. divestitures.

Base business net sales for the third quarter of 2026 increased $19.4 million, or 5.0%, to $404.6 million from $385.2 million for the third quarter of 2025. The increase in base business net sales was driven by an increase in volume of $23.6 million, or 6.1% of base business net sales, partially offset by a decrease in net pricing and the impact of product mix of $3.3 million, or 0.9% of base business net sales, and the negative impact of foreign currency of $0.9 million, or 0.2% of base business net sales.

Net sales for the recently acquired College Inn and Kitchen Basics brands contributed $29.0 million to the Company’s net sales for the third quarter of 2026 and net sales of the Company’s Green Giant U.S. frozen co‑manufacturing agreement contributed $26.3 million of net sales in the third quarter of 2026. These net sales were partially offset by the Green Giant U.S. frozen business and the Le Sueur U.S. business, which contributed net sales during the third quarter of 2025 of $51.8 million and $2.3 million, respectively, which the Company divested in the first quarter of 2026 and in fiscal 2025, respectively, and are therefore not part of the Company’s third quarter of 2026 results.

For the third quarter of 2026, gross profit was $108.9 million, or 23.7% of net sales, and adjusted gross profit⁽¹⁾ was $111.2 million, or 24.2% of net sales. For the third quarter of 2025, gross profit was $99.0 million, or 22.5% of net sales, and adjusted gross profit was $98.8 million, or 22.5% of net sales. Gross profit as a percentage of net sales and adjusted gross profit percentage increased primarily due to the acquisition of the higher margin College Inn and Kitchen Basics brands and the divestiture of the lower margin Green Giant U.S. frozen business. Gross profit and adjusted gross profit also increased in part due to increased base business net sales and lower tariff expense, including the effect of certain tariff refunds received from the U.S. government.

Selling, general and administrative expenses increased $6.7 million, or 14.9%, to $51.3 million for the third quarter of 2026 from $44.6 million for the third quarter of 2025. The increase was composed of increases in acquisition/divestiture‑related and non-recurring expenses of $7.9 million, consumer marketing expenses of $0.6 million and warehousing expenses of $0.3 million, partially offset by decreases in selling expenses of $1.1 million and general and administrative expenses of $1.0 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 1.0 percentage point to 11.2% for the third quarter of 2026, as compared to 10.2% for the third quarter of 2025.

During the third quarter of 2026, the Company recorded pre-tax, non-cash impairment charges of $40.7 million related to indefinite-lived intangible trademark assets for the B&M and Joan of Arc brands in connection with the Company’s divestiture of those brands during the fourth quarter of 2026.

During the third quarter of 2025, the Company recorded pre-tax, non-cash impairment charges of $26.0 million related to indefinite-lived intangible trademark assets for the Victoria and McCann’s brands.

During the third quarter of 2026, the Company recorded a gain of approximately $1.8 million related to the Green Giant Canada⁽²⁾ assets held for sale. The gain resulted from a change in the estimated fair value of the Green Giant Canada assets held for sale less the estimated cost to sell those assets. Assets held for sale are remeasured quarterly.

During the third quarter of 2025, the Company completed the Le Sueur U.S. divestiture and recognized a gain on sale of $15.5 million. During the third quarter of 2025, the Company recorded pre-tax, non-cash impairment charges of $27.8 million related to the Green Giant Canada assets held for sale.

Net interest expense increased $7.5 million, or 20.1%, to $44.8 million for the third quarter of 2026 from $37.3 million for the third quarter of 2025. The increase was primarily attributable to an increase in average long-term debt outstanding compared to the third quarter of 2025, the 11.00% interest rate on the Company’s new senior notes due 2031, and a loss on extinguishment of debt of $1.1 million during the third quarter of 2026 compared to a net gain on extinguishment of debt of $0.5 million during the third quarter of 2025.

The Company had a net loss of $32.5 million, or $0.40 per diluted share, for the third quarter of 2026, compared to a net loss of $19.1 million, or $0.24 per diluted share, for the third quarter of 2025.

The Company’s adjusted net income for the third quarter of 2026 was $17.8 million, or $0.21 per adjusted diluted share, compared to adjusted net income of $11.7 million, or $0.15 per adjusted diluted share, for the third quarter of 2025.

Adjusted EBITDA was $81.8 million for the third quarter of 2026 compared to $70.4 million for the third quarter of 2025. Adjusted EBITDA as a percentage of net sales was 17.8% for the third quarter of 2026, compared to 16.0% for the third quarter of 2025.

The increases in adjusted diluted earnings per share, adjusted EBITDA and adjusted EBITDA as a percentage of net sales were primarily attributable to increased base business net sales, the acquisition of the College Inn and Kitchen Basics brands, the divestiture of the Green Giant U.S. frozen business, the commencement of the Green Giant U.S. frozen co-manufacturing business, and lower tariff expenses, including the effect of certain tariff refunds received from the U.S. government.

Financial Results for the First Three Quarters of 2026
Net sales for the first three quarters of 2026 decreased $37.1 million, or 2.9%, to $1,252.0 million from $1,289.1 million for the first three quarters of 2025. The decrease was primarily attributable to the Green Giant U.S. frozen, Le Sueur U.S. and Don Pepino divestitures, partially offset by seven months of net sales from the co‑manufacturing agreement the Company entered into on March 2, 2026 with the acquirer of the Green Giant U.S. frozen business, six-and-a-half months of net sales for the College Inn and Kitchen Basics brands, and an increase in base business net sales.

As a result of the divestiture of the Green Giant U.S. frozen business on March 2, 2026, net sales from the Green Giant U.S. frozen business were $137.5 million lower during the first three quarters of 2026 than during the first three quarters of 2025. Net sales of the Don Pepino and Le Sueur U.S. businesses, which the Company divested in 2025 and are therefore not part of the Company’s first three quarters of 2026 results, were $22.6 million during the first three quarters of 2025. Partially offsetting the impact of these divestitures were seven months of net sales from the Green Giant U.S. frozen co-manufacturing agreement, which contributed $58.7 million of net sales in the first three quarters of 2026, and six-and-a-half months of net sales for the College Inn and Kitchen Basics brands, acquired on March 19, 2026, which contributed $45.1 million to the Company’s net sales for the first three quarters of 2026.

Base business net sales for the first three quarters of 2026 increased $19.7 million, or 1.8%, to $1,116.0 million from $1,096.3 million for the first three quarters of 2025. The increase in base business net sales was driven by an increase in volume of $15.2 million, or 1.4% of base business net sales, an increase in net pricing and the impact of product mix (primarily related to the Spices & Flavor Solutions business unit) of $3.4 million, or 0.3% of base business net sales, and the positive impact of foreign currency of $1.1 million, or 0.1% of base business net sales.

For the first three quarters of 2026, gross profit was $268.5 million or 21.4% of net sales, and adjusted gross profit was $279.4 million, or 22.3% of net sales. For the first three quarters of 2025, gross profit was $276.1 million, or 21.4% of net sales, and adjusted gross profit was $278.5 million, or 21.6% of net sales. Adjusted gross profit percentage increased due to the acquisition of the higher margin College Inn and Kitchen Basics brands, the divestiture of the lower margin Green Giant U.S. frozen business, and lower tariff expenses during the first three quarters of 2026 compared to the first three quarters of 2025, including the effect of certain tariff refunds received from the U.S. government.

Selling, general and administrative expenses increased $1.2 million, or 0.8%, to $142.1 million for the first three quarters of 2026 from $140.9 million for the first three quarters of 2025. The increase was composed of an increase in acquisition/divestiture‑related and non‑recurring expenses of $16.6 million, inclusive of an increase of $1.9 million for disposals and impairments of property, plant and equipment, partially offset by decreases in general and administrative expenses of $7.5 million, warehousing expenses of $4.9 million, selling expenses of $1.8 million and consumer marketing expenses of $1.2 million. Expressed as a percentage of net sales, selling, general and administrative expenses increased by 0.4 percentage points to 11.3% for the first three quarters of 2026, as compared to 10.9% for the first three quarters of 2025.

During the first three quarters of 2026, the Company recorded pre-tax, non-cash impairment charges of $40.7 million related to indefinite-lived intangible trademark assets for the B&M and Joan of Arc brands in connection with the Company’s divestiture of those brands during the fourth quarter of 2026.

During the first three quarters of 2025, the Company recorded pre-tax, non-cash impairment charges of $26.0 million related to indefinite-lived intangible trademark assets for the Victoria and McCann’s brands.

During the first three quarters of 2026, the Company recognized a loss on sale of assets of $36.3 million, primarily related to the divestiture of the Green Giant U.S. frozen business.

During the first three quarters of 2026, the Company recorded a gain of approximately $1.8 million related to the Green Giant Canada assets held for sale. The gain resulted from a change in the estimated fair value of the Green Giant Canada assets held for sale less the estimated cost to sell those assets. Assets held for sale are remeasured quarterly.

During the first three quarters of 2025, the Company recognized a net gain on sale of assets of $2.9 million, which includes a gain on sale of $15.5 million for the Le Sueur U.S. divestiture during the third quarter of 2025 and a loss on sale of $12.6 million for the Don Pepino divestiture during the second quarter of 2025. During the first three quarters of 2025, the Company recorded pre-tax, non-cash impairment charges of $27.8 million related to the Green Giant Canada assets held for sale.

Net interest expense increased $8.3 million, or 7.4%, to $119.1 million for the first three quarters of 2026 from $110.8 million for the first three quarters of 2025. The increase was primarily attributable to an increase in average long‑term debt outstanding during the first three quarters of 2026 compared to the first three quarters of 2025, the 11.00% interest rate on the Company’s new senior notes due 2031, and a loss on extinguishment of debt of $1.1 million during the first three quarters of 2026 compared to a net gain on extinguishment of debt of $2.3 million during the first three quarters of 2025. During the first three quarters of 2026, net interest expense was also negatively impacted in connection with the Company’s debt refinancing because the Company’s 11.00% senior notes due 2031 were issued on June 10, 2026, prior to the redemption of the Company’s 5.25% senior notes due 2027, and therefore during a 24-day period, the Company incurred interest expense on both sets of notes, which was only partially offset by interest earned on the net proceeds of the issuance of the 11.00% senior notes due 2031.

The Company had a net loss of $69.0 million, or $0.85 per diluted share, for the first three quarters of 2026, compared to a net loss of $28.1 million, or $0.35 per diluted share, for the first three quarters of 2025. The Company’s larger net loss for the first three quarters of 2026 as compared to the first three quarters of 2025 was primarily attributable to: the pre-tax, non-cash impairment charges of $40.7 million related to indefinite-lived intangible trademark assets for the B&M and Joan of Arc brands in connection with the Company’s divestiture of those brands during the fourth quarter of 2026, the loss on sale of assets of $36.3 million (primarily related to the divestiture of the Green Giant U.S. frozen business during the first quarter of 2026), and an increase in acquisition/divestiture-related and non‑recurring expenses, partially offset by the gain of approximately $1.8 million related to the Green Giant Canada assets held for sale recorded during the third quarter of 2026 as compared to the pre-tax, non-cash impairment charges of $27.8 million related to the Green Giant Canada assets held for sale during the third quarter of 2025.

The Company’s adjusted net income for the first three quarters of 2026 was $29.5 million, or $0.36 per adjusted diluted share, compared to adjusted net income of $18.1 million, or $0.23 per adjusted diluted share, for the first three quarters of 2025. The increase in adjusted net income and adjusted diluted earnings per share in the first three quarters of 2026 was primarily attributable to the factors described above, and a decrease in depreciation and amortization.

For the first three quarters of 2026, adjusted EBITDA was $199.9 million, an increase of $12.4 million, or 6.6%, compared to $187.5 million for the first three quarters of 2025. Adjusted EBITDA as a percentage of net sales was 16.0% for the first three quarters of 2026, compared to 14.5% for the first three quarters of 2025.

Segment Results⁽³⁾
The Company operates in, and reports results by, four business segments (also referred to as business units):

Specialty — includes, among others, the Crisco, Clabber Girl, Bear Creek, Polaner, Underwood, B&G, Grandma’s, New York Style, Baker’s Joy, Regina, TrueNorth, Static Guard, SugarTwin and Brer Rabbit brands. Specialty also included the Don Pepino and Sclafani brands until the Company’s divestiture of those brands on May 23, 2025 and the B&M and Joan of Arc brands until the Company’s divestiture of those brands on October 13, 2026.

Meals — includes, among others, the Ortega, Cream of Wheat, College Inn, Maple Grove Farms, Las Palmas, Kitchen Basics, Victoria, Mama Mary’s, Spring Tree, Carey’s, McCann’s and Vermont Maid brands.

Frozen & Vegetables — primarily includes (1) the Company’s frozen vegetable manufacturing operations in Mexico which, following the sale of the Company’s Green Giant U.S. frozen business on March 2, 2026, co-manufactures frozen vegetable products for the acquirer of the Company’s Green Giant U.S. frozen business and (2) the Company’s Green Giant and Le Sieur brands in Canada, and included the Company’s Green Giant U.S. frozen and Le Sueur brands in the United States until the Company’s divestitures of those brands on March 2, 2026 and on August 1, 2025, respectively.

Spices & Flavor Solutions — includes, among others, the Dash, Spice Islands, Weber, Ac’cent, Tone’s, Trappey’s, Durkee and Wright’s brands.

Specialty Segment Results

Specialty segment results were as follows (dollars in thousands):

The increase in Specialty segment net sales for the third quarter and first three quarters of 2026 was primarily due to increased volumes in the Specialty portfolio, inclusive of increased institutional bulk vegetable oil sales, partially offset by a decrease in net pricing and the impact of product mix. For the first three quarters of 2026, the increase was also partially offset by the divestiture of the Don Pepino business, which generated $5.3 million of net sales in the first three quarters of 2025.

The decrease in Specialty segment adjusted EBITDA for the third quarter and first three quarters of 2026 was primarily due to higher oil input costs for the Crisco brand and increased transportation and logistics costs due to rising diesel fuel prices. For the first three quarters of 2026, a portion of the decrease in Specialty segment adjusted EBITDA was also attributable to the Don Pepino divestiture.

Meals Segment Results

Meals segment results were as follows (dollars in thousands):

The increase in Meals segment net sales for the third quarter and first three quarters of 2026 was primarily due to the College Inn and Kitchen Basics acquisition, which contributed $29.0 million and $45.1 million of net sales for the third quarter and first three quarters of 2026, respectively, and an increase in net pricing and the impact of product mix, offset in part by lower volumes across the Meals segment in the aggregate for the first three quarters of 2026, after excluding the benefit of the net sales from the College Inn and Kitchen Basics acquisition. Net sales for the third quarter of 2026 were also positively impacted by an increase in volumes across the Meals segment in the aggregate, as well as the positive impact on volumes from the College Inn and Kitchen Basics acquisition.

The increase in Meals segment adjusted EBITDA for the third quarter and first three quarters of 2026 was primarily due to the increase in Meals segment net sales, primarily attributable to the College Inn and Kitchen Basics acquisition and an increase in overall net pricing for the Meals segment, partially offset by, among other things, increases in certain raw material costs, coupled with increased transportation and logistics costs due to rising diesel fuel prices.

Frozen & Vegetables Segment Results

Frozen & Vegetables segment results were as follows (dollars in thousands):

The decrease in Frozen & Vegetables segment net sales for the third quarter and first three quarters of 2026 was primarily due to the Green Giant U.S. frozen divestiture (which negatively impacted net sales versus the third quarter and first three quarters of 2025 by $25.6 million and $78.8 million, respectively, net of the positive impact on net sales of the Green Giant U.S. frozen co‑manufacturing agreement of $26.3 million and $58.7 million, respectively), and the Le Sueur U.S. divestiture (which negatively impacted net sales versus the third quarter and first three quarters of 2025 by $2.3 million and $17.4 million, respectively). Net sales for Green Giant Canada⁽²⁾ increased by $5.0 million, or 21.6%, and $9.8 million, or 13.6%, for the third quarter and first three quarters of 2026, respectively.

The increase in Frozen & Vegetables segment adjusted EBITDA for the third quarter and first three quarters of 2026 was primarily due to the Green Giant U.S. frozen divestiture and the Green Giant U.S. frozen co‑manufacturing agreement.

Spices & Flavor Solutions Segment Results

Spices & Flavor Solutions

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ICR, Inc.
Anna Kate Heller
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