Free cash flow volatility remains high, dropping from a peak of $521.8 million in 2025Q3 to $72.0 million in 2026Q3, as the firm balances variable dividend payouts with ongoing infrastructure investments.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Cash from Operations | 892.43M | 1.23B | 451.4M | 863.01M | 126.21M | 26.14M | 73.61M | 115.08M | 200.41M | -49.32M | 381.84M | 195.33M | 123.92M | 57.54M | 98.06M | 62.31M | 116.67M | 111.28M | 158.42M | 59.72M | 20.93M | 9.61M | 85.14M | 30.73M | 264K | 30.42M | -11.07M | 24.1M | 24.9M | 32.5M | 25.3M |
| Operating CF Margin % | - | 28.83% | 19.4% | 27.43% | 7.1% | 1.94% | 5.45% | 8.45% | 13.33% | -4.59% | 20.01% | 12.39% | 8.6% | 4.47% | 8.81% | 6.61% | 12.82% | 11.98% | 17.3% | 9.99% | 4.38% | 2.56% | 14.88% | 7.93% | 0.08% | 8.49% | -3.85% | 8.37% | 8.06% | 11.11% | 8.95% |
| Operating CF Growth % | 126.9% | 172.22% | -47.69% | 583.79% | 382.89% | -64.49% | -36.04% | -42.58% | 506.39% | -112.92% | 95.48% | 57.63% | 115.37% | -41.32% | 57.37% | -46.59% | 4.84% | -29.75% | 165.25% | 185.34% | 117.71% | -88.71% | 177.04% | 11540.53% | -99.13% | 374.92% | -145.92% | -3.21% | -23.38% | 28.46% | - |
| Net Income | 695.03M | 1.22B | 277.89M | 756.73M | 132.44M | 2.06M | 18.33M | 55.06M | 126.2M | -74.43M | 318.05M | 162.28M | 109.81M | 50.76M | 89.97M | 58.27M | 65.53M | 79.5M | 151.86M | 36.66M | -1.01M | -10.36M | 66.44M | 12.21M | -10.57M | 6.82M | -17.38M | 5.1M | 5.4M | 14.8M | 10.9M |
| Depreciation & Amortization | 114.89M | 94.02M | 80.24M | 72.23M | 68.39M | 59.48M | 58.1M | 54.65M | 54.03M | 49.11M | 44.59M | 40.71M | 37.2M | 34.17M | 30.75M | 30.75M | 31.79M | 28.08M | 25.32M | 21.48M | 20.57M | 16.44M | 16.84M | 16.62M | 17.31M | 17.54M | 15.81M | 12.2M | 12M | 10.6M | 10.4M |
| Stock-Based Compensation | 0 | 0 | 4.36M | 4.21M | 4.06M | 3.78M | 3.62M | 3.62M | 3.47M | 3.43M | 3.07M | 2.27M | 1.27M | 411K | -702K | -2.39M | -533K | -2.72M | 1.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 55.45M | 11.57M | -9.67M | 24.47M | 5.68M | 22.35M | 10.28M | 6.12M | -33.81M | 14.83M | 19.39M | 5.11M | 7.63M | -5.75M | 5.33M | 10.35M | 2.07M | 11.04M | 3.66M | 1.21M | 985K | -710K | 3.55M | 7.04M | 241K | 3.41M | -4.71M | -100K | 800K | 2.9M | 4.7M |
| Other Non-Cash Items | 6.85M | 6.33M | -3.01M | -1.49M | -5.27M | 4.53M | 3.6M | -3.76M | -1.29M | 2.06M | -7.38M | -2.42M | -2.48M | -2.32M | -46.35M | -8.64M | -3.49M | -2.87M | -4.37M | 196K | 768K | -511K | -6.23M | -769K | 290K | 62K | -1.24M | -600K | 0 | -300K | 400K |
| Working Capital Changes | 20.22M | -103.19M | 101.6M | 6.86M | -79.09M | -66.06M | -20.32M | -612K | 51.83M | -44.33M | 4.11M | -12.62M | -29.51M | -19.74M | 19.06M | -26.03M | 21.3M | -1.73M | -19.71M | 191K | -378K | 4.75M | 4.54M | -4.37M | -7M | 2.59M | -3.54M | 7.5M | 6.7M | 4.5M | -1.1M |
| Change in Receivables | 0 | -105M | -27.57M | 58.13M | -93.9M | -33.49M | -17.68M | 16.01M | -28.38M | -37.22M | 21.16M | -18.96M | -2.28M | -21.67M | 0 | 0 | 13.11M | -3.58M | 0 | 0 | 3.24M | 4.83M | 0 | 0 | -7.39M | 2.3M | -3.82M | 1.9M | -300K | 1.7M | -2.2M |
| Change in Inventory | 0 | -12.22M | 28.8M | -21.1M | -36.15M | -31.16M | -9.7M | -2.29M | -7.95M | 2.39M | -8.54M | -143K | 8.91M | -6.38M | -7.14M | -16.11M | 5.31M | -2.91M | -14.56M | 47K | 2.14M | 3.62M | -756K | -4.9M | 1.01M | -3.21M | 1.42M | 6M | 3.7M | 1.2M | -2.6M |
| Change in Payables | 0 | 65.31M | 9.35M | -2.85M | 54.78M | -1.41M | 17.68M | -14.34M | 28.38M | -9.49M | -8.51M | 6.49M | -8.14M | 8.31M | 21.89M | 12.28M | 2.89M | 0 | 6.59M | 0 | 0 | 0 | 6.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -459.32M | -579.52M | -412.59M | -375.11M | -117.02M | -44.19M | -61.37M | -47.82M | -163.85M | 56.13M | -212.55M | -141.63M | -99.38M | -88.34M | -27.05M | -30.61M | -61.55M | -122.49M | -31.34M | -49.27M | -22.87M | -23.66M | -44.03M | -11.81M | -14.38M | -12.96M | -59.97M | -26.8M | -18.1M | -20.6M | -7.6M |
| Capital Expenditures | -169.57M | -161.25M | -147.12M | -136.57M | -72.4M | -95.07M | -124.18M | -67.99M | -19.67M | -66.66M | -76.13M | -82.26M | -59.19M | -26.29M | -26.84M | -20.74M | -20.79M | -26.11M | -31.69M | -23.47M | -12.37M | -11.98M | -10.67M | -12.55M | -15.55M | -14.06M | -27.92M | -28.1M | -18.6M | -16.2M | -8.8M |
| CapEx % of Revenue | 4.9% | 3.78% | 6.32% | 4.34% | 4.07% | 7.05% | 9.19% | 4.99% | 1.31% | 6.2% | 3.99% | 5.22% | 4.11% | 2.04% | 2.41% | 2.2% | 2.28% | 2.81% | 3.46% | 3.92% | 2.59% | 3.19% | 1.86% | 3.24% | 4.77% | 3.92% | 9.73% | 9.76% | 6.02% | 5.54% | 3.11% |
| Acquisitions | -298.78M | -112.31M | -54.11M | -1.67M | -47.82M | 3.39M | -44.65M | -22.16M | -4.1M | -105.72M | -33.96M | -8.16M | -11.55M | -74.91M | 0 | 1.91M | -508K | -91.22M | -12.05M | -12.05M | -23.76M | 879K | 0 | 0 | 0 | 0 | -35.58M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 191K | 0 | 3.27M | 2.08M | 8.74M | 6.66M | 10.42M | 9.48M | 7.54M | 6.67M | 8.29M | 4.52M | 5.82M | 6.47M | 39.42M | 8.42M | 6.95M | 128K | 15.05M | 754K | 2.88M | 1.36M | 3M | 734K | 1.18M | 1.1M | 3.53M | 1.3M | 500K | -4.4M | 1.2M |
| Cash from Financing | -535.28M | -386.72M | -93.76M | -254.16M | -7.46M | -2.72M | -3.36M | -46.45M | -5.7M | -18.3M | -148.91M | -59.55M | -35M | -41.34M | -31.56M | -73.48M | -22.55M | -16.76M | -47.26M | -8.72M | -4.99M | -17.25M | -10.57M | -17.7M | 5.86M | -10.88M | 41.38M | -2.2M | 10.6M | 7.9M | -16.8M |
| Debt Issued (Net) | 0 | -2.48M | -214K | -224K | -215K | -205K | -1.7M | -3.75M | -4.85M | -16.51M | -25.29M | -10.23M | -10.74M | -11.2M | -11.94M | -46.51M | -3.82M | 18.08M | -28.23M | -1.7M | -3.92M | -7.04M | -18.21M | -17.7M | 7.02M | -8.9M | -4.56M | 1.8M | 11.1M | -4M | -16.2M |
| Equity Issued (Net) | -151M | -53.95M | -1.69M | -1.64M | -1.13M | -871K | -910K | -985K | -1.13M | -1.72M | -1.76M | 531K | 279K | 380K | 318K | 143K | 0 | 427K | 626K | 262K | 103K | -9.03M | 8.38M | 0 | -571K | -1.37M | 46.55M | -3.5M | -200K | 10.2M | -500K |
| Dividends Paid | -384.28M | -330.29M | -91.86M | -252.29M | -6.12M | -1.65M | 0 | -41.71M | 0 | 0 | -120.94M | -48.91M | -24.53M | -30.52M | -19.94M | -24.88M | -19.04M | -35.27M | -19.65M | -1.17M | -1.17M | -1.18M | -746K | 0 | -591K | -607K | -611K | -600K | -300K | 0 | 0 |
| Share Repurchases | -151M | -53.95M | -1.69M | -1.64M | -1.13M | -871K | -910K | -985K | -1.13M | -1.72M | -1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.34M | 0 | 0 | -571K | -1.37M | -1.24M | -3.5M | -300K | -400K | -500K |
| Other Financing | -1 | 0 | 0 | 0 | 3K | 5K | -755K | 0 | 279K | -73K | -918K | -940K | 0 | 0 | 0 | -2.23M | 308K | 0 | 0 | -6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 1.7M | -100K |
| Net Change in Cash | -105.11M | 262.51M | -54.95M | 233.74M | 1.73M | -20.78M | 8.88M | 20.82M | 30.87M | -11.48M | 20.38M | -5.85M | -10.46M | -72.14M | 39.45M | -41.77M | 32.57M | -27.98M | 79.83M | 1.74M | -6.93M | -31.29M | 30.54M | 1.21M | -8.25M | 6.59M | -29.66M | -4.9M | 10.6M | 7.9M | -16.8M |
| Free Cash Flow | 722.86M | 1.07B | 304.28M | 726.44M | 53.81M | -68.93M | -50.57M | 47.1M | 180.74M | -115.97M | 305.71M | 113.07M | 64.73M | 31.25M | 71.21M | 41.57M | 95.88M | 85.17M | 126.73M | 36.25M | 8.56M | -2.36M | 74.47M | 18.18M | -15.29M | 16.36M | -38.99M | -4M | 6.3M | 16.3M | 16.5M |
| FCF Margin % | 20.88% | 25.05% | 13.08% | 23.09% | 3.03% | -5.11% | -3.74% | 3.46% | 12.03% | -10.79% | 16.02% | 7.17% | 4.49% | 2.43% | 6.4% | 4.41% | 10.53% | 9.17% | 13.84% | 6.06% | 1.79% | -0.63% | 13.01% | 4.69% | -4.69% | 4.57% | -13.58% | -1.39% | 2.04% | 5.57% | 5.83% |
| FCF Growth % | -15.85% | 250.84% | -58.11% | 1250.01% | 178.06% | -36.31% | -207.37% | -73.94% | 255.85% | -137.94% | 170.38% | 74.67% | 107.16% | -56.12% | 71.32% | -56.65% | 12.58% | -32.79% | 249.58% | 323.55% | 462.21% | -103.17% | 309.49% | 218.95% | -193.43% | 141.97% | -874.7% | -163.49% | -61.35% | -1.21% | - |
| FCF per Share | 15.25 | 21.83 | 6.23 | 14.88 | 1.10 | -1.42 | -1.04 | 0.97 | 3.73 | -2.40 | 6.32 | 2.33 | 1.34 | 0.65 | 1.49 | 0.87 | 2.01 | 1.79 | 2.67 | 0.77 | 0.18 | -0.05 | 1.53 | 0.38 | -0.33 | 0.34 | -0.80 | -0.08 | 0.12 | 0.19 | 0.18 |
| FCF Conversion (FCF/Net Income) | 1.04x | 1.01x | 1.62x | 1.14x | 0.95x | 12.69x | 4.00x | 2.12x | 1.59x | 0.66x | 1.21x | 1.21x | 1.13x | 1.14x | 1.09x | 1.02x | 1.72x | 1.40x | 1.04x | 1.63x | -20.66x | -0.93x | 1.28x | 2.52x | -0.02x | 4.46x | 0.64x | 4.73x | 4.61x | 2.20x | 2.32x |
| Interest Paid | 0 | 0 | 0 | 561K | 379K | 508K | 498K | 644K | 0 | 0 | 1.07M | 2.31M | 3.15M | 3.54M | 4.41M | 6.45M | 6.88M | 6.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 426.17M | 35.1M | 258.25M | 1.75M | 995K | 32K | 36.31M | 0 | 0 | 166.84M | 75.53M | 41.63M | 42.67M | 27.07M | 28.93M | 14.38M | 42.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical commodity price exposure
As reported in financial statements, the OCF/NI ratio has fluctuated significantly, reaching a high of 2.94 in 2024Q2 and a low of 0.56 in 2025Q2, illustrating that Cal-Maine's cash generation is frequently decoupled from GAAP net income due to the timing of inventory and biological asset adjustments.
The wide variance in the conversion of net income to operating cash flow suggests that accounting earnings are heavily influenced by non-cash items and working capital swings inherent in agricultural production. Investors should monitor these discrepancies as they may indicate that reported profitability is less indicative of actual liquidity during periods of extreme price volatility.
Based on recent quarterly filings, free cash flow has experienced extreme swings, peaking at $521.8 million in 2025Q3 before declining to $72.0 million by 2026Q3, a trend that underscores the company's vulnerability to the rapid normalization of egg prices following supply-side shocks like HPAI.
The sharp contraction in FCF margins from 36.8% to 10.8% over the last year suggests that the company's ability to generate surplus cash is highly dependent on temporary market conditions. This trajectory warrants caution, as the current cash flow profile appears to be reverting toward a lower, more normalized baseline.
According to historical data, capital expenditures have remained elevated, with quarterly spending consistently ranging between $30 million and $50 million, reflecting the ongoing, mandatory investment required to transition flock infrastructure to cage-free standards as dictated by evolving retail and state-level regulatory mandates.
The persistent capital intensity, evidenced by CapEx/Revenue ratios that occasionally exceed 6%, suggests that the company is in a multi-year cycle of defensive investment. This spending appears necessary to maintain market access, potentially limiting the amount of free cash flow available for discretionary shareholder returns in the near term.
As disclosed in recent SEC filings, working capital changes have been highly erratic, swinging from a $120.2 million outflow in 2025Q2 to a $100 million inflow in 2024Q4, which highlights the operational challenges of managing inventory and receivables in a highly perishable, price-sensitive commodity environment.
These fluctuations suggest that the company's cash position is frequently impacted by the timing of inventory build-ups and the subsequent liquidation of stock during price spikes. Analysts should interpret these movements as a reflection of the company's reactive supply chain management rather than a sign of structural efficiency.
Based on reported figures, Cal-Maine has utilized its cash reserves to fund significant dividend payments, such as the $169.5 million distributed in 2025Q4, while simultaneously maintaining a fortress balance sheet that allows for opportunistic acquisitions like the $275.3 million spent in 2026Q1.
The company's capital allocation strategy appears to prioritize the preservation of a cash cushion while rewarding shareholders only when earnings permit. This approach suggests a conservative management philosophy that favors long-term survival and strategic consolidation over consistent, predictable capital returns to investors.
Quick answers to the most common questions about buying CALM stock.
Cal-Maine Foods, Inc. (CALM) generated $1.23B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cal-Maine Foods, Inc. (CALM) generated $1.07B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cal-Maine Foods, Inc. (CALM) spent $161.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cal-Maine Foods, Inc. (CALM) returned $330.3M to shareholders via cash dividends and spent $54.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.