Conagra Brands, Inc. (CAG) Cash Flow Statement
Where CAG’s cash came from and went, FY2026
May 31, 2026 · U.S. dollars- Cash from operations
- $1.40B −17.1% vs FY2025
- Capital expenditures
- $423.4M 3.8% of revenue
- Free cash flow
- $978.7M 8.7% margin
- Returned to shareholders
- $685.0M 70% of free cash flow
- Change in cash
- $150.0M cash at year-end $218.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CAG operating cash flow, capex and free cash flow
CAG cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.18BFY2017 | $1.40BFY2026 | +2.0%/yr | |
| Capital expenditures | $242.1MFY2017 | $423.4MFY2026 | +6.4%/yr | |
| Free cash flow | $933.4MFY2017 | $978.7MFY2026 | +0.5%/yr | |
| Free cash flow margin | 11.9%FY2017 | 8.7%FY2026 | −3.3 pts | |
| Operating cash flow / net income | 2.15FY2017 | 1.47FY2025 | −0.68 | |
| Stock-based compensation | $36.1MFY2017 | $54.7MFY2026 | +4.7%/yr | |
| Dividends paid | $415.0MFY2017 | $669.7MFY2026 | +5.5%/yr | |
| Share buybacks (net) | $1.00BFY2017 | $15.3MFY2026 | −37.2%/yr | |
| Capex / revenue | 3.1%FY2017 | 3.8%FY2026 | +0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CAG cash flow by activity
CAG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CAG cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$1.92B | $1.15B | $347.2M | $683.2M | $888.2M | $1.30B | $841.8M | $680.3M | $797.5M | $546.0M |
| Depreciation & amortization | $396.0M | $390.2M | $400.9M | $369.9M | $375.4M | $387.7M | $388.9M | $333.0M | $257.0M | $268.0M |
| Stock-based compensation | $54.7M | $41.5M | $30.8M | $79.2M | $26.1M | $63.9M | $59.2M | $33.7M | $37.9M | $36.1M |
| Change in working capital | $12.6M | −$22.8M | $130.7M | −$816.0M | −$218.4M | −$298.4M | $312.7M | $102.4M | $50.9M | $199.0M |
| Other non-cash items | $2.85B | $130.5M | $1.11B | $679.1M | $106.0M | $14.0M | $240.0M | −$23.9M | −$189.1M | $126.4M |
| Cash from operating activities | $1.40B | $1.69B | $2.02B | $995.4M | $1.18B | $1.47B | $1.84B | $1.13B | $954.2M | $1.18B |
| Investing activities | ||||||||||
| Capital expenditures | −$423.4M | −$389.3M | −$388.1M | −$362.2M | −$464.4M | −$506.4M | −$369.5M | −$353.1M | −$251.6M | −$242.1M |
| Investments (net) | $0 | −$542.2M | −$375.0M | −$354.9M | $5.9M | $2.7M | $7.0M | −$8.8M | −$576.2M | −$189.3M |
| Acquisitions & other investing | $686.0M | $389.3M | $388.1M | $362.2M | $23.6M | $163.4M | $208.7M | −$4.80B | $251.6M | $247.4M |
| Cash from investing activities | $262.6M | −$542.2M | −$375.0M | −$354.9M | −$434.9M | −$340.3M | −$153.8M | −$5.17B | −$576.2M | −$184.0M |
| Financing activities | ||||||||||
| Dividends paid | −$669.7M | −$669.2M | −$659.3M | −$623.8M | −$581.8M | −$474.6M | −$413.6M | −$356.2M | −$342.3M | −$415.0M |
| Share repurchases & issuance (net) | −$15.3M | −$64.0M | −$13.8M | −$150.0M | −$50.0M | −$298.1M | $4.8M | −$1.6M | −$967.3M | −$1.00B |
| Net borrowing (repayment) | −$801.9M | −$406.9M | −$982.0M | −$259.7M | −$72.5M | −$820.0M | −$947.4M | $3.97B | $803.8M | −$1.05B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $298.6M | $555.7M | $0 | $0 |
| Other financing | −$29.2M | −$18.2M | −$1.6M | $401.9M | −$33.7M | −$16.9M | −$312.8M | −$13.4M | −$1.1M | $896.1M |
| Cash from financing activities | −$1.52B | −$1.16B | −$1.66B | −$631.6M | −$738.0M | −$1.61B | −$1.37B | $4.15B | −$506.9M | −$1.57B |
| Summary | ||||||||||
| Net change in cash | $150.0M | −$9.7M | −$16.2M | $10.6M | $3.1M | −$474.1M | $316.7M | $108.6M | −$123.4M | −$546.7M |
| Cash at end of period | $218.0M | $68.0M | $77.7M | $93.9M | $83.3M | $80.2M | $554.3M | $237.6M | $128.0M | $251.4M |
| Free cash flow | $978.7M | $1.30B | $1.63B | $633.2M | $712.9M | $961.7M | $1.47B | $772.4M | $702.6M | $933.4M |
| Free cash flow margin | 8.7% | 11.2% | 13.5% | 5.2% | 6.2% | 8.6% | 13.3% | 8.1% | 8.9% | 11.9% |
| Capex / revenue | 3.8% | 3.4% | 3.2% | 3.0% | 4.0% | 4.5% | 3.3% | 3.7% | 3.2% | 3.1% |
| Operating cash flow / net income | — | 1.47 | 5.81 | 1.46 | 1.33 | 1.13 | 2.19 | 1.65 | 1.20 | 2.15 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $174.3M | −$1.62B | $199.8M | −$663.6M | $164.5M | $256.0M | $145.1M | $284.5M | $466.9M | −$567.3M | $308.6M | $286.2M |
| Depreciation & amortization | $97.9M | $102.3M | $101.4M | $97.0M | $95.3M | $95.3M | $98.3M | $97.5M | $99.1M | $109.2M | $95.8M | $99.3M |
| Stock-based compensation | $14.3M | $5.0M | $16.6M | $13.5M | $19.6M | $5.4M | $6.3M | $9.2M | $20.6M | $12.1M | $15.2M | $6.2M |
| Change in working capital | −$255.2M | $66.6M | $241.1M | −$188.0M | −$107.1M | −$72.6M | $329.4M | $41.2M | −$320.8M | −$40.9M | $273.6M | −$113.1M |
| Other non-cash items | −$35.5M | $1.95B | $5.5M | $951.7M | −$51.7M | $61.6M | $12.9M | $53.2M | $2.8M | $971.2M | −$16.5M | $132.5M |
| Cash from operating activities | −$4.2M | $506.5M | $564.4M | $210.6M | $120.6M | $345.7M | $592.0M | $485.6M | $268.6M | $484.3M | $676.7M | $411.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$123.7M | −$109.2M | −$95.6M | −$71.8M | −$146.8M | −$85.1M | −$88.8M | −$82.4M | −$133.0M | −$78.5M | −$95.6M | −$70.4M |
| Investments (net) | — | — | — | — | $502.0M | −$85.0M | −$91.2M | −$79.7M | −$286.3M | −$79.4M | −$91.7M | −$65.5M |
| Acquisitions & other investing | $14.0M | $700,000 | −$500,000 | $37.0M | $146.8M | $85.1M | $88.8M | $82.4M | $133.0M | $78.5M | $95.6M | $70.4M |
| Cash from investing activities | −$109.7M | −$108.5M | −$96.1M | −$34.8M | $502.0M | −$85.0M | −$91.2M | −$79.7M | −$286.3M | −$79.4M | −$91.7M | −$65.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$167.5M | −$167.5M | −$167.4M | −$167.7M | −$167.1M | −$167.0M | −$167.1M | −$167.8M | −$167.3M | −$167.3M | −$167.3M | −$167.3M |
| Share repurchases & issuance (net) | −$44.0M | $0 | −$34.6M | −$300,000 | −$15.0M | −$84.6M | −$84.5M | −$300,000 | −$64.0M | $0 | −$500,000 | $400,000 |
| Net borrowing (repayment) | — | −$69.1M | −$293.8M | −$657.8M | $218.8M | −$79.5M | −$321.6M | −$327.1M | $321.3M | — | — | −$209.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $478.8M | $2.0M | $34.2M | −$1.3M | −$29.5M | $87.1M | $84.1M | −$100,000 | −$19.9M | −$239.1M | −$399.1M | −$200,000 |
| Cash from financing activities | $267.3M | −$234.6M | −$461.6M | −$827.1M | $7.2M | −$244.0M | −$489.1M | −$495.3M | $70.1M | −$406.4M | −$566.9M | −$376.3M |
| Summary | ||||||||||||
| Net change in cash | $153.6M | $162.9M | $8.5M | −$651.5M | $630.1M | $18.6M | $12.0M | −$91.3M | $51.0M | −$800,000 | $17.0M | −$31.8M |
| Cash at end of period | $371.6M | $218.0M | $55.1M | $46.6M | $698.1M | $68.0M | $49.4M | $37.4M | $128.7M | $77.7M | $78.5M | $61.5M |
| Free cash flow | −$127.9M | $397.3M | $468.8M | $138.8M | −$26.2M | $260.6M | $503.2M | $403.2M | $135.6M | $405.8M | $581.1M | $340.7M |
| Free cash flow margin | −4.9% | 13.8% | 16.8% | 4.7% | −1.0% | 9.4% | 17.7% | 12.6% | 4.9% | 14.0% | 19.2% | 10.6% |
| Capex / revenue | 4.8% | 3.8% | 3.4% | 2.4% | 5.6% | 3.1% | 3.1% | 2.6% | 4.8% | 2.7% | 3.2% | 2.2% |
| Operating cash flow / net income | −0.02 | — | 2.82 | — | 0.73 | 1.35 | 4.08 | 1.71 | 0.58 | — | 2.19 | 1.44 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CAG cash generation
In fiscal 2026 (ended May 31, 2026), Conagra Brands generated $1.4 billion of cash from operations (down 17.1%) and spent $423.4 million on capital expenditures, leaving free cash flow of $978.7 million, 8.7% of revenue. It returned $685.0 million to shareholders through dividends ($669.7 million) and net share buybacks ($15.3 million). Cash and equivalents rose by $150.0 million over the year.
Related: CAG income statement, CAG balance sheet, CAG dividend history. See the CAG stock overview for the latest quote and news.
CAG cash flow FAQ
What is Conagra Brands's free cash flow?
Conagra Brands's free cash flow was $978.7 million in fiscal 2026: $1.4 billion of operating cash flow minus $423.4 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does Conagra Brands generate from operations?
Conagra Brands generated $1.4 billion of cash from operating activities in fiscal 2026.
How much does Conagra Brands spend on capital expenditures?
Conagra Brands spent $423.4 million on capital expenditures in fiscal 2026, 3.8% of revenue, compared with $389.3 million the year before.
How much stock does Conagra Brands buy back?
Conagra Brands spent $15.3 million on net share repurchases in fiscal 2026.
How much does Conagra Brands pay in dividends?
Conagra Brands paid $669.7 million in dividends in fiscal 2026, 68.4% of free cash flow.