Lamb Weston Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Lamb Weston Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	3,168	3,424	3,757	3,792	3,671	4,099	5,351	6,468	6,451	6,612
Cost of revenue	2,382	2,544	2,753	2,897	2,839	3,267	3,919	4,701	5,053	5,253
Gross profit	779	880	1,004	895	832	832	1,432	1,767	1,399	1,360
Research and development	10.6	13.5	15.4	15.4	12.9	16.2	17.2	26.4	22	18.9
Selling, general and administrative	261	299	335	338	357	388	550	701	634	665
Selling and marketing	22.6	31.6	32.4	23	17.8	18.9	34.4	49.7	35.8	36.6
Operating income	518	580	668	557	475	444	882	1,065	665	591
Pre-tax income	510	555	621	478	408	273	1,234	956	500	418
Income tax	170	121	134	112	90.5	71.8	225	230	143	128
Net income to minority interests	13.3	16.9	8.6
Net income	327	417	479	366	318	201	1,009	726	357	290
EBITDA	627	723	831	739	663	637	1,105	1,372	1,040	988
EPS, basic	2.22	2.83	3.19	2.50	2.17	1.38	6.98	5.01	2.51	2.09
EPS, diluted	2.22	2.82	3.18	2.49	2.16	1.38	6.95	4.98	2.50	2.08
Shares, basic (weighted)	146	146	147	146	146	146	145	145	142	139
Shares, diluted (weighted)	147	147	147	147	147	146	145	146	143	139
Dividend per share	0.38	0.76	0.78	0.86	0.93	0.96	1.05	1.28	1.46	1.50

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	57.1	55.6	12.2	1,364	784	525	305	71.4	70.7	68.2
Receivables	185	226	340	342	367	447	724	744	782	779
Inventory	525	550	498	487	514	574	932	1,139	1,035	969
Other current assets	90.9	99.2	111	110	118	113	166	136	145	199
Total current assets	858	930	962	2,303	1,782	1,660	2,127	2,090	2,033	2,014
Property, plant and equipment	1,271	1,421	1,598	1,535	1,524	1,579	2,808	3,583	3,688	3,690
Lease right-of-use assets				167	142	119	146	133	113	112
Goodwill	133	135	206	304	335	318	1,041	1,060	1,090	1,130
Intangible assets	37.2	35.4	37.6	38.3	36.9	33.7	110	105	114	108
Other non-current assets	7.4	11.1	20.7	65.4	80.4	173	288	396	355	326
Total assets	2,486	2,753	3,048	4,662	4,209	4,140	6,520	7,367	7,393	7,380
Accounts payable	295	254	289	244	359	403	637	834	616	613
Accrued liabilities	201	216	217	233	227	264	510	408	411	482
Short-term debt	37.9	38.7	38	48.8	32	32.2	55.3	56.4	77.8	70.6
Total current liabilities	555	519	553	1,025	618	699	1,360	1,624	1,476	1,416
Long-term debt	2,365	2,337	2,280	2,993	2,705	2,696	3,248	3,441	3,683	3,595
Lease liabilities				145	120	105	128	115	98.9	94.2
Other non-current liabilities	71.2	84.3	94	252	246	212	248	258	243	247
Total liabilities	3,133	3,087	3,053	4,422	3,729	3,779	5,109	5,579	5,655	5,555
Total debt	2,403	2,375	2,318	3,041	2,737	2,728	3,304	3,837	3,772	3,675
Paid-in capital	-905	-900	-890	-863	-837	-813	-559	-509	-479	-427
Retained earnings	121	426	804	1,065	1,245	1,306	2,161	2,700	2,849	2,930
Treasury stock	-0.2	-2.9	-39.3	-68.2	-104	-264	-314	-541	-838	-962
Other comprehensive income	-9.3	-4.3	-25.3	-40.5	29.5	-15.6	-26.8	-12.9	54.5	132
Shareholders' equity	-647	-335	-4.6	240	481	361	1,411	1,788	1,738	1,825
Total equity	-647	-335	-4.6	240	481	361	1,411	1,788	1,738	1,825
Total liabilities and equity	2,486	2,753	3,048	4,662	4,209	4,140	6,520	7,367	7,393	7,380
Shares outstanding	146	146	146	146	146	144	146

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	340	434	487	366	318	201	1,009	726	357	290
Depreciation and amortization	109	143	162	182	188	192	223	307	375	397
Stock-based compensation	5.7	13.5	18.8	22.8	20.6	21.3	38.5	46.8	39.5	46.2
Deferred income tax	14.8	-3.6	37.5	20	3.8	13.5	0.4	-1.4	0.4	40.7
Change in receivables	1.2	-40.4	-25.1	1.1	-21	-76.3	-53.6	-15.1	-22.2	20.3
Change in inventory	-26.1	-23.6	-15.8	15.3	-22	-63	-125	-203	113	77.8
Change in payables	12.1	-8.3	32.9	-34.9	105	16.5	83.1	36.5	2	-1.5
Cash from operations	447	481	681	574	553	419	762	798	868	943
Capital expenditures	-287	-307	-334	-168	-147	-290	-654	-930	-638	-403
Acquisitions			-88.6	-117		0	0	-10.5	0
Cash from investing	-285	-307	-423	-346	-163	-311	-1,341	-984	-648	-380
Debt issued	798			1,123		1,676	530	592	525	104
Debt repaid	-23.8
Dividends paid	-27.4	-110	-113	-121	-135	-138	-146	-174	-207	-208
Cash from financing	-142	-179	-300	1,125	-974	-363	341	-48	-225	-569
Exchange rate effect	1.1	3
Net change in cash	20.7	-1.5	-43.4	1,352	-581	-259	-220	-233	-0.7	-2.5
Free cash flow	160	174	347	406	406	129	108	-131	230	540
Interest paid	48.8	104	108	106	121	80.6	152	191	211	203
Income taxes paid	170	107	103	82.5	84.1	44.3	227	189	150	119

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $43.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.6%	Gross profit / revenue.
Operating margin	8.9%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.3%	Pre-tax income / revenue.
Net margin	4.4%	Net income / revenue.
FCF margin	8.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Effective tax rate	30.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.
SG&A / revenue	10.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.1%	Capital expenditures / revenue.
D&A / revenue	6.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-18.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-34.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-16.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-33.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	134.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	71.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.42x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.01x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	49.8%	Total debt / total assets.
Liabilities / assets	75.3%	Total liabilities / total assets.
Net debt	$3.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.65x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$598.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	16.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$586.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	1.79x	Revenue / average property, plant and equipment.
Inventory turnover	5.24x	Cost of revenue / average inventory.
Days inventory	70 days	365 x average inventory / cost of revenue.
Receivables turnover	8.47x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	70 days	Days inventory + days sales outstanding - days payables.
FCF conversion	186.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	42.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.09	Net income per basic share, as reported (split-adjusted).
Revenue per share	$47.54	Revenue / diluted weighted shares.
FCF per share	$3.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.78	Cash from operations / diluted weighted shares.
Book value per share	$13.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.22	Tangible book value / shares outstanding.
Cash per share	$0.49	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.50	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	71.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.99B	Share price x shares outstanding.
Enterprise value	$9.60B	Market cap + total debt - cash - short-term investments.
P/E	20.7x	Market cap / net income. Only when net income is positive.
P/S	0.91x	Market cap / revenue.
P/B	3.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.2x	Market cap / tangible book value, when positive.
P/FCF	11.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.35x	Market cap / cash from operations, when positive.
EV/Sales	1.45x	Enterprise value / revenue.
EV/EBIT	16.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.72x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.0%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.5%	Dividends paid over the period / market cap.
Shareholder yield	3.5%	(Dividends paid + share buybacks) / market cap.

What was Lamb Weston Holdings, Inc.'s revenue in fiscal 2026?

Lamb Weston Holdings, Inc. reported revenue of $6.61B for fiscal 2026, 2.5% higher than the year before.

Was Lamb Weston Holdings, Inc. profitable in fiscal 2026?

Yes. Net income was $290.0M, a net margin of 4.4%.

How much free cash flow did Lamb Weston Holdings, Inc. generate in fiscal 2026?

Cash from operations of $942.9M minus capital expenditures of $402.7M left free cash flow of $540.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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