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___________________________________________________ 

___________________________________________________ 

☒			QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

 ___________________________________________________

___________________________________________________ 

Ohio

34-0538550

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Strawberry Lane

Orrville,

Ohio

44667-0280

(Address of principal executive offices)

(Zip code)

Registrant’s telephone number, including area code:

(330)

682-3000

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common shares, no par value

SJM

New York Stock Exchange

 ___________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐    No  ý

The Company had 106,694,327 common shares outstanding on November 18, 2025.

 

						Page No.
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Condensed Statements of Consolidated Income (Loss)			2
			Condensed Statements of Consolidated Comprehensive Income (Loss)			2
			Condensed Consolidated Balance Sheets			3
			Condensed Statements of Consolidated Cash Flows			4
			Condensed Statements of Consolidated Shareholders’ Equity			5
			Notes to Unaudited Condensed Consolidated Financial Statements			6
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			31
Item 4.			Controls and Procedures			34
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			35
Item 1A.			Risk Factors			35
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			35
Item 5.			Other Information			35
Item 6.			Exhibits			35
SIGNATURES						36
INDEX OF EXHIBITS						37

PART I. FINANCIAL INFORMATION

CONDENSED STATEMENTS OF CONSOLIDATED INCOME (LOSS)

(Unaudited)

			Three Months Ended October 31,												Six Months Ended October 31,
Dollars in millions, except per share data			2025						2024						2025						2024
Net sales			$	2,330.1					$	2,271.2					$	4,443.4					$	4,396.3
Cost of products sold (A)			1,460.2						1,385.1						3,098.8						2,713.0
Gross Profit			869.9						886.1						1,344.6						1,683.3
Selling, distribution, and administrative expenses			398.2						390.7						775.6						780.8
Amortization			50.2						55.8						100.4						111.8
Other special project costs (A)			5.6						10.7						11.6						17.8
Loss (gain) on divestitures – net			—						260.8						—						260.8
Other operating expense (income) – net			(2.6)						(1.6)						(7.1)						(7.1)
Operating Income			418.5						169.7						464.1						519.2
Interest expense – net			(98.6)						(98.7)						(198.8)						(199.1)
Other income (expense) – net (A)			(1.5)						(4.2)						(3.4)						(7.3)
Income Before Income Taxes			318.4						66.8						261.9						312.8
Income tax expense			77.1						91.3						64.5						152.3
Net Income (Loss)			$	241.3					$	(24.5)					$	197.4					$	160.5
Earnings per common share:
Net Income (Loss)			$	2.26					$	(0.23)					$	1.85					$	1.51
Net Income (Loss) – Assuming Dilution			$	2.26					$	(0.23)					$	1.85					$	1.51

(A)    Includes certain divestiture, acquisition, integration, and restructuring costs (“special project costs”). For more information, see Note 4: Special Project Costs and Note 5: Reportable Segments.

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS)

(Unaudited)

			Three Months Ended October 31,												Six Months Ended October 31,
Dollars in millions			2025						2024						2025						2024
Net income (loss)			$	241.3					$	(24.5)					$	197.4					$	160.5
Other comprehensive income (loss):
Foreign currency translation adjustments			(3.3)						(10.1)						(4.3)						(10.7)
Cash flow hedging derivative activity, net of tax			2.4						2.6						4.8						5.2
Pension and other postretirement benefit plans activity, net of tax			0.3						0.3						0.6						0.7
Available-for-sale securities activity, net of tax			0.4						0.4						0.7						0.4
Total Other Comprehensive Income (Loss)			(0.2)						(6.8)						1.8						(4.4)
Comprehensive Income (Loss)			$	241.1					$	(31.3)					$	199.2					$	156.1

(Unaudited)

Dollars in millions			October 31, 2025						April 30, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	62.8					$	69.9
Trade receivables – net			675.2						619.0
Inventories:
Finished products			796.8						680.0
Raw materials			557.4						529.4
Total Inventory			1,354.2						1,209.4
Other current assets			233.3						248.3
Total Current Assets			2,325.5						2,146.6
Property, Plant, and Equipment
Land and land improvements			158.2						157.5
Buildings and fixtures			1,428.9						1,383.5
Machinery and equipment			3,379.7						3,257.1
Construction in progress			558.7						619.4
Gross Property, Plant, and Equipment			5,525.5						5,417.5
Accumulated depreciation			(2,502.4)						(2,337.9)
Total Property, Plant, and Equipment			3,023.1						3,079.6
Other Noncurrent Assets
Operating lease right-of-use assets			155.0						115.4
Goodwill			5,707.7						5,710.0
Other intangible assets – net			6,246.4						6,346.9
Other noncurrent assets			170.6						164.8
Total Other Noncurrent Assets			12,279.7						12,337.1
Total Assets			$	17,628.3					$	17,563.3
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable			$	1,109.7					$	1,288.7
Accrued trade marketing and merchandising			217.3						188.8
Short-term borrowings			748.2						640.8
Other current liabilities			551.2						533.7
Total Current Liabilities			2,626.4						2,652.0
Noncurrent Liabilities
Long-term debt			7,039.8						7,036.8
Deferred income taxes			1,614.3						1,548.6
Noncurrent operating lease liabilities			125.6						84.1
Other noncurrent liabilities			162.0						159.2
Total Noncurrent Liabilities			8,941.7						8,828.7
Total Liabilities			11,568.1						11,480.7
Shareholders’ Equity
Common shares			26.7						26.6
Additional capital			5,748.0						5,738.7
Retained income			468.2						501.8
Accumulated other comprehensive income (loss)			(182.7)						(184.5)
Total Shareholders’ Equity			6,060.2						6,082.6
Total Liabilities and Shareholders’ Equity			$	17,628.3					$	17,563.3

(Unaudited)

			Six Months Ended October 31,
Dollars in millions			2025						2024
Operating Activities
Net income (loss)			$	197.4					$	160.5
Adjustments to reconcile net income (loss) to net cash provided by (used for) operations:
Depreciation			178.1						145.2
Amortization			100.4						111.8
Share-based compensation expense			17.9						15.8
Loss (gain) on divestitures – net			—						260.8
Deferred income tax expense (benefit)			64.0						23.9
Other noncash adjustments – net			28.3						30.1
Changes in assets and liabilities, net of effect from acquisition and divestitures:
Trade receivables			(56.6)						(68.5)
Inventories			(145.6)						(54.4)
Other current assets			77.0						25.7
Accounts payable			(161.0)						(83.4)
Accrued liabilities			55.3						19.8
Income and other taxes			(16.9)						(4.6)
Other – net			(2.4)						(5.6)
Net Cash Provided by (Used for) Operating Activities			335.9						577.1
Investing Activities
Additions to property, plant, and equipment			(150.6)						(210.7)
Proceeds from disposal of property, plant, and equipment			13.1						—
Collateral pledged for derivative cash margin accounts			(52.8)						(14.9)
Other – net			0.3						(0.1)
Net Cash Provided by (Used for) Investing Activities			(190.0)						(225.7)
Financing Activities
Short-term borrowings (repayments) – net			87.4						(121.6)
Quarterly dividends paid			(231.2)						(226.5)
Purchase of treasury shares			(5.0)						(2.7)
Other – net			(2.9)						(12.9)
Net Cash Provided by (Used for) Financing Activities			(151.7)						(363.7)
Effect of exchange rate changes on cash			(1.3)						(0.5)
Net increase (decrease) in cash and cash equivalents			(7.1)						(12.8)
Cash and cash equivalents at beginning of period			69.9						62.0
Cash and Cash Equivalents at End of Period			$	62.8					$	49.2

( ) Denotes use of cash CONDENSED STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ EQUITY

(Unaudited)

The unaudited interim condensed consolidated financial statements of The J. M. Smucker Company (“Company,” “we,” “us,” or “our”) have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included.

Operating results for the six months ended October 31, 2025, are not necessarily indicative of the results that may be expected for the year ending April 30, 2026. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2025.

Recently Adopted Accounting Standard: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. This ASU requires entities to provide significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), other segment expenses included in each reported measure of segment profitability, and disclosure of the title and position of the CODM. We adopted the interim disclosure requirements on a retrospective basis during the first quarter of 2026, which are presented in Note 5: Reportable Segments. The annual disclosure requirements were adopted during 2025. The adoption of this standard did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted: In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 will modernize the accounting guidance for the costs to develop software for internal use by removing all references to software development project stages so that the guidance is neutral to different software development methods. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project and it is probable that the project will be completed and the software will be used for its intended purpose. It will be effective for our annual and interim periods beginning May 1, 2028, with the option to early adopt at any time prior to the effective date on either a prospective or retrospective basis. We do not anticipate any impact to our results of operations, financial position, or cash flows upon adoption and are currently evaluating the impacts of the standard on our disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 will provide investors with more decision-useful information about an entity’s expenses by improving disclosures on income statement expenses. The amendments in this ASU will require public business entities to disclose disaggregated information about specific categories underlying certain income statement expense line items. It will be effective for our annual period beginning May 1, 2027, and interim periods beginning May 1, 2028, with the option to early adopt at any time prior to the effective dates on either a prospective or retrospective basis. We do not anticipate any impact to our results of operations, financial position, or cash flows upon adoption and are currently evaluating the impacts of the standard on our disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 will improve the transparency and decision usefulness of income tax disclosures to better assess how operations and related tax risks affect tax rates and future cash flows on an interim and annual basis. It is effective for our annual period beginning May 1, 2025, and can be adopted either on a prospective or retrospective basis. We do not anticipate any impact to our results of operations, financial position, or cash flows upon adoption and are currently evaluating the impacts of the standard on our disclosures.

On March 3, 2025, we sold certain Sweet Baked Snacks value brands to JTM Foods, LLC (“JTM”). The transaction included certain trademarks and licenses, a manufacturing facility in Chicago, Illinois, and approximately 400 employees who supported the business. Under our ownership, these Sweet Baked Snacks value brands generated net sales of approximately $48.4 in 2025, which were included in the Sweet Baked Snacks segment. Net proceeds from the divestiture were $34.6, inclusive of the final working capital adjustment and cash transaction costs. We recognized a pre-tax loss of $44.2 on this transaction, primarily during the third quarter of 2025.

On December 2, 2024, we sold the Voortman® business to Second Nature Brands (“Second Nature”). The transaction included products sold under the Voortman brand, inclusive of certain trademarks, a leased manufacturing facility in Burlington, Ontario, and approximately 300 employees who supported the business. Under our ownership, the Voortman business generated net sales of approximately $86.3 in 2025, which were included in the Sweet Baked Snacks segment. Net proceeds from the divestiture were $291.4, inclusive of the final working capital adjustment and cash transaction costs. We recognized a pre-tax loss of $265.9 on this transaction, primarily during the second quarter of 2025.

Special project costs consist primarily of employee-related costs and other transition and termination costs related to certain divestiture, acquisition, integration, and restructuring activities. Employee-related costs include severance, retention bonuses, and relocation costs. Severance costs are generally recognized when deemed probable and reasonably estimable, retention bonuses are recognized over the estimated future service period of the impacted employees, and relocation costs are expensed as incurred. Other transition and termination costs include fixed asset-related charges, contract and lease termination costs, professional fees, and other miscellaneous expenditures associated with divestiture, acquisition, integration, and restructuring activities. With the exception of accelerated depreciation, these costs are expensed as incurred. These special project costs are reported in cost of products sold, other special project costs, and other income (expense) – net in the Condensed Statements of Consolidated Income (Loss) and are not allocated to segment profit. The obligation related to employee separation costs is included in other current liabilities in the Condensed Consolidated Balance Sheets.

Divestiture Costs: Total divestiture costs incurred to date related to the Sahale Snacks® and Canada condiment businesses that were divested in 2024 were $6.4, which included $4.3 and $2.1 of employee-related and other transition and termination costs, respectively, all of which were cash charges. We did not incur any divestiture costs during the three and six months ended October 31, 2025, and incurred divestiture costs of $0.1 and $0.4 during the three and six months ended October 31, 2024, respectively, primarily consisting of employee-related costs. We do not anticipate any additional costs to be incurred related to these divestiture activities. The obligation related to severance and retention bonuses was fully satisfied as of April 30, 2025.

Integration Costs: On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands, Inc. (“Hostess Brands”), a manufacturer and marketer of sweet baked goods brands. Total integration costs related to the acquisition are anticipated to be approximately $190.0 and include transaction costs, employee-related costs, and other transition and termination charges.

The following table summarizes our integration costs incurred related to the acquisition of Hostess Brands.

Cumulative noncash charges incurred through October 31, 2025, were $15.9 and primarily consisted of accelerated depreciation. We incurred noncash charges of $0.5 during both the three and six months ended October 31, 2025, and incurred $5.9 and $11.5 during the three and six months ended October 31, 2024, respectively. Transaction costs primarily reflect equity compensation payouts, legal fees, and fees related to a 364-day senior unsecured Bridge Term Loan Credit Facility that provided committed financing for the acquisition of Hostess Brands. Other transition and termination costs primarily consist of contract termination charges, accelerated depreciation, and consulting fees. We anticipate the remaining integration costs will be incurred by the end of 2026 and are expected to be split between employee-related and other transition and termination costs. The obligation related to severance and retention bonuses was $2.0 and $6.2 at October 31, 2025, and April 30, 2025, respectively.

Restructuring Costs: During the first quarter of 2026, we announced plans to close our Indianapolis, Indiana manufacturing facility, which manufactures Hostess branded products, and consolidate operations into other existing facilities by early calendar year 2026 to further optimize operations for our Sweet Baked Snacks segment. We anticipate incurring approximately $75.0 of costs related to these efforts, consisting of $60.0 in noncash charges for accelerated depreciation and $15.0 in employee-related and other transition and termination costs.

The following table summarizes our restructuring costs incurred related to the restructuring program.

Noncash charges were included in other transition and termination costs and consisted of accelerated depreciation. We incurred noncash charges of $23.5 and $38.9 during the three and six months ended October 31, 2025, respectively. The obligation related to severance and retention bonuses was $4.4 at October 31, 2025.

We operate in one industry: the manufacturing and marketing of food and beverage products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, and Sweet Baked Snacks. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable.

The U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncrustables®, Jif®, and Smucker’s® branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix®, Milk-Bone®, Pup-Peroni®, and Canine Carry Outs® branded products; and the Sweet Baked Snacks segment primarily includes all domestic and foreign sales of Hostess branded products in all channels. With the exception of Sweet Baked Snacks products, International and Away From Home includes the sale of all products that are distributed in foreign countries through retail channels, as well as domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores).

Reportable segments have been identified based on financial data utilized to manage our businesses by our CODMs. The CODMs use net sales and segment profit to evaluate segment performance and allocate resources, including consideration of plan-to-actual variances and prior year-to-actual variances on a monthly basis. Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which the CODMs manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities (“change in net cumulative unallocated derivative gains and losses”), special project costs, as well as corporate administrative expenses.

Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures.

The following tables reconcile segment profit to income before income taxes.

(A)     Segment cost of products sold excludes special project costs related to certain divestiture, acquisition, integration, and restructuring activities and the change in net cumulative unallocated derivative gains and losses. For more information, see Note 4: Special Project Costs and Note 9: Derivative Financial Instruments.

(B)    Segment selling and distribution expenses excludes corporate administrative expenses and special project costs that are not allocated to the segments.

(C)    Other segment items primarily reflects the loss (gain) on disposal of assets, plant administrative expenses, equity method investment income, and royalty income.

(D)    Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs.

The following tables present total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.

(A)Primarily represents unallocated cash and cash equivalents and corporate-held investments.

(B)Primarily represents unallocated accelerated depreciation related to restructuring activities and corporate administrative expenses, mainly consisting of depreciation and software amortization.

The following table presents certain geographical information.