B&G Foods, Inc. (BGS): Results of Operations and Financial Condition
B&G Foods, Inc. (BGS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 B&G Foods Reports Financial Results for Second Quarter 2026 Parsippany, N.J., August 11, 2026—B&G Foods, Inc. (NYSE: BGS) today announced financial results for the second quarter and first two quarters of 2026. Financial results for the second quarter and first two
How this was made
The 30-second read
Why it matters
The key tradable items are the reaffirmed FY2026 guidance ranges and the reported Q2 profitability metrics (adjusted EBITDA, adjusted EPS) alongside weaker reported net sales due to divestitures.
Market read
Guidance reaffirmation plus improved adjusted profitability metrics can support positioning, but declining net sales and higher interest expense add risk to forward estimates.
What to watch
Tariff refunds and acquisition/divestiture timing can inflate comparability; investors may discount results if refunds are non-recurring or if co-manufacturing economics differ from expectations.
B&G Foods Reports Financial Results for Second Quarter 2026
Second-quarter net sales and base business net sales declined, including a volume decline, while adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted EPS increased. The company reaffirmed all full-year fiscal 2026 guidance despite higher net interest expense and a GAAP net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $383.3 million | – | (9.7)% |
| Base Business Net Salesother | $346.3 million | – | (2.9)% |
| Gross profitGAAP | $79.6 million | – | – |
| Gross profit as a percentage of net salesGAAP | 20.8% | – | – |
| Adjusted gross profitnon-GAAP | $83.7 million | – | – |
| Adjusted gross profit as a percentage of net salesnon-GAAP | 21.8% | – | – |
| Selling, general and administrative expensesGAAP | $40.6 million | – | (14.0)% |
| Selling, general and administrative expenses as a percentage of net salesGAAP | 10.6% | – | improved by 0.5 percentage points |
| Net interest expenseGAAP | $38.5 million | – | 7.5% |
| Net lossGAAP | $4.0 million | – | 59.3% |
| Diluted EPSGAAP | $(0.05) | – | 58.3% |
| Adjusted net incomenon-GAAP | $4.9 million | – | 70.6% |
| Adjusted diluted EPSnon-GAAP | $0.06 | – | 50.0% |
| Adjusted EBITDAnon-GAAP | $60.4 million | – | 4.2% |
| Adjusted EBITDA as a percentage of net salesnon-GAAP | 15.8% | – | – |
| Net sales for the first two quarters of 2026GAAP | $792.2 million | – | (6.8)% |
| Base Business Net Sales for the first two quarters of 2026other | $711.4 million | – | 0.0% |
| Gross profit for the first two quarters of 2026GAAP | $159.5 million | – | – |
| Gross profit as a percentage of net sales for the first two quarters of 2026GAAP | 20.1% | – | – |
| Adjusted gross profit for the first two quarters of 2026non-GAAP | $168.2 million | – | – |
| Adjusted gross profit as a percentage of net sales for the first two quarters of 2026non-GAAP | 21.2% | – | – |
| Selling, general and administrative expenses for the first two quarters of 2026GAAP | $90.8 million | – | (5.8)% |
| Selling, general and administrative expenses as a percentage of net sales for the first two quarters of 2026GAAP | 11.5% | – | increased by 0.2 percentage points |
| Loss on sale of assets for the first two quarters of 2026GAAP | $36.3 million | – | – |
| Net interest expense for the first two quarters of 2026GAAP | $74.3 million | – | 1.0% |
| Net loss for the first two quarters of 2026GAAP | $36.5 million | – | (308.7)% |
| Diluted EPS for the first two quarters of 2026GAAP | $(0.45) | – | (309.1)% |
| Adjusted net income for the first two quarters of 2026non-GAAP | $11.7 million | – | 84.9% |
| Adjusted diluted EPS for the first two quarters of 2026non-GAAP | $0.14 | – | 75.0% |
| Adjusted EBITDA for the first two quarters of 2026non-GAAP | $118.0 million | – | 0.8% |
Full Year Fiscal 2026 outlook
- Revenue$1.735 billion to $1.775 billion
- NoteAdjusted EBITDA reaffirmed at a range of $275.0 million to $290.0 million.
- NoteAdjusted diluted earnings per share reaffirmed at a range of $0.575 to $0.675.
What drove it
- Second-quarter net sales declined primarily due to the Green Giant U.S. frozen, Le Sueur U.S. and Don Pepino divestitures and a decrease in base business net sales.
- Green Giant U.S. frozen net sales contributed $58.3 million during the second quarter of 2025, while Don Pepino and Le Sueur U.S. contributed $9.7 million during the second quarter of 2025.
- The Green Giant U.S. frozen co-manufacturing agreement contributed $23.9 million of net sales in the second quarter of 2026, and College Inn and Kitchen Basics contributed $13.2 million.
- The $10.2 million decrease in base business net sales reflected a decrease in volume of $15.5 million, partially offset by an increase in net pricing and product mix of $5.1 million and the positive impact of foreign currency of $0.2 million.
- Gross profit as a percentage of net sales increased due to the higher-margin College Inn and Kitchen Basics acquisition, the lower-margin Green Giant U.S. frozen divestiture, and tariff refunds received from the U.S. government.
- Adjusted EBITDA improvement was primarily attributable to the College Inn and Kitchen Basics acquisition, the Green Giant U.S. frozen divestiture, commencement of the Green Giant contract manufacturing business, and tariff refunds.
Concerns
- Base business net sales decreased $10.2 million, or 2.9%, driven by a decrease in volume of $15.5 million, or 4.3% of base business net sales.
- Net interest expense increased $2.7 million, or 7.5%, to $38.5 million, reflecting higher average long-term debt outstanding and the 11.00% interest rate on the new senior notes due 2031.
- The company reported a net loss of $4.0 million, or $0.05 per diluted share, in the second quarter of 2026.
- For the first two quarters of 2026, the company recognized a loss on sale of assets of $36.3 million, primarily related to the Green Giant U.S. frozen divestiture.
What to watch
- Base business volume trends after the reported decrease in volume of $15.5 million in the second quarter.
- The durability of gross-profit and adjusted EBITDA margin improvement associated with portfolio changes and tariff refunds.
- Net interest expense following the refinancing with 11.00% senior notes due 2031.
- Delivery against reaffirmed full-year fiscal 2026 net sales, adjusted EBITDA, and adjusted diluted EPS guidance.
Balance sheet and cash flow
- Completed a $475 million offering of senior notes due 2031 to refinance senior notes due 2027.
- The new senior notes due 2031 have an 11.00% interest rate.
- The new 11.00% senior notes due 2031 were issued on June 10, 2026, prior to redemption of the 5.25% senior notes due 2027.
Analysis
B&G Foods reported a mixed second quarter. Net sales decreased $41.1 million, or 9.7%, to $383.3 million, and base business net sales decreased $10.2 million, or 2.9%, to $346.3 million. Base business volume declined $15.5 million, partially offset by $5.1 million from net pricing and product mix and $0.2 million from foreign currency. Portfolio changes were material: prior-year sales included $58.3 million from Green Giant U.S. frozen and $9.7 million from Don Pepino and Le Sueur U.S., while current-quarter sales included $23.9 million from Green Giant co-manufacturing and $13.2 million from College Inn and Kitchen Basics.
Profitability improved on an adjusted basis despite lower sales. Gross profit as a percentage of net sales rose to 20.8% from 20.5%, and adjusted gross profit as a percentage of net sales rose to 21.8% from 21.0%. Management attributed the gross-profit percentage improvement to the higher-margin College Inn and Kitchen Basics brands, the divestiture of the lower-margin Green Giant U.S. frozen business, and tariff refunds. Selling, general and administrative expenses fell $6.6 million, or 14.0%, to $40.6 million, with the expense ratio improving to 10.6% from 11.1%.
Adjusted EBITDA increased to $60.4 million from $58.0 million, and adjusted EBITDA as a percentage of net sales increased to 15.8% from 13.7%. Adjusted net income rose to $4.9 million from $2.9 million and adjusted diluted EPS rose to $0.06 from $0.04. GAAP results remained negative, with a net loss of $4.0 million, or $0.05 per diluted share, although this improved from a net loss of $9.8 million, or $0.12 per diluted share.
Interest expense remains a significant offset. Net interest expense increased to $38.5 million from $35.8 million, due to higher average long-term debt outstanding and the 11.00% interest rate on the new senior notes due 2031. The company also incurred interest on both the new notes and the 5.25% senior notes due 2027 during a 24-day period. For the first two quarters, the company recognized a $36.3 million loss on sale of assets, primarily related to the Green Giant U.S. frozen divestiture.
Management reaffirmed its full-year fiscal 2026 guidance for net sales of $1.735 billion to $1.775 billion, adjusted EBITDA of $275.0 million to $290.0 million, and adjusted diluted EPS of $0.575 to $0.675. The key operating issue is whether base business volume stabilizes while the company sustains the favorable margin mix associated with the acquired brands, the divested frozen business, co-manufacturing revenue, and tariff refunds.
Management, verbatim
Our second quarter results reflect the discipline we have brought to reshaping B&G Foods’ portfolio. Following the divestiture of our Green Giant U.S. frozen business and the acquisition of the College Inn and Kitchen Basics brands, we grew adjusted EBITDA and expanded our adjusted EBITDA margin in the second quarter as compared to the second quarter of last year, while reducing selling, general and administrative expenses. We also completed a $475 million offering of senior notes due 2031 to refinance senior notes due 2027, strengthening our balance sheet. Together, these results keep us on track to deliver our full year 2026 guidance.
Bruce Wacha, Executive Vice President of Finance and Chief Financial Officer of B&G Foods
Not in the filing
stated, not guessed- Period end date.
- GAAP operating income or loss for the second quarter of 2026.
- GAAP operating margin for the second quarter of 2026.
- Cash balance.
- Total debt balance.
- Operating cash flow.
- Free cash flow.
- Capital expenditures.
- Share repurchases.
- Dividend declaration or payment.
- Formal reportable-segment revenue and profitability.
- Prior-quarter comparisons for reported second-quarter metrics.
- Full-year fiscal 2026 guidance for gross margin, operating expenses, and tax rate.
- Prior-year values for first-two-quarters net loss, diluted EPS, adjusted net income, adjusted diluted EPS, and adjusted EBITDA are not printed in the provided filing text.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
B&G Foods filed an 8-K with Exhibit 99.1 reporting Q2 2026 results and first two quarters of 2026, including effects from the College Inn and Kitchen Basics acquisition (completed Mar 19, 2026) and Green Giant U.S. frozen divestiture (completed Mar 2, 2026).
Ticker impact
B&G Foods reported Q2 2026 results and reaffirmed FY2026 guidance, including net sales $1.735B to $1.775B and adjusted EPS $0.575 to $0.675.
Near-term bias modestly positive if investors view the reaffirmed guidance and margin expansion as credible despite lower base net sales.
Adjusted EBITDA and adjusted EPS improved year over year, and management reaffirmed full-year ranges; however, net sales declined and net interest expense rose, which can temper upside.
Market effects
Signals ongoing portfolio reshaping in packaged foods, with margin improvement tied to higher-margin acquisitions and divestitures.
Limited direct regional read-through; primarily company-specific US packaged foods execution.
Minimal global spillover beyond tariff refund mention and foreign-currency impact being small.
Counterpoint
Base business net sales fell 2.9% and net interest expense increased, so the earnings quality may be more balance-sheet and portfolio-driven than demand-driven.
Key entities
- companyB&G Foods, Inc.
Subject of the SEC 8-K, reporting Q2 2026 financial results and reaffirming FY2026 guidance.
- business_unitGreen Giant U.S. frozen business
Divested Mar 2, 2026; prior ownership affected year-over-year net sales comparisons.
- acquired_assetsCollege Inn and Kitchen Basics brands
Acquired and consolidated starting Mar 19, 2026, contributing to higher margins and adjusted profitability.
