LW — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-07-24

• We believe that our employees and our workplace culture are among our most important assets, and that our employees are integral to our ability to achieve our strategic objectives. Attracting, developing, and retaining the best talent globally with the right skills to drive our mission, vision, and …

• Jan E.B. Craps has served as our Executive Chair and a member of our Board since February 2026. He has also been an owner and director of Eli Eagle Consulting Limited, a board consulting firm, since October 2025. Prior to that, Mr. Craps served as Chief Executive Officer and a director of Budweiser …

• Michael J. Smith has served as our President and Chief Executive Officer and a member of our Board since January 2025. Prior to that, he served as our Chief Operating Officer from May 2023 until December 2024 and Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovat…

• Michael C. Crowley has served as our President, North America since January 2025. Prior to that, he served as our Senior Vice President and General Manager, Multinational Chain from June 2023 to January 2025 and Vice President Sales, Global Accounts from October 2018 to June 2023.

• James D. Gray has served as our Chief Financial Officer since April 2026. Before joining Lamb Weston, Mr. Gray served as the Executive Vice President and Chief Financial Officer at Ingredion Incorporated, a global ingredients solutions company, from March 2017 to March 2026. Mr. Gray joined Ingredio…

Text removed vs the prior filing · source: 10-K · 2025-07-23

• The number of days of inventory on hand exceeded our typical levels the last two fiscal years primarily due to lower sales volume compared to forecasted amounts. We have working capital initiatives underway to decrease inventories in line with historical levels.

• We believe that our employees and our workplace culture are among our most important assets, and that our employees are integral to our ability to achieve our strategic objectives. Attracting, developing, and retaining the best talent globally with the right skills to drive our mission, vision, and …

• Michael J. Smith has served as our President and Chief Executive Officer and a member of our board of directors since January 2025. Prior to that, he served as our Chief Operating Officer since May 2023, Senior Vice President and General Manager of Foodservice, Retail, Marketing and Innovation from …

• Michael C. Crowley has served as our President, North America since January 2025. Prior to that, he served as our Senior Vice President and General Manager, Multinational Chain from June 2023 to January 2025, Vice President Sales, Global Accounts from October 2018 to June 2023 and Vice President Sal…

• Benjamin Heselton has served as our Chief Information Officer since May 2025. Before joining Lamb Weston, Mr. Heselton served as the Chief Technology Officer of Wurth IT USA, an information technology services company and a division of The Würth Group, from January 2024 to April 2025. Mr. Heselton j…

Text added vs the prior filing · source: 10-K · 2026-07-24

• We continue to experience elevated commodity and supply chain costs, including the costs of labor, raw materials (such as edible oil, grain and starch), energy, fuel, packaging materials, and other inputs necessary for the production and distribution of our products, as well as transportation and lo…

• Though we provide most of our customers with local/regional supply, products we manufacture at our one production facility in Canada and import to the U.S., as well as the 5% of our inputs, primarily edible oils and natural gas, that are sourced in Canada, are currently exempt from U.S. tariffs as t…

• Our attempts to offset these cost pressures, such as through increases in the selling prices of some of our products, productivity initiatives or through our commodity hedging activity, may not be successful or sustainable. Our future success and earnings growth depend in part on our ability to main…

• notably in Europe, and the volatility of the macroeconomic environment. If we are unable to increase prices, or if price increases are not sufficient, to offset these increased costs adequately or in a timely manner, and/or if they result in significant decreases in sales volume, our business, finan…

• Our ability to manufacture or sell our products may be impaired by damage or disruption to our manufacturing, warehousing or distribution capabilities, or to the capabilities of our suppliers, logistics service providers, or independent distributors. This damage or disruption could result from execu…

Text removed vs the prior filing · source: 10-K · 2025-07-23

• be additional risks and uncertainties that we do not presently know or that we do not currently believe to be material that may adversely affect our business, financial condition, or results of operations in the future.

• During fiscal 2025, we continued to experience elevated commodity and supply chain costs, including the costs of labor, raw materials (such as potatoes, edible oil, grain and starch), energy, fuel, packaging materials, and other inputs necessary for the production and distribution of our products, a…

• We also may not be successful in mitigating the effects of these cost increases through productivity initiatives or through our commodity hedging activity. Our future success and earnings growth depend in part on our ability to maintain the appropriate cost structure and operate efficiently in the h…

• Our ability to manufacture or sell our products may be impaired by damage or disruption to our manufacturing, warehousing or distribution capabilities, or to the capabilities of our suppliers, logistics service providers, or independent distributors. This damage or disruption could result from execu…

• disasters, product or raw material scarcity, fire, terrorism, pandemics, armed hostilities (including the ongoing war in Ukraine and conflicts in the Middle East), strikes, labor shortages, cybersecurity breaches, governmental restrictions or mandates, disruptions in logistics, supplier capacity con…

Text added vs the prior filing · source: 10-K · 2026-07-24

• The following highlights our financial results for fiscal 2026. For more information, refer to the “Results of Operations” and “Non-GAAP Financial Measures” sections below.

• In fiscal 2026, we delivered a solid year, led by strong volume and share growth in North America, while making meaningful progress in executing our Focus to Win strategy.

• Internationally, volume grew in Asia Pacific, and Latin America, which more than offset volume losses in EMEA. Increased competition, softer demand and the disruption of shipments in the Middle East due to the conflict in Iran resulted in a challenging year for the EMEA region. We continue to active…

• We are encouraged by our momentum with customers, including new wins and continued strengthening of existing relationships, notably in North America. The quality and depth of our relationships combined with our focus on service, consistent delivery and exceptional product quality are contributing to…

• We advanced our executing with excellence strategic pillar through supply chain and manufacturing operating improvements. The significant productivity gains lowered our cost per pound and generated cost savings to offset inflation and unexpected costs.

Text removed vs the prior filing · source: 10-K · 2025-07-23

• We ended the year with improved trends in customer wins and retention, leading to volume growth for the full year. Inflationary pressure persisted in fiscal 2025, which contributed to consumer uncertainty and lower overall restaurant traffic and frozen potato demand. To compete in this highly compet…

• A detailed review of our fiscal 2025 performance compared to fiscal 2024 is included in the “Results of Operations” and “Non-GAAP Financial Measures” sections below. For more information related to the FY25 Restructuring Plan, see Note 4, Restructuring, of the Notes to Consolidated Financial Stateme…

• In fiscal 2026, we expect continued pressure on consumers from macroeconomic and geopolitical factors and that global restaurant traffic will remain approximately even with fiscal 2025 levels. We believe customers and consumers will continue to prioritize french fries as a menu and at home item and …

• On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). Accounting Standards Codification (“ASC”) 740, Income Taxes, requires the effects of changes in tax rates and laws to be recognized in the period in which the legislation is enacted. We expect the OBBBA to pri…

• Fiscal Year Ended May 25, 2025 Compared to Fiscal Year Ended May 26, 2024