v3.26.1
Reportable Segments
 3 Months Ended
Jul. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments
We operate in one industry: the manufacturing and marketing of food and beverage products. We have five reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, Sweet Baked Snacks, and Away From Home. The presentation of Other represents the International operating segment, which does not meet the criteria to be presented as a reportable segment under FASB Accounting Standards Codification (“ASC”) 280.
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. The Away From Home reportable segment includes the sale of all products, with the exception of Sweet Baked Snacks products, 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 chief operating decision maker (“CODM”). The CODM uses 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 CODM manages 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.
Three Months Ended July 31, 2026
U.S. Retail CoffeeU.S. Retail Frozen Handheld and SpreadsU.S. Retail Pet FoodsSweet Baked SnacksAway From Home
Other (A)
Total
Net sales$807.8 $499.3 $371.7 $236.5 $203.7 $100.3 $2,219.3 
 Segment cost of products sold (B)
404.5 305.9 203.9 169.1 118.3 67.4 
 Segment selling and distribution expenses (C)
100.4 63.6 71.0 39.2 24.6 13.4 
 Other segment items (D)
2.9 0.1 (2.1)(1.7)(0.4)0.2 
Segment profit$300.0 $129.7 $98.9 $29.9 $61.2 $19.3 $639.0 
Reconciliation of segment profit:
Amortization(57.9)
Interest expense – net(82.3)
Change in net cumulative unallocated derivative gains and losses29.4 
Other special project costs (E)
(0.6)
Corporate administrative expenses(98.3)
Other income (expense) – net (E)
(1.4)
Income before income taxes$427.9 
Three Months Ended July 31, 2025
U.S. Retail CoffeeU.S. Retail Frozen Handheld and SpreadsU.S. Retail Pet FoodsSweet Baked SnacksAway From Home
Other (A)
Total
Net sales$717.2 $484.7 $368.0 $253.2 $198.3 $91.9 $2,113.3 
 Segment cost of products sold (B)
498.9 299.3 204.8 176.8 124.8 65.5 
 Segment selling and distribution expenses (C)
84.0 70.8 66.8 41.2 23.1 12.3 
 Other segment items (D)
0.1 0.3 (4.9)1.0 (1.0)— 
Segment profit$134.2 $114.3 $101.3 $34.2 $51.4 $14.1 $449.5 
Reconciliation of segment profit:
Amortization(50.2)
Interest expense – net(100.2)
Change in net cumulative unallocated derivative gains and losses(253.1)
Cost of products sold – special project costs (E)
(15.4)
Other special project costs (E)
(6.0)
Corporate administrative expenses(79.2)
Other income (expense) – net (1.9)
Income (loss) before income taxes$(56.5)
(A)    Represents the International operating segment.
(B)     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 3: Special Project Costs and Note 7: Derivative Financial Instruments.
(C)    Segment selling and distribution expenses excludes corporate administrative expenses and special project costs that are not allocated to the segments.
(D)    Other segment items primarily reflects the loss (gain) on disposal of assets, plant administrative expenses, equity method investment income, and royalty income.
(E)    Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 3: 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.
July 31, 2026April 30, 2026
Assets:
U.S. Retail Coffee$4,696.2 $4,692.0 
U.S. Retail Frozen Handheld and Spreads2,978.5 3,236.6 
U.S. Retail Pet Foods4,621.6 4,624.2 
Sweet Baked Snacks2,289.9 2,318.9 
Away From Home1,076.3 798.4 
Other (A)
432.6 422.8 
Unallocated (B)
108.1 126.5 
Total assets$16,203.2 $16,219.4 
Three Months Ended July 31,
20262025
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee$24.6 $24.4 
U.S. Retail Frozen Handheld and Spreads21.7 25.1 
U.S. Retail Pet Foods31.0 30.3 
Sweet Baked Snacks30.0 21.9 
Away From Home11.3 7.8 
Other (A)
2.2 2.4 
Unallocated (C)
6.7 23.3 
Total depreciation, amortization, and impairment charges$127.5 $135.2 
Additions to property, plant, and equipment:
U.S. Retail Coffee$15.2 $11.5 
U.S. Retail Frozen Handheld and Spreads19.9 40.1 
U.S. Retail Pet Foods23.3 11.4 
Sweet Baked Snacks11.7 10.2 
Away From Home13.3 8.8 
Other (A)
5.0 2.3 
Total additions to property, plant, and equipment$88.4 $84.3 
(A)Represents the International operating segment.
(B)Primarily represents unallocated cash and cash equivalents and corporate-held investments.
(C)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.
Three Months Ended July 31,
20262025
Net sales:
United States$2,108.7 $2,009.4 
International:
Canada$69.9 $70.7 
All other international40.7 33.2 
Total international$110.6 $103.9 
Total net sales$2,219.3 $2,113.3 
The following table presents product category information.
Three Months Ended July 31,
20262025
Primary Reportable Segment (A)
Coffee$916.8 $816.1 U.S. Retail Coffee
Frozen handheld273.4 244.1 U.S. Retail Frozen Handheld and Spreads
Sweet baked goods236.5 253.2 Sweet Baked Snacks
Pet snacks199.7 203.4 U.S. Retail Pet Foods
Peanut butter197.9 207.0 U.S. Retail Frozen Handheld and Spreads
Cat food187.2 179.3 U.S. Retail Pet Foods
Fruit spreads93.1 95.3 U.S. Retail Frozen Handheld and Spreads
Portion control53.5 50.4 Away From Home
Toppings and syrups25.6 29.7 U.S. Retail Frozen Handheld and Spreads
Baking mixes and ingredients15.2 14.5 
Other (B)
Other20.4 20.3 
Other (B)
Total net sales$2,219.3 $2,113.3 
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category.
(B)Represents the International operating segment.