0001679273-25-000076 | 10-Q | XBRL Viewer

INVENTORIES (Tables)

6 Months Ended

Nov. 23, 2025

The components of inventories were as follows:


(in millions)	November 23, 2025		May 25, 2025
Raw materials and packaging	$	312.5	$	171.5
Finished goods	686.1		755.7
Supplies and other	119.2		108.2
Inventories	$	1,117.8	$	1,035.4

INCOME TAXES

6 Months Ended

Nov. 23, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income tax expense for the periods presented were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Income (loss) before income taxes and equity method earnings	$	94.9	$	(24.8)	$	207.7	$	142.1
Equity method investment earnings	$	3.2	$	2.1	$	2.6	$	13.4
Income tax expense	$	36.0	$	13.4	$	83.9	$	64.2
Effective tax rate (a)	36.7%		(59.0)%		39.9%		41.3%

___________________________________________

(a)The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes and currency, permanent differences, and discrete items.

Income Taxes Paid

Income taxes paid, net of refunds, were $69.9 million and $86.4 million during the twenty-six weeks ended November 23, 2025 and November 24, 2024, respectively.

- Definition

The entire disclosure for income tax.

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+ Details

SEGMENTS - Schedule of the Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 99.7	$ 92.5	$ 195.9	$ 183.9
Unrealized derivative gains and losses	12.1	3.0	7.2	(5.9)
Foreign currency exchange losses	6.8	9.6	2.1	10.2
Blue chip swap gains	0.0	(3.3)	0.0	(19.9)
Stock-based compensation	9.5	12.3	20.1	21.8
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses	14.1	159.1	46.0	159.1
Shareholder activism expense	0.0	0.4	4.0	0.4
Pension settlement	1.1	0.0	14.2	0.0
Interest expense, net	44.3	43.3	88.0	88.5
Income before income taxes	98.1	(22.7)	210.3	155.5
Income tax expense	36.0	13.4	83.9	64.2
Net income (loss)	62.1	(36.1)	126.4	91.3
Interest expense, income tax expense, and depreciation and amortization from equity method investments	2.2	2.0	4.4	4.1
Expense voluntary product withdrawal				39.0
North America
Items impacting comparability:
Expense voluntary product withdrawal				21.0
International
Items impacting comparability:
Expense voluntary product withdrawal				18.0
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	1,618.1	1,600.9	3,277.3	3,255.0
Other segment items	1,303.1	1,283.1	2,645.1	2,607.8
Segment Adjusted EBITDA/Unallocated corporate costs	315.0	317.8	632.2	647.2
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net Sales	1,069.5	1,072.1	2,154.0	2,175.8
Other segment items	781.7	802.9	1,606.2	1,628.6
Segment Adjusted EBITDA/Unallocated corporate costs	287.8	269.2	547.8	547.2
Operating Segments \| International
Segment Reporting Information [Line Items]
Net Sales	548.6	528.8	1,123.3	1,079.2
Other segment items	521.4	480.2	1,038.9	979.2
Segment Adjusted EBITDA/Unallocated corporate costs	27.2	48.6	84.4	100.0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA/Unallocated corporate costs	$ (29.3)	$ (23.6)	$ (44.4)	$ (53.6)

Cover - shares	6 Months Ended
Cover - shares	Nov. 23, 2025	Dec. 12, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 23, 2025
Document Transition Report	false
Entity File Number	1-37830
Entity Registrant Name	LAMB WESTON HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1797411
Entity Address, Address Line One	599 S. Rivershore Lane
Entity Address, City or Town	Eagle
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83616
City Area Code	208
Local Phone Number	938-1047
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	LW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,879,884
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001679273
Current Fiscal Year End Date	--05-31

RESTRUCTURING PLAN - Summary of the Pre-Tax Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 14.1	$ 159.1	$ 46.0	$ 159.1
Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	14.1	159.1	46.0	159.1
Accelerated depreciation, retirement of assets, and other plant charges \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0.0	45.8	1.8	45.8
Potato contract terminations \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0.0	64.7	0.0	64.7
Inventory write-off \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0.0	19.8	0.0	19.8
Employee related costs \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0.9	16.2	9.0	16.2
Professional services and other \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 13.2	$ 12.6	$ 35.2	$ 12.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SEGMENTS - Narrative (Details) - segment	3 Months Ended	6 Months Ended
SEGMENTS - Narrative (Details) - segment	Nov. 23, 2025	Nov. 23, 2025
Segment Reporting [Abstract]
Number of reportable segments	2	2
Number of Operating Segments		2

RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions	Jul. 23, 2025	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges		$ 14.1	$ 159.1	$ 46.0	$ 159.1
Cost Savings Program \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	$ 70.0
Cost Savings Program \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring costs and asset impairment charges	$ 100.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORIES

6 Months Ended

Nov. 23, 2025

Inventory Disclosure [Abstract]

INVENTORIES

Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value and include all costs directly associated with manufacturing products: materials, labor, and manufacturing overhead. The components of inventories were as follows:


(in millions)	November 23, 2025		May 25, 2025
Raw materials and packaging	$	312.5	$	171.5
Finished goods	686.1		755.7
Supplies and other	119.2		108.2
Inventories	$	1,117.8	$	1,035.4

OTHER ASSETS

6 Months Ended

Nov. 23, 2025

Other Assets, Noncurrent Disclosure [Abstract]

OTHER ASSETS

The components of other assets were as follows:


(in millions)	November 23, 2025		May 25, 2025
Capitalized software costs	$	192.3	$	208.7
Equity method investments	51.2		47.5
Property, plant and equipment deposits	24.7		30.3
Other	70.3		68.1
Other assets	$	338.5	$	354.6

EARNINGS PER SHARE

6 Months Ended

Nov. 23, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions, except per share amounts)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Numerator:
Net income (loss)	$	62.1	$	(36.1)	$	126.4	$	91.3

Denominator:
Basic weighted average common shares outstanding	139.4		142.8		139.4		143.2
Add: Dilutive effect of employee incentive plans (a)	0.2		0.4		0.3		0.5
Diluted weighted average common shares outstanding	139.6		143.2		139.7		143.7

Earnings per share:
Basic	$	0.45	$	(0.25)	$	0.91	$	0.64
Diluted	$	0.44	$	(0.25)	$	0.90	$	0.64

___________________________________________

(a)Potential dilutive shares of common stock under employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of November 23, 2025 and November 24, 2024, we excluded 1.0 million and 0.6 million, respectively, of shares of stock-based awards from the computation of diluted earnings per share because they would be antidilutive.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Nov. 23, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 2.8	$ 10.2
Derivative liabilities	(6.1)	(7.0)
Deferred compensation liabilities	(30.0)	(27.0)
Fair value, net	(33.3)	(23.8)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Fair value, net	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2.8	10.2
Derivative liabilities	(6.1)	(7.0)
Deferred compensation liabilities	(30.0)	(27.0)
Fair value, net	(33.3)	(23.8)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Deferred compensation liabilities	0.0	0.0
Fair value, net	$ 0.0	$ 0.0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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INCOME TAXES - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes and equity method earnings	$ 94.9	$ (24.8)	$ 207.7	$ 142.1
Equity method investment earnings	3.2	2.1	2.6	13.4
Income tax expense	$ 36.0	$ 13.4	$ 83.9	$ 64.2
Effective tax rate (as a percent)	36.70%	(59.00%)	39.90%	41.30%

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+ Details

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1.0	$ 0.9
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, authorized shares (in shares)	600,000,000	600,000,000
Common stock, issued shares (in shares)	152,006,164	151,390,267
Treasury stock, common shares (in shares)	13,126,699	12,152,507

ACCRUED LIABILITIES (Tables)

6 Months Ended

Nov. 23, 2025

Payables and Accruals [Abstract]

Schedule of Components of Accrued Liabilities

The components of accrued liabilities were as follows:


(in millions)	November 23, 2025		May 25, 2025
Compensation and benefits	$	120.1	$	104.5
Accrued trade promotions	97.1		88.2
Dividends payable to shareholders	51.4		51.7
Accrued interest	35.0		36.3
Taxes payable	27.2		37.3
Current portion of operating lease obligations	26.1		23.9
Plant accruals	20.4		23.0
Derivative liabilities and payables	6.1		7.0
Other	40.8		39.1
Accrued liabilities	$	424.2	$	411.0

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Nov. 23, 2025	Nov. 24, 2024
Income Tax Disclosure [Abstract]
Income taxes paid, net of refunds	$ 69.9	$ 86.4

PROPERTY, PLANT AND EQUIPMENT - Depreciation And Amortization Between Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 89.4	$ 112.2	$ 175.6	$ 194.0
Amortization	7.9	7.2	15.9	14.7
Depreciation - COS
Property, Plant and Equipment [Line Items]
Depreciation expense	86.2	79.6	168.9	158.1
Depreciation - SG&A
Property, Plant and Equipment [Line Items]
Depreciation expense	3.2	3.7	6.7	7.0
Depreciation - Restructuring expense
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.0	$ 28.9	$ 0.0	$ 28.9

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024
Cash flows from operating activities
Net income (loss)	$ 126.4	$ 91.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangibles and debt issuance costs	191.5	211.0
Stock-settled, stock-based compensation expense	20.1	21.9
Equity method investment (earnings) loss, net of distributions	(2.8)	11.5
Deferred income taxes	19.0	1.4
Pension expense, net of contributions	14.2	1.2
Blue chip swap transaction gains	0.0	(19.9)
Other	11.8	14.4
Changes in operating assets and liabilities:
Receivables	43.8	39.0
Inventories	(79.5)	(198.2)
Income taxes payable/receivable, net	(6.5)	(25.1)
Prepaid expenses and other current assets	67.5	75.2
Accounts payable	117.3	216.8
Accrued liabilities	7.6	(11.2)
Net cash provided by operating activities	530.4	429.3
Cash flows from investing activities
Additions to property, plant and equipment	(155.0)	(474.6)
Additions to other long-term assets	(0.7)	(31.7)
Proceeds from sale of property, plant and equipment	14.7	1.5
Proceeds from blue chip swap transactions, net of purchases	0.0	19.9
Other	3.7	0.0
Net cash used for investing activities	(137.3)	(484.9)
Cash flows from financing activities
Proceeds from short-term borrowings	374.8	811.6
Repayments of short-term borrowings	(562.4)	(813.8)
Proceeds from issuance of debt	0.0	520.2
Repayments of debt and financing obligations	(35.7)	(245.4)
Dividends paid	(103.3)	(103.3)
Repurchase of common stock and common stock withheld to cover taxes	(59.1)	(92.8)
Other	3.9	(13.2)
Net cash (used for) provided by financing activities	(381.8)	63.3
Effect of exchange rate changes on cash and cash equivalents	0.7	(0.1)
Net increase in cash and cash equivalents	12.0	7.6
Cash and cash equivalents, beginning of period	70.7	71.4
Cash and cash equivalents, end of period	$ 82.7	$ 79.0

DEBT AND FINANCING OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024
Debt Disclosure [Abstract]
Available amount under committed revolving credit facilities	$ 1,350.3
Interest paid	$ 100.5	$ 97.1

DEBT AND FINANCING OBLIGATIONS

6 Months Ended

Nov. 23, 2025

Debt Disclosure [Abstract]

DEBT AND FINANCING OBLIGATIONS

The components of our debt, including financing obligations, were as follows:


(in millions)	November 23, 2025				May 25, 2025
	Amount		Interest Rate		Amount		Interest Rate
Short-term borrowings:
Revolving credit facility	$	149.7	3.830	%	$	333.2	5.940	%
Other credit facilities (a)	37.3				37.6
	187.0				370.8
Long-term debt:
Term A-3 loan facility, due January 2030 (b)	393.8		6.350		405.0		6.900
Term A-4 loan facility, due May 2029 (b)	304.7		6.690		312.8		6.630
Term A-5 loan facility, due September 2031 (b)	481.3		5.660		493.8		5.650
RMB loan facility, due February 2027	142.2		3.800		143.8		4.040
RMB loan facility, due September 2029	19.7		3.800		19.6		3.960
Euro term loan facility, due May 2029	230.3		3.440		227.2		4.510
4.875% senior notes, due May 2028	500.0		4.875		500.0		4.875
4.125% senior notes, due January 2030	970.0		4.125		970.0		4.125
4.375% senior notes, due January 2032	700.0		4.375		700.0		4.375
	3,742.0				3,772.2
Financing obligations:
Lease financing obligations due on various dates through 2040	4.5				5.2

Total debt and financing obligations	3,933.5				4,148.2
Debt issuance costs (c)	(14.9)				(16.8)
Short-term borrowings	(187.0)				(370.8)
Current portion of long-term debt and financing obligations	(82.7)				(77.8)
Long-term debt and financing obligations, excluding current portion	$	3,648.9			$	3,682.8

___________________________________________

(a)Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates.

(b)The interest rates applicable to the Term A-3, A-4, and A-5 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under these term loan facilities.

(c)Excludes debt issuance costs of $3.4 million and $3.9 million as of November 23, 2025 and May 25, 2025, respectively, related to our Revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.

As of November 23, 2025, we had $1,350.3 million of available liquidity under our committed revolving credit facility.

For the twenty-six weeks ended November 23, 2025 and November 24, 2024, we paid $100.5 million and $97.1 million of interest on debt, respectively.

For more information about our debt and financing obligations, interest rates, and debt covenants, see Note 8, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Current assets:
Cash and cash equivalents	$ 82.7	$ 70.7
Receivables, net of allowances of $0.9 and $0.9	742.2	781.6
Inventories	1,117.8	1,035.4
Prepaid expenses and other current assets	68.3	145.0
Total current assets	2,011.0	2,032.7
Property, plant and equipment, net	3,652.9	3,687.9
Operating lease assets	118.2	113.2
Goodwill	1,099.5	1,090.2
Intangible assets, net	110.9	114.0
Other assets	338.5	354.6
Total assets	7,331.0	7,392.6
Current liabilities:
Short-term borrowings	187.0	370.8
Current portion of long-term debt and financing obligations	82.7	77.8
Accounts payable	709.2	616.4
Accrued liabilities	424.2	411.0
Total current liabilities	1,403.1	1,476.0
Long-term liabilities:
Long-term debt and financing obligations, excluding current portion	3,648.9	3,682.8
Deferred income taxes	273.3	253.5
Other noncurrent liabilities	251.3	242.6
Total long-term liabilities	4,173.5	4,178.9
Commitments and contingencies
Stockholders’ equity:
Common stock of $1.00 par value, 600,000,000 shares authorized; [xxx,xxx,xxx] and 150,735,397 shares issued	152.0	151.4
Treasury stock, at cost, 12,152,507 and 7,068,741 common shares	(897.4)	(838.0)
Additional distributed capital	(453.7)	(479.1)
Retained earnings	2,871.9	2,848.9
Accumulated other comprehensive income	81.6	54.5
Total stockholders’ equity	1,754.4	1,737.7
Total liabilities and stockholders’ equity	$ 7,331.0	$ 7,392.6

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Nov. 23, 2025

Stockholders' Equity Note [Abstract]

Schedule of Changes in AOCI, Net of Tax

Changes in accumulated other comprehensive income, net of taxes, as of November 23, 2025 were as follows:


(in millions)	Foreign Currency Translation Gain		Pension and Post-Retirement Benefits		Other		Accumulated Other Comprehensive Income
Balance as of May 25, 2025	$	58.9	$	(4.6)	$	0.2	$	54.5
Other comprehensive income before reclassifications, net of tax	21.9		5.2		—		27.1
Net current-period other comprehensive income	21.9		5.2		—		27.1
Balance as of November 23, 2025	$	80.8	$	0.6	$	0.2	$	81.6

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Nov. 23, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

The components of property, plant and equipment were as follows:


(in millions)	November 23, 2025		May 25, 2025
Land and land improvements	$	209.1	$	191.6
Buildings, machinery and equipment	5,574.6		5,136.3
Furniture, fixtures, office equipment and other	154.5		161.9
Construction in progress	222.3		551.7
Property, plant and equipment, at cost	6,160.5		6,041.5
Less accumulated depreciation	(2,507.6)		(2,353.6)
Property, plant and equipment, net	$	3,652.9	$	3,687.9

At November 23, 2025 and May 25, 2025, purchases of property, plant and equipment included in accounts payable were $59.1 million and $85.4 million, respectively.

The table below presents a breakdown of depreciation and amortization between Cost of sales (“COS”) and Selling, general and administrative expense (“SG&A”) for the thirteen and twenty-six weeks ended November 23, 2025 and November 24, 2024.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Depreciation - COS	$	86.2	$	79.6	$	168.9	$	158.1
Depreciation - SG&A	3.2		3.7		6.7		7.0
Depreciation - Restructuring expense (a)	—		28.9		—		28.9
	$	89.4	$	112.2	$	175.6	$	194.0



Amortization	$	7.9	$	7.2	$	15.9	$	14.7

Interest capitalized within construction in progress for the thirteen weeks ended November 23, 2025 and November 24, 2024, was $1.6 million and $8.2 million, respectively; and $7.0 million and $14.9 million for the twenty-six weeks ended November 23, 2025 and November 24, 2024, respectively.

ACCRUED LIABILITIES

6 Months Ended

Nov. 23, 2025

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

The components of accrued liabilities were as follows:


(in millions)	November 23, 2025		May 25, 2025
Compensation and benefits	$	120.1	$	104.5
Accrued trade promotions	97.1		88.2
Dividends payable to shareholders	51.4		51.7
Accrued interest	35.0		36.3
Taxes payable	27.2		37.3
Current portion of operating lease obligations	26.1		23.9
Plant accruals	20.4		23.0
Derivative liabilities and payables	6.1		7.0
Other	40.8		39.1
Accrued liabilities	$	424.2	$	411.0

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS (Tables)

6 Months Ended

Nov. 23, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

The following table presents changes in goodwill balances, by segment, for the twenty-six weeks ended November 23, 2025:


(in millions)	North America		International		Total
Balance at May 25, 2025	$	753.2	$	337.0	$	1,090.2
Foreign currency translation adjustment	6.5		2.8		9.3
Balance at November 23, 2025	$	759.7	$	339.8	$	1,099.5

Schedule of Other Identifiable Intangible Assets, Non-Amortizing Intangible Assets

Other identifiable intangible assets were as follows:


	November 23, 2025							May 25, 2025
(in millions, except useful lives)	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	13	142.1		(49.2)		92.9		13	140.8		(44.8)		96.0
		$	160.1	$	(49.2)	$	110.9		$	158.8	$	(44.8)	$	114.0

___________________________________________

(a)Non-amortizing intangible assets represent brands and trademarks.

(b)Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.

Schedule of Other Identifiable Intangible Assets, Amortizing Intangible Assets

Other identifiable intangible assets were as follows:


	November 23, 2025							May 25, 2025
(in millions, except useful lives)	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	13	142.1		(49.2)		92.9		13	140.8		(44.8)		96.0
		$	160.1	$	(49.2)	$	110.9		$	158.8	$	(44.8)	$	114.0

___________________________________________

(a)Non-amortizing intangible assets represent brands and trademarks.

(b)Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Subparagraph (g)
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Nov. 23, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions, except per share amounts)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Numerator:
Net income (loss)	$	62.1	$	(36.1)	$	126.4	$	91.3

Denominator:
Basic weighted average common shares outstanding	139.4		142.8		139.4		143.2
Add: Dilutive effect of employee incentive plans (a)	0.2		0.4		0.3		0.5
Diluted weighted average common shares outstanding	139.6		143.2		139.7		143.7

Earnings per share:
Basic	$	0.45	$	(0.25)	$	0.91	$	0.64
Diluted	$	0.44	$	(0.25)	$	0.90	$	0.64

___________________________________________

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Payables and Accruals [Abstract]
Compensation and benefits	$ 120.1	$ 104.5
Accrued trade promotions	97.1	88.2
Dividends payable to shareholders	51.4	51.7
Taxes payable	27.2	37.3
Accrued interest	35.0	36.3
Current portion of operating lease obligations	26.1	23.9
Plant accruals	20.4	23.0
Derivative liabilities and payables	6.1	7.0
Other	40.8	39.1
Accrued liabilities	$ 424.2	$ 411.0

RESTRUCTURING - Restructuring Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 14.1	$ 159.1	$ 46.0	$ 159.1
Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	14.1	159.1	46.0	159.1
Cost of sales \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	0.0	75.5	(0.4)	75.5
Restructuring expense \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	14.1	74.6	46.4	74.6
Equity method investment earnings \| Restructuring Plan And Cost Savings Program
Restructuring Cost and Reserve [Line Items]
Net restructuring charges	$ 0.0	$ 9.0	$ 0.0	$ 9.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - segment	3 Months Ended	6 Months Ended
	Nov. 23, 2025	Nov. 23, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2	2

OTHER ASSETS (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Other Assets, Noncurrent Disclosure [Abstract]
Capitalized software costs	$ 192.3	$ 208.7
Equity method investments	51.2	47.5
Property, plant and equipment deposits	24.7	30.3
Other	70.3	68.1
Other assets	$ 338.5	$ 354.6

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

INCOME TAXES (Tables)

6 Months Ended

Nov. 23, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense for the periods presented were as follows:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Income (loss) before income taxes and equity method earnings	$	94.9	$	(24.8)	$	207.7	$	142.1
Equity method investment earnings	$	3.2	$	2.1	$	2.6	$	13.4
Income tax expense	$	36.0	$	13.4	$	83.9	$	64.2
Effective tax rate (a)	36.7%		(59.0)%		39.9%		41.3%

___________________________________________

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Nov. 23, 2025 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 1,090.2
Foreign currency translation adjustment	9.3
Ending balance	1,099.5
North America
Goodwill [Roll Forward]
Beginning balance	753.2
Foreign currency translation adjustment	6.5
Ending balance	759.7
International
Goodwill [Roll Forward]
Beginning balance	337.0
Foreign currency translation adjustment	2.8
Ending balance	$ 339.8

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Nov. 23, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The components of property, plant and equipment were as follows:


(in millions)	November 23, 2025		May 25, 2025
Land and land improvements	$	209.1	$	191.6
Buildings, machinery and equipment	5,574.6		5,136.3
Furniture, fixtures, office equipment and other	154.5		161.9
Construction in progress	222.3		551.7
Property, plant and equipment, at cost	6,160.5		6,041.5
Less accumulated depreciation	(2,507.6)		(2,353.6)
Property, plant and equipment, net	$	3,652.9	$	3,687.9


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Depreciation - COS	$	86.2	$	79.6	$	168.9	$	158.1
Depreciation - SG&A	3.2		3.7		6.7		7.0
Depreciation - Restructuring expense (a)	—		28.9		—		28.9
	$	89.4	$	112.2	$	175.6	$	194.0



Amortization	$	7.9	$	7.2	$	15.9	$	14.7

DEBT AND FINANCING OBLIGATIONS (Tables)

6 Months Ended

Nov. 23, 2025

Debt Disclosure [Abstract]

Schedule of Debt, Including Financing Obligations

The components of our debt, including financing obligations, were as follows:


(in millions)	November 23, 2025				May 25, 2025
	Amount		Interest Rate		Amount		Interest Rate
Short-term borrowings:
Revolving credit facility	$	149.7	3.830	%	$	333.2	5.940	%
Other credit facilities (a)	37.3				37.6
	187.0				370.8
Long-term debt:
Term A-3 loan facility, due January 2030 (b)	393.8		6.350		405.0		6.900
Term A-4 loan facility, due May 2029 (b)	304.7		6.690		312.8		6.630
Term A-5 loan facility, due September 2031 (b)	481.3		5.660		493.8		5.650
RMB loan facility, due February 2027	142.2		3.800		143.8		4.040
RMB loan facility, due September 2029	19.7		3.800		19.6		3.960
Euro term loan facility, due May 2029	230.3		3.440		227.2		4.510
4.875% senior notes, due May 2028	500.0		4.875		500.0		4.875
4.125% senior notes, due January 2030	970.0		4.125		970.0		4.125
4.375% senior notes, due January 2032	700.0		4.375		700.0		4.375
	3,742.0				3,772.2
Financing obligations:
Lease financing obligations due on various dates through 2040	4.5				5.2

Total debt and financing obligations	3,933.5				4,148.2
Debt issuance costs (c)	(14.9)				(16.8)
Short-term borrowings	(187.0)				(370.8)
Current portion of long-term debt and financing obligations	(82.7)				(77.8)
Long-term debt and financing obligations, excluding current portion	$	3,648.9			$	3,682.8

___________________________________________

(a)Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

RESTRUCTURING (Tables)

6 Months Ended

Nov. 23, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Cost Savings Program and Restructuring Plan expenses related to:
Accelerated depreciation, retirement of assets, and other plant charges (a)	$	—	$	45.8	$	1.8	$	45.8
Potato contract terminations (b)	—		64.7		—		64.7
Inventory write-off (b)	—		19.8		—		19.8
Employee-related costs (c)	0.9		16.2		9.0		16.2
Professional services and other (d)	13.2		12.6		35.2		12.6
	$	14.1	$	159.1	$	46.0	$	159.1

___________________________________________

(a)Includes charges related to accelerating depreciation of the manufacturing facility permanently closed under the Restructuring Plan, other asset retirements, and plant charges.

(b)Includes the cost of contracted raw potatoes that were not used due to curtailed production and the write-off of inventories, including spare parts, related to the production curtailment under the Restructuring Plan.

(c)Includes employee severance and other one-time termination benefits related to reductions in headcount under the Plans.

(d)Includes professional services and other charges related to the Plans.

The following amounts related to the Plans are included within the following financial statement captions in the Company’s Consolidated Statements of Earnings:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Cost Savings Program and Restructuring Plan expenses included in:
Cost of sales	$	—	$	75.5	$	(0.4)	$	75.5

Restructuring expense	14.1		74.6		46.4		74.6
Equity method investment earnings	—		9.0		—		9.0
	$	14.1	$	159.1	$	46.0	$	159.1

The following is a roll-forward of accrued restructuring liabilities related to the Plans:


(in millions)	Restructuring Plan		Cost Savings Program		Total
Accrued restructuring liability, May 25, 2025	$	21.5	$	—	$	21.5
Additions	1.8		44.2		46.0
Payments	(23.3)		(32.1)		(55.4)
Accrued restructuring liability, November 23, 2025	$	—	$	12.1	$	12.1

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	6 Months Ended
	Nov. 23, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS	COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS We have financial commitments and other obligations that arise in the ordinary course of our business. These include long-term debt, lease obligations, and purchase commitments for goods and services. There have been no material changes to the commitments, contingencies, and guarantees disclosed in Note 14, Commitments, Contingencies, Guarantees, and Legal Proceedings, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K. Legal Proceedings In June 2024, two putative class actions were filed in the U.S. District Court for the District of Idaho against the Company and certain of our current and former executive officers alleging violations of the federal securities laws. The lawsuits were consolidated in November 2024. The amended consolidated complaint alleges the defendants made misrepresentations and omissions regarding the design and implementation of our enterprise resource planning system and the Company’s pricing practices. The complaint asserts claims on behalf of a proposed class of purchasers of the Company’s common stock between July 25, 2023 and December 19, 2024. On April 25, 2025, defendants filed a motion to dismiss. Briefing is complete but no hearing date has been set. In June 2025, a purported Company stockholder filed a verified stockholder derivative complaint (nominally on behalf of the Company) against certain of our current and former directors and officers, alleging violations of the federal securities laws and breach of fiduciary duty stemming from the same or similar purported misrepresentations and omissions regarding the design and implementation of our enterprise resource planning system as the putative class actions. The derivative lawsuit has been stayed pending resolution of the motion to dismiss in the securities class action. We believe the lawsuits lack merit and intend to vigorously defend against the allegations. We are currently unable to predict the outcome of this matter or estimate the range of potential loss, if any, that may result. In November 2024, a class action complaint was filed in the U.S. District Court for the Northern District of Illinois against the Company, certain of our subsidiaries and a number of other producers of frozen potato products alleging violations of antitrust laws. Additional class action complaints were later filed in the same court, based on similar allegations, bringing antitrust claims on behalf of putative classes of direct purchasers, commercial and institutional indirect purchasers, and end-consumer indirect purchasers. Some complaints named additional defendants. The complaints were ordered to be consolidated and amended. On October 6, 2025, plaintiffs filed three consolidated complaints on behalf of their putative classes, asserting amended claims against the Company, certain of our subsidiaries, other producers of frozen potato products, and a data provider. The consolidated complaints allege, among other things, that beginning at least as early as January 1, 2021, the defendants conspired to raise the price of frozen potato products above competitive levels in violation of U.S. antitrust laws by coordinating prices of frozen potato products and imposing lockstep price increases, allegedly facilitated by the exchange of non-public information about prices and production. The complaints on behalf of the putative classes of indirect purchasers also assert claims under various state laws, including state antitrust laws, unfair competition laws, and consumer protection statutes. The relief sought in the complaints includes treble damages, injunctive relief, equitable monetary relief, pre- and post-judgment interest, costs and attorneys’ fees. On December 5, 2025, defendants filed a motion to dismiss. Briefing is ongoing and the motion remains pending. Class actions based on similar allegations have also been filed in Canada, in the Supreme Court of British Columbia and the Superior Court of Quebec. We believe these complaints lack merit and intend to vigorously defend against the allegations. We are currently unable to predict the outcome of this matter or estimate the range of potential loss, if any, that may result. We are also a party to various other legal actions arising in the ordinary course of our business. These claims, legal proceedings and litigation principally arise from alleged casualty, product liability, employment, and other disputes. In determining loss contingencies, we consider the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that a liability has been incurred and when the amount of loss can be reasonably estimated. While any claim, proceeding or litigation has an element of uncertainty, we believe the outcome of any of these that are pending or threatened will not have a material adverse effect on our financial condition, results of operations, or cash flows.

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 23, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston and its consolidated subsidiaries for the thirteen and twenty-six weeks ended November 23, 2025 and November 24, 2024, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”). These consolidated financial statements are unaudited and include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The actual results that we experience may differ materially from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These financial statements and related condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 (the “Form 10-K”), where we include additional information on our critical accounting estimates, policies, and the methods and assumptions used in our estimates. We filed the Form 10-K with the Securities and Exchange Commission (the “SEC”) on July 23, 2025. Certain amounts from prior period consolidated financial statements have been reclassified to conform with current period presentation. These reclassifications had no financial impact on previously reported net income, cash flows, or stockholders’ equity.
Accounting Pronouncements	Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. ASU 2023-09 is effective for our Annual Report on Form 10-K for the fiscal year ending May 31, 2026, on a prospective basis, with early adoption permitted. We adopted this guidance as of May 26, 2025, and will update disclosures within our fiscal 2026 Annual Report on Form 10-K. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires companies to provide more detailed information of certain income statement expenses within the footnotes to the financial statements. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, and for our quarterly reports beginning fiscal year 2029, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Targeted Improvements to Accounting for Internal-Use Software. This guidance provides criteria that must be met for entities to capitalize software development costs and factors to consider if there is significant uncertainty associated with the development activities of software. This guidance is effective for our annual reporting periods beginning with fiscal 2029 and interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our consolidated financial statements.
Inventories	Inventories are valued at the lower of cost (determined using the first-in, first-out method) or net realizable value and include all costs directly associated with manufacturing products: materials, labor, and manufacturing overhead.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Treasury Stock Amount	Additional Paid-in (Distributed) Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period (in shares) at May. 26, 2024		143,666,656
Balance at the beginning of the period at May. 26, 2024	$ 1,787.8	$ 150.7	$ (540.9)	$ (508.9)	$ 2,699.8	$ (12.9)
Increase (Decrease) in Stockholders' Equity
Dividends declared	(102.9)				(102.9)
Common stock issued (in shares)		574,564
Common stock issued	0.0	$ 0.6		(0.6)
Stock-settled, stock-based compensation expense	21.8			21.8
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(1,600,584)
Repurchase of common stock and common stock withheld to cover taxes	(92.9)		(92.9)
Other	(11.2)		(0.6)	(9.6)	(1.0)
Comprehensive income (loss)	30.2				91.3	(61.1)
Balance at the end of the period (in shares) at Nov. 24, 2024		142,640,636
Balance at the end of the period at Nov. 24, 2024	1,632.8	$ 151.3	(634.4)	(497.3)	2,687.2	(74.0)
Balance at the beginning of the period (in shares) at Aug. 25, 2024		142,595,357
Balance at the beginning of the period at Aug. 25, 2024	1,836.7	$ 151.3	(633.7)	(499.0)	2,775.3	42.8
Increase (Decrease) in Stockholders' Equity
Dividends declared	(51.3)				(51.3)
Common stock issued (in shares)		54,070
Common stock issued	0.0	$ 0.0		0.0
Stock-settled, stock-based compensation expense	12.3			12.3
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(8,791)
Repurchase of common stock and common stock withheld to cover taxes	(0.7)		(0.7)
Other	(11.3)		0.0	(10.6)	(0.7)
Comprehensive income (loss)	(152.9)				(36.1)	(116.8)
Balance at the end of the period (in shares) at Nov. 24, 2024		142,640,636
Balance at the end of the period at Nov. 24, 2024	1,632.8	$ 151.3	(634.4)	(497.3)	2,687.2	(74.0)
Balance at the beginning of the period (in shares) at May. 25, 2025		139,237,760
Balance at the beginning of the period at May. 25, 2025	1,737.7	$ 151.4	(838.0)	(479.1)	2,848.9	54.5
Increase (Decrease) in Stockholders' Equity
Dividends declared	(103.0)				(103.0)
Common stock issued (in shares)		615,897
Common stock issued	4.5	$ 0.6		3.9
Stock-settled, stock-based compensation expense	20.1			20.1
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(974,192)
Repurchase of common stock and common stock withheld to cover taxes	(59.1)		(59.1)
Other	0.7		(0.3)	1.4	(0.4)
Comprehensive income (loss)	153.5				126.4	27.1
Balance at the end of the period (in shares) at Nov. 23, 2025		138,879,465
Balance at the end of the period at Nov. 23, 2025	1,754.4	$ 152.0	(897.4)	(453.7)	2,871.9	81.6
Balance at the beginning of the period (in shares) at Aug. 24, 2025		139,335,411
Balance at the beginning of the period at Aug. 24, 2025	1,789.8	$ 151.8	(856.7)	(468.2)	2,861.8	101.1
Increase (Decrease) in Stockholders' Equity
Dividends declared	(51.4)				(51.4)
Common stock issued (in shares)		173,322
Common stock issued	4.5	$ 0.2		4.3
Stock-settled, stock-based compensation expense	9.5			9.5
Repurchase of common stock and common stock withheld to cover taxes (in shares)		(629,268)
Repurchase of common stock and common stock withheld to cover taxes	(40.4)		(40.4)
Other	(0.2)		(0.3)	0.7	(0.6)
Comprehensive income (loss)	42.6				62.1	(19.5)
Balance at the end of the period (in shares) at Nov. 23, 2025		138,879,465
Balance at the end of the period at Nov. 23, 2025	$ 1,754.4	$ 152.0	$ (897.4)	$ (453.7)	$ 2,871.9	$ 81.6

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Pre-Tax Amount
Net income (loss)	$ 98.1	$ (22.7)	$ 210.3	$ 155.5
Unrealized pension and post-retirement benefit obligations gain (loss)	(0.1)	0.0	6.2	(0.2)
Unrealized currency translation gains (losses)	(19.4)	(117.8)	21.9	(61.2)
Other	0.0	(0.1)	0.0	(0.3)
Comprehensive income (loss)	78.6	(140.6)	238.4	93.8
Tax (Expense) Benefit
Net income (loss)	(36.0)	(13.4)	(83.9)	(64.2)
Unrealized pension and post-retirement benefit obligations loss	0.0	0.0	(1.0)	0.0
Unrealized currency translation losses	0.0	1.1	0.0	0.5
Other	0.0	0.0	0.0	0.1
Comprehensive income (loss)	(36.0)	(12.3)	(84.9)	(63.6)
After-Tax Amount
Net income (loss)	62.1	(36.1)	126.4	91.3
Unrealized pension and post-retirement benefit obligations loss	(0.1)	0.0	5.2	(0.2)
Unrealized currency translation losses	(19.4)	(116.7)	21.9	(60.7)
Other	0.0	(0.1)	0.0	(0.2)
Comprehensive income (loss)	$ 42.6	$ (152.9)	$ 153.5	$ 30.2

FAIR VALUE MEASUREMENTS

6 Months Ended

Nov. 23, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The fair values of cash equivalents, receivables, accounts payable, and short-term debt approximate their carrying amounts due to their short duration.

The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall:


	As of November 23, 2025
(in millions)	Level 1		Level 2		Level 3		Fair Value of Assets (Liabilities)

Derivative assets (a)	$	—	$	2.8	$	—	$	2.8
Derivative liabilities (a)	—		(6.1)		—		(6.1)
Deferred compensation liabilities (b)	—		(30.0)		—		(30.0)
Fair value, net	$	—	$	(33.3)	$	—	$	(33.3)


	As of May 25, 2025
(in millions)	Level 1		Level 2		Level 3		Fair Value of Assets (Liabilities)

Derivative assets (a)	$	—	$	10.2	$	—	$	10.2
Derivative liabilities (a)	—		(7.0)		—		(7.0)
Deferred compensation liabilities (b)	—		(27.0)		—		(27.0)
Fair value, net	$	—	$	(23.8)	$	—	$	(23.8)

___________________________________________

(a)Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, interest rate swaps and currency contracts. The fair value of these derivatives were determined using valuation models that use market observable inputs including both forward and spot prices. Derivative assets are presented within “Prepaid expenses and other current assets” on our Consolidated Balance Sheets and derivative liabilities are presented within “Accrued liabilities” on our Consolidated Balance Sheets.

(b)The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not. Deferred compensation liabilities are primarily presented within “Other noncurrent liabilities” on our Consolidated Balance Sheets.

As of November 23, 2025, we had $2,956.0 million of fixed-rate and $973.0 million of variable-rate debt outstanding. Based on current market rates, the fair value of our fixed-rate debt was estimated to be $2,885 million as of November 23, 2025. Any differences between the book value and fair value are due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. The fair value of our variable-rate term debt approximates the carrying amount and approximates current market prices.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

6 Months Ended

Nov. 23, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS

The following table presents changes in goodwill balances, by segment, for the twenty-six weeks ended November 23, 2025:


(in millions)	North America		International		Total
Balance at May 25, 2025	$	753.2	$	337.0	$	1,090.2
Foreign currency translation adjustment	6.5		2.8		9.3
Balance at November 23, 2025	$	759.7	$	339.8	$	1,099.5

Other identifiable intangible assets were as follows:


	November 23, 2025							May 25, 2025
(in millions, except useful lives)	Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Weighted Average Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Non-amortizing intangible assets (a)	n/a	$	18.0	$	—	$	18.0	n/a	$	18.0	$	—	$	18.0
Amortizing intangible assets (b)	13	142.1		(49.2)		92.9		13	140.8		(44.8)		96.0
		$	160.1	$	(49.2)	$	110.9		$	158.8	$	(44.8)	$	114.0

___________________________________________

(a)Non-amortizing intangible assets represent brands and trademarks.

(b)Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation.

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Income Statement [Abstract]
Net sales	$ 1,618.1	$ 1,600.9	$ 3,277.3	$ 3,255.0
Cost of sales	1,293.8	1,323.1	2,610.6	2,621.2
Gross profit	324.3	277.8	666.7	633.8
Selling, general and administrative expenses	171.0	184.7	324.6	328.6
Restructuring expense	14.1	74.6	46.4	74.6
Income from operations	139.2	18.5	295.7	230.6
Interest expense, net	44.3	43.3	88.0	88.5
Income (loss) before income taxes and equity method earnings	94.9	(24.8)	207.7	142.1
Income tax expense	36.0	13.4	83.9	64.2
Equity method investment earnings	3.2	2.1	2.6	13.4
Net income (loss)	$ 62.1	$ (36.1)	$ 126.4	$ 91.3
Earnings per share:
Basic (in dollars per share)	$ 0.45	$ (0.25)	$ 0.91	$ 0.64
Diluted (in dollars per share)	$ 0.44	$ (0.25)	$ 0.90	$ 0.64
Weighted average common shares outstanding:
Basic (in shares)	139.4	142.8	139.4	143.2
Diluted (in shares)	139.6	143.2	139.7	143.7

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted Average Useful Life (in years)	13 years	13 years
Non-amortizing intangible assets, gross	$ 18.0	$ 18.0
Amortizing intangible assets, gross	142.1	140.8
Other identifiable intangible assets, gross	160.1	158.8
Accumulated Amortization	(49.2)	(44.8)
Amortizing intangible assets, net	92.9	96.0
Other identifiable intangible assets, net	$ 110.9	$ 114.0

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Nov. 23, 2025 USD ($)
Carrying Value \| Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,956.0
Carrying Value \| Variable Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	973.0
Level 2 \| Fair Value \| Fixed Rate Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 2,885.0

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

+ Details

PROPERTY, PLANT AND EQUIPMENT - Components (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 6,160.5	$ 6,041.5
Less accumulated depreciation	(2,507.6)	(2,353.6)
Property, plant and equipment, net	3,652.9	3,687.9
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	209.1	191.6
Buildings, machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	5,574.6	5,136.3
Furniture, fixtures, office equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	154.5	161.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, at cost	$ 222.3	$ 551.7

RESTRUCTURING

6 Months Ended

Nov. 23, 2025

Restructuring and Related Activities [Abstract]

RESTRUCTURING

We announced a cost savings program (the “Cost Savings Program”) in July 2025 and a restructuring plan (the “Restructuring Plan”) in October 2024, (collectively referred to as the “Plans”). Items classified as “Restructuring expense” on our Consolidated Statement of Earnings that were incurred in fiscal 2026 primarily relate to the Cost Savings Program while expenses incurred in fiscal 2025 relate solely to the Restructuring Plan. We do not expect any future costs in connection with the Restructuring Plan. Costs associated with these initiatives are presented in the table below.

We expect to recognize total pre-tax cash charges of $70 million to $100 million, most of which will be recognized in fiscal 2026, related to the Cost Savings Program. The charges in the thirteen and twenty-six weeks ended November 23, 2025 largely relate to professional service fees and employee severance and other one-time termination benefits related to headcount reductions.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Cost Savings Program and Restructuring Plan expenses related to:
Accelerated depreciation, retirement of assets, and other plant charges (a)	$	—	$	45.8	$	1.8	$	45.8
Potato contract terminations (b)	—		64.7		—		64.7
Inventory write-off (b)	—		19.8		—		19.8
Employee-related costs (c)	0.9		16.2		9.0		16.2
Professional services and other (d)	13.2		12.6		35.2		12.6
	$	14.1	$	159.1	$	46.0	$	159.1

___________________________________________

(a)Includes charges related to accelerating depreciation of the manufacturing facility permanently closed under the Restructuring Plan, other asset retirements, and plant charges.

(c)Includes employee severance and other one-time termination benefits related to reductions in headcount under the Plans.

(d)Includes professional services and other charges related to the Plans.

The following amounts related to the Plans are included within the following financial statement captions in the Company’s Consolidated Statements of Earnings:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
(in millions)	November 23, 2025		November 24, 2024		November 23, 2025		November 24, 2024
Cost Savings Program and Restructuring Plan expenses included in:
Cost of sales	$	—	$	75.5	$	(0.4)	$	75.5

Restructuring expense	14.1		74.6		46.4		74.6
Equity method investment earnings	—		9.0		—		9.0
	$	14.1	$	159.1	$	46.0	$	159.1

Accruals remaining under the Plans are recorded as current liabilities within “Accounts payable” and “Accrued liabilities” in the accompanying Consolidated Balance Sheet at November 23, 2025. The following is a roll-forward of accrued restructuring liabilities related to the Plans:


(in millions)	Restructuring Plan		Cost Savings Program		Total
Accrued restructuring liability, May 25, 2025	$	21.5	$	—	$	21.5
Additions	1.8		44.2		46.0
Payments	(23.3)		(32.1)		(55.4)
Accrued restructuring liability, November 23, 2025	$	—	$	12.1	$	12.1

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 23, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Lamb Weston Holdings, Inc. (“we,” “us,” “our,” the “Company,” or “Lamb Weston”) is a leading global producer, distributor, and marketer of value-added frozen potato products; headquartered in Eagle, Idaho. We have two reportable segments: North America and International. See Note 13, Segments, for additional information on our reportable segments. Basis of Presentation The accompanying unaudited Consolidated Financial Statements present the financial results of Lamb Weston and its consolidated subsidiaries for the thirteen and twenty-six weeks ended November 23, 2025 and November 24, 2024, and have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”). These consolidated financial statements are unaudited and include all adjustments that we consider necessary for a fair presentation of such financial statements and consist only of normal recurring adjustments. The preparation of financial statements involves the use of estimates and accruals. The actual results that we experience may differ materially from those estimates. Results for interim periods should not be considered indicative of results for our full fiscal year, which ends the last Sunday in May. These financial statements and related condensed notes should be read together with the consolidated financial statements and notes in our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 (the “Form 10-K”), where we include additional information on our critical accounting estimates, policies, and the methods and assumptions used in our estimates. We filed the Form 10-K with the Securities and Exchange Commission (the “SEC”) on July 23, 2025. Certain amounts from prior period consolidated financial statements have been reclassified to conform with current period presentation. These reclassifications had no financial impact on previously reported net income, cash flows, or stockholders’ equity. Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. ASU 2023-09 is effective for our Annual Report on Form 10-K for the fiscal year ending May 31, 2026, on a prospective basis, with early adoption permitted. We adopted this guidance as of May 26, 2025, and will update disclosures within our fiscal 2026 Annual Report on Form 10-K. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires companies to provide more detailed information of certain income statement expenses within the footnotes to the financial statements. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, and for our quarterly reports beginning fiscal year 2029, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Targeted Improvements to Accounting for Internal-Use Software. This guidance provides criteria that must be met for entities to capitalize software development costs and factors to consider if there is significant uncertainty associated with the development activities of software. This guidance is effective for our annual reporting periods beginning with fiscal 2029 and interim periods within that fiscal year. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. There were no other accounting pronouncements recently issued that had or are expected to have a material impact on our consolidated financial statements.

SEGMENTS

6 Months Ended

Nov. 23, 2025

Segment Reporting [Abstract]

SEGMENTS

We manage our operations in two business segments, North America and International. As a result of how we manage the business, we have two operating segments, each of which is a reportable segment: North America and International. North America includes activity that occurs in the United States, Canada, and Mexico. International includes all activity that does not occur within the North America segment. Both segments primarily manufacture frozen potato products for sale to our customers. These reportable segments are each managed by a general manager and supported by a cross-functional team assigned to support the segment.

Our president and chief executive officer is our chief operating decision maker (the “CODM”). The CODM assesses the performance of our reportable segments and decides how to allocate resources based on segment adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The adjustments to EBITDA include unrealized mark-to-market derivative gains and losses (which are a component of both cost of sales and selling, general and administrative expenses), foreign currency exchange gains and losses (which are a component of selling, general and administrative expenses), blue chip swap transaction gains (which are a component of selling, general and administrative expenses), stock-based compensation (which is a component of selling, general and administrative expenses), and other items impacting comparability (which are a component of both cost of sales and selling, general and administrative expenses) that are described below (“Segment Adjusted EBITDA”).

Net sales and Segment Adjusted EBITDA inform operating decisions, performance assessment, and resource allocation decisions at the segment level. Our CODM uses net sales and Segment Adjusted EBITDA in the annual operating plan and forecasting process and considers actual versus plan variances in assessing the performance of each segment. Total asset information by segment is not regularly provided to our CODM or utilized for purposes of assessing performance or allocating resources by segment and, as a result, such information has not been presented below.

The following table illustrates reportable segment net sales and Segment Adjusted EBITDA for the thirteen and twenty-six weeks ended November 23, 2025 and November 24, 2024, respectively.


	Thirteen Weeks Ended
	November 23, 2025						November 24, 2024
(in millions)	North America		International		Total		North America		International		Total
Net Sales	$	1,069.5	$	548.6	$	1,618.1	$	1,072.1	$	528.8	$	1,600.9
Other segment items (a)	781.7		521.4		1,303.1		802.9		480.2		1,283.1
Segment Adjusted EBITDA	$	287.8	$	27.2	$	315.0	$	269.2	$	48.6	$	317.8

Unallocated corporate costs (b)					(29.3)						(23.6)
Depreciation and amortization (c)					99.7						92.5
Unrealized derivative gains					12.1						3.0
Foreign currency exchange losses					6.8						9.6
Blue chip swap gains (d)					—						(3.3)
Stock-based compensation					9.5						12.3
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses (e)					14.1						159.1
Shareholder activism expense (f)					—						0.4
Pension settlement (g)					1.1						—
Interest expense, net					44.3						43.3
Income before income taxes					98.1						(22.7)
Income tax expense					36.0						13.4
Net income (loss)					$	62.1					$	(36.1)

___________________________________________

(a)Other segment items include cost of sales, selling, general and administrative expenses, and equity method investment income or loss for each segment.

(b)Unallocated corporate costs include costs related to corporate support staff and support services, which include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table, unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and other items impacting comparability. These items are added back to reconcile Segment Adjusted EBITDA to net income.

(c)Depreciation and amortization includes interest expense, income tax expense, and depreciation and amortization relating to equity method investments of $2.2 million and $2.0 million for the thirteen weeks ended November 23, 2025 and November 24, 2024, respectively.

(d)We entered into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our capacity expansion in Argentina, which is now substantially complete. The blue chip swap rate can diverge significantly from Argentina’s official exchange rate.

(e)Cost Savings Program, Restructuring Plan, and other expenses relate to costs incurred under the Plans. See Note 4, Restructuring, of these Condensed Notes to Consolidated Financial Statements for additional information

(f)Represents advisory fees related to shareholder activism matters.

(g)The Pension settlement charge was to fully fund the Company’s defined benefit pension plan, enabling lump sum payments to participants and transferring the remaining obligations and related plan assets to an insurer through a group annuity contract.


	Twenty-Six Weeks Ended
	November 23, 2025						November 24, 2024
(in millions)	North America		International		Total		North America		International		Total
Net Sales	$	2,154.0	$	1,123.3	$	3,277.3	$	2,175.8	$	1,079.2	$	3,255.0
Other segment items (a)	1,606.2		1,038.9		2,645.1		1,628.6		979.2		2,607.8
Segment Adjusted EBITDA (b)	$	547.8	$	84.4	$	632.2	$	547.2	$	100.0	$	647.2

Unallocated corporate costs (c)					(44.4)						(53.6)
Depreciation and amortization (d)					195.9						183.9
Unrealized derivative gains and losses					7.2						(5.9)
Foreign currency exchange losses					2.1						10.2
Blue chip swap gains (e)					—						(19.9)
Stock-based compensation					20.1						21.8
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses (f)					46.0						159.1
Shareholder activism expense (g)					4.0						0.4
Pension settlement (h)					14.2						—
Interest expense, net					88.0						88.5
Income before income taxes					210.3						155.5
Income tax expense					83.9						64.2
Net income					$	126.4					$	91.3

___________________________________________

(a)Other segment items include cost of sales, selling, general and administrative expenses, and equity method investment income or loss for each segment.

(b)Segment Adjusted EBITDA for the twenty-six weeks ended November 24, 2024 includes an estimated $39 million loss related to a voluntary product withdrawal that was initiated in the fourth quarter of fiscal 2024. The total charge to reporting segments was approximately $21 million to the North America segment and approximately $18 million to the International segment.

(c)Unallocated corporate costs include costs related to corporate support staff and support services, which include, but are not limited to, our administrative, information technology, human resources, finance, and accounting functions that are not specifically allocated to the segments. In the table, unallocated corporate costs exclude unrealized derivative gains and losses, foreign currency exchange gains and losses, blue chip swap transaction gains, and other items impacting comparability. These items are added back to reconcile Segment Adjusted EBITDA to net income.

(d)Depreciation and amortization includes interest expense, income tax expense, and depreciation and amortization relating to equity method investments of $4.4 million and $4.1 million for the twenty-six weeks ended November 23, 2025 and November 24, 2024, respectively.

(e)We entered into blue chip swap transactions to transfer U.S. dollars into Argentina primarily related to funding our capacity expansion in Argentina, which is now substantially complete. The blue chip swap rate can diverge significantly from Argentina’s official exchange rate.

(f)Cost Savings Program, Restructuring Plan, and other expenses relate to costs incurred under the Plans. See Note 4, Restructuring, of these Condensed Notes to Consolidated Financial Statements for additional information

(g)Represents advisory fees related to shareholder activism matters.

(h)The Pension settlement charge was to fully fund the Company’s defined benefit pension plan, enabling lump sum payments to participants and transferring the remaining obligations and related plan assets to an insurer through a group annuity contract.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

RESTRUCTURING - Accounts payable & Accrued liabilities (Details) $ in Millions	6 Months Ended
	Nov. 23, 2025 USD ($)
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, May 25, 2025	$ 21.5
Additions	46.0
Payments	(55.4)
Accrued restructuring liability, November 23, 2025	12.1
Restructuring Plan
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, May 25, 2025	21.5
Additions	1.8
Payments	(23.3)
Accrued restructuring liability, November 23, 2025	0.0
Cost Savings Program
Restructuring Reserve [Roll Forward]
Accrued restructuring liability, May 25, 2025	0.0
Additions	44.2
Payments	(32.1)
Accrued restructuring liability, November 23, 2025	$ 12.1

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024	May 25, 2025
Property, Plant and Equipment [Line Items]
Purchases of property, plant and equipment included in accounts payable			$ 59.1		$ 85.4
Construction in progress
Property, Plant and Equipment [Line Items]
Interest capitalized	$ 1.6	$ 8.2	$ 7.0	$ 14.9

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.37	$ 0.36	$ 0.74	$ 0.72

OTHER ASSETS (Tables)

6 Months Ended

Nov. 23, 2025

Other Assets, Noncurrent Disclosure [Abstract]

Schedule of Components of Other Assets

The components of other assets were as follows:


(in millions)	November 23, 2025		May 25, 2025
Capitalized software costs	$	192.3	$	208.7
Equity method investments	51.2		47.5
Property, plant and equipment deposits	24.7		30.3
Other	70.3		68.1
Other assets	$	338.5	$	354.6

COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS (Details)	Oct. 06, 2025 complaint	Jun. 30, 2024 putative_class_action
Putative Class Actions
Loss Contingencies [Line Items]
Number of putative class actions \| putative_class_action		2
Class Action Complaint
Loss Contingencies [Line Items]
Number of consolidated complaints \| complaint	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Income (Details) $ in Millions	6 Months Ended
	Nov. 23, 2025 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	$ 1,737.7
Other comprehensive income before reclassifications, net of tax	27.1
Net current-period other comprehensive income	27.1
Balance at the end of the period	1,754.4
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	54.5
Balance at the end of the period	81.6
Foreign Currency Translation Gain
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	58.9
Other comprehensive income before reclassifications, net of tax	21.9
Net current-period other comprehensive income	21.9
Balance at the end of the period	80.8
Pension and Post-Retirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	(4.6)
Other comprehensive income before reclassifications, net of tax	5.2
Net current-period other comprehensive income	5.2
Balance at the end of the period	0.6
Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period	0.2
Other comprehensive income before reclassifications, net of tax	0.0
Net current-period other comprehensive income	0.0
Balance at the end of the period	$ 0.2

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

STOCKHOLDERS' EQUITY

6 Months Ended

Nov. 23, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Share Repurchase Program

Our Board of Directors (the “Board”) has authorized a program, with no expiration date, to repurchase up to $750.0 million of our common stock. During the thirteen weeks ended November 23, 2025, we repurchased 617,623 shares of our common stock for an aggregate purchase price of $39.6 million, or a weighted-average price of $64.18 per share. During the twenty-six weeks ended November 23, 2025, we repurchased 804,882 shares of our common stock for an aggregate purchase price of $50.0 million, or a weighted-average price of $62.12 per share. As of November 23, 2025, approximately $308 million remained authorized for repurchase under our share repurchase program.

Dividends

During the twenty-six weeks ended November 23, 2025, we paid $103.3 million of cash dividends to our common stockholders. In addition, on November 28, 2025, we paid $51.4 million of cash dividends to common stockholders of record as of the close of business on October 31, 2025. On December 17, 2025, the Board declared a cash dividend of $0.38 per share of our common stock. This dividend will be paid on February 27, 2026, to common stockholders of record as of the close of business on January 30, 2026.

Accumulated Other Comprehensive Income

Changes in accumulated other comprehensive income, net of taxes, as of November 23, 2025 were as follows:


(in millions)	Foreign Currency Translation Gain		Pension and Post-Retirement Benefits		Other		Accumulated Other Comprehensive Income
Balance as of May 25, 2025	$	58.9	$	(4.6)	$	0.2	$	54.5
Other comprehensive income before reclassifications, net of tax	21.9		5.2		—		27.1
Net current-period other comprehensive income	21.9		5.2		—		27.1
Balance as of November 23, 2025	$	80.8	$	0.6	$	0.2	$	81.6

- Definition

The entire disclosure for equity.

+ References

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+ Details

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Dec. 17, 2025	Nov. 28, 2025	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Share Repurchase Program
Share repurchase capacity			$ 750.0		$ 750.0
Number of shares repurchased (in shares)			617,623		804,882
Shares repurchased			$ 39.6		$ 50.0
Shares purchased, weighted-average price (in dollars per share)			$ 64.18
Share repurchase capacity			$ 308.0		308.0
Dividends paid					$ 103.3	$ 103.3
Dividends declared (in dollars per share)			$ 0.37	$ 0.36	$ 0.74	$ 0.72
Weighted Average
Share Repurchase Program
Shares purchased, weighted-average price (in dollars per share)					$ 62.12
Subsequent Event
Share Repurchase Program
Dividends paid		$ 51.4
Dividends declared (in dollars per share)	$ 0.38

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Nov. 23, 2025	Nov. 24, 2024	Nov. 23, 2025	Nov. 24, 2024
Numerator:
Net income (loss)	$ 62.1	$ (36.1)	$ 126.4	$ 91.3
Denominator:
Basic weighted average common shares outstanding (in shares)	139.4	142.8	139.4	143.2
Add: Dilutive effect of employee incentive plans (in shares)	0.2	0.4	0.3	0.5
Diluted weighted average common shares outstanding (in shares)	139.6	143.2	139.7	143.7
Earnings per share:
Basic (in dollars per share)	$ 0.45	$ (0.25)	$ 0.91	$ 0.64
Diluted (in dollars per share)	$ 0.44	$ (0.25)	$ 0.90	$ 0.64
Antidilutive securities (in shares)			1.0	0.6

SEGMENTS (Tables)

6 Months Ended

Nov. 23, 2025

Segment Reporting [Abstract]

Schedule of the Reconciliation of Adjusted EBITDA to Net Income

The following table illustrates reportable segment net sales and Segment Adjusted EBITDA for the thirteen and twenty-six weeks ended November 23, 2025 and November 24, 2024, respectively.


	Thirteen Weeks Ended
	November 23, 2025						November 24, 2024
(in millions)	North America		International		Total		North America		International		Total
Net Sales	$	1,069.5	$	548.6	$	1,618.1	$	1,072.1	$	528.8	$	1,600.9
Other segment items (a)	781.7		521.4		1,303.1		802.9		480.2		1,283.1
Segment Adjusted EBITDA	$	287.8	$	27.2	$	315.0	$	269.2	$	48.6	$	317.8

Unallocated corporate costs (b)					(29.3)						(23.6)
Depreciation and amortization (c)					99.7						92.5
Unrealized derivative gains					12.1						3.0
Foreign currency exchange losses					6.8						9.6
Blue chip swap gains (d)					—						(3.3)
Stock-based compensation					9.5						12.3
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses (e)					14.1						159.1
Shareholder activism expense (f)					—						0.4
Pension settlement (g)					1.1						—
Interest expense, net					44.3						43.3
Income before income taxes					98.1						(22.7)
Income tax expense					36.0						13.4
Net income (loss)					$	62.1					$	(36.1)

___________________________________________

(a)Other segment items include cost of sales, selling, general and administrative expenses, and equity method investment income or loss for each segment.

(f)Represents advisory fees related to shareholder activism matters.


	Twenty-Six Weeks Ended
	November 23, 2025						November 24, 2024
(in millions)	North America		International		Total		North America		International		Total
Net Sales	$	2,154.0	$	1,123.3	$	3,277.3	$	2,175.8	$	1,079.2	$	3,255.0
Other segment items (a)	1,606.2		1,038.9		2,645.1		1,628.6		979.2		2,607.8
Segment Adjusted EBITDA (b)	$	547.8	$	84.4	$	632.2	$	547.2	$	100.0	$	647.2

Unallocated corporate costs (c)					(44.4)						(53.6)
Depreciation and amortization (d)					195.9						183.9
Unrealized derivative gains and losses					7.2						(5.9)
Foreign currency exchange losses					2.1						10.2
Blue chip swap gains (e)					—						(19.9)
Stock-based compensation					20.1						21.8
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses (f)					46.0						159.1
Shareholder activism expense (g)					4.0						0.4
Pension settlement (h)					14.2						—
Interest expense, net					88.0						88.5
Income before income taxes					210.3						155.5
Income tax expense					83.9						64.2
Net income					$	126.4					$	91.3

___________________________________________

(a)Other segment items include cost of sales, selling, general and administrative expenses, and equity method investment income or loss for each segment.

(g)Represents advisory fees related to shareholder activism matters.

DEBT AND FINANCING OBLIGATIONS - Schedule of Debt, Including Financing Obligations (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Debt and Financing Obligations
Short-term borrowings	$ 187.0	$ 370.8
Long-term debt	3,742.0	3,772.2
Financing obligations	4.5	5.2
Total debt and financing obligations	3,933.5	4,148.2
Debt issuance costs	(14.9)	(16.8)
Short-term borrowings	(187.0)	(370.8)
Current portion of long-term debt and financing obligations	(82.7)	(77.8)
Long-term debt and financing obligations, excluding current portion	3,648.9	3,682.8
Revolving credit facility \| Secured Debt \| Revolving Credit Facility
Debt and Financing Obligations
Short-term borrowings	$ 149.7	$ 333.2
Interest Rate	3.83%	5.94%
Debt issuance costs, line of credit arrangements, net	$ 3.4	$ 3.9
Other credit facilities \| Line of Credit
Debt and Financing Obligations
Short-term borrowings	37.3	37.6
Term A-3 loan facility, due January 2030 \| Secured Debt
Debt and Financing Obligations
Long-term debt	$ 393.8	$ 405.0
Interest Rate	6.35%	6.90%
Term A-4 loan facility, due May 2029 \| Secured Debt
Debt and Financing Obligations
Long-term debt	$ 304.7	$ 312.8
Interest Rate	6.69%	6.63%
Term A-5 loan facility, due September 2031 \| Secured Debt
Debt and Financing Obligations
Long-term debt	$ 481.3	$ 493.8
Interest Rate	5.66%	5.65%
RMB loan facility, due February 2027 \| Term Loan
Debt and Financing Obligations
Long-term debt	$ 142.2	$ 143.8
Interest Rate	3.80%	4.04%
RMB loan facility, due September 2029 \| Term Loan
Debt and Financing Obligations
Long-term debt	$ 19.7	$ 19.6
Interest Rate	3.80%	3.96%
Euro term loan facility, due May 2029 \| Term Loan
Debt and Financing Obligations
Long-term debt	$ 230.3	$ 227.2
Interest Rate	3.44%	4.51%
4.875% senior notes, due May 2028 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 500.0	$ 500.0
Interest Rate	4.875%	4.875%
4.125% senior notes, due January 2030 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 970.0	$ 970.0
Interest Rate	4.125%	4.125%
4.375% senior notes, due January 2032 \| Senior Notes
Debt and Financing Obligations
Long-term debt	$ 700.0	$ 700.0
Interest Rate	4.375%	4.375%

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Nov. 23, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis


	As of November 23, 2025
(in millions)	Level 1		Level 2		Level 3		Fair Value of Assets (Liabilities)

Derivative assets (a)	$	—	$	2.8	$	—	$	2.8
Derivative liabilities (a)	—		(6.1)		—		(6.1)
Deferred compensation liabilities (b)	—		(30.0)		—		(30.0)
Fair value, net	$	—	$	(33.3)	$	—	$	(33.3)


	As of May 25, 2025
(in millions)	Level 1		Level 2		Level 3		Fair Value of Assets (Liabilities)

Derivative assets (a)	$	—	$	10.2	$	—	$	10.2
Derivative liabilities (a)	—		(7.0)		—		(7.0)
Deferred compensation liabilities (b)	—		(27.0)		—		(27.0)
Fair value, net	$	—	$	(23.8)	$	—	$	(23.8)

___________________________________________

INVENTORIES (Details) - USD ($) $ in Millions	Nov. 23, 2025	May 25, 2025
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 312.5	$ 171.5
Finished goods	686.1	755.7
Supplies and other	119.2	108.2
Inventories	$ 1,117.8	$ 1,035.4