[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","s69hhjr9knjhex4rjb3loagcw","revision",2,"title","Lamb Weston截至2026年8月30日止13周净销售额同比增1%，净利润降至2910万美元并公布2027财年展望","originalTitle","Lamb Weston Holdings, Inc. (0001679273) (Filer)","summary","Lamb Weston截至2026年8月30日止13周净销售额为16.703亿美元，同比增1%，净利润由上年同期6430万美元降至2910万美元，摊薄每股收益由0.46美元降至0.21美元。","reason","材料涵盖季度盈利、分部表现、现金流及诉讼风险，并列出公司对2027财年的业绩指引。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-06T14:11:29.000Z","discoveredAt","2026-10-06T14:23:32.723Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",65,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f_bRWTURcCyo",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","0eb2da9a-507c-42fd-abdd-99f64d9f0490","Lamb Weston一季度销售微增、利润下滑",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

_________________________________________________________________

10-Q 表

_________________________________________________________________

（勾选一项）


x	根据1934年《证券交易法》第13条或第15(d)条提交的季度报告

截至2026年8月30日的季度

或


o	根据1934年《证券交易法》第13条或第15(d)条提交的过渡报告

过渡期自至

委员会档案编号：1-37830

_________________________________________________________________

$\"LW$

LAMB WESTON HOLDINGS, INC.

（注册人章程中规定的确切名称）


特拉华州		61-1797411
（州或其他司法管辖区注册成立或组织地）		（美国国税局雇主识别号）

599 S. Rivershore Lane 爱达荷州鹰市		83616
（主要行政办公室地址）		（邮政编码）

(208) 938-1047

（注册人电话号码，包括区号）

N/A

（自上次报告以来，如有变更，填写原名称、原地址和原财年）

根据该法第12(b)条注册的证券：

各类别名称

交易代码

注册所在交易所名称

普通股，面值$1.00

纽约证券交易所

请勾选说明注册人是否：(1) 已在此前12个月（或注册人须提交此类报告的较短期间）内提交了《1934年证券交易法》第13条或第15(d)条要求提交的所有报告；且 (2) 在过去90天内一直受此类申报要求约束。是 x 否 o

请勾选说明注册人是否已在此前12个月（或注册人须提交此类文件的较短期间）内，以电子方式提交了根据S-T法规第405条（本章第232.405条）要求提交的每个交互式数据文件。是 x 否 o

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型申报公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”“加速申报公司”“较小型申报公司”和“新兴成长型公司”的定义：

大型加速申报公司

加速申报公司

非加速申报公司

较小型申报公司

新兴成长型公司

如果是新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。 o

请勾选说明注册人是否为空壳公司（定义见《交易法》第12b-2条）。是 o 否 x

截至2026年9月29日，注册人已发行普通股为137,780,447股，每股面值$1.00。


第一部分：财务信息
	第1项	财务报表（未经审计）
		合并收益表	3
		合并综合收益表	4
		合并资产负债表	5
		合并股东权益表	6
		合并现金流量表	7
		合并财务报表简明附注（未经审计）	8
	第2项	管理层对财务状况和经营成果的讨论与分析	19
	第3项	市场风险的定量和定性披露	25
	第4项	控制与程序	26

第二部分：其他信息	26
	第1项	法律诉讼	26
	第1A项	风险因素	26
	第2项	未注册的股权证券销售及所得款项用途	27
	第3项	优先证券违约	27
	第4项	矿山安全披露	27
	第5项	其他信息	27
	第6项	附件	28

签名		29

第一部分 — 财务信息

第1项：财务报表（未经审计）

Lamb Weston Holdings, Inc.

合并收益表

（未经审计，单位：百万，除每股金额外）


	十三周结束
	2026年8月30日		2025年8月24日
净销售额	$	1,670.3			$	1,659.3
销售成本	1,403.8			1,316.9
毛利	266.5			342.4
销售、一般及管理费用	170.2			153.6
成本节约计划和重组费用	14.1			32.3
营业收入	82.2			156.5
利息支出净额	42.4			43.7
所得税及权益法收益前收入	39.8			112.8
所得税费用	16.9			47.9
权益法投资收益（亏损）	6.2			(0.6)
净收入	$	29.1			$	64.3
每股收益：
基本	$	0.21			$	0.46
摊薄	$	0.21			$	0.46
加权平均流通普通股数：
基本	137.6		139.5
摊薄	138.1		139.8

参见合并财务报表简明附注。

Lamb Weston Holdings, Inc.

合并综合收益表

（未经审计，金额单位：百万美元）


	截至2026年8月30日的十三周		截至2025年8月24日的十三周
	税前金额		税项（费用）收益		税后金额		税前金额	税项（费用）收益		税后金额
净收入	$	46.0			$	(16.9)		$	29.1		$	112.2		$	(47.9)	$	64.3
其他综合收益（亏损）：
养老金和退休后福利义务未实现收益（损失）	(0.2)			—			(0.2)		6.3		(1.0)		5.3
未实现货币折算收益（损失）	(2.5)			—			(2.5)		41.3		—		41.3

综合收益	$	43.3			$	(16.9)		$	26.4		$	159.8		$	(48.9)	$	110.9

参见合并财务报表简明附注。

Lamb Weston Holdings, Inc.

合并资产负债表

（未经审计，金额单位为百万美元，股份数据除外）


	2026年8月30日		2026年5月31日
资产
流动资产：
现金及现金等价物	$	166.3			$	68.2
应收账款，扣除1.6和1.9的备抵	787.7			779.1
存货	965.3			968.5
预付费用及其他流动资产	130.5			198.6
流动资产总额	2,049.8			2,014.4
不动产、厂房及设备，净额	3,618.9			3,690.0
经营租赁资产	105.9			111.6
商誉	1,124.9			1,130.1
无形资产，净额	106.6			108.3
其他资产	317.2			325.7
资产总额	$	7,323.3			$	7,380.1

负债和股东权益
流动负债：
短期借款	$	279.3			$	249.4
长期债务和融资义务的流动部分	70.8			70.6
应付账款	631.1			613.1
应计负债	427.8			482.4
流动负债总额	1,409.0			1,415.5
长期负债：
长期债务和融资义务，扣除流动部分	3,578.5			3,595.2
递延所得税	284.9			297.5
其他非流动负债	244.2			247.0
长期负债总额	4,107.6			4,139.7
承诺和或有事项
股东权益：
面值1.00美元的普通股，授权发行600,000,000股；已发行152,590,803股和152,134,757股	152.6			152.1
库存股，按成本计，普通股14,829,332股和14,679,316股	(969.5)			(961.8)
额外实收资本	(410.3)			(426.9)
留存收益	2,904.8			2,929.7
累计其他综合收益	129.1			131.8
股东权益总额	1,806.7			1,824.9
负债和股东权益总额	$	7,323.3			$	7,380.1

参见合并财务报表简明附注。

Lamb Weston Holdings, Inc.

股东权益合并报表

（未经审计，金额单位为百万美元，股份和每股数据除外）


	截至2026年8月30日和2025年8月24日的13周
	普通股，扣除库存股	普通股金额		库存股金额		额外实收（分配）资本		留存收益	累计其他综合收益（损失）		股东权益总额
截至2026年5月31日的余额	137,455,441	$	152.1			$	(961.8)		$	(426.9)		$	2,929.7		$	131.8	$	1,824.9
已宣告股息，每股0.38美元	—	—			—			—		(52.2)		—		(52.2)
发行普通股	456,046	0.5			—			(0.3)		—		—		0.2
以股票结算的股票薪酬费用	—	—			—			15.1		—		—		15.1
回购普通股及为缴税而扣留的普通股	(150,016)	—			(7.7)			—		—		—		(7.7)
其他	—	—			—			1.8		(1.8)		—		—
综合收益（损失）	—	—			—			—		29.1		(2.7)		26.4
截至2026年8月30日的余额	137,761,471	$	152.6			$	(969.5)		$	(410.3)		$	2,904.8		$	129.1	$	1,806.7

截至2025年5月25日的余额	139,237,760	$	151.4			$	(838.0)		$	(479.1)		$	2,848.9		$	54.5	$	1,737.7
已宣告股息，每股0.37美元	—	—			—			—		(51.6)		—		(51.6)
发行普通股	442,575	0.4			—			(0.4)		—		—		—
以股票结算的股票薪酬费用	—	—			—			10.6		—		—		10.6
回购普通股及为缴税而扣留的普通股	(344,924)	—			(18.7)			—		—		—		(18.7)
其他	—	—			—			0.7		0.2		—		0.9
综合收益	—	—			—			—		64.3		46.6		110.9
截至2025年8月24日的余额	139,335,411	$	151.8			$	(856.7)		$	(468.2)		$	2,861.8		$	101.1	$	1,789.8

参见合并财务报表简明附注。

Lamb Weston Holdings, Inc.

合并现金流量表

（未经审计，金额单位：百万美元）


	截至以下日期的十三周
	2026年 8月30日		2025年 8月24日
经营活动产生的现金流量
净利润	$	29.1			$	64.3
将净利润调节为经营活动提供的现金净额：
折旧及无形资产摊销和债务发行成本摊销	100.9			95.3
以股票结算的股份薪酬费用	15.1			10.6
权益法投资（收益）损失，扣除分配后	(3.1)			0.2
递延所得税	(11.9)			14.5
成本节约计划和重组费用	24.1			—

其他	11.4			11.6
经营性资产和负债变动：
应收款项	(5.2)			17.6
存货	1.5			136.3
应付/应收所得税净额	32.1			22.8
预付费用及其他流动资产	34.6			40.2
应付账款	59.2			(47.7)
应计负债	(53.0)			(13.7)
经营活动提供的现金净额	$	234.8			$	352.0
投资活动产生的现金流量
购置不动产、厂房及设备	(88.7)			(77.6)
购置其他长期资产	(2.3)			(1.6)



其他	0.1			2.9
投资活动使用的现金净额	$	(90.9)			$	(76.3)
融资活动产生的现金流量
短期借款所得款项	74.5			305.0
偿还短期借款	(44.4)			(466.9)

偿还债务和融资义务	(16.5)			(16.2)
支付股息	(52.2)			(51.7)
回购普通股及扣留普通股以缴纳税款	(7.7)			(18.7)

融资活动使用的现金净额	$	(46.3)			$	(248.5)
汇率变动对现金及现金等价物的影响	0.5			0.7
现金及现金等价物净增加额	98.1			27.9
期初现金及现金等价物	68.2			70.7
期末现金及现金等价物	$	166.3			$	98.6

请参阅合并财务报表简明附注。

Lamb Weston Holdings, Inc.

合并财务报表简明附注

（未经审计）

1. 经营性质及重要会计政策概要

Lamb Weston Holdings, Inc.（“我们”、“本公司”或“Lamb Weston”）是一家领先的全球增值冷冻马铃薯产品生产商、分销商和营销商；总部位于爱达荷州埃格尔。我们有两个可报告分部：北美和国际。有关可报告分部的更多信息，请参阅附注13“分部”。

列报基础

随附的未经审计合并财务报表列示了 Lamb Weston 及其合并子公司截至2026年8月30日和2025年8月24日的十三周财务业绩，并按照美利坚合众国（“美国”）公认会计原则（“GAAP”）编制。

这些合并财务报表未经审计，包含我们认为为公允列报此类财务报表所必需的所有调整，且仅包括正常的经常性调整。财务报表的编制涉及使用估计数和应计项目。我们实际经历的结果可能与这些估计数存在重大差异。中期业绩不应被视为全年业绩的指示；本公司财政年度于5月的最后一个星期日结束。

这些财务报表及相关简明附注应与我们截至2026年5月 31日的财年年度报告（Form 10-K）中的合并财务报表及附注一并阅读；该报告还包含有关关键会计估计、政策以及估计所用方法和假设的更多信息。我们于2026年7月 24日向美国证券交易委员会（“SEC”）提交了Form 10-K。

以前期间合并财务报表中的某些金额已重新分类，以符合本期的列报方式。这些重新分类对先前报告的净利润、现金流量或股东权益没有财务影响。

会计公告

2024年11月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2024-03，收益表——报告综合收益——费用分类披露（主题220-40），要求上市企业对收益表费用进行分类披露。ASU 2024-03适用于我们截至2028年5月28日的财年年度报告，以及自2029财年起的季度报告，并按未来适用法执行；允许提前采用。我们正在评估采用该ASU对合并财务报表及相关披露的影响。

2025年9月，FASB发布了ASU 2025-06，无形资产——商誉及其他——内部使用软件（主题350-40）：内部使用软件会计的针对性改进。该指南规定了实体资本化软件开发成本必须满足的标准，以及在软件开发活动存在重大不确定性时需要考虑的因素。该指南适用于我们2029财年开始的中期期间。允许提前采用。我们目前正在评估采用该ASU对合并财务报表及相关披露的影响。

2026年5月，FASB发布了ASU 2026-02，环境信用及环境信用义务（主题818）。该ASU针对所有产生、购买或接收环境信用，或负有可通过环境信用结算的监管合规义务的实体，规定了确认、计量、列报和披露要求。该指南适用于我们2029财年开始的中期期间。允许提前采用。我们目前正在评估采用该ASU对合并财务报表及相关披露的影响。

近期发布的其他会计公告均未对我们的合并财务报表产生重大影响，也预计不会产生重大影响。

2. 每股收益

下表列示了所示期间普通股基本和稀释每股收益的计算：


	截至以下日期的13周
（百万计，每股金额除外）	2026年 8月30日		2025年 8月24日
分子：
净利润	$	29.1			$	64.3

分母：
基本加权平均流通普通股数	137.6			139.5
加：员工激励计划的稀释影响 (a)	0.5			0.3
稀释后加权平均普通股流通股数	138.1			139.8

每股收益：
基本	$	0.21			$	0.46
稀释后	$	0.21			$	0.46

___________________________________________

(a)员工激励计划下普通股的潜在稀释性股份，是通过对未行使股票期权的假设行权以及未归属限制性股票单位和绩效奖励的假设归属采用库存股法确定的。截至2026年8月30日和2025年8月24日，我们分别将550万股和170万股股票奖励排除在稀释后每股收益的计算之外，因为这些股份具有反稀释作用。

3. 所得税

所列期间的所得税费用如下：


	截至以下日期的十三周
（百万美元）	2026年 8月30日		2025年 8月24日
所得税及权益法收益前利润	$	39.8		$	112.8
权益法投资收益（亏损）	$	6.2		$	(0.6)
所得税费用	$	16.9		$	47.9
有效税率 (a) (b)	36.7%		42.7%

___________________________________________

(a)有效所得税率按所得税费用与税前利润（包括权益法投资收益）的比率计算。有效税率与21%的美国法定税率存在差异，主要是由于美国州税、外国税及汇率、永久性差异和特殊项目的影响。

(b)截至2025年8月24日的十三周包括1,020万美元的特殊税费，主要与针对某些国际递延所得税资产计提全额估值备抵有关。

已缴所得税

截至2026年8月30日的十三周，我们记录的所得税退款扣除已缴税款后为310万美元；截至2025年8月24日的十三周，我们记录的已缴所得税扣除退款后为970万美元。

4. 成本节约计划及重组

我们于2025年7月宣布了一项成本节约计划（“成本节约计划”），并于2024年10月宣布了一项重组计划（“重组计划”）。在2026和2027财年，我们还采取了额外的重组行动，包括因国际业务部门资产利用而永久关闭某些生产设施，并根据“聚焦致胜”战略完成了某些非核心资产的出售。与这些举措（包括成本节约计划和重组计划）相关的重组活动统称为“重组计划”。

我们预计在2027财年剩余期间将确认约3,000万至5,000万美元的重组计划相关费用，主要涉及拆除位于华盛顿州康奈尔的工厂以及关闭位于荷兰布鲁克海曾沃斯特的工厂。

截至2026年8月30日的十三周，我们记录了3,420万美元的税前费用，其中1,010万美元为现金费用，2,410万美元为非现金费用。重组计划相关成本如下：


	截至以下日期的十三周
（百万美元）	2026年 8月30日		2025年 8月24日
成本节约计划和重组计划相关费用：
资产报废及其他工厂费用 (a)	$	6.9			$	1.8
加速折旧 (b)	21.3			—
马铃薯合同终止 (c)	(1.3)			—
库存核销 (c)	0.1			—
员工相关成本 (d)	2.3			8.1
专业服务及其他 (e)	4.9			22.0


	$	34.2			$	31.9

___________________________________________

(a)包括根据重组计划永久关闭生产设施所产生的资产核销费用、某些非核心资产减值以及工厂费用。

(b)包括与宣布关闭我们位于荷兰 Broekhuizenvorst 的制造工厂相关的加速折旧。预计该工厂将继续运营并生产产品至 2027 财年第二季度中期。

(c)主要反映了此前确认的生马铃薯合同终止费用的转回；由于需求高于预期，我们最终接收了这些马铃薯并将其用于生产。该转回部分被与重组计划下生产缩减相关的库存核销（包括备件）抵销。

(d)包括与裁员相关的员工遣散费及其他一次性解雇福利。

(e)主要包括第三方咨询费。

以下金额计入公司合并收益表：


	十三周截至
（百万）	2026年8月30日		2025年8月24日
计入以下项目的成本节约计划和重组计划费用：
销售成本	$	20.1			$	(0.4)
成本节约计划和重组费用	14.1			32.3

	$	34.2			$	31.9

重组计划项下剩余的应计款项在随附的 2026 年 8 月 30 日合并资产负债表中记为流动负债，列入“应付账款”和“应计负债”。以下为重组计划相关应计重组负债的变动明细：


（百万）
应计重组负债，2026年5月31日	$	8.0
新增	10.1
付款	(8.6)
应计重组负债，2026年8月30日	$	9.5

5. 存货

存货按成本（采用先进先出法确定）与可变现净值孰低计量，并包括与产品制造直接相关的所有成本：材料、人工和制造费用。存货构成如下：


（百万）	2026年8月30日		2026年5月31日
原材料和包装材料	$	114.4			$	145.8
产成品	730.1			704.2
用品及其他	120.8			118.5
存货	$	965.3			$	968.5

6. 房产、厂房及设备

房产、厂房及设备的构成如下：


（百万）	2026年8月30日		2026年5月31日
土地及土地改良	$	222.4			$	221.2
建筑物、机器和设备	5,746.7			5,689.0
家具、固定装置、办公设备及其他	144.2			144.0
在建工程	282.0			327.3
房产、厂房及设备，按成本计	6,395.3			6,381.5
减：累计折旧	(2,776.4)			(2,691.5)
房产、厂房及设备，净额	$	3,618.9			$	3,690.0

截至2026年8月30日和2026年5月31日，应付账款中包含的购置不动产、厂房及设备款分别为3,310万美元和7,650万美元。

下表列示截至2026年8月30日和2025年8月24日的十三周内，销售成本（“COS”）与销售、一般及行政费用（“SG&A”）中的折旧和摊销明细。


	截至以下日期的十三周
（百万美元）	2026年 8月30日		2025年 8月24日
折旧 - 销售成本 (a)	$	85.8			$	82.8
折旧 - SG&A	3.2			3.4
	$	89.0			$	86.2

摊销	$	10.8			$	7.9

___________________________________________

(a)如上表所示，销售成本中的折旧不包括与宣布关闭我们位于荷兰布鲁克胡伊曾福斯特的制造工厂相关的加速折旧金额。该工厂预计将运营并生产产品至2027财年第二季度中期。有关关闭的更多信息，请参见附注4“成本节约计划和重组”。

截至2026年8月30日和2025年8月24日的十三周内，在在建工程中资本化的利息分别为310万美元和540万美元。

7. 商誉及其他可辨认无形资产

下表列示截至2026年8月30日的十三周内按分部划分的商誉余额变动：


（百万美元）	北美		国际		总计
2026年5月31日余额	$	780.3			$	349.8		$	1,130.1
外币折算调整	(3.6)			(1.6)			(5.2)
2026年8月30日余额	$	776.7			$	348.2		$	1,124.9

其他可辨认无形资产如下：


	2026年8月30日	2026年5月31日
（百万美元，使用寿命除外）	加权平均使用寿命（年）	账面总额		累计摊销		无形资产净额		加权平均使用寿命（年）	账面总额		累计摊销		无形资产净额
需摊销的无形资产 (a)	12	$	139.5			$	(53.4)		$	86.1			12	$	140.2		$	(51.5)	$	88.7
无需摊销的无形资产 (b)	不适用	20.5			—			20.5		不适用		19.6		—		19.6
		$	160.0			$	(53.4)		$	106.6				$	159.8		$	(51.5)	$	108.3

___________________________________________

(a)需摊销的无形资产主要包括许可协议、品牌和客户关系。国外无形资产受外币折算影响。

(b)无需摊销的无形资产包括品牌、商标和碳信用额度购置，这些资产被持有并用于在合规期内结清环境信用义务。截至2026年8月30日和2026年5月31日，我们持有的将在未来期间使用的碳信用额度分别为240万美元和160万美元。

8. 其他资产

其他资产的组成如下：


（百万美元）	2026年 8月30日		2026年 5月31日
资本化软件成本 (a)	$	168.4			$	175.8
权益法投资 (b)	54.4			51.1
不动产、厂房及设备预付款	35.3			33.9
其他	59.1			64.9
其他资产	$	317.2			$	325.7

___________________________________________

(a) 资本化软件成本通常在投入使用后于三年至七年内摊销。

(b) 权益法投资包括我们持有的 Lamb-Weston/RDO Frozen（“Lamb Weston RDO”）50% 股权。该合资企业由我们与 RDO Frozen Co. 共同设立，并纳入我们的北美分部。

9. 应计负债

应计负债的构成如下：


（百万美元）	2026年8月30日		2026年5月31日
应计贸易促销费用	$	99.5			$	100.3
薪酬和福利	91.1			162.4
应付股东股息	52.3			52.2
应付税款	27.6			26.7
经营租赁义务的流动部分	28.1			27.7
工厂应计费用	28.0			33.4
应计利息	26.5			35.0
衍生负债和应付款项	5.9			4.1
其他	68.8			40.6
应计负债	$	427.8			$	482.4

10. 债务和融资义务

债务（包括融资义务）的构成如下：


	2026年8月30日		2026年5月31日
（百万美元）	金额		利率		金额		利率
短期借款：
循环信贷额度	$	260.7			3.560	%		$	215.7			3.830	%
其他信贷额度 (a)	18.6			(a)		33.7			(a)
	279.3					249.4
长期债务：
A-3期贷款额度，2030年1月到期 (b)	376.9			5.670	%		382.5			6.060	%
A-4期贷款额度，2029年5月到期 (b)	292.5			6.690	%		296.6			6.690	%
A-5期贷款额度，2031年9月到期 (b)	462.5			5.660	%		468.8			5.660	%
人民币贷款额度，2029年8月到期	20.5			3.800	%		20.7			3.800	%
人民币贷款额度，2031年5月到期	104.0			3.800	%		103.5			3.800	%
欧元定期贷款额度，2029年5月到期	231.7			3.650	%		233.2			3.430	%
4.875% 优先票据，2028年5月到期	500.0			4.875	%		500.0			4.875	%
4.125% 优先票据，2030年1月到期	970.0			4.125	%		970.0			4.125	%
4.375% 优先票据，2032年1月到期	700.0			4.375	%		700.0			4.375	%
	3,658.1					3,675.3
融资义务：
租赁融资义务，到期日分别为现至2040年	3.8					4.0
债务和融资义务总额	3,941.2					3,928.7
债务发行成本 (c)	(12.6)					(13.5)
短期借款	(279.3)					(249.4)
长期债务和融资义务的流动部分	(70.8)					(70.6)
长期债务和融资义务（不包括流动部分）	$	3,578.5					$	3,595.2

___________________________________________

(a)其他信贷额度包括我们子公司用于营运资金的短期信贷额度。此类额度下的借款按不同利率计息。

(b) A-3、A-4 和 A-5 期贷款适用的利率不包括预期的惠顾分红。我们已收到并预计将继续收到这些定期贷款额度项下的惠顾分红。

(c)不包括截至2026年8月30日和2026年5月31日与循环信贷额度相关的债务发行成本，金额分别为$2.7 million和$2.9 million；这些成本记入我们合并资产负债表的“其他资产”项目。

截至2026年8月30日，我们的循环信贷额度下有$1,239.3 million的可用流动性。

截至2026年8月30日和2025年8月24日的十三周内，我们支付的债务利息分别为$56.9 million和$62.3 million。

有关债务和融资义务、利率及债务契约的更多信息，请参阅 Form 10-K“第二部分，第8项。财务报表和补充数据”中合并财务报表附注的附注8“债务和融资义务”。

11. 公允价值计量

由于期限较短，现金等价物、应收款项、应付账款和短期债务的公允价值接近其账面价值。

下表列示了我们按经常性基础以公允价值计量的金融资产和负债，并按其公允价值计量所属的公允价值层级列示：


	截至2026年8月30日
（百万）	第1级		第2级		第3级		资产（负债）公允价值
衍生资产 (a)	$	—			$	26.4		$	—	$	26.4
衍生负债 (a)	—			(5.9)			—		(5.9)
递延薪酬负债 (b)	—			(27.8)			—		(27.8)
公允价值净额	$	—			$	(7.3)		$	—	$	(7.3)


	截至2026年5月31日
（百万）	第1级		第2级		第3级		资产（负债）公允价值
衍生资产 (a)	$	—			$	25.3		$	—	$	25.3
衍生负债 (a)	—			(4.1)			—		(4.1)
递延薪酬负债 (b)	—			(25.5)			—		(25.5)
公允价值净额	$	—			$	(4.3)		$	—	$	(4.3)

___________________________________________

(a)第2级衍生资产和负债主要包括商品互换、期权合约和货币合约。我们的第2级衍生工具的公允价值采用估值模型确定，该模型使用市场可观察输入值，包括商品和外币的远期价格与即期价格。衍生资产列示在我们合并资产负债表的“预付费用及其他流动资产”中，衍生负债列示在我们合并资产负债表的“应计负债”中。

(b)我们的第2级递延薪酬负债的公允价值采用第三方估值确定，该估值基于我们退休计划中共同基金的净资产价值。尽管相关资产在交易所活跃交易，但这些基金并不活跃交易。递延薪酬负债主要列示在我们合并资产负债表的“其他非流动负债”中。

截至2026年8月 30日，我们有2,925.0百万美元固定利率债务和1,012.4百万美元浮动利率债务未偿还。根据当前市场利率，我们估计截至2026年8月 30日固定利率债务的公允价值为2,843百万美元。账面价值与公允价值之间的任何差异，均源于期末市场利率与我们固定利率债务票面利率之间的差异。浮动利率定期债务的公允价值接近其账面价值，也接近当前市场价格。

12. 股东权益

股票回购计划

我们的董事会（“董事会”）已授权一项无到期日的计划，可回购最多7.50亿美元的普通股。根据该股票回购计划进行的回购可由我们不时酌情在公开市场上进行，但须遵守适用法律，包括根据《1934年证券交易法》规则10b5-1管理的回购计划进行回购；也可通过私下协商交易、加速股票回购或其他结构化交易进行。2027财年第一季度未根据该计划回购股票。根据我们的股票回购计划，仍有约2.45亿美元的回购额度。

股息

在截至2026年8月 30日的13周内，我们向普通股股东支付了5,220万美元现金股息。我们还于2026年9月 4日向截至2026年8月 7日登记在册的股东额外支付了5,230万美元现金股息。2026年10月 5日，董事会宣布每股普通股派发0.38美元现金股息，将于2026年12月 4日支付给截至2026年11月 6日登记在册的股东。

累计其他综合收益

截至2026年8月 30日，累计其他综合收益（税后）的变动如下：


（百万美元）	外币折算收益		养老金及退休后福利				累计其他综合收益
截至2026年5月31日的余额	$	131.0			$	0.8			$	131.8
重分类前的其他综合收益（税后）	(2.5)			(0.2)				(2.7)

截至2026年8月30日的余额	$	128.5			$	0.6			$	129.1

13. 分部

我们将运营管理为两个业务分部：北美和国际。根据我们的业务管理方式，我们设有两个经营分部，且各自均为可报告分部：北美和国际。北美包括在美国、加拿大和墨西哥开展的业务。国际包括不属于北美分部的所有业务。两个分部主要生产冷冻马铃薯产品并销售给客户。每个可报告分部均由一名总经理管理，并由一支负责支持该分部的跨职能团队提供支持。

我们的首席运营决策者团队（“CODM团队”）由执行董事长以及总裁兼首席执行官组成。CODM团队会定期收到按照我们的分部架构编制的管理报告。我们的披露根据更新后的报告列示重要分部费用，该报告现已定期提供给CODM团队。本公司使用分部调整后息税折旧摊销前利润衡量各可报告分部的损益。该指标不包括利息、税项、折旧、摊销、未实现按市值计价衍生工具收益和损失（属于销售成本和销售、一般及行政费用的组成部分）、外币汇兑收益和损失（属于销售、一般及行政费用的组成部分）、股权薪酬费用（属于销售、一般及行政费用的组成部分）以及可比性项目（属于销售成本和销售、一般及行政费用的组成部分）（“分部调整后EBITDA”）

净销售额和分部调整后 EBITDA 为分部层面的经营决策、业绩评估和资源分配决策提供依据。CODM 团队在年度经营计划和预测过程中使用净销售额和分部调整后 EBITDA，并通过评估实际结果与计划的差异来评估各分部的业绩。按分部划分的总资产信息不会定期提供给 CODM 团队，也不会用于评估业绩或按分部配置资源；此外，我们各分部由这些设施产生的净销售额金额可能因财年而异。因此，下文未列示此类信息。制造资产由两个报告分部共用。如下面的表格所示，我们主要根据各分部产生的净销售额，将折旧和摊销分配给报告分部。

下表列示了截至2026年8月30日和2025年8月24日的十三周内，各可报告分部的净销售额和分部调整后 EBITDA。


	十三周结束
	2026年8月30日		2025年8月24日
（百万）	北美		国际		总计		北美	国际		总计
净销售额	$	1,141.4			$	528.9		$	1,670.3			$	1,084.6	$	574.7	$	1,659.3
减：分部重大费用：
销售成本	846.1			506.4				807.1			515.2
销售、一般及行政费用	74.6			36.9				74.4			39.3
其他分部项目（a）	(6.2)			—				0.6			—
加：折旧和摊销	60.4			40.9				57.5			37.0
分部调整后 EBITDA	$	287.3			$	26.5		$	313.8			$	260.0	$	57.2	$	317.2

未分配公司成本（b）					(28.2)						(15.0)
折旧和摊销					101.8						96.3
未实现衍生品（收益）损失					0.7						(4.9)
外币汇兑（收益）损失					12.4						(4.7)
股票薪酬					15.1						10.6
影响可比性的项目：
成本节约计划、重组计划及其他费用（c）					34.2						31.9
法律诉讼及其他索赔（d）					33.0						—
股东行动主义费用（e）					—						4.0
养老金结算（f）					—						13.1
净利息费用					42.4						43.7
所得税前收入					46.0						112.2
所得税费用					16.9						47.9
净利润					$	29.1						$	64.3

__________________________________________

（a）其他分部项目包括权益法投资的（收益）或损失。

（b）未分配公司成本包括与公司支持人员和支持服务相关的成本，包括但不限于未具体分配至各分部的行政、信息技术、人力资源、财务和会计职能相关成本。表中的未分配公司成本不包括未实现衍生品收益和损失、外币汇兑收益和损失、股票薪酬费用以及其他影响可比性的项目。为将分部调整后 EBITDA 调节至净利润，这些项目会加回。

（c）成本节约计划、重组计划及其他费用与重组计划项下发生的成本有关。更多信息请参阅本简明合并财务报表附注4“成本节约计划与重组”。

(d)表示与法律诉讼及其他索赔相关的应计费用，如本合并财务报表简明附注的附注14“承诺、或有事项、担保和法律诉讼”所述。

(e)表示与股东激进主义事项相关的顾问费。

(f)表示与为公司固定收益养老金计划提供全额资金相关的成本，使参与者能够领取一次性付款，并通过团体年金合同将剩余义务及相关计划资产转移给保险公司。

14. 承诺、或有事项、担保和法律诉讼

我们在日常业务过程中承担财务承诺及其他义务，包括长期债务、租赁义务以及商品和服务采购承诺。与Form 10-K“第二部分第8项：财务报表和补充数据”中合并财务报表附注的附注14“承诺、或有事项、担保和法律诉讼”所披露的承诺、或有事项和担保相比，没有重大变化。

法律诉讼

2024年6月，美国爱达荷州联邦地区法院受理了两起拟议集体诉讼，起诉本公司及我们的部分现任和前任高管，指控其违反联邦证券法。这些诉讼于2024年11月合并。修订后的合并起诉状指称，被告就我们的企业资源规划（“ERP”）系统的设计与实施以及本公司的定价做法作出了虚假陈述并有所遗漏。起诉状代表一个拟议类别提起诉讼，该类别包括在2023年7月25日至2024年12月19日期间购买本公司普通股的投资者。2025年4月25日，被告提出驳回动议。2026年5月12日，法院部分批准并部分驳回该动议。法院驳回了与某些ERP相关陈述有关的诉求，并相应缩短了潜在集体诉讼期间。法院还驳回了所有与本公司定价做法有关的诉求。原告于2026年6月11日提交了第二次修订起诉状。2026年8月10日，被告提出驳回第二次修订起诉状的动议。原告于2026年10月2日提交了对驳回动议的反对意见，被告的回复期限为2026年10月23日。2025年6月，一名声称是本公司股东的人士在美国特拉华州联邦地区法院提起经核实的股东派生诉讼（名义上代表本公司），起诉我们的部分现任和前任董事及高管，指控其违反联邦证券法并违反信托义务，所涉事项源于与拟议集体诉讼相同或类似的、有关我们企业资源规划系统设计与实施的虚假陈述及遗漏。2026年6月，另一名声称是本公司股东的人士在美国特拉华州联邦地区法院提起了类似的股东派生诉讼。这些派生诉讼已合并，适用于所有审前程序及审判，并已中止审理，等待证券集体诉讼中关于驳回第二次修订起诉状动议的裁决。2026年8月，一名声称是本公司股东的人士在特拉华州衡平法院提起了类似的股东派生诉讼。该诉讼已中止审理，等待证券集体诉讼中关于驳回第二次修订起诉状动议的裁决。我们认为这些诉讼缺乏依据，并打算积极抗辩。目前我们无法预测这些事项的结果，也无法估计可能造成的潜在损失范围（如有）。

2024年11月，美国伊利诺伊州北区联邦地区法院收到一项集体诉讼起诉书，被告包括本公司、我们的某些子公司以及多家其他冷冻马铃薯产品生产商，指控其违反反垄断法。此后，同一法院又收到其他基于类似指控的集体诉讼起诉书，代表拟议的直接购买者、商业和机构间接购买者以及终端消费者间接购买者类别提出反垄断索赔。部分起诉书还列入了其他被告。法院下令将这些起诉合并并修订。2025年10月6日，原告代表拟议类别提交了三份合并起诉书，针对本公司、我们的某些子公司、其他冷冻马铃薯产品生产商以及一家数据提供商提出修订后的索赔。合并起诉书指称，其中包括，自至少2021年1月1日起，被告合谋将冷冻马铃薯产品价格抬高至竞争水平以上，违反美国反垄断法；被告通过协调冷冻马铃薯产品价格并实施步调一致的涨价来实现这一目的，据称其协同行为得益于价格和产量非公开信息的交换。代表拟议间接购买者类别的起诉书还依据多项州法律提出索赔，包括州反垄断法、不正当竞争法和消费者保护法规。起诉书请求的救济包括三倍损害赔偿、禁令救济、衡平法上的金钱救济、判决前后利息、费用和律师费。2025年12月5日，被告提出驳回起诉的动议。2026年9月17日，法院部分批准、部分驳回被告的驳回起诉动议，驳回了若干州法律索赔，同时允许联邦法律索赔和其他州法律索赔进入证据开示阶段。加拿大不列颠哥伦比亚省最高法院和魁北克省高等法院也提起了基于类似指控的集体诉讼。2025年12月15日，魁北克省高等法院因未送达而终止了魁北克诉讼。我们认为这些起诉缺乏依据，并打算积极抗辩。目前我们无法预测此事的结果，也无法估计可能因此产生的潜在损失范围（如有）。

本公司及其他数名被告被列为一项拟议集体诉讼的被告。该诉讼由私人原告在美国俄勒冈州联邦地区法院提起，指控被告的业务运营导致俄勒冈州东部乌马蒂拉河下游流域地下水中的硝酸盐含量过高。本公司在该地区经营薯条生产设施。2026年6月，法院驳回了被告要求撤销诉讼的动议，案件目前定于2027年9月开庭审理。据公开报道，本公司涉诉的另一名被告于2026年8月与原告达成和解。此外，另一方近期就涉及同一首席原告的相关诉讼达成和解。我们仍认为原告针对本公司的主张缺乏依据，并将继续积极抗辩。我们目前无法预测此事的结果；但是，我们针对法律诉讼及其他索赔计提的准备金中包括了本事项的准备金，该准备金反映了我们当前对可能损失的最佳估计。

我们还涉及在日常业务过程中产生的其他各种法律诉讼。这些索赔、法律程序和诉讼主要涉及人身伤害、产品责任、雇佣及其他争议。在确定或有损失时，我们会考虑发生损失的可能性，以及能否合理估计损失或负债金额。当负债很可能已经发生且损失金额能够合理估计时，我们会确认估计损失。尽管任何索赔、程序或诉讼都存在不确定性，但我们认为，目前待决或可能提起的其他事项的结果不会对我们的财务状况、经营业绩或现金流产生重大不利影响。

截至2026年8月30日，本公司的流动负债中包括针对法律诉讼及其他索赔计提的准备金，金额为3,300万美元。

第2项：管理层对财务状况及经营业绩的讨论与分析

以下关于我们财务状况及经营业绩的讨论与分析（简称“MD&A”），应与本季度报告10-Q表（简称“本10-Q表”）“财务信息”部分所载的简明合并财务报表及相关附注，以及本公司截至2026年5月31日的财年年度报告10-K表（简称“10-K表”）“财务报表及补充数据”部分所载的内容一并阅读。我们于2026年7月24日向美国证券交易委员会（简称“SEC”）提交了10-K表。

前瞻性陈述

This report, including the MD&A, contains forward-looking statements within the meaning of the federal securities laws. Words such as “expect,” “intend,” “continue,” “advance,” “deliver,” “enable,” “optimize,” “remain,” “support,” “grow,” “reduce,” “focus,” “manage,” “believe,” “anticipate,” “will,” “may,” “estimate,” “outlook,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding our business and financial outlook and prospects, our plans and strategies and anticipated benefits therefrom, including with respect to the Cost Savings Program and other cost savings or efficiency initiatives, anticipated capital expenditures and investments, input and other costs, cash flows, liquidity, dividends, anticipated conditions in our industry and the global economy. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Readers of this report should understand that these statements are not guarantees of performance or results. Many factors could affect these forward-looking statements and our actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements, including those set forth in this report. These risks and uncertainties include, among other things: consumer preferences, including restaurant traffic in North America and our international markets, and an uncertain general economic environment, including as a result of tariffs and other trade policies, inflationary pressures and recessionary concerns, any of which could adversely impact our business, financial condition or results of operations, including as a result of impacts on the demand and prices for our products; the competitive environment and related conditions in the markets in which we operate; the availability and prices of raw materials and other commodities; operational challenges; our ability to successfully implement the Cost Savings Program or other cost savings or efficiency initiatives, including achieving the expected benefits of those activities and possible changes in the size and timing of related charges; our dependence on information technology and systems, including service interruptions, misappropriation of data, or breaches of security, as well as difficulties, disruptions or delays in implementing new technology; levels of labor and people-related expenses; our ability to successfully execute our long-term value creation strategies, including our Focus to Win strategy; our ability to execute on large capital projects; political and economic conditions in the countries in which we conduct business and other factors related to our international operations; disruptions in the global economy caused by conflicts such as the wars in Ukraine and the Middle East and the possible related heightening of our other known risks; the ultimate outcome of litigation or any product recalls or withdrawals; changes in our relationships with our growers or significant customers; impacts on our business due to health pandemics or other contagious outbreaks, such as the COVID-19 pandemic, including impacts on demand for our products, increased costs, disruption of supply, other constraints in the availability of key commodities and other necessary services or restrictions imposed by public health authorities or governments; disruption of our access to export mechanisms; risks associated with integrating acquired businesses; risks associated with other possible acquisitions; our debt levels; actions of governments and regulatory factors affecting our businesses; our ability to pay regular quarterly cash dividends or otherwise return capital to shareholders and the amounts and timing of any future dividends or other shareholder returns; and other risks described in our reports filed from time to time with the SEC. We caution readers not to place undue reliance on any forward-looking statements included in this report, which speak only as of the date of this report. We undertake no responsibility for updating these statements, except as required by law.

Overview

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. We are the number one supplier of value-added frozen potato products in North America and a leading supplier of value-added frozen potato products internationally, with a strong and growing presence in high-growth emerging markets. We offer a broad product portfolio to a diverse channel and customer base in over 100 countries. French fries represent most of our value-added frozen potato product portfolio.

Table of Contents

This MD&A is provided as a supplement to the consolidated financial statements and related condensed notes included elsewhere herein to help provide an understanding of our financial condition, changes in financial condition and results of our operations. Our MD&A is based on financial data derived from the financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). We have also presented Adjusted EBITDA, Adjusted Gross Profit, Adjusted Selling, General and Administrative expenses (“SG&A”), and Adjusted Income Tax Expense, each of which is considered a non-GAAP financial measure, to supplement the financial information included in this report. We also present net sales excluding FX. Refer to “Non-GAAP Financial Measures” below for the definitions of Adjusted EBITDA, Adjusted Gross Profit, Adjusted SG&A, and Adjusted Income Tax Expense and a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, net income, gross profit, SG&A, income tax expense, or net sales, as applicable. For more information, refer to the “Results of Operations” and “Non-GAAP Financial Measures” sections below.

Executive Summary

Our first quarter results reflect continued momentum in North America and our ongoing progress advancing our Focus to Win strategy.

In our North America segment, we delivered a 7% increase in sales volume resulting in a 5% increase in net sales and an 11% increase in Segment Adjusted EBITDA.

In our International segment, EMEA continues to face challenging market conditions. Segment Adjusted EBITDA improved sequentially versus the fiscal fourth quarter 2026 as we worked through prior year crop carry in costs. We have taken action to balance our network utilization as demonstrated by ending production at our Broekhuizenvorst, the Netherlands facility and successfully transitioning customer fulfillment within our network. These actions have enabled further cost optimization.

We believe that our cash generation remains strong as we generated $235 million in cash provided by operating activities during the quarter.

During the quarter, we returned $52 million to shareholders through our quarterly dividend.

Outlook

Our updated full-year 2027 fiscal outlook, on a 52-week comparable basis, includes net sales growth of low single-digits and earnings growth of mid single-digits. We expect low single-digit sales volume growth and price/mix to be flat to up slightly for the year. Fiscal year 2027 is a 52-week period versus a 53-week period in fiscal year 2026.

We are experiencing inflationary pressure across key cost inputs and freight. Our teams are managing this cost inflation through disciplined actions, including proactive cost savings and review of contract price escalation terms. We are on track to deliver additional cost savings in fiscal 2027 under our Cost Savings Program.

Table of Contents

Results of Operations

Thirteen Weeks Ended August 30, 2026 compared to Thirteen Weeks Ended August 24, 2025

Net Sales and Segment Adjusted EBITDA


	Thirteen Weeks Ended
(in millions, except percentages)	August 30, 2026		August 24, 2025		% Increase (Decrease)		% Increase (Decrease) excl. FX
Segment net sales
North America	$	1,141.4			$	1,084.6		5%	5%
International	528.9			574.7			(8)%	(8)%
	$	1,670.3			$	1,659.3		1%	—%

Segment Adjusted EBITDA
North America	$	287.3			$	260.0		11%
International	26.5			57.2			(54)%

Net Sales

Net sales for the first quarter of fiscal 2027 increased $11.0 million to $1,670.3 million compared to the prior year quarter, including an immaterial favorable foreign currency (“FX”) impact. Net sales excluding FX was essentially flat over the prior year quarter, as a 2% increase in sales volume was offset by a 2% decline in price/mix.

North America segment net sales, which includes all sales to customers in the U.S., Canada, and Mexico, increased $56.8 million, or 5%, to $1,141.4 million. Sales volume increased 7% compared to the prior year quarter driven by customer wins and higher demand from existing customers. Price/mix declined 2%, resulting from price and trade support for customers and continued mix shift toward faster-growing chain customers and private-label products, which generally carry lower margins than other channels.

International segment net sales, which includes all sales to customers outside of North America, declined $45.8 million, or 8%, to $528.9 million over the prior year quarter. Sales volume declined 6% and price/mix declined 2%.

Gross Profit

Gross profit declined $75.9 million versus the prior year quarter to $266.5 million. Adjusted Gross Profit declined $22.1 million versus the prior year quarter to $316.8 million, primarily reflecting unfavorable global price/mix and increased manufacturing costs per pound, mostly in the International segment. Total manufacturing cost per pound increased due to the carry in of prior year costs, underutilized international production facilities and inflationary pressures across key input categories globally, including fuel and freight costs. These higher costs were partially offset by benefits from cost savings initiatives, lapping of Argentina start-up costs, and approximately $5 million in tariff refunds.

Selling, General and Administrative Expenses

SG&A increased $16.6 million versus the prior year quarter to $170.2 million. Adjusted SG&A increased $6.8 million versus the prior year quarter to $139.2 million, primarily the result of lapping $7.3 million of non-recurring miscellaneous income in the first quarter fiscal 2026. Cost savings mostly offset increases in outside services and fixed expense.

Net Income, Adjusted EBITDA and Segment Adjusted EBITDA

Net income declined $35.2 million from the prior year quarter to $29.1 million.

Adjusted EBITDA declined $16.6 million versus the prior year quarter to $285.6 million, reflecting lower Adjusted Gross Profit and higher Adjusted SG&A.

Table of Contents

North America Segment Adjusted EBITDA increased $27.3 million to $287.3 million compared to the prior year quarter. Higher sales volumes, cost savings initiatives, and approximately $5 million in tariff refunds, as well as an increase in equity method investment earnings, more than offset price and trade support for customers, customer and product mix and inflation in key input cost categories.

International Segment Adjusted EBITDA declined $30.7 million to $26.5 million compared to the prior year quarter. The decrease was primarily attributable to lower sales volume and lower net sales mostly in Europe and higher manufacturing costs per pound including the impact of the carry in of prior year higher costs, factory underutilization and inflation, including higher fuel costs.

Interest Expense, Net

Interest expense, net declined $1.3 million, versus the prior year quarter, to $42.4 million, driven by lower outstanding debt balances.

Income Tax Expense

Income tax expense for the first quarter of fiscal 2027 and 2026 was $16.9 million and $47.9 million, respectively. The effective income tax rate (calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings) was 36.7% and 42.7% in the first quarter of fiscal 2027 and 2026, respectively. The effective tax rate for our current quarter reflects the impacts of comparability items, most notably the expenses related to our Cost Savings Program and Restructuring Plan, as discussed in more detail in the Reconciliations of Non-GAAP Financial Measures. In addition, we recorded $10.2 million of discrete tax expense in the first quarter of fiscal 2026, primarily related to the establishment of a full valuation allowance against certain international deferred tax assets. Excluding the impact of these items, the Company’s effective tax rate was 27.2% for the first quarter of fiscal 2027, versus 30.2% for the prior year quarter. Compared to the first quarter of fiscal 2026, the effective tax rate excluding the impact of these items is lower primarily due to having a smaller proportion of losses with no expected tax benefits in certain jurisdictions.

Equity Method Investment Earnings (Loss)

Equity method investment earnings (loss) from unconsolidated joint ventures were earnings of $6.2 million and losses of $0.6 million for the first quarter of fiscal 2027 and 2026, respectively. The increase of $6.8 million in earnings was primarily the result of higher sales volumes and gross margin, including a more favorable mix of sales. The results for the current and prior year quarters reflect earnings associated with our 50% interest in Lamb Weston/RDO Frozen, an unconsolidated potato processing joint venture in Minnesota.

Liquidity and Capital Resources

Sources and Uses of Cash

As of August 30, 2026, we had $166.3 million of cash and cash equivalents, with $1,239.3 million additional amounts available for borrowing under our revolving credit facility. We believe we have sufficient liquidity to meet our business requirements for the next 12 months and the foreseeable future thereafter. Cash generated by operations, supplemented by our cash and cash equivalents and availability under our revolving credit facility, are our primary sources of liquidity for funding our business requirements. Our funding requirements include capital expenditures, changes in working capital, and returning cash to shareholders in the form of cash dividends and share repurchases. These expenditures could increase or decrease as a result of our financial results, future economic conditions, supply chain constraints for equipment, our regulatory compliance requirements, and other factors.

Table of Contents

Cash Flows

Below is a summary table of our cash flows, followed by a discussion of the sources and uses of cash through operating, investing, and financing activities:


	Thirteen Weeks Ended
(in millions)	August 30, 2026		August 24, 2025
Net cash flows provided by (used for):
Operating activities	$	234.8			$	352.0
Investing activities	(90.9)			(76.3)
Financing activities	(46.3)			(248.5)
	97.6			27.2
Effect of exchange rate changes on cash and cash equivalents	0.5			0.7
Net increase in cash and cash equivalents	98.1			27.9
Cash and cash equivalents, beginning of period	68.2			70.7
Cash and cash equivalents, end of period	$	166.3			$	98.6

Operating Activities

Compared with the first quarter of fiscal 2026, cash provided by operating activities decreased $117.2 million to $234.8 million in the first quarter of fiscal 2027. Cash provided by operating activities in the prior-year quarter benefited from a $136.3 million improvement in inventories as we were beginning our Cost Savings Program. Current cash provided by operating activities benefited by $59.2 million from an increase in accounts payable as we work with supplier partners to improve terms. Other changes to working capital items were attributed to normal course of business. Furthermore, reported net income declined by $35.2 million.

Investing Activities

Investing activities used $90.9 million of cash in the first quarter of fiscal 2027, compared with $76.3 million in the first quarter of fiscal 2026. Expenditures in the first quarter of fiscal 2027 primarily related to production facility modernization efforts. Expenditures in the first quarter of fiscal 2026 primarily related to our investments to expand our french fry capacity in Argentina.

Financing Activities

During the first quarter of fiscal 2027, we had net proceeds of $30.1 million, reflecting amounts outstanding under our revolving credit facilities. We paid $52.2 million in cash dividends to common stockholders and repaid $16.5 million of debt and financing obligations.

During the first quarter of fiscal 2026, we made net payments of $161.9 million under our revolving credit facilities. We used $18.7 million of cash to repurchase 187,259 shares of our common stock at an average price of $55.34 per share and withheld 157,665 shares from employees to cover income and payroll taxes on equity awards that vested during the period. In addition, we paid $51.7 million in cash dividends to common stockholders during the first quarter of fiscal 2026 and repaid $16.2 million of debt and financing obligations.

For more information about our debt, see Note 10, Debt and Financing Obligations, of the Condensed Notes to Consolidated Financial Statements in “Part I, Item 1. Financial Statements” of this report and 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. At August 30, 2026, we were in compliance with the covenants contained in our debt agreements.

Obligations and Commitments

There have been no material changes to the contractual obligations disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Form 10-K.

See Note 10, Debt and Financing Obligations, of the Condensed Notes to Consolidated Financial Statements in “Part I, Item 1. Financial Statements” of this report for more information.

Table of Contents

Non-GAAP Financial Measures

To supplement the financial information included in this report, we have presented Adjusted EBITDA, Adjusted Gross Profit, Adjusted SG&A, and Adjusted Income Tax Expense, each of which is considered a non-GAAP financial measure. We also present net sales excluding FX, which provides information on net sales as if foreign currency exchange rates had remained constant between the current and prior-year periods. Management uses these non-GAAP financial measures to assist in analyzing what management views as our core operating performance for purposes of business decision making. Management believes that presenting these non-GAAP financial measures provides investors with useful supplemental information because they (i) provide meaningful supplemental information regarding financial performance by excluding impacts of foreign currency exchange translation and unrealized mark-to-market derivative gains and losses and other items affecting comparability between periods; (ii) permit investors to view our operating and financial performance using the same tools that management uses to evaluate performance across periods and to make budgeting, operating, and strategic decisions; and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our operating and financial performance. In addition, we believe that the presentation of these non-GAAP financial measures, when considered together with their most directly comparable GAAP financial measure and corresponding reconciliations to those GAAP financial measures, provides investors with additional tools to understand the factors and trends affecting our underlying business than could be obtained absent these disclosures.

The non-GAAP financial measures presented in this report should be viewed in addition to, and not as alternatives for, financial measures prepared in accordance with GAAP that are also presented in this report. These measures are not substitutes for their comparable GAAP financial measures, such as net income, gross profit, SG&A, income tax expense, net sales, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures presented in this report may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way we do.

The following table reconciles net income to Adjusted EBITDA:


		Thirteen Weeks Ended
(in millions)		August 30, 2026		August 24, 2025
Net income		$	29.1			$	64.3
Interest expense, net		42.4			43.7
Income tax expense		16.9			47.9
Income from operations including equity method investment earnings		88.4			155.9
Depreciation and amortization		101.8			96.3
Unrealized derivative (gains) losses		0.7			(4.9)
Foreign currency exchange (gains) losses		12.4			(4.7)
Stock-based compensation		15.1			10.6
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses	(a)	34.2			31.9
Legal proceedings and other claims	(b)	33.0			—
Shareholder activism expense	(c)	—			4.0
Pension settlement	(d)	—			13.1
Adjusted EBITDA		$	285.6			$	302.2

___________________________________________

(a)For more information about the Cost Savings Program and Restructuring Plan, see Note 4, Cost Savings Program and Restructuring, in the Condensed Notes to Consolidated Financial Statements (unaudited), within “Part I, Item I. Financial Statements” of this Form 10-Q.

(b)Represents accruals for legal proceedings and other claims. See Note 14, Commitments, Contingencies, Guarantees and Legal Proceedings, in the Condensed Notes to Consolidated Financial Statements (unaudited), within “Part I, Item I. Financial Statements” of this Form 10-Q.

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

(d)Represents costs associated with fully funding 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.

Table of Contents

The following tables reconcile gross profit to Adjusted Gross Profit, SG&A to Adjusted SG&A, and Income Tax Expense (Benefit) to Adjusted Income Tax Expense for the thirteen weeks ended August 30, 2026 and August 24, 2025.


	Thirteen Weeks Ended
	August 30, 2026		August 24, 2025		August 30, 2026		August 24, 2025	August 30, 2026		August 24, 2025
(in millions)	Gross Profit		Selling, General and Administrative		Income Tax Expense (Benefit)
As reported	$	266.5			$	342.4		$	170.2		$	153.6		$	16.9	$	47.9
Unrealized derivative gains and losses	(0.6)			(3.1)			(1.3)		1.8		0.1		(1.1)
Foreign currency exchange gains and losses	—			—			(12.4)		4.7		2.2		(0.8)
Stock-based compensation	—			—			(15.1)		(10.6)		2.5		1.6
Items impacting comparability:
Cost Savings Program, Restructuring Plan, and other expenses	20.1			(0.4)			—		—		8.9		7.7
Legal proceedings and other claims	30.8			—			(2.2)		—		7.9		—
Shareholder activism expense	—			—			—		(4.0)		—		0.9
Pension settlement	—			—			—		(13.1)		—		3.0
Total adjustments	50.3			(3.5)			(31.0)		(21.2)		21.6		11.3
Adjusted	$	316.8			$	338.9		$	139.2		$	132.4		$	38.5	$	59.2

The following table reconciles net sales to net sales excluding FX for the thirteen weeks ended August 30, 2026.


(in millions)	Net Sales		FX		Net Sales excl. FX
Thirteen Weeks Ended August 30, 2026
North America	$	1,141.4			$	(2.4)		$	1,139.0
International	528.9			(1.7)			527.2
	$	1,670.3			$	(4.1)		$	1,666.2

Off-Balance Sheet Arrangements

There have been no material changes to the off-balance sheet arrangements disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Form 10-K.

Critical Accounting Policies and Estimates

A discussion of our critical accounting policies and estimates can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Form 10-K. There were no material changes to these critical accounting policies and estimates during the first quarter of fiscal 2027.

New and Recently Adopted Accounting Pronouncements

For a list of our new and recently adopted accounting pronouncements, see Note 1, Nature of Operations and Summary of Significant Accounting Policies, of the Condensed Notes to Consolidated Financial Statements in “Part I, Item I. Financial Statements” of this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As we operate globally, we are primarily exposed to currency exchange rate, commodity price and interest rate market risks. We monitor and manage these exposures as part of our overall risk management program. Our risk management program focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on our operating results.

There have been no material changes to our market risk during the thirteen weeks ended August 30, 2026. For additional information, refer to “Item 1A. Risk Factors—Business and Operating Risks” and “Item 7A, Quantitative and Qualitative Disclosures about Market Risk”, in the Form 10-K.

Table of Contents

ITEM 4. CONTROLS AND PROCEDURES

Inherent Limitations on Effectiveness of Controls

Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Due to these limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of the effectiveness of controls to future periods are subject to risks, including that controls become inadequate because of changes in conditions or that the degree of compliance with the policies and procedures may deteriorate.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of August 30, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated any change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended August 30, 2026, and determined that there were no changes in our internal control over financial reporting during the quarter ended August 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 14, Commitments, Contingencies, Guarantees and Legal Proceedings, of the Condensed Notes to Consolidated Financial Statements in “Part I, Item 1. Financial Statements” of this report for information regarding our legal proceedings.

ITEM 1A. RISK FACTORS

We are subject to various risks and uncertainties in the course of our business. The discussion of these risks and uncertainties may be found under “Part I, Item 1A. Risk Factors” in the Form 10-K. There have been no material changes to the risk factors discussed in the Form 10-K.

Table of Contents

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Total shares of Lamb Weston common stock purchased by the Company during the thirteen weeks ended August 30, 2026, were as follows:


Period	Total Number of Shares (or Units) Purchased (a)	Average Price Paid Per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (b)	Approximate Dollar Value of Maximum Number of Shares that May Yet be Purchased Under Plans or Programs (in millions) (b)
June 01, 2026 through June 28, 2026	1,505		$	44.68		—	$	245
June 29, 2026 through July 26, 2026	15,652		$	46.51		—	$	245
July 27, 2026 through August 30, 2026	132,859		$	52.66		—	$	245
Total	150,016

___________________________________________

(a)Represents shares withheld from employees to cover income and payroll taxes on equity awards that vested during the period.

(b)On December 19, 2024, we announced that the Board of Directors (the “Board”) increased our total share repurchase authorization under our existing $500 million share repurchase program by $250 million to an aggregate amount of $750 million. As of August 30, 2026, approximately $245 million remained authorized and available for repurchase under the program. The program has no expiration date. Repurchases under our share repurchase program may be made at our discretion from time to time on the open market, subject to applicable laws, including pursuant to a repurchase plan administered in accordance with Rule 10b5-1 under the Exchange Act, or through privately negotiated transactions or accelerated share repurchases or other structured transactions.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Insider Trading Arrangements

Our directors and officers (as defined in Rule 16a-1 under the Exchange Act) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended August 30, 2026, no such plans or arrangements were adopted or terminated, including by modification.

Table of Contents

ITEM 6. EXHIBITS


Exhibit Number		Exhibit Description

10.1		Form of Lamb Weston Holdings, Inc. Restricted Stock Unit Agreement (FY2027 Awards)

10.2		Form of Lamb Weston Holdings, Inc. Performance Share Agreement (FY2027 Awards)

10.3		Form of Lamb Weston Holdings, Inc. Executive Chair Restricted Stock Unit Agreement (FY2027 Awards)

10.4		Lamb Weston Holdings, Inc. 2026 Equity and Incentive Compensation Plan, incorporated herein by reference to Exhibit 4.4 of Lamb Weston Holdings, Inc.’s Registration Statement on Form S-8 filed on September 23 , 2026 (File No. 333-299094 )

31.1		Section 302 Certificate of Chief Executive Officer

31.2		Section 302 Certificate of Chief Financial Officer

32.1		Section 906 Certificate of Chief Executive Officer

32.2		Section 906 Certificate of Chief Financial Officer

101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	LAMB WESTON HOLDINGS, INC.

	By:	/s/ JAMES D. GRAY
		James D. Gray
		Chief Financial Officer
		(Principal Financial Officer)



Dated this 6th day of October, 2026

","original","zhKind","translation","complete",false,"LW","公司与财报","财报","业绩指引","aihot","/items/s69hhjr9knjhex4rjb3loagcw","https://www.sec.gov/Archives/edgar/data/1679273/000167927326000052/0001679273-26-000052-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1791504000&sig=503fb7d170765eee","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1791504000&sig=bd7a734cec863d9b 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1791504000&sig=e5a5cfd96e0c1fd2 96w","changelogVersion","2026-10-01T08:00"]