Strong cat portfolio, drop in dog snacks: J.M. Smucker’s business in last quarter

J.M. Smucker’s US retail pet food business posted $413.2 million (€384.3M) in net sales for the second quarter of fiscal year (FY) 2026, which ended 31 October 2025. This reflects a 7% year-over-year (YoY) decline.

The Ohio-based food manufacturer says that volume/mix dropped net sales by 8 percentage points, driven by lower demand for dog snacks and reduced $15.3 million (€14.2M) contract manufacturing sales following the divestment of pet food brands “in the prior year.”

Net price realization, on the other hand, increased net sales by 1 percentage point, mainly due to higher net pricing across its products.

Segment profit grew 2% to $124.4 million (€115.7M), supported by lower costs and higher net price realization, partially offset by the unfavorable volume/mix. 

According to J.M. Smucker CEO Mark Smucker, despite the drop in dog food, both the cat and dog food segments remain “highly attractive,” supported by rising pet humanization, strong e-commerce and a growing pet population.

For the first half of FY2026, net sales were down 7.5% to $781.2 million (€726.5M) while segment profit fell 4.6% to $225.7 million (€210M).

Cat food segment

The results of the pet segment in Q2 were partially offset by an increase in the cat food segment.

In the cat food category, the Meow Mix brand posted an increase in net sales and volume/mix during the period. The brand also led growth in the dry cat food category, growing sales at nearly 3x the category rate. 

“Our results were driven by distribution gains, innovation and marketing investments,” says Smucker.

However, the CEO adds that the pet business is “significantly underdeveloped” beyond the dry cat food segment, which includes wet cat food and treats. “As a first step, we are extending our Gravy Burst® dry platform to cat treats with Gravy Burst® cat treats shipping now.”

Guidance

For Q3 2026, J.M. Smucker anticipates net sales to increase mid-single digits, while comparable net sales are expected to increase high-single digits.

For FY2026, J.M. Smucker tightened its net sales growth range to 3.5% to 4.5%, down from 3% to 5% previously. Meanwhile, the company anticipates comparable net sales to increase approximately 5% to 6%.

CFO Tucker Marshall notes that the guidance reflects a $38 million (€35.3M) impact from reduced contract manufacturing sales related to the divested pet food brands.

The company also narrowed the guidance range for its full-year adjusted earnings per share to $8.75 (€8.14) to $9.25 (€8.61), while maintaining the previous $9 (€8.37) midpoint.