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Reportable Segments | 6 Months Ended
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Oct. 31, 2025
Segment Reporting [Abstract] |
Reportable Segments | We operate in one industry: the manufacturing and marketing of food and beverage products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, U.S. Retail Pet Foods, and Sweet Baked Snacks. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable. The U.S. Retail Coffee segment prim arily inclu des the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; the U.S. Retail Frozen Handheld and Spreads segment primarily includes the domestic sales of Uncrustables®, Jif®, and Smucker’s® branded products; the U.S. Retail Pet Foods segment primarily includes the domestic sales of Meow Mix®, Milk-Bone®, Pup-Peroni®, and Canine Carry Outs® branded products; and the Sweet Baked Snacks segment primarily includes all domestic and foreign sales of Hostess branded products in all channels. With the exception of Sweet Baked Snacks products, International and Away From Home includes the sale of all products that are distributed in foreign countries through retail channels, as well as domestically and in foreign countries through foodservice distributors and operators (e.g., healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores). Reportable segments have been identified based on financial data utilized to manage our businesses by our CODMs. The CODMs use net sales and segment profit to evaluate segment performance and allocate resources, including consideration of plan-to-actual variances and prior year-to-actual variances on a monthly basis. Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which the CODMs manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities (“change in net cumulative unallocated derivative gains and losses”), special project costs, as well as corporate administrative expenses. Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures. The following tables reconcile segment profit to income before income taxes.
| Three Months Ended October 31, 2025
| U.S. Retail Coffee |  | U.S. Retail Frozen Handheld and Spreads |  | U.S. Retail Pet Foods |  | Sweet Baked Snacks |  | International and Away From Home |  | Total
Net sales | $ | 848.9 |  |  | $ | 461.1 |  |  | $ | 413.2 |  |  | $ | 256.1 |  |  | $ | 350.8 |  |  | $ | 2,330.1 |
Segment cost of products sold (A) | 602.1 |  |  | 286.4 |  |  | 224.5 |  |  | 190.3 |  |  | 236.9 |  |  |
Segment selling and distribution expenses (B) | 92.1 |  |  | 71.9 |  |  | 67.8 |  |  | 43.2 |  |  | 38.5 |  |  |
Other segment items (C) | 0.4 |  |  | 0.7 |  |  | (3.5) |  |  | 0.8 |  |  | (1.0) |  |  |
Segment profit | $ | 154.3 |  |  | $ | 102.1 |  |  | $ | 124.4 |  |  | $ | 21.8 |  |  | $ | 76.4 |  |  | $ | 479.0 |
Reconciliation of segment profit: |  |  |  |  |  |  |  |  |  |
Amortization |  |  |  |  |  |  |  | (50.2) |
Interest expense – net |  |  |  |  |  |  |  | (98.6) |
Change in net cumulative unallocated derivative gains and losses |  |  |  |  |  |  |  | 103.0 |
Cost of products sold – special project costs (D) |  |  |  |  |  |  |  | (23.0) |
Other special project costs (D) |  |  |  |  |  |  |  | (5.6) |
Corporate administrative expenses |  |  |  |  |  |  |  | (84.7) |
Other income (expense) – net (D) |  |  |  |  |  |  |  | (1.5) |
Income before income taxes |  |  |  |  |  |  |  | $ | 318.4 |
| Six Months Ended October 31, 2025
| U.S. Retail Coffee |  | U.S. Retail Frozen Handheld and Spreads |  | U.S. Retail Pet Foods |  | Sweet Baked Snacks |  | International and Away From Home |  | Total
Net sales | $ | 1,566.1 |  |  | $ | 945.8 |  |  | $ | 781.2 |  |  | $ | 509.3 |  |  | $ | 641.0 |  |  | $ | 4,443.4 |
Segment cost of products sold (A) | 1,101.0 |  |  | 585.7 |  |  | 429.3 |  |  | 367.1 |  |  | 427.2 |  |  |
Segment selling and distribution expenses (B) | 176.1 |  |  | 142.7 |  |  | 134.6 |  |  | 84.4 |  |  | 73.9 |  |  |
Other segment items (C) | 0.5 |  |  | 1.0 |  |  | (8.4) |  |  | 1.8 |  |  | (2.0) |  |  |
Segment profit | $ | 288.5 |  |  | $ | 216.4 |  |  | $ | 225.7 |  |  | $ | 56.0 |  |  | $ | 141.9 |  |  | $ | 928.5 |
Reconciliation of segment profit: |  |  |  |  |  |  |  |  |  |
Amortization |  |  |  |  |  |  |  | (100.4) |
Interest expense – net |  |  |  |  |  |  |  | (198.8) |
Change in net cumulative unallocated derivative gains and losses |  |  |  |  |  |  |  | (150.1) |
Cost of products sold – special project costs (D) |  |  |  |  |  |  |  | (38.4) |
Other special project costs (D) |  |  |  |  |  |  |  | (11.6) |
Corporate administrative expenses |  |  |  |  |  |  |  | (163.9) |
Other income (expense) – net (D) |  |  |  |  |  |  |  | (3.4) |
Income before income taxes |  |  |  |  |  |  |  | $ | 261.9 |
| Three Months Ended October 31, 2024
| U.S. Retail Coffee |  | U.S. Retail Frozen Handheld and Spreads |  | U.S. Retail Pet Foods |  | Sweet Baked Snacks |  | International and Away From Home |  | Total
Net sales | $ | 704.0 |  |  | $ | 485.2 |  |  | $ | 445.4 |  |  | $ | 315.5 |  |  | $ | 321.1 |  |  | $ | 2,271.2 |
Segment cost of products sold (A) | 422.8 |  |  | 296.3 |  |  | 257.9 |  |  | 200.6 |  |  | 213.9 |  |  |
Segment selling and distribution expenses (B) | 78.0 |  |  | 71.9 |  |  | 67.8 |  |  | 43.8 |  |  | 40.9 |  |  |
Other segment items (C) | 0.5 |  |  | 0.9 |  |  | (1.7) |  |  | 0.5 |  |  | (1.7) |  |  |
Segment profit | $ | 202.7 |  |  | $ | 116.1 |  |  | $ | 121.4 |  |  | $ | 70.6 |  |  | $ | 68.0 |  |  | $ | 578.8 |
Reconciliation of segment profit: |  |  |  |  |  |  |  |  |  |
Amortization |  |  |  |  |  |  |  | (55.8) |
Gain (loss) on divestitures – net |  |  |  |  |  |  |  | (260.8) |
Interest expense – net |  |  |  |  |  |  |  | (98.7) |
Change in net cumulative unallocated derivative gains and losses |  |  |  |  |  |  |  | 11.7 |
Cost of products sold – special project costs (D) |  |  |  |  |  |  |  | (5.3) |
Other special project costs (D) |  |  |  |  |  |  |  | (10.7) |
Corporate administrative expenses |  |  |  |  |  |  |  | (88.2) |
Other income (expense) – net |  |  |  |  |  |  |  | (4.2) |
Income before income taxes |  |  |  |  |  |  |  | $ | 66.8 |
| Six Months Ended October 31, 2024
| U.S. Retail Coffee |  | U.S. Retail Frozen Handheld and Spreads |  | U.S. Retail Pet Foods |  | Sweet Baked Snacks |  | International and Away From Home |  | Total
Net sales | $ | 1,327.4 |  |  | $ | 982.0 |  |  | $ | 845.1 |  |  | $ | 649.2 |  |  | $ | 592.6 |  |  | $ | 4,396.3 |
Segment cost of products sold (A) | 795.7 |  |  | 603.5 |  |  | 476.6 |  |  | 411.0 |  |  | 397.3 |  |  |
Segment selling and distribution expenses (B) | 155.8 |  |  | 142.5 |  |  | 137.7 |  |  | 93.4 |  |  | 81.2 |  |  |
Other segment items (C) | 0.6 |  |  | 0.9 |  |  | (5.9) |  |  | (0.2) |  |  | (2.5) |  |  |
Segment profit | $ | 375.3 |  |  | $ | 235.1 |  |  | $ | 236.7 |  |  | $ | 145.0 |  |  | $ | 116.6 |  |  | $ | 1,108.7 |
Reconciliation of segment profit: |  |  |  |  |  |  |  |  |  |
Amortization |  |  |  |  |  |  |  | (111.8) |
Gain (loss) on divestitures – net |  |  |  |  |  |  |  | (260.8) |
Interest expense – net |  |  |  |  |  |  |  | (199.1) |
Change in net cumulative unallocated derivative gains and losses |  |  |  |  |  |  |  | (18.3) |
Cost of products sold – special project costs (D) |  |  |  |  |  |  |  | (10.6) |
Other special project costs (D) |  |  |  |  |  |  |  | (17.8) |
Corporate administrative expenses |  |  |  |  |  |  |  | (170.2) |
Other income (expense) – net |  |  |  |  |  |  |  | (7.3) |
Income before income taxes |  |  |  |  |  |  |  | $ | 312.8 |
(A) Segment cost of products sold excludes special project costs related to certain divestiture, acquisition, integration, and restructuring activities and the change in net cumulative unallocated derivative gains and losses. For more information, see Note 4: Special Project Costs and Note 9: Derivative Financial Instruments. (B) Segment selling and distribution expenses excludes corporate administrative expenses and special project costs that are not allocated to the segments. (C) Other segment items primarily reflects the loss (gain) on disposal of assets, plant administrative expenses, equity method investment income, and royalty income. (D) Includes special project costs related to certain divestiture, acquisition, integration, and restructuring activities. For more information, see Note 4: Special Project Costs. The following tables present total assets; total depreciation, amortization, and impairment charges; and total additions to property, plant, and equipment by segment.
|  |  |  |  | October 31, 2025 |  | April 30, 2025
Assets: |  |  |  |  |  |  |
U.S. Retail Coffee |  |  |  |  | $ | 4,857.5 |  |  | $ | 4,927.8 |
U.S. Retail Frozen Handheld and Spreads |  |  |  |  | 3,288.9 |  |  | 3,263.1 |
U.S. Retail Pet Foods |  |  |  |  | 4,687.2 |  |  | 4,679.3 |
Sweet Baked Snacks |  |  |  |  | 3,343.9 |  |  | 3,394.9 |
International and Away From Home |  |  |  |  | 1,238.2 |  |  | 1,037.1 |
Unallocated (A) |  |  |  |  | 212.6 |  |  | 261.1 |
Total assets |  |  |  |  | $ | 17,628.3 |  |  | $ | 17,563.3 |
| Three Months Ended October 31, |  | Six Months Ended October 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation, amortization, and impairment charges: |  |  |  |  |  |  |
U.S. Retail Coffee | $ | 24.3 |  |  | $ | 24.4 |  |  | $ | 48.7 |  |  | $ | 48.8 |
U.S. Retail Frozen Handheld and Spreads | 24.9 |  |  | 20.5 |  |  | 50.0 |  |  | 41.1 |
U.S. Retail Pet Foods | 30.6 |  |  | 29.8 |  |  | 60.9 |  |  | 59.8 |
Sweet Baked Snacks | 22.4 |  |  | 29.0 |  |  | 44.3 |  |  | 58.9 |
International and Away From Home | 10.0 |  |  | 8.8 |  |  | 20.2 |  |  | 17.8 |
Unallocated (B) | 31.1 |  |  | 15.5 |  |  | 54.4 |  |  | 30.6 |
Total depreciation, amortization, and impairment charges | $ | 143.3 |  |  | $ | 128.0 |  |  | $ | 278.5 |  |  | $ | 257.0 |
Additions to property, plant, and equipment: |  |  |  |  |  |  |
U.S. Retail Coffee | $ | 7.3 |  |  | $ | 7.2 |  |  | $ | 18.8 |  |  | $ | 30.6 |
U.S. Retail Frozen Handheld and Spreads | 18.7 |  |  | 36.7 |  |  | 58.8 |  |  | 85.5 |
U.S. Retail Pet Foods | 10.1 |  |  | 19.9 |  |  | 21.5 |  |  | 44.1 |
Sweet Baked Snacks | 18.8 |  |  | 13.5 |  |  | 29.0 |  |  | 26.7 |
International and Away From Home | 11.4 |  |  | 9.7 |  |  | 22.5 |  |  | 23.8 |
Total additions to property, plant, and equipment | $ | 66.3 |  |  | $ | 87.0 |  |  | $ | 150.6 |  |  | $ | 210.7 |
(A)Primarily represents unallocated cash and cash equivalents and corporate-held investments. (B)Primarily represents unallocated accelerated depreciation related to restructuring activities and corporate administrative expenses, mainly consisting of depreciation and software amortization. The following table presents certain geographical information.
| Three Months Ended October 31, |  | Six Months Ended October 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales: |  |  |  |  |  |  |
United States | $ | 2,202.4 |  |  | $ | 2,136.2 |  |  | $ | 4,211.8 |  |  | $ | 4,151.6 |
International: |  |  |  |  |  |  |
Canada | $ | 94.5 |  |  | $ | 100.7 |  |  | $ | 165.2 |  |  | $ | 182.1 |
All other international | 33.2 |  |  | 34.3 |  |  | 66.4 |  |  | 62.6 |
Total international | $ | 127.7 |  |  | $ | 135.0 |  |  | $ | 231.6 |  |  | $ | 244.7 |
Total net sales | $ | 2,330.1 |  |  | $ | 2,271.2 |  |  | $ | 4,443.4 |  |  | $ | 4,396.3 |
The following table presents product category information.
| Three Months Ended October 31, |  | Six Months Ended October 31, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | Primary Reportable Segment (A)
Coffee | $ | 966.5 |  |  | $ | 797.0 |  |  | $ | 1,782.6 |  |  | $ | 1,508.9 |  |  | U.S. Retail Coffee
Sweet baked goods | 256.1 |  |  | 279.2 |  |  | 509.3 |  |  | 575.8 |  |  | Sweet Baked Snacks
Frozen handheld | 262.9 |  |  | 246.5 |  |  | 507.0 |  |  | 469.1 |  |  | U.S. Retail Frozen Handheld and Spreads
Pet snacks | 232.0 |  |  | 255.2 |  |  | 435.4 |  |  | 482.0 |  |  | U.S. Retail Pet Foods
Peanut butter | 187.1 |  |  | 213.8 |  |  | 394.1 |  |  | 432.4 |  |  | U.S. Retail Frozen Handheld and Spreads
Cat food | 197.2 |  |  | 200.8 |  |  | 376.5 |  |  | 383.9 |  |  | U.S. Retail Pet Foods
Fruit spreads | 92.2 |  |  | 101.7 |  |  | 187.5 |  |  | 208.2 |  |  | U.S. Retail Frozen Handheld and Spreads
Portion control | 50.1 |  |  | 56.8 |  |  | 100.5 |  |  | 110.9 |  |  | Other (B)
Toppings and syrups | 26.5 |  |  | 20.3 |  |  | 56.2 |  |  | 48.6 |  |  | U.S. Retail Frozen Handheld and Spreads
Baking mixes and ingredients | 28.6 |  |  | 28.9 |  |  | 43.1 |  |  | 43.1 |  |  | Other (B)
Cookies | — |  |  | 36.3 |  |  | — |  |  | 73.4 |  |  | Sweet Baked Snacks
Other | 30.9 |  |  | 34.7 |  |  | 51.2 |  |  | 60.0 |  |  | Other (B)
Total net sales | $ | 2,330.1 |  |  | $ | 2,271.2 |  |  | $ | 4,443.4 |  |  | $ | 4,396.3 |  |  |
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category. (B)Represents the combined International and Away From Home operating segments.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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