BGSNYSEFood and Kindred ProductsUS GAAP · USD

B&G Foods, Inc.

B&G Foods, Inc. is a U.S.-based branded packaged foods company that owns and markets a portfolio of shelf-stable, frozen, and spice-related grocery products. Its business is built around familiar consumer brands sold through retail and foodservice channels, with a meaningful presence in categories such as vegetables, pickles, maple syrup, spices, and meal solutions. The company has historically grown through acquisitions, but in recent years it has also been reshaping its portfolio through divestitures to sharpen focus, improve margins, and reduce debt. B&G Foods sells primarily through large retail customers in North America, and its results are influenced by private-label competition, promotional intensity, commodity costs, and changing consumer preferences.

Revenue1,829m USD
−5.4 %y/y
Operating profit (EBIT)97.1m USD
+154.8 %y/y
EBIT margin5.3%
+14.5 ppy/y
Net income-43.3m USD
+82.8 %y/y
Free cash flow70.7m USD
−31.7 %y/y

Fiscal year 2026 · change from previous year

Development 2020–2026

-50005001,0001,5002,0002,500m USD2020: EBIT 276 m USD20202021: 1,968 m USD2021: EBIT 276 m USD20212022: 2,163 m USD2022: EBIT 99 m USD20222023: 2,062 m USD2023: EBIT 80 m USD20232024: 1,932 m USD2024: EBIT -177 m USD20242026: 1,829 m USD2026: EBIT 97 m USD20261,82997
RevenueOperating profit (EBIT)

Business

Share of revenue
Spices & Flavor Solutions18 %

Spices, seasonings, and flavor products sold under branded labels to retail and foodservice customers.

Meals24 %

Shelf-stable meal and specialty food products, including sauces, tomatoes, and related pantry items.

Frozen & Vegetables30 %

Frozen vegetables and remaining shelf-stable vegetable products, including brands under strategic review.

Specialty28 %

Specialty grocery products such as pickles, relishes, peppers, maple syrup, and other pantry staples.

Customers

B&G Foods sells mainly to large retail customers rather than directly to consumers, so its commercial success depends on shelf placement, pricing, and promotional support at major chains. Its customer base includes supermarkets, discounters, warehouse clubs, e-commerce merchants, and food distributors, all of which are becoming larger and more sophisticated in their purchasing behavior. These customers increasingly demand lower prices, higher trade spending, and better service levels, while also reducing inventories and emphasizing private-label alternatives. The company also serves Canadian customers, where some products are exposed to local sourcing, currency, and tariff-related dynamics. Because the business is brand-driven and grocery-oriented, customer retention depends on maintaining brand relevance, value perception, and reliable supply.

Large grocery retailers

Supermarkets and national chains buy branded packaged foods and expect competitive pricing, promotions, and dependable fill rates.

Discounters and value retailers

These customers buy products that can compete on price and are sensitive to trade spending and private-label substitution.

Warehouse clubs

Club channels buy larger pack sizes and high-turn items, favoring brands with broad household appeal.

E-commerce and digital grocery

Online merchants buy products that can support changing consumer shopping patterns and channel-specific packaging needs.

Food distributors

Distributors buy for downstream retail and foodservice accounts, helping extend reach across multiple channels.

Strategy

B&G Foods is pursuing a portfolio-management strategy that combines branded acquisitions with selective divestitures. Management says it wants to grow sales, profitability, and cash flow through complementary acquisitions, new product development, faster commercialization, and broader channel reach. At the same time, the company has been pruning assets, including the sale of Back to Nature, the Green Giant U.S. shelf-stable product line, and more recently Don Pepino, Sclafani, and Le Sueur, while reviewing the remaining Frozen & Vegetables business. This suggests a focus on improving margin quality, reducing leverage, and concentrating on brands and categories with better strategic fit. The company is also investing in sustainability, cost savings, IT, cybersecurity, and environmental compliance to support operations and supply chain resilience.

Portfolio reshaping through divestituresShort term

Selling non-core or lower-return brands can improve margin quality, simplify operations, and reduce leverage.

Disciplined branded acquisitionsMedium term

Acquisitions remain a core growth lever for expanding the brand portfolio and offsetting category maturity.

Innovation and channel expansionMedium term

New products and broader distribution help protect market share against private label and changing consumer preferences.

Geography

B&G Foods is primarily a North American business, with the United States as its core market and Canada as its most important foreign market. The company disclosed that foreign sales represented about 9.7% of total net sales in the first quarter of 2025, with foreign sales primarily to customers in Canada. Its Canadian exposure matters because sales are generally denominated in Canadian dollars, while some key raw materials such as maple syrup are also sourced in Canada, creating both revenue and cost sensitivity to exchange rates. The company also noted tariff and 'buy Canadian' campaign risk in Canada, which could affect products not produced locally. Outside North America, export sales exist but appear limited relative to the domestic business.

Risks

B&G Foods faces pressure from retail consolidation, because larger customers can demand lower pricing, higher promotional spending, and leaner inventories. The company is also exposed to changing consumer preferences and channel shifts, especially as e-commerce grows and private-label products gain share, which can erode brand relevance and pricing power. Commodity inflation, supply chain disruption, and seasonal purchasing patterns create volatility in margins and working capital needs, particularly for produce and maple syrup inputs. The company has additional exposure to tariffs, currency movements, and Canada-related trade sentiment, since foreign sales are concentrated in Canada and some raw materials are sourced there. Food safety, quality, and product recall risk remain important because a loss of consumer trust can quickly damage branded packaged food businesses.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Retail customer consolidation and inventory reductions1Private-label competition and changing consumer preferences2Commodity and raw material inflation3Food safety and product recall risk4Tariffs and Canada trade sentiment5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Retail customer consolidation and inventory reductionsImpact: HighLikelihood: High

    Larger retailers can negotiate harder on price and promotions while carrying less inventory, which can pressure revenue and margins.

    ExposureBranded grocery sales through supermarketsDiscountersClubsDistributors
  2. Private-label competition and changing consumer preferencesImpact: HighLikelihood: High

    Consumers may switch to private label or different product formats, reducing demand for legacy branded items.

    ExposureShelf-stable foodsVegetablesSpicesPantry staples
  3. Commodity and raw material inflationImpact: HighLikelihood: High

    Higher costs for produce, maple syrup, and other inputs may not be fully recoverable through pricing.

    ExposureFrozen vegetablesShelf-stable vegetablesMaple syrupSpices
  4. Food safety and product recall riskImpact: HighLikelihood: Medium

    A recall or quality issue can quickly damage consumer trust in branded food products.

    Exposure: All branded packaged food categories

  5. Tariffs and Canada trade sentimentImpact: MediumLikelihood: Medium

    The company has meaningful Canadian sales and some Canadian-sourced inputs, so tariffs or 'buy Canadian' campaigns can affect both demand and costs.

    Exposure: Canada sales and Canadian-dollar-denominated sourcing

Accounting

Judgemental items
Revenue recognition for trade and consumer promotions

Net sales depend on estimates for rebates, allowances, and promotional deductions, which directly affect reported revenue and gross margin.

Impact: Can materially change reported sales and margin trends

Goodwill and intangible asset impairment

The company has recorded goodwill and trademark impairment charges, indicating that brand valuations are sensitive to performance and strategic reviews.

Impact: Can create large non-cash charges and reduce comparability

Seasonality and inventory timing

Sales are higher in the first and fourth quarters, while produce and maple syrup purchases create seasonal liquidity needs.

Impact: Affects quarterly comparability and working capital swings

Acquisition accounting and divestiture gains/losses

Portfolio changes require fair value allocations and can generate gains or losses on sale of assets.

Impact: Can materially affect operating income and net income

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026