The 2025 Top 100: Meh, Just an OK Year

Winners and losers

The biggest increase in dollars went to Cal-Maine Foods. Remember how eggs hit record prices early this year? The finances at the country’s biggest egg marketer set records, too. Cal-Maine’s sales nearly doubled in a single year, up nearly $2 billion. Net income was even more dramatic: It more than quadrupled to more than $1.2 billion. That’s nearly a 29% profit margin!

“The higher net sales were primarily driven by an increase in the net average selling price of shell eggs and also reflected higher volumes sold,” the company said in its year-end financial report, which just came out July 22 (its fiscal year ends May 31). “The higher market prices were a direct result of the reduced supply of shell eggs … due to outbreaks of highly pathogenic avian influenza during a period of high demand for eggs and egg products around the Easter holiday.”

We’re not implying any connection, but Cal-Maine revealed in its third quarter report it’s being investigated by the Dept. of Justice in connection with antitrust or anticompetitive conduct.

Coca-Cola Co. also did splendidly. Its total global sales in 2024 increased by $1.3 billion, about 3%, and North American sales – that’s what we count – rose by nearly $1.9 billion, buoyed by a 1% increase in volume but, more importantly, a 10% increase in “price, product and geographic mix.” Net income, however, dipped ever so slightly.

The second biggest percentage increase, at least among the bigger companies, belongs to poultry processor Wayne-Sanderson Farms – up $1.3 billion in sales, a 17.5% jump. The company has been on a roller coaster since the 2022 merger of the former Wayne Farms and Sanderson Farms. Sales were even higher that first year ($8.8 billion), then dipped in 2023, which was an awful year for all poultry companies. 2024 was a good year for all the poultry firms.

Kevin McDaniel, president/CEO of Wayne-Sanderson Farms, explained: “Several factors paved the way for a successful year for Wayne-Sanderson Farms. Most importantly, we are fully realizing the synergies that were the justification for the acquisition and merger of Sanderson Farms, and combining the two companies expanded our presence and capabilities across our B2B and retail business segments. Market conditions were right for solid growth as well. With beef prices soaring and availability suffering, we saw high demand for chicken as a more affordable protein from both retail consumers and restaurant/foodservice customers — and we’re still seeing that today."

Indeed, sales were up for other chicken companies Pilgrim’s Pride and Perdue Foods – as well as those selling other animal proteins (Tyson, JBS, National Beef, OSI Group). But not so much for pork processor Smithfield Foods.

2024 was an average year for pork supply and pricing, but Smithfield exited California because of “high taxes, high utility costs and a challenging regulatory environment,” and made other divestments to ready itself for an initial public offering of its stock. On Jan. 29 of this year, the company sold 7% of its stock back into the public market, with the remainder being held by Chinese firm WH Group.

Some companies went both ways. Conagra recorded its second consecutive year of shrinkage, with sales down 3.6%, but its net income more than tripled to nearly $1.2 billion.

Going in the opposite direction, beer and spirits maker Constellation Brands enjoyed a slight sales increase but net income reversed from a $1.7 billion profit in 2023 to an $81 million loss in 2024, mostly due to the write-down of its investment in Canadian cannabis company Canopy Growth, as well as some divestments.

Post Holdings almost made the billion-dollar-sales-increase club (+$900 million) thanks to higher sales within its Consumer Brands and Weetabix segments.

All of Nestle SA had a down year, and its U.S. and Canadian operations were no different, with sales declining nearly $3 billion. Similarly, Bimbo Bakeries USA was a drag on its Mexican parent, with revenues down $1.5 billion.

As we said, five companies reported red ink: B&G Foods (its third loss in a row), Hain Celestial Group (second in a row), Constellation Brands, J.M. Smucker and Saputo. Smucker’s was quite a reversal, from a $744 million profit in its fiscal 2024 (its fiscal year ends April 30) to a $1.23 billion loss for FY25.

On the other hand, Froneri, the Nestle-PAI Partners ice cream joint venture that does business in the U.S. as Dreyer’s, reversed $52 million in red ink in 2023 with a $357 million profit in 2024. Maple Leaf had two consecutive years of red ink until 2024. So did Utz Foods. Seaboard went from minus-$455 million to plus-$2 million.

As we said, 2023 was a tough one for meat & poultry companies. JBS had a loss in 2023, but came roaring back with nearly $2 billion in profit in 2024. Tyson was $649 million in the red in 2023, $822 in the black last year.

Comings & goings

Every year we update and fine-tune the chart. Tropicana Brands Group has eluded us since its spinoff from PepsiCo, but this year we added it to the table at $3 billion. Ajinomoto, known mostly for its soy sauce and as an ingredient supplier, has been building up a prepared foods business in the U.S., and they tell us its sales are $1.3 billion.

We were able to get a clearer picture of Shamrock Foods’ dairy business, so even after subtracting its food distribution, it joins our list. Sugar Creek, which just slipped off the chart last year, is back.

Kellanova and WK Kellogg Co are still on our list, but they’ll be gone next year. We had to remove Del Monte Pacific Ltd., a Singapore holding company, because it’s “deconsolidating” and “derecognizing” its American subsidiary, which filed for bankruptcy protection on July 1 and is seeking a new owner.

One qualifier about the list: Foreign exchange has been particularly volatile the past year, so some foreign-based companies that appear to have decreases in sales or profits in U.S. dollars may have had increases in their local currency. For example, one euro on Dec. 31, 2024 bought $1.04; on Dec. 31 of 2023 a euro was worth $1.10. Wherever possible, we’ve flagged those companies with an asterisk(*). For companies that don’t report in U.S. dollars, we do the currency conversion based on the rate on Dec. 31, 2024 or the last day of their fiscal year.

Where We Get Our Numbers

The Food Processing Top 100© is based on numbers you won't find anywhere else. We rank companies based on value-added/consumer-ready (but not necessarily branded or in final form) foods and beverages that were manufactured in U.S. and Canadian plants. That’s why No. 1 PepsiCo’s figure is $55 billion, not the nearly $92 billion the company has in global sales. Cargill appears as a $15 billion meatpacker, not a $160 billion owner of ships, trains and iron ore mines around the globe. ADM is not on the chart at all. Monster Beverage Corp., even at $4 billion or so in sales, is not on this list (the company manufactures none of its own beverages, all are done by co-packers).

It's tough enough to figure out the sales of value-added, consumer-ready, U.S. and Canadian self-manufactured foods and beverages for the public companies; for the private companies, we rely on their statements to us and other public reports about their finances or the general health of their business and category. We use the most recent fiscal year available; if not marked, that's calendar 2024.