The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Conagra (NYSE: CAG) and the rest of the shelf-stable food stocks fared in Q2.

As America industrialized and moved away from an agricultural economy, people faced more demands on their time. Packaged foods emerged as a solution offering convenience to the evolving American family, whether it be canned goods or snacks. Today, Americans seek brands that are high in quality, reliable, and reasonably priced. Furthermore, there's a growing emphasis on health-conscious and sustainable food options. Packaged food stocks are considered resilient investments. People always need to eat, so these companies can enjoy consistent demand as long as they stay on top of changing consumer preferences. The industry spans from multinational corporations to smaller specialized firms and is subject to food safety and labeling regulations.

The 16 shelf-stable food stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 1% while next quarter’s revenue guidance was 3.6% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 6.4% since the latest earnings results.

Conagra (NYSE: CAG)

Founded in 1919 as Nebraska Consolidated Mills in Omaha, Nebraska, Conagra Brands today (NYSE: CAG) boasts a diverse portfolio of packaged foods brands that includes everything from whipped cream to jarred pickles to frozen meals.

Conagra reported revenues of $2.88 billion, up 3.6% year on year. This print was in line with analysts’ expectations, but overall, it was a softer quarter for the company with full-year EPS guidance missing analysts’ expectations and a miss of analysts’ EBITDA estimates.

Interestingly, the stock is up 3.6% since reporting and currently trades at $14.67.

Read our full report on Conagra here, it’s free.

Best Q2: J. M. Smucker (NYSE: SJM)

Best known for its fruit jams and spreads, J.M Smucker (NYSE: SJM) is a packaged foods company whose products span from peanut butter and coffee to pet food.

J. M. Smucker reported revenues of $2.22 billion, up 5% year on year, outperforming analysts’ expectations by 4.3%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 3% since reporting. It currently trades at $121.69.

Is now the time to buy J. M. Smucker? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: BellRing Brands (NYSE: BRBR)

Spun out of Post Holdings in 2019, Bellring Brands (NYSE: BRBR) offers protein shakes, nutrition bars, and other products under the PowerBar, Premier Protein, and Dymatize brands.

BellRing Brands reported revenues of $570.4 million, up 4.2% year on year, exceeding analysts’ expectations by 3.7%. Still, it was a softer quarter as it posted full-year EBITDA guidance missing analysts’ expectations significantly and a significant miss of analysts’ EBITDA estimates.

As expected, the stock is down 27.3% since the results and currently trades at $9.41.

Read our full analysis of BellRing Brands’s results here.

General Mills (NYSE: GIS)

Best known for its portfolio of powerhouse breakfast cereal brands, General Mills (NYSE: GIS) is a packaged foods company that has also made a mark in cereals, baking products, and snacks.

General Mills reported revenues of $4.61 billion, up 1.2% year on year. This print surpassed analysts’ expectations by 0.6%. Overall, it was a strong quarter as it also logged an impressive beat of analysts’ gross margin estimates and a beat of analysts’ EPS estimates.

The stock is up 3.5% since reporting and currently trades at $36.03.

Read our full, actionable report on General Mills here, it’s free.

Simply Good Foods (NASDAQ: SMPL)

Best known for its Atkins brand that was inspired by the popular diet of the same name, Simply Good Foods (NASDAQ: SMPL) is a packaged food company whose offerings help customers achieve their healthy eating or weight loss goals.

Simply Good Foods reported revenues of $357 million, down 6.3% year on year. This result topped analysts’ expectations by 5.1%. It was a strong quarter as it also put up a solid beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

Simply Good Foods scored the highest full-year guidance raise among its peers. The stock is down 20.3% since reporting and currently trades at $10.24.

Read our full, actionable report on Simply Good Foods here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.