Saputo reports revenue of US$12.6B in FY 2026

CANADA – Saputo has reported revenues of US$12.62 billion (C$17.551 billion), down 1.5%, driven by lower USA dairy commodity market pricing in FY 2026.

Fiscal 2026 revenues reflected higher sales volumes, mainly in North America, and higher selling prices in both domestic and international cheese and dairy ingredient markets.

Adjusted EBITDA from continuing and discontinued operations reached US$1.28 billion ($1.777 billion), up US$152.5 million (C$212 million) or 13.5%, with an adjusted EBITDA margin of 9.4%, up from 8.2%.

The increase is due to higher adjusted EBITDA from continuing operations, as discussed above, and higher adjusted EBITDA from discontinued operations, mainly due to a more favourable alignment between inflation and the devaluation of the Argentine peso, notably through lower milk costs.

Net earnings from continuing operations totalled US$496.3 million (C$690 million) or $1.68 per share (basic) and $1.67 per share (diluted).

The increase in net earnings was mainly due to the absence of the non-cash goodwill and intangible assets impairment charge recorded in our Dairy Division (UK) in the third quarter of last fiscal year, higher adjusted EBITDA, lower restructuring costs and depreciation and amortization, partially offset by a gain on disposal of assets recorded in last fiscal year and higher income tax expense.

The increase in EPS also reflected a reduction in weighted average common shares outstanding resulting from shares purchased under our NCIB.

Adjusted net earnings from continuing operations totalled USD 540.6 million (C$751 million) or $1.83 per share (basic) and $1.82 per share (diluted), up USD 83.4 million (C$116 million) or $0.33 and $0.32 per share, respectively. 

Net cash from operating activities from continuing operations totalled USD 1.08 billion (C$1.508 billion). The increase is mainly due to lower working capital usage and higher adjusted EBITDA.

Carl Colizza, President and CEO, said: “This year marks a meaningful step forward in advancing our long-term strategy and strengthening the foundation of our business. As we progress through the realization phase of the capital program we initiated in 2021, we are seeing tangible benefits in our cost structure, network capabilities, and overall performance consistency.

“We have also sharpened our portfolio to focus on higher return opportunities, positioning Saputo to compete more effectively in attractive segments. With financial flexibility and a clear set of priorities — including operational efficiency, commercial effectiveness, and selective investment — we are well positioned to create long-term value for our shareholders.”

Q4 2026

In Q4, the company reported revenues of USD 3.00 billion (C$4.173 billion), driven by lower US dairy commodity market pricing. Adjusted EBITDA was US$277.7 million (C$386 million), with an adjusted EBITDA margin of 9.2%, up from 8.3%.

Net earnings from continuing operationstotalled US$113.0 million (C$157 million) or $0.39 per share (basic) and $0.38 per share (diluted).

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