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Lamb Weston Holdings, Inc.

Frozen Potato Products and Food IngredientsFounded 1950
Reviewed by Swet Parvadiya
Company data updated: October 2026
Independent Editorial Analysis
9 historical events · Editorial analysis

Lamb Weston Company Profile: Revenue, Business Model & Strategy

Research depth: 9 milestones · 10 FAQs

Lamb Weston is a frozen potato company based in Eagle, Idaho. It reported fiscal 2026 net sales of $6.61 billion and net income of $290 million, and is led by President and CEO Mike Smith.

How Lamb Weston makes money: Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe, Argentina and China, then cuts, blanches, par-fries and freezes them in its own plants.

Revenue & employeesCEO historyFoundersBusiness model
Annual Revenue (FY2026)$6.6B
Employees10,000
CEOMichael J. Smith
Founded1950
IndustryFrozen Potato Products and Food Ingredients
By Swet ParvadiyaLast reviewed:
Data sources: annual reports, SEC filings, methodology
Industry:Frozen Potato Products and Food Ingredients

Lamb Weston Holdings, Inc. key figures

Lamb Weston Holdings, Inc. had revenue of $6.6B for fiscal year 2026, up 2.5% from FY2025. Net income was $290M, a net margin of 4.4%.

Source: Lamb Weston Q4 and full year fiscal 2026 results press release (July 24, 2026) · Last reviewed October 2026

Revenue growth, FY2017 to FY2026
+8.5% a year
Compound annual rate, $3.2B to $6.6B
Peak revenue year
FY2026
The latest annual year is the highest in this series
Revenue per employee
$661,230
FY2026 revenue divided by 10,000 employees; headcount may use another date
Current chief executive
Michael J. Smith
In the role since 2025 (1 year)
Documented transactions
4
Between 2018 and 2023
Founded
1950
76 years ago
Where was Lamb Weston founded?
Lamb Weston was founded in Eagle, Idaho in 1950.
When did Lamb Weston start?
Lamb Weston was founded in 1950.
How old is Lamb Weston?
Lamb Weston is 76 years old as of 2026.
In-Depth Analysis
246 words · 2 min read

Lamb Weston is a frozen potato company most diners never notice. F. Gilbert Lamb founded it in Weston, Oregon in 1950, and in 1960 he developed the Lamb Water Gun Knife, which uses water pressure to push potatoes through a grid of blades. Uniform, fast cutting made the company a natural partner for the growing fast-food industry.

From Conagra unit to public company

Conagra acquired Lamb Weston in 1988 and spun it off in November 2016. As a stand-alone company it expanded plants in the U.S., China and Argentina and, in 2023, bought out the other half of its European joint venture, Lamb-Weston/Meijer, for about $791 million (EUR 700 million). Net sales rose from $3.17 billion in fiscal 2017 to $6.47 billion in fiscal 2024.

The 2024-2026 profit squeeze

Profit peaked at $1.01 billion in fiscal 2023. Softer restaurant traffic, a disruptive 2024 ERP transition, and new industry capacity then pushed net income down to $357.2 million in fiscal 2025 and $290 million in fiscal 2026. Mike Smith replaced Tom Werner as CEO in January 2025, and in 2026 Jan Craps became Executive Chair and Jim Gray CFO.

Where the business stands

Fiscal 2026 net sales were $6.61 billion, with six straight quarters of volume growth but lower price/mix. Capital spending fell to $410 million and free cash flow rose to $537 million. The 'Focus to Win' plan aims to turn volume gains into earnings recovery while competing with McCain Foods, J.R. Simplot and European processors.

Table of Contents

Lamb Weston Holdings, Inc. Key Facts

CompanyLamb Weston Holdings, Inc.
Annual revenue change+2.5% (FY2025–FY2026)
Financials$6.6B (FY2026, last reviewed October 2026)
Market Cap$6.4B
FY2026 net income$290.0M
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1950
Founder(s)F. Gilbert Lamb
CEOMichael J. Smith
HeadquartersEagle, Idaho
IndustryFrozen Potato Products and Food Ingredients
Employees10,000+

Lamb Weston Company Profile: Revenue, Business Model & Strategy

"Lamb Weston sold more frozen potatoes in fiscal 2026, posting six straight quarters of volume growth and $6.61 billion in net sales, yet net income slipped to $290 million. The company is gaining tonnage by giving up price, and the question is whether cost cuts can close that gap."

Why Lamb Weston Holdings, Inc. Wins

Lamb Weston wins through potato processing specialization, contracted grower supply, plant scale across several continents, product consistency and long-standing quick-service restaurant relationships.

Lamb Weston Holdings, Inc. operates in a competitive market alongside Post Holdings, Inc., Conagra Brands, Inc., The Kraft Heinz Company, Tyson Foods, Inc., General Mills, Inc.. Analysts frequently compare Lamb Weston Holdings, Inc. and Post Holdings, Inc. due to their overlapping products, target markets, and strategic positioning.

Lamb Weston is a frozen potato company based in Eagle, Idaho. It reported fiscal 2026 net sales of $6.61 billion and net income of $290 million, and is led by President and CEO Mike Smith.

Revenue

$6.6B

Founded

1950

Employees

10K+

Market Cap

$6.4B

Author: CorpDigest Research DeskCompany Research

Key Facts

  • Founded: Lamb Weston Holdings, Inc. was established in 1950 and is headquartered in Eagle, Idaho.
  • Revenue: Lamb Weston Holdings, Inc. had $6.6B in annual revenue (FY2026).
  • Valuation: Market capitalization of approximately $6.4B.
  • Scale: Lamb Weston Holdings, Inc. employs 10,000 people globally.
  • Business Model: Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe.
  • Competitive Edge: Lamb Weston's edge is specialization at scale.

How Lamb Weston Makes Money

Capital Allocation & Scaling Mechanics

Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe, Argentina and China, then cuts, blanches, par-fries and freezes them in its own plants. It sells the finished fries, wedges, hash browns and specialty items through two reporting segments: North America (about two-thirds of sales) and International. Customers include global burger and chicken chains, foodservice distributors, and grocery and club retailers, where it sells branded products such as Grown in Idaho and Alexia plus private-label lines. Profit depends on plant utilization, raw potato cost, edible oil and energy prices, and the price/mix it can hold in customer contracts.

Explore Lamb Weston Holdings, Inc. In Depth

📅Lamb Weston Holdings, Inc. History & Milestones💼How Lamb Weston Holdings, Inc. Makes Money📊Lamb Weston Holdings, Inc. Revenue & Financials⚔️Lamb Weston Holdings, Inc. Competitive Strategy & SWOT👤Lamb Weston Holdings, Inc. Founders & Origin Story🏆Lamb Weston Holdings, Inc. CEO History & Leadership🤝Lamb Weston Holdings, Inc. Acquisitions & Deals

What Is Lamb Weston Holdings, Inc.'s Growth Strategy?

Since late 2024 Lamb Weston has shifted from capacity expansion to efficiency. It completed major expansions in American Falls (Idaho), China, the Netherlands and Argentina, then slowed further capital projects, closed or curtailed older lines, and launched a cost-savings program. The 'Focus to Win' strategy prioritizes core customers and markets, commercial wins, and lower cost per pound.

How Much Revenue Does Lamb Weston Generate?

Sales climbed from $3.17 billion in fiscal 2017 to $6.47 billion in fiscal 2024, helped by post-pandemic pricing and the 2023 consolidation of its European joint venture. Profit then fell: net income dropped from $1.01 billion in fiscal 2023 to $357.2 million in fiscal 2025 and $290 million in fiscal 2026. Fiscal 2026 adjusted EBITDA was $1.147 billion, capital spending was cut to $410 million, free cash flow reached $537 million, and $321 million went back to shareholders through dividends and buybacks. Lamb Weston Holdings, Inc. is one of the world's largest producers of frozen french fries, sustaining a market valuation typically exceeding $10 billion.

Financial MetricEstimated Value (2026)
Market Capitalization$6.4B
Employee Count10,000 +
Latest Annual Revenue$6.6B (FY2026)

Historical Revenue Chart

Lamb Weston Holdings, Inc. Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2017$3.2BN/A
FY2018$3.4B+8.1%
FY2019$3.8B+9.7%
FY2020$3.8B+1.0%
FY2021$3.7B-3.2%
FY2022$4.1B+11.7%
FY2023$5.4B+30.5%
FY2024$6.5B+20.9%
FY2025$6.5B-0.3%
FY2026$6.6B+2.5%

The source for each year is listed on the Lamb Weston Holdings, Inc. financials page.

Core Strength

Lamb Weston runs one of the largest frozen potato networks in the world, with contracted growers in prime regions and long-running relationships with global restaurant chains that need consistent product across many markets.

Key Weakness

A few large chains, led by McDonald's, account for a large share of sales, and results swing with potato yields, oil and energy costs. The 2024 ERP disruption also showed operational fragility.

Deep Dive into Lamb Weston Holdings, Inc. SWOT Analysis

Who Are Lamb Weston Holdings, Inc.'s Main Competitors?

Lamb Weston competes most directly with McCain Foods, J.R. Simplot and Cavendish Farms in North America, and with McCain, Agristo, Clarebout (Mydibel) and Farm Frites in Europe. Capacity additions across the industry since 2023 shifted bargaining power toward large restaurant customers, so Lamb Weston has leaned on price investment, service reliability and cost cuts to defend share. Lamb Weston is one of the largest frozen potato processors in the world and a leading supplier in North America, where the market is concentrated among Lamb Weston, McCain Foods, J.R. Simplot and Cavendish Farms. The pressures are soft restaurant traffic, overcapacity after competitors added fry lines, and purchaser antitrust lawsuits filed in late 2024 against the major North American fry processors.

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What Is Lamb Weston Holdings, Inc.'s Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1950 - Founded in Weston, Oregon

Gilbert Lamb starts a frozen vegetable processing business in Weston, Oregon.

1960 - Water Gun Knife

Lamb develops the water-powered cutting system that enables uniform, high-speed fry production.

1988 - Acquired by Conagra

Conagra acquires Lamb Weston, which operates inside the packaged-food group for 28 years.

1994 - Lamb-Weston/Meijer Joint Venture

Lamb Weston and the Dutch company Meijer Frozen Foods formed a European joint venture in 1994.

2016 - Conagra spin-off

Lamb Weston becomes an independent public company on the NYSE in November 2016.

2023 - European joint venture consolidated

Lamb Weston buys the remaining 50% of Lamb-Weston/Meijer for about $791 million (EUR 700 million), taking full control of its European business.

2024 - ERP disruption and outlook cut

A system transition disrupts North American orders; in December the company cuts guidance and names Mike Smith as CEO successor to Tom Werner.

2026 - New chair and CFO; FY2026 results

Jan Craps becomes Executive Chair and Jim Gray CFO. Fiscal 2026 net sales reach $6.61 billion.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

The biggest risk is prolonged industry overcapacity: if competitors keep adding fry lines while restaurant traffic stays weak, Lamb Weston may have to keep trading price for volume, holding margins below their fiscal 2023 peak.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Lamb Weston Start and Grow?

Established

1950

Fiscal Revenue (FY2026)

$6.6B

Workforce

10K+

HQ Location

Eagle, Idaho

Key Turning Point

: The Strategic Shift That Created a Behemoth

The spin-off turned Lamb Weston into a stand-alone frozen potato company with its own balance sheet and capital priorities.

Explore Lamb Weston In Depth

Detailed research across every dimension of Lamb Weston — history, financials, leadership, and strategy.

Company History

Lamb Weston is a business-to-business food processor that most consumers never see. Its fries are served by major quick-service chains, sold through distributors to independent restaurants, and stocked in grocery…

Full Lamb Weston history →

Revenue & Financials

Lamb Weston had $6.6B in revenue for fiscal year 2026. Data covers 10 fiscal years. Market capitalization stands at approximately $6B.

Lamb Weston financials →

Founders

Lamb Weston was founded by F. Gilbert Lamb in 1950. Explore each founder's background, motivations, and their role in building the company.

Lamb Weston founders →

CEO & Leadership

Lamb Weston is currently led by Michael J. Smith. Explore the full CEO history — leadership transitions, tenures, and the strategic decisions of each chief executive.

Lamb Weston CEO history →

Business Model

Lamb Weston buys potatoes mostly under annual contracts with growers in the Columbia Basin, Idaho, Alberta, Europe, Argentina and China, then cuts, blanches, par-fries and freezes them in its own plants.

How Lamb Weston makes money →

Acquisitions

Lamb Weston has completed 4 documented acquisitions. Explore the full acquisition history and strategic rationale behind each deal.

Lamb Weston acquisitions →

Competitive Strategy

Since late 2024 Lamb Weston has shifted from capacity expansion to efficiency. It completed major expansions in American Falls (Idaho), China, the Netherlands and Argentina, then slowed further capital projects, closed…

Lamb Weston strategy →

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 Research Profile

Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

About the Author →Our Methodology →

Frequently Asked Questions About Lamb Weston

What is Lamb Weston?

Lamb Weston Holdings is a frozen potato processor headquartered in Eagle, Idaho. It makes French fries, wedges, hash browns and specialty potato products for restaurant chains, foodservice distributors and grocery retailers worldwide, and trades on the NYSE under LW.

How does Lamb Weston make money?

It buys potatoes from contracted growers, processes and freezes them in its own plants, and sells the products to restaurant chains, distributors and retailers. North America generates about two-thirds of net sales and International the rest. Fiscal 2026 net sales were $6.61 billion.

Who is the CEO of Lamb Weston?

Mike (Michael J.) Smith has been President and CEO since January 2025, succeeding Tom Werner. Jan Craps has been Executive Chair since February 2026, and Jim Gray became CFO in April 2026.

Who owns Lamb Weston?

Lamb Weston is a publicly traded company owned by its shareholders, mostly institutional investors such as index funds. Activist investor JANA Partners held about 3.9% of shares as of June 2026. Conagra no longer holds a stake after the 2016 spin-off.

Who are Lamb Weston's competitors?

Its main rivals are McCain Foods, J.R. Simplot and Cavendish Farms in North America, and McCain, Agristo, Clarebout and Farm Frites in Europe. In retail freezers it also competes with private-label and branded frozen sides.

What was Lamb Weston's revenue in fiscal 2026?

Net sales were $6.612 billion for the 53-week year ended May 31, 2026, up 2% from $6.451 billion. Net income was $290 million and adjusted EBITDA $1.147 billion.

Does Lamb Weston supply McDonald's fries?

Yes. McDonald's is a major customer and has historically accounted for more than 10% of Lamb Weston's net sales, though it also buys from other processors such as Simplot and McCain.

When did Lamb Weston spin off from Conagra?

Conagra completed the tax-free spin-off of Lamb Weston in November 2016, making it an independent public company. Conagra had owned the business since 1988.

Does McDonald's use Lamb Weston fries?

Yes, Lamb Weston is one of the primary, massive global suppliers of frozen french fries to McDonald's.

Who founded Lamb Weston?

Lamb Weston was founded in 1950 by F. Gilbert 'Gib' Lamb, who famously invented the 'water gun knife' to perfectly cut french fries using high-pressure water.

Analysis: How Lamb Weston Holdings, Inc. Makes Money

Deep dive into the Lamb Weston Holdings, Inc. business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

Lamb Weston Holdings, Inc. vs Tyson Foods, Inc.

Compare

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

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This corporate intelligence report on Lamb Weston Holdings, Inc. compiles data from verified filings. Explore more detailed brand histories and company histories in the global Frozen Potato Products and Food Ingredients marketplace.

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Editorial Methodology

Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

Explore Related Pages for Lamb Weston Holdings, Inc.

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Sources & References

The data and narrative synthesized in this intelligence report were verified against primary sources:

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