J M SMUCKER Co (SJM)

The J. M. Smucker Company, often referred to as Smucker's, was established in 1897 and incorporated in Ohio in 1921. It operates principally in one industry: the manufacturing and marketing of branded food and beverage products worldwide. Most of its sales are in the United States, and operations outside the U.S. are principally in Canada. Net sales outside the U.S. were 4 percent of consolidated net sales in fiscal 2026. Its principal products are coffee, frozen handheld products, sweet baked goods, pet snacks, peanut butter, cat food, fruit spreads, portion control products, toppings and syrups, and baking mixes and ingredients.

The company has five reportable segments. U.S. Retail Coffee includes Folgers, Dunkin' (used under license) and Café Bustelo. U.S. Retail Frozen Handheld and Spreads includes Uncrustables, Jif and Smucker's. U.S. Retail Pet Foods includes Meow Mix, Milk-Bone, Pup-Peroni and Canine Carry Outs. Sweet Baked Snacks is centered on Hostess, which was acquired in November 2023. Away From Home sells products such as Folgers, Smucker's and Uncrustables to foodservice customers. Away From Home met the reportable segment criteria in the fourth quarter of 2026. The company has also divested several businesses, including Sweet Baked Snacks value brands (March 2025), Voortman (December 2024), the Canada condiment business (January 2024) and Sahale Snacks (November 2023).

Products in the U.S. Retail segments are sold through direct sales and brokers to food retailers, club stores, discount and dollar stores, online retailers, pet specialty stores, drug stores, military commissaries, mass merchandisers and distributors. Sweet Baked Snacks is distributed across similar channels plus convenience stores and vending. Away From Home sells through foodservice distributors and operators such as healthcare operators, restaurants, educational institutions, offices, lodging and gaming establishments, and convenience stores. Walmart Inc. and its subsidiaries, including Sam's Club, accounted for 34 percent of net sales in 2026, and the top 10 customers accounted for about 60 percent. The U.S. Retail and Away From Home segments are not significantly seasonal, while Sweet Baked Snacks sees moderate declines in early winter.

Raw materials are primarily commodities, agricultural products and packaging, including green coffee, peanuts, flour, sugar, oils, fats and fruit. Green coffee is sourced solely from foreign countries, while the others come mainly from North America. Packaging materials include plastic, glass, metal cans, caps, carton board and corrugate. Futures, options and fixed-price contracts are used to manage price volatility. Certain packaging and finished goods, such as K-Cup pods, Pup-Peroni snacks and liquid coffee, come from primary or single suppliers under long-term contracts. The business is highly competitive and faces private label products and branded rivals such as The Kraft Heinz Company, Keurig Dr. Pepper, Nestlé, Mars, General Mills, Hormel, McKee Foods and Grupo Bimbo. The company relies on trademarks, patents and trade secrets, and is subject to food, packaging, labeling and environmental regulation in the U.S., Canada and other countries where it sells.