Conagra (CAG) Q1 2027: how to test the consumer questions investors asked

Conagra Brands, Inc. (NYSE: CAG), the parent of Birds Eye, Banquet, Healthy Choice, Slim Jim, Snack Pack, Swiss Miss and Sandwich Bros., reported first-quarter fiscal 2027 results on Wednesday, Sep 30, 2026. Investors asked four consumer questions, and a fund can answer each one with a Neon Blue study well before the next earnings call.

How can a fund test whether Conagra's new frozen pricing lands near the elasticity it planned?

To test whether Conagra's new frozen pricing lands near the roughly 2:1 elasticity management modeled, a fund can run a Neon Blue price-ladder study on frozen meal buyers, split by Banquet, Healthy Choice and store-brand buyers. Neon Blue returns units bought at each price step, where lost units go, and the implied price-increase tolerance by brand tier and income.

From the call. Conagra's CEO said the pricing discussed on the prior call is "just hitting the market," that results are in line with plan, and that elasticity assumptions are unchanged: about 2:1 in frozen and about 1:1 in Grocery & Snacks, with no competitor price-following assumed. Q2 organic net sales are guided down 2%, partly on Thanksgiving timing, after a 1.1% organic decline in Q1 as lower volume outweighed pricing. Management didn't say which frozen brands carry the most volume risk.

The study

• Audience. US adults 18 and older who bought frozen single-serve meals in the past month. Split into Banquet buyers, Healthy Choice buyers and store-brand or other-brand buyers, cut by household income band and trips per month.
• Questions to field (price steps are test levels you set).
  1. Which frozen meal brands did you buy in the past month? [Banquet / Healthy Choice / Another brand / Store brand / Not sure]
  2. If your usual frozen meal cost 25 cents more, how many would you buy on a typical trip? [More / Same / Fewer / None]
  3. And if it cost 50 cents more? [Same options]
  4. And $1 more? [Same options]
  5. At the higher price, what would you buy instead? [Same brand anyway / Store brand / Another brand's frozen meal / Cook from scratch / Eat out]
  6. What would make the higher price feel worth it? Tell us in your own words.
• What comes back. Units-at-price curves by brand tier and income, the share moving to store brand or out of the category, and reasons in shoppers' own words.
• Time to answer. Well before the next earnings call.

Run this study

Example output layout (illustrative, not a real result)

The shape of a Neon Blue price-ladder output at one test step. Cells are blank on purpose. Nothing here is data about Conagra shoppers.

How can a fund test whether shoppers who turned to Birds Eye during produce headlines will stay?

To test whether new or heavier Birds Eye buyers from the recent produce food-safety headlines stay once those fade, a fund can run a Neon Blue retention study on frozen vegetable buyers, split by recent starters and steady buyers. Neon Blue returns the share planning to keep buying frozen, Birds Eye's share of that group, and brand switching risk at a store-brand price gap.

From the call. Asked about Cyclospora-related demand, Conagra's CEO said the company saw some benefit in frozen but "nothing material" in Q1, with offsets such as Wish-Bone salad dressing. He said the bigger point is consumers coming to a brand they know and trust with Birds Eye, and that the brand has room for more trial and engagement. Management didn't say how many new Birds Eye buyers have bought again.

The study

• Audience. US adults 18 and older who buy vegetables at least twice a month. Split into shoppers who started or increased frozen vegetable buying in the past 3 months and steady frozen buyers, cut by income and household size.
• Questions to field.
  1. Compared with three months ago, how much frozen vegetables do you buy? [More / Same / Less / I don't buy them]
  2. If more, what is the main reason? [Worried about fresh produce safety / Price / Convenience / Less waste / Other]
  3. Which brand of frozen vegetables did you buy last? [Birds Eye / Store brand / Another brand / Not sure]
  4. Over the next 3 months, how will your frozen vegetable buying change? [Keep the higher amount / Go back to fresh / Mix both / Not sure]
  5. If Birds Eye cost noticeably more than the store brand, what would you do? [Stay with Birds Eye / Buy both / Switch to store brand]
  6. Why do you trust, or not trust, Birds Eye for your vegetables? Tell us in your own words.
• What comes back. Retention of new frozen buyers, Birds Eye's share of them, the store-brand price gap they tolerate, and coded trust drivers. Read it with trade-down behavior.
• Time to answer. Well before the next earnings call.

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How can a fund test whether Conagra's meat snacks lose trips as convenience stores feel gas prices?

To test whether Slim Jim and Conagra's other meat snacks lose purchases as convenience-store trips soften, a fund can run a Neon Blue channel-shift study on meat snack buyers. Neon Blue returns where each shopper last bought, how convenience trips are changing, and whether missed purchases move to grocery, club or online or simply disappear, as a category share shifts input.

From the call. Conagra's CEO said Sweet Treats, led by Snack Pack and Swiss Miss, had a very strong Q1, but that Conagra is "very overdeveloped" in meat snacks and seeds in the convenience channel and must do better where meat-snack growth is coming from. He called the consumer muted and bifurcated by income, with convenience stores more pressured in recent months because of gas prices. Advertising and promotion is stepping up in single-serve meals, meat snacks and popcorn. Management didn't say how much meat-snack volume moves channels rather than leaving.

The study

• Audience. US adults 18 and older who bought a meat snack in the past 3 months. Split by main purchase channel (gas station or convenience store vs grocery, club or online), cut by income band and commute type.
• Questions to field.
  1. Where did you last buy a meat snack such as Slim Jim? [Gas station or convenience store / Grocery store / Warehouse club / Online / Not sure]
  2. Compared with six months ago, how often do you go inside a convenience store? [More / Same / Less]
  3. When you skip the convenience store, do you buy meat snacks somewhere else? [Yes, at grocery / Yes, at a club or online / No, I go without]
  4. How likely are you to buy Slim Jim in the next 30 days? [0 to 10]
  5. Which would make you buy meat snacks more often? [Multipacks at grocery / New flavors / More protein / Lower price / Nothing]
  6. Why do you buy meat snacks where you do? Tell us in your own words.
• What comes back. Channel mix by income, purchases moved versus lost, 30-day purchase intent and reasons. Pair it with consumer sentiment by cohort to keep the income split visible.
• Time to answer. Well before the next earnings call.

Run this study

How can a fund test whether skipping dilutive promos like Sandwich Bros. holds volume?

To test whether skipping last year's dilutive Sandwich Bros. promotion costs Conagra much volume, a fund can run a Neon Blue promotion-dependency study on frozen sandwich buyers. Neon Blue returns who needs the deal to buy, where they go without it, and full-price intent, as a promotion sensitivity input.

From the call. Asked whether skipping the Sandwich Bros. promotion is a pattern, management said promotional dollars are judged with "a real ROI mindset," that Conagra will not repeat promotions that have been dilutive, and that those assumptions are built into guidance. Management didn't say how much volume the skipped events had been buying.

The study

• Audience. US adults 18 and older who bought frozen sandwiches or handheld frozen snacks in the past 6 months. Split into Sandwich Bros. buyers and other-brand buyers, cut by deal-seeking (most purchases on deal vs few).
• Questions to field.
  1. Have you bought Sandwich Bros. frozen sandwiches in the past year? [Yes / No / Not sure]
  2. Was your last purchase on a deal or coupon? [Yes / No / Not sure]
  3. If Sandwich Bros. had no deals for 3 months, how would your buying change? [No change / A little less / A lot less / I'd stop]
  4. Without a deal, what would you buy instead? [Another frozen sandwich brand / Store brand / A different frozen snack / Nothing]
  5. What makes a frozen sandwich worth buying at full price? Tell us in your own words.
• What comes back. Promotion dependency, where lost volume goes, and full-price intent by segment. It fits a consumer channel check between prints.
• Time to answer. Well before the next earnings call.

Run this study

How Neon Blue runs consumer studies for funds

Neon Blue runs studies on simulated audiences grounded in real people's data. A fund brings a question tied to one variable in its model and gets the answer back by segment. See consumer research for funds.

• Scoped to the variable. Each study is built around the audience and questions behind one model line. Neon Blue answers the consumer question, never the call on the stock.
• Simulated, and kept separate. Simulated answers are kept separate from real responses. Bring your own audience data, or add live follow-ups through the AI interviewer.
• Private. Client questions stay private and are never used for training. Neon Blue has completed a SOC 2 Type II audit.
• Cost. A consumer study costs a fraction of a round of expert calls.

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What to watch before Conagra's Q2 2027 call

• Frozen pricing in market. New pricing is just landing, and Q2 organic sales are guided down 2% with Thanksgiving timing. Test: units at the new price by brand tier.
• Advertising step-up. More spend behind single-serve meals, meat snacks and popcorn. Test: purchase intent among shoppers who saw the ads.
• Simplification. Fewer items, formats and formulations, cutting complexity management said consumers aren't willing to pay for. Test: which cut items shoppers would miss.

FAQ

What consumer questions came out of Conagra's Q1 2027 earnings call?

Four: whether new frozen pricing lands near the planned elasticity, whether shoppers who turned to Birds Eye during produce headlines will stay, whether meat snacks lose purchases as convenience stores feel gas prices, and whether skipping dilutive promotions like Sandwich Bros. holds volume. Each maps to a Neon Blue study on this page.

How can I test Conagra's frozen price elasticity before Conagra reports Q2 fiscal 2027?

Run a Neon Blue price-ladder study on frozen meal buyers split by Banquet, Healthy Choice and store brand. You see units bought at each price step and whether lost units go to store brand or out of the category.

Can a Neon Blue study split results by Conagra brand?

Yes. A Neon Blue study can cut answers by the brands a shopper buys, for example Banquet versus Healthy Choice in frozen meals, so the read matches the brand mix in your model.

How long does a Neon Blue study take?

A Neon Blue study comes back well before the next earnings call.

Does Neon Blue give a view on CAG stock?

No. Neon Blue answers the consumer question behind a variable in your model. It doesn't make stock calls.

Related consumer studies

• Consumer studies for consumer staples analysts
• Price-increase tolerance
• Brand switching
• Promotion sensitivity
• Pre-earnings consumer checks