The J.M. Smucker Co.'s pet food business delivered stronger profit growth than the overall company during the fourth quarter of fiscal 2026, supported by continued gains in cat food and early signs of stabilization in dog snacks.
Fourth-quarter U.S. retail pet food sales increased 2% to US$401.7 million. Segment profit rose 18% to US$125.7 million and margin expanded 450 basis points to 31.3%, exceeding the company's 14% increase in adjusted operating income. Companywide net sales increased 6% to US$2.27 billion in the quarter, while adjusted operating income rose 14%.
For the full fiscal year, net sales increased 4% to US$9.1 billion. Pet food accounted for approximately 18% of fiscal 2026 revenue, generating about US$1.6 billion in sales. Dog snacks represented 53% of the segment, while cat food and snacks accounted for 47%.
Smucker brands leading growth
“In Pet Foods, net sales increased 2%, driven by continued momentum in cat food, partially offset by a decline in dog snacks,” said Mark Smucker, chief executive officer, president and chair of the board.
The Meow Mix brand accelerated during the quarter, delivering 8% net sales growth.
“In dry cat, which represents approximately 85% of our cat food portfolio, we continued to gain dollar share in the growing category, further reinforcing our leadership position,” Smucker said.
Dog snacks remained under pressure, with category sales down 1%. However, management pointed to improving trends.
“We are beginning to see stabilization in the Pup-Peroni brand as we sharpen its positioning, focused on highlighting its differentiated, high-quality offering, and expanding household penetration through marketing and increased trial,” Smucker said.
Milk-Bone sales declined during the quarter, primarily because of weakness in biscuits. Nevertheless, Smucker said, “Overall, we are seeing favorable category dynamics in pet, with strong momentum in cat food and early signs of improvement in the dog snacks category.”
Looking ahead to fiscal 2027, Smucker identified Meow Mix and Milk-Bone among the company's key growth platforms. Planned initiatives include innovation, targeted marketing and strengthening Milk-Bone's presence in e-commerce channels.
Long term trends for J.M. Smucker pet segment
Reviewing Petfood Industry coverage of J.M. Smucker during the past few years, the company's pet food business has undergone a gradual transition from dependence on dog snacks toward a more balanced portfolio supported by faster-growing cat food brands. Meow Mix has consistently emerged as a primary growth engine, benefiting from rising cat ownership and continued share gains in dry cat food, while Milk-Bone and Pup-Peroni have faced pressure from softer discretionary spending in dog treats. Despite these challenges, pet food has remained one of Smucker's highest-margin businesses and a significant contributor to overall company performance.
