financial statements

The full income statement, balance sheet, and cash-flow statement for Lamb Weston (LW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Income Statement	as ofMay 25 ’25	as ofMay 26 ’24	as ofMay 28 ’23	as ofMay 29 ’22	as ofMay 30 ’21	as ofMay 31 ’20
Revenue	6.45B YoY-0.3%	6.47B YoY+20.9%	5.35B YoY+30.5%	4.10B YoY+11.7%	3.67B YoY-3.2%	3.79B YoY+1.0%
	1.40B YoY-20.8%	1.77B YoY+23.4%	1.43B YoY+72.1%	832M YoY+0.0%	832M YoY-7.1%	895M YoY-10.8%
Cost of revenue	5.05B YoY+7.5%	4.70B YoY+20.0%	3.92B YoY+19.9%	3.27B YoY+15.1%	2.84B YoY-2.0%	2.90B YoY+5.2%
Research & development	22.0M YoY-16.7%	26.4M YoY+53.5%	17.2M YoY+6.2%	16.2M YoY+25.6%	12.9M YoY-16.2%	15.4M YoY+0.0%
Selling, general & administrative	634M YoY-9.7%	701M YoY+27.5%	550M YoY+41.9%	388M YoY+8.5%	357M YoY+5.6%	338M YoY+1.0%
Restructuring	100M	0.00	0.00	—	—	—
Amortization of intangibles	—	—	7.00M YoY+20.7%	5.80M YoY+16.0%	5.00M YoY+100.0%	2.50M YoY+13.6%
Operating income	665M YoY-37.6%	1.07B YoY+20.8%	882M YoY+98.5%	444M YoY-6.4%	475M YoY-14.7%	557M YoY-16.7%
Equity-method income	15.2M YoY-41.5%	26.0M YoY-94.4%	461M YoY+4404.7%	-10.7M YoY-120.7%	51.8M YoY+76.8%	29.3M YoY-50.8%
Pre-tax income	500M YoY-47.6%	956M YoY-22.5%	1.23B YoY+352.3%	273M YoY-33.2%	408M YoY-14.6%	478M YoY-23.0%
Income tax	143M YoY-37.8%	230M YoY+2.4%	225M YoY+212.8%	71.8M YoY-20.7%	90.5M YoY-19.4%	112M YoY-15.9%
	357M YoY-50.8%	726M YoY-28.1%	1.01B YoY+402.2%	201M YoY-36.8%	318M YoY-13.1%	366M YoY-23.5%
Net income to common	—	—	1.01B YoY+402.2%	201M YoY-36.8%	318M YoY-13.1%	366M YoY-21.8%
	$2.50 YoY-49.8%	$4.98 YoY-28.3%	$6.95 YoY+403.6%	$1.38 YoY-36.1%	$2.16 YoY-13.3%	$2.49 YoY-21.7%
EPS (basic)	$2.51 YoY-49.9%	$5.01 YoY-28.2%	$6.98 YoY+405.8%	$1.38 YoY-36.4%	$2.17 YoY-13.2%	$2.50 YoY-21.6%
Weighted-avg shares (basic)	142M YoY-1.9%	145M YoY+0.3%	145M YoY-0.7%	146M YoY-0.6%	146M YoY+0.1%	146M YoY-0.2%
Weighted-avg shares (diluted)	143M YoY-2.0%	146M YoY+0.3%	145M YoY-0.5%	146M YoY-0.8%	147M YoY+0.0%	147M YoY-0.1%
Dividends per share	$1.46 YoY+14.1%	$1.28 YoY+21.9%	$1.05 YoY+9.4%	$0.96 YoY+3.2%	$0.93 YoY+8.1%	$0.86 YoY+9.9%
Balance Sheet	as ofMay 25 ’25	as ofMay 26 ’24	as ofMay 28 ’23	as ofMay 29 ’22	as ofMay 30 ’21	as ofMay 31 ’20
	2.03B YoY-2.7%	2.09B YoY-1.7%	2.13B YoY+28.2%	1.66B YoY-6.9%	1.78B YoY-22.6%	2.30B YoY+139.5%
Cash & equivalents	70.7M YoY-1.0%	71.4M YoY-76.6%	305M YoY-41.9%	525M YoY-33.0%	784M YoY-42.6%	1.36B YoY+11080.3%
Accounts receivable	782M YoY+5.1%	744M YoY+2.7%	724M YoY+61.9%	447M YoY+21.9%	367M YoY+7.2%	342M YoY+0.6%
Inventory	1.04B YoY-9.1%	1.14B YoY+22.2%	932M YoY+62.3%	574M YoY+11.9%	514M YoY+5.5%	487M YoY-2.3%
Prepaid expenses	145M YoY+6.3%	136M YoY-17.9%	166M YoY+47.2%	113M YoY-4.2%	118M YoY+7.3%	110M YoY-1.0%
	7.39B YoY+0.3%	7.37B YoY+13.0%	6.52B YoY+57.5%	4.14B YoY-1.7%	4.21B YoY-9.7%	4.66B YoY+53.0%
Property, plant & equipment	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY-2.7%
Operating lease right-of-use	113M YoY-14.9%	133M YoY-9.0%	146M YoY+22.8%	119M YoY-16.0%	142M YoY-15.1%	167M
Goodwill	1.09B YoY+2.9%	1.06B YoY+1.8%	1.04B YoY+227.3%	318M YoY-4.9%	335M YoY+10.1%	304M YoY+47.5%
Intangible assets	114M YoY+8.7%	105M YoY-4.8%	110M YoY+227.0%	33.7M YoY-8.7%	36.9M YoY-3.7%	38.3M YoY+1.9%
Deferred tax assets	1.80M YoY+0.0%	1.80M YoY+0.0%	1.80M YoY+0.0%	1.80M YoY+0.0%	1.80M YoY+0.0%	1.80M YoY+0.0%
Other non-current assets	355M YoY-10.5%	396M YoY+37.8%	288M YoY+66.3%	173M YoY+115.0%	80.4M YoY+22.9%	65.4M YoY+215.9%
	1.48B YoY-9.1%	1.62B YoY+19.4%	1.36B YoY+94.6%	699M YoY+13.1%	618M YoY-39.7%	1.02B YoY+85.4%
Accounts payable	616M YoY-26.1%	834M YoY+31.0%	637M YoY+58.1%	403M YoY+12.1%	359M YoY+47.0%	244M YoY-15.5%
Accrued liabilities	411M YoY+0.8%	408M YoY-20.0%	510M YoY+92.9%	264M YoY+16.5%	227M YoY-2.6%	233M YoY+7.3%
Short-term & current debt	371M YoY+13.6%	326M YoY+103.2%	161M YoY+22842.9%	700K YoY+0.0%	700K YoY-99.9%	499M YoY+5836.9%
Current lease liability	23.9M YoY-18.4%	29.3M YoY+2.8%	28.5M YoY+27.2%	22.4M YoY-23.0%	29.1M YoY+2.5%	28.4M
	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%	2.50B YoY+0.0%
Long-term debt	3.77B YoY-1.7%	3.84B YoY+55.2%	2.47B YoY+0.0%	2.47B YoY+0.0%	2.47B YoY+0.0%	2.47B YoY+0.0%
Non-current lease liability	98.9M YoY-14.3%	115M YoY-9.5%	128M YoY+21.8%	105M YoY-13.0%	120M YoY-16.8%	145M
Deferred tax liabilities	254M YoY-1.1%	256M YoY+1.6%	252M YoY+46.1%	173M YoY+8.0%	160M YoY+4.7%	153M YoY+21.3%
Other non-current liabilities	243M YoY-6.0%	258M YoY+4.2%	248M YoY+16.9%	212M YoY-13.7%	246M YoY-2.7%	252M YoY+168.4%
Total non-current liabilities	4.18B YoY+5.7%	3.96B YoY+5.5%	3.75B YoY+21.7%	3.08B YoY-1.0%	3.11B YoY-8.4%	3.40B YoY+35.9%
	1.74B YoY-2.8%	1.79B YoY+26.7%	1.41B YoY+291.5%	361M YoY-25.0%	481M YoY+100.3%	240M YoY+5317.4%
Common stock	151M YoY+0.5%	151M YoY+0.3%	150M YoY+1.6%	148M YoY+0.3%	148M YoY+0.4%	147M YoY+0.2%
Additional paid-in capital	-479M YoY+5.9%	-509M YoY+8.9%	-559M YoY+31.3%	-813M YoY+2.8%	-837M YoY+3.0%	-863M YoY+3.1%
Retained earnings	2.85B YoY+5.5%	2.70B YoY+25.0%	2.16B YoY+65.5%	1.31B YoY+4.9%	1.24B YoY+16.9%	1.06B YoY+32.5%
Treasury stock	838M YoY+54.9%	541M YoY+72.1%	314M YoY+19.0%	264M YoY+153.2%	104M YoY+52.9%	68.2M YoY+73.5%
Accumulated other comprehensive income	54.5M YoY+522.5%	-12.9M YoY+51.9%	-26.8M YoY-71.8%	-15.6M YoY-152.9%	29.5M YoY+172.8%	-40.5M YoY-60.1%
Total equity incl. non-controlling	1.76B YoY+0.0%	1.76B YoY+24.6%	1.41B YoY+291.5%	361M YoY-25.0%	481M YoY+100.3%	240M
Total liabilities & equity	7.39B YoY+0.3%	7.37B YoY+13.0%	6.52B YoY+57.5%	4.14B YoY-1.7%	4.21B YoY-9.7%	4.66B YoY+53.0%
Common shares issued	151M YoY+0.4%	151M YoY+0.3%	150M YoY+1.5%	148M YoY+0.3%	148M YoY+0.4%	147M YoY+0.2%
Common shares outstanding	146M YoY+0.0%	146M YoY+0.0%	146M YoY+1.1%	144M YoY-1.5%	146M YoY+0.1%	146M YoY-0.0%
Shares outstanding (cover)	141M YoY-2.3%	144M YoY-0.9%	146M YoY+0.9%	144M YoY-1.3%	146M YoY+0.2%	146M YoY-0.2%
Cash Flow	as ofMay 25 ’25	as ofMay 26 ’24	as ofMay 28 ’23	as ofMay 29 ’22	as ofMay 30 ’21	as ofMay 31 ’20
	868M YoY+8.8%	798M YoY+4.8%	762M YoY+82.0%	419M YoY-24.3%	553M YoY-3.7%	574M YoY-15.7%
Depreciation & amortization	408M YoY+32.8%	307M YoY+37.7%	223M YoY+16.0%	192M YoY+2.3%	188M YoY+3.0%	182M YoY+12.3%
Share-based compensation	39.5M YoY-15.6%	46.8M YoY+21.6%	38.5M YoY+80.8%	21.3M YoY+3.4%	20.6M YoY-9.6%	22.8M YoY+21.3%
Deferred income taxes	400K YoY+128.6%	-1.40M YoY-450.0%	400K YoY-97.0%	13.5M YoY+255.3%	3.80M YoY-81.0%	20.0M YoY-46.7%
Change in inventory	-113M YoY-155.4%	203M YoY+62.5%	125M YoY+98.6%	63.0M YoY+186.4%	22.0M YoY+243.8%	-15.3M YoY-196.8%
Change in payables	2.00M YoY-94.5%	36.5M YoY-56.1%	83.1M YoY+403.6%	16.5M YoY-84.2%	105M YoY+400.0%	-34.9M YoY-206.1%
Other operating activities	-5.40M YoY-121.7%	24.9M YoY+1031.8%	2.20M YoY+131.4%	-7.00M YoY-165.4%	10.7M YoY-31.4%	15.6M YoY+18.2%
	-648M YoY+34.2%	-984M YoY+26.6%	-1.34B YoY-331.9%	-311M YoY-91.1%	-163M YoY+53.0%	-346M YoY+18.2%
Capital expenditure	638M YoY-31.3%	930M YoY+42.1%	654M YoY+125.4%	290M YoY+97.1%	147M YoY-12.2%	168M YoY-49.8%
Acquisitions	0.00 YoY-100.0%	10.5M	0.00	0.00	—	117M YoY+31.7%
Other investing activities	-2.70M YoY-1250.0%	-200K YoY+96.4%	-5.50M YoY-234.1%	4.10M YoY+612.5%	-800K YoY+52.9%	-1.70M YoY+32.0%
	-225M YoY-368.8%	-48.0M YoY-114.1%	341M YoY+193.8%	-363M YoY+62.7%	-974M YoY-186.6%	1.13B YoY+475.5%
Long-term debt issued	—	—	—	1.68B	—	1.12B
Net short-term debt	—	—	41.4M	—	-499M YoY-201.7%	491M YoY+49150.0%
Dividends paid	207M YoY+18.9%	174M YoY+19.1%	146M YoY+5.6%	138M YoY+2.3%	135M YoY+11.5%	121M YoY+7.1%
Other financing activities	-15.2M YoY-237.8%	-4.50M YoY-2350.0%	200K YoY+104.0%	-5.00M YoY-394.1%	1.70M YoY+189.5%	-1.90M YoY-190.5%
Net change in cash	-700K YoY+99.7%	-233M YoY-6.0%	-220M YoY+14.8%	-259M YoY+55.5%	-581M YoY-142.9%	1.35B YoY+3214.7%
Interest paid	211M YoY+10.1%	191M YoY+26.0%	152M YoY+88.3%	80.6M YoY-33.2%	121M YoY+14.1%	106M YoY-1.9%
Income taxes paid	150M YoY-20.7%	189M YoY-16.6%	227M YoY+411.3%	44.3M YoY-47.3%	84.1M YoY+1.9%	82.5M YoY-19.9%
Valuation Ratios	as ofMay 25 ’25	as ofMay 26 ’24	as ofMay 28 ’23	as ofMay 29 ’22	as ofMay 30 ’21	as ofMay 31 ’20
Market cap	7.13B YoY-44.6%	12.9B YoY-19.2%	15.9B YoY+62.4%	9.82B YoY-18.6%	12.1B YoY+37.6%	8.77B YoY-3.5%
P/E	19.7× YoY+67.1%	11.8× YoY-59.5%	29.0× YoY-31.0%	42.1× YoY-12.5%	48.2× YoY+162.3%	18.4× YoY-5.6%
P/S	1.1× YoY-42.6%	2.0× YoY-40.0%	3.3× YoY+31.1%	2.5× YoY-27.4%	3.4× YoY+54.8%	2.2× YoY-10.4%
P/B	4.4× YoY-39.7%	7.3× YoY-66.7%	22.0× YoY-12.5%	25.2× YoY-5.8%	26.7× YoY-17.6%	32.4×
P/FCF	84.3×	—	201.9× YoY+61.5%	125.0× YoY+294.5%	31.7× YoY+64.1%	19.3× YoY-43.0%
Earnings yield	5.1% YoY-40.1%	8.5% YoY+146.9%	3.4% YoY+45.0%	2.4% YoY+14.3%	2.1% YoY-61.9%	5.4% YoY+5.9%
FCF yield	1.2%	—	0.5% YoY-38.1%	0.8% YoY-74.7%	3.2% YoY-39.0%	5.2% YoY+75.4%
Dividend yield	2.9% YoY+101.3%	1.4% YoY+49.6%	1.0% YoY-32.1%	1.4% YoY+25.2%	1.1% YoY-21.3%	1.4% YoY+13.7%
Source filing	10-K	10-K	10-K	10-K	10-K	10-K

About this data

Source: LW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LW filings on SEC EDGAR → Not investment advice.

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financial statements