Lamb Weston Holdings, Inc. (NYSE: LW)

Lamb Weston Holdings, Inc. is a leading global producer, distributor, and marketer of value-added frozen potato products. The company is headquartered in Eagle, Idaho, and operates as the number one supplier of value-added frozen potato products in North America, with a strong presence internationally, particularly in high-growth emerging markets. Its core business involves manufacturing and selling a broad portfolio of frozen potato-based products to customers in over 100 countries. French fries constitute the majority of its value-added frozen potato product offerings. Lamb Weston Holdings, Inc. was organized as a Delaware corporation in July 2016 and trades on the New York Stock Exchange under the ticker symbol LW.

Lamb Weston Holdings, Inc. generates revenue primarily through the sale of its value-added frozen potato products. These products include frozen potatoes, commercial ingredients, and appetizers, which are sold under the Lamb Weston brand as well as under owned or licensed brands such as Grown in Idaho and Alexia. The company also sells products under licensed equities tied to major North American restaurant chains, customer private labels, and retailers’ own brands. Revenue is derived from a diverse customer base that includes quick service and full-service restaurant chains, foodservice distributors, non-commercial channels, and retailers. Products are distributed via internal sales teams and independent brokers, agents, and distributors to chain restaurants, wholesale outlets, grocery stores, mass merchants, club retailers, specialty retailers, and institutions such as businesses, educational facilities, independent and regional restaurant chains, and convenience stores.

The company operates through the following segments: North America and International.

• The North America segment primarily includes frozen potato products sold in the United States, Canada, and Mexico to quick service and full-service restaurants and chains, foodservice distributors, non-commercial channels, and retailers. Its product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as frozen potatoes sold under the Company’s owned or licensed brands, including Grown in Idaho and Alexia, other licensed equities comprised of brand names of major North American restaurant chains, customer labels, and retailers’ own brands.

• The International segment primarily includes frozen potato products sold outside of North America to quick service and full-service restaurant chains, foodservice distributors, non-commercial channels, and retailers. Its product portfolio includes frozen potatoes, commercial ingredients, and appetizers sold under the Lamb Weston brand, as well as many customer labels.

Lamb Weston Holdings, Inc. holds a leading position in the global value-added frozen potato products industry, ranking as the top supplier in North America and a prominent player internationally. The company competes in a highly competitive market against large global producers such as McCain Foods Limited, J. R. Simplot Company, The Kraft Heinz Company, Cavendish Farms Corporation, Farm Frites International B. V., Agristo NV, Aviko B. V., and Clarebout Potatoes NV, as well as numerous local and regional competitors, particularly in emerging markets. Competitive advantages stem from strong brand recognition, product innovation, quality, customer service, and the ability to meet evolving consumer preferences. The company maintains long-tenured relationships with major quick service and fast casual restaurant chains, global foodservice distributors, large grocery retailers, and mass merchants, which supports its market position.

Lamb Weston Holdings, Inc. serves a diverse customer base across over 100 countries, including quick service and full-service restaurant chains, foodservice distributors, non-commercial channels, and retailers. Specific customers highlighted in the filing include McDonald’s Corporation, which accounted for approximately 15% of consolidated net sales in fiscal 2025. The company also maintains long-term relationships with other leading quick service and fast casual chains, global foodservice distributors, large grocery retailers, and mass merchants. A relatively limited number of customers represent a significant portion of sales, with the ten largest customers accounting for approximately 50% of net sales in fiscal 2025.