TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 25 US-GAAP packaged-food peers

What "normalized" means. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A. What remains is the residual overhead line, on the same footing for all 25 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2026 analyst estimates

On the record · verbatim from the earnings calls

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Conagra Brands SG&A versus peers, in text

Conagra Brands (CAG) reports revenue of $11,613 million. On a normalized basis its SG&A runs 8.5% of revenue, against a median of 11.0% across 24 packaged-food peers; 18 of the 24 run heavier. Reported SG&A less the disclosed lines that distort comparison: advertising, R&D, pension, stock-based compensation, restructuring and one-time items, plus logistics reclassed where filers park it in SG&A.

Disclosed lines held outside the normalized figure: Advertising 2.3% of revenue (21 of 25 companies disclose it); R&D 0.5% of revenue (22 of 25 companies disclose it); Stock-based comp 0.4% of revenue (24 of 25 companies disclose it); Restructuring 0.8% of revenue (19 of 25 companies disclose it).

Over 5 years (FY2020 to FY2025), Conagra Brands's total shareholder return was -19% against -8% for the peer composite; SG&A contributed +5.2 points of that return.

Built from SEC filings. Machine-readable copy: https://sgabenchmarking.com/r/CAG.json. Function-level headcount benchmarks by industry: https://sgabenchmarking.com/catalog.json.