Cal-Maine Foods Q4 FY2023: Record Revenue on Elevated Egg Prices Following HPAI Flock Losses

Cal-Maine Foods reported record quarterly revenue in Q4 FY2023 (quarter ending May 2023) driven by historically high shell egg prices following large-scale flock depopulations from the 2022–2023 HPAI H5N1 outbreak in US poultry. Dozens of states saw egg price records.

The largest US egg producer's record results illustrate how disease-driven supply shocks translate directly into commodity price spikes. The HPAI-egg price linkage became a major consumer-facing inflation story in the United States and is a precedent case for disease risk pricing in poultry globally.