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Side-by-side financial comparison of Conagra Brands (CAG) and Equinix (EQIX). Click either name above to swap in a different company.
Conagra Brands is the larger business by last-quarter revenue ($3.0B vs $2.4B, roughly 1.2× Equinix). Equinix runs the higher net margin — 11.0% vs -22.3%, a 33.2% gap on every dollar of revenue. On growth, Equinix posted the faster year-over-year revenue change (8.8% vs -6.8%). Over the past eight quarters, Equinix's revenue compounded faster (5.9% CAGR vs -0.9%).
Conagra Brands, Inc. is an American consumer packaged goods holding company that makes and sells products under various brand names that are available in supermarkets, restaurants, and food service establishments. Based on its 2021 revenue, the company ranked 331st on the 2022 Fortune 500. Headquartered in Chicago, Illinois, Conagra was founded in Nebraska in 1919 and was originally called Nebraska Consolidated Mills.
Equinix Inc. is an American multinational company headquartered in Redwood City, California. It specialized in internet connectivity and data center colocation centers, commonly known as carrier hotels until the company converted to a real estate investment trust (REIT) in January 2015.
CAG vs EQIX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.4B |
| Net Profit | $-663.6M | $265.0M |
| Gross Margin | 23.4% | 50.5% |
| Operating Margin | -20.1% | 17.4% |
| Net Margin | -22.3% | 11.0% |
| Revenue YoY | -6.8% | 8.8% |
| Net Profit YoY | -333.3% | -22.7% |
| EPS (diluted) | $-1.39 | $2.70 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.4B | ||
| Q4 25 | $3.0B | $2.4B | ||
| Q3 25 | $2.6B | $2.3B | ||
| Q2 25 | $2.8B | $2.3B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $3.2B | $2.3B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.9B | $2.2B |
| Q1 26 | — | $265.0M | ||
| Q4 25 | $-663.6M | $265.0M | ||
| Q3 25 | $164.5M | $374.0M | ||
| Q2 25 | $256.0M | $368.0M | ||
| Q1 25 | $145.1M | $343.0M | ||
| Q4 24 | $284.5M | $-14.0M | ||
| Q3 24 | $466.8M | $297.0M | ||
| Q2 24 | $-567.3M | $301.0M |
| Q1 26 | — | 50.5% | ||
| Q4 25 | 23.4% | 50.5% | ||
| Q3 25 | 24.3% | 50.7% | ||
| Q2 25 | 25.4% | 52.0% | ||
| Q1 25 | 25.0% | 51.3% | ||
| Q4 24 | 26.5% | 47.1% | ||
| Q3 24 | 26.5% | 50.1% | ||
| Q2 24 | 27.7% | 49.9% |
| Q1 26 | — | 17.4% | ||
| Q4 25 | -20.1% | 17.4% | ||
| Q3 25 | 13.2% | 20.5% | ||
| Q2 25 | 0.1% | 21.9% | ||
| Q1 25 | 13.9% | 20.6% | ||
| Q4 24 | 14.8% | 4.6% | ||
| Q3 24 | 17.7% | 19.3% | ||
| Q2 24 | -16.3% | 20.2% |
| Q1 26 | — | 11.0% | ||
| Q4 25 | -22.3% | 11.0% | ||
| Q3 25 | 6.2% | 16.1% | ||
| Q2 25 | 9.2% | 16.3% | ||
| Q1 25 | 5.1% | 15.4% | ||
| Q4 24 | 8.9% | -0.6% | ||
| Q3 24 | 16.7% | 13.5% | ||
| Q2 24 | -19.5% | 13.9% |
| Q1 26 | — | $2.70 | ||
| Q4 25 | $-1.39 | $2.70 | ||
| Q3 25 | $0.34 | $3.81 | ||
| Q2 25 | $0.54 | $3.75 | ||
| Q1 25 | $0.30 | $3.50 | ||
| Q4 24 | $0.59 | $-0.19 | ||
| Q3 24 | $0.97 | $3.10 | ||
| Q2 24 | $-1.19 | $3.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $46.6M | $3.2B |
| Total DebtLower is stronger | $7.2B | — |
| Stockholders' EquityBook value | $8.1B | $14.2B |
| Total Assets | $19.5B | $40.1B |
| Debt / EquityLower = less leverage | 0.89× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.2B | ||
| Q4 25 | $46.6M | $3.2B | ||
| Q3 25 | $698.1M | $2.9B | ||
| Q2 25 | $68.0M | $4.5B | ||
| Q1 25 | $49.4M | $3.7B | ||
| Q4 24 | $37.4M | $3.6B | ||
| Q3 24 | $128.7M | $3.2B | ||
| Q2 24 | $77.7M | $2.0B |
| Q1 26 | — | — | ||
| Q4 25 | $7.2B | — | ||
| Q3 25 | $8.2B | $17.3B | ||
| Q2 25 | $7.3B | $18.1B | ||
| Q1 25 | $7.3B | $15.9B | ||
| Q4 24 | $7.3B | $15.3B | ||
| Q3 24 | $7.5B | $15.4B | ||
| Q2 24 | $7.5B | $14.5B |
| Q1 26 | — | $14.2B | ||
| Q4 25 | $8.1B | $14.2B | ||
| Q3 25 | $8.9B | $14.2B | ||
| Q2 25 | $8.9B | $14.1B | ||
| Q1 25 | $8.8B | $13.9B | ||
| Q4 24 | $8.8B | $13.5B | ||
| Q3 24 | $8.7B | $13.6B | ||
| Q2 24 | $8.4B | $12.3B |
| Q1 26 | — | $40.1B | ||
| Q4 25 | $19.5B | $40.1B | ||
| Q3 25 | $21.2B | $38.1B | ||
| Q2 25 | $20.9B | $38.8B | ||
| Q1 25 | $20.7B | $36.1B | ||
| Q4 24 | $21.0B | $35.1B | ||
| Q3 24 | $21.2B | $35.4B | ||
| Q2 24 | $20.9B | $32.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.89× | — | ||
| Q3 25 | 0.92× | 1.22× | ||
| Q2 25 | 0.81× | 1.28× | ||
| Q1 25 | 0.83× | 1.14× | ||
| Q4 24 | 0.83× | 1.13× | ||
| Q3 24 | 0.86× | 1.13× | ||
| Q2 24 | 0.89× | 1.18× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $210.6M | — |
| Free Cash FlowOCF − Capex | $138.8M | — |
| FCF MarginFCF / Revenue | 4.7% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $876.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $210.6M | $1.1B | ||
| Q3 25 | $120.6M | $1.0B | ||
| Q2 25 | $345.7M | $944.0M | ||
| Q1 25 | $592.0M | $809.0M | ||
| Q4 24 | $485.6M | $981.0M | ||
| Q3 24 | $268.6M | $758.0M | ||
| Q2 24 | $484.3M | $912.0M |
| Q1 26 | — | — | ||
| Q4 25 | $138.8M | $-292.0M | ||
| Q3 25 | $-26.2M | $-122.0M | ||
| Q2 25 | $260.6M | $-45.0M | ||
| Q1 25 | $503.2M | $59.0M | ||
| Q4 24 | $403.2M | $-6.0M | ||
| Q3 24 | $135.6M | $34.0M | ||
| Q2 24 | $405.8M | $264.0M |
| Q1 26 | — | — | ||
| Q4 25 | 4.7% | -12.1% | ||
| Q3 25 | -1.0% | -5.3% | ||
| Q2 25 | 9.4% | -2.0% | ||
| Q1 25 | 17.7% | 2.7% | ||
| Q4 24 | 12.6% | -0.3% | ||
| Q3 24 | 4.9% | 1.5% | ||
| Q2 24 | 14.0% | 12.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 59.3% | ||
| Q3 25 | 5.6% | 49.1% | ||
| Q2 25 | 3.1% | 43.8% | ||
| Q1 25 | 3.1% | 33.7% | ||
| Q4 24 | 2.6% | 43.7% | ||
| Q3 24 | 4.8% | 32.9% | ||
| Q2 24 | 2.7% | 30.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.32× | ||
| Q3 25 | 0.73× | 2.71× | ||
| Q2 25 | 1.35× | 2.57× | ||
| Q1 25 | 4.08× | 2.36× | ||
| Q4 24 | 1.71× | — | ||
| Q3 24 | 0.58× | 2.55× | ||
| Q2 24 | — | 3.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAG
| Frozen | $1.1B | 35% |
| Other Shelf Stable | $625.2M | 21% |
| Snacks | $583.9M | 20% |
| Foodservice | $288.4M | 10% |
| Other | $230.4M | 8% |
| Refrigerated | $196.0M | 7% |
EQIX
Segment breakdown not available.
