Cal-Maine Foods is the largest producer and distributor of shell eggs in the U.S., selling conventional and specialty eggs to retailers and foodservice customers across 40 states. Shell eggs account for roughly 94–95% of revenue, with conventional eggs making up the majority of sales and specialty eggs (cage-free, organic, free-range, pasture-raised, and nutritionally enhanced) representing a growing share. Walmart, including Sam's Club, accounts for roughly a third of net sales. Cal-Maine is fully vertically integrated — breeding and hatching chicks, growing pullets, manufacturing feed, producing eggs, and distributing via its own refrigerated truck fleet. The company sells eggs under the Egg-Land's Best and Land O' Lakes licenses, and also markets its own Farmhouse Eggs and 4-Grain brands. Profitability is driven by the spread between egg prices and feed costs, the two most volatile inputs. Conventional egg prices track wholesale market benchmarks and swing with supply-demand dynamics, while specialty egg prices are set through direct customer negotiation. Feed — primarily corn and soybean meal — represents about 53% of farm production costs. Cal-Maine pursues growth through acquisitions and cage-free capacity expansion; recent deals include Echo Lake Foods and a majority stake in Crepini Foods, reflecting a push into higher-margin prepared foods beyond commodity shell eggs.