Cal-Maine is the largest producer and distributor of shell eggs in the U.S., supplying approximately one in six eggs consumed domestically. The company sells conventional and specialty eggs to retail grocery chains, club stores, and foodservice distributors, with Walmart serving as its largest customer and accounting for 30% of sales. Its specialty portfolio includes cage-free, organic, and nutritionally enhanced eggs sold under brands such as Egg-Land's Best and Farmhouse Eggs. Through its prepared foods segment, the company also manufactures pre-cooked egg products like omelets and patties. Cal-Maine operates a vertically integrated business model, owning its breeder farms, hatcheries, feed mills, and processing facilities to maintain control over most of its production. The spread between wholesale egg prices and feed costs, specifically corn and soybean meal, drives profitability. To reduce the volatility of commodity egg prices, management is shifting its sales mix toward specialty eggs and prepared foods, which typically use more stable cost-plus or grain-based pricing. The company also employs hybrid pricing models for conventional eggs to set cost-of-production floors. Cal-Maine grows through an M&A strategy, targeting regional producers and specialty food businesses to expand its geographic reach and manufacturing capabilities.