Lamb Weston is the largest producer of value-added frozen potato products in North America and a leading global supplier. French fries are the core product, sold primarily to QSRs, full-service restaurant chains, foodservice distributors, and retail grocery customers. McDonald's is Lamb Weston's largest customer at roughly 15% of sales, and the top 10 customers account for about half of consolidated net sales. Lamb Weston operates two segments: North America (~75% of sales), covering the U.S., Canada, and Mexico, and International (~25% of sales), covering over 100 countries with particular strength in Europe. Products are sold under the Lamb Weston brand, owned consumer brands (Grown in Idaho, Alexia), and private labels. Lamb Weston makes money by processing raw potatoes into frozen products and selling them at a margin over input and manufacturing costs. Raw potatoes account for roughly one-third of cost of goods sold, sourced under annual grower contracts. Profitability is driven by volume (factory utilization), price/mix (multi-year cost-plus contracts with customers), and manufacturing efficiency across 26 global production facilities. The company recently completed a major capacity expansion cycle and is now focused on cost reduction, targeting $250M in annualized run-rate savings by end of fiscal 2028, alongside a prior restructuring program targeting $85M in savings. Capital allocation priorities include sustaining investment at roughly 5% of sales, debt reduction toward a ~3.5x net leverage target, and returning cash to shareholders through dividends and buybacks.