Conagra is one of North America's largest branded packaged food companies, selling primarily to U.S. consumers through major grocery retailers and mass merchandisers. Walmart accounts for roughly 29% of net sales. Conagra's two core growth businesses are frozen foods and snacks. In frozen foods, Conagra is the largest U.S. frozen food company, holding a majority of volume in the single-serve frozen meals category, with key brands including Banquet, Marie Callender's, Healthy Choice, Birds Eye, and P.F. Chang's. In snacks, Conagra focuses on protein- and fiber-centric brands, including Slim Jim, Duke's, Angie's BOOMCHICKAPOP, and David seeds. Beyond these two areas, Conagra operates a large shelf-stable "staples" business — canned goods (Hunt's, Rotel), condiments (PAM), hot dogs (Hebrew National), and baking (Duncan Hines) — which management treats as a cash-generative rather than a growth business. Conagra also has a Foodservice segment serving restaurants and institutional customers. Conagra buys commodity raw materials, manufactures branded products, and sells to retailers at a markup, with profitability driven by the spread between prices and input costs. Growth strategy centers on innovation, premiumization, and portfolio reshaping — divesting low-growth businesses and adding bolt-on snack brands — while investing in internal manufacturing capacity to reduce co-manufacturer reliance. Conagra also holds a 44% stake in Ardent Mills, a flour milling joint venture.