TreeHouse Foods, Inc.

TreeHouse reported second-quarter 2025 adjusted net sales up 1.4% year over year and adjusted EBITDA of $73.3 million, up about 4% year over year. Adjusted EBITDA margin improved 20 basis points to 9.1%. On the sales bridge, Harris Tea contributed almost 5%, pricing contributed approximately 4% from commodity-related pricing actions, while volume/mix declined due to planned margin management actions, slower takeaway, and Griddle restoration impacts; net sales were also hurt by Griddle recall-related returns, the prior-year ready-to-drink exit, and a modest FX drag. For full year 2025, the company guided to adjusted net sales of negative 0.5% to 1% growth, or $3.36 billion to $3.415 billion, adjusted EBITDA of $345 million to $375 million, and free cash flow of at least $130 million. Third-quarter guidance calls for adjusted net sales of $840 million to $870 million and adjusted EBITDA of $90 million to $110 million, with organic volume/mix expected to decline high single digits and pricing expected to add about 4%.

Steve Oakland framed the quarter as evidence that TreeHouse’s margin-improvement plan is working and said the company is focused on controlling what it can control in a dynamic operating environment. He emphasized disciplined capacity allocation, cost-structure reduction, and supply-chain optimization, including closing two plants to rightsize the network in pickles and cookies. His tone was constructive but cautious: he said the company expects more promotional intensity in some categories, but believes private brand share trends and retailer support remain favorable.

Pat O’Donnell highlighted the hard numbers and the mechanics behind the quarter: adjusted net sales up 1.4%, adjusted EBITDA of $73.3 million, and EBITDA margin of 9.1%. He broke out the EBITDA bridge, citing a $1.1 million drag from volume/mix, a $9.7 million drag from PNOC due to commodity inflation, a $10.6 million benefit from operations and supply chain, and a $2.9 million benefit from SG&A and other cost reductions. He also said TreeHouse expects to build cash through the year to get net debt to adjusted EBITDA into its desired range by year-end, while keeping capex and net interest expense guidance unchanged.

Analysts focused on the competitive backdrop, especially private label versus branded pricing and whether promotion from national brands would pressure share. Management said commodity pricing passed through similarly on a per-unit basis for private label and branded items, that TreeHouse held or gained share in 4 of its top 5 categories, and that retailer forecasts still show solid support for private label. Questions also centered on the volume outlook, with management saying underlying consumer trends are expected to stay roughly consistent, margin-management actions are mostly behind them, and 2026 should be a growth year rather than another year of resets.