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CAL-MAINE Foods Executive Compensation (FY26)

CALM · Executive and director compensation, fiscal 2022 to 2026
Chief executive, fiscal 2026
◇
Sherman Miller
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (DEF 14A): August 18, 2026
2 filings cited on this page
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246 figures on this page, cited to the filing that reported them. See the citations

More on CAL-MAINE Foods

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2025 to fiscal 2026
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Sherman Miller: $1,692,760 → $2,109,221 (24.6% higher)
CEO pay ratio: 37:1 → 50:1 (35.1% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is CAL-MAINE Foods' chief executive and what were they paid?
Sherman Miller, President/CEO, received $2,109,221 in total compensation for fiscal 2026. Compared with the $1,692,760 reported for fiscal 2025, Miller's total was 24.6% higher.
Which companies are in CAL-MAINE Foods' peer group?
Companies named in the disclosed peer group include B&G Foods, Inc., Darling Ingredients, Inc., Flowers Foods, Inc., Fresh Del Monte Produce Inc. and J&J Snack Foods Corp., among others.
What is CAL-MAINE Foods' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2026 is 50:1, against median employee compensation of $47,899.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Adolphus Baker
Chairman
◇◇◇———◇◇
Max Bowman
VP/CFO/ Treasurer/ Secretary
◇◇◇———◇◇
Sherman Miller
President/CEO
◇◇◇———◇◇
Robert Holladay
VP/General Counsel
◇◇◇———◇◇
Charles Hardin
VP/Sales
◇◇◇———◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Sherman Miller
President/CEO
◇◇◇——◇◇◇
Adolphus Baker
Chairman
◇◇◇———◇◇
Max Bowman
VP/CFO/ Treasurer/ Secretary
◇◇◇——◇◇◇
Robert Holladay
VP/General Counsel
◇◇◇——◇◇◇
Charles Hardin
VP/Sales
◇◇◇———◇◇
Michael Walters
VP/COO(5)
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Sherman Miller
President/CEO
◇◇◇——◇◇◇
Max Bowman
VP/CFO/Treasurer/Secretary
◇◇◇——◇◇◇
Adolphus Baker
Board Chair
◇◇◇———◇◇
Robert Holladay
VP/General Counsel
◇◇◇——◇◇◇
Michael Walters
VP/COO
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Sherman Miller
President/CEO
◇◇◇——◇◇◇
Max Bowman
VP/CFO/Treasurer/Secretary
◇◇◇——◇◇◇
Robert Holladay
VP/General Counsel
◇◇◇——◇◇◇
Michael Walters
VP/COO
◇◇◇———◇◇
Adolphus Baker
Board Chair
◇◇◇———◇◇
Fiscal 2026
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Sherman Miller
President/CEO
◇◇◇——◇◇◇
Max Bowman
VP/CFO/Treasurer/Secretary
◇◇◇——◇◇◇
Michael Walters
VP/COO
◇◇◇———◇◇
Robert Holladay
VP/General Counsel
◇◇◇——◇◇◇
Adolphus Baker
Board Chair
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2026
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Adolphus B. BakerPSU◇◇◇—◇—◇
Adolphus B. BakerRSU◇——◇——◇
Max P. BowmanRSU◇——◇——◇
Max P. BowmanPSU◇◇◇—◇—◇
Michael T. WaltersPSU◇◇◇—◇—◇
Michael T. WaltersRSU◇——◇——◇
Robert L. Holladay Jr.RSU◇——◇——◇
Robert L. Holladay Jr.PSU◇◇◇—◇—◇
Sherman L. MillerPSU◇◇◇—◇—◇
Sherman L. MillerRSU◇——◇——◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2026 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Sherman MillerPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Adolphus BakerPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Michael WaltersPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Max BowmanPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Robert HolladayPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2026
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Melanie Boulden
◇◇————◇
Letitia C. Hughes
Lead independent director
◇◇————◇
Camille S. Young
◇◇————◇
Steve W. Sanders
◇◇————◇
James E. Poole
◇◇————◇
Dudley D. Wooley
◇◇————◇
Sherman L. Miller, Michael J. Highfield, Adolphus B. Baker, Haley R. Fisackerly and Max P. Bowman served on the board in fiscal 2026 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Equity is delivered as Rsas.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2026
  • B&G Foods, Inc. BGS
  • Darling Ingredients, Inc. DAR
  • Flowers Foods, Inc. FLO
  • Fresh Del Monte Produce Inc. FDM
  • J&J Snack Foods Corp. JJSF
  • Lamb Weston Holdings, Inc. LW
  • Post Holdings, Inc. POST
  • Primo Brands Corporation PRMB
  • Seneca Foods Corporation symbol not shown
  • The Boston Beer Company, Inc. SAM
  • The Hain Celestial Group, Inc. HAIN
  • The Marzetti Company LANC
  • The Simply Good Foods Company SMPL
  • Treehouse Foods, Inc. THS
  • Utz Brands, Inc. UTZ
  • Vital Farms, Inc. VITL

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Sherman Miller (President/CEO), FY2026 total compensation $2,109,221 (base salary $627,538) [exec_comp, SEC accession 0001140361-26-033569, filed 2026-08-18]

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What this page does not include

Everything above is a fact CAL-MAINE Foods disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where CAL-MAINE Foods sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
246 figures on this page, cited to the filing that reported them.
246 cited to the filing

Documents cited

  1. 0001140361-26-033569
    COMPENSATION TABLES · DIRECTOR COMPENSATION
  2. 0001140361-23-040878
    COMPENSATION TABLES
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This page is free to cite. Attribution we ask for:
Velarion, “CAL-MAINE Foods executive compensation, FY2022–FY2026.” https://intel.velarion.ai/comp/CALM (accessed 2026).
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The paid brief for CAL-MAINE Foods

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$500 for the Executive Compensation Report. Both reports for $900.
Get the executive briefGet the board briefNo account needed.
2 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers CAL-MAINE Foods discloses

The companies named in CALM's own disclosed peer group.

B&G Foods, Inc.Darling Ingredients, Inc.Flowers Foods, Inc.J&J Snack Foods Corp.Lamb Weston Holdings, Inc.Post Holdings, Inc.Primo Brands CorporationThe Boston Beer Company, Inc.The Hain Celestial Group, Inc.The Simply Good Foods CompanyTreehouse Foods, Inc.Utz Brands, Inc.Vital Farms, Inc.

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Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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