Q3 FY26 net sales fell 53.0% to $666.9M; YTD sales down 25.3% to $2.36B. Q3 gross profit dropped to $119.3M (17.9% margin) from $716.1M (50.5% margin) on a 56.5% decline in net average shell egg price per dozen to $1.766. Q3 net income attributable to Cal-Maine was $50.5M (diluted EPS $1.06), down from $508.5M (diluted EPS $10.38) in the prior-year quarter. Conventional egg ASP fell 70.1% to $1.423/dozen; specialty ASP fell 16.9% to $2.313/dozen; total dozens sold decreased 2.2% to 324.1M. Prepared foods revenue rose to $63.6M in Q3 (up 441% YoY) and $219.2M YTD (up 604%) driven by the Echo Lake Foods acquisition and growth at Crepini. Farm production cost per dozen increased 4.4% to $0.950 (feed $0.494; other $0.456); feed costs were roughly flat YoY. Cash and cash equivalents were $392.2M and AFS investments were $759.8M; current ratio improved to 8.2; credit facility ($250M) undrawn. YTD operating cash flow was $476.9M; capex $123.7M; share repurchases $101.0M; dividends paid $214.8M; remaining buyback authorization $350.8M. Subsequent event: acquired Creighton Brothers/Crystal Lake assets on 2026-03-02 for ~$128.5M, adding ~3.2M layers (500k cage-free), 865k pullets, a feed mill, land, and an egg products facility. HPAI update: 350k pullets depopulated in Maryland on 2026-03-14; industry depopulations were 17.6M YTD through 2026-03-30 (down from 45.2M in 2025). Legal: new multi-district antitrust litigation transferred to W.D. Wisconsin (2026-02-10); ongoing DOJ and state AG investigations; prior Kraft egg products verdict/judgment ($43.6M after trebling) under post-judgment proceedings and appeal; Oklahoma watershed injunction and ~$70k penalty with appeal ongoing.