Company: CAG
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001104659-25-068390
Chunk: 15

Company: CONAGRA BRANDS INC.
Filing Date: 2025-07-16
Form: 424B5
Chunk 15
---
 ​ |  6,234.1 | ​ | ​ | ​ | ​           | ​ |  7,492.6 | ​ | ​ | ​ | ​           | ​ |  7,081.3 | ​ | ​ |
| Other noncurrent liabilities                          | ​ | ​ | ​                         | ​ |    639.6 | ​ | ​ | ​ | ​           | ​ |    587.6 | ​ | ​ | ​ | ​           | ​ | 599.1(1) | ​ | ​ |
| Total liabilities                                     | ​ | ​ | ​                         | $ | 12,001.2 | ​ | ​ | ​ | ​           | $ | 12,351.0 | ​ | ​ | ​ | ​           | $ | 13,245.3 | ​ | ​ |

(1) 2023 other noncurrent liabilities were reclassified to conform with current period presentation.

S-5

TABLE OF CONTENTS

### RISK FACTORS
An investment in the notes involves risk. Prior to making a decision about investing in the notes, and in consultation with your own financial and legal advisors, you should carefully consider the following risk factors regarding the notes and this offering, as well as the risk factors incorporated by reference in this prospectus supplement from our Annual Report on Form 10-K for the fiscal year ended May 25, 2025 under the heading “Risk Factors,” and other filings we may make from time to time with the SEC. You should also refer to the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus, including our financial statements and the related notes. Investors should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties that are not yet identified may also materially harm our business, operating results and financial condition and could result in a complete loss of your investment.

#### Risks Relating to the Notes
Our existing and future debt may limit cash flow available to invest in the ongoing needs of our business and could prevent us from fulfilling our obligations under our outstanding debt securities, as well as the notes.

As of May 25, 2025, we had total long-term debt, including current installments, of approximately $7.26 billion outstanding. We also have the ability under our existing revolving credit facility and our commercial paper program to incur substantial additional debt