Key Takeaways SJM sees FY26 gross margin of 35.5%-36% amid inflation, tariffs and unfavorable volume/mix. Marketing spend is set to rise 30 bps, backing brands like Cafe Bustelo and Uncrustables. FY25 Q4 adjusted gross profit fell 9%, hit by high costs, lower volumes and divestitures.The J. M. Smucker Company (SJM) enters fiscal 2026 under pressure, grappling with gross margin headwinds due to persistent cost inflation, unfavorable product mix and soft volumes. In fourth-quarter fiscal 2025, the company r ...