蓝威斯顿控股 2025年度报告

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during thepreceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of“large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards providedpursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) ofthe Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers duringthe relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesNo The aggregate market value of the voting common stock of Lamb Weston Holdings, Inc. held by non-affiliates as of November 21, 2025 (the last trading day of the registrant's most recently completedsecond fiscal quarter) was approximately $8.0 billion based upon the closing sale price of the common stock as reported on the New York Stock Exchange on such date. As of July17, 2026, the registranthad137,481,011shares of common stock, par value $1.00 per share, outstanding. Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with its 2026Annual Meeting of Stockholders are incorporated by referenceinto Part III of this report. Table of Contents Part I Item 1BusinessItem 1ARisk FactorsItem 1BUnresolved Staff CommentsItem 1CCybersecurityItem 2PropertiesItem 3Legal ProceedingsItem 4Mine Safety Disclosures Part II Item 5Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities27Item 6Reserved28Item 7Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 7AQuantitative and Qualitative Disclosures About Market Risk39Item 8Financial Statements and Supplementary Data40Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure76Item 9AControls and Procedures76Item 9BOther Information77Item 9CDisclosure Regarding Foreign Jurisdictions That Prevent Inspections77 Part III Item 10Directors, Executive Officers and Corporate Governance78Item 11Executive Compensation78Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters78Item 13Certain Relationships and Related Transactions, and Director Independence78Item 14Principal Accountant Fees and Services78 Part IV Item 15Exhibits and Financial Statement Schedules79Item 16Form 10-K Summary83Signatures84 FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements within the meaning of the federal securitieslaws. Words such as “will,” “continue,” “may,” “expect,” “believe,” “make,” “progress,” “execute,” “pursue,” “reduce,” “estimate,” “deliver,”“remain,” “drive,” “increase,” “improve,” “enhance,” “generate,” “evaluate,” “manage,” “decline,” “focus,” “outlook,” and variations of suchwords and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but arenot limited to, statements regarding our business and financial outlook and prospects, our plans and strategies and anticipated benefitstherefrom, including with respect to the Cost Savings Program (as defined below) and other cost-savings or efficiency initiatives, anticipat