While American consumers continue to pay inflated prices for eggs, large-scale producers—especially industry giant Cal-Maine—are reaping enormous profits, according to a new report by Food & Water Watch.

The report finds that since the bird flu outbreak began in 2022, egg prices have more than doubled at the retail level, despite a relatively modest drop in production and stable inventory levels. Food & Water Watch accuses major egg companies of exploiting the crisis, using their market dominance to drive prices—and profits—sky-high.

In January 2022, a dozen eggs cost consumers an average of $1.93. By January 2023, that number had surged to $4.82. Although the avian flu did result in the culling of millions of birds, USDA data analyzed by the group shows that monthly production never fell more than 5.6% below the five-year average. In fact, inventories often exceeded historical norms—even in regions largely untouched by the outbreak.

Cal-Maine Foods, which controls over 20% of the U.S. egg market, did not report any cases of avian flu in its flocks during fiscal year 2023. Nevertheless, the company posted record-breaking sales and profits.

In its most recent financial filing, Cal-Maine reported $508.5 million in net income for the third quarter of fiscal 2025—more than triple the $146.7 million from the same period a year earlier. For the first nine months of fiscal 2025, the company brought in $877.6 million in net income, compared to just $164.6 million during the same stretch the previous year.

Between 2021 and 2023, Cal-Maine’s gross profits increased more than seven-fold, and its stock price more than doubled. CEO compensation in 2023 reached $1.1 million—26 times the company’s median employee salary. The board chair’s stock holdings reportedly grew by more than $9 million over the same period.

This isn’t the first time Cal-Maine has been in the spotlight for its pricing practices. The company has faced multiple lawsuits alleging price gouging during times of crisis, including during the 2015 bird flu outbreak and the early months of the Covid-19 pandemic—even when supply at its facilities remained stable.

In a separate legal case, a jury recently found that Cal-Maine and other producers engaged in price-fixing by deliberately restricting supply through tactics such as forced molting and early slaughter—moves that further squeezed the market while boosting their bottom line.