Key Takeaways Campbell's is still experiencing a tough external environment and higher inflation. Campbell's reset its dividend by 36%. It is Campbell's first dividend cut since 2001. Shares of Campbell's are down 22.8% year-to-date and near 5-year lows. The Campbell’s Company (CPB - Free Report) is struggling with higher inflation and a volatile external environment which is impacting its snack division. This Zacks Rank #5 (Strong Sell) recently missed on earnings and cut its dividend for the first time since 2001.
The Campbell’s Company is a legendary food company which has been headquartered in Camden, N.J. since 1869. It has two divisions: Meals & Beverages and Snacks. The company has 16 brands including Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory, Snyder’s of Hanover, Swanson and V8.
Campbell’s Missed on Q4 Fiscal 2026 EarningsOn Sep 3, 2026, Campbell’s reported its fourth quarter fiscal 2026 earnings results and missed on the Zacks Consensus Estimate by a penny. Earnings were $0.39 versus the consensus of $0.40.
It has missed on earnings two out of the last four quarters.
Net sales fell 8% to $2.1 billion and decreased 1% on an organic basis with Snacks being the weaker division.
Adjusted gross profit margin fell 190 basis points to 28.6%, driven primarily by cost inflation and other supply chain costs inclusive of the impact from tariffs, but partially offset by supply chain productivity improvements.
“We enter fiscal 2027 with leading brands including Campbell's, Rao's, Goldfish and Pepperidge Farm, a resilient Meals & Beverages division benefiting from durable at-home cooking trends, and actions underway to strengthen Snacks,” said Mick Beekhuizen, CEO.
The First Cut to Campbell’s Dividend Since 2001In order to accelerate the path to reducing debt on the company’s balance sheet, Campbell’s is “resetting” its dividend to a quarterly dividend of $0.25 per share, or $1.00 on an annualized basis, down from the prior quarter’s dividend of $0.39, which was $1.56 on an annualized basis. That’s a 36% cut.
It’s the first cut to the dividend since 2001.
That brings the yield down to 4.7% from 7.3%. It’s still generous.
Campbell’s Guides Fiscal 2027 Below the Zacks ConsensusCampbell’s expects a volatile external environment and another year of elevated inflation in Fiscal 2027 along with several longer-term benefits that are expected to build through the year to support the company’s margins.
It guided Fiscal 2027 net sales to fall in the range of 4% to 2% from Fiscal 2026.
Earnings are expected to decline as much as 24% in Fiscal 2027 with a range of $1.65 to $1.80.
This guidance range was below the Zacks Consensus of $1.97.
Not surprisingly, the analysts have had to cut their Fiscal 2027 estimates. Four estimates were cut in the last week, which pushed the Zacks Consensus down to $1.91 from $1.97.
That’s still above Campbell’s guidance range.
But the Most Accurate Estimate, which is the most recent, came in at just $1.75, which is within the company’s guidance range of $1.65 to $1.80.
The earnings are going the wrong way. Here’s what it looks like on the 5-year price and consensus chart.
Image Source: Zacks Investment Research
Is the Bottom Already In?Campbell’s shares lost about 7% on the earnings miss and the announcement of the dividend reset.
Shares have traded near 5-year lows this year and are now down 22.8% year-to-date.
But if you look at the 3-month chart, you can see the shares really aren’t making new lows, even with the latest news.
Image Source: Zacks Investment Research
Could the bottom be in?
Campbell’s is cheap, with a forward price-to-earnings (P/E) of 11.2. A P/E ratio under 15 usually indicates value.
But with earnings expected to slide as much as 24% in Fiscal 2027, it’s more of a value trap than a true value.
For investors interested in food companies like Campbell’s, with all the uncertainty surrounding the consumer and inflation, waiting on the sidelines until the earnings estimates are revised higher is a good strategy.
Campbell's said it has cut 13% of its salaried workforce and closed two snack plants in an effort to improve its operations and return to profitability.
"Make no mistake, our results remain unacceptable," CEO Mick Beekhuizen said. "But instead of waiting for the environment to improve around us, we are addressing reality head-on."
The company has 4,300 salaried workers, according to The Wall Street Journal. It had approximately 13,700 full-time and part-time employees as of August 2025, according to a filing with the Securities and Exchange Commission.
UBER TO CUT THOUSANDS OF JOBS IN SWEEPING RESTRUCTURING EFFORT
Cans of Campbell's chicken noodle soup for sale are displayed at a store on July 22, 2026, in Washington, D.C. (Kevin Carter/Getty Images)
Consumer goods companies have increasingly faced resistance from budget-conscious shoppers, particularly lower-income households that have gravitated toward cheaper, private-label and value brands.
Despite this, Campbell's has raised prices in recent years to protect its margins against rising costs of raw materials, logistics and investments behind soup and sauce launches and holiday merchandising programs.
MICROSOFT CUTS 4,800 POSITIONS, INSISTS JOBS 'NOT BEING REPLACED BY AI'
The company has implemented average price increases of 4% to 5% across roughly 60% of its portfolio, with benefits expected to begin flowing through in the second quarter, even as sales take a hit, CFO Todd Cunfer said on a call with analysts.
The company said it plans to generate about $500 million in cost savings by fiscal 2030.
Campbell's soup at a supermarket in Hercules, Calif., Dec. 8, 2025 (David Paul Morris/Bloomberg via Getty Images / Getty Images)
"With this program, we are focused on increasing speed and accountability and improving our margins and cash flow," Beekhuizen said.
Campbell's expects fiscal 2027 net sales to decline 2% to 4%, compared with analysts' expectations for a 0.8% drop, according to data compiled by LSEG. It forecast adjusted earnings per share of $1.65 to $1.80, below estimates of $1.86.
TOP TOBACCO COMPANY TO CUT THOUSANDS OF JOBS
Net sales fell 8% to $2.14 billion in the fourth quarter, slightly missing estimates of $2.15 billion, while adjusted earnings per share of 39 cents were in line with expectations.
Ticker Security Last Change Change % CPB THE CAMPBELL'S CO. 21.38 -0.74 -3.37% Volumes in the company's snacks segment fell 6%, while prices rose 1%. For its meals and beverages segment, where prices remained the same, volumes rose 3%.
"Our priorities are clear: return Campbell’s to a sustainable, long-term value creation model, reduce financial risk and maintain our investment-grade credit rating," Beekhuizen added.
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) today announced that Mick Beekhuizen, President and Chief Executive Officer, and Todd Cunfer, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the Barclays 19th Annual Global Consumer Staples Conference on Wednesday, September 9, 2026 at 2:15 P.M. ET. A listen-only live webcast of the event can be accessed under the Events & Presentations section of the company's investor relations.
Campbell’s Co (NASDAQ:CPB) on Thursday reported worse-than-expected fourth-quarter sales results and issued FY27 adjusted EPS guidance below estimates.
Adjusted EPS of 39 cents was in line with estimates. Sales of $2.137 billion missed the $2.146 billion consensus estimate.
For fiscal 2027, Campbell’s expects adjusted EPS of $1.65 to $1.80, below the $1.85 analyst estimate. The company expects organic net sales in Meals & Beverages to decline about 3% at the midpoint in the first quarter. It expects performance to remain relatively consistent throughout the year.
“Fourth quarter and fiscal 2026 results reflect top-line softness and inflation-driven margin headwinds,” said Mick Beekhuizen, Campbell’s President and Chief Executive Officer. “Our performance is not where it needs to be, and we are taking decisive action to improve it.”
Campbell’s shares fell 2.9% to trade at $21.48 on Friday.
These analysts made changes to their price targets on Campbell’s following earnings announcement.
Jefferies analyst Scott Marks maintained the stock with a Hold and lowered the price target from $22 to $20. Barclays analyst Andrew Lazar maintained the stock with an Underweight rating and cut the price target from $19 to $18. UBS analyst Peter Grom maintained the stock with a Sell and raised the price target from $18 to $19. RBC Capital analyst Nik Modi maintained the stock with a Sector Perform and cut the price target from $21 to $19. Trending
Considering buying CPB stock? Here’s what analysts think:
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
For the first time in a quarter century, Campbell's touched a dividend it had sworn off, and the culprit is sitting in the snack aisle. Here is what broke the math on a payout that survived recessions, inflation, and two…
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Campbell’s (NASDAQ:CPB | CPB Price Prediction) reported Q4 fiscal 2026 results before the open on September 3, 2026, and the headline is the payout. Campbell’s cut its quarterly dividend 36% to $0.25 per share, the first cut since October 2001, and a return to what shareholders received back in 2009. Shares closed at $22.13, down 7% on the day.
A 155-Year-Old Icon Rewrites Its Income Story Campbell’s had paid $0.39 a quarter for over a year. The new $0.25 payout, with a record date of October 1, 2026 and a payment date of November 2, 2026, is designed to accelerate debt reduction and strengthen the balance sheet. I’ve been watching consumer staples dividends for more than a decade, and a cut of this size from a name this old is a signal.
Meals and Beverages Is the Lone Bright Spot Meals & Beverages held up. Revenue landed at $1.187 billion with organic sales up 3%, helped by durable at-home cooking trends. On the call, management noted that a little over 50% of Meals and Beverages retail sales are exposed to cooking, growing at a CAGR of about 5% over the past four years. Rao’s continues to punch above its weight. The adjusted result was fine on the surface: adjusted EPS of $0.39 versus $0.3889 expected.
The Snack Aisle Broke the Dividend Snacks is where it fell apart. Segment revenue was $950 million, down 12%, with organic sales off 6% and segment operating earnings down 34%. Campbell’s also took a $117 million impairment on the Cape Cod and Kettle Brand trademarks, dragging GAAP EPS to a loss of $0.23. CFO Todd Cunfer was blunt about the near term, telling analysts Q1 Snacks would be “high single digits down” with “a pretty large fixed cost deleverage”. The Snacks portfolio Campbell’s built through acquisitions is exactly what forced the payout reset.
Numbers Tell the Story Adjusted EPS: $0.39 vs. $0.3889 expected GAAP EPS: $(0.23) Revenue: $2.137B vs. $2.144B expected, down 7.9% YoY Gross profit: $583M, down 17.3% Operating income: $4M, down 99% Cash & equivalents: $394M The number that matters is Snacks operating earnings. That is the line that dictated the dividend math.
Beekhuizen Owns the Reset CEO Mick Beekhuizen did not soften the message. “Our performance is not where it needs to be, and we are taking decisive action to improve it,” he said, citing “resetting our dividend” as part of strengthening the balance sheet. On the call, he called the cut “a difficult decision, but… an unfortunately necessary decision”. I liked that he did not dress it up.
The Forward Hook for Income Holders Fiscal 2027 guidance calls for adjusted EPS of $1.65 to $1.80, a decline of 24% to 17%, with net sales down 4% to 2%. Management is targeting a $500 million cost savings program through fiscal 2030 and a potential hybrid refinancing of the $500 million bond maturing in March. If you own CPB for income, the question is whether Snacks can stabilize before the next reset conversation begins.
A double-digit yield or a decades-long payout streak can mask a payout the business can no longer support, which is exactly the pattern we broke down in a free dividend trap guide.
Contact [email protected] for any questions or corrections.
The Campbell's Company (CPB -6.96%), a branded packaged foods provider, closed at $22.13, down 6.96%. Thursday's sell-off followed weaker fiscal fourth-quarter profitability, a sales miss, and a dividend reduction.
Trading volume reached 37.4 million shares, coming in about 343% above its three-month average of 8.4 million shares.
How the markets moved todayThe S&P 500 (^GSPC +1.06%) rose 1.07% to 7,748, and the Nasdaq Composite (^IXIC +1.40%) gained 1.40% to 26,584. Among packaged-food rivals, Kraft Heinz (KHC -3.20%) closed at $25.42, down 3.20%, while General Mills (GIS -3.25%) ended at $39.26, down 3.25%, underscoring pressure across packaged foods and meats, as well as branded shelf-stable foods and beverages.
What this means for investorsIncome investors already owning the stock will be disappointed with what they heard from Campbell's today. A 36% dividend cut was announced as part of a plan for the food company to shore up its balance sheet amid inflationary pressures and dropping sales. The company is also implementing a new $500 million cost-savings plan through 2030.
The new $0.25 quarterly dividend still provides a relatively high annual yield of 4.5%, making shares a potential buy for those seeking income. That doesn't help existing shareholders, though, who now face a lower dividend payment on top of a 20% year-to-date decline in the shares.
If the company's turnaround plan is successful, though, new money in the stock with many popular brands could prove to beat the market over the long term.
It would probably be prudent to give it some time and watch the company implement cost-cutting measures first.
Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Campbell's and Kraft Heinz. The Motley Fool has a disclosure policy.
Campbell Soup Company (NYSE:CPB) reported a sharp drop in fourth-quarter profitability and slashed its quarterly dividend by 36% to $0.25 per share, as the packaged food company moves to accelerate debt reduction and shore up its balance sheet.
Adjusted earnings per share fell to $0.39 from $0.62 a year earlier, a 37% decline. Revenue came in at $2.14 billion, down 8% year-over-year, while organic sales slipped 1%.
Adjusted EBIT dropped 25% to $242 million, and adjusted gross margin narrowed to 28.6% from 30.5%, as inflation and higher supply-chain costs weighed on results.
For fiscal 2026, Campbell's posted adjusted EPS of $2.17, down 27% year-over-year, on revenue of $9.74 billion, a 5% decline. Operating cash flow for the year totaled $1 billion.
The company also launched a new enterprise-wide cost program targeting $500 million in savings by fiscal 2030.
Looking ahead, Campbell's guided for fiscal 2027 net sales to decline 2% to 4%, with organic sales growth also expected to fall 2% to 4%. Adjusted EBIT is projected to decline 7% to 12%, and adjusted EPS is expected to come in between $1.65 and $1.80, down 17% to 24% year-over-year.
"Our performance is not where it needs to be, and we are taking decisive action to improve it," Mick Beekhuizen, Campbell's CEO, said in a statement.
Beekhuizen said the company is sharpening execution, cutting costs to fund brand investment, and strengthening its balance sheet, "including resetting our dividend."
The CEO said Campbell's enters fiscal 2027 with "leading brands including Campbell's, Rao's, Goldfish and Pepperidge Farm," a Meals & Beverages division he described as benefiting from durable at-home cooking trends, and steps underway to strengthen its Snacks unit.
"The steps we are taking are designed to improve growth, expand margins, reduce leverage, and position Campbell's for sustainable long-term value creation," he said.
Shares of Campbell's fell more than 11% on Thursday.
Key Takeaways Campbell's Q4 EPS fell 37% to 39 cents as sales declined 8%, and both missed estimates. Snacks organic sales fell 6%, while Meals & Beverages organic sales rose 3% on favorable volume/mix. Campbell's targets $500 million in cost cuts by fiscal 2030 as inflation and logistics costs stay elevated. The Campbell's Company (CPB - Free Report) closed fiscal 2026 with continued operating pressure as elevated inflation and Snacks’ weakness outweighed momentum in Meals & Beverages.
Adjusted earnings for the fiscal fourth quarter were 39 cents per share, down 37% year over year and lagging the Zacks Consensus Estimate of 40 cents. Net sales declined 8% to $2,137 million and missed the consensus mark of $2,152 million. Organic sales fell 1%, primarily due to lower volume/mix.
CPB's Margins Remain Under PressureAdjusted gross profit declined 14% to $611 million. Adjusted gross margin contracted 190 basis points to 28.6%, mainly due to cost inflation and other supply-chain costs, including tariffs. Supply-chain productivity improvements partially offset these pressures.
Adjusted marketing and selling expenses decreased 6% to $186 million, while adjusted administrative expenses fell 3% to $153 million. Adjusted EBIT declined 25% to $242 million, with adjusted EBIT margin falling to 11.3% from 13.8% a year earlier. The additional week in the prior-year quarter had an estimated 8% impact on adjusted EBIT.
Campbell's Q4 Segment Performance Shows Mixed TrendsMeals & Beverages net sales decreased 4% to $1,187 million, while organic net sales increased 3% on 3% favorable volume/mix. Organic growth included an estimated two-point benefit tied to the prior-year Sovos Brands ERP implementation. Segment operating earnings declined 12% to $181 million, primarily due to inflation and other supply-chain costs.
Snacks’ net sales fell 12% to $950 million, with organic net sales declining 6% as an unfavorable volume/mix of 6% outweighed a 1% favorable net price realization. Segment operating earnings dropped 34% to $101 million. Salty snacks retail sales declined 7.8%, while core Goldfish consumption returned to growth. Rao's remained a bright spot in Meals & Beverages, with total consumption up 9.6% in the quarter.
CPB Expands Cost-Savings and Pricing ActionsCampbell's is launching an enterprise-wide program targeting $500 million in cost reductions by fiscal 2030. The company generated about $25 million in savings during the fiscal fourth quarter, bringing cumulative savings under its prior program to approximately $225 million.
Several measures are already underway, including plant closures and workforce reductions that lowered the salaried workforce by approximately 13%. For fiscal 2027, management expects more than $100 million in savings and productivity above 4% of the cost of products sold. CPB also plans targeted pricing actions to help offset persistent input-cost pressure.
Campbell's Cash Flow and Balance Sheet Stay in FocusFiscal 2026 operating cash flow totaled $1,039 million compared with $1,131 million in the prior year. Capital expenditures were $361 million, while the company returned $496 million to its shareholders, primarily through dividends.
Campbell's ended fiscal 2026 with $394 million in cash and cash equivalents. Short-term borrowings were $977 million and long-term debt totaled $6,160 million. Net leverage reached 4.3 times. To accelerate debt reduction, the board reduced the quarterly dividend to 25 cents per share from 39 cents, which is expected to lower annual cash outflows by approximately $170 million.
CPB's FY27 Outlook Reflects Cost ChallengesFor fiscal 2027, Campbell's expects net sales and organic net sales to decline 2-4%. Adjusted EBIT is projected to decrease 7-12%, while adjusted earnings are expected in the range of $1.65-$1.80 per share, representing a decline of 17-24%. The La Regina acquisition is expected to contribute modestly to sales and be broadly neutral to adjusted earnings.
The outlook assumes raw-material and packaging inflation of 5-6%, double-digit logistics inflation and a low-single-digit benefit from net pricing. Total operating expenses are expected to decline slightly on a dollar basis, including an approximately $50 million impact from resetting incentive compensation levels
Campbell's Expects a More Pressured Start to FY27Management expects first-quarter fiscal 2027 organic net sales and profit declines to fall below the lower end of the full-year ranges, reflecting continued Snacks weakness and heavier investment behind innovation and holiday activity in Meals & Beverages. Fiscal first-quarter adjusted EBIT margin is projected at approximately 10%.
Performance is expected to improve after the first quarter as productivity, savings and pricing contributions build through the year. Adjusted net interest expense is projected at $345-$350 million, while capital expenditures are expected to be approximately $300 million.
Shares of the Zacks Rank #4 (Sell) company have tumbled 27.2% over the past year compared with the industry’s decline of 16.3%.
Stocks to ConsiderThe Chefs' Warehouse, Inc. (CHEF - Free Report) is a distributor of specialty food and center-of-the-plate products across the United States, Canada and the Middle East. CHEF currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for The Chefs' Warehouse’s current fiscal-year sales and earnings per share (EPS) implies growth of 10.6% and 33.7%, respectively, from the year-ago figures. CHEF delivered a trailing four-quarter earnings surprise of 30.4%, on average.
The Vita Coco Company, Inc. (COCO - Free Report) , a leading beverage company that develops, markets and distributes coconut water and other plant-based beverages, currently sports a Zacks Rank #1. COCO delivered a trailing four-quarter earnings surprise of 21.9%, on average.
The Zacks Consensus Estimate for The Vita Coco Company’s current fiscal-year sales and EPS calls for growth of 31.6% and 64.7%, respectively, from the year-ago figures.
Darling Ingredients Inc. (DAR - Free Report) , a global developer and producer of sustainable natural ingredients derived from edible and inedible bio-nutrients, currently carries a Zacks Rank of 2 (Buy).
The Zacks Consensus Estimate for Darling’s current fiscal-year sales suggests an 11.5% jump from the prior-year levels. The consensus estimate for current fiscal-year EPS stands at $6.98, which implies a substantial improvement from the year-ago period. DAR delivered a trailing four-quarter earnings surprise of 38.9%, on average.
Campbell's (CPB - Free Report) came out with quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.4 per share. This compares to earnings of $0.62 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -2.50%. A quarter ago, it was expected that this maker of canned soup, Pepperidge Farm cookies and V8 juice would post earnings of $0.48 per share when it actually produced earnings of $0.5, delivering a surprise of +4.17%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Campbell, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $2.14 billion for the quarter ended July 2026, missing the Zacks Consensus Estimate by 0.68%. This compares to year-ago revenues of $2.32 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Campbell shares have lost about 14.7% since the beginning of the year versus the S&P 500's gain of 12%.
What's Next for Campbell?While Campbell has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Campbell was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $2.64 billion in revenues for the coming quarter and $1.97 on $9.82 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Miscellaneous is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Lamb Weston (LW - Free Report) , has yet to report results for the quarter ended August 2026.
This frozen foods supplier is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -21.6%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Lamb Weston's revenues are expected to be $1.65 billion, down 0.4% from the year-ago quarter.
For the quarter ended July 2026, Campbell's (CPB - Free Report) reported revenue of $2.14 billion, down 7.9% over the same period last year. EPS came in at $0.39, compared to $0.62 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.15 billion, representing a surprise of -0.68%. The company delivered an EPS surprise of -2.5%, with the consensus EPS estimate being $0.40.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Campbell performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Meals & Beverages: $1.19 billion versus $1.19 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -1.3% change.Net Sales- Snacks: $950 million versus $954.75 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -15.1% change.Operating Earnings- Meals & Beverages: $181 million compared to the $175.84 million average estimate based on four analysts.Operating Earnings- Snacks: $101 million versus $99.38 million estimated by four analysts on average.Operating Earnings- Corporate: $-226 million versus the three-analyst average estimate of $-41.67 million.View all Key Company Metrics for Campbell here>>>
Shares of Campbell have returned +3.2% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) today reported results for its fourth quarter fiscal 2026 ended August 2, 2026. Unless otherwise stated, all comparisons are to the comparable period in fiscal 2025. The La Regina acquisition was completed on May 4, 2026, and as such, La Regina's financials are fully consolidated into Campbell's results. CEO Comments: "Fourth quarter and fiscal 2026 results reflect top-line softness and inflation-driven margin headwinds,” said M.
Campbell's (CPB.O) forecast weaker-than-expected annual profit and sales on Thursday and cut its quarterly dividend by more than a third as the soup maker struggles with soft demand for its pricier snacks, sending its shares down 6% before the bell.
The company said it had closed some plants and completed some workforce cuts to support margins as part of a program to save about $500 million in costs by fiscal 2030.
"Our results remain unacceptable," CEO Mick Beekhuizen said, adding that Campbell's will be "addressing reality head-on." The company will also adjust prices in some categories to reflect changes in commodity costs, he said.
"(Campbell's) is clearly taking a much more aggressive self-help stance," Barclays analyst Andrew Lazar said.
Lower-income consumers are shifting toward cheaper value brands and store-label products, pressuring sales at companies including Campbell's that have raised prices in recent years to protect their margins.
A 10.75-ounce can of Campbell's tomato soup costs $1.48 on Walmart's website, while a 10.75-ounce tomato soup can from Walmart's private-label brand Great Value costs 70 cents, according to Reuters checks.
Campbell's expects fiscal 2027 net sales to fall between 2% and 4%, compared with analysts' estimate of a 0.8% drop, according to data compiled by LSEG.
It expects fiscal 2027 adjusted profit per share in the range of $1.65 to $1.80, compared with analysts' estimate of $1.86 per share as higher costs of raw material and fuel weigh.
The forecast reflects a volatile environment with elevated inflation, but sees benefits that are expected to support margins, Campbell's said.
Net sales fell 8% to $2.14 billion in the fourth quarter, steeper than analysts' average estimate of a 7.6% drop. Adjusted earnings per share of 39 cents were in line with analysts' estimates.
Volumes in the company's snacks segment fell 6%, while prices rose 1%. For its meals and beverages segment, where prices remained the same, volumes rose 3%.
Campbell's Soup Stock: Deep Value and a 7% Dividend YieldCampbell's NASDAQ: CPB reported fourth-quarter fiscal 2026 results marked by continued weakness in its snacks business, elevated inflation and lower profitability, while its meals and beverages segment delivered sales growth. Management also outlined a fiscal 2027 plan centered on cost reductions, selective pricing, focused marketing investment and debt reduction.
President and Chief Executive Officer Mick Beekhuizen said organic net sales declined 1% in the fourth quarter, as gains in meals and beverages were more than offset by weaker snacks sales. Adjusted EBIT fell 25%, while adjusted earnings per share declined 37% to $0.39. The company said the year-over-year declines included an estimated high-single-digit impact from lapping an extra week in the prior-year fourth quarter.
Get Campbell's alerts:
Tomato Prices Are Spiking, and These 2 Food Stocks Could Feel the Squeeze“Our results remain unacceptable,” Beekhuizen said, adding that the company was taking actions intended to restore growth, rebuild margins and reduce leverage rather than waiting for external conditions to improve.
Meals and Beverages Growth Offsets Some Snack Weakness Organic net sales in the meals and beverages division rose 3% during the quarter, supported by 0.8% U.S. retail consumption growth and an approximately $30 million benefit from timing shifts related to the prior-year Sovos SAP implementation. Segment operating earnings declined 12%, however, primarily because of inflation.
Campbell Soup Company Is High-Priority for Income Watch ListsBeekhuizen said semi-scratch cooking consumption increased 5%, led by Swanson, Pacific and Rao’s. U.S. soup consumption rose 0.9%, with the broth category up 11.8%. Swanson grew 7%, while Pacific increased 28.4%.
Premium soup brands continued to post strong growth. Pacific and Rao’s eating soups grew 14% and 25.3%, respectively, while declines moderated for Campbell’s Chunky and Red and White Condensed soups.
Rao’s consumption rose 9.6% in the quarter and 11.3% for the full fiscal year. Rao’s sauce consumption increased 8.9% in the fourth quarter, aided by distribution, velocity growth, increased marketing and new creamy red sauces. Household penetration reached 18.9%, up 170 basis points for the year, according to the company.
For fiscal 2027, Campbell’s plans new products including Pacific Ramen Broth, Campbell’s Condensed Sauces and a line of Campbell’s ready-to-serve soups made with bone broth. The new soup line is expected to offer 20 grams of protein and an average of eight grams of fiber, management said.
Snacks Division Remains Under Pressure Snacks organic net sales declined 6% in the fourth quarter, while consumption fell 5.1%. Segment operating earnings dropped 34%, driven by inflation and volume deleverage. Campbell’s cited lower U.S. retail consumption and reduced contract and partner sales.
Goldfish consumption declined 1.1%, though Beekhuizen said core consumption returned to growth following a strategy shift toward family snacking. The company pointed to double-digit e-commerce growth and its collaboration with The Pokémon Company as supportive factors.
Campbell’s plans to support Goldfish with back-to-school activity, a new advertising campaign, refreshed packaging and new protein, whole grain and gluten-free varieties. The packaging will emphasize attributes such as no artificial colors or preservatives, real cheese and baked, rather than fried, products.
Pepperidge Farm Fresh Bakery consumption declined 4.4%, an improvement from the third quarter. Pepperidge Farm cookies fell 4.7%, with mixed performance across the portfolio. Management said the company will emphasize in-store execution, availability, innovation and a national media campaign for Pepperidge Farm cookies.
Salty snacks retail sales declined 7.8%, including a 5.4% decrease in pretzels and a 9.4% decline in chips. Cape Cod and Kettle Brand were among the brands facing pressure in what Beekhuizen described as a highly competitive chips category.
The company said its snacks turnaround will focus on core products, improved service and shelf availability, tighter assortments, lower costs and more disciplined price-pack architecture and trade spending. Beekhuizen cautioned that the turnaround would take time and may not progress in a straight line.
Cost Savings, Dividend Reset and Balance Sheet Actions Chief Financial Officer Todd Cunfer said fourth-quarter adjusted gross margin declined 190 basis points to 28.6%. Inflation of nearly 6% and other supply-chain expenses partly offset productivity gains. Fiscal 2026 operating cash flow was $1 billion, down nearly $100 million from the prior year because of lower cash earnings.
At fiscal year-end, Campbell’s held approximately $394 million in cash and cash equivalents and about $7.1 billion in debt, producing a net leverage ratio of 4.3 times.
The company is launching an enterprise-wide savings program targeting $500 million in cost reductions by fiscal 2030, separate from ongoing annual productivity efforts that target approximately 3% of cost of products sold. Actions already underway include the planned closure of snacks plants in Hyannis and Jeffersonville and workforce reductions.
Through voluntary early retirements and involuntary reductions, Campbell’s reduced its salaried workforce by approximately 13%, Cunfer said.
The company also reset its quarterly dividend to $0.25 per share, or $1 annually, representing a 36% reduction. Campbell’s expects the move to reduce annual cash outflows by approximately $170 million, with the savings directed toward debt reduction. Management said it aims to reduce leverage to approximately three times while maintaining its investment-grade credit rating.
Fiscal 2027 Outlook Calls for Further Declines Campbell’s forecast fiscal 2027 net sales and organic net sales declines of 2% to 4%. It expects adjusted EBIT to decline 7% to 12% and adjusted EPS to range from $1.65 to $1.80, representing a decline of 17% to 24%.
The outlook assumes raw-material and packaging inflation of 5% to 6%, double-digit logistics inflation, productivity above 4% and low-single-digit net pricing benefits for the full year. It also includes more than $100 million of cost reductions from the new savings program.
Management expects the first quarter to be weaker than the full-year outlook, citing snacks softness, investments behind meals and beverages innovation and holiday programs, and elevated inflation. Campbell’s expects first-quarter adjusted EBIT margins of about 10%, followed by improving year-over-year trends as productivity, savings and pricing actions build through the year.
About Campbell's (NASDAQ:CPB)Campbell's NASDAQ: CPB is a leading manufacturer of shelf-stable foods and beverages, best known for its iconic soups and broths. Headquartered in Camden, New Jersey, the company offers a diverse portfolio of products designed to meet consumer demand for convenient, affordable meals and snacks. Since its founding in 1869, Campbell's has grown through a combination of organic innovation and strategic acquisitions to expand its presence in the food industry.
The company's brand portfolio includes Campbell's Condensed Soups, V8 juices, Prego pasta sauces, Swanson broths and stocks, Pace salsas and dips, and Pepperidge Farm baked snacks.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in Campbell's Right Now?Before you consider Campbell's, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Campbell's wasn't on the list.
While Campbell's currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
You are now leaving Barron's websiteBy clicking on the “Proceed” button below, you will be redirected to a third-party website owned and operated by Hong Kong Tiimoot Information Technology Co., Limited. (“HKT”), which is located in Hong Kong. That website operates independently from Barron's and Barron's does not control the website. The privacy practices of HKT are subject to its Privacy Statement, so please read it closely. We are not responsible for HKT's privacy or other data-related practices.
The Campbell’s Company (NASDAQ:CPB) will release its fourth quarter earnings report before the opening bell on Thursday, Sept. 3.
Analysts expect the Camden, New Jersey-based company to report quarterly earnings of 39 cents per share, down from 62 cents per share in the year-ago period. The consensus estimate for Campbell’s quarterly revenue is $2.14 billion. It reported $2.32 billion last year, according to Benzinga Pro.
On June 8, Campbell’s posted mixed results for the third quarter.
Shares of Campbell’s rose 0.3% to close at $23.78 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
RBC Capital analyst Nik Modi maintained a Sector Perform rating with a price target of $21 on Aug. 31, 2026. This analyst has an accuracy rate of 52%. Evercore ISI Group analyst David Palmer maintained an In-Line rating and cut the price target from $23 to $22 on Aug. 31, 2026. This analyst has an accuracy rate of 65%. UBS analyst Peter Grom maintained a Sell rating and raised the price target from $17 to $18 on Aug. 20, 2026. This analyst has an accuracy rate of 59%. TD Cowen analyst Robert Moskow maintained a Hold rating and increased the price target from $20 to $22 on Aug. 19, 2026. This analyst has an accuracy rate of 64%. JP Morgan analyst Thomas Palmer maintained a Neutral rating and increased the price target from $20 to $22 on Aug. 18, 2026. This analyst has an accuracy rate of 51%. Trending
Considering buying CPB stock? Here’s what analysts think:
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Key Takeaways Campbell's Q4 revenues are expected to be $2.15 billion, down 7.3% year over year.Campbell's Q3 EPS is expected at 40 cents, down 35.5% year over year.Margin pressure persists, while Meals & Beverages benefits from resilient at-home cooking demand. The Campbell's Company (CPB - Free Report) is likely to witness a top and bottom-line decline when it reports fourth-quarter fiscal 2026 earnings on Sept. 3. The Zacks Consensus Estimate for revenues is pegged at $2.15 billion, indicating a decrease of 7.3% from the prior-year quarter’s reported figure.
The consensus mark for earnings has remained unchanged over the past 30 days at 40 cents a share, which implies a decline of 35.5% from the figure reported in the year-ago period. CPB has a trailing four-quarter earnings surprise of about 2%, on average.
Factors Likely to Influence CPB’s Upcoming ResultsCampbell’s fiscal fourth-quarter performance is likely to have remained under pressure, reflecting continued weakness in its Snacks business. During the fiscal third-quarter earnings discussion, management highlighted weak consumption across salty snacks, amid a competitive environment and pressure on consumer spending. Although the company has been tightening assortments, sharpening price-pack architecture and improving trade efficiency, these initiatives were still in the early stages and might have limited the pace of sales recovery. Our model suggests a 4% volume decline and a 10.5% revenue decline for the Snacks segment in the fiscal fourth quarter.
Margin performance is also likely to have remained under pressure. Tariffs, input-cost inflation, logistics expenses and unfavorable volume leverage have weighed on profitability. Increased promotional support and efforts to strengthen competitiveness across key categories might also have exerted pressure on margins. Nevertheless, supply-chain productivity improvements and cost-saving initiatives are likely to have provided some offset. We expect the adjusted gross margin to contract 200 basis points to 28.6% in the fiscal fourth quarter.
However, Campbell’s Meals & Beverages segment is likely to have remained resilient, supported by durable at-home cooking trends and strength across key brands. The summer launch of Campbell’s Condensed Sauces may also have aided demand by tapping consumers’ interest in convenient at-home meal preparation and flavor exploration.
Earnings Whispers for CPBOur proven model doesn’t conclusively predict an earnings beat for Campbell's this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
Campbell's carries a Zacks Rank #4 (Sell) and has an Earnings ESP of -4.22%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable CombinationHere are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.
The Chefs' Warehouse, Inc. (CHEF - Free Report) currently has an Earnings ESP of +3.02% and a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for its upcoming quarter’s revenues is pegged at $1.13 billion, indicating a 10.4% rise from the figure reported in the prior-year quarter. The consensus estimate for Chefs' Warehouse’s earnings is pegged at 61 cents per share, implying 22% growth from the year-ago quarter. CHEF delivered a trailing four-quarter earnings surprise of 30.4%, on average.
Mondelez International, Inc. (MDLZ - Free Report) currently has an Earnings ESP of +0.39% and a Zacks Rank of 3. The consensus estimate for the quarterly revenues is pinned at $9.97 billion, which indicates a 2.4% growth from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Mondelez’s upcoming quarter’s EPS is pegged at 72 cents, which declined 1.4% from the year-ago period figure. MDLZ delivered a trailing four-quarter earnings surprise of 5.8%, on average.
Altria Group, Inc. (MO - Free Report) currently has an Earnings ESP of +0.37% and a Zacks Rank #3. The consensus estimate for quarterly revenues is pegged at $5.33 billion, which indicates an increase of 1.5% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Altria’s upcoming quarter’s earnings per share is pegged at $1.50, which indicates a 3.5% growth from the figure reported in the prior-year quarter. MO delivered a trailing four-quarter earnings surprise of 1.3%, on average.
Wall Street analysts expect Campbell's (CPB - Free Report) to post quarterly earnings of $0.40 per share in its upcoming report, which indicates a year-over-year decline of 35.5%. Revenues are expected to be $2.15 billion, down 7.3% from the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Campbell metrics that are commonly monitored and projected by Wall Street analysts.
Analysts' assessment points toward 'Net Sales- Meals & Beverages' reaching $1.19 billion. The estimate indicates a year-over-year change of -1.1%.
The consensus among analysts is that 'Net Sales- Snacks' will reach $954.75 million. The estimate indicates a change of -14.7% from the prior-year quarter.
Analysts forecast 'Operating Earnings- Meals & Beverages' to reach $175.84 million. The estimate compares to the year-ago value of $200.00 million.
The consensus estimate for 'Operating Earnings- Snacks' stands at $99.38 million. Compared to the current estimate, the company reported $159.00 million in the same quarter of the previous year.
View all Key Company Metrics for Campbell here>>>
Shares of Campbell have experienced a change of +6.4% in the past month compared to the +3.9% move of the Zacks S&P 500 composite. With a Zacks Rank #4 (Sell), CPB is expected to underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Campbell's (CPB - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended July 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on September 3. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis maker of canned soup, Pepperidge Farm cookies and V8 juice is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -35.5%.
Revenues are expected to be $2.15 billion, down 7.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.37% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Campbell?For Campbell, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -4.22%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Campbell will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Campbell would post earnings of $0.48 per share when it actually produced earnings of $0.50, delivering a surprise of +4.17%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Campbell doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company today announced a renewed and expanded partnership with the National Football League (NFL), extending a relationship that began in 1997 when Campbell's® became the League's Official Soup Sponsor. Now entering its 29th year, the partnership is expanding for the first time into frozen meals – the next chapter in one of the NFL's longest-running sponsorships. At the center of the renewal is Campbell's Chunky®, the brand synonymous with game day.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
The soup has gone cold, or at least that's what The Campbell's Company (CPB +1.73%) stock has felt like over the past few years. Shares of Campbell's have fallen nearly 30% in the past 12 months, and almost 50% over the last five years. The bear case is simple: Sales are falling, margins are compressing, and tariffs created an unexpected headwind for the business. Still, I think this more than a century-old consumer staples company is a buy for long-term investors.
Today's Change
(
1.73
%) $
0.40
Current Price
$
23.26
First, at the current share price, Campbell's dividend yield is nearly 7%. It offers a consistent quarterly payout of $0.39 per share. Campbell's funds its dividend with stable cash flow from operations. The consumer staples company reported $839 million in cash generated over the first nine months of its fiscal 2026. Despite tough economic conditions, the dividend isn't at risk.
The stock is also relatively cheap, as it trades at a forward P/E of 12, a trailing P/E ratio of 11, and a PEG ratio of less than 1. In June, Campbell's was added to both the Russell 2500 and Russell 2500 Value indexes, potentially improving investor confidence and visibility.
Image source: Getty Images.
More importantly, Campbell's management has a turnaround effort underway. The company bought Sovos Brands, the owner of the hugely popular Rao's Homemade sauce and pasta brand, back in 2024, and took a 49% stake in La Regina -- the company that manufactures Rao's products -- late in 2025. This has been a growth bright spot for Campbell's. Rao's recently topped $1 billion in annual net sales.
Management is well aware of the inflationary pressures it faces and the company's overall underperformance, and is taking corrective actions to improve Campbell's operational efficiency.
Campbell's looks oversold in my opinion, and with the continued growth of the much-loved Rao's brand, as well as a portfolio that includes some timeless snacks like Pepperidge Farm cookies and Goldfish crackers, Campbell's is primed for a comeback.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Campbell's. The Motley Fool has a disclosure policy.
Key Takeaways Campbell's is expanding Meals & Beverages innovation with Condensed Sauces and new soup ideas.Cooking-focused soup products grew 3.4% fiscal year to date and 1.5% in fiscal Q3 2026.Rao's Q3 consumption rose 15%, while Goldfish and Pepperidge Farm added targeted snack launches. The Campbell's Company (CPB - Free Report) is putting greater emphasis on product innovation across key parts of its portfolio. The push is especially visible in Meals & Beverages, where upcoming launches are tied to at-home cooking and flavor exploration. The company is also increasing investment in consumer insights to support elevated brand investment and a bolder pipeline of innovation.
One of the clearest upcoming launches is Campbell’s Condensed Sauces, scheduled for the summer. The product is designed to tap consumers’ interest in cooking at home and experimenting with new flavors. Beyond this launch, Campbell’s has outlined a broader soup innovation pipeline focused on bringing newness, health benefits and additional eating occasions to the category.
The existing cooking-oriented portfolio provides a base for this strategy. Products used in scratch or semi-scratch cooking across Campbell’s, Swanson and Pacific represent roughly half of the U.S. retail soup portfolio. This group grew approximately 3.4% fiscal year to date and 1.5% in the third quarter of fiscal 2026.
Innovation is also visible across premium brands. Rao’s total brand consumption increased 15% in the fiscal third quarter, while sauce rose 13%, benefiting from fundamentals that included innovation from its Creamy line. Products outside pasta sauce consumption grew 22% in the fiscal second quarter, while Campbell’s plans to continue investing in Rao’s pasta, soup and frozen offerings. Pacific and Rao’s ready-to-serve soups also posted consumption growth of 7% and 8%, respectively.
In Snacks, Goldfish recently launched a Pokemon collaboration aimed at families with kids. Pepperidge Farm introduced limited-edition Maggie’s Apple Pie cookies, while Chessmen benefited from innovation and merchandising support. Together, these launches reflect Campbell’s focus on using targeted product innovation to create fresh consumer interest and support established snack brands.
Campbell's Zacks Rank & Share Price PerformanceShares of this Zacks Rank #3 (Hold) company have gained 2.6% over the past month, underperforming the industry and the S&P 500’s growth of 5.4% and 4.1%, respectively. However, CPB outperformed the broader Consumer Staples sector’s growth of 0.3% over the same period.
CPB Stock's Past Month Performance
Image Source: Zacks Investment Research
Is Campbell's a Value Play Stock?Campbell's currently trades at a forward 12-month P/E ratio of 11.28, which is lower than the industry average of 15.23 and below the sector average of 17.13. This valuation positions the stock at a modest discount relative to both its direct peers and the broader consumer staples sector.
CPB P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research
Stocks to ConsiderDarling Ingredients Inc. (DAR - Free Report) develops, produces and sells sustainable natural ingredients from edible and inedible bio-nutrients in North America, Europe, China, South America and internationally. At present, Darling Ingredients sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Darling Ingredients’ current fiscal-year sales and earnings implies growth of 12.8% and 926.5%, respectively, from the year-ago figures. DAR delivered a trailing four-quarter earnings surprise of 38.9%, on average.
The Chefs' Warehouse, Inc. (CHEF - Free Report) distributes specialty food and center-of-the-plate products in the United States, the Middle East and Canada. At present, CHEF flaunts a Zacks Rank #1. Chefs' Warehouse delivered a trailing four-quarter earnings surprise of 30.4%, on average.
The consensus estimate for Chefs' Warehouse’s current fiscal-year sales and earnings implies growth of 10.6% and 24.7%, respectively, from the year-ago reported figures.
US Foods Holding Corp. (USFD - Free Report) engages in the marketing, sale and distribution of fresh, frozen and dry food and non-food products to foodservice customers in the United States. USFD currently carries a Zacks Rank #2 (Buy). US Foods Holding delivered a trailing four-quarter earnings surprise of 1.5%, on average.
The Zacks Consensus Estimate for US Foods Holding’s current fiscal-year sales and earnings implies growth of 5.3% and 16.3%, respectively, from the year-ago figures.
Do you know what that is? That, amazingly, is the number of stocks in the S&P 500 that the consensus says should be bought or held today. A perfect 500 out of 500.
Wow, so let’s do some “back of the envelope math.” There are 500 stocks in the index. And, let’s see, 500 should be bought or held. Which leaves…let’s see…zero sells.
Zero!
Meanwhile we have unprecedented business model disruption from the massive AI rollout. Biggest thing since the Internet or maybe even the railroads. Fortunes are being minted and vaporized with equal speed right before our very eyes.
And there are no sells in the S&P 500! According to the, ahem, compensated analysts that rate them. Simply astounding. Wouldn’t you think that one or two companies—maybe, just possibly—could be sells today? Nope, not at all.
Also get this. Would you believe that out of those 500, 410 are actual buys, which means you should put your new money into 82% of the index? Close your eyes and buy. Ha!
Does that feel right to you? Feels a bit slippery to me. Almost like analysts are handing out buy ratings like cheap business cards at a trade show.
MORE FOR YOU
No Sell Ratings
Contrarian Outlook
Analysts can keep their Buy calls. They are worth diddly squat. But a Sell call! Now we’re talking. They’re not there en masse but we can find some individual Sell calls to, get this, fade.
4 Hated Dividend StocksThat’s right, we’re going dumpster diving for dividend payers with rare Sell ratings—so that we can step in and buy. How contrarian! And right now, Wall Street sees plenty of weakness in these five 6.4% to 12.9% payers, which average 8.9%. Let’s see if there’s opportunity.
General Mills (GIS)
Dividend Yield: 6.4%
General Mills (GIS) is best known for cereal brands such as Cheerios, Wheaties and Cocoa Puffs, Betty Crocker and Pillsbury baking products, and Häagen-Dazs ice cream—products that are squarely in the crosshairs of GLP-1 drugs, which suppress the urge to snack. Those drugs are on the rise, too. According to a Gallup analysis, 11% of Americans say they’re currently taking GLP-1 drugs for weight loss, which is up from 3% just two years ago.
And while GLP-1s can’t take full credit for it, General Mills’ top and bottom lines have been on a downswing for a couple years and are expected to dip more in 2026.
GIS Total Returns
Ychart
This change in fortunes has sent shareholders to the exits, cutting the stock by more than half over the past three years.
So is there reason enough to bite on what is a 6%-plus yield on one of the most recognizable consumer staples stocks?
GIS is more than just snacks—it also sells Progresso soups, Green Giant vegetables, even Blue Buffalo pet foods. And it’s trying to adjust to GLP-1 usage by adding more premium snacks and smaller packages aimed at the munchie-deficient.
But inflation is forcing many consumers to trade down, not up. So even though General Mills has eased up on the price hikes that had been driving sales, volume growth is still anemic. And despite a lack of growth, a 50%-plus haircut and a stretched dividend with little room for meaningful growth, shares still trade at 12 times next year’s earnings estimates—not exactly the deal we’d need to jump into such a troubled company.
I said months ago I don’t like General Mills. Nothing since has changed my mind. Wall Street doesn’t love it, either—12 Holds and as many Sells (4) as Buys is for all practical purposes a bearish outlook from the traditionally Pollyannaish research set.
The Campbell’s Company (CPB)
Dividend Yield: 6.9%
Fellow consumer staple name The Campbell’s Company (CPB) has sold off right alongside General Mills. The result is a nearly 7% yield that’s more than twice its historical norms and virtually unheard of in the sector.
CPB Yield Chart
Ycharts
The story is extremely similar to General Mills:
Campbell’s also owns a number of snack brands, including Pepperidge Farm baked goods, Goldfish and Lance crackers, Cape Cod and Kettle Brand chips, and Pace salsa, among others—that are endangered by GLP-1 usage.It too is more than snacks: CPB also sells its namesake Campbell’s and Chunky soup brands, as well as Prego and Rao’s pasta sauces, Swanson broths, Michael Angelo’s frozen meals, V8 vegetable juice and more.CPB has also recently slowed its pace of price hikes but hasn’t seen a recovery in volumes.Dividend coverage of around 80%, which leaves little room for growth, is about the same as GIS.Campbell’s shares trade for around 12 times weak earnings estimates.The pros don’t like it: It garners mostly Hold calls, and more Sells than Buys.Campbell’s might look a little more appealing than GIS because it pays us a few more basis points and is slightly better positioned to capture a rising trend of Americans cooking at home. But this is still a dangerous yield from a company that’s increasingly on the wrong side of consumer tastes.
Ardagh Metal Packaging (AMBP)
Dividend Yield: 8.0%
Ardagh Metal Packaging (AMBP) has a lot for contrarians like us to love.
To start, it’s boring: Ardagh makes metal cans. This is a truly global company, boasting 23 production facilities in nine countries. It employs 6,500 people. It drove $5.5 billion in revenues last year by selling to makers of soft drinks, energy drinks, sparkling waters, beer, ciders, ready-to-drink cocktails and more. But it’s nothing more than, in its words, “100% infinitely recyclable” cans.
Ardagh is also well off the beaten path. No media hype of which to speak. No CNBC hits.
It pays us dearly, at nearly 8%. And it’s also a welcome exception to a dividend rule. We normally avoid foreign stocks because of their inconsistent payout schedules. However, AMBP, which is based in Luxembourg, has paid a consistent quarterly dividend for several years.
AMBP Total Return
Ycharts
Ardagh, which is 76% owned by Ardagh Group, listed on the NYSE in 2021 by combining with a special purpose acquisition company (SPAC). The stock proceeded to drop like a rock, killing any buzz it might have had. But the company’s top line has been improving for years, and it has flipped from deep losses just a few years ago to modest profits in 2025 that are expected to grow this year and next. That means AMBP was paying dividends it couldn’t cover—the second quarter marked the first time in years that adjusted earnings exceeded the payout. A little nerve-wracking, but Ardagh is headed in the right direction.
Wall Street is almost all Holds and Sells on Ardagh, but the worry is less the business and more the valuation. The stock has roughly doubled from its 2025 lows, and shares now trade at nearly 17 times estimates for next year’s profits.
Brandywine Realty Trust (BDN) is one of the largest “integrated” (or “hybrid”) real estate investment trusts (REITs) in the U.S. Its full portfolio consists of 112 properties, but its “core” portfolio of 57 properties is largely concentrated in Philadelphia and Austin—and is roughly 90% office in nature.
The pros are effectively split between Holds and Sells, and there’s little wonder why. Office properties, while rebounding, haven’t seen business rebound to anywhere near where they were before COVID. Last year, I pointed out that Brandywine’s funds from operations (FFO) were barely enough to pay for the dividend, and that the “13%-plus yield could be a rug-pull just waiting to happen.”
BDN Total Returns
Ycharts
Brandywine has bounced back a little bit in 2026 as it does some much-needed cleanup. The company is simplifying its joint-venture portfolio and shedding underperforming properties. Occupancy is improving. The dividend cuts clearly hurt existing shareholders, but BDN now yields 10% at a much healthier FFO payout ratio below 60%. And shares trade at just 5.6 times this year’s FFO estimates.
What’s holding Brandywine back is its struggles in leasing out its two development projects. Improvements on that front could finally unlock the stock.
New Mountain Finance Corp. (NMFC)
Dividend Yield: 12.9%
We can always find high yields from business development companies (BDCs), which provide financing to smaller companies.
Take New Mountain Finance (NMFC), for instance. This nearly 13% yielder deals in U.S. upper-middle-market businesses backed by private equity sponsors. First-lien debt is its most common deal type, at roughly 65% of the portfolio currently, but it also has positions in second lien and subordinated debt, preferred stock, common stock, net lease deals, and senior lending programs.
Its portfolio is 113 companies wide right now, and it uses a “defensive growth” strategy, with a focus on investing in strong businesses in a couple dozen acyclical sectors.
NMFC Total Return
Ycharts
Wall Street doesn’t love what NMFC has to offer, giving it nothing but Hold and Sell ratings. New Mountain has been shedding net asset value (NAV), which has declined by more than 12% just since the start of 2025. More important as it pertains to the dividend: Net investment income (NII) has recently fallen off the shelf, forcing the most recent dividend cut to 25 cents per share—which is itself barely covered by the company’s most recent 26 cents’ worth of NII.
However, NMFC might still appeal to speculative dividend chasers. NAV declines are slowing. Credit quality is improving, and non-accruals are thinning. New Mountain is still buying back shares. Meanwhile, NMFC now trades at a nearly 30% discount to its NAV while paying well into the double digits.
First Trust Advisors LP boosted its holdings in The Campbell’s Company (NASDAQ:CPB – Free Report) by 35.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,820,793 shares of the company’s stock after purchasing an additional 731,393 shares during the period. First Trust Advisors LP owned about 0.95% of Campbell’s worth $62,819,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Campbell’s during the fourth quarter worth approximately $1,596,000. Hsbc Holdings PLC raised its holdings in Campbell’s by 644.9% in the first quarter. Hsbc Holdings PLC now owns 1,864,119 shares of the company’s stock valued at $41,319,000 after acquiring an additional 1,613,873 shares in the last quarter. Fluent Financial LLC acquired a new stake in Campbell’s in the fourth quarter valued at $6,173,000. Cerity Partners LLC boosted its stake in Campbell’s by 190.3% during the 4th quarter. Cerity Partners LLC now owns 2,680,839 shares of the company’s stock valued at $74,715,000 after acquiring an additional 1,757,264 shares during the last quarter. Finally, AE Wealth Management LLC boosted its stake in Campbell’s by 2,690.1% during the 4th quarter. AE Wealth Management LLC now owns 807,341 shares of the company’s stock valued at $22,501,000 after acquiring an additional 778,405 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.
Campbell’s Stock Performance Campbell’s stock opened at $21.84 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.87 and a quick ratio of 0.38. The Campbell’s Company has a 12 month low of $19.56 and a 12 month high of $34.17. The company has a fifty day moving average price of $21.72 and a two-hundred day moving average price of $23.26. The company has a market cap of $6.51 billion, a PE ratio of 10.81 and a beta of 0.02.
Campbell’s (NASDAQ:CPB – Get Free Report) last issued its earnings results on Monday, June 8th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Campbell’s had a net margin of 6.12% and a return on equity of 18.04%. The company had revenue of $2.37 billion for the quarter. During the same period last year, the company posted $0.22 earnings per share. The firm’s revenue for the quarter was down 4.4% on a year-over-year basis. Campbell’s has set its FY 2026 guidance at 2.150-2.250 EPS. Research analysts expect that The Campbell’s Company will post 2.18 earnings per share for the current year.
Campbell’s Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Thursday, July 2nd will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, July 2nd. This represents a $1.56 annualized dividend and a yield of 7.1%. Campbell’s’s dividend payout ratio is 77.23%.
Wall Street Analysts Forecast Growth CPB has been the subject of several research analyst reports. Barclays dropped their target price on shares of Campbell’s from $21.00 to $19.00 and set an “underweight” rating for the company in a research report on Monday, June 8th. Zacks Research cut shares of Campbell’s from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 10th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $19.00 price target (down from $21.00) on shares of Campbell’s in a research note on Tuesday, June 9th. Bank of America lowered their price objective on Campbell’s from $20.00 to $18.00 and set an “underperform” rating for the company in a report on Tuesday, June 9th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Campbell’s from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, March 30th. Twelve analysts have rated the stock with a Hold rating and eight have issued a Sell rating to the stock. According to data from MarketBeat.com, Campbell’s presently has an average rating of “Reduce” and an average price target of $22.00.
Check Out Our Latest Stock Analysis on Campbell’s
Campbell’s Company Profile (Free Report)
Campbell’s (NASDAQ: CPB) is a leading manufacturer of shelf-stable foods and beverages, best known for its iconic soups and broths. Headquartered in Camden, New Jersey, the company offers a diverse portfolio of products designed to meet consumer demand for convenient, affordable meals and snacks. Since its founding in 1869, Campbell’s has grown through a combination of organic innovation and strategic acquisitions to expand its presence in the food industry.
The company’s brand portfolio includes Campbell’s Condensed Soups, V8 juices, Prego pasta sauces, Swanson broths and stocks, Pace salsas and dips, and Pepperidge Farm baked snacks.
Recommended Stories Five stocks we like better than Campbell’s Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24
Receive News & Ratings for Campbell's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Campbell's and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEJPMorgan Chase & Co. $JPM Shares Sold by CI Investments Inc.
NEXT HEADLINE »First Citizens Bank & Trust Co. Reduces Stake in Broadcom Inc. $AVGO
Central Pacific Financial Corp. CPB NYSE: CPF reported second-quarter 2026 net income of $20.8 million, or $0.80 per diluted share, as the Hawaii-based bank benefited from higher earning-asset balances and yields, stable funding costs and a modest expansion in net interest margin.
Diluted earnings per share increased 19% from the year-earlier quarter. Return on average assets was 1.12%, while return on average equity was 13.94%, according to Executive Vice President and Chief Financial Officer Dayna Matsumoto.
Get CPB alerts:
Chairman, President and Chief Executive Officer Arnold Martines said the company maintained profitability while managing its balance sheet with discipline. He said the bank expanded average earning assets, preserved a stable core funding base and continued investing in talent, technology, automation and data capabilities while managing expenses.
Margin Expansion and Full-Year Outlook Net interest income totaled $62.8 million during the second quarter, while net interest margin increased four basis points from the prior quarter to 3.57%. Matsumoto attributed the result to growth in average loans and securities, higher earning-asset yields and stable funding costs.
The company expects net interest margin to remain relatively steady or rise slightly in the second half of 2026. While the benefit from repricing existing assets remains favorable, Matsumoto said that benefit has moderated. CPB expects deposit costs to remain fairly steady if the Federal Reserve keeps rates unchanged.
Management reaffirmed guidance for full-year net interest income growth of 4% to 6% over the prior year. Matsumoto said the balance sheet is relatively neutral to slightly asset sensitive and is positioned to benefit from a potential Federal Reserve rate increase, although management does not expect such an increase to have a significant impact this year.
During the question-and-answer session, Matsumoto said loan pricing remains competitive in Hawaii, with some spread compression, while deposit pricing has remained rational. She said the company expects its margin to remain in the “high 350s” as it balances profitability with growth opportunities.
Loans, Deposits and Capital Returns Total loans ended the quarter relatively unchanged at $5.3 billion, although average loan balances rose $33 million from the first quarter. Vice Chair and Chief Operating Officer David Morimoto said second-quarter loan growth was affected by several closings shifting into the third quarter and expected commercial real estate loan payoffs.
Average loan yield increased to 4.96% from 4.93% in the prior quarter, primarily reflecting higher yields on new loan production relative to runoff loans. Morimoto said the bank originated nearly $70 million of new construction loans during the quarter, mainly multifamily construction loans on the mainland, with floating rates at Secured Overnight Financing Rate plus spreads in the low 200-basis-point range.
Management expects stronger loan growth in the second half than in the first half, supported by commercial construction funding activity, a commercial lending pipeline and initiatives intended to slow runoff in its Hawaii retail portfolio. CPB continues to expect both loan and deposit growth in the low-single-digit range for the full year.
Total deposits were largely unchanged at $6.7 billion, with core deposits representing more than 90% of the total. Morimoto said noninterest-bearing and relationship-based accounts continued to grow. Total deposit costs held steady at 90 basis points, and the company reported deposit growth of nearly $90 million year to date.
Morimoto said deposit competition in Hawaii has remained consistent and more rational than on the mainland, where banks face a larger number of competitors. Matsumoto said the company’s 79% loan-to-deposit ratio at June 30 was at the low end of its typical 80% to 85% target range, leaving room to support expected lending growth.
CPB paid a $0.29-per-share second-quarter dividend, and its board declared a $0.30-per-share third-quarter dividend, representing a 3.4% increase. The company also repurchased about 322,000 shares for $11.3 million during the quarter, leaving $33.2 million available under its repurchase authorization at quarter-end.
Matsumoto said management generally expects capital returns through dividends and repurchases to continue at a similar pace, though repurchase levels will remain dependent on loan growth, market conditions, risk and valuation.
Credit Trends and Expenses Vice Chair Ralph Mesick said asset quality remained strong. Nonperforming assets totaled $16.5 million, or 22 basis points of total assets, and net charge-offs were 20 basis points of average loans. Past-due trends were stable, and management said it was not seeing broad-based weakness across the loan portfolio.
Criticized loans increased to 234 basis points of total loans, driven primarily by a small number of Hawaii-based credits. Mesick said the credits are well collateralized and actively managed. He discussed the largest downgraded credit, a $20 million Hawaii real estate loan involving an ownership dispute and financial difficulties for the principal guarantor. The loan had debt-service coverage of about 1.27 times and a loan-to-value ratio of 57%, and Mesick said management does not see loss content in the loan.
Provision expense was $4.4 million, including $3.3 million added to the allowance for credit losses and $1.1 million added to the reserve for unfunded commitments. Management said the increase primarily reflected more conservative economic assumptions and commitment growth rather than portfolio deterioration. The allowance rose to $60.6 million, or 1.14% of loans, from 1.13% in the first quarter.
Other operating income increased $3 million sequentially to $14.6 million, largely due to bank-owned life insurance income tied to market performance. Other operating expense rose $2.5 million to $46.2 million, primarily because of higher deferred compensation expense also associated with market performance.
The company maintained its forecast for 2.5% to 3.5% full-year growth in other operating expenses, though Matsumoto said its latest forecast was near the lower end of that range. She said second-half expenses will include costs associated with a customer relationship management system, a new branch system and data platforms. Management expects deferred compensation expense to normalize in the second half.
Martines said Hawaii’s economy remains resilient, citing steady visitor activity, increases in visitors from the U.S. East Coast and Japan, 2.5% unemployment, increased construction employment and rising government contract awards. He added that the company continues to monitor geopolitical conflict, oil prices and inflation, but has not observed significant impacts on customers.
About CPB (NYSE:CPF)Charoen Pokphand Foods Public Company Limited NYSE: CPF is a Thailand‐based integrated agro‐industrial and food conglomerate. Headquartered in Bangkok, the company is a subsidiary of the Charoen Pokphand Group and has grown into one of the world's leading producers of livestock feed, meat and seafood products. CPF's businesses span animal feed milling, animal breeding and hatchery operations, meat and seafood processing, and the distribution of fresh, frozen and value‐added food products.
CPF's product portfolio includes poultry, swine and aquaculture feed; fresh and frozen chicken and pork; shrimp and other seafood; as well as ready‐to‐eat and ready‐to‐cook food items.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in CPB Right Now?Before you consider CPB, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CPB wasn't on the list.
While CPB currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Campbell's Protein Soups come in five delicious varieties, meeting consumer demand for flavor, protein and fiber in every bowl
, /PRNewswire/ -- Rooted in real goodness from ingredients like slow-simmered bone broth, white meat chicken, quinoa, beans and lentils, new Campbell's Protein Soups provide a good source of protein and fiber – combining the delicious taste the brand is known for with the nutritional benefits people are looking for as 80% of people actively seek balance in their everyday lifestyles.1
Campbell’s new Protein Soups boast five balanced varieties – now rolling out to Amazon.com and retailers nationwide. Easy to spot in the soup aisle with a green label, these new offerings include a tasty bone broth base and boast 20 grams of protein per can. The line features five well-rounded varieties that tap into trending flavors consumers are seeking:
Homestyle Chicken & Rotini: A delicious combination of slow-simmered bone broth, white meat chicken, carrots, celery, navy beans and pasta. Italian-Style Wedding: Crafted with slow-simmered bone broth, meatballs, carrots, spinach, pasta and navy beans. Lemon Pepper Chicken: A hearty soup made with slow-simmered bone broth, white meat chicken, carrots, chickpeas, rice, corn, celery, and kale. Southwest Black Bean: Features bold Southwest-inspired flavor including slow-simmered bone broth, black beans, tomatoes and bell pepper. Mediterranean Lentil: A vibrant blend of slow-simmered bone broth, lentils, tomato, carrots, red peppers, chickpeas, onions and spinach. Campbell's Protein Soups were crafted to deliver on the taste and nutrition consumers are hoping for, as more than 71% of Americans looking to consume more protein in their diets2. Informed by more than 155 years of soup expertise, Campbell's continues to evolve with changing tastes and wellness priorities while delivering the quality, flavor and comfort the brand is known for.
"New Campbell's Protein Soups deliver the nutrition consumers are looking for from a brand they trust," said Benjamin Crook, Senior Vice President, Soup & Broth at The Campbell's Company. "With the goodness of bone broth and other delicious ingredients, we've created a satisfying soup that provides 20 grams of protein and a good source of fiber in every can. As consumers increasingly seek foods that offer both great taste and meaningful nutrition, this innovative product line will bring excitement and drive consumers to the soup category."
Campbell's Protein Soups are available now on Amazon.com and rolling out to retailers nationwide for $3.19. For more information, visit Campbells.com and follow @Campbells on TikTok and Instagram.
1Mintel, US Healthy Lifestyles Consumer Report 2025
2IFIC Food and Health Survey, 2024
About The Campbell's Company
For more than 155 years, The Campbell's Company (NASDAQ:CPB) (Campbell's) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory, Snyder's of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com
Campbell's (CPB 2.37%) isn't merely a red-and-white-label soup business any longer. The company's diversified portfolio now covers snacks, sauces, and various meal brands.
Campbell's has also made significant investments in artificial intelligence, data, and insights to better understand shoppers' shifting habits and preferences. The company's stock is deeply undervalued and down 20% this year. Investors should take notice.
Today's Change
(
-2.37
%) $
-0.52
Current Price
$
21.47
Campbell's is refocusing Campbell's management is being strategic in its acquisitions to boost its business while cutting costs to protect delicate margins. Most notably, Campbell's purchased the increasingly popular pasta sauce brand Rao's in 2024 for $2.7 billion. A wide-ranging portfolio and technological advancements could set the food business up for substantial growth in the coming years.
Image source: Getty Images.
This isn't a plan without real challenges. Consumers are finicky, and there is real pressure on margins throughout the industry. Still, Campbell's is taking the corrective measures needed to succeed going forward. Net sales in the third quarter of fiscal 2026 decreased 4%. There may still be some short-term pain ahead, but I like the company's approach to gaining forward momentum.
Campbell's is currently trading slightly above $20 per share. Its forward and trailing P/E ratios are about 11, and PEG is below 1. These metrics suggest Campbell's is an attractive buy at the moment if the company can successfully execute its strategic plan to control costs and grow its portfolio. The company also pays a quarterly cash dividend of $0.39 per share, yielding over 7% at the current price.
There will continue to be short-term headwinds for Campbell's as consumers' wallets are strained, but the approach the company is taking to preserve its future as an iconic consumer staple is the right one.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Campbell's. The Motley Fool has a disclosure policy.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in CPB over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
A month has gone by since the last earnings report for Campbell's (CPB - Free Report) . Shares have added about 3.5% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Campbell due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Campbell's Q3 Earnings Surpass Estimates Despite Sales WeaknessThe Campbell's Company reported third-quarter fiscal 2026 results, wherein the bottom line beat the Zacks Consensus Estimate, while sales missed expectations. Both earnings and revenues declined year over year, reflecting continued top-line softness, inflationary pressures and tariff-related costs.
Adjusted earnings per share (EPS) were 50 cents, down 32% year over year due to lower adjusted earnings before interest and taxes (EBIT). However, the bottom line surpassed the Zacks Consensus Estimate of 48 cents.Net sales of $2,366 million decreased 4% year over year and missed the Zacks Consensus Estimate of $2,387 million. Organic net sales also declined 4%, primarily due to lower volume and unfavorable product mix, partially offset by positive net price realization. The quarter included a modest headwind from the noosa divestiture.
Adjusted gross profit declined 12% to $656 million. Adjusted gross margin contracted 240 basis points (bps) to 27.7%, mainly due to cost inflation, tariffs and other supply-chain costs. These pressures were partly offset by supply-chain productivity improvements, cost-savings initiatives and favorable pricing. Tariffs alone represented a gross margin headwind of about 310 bps during the quarter. Adjusted marketing and selling expenses increased 2% to $211 million, reflecting higher brand-building investments and marketing spending. Adjusted administrative expenses decreased 1% to $149 million due to savings initiatives and lower incentive compensation, partly offset by higher general administrative costs. Adjusted EBIT declined 24% to $274 million, primarily due to lower adjusted gross profit and higher marketing investments. Adjusted EBIT margin contracted 300 bps to 11.6%.
Decoding CPB’s Segmental PerformanceMeals & Beverages: Net sales decreased 4% to $1,426 million. Organic net sales also declined 4% due to an unfavorable volume/mix of 5%, partly offset by 1% favorable net price realization. The segment faced a difficult comparison against strong soup demand in the prior year and a roughly 1% headwind related to shipment timing associated with the Sovos Brands ERP implementation and prior winter-storm delays. U.S. soup sales plunged 8%, though the company continued to benefit from resilient at-home cooking trends and strong performances from Rao’s, Swanson and Pacific Foods. Segment operating earnings fell 16% to $213 million due to inflation, tariffs and lower volume.
Snacks: Net sales declined 4% to $940 million, with organic net sales also down 4%. Volume/mix reduced sales by 6%, partially offset by 2% favorable price realization. Weakness stemmed primarily from salty snacks, crackers, fresh bakery products, third-party partner brands and contract manufacturing sales. Segment operating earnings decreased 32% to $95 million due to elevated inflation, tariffs, supply-chain costs and lower volumes, partly offset by productivity gains, pricing actions and cost savings. Management noted encouraging signs in Snacks, particularly in Goldfish, where core products remained stable for a second consecutive quarter, and in Pepperidge Farm fresh bakery, where service levels and in-stock performance improved. The company has also begun implementing a simplification strategy across its salty snacks portfolio to strengthen performance and profitability.
CPB: Strategic Highlights and Brand PerformanceCampbell’s continued to benefit from durable at-home cooking trends, which supported growth in key cooking-oriented brands. Rao’s remained a standout performer, delivering 15% consumption growth during the quarter, with pasta sauce consumption increasing 13%. Rao’s generated approximately 75% of the total Italian sauce category growth and maintained its leadership position in dollar share across all regions. Subsequent to the end of the quarter, Campbell’s completed its acquisition of a 49% stake in La Regina on May 4, 2026, strengthening its commitment to the Rao’s platform and long-term growth strategy. The company also announced that all leadership brands have successfully transitioned to natural colors ahead of schedule, with the remaining regional Snacks brands expected to complete the transition by July 2026.
CPB’s Other Financial MetricsAt the end of the third quarter, Campbell’s had cash and cash equivalents of $402 million and total debt of $7,010 million. Cash flow from operations for the first nine months of fiscal 2026 totaled $839 million compared with $872 million in the prior-year period. Capital expenditures were $297 million during the period. The company returned $380 million to shareholders year to date, primarily through dividends, while share repurchases totaled $26 million. Campbell’s delivered approximately $20 million in savings during the quarter, bringing cumulative savings to $200 million toward its fiscal 2028 target of $375 million. Management expects these savings to help offset tariff and inflationary pressures while funding investments in growth initiatives.
CPB Reaffirms Fiscal 2026 GuidanceCampbell’s reaffirmed its previously issued fiscal 2026 outlook. The company continues to expect organic net sales to decline 1-2% year over year. Adjusted EBIT is projected to decrease 17-20%, while adjusted EPS is expected in the range of $2.15-$2.25, representing a decline of 23-26% from the adjusted fiscal 2025 base. Management expects low-single-digit core inflation excluding tariffs, productivity benefits equivalent to roughly 5% of cost of products sold, and approximately $70 million in enterprise cost savings for fiscal 2026. The company also anticipates adjusted net interest expense of $320-$325 million and capital expenditures of roughly $370 million. While management acknowledged ongoing consumer and cost pressures, it expressed confidence in the long-term strength of Campbell’s portfolio, the resilience of at-home cooking trends and the progress being made to improve execution and profitability across the Snacks business.
How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -8.36% due to these changes.
VGM ScoresAt this time, Campbell has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Campbell has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Key Takeaways Campbell's launched its first gluten-free chicken noodle soup with Banza after 150 years.CPB said cooking-oriented soups remain a steady growth driver in Meals & Beverages.The company plans to spend more on insights, brand support and product innovation. The Campbell's Company (CPB - Free Report) is leaning further into evolving consumer preferences, using innovation and partnerships to expand the appeal of its iconic brands. The company’s latest move brings a fresh twist to one of its best-known products while tapping into rising demand for healthier and specialty food options.
Campbell’s and Banza have introduced Campbell’s Condensed Gluten Free Banza Chickpea Pasta and Chicken Soup, marking the first time in the brand’s roughly 150-year history that its flagship chicken noodle soup is available in a gluten-free format. The product combines Campbell’s traditional recipe with Banza’s chickpea-based pasta, which was specially developed to maintain its texture in broth. The soup is made with No Antibiotics Ever chicken sourced from USDA-approved U.S. suppliers.
The launch targets a growing market opportunity, with nearly 30% of U.S. consumers actively seeking gluten-free options. Through the partnership, Campbell’s aims to deliver the familiar taste of its iconic chicken noodle soup while extending the brand to consumers with specific dietary preferences.
The move also reflects Campbell’s ongoing efforts to reinforce its Meals & Beverages business. Management recently noted that cooking-oriented soup products have remained a steady growth driver, underscoring the resilience of the category and the importance of continued product innovation.
Strategically, the launch fits with Campbell’s efforts to strengthen its innovation pipeline and capitalize on durable at-home cooking trends. Management has indicated that Campbell’s plans to increase investments in consumer insights, brand support and product innovation to drive growth across its Meals & Beverages portfolio. The company also sees opportunities to introduce products that deliver new occasions and added health benefits, making innovations such as the gluten-free chicken noodle soup a natural extension of its strategy to keep the soup category relevant and broaden the consumer appeal.
Campbell's Zacks Rank & Share Price PerformanceShares of this Zacks Rank #4 (Sell) company have fallen 24.1% over the past six months, underperforming the industry’s decline of 15.2%. The stock also underperformed the broader Consumer Staples sector and the S&P 500, which rose 4.9% and 12.9%, respectively, over the same period.
CPB Stock's Past 6 Month Performance
Image Source: Zacks Investment Research
Is Campbell's a Value Play Stock?Campbell's currently trades at a forward 12-month P/E ratio of 10.42, which is lower than the industry average of 14.14 and below the sector average of 16.91. This valuation positions the stock at a modest discount relative to both its direct peers and the broader consumer staples sector.
CPB P/E Ratio (Forward 12 Months)
Image Source: Zacks Investment Research
Stocks to ConsiderThe Chefs' Warehouse, Inc. (CHEF - Free Report) distributes specialty food and center-of-the-plate products in the United States, the Middle East and Canada. At present, CHEF carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Chefs' Warehouse’s current fiscal-year sales and earnings implies growth of 8.3% and 24.7%, respectively, from the year-ago reported figures. CHEF delivered a trailing four-quarter earnings surprise of 28.9%, on average.
The Vita Coco Company, Inc. (COCO - Free Report) develops, manufactures, markets and distributes coconut water products under the Vita Coco brand name in the United States, Canada, Europe, the Middle East, Africa and the Asia Pacific. COCO currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 11.7%, on average.
The Zacks Consensus Estimate for Vita Coco’s current fiscal-year sales and earnings indicates growth of 21.4% and 47.9%, respectively, from the year-ago reported numbers.
Tyson Foods, Inc. (TSN - Free Report) operates as a food company worldwide. It operates through four segments: Beef, Pork, Chicken and Prepared Foods. TSN currently carries a Zacks Rank of 2 (Buy). TSN delivered a trailing four-quarter earnings surprise of 18.1%, on average.
The Zacks Consensus Estimate for Tyson Foods’ current fiscal-year sales and earnings indicates growth of 4.8% and 1.9%, respectively, from the year-ago reported numbers.
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) (Campbell's) — Campbell's today announced two leadership transitions within its Operating Committee as Dan Poland, Executive Vice President and Chief Enterprise Transformation Officer, and Anthony Sanzio, Executive Vice President and Chief Communications Officer, plan to retire at the end of Campbell's fiscal year. Melissa Nippert will succeed Poland as Senior Vice President and Chief Transformation Officer, and Beth Jolly will.
KAPOLEI, Hawai‘i--(BUSINESS WIRE)--James Campbell Company LLC announced today it has completed the purchase of The Element, a Class A, garden-style 318-unit apartment community located in West O‘ahu, one of the fastest-growing regions in Hawai‘i. The Element marks the company’s first multifamily acquisition, and further diversifies and strengthens the company’s portfolio, which spans properties in 11 states and 14 markets.
“We are proud to acquire a best-in-class multifamily property near our headquarters in Kapolei – the heart of where our company got its start – and support the housing needs of West Oʻahu residents."
Share “We are proud to acquire a best-in-class multifamily property near our headquarters in Kapolei – the heart of where our company got its start – and support the housing needs of West Oʻahu residents,” said Kevin Penn, president and chief executive officer of James Campbell Company. “The Element is an exceptional residential community, and we are excited to bring the ownership of this top-tier property back into local hands as we intend to be long-term stewards of this residential community.”
Located in ʻEwa Beach, The Element is a half-mile from the University of Hawaiʻi – West O‘ahu campus and 500 feet from the Skyline Keoneʻae (UH West Oʻahu) rail station, which offers direct access to major employers including Joint Base Pearl Harbor-Hickam and Daniel K. Inouye International Airport, with future service planned to Downtown Honolulu in 2031. The property is within the Ho‘opili master-planned community – one of Oʻahu’s largest new residential developments – and benefits from close proximity to retail, dining, entertainment, and parks.
Built in 2020, The Element offers a mix of one, two and three-bedroom apartment homes. The community delivers an elevated living experience through comprehensive amenities, including a resort-style saltwater pool with cabanas, indoor-outdoor clubhouse, modern co-working facilities, shared outdoor kitchens and BBQ areas, a coffee shop, and a two-story, state-of-the-art fitness center.
Of the 318 rental units, 20% are reserved for people who earn no more than 80% of the area median income, preserving affordable housing in West O‘ahu.
The Element will continue to be professionally managed by Greystar, a global leader in rental housing, investment management, development, and property management, providing continuity through its institutional knowledge and operational expertise. Residents can expect the same high level of service, responsiveness, and care they have come to rely on, with day-to-day operations and the overall resident experience continuing seamlessly.
The acquisition of The Element is the second significant multifamily investment for James Campbell Company in recent months, and complements its active development of Nāliko, a 300-unit apartment community currently under construction in nearby Kapolei and scheduled for completion in late 2027.
To learn more about The Element and inquire about rental availability, visit https://www.theelementwestoahu.com/.
About James Campbell Company LLC
The James Campbell Company is a $4.8 billion private real estate investment firm headquartered in Kapolei, Hawaiʻi with a legacy spanning over 160 years. The company has grown into a nationally diversified company with over 22 million square feet of properties and more than 2,300 acres of land in 11 states and Washington, D.C. James Campbell Company focuses on stewarding its properties with integrity and nurturing long-term growth for the people and communities it serves in Hawaiʻi and beyond.
Visuals: Photos of The Element are provided for your use courtesy of James Campbell Company and Greystar.
The deterioration in Campbell's gross and operating margins has been ongoing for an extended time period and seems to be accelerating. Q3, 2026 reported results met expectations with a sales match and an earnings beat of $0.02. However, future quarters will be challenging. An examination of standard metrics measuring Fixed Asset usage reveals inefficiencies that are structural in nature and are inferior to most peer group members.
Big Tech stocks are down big today, including Google parent Alphabet (Nasdaq: GOOGL), which at a 5% drop is suffering its most severe drop over the past 12-month stretch.
Chip stocks are the exception, with Micron (Nasdaq: MU) and Intel (Nasdaq: INTC), up 5% and 3.7%, respectively. Micron reports its quarterly earnings later this week.
Yesterday
Amazon (NASDAQ:AMZN | AMZN Price Prediction) shares are under pressure Monday, shedding nearly 5%, even as Prime Day projections paint an upbeat picture for the retail event. U.S. online spending during Prime Day is expected to climb 9% to $26.3 billion, driven by demand for discounted back-to-school and household goods, with Amazon on track to capture roughly 60% of total U.S. online spending during the event, its strongest share since 2019, per Bloomberg.
Yesterday
Bank of America is making one of the more hawkish rate calls on Wall Street, projecting the Federal Reserve will raise rates three times before year-end, with quarter-point increases expected in September, October, and December that would push the benchmark rate to a range of 4.25% to 4.50%. Analysts do not see cuts resuming until 2028, a timeline that, if accurate, would represent a significant tightening cycle landing on top of an already rate-sensitive market.
This article will be updated throughout the day, so check back often for more daily updates.
Markets are taking a step forward Monday after Thursday’s broad-based surge, with the Nasdaq Composite trading near the flatline. Wall Street is shifting its attention to Iran war negotiations and a key inflation reading due later in the week. The S&P 500 is advancing modestly, up 0.2%, while the Dow is adding 201 points, or 0.4%, as the session’s tone reflects cautious optimism after last week’s impressive comeback, when the Nasdaq jumped 1.9%, the S&P 500 climbed 1.1%, and the Russell 2000 led the charge with a 2.1% gain.
Oil is the macro story setting the tone, with Brent crude slipping 1.6% to around $79.30 a barrel and WTI pulling back to near $76 after mediators Qatar and Pakistan confirmed that U.S. and Iranian officials have agreed on a roadmap to reach a final deal within 60 days.
Micron Technology (NASDAQ:MU) is standing out as one of the session’s early bright spots, adding around 5% as investors position ahead of the chipmaker’s quarterly report due Wednesday after the bell. SpaceX (NASDAQ:SPCX) is moving in the opposite direction, shedding more than 5% and on pace for its third straight daily decline as some of the post-IPO euphoria continues to unwind.
Here’s a look at where things stand as of pre-morning trading:
Dow Jones Industrial Average: 51,840 Up 0.54%
Nasdaq Composite: 26,517 Flat
S&P 500: 7.526 Up 0.35%
Market Movers Memory supplier Micron Technology (NASDAQ:MU) and Anthropic announced a wide-ranging partnership Monday spanning memory and storage AI architecture design, supply and demand planning, enterprise adoption of Claude across Micron’s operations, and a strategic investment in Anthropic’s Series H funding round. Needham more than tripled its price target on Micron to $1,550 from $500, maintaining its Buy rating ahead of the chipmaker’s earnings on Wednesday.
Marvell Technology (NASDAQ:MRVL) is set to join the S&P 500, replacing Campbell Soup Company (NYSE:CPB) in the index, a reshuffling that reflects just how dramatically the AI buildout has redrawn the map of corporate America’s most valuable businesses.
SpaceX (NASDAQ:SPCX) is moving quickly to capitalize on its IPO momentum, announcing an inaugural offering of senior unsecured notes via an SEC filing, with proceeds earmarked to repay a bridge loan and fund general corporate purposes.
Recognized by Points of Light’s 2026 The Civic 50 for leadership in community engagement and social impact
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell’s Company (NASDAQ:CPB) has been named a 2026 honoree of The Civic 50®, Points of Light’s annual recognition of the 50 most community-minded companies in the United States.
Now in its 14th year, The Civic 50 is the nation’s leading corporate social impact recognition program, honoring companies that demonstrate excellence in employee volunteering, community investment and social impact strategy. Companies are evaluated through a comprehensive survey that measures how they use their time, resources and talent to strengthen communities and create meaningful social impact.
“We believe food connects people and that purpose drives how we show up for our communities,” said Mick Beekhuizen, president and CEO of The Campbell’s Company. “This recognition reflects the dedication of our employees who care for our communities through volunteering and giving, and the commitment of The Campbell’s Foundation to invest in the neighborhoods we call home. We’re proud to continue building on our legacy of impact.”
Campbell’s is an active partner in its hometown of Camden, New Jersey, and communities across the United States. Through employee volunteerism, strategic grantmaking and nonprofit partnerships, the company focuses its community impact efforts on increasing food access, encouraging healthy living, and nurturing neighborhoods where Campbell’s operates.
In fiscal 2025, employees contributed more than 27,000 volunteer hours to support local organizations and community initiatives.
The company’s philanthropic work is driven by The Campbell’s Foundation, which provides Community Impact Grants, supports long-term partnerships addressing food access and food security, and matches employee charitable donations.
Campbell’s also continues to advance its Full Futures initiative, a community-driven approach to strengthening school nutrition environments in Camden, N.J.; Charlotte, N.C.; and Hanover, Pa. The program supports healthy school food environments through cafeteria upgrades, expanded meal programs, menu improvements and nutrition education.
“Today’s leading companies understand that community engagement is more than a program, it’s a reflection of their commitment to advancing social impact in ways that strengthen both their company and the communities they serve,” said Jennifer Sirangelo, president and CEO of Points of Light. “Campbell’s demonstrates how to embed purpose into the employee experience, build authentic relationships with communities and use business as a force for good. We’re proud to honor them with the 2026 Civic 50 award.”
The Civic 50 is the only national survey and ranking system focused on measuring corporate community engagement.
Campbell’s has a longstanding history of community engagement and has previously been recognized by The Civic 50, including at the national and regional level. For more information about The Civic 50, visit pointsoflight.org/the-civic-50.
About The Campbell’s Company
For more than 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell’s to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Campbell’s portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory pretzel crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
The Campbell’s Company (NASDAQ:CPB) has been named a 2026 honoree of The Civic 50®, Points of Light’s annual recognition of the 50 most community-minded companies in the United States.
Now in its 14th year, The Civic 50 is the nation’s leading corporate social impact recognition program, honoring companies that demonstrate excellence in employee volunteering, community investment and social impact strategy. Companies are evaluated through a comprehensive survey that measures how they use their time, resources and talent to strengthen communities and create meaningful social impact.
“We believe food connects people and that purpose drives how we show up for our communities,” said Mick Beekhuizen, president and CEO of The Campbell’s Company. “This recognition reflects the dedication of our employees who care for our communities through volunteering and giving, and the commitment of The Campbell’s Foundation to invest in the neighborhoods we call home. We’re proud to continue building on our legacy of impact.”
Campbell’s is an active partner in its hometown of Camden, New Jersey, and communities across the United States. Through employee volunteerism, strategic grantmaking and nonprofit partnerships, the company focuses its community impact efforts on increasing food access, encouraging healthy living, and nurturing neighborhoods where Campbell’s operates.
In fiscal 2025, employees contributed more than 27,000 volunteer hours to support local organizations and community initiatives.
The company’s philanthropic work is driven by The Campbell’s Foundation, which provides Community Impact Grants, supports long-term partnerships addressing food access and food security, and matches employee charitable donations.
Campbell’s also continues to advance its Full Futures initiative, a community-driven approach to strengthening school nutrition environments in Camden, N.J.; Charlotte, N.C.; and Hanover, Pa. The program supports healthy school food environments through cafeteria upgrades, expanded meal programs, menu improvements and nutrition education.
“Today’s leading companies understand that community engagement is more than a program, it’s a reflection of their commitment to advancing social impact in ways that strengthen both their company and the communities they serve,” said Jennifer Sirangelo, president and CEO of Points of Light. “Campbell’s demonstrates how to embed purpose into the employee experience, build authentic relationships with communities and use business as a force for good. We’re proud to honor them with the 2026 Civic 50 award.”
The Civic 50 is the only national survey and ranking system focused on measuring corporate community engagement.
Campbell’s has a longstanding history of community engagement and has previously been recognized by The Civic 50, including at the national and regional level. For more information about The Civic 50, visit pointsoflight.org/the-civic-50.
About The Campbell’s Company
For more than 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell’s to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Campbell’s portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory pretzel crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260623421736/en/
CAMDEN, N.J.--(BUSINESS WIRE)--Campbell's and Banza, the #1 better-for-you pasta brand in the U.S., today announced the launch of a new gluten free condensed soup option. The new variety pairs the comfort of Campbell's Chicken Noodle Soup with Banza's beloved gluten free chickpea penne pasta, delivering the classic flavor fans know and love. For the first time, one of America's most iconic soups is available for gluten free eaters to enjoy, marking a milestone for Campbell's. This answers growi.
Campbell’s and Banza, the #1 better-for-you pasta brand in the U.S., today announced the launch of a new gluten free condensed soup option. The new variety pairs the comfort of Campbell's Chicken Noodle Soup with Banza's beloved gluten free chickpea penne pasta, delivering the classic flavor fans know and love.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260616967853/en/
Campbell's Condensed Banza Chickpea Pasta and Chicken Soup
For the first time, one of America’s most iconic soups is available for gluten free eaters to enjoy, marking a milestone for Campbell’s. This answers growing consumer demand for gluten free options without compromising on taste or tradition. Approximately 30% of the U.S. population actively seeks gluten free options1, and the U.S. gluten free market is projected to grow at a 9.8% compound annual growth rate from 2026 to 20332.
"For over 125 years, Campbell's Chicken Noodle Soup has been a staple in homes across America. Partnering with Banza lets us bring that same classic chicken noodle taste to the growing number of people looking for gluten free options, made with ingredients like No Antibiotics Ever chicken meat and Banza’s chickpea pasta in a flavorful variety that will stand out on shelf," said Benjamin Crook, senior vice president of soup at The Campbell's Company.
Developed for quick lunches and busy weeknights, Campbell's Condensed Gluten Free Banza Chickpea Pasta and Chicken Soup is made with No Antibiotics Ever chicken meat from USDA approved U.S. suppliers. Campbell’s and Banza worked together to develop a special variety of Banza’s chickpea pasta designed to hold up in broth while maintaining its texture in the finished soup.
"Banza’s mission is to inspire people to eat more chickpeas, and what better way to do that than partnering with one of the most iconic American food brands,” said Brian Rudolph, co-founder and CEO of Banza. “Campbell’s Chicken Noodle Soup has been a staple for generations. Bringing it to the gluten free community for the first time is something we’re proud to be a part of.”
Campbell's® Condensed Gluten Free Banza Chickpea Pasta and Chicken Soup is available now on Amazon and will roll out to retailers nationwide, with a suggested retail price of $1.99 per can. To celebrate the launch, Prime members can save 20% on the new soup during Amazon Prime Day. For more information, visit campbells.com and eatbanza.com.
¹ Source: Market Research Future, United States Gluten Free Products Market Report, 2026
² Source: Grand View Research, U.S. Gluten Free Products Market Report, 2026
About The Campbell’s Company
For more than 155 years, The Campbell’s Company (NASDAQ:CPB) (Campbell’s) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted us to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Our portfolio of 16 leadership brands includes Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory, Snyder’s of Hanover, Swanson and V8. For more information, visit thecampbellscompany.com
About Banza
Banza makes beloved foods more nutritious with chickpeas. Since 2014, Banza has been on a mission to inspire people to eat more chickpeas and other beans because of their positive impact on human and environmental health. It all started when Banza introduced the first-ever chickpea pasta and paved the way for the better-for-you category. Today, Banza is the #1 better-for-you pasta brand in the U.S. You can find its pasta, pizza, mac & cheese, and waffles in over 26,000 stores nationwide and online.
Banza is one of the first brands to earn the CleanScan Certification from The Detox Project. This verifies its foods were tested for glyphosate and more than 400 pesticides at an accredited third-party lab and showed non-detectable levels. Test results and certified products are published and accessible via the QR code on Banza packaging.
For more information, head over to eatbanza.com or @eatbanza on Instagram and TikTok.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260616967853/en/
CAMDEN, N.J.--(BUSINESS WIRE)--The Campbell's Company (NASDAQ:CPB) today reported results for its third quarter fiscal 2026 ended May 3, 2026. Unless otherwise stated, all comparisons are to the comparable period in fiscal 2025.
CEO Comments:
"Our third quarter results were generally in-line with our expectations but remained under pressure, reflecting top-line softness and inflation-driven margin headwinds,” said Mick Beekhuizen, Campbell’s President and Chief Executive Officer. “At the same time, we are encouraged by the progress we are making in several priority areas. In Meals & Beverages, our leading brands including Campbell’s, Rao’s, and Swanson continue to benefit from durable at-home cooking trends. In Snacks, we are seeing early signs of progress as we prioritize Goldfish’s core of households with kids, improve execution in Pepperidge Farm fresh bakery, and are taking additional actions to strengthen our salty snacks portfolio. Across the company, we are focused on simplifying the business, accelerating productivity and cost savings, and creating fuel to invest behind our strongest opportunities. We are moving with urgency and remain confident in the long-term strength of our portfolio and our ability to create shareholder value."
Three Months Ended
($ in millions, except per share)
May 3, 2026
April 27, 2025
% Change
Net Sales
As Reported (GAAP)
$2,366
$2,475
(4)%
Organic
(4)%
Earnings Before Interest and Taxes (EBIT)
As Reported (GAAP)
$239
$161
48%
Adjusted
$274
$362
(24)%
Diluted Earnings Per Share
As Reported (GAAP)
$0.41
$0.22
86%
Adjusted
$0.50
$0.73
(32)%
Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.
Items Impacting Comparability
The table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.
Diluted Earnings Per Share
Three Months Ended
May 3, 2026
April 27, 2025
As Reported (GAAP)
$0.41
$0.22
Costs associated with cost savings and optimization initiatives
$0.17
$0.08
Commodity mark-to-market losses (gains)
$(0.02)
$0.02
Costs associated with acquisition
$0.01
$—
Certain litigation expenses
$—
$0.01
Pension actuarial and curtailment gains
$(0.08)
$—
Impairment charges
$—
$0.37
Accelerated amortization
$—
$0.02
Adjusted*
$0.50
$0.73
*Numbers may not add due to rounding
Third Quarter Results
Net sales decreased 4% to $2.4 billion, including a modest headwind from the divestiture of noosa. Organic net sales decreased 4% primarily driven by lower volume/mix, with positive net price realization.
Gross profit decreased 11% to $650 million. Gross profit margin decreased 190 basis points to 27.5%. Adjusted gross profit decreased 12% to $656 million. Adjusted gross profit margin decreased 240 basis points to 27.7%, driven primarily by cost inflation and other supply chain costs inclusive of the impact from tariffs, partially offset by supply chain productivity improvements and cost savings, as well as favorable net price realization.
Marketing and selling expenses decreased 1% to $214 million. Adjusted marketing and selling expenses increased 2% to $211 million primarily driven by marketing expenses.
Administrative expenses decreased 4% to $155 million. Adjusted administrative expenses decreased 1% to $149 million mainly driven by the benefit from cost savings initiatives and lower incentive compensation, partially offset by higher general administrative costs.
Other expenses were $8 million compared to $160 million in the prior year. Adjusted other income was $2 million compared to other expenses of $4 million.
EBIT increased 48% to $239 million versus the prior year which reflected a $150 million impairment charge. Adjusted EBIT decreased 24% to $274 million primarily due to lower adjusted gross profit.
Net interest expense of $80 million was consistent with prior year. The effective tax rate increased to 22.0% from the prior-year rate of 18.5%. The adjusted effective tax rate was 22.7%, consistent with the prior year.
EPS increased to $0.41 per share from $0.22 per share. Adjusted EPS decreased 32% to $0.50 per share reflecting lower adjusted EBIT.
Cash Flow and Shareholder Return
Cash flow from operations for the nine months ended May 3, 2026 was $839 million, compared to $872 million in the prior year. Capital expenditures year-to-date were $297 million compared to $296 million. In line with Campbell’s commitment to return value to its shareholders, the company has paid $380 million year-to-date, primarily through cash dividends.
Cost Savings Program
In the third quarter, Campbell's delivered approximately $20 million in savings, bringing total cost savings achieved to $200 million pursuant to its fiscal 2028 target of $375 million. The company intends to use these savings as one of several levers to help offset tariff and broader inflationary headwinds.
Full-Year Fiscal 2026 Guidance:
The company is reaffirming its previously provided guidance for organic net sales, Adjusted EBIT and Adjusted EPS.
Fiscal 2026 guidance ranges are based on fiscal 2025 results excluding the 53rd week, which represented approximately 2% to Net Sales, 2% to Adjusted EBIT and $0.06 to Adjusted EPS.
The company's full-year fiscal 2026 guidance ranges are set forth in the table below:
($ in millions, except per share)
FY25 Results*
(52 weeks)
FY26 Guidance
Organic Net Sales1
$9,979
(2)% to (1)%
Adjusted EBIT
$1,458
(20)% to (17)%
Adjusted EPS
$2.91
(26)% to (23)%
$2.15 to $2.25
Additional underlying guidance assumptions can be found in the accompanying investor presentation available at https://investor.thecampbellscompany.com/events-presentations.
Segment Operating Review
An analysis of net sales and operating earnings by reportable segment follows:
Three Months Ended May 3, 2026
($ in millions)
Meals & Beverages*
Snacks
Total*
Net Sales, as Reported
$1,426
$940
$2,366
Volume/Mix
(5)%
(6)%
(5)%
Net Price Realization
1%
2%
1%
Organic Net Sales
(4)%
(4)%
(4)%
Divestiture1
(1)%
—%
(1)%
% Change vs. Prior Year
(4)%
(4)%
(4)%
Segment Operating Earnings
$213
$95
% Change vs. Prior Year
(16)%
(32)%
*Numbers may not add due to rounding.
1 Reflects the loss of net sales associated with the divestiture of the noosa business completed on February 24, 2025.
Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.
Meals & Beverages
Net sales decreased 4%. Organic net sales decreased 4%, driven by unfavorable volume/mix of 5% which was partially offset by favorable net price realization of 1%. The decline in organic net sales included a net headwind of approximately 1% as a result of the prior year SAP enterprise-resource planning system implementation for Sovos Brands, partially offset by the winter storm shipment delays late in the second quarter of this fiscal year. Sales of U.S. soup decreased 8% driven primarily by condensed and ready-to-serve soups.
Operating earnings decreased 16% primarily due to lower gross profit as a result of the gross impact of tariffs, cost inflation and other supply chain costs, and unfavorable volume/mix. Supply chain productivity improvements, favorable net pricing, and benefits from cost savings initiatives were partial offsets.
Snacks
Net sales, both reported and organic, decreased 4% primarily driven by unfavorable volume/mix of 6%, with 2% net price realization. Organic net sales declines were driven primarily by our salty portfolio, crackers and fresh bakery. Declines for third-party partner brands and contract manufacturing sales were a headwind, as well.
Operating earnings decreased 32% primarily due to lower gross profit as a result of elevated cost inflation and other supply chain costs, unfavorable volume/mix and gross impact of tariffs, partially offset by supply chain productivity improvements, favorable net price realization and benefits from cost savings initiatives.
Corporate
Corporate expense was $60 million in the quarter compared to $226 million in the prior year. The decrease was primarily due to the impairment charge in the prior year.
Conference Call and Webcast
Campbell's will host a question-and-answer session to discuss these results on Monday, June 8, 2026, at 9:00 a.m. Eastern Time. The earnings slide presentation and management's prepared remarks in both written and pre-recorded audio format are now available on the Events & Presentations section of Campbell's investor relations website at investor.thecampbellscompany.com. Participants calling from the U.S. & Canada may dial in using the toll-free phone number (800) 715-9871. Participants calling from outside the U.S. & Canada may dial in using phone number +1 (646) 307-1963. The conference access code is 8876056. A live listen-only audio webcast, as well as a replay, will be available on the company's investor relations website.
Reportable Segments
The Campbell's Company earnings results are reported as follows:
Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell’s tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo's frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada, and beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America; and
Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also included the results of the Pop Secret popcorn business, which was sold on August 26, 2024.
Through the fourth quarter of fiscal 2025, the snacking and meals and beverages retail business in Latin America was managed under the Snacks segment. Beginning in fiscal 2026, the business is managed under the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.
The company refers to the following products as our “leadership brands”: Campbell’s condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder’s of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.
About The Campbell's Company
For more than 155 years, The Campbell’s Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell's to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Campbell's portfolio of 16 leadership brands includes: Campbell’s, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao’s, Snack Factory pretzel crisps, Snyder’s of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.
Forward-Looking Statements
This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including any statements made regarding sales, EBIT and EPS guidance, rely on a number of assumptions and estimates that could be inaccurate, and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include: declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the impact and application of new or changes to existing governmental laws, regulations, and policies; the risks associated with imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation, including those related to ongoing geopolitical conflicts and tariffs; disruptions in or inefficiencies to the company’s supply chain and/or operations, including reliance on key contract manufacturer and supplier relationships; the company’s ability to execute on and realize the expected benefits from its strategy, including sales growth in and/or maintenance of its market share position in snacks, soups, sauces and beverages; the impact of strong competitive responses to the company’s efforts to leverage brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; changes in consumer demand for the company’s products and favorable perception of the company’s brands; the risk that the cost savings and any other synergies from the Sovos Brands, Inc. (“Sovos Brands”) transaction may not be fully realized or may take longer or cost more to be realized than expected, including that the Sovos Brands transaction may not be accretive to the extent anticipated; the risks related to the La Regina transaction, including that the benefits from the transaction may not be fully realized or may take longer or cost more to be realized than expected; the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; the risks related to the effectiveness of the company's hedging activities and the company's ability to respond to volatility in commodity prices; the company’s ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; changing inventory management practices by certain of the company’s key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company’s key customers maintain significance to the company’s business; product quality and safety issues, including recalls and product liabilities; the possible disruption to the independent contractor distribution models used by certain of the company’s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the uncertainties of litigation and regulatory actions against the company; a disruption, failure or security breach of the company’s or the company's vendors' information technology systems, including ransomware attacks; the company's indebtedness and ability to pay such indebtedness; a change in outlook or downgrade in our public credit ratings; impairment to goodwill or other intangible assets; the company’s ability to protect its intellectual property rights; the company’s ability to attract and retain key talent; goals and initiatives related to, and the impacts of, climate change, including from weather-related events; the costs, disruption and diversion of management’s attention associated with activist investors; increased liabilities and costs related to the company’s defined benefit pension plans; unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities; and other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact the company’s outlook. The company disclaims any obligation or intent to update forward-looking statements in order to reflect new information, events or circumstances after the date of this release.
THE CAMPBELL'S COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
Three Months Ended
May 3, 2026
April 27, 2025
Net sales
$
2,366
$
2,475
Costs and expenses
Cost of products sold
1,716
1,747
Marketing and selling expenses
214
216
Administrative expenses
155
162
Research and development expenses
25
23
Other expenses / (income)
8
160
Restructuring charges
9
6
Total costs and expenses
2,127
2,314
Earnings before interest and taxes
239
161
Interest, net
80
80
Earnings before taxes
159
81
Taxes on earnings
35
15
Net earnings
124
66
Net loss attributable to noncontrolling interests
—
—
Net earnings attributable to The Campbell's Company
$
124
$
66
Per share - basic
Net earnings attributable to The Campbell's Company
$
.42
$
.22
Weighted average shares outstanding - basic
298
298
Per share - assuming dilution
Net earnings attributable to The Campbell's Company
$
.41
$
.22
Weighted average shares outstanding - assuming dilution
299
299
THE CAMPBELL'S COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
Nine Months Ended
May 3, 2026
April 27, 2025
Net sales
$
7,607
$
7,932
Costs and expenses
Cost of products sold
5,448
5,518
Marketing and selling expenses
719
722
Administrative expenses
482
502
Research and development expenses
71
74
Other expenses / (income)
24
244
Restructuring charges
15
17
Total costs and expenses
6,759
7,077
Earnings before interest and taxes
848
855
Interest, net
240
243
Earnings before taxes
608
612
Taxes on earnings
145
155
Net earnings
463
457
Net loss attributable to noncontrolling interests
—
—
Net earnings attributable to The Campbell's Company
$
463
$
457
Per share - basic
Net earnings attributable to The Campbell's Company
$
1.55
$
1.53
Weighted average shares outstanding - basic
298
298
Per share - assuming dilution
Net earnings attributable to The Campbell's Company
$
1.55
$
1.52
Weighted average shares outstanding - assuming dilution
299
300
THE CAMPBELL'S COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
Three Months Ended
May 3, 2026
April 27, 2025
Percent
Change
Sales
Contributions:
Meals & Beverages
$
1,426
$
1,493
(4
)%
Snacks
940
982
(4
)%
Total sales
$
2,366
$
2,475
(4
)%
Earnings
Contributions:
Meals & Beverages
$
213
$
253
(16
)%
Snacks
95
140
(32
)%
Total operating earnings
308
393
(22
)%
Corporate income (expense)
(60
)
(226
)
Restructuring charges
(9
)
(6
)
Earnings before interest and taxes
239
161
48
%
Interest, net
80
80
Taxes on earnings
35
15
Net earnings
124
66
88
%
Net loss attributable to noncontrolling interests
—
—
Net earnings attributable to The Campbell's Company
$
124
$
66
88
%
Per share - assuming dilution
Net earnings attributable to The Campbell's Company
$
.41
$
.22
86
%
Beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America formerly included in the Snacks segment is now managed under the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.
THE CAMPBELL'S COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
Nine Months Ended
May 3, 2026
April 27, 2025
Percent
Change
Sales
Contributions:
Meals & Beverages
$
4,741
$
4,943
(4
)%
Snacks
2,866
2,989
(4
)%
Total sales
$
7,607
$
7,932
(4
)%
Earnings
Contributions:
Meals & Beverages
$
762
$
892
(15
)%
Snacks
285
385
(26
)%
Total operating earnings
1,047
1,277
(18
)%
Corporate income (expense)
(184
)
(405
)
Restructuring charges
(15
)
(17
)
Earnings before interest and taxes
848
855
(1
)%
Interest, net
240
243
Taxes on earnings
145
155
Net earnings
463
457
1
%
Net loss attributable to noncontrolling interests
—
—
Net earnings attributable to The Campbell's Company
$
463
$
457
1
%
Per share - assuming dilution
Net earnings attributable to The Campbell's Company
$
1.55
$
1.52
2
%
Beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America formerly included in the Snacks segment is now managed under the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.
Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares
12
12
Additional paid-in capital
405
415
Earnings retained in the business
4,803
4,665
Capital stock in treasury, at cost
(1,183
)
(1,207
)
Accumulated other comprehensive loss
(9
)
(15
)
Total The Campbell's Company shareholders' equity
4,028
3,870
Noncontrolling interests
2
2
Total equity
4,030
3,872
Total liabilities and equity
$
15,142
$
14,828
THE CAMPBELL'S COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(millions)
Nine Months Ended
May 3, 2026
April 27, 2025
Cash flows from operating activities:
Net earnings
$
463
$
457
Adjustments to reconcile net earnings to operating cash flow
Impairment charges
—
176
Restructuring charges
15
17
Stock-based compensation
48
52
Pension and postretirement benefit expense
4
2
Depreciation and amortization
306
328
Deferred income taxes
81
(58
)
Loss on sale of businesses
—
25
Other
93
92
Changes in working capital, net of divestitures
Accounts receivable
21
(57
)
Inventories
(27
)
49
Other current assets
(52
)
(17
)
Accounts payable and accrued liabilities
(71
)
(150
)
Other
(42
)
(44
)
Net cash provided by operating activities
839
872
Cash flows from investing activities:
Purchases of plant assets
(297
)
(296
)
Purchases of routes
(56
)
(130
)
Sales of routes
51
96
Sales of businesses, net of cash divested
5
258
Other
(1
)
(8
)
Net cash used in investing activities
(298
)
(80
)
Cash flows from financing activities:
Short-term borrowings, including commercial paper
1,376
1,189
Short-term repayments, including commercial paper
(1,399
)
(1,093
)
Long-term borrowings
549
1,144
Long-term repayments
(400
)
(1,550
)
Dividends paid
(354
)
(343
)
Treasury stock purchases
(26
)
(60
)
Payments related to tax withholding for stock-based compensation
(13
)
(30
)
Payments of debt issuance costs
(5
)
(12
)
Net cash provided used in financing activities
(272
)
(755
)
Effect of exchange rate changes on cash
1
(2
)
Net change in cash and cash equivalents
270
35
Cash and cash equivalents — beginning of period
132
108
Cash and cash equivalents — end of period
$
402
$
143
Reconciliation of GAAP to Non-GAAP Financial Measures
Third Quarter Ended May 3, 2026
The Campbell's Company (the "company") uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company's historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Management considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of the company’s performance and trends in its underlying operating results. The adjustments on earnings may include but are not limited to items such as: unusual or non-recurring gains or charges; costs associated with cost savings and optimization initiatives; actuarial and curtailment gains or losses on pension and postretirement plans; unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges; gains or losses on the extinguishment of debt; gains or losses on divestitures; costs associated with acquisitions; impairment charges or accelerated amortization; certain litigation expenses or recoveries; and costs or recoveries related to a cybersecurity incident. Depending upon facts or circumstances, management may change these adjustments. When these adjustments change, the company will provide updated definitions of its non-GAAP financial measures. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company will remove these items from its non-GAAP definitions.
Organic Net Sales
Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures and the additional week in fiscal 2025. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.
Three Months Ended
May 3, 2026
April 27, 2025
% Change
(millions)
Net Sales,
as
Reported
Impact of
Currency
Organic Net
Sales
Net Sales,
as
Reported
Impact of
Divestiture
Organic Net
Sales
Net Sales,
as
Reported
Organic Net
Sales
Meals & Beverages
$
1,426
$
(5
)
$
1,421
$
1,493
$
(16
)
$
1,477
(4
)%
(4
)%
Snacks
940
—
940
982
—
982
(4
)%
(4
)%
Total Net Sales
$
2,366
$
(5
)
$
2,361
$
2,475
$
(16
)
$
2,459
(4
)%
(4
)%
Nine Months Ended
May 3, 2026
April 27, 2025
% Change
(millions)
Net Sales,
as
Reported
Impact of
Currency
Organic Net
Sales
Net Sales,
as
Reported
Impact of
Divestitures
Organic Net
Sales
Net Sales
as
Reported
Organic Net
Sales
Meals & Beverages
$
4,741
$
(7
)
$
4,734
$
4,943
$
(99
)
$
4,844
(4
)%
(2
)%
Snacks
2,866
—
2,866
2,989
(9
)
2,980
(4
)%
(4
)%
Total Net Sales
$
7,607
$
(7
)
$
7,600
$
7,932
$
(108
)
$
7,824
(4
)%
(3
)%
Twelve Months Ended
August 3, 2025
(millions)
Net Sales,
as
Reported
Estimated
Impact of 53rd
Week
Impact of
Divestitures
Organic Net
Sales for
FY 2026
Guidance
Meals & Beverages
$
6,179
$
(88
)
$
(99
)
$
5,992
Snacks
4,074
(78
)
(9
)
3,987
Total Net Sales
$
10,253
$
(166
)
$
(108
)
$
9,979
Items Impacting Earnings
Adjusted Net earnings are net earnings excluding the impact of costs associated with cost savings and optimization initiatives, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, costs associated with acquisitions, certain litigation expenses or recoveries, actuarial and curtailment gains or losses on pension and postretirement plans, impairment charges, costs or recoveries related to a cybersecurity incident, accelerated amortization, gains or losses on divestitures, and the additional week in fiscal 2025. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.
The following items impacted earnings:
(1)
The company has implemented several cost savings initiatives in recent years. In the third quarter of fiscal 2026, the company recorded Restructuring charges of $9 million and implementation costs and other related costs of $38 million in Other expenses / (income), $12 million in Cost of products, $6 million in Administrative expenses, $1 million in Marketing and selling expenses and $1 million in Research and development expenses related to these initiatives. In the third quarter of fiscal 2025, the company recorded Restructuring charges of $6 million and implementation costs and other related costs of $7 million in Cost of products sold, $7 million in Administrative expenses and $1 million in Research and development expenses related to these initiatives. In the nine-month period of fiscal 2026, the company recorded Restructuring charges of $15 million and implementation costs and other related costs of $38 million in Other expenses / (income), $28 million in Cost of products sold, $21 million in Administrative expenses, $3 million in Marketing and selling expenses and $2 million in Research and development expenses. In the nine-month period of fiscal 2025, the company recorded Restructuring charges of $17 million and implementation costs and other related costs of $26 million in Administrative expenses, $25 million in Cost of products sold, $3 million in Research and development expenses and $2 million in Marketing and selling expenses related to these initiatives. For the year ended August 3, 2025, the company recorded Restructuring charges of $24 million and implementation costs and other related costs of $41 million in Administrative expenses, $32 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives.
In the second quarter of fiscal 2024, the company began implementation of an optimization initiative to improve the effectiveness of its Snacks direct-store-delivery route-to-market network. In the third quarter of fiscal 2026, the company recognized $2 million in Marketing and selling expenses related to this initiative. In the third quarter of fiscal 2025, the company recognized $9 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. In the nine-month period of fiscal 2026, the company recognized $20 million in Marketing and selling expenses related to this initiative. In the nine-month period of fiscal 2025, the company recognized $17 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. For the year ended August 3, 2025, the company recognized $20 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative.
In the third quarter of fiscal 2026, the total aggregate impact related to the cost savings and optimization initiatives was $69 million ($52 million after tax, or $.17 per share). In the third quarter of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $31 million ($24 million after tax, or $.08 per share). In the nine-month period of fiscal 2026, the total aggregate impact related to the cost savings and optimization initiatives was $127 million ($96 million after tax, or $.32 per share). In the nine-month period of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $91 million ($70 million after tax, or $.23 per share). For the year ended August 3, 2025, the total aggregate impact related to the cost savings and optimization initiatives was $125 million ($96 million after tax, or $.32 per share).
(2)
In the third quarter of fiscal 2026, the company recognized gains in Cost of products sold of $6 million ($5 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the third quarter of fiscal 2025, the company recognized losses in Cost of products sold of $10 million ($7 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the nine-month period of fiscal 2026, the company recognized gains in Cost of products sold of $20 million ($15 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the nine-month period of fiscal 2025, the company recognized gains in Cost of products sold of $8 million ($6 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. For the year ended August 3, 2025, the company recognized gains in Cost of products sold of $11 million ($8 million after tax, or $.03 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.
(3)
In the second quarter of fiscal 2026, the company entered into purchase agreements to acquire 49% of the issued and outstanding equity interests of La Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC. Subsequent to the end of the third quarter, the acquisition was completed on May 4, 2026. In the third quarter of fiscal 2026, the company recorded costs in Other expenses / (income) of $2 million ($2 million after tax, or $.01 per share) associated with the acquisition. In the nine-month period of fiscal 2026, the company recorded costs in Other expenses / (income) of $4 million ($4 million after tax, or $.01 per share) associated with the acquisition.
(4)
In the nine-month period of fiscal 2026, the company recorded litigation expenses in Administrative expenses of $11 million ($8 million after tax, or $.03 per share) related to Plum and certain other litigation matters. In the third quarter of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $4 million ($4 million after tax, or $.01 per share) related to Plum and certain other litigation matters. In the nine-month period of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $6 million ($6 million after tax, or $.02 per share) related to Plum and certain other litigation matters. For the year ended August 3, 2025, the company recorded litigation expenses in Administrative expenses of $5 million ($5 million after tax, or $.02 per share) related to Plum and certain other litigation matters.
(5)
In the third quarter of fiscal 2026, the company recognized actuarial and curtailment gains in Other expenses / (income) of $30 million ($23 million after tax, or $.08 per share). The actuarial and curtailment gains were related to interim remeasurements of certain pension plans due to plan amendments and activity under the cost savings initiatives. In the nine-month period of fiscal 2025, the company recognized an actuarial loss in Other expenses / (income) of $2 million ($1 million after tax) related to an interim remeasurement of our postretirement plan due to a plan amendment. For the year ended August 3, 2025, the company recognized actuarial losses on pension and postretirement plans in Other expenses / (income) of $24 million ($18 million after tax, or $.06 per share).
(6)
In the third quarter of fiscal 2025, the company performed an interim impairment assessment on the Snyder's of Hanover trademark within the Snacks segment and recognized an impairment charge of $150 million ($112 million after tax, $.37 per share) on the trademark.
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on certain salty snacks and cookie trademarks within the Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as the company's "Allied brands," and recognized an impairment charge of $15 million on the trademarks.
In the second quarter of fiscal 2025, the company performed an interim impairment assessment on the Late July trademark within the Snacks segment and recognized an impairment charge of $11 million on the trademark.
In the nine-month period of fiscal 2025, the total aggregate impact of the impairment charges was $176 million ($131 million after tax, or $.44 per share).
The charges were included in Other expenses / (income).
(7)
In the nine-month periods of fiscal 2026 and 2025, the company recognized insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023.
(8)
In the third quarter of fiscal 2025, the company recorded accelerated amortization expense in Other expenses / (income) of $6 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of fiscal 2023. In the nine-month period of fiscal 2025, the company recorded accelerated amortization expense in Other expenses / (income) of $20 million ($15 million after tax, or $.05 per share).
(9)
In the third quarter of fiscal 2025, the company completed the sale of its noosa yoghurt business. In the second quarter of fiscal 2025, the company recorded $15 million of tax expense related to the sale. In the nine-month period of fiscal 2025, the company recorded an after-tax loss of $15 million ($.05 per share) on the sale of the business. In the first quarter of fiscal 2025, the company recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of its Pop Secret popcorn business. In the nine-month period of fiscal 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share).
(10)
Fiscal 2026 has 52 weeks and Fiscal 2025 had 53 weeks. The estimated impact of the additional week in the fourth quarter of fiscal 2025 was $29 million on earnings before interest and taxes, $6 million on interest, net, $4 million on taxes on earnings and $19 million ($.06 per share) on net earnings attributable to The Campbell's Company.
The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:
Three Months Ended
Nine Months Ended
(millions, except per share amounts)
May 3,
2026
April 27,
2025
Percent
Change
May 3,
2026
April 27,
2025
Percent
Change
Gross profit, as reported
$
650
$
728
(11)%
$
2,159
$
2,414
(11)%
Gross profit margin, as reported
27.5
%
29.4
%
(190) pts
28.4
%
30.4
%
(200) pts
Costs associated with cost savings and optimization initiatives (1)
12
7
28
25
Commodity mark-to-market losses (gains) (2)
(6
)
10
(20
)
(8
)
Adjusted Gross profit
$
656
$
745
(12)%
$
2,167
$
2,431
(11)%
Adjusted Gross profit margin
27.7
%
30.1
%
(240) pts
28.5
%
30.6
%
(210) pts
Marketing and selling expenses, as reported
$
214
$
216
(1)%
$
719
$
722
—%
Costs associated with cost savings and optimization initiatives (1)
(3
)
(9
)
(23
)
(19
)
Adjusted Marketing and selling expenses
$
211
$
207
2%
$
696
$
703
(1)%
Administrative expenses, as reported
$
155
$
162
(4)%
$
482
$
502
(4)%
Costs associated with cost savings and optimization initiatives (1)
(6
)
(8
)
(21
)
(27
)
Certain litigation expenses (4)
—
(4
)
(11
)
(6
)
Cybersecurity incident recoveries (7)
—
—
1
1
Adjusted Administrative expenses
$
149
$
150
(1)%
$
451
$
470
(4)%
Research and development expenses, as reported
$
25
$
23
$
71
$
74
Costs associated with cost savings and optimization initiatives (1)
(1
)
(1
)
(2
)
(3
)
Adjusted Research and development expenses
$
24
$
22
$
69
$
71
Other expenses / (income), as reported
$
8
$
160
$
24
$
244
Costs associated with cost savings and optimization initiatives (1)
(38
)
—
(38
)
—
Costs associated with acquisition (3)
(2
)
—
(4
)
—
Pension and postretirement actuarial and curtailment gains (losses) (5)
30
—
30
(2
)
Impairment charges (6)
—
(150
)
—
(176
)
Accelerated amortization (8)
—
(6
)
—
(20
)
Charges associated with divestitures (9)
—
—
—
(25
)
Adjusted Other expenses / (income)
$
(2
)
$
4
$
12
$
21
Three Months Ended
Nine Months Ended
Year Ended
(millions, except per share amounts)
May 3, 2026
April 27,
2025
Percent
Change
May 3, 2026
April 27,
2025
Percent
Change
August 3,
2025
Earnings before interest and taxes, as reported
$
239
$
161
48%
$
848
$
855
(1)%
$
1,124
Costs associated with cost savings and optimization initiatives (1)
69
31
127
91
125
Commodity mark-to-market losses (gains) (2)
(6
)
10
(20
)
(8
)
(11
)
Costs associated with acquisition (3)
2
—
4
—
—
Certain litigation expenses (4)
—
4
11
6
5
Pension and postretirement actuarial and curtailment losses (gains) (5)
(30
)
—
(30
)
2
24
Impairment charges (6)
—
150
—
176
176
Cybersecurity incident recoveries (7)
—
—
(1
)
(1
)
(1
)
Accelerated amortization (8)
—
6
—
20
20
Charges associated with divestitures (9)
—
—
—
25
25
Estimated impact of 53rd week (10)
—
—
—
—
(29
)
Adjusted Earnings before interest and taxes
$
274
$
362
(24)%
$
939
$
1,166
(19)%
$
1,458
Interest, net, as reported
$
80
$
80
$
240
$
243
$
328
Estimated impact of 53rd week (10)
—
—
—
—
(6
)
Adjusted Interest, net
$
80
$
80
$
240
$
243
$
322
Adjusted Earnings before taxes
$
194
$
282
$
699
$
923
$
1,136
Taxes on earnings, as reported
$
35
$
15
133%
$
145
$
155
(6)%
$
194
Effective income tax rate, as reported
22.0
%
18.5
%
350 pts
23.8
%
25.3
%
(150) pts
24.4
%
Costs associated with cost savings and optimization initiatives (1)
17
7
31
21
29
Commodity mark-to-market losses (gains) (2)
(1
)
3
(5
)
(2
)
(3
)
Costs associated with acquisition (3)
—
—
—
—
—
Certain litigation expenses (4)
—
—
3
—
—
Pension and postretirement actuarial and curtailment losses (gains) (5)
(7
)
—
(7
)
1
6
Impairment charges (6)
—
38
—
45
45
Cybersecurity incident recoveries (7)
—
—
—
—
—
Accelerated amortization (8)
—
1
—
5
5
Charges associated with divestitures (9)
—
—
—
(9
)
(9
)
Estimated impact of 53rd week (10)
—
—
—
—
(4
)
Adjusted Taxes on earnings
$
44
$
64
(31)%
$
167
$
216
(23)%
$
263
Adjusted effective income tax rate
22.7
%
22.7
%
0 pts
23.9
%
23.4
%
50 pts
23.2
%
Net earnings attributable to The Campbell's Company, as reported
$
124
$
66
88%
$
463
$
457
1%
$
602
Costs associated with cost savings and optimization initiatives (1)
52
24
96
70
96
Commodity mark-to-market losses (gains) (2)
(5
)
7
(15
)
(6
)
(8
)
Costs associated with acquisition (3)
2
—
4
—
—
Certain litigation expenses (4)
—
4
8
6
5
Pension and postretirement actuarial and curtailment losses (gains) (5)
(23
)
—
(23
)
1
18
Impairment charges (6)
—
112
—
131
131
Cybersecurity incident recoveries (7)
—
—
(1
)
(1
)
(1
)
Accelerated amortization (8)
—
5
—
15
15
Charges associated with divestitures (9)
—
—
—
34
34
Estimated impact of 53rd week (10)
—
—
—
—
(19
)
Adjusted Net earnings attributable to The Campbell's Company
$
150
$
218
(31)%
$
532
$
707
(25)%
$
873
Diluted net earnings per share attributable to The Campbell's Company, as reported
$
.41
$
.22
86%
$
1.55
$
1.52
2%
$
2.01
Costs associated with cost savings and optimization initiatives (1)
.17
.08
.32
.23
.32
Commodity mark-to-market losses (gains) (2)
(.02
)
.02
(.05
)
(.02
)
(.03
)
Costs associated with acquisition (3)
.01
—
.01
—
—
Certain litigation expenses (4)
—
.01
.03
.02
.02
Pension and postretirement actuarial and curtailment losses (gains) (5)
(.08
)
—
(.08
)
—
.06
Impairment charges (6)
—
.37
—
.44
.44
Cybersecurity incident recoveries (7)
—
—
—
—
—
Accelerated amortization (8)
—
.02
—
.05
.05
Charges associated with divestitures (9)
—
—
—
.11
.11
Estimated impact of 53rd week (10)
—
—
—
—
(.06
)
Adjusted Diluted net earnings per share attributable to The Campbell's Company*
$
.50
$
.73
(32)%
$
1.78
$
2.36
(25)%
$
2.91
*The sum of individual per share amounts may not add due to rounding.
Cans of Campbell's chunky beef soup line a supermarket shelf in Bellingham, Washington, U.S. April 25, 2024. REUTERS/Chris Helgren/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesCampbell's Q3 profit beats estimates, but sales missSees Q4 tariff refund benefits to be 3-4 centsExpects tariff refunds to mostly offset Iran war-related costsJune 8 (Reuters) - Packaged food maker Campbell's (CPB.O), opens new tab reaffirmed annual forecast on Monday, after trimming it earlier this year, and said the Middle East conflict is piling pressure on already strained U.S. consumers.
Consumer sentiment sank to record lows as rising gasoline prices linked to the Iran war dampened household purchasing power long weakened by stubborn inflation.
The Reuters Inside Track newsletter is your essential guide during the World Cup. Sign up here.
The pressure is pushing lower-income consumers toward cheaper private-label brands, while the rise of GLP-1 weight-loss drugs is further denting demand, weighing on companies such as Campbell's that raised prices to offset higher costs.
Campbell's expects organic sales to fall 1% to 2% and adjusted earnings per share at $2.15 to $2.25, factoring in early impacts from the Middle East conflict, including higher logistics costs.
It expects to offset these pressures through tariff refunds of 3-4 cents in the fourth quarter.
"From a net-sales perspective, I think the lower end... is probably a more realistic assumption at this point," Chief Financial Officer Todd Cunfer said on a post-earnings call.
Campbell's underperforms broader indexOil near $100 a barrel could lift fiscal 2027 inflation 2% to 3% above normal, the company said, adding it would rely on cost savings and price hikes if needed.
CEO Mick Beekhuizen said Campbell's is focused on simplifying operations while accelerating productivity and cost savings.
The company identified its salty snacks business, including Snyder's of Hanover, Kettle Brand and Pepperidge Farm, as its biggest opportunity, with plans to revive growth by prioritizing core brands, adjusting pack sizes and streamlining its product range
Campbell's posted third-quarter adjusted profit of 50 cents per share, beating analysts' estimate of 48 cents, according to data compiled by LSEG.
"(The) road ahead likely remains long and tough," RBC Capital Markets analyst Nik Modi said, adding there is no clear catalyst other than stronger, more consistent results.
Quarterly net sales of Campbell's, set to drop out of the S&P 500 index this month, fell 4% to $2.37 billion, slightly missing analysts' expectations. Its shares were down about 1%.
Reporting by Neil J Kanatt in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tomato Prices Are Spiking, and These 2 Food Stocks Could Feel the SqueezeCampbell's NASDAQ: CPB executives used the company’s third-quarter fiscal 2026 earnings question-and-answer session to outline a more cautious operating backdrop heading into fiscal 2027, citing potential incremental inflation tied to higher oil prices, continued pressure in snacks and a focus on balance sheet priorities.
Chief Investor Relations Officer Joshua Levine opened the call by noting that Campbell's had released its earnings materials earlier in the morning, including its press release, Form 10-Q, slide presentation and management’s prepared remarks. President and Chief Executive Officer Mick Beekhuizen and Chief Financial Officer Todd Cunfer then fielded analyst questions on the company’s outlook, cost pressures and portfolio priorities.
Get Campbell's alerts:
Management flags potential inflation step-up Campbell Soup Company Is High-Priority for Income Watch ListsCunfer said Campbell's had been planning for base inflation of about 3% before the Middle East conflict. If oil remains around $100 per barrel, he said the company could face an additional 2 to 3 percentage points of inflation, bringing total potential inflation to roughly 5% to 6%.
“Obviously, with the price of oil where it is, and look, if oil stays around $100 a barrel, we're looking at an additional 2%-3% inflation on top of the core 3%,” Cunfer said. He also cited higher diesel costs and a driver shortage as contributing to elevated logistics and freight costs.
3 Undervalued Names Too Cheap to IgnoreCunfer said the company is nearly fully hedged for fiscal 2026, which ends in July, limiting near-term exposure. However, he said inflation in the first half of fiscal 2027 is likely to be high given current commodity and input prices. The second half, he said, depends on whether geopolitical tensions ease and whether prices for oil, fertilizer and aluminum moderate.
Campbell's is also facing a reset of incentive compensation, which Cunfer said represents about a $40 million impact next year, along with expected higher marketing investments. To offset those pressures, he said the company is trying to accelerate savings from a previously announced $100 million SG&A reduction plan and other productivity initiatives.
Snacks portfolio simplification remains a priority Beekhuizen said Campbell's is focused on simplifying its snacks business by narrowing attention to the core of its brands and reducing less productive items. He pointed to Goldfish as an example, saying the company has focused the brand on households with children and has seen the core part of the brand stabilize over the past two quarters.
“You hear us talk about focusing on the core of the portfolio and also the core of the brands,” Beekhuizen said. “A good example of that is when you hear us talk about Goldfish and focusing on households with kids.”
Beekhuizen said Campbell's is also shifting its innovation approach toward “fewer, more meaningful” launches rather than a broad range of smaller initiatives. The company is reviewing advertising support across brands and evaluating a “tail of SKUs” that represents limited sales but adds operational complexity.
Cunfer said snacks margins improved sequentially in the third quarter, with EBITDA margin rising from a little over 7% in the prior quarter to about 10%. However, he said both quarters remained down roughly 400 basis points from the prior year, which he called “not acceptable.” The improvement was driven in part by lower trade spending, less marketing and the company canceling most promotions in fresh bakery to improve on-shelf availability.
Looking ahead, Cunfer said Campbell's needs to return Goldfish to growth, simplify the portfolio to improve mix and efficiency, and continue reviewing fixed costs across the snacks network and overhead structure.
Fourth-quarter sales expected to be flat to slightly higher Cunfer said Campbell's expects fourth-quarter net sales to be “flattish to slightly up,” supported by timing dynamics in meals and beverages. He cited the impact of an ERP conversion from Sovos that negatively affected Rao’s in the third quarter and creates a $30 million comparison benefit in the fourth quarter.
He said the meals and beverages segment should have a “very solid” fourth quarter, helped by slightly positive consumption trends and innovation-related pipeline fill, particularly in soups and sauces. Snacks, by contrast, are expected to be similar to the third quarter or “a little bit worse.”
When asked about the company’s full-year outlook, Cunfer said the lower end of the company’s organic sales guidance range, a decline of 2%, was “probably a more realistic assumption at this point.” He said adjusted EPS had moving parts but was likely in the area of $2.20 or below.
Cunfer also said Campbell's expects a fourth-quarter tariff refund benefit of about $0.03 to $0.04 per share, but said that benefit is expected to be offset by higher fuel costs, the driver shortage and impacts related to the Iran conflict. He said some refunds may be received directly, including in connection with Rao’s and La Regina, while a smaller portion may come through vendors and could extend into next year.
Capital allocation focused on leverage and investment grade rating Cunfer said maintaining Campbell's investment-grade credit rating is “an imperative” for management and the board. He said the company is trying to balance dividend considerations with reducing leverage, and said there is no intention to increase the dividend “anytime soon.”
He said Campbell's is focused on stabilizing earnings, reducing working capital and prioritizing capital expenditures toward the highest-return projects. Cunfer also said the company may consider hybrid debt instruments, noting that some peers have used them. He said such debt typically carries a higher coupon, potentially 150 to 200 basis points higher, but may receive partial equity credit from rating agencies.
“Obviously, M&A right now is off the table,” Cunfer said, adding that Campbell's is working to reduce leverage to the low-three-times range over the next couple of years.
Executives point to cooking, Rao’s and premium soup as growth areas Beekhuizen said Campbell's sees continued strength in at-home cooking, which supports parts of the meals and beverages portfolio, including cooking soups, Rao’s and Pacific. He said the company now has four brands above $1 billion in sales: Campbell’s, Rao’s, Goldfish and Pepperidge Farm.
Beekhuizen said more than half of Campbell’s condensed soup portfolio is used for cooking as an ingredient, and that portion has been growing. The company is leaning into that trend with condensed sauces aimed at consumers preparing scratch meals at home and seeking different flavors.
Ready-to-serve soup remains more mixed. Beekhuizen said premium ready-to-serve soup, including Rao’s and Pacific, is growing and represents about 20% of the ready-to-serve portfolio. The mainstream portion remains under pressure, and he said Campbell's needs to improve relevance through portfolio work and new innovation focused on better-for-you attributes.
On revenue growth management, Cunfer said Campbell's is reassessing trade spending, particularly temporary price reductions that lack feature and display support. He said feature and display promotions deliver much stronger returns, while some shelf-only promotions do not provide sufficient benefit. Beekhuizen added that price-pack architecture is also important, citing 6% growth in Goldfish multipacks over the past 13 weeks.
About Campbell's NASDAQ: CPBCampbell's NASDAQ: CPB is a leading manufacturer of shelf-stable foods and beverages, best known for its iconic soups and broths. Headquartered in Camden, New Jersey, the company offers a diverse portfolio of products designed to meet consumer demand for convenient, affordable meals and snacks. Since its founding in 1869, Campbell's has grown through a combination of organic innovation and strategic acquisitions to expand its presence in the food industry.
The company's brand portfolio includes Campbell's Condensed Soups, V8 juices, Prego pasta sauces, Swanson broths and stocks, Pace salsas and dips, and Pepperidge Farm baked snacks.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Campbell's Right Now?Before you consider Campbell's, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Campbell's wasn't on the list.
While Campbell's currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Campbell's (CPB - Free Report) came out with quarterly earnings of $0.5 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.17%. A quarter ago, it was expected that this maker of canned soup, Pepperidge Farm cookies and V8 juice would post earnings of $0.57 per share when it actually produced earnings of $0.51, delivering a surprise of -10.53%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Campbell, which belongs to the Zacks Food - Miscellaneous industry, posted revenues of $2.37 billion for the quarter ended April 2026, missing the Zacks Consensus Estimate by 0.86%. This compares to year-ago revenues of $2.48 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Campbell shares have lost about 22.2% since the beginning of the year versus the S&P 500's gain of 7.9%.
What's Next for Campbell?While Campbell has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Campbell was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.44 on $2.17 billion in revenues for the coming quarter and $2.18 on $9.9 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Miscellaneous is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Burcon NutraScience Corp (BRCNF - Free Report) , has yet to report results for the quarter ended March 2026.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +56.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Burcon NutraScience Corp's revenues are expected to be $1.03 million, up 3333.3% from the year-ago quarter.
U.S. stocks traded higher this morning, with the Nasdaq Composite gaining over 200 points on Monday.
Following the market opening Monday, the Dow traded up 0.33% to 51,035.65 while the NASDAQ rose 0.84% to 25,924.27. The S&P 500 also rose, gaining, 0.59% to 7,427.45.
Leading and Lagging Sectors
Energy shares jumped by 2.2% on Monday.
In trading on Monday, communication services stocks fell by 1.2%.
Top Headline
The Campbell’s Company (NASDAQ:CPB) posted upbeat earnings for the third quarter on Monday.
The company posted adjusted earnings of 50 cents per share, beating market estimates of 48 cents per share. The company's quarterly sales came in at $2.366 billion, versus expectations of $2.381 billion.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 0.5 to $90.99 while gold traded down 0.3% at $4,352.00.
Silver traded down 1.4% to $68.135 on Monday, while copper rose 1.2% to $6.3610.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.1%, while Spain's IBEX 35 Index fell 0.1%. London's FTSE 100 rose 0.1%, Germany's DAX slipped 0.3%, while France's CAC 40 rose 0.1%.
Asia Pacific Markets
Asian markets closed lower on Monday, with Japan's Nikkei 225 falling 3.85%, Hong Kong's Hang Seng Index declining 1.22%, China's Shanghai Composite dipping 1.70% and India's BSE Sensex falling 0.97%.
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Campbell's (CPB - Free Report) reported $2.37 billion in revenue for the quarter ended April 2026, representing a year-over-year decline of 4.4%. EPS of $0.50 for the same period compares to $0.73 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $2.39 billion, representing a surprise of -0.86%. The company delivered an EPS surprise of +4.17%, with the consensus EPS estimate being $0.48.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Campbell performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Meals & Beverages: $1.43 billion versus $1.45 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -2.5% change.Net Sales- Snacks: $940 million versus $938.8 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -7.1% change.Operating Earnings- Meals & Beverages: $213 million versus $218.01 million estimated by five analysts on average.Operating Earnings- Corporate: $-60 million compared to the $-47.82 million average estimate based on five analysts.Operating Earnings- Snacks: $95 million versus $89.46 million estimated by five analysts on average.View all Key Company Metrics for Campbell here>>>
Shares of Campbell have returned +4% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
The Campbell's Company remains a hold, as weak consumer demand, margin pressure, and excess debt offset its 7% dividend yield. Q3 results were in line, with EPS of $0.50 and organic sales down 4%, but EBIT margins compressed 300bps to 11.6%. Rao's brand continues to gain market share, but Snacks segment faces ongoing volume and margin challenges, exacerbated by GLP-1 drug trends.
Campbell's Company CPB shares are down despite reporting a Q3 adjusted EPS of $0.50, exceeding the FactSet consensus of $0.48. Revenue reached $2.37 billion, aligning closely with expectations. The company reaffirmed its FY26 adjusted EPS guidance at $2.15-$2.25. However, investor concerns are evident as they focus on a 4% organic sales decline and struggles in key segments, overshadowing the positive EPS result and guidance.
Snacks Underperformance: Management noted that the Snacks segment faced challenges due to lower-than-expected market consumption, issues with fresh bakery execution, and heightened competition in salty snacks. Additionally, partner and contract brands contributed to a 1-point headwind on net sales. Meals & Beverages Struggles: Despite strong trends in soup and sauce, the segment experienced a 4% decline in sales and operating earnings dropped by 16%, indicating that even stable areas of the portfolio are feeling the pressure. Rao’s Brand Success: Rao’s continues to be a growth driver, surpassing $1 billion in trailing 12-month sales. The brand's strong consumption indicates that premium products can still thrive despite broader market challenges. Margin Pressures: The adjusted gross margin fell by 240 basis points to 27.7%, primarily due to inflation and supply chain costs, including tariffs. These were only partially mitigated by productivity gains and cost savings. Cost Savings Efforts: Campbell's achieved approximately $20 million in cost savings in Q3 and is on track to meet its FY28 target of $375 million, emphasizing productivity as a critical strategy to counter inflation and volume declines. Weak Guidance Outlook: While the FY26 adjusted EPS guidance remains at $2.15-$2.25, the overall forecast suggests a 1-2% decline in organic net sales and a 17-20% drop in adjusted EBIT, indicating a focus on stabilization rather than growth. The stock's decline reflects investor skepticism regarding CPB’s ability to maintain guidance without further cuts. Q3 results reveal widespread pressure, with negative organic sales and declining segment profits. The company's future performance appears increasingly tied to cost management and pricing strategies rather than a rebound in consumer demand. While the Snacks segment shows the most significant challenges, the decline in Meals & Beverages operating earnings indicates that issues are not confined to one area. Improved sentiment may hinge on recovery in Snacks consumption and bakery execution, as well as better sales trends in Meals & Beverages, while persistent inflation and negative volume could dampen prospects.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
