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Campbell's
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Latest analysis
Updated Sep 3, 2026
Campbell's cuts dividend and guides to Q1 EPS decline as Snacks deterioration forces pricing pivot and $500M cost reset
Campbell's enters fiscal 2027 in structural repair mode: the company reset its dividend, initiated a 4-year $500 million cost savings program, and took pricing on 60% of its portfolio — all while guiding to high-single-digit Snacks volume declines in Q1 and negative EPS year-over-year. The Snacks segment is the central problem, with consumption trends described by management as 'not where they need to be,' chip manufacturing inefficiencies unresolved, and margin recovery not expected until the second half. Meals and Beverage is relatively stable, anchored by cooking-occasion demand and Rao's brand momentum, but the overall FY2027 setup is back-half loaded and execution-dependent.
Tone: defensiveRevenue
$10.3B
CPB 10-K · FY 2025
Employees
13,700
Revenue growth YoY
+6%
Founded
1869
Profile
CPB 10-K Item 1 · Sep 18, 2025The Campbell's Company is a manufacturer and marketer of branded food and beverage products, operating through two segments: Meals & Beverages and Snacks. The company markets well-known brands including Campbell's, Rao's, Goldfish, Pepperidge Farm, and Snyder's of Hanover across retail, foodservice, and e-commerce channels, primarily in the U.S. and Canada. Following the March 2024 acquisition of Sovos Brands, Campbell's has materially expanded its premium sauce and frozen entrée portfolio.
Read filing description ↓ Collapse description ↑
We are a manufacturer and marketer of high-quality, branded food and beverage products. We organized as a business corporation under the laws of New Jersey on November 23, 1922; however, through predecessor organizations, we trace our heritage in the food business back to 1869. Our principal executive offices are in Camden, New Jersey. Our reportable segments are Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada, 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 Meals & Beverages segment includes 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 entrees, frozen pizza and soups; Michael Angelo's frozen entrees and pasta sauces. We operate in a highly competitive industry and experience competition in all of our categories. In 2025, we continued to advance our key strategic initiatives in a dynamic operating environment marked by shifting global trade policies, increased regulatory activity, consumer behavior shifts, commodity cost fluctuations and other global macroeconomic challenges.
Primary products
- Campbell's condensed and ready-to-serve soups
- Chunky soups
- Swanson broth and stocks
- Swanson canned poultry
- Pacific Foods broth, soups and non-dairy beverages
- Prego pasta sauces
Business segments
End markets
Geographies
Named customers
Our five largest customers accounted for approximately 47% of our consolidated net sales in 2025, 2024, and 2023. Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 21% of our consolidated net sales in 2025 and 22% in 2024 and 2023.
“We operate in a highly competitive industry and experience competition in all of our categories. This competition arises from numerous competitors of varying sizes across multiple food and beverage categories, and includes producers of private label products, as well as other branded food and beverage manufacturers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net sales increased 6% in 2025 to $10.253 billion, primarily due to an 8-point benefit from the acquisition of Sovos Brands and a 2-point benefit from the 53rd week, partially offset by the impact of divestitures, unfavorable volume/mix and lower net price realization.
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