CPBNasdaqFood and Kindred ProductsUS GAAP · USD

CAMPBELL'S Co

The Campbell's Company is a U.S.-based manufacturer and marketer of branded food and beverage products with roots in the food business dating back to 1869. Its portfolio spans center-of-store staples and snack brands, including Campbell's soups, Swanson broth, Prego pasta sauces, V8 beverages, Pepperidge Farm baked goods, Goldfish crackers, Snyder's of Hanover pretzels, Cape Cod chips, Kettle Brand chips, and Rao's sauces. The company operates through two reportable segments, Meals & Beverages and Snacks, and sells primarily through large retail channels. Campbell's competes on brand recognition, taste, price, innovation, shelf space, and customer service in a highly competitive packaged-food market.

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Revenue9,744m USD
−5.0 %y/y
Operating profit (EBIT)852m USD
−24.2 %y/y
EBIT margin8.7%
−2.2 ppy/y
Net income403m USD
−33.1 %y/y
Free cash flow678m USD
−3.8 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

0.02.55.07.510.012.5bn USD2021: 8.5 bn USD2021: EBIT 1.5 bn USD20212022: 8.6 bn USD2022: EBIT 1.2 bn USD20222023: 9.4 bn USD2023: EBIT 1.3 bn USD20232024: 9.6 bn USD2024: EBIT 1.0 bn USD20242025: 10.3 bn USD2025: EBIT 1.1 bn USD20252026: 9.7 bn USD2026: EBIT 0.85 bn USD20269.70.85
RevenueOperating profit (EBIT)
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Business

Share of revenue
Meals & Beverages59 %

Shelf-stable meals, soups, broths, sauces, juices and related beverage products sold under Campbell's, Swanson, Pacific Foods, Prego, Pace and V8 brands.

Snacks41 %

Branded snack foods including crackers, pretzels, chips and baked snacks sold under Pepperidge Farm, Goldfish, Snyder's of Hanover, Cape Cod, Kettle Brand, Late July and Snack Factory.

Products

Reported · share of revenue
42.8%27.2%23.0%FY2026100 %
  • Baked Snacks42.8 %
  • Soups27.2 %
  • Simple Meals23.0 %
  • Beverages7.0 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Campbell's sells mainly to large retail customers rather than directly to end consumers, so its business depends on shelf placement, merchandising support and retailer relationships. Its products are resold through retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, dollar stores, e-commerce and other retail channels, as well as commercial and non-commercial establishments. The company highlighted that its five largest customers represented about 47% of consolidated net sales in 2025, with Walmart alone accounting for about 21%, showing meaningful customer concentration. The Snacks segment also uses a direct-store-delivery model with independent contractor distributors, which matters for route density, service levels and in-store execution.

Mass retail and grocery chains

Buy Campbell's soups, sauces, beverages and snack brands for broad household demand and shelf-stable repeat purchases.

Walmart and other large national accounts

Purchase across both segments and are important because of their scale, negotiating leverage and concentration of sales.

Club, dollar and mass merchandise channels

Buy value-oriented and family-size packs, helping the company offset slower growth in traditional grocery.

Convenience, e-commerce and alternative retail channels

Buy snacks and selected meals products for convenience, assortment breadth and online grocery demand.

Commercial and non-commercial establishments

Buy food products for institutional or away-from-home use where branded shelf-stable items are relevant.

Strategy

Campbell's strategy is organized around four pillars, with the company emphasizing top team, best portfolio, consumer-led growth and operational execution. A central priority is to support its leadership brands more aggressively and use its Growth Office to accelerate consumer-focused innovation across Meals & Beverages and Snacks. The company is also working to improve supply-chain productivity, manage tariff pressure, and use cost savings, inventory management and alternative sourcing to protect margins. In Snacks, it is reshaping the direct-store-delivery route-to-market network to improve scale and execution in selected markets, while the headquarters consolidation in Camden is intended to improve collaboration and decision-making.

Strengthen leadership brands and consumer-led innovationMedium term

The portfolio is built around branded products, so share gains and pricing power depend on keeping core brands relevant and differentiated.

Mitigate tariff and commodity cost pressureShort term

Input inflation and trade policy can quickly compress margins in a low-margin packaged-food model.

Improve Snacks route-to-market productivityMedium term

Direct-store-delivery economics affect service levels, shelf presence and profitability in the Snacks segment.

Build organizational effectiveness and commercial capabilityMedium term

Execution quality matters in a retailer-driven market with heavy promotion and private-label competition.

Geography

Campbell's is headquartered in Camden, New Jersey and operates primarily in the United States, which is the core market for its branded grocery and snack portfolio. The company owns more than 3,000 trademark registrations and applications in over 150 countries, indicating a broad international brand footprint even though the business is largely North America-centric. Its filings also note exposure to tariffs on imports from Canada, Mexico, the European Union and the United Kingdom, which affects ingredient, packaging and finished-product sourcing. Geography matters mainly through supply-chain exposure, trade policy and the mix shift from traditional grocery toward alternative retail channels rather than through a highly diversified country revenue base.

Risks

Campbell's faces demand risk from weak macroeconomic conditions, since recession, inflation or slower consumer spending can shift shoppers toward cheaper private-label alternatives. The company is also exposed to retailer concentration and bargaining power, because its five largest customers account for a large share of sales and Walmart alone is a major account. Input-cost volatility, tariffs and supply-chain disruptions can pressure margins and make pricing actions harder to execute in a competitive category. In addition, the company carries meaningful intangible-asset risk because it has recognized trademark impairments in Snacks, and it remains exposed to cyber incidents, labor shortages and execution risk in its route-to-market and sourcing network.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration and retailer bargaining power1Tariff and trade-policy exposure2Goodwill and trademark impairment3Commodity, labor and supply-chain inflation4Cybersecurity and third-party service disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentration and retailer bargaining powerImpact: HighLikelihood: High

    A small number of large retailers account for a substantial share of sales, increasing dependence on shelf space, promotions and customer terms.

    Exposure: Five largest customers were about 47% of net sales; Walmart about 21%

  2. Tariff and trade-policy exposureImpact: HighLikelihood: High

    The company sources ingredients, packaging and finished products from multiple countries and expects more significant cost pressure from tariffs.

    ExposureCanadaMexicoEUUK import-related costs
  3. Goodwill and trademark impairmentImpact: HighLikelihood: High

    Acquired brands and indefinite-lived intangibles require judgmental valuation and can be written down if performance weakens.

    Exposure: Allied brands and Late July trademarks; Snacks segment

  4. Commodity, labor and supply-chain inflationImpact: MediumLikelihood: High

    Higher input costs can outpace pricing and reduce margins in branded packaged foods.

    ExposureLaborRaw materialsEnergyFuelPackagingFinished products
  5. Cybersecurity and third-party service disruptionImpact: MediumLikelihood: Low

    Digital systems, outsourced IT services and supplier/customer connectivity increase the impact of a breach or outage.

    ExposureOperationsSupply chainAdministrative functions
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Accounting

Judgemental items
Trade and consumer promotion programs

Feature discounts, coupons and cooperative advertising require judgment in classification and timing, affecting net sales and marketing expense.

Impact: Can shift reported revenue and operating margin between periods

Trademark and goodwill impairment

Indefinite-lived intangibles and goodwill are tested for impairment and can be written down when brand performance weakens.

Impact: Non-cash charges can materially reduce earnings and asset values

Fair value of deferred compensation swaps

The company hedges deferred compensation obligations with swap contracts whose fair value changes flow through earnings.

Impact: Can create small but noticeable volatility in other income

Divestiture and acquisition accounting

Recent sales of Emerald, Pop Secret and noosa, plus the Sovos acquisition, affect comparability and may create one-time charges.

Impact: Distorts year-over-year sales, expenses and segment trends

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Last updated: 24/09/2026