📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

The Campbell's Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States and internationally. It operates through Meals & Beverages, and Snacks segments. The Meals & Beverages segment engages in the retail and foodservice businesses in the United States and Canada. This segment provides 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; Campbell’s gravies, pasta, beans, and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell’s tomato juice; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza, and soups; and Michael Angelo's frozen entrées and pasta sauces, as well as snacking products in foodservice in Canada. Its Snacks segment retails Pepperidge Farm cookies, crackers, fresh bakery, and frozen products, that includes Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products. This segment is also involved in the snacking, and meals and beverage retail business in Latin America. It sells its products through retail food chains, mass discounters and merchandisers, club stores, convenience and dollar stores, e-commerce and other retail, commercial, and non-commercial establishments, and independent contractor distributors. The company was formerly known as Campbell Soup Company and changed its name to The Campbell's Company in November 2024. The Campbell's Company was founded in 1869 and is headquartered in Camden, New Jersey.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q3 2025

Cautious

Management repeatedly used phrases like 'not satisfied', 'fluid operating environment', 'slower than anticipated recovery', and 'increasingly competitive environment' for snacks, while acknowledging strong meals & beverages performance but with a caution that shipment timing will normalize in Q4.

Q4 2025

Confident Specific

Management repeatedly cites specific metrics (20% revenue growth, 76% unit economics, 650 bps EBITDA improvement, 98% gross retention) and claims to have exceeded prior guidance. They use phrases like 'solid execution', 'we can do it again', and 'we have executed for the last four years' to reinforce credibility.

Q1 2026

Confident Specific

Management repeatedly stated results were 'in line with our expectations' and reaffirmed full-year guidance despite headwinds. They used specific figures (e.g., 200 bps tariff impact, $15M cost savings in quarter) and emphasised strategic actions like the La Regina acquisition and Goldfish revival efforts.

Q2 2026 latest

Cautious

Management used language like 'we have a lot of work to do', 'gonna take some time', 'nothing dramatic' and repeatedly qualified expectations with 'we are not anticipating a big sequential increase' and 'it will take a little bit of time'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for Campbell's remains weaker after this call. The snacks segment, which accounts for a large portion of profits, continues to decline with no clear near-term inflection point. Margins in snacks are depressed by deleverage and execution missteps (fresh bakery, Goldfish capacity underutilization). Management's plan to stabilize snacks through promotional investment and cost cutting is credible but will take time, and the competitive environment in chips is intensifying. The bright spot is meals & beverages, where Rao's continues to outperform, but this segment alone cannot offset the drag from snacks. The company's balance sheet is under pressure, forcing a halt to buybacks and dividend growth. Key metrics to watch next quarter: snacks organic sales and margin trends, fresh bakery service levels, and any further commodity cost impacts from oil. The risk/reward appears skewed to the downside until a sustained turnaround in snacks becomes visible.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Campbell's Q2 snacks margin 7%, down 390bps; H2 snacks sales seen down ~4%.

Revenue & Profitability

The snack segment margin was 7% in Q2, down 390 basis points year-over-year. The company expects snacks sales to be down about 4% in the second half of fiscal 2026. EPS for the back half of the year is on track to deliver the midpoint of guidance, with Q3 operating EBIT growth similar to Q2. No explicit revenue, net income, or total company operating income figures were provided in the call.

Outlook

Management noted heightened competitive intensity in the salty snacks space, particularly in chips, driven by larger competitors adjusting pricing. The consumer is seeking value, premium, better-for-you, and flavor exploration. In meals & beverages, cooking behaviors are benefiting the soup portfolio, but private label is recovering in broth. No explicit macro tailwinds were highlighted beyond these category trends.

Growth Drivers

Key growth levers include: Goldfish momentum with sequential consumption improvements; Rao's brand growing in-market consumption 14.5% in Q2, with full-year high single-digit growth expected; cookies business growing via Milano and Chessmen innovation; and the launch of Campbell's Condensed Sauces in June. In fresh bakery, the goal is to stabilize execution and return to flattish top-line. In chips, the focus is on surgical promotional activity and price-pack architecture improvements.

Balance Sheet & CapEx

CapEx was reduced by $50 million for the fiscal year. The company is focused on cash flow preservation. La Regina acquisition will require a payment of roughly $140-150 million before the close of the fiscal year, with a second payment due a year later that may be funded with equity. The company is also investing in Goldfish capacity, with a $160 million investment announced in 2023, which is causing deleverage currently.

Margins

Snack segment margin declined 390 basis points to 7% in Q2, driven by fresh bakery underperformance (about a quarter of the decline) and deleverage from a 6% sales decline (about three-quarters). For H2, Q3 margin is expected to improve slightly but not dramatically, with a larger improvement in Q4 due to stabilization in bakery, lower marketing spend year-over-year, and benefits from Goldfish. The company is focused on getting leverage down from current levels.

Key Risks

Key risks include: execution challenges in fresh bakery impacting service levels and sales; ongoing competitive pricing dynamics in chips requiring promotional investment; potential oil price increases impacting freight and other commodity costs (currently 85% hedged, but elevated oil could affect fiscal 2027); and the risk of not stabilizing Goldfish volume, which would continue to pressure margins given the capacity investment. The company also flagged the need to manage debt leverage down from current levels.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 (Q&A) 2026-06-08

Management expects 5%-6% inflation in FY27, driven by oil and logistics, and is accelerating cost savings and portfolio simplification to offset pressures. Q4 net sales should be flat to slightly up, with strong Meals & Beverages growth and ongoing Snacks challenges.

Q2 2026 Q2 2026 (Q&A) 2026-03-11

Snacks segment margins remain under pressure due to sales declines and competitive intensity, but gradual improvement is expected in H2 as bakery stabilizes and Goldfish activity increases. Meals and beverages, led by Rao's, continue to show growth, while capital allocation focuses on debt reduction and cost control.

Q1 2026 Q1 2026 2025-12-09

Organic net sales declined 1% year-over-year, with adjusted EBIT down 11% and EPS down 13% due to cost inflation and tariffs. Leadership brands held share, meals and beverages benefited from at-home cooking, and snacks faced pressure. Fiscal 2026 guidance was reaffirmed.

Q4 2025 Q4 2025 2025-09-03

Revenue and margin growth exceeded expectations, with 21–23% revenue growth and 650 bps EBITDA margin improvement. Integration of Enfusion, Beacon, and Bistro expands capabilities, while client retention and satisfaction remain industry-leading.

Q3 2025 Q3 2025 2025-06-02

Third quarter results exceeded expectations, driven by strong meals and beverages performance and favorable shipment timing, while snacks lagged due to category softness and competition. Full-year guidance is reaffirmed, but adjusted earnings are expected at the low end due to slower snacks recovery.

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