{"success":true,"data":{"pressRelease":{"id":"134941","rtpr_id":"nBw3m7B6ja","ticker":"CPB","exchange":"NASDAQ","all_tickers":["CPB"],"title":"Campbell's Reports Fourth Quarter Fiscal 2026 Results","author":"Business Wire","published_at":"2026-09-03T11:15:00.390Z","article_body":"Campbell's Reports Fourth Quarter Fiscal 2026 Results\n\nProvides Full-Year Fiscal 2027 Guidance\n\nTargeting $500 Million Cost Savings by Fiscal 2030\n\nResetting Dividend to Accelerate Debt Reduction\n\nFourth Quarter:\n\n\n * Net Sales decreased 8% to $2.1 billion and decreased 1% on an organic basis.\n\n * Earnings Before Interest and Taxes (EBIT) decreased to $4 million; Adjusted\nEBIT decreased 25% to $242 million, including an estimated 8% impact from the\nextra week in the prior year period.\n\n * Earnings Per Share (EPS) decreased to $(0.23); Adjusted EPS decreased 37% to\n$0.39, including an estimated $0.06 per share, or 7%, impact from the extra\nweek in the prior year period.\n\nFull Year:\n\n\n * Net Sales decreased 5% to $9.7 billion and decreased 2% on an organic basis.\n\n * EBIT decreased to $852 million. Adjusted EBIT decreased 21% to $1.2 billion,\nincluding an estimated 2% impact from the extra week in the prior year.\n\n * EPS decreased to $1.31. Adjusted EPS decreased 27% to $2.17, including an\nestimated $0.06 per share, or 2%, impact from the extra week in the prior\nyear.\n\n * Cash flow from operations was $1.0 billion.\n\nThe Campbell's Company (NASDAQ:CPB) today reported results for its fourth\nquarter fiscal 2026 ended August 2, 2026. Unless otherwise stated, all\ncomparisons are to the comparable period in fiscal 2025. The La Regina\nacquisition was completed on May 4, 2026, and as such, La Regina's financials\nare fully consolidated into Campbell's results.\n\nCEO Comments:\n\n\"Fourth quarter and fiscal 2026 results reflect top-line softness and\ninflation-driven margin headwinds,” said Mick Beekhuizen, Campbell’s\nPresident and Chief Executive Officer. “Our performance is not where it\nneeds to be, and we are taking decisive action to improve it. We are\nincreasing our focus on the consumer, sharpening execution, reducing costs to\nsupport investment in our brands, and strengthening our balance sheet,\nincluding resetting our dividend. We enter fiscal 2027 with leading brands\nincluding Campbell's, Rao's, Goldfish and Pepperidge Farm, a resilient Meals\n& Beverages division benefiting from durable at-home cooking trends, and\nactions underway to strengthen Snacks. The steps we are taking are designed to\nimprove growth, expand margins, reduce leverage, and position Campbell's for\nsustainable long-term value creation.\"\n   Three Months Ended   Twelve Months Ended \n ($ in millions, except per share) August 2, 2026   August 3, 2025   % Change   August 2, 2026   August 3, 2025   % Change \n Net Sales                       \n As Reported (GAAP) $2,137   $2,321   (8)%   $9,744   $10,253   (5)% \n Organic         (1)%           (2)% \n Earnings Before Interest and Taxes (EBIT)                       \n As Reported (GAAP) $4   $269   n/m   $852   $1,124   (24)% \n Adjusted $242   $321   (25)%   $1,181   $1,487   (21)% \n Diluted Earnings (Loss) Per Share                       \n As Reported (GAAP) $(0.23)   $0.48   n/m   $1.31   $2.01   (35)% \n Adjusted $0.39   $0.62   (37)%   $2.17   $2.97   (27)% \n   \n n/m - not meaningful \n Note: A detailed reconciliation of the reported (GAAP) financial information \n to the adjusted financial information is included at the end of this news \n release. \n\n\nItems Impacting Comparability\n\nThe table below presents a summary of items impacting comparability in each\nperiod. A detailed reconciliation of the reported (GAAP) financial information\nto the adjusted information is included at the end of this news release.\n   Diluted Earnings Per Share \n   Three Months Ended   Twelve Months Ended \n   August 2, 2026   August 3, 2025   August 2, 2026   August 3, 2025 \n As Reported (GAAP) $(0.23)   $0.48   $1.31   $2.01 \n Costs associated with cost savings and optimization initiatives $0.19   $0.09   $0.51   $0.32 \n Commodity mark-to-market losses (gains) $0.03   $(0.01)   $(0.02)   $(0.03) \n Costs associated with acquisition $0.05   $—   $0.06   $— \n Recognized accretion on deferred consideration $—   $—   $—   $— \n Certain litigation expenses $0.01   $—   $0.04   $0.02 \n Pension and postretirement actuarial and curtailment losses (gains) $0.02   $0.06   $(0.06)   $0.06 \n Impairment charges $0.29   $—   $0.29   $0.44 \n Cybersecurity incident recoveries $—   $—   $—   $— \n Accelerated amortization $—   $—   $—   $0.05 \n Charges associated with divestitures $—   $—   $—   $0.11 \n Accretion of redeemable noncontrolling interests $0.02   $—   $0.02   $— \n Unrecognized accretion on deferred consideration $0.01   $—   $0.01   $— \n Adjusted* $0.39   $0.62   $2.17   $2.97 \n                 \n The estimated impact of the 53(rd) week contributed $0.06 to fiscal 2025 \n results. \n *Numbers may not add due to rounding. \n\n\nFourth Quarter Results\n\nThe additional week in the prior fiscal year's fourth quarter was an estimated\n7% impact to net sales, 8% to adjusted EBIT and 7% to adjusted EPS ($0.06 per\nshare).\n\nNet sales decreased 8% to $2.1 billion, including an estimated 7-point impact\nfrom the extra week in the prior year period. Organic net sales decreased 1%\ndriven primarily by lower volume/mix.\n\nGross profit decreased 17% to $583 million. Gross profit margin decreased 310\nbasis points to 27.3%. Adjusted gross profit decreased 14% to $611 million.\nAdjusted gross profit margin decreased 190 basis points to 28.6%, driven\nprimarily by cost inflation and other supply chain costs inclusive of the\nimpact from tariffs, partially offset by supply chain productivity\nimprovements.\n\nMarketing and selling expenses decreased 7% to $188 million. Adjusted\nmarketing and selling expenses decreased 6% to $186 million primarily driven\nby lower marketing spending.\n\nAdministrative expenses decreased 5% to $164 million. Adjusted administrative\nexpenses decreased 3% to $153 million mainly driven by cost savings\ninitiatives.\n\nOther expenses were $147 million, including the impact of a $117 million\ncombined impairment on the Cape Cod and Kettle Brand trademarks, compared to\n$29 million in the prior year. Adjusted other expenses were $4 million\ncompared to $7 million in the prior year.\n\nEBIT decreased to $4 million from $269 million. Adjusted EBIT decreased 25% to\n$242 million primarily due to lower adjusted gross profit.\n\nNet interest expense of $83 million was down modestly versus prior year.\nAdjusted net interest expense decreased to $81 million. The effective tax rate\nwas 26.6%, while the adjusted effective tax rate increased to 23.6% from 21.6%\nprimarily as a result of a favorable impact from state tax law changes in the\nprior year.\n\nEPS decreased to a loss of $0.23 per share from earnings of $0.48 per share.\nAdjusted EPS decreased 37% to $0.39 per share reflecting lower adjusted EBIT.\n\nFull-Year 2026 Results\n\nThe additional week in the prior fiscal year was an estimated 2% impact to net\nsales, adjusted EBIT and adjusted EPS ($0.06 per share).\n\nNet sales decreased 5% to $9.7 billion, including an estimated 2-point impact\nfrom the extra week in the prior year period. Organic net sales decreased 2%\nto $9.7 billion primarily driven by unfavorable volume/mix.\n\nEBIT decreased to $852 million from $1.1 billion. Adjusted EBIT decreased 21%\nto $1.2 billion primarily due to gross margin declines as a result of cost\ninflation and higher other supply chain costs inclusive of the impact from\ntariffs, which were only partially offset by supply chain productivity\nimprovements and cost savings.\n\nNet interest expense decreased modestly to $323 million from $328 million.\nAdjusted net interest expense was $321 million in the current year. The\neffective tax rate was 23.4% compared to 24.4%, and the adjusted effective tax\nrate was 23.8% compared to 23.0%.\n\nEPS decreased to $1.31 per share compared to $2.01 per share. Adjusted EPS\ndecreased 27% to $2.17 per share primarily reflecting lower adjusted EBIT.\n\nCash Flow and Shareholder Return\n\nCash flow from operations for the full fiscal year ended August 2, 2026 was\n$1.0 billion, compared to $1.1 billion in the prior year. For the fiscal year,\ncapital expenditures were $361 million, compared to $426 million, while the\ncompany returned $496 million to shareholders, primarily through cash\ndividends.\n\nResetting Dividend\n\nTo help accelerate the path to reducing debt on the company's balance sheet,\nthe company announced today that its Board of Directors approved a quarterly\ndividend payment of $0.25 per share, or $1.00 on an annualized basis, a\nreduction of 36% from the prior quarterly dividend payment of $0.39 per share,\nor $1.56 on an annualized basis. The quarterly dividend is payable on November\n2, 2026 to shareholders of record at the close of business on October 1, 2026.\n\nAnnouncing New Enterprise-Wide Cost Savings Program Targeting $500 Million by\nFiscal 2030\n\nIn the fourth quarter, Campbell's delivered approximately $25 million in\nsavings, bringing total cost savings achieved to approximately $225 million\npursuant to the company's prior $375 million savings program.\n\nBeginning in fiscal 2027, Campbell's is launching a new program targeting\ntotal cost savings of $500 million by fiscal 2030, which will further\naccelerate our work to protect our margins and support higher investment\nlevels. This new program will include initiatives remaining under the prior\nprogram, the overhead savings initiative announced during the third quarter of\nfiscal 2026, and an enterprise spend optimization plan which will transform\nhow the company manages and deploys its direct and indirect spending. Several\nactions are already underway, including plant closures and recently completed\nworkforce reductions.\n\nFull-Year Fiscal 2027 Guidance:\n\nThe company's outlook reflects an external environment which we expect will\nremain volatile, another year of elevated inflation, and several longer-term\nbenefits that are expected to build through the year to increasingly support\nour margins. The acquisition of La Regina is expected to contribute a modest\nbenefit to net sales and be neutral to adjusted EPS.\n\nThis guidance includes the company's current understanding of government\npolicy and tariffs, and does not assume any impacts from new tariffs or\nchanges to existing tariff rates.\n\nThe company's full-year fiscal 2027 guidance ranges are set forth in the table\nbelow:\n ($ in millions, except per share)     FY26 Results     FY27 Guidance \n Net Sales     $9,744     (4)% to (2)% \n Organic Net Sales Growth(1)           (4)% to (2)% \n               \n Adjusted EBIT*     $1,181     (12)% to (7)% \n               \n Adjusted EPS*     $2.17     (24)% to (17)% \n             $1.65 to $1.80 \n\n (1) Excludes the impact of acquisitions, divestitures, currency or an extra \n week, when applicable. \n * Adjusted - refer to the detailed reconciliation of the reported (GAAP) \n financial information to the adjusted financial information at the end of this \n news release. \n   \n Note: A non-GAAP reconciliation is not provided for fiscal 2027 guidance as \n the company is unable to reasonably estimate the full-year financial impact of \n items such as actuarial gains or losses on pension and postretirement plans \n because these impacts are dependent on future changes in market conditions. \n The inability to predict the amount and timing of these future items makes a \n detailed reconciliation of these forward-looking financial measures \n impracticable. \n\n\nKey assumptions supporting our guidance can be found in the accompanying\nprepared remarks and investor presentation available at\nhttps://investor.thecampbellscompany.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.thecampbellscompany.com%2Fevents-presentations&esheet=54598103&newsitemid=20260902076231&lan=en-US&anchor=https%3A%2F%2Finvestor.thecampbellscompany.com%2Fevents-presentations&index=1&md5=a4daa77850c5359ec798834d9cbdfeff)\n.\n\nSegment Operating Review\n\nAn analysis of net sales and operating earnings by reportable segment follows:\n   Three Months Ended August 2, 2026 \n   ($ in millions) \n   Meals & Beverages   Snacks*   Total \n Net Sales, as Reported $1,187   $950   $2,137 \n             \n Volume/Mix 3%   (6)%   (1)% \n Net Price Realization —%   1%   —% \n Organic Net Sales 3%   (6)%   (1)% \n Currency —%   —%   —% \n Acquisition/(Divestitures)(1) —%   —%   —% \n Estimated Impact of 53(rd) Week (7)%   (7)%   (7)% \n % Change vs. Prior Year (4)%   (12)%   (8)% \n             \n Segment Operating Earnings $181   $101     \n % Change vs. Prior Year (12)%   (34)%     \n   \n *Numbers may not add due to rounding. \n (1) Reflects the contribution to net sales from the acquisition of La Regina, \n which was completed on May 4, 2026. \n Note: A detailed reconciliation of the reported (GAAP) net sales to organic \n net sales is included at the end of this news release. \n\n   Twelve Months Ended August 2, 2026 \n   ($ in millions) \n   Meals & Beverages   Snacks   Total \n Net Sales, as Reported $5,928   $3,816   $9,744 \n             \n Volume/Mix (2)%   (5)%   (3)% \n Net Price Realization 1%   1%   1% \n Organic Net Sales (1)%   (4)%   (2)% \n Currency —%   —%   —% \n Acquisition/(Divestitures)(1) (2)%   —%   (1)% \n Estimated Impact of 53(rd) Week (1)%   (2)%   (2)% \n % Change vs. Prior Year (4)%   (6)%   (5)% \n             \n Segment Operating Earnings $943   $386     \n % Change vs. Prior Year (14)%   (28)%     \n   \n (1) Reflects the loss of net sales associated with the divestitures of the Pop \n Secret popcorn business, which was completed on August 26, 2024, and the noosa \n yoghurt business, which was completed on February 24, 2025, and the \n contribution to net sales from the acquisition of La Regina, which was \n completed on May 4, 2026. \n Note: A detailed reconciliation of the reported (GAAP) net sales to organic \n net sales is included at the end of this news release. \n\n\nMeals & Beverages\n\nNet sales decreased 4% in the quarter. Organic net sales increased 3%, driven\nby favorable volume/mix of 3%. Organic net sales growth included an estimated\n2-point tailwind as a result of the prior year SAP enterprise-resource\nplanning system implementation for Sovos Brands. Sales of U.S. soup decreased\n8% driven primarily by lapping the extra week in the prior year period.\n\nOperating earnings decreased 12% in the quarter, primarily due to lower gross\nprofit primarily as a result of cost inflation and other supply chain costs,\nas well as unfavorable volume/mix, which were partially offset by supply chain\nproductivity improvements and benefits from cost savings initiatives.\n\nSnacks\n\nNet sales decreased 12% in the quarter. Organic net sales decreased 6%,\nprimarily driven by unfavorable volume/mix of 6%, with 1% net price\nrealization. Organic net sales declines were driven primarily by our salty\nportfolio and sales attributable to third-party partner brands and contract\nmanufacturing.\n\nOperating earnings decreased 34% in the quarter, primarily due to lower gross\nprofit primarily as a result of unfavorable volume/mix, as well as cost\ninflation and other supply chain costs, which were partially offset by supply\nchain productivity improvements.\n\nCorporate\n\nCorporate expense was $226 million in the quarter compared to $83 million in\nthe prior year. The increase was primarily due to impairment charges in the\ncurrent year.\n\nConference Call and Webcast\n\nCampbell's will host a question-and-answer session to discuss these results on\nThursday, September 3, 2026, at 9:00 a.m. Eastern Time. The earnings slide\npresentation and management's prepared remarks in both written and\npre-recorded audio format are now available on the Events & Presentations\nsection of Campbell's investor relations website at\ninvestor.thecampbellscompany.com. Participants calling from the U.S. &\nCanada may dial in using the toll-free phone number (800) 715-9871.\nParticipants calling from outside the U.S. & Canada may dial in using\nphone number +1 (646) 307-1963. The conference access code is 8876056. A live\nlisten-only audio webcast, as well as a replay, will be available on the\ncompany's investor relations website.\n\nReportable Segments\n\nThe Campbell's Company earnings results are reported as follows:\n\nMeals & Beverages, which consists of soup, simple meals and beverages\nproducts in retail and foodservice in the U.S. and Canada. The segment\nincludes the following products: Campbell’s condensed and ready-to-serve\nsoups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy\nbeverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta;\nCampbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8\njuices and beverages; Campbell’s tomato juice; and as of March 12, 2024,\nRao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups;\nMichael Angelo's frozen entrées and pasta sauces; and noosa yogurts. The\nnoosa yoghurt business was sold on February 24, 2025. The segment also\nincludes snacking products in foodservice and Canada, and beginning in fiscal\n2026, the snacking and meals and beverages retail business in Latin America;\nand\n\nSnacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and\nfrozen products, including Goldfish crackers, Snyder’s of Hanover pretzels,\nLance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips,\nLate July snacks, Snack Factory pretzel crisps, and other snacking products in\nretail in the U.S. The segment also included the results of the Pop Secret\npopcorn business, which was sold on August 26, 2024.\n\nThrough the fourth quarter of fiscal 2025, the snacking and meals and\nbeverages retail business in Latin America was managed under the Snacks\nsegment. Beginning in fiscal 2026, the business is managed under the Meals\n& Beverages segment. Segment results have been adjusted retrospectively to\nreflect this change.\n\nFuture Change to Reportable Segments\n\nThe company recently shifted the leadership of its frozen bakery business from\nthe Snacks division to the Meals & Beverages division. As a result,\nbeginning in fiscal 2027, quarterly segment results will be adjusted\nretrospectively to reflect this change. Note that the change will have no\nimpact on consolidated results.\n\nAbout The Campbell's Company\n\nFor more than 155 years, The Campbell’s Company (NASDAQ:CPB) has been\nconnecting people through food they love. Headquartered in Camden, N.J. since\n1869, generations of consumers have trusted Campbell's to provide delicious\nand affordable food and beverages. Today, the company is a North American\nfocused brand powerhouse, generating fiscal 2026 net sales of $9.7 billion\nacross two divisions: Meals & Beverages and Snacks. For more information,\nvisit www.thecampbellscompany.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thecampbellscompany.com&esheet=54598103&newsitemid=20260902076231&lan=en-US&anchor=www.thecampbellscompany.com&index=2&md5=1ec52afa66664e111b18ba21b6229d71)\n.\n\nForward-Looking Statements\n\nThis release contains “forward-looking statements” that reflect the\ncompany’s current expectations about the impact of its future plans and\nperformance on the company’s business or financial results. These\nforward-looking statements, including any statements made regarding sales,\nEBIT and EPS guidance, rely on a number of assumptions and estimates that\ncould be inaccurate, and which are subject to risks and uncertainties. The\nfactors that could cause the company’s actual results to vary materially\nfrom those anticipated or expressed in any forward-looking statement include:\ndeclines or volatility in financial markets, deteriorating economic conditions\nand other external factors, including the impact of geopolitical conflicts and\nthe impact and application of new or changes to existing governmental laws,\nregulations, and policies; the risks associated with tariff actions taken by\nthe U.S. and reciprocal tariffs by its trading partners; the risks related to\nthe availability of, and cost inflation in, supply chain inputs, including raw\nmaterials, packaging materials, energy, logistics, finished products and\nlabor, including those related to ongoing geopolitical conflicts and tariffs;\ndisruptions in or inefficiencies to the company’s supply chain and/or\noperations, including reliance on key contract manufacturer and supplier\nrelationships; the company’s ability to execute on and realize the expected\nbenefits from its strategy, including sales growth in and/or maintenance of\nits market share position in snacks, soups, sauces and beverages; the impact\nof strong competitive responses to the company’s efforts to leverage brand\npower with product innovation, promotional programs and new advertising; the\nrisks associated with trade and consumer acceptance of product improvements,\nshelving initiatives, new products and pricing and promotional strategies;\nchanges in consumer demand for the company’s products, evolving consumer\npreferences and favorable perception of the company’s brands; the risks\nrelated to the La Regina transaction, including that the benefits from the\ntransaction may not be fully realized or may take longer or cost more to be\nrealized than expected; the ability to realize projected cost savings and\nbenefits from cost savings initiatives and integration efforts in light of\nrecent acquisitions and strategic investments; the risks related to the\neffectiveness of the company's hedging activities and the company's ability to\nrespond to volatility in commodity prices; the company’s ability to manage\nchanges to its organizational structure and/or business processes, including\nselling, distribution, manufacturing and information management systems or\nprocesses; changing inventory management practices by certain of the\ncompany’s key customers; a changing customer landscape, with value and\ne-commerce retailers expanding their market presence, while certain of the\ncompany’s key customers maintain significance to the company’s business;\nproduct quality and safety issues, including recalls and product liabilities;\nthe possible disruption to the independent contractor distribution models used\nby certain of the company’s businesses, including as a result of litigation\nor regulatory actions affecting their independent contractor classification;\nthe uncertainties of litigation and regulatory actions against the company; a\ndisruption, failure or security breach of the company’s or the company's\nvendors' information technology systems, including ransomware attacks; the\ncompany's indebtedness and ability to pay such indebtedness; a change in\noutlook or downgrade in our public credit ratings; impairment to goodwill or\nother intangible assets; the company’s ability to protect its intellectual\nproperty rights; the company’s ability to attract and retain key talent;\ngoals and initiatives related to, and the impacts of, climate change,\nincluding from weather-related events; the costs, disruption and diversion of\nmanagement’s attention associated with activist investors; unforeseen\nbusiness disruptions or other impacts due to political instability, civil\ndisobedience, terrorism, geopolitical conflicts, extreme weather conditions,\nnatural disasters, pandemics or other outbreaks of disease or other\ncalamities; and other factors described in the company’s most recent Form\n10-K and subsequent Securities and Exchange Commission filings. This\ndiscussion of uncertainties is by no means exhaustive but is designed to\nhighlight important factors that may impact the company’s outlook. The\ncompany disclaims any obligation or intent to update forward-looking\nstatements in order to reflect new information, events or circumstances after\nthe date of this release.\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF EARNINGS (unaudited)\n\n(millions, except per share amounts)\n     Three Months Ended \n     August 2, 2026   August 3, 2025 \n Net sales   $ 2,137     $ 2,321 \n Costs and expenses         \n Cost of products sold     1,554       1,616 \n Marketing and selling expenses     188       202 \n Administrative expenses     164       172 \n Research and development expenses     28       26 \n Other expenses / (income)     147       29 \n Restructuring charges     52       7 \n Total costs and expenses     2,133       2,052 \n Earnings before interest and taxes     4       269 \n Interest, net     83       85 \n Earnings (loss) before taxes     (79 )     184 \n Taxes on earnings (loss)     (21 )     39 \n Net earnings (loss)     (58 )     145 \n Less: Net earnings (loss) attributable to noncontrolling interests     2       — \n Net earnings (loss) attributable to The Campbell's Company   $ (60 )   $ 145 \n Less: Accretion of redeemable noncontrolling interests     5       — \n Net earnings (loss) attributable to The Campbell's Company common shareholders   $ (65 )   $ 145 \n - Basic \n Less: Unrecognized accretion on deferred consideration     4       — \n Net earnings (loss) attributable to The Campbell's Company common shareholders   $ (69 )   $ 145 \n - Diluted \n           \n Earnings (loss) per share attributable to The Campbell's Company common         \n shareholders \n Basic   $ (.22 )   $ .49 \n Diluted   $ (.23 )   $ .48 \n Weighted average shares outstanding         \n Basic     298       298 \n Diluted     304       299 \n   \n The period ended August 2, 2026 had 13 weeks. The period ended August 3, 2025 \n had 14 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF EARNINGS\n\n(millions, except per share amounts)\n     Twelve Months Ended \n     August 2, 2026   August 3, 2025 \n Net sales   $ 9,744   $ 10,253 \n Costs and expenses         \n Cost of products sold     7,002     7,134 \n Marketing and selling expenses     907     924 \n Administrative expenses     646     674 \n Research and development expenses     99     100 \n Other expenses / (income)     171     273 \n Restructuring charges     67     24 \n Total costs and expenses     8,892     9,129 \n Earnings before interest and taxes     852     1,124 \n Interest, net     323     328 \n Earnings before taxes     529     796 \n Taxes on earnings     124     194 \n Net earnings     405     602 \n Less: Net earnings (loss) attributable to noncontrolling interests     2     — \n Net earnings attributable to The Campbell's Company   $ 403   $ 602 \n Less: Accretion of redeemable noncontrolling interests     5     — \n Net earnings attributable to The Campbell's Company common shareholders -   $ 398   $ 602 \n Basic \n Less: Unrecognized accretion on deferred consideration     4     — \n Net earnings attributable to The Campbell's Company common shareholders -   $ 394   $ 602 \n Diluted \n           \n Earnings per share attributable to The Campbell's Company common shareholders         \n Basic   $ 1.34   $ 2.02 \n Diluted   $ 1.31   $ 2.01 \n Weighted average shares outstanding         \n Basic     298     298 \n Diluted     300     300 \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)\n\n(millions, except per share amounts)\n   Three Months Ended     \n   August 2, 2026   August 3, 2025   Percent \n \n \n \nChange \n Sales           \n Contributions:           \n Meals & Beverages $ 1,187     $ 1,236     (4 )% \n Snacks   950       1,085     (12 )% \n Total sales $ 2,137     $ 2,321     (8 )% \n Earnings           \n Contributions:           \n Meals & Beverages $ 181     $ 206     (12 )% \n Snacks   101       153     (34 )% \n Total operating earnings   282       359     (21 )% \n Corporate income (expense)   (226 )     (83 )     \n Restructuring charges   (52 )     (7 )     \n Earnings before interest and taxes   4       269     n/m   \n Interest, net   83       85       \n Taxes on earnings (loss)   (21 )     39       \n Net earnings (loss)   (58 )     145     n/m   \n Less: Net earnings (loss) attributable to noncontrolling interests   2       —       \n Net earnings (loss) attributable to The Campbell's Company $ (60 )   $ 145     n/m   \n Less: Accretion of redeemable noncontrolling interests   5       —       \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (65 )   $ 145       \n - Basic \n Less: Unrecognized accretion on deferred consideration   4       —       \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (69 )   $ 145       \n - Diluted \n             \n Per share - assuming dilution           \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (.23 )   $ .48     n/m   \n   \n n/m - not meaningful \n   \n Beginning in fiscal 2026, the snacking and meals and beverages retail business \n in Latin America formerly included in the Snacks segment is now managed under \n the Meals & Beverages segment. Segment results have been adjusted \n retrospectively to reflect this change. \n   \n The period ended August 2, 2026 had 13 weeks. The period ended August 3, 2025 \n had 14 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS\n\n(millions, except per share amounts)\n   Twelve Months Ended     \n   August 2, 2026   August 3, 2025   Percent \n \n \n \nChange \n Sales           \n Contributions:           \n Meals & Beverages $ 5,928     $ 6,179     (4 )% \n Snacks   3,816       4,074     (6 )% \n Total sales $ 9,744     $ 10,253     (5 )% \n Earnings           \n Contributions:           \n Meals & Beverages $ 943     $ 1,098     (14 )% \n Snacks   386       538     (28 )% \n Total operating earnings   1,329       1,636     (19 )% \n Corporate income (expense)   (410 )     (488 )     \n Restructuring charges   (67 )     (24 )     \n Earnings before interest and taxes   852       1,124     (24 )% \n Interest, net   323       328       \n Taxes on earnings   124       194       \n Net earnings   405       602     (33 )% \n Less: Net earnings (loss) attributable to noncontrolling interests   2       —       \n Net earnings attributable to The Campbell's Company $ 403     $ 602     (33 )% \n Less: Accretion of redeemable noncontrolling interests   5       —       \n Net earnings attributable to The Campbell's Company common shareholders - $ 398     $ 602       \n Basic \n Less: Unrecognized accretion on deferred consideration   4       —       \n Net earnings attributable to The Campbell's Company common shareholders - $ 394     $ 602       \n Diluted \n             \n Per share - assuming dilution           \n Net earnings attributable to The Campbell's Company common shareholders $ 1.31     $ 2.01     (35 )% \n   \n Beginning in fiscal 2026, the snacking and meals and beverages retail business \n in Latin America formerly included in the Snacks segment is now managed under \n the Meals & Beverages segment. Segment results have been adjusted \n retrospectively to reflect this change. \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED BALANCE SHEETS\n\n(millions)\n   August 2, 2026   August 3, 2025 \n Current assets       \n Cash and cash equivalents $ 394     $ 132   \n Accounts receivable   578       583   \n Inventories   1,612       1,424   \n Other current assets   136       93   \n Total current assets   2,720       2,232   \n Plant assets, net of depreciation   2,868       2,767   \n Goodwill   5,321       4,991   \n Other intangible assets, net of amortization   4,198       4,356   \n Other assets   541       550   \n Total assets $ 15,648     $ 14,896   \n Current liabilities       \n Short-term borrowings $ 977     $ 762   \n Accounts payable   1,377       1,332   \n Accrued liabilities   860       688   \n Dividends payable   118       120   \n Accrued income taxes   4       4   \n Total current liabilities   3,336       2,906   \n Long-term debt   6,160       6,095   \n Deferred taxes   1,393       1,353   \n Other liabilities   603       638   \n Total liabilities   11,492       10,992   \n Commitments and contingencies       \n Redeemable noncontrolling interests   304       —   \n The Campbell's Company shareholders' equity       \n Preferred stock; authorized 40 shares; none issued   —       —   \n Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares   12       12   \n Additional paid-in capital   412       418   \n Earnings retained in the business   4,620       4,694   \n Capital stock in treasury, at cost   (1,182 )     (1,207 ) \n Accumulated other comprehensive loss   (12 )     (15 ) \n Total The Campbell's Company shareholders' equity   3,850       3,902   \n Noncontrolling interests   2       2   \n Total equity   3,852       3,904   \n Total liabilities, redeemable noncontrolling interests and equity $ 15,648     $ 14,896   \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(millions)\n   Twelve Months Ended \n   August 2, 2026   August 3, 2025 \n Cash flows from operating activities:       \n Net earnings $ 405     $ 602   \n Adjustments to reconcile net earnings to operating cash flow       \n Impairment charges   117       176   \n Restructuring charges   67       24   \n Stock-based compensation   56       57   \n Amortization of inventory fair value adjustment from acquisition   3       —   \n Pension and postretirement benefit expense   8       24   \n Depreciation and amortization   413       434   \n Deferred income taxes   33       (54 ) \n Loss on sales of businesses   —       25   \n Other   142       119   \n Changes in working capital, net of acquisition and divestitures       \n Accounts receivable   21       26   \n Inventories   (89 )     (80 ) \n Other current assets   (3 )     (14 ) \n Accounts payable and accrued liabilities   (90 )     (167 ) \n Other   (44 )     (41 ) \n Net cash provided by operating activities   1,039       1,131   \n Cash flows from investing activities:       \n Purchases of plant assets   (361 )     (426 ) \n Purchases of routes   (56 )     (144 ) \n Sales of routes   53       121   \n Business acquisition, net of cash acquired   1       —   \n Sales of businesses, net of cash divested   5       258   \n Other   1       4   \n Net cash used in investing activities   (357 )     (187 ) \n Cash flows from financing activities:       \n Short-term borrowings, including commercial paper   1,755       1,846   \n Short-term repayments, including commercial paper   (1,778 )     (1,796 ) \n Long-term borrowings   577       1,144   \n Long-term repayments   (459 )     (1,550 ) \n Dividends paid   (470 )     (459 ) \n Treasury stock purchases   (26 )     (62 ) \n Payments related to tax withholding for stock-based compensation   (13 )     (30 ) \n Payments of debt issuance costs   (5 )     (12 ) \n Net cash used in financing activities   (419 )     (919 ) \n Effect of exchange rate changes on cash   (1 )     (1 ) \n Net change in cash and cash equivalents   262       24   \n Cash and cash equivalents — beginning of period   132       108   \n Cash and cash equivalents — end of period $ 394     $ 132   \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nReconciliation of GAAP to Non-GAAP Financial Measures\n\nFiscal Year Ended August 2, 2026\n\nThe Campbell's Company (the \"company\") uses certain non-GAAP financial\nmeasures as defined by the Securities and Exchange Commission in certain\ncommunications. These non-GAAP financial measures are measures of performance\nnot defined by accounting principles generally accepted in the United States\nand should be considered in addition to, not in lieu of, GAAP reported\nmeasures. Management believes that also presenting certain non-GAAP financial\nmeasures provides additional information to facilitate comparison of the\ncompany's historical operating results and trends in its underlying operating\nresults, and provides transparency on how the company evaluates its business.\nManagement uses these non-GAAP financial measures in making financial,\noperating and planning decisions and in evaluating the company's performance.\nManagement considers quantitative and qualitative factors in assessing whether\nto adjust for the impact of items that may be significant or that could affect\nan understanding of the company’s performance and trends in its underlying\noperating results. The adjustments on earnings may include but are not limited\nto items such as: unusual or non-recurring gains or charges; costs associated\nwith cost savings and optimization initiatives; actuarial and curtailment\ngains or losses on pension and postretirement plans; unrealized mark-to-market\ngains or losses on outstanding undesignated commodity hedges; gains or losses\non the extinguishment of debt; gains or losses on divestitures; costs\nassociated with acquisitions; accretion on deferred consideration and\nredeemable noncontrolling interests; impairment charges or accelerated\namortization; certain litigation expenses or recoveries; and costs or\nrecoveries related to a cybersecurity incident. Depending upon facts or\ncircumstances, management may change these adjustments. When these adjustments\nchange, the company will provide updated definitions of its non-GAAP financial\nmeasures. When items no longer impact the company’s current or future\npresentation of non-GAAP operating results, the company will remove these\nitems from its non-GAAP definitions.\n\nOrganic Net Sales\n\nOrganic net sales are net sales excluding the impact of currency,\nacquisitions, divestitures and the additional week in fiscal 2025. Management\nbelieves that excluding these items, which are not part of the ongoing\nbusiness, improves the comparability of year-to-year results. A reconciliation\nof net sales as reported to organic net sales follows.\n Three Months Ended \n   August 2, 2026   August 3, 2025   % Change \n (millions) Net Sales, Impact of Currency Impact of Acquisition Organic Net Sales   Net Sales, Estimated Impact of 53(rd) week Organic Net Sales   Net Sales, Organic Net Sales \n \n \n \n \n \nas \nas \nas \n \n \n \n \n \nReported \nReported \nReported \n Meals & Beverages $ 1,187 $ 1 $ (5 ) $ 1,183   $ 1,236 $ (88 ) $ 1,148   (4 )% 3 % \n Snacks   950   —   —     950     1,085   (78 )   1,007   (12 )% (6 )% \n Total Net Sales $ 2,137 $ 1 $ (5 ) $ 2,133   $ 2,321 $ (166 ) $ 2,155   (8 )% (1 )% \n\n Twelve Months Ended \n   August 2, 2026   August 3, 2025   % Change \n (millions) Net Sales, Impact of Currency Impact of Acquisition Organic Net Sales   Net Sales, Impact of Divestitures Estimated Impact of 53(rd) week Organic Net Sales   Net Sales, Organic Net Sales \n \n \n \n \n \nas \nas \nas \n \n \n \n \n \nReported \nReported \nReported \n Meals & Beverages $ 5,928 $ (6 ) $ (5 ) $ 5,917   $ 6,179 $ (99 ) $ (88 ) $ 5,992   (4 )% (1 )% \n Snacks   3,816   —     —     3,816     4,074   (9 )   (78 )   3,987   (6 )% (4 )% \n Total Net Sales $ 9,744 $ (6 ) $ (5 ) $ 9,733   $ 10,253 $ (108 ) $ (166 ) $ 9,979   (5 )% (2 )% \n\n\nItems Impacting Earnings\n\nAdjusted Net earnings are net earnings excluding the impact of costs\nassociated with cost savings and optimization initiatives, unrealized\nmark-to-market gains or losses on outstanding undesignated commodity hedges,\ncosts associated with acquisitions, accretion on deferred consideration,\ncertain litigation expenses or recoveries, actuarial and curtailment gains or\nlosses on pension and postretirement plans, impairment charges, costs or\nrecoveries related to a cybersecurity incident, accelerated amortization, and\ngains or losses on divestitures. Management believes that financial\ninformation excluding certain items that are not considered to reflect the\nongoing operating results, such as those listed below, improves the\ncomparability of year-to-year results. Consequently, management believes that\ninvestors may be able to better understand its results excluding these items.\n\nThe following items impacted earnings:\n (1) The company has implemented several cost savings initiatives in recent years. \n In the fourth quarter of fiscal 2026, the company recorded Restructuring \n charges of $52 million and implementation costs and other related costs of $11 \n million in Cost of products sold, $8 million in Administrative expenses, $2 \n million in Research and development expenses and $1 million in Marketing and \n selling expenses related to these initiatives. In the fourth quarter of fiscal \n 2025, the company recorded Restructuring charges of $7 million and \n implementation costs and other related costs of $15 million in Administrative \n expenses, $7 million in Cost of products sold and $2 million in Marketing and \n selling expenses related to these initiatives. In fiscal 2026, the company \n recorded Restructuring charges of $67 million and implementation costs and \n other related costs of $39 million in Cost of products sold, $38 million in \n Other expenses / (income), $29 million in Administrative expenses, $4 million \n in Marketing and selling expenses and $4 million in Research and development \n expenses related to these initiatives. In fiscal 2025, the company recorded \n Restructuring charges of $24 million and implementation costs and other \n related costs of $41 million in Administrative expenses, $32 million in Cost \n of products sold, $4 million in Marketing and selling expenses and $3 million \n in Research and development expenses related to these initiatives. \n     \n   In the second quarter of fiscal 2024, the company began implementation of an \n optimization initiative to improve the effectiveness of its Snacks \n direct-store-delivery route-to-market network. In the fourth quarter of fiscal \n 2026, the company recognized $1 million in Marketing and selling expenses \n related to this initiative. In the fourth quarter of fiscal 2025, the company \n recognized $3 million in Marketing and selling expenses related to this \n initiative. In fiscal 2026, the company recognized $21 million in Marketing \n and selling expenses related to this initiative. In fiscal 2025, the company \n recognized $20 million in Marketing and selling expenses and $1 million in \n Administrative expenses related to this initiative. \n     \n   In the fourth quarter of fiscal 2026, the total aggregate impact related to \n the cost savings and optimization initiatives was $75 million ($58 million \n after tax, or $.19 per share). In the fourth quarter of fiscal 2025, the total \n aggregate impact related to the cost savings and optimization initiatives was \n $34 million ($26 million after tax, or $.09 per share). In fiscal 2026, the \n total aggregate impact related to the cost savings and optimization \n initiatives was $202 million ($154 million after tax, or $.51 per share). In \n fiscal 2025, the total aggregate impact related to the cost savings and \n optimization initiatives was $125 million ($96 million after tax, or $.32 per \n share). \n     \n (2) In the fourth quarter of fiscal 2026, the company recognized losses in Cost of \n products sold of $14 million ($10 million after tax, or $.03 per share) \n associated with unrealized mark-to-market adjustments on outstanding \n undesignated commodity hedges. In the fourth quarter of fiscal 2025, the \n company recognized gains in Cost of products sold of $3 million ($2 million \n after tax, or $.01 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. In fiscal 2026, the \n company recognized gains in Cost of products sold of $6 million ($5 million \n after tax, or $.02 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. In fiscal 2025, the \n company recognized gains in Cost of products sold of $11 million ($8 million \n after tax, or $.03 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. \n     \n (3) In the second quarter of fiscal 2026, the company entered into purchase \n agreements to acquire 49% of the issued and outstanding equity interests of La \n Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC \n (together, La Regina). The acquisition was completed on May 4, 2026. The \n aggregate consideration for the transaction is $286 million to be paid in two \n tranches: (i) $146 million was paid in cash at the closing, and (ii) $140 \n million will be payable at the company’s discretion in either cash or shares \n of its capital stock on May 4, 2027. In the fourth quarter of fiscal 2026, the \n company incurred $22 million of costs associated with the acquisition, of \n which $19 million was recorded in Other expenses / (income) and $3 million in \n Cost of products sold associated with the acquisition date fair value \n adjustment for inventory. The aggregate impact was $15 million after tax and \n the amount attributable to noncontrolling interests, or $.05 per share. The \n amount attributable to noncontrolling interests was $1 million after tax. In \n fiscal 2026, the company incurred $26 million of costs associated with the \n acquisition, of which $23 million was recorded in Other expenses / (income) \n and $3 million in Cost of products sold associated with the acquisition date \n fair value adjustment for inventory. The aggregate impact was $19 million \n after tax and the amount attributable to noncontrolling interests, or $.06 per \n share. The amount attributable to noncontrolling interests was $1 million \n after tax. \n     \n (4) In the fourth quarter of fiscal 2026, the company recorded a liability at fair \n value on the La Regina acquisition for the deferred consideration of $140 \n million that will be paid on May 4, 2027. In the fourth quarter of fiscal \n 2026, the company recognized changes in the fair value of the deferred \n consideration in Interest expense of $2 million ($1 million after tax). \n     \n (5) In the fourth quarter of fiscal 2026, the company recorded litigation expenses \n in Administrative expenses of $3 million ($3 million after tax, or $.01 per \n share) related to the Plum baby food and snacks business (Plum), which was \n divested on May 3, 2021, and certain other litigation matters. In the fourth \n quarter of fiscal 2025, the company recorded litigation recoveries in \n Administrative expenses of $1 million ($1 million after tax) related to Plum \n and certain other litigation matters. In fiscal 2026, the company recorded \n litigation expenses in Administrative expenses of $14 million ($11 million \n after tax, or $.04 per share) related to Plum and certain other litigation \n matters. In fiscal 2025, the company recorded litigation expenses in \n Administrative expenses of $5 million ($5 million after tax, or $.02 per \n share) related to Plum and certain other litigation matters. \n     \n (6) In the fourth quarter of fiscal 2026, the company recognized actuarial losses \n on pension and postretirement plans in Other expenses / (income) of $7 million \n ($5 million after tax, or $.02 per share). In the fourth quarter of fiscal \n 2025, the company recognized actuarial losses on pension and postretirement \n plans in Other expenses / (income) of $22 million ($17 million after tax, or \n $.06 per share). In fiscal 2026, the company recognized actuarial and \n curtailment gains on pension and postretirement plans in Other expenses / \n (income) of $23 million ($18 million after tax, or $.06 per share). In fiscal \n 2025, the company recognized actuarial losses on pension and postretirement \n plans in Other expenses / (income) of $24 million ($18 million after tax, or \n $.06 per share). \n     \n (7) In the fourth quarter of fiscal 2026, the company recognized impairment \n charges of $60 million on the Kettle Brand trademark and $57 million on the \n Cape Cod trademark within the Snacks segment for an aggregate impact of $117 \n million ($88 million after tax, or $.29 per share). \n     \n   In the third quarter of fiscal 2025, the company performed an interim \n impairment assessment on the Snyder's of Hanover trademark within the Snacks \n segment and recognized an impairment charge of $150 million on the trademark. \n     \n   In the second quarter of fiscal 2025, the company performed an interim \n impairment assessment on certain salty snacks and cookie trademarks within the \n Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and \n Archway, collectively referred to as the company's \"Allied brands,\" and \n recognized an impairment charge of $15 million on the trademarks. \n     \n   In the second quarter of fiscal 2025, the company performed an interim \n impairment assessment on the Late July trademark within the Snacks segment and \n recognized an impairment charge of $11 million on the trademark. \n     \n   In fiscal 2025, the total aggregate impact of the impairment charges was $176 \n million ($131 million after tax, or $.44 per share). \n     \n   The charges were included in Other expenses / (income). \n     \n (8) In fiscal 2026 and 2025, the company recognized insurance recoveries in \n Administrative expenses of $1 million ($1 million after tax) related to a \n cybersecurity incident that was identified in the fourth quarter of fiscal \n 2023. \n     \n (9) In fiscal 2025, the company recorded accelerated amortization expense in Other \n expenses / (income) of $20 million ($15 million after tax, or $.05 per share) \n related to customer relationship intangible assets due to the loss of certain \n contract manufacturing customers, which began in the fourth quarter of fiscal \n 2023. \n     \n (10) In the third quarter of fiscal 2025, the company completed the sale of its \n noosa yoghurt business. In the second quarter of fiscal 2025, the company \n recorded $15 million of tax expense related to the sale. In fiscal 2025, the \n company recorded an after-tax loss of $15 million ($.05 per share) on the sale \n of the business. In the first quarter of fiscal 2025, the company recorded a \n loss in Other expenses / (income) of $25 million ($19 million after tax, or \n $.06 per share) on the sale of its Pop Secret popcorn business. In fiscal \n 2025, the total aggregate impact of charges associated with divestitures was \n $25 million ($34 million after tax, or $.11 per share). \n\n\nThe following tables reconcile financial information, presented in accordance\nwith GAAP, to financial information excluding certain items:\n   Three Months Ended       Twelve Months Ended   \n (millions, except per share amounts) August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Gross profit, as reported $ 583     $ 705     (17 )%   $ 2,742     $ 3,119   (12 )% \n Gross profit margin, as reported   27.3 %     30.4 %   (310) pts     28.1 %     30.4 % (230) pts \n Costs associated with cost savings and optimization initiatives (1)   11       7           39       32     \n Commodity mark-to-market losses (gains) (2)   14       (3 )         (6 )     (11 )   \n Costs associated with acquisition (3)   3       —           3       —     \n Adjusted Gross profit $ 611     $ 709     (14 )%   $ 2,778     $ 3,140   (12 )% \n Adjusted Gross profit margin   28.6 %     30.5 %   (190) pts     28.5 %     30.6 % (210) pts \n                       \n Marketing and selling expenses, as reported $ 188     $ 202     (7 )%   $ 907     $ 924   (2 )% \n Costs associated with cost savings and optimization initiatives (1)   (2 )     (5 )         (25 )     (24 )   \n Adjusted Marketing and selling expenses $ 186     $ 197     (6 )%   $ 882     $ 900   (2 )% \n Administrative expenses, as reported $ 164     $ 172     (5 )%   $ 646     $ 674   (4 )% \n Costs associated with cost savings and optimization initiatives (1)   (8 )     (15 )         (29 )     (42 )   \n Certain litigation recoveries (expenses) (5)   (3 )     1           (14 )     (5 )   \n Cybersecurity incident recoveries (8)   —       —           1       1     \n Adjusted Administrative expenses $ 153     $ 158     (3 )%   $ 604     $ 628   (4 )% \n Research and development expenses, as reported $ 28     $ 26         $ 99     $ 100     \n Costs associated with cost savings and optimization initiatives (1)   (2 )     —           (4 )     (3 )   \n Adjusted Research and development expenses $ 26     $ 26         $ 95     $ 97     \n Other expenses / (income), as reported $ 147     $ 29         $ 171     $ 273     \n Costs associated with cost savings and optimization initiatives (1)   —       —           (38 )     —     \n Costs associated with acquisition (3)   (19 )     —           (23 )     —     \n Pension and postretirement actuarial and curtailment gains / (losses) (6)   (7 )     (22 )         23       (24 )   \n Impairment charges (7)   (117 )     —           (117 )     (176 )   \n Accelerated amortization (9)   —       —           —       (20 )   \n Charges associated with divestitures (10)   —       —           —       (25 )   \n Adjusted Other expenses / (income) $ 4     $ 7         $ 16     $ 28     \n\n   Three Months Ended       Twelve Months Ended   \n (millions, except per share amounts) August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Earnings before interest and taxes, as reported $ 4     $ 269     n/m     $ 852     $ 1,124   (24 )% \n Costs associated with cost savings and optimization initiatives (1)   75       34           202       125     \n Commodity mark-to-market losses (gains) (2)   14       (3 )         (6 )     (11 )   \n Costs associated with acquisition (3)   22       —           26       —     \n Certain litigation expenses (recoveries) (5)   3       (1 )         14       5     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   7       22           (23 )     24     \n Impairment charges (7)   117       —           117       176     \n Cybersecurity incident recoveries (8)   —       —           (1 )     (1 )   \n Accelerated amortization (9)   —       —           —       20     \n Charges associated with divestitures (10)   —       —           —       25     \n Adjusted Earnings before interest and taxes $ 242     $ 321     (25 )%   $ 1,181     $ 1,487   (21 )% \n Interest, net, as reported $ 83     $ 85         $ 323     $ 328     \n Recognized accretion on deferred consideration (4)   (2 )     —           (2 )     —     \n Adjusted Interest, net $ 81     $ 85         $ 321     $ 328     \n Adjusted Earnings before taxes $ 161     $ 236         $ 860     $ 1,159     \n Taxes on earnings (loss), as reported $ (21 )   $ 39     n/m     $ 124     $ 194   (36 )% \n Effective income tax rate, as reported   26.6 %     21.2 %   n/m       23.4 %     24.4 % (100) pts \n Costs associated with cost savings and optimization initiatives (1)   17       8           48       29     \n Commodity mark-to-market losses (gains) (2)   4       (1 )         (1 )     (3 )   \n Costs associated with acquisition (3)   6       —           6       —     \n Recognized accretion on deferred consideration (4)   1       —           1       —     \n Certain litigation expenses (recoveries) (5)   —       —           3       —     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   2       5           (5 )     6     \n Impairment charges (7)   29       —           29       45     \n Cybersecurity incident recoveries (8)   —       —           —       —     \n Accelerated amortization (9)   —       —           —       5     \n Charges associated with divestitures (10)   —       —           —       (9 )   \n Adjusted Taxes on earnings $ 38     $ 51     (25 )%   $ 205     $ 267   (23 )% \n Adjusted effective income tax rate   23.6 %     21.6 %   200 pts     23.8 %     23.0 % 80 pts \n Net earnings attributable to noncontrolling interests $ 2     $ —         $ 2     $ —     \n Costs associated with acquisition (3)   1       —           1       —     \n Adjusted Net earnings attributable to noncontrolling interests $ 3     $ —         $ 3     $ —     \n Net earnings (loss) attributable to The Campbell's Company, as reported $ (60 )   $ 145     n/m     $ 403     $ 602   (33 )% \n Costs associated with cost savings and optimization initiatives (1)   58       26           154       96     \n Commodity mark-to-market losses (gains) (2)   10       (2 )         (5 )     (8 )   \n Costs associated with acquisition (3)   15       —           19       —     \n Recognized accretion on deferred consideration (4)   1       —           1       —     \n Certain litigation expenses (recoveries) (5)   3       (1 )         11       5     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   5       17           (18 )     18     \n Impairment charges (7)   88       —           88       131     \n Cybersecurity incident recoveries (8)   —       —           (1 )     (1 )   \n Accelerated amortization (9)   —       —           —       15     \n Charges associated with divestitures (10)   —       —           —       34     \n Adjusted Net earnings attributable to The Campbell's Company $ 120     $ 185     (35 )%   $ 652     $ 892   (27 )% \n   \n n/m - not meaningful   \n\n\nAdjusted Net Earnings attributable to The Campbell's Company common\nshareholders - Diluted\n\nThe company believes that financial information excluding certain items that\nare not considered to reflect ongoing earnings per share results improves the\ncomparability of year-to-year results. Accretion of the La Regina redeemable\nnoncontrolling interests to redemption value is an adjustment to determine net\nearnings attributable to The Campbell's Company common shareholders for\ndiluted earnings per share. Additionally, as noted in (4) in Items Impacting\nEarnings, the company recognized a liability at fair value for the deferred\nconsideration on the acquisition of La Regina that will be paid on May 4,\n2027. The deferred consideration will be payable at the company’s discretion\nin either cash or shares of its capital stock. The company will recognize\nchanges in fair value to accrete the liability to the total payment due on May\n4, 2027. As the deferred consideration may be settled in shares, unrecognized\naccretion on the deferred consideration is an adjustment to determine net\nearnings attributable to The Campbell's Company common shareholders for\ndiluted earnings per share and the denominator will include the incremental\nshares that would be assumed to satisfy the payment. Consequently, the company\nbelieves that investors may be able to better understand its diluted earnings\nper share results excluding the accretion of the redeemable noncontrolling\ninterests and the recognized and unrecognized accretion on the deferred\nconsideration in the net earnings attributable to The Campbell's Company\ncommon shareholders. In the fourth quarter of fiscal 2026, the company\nrecognized accretion of redeemable noncontrolling interests of $5 million\n($.02 per share), accretion of the deferred consideration of $2 million ($1\nmillion after tax) and had unrecognized accretion of $4 million after tax\n($.01 per share). The adjustments to diluted earnings per share are below:\n   Three Months Ended   Twelve Months Ended \n   August 2, 2026   August 3, 2025   August 2, 2026   August 3, 2025 \n Net earnings (loss) attributable to The Campbell's Company $ (60 )   $ 145     $ 403     $ 602   \n Less: Accretion of redeemable noncontrolling interests   5       —       5       —   \n Less: Unrecognized accretion on deferred consideration   4       —       4       —   \n Net Earnings (loss) attributable to The Campbell's Company common shareholders $ (69 )   $ 145     $ 394     $ 602   \n - Diluted, as reported \n Costs associated with cost savings and optimization initiatives (1)   58       26       154       96   \n Commodity mark-to-market losses (gains) (2)   10       (2 )     (5 )     (8 ) \n Costs associated with acquisition (3)   15       —       19       —   \n Recognized accretion on deferred consideration (4)   1       —       1       —   \n Certain litigation expenses (recoveries) (5)   3       (1 )     11       5   \n Pension and postretirement actuarial and curtailment losses (gains) (6)   5       17       (18 )     18   \n Impairment charges (7)   88       —       88       131   \n Cybersecurity incident recoveries (8)   —       —       (1 )     (1 ) \n Accelerated amortization (9)   —       —       —       15   \n Charges associated with divestitures (10)   —       —       —       34   \n Accretion of redeemable noncontrolling interests   5       —       5       —   \n Unrecognized accretion on deferred consideration   4       —       4       —   \n Adjusted Net Earnings attributable to The Campbell's Company common $ 120     $ 185     $ 652     $ 892   \n shareholders - Diluted \n\n   Three Months Ended       Twelve Months Ended   \n   August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Diluted net earnings (loss) per share attributable to The Campbell's Company $ (.23 )   $ .48     n/m     $ 1.31     $ 2.01   (35 )% \n common shareholders, as reported \n Costs associated with cost savings and optimization initiatives (1)   .19       .09           .51       .32     \n Commodity mark-to-market losses (gains) (2)   .03       (.01 )         (.02 )     (.03 )   \n Costs associated with acquisition (3)   .05       —           .06       —     \n Recognized accretion on deferred consideration (4)   —       —           —       —     \n Certain litigation expenses (recoveries) (5)   .01       —           .04       .02     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   .02       .06           (.06 )     .06     \n Impairment charges (7)   .29       —           .29       .44     \n Cybersecurity incident recoveries (8)   —       —           —       —     \n Accelerated amortization (9)   —       —           —       .05     \n Charges associated with divestitures (10)   —       —           —       .11     \n Accretion of redeemable noncontrolling interests   .02       —           .02       —     \n Unrecognized accretion on deferred consideration   .01       —           .01       —     \n Adjusted Diluted net earnings per share attributable to The Campbell's Company $ .39     $ .62     (37 )%   $ 2.17     $ 2.97   (27 )% \n common shareholders* \n   \n *The sum of individual per share amounts may not add due to rounding. \n n/m - not meaningful \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260902076231/en/\n(https://www.businesswire.com/news/home/20260902076231/en/)\n\nINVESTOR CONTACT: \n\nJoshua Levine\n\nJoshua_Levine@campbells.com (mailto:Joshua_Levine@campbells.com)\n\nMEDIA CONTACT: \n\nDana Connors\n\nmedia@campbells.com (mailto:media@campbells.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw3m7B6ja","title":"Campbell's Reports Fourth Quarter Fiscal 2026 Results","author":"Business Wire","ticker":"CPB","created":"2026-09-03T11:15:00.390Z","tickers":["CPB"],"exchange":"NASDAQ","article_body":"Campbell's Reports Fourth Quarter Fiscal 2026 Results\n\nProvides Full-Year Fiscal 2027 Guidance\n\nTargeting $500 Million Cost Savings by Fiscal 2030\n\nResetting Dividend to Accelerate Debt Reduction\n\nFourth Quarter:\n\n\n * Net Sales decreased 8% to $2.1 billion and decreased 1% on an organic basis.\n\n * Earnings Before Interest and Taxes (EBIT) decreased to $4 million; Adjusted\nEBIT decreased 25% to $242 million, including an estimated 8% impact from the\nextra week in the prior year period.\n\n * Earnings Per Share (EPS) decreased to $(0.23); Adjusted EPS decreased 37% to\n$0.39, including an estimated $0.06 per share, or 7%, impact from the extra\nweek in the prior year period.\n\nFull Year:\n\n\n * Net Sales decreased 5% to $9.7 billion and decreased 2% on an organic basis.\n\n * EBIT decreased to $852 million. Adjusted EBIT decreased 21% to $1.2 billion,\nincluding an estimated 2% impact from the extra week in the prior year.\n\n * EPS decreased to $1.31. Adjusted EPS decreased 27% to $2.17, including an\nestimated $0.06 per share, or 2%, impact from the extra week in the prior\nyear.\n\n * Cash flow from operations was $1.0 billion.\n\nThe Campbell's Company (NASDAQ:CPB) today reported results for its fourth\nquarter fiscal 2026 ended August 2, 2026. Unless otherwise stated, all\ncomparisons are to the comparable period in fiscal 2025. The La Regina\nacquisition was completed on May 4, 2026, and as such, La Regina's financials\nare fully consolidated into Campbell's results.\n\nCEO Comments:\n\n\"Fourth quarter and fiscal 2026 results reflect top-line softness and\ninflation-driven margin headwinds,” said Mick Beekhuizen, Campbell’s\nPresident and Chief Executive Officer. “Our performance is not where it\nneeds to be, and we are taking decisive action to improve it. We are\nincreasing our focus on the consumer, sharpening execution, reducing costs to\nsupport investment in our brands, and strengthening our balance sheet,\nincluding resetting our dividend. We enter fiscal 2027 with leading brands\nincluding Campbell's, Rao's, Goldfish and Pepperidge Farm, a resilient Meals\n& Beverages division benefiting from durable at-home cooking trends, and\nactions underway to strengthen Snacks. The steps we are taking are designed to\nimprove growth, expand margins, reduce leverage, and position Campbell's for\nsustainable long-term value creation.\"\n   Three Months Ended   Twelve Months Ended \n ($ in millions, except per share) August 2, 2026   August 3, 2025   % Change   August 2, 2026   August 3, 2025   % Change \n Net Sales                       \n As Reported (GAAP) $2,137   $2,321   (8)%   $9,744   $10,253   (5)% \n Organic         (1)%           (2)% \n Earnings Before Interest and Taxes (EBIT)                       \n As Reported (GAAP) $4   $269   n/m   $852   $1,124   (24)% \n Adjusted $242   $321   (25)%   $1,181   $1,487   (21)% \n Diluted Earnings (Loss) Per Share                       \n As Reported (GAAP) $(0.23)   $0.48   n/m   $1.31   $2.01   (35)% \n Adjusted $0.39   $0.62   (37)%   $2.17   $2.97   (27)% \n   \n n/m - not meaningful \n Note: A detailed reconciliation of the reported (GAAP) financial information \n to the adjusted financial information is included at the end of this news \n release. \n\n\nItems Impacting Comparability\n\nThe table below presents a summary of items impacting comparability in each\nperiod. A detailed reconciliation of the reported (GAAP) financial information\nto the adjusted information is included at the end of this news release.\n   Diluted Earnings Per Share \n   Three Months Ended   Twelve Months Ended \n   August 2, 2026   August 3, 2025   August 2, 2026   August 3, 2025 \n As Reported (GAAP) $(0.23)   $0.48   $1.31   $2.01 \n Costs associated with cost savings and optimization initiatives $0.19   $0.09   $0.51   $0.32 \n Commodity mark-to-market losses (gains) $0.03   $(0.01)   $(0.02)   $(0.03) \n Costs associated with acquisition $0.05   $—   $0.06   $— \n Recognized accretion on deferred consideration $—   $—   $—   $— \n Certain litigation expenses $0.01   $—   $0.04   $0.02 \n Pension and postretirement actuarial and curtailment losses (gains) $0.02   $0.06   $(0.06)   $0.06 \n Impairment charges $0.29   $—   $0.29   $0.44 \n Cybersecurity incident recoveries $—   $—   $—   $— \n Accelerated amortization $—   $—   $—   $0.05 \n Charges associated with divestitures $—   $—   $—   $0.11 \n Accretion of redeemable noncontrolling interests $0.02   $—   $0.02   $— \n Unrecognized accretion on deferred consideration $0.01   $—   $0.01   $— \n Adjusted* $0.39   $0.62   $2.17   $2.97 \n                 \n The estimated impact of the 53(rd) week contributed $0.06 to fiscal 2025 \n results. \n *Numbers may not add due to rounding. \n\n\nFourth Quarter Results\n\nThe additional week in the prior fiscal year's fourth quarter was an estimated\n7% impact to net sales, 8% to adjusted EBIT and 7% to adjusted EPS ($0.06 per\nshare).\n\nNet sales decreased 8% to $2.1 billion, including an estimated 7-point impact\nfrom the extra week in the prior year period. Organic net sales decreased 1%\ndriven primarily by lower volume/mix.\n\nGross profit decreased 17% to $583 million. Gross profit margin decreased 310\nbasis points to 27.3%. Adjusted gross profit decreased 14% to $611 million.\nAdjusted gross profit margin decreased 190 basis points to 28.6%, driven\nprimarily by cost inflation and other supply chain costs inclusive of the\nimpact from tariffs, partially offset by supply chain productivity\nimprovements.\n\nMarketing and selling expenses decreased 7% to $188 million. Adjusted\nmarketing and selling expenses decreased 6% to $186 million primarily driven\nby lower marketing spending.\n\nAdministrative expenses decreased 5% to $164 million. Adjusted administrative\nexpenses decreased 3% to $153 million mainly driven by cost savings\ninitiatives.\n\nOther expenses were $147 million, including the impact of a $117 million\ncombined impairment on the Cape Cod and Kettle Brand trademarks, compared to\n$29 million in the prior year. Adjusted other expenses were $4 million\ncompared to $7 million in the prior year.\n\nEBIT decreased to $4 million from $269 million. Adjusted EBIT decreased 25% to\n$242 million primarily due to lower adjusted gross profit.\n\nNet interest expense of $83 million was down modestly versus prior year.\nAdjusted net interest expense decreased to $81 million. The effective tax rate\nwas 26.6%, while the adjusted effective tax rate increased to 23.6% from 21.6%\nprimarily as a result of a favorable impact from state tax law changes in the\nprior year.\n\nEPS decreased to a loss of $0.23 per share from earnings of $0.48 per share.\nAdjusted EPS decreased 37% to $0.39 per share reflecting lower adjusted EBIT.\n\nFull-Year 2026 Results\n\nThe additional week in the prior fiscal year was an estimated 2% impact to net\nsales, adjusted EBIT and adjusted EPS ($0.06 per share).\n\nNet sales decreased 5% to $9.7 billion, including an estimated 2-point impact\nfrom the extra week in the prior year period. Organic net sales decreased 2%\nto $9.7 billion primarily driven by unfavorable volume/mix.\n\nEBIT decreased to $852 million from $1.1 billion. Adjusted EBIT decreased 21%\nto $1.2 billion primarily due to gross margin declines as a result of cost\ninflation and higher other supply chain costs inclusive of the impact from\ntariffs, which were only partially offset by supply chain productivity\nimprovements and cost savings.\n\nNet interest expense decreased modestly to $323 million from $328 million.\nAdjusted net interest expense was $321 million in the current year. The\neffective tax rate was 23.4% compared to 24.4%, and the adjusted effective tax\nrate was 23.8% compared to 23.0%.\n\nEPS decreased to $1.31 per share compared to $2.01 per share. Adjusted EPS\ndecreased 27% to $2.17 per share primarily reflecting lower adjusted EBIT.\n\nCash Flow and Shareholder Return\n\nCash flow from operations for the full fiscal year ended August 2, 2026 was\n$1.0 billion, compared to $1.1 billion in the prior year. For the fiscal year,\ncapital expenditures were $361 million, compared to $426 million, while the\ncompany returned $496 million to shareholders, primarily through cash\ndividends.\n\nResetting Dividend\n\nTo help accelerate the path to reducing debt on the company's balance sheet,\nthe company announced today that its Board of Directors approved a quarterly\ndividend payment of $0.25 per share, or $1.00 on an annualized basis, a\nreduction of 36% from the prior quarterly dividend payment of $0.39 per share,\nor $1.56 on an annualized basis. The quarterly dividend is payable on November\n2, 2026 to shareholders of record at the close of business on October 1, 2026.\n\nAnnouncing New Enterprise-Wide Cost Savings Program Targeting $500 Million by\nFiscal 2030\n\nIn the fourth quarter, Campbell's delivered approximately $25 million in\nsavings, bringing total cost savings achieved to approximately $225 million\npursuant to the company's prior $375 million savings program.\n\nBeginning in fiscal 2027, Campbell's is launching a new program targeting\ntotal cost savings of $500 million by fiscal 2030, which will further\naccelerate our work to protect our margins and support higher investment\nlevels. This new program will include initiatives remaining under the prior\nprogram, the overhead savings initiative announced during the third quarter of\nfiscal 2026, and an enterprise spend optimization plan which will transform\nhow the company manages and deploys its direct and indirect spending. Several\nactions are already underway, including plant closures and recently completed\nworkforce reductions.\n\nFull-Year Fiscal 2027 Guidance:\n\nThe company's outlook reflects an external environment which we expect will\nremain volatile, another year of elevated inflation, and several longer-term\nbenefits that are expected to build through the year to increasingly support\nour margins. The acquisition of La Regina is expected to contribute a modest\nbenefit to net sales and be neutral to adjusted EPS.\n\nThis guidance includes the company's current understanding of government\npolicy and tariffs, and does not assume any impacts from new tariffs or\nchanges to existing tariff rates.\n\nThe company's full-year fiscal 2027 guidance ranges are set forth in the table\nbelow:\n ($ in millions, except per share)     FY26 Results     FY27 Guidance \n Net Sales     $9,744     (4)% to (2)% \n Organic Net Sales Growth(1)           (4)% to (2)% \n               \n Adjusted EBIT*     $1,181     (12)% to (7)% \n               \n Adjusted EPS*     $2.17     (24)% to (17)% \n             $1.65 to $1.80 \n\n (1) Excludes the impact of acquisitions, divestitures, currency or an extra \n week, when applicable. \n * Adjusted - refer to the detailed reconciliation of the reported (GAAP) \n financial information to the adjusted financial information at the end of this \n news release. \n   \n Note: A non-GAAP reconciliation is not provided for fiscal 2027 guidance as \n the company is unable to reasonably estimate the full-year financial impact of \n items such as actuarial gains or losses on pension and postretirement plans \n because these impacts are dependent on future changes in market conditions. \n The inability to predict the amount and timing of these future items makes a \n detailed reconciliation of these forward-looking financial measures \n impracticable. \n\n\nKey assumptions supporting our guidance can be found in the accompanying\nprepared remarks and investor presentation available at\nhttps://investor.thecampbellscompany.com/events-presentations\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.thecampbellscompany.com%2Fevents-presentations&esheet=54598103&newsitemid=20260902076231&lan=en-US&anchor=https%3A%2F%2Finvestor.thecampbellscompany.com%2Fevents-presentations&index=1&md5=a4daa77850c5359ec798834d9cbdfeff)\n.\n\nSegment Operating Review\n\nAn analysis of net sales and operating earnings by reportable segment follows:\n   Three Months Ended August 2, 2026 \n   ($ in millions) \n   Meals & Beverages   Snacks*   Total \n Net Sales, as Reported $1,187   $950   $2,137 \n             \n Volume/Mix 3%   (6)%   (1)% \n Net Price Realization —%   1%   —% \n Organic Net Sales 3%   (6)%   (1)% \n Currency —%   —%   —% \n Acquisition/(Divestitures)(1) —%   —%   —% \n Estimated Impact of 53(rd) Week (7)%   (7)%   (7)% \n % Change vs. Prior Year (4)%   (12)%   (8)% \n             \n Segment Operating Earnings $181   $101     \n % Change vs. Prior Year (12)%   (34)%     \n   \n *Numbers may not add due to rounding. \n (1) Reflects the contribution to net sales from the acquisition of La Regina, \n which was completed on May 4, 2026. \n Note: A detailed reconciliation of the reported (GAAP) net sales to organic \n net sales is included at the end of this news release. \n\n   Twelve Months Ended August 2, 2026 \n   ($ in millions) \n   Meals & Beverages   Snacks   Total \n Net Sales, as Reported $5,928   $3,816   $9,744 \n             \n Volume/Mix (2)%   (5)%   (3)% \n Net Price Realization 1%   1%   1% \n Organic Net Sales (1)%   (4)%   (2)% \n Currency —%   —%   —% \n Acquisition/(Divestitures)(1) (2)%   —%   (1)% \n Estimated Impact of 53(rd) Week (1)%   (2)%   (2)% \n % Change vs. Prior Year (4)%   (6)%   (5)% \n             \n Segment Operating Earnings $943   $386     \n % Change vs. Prior Year (14)%   (28)%     \n   \n (1) Reflects the loss of net sales associated with the divestitures of the Pop \n Secret popcorn business, which was completed on August 26, 2024, and the noosa \n yoghurt business, which was completed on February 24, 2025, and the \n contribution to net sales from the acquisition of La Regina, which was \n completed on May 4, 2026. \n Note: A detailed reconciliation of the reported (GAAP) net sales to organic \n net sales is included at the end of this news release. \n\n\nMeals & Beverages\n\nNet sales decreased 4% in the quarter. Organic net sales increased 3%, driven\nby favorable volume/mix of 3%. Organic net sales growth included an estimated\n2-point tailwind as a result of the prior year SAP enterprise-resource\nplanning system implementation for Sovos Brands. Sales of U.S. soup decreased\n8% driven primarily by lapping the extra week in the prior year period.\n\nOperating earnings decreased 12% in the quarter, primarily due to lower gross\nprofit primarily as a result of cost inflation and other supply chain costs,\nas well as unfavorable volume/mix, which were partially offset by supply chain\nproductivity improvements and benefits from cost savings initiatives.\n\nSnacks\n\nNet sales decreased 12% in the quarter. Organic net sales decreased 6%,\nprimarily driven by unfavorable volume/mix of 6%, with 1% net price\nrealization. Organic net sales declines were driven primarily by our salty\nportfolio and sales attributable to third-party partner brands and contract\nmanufacturing.\n\nOperating earnings decreased 34% in the quarter, primarily due to lower gross\nprofit primarily as a result of unfavorable volume/mix, as well as cost\ninflation and other supply chain costs, which were partially offset by supply\nchain productivity improvements.\n\nCorporate\n\nCorporate expense was $226 million in the quarter compared to $83 million in\nthe prior year. The increase was primarily due to impairment charges in the\ncurrent year.\n\nConference Call and Webcast\n\nCampbell's will host a question-and-answer session to discuss these results on\nThursday, September 3, 2026, at 9:00 a.m. Eastern Time. The earnings slide\npresentation and management's prepared remarks in both written and\npre-recorded audio format are now available on the Events & Presentations\nsection of Campbell's investor relations website at\ninvestor.thecampbellscompany.com. Participants calling from the U.S. &\nCanada may dial in using the toll-free phone number (800) 715-9871.\nParticipants calling from outside the U.S. & Canada may dial in using\nphone number +1 (646) 307-1963. The conference access code is 8876056. A live\nlisten-only audio webcast, as well as a replay, will be available on the\ncompany's investor relations website.\n\nReportable Segments\n\nThe Campbell's Company earnings results are reported as follows:\n\nMeals & Beverages, which consists of soup, simple meals and beverages\nproducts in retail and foodservice in the U.S. and Canada. The segment\nincludes the following products: Campbell’s condensed and ready-to-serve\nsoups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy\nbeverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta;\nCampbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8\njuices and beverages; Campbell’s tomato juice; and as of March 12, 2024,\nRao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups;\nMichael Angelo's frozen entrées and pasta sauces; and noosa yogurts. The\nnoosa yoghurt business was sold on February 24, 2025. The segment also\nincludes snacking products in foodservice and Canada, and beginning in fiscal\n2026, the snacking and meals and beverages retail business in Latin America;\nand\n\nSnacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and\nfrozen products, including Goldfish crackers, Snyder’s of Hanover pretzels,\nLance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips,\nLate July snacks, Snack Factory pretzel crisps, and other snacking products in\nretail in the U.S. The segment also included the results of the Pop Secret\npopcorn business, which was sold on August 26, 2024.\n\nThrough the fourth quarter of fiscal 2025, the snacking and meals and\nbeverages retail business in Latin America was managed under the Snacks\nsegment. Beginning in fiscal 2026, the business is managed under the Meals\n& Beverages segment. Segment results have been adjusted retrospectively to\nreflect this change.\n\nFuture Change to Reportable Segments\n\nThe company recently shifted the leadership of its frozen bakery business from\nthe Snacks division to the Meals & Beverages division. As a result,\nbeginning in fiscal 2027, quarterly segment results will be adjusted\nretrospectively to reflect this change. Note that the change will have no\nimpact on consolidated results.\n\nAbout The Campbell's Company\n\nFor more than 155 years, The Campbell’s Company (NASDAQ:CPB) has been\nconnecting people through food they love. Headquartered in Camden, N.J. since\n1869, generations of consumers have trusted Campbell's to provide delicious\nand affordable food and beverages. Today, the company is a North American\nfocused brand powerhouse, generating fiscal 2026 net sales of $9.7 billion\nacross two divisions: Meals & Beverages and Snacks. For more information,\nvisit www.thecampbellscompany.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thecampbellscompany.com&esheet=54598103&newsitemid=20260902076231&lan=en-US&anchor=www.thecampbellscompany.com&index=2&md5=1ec52afa66664e111b18ba21b6229d71)\n.\n\nForward-Looking Statements\n\nThis release contains “forward-looking statements” that reflect the\ncompany’s current expectations about the impact of its future plans and\nperformance on the company’s business or financial results. These\nforward-looking statements, including any statements made regarding sales,\nEBIT and EPS guidance, rely on a number of assumptions and estimates that\ncould be inaccurate, and which are subject to risks and uncertainties. The\nfactors that could cause the company’s actual results to vary materially\nfrom those anticipated or expressed in any forward-looking statement include:\ndeclines or volatility in financial markets, deteriorating economic conditions\nand other external factors, including the impact of geopolitical conflicts and\nthe impact and application of new or changes to existing governmental laws,\nregulations, and policies; the risks associated with tariff actions taken by\nthe U.S. and reciprocal tariffs by its trading partners; the risks related to\nthe availability of, and cost inflation in, supply chain inputs, including raw\nmaterials, packaging materials, energy, logistics, finished products and\nlabor, including those related to ongoing geopolitical conflicts and tariffs;\ndisruptions in or inefficiencies to the company’s supply chain and/or\noperations, including reliance on key contract manufacturer and supplier\nrelationships; the company’s ability to execute on and realize the expected\nbenefits from its strategy, including sales growth in and/or maintenance of\nits market share position in snacks, soups, sauces and beverages; the impact\nof strong competitive responses to the company’s efforts to leverage brand\npower with product innovation, promotional programs and new advertising; the\nrisks associated with trade and consumer acceptance of product improvements,\nshelving initiatives, new products and pricing and promotional strategies;\nchanges in consumer demand for the company’s products, evolving consumer\npreferences and favorable perception of the company’s brands; the risks\nrelated to the La Regina transaction, including that the benefits from the\ntransaction may not be fully realized or may take longer or cost more to be\nrealized than expected; the ability to realize projected cost savings and\nbenefits from cost savings initiatives and integration efforts in light of\nrecent acquisitions and strategic investments; the risks related to the\neffectiveness of the company's hedging activities and the company's ability to\nrespond to volatility in commodity prices; the company’s ability to manage\nchanges to its organizational structure and/or business processes, including\nselling, distribution, manufacturing and information management systems or\nprocesses; changing inventory management practices by certain of the\ncompany’s key customers; a changing customer landscape, with value and\ne-commerce retailers expanding their market presence, while certain of the\ncompany’s key customers maintain significance to the company’s business;\nproduct quality and safety issues, including recalls and product liabilities;\nthe possible disruption to the independent contractor distribution models used\nby certain of the company’s businesses, including as a result of litigation\nor regulatory actions affecting their independent contractor classification;\nthe uncertainties of litigation and regulatory actions against the company; a\ndisruption, failure or security breach of the company’s or the company's\nvendors' information technology systems, including ransomware attacks; the\ncompany's indebtedness and ability to pay such indebtedness; a change in\noutlook or downgrade in our public credit ratings; impairment to goodwill or\nother intangible assets; the company’s ability to protect its intellectual\nproperty rights; the company’s ability to attract and retain key talent;\ngoals and initiatives related to, and the impacts of, climate change,\nincluding from weather-related events; the costs, disruption and diversion of\nmanagement’s attention associated with activist investors; unforeseen\nbusiness disruptions or other impacts due to political instability, civil\ndisobedience, terrorism, geopolitical conflicts, extreme weather conditions,\nnatural disasters, pandemics or other outbreaks of disease or other\ncalamities; and other factors described in the company’s most recent Form\n10-K and subsequent Securities and Exchange Commission filings. This\ndiscussion of uncertainties is by no means exhaustive but is designed to\nhighlight important factors that may impact the company’s outlook. The\ncompany disclaims any obligation or intent to update forward-looking\nstatements in order to reflect new information, events or circumstances after\nthe date of this release.\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF EARNINGS (unaudited)\n\n(millions, except per share amounts)\n     Three Months Ended \n     August 2, 2026   August 3, 2025 \n Net sales   $ 2,137     $ 2,321 \n Costs and expenses         \n Cost of products sold     1,554       1,616 \n Marketing and selling expenses     188       202 \n Administrative expenses     164       172 \n Research and development expenses     28       26 \n Other expenses / (income)     147       29 \n Restructuring charges     52       7 \n Total costs and expenses     2,133       2,052 \n Earnings before interest and taxes     4       269 \n Interest, net     83       85 \n Earnings (loss) before taxes     (79 )     184 \n Taxes on earnings (loss)     (21 )     39 \n Net earnings (loss)     (58 )     145 \n Less: Net earnings (loss) attributable to noncontrolling interests     2       — \n Net earnings (loss) attributable to The Campbell's Company   $ (60 )   $ 145 \n Less: Accretion of redeemable noncontrolling interests     5       — \n Net earnings (loss) attributable to The Campbell's Company common shareholders   $ (65 )   $ 145 \n - Basic \n Less: Unrecognized accretion on deferred consideration     4       — \n Net earnings (loss) attributable to The Campbell's Company common shareholders   $ (69 )   $ 145 \n - Diluted \n           \n Earnings (loss) per share attributable to The Campbell's Company common         \n shareholders \n Basic   $ (.22 )   $ .49 \n Diluted   $ (.23 )   $ .48 \n Weighted average shares outstanding         \n Basic     298       298 \n Diluted     304       299 \n   \n The period ended August 2, 2026 had 13 weeks. The period ended August 3, 2025 \n had 14 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF EARNINGS\n\n(millions, except per share amounts)\n     Twelve Months Ended \n     August 2, 2026   August 3, 2025 \n Net sales   $ 9,744   $ 10,253 \n Costs and expenses         \n Cost of products sold     7,002     7,134 \n Marketing and selling expenses     907     924 \n Administrative expenses     646     674 \n Research and development expenses     99     100 \n Other expenses / (income)     171     273 \n Restructuring charges     67     24 \n Total costs and expenses     8,892     9,129 \n Earnings before interest and taxes     852     1,124 \n Interest, net     323     328 \n Earnings before taxes     529     796 \n Taxes on earnings     124     194 \n Net earnings     405     602 \n Less: Net earnings (loss) attributable to noncontrolling interests     2     — \n Net earnings attributable to The Campbell's Company   $ 403   $ 602 \n Less: Accretion of redeemable noncontrolling interests     5     — \n Net earnings attributable to The Campbell's Company common shareholders -   $ 398   $ 602 \n Basic \n Less: Unrecognized accretion on deferred consideration     4     — \n Net earnings attributable to The Campbell's Company common shareholders -   $ 394   $ 602 \n Diluted \n           \n Earnings per share attributable to The Campbell's Company common shareholders         \n Basic   $ 1.34   $ 2.02 \n Diluted   $ 1.31   $ 2.01 \n Weighted average shares outstanding         \n Basic     298     298 \n Diluted     300     300 \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)\n\n(millions, except per share amounts)\n   Three Months Ended     \n   August 2, 2026   August 3, 2025   Percent \n \n \n \nChange \n Sales           \n Contributions:           \n Meals & Beverages $ 1,187     $ 1,236     (4 )% \n Snacks   950       1,085     (12 )% \n Total sales $ 2,137     $ 2,321     (8 )% \n Earnings           \n Contributions:           \n Meals & Beverages $ 181     $ 206     (12 )% \n Snacks   101       153     (34 )% \n Total operating earnings   282       359     (21 )% \n Corporate income (expense)   (226 )     (83 )     \n Restructuring charges   (52 )     (7 )     \n Earnings before interest and taxes   4       269     n/m   \n Interest, net   83       85       \n Taxes on earnings (loss)   (21 )     39       \n Net earnings (loss)   (58 )     145     n/m   \n Less: Net earnings (loss) attributable to noncontrolling interests   2       —       \n Net earnings (loss) attributable to The Campbell's Company $ (60 )   $ 145     n/m   \n Less: Accretion of redeemable noncontrolling interests   5       —       \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (65 )   $ 145       \n - Basic \n Less: Unrecognized accretion on deferred consideration   4       —       \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (69 )   $ 145       \n - Diluted \n             \n Per share - assuming dilution           \n Net earnings (loss) attributable to The Campbell's Company common shareholders $ (.23 )   $ .48     n/m   \n   \n n/m - not meaningful \n   \n Beginning in fiscal 2026, the snacking and meals and beverages retail business \n in Latin America formerly included in the Snacks segment is now managed under \n the Meals & Beverages segment. Segment results have been adjusted \n retrospectively to reflect this change. \n   \n The period ended August 2, 2026 had 13 weeks. The period ended August 3, 2025 \n had 14 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS\n\n(millions, except per share amounts)\n   Twelve Months Ended     \n   August 2, 2026   August 3, 2025   Percent \n \n \n \nChange \n Sales           \n Contributions:           \n Meals & Beverages $ 5,928     $ 6,179     (4 )% \n Snacks   3,816       4,074     (6 )% \n Total sales $ 9,744     $ 10,253     (5 )% \n Earnings           \n Contributions:           \n Meals & Beverages $ 943     $ 1,098     (14 )% \n Snacks   386       538     (28 )% \n Total operating earnings   1,329       1,636     (19 )% \n Corporate income (expense)   (410 )     (488 )     \n Restructuring charges   (67 )     (24 )     \n Earnings before interest and taxes   852       1,124     (24 )% \n Interest, net   323       328       \n Taxes on earnings   124       194       \n Net earnings   405       602     (33 )% \n Less: Net earnings (loss) attributable to noncontrolling interests   2       —       \n Net earnings attributable to The Campbell's Company $ 403     $ 602     (33 )% \n Less: Accretion of redeemable noncontrolling interests   5       —       \n Net earnings attributable to The Campbell's Company common shareholders - $ 398     $ 602       \n Basic \n Less: Unrecognized accretion on deferred consideration   4       —       \n Net earnings attributable to The Campbell's Company common shareholders - $ 394     $ 602       \n Diluted \n             \n Per share - assuming dilution           \n Net earnings attributable to The Campbell's Company common shareholders $ 1.31     $ 2.01     (35 )% \n   \n Beginning in fiscal 2026, the snacking and meals and beverages retail business \n in Latin America formerly included in the Snacks segment is now managed under \n the Meals & Beverages segment. Segment results have been adjusted \n retrospectively to reflect this change. \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED BALANCE SHEETS\n\n(millions)\n   August 2, 2026   August 3, 2025 \n Current assets       \n Cash and cash equivalents $ 394     $ 132   \n Accounts receivable   578       583   \n Inventories   1,612       1,424   \n Other current assets   136       93   \n Total current assets   2,720       2,232   \n Plant assets, net of depreciation   2,868       2,767   \n Goodwill   5,321       4,991   \n Other intangible assets, net of amortization   4,198       4,356   \n Other assets   541       550   \n Total assets $ 15,648     $ 14,896   \n Current liabilities       \n Short-term borrowings $ 977     $ 762   \n Accounts payable   1,377       1,332   \n Accrued liabilities   860       688   \n Dividends payable   118       120   \n Accrued income taxes   4       4   \n Total current liabilities   3,336       2,906   \n Long-term debt   6,160       6,095   \n Deferred taxes   1,393       1,353   \n Other liabilities   603       638   \n Total liabilities   11,492       10,992   \n Commitments and contingencies       \n Redeemable noncontrolling interests   304       —   \n The Campbell's Company shareholders' equity       \n Preferred stock; authorized 40 shares; none issued   —       —   \n Capital stock, $0.0375 par value; authorized 560 shares; issued 323 shares   12       12   \n Additional paid-in capital   412       418   \n Earnings retained in the business   4,620       4,694   \n Capital stock in treasury, at cost   (1,182 )     (1,207 ) \n Accumulated other comprehensive loss   (12 )     (15 ) \n Total The Campbell's Company shareholders' equity   3,850       3,902   \n Noncontrolling interests   2       2   \n Total equity   3,852       3,904   \n Total liabilities, redeemable noncontrolling interests and equity $ 15,648     $ 14,896   \n\n\nTHE CAMPBELL'S COMPANY\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(millions)\n   Twelve Months Ended \n   August 2, 2026   August 3, 2025 \n Cash flows from operating activities:       \n Net earnings $ 405     $ 602   \n Adjustments to reconcile net earnings to operating cash flow       \n Impairment charges   117       176   \n Restructuring charges   67       24   \n Stock-based compensation   56       57   \n Amortization of inventory fair value adjustment from acquisition   3       —   \n Pension and postretirement benefit expense   8       24   \n Depreciation and amortization   413       434   \n Deferred income taxes   33       (54 ) \n Loss on sales of businesses   —       25   \n Other   142       119   \n Changes in working capital, net of acquisition and divestitures       \n Accounts receivable   21       26   \n Inventories   (89 )     (80 ) \n Other current assets   (3 )     (14 ) \n Accounts payable and accrued liabilities   (90 )     (167 ) \n Other   (44 )     (41 ) \n Net cash provided by operating activities   1,039       1,131   \n Cash flows from investing activities:       \n Purchases of plant assets   (361 )     (426 ) \n Purchases of routes   (56 )     (144 ) \n Sales of routes   53       121   \n Business acquisition, net of cash acquired   1       —   \n Sales of businesses, net of cash divested   5       258   \n Other   1       4   \n Net cash used in investing activities   (357 )     (187 ) \n Cash flows from financing activities:       \n Short-term borrowings, including commercial paper   1,755       1,846   \n Short-term repayments, including commercial paper   (1,778 )     (1,796 ) \n Long-term borrowings   577       1,144   \n Long-term repayments   (459 )     (1,550 ) \n Dividends paid   (470 )     (459 ) \n Treasury stock purchases   (26 )     (62 ) \n Payments related to tax withholding for stock-based compensation   (13 )     (30 ) \n Payments of debt issuance costs   (5 )     (12 ) \n Net cash used in financing activities   (419 )     (919 ) \n Effect of exchange rate changes on cash   (1 )     (1 ) \n Net change in cash and cash equivalents   262       24   \n Cash and cash equivalents — beginning of period   132       108   \n Cash and cash equivalents — end of period $ 394     $ 132   \n   \n Fiscal 2026 had 52 weeks. Fiscal 2025 had 53 weeks. \n\n\nReconciliation of GAAP to Non-GAAP Financial Measures\n\nFiscal Year Ended August 2, 2026\n\nThe Campbell's Company (the \"company\") uses certain non-GAAP financial\nmeasures as defined by the Securities and Exchange Commission in certain\ncommunications. These non-GAAP financial measures are measures of performance\nnot defined by accounting principles generally accepted in the United States\nand should be considered in addition to, not in lieu of, GAAP reported\nmeasures. Management believes that also presenting certain non-GAAP financial\nmeasures provides additional information to facilitate comparison of the\ncompany's historical operating results and trends in its underlying operating\nresults, and provides transparency on how the company evaluates its business.\nManagement uses these non-GAAP financial measures in making financial,\noperating and planning decisions and in evaluating the company's performance.\nManagement considers quantitative and qualitative factors in assessing whether\nto adjust for the impact of items that may be significant or that could affect\nan understanding of the company’s performance and trends in its underlying\noperating results. The adjustments on earnings may include but are not limited\nto items such as: unusual or non-recurring gains or charges; costs associated\nwith cost savings and optimization initiatives; actuarial and curtailment\ngains or losses on pension and postretirement plans; unrealized mark-to-market\ngains or losses on outstanding undesignated commodity hedges; gains or losses\non the extinguishment of debt; gains or losses on divestitures; costs\nassociated with acquisitions; accretion on deferred consideration and\nredeemable noncontrolling interests; impairment charges or accelerated\namortization; certain litigation expenses or recoveries; and costs or\nrecoveries related to a cybersecurity incident. Depending upon facts or\ncircumstances, management may change these adjustments. When these adjustments\nchange, the company will provide updated definitions of its non-GAAP financial\nmeasures. When items no longer impact the company’s current or future\npresentation of non-GAAP operating results, the company will remove these\nitems from its non-GAAP definitions.\n\nOrganic Net Sales\n\nOrganic net sales are net sales excluding the impact of currency,\nacquisitions, divestitures and the additional week in fiscal 2025. Management\nbelieves that excluding these items, which are not part of the ongoing\nbusiness, improves the comparability of year-to-year results. A reconciliation\nof net sales as reported to organic net sales follows.\n Three Months Ended \n   August 2, 2026   August 3, 2025   % Change \n (millions) Net Sales, Impact of Currency Impact of Acquisition Organic Net Sales   Net Sales, Estimated Impact of 53(rd) week Organic Net Sales   Net Sales, Organic Net Sales \n \n \n \n \n \nas \nas \nas \n \n \n \n \n \nReported \nReported \nReported \n Meals & Beverages $ 1,187 $ 1 $ (5 ) $ 1,183   $ 1,236 $ (88 ) $ 1,148   (4 )% 3 % \n Snacks   950   —   —     950     1,085   (78 )   1,007   (12 )% (6 )% \n Total Net Sales $ 2,137 $ 1 $ (5 ) $ 2,133   $ 2,321 $ (166 ) $ 2,155   (8 )% (1 )% \n\n Twelve Months Ended \n   August 2, 2026   August 3, 2025   % Change \n (millions) Net Sales, Impact of Currency Impact of Acquisition Organic Net Sales   Net Sales, Impact of Divestitures Estimated Impact of 53(rd) week Organic Net Sales   Net Sales, Organic Net Sales \n \n \n \n \n \nas \nas \nas \n \n \n \n \n \nReported \nReported \nReported \n Meals & Beverages $ 5,928 $ (6 ) $ (5 ) $ 5,917   $ 6,179 $ (99 ) $ (88 ) $ 5,992   (4 )% (1 )% \n Snacks   3,816   —     —     3,816     4,074   (9 )   (78 )   3,987   (6 )% (4 )% \n Total Net Sales $ 9,744 $ (6 ) $ (5 ) $ 9,733   $ 10,253 $ (108 ) $ (166 ) $ 9,979   (5 )% (2 )% \n\n\nItems Impacting Earnings\n\nAdjusted Net earnings are net earnings excluding the impact of costs\nassociated with cost savings and optimization initiatives, unrealized\nmark-to-market gains or losses on outstanding undesignated commodity hedges,\ncosts associated with acquisitions, accretion on deferred consideration,\ncertain litigation expenses or recoveries, actuarial and curtailment gains or\nlosses on pension and postretirement plans, impairment charges, costs or\nrecoveries related to a cybersecurity incident, accelerated amortization, and\ngains or losses on divestitures. Management believes that financial\ninformation excluding certain items that are not considered to reflect the\nongoing operating results, such as those listed below, improves the\ncomparability of year-to-year results. Consequently, management believes that\ninvestors may be able to better understand its results excluding these items.\n\nThe following items impacted earnings:\n (1) The company has implemented several cost savings initiatives in recent years. \n In the fourth quarter of fiscal 2026, the company recorded Restructuring \n charges of $52 million and implementation costs and other related costs of $11 \n million in Cost of products sold, $8 million in Administrative expenses, $2 \n million in Research and development expenses and $1 million in Marketing and \n selling expenses related to these initiatives. In the fourth quarter of fiscal \n 2025, the company recorded Restructuring charges of $7 million and \n implementation costs and other related costs of $15 million in Administrative \n expenses, $7 million in Cost of products sold and $2 million in Marketing and \n selling expenses related to these initiatives. In fiscal 2026, the company \n recorded Restructuring charges of $67 million and implementation costs and \n other related costs of $39 million in Cost of products sold, $38 million in \n Other expenses / (income), $29 million in Administrative expenses, $4 million \n in Marketing and selling expenses and $4 million in Research and development \n expenses related to these initiatives. In fiscal 2025, the company recorded \n Restructuring charges of $24 million and implementation costs and other \n related costs of $41 million in Administrative expenses, $32 million in Cost \n of products sold, $4 million in Marketing and selling expenses and $3 million \n in Research and development expenses related to these initiatives. \n     \n   In the second quarter of fiscal 2024, the company began implementation of an \n optimization initiative to improve the effectiveness of its Snacks \n direct-store-delivery route-to-market network. In the fourth quarter of fiscal \n 2026, the company recognized $1 million in Marketing and selling expenses \n related to this initiative. In the fourth quarter of fiscal 2025, the company \n recognized $3 million in Marketing and selling expenses related to this \n initiative. In fiscal 2026, the company recognized $21 million in Marketing \n and selling expenses related to this initiative. In fiscal 2025, the company \n recognized $20 million in Marketing and selling expenses and $1 million in \n Administrative expenses related to this initiative. \n     \n   In the fourth quarter of fiscal 2026, the total aggregate impact related to \n the cost savings and optimization initiatives was $75 million ($58 million \n after tax, or $.19 per share). In the fourth quarter of fiscal 2025, the total \n aggregate impact related to the cost savings and optimization initiatives was \n $34 million ($26 million after tax, or $.09 per share). In fiscal 2026, the \n total aggregate impact related to the cost savings and optimization \n initiatives was $202 million ($154 million after tax, or $.51 per share). In \n fiscal 2025, the total aggregate impact related to the cost savings and \n optimization initiatives was $125 million ($96 million after tax, or $.32 per \n share). \n     \n (2) In the fourth quarter of fiscal 2026, the company recognized losses in Cost of \n products sold of $14 million ($10 million after tax, or $.03 per share) \n associated with unrealized mark-to-market adjustments on outstanding \n undesignated commodity hedges. In the fourth quarter of fiscal 2025, the \n company recognized gains in Cost of products sold of $3 million ($2 million \n after tax, or $.01 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. In fiscal 2026, the \n company recognized gains in Cost of products sold of $6 million ($5 million \n after tax, or $.02 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. In fiscal 2025, the \n company recognized gains in Cost of products sold of $11 million ($8 million \n after tax, or $.03 per share) associated with unrealized mark-to-market \n adjustments on outstanding undesignated commodity hedges. \n     \n (3) In the second quarter of fiscal 2026, the company entered into purchase \n agreements to acquire 49% of the issued and outstanding equity interests of La \n Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC \n (together, La Regina). The acquisition was completed on May 4, 2026. The \n aggregate consideration for the transaction is $286 million to be paid in two \n tranches: (i) $146 million was paid in cash at the closing, and (ii) $140 \n million will be payable at the company’s discretion in either cash or shares \n of its capital stock on May 4, 2027. In the fourth quarter of fiscal 2026, the \n company incurred $22 million of costs associated with the acquisition, of \n which $19 million was recorded in Other expenses / (income) and $3 million in \n Cost of products sold associated with the acquisition date fair value \n adjustment for inventory. The aggregate impact was $15 million after tax and \n the amount attributable to noncontrolling interests, or $.05 per share. The \n amount attributable to noncontrolling interests was $1 million after tax. In \n fiscal 2026, the company incurred $26 million of costs associated with the \n acquisition, of which $23 million was recorded in Other expenses / (income) \n and $3 million in Cost of products sold associated with the acquisition date \n fair value adjustment for inventory. The aggregate impact was $19 million \n after tax and the amount attributable to noncontrolling interests, or $.06 per \n share. The amount attributable to noncontrolling interests was $1 million \n after tax. \n     \n (4) In the fourth quarter of fiscal 2026, the company recorded a liability at fair \n value on the La Regina acquisition for the deferred consideration of $140 \n million that will be paid on May 4, 2027. In the fourth quarter of fiscal \n 2026, the company recognized changes in the fair value of the deferred \n consideration in Interest expense of $2 million ($1 million after tax). \n     \n (5) In the fourth quarter of fiscal 2026, the company recorded litigation expenses \n in Administrative expenses of $3 million ($3 million after tax, or $.01 per \n share) related to the Plum baby food and snacks business (Plum), which was \n divested on May 3, 2021, and certain other litigation matters. In the fourth \n quarter of fiscal 2025, the company recorded litigation recoveries in \n Administrative expenses of $1 million ($1 million after tax) related to Plum \n and certain other litigation matters. In fiscal 2026, the company recorded \n litigation expenses in Administrative expenses of $14 million ($11 million \n after tax, or $.04 per share) related to Plum and certain other litigation \n matters. In fiscal 2025, the company recorded litigation expenses in \n Administrative expenses of $5 million ($5 million after tax, or $.02 per \n share) related to Plum and certain other litigation matters. \n     \n (6) In the fourth quarter of fiscal 2026, the company recognized actuarial losses \n on pension and postretirement plans in Other expenses / (income) of $7 million \n ($5 million after tax, or $.02 per share). In the fourth quarter of fiscal \n 2025, the company recognized actuarial losses on pension and postretirement \n plans in Other expenses / (income) of $22 million ($17 million after tax, or \n $.06 per share). In fiscal 2026, the company recognized actuarial and \n curtailment gains on pension and postretirement plans in Other expenses / \n (income) of $23 million ($18 million after tax, or $.06 per share). In fiscal \n 2025, the company recognized actuarial losses on pension and postretirement \n plans in Other expenses / (income) of $24 million ($18 million after tax, or \n $.06 per share). \n     \n (7) In the fourth quarter of fiscal 2026, the company recognized impairment \n charges of $60 million on the Kettle Brand trademark and $57 million on the \n Cape Cod trademark within the Snacks segment for an aggregate impact of $117 \n million ($88 million after tax, or $.29 per share). \n     \n   In the third quarter of fiscal 2025, the company performed an interim \n impairment assessment on the Snyder's of Hanover trademark within the Snacks \n segment and recognized an impairment charge of $150 million on the trademark. \n     \n   In the second quarter of fiscal 2025, the company performed an interim \n impairment assessment on certain salty snacks and cookie trademarks within the \n Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and \n Archway, collectively referred to as the company's \"Allied brands,\" and \n recognized an impairment charge of $15 million on the trademarks. \n     \n   In the second quarter of fiscal 2025, the company performed an interim \n impairment assessment on the Late July trademark within the Snacks segment and \n recognized an impairment charge of $11 million on the trademark. \n     \n   In fiscal 2025, the total aggregate impact of the impairment charges was $176 \n million ($131 million after tax, or $.44 per share). \n     \n   The charges were included in Other expenses / (income). \n     \n (8) In fiscal 2026 and 2025, the company recognized insurance recoveries in \n Administrative expenses of $1 million ($1 million after tax) related to a \n cybersecurity incident that was identified in the fourth quarter of fiscal \n 2023. \n     \n (9) In fiscal 2025, the company recorded accelerated amortization expense in Other \n expenses / (income) of $20 million ($15 million after tax, or $.05 per share) \n related to customer relationship intangible assets due to the loss of certain \n contract manufacturing customers, which began in the fourth quarter of fiscal \n 2023. \n     \n (10) In the third quarter of fiscal 2025, the company completed the sale of its \n noosa yoghurt business. In the second quarter of fiscal 2025, the company \n recorded $15 million of tax expense related to the sale. In fiscal 2025, the \n company recorded an after-tax loss of $15 million ($.05 per share) on the sale \n of the business. In the first quarter of fiscal 2025, the company recorded a \n loss in Other expenses / (income) of $25 million ($19 million after tax, or \n $.06 per share) on the sale of its Pop Secret popcorn business. In fiscal \n 2025, the total aggregate impact of charges associated with divestitures was \n $25 million ($34 million after tax, or $.11 per share). \n\n\nThe following tables reconcile financial information, presented in accordance\nwith GAAP, to financial information excluding certain items:\n   Three Months Ended       Twelve Months Ended   \n (millions, except per share amounts) August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Gross profit, as reported $ 583     $ 705     (17 )%   $ 2,742     $ 3,119   (12 )% \n Gross profit margin, as reported   27.3 %     30.4 %   (310) pts     28.1 %     30.4 % (230) pts \n Costs associated with cost savings and optimization initiatives (1)   11       7           39       32     \n Commodity mark-to-market losses (gains) (2)   14       (3 )         (6 )     (11 )   \n Costs associated with acquisition (3)   3       —           3       —     \n Adjusted Gross profit $ 611     $ 709     (14 )%   $ 2,778     $ 3,140   (12 )% \n Adjusted Gross profit margin   28.6 %     30.5 %   (190) pts     28.5 %     30.6 % (210) pts \n                       \n Marketing and selling expenses, as reported $ 188     $ 202     (7 )%   $ 907     $ 924   (2 )% \n Costs associated with cost savings and optimization initiatives (1)   (2 )     (5 )         (25 )     (24 )   \n Adjusted Marketing and selling expenses $ 186     $ 197     (6 )%   $ 882     $ 900   (2 )% \n Administrative expenses, as reported $ 164     $ 172     (5 )%   $ 646     $ 674   (4 )% \n Costs associated with cost savings and optimization initiatives (1)   (8 )     (15 )         (29 )     (42 )   \n Certain litigation recoveries (expenses) (5)   (3 )     1           (14 )     (5 )   \n Cybersecurity incident recoveries (8)   —       —           1       1     \n Adjusted Administrative expenses $ 153     $ 158     (3 )%   $ 604     $ 628   (4 )% \n Research and development expenses, as reported $ 28     $ 26         $ 99     $ 100     \n Costs associated with cost savings and optimization initiatives (1)   (2 )     —           (4 )     (3 )   \n Adjusted Research and development expenses $ 26     $ 26         $ 95     $ 97     \n Other expenses / (income), as reported $ 147     $ 29         $ 171     $ 273     \n Costs associated with cost savings and optimization initiatives (1)   —       —           (38 )     —     \n Costs associated with acquisition (3)   (19 )     —           (23 )     —     \n Pension and postretirement actuarial and curtailment gains / (losses) (6)   (7 )     (22 )         23       (24 )   \n Impairment charges (7)   (117 )     —           (117 )     (176 )   \n Accelerated amortization (9)   —       —           —       (20 )   \n Charges associated with divestitures (10)   —       —           —       (25 )   \n Adjusted Other expenses / (income) $ 4     $ 7         $ 16     $ 28     \n\n   Three Months Ended       Twelve Months Ended   \n (millions, except per share amounts) August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Earnings before interest and taxes, as reported $ 4     $ 269     n/m     $ 852     $ 1,124   (24 )% \n Costs associated with cost savings and optimization initiatives (1)   75       34           202       125     \n Commodity mark-to-market losses (gains) (2)   14       (3 )         (6 )     (11 )   \n Costs associated with acquisition (3)   22       —           26       —     \n Certain litigation expenses (recoveries) (5)   3       (1 )         14       5     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   7       22           (23 )     24     \n Impairment charges (7)   117       —           117       176     \n Cybersecurity incident recoveries (8)   —       —           (1 )     (1 )   \n Accelerated amortization (9)   —       —           —       20     \n Charges associated with divestitures (10)   —       —           —       25     \n Adjusted Earnings before interest and taxes $ 242     $ 321     (25 )%   $ 1,181     $ 1,487   (21 )% \n Interest, net, as reported $ 83     $ 85         $ 323     $ 328     \n Recognized accretion on deferred consideration (4)   (2 )     —           (2 )     —     \n Adjusted Interest, net $ 81     $ 85         $ 321     $ 328     \n Adjusted Earnings before taxes $ 161     $ 236         $ 860     $ 1,159     \n Taxes on earnings (loss), as reported $ (21 )   $ 39     n/m     $ 124     $ 194   (36 )% \n Effective income tax rate, as reported   26.6 %     21.2 %   n/m       23.4 %     24.4 % (100) pts \n Costs associated with cost savings and optimization initiatives (1)   17       8           48       29     \n Commodity mark-to-market losses (gains) (2)   4       (1 )         (1 )     (3 )   \n Costs associated with acquisition (3)   6       —           6       —     \n Recognized accretion on deferred consideration (4)   1       —           1       —     \n Certain litigation expenses (recoveries) (5)   —       —           3       —     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   2       5           (5 )     6     \n Impairment charges (7)   29       —           29       45     \n Cybersecurity incident recoveries (8)   —       —           —       —     \n Accelerated amortization (9)   —       —           —       5     \n Charges associated with divestitures (10)   —       —           —       (9 )   \n Adjusted Taxes on earnings $ 38     $ 51     (25 )%   $ 205     $ 267   (23 )% \n Adjusted effective income tax rate   23.6 %     21.6 %   200 pts     23.8 %     23.0 % 80 pts \n Net earnings attributable to noncontrolling interests $ 2     $ —         $ 2     $ —     \n Costs associated with acquisition (3)   1       —           1       —     \n Adjusted Net earnings attributable to noncontrolling interests $ 3     $ —         $ 3     $ —     \n Net earnings (loss) attributable to The Campbell's Company, as reported $ (60 )   $ 145     n/m     $ 403     $ 602   (33 )% \n Costs associated with cost savings and optimization initiatives (1)   58       26           154       96     \n Commodity mark-to-market losses (gains) (2)   10       (2 )         (5 )     (8 )   \n Costs associated with acquisition (3)   15       —           19       —     \n Recognized accretion on deferred consideration (4)   1       —           1       —     \n Certain litigation expenses (recoveries) (5)   3       (1 )         11       5     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   5       17           (18 )     18     \n Impairment charges (7)   88       —           88       131     \n Cybersecurity incident recoveries (8)   —       —           (1 )     (1 )   \n Accelerated amortization (9)   —       —           —       15     \n Charges associated with divestitures (10)   —       —           —       34     \n Adjusted Net earnings attributable to The Campbell's Company $ 120     $ 185     (35 )%   $ 652     $ 892   (27 )% \n   \n n/m - not meaningful   \n\n\nAdjusted Net Earnings attributable to The Campbell's Company common\nshareholders - Diluted\n\nThe company believes that financial information excluding certain items that\nare not considered to reflect ongoing earnings per share results improves the\ncomparability of year-to-year results. Accretion of the La Regina redeemable\nnoncontrolling interests to redemption value is an adjustment to determine net\nearnings attributable to The Campbell's Company common shareholders for\ndiluted earnings per share. Additionally, as noted in (4) in Items Impacting\nEarnings, the company recognized a liability at fair value for the deferred\nconsideration on the acquisition of La Regina that will be paid on May 4,\n2027. The deferred consideration will be payable at the company’s discretion\nin either cash or shares of its capital stock. The company will recognize\nchanges in fair value to accrete the liability to the total payment due on May\n4, 2027. As the deferred consideration may be settled in shares, unrecognized\naccretion on the deferred consideration is an adjustment to determine net\nearnings attributable to The Campbell's Company common shareholders for\ndiluted earnings per share and the denominator will include the incremental\nshares that would be assumed to satisfy the payment. Consequently, the company\nbelieves that investors may be able to better understand its diluted earnings\nper share results excluding the accretion of the redeemable noncontrolling\ninterests and the recognized and unrecognized accretion on the deferred\nconsideration in the net earnings attributable to The Campbell's Company\ncommon shareholders. In the fourth quarter of fiscal 2026, the company\nrecognized accretion of redeemable noncontrolling interests of $5 million\n($.02 per share), accretion of the deferred consideration of $2 million ($1\nmillion after tax) and had unrecognized accretion of $4 million after tax\n($.01 per share). The adjustments to diluted earnings per share are below:\n   Three Months Ended   Twelve Months Ended \n   August 2, 2026   August 3, 2025   August 2, 2026   August 3, 2025 \n Net earnings (loss) attributable to The Campbell's Company $ (60 )   $ 145     $ 403     $ 602   \n Less: Accretion of redeemable noncontrolling interests   5       —       5       —   \n Less: Unrecognized accretion on deferred consideration   4       —       4       —   \n Net Earnings (loss) attributable to The Campbell's Company common shareholders $ (69 )   $ 145     $ 394     $ 602   \n - Diluted, as reported \n Costs associated with cost savings and optimization initiatives (1)   58       26       154       96   \n Commodity mark-to-market losses (gains) (2)   10       (2 )     (5 )     (8 ) \n Costs associated with acquisition (3)   15       —       19       —   \n Recognized accretion on deferred consideration (4)   1       —       1       —   \n Certain litigation expenses (recoveries) (5)   3       (1 )     11       5   \n Pension and postretirement actuarial and curtailment losses (gains) (6)   5       17       (18 )     18   \n Impairment charges (7)   88       —       88       131   \n Cybersecurity incident recoveries (8)   —       —       (1 )     (1 ) \n Accelerated amortization (9)   —       —       —       15   \n Charges associated with divestitures (10)   —       —       —       34   \n Accretion of redeemable noncontrolling interests   5       —       5       —   \n Unrecognized accretion on deferred consideration   4       —       4       —   \n Adjusted Net Earnings attributable to The Campbell's Company common $ 120     $ 185     $ 652     $ 892   \n shareholders - Diluted \n\n   Three Months Ended       Twelve Months Ended   \n   August 2, 2026   August 3, 2025   Percent Change   August 2, 2026   August 3, 2025 Percent Change \n Diluted net earnings (loss) per share attributable to The Campbell's Company $ (.23 )   $ .48     n/m     $ 1.31     $ 2.01   (35 )% \n common shareholders, as reported \n Costs associated with cost savings and optimization initiatives (1)   .19       .09           .51       .32     \n Commodity mark-to-market losses (gains) (2)   .03       (.01 )         (.02 )     (.03 )   \n Costs associated with acquisition (3)   .05       —           .06       —     \n Recognized accretion on deferred consideration (4)   —       —           —       —     \n Certain litigation expenses (recoveries) (5)   .01       —           .04       .02     \n Pension and postretirement actuarial and curtailment losses (gains) (6)   .02       .06           (.06 )     .06     \n Impairment charges (7)   .29       —           .29       .44     \n Cybersecurity incident recoveries (8)   —       —           —       —     \n Accelerated amortization (9)   —       —           —       .05     \n Charges associated with divestitures (10)   —       —           —       .11     \n Accretion of redeemable noncontrolling interests   .02       —           .02       —     \n Unrecognized accretion on deferred consideration   .01       —           .01       —     \n Adjusted Diluted net earnings per share attributable to The Campbell's Company $ .39     $ .62     (37 )%   $ 2.17     $ 2.97   (27 )% \n common shareholders* \n   \n *The sum of individual per share amounts may not add due to rounding. \n n/m - not meaningful \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260902076231/en/\n(https://www.businesswire.com/news/home/20260902076231/en/)\n\nINVESTOR CONTACT: \n\nJoshua Levine\n\nJoshua_Levine@campbells.com (mailto:Joshua_Levine@campbells.com)\n\nMEDIA CONTACT: \n\nDana Connors\n\nmedia@campbells.com (mailto:media@campbells.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-03T11:15:00.48850199Z","server_sent_at_ms":1788434100488},"received_at":"2026-09-03T11:15:00.772Z","source_url":"https://www.businesswire.com/news/home/20260902076231/en/"},"analysis":{"id":"123829","press_release_id":"134941","analysis_json":{"industry":{"label":"Food Products","sector":"Consumer Staples"},"redFlags":["36% dividend cut ($0.39 to $0.25 quarterly) framed as accelerating debt reduction — signals balance-sheet pressure at a legacy income name","FY27 guidance implies adjusted EPS down another 17-24% — second consecutive year of double-digit earnings decline","$117M impairment on Cape Cod and Kettle Brand trademarks extends a pattern of Snacks impairments (Snyder's of Hanover $150M in FY25)","Snacks segment deteriorating: Q4 organic net sales -6% and segment operating earnings -34%","Guidance explicitly assumes no new tariffs or changes to existing tariff rates — flagged downside risk to the outlook"],"eventType":"earnings","narrative":"Campbell's closed fiscal 2026 with Q4 net sales down 8% to $2.1 billion and a GAAP loss of $0.23 per share; adjusted EPS fell 37% to $0.39, with roughly 7 points of the sales decline attributable to the prior year's extra week.\n\nFull-year net sales fell 5% to $9.7 billion and adjusted EPS fell 27% to $2.17, and management guided fiscal 2027 to net sales down 4% to 2% with adjusted EPS of $1.65-$1.80, a further 17-24% decline.\n\nThe board reset the quarterly dividend to $0.25 per share ($1.00 annualized), a 36% cut from $0.39, explicitly to accelerate debt reduction on the balance sheet.\n\nCampbell's also launched a new enterprise-wide cost savings program targeting $500 million by fiscal 2030, while recording a $117 million impairment on the Cape Cod and Kettle Brand snack trademarks.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Campbell's cuts its dividend 36% to fund deleveraging while guiding FY27 adjusted EPS down another 17-24% — income investors must reprice the payout and the Snacks turnaround."},"keyFigures":{"eps":1.31,"revenue":9744000000,"guidance":"FY27 net sales (4)% to (2)%; adjusted EBIT (12)% to (7)%; adjusted EPS (24)% to (17)%, or $1.65 to $1.80","revenueYoy":"-5%","customDimensions":{"capex":361000000,"q4_revenue":2137000000,"fy_gaap_ebit":852000000,"q4_revenue_yoy":"-8%","fy_adjusted_eps":2.17,"gross_profit_fy":2742000000,"q4_adjusted_eps":0.39,"dividend_cut_pct":"36%","fy_adjusted_ebit":1181000000,"q4_adjusted_ebit":242000000,"impairment_charges":117000000,"cost_savings_target":500000000,"fy_adjusted_eps_yoy":"-27%","q4_adjusted_eps_yoy":"-37%","cash_from_operations":1039000000,"fy_adjusted_ebit_yoy":"-21%","fy_organic_net_sales":"-2%","q4_organic_net_sales":"-1%","new_quarterly_dividend":0.25,"la_regina_consideration":286000000,"new_annualized_dividend":1,"q4_snacks_organic_sales":"-6%","prior_quarterly_dividend":0.39,"prior_annualized_dividend":1.56,"cost_savings_achieved_to_date":225000000,"q4_meals_beverages_organic_sales":"3%","q4_snacks_operating_earnings_yoy":"-34%"}},"quotedText":"Fourth quarter and fiscal 2026 results reflect top-line softness and\ninflation-driven margin headwinds","namedEntities":{"people":[{"name":"Mick Beekhuizen","role":"President and Chief Executive Officer"},{"name":"Joshua Levine","role":"Investor Contact"},{"name":"Dana Connors","role":"Media Contact"}],"products":["Campbell's","Rao's","Goldfish","Pepperidge Farm","Kettle Brand","Cape Cod","Snyder's of Hanover","Pacific Foods","Prego","Pace","V8","Swanson","Late July"],"companies":[{"name":"The Campbell's Company","ticker":"CPB","relationship":"filer"},{"name":"La Regina di San Marzano di Antonio Romano S.p.A.","relationship":"acquired company (49% equity interest)"},{"name":"La Regina Atlantica, LLC","relationship":"acquired company (49% equity interest)"}],"dollarAmounts":[{"amount":"$9.7 billion","context":"full-year fiscal 2026 net sales"},{"amount":"$2.1 billion","context":"Q4 fiscal 2026 net sales"},{"amount":"$500 million","context":"new cost savings program target by fiscal 2030"},{"amount":"$225 million","context":"cost savings achieved to date under prior $375 million program"},{"amount":"$117 million","context":"combined impairment on Cape Cod and Kettle Brand trademarks"},{"amount":"$0.25 per share","context":"new quarterly dividend ($1.00 annualized), a 36% reduction"},{"amount":"$0.39 per share","context":"prior quarterly dividend ($1.56 annualized)"},{"amount":"$1.0 billion","context":"fiscal 2026 cash flow from operations"},{"amount":"$286 million","context":"aggregate consideration for La Regina acquisition, paid in two tranches"}]},"materialImpact":{"score":5,"reasoning":"Far beyond a routine report: Q4 adjusted EPS fell 37% to $0.39 with a GAAP loss of $(0.23), full-year adjusted EPS fell 27%, FY27 guidance implies a further 17-24% adjusted EPS decline, and the board cut the quarterly dividend 36% to accelerate debt reduction. A $117M trademark impairment on Cape Cod and Kettle Brand compounds the negative picture."},"tickerRelevance":{"others":[],"primary":"CPB"},"globalImportance":58,"audienceRelevance":62,"eventTypeSecondary":["guidance_update","dividend","restructuring"],"importanceComponents":{"tickerTier":"S&P 500 large-cap consumer staples","eventGravity":"earnings miss + FY27 guidance cut + 36% dividend reset + trademark impairments","sectorWeight":"defensive staples; weak demand and inflation/tariff margin pressure","dividendCutImpact":"high — affects income-oriented retail holders of a legacy dividend payer","extraWeekDistortion":"prior-year 53rd week inflates YoY declines (~7 pts of Q4 sales decline)","householdBrandBoost":true}},"event_type":"earnings","event_type_secondary":["guidance_update","dividend","restructuring"],"sentiment":"bearish","material_impact_score":5,"narrative":"Campbell's closed fiscal 2026 with Q4 net sales down 8% to $2.1 billion and a GAAP loss of $0.23 per share; adjusted EPS fell 37% to $0.39, with roughly 7 points of the sales decline attributable to the prior year's extra week.\n\nFull-year net sales fell 5% to $9.7 billion and adjusted EPS fell 27% to $2.17, and management guided fiscal 2027 to net sales down 4% to 2% with adjusted EPS of $1.65-$1.80, a further 17-24% decline.\n\nThe board reset the quarterly dividend to $0.25 per share ($1.00 annualized), a 36% cut from $0.39, explicitly to accelerate debt reduction on the balance sheet.\n\nCampbell's also launched a new enterprise-wide cost savings program targeting $500 million by fiscal 2030, while recording a $117 million impairment on the Cape Cod and Kettle Brand snack trademarks.","key_figures":{"eps":1.31,"revenue":9744000000,"guidance":"FY27 net sales (4)% to (2)%; adjusted EBIT (12)% to (7)%; adjusted EPS (24)% to (17)%, or $1.65 to $1.80","revenueYoy":"-5%","customDimensions":{"capex":361000000,"q4_revenue":2137000000,"fy_gaap_ebit":852000000,"q4_revenue_yoy":"-8%","fy_adjusted_eps":2.17,"gross_profit_fy":2742000000,"q4_adjusted_eps":0.39,"dividend_cut_pct":"36%","fy_adjusted_ebit":1181000000,"q4_adjusted_ebit":242000000,"impairment_charges":117000000,"cost_savings_target":500000000,"fy_adjusted_eps_yoy":"-27%","q4_adjusted_eps_yoy":"-37%","cash_from_operations":1039000000,"fy_adjusted_ebit_yoy":"-21%","fy_organic_net_sales":"-2%","q4_organic_net_sales":"-1%","new_quarterly_dividend":0.25,"la_regina_consideration":286000000,"new_annualized_dividend":1,"q4_snacks_organic_sales":"-6%","prior_quarterly_dividend":0.39,"prior_annualized_dividend":1.56,"cost_savings_achieved_to_date":225000000,"q4_meals_beverages_organic_sales":"3%","q4_snacks_operating_earnings_yoy":"-34%"}},"named_entities":{"people":[{"name":"Mick Beekhuizen","role":"President and Chief Executive Officer"},{"name":"Joshua Levine","role":"Investor Contact"},{"name":"Dana Connors","role":"Media Contact"}],"products":["Campbell's","Rao's","Goldfish","Pepperidge Farm","Kettle Brand","Cape Cod","Snyder's of Hanover","Pacific Foods","Prego","Pace","V8","Swanson","Late July"],"companies":[{"name":"The Campbell's Company","ticker":"CPB","relationship":"filer"},{"name":"La Regina di San Marzano di Antonio Romano S.p.A.","relationship":"acquired company (49% equity interest)"},{"name":"La Regina Atlantica, LLC","relationship":"acquired company (49% equity interest)"}],"dollarAmounts":[{"amount":"$9.7 billion","context":"full-year fiscal 2026 net sales"},{"amount":"$2.1 billion","context":"Q4 fiscal 2026 net sales"},{"amount":"$500 million","context":"new cost savings program target by fiscal 2030"},{"amount":"$225 million","context":"cost savings achieved to date under prior $375 million program"},{"amount":"$117 million","context":"combined impairment on Cape Cod and Kettle Brand trademarks"},{"amount":"$0.25 per share","context":"new quarterly dividend ($1.00 annualized), a 36% reduction"},{"amount":"$0.39 per share","context":"prior quarterly dividend ($1.56 annualized)"},{"amount":"$1.0 billion","context":"fiscal 2026 cash flow from operations"},{"amount":"$286 million","context":"aggregate consideration for La Regina acquisition, paid in two tranches"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-03T11:29:21.184Z","global_importance":58,"audience_relevance":62,"importance_components":{"tickerTier":"S&P 500 large-cap consumer staples","eventGravity":"earnings miss + FY27 guidance cut + 36% dividend reset + trademark impairments","sectorWeight":"defensive staples; weak demand and inflation/tariff margin pressure","dividendCutImpact":"high — affects income-oriented retail holders of a legacy dividend payer","extraWeekDistortion":"prior-year 53rd week inflates YoY declines (~7 pts of Q4 sales decline)","householdBrandBoost":true}},"durationMs":130518,"modelName":"glm-4.7"}}