Results
CAMPBELL'S REPORTS FOURTH QUARTER FISCAL 2026 RESULTS
Outlook
PROVIDES FULL-YEAR FISCAL 2027 GUIDANCE
TARGETING $500 MILLION COST SAVINGS BY FISCAL 2030
Capital return
RESETTING DIVIDEND TO ACCELERATE DEBT REDUCTION
Fourth Quarter:
Results
Net Sales decreased 8% to $2.1 billion and decreased 1% on an organic basis.
Earnings Before Interest and Taxes (EBIT) decreased to $4 million; Adjusted EBIT decreased 25% to $242 million, including an estimated 8% impact from the extra week in the prior year period.
7Earnings Per Share (EPS) decreased to $(0.23); Adjusted EPS decreased 37% to $0.39, including an estimated $0.06 per share, or 7%, impact from the extra week in the prior year period.
Full Year:
Net Sales decreased 5% to $9.7 billion and decreased 2% on an organic basis.
EBIT decreased to $852 million .
Adjusted EBIT decreased 21% to $1.2 billion, including an estimated 2% impact from the extra week in the prior year.
3EPS decreased to $1.31.
8Adjusted EPS decreased 27% to $2.17, including an estimated $0.06 per share, or 2%, impact from the extra week in the prior year.
Cash flow from operations was $1.0 billion .
Corporate events
CAMDEN, N.J., September 3 , 2026 —The Campbell's Company (NASDAQ:CPB) today reported results for its fourth quarter fiscal 2026 ended August 2, 2026.
Unless otherwise stated, all comparisons are to the comparable period in fiscal 2025.
The La Regina acquisition was completed on May 4, 2026, and as such, La Regina's financials are fully consolidated into Campbell's results.
Management commentary
CEO Comments:
"Fourth quarter and fiscal 2026 results reflect top-line softness and inflation-driven margin headwinds,” said Mick Beekhuizen, Campbell’s President and Chief Executive Officer.
“Our performance is not where it needs to be, and we are taking decisive action to improve it.
We are increasing our focus on the consumer, sharpening execution, reducing costs to support investment in our brands, and strengthening our balance sheet, including resetting our dividend.
We enter fiscal 2027 with leading brands including Campbell's , Rao's, Goldfish and Pepperidge Farm, a resilient Meals & Beverages division benefiting from durable at-home cooking trends, and actions underway to strengthen Snacks.
The steps we are taking are designed to improve growth, expand margins, reduce leverage, and position Campbell's for sustainable long-term value creation."
n/m - not meaningful
Results
The estimated impact of the 53 rd week contributed $0.06 to fiscal 2025 results.
Fourth Quarter Results
The additional week in the prior fiscal year's fourth quarter was an estimated 7% impact to net sales, 8% to adjusted EBIT and 7% to adjusted EPS ($0.06 per share).
Net sales decreased 8% to $2.1 billion, including an estimated 7-point impact from the extra week in the prior year period.
Organic net sales decreased 1% driven primarily by lower volume/mix.
Gross profit decreased 17% to $583 million.
Gross profit margin decreased 310 basis points to 27.3%.
Adjusted gross profit decreased 14% to $611 million.
Adjusted gross profit margin decreased 190 basis points to 28.6%, driven primarily by cost inflation and other supply chain costs inclusive of the impact from tariffs, partially offset by supply chain productivity improvements.
Marketing and selling expenses decreased 7% to $188 million.
Adjusted marketing and selling expenses decreased 6% to $186 million primarily driven by lower marketing spending.
Administrative expenses decreased 5% to $164 million.
Adjusted administrative expenses decreased 3% to $153 million mainly driven by cost savings initiatives.
Other expenses were $147 million, including the impact of a $117 million combined impairment on the Cape Cod and Kettle Brand trademarks, compared to $29 million in the prior year.
Adjusted other expenses were $4 million compared to $7 million in the prior year.
EBIT decreased to $4 million from $269 million.
Adjusted EBIT decreased 25% to $242 million primarily due to lower adjusted gross profit.
Net interest expense of $83 million was down modestly versus prior year.
Adjusted net interest expense decreased to $81 million.
The effective tax rate was 26.6%, while the adjusted effective tax rate increased to 23.6% from 21.6% primarily as a result of a favorable impact from state tax law changes in the prior year.
EPS decreased to a loss of $0.23 per share from earnings of $0.48 per share.
Adjusted EPS decreased 37% to $0.39 per share reflecting lower adjusted EBIT.
Full-Year 2026 Results
The additional week in the prior fiscal year was an estimated 2% impact to net sales, adjusted EBIT and adjusted EPS ($0.06 per share).
Net sales decreased 5% to $9.7 billion, including an estimated 2-point impact from the extra week in the prior year period.
Organic net sales decreased 2% to $9.7 billion primarily driven by unfavorable volume/mix.
EBIT decreased to $852 million from $1.1 billion.
Adjusted EBIT decreased 21% to $1.2 billion primarily due to gross margin declines as a result of cost inflation and higher other supply chain costs inclusive of the impact from tariffs, which were only partially offset by supply chain productivity improvements and cost savings.
Net interest expense decreased modestly to $323 million from $328 million.
Adjusted net interest expense was $321 million in the current year.
The effective tax rate was 23.4% compared to 24.4%, and the adjusted effective tax rate was 23.8% compared to 23.0%.
EPS decreased to $1.31 per share compared to $2.01 per share.
Adjusted EPS decreased 27% to $2.17 per share primarily reflecting lower adjusted EBIT.
Capital return
Cash Flow and Shareholder Return
Results
Cash flow from operations for the full fiscal year ended August 2, 2026 was $1.0 billion, compared to $1.1 billion in the prior year.
For the fiscal year, capital expenditures were $361 million, compared to $426 million, while the company returned $496 million to shareholders, primarily through cash dividends.
Capital return
Resetting Dividend
1To help accelerate the path to reducing debt on the company's balance sheet, the company announced today that its Board of Directors approved a quarterly dividend payment of $0.25 per share, or $1.00 on an annualized basis, a reduction of 36% from the prior quarterly dividend payment of $0.39 per share, or $1.56 on an annualized basis.
The quarterly dividend is payable on November 2, 2026 to shareholders of record at the close of business on October 1, 2026.
Outlook
Announcing New Enterprise-Wide Cost Savings Program Targeting $500 Million by Fiscal 2030
Results
In the fourth quarter, Campbell's delivered approximately $25 million in savings, bringing total cost savings achieved to approximately $225 million pursuant to the company's prior $375 million savings program.
Outlook
Beginning in fiscal 2027, Campbell's is launching a new program targeting total cost savings of $500 million by fiscal 2030, which will further accelerate our work to protect our margins and support higher investment levels.
This new program will include initiatives remaining under the prior program, the overhead savings initiative announced during the third quarter of fiscal 2026, and an enterprise spend
Management commentary
optimization plan which will transform how the company manages and deploys its direct and indirect spending.
Several actions are already underway, including plant closures and recently completed workforce reductions.
Outlook
Full-Year Fiscal 2027 Guidance:
The company's outlook reflects an external environment which we expect will remain volatile, another year of elevated inflation, and several longer-term benefits that are expected to build through the year to increasingly support our margins.
The acquisition of La Regina is expected to contribute a modest benefit to net sales and be neutral to adjusted EPS.
This guidance includes the company's current understanding of government policy and tariffs, and does not assume any impacts from new tariffs or changes to existing tariff rates.
The company's full-year fiscal 2027 guidance ranges are set forth in the table below:
($ in millions, except per share)FY26 ResultsFY27 Guidance
Net Sales$9,744(4)% to (2)%
4Organic Net Sales Growth 1(4)% to (2)%
Adjusted EBIT*$1,181(12)% to (7)%
2Adjusted EPS*$2.17(24)% to (17)%
$1.65 to $1.80
Segment Operating Review
Corporate events
1 Reflects the contribution to net sales from the acquisition of La Regina, which was completed on May 4, 2026.
1 Reflects the loss of net sales associated with the divestitures of the Pop Secret popcorn business, which was completed on August 26, 2024, and the noosa yoghurt business, which was completed on February 24, 2025, and the contribution to net sales from the acquisition of La Regina, which was completed on May 4, 2026.
Results
Meals & Beverages
6Net sales decreased 4% in the quarter.
Organic net sales increased 3%, driven by favorable volume/mix of 3%.
Organic net sales growth included an estimated 2-point tailwind as a result of the prior year SAP enterprise-resource planning system implementation for Sovos Brands.
Sales of U.S. soup decreased 8% driven primarily by lapping the extra week in the prior year period.
Operating earnings decreased 12% in the quarter, primarily due to lower gross profit primarily as a result of cost inflation and other supply chain costs, as well as unfavorable volume/mix, which were partially offset by supply chain productivity improvements and benefits from cost savings initiatives.
Snacks
5Net sales decreased 12% in the quarter.
Organic net sales decreased 6% , primarily driven by unfavorable volume/mix of 6%, with 1% net price realization.
Organic net sales declines were driven primarily by our salty portfolio and sales attributable to third-party partner brands and contract manufacturing.
Operating earnings decreased 34% in the quarter, primarily due to lower gross profit primarily as a result of unfavorable volume/mix, as well as cost inflation and other supply chain costs, which were partially offset by supply chain productivity improvements.
Corporate expense was $226 million in the quarter compared to $83 million in the prior year.
The increase was primarily due to impairment charges in the current year.
Corporate events
entrées, frozen pizza and soups; Michael Angelo's frozen entrées and pasta sauces; and noosa yogurts.
The noosa yoghurt business was sold on February 24, 2025.
The segment also includes snacking products in foodservice and Canada, and beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America; and
Through the fourth quarter of fiscal 2025, the snacking and meals and beverages retail business in Latin America was managed under the Snacks segment.
Beginning in fiscal 2026, the business is managed under the Meals & Beverages segment.
Segment results have been adjusted retrospectively to reflect this change.
The company recently shifted the leadership of its frozen bakery business from the Snacks division to the Meals & Beverages division.
As a result, beginning in fiscal 2027, quarterly segment results will be adjusted retrospectively to reflect this change.
Note that the change will have no impact on consolidated results.
45 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.