Short answer
Campbell's Company (The) (CPB) filed its fiscal 2026 10-K annual report with the SEC on Sep 24, 2026. It reported revenue of $9.7B (−5.0% year over year) and net income of $403M.
- Top risk flagged: Regulatory risk: new food ingredient, labeling and packaging rules from FDA and MAHA Commission increasing compliance costs and restricting marketing
FY2026 key financial metrics · XBRL
- Revenue
- $9.7B
- −5.0% YoY
- Net income
- $403M
- −33.1% YoY
- Operating margin
- 8.7%
- −2.2 pp YoY
- EPS (diluted)
- $1.31
- −34.8% YoY
- ROE
- 10.5%
- −5.0 pp YoY
- Operating cash flow
- $1.0B
- −8.1% YoY
Source: XBRL data from the Campbell's Company (The) (CPB) FY2026 10-K on SEC EDGAR. USD.
Campbell's Company (The) FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacturer and marketer of branded food and beverage products in Meals & Beverages and Snacks segments
- New: Acquired 49% stake in La Regina SPA for $286 million, producer of Rao’s sauces; completed $2.899B Sovos Brands acquisition in 2024
- Strategic shift: Latin America snacking and meals business moved from Snacks to Meals & Beverages segment in 2026; Pepperidge Farm frozen products shift to Meals & Beverages in 2027
- Quantitative metric: Employee count approx. 13,500 as of August 2026; capital expenditures $361 million in 2026, expected $300 million in 2027
- Noteworthy: Commodity and supply chain cost volatility driven by tariffs and Middle East geopolitical conflicts impacting 2026 and expected through 2027
Management Discussion & Analysis
- Revenue $9.744B in 2026, down 5% YoY from $10.253B in 2025; Meals & Beverages down 4%, Snacks down 6%
- Gross margin 28.1% in 2026 vs 30.4% in 2025; operating earnings fell 19%, Meals & Beverages down 14%, Snacks down 28%
- Best segment: Meals & Beverages operating earnings $1.098B; worst: Snacks operating loss of $28M in 2026
- Operating cash flow $1.039B in 2026 vs $1.131B in 2025; capex $361M in 2026; dividends $470M; share buybacks $26M
- 2027 outlook: persistent inflation, tariff and supply cost pressures; plans for $500M annual cost savings by 2030; dividend cut to $0.25 quarterly
Risk Factors
- Regulatory risk: new food ingredient, labeling and packaging rules from FDA and MAHA Commission increasing compliance costs and restricting marketing
- Geopolitical risk: Middle East conflicts causing material supply shortages and increased costs for ingredients, packaging and transportation in 2026-2027
- Supply chain risk: sole sourcing and disruptions from geopolitical conflicts, extreme weather, labor issues, or independent contractor disputes impairing manufacturing
- Competitive risk: largest customer Walmart accounted for an undisclosed % of sales in 2026, with rising competitor marketing spending and exposure to tariffs
- Financial risk: $7.137B indebtedness as of Aug 2026 raising credit downgrade risk, borrowing costs, and limiting flexibility versus less-leveraged competitors
Generated from the filing text; verify against the original. How to read a 10-K
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