Company Reports

Campbell's fourth-quarter organic sales fell 1% on lower volumes. Adjusted operating margin sank 250 basis points to 11.3%, as a 530-basis-point hit from inflation offset a 380-basis-point benefit from cost savings. The firm cut its dividend by more than 30%, sending shares down around 7%.

Campbell's fourth-quarter organic sales fell 1% on lower volumes. Adjusted operating margin sank 250 basis points to 11.3%, as a 530-basis-point hit from inflation offset a 380-basis-point benefit from cost savings. The firm cut its annual dividend by more than 30%, sending shares down around 10%.

Over the past 10 years, Campbell's has orchestrated significant change. For one, its core soup lineup now accounts for just 25% of total sales (down from more than 40% in fiscal 2017), while snacks have grown to nearly 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, to solidify its competitive edge. But despite these efforts, sales growth has proved elusive, with organic sales down at a low-single-digit rate over the past three years. Further, margins have languished, with its 12% adjusted operating margin in fiscal 2026 about 500 basis points shy of the average level achieved in the five years preceding the pandemic.

Over the past 10 years, Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted significantly: Its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks account for just over 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, thereby solidifying its competitive edge. The byproduct of these efforts has been 1% average annual organic sales growth over the past five years alongside low-teens average adjusted operating margins.

Over the past six-plus years, Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted significantly: Its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks account for just over 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, thereby solidifying its competitive edge. The byproduct of these efforts has been 1% average annual organic sales growth over the past five years alongside low-teens average adjusted operating margins.

Campbell's third-quarter organic sales fell 4% as soft volumes trumped modestly higher prices. Adjusted operating margin declined 300 basis points to 11.6%, reflecting cost inflation and tariffs (a 630-basis-point headwind), partly offset by supply chain cost savings (340-basis-point benefit).

Over the past six-plus years, Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted significantly: its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks account for just over 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, thereby solidifying its competitive edge. The byproduct of these efforts has been 1% average annual organic sales growth over the past five years alongside low-teens average adjusted operating margins.

Campbell's shares sank 6% after a 3% plunge in fiscal second-quarter organic sales on weak volumes. Due to inflation, adjusted operating margin slipped 290 basis points to 11%. Full-year guidance was cut to a 1%-2% decline in sales (up to down 1% prior) and $2.15-$2.25 in adjusted EPS ($2.40-$2.55).

Over the past six-plus years, Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted significantly: its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks account for just over 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, thereby solidifying its competitive edge. The byproduct of these efforts has been 1% average annual organic sales growth over the past five years alongside low-teens average adjusted operating margins.

Campbell's first-quarter fiscal 2026 organic sales fell 1% on lower volumes, while adjusted gross margin dipped 150 basis points to 29.9% on tariffs and supply chain costs. It will acquire 49% of La Regina, the maker of Rao's sauces, for $286 million, with the option to purchase the remaining stake.

Over the past six-plus years, Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks make up just more than 40% (versus less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, thereby solidifying its competitive edge. The byproduct of these efforts has been a 1% average annual organic sales growth over the past five years against low-teens average adjusted operating margins.

Campbell's ended the year on a dire note, with organic sales down 3% in the fourth quarter, as 2% higher prices were offset by a downdraft in volumes and unfavorable mix. Adjusted gross margin contracted 90 basis points to 30.5% on the heels of cost inflation, inclusive of tariffs.

Over the past six-plus years, wide-moat Campbell's has orchestrated significant changes. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for just over 25% of total sales (down from more than 40% in fiscal 2017), while snacks make up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind its brands and capabilities to solidify its competitive edge. The byproduct of these efforts has been a 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.

Campbell's reported a 1% uptick in organic sales in its fiscal third quarter. However, the adjusted operating margin slipped 30 basis points to 14.6%. Its snack mix (40% of sales) continues to suffer, with organic sales off 5% and the segment adjusted operating margin down 90 basis points to 14.3%.

Over the past six-plus years, wide-moat Campbell has orchestrated significant changes. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for only around one-quarter of total sales (down from more than 40% in fiscal 2017), while snacks make up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind its brands and capabilities to solidify its competitive edge. The byproduct of these efforts has been a 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.

Campbell's sales dropped 2% on an organic basis, and the adjusted operating margin contracted 110 basis points to 13.9% in its fiscal second quarter. Snacks (about 50% of sales) were particularly weak, with sales down 3% and adjusted operating margin off 370 basis points to 11.3%.

Wide-moat Campbell has orchestrated significant changes since CEO Mark Clouse took the helm in January 2019. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for only around one quarter of total sales (down from more than 40% in fiscal 2017) while snacks make up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind its brands and capabilities to solidify its competitive edge. These efforts have manifested in 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.

In the fiscal first quarter, Campbell's organic sales slumped 1% and adjusted gross margins contracted 70 basis points to 31.4%. Beyond results, CEO Mark Clouse announced his retirement as he will become president of the NFL's Washington Commanders; Mick Beekhuizen is to take the helm.

Wide-moat Campbell has orchestrated significant changes since CEO Mark Clouse took the helm in January 2019. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for only around one quarter of total sales (down from more than 40% in fiscal 2017) while snacks make up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind its brands and capabilities to solidify its competitive edge. These efforts have manifested in 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.

Wide-moat Campbell Soup has orchestrated significant changes since CEO Mark Clouse took the helm in January 2019. For one, the portfolio mix has shifted quite dramatically, such that its core soup lineup now accounts for only around one quarter of total sales (down from more than 40% in fiscal 2017) and snacks makes up around 50% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to fuel spending behind innovation and marketing to solidify its standing with retailers and consumers. These efforts have manifested in 3% average annual organic sales growth over the past five years against mid- to high-teens adjusted operating margins.