Campbell Soup Company

The Campbell's Company, formerly Campbell Soup Co., makes and markets branded packaged foods and drinks. Its roots go back to 1869. In fiscal 2026, the year ended August 2, 2026, revenue was $9.74 billion. Its customers include grocery chains, mass merchants, club, convenience and dollar stores, and online retailers. Walmart alone accounted for about 22% of net sales, and the five largest customers for about 48%.

The company reports two segments. Meals & Beverages brought in $5.93 billion, or 60.8% of revenue. It includes Campbell's soups, Swanson broth, Pacific Foods, Prego and Rao's pasta sauces, Pace Mexican sauces, SpaghettiOs and V8. These go to U.S. and Canadian stores and to foodservice (restaurants and cafeterias). Rao's arrived with the $2.899 billion purchase of Sovos Brands in March 2024. Snacks brought in $3.82 billion, or 39.2%. It covers Goldfish crackers, Pepperidge Farm cookies and bakery goods, Snyder's of Hanover pretzels, Lance sandwich crackers, and Cape Cod and Kettle Brand chips in U.S. stores.

By product, snacks made up 42.8% of sales, soup 27.2%, other simple meals 23% and beverages 7%. The snack share is higher than the Snacks segment's because snacks for Canada and foodservice are counted under Meals & Beverages. Soup sales peak in fall and winter. Well-known brands usually command higher prices than store brands. But the cost of tomatoes, wheat, poultry and steel cans can swing sharply.

• In Q4 FY2026 (ended Aug 2, 2026), revenue was $2.14B, down 7.9% from a year earlier, and net income was $-60.0M (-141.4%).
• For fiscal 2026, revenue was $9.74B (-5.0% year over year; +2.8% a year from FY2021 to FY2026) with a 4.1% net margin.

• Over FY2022–FY2026: $464.0M in buybacks and $2.27B in dividends.
• Regular dividend per share increased 2 years in a row.
• Regular dividends per share grew +1.3% a year over 5 years (FY2021–FY2026).
• Dividends took 116.6% of earnings and 69.3% of free cash flow in the latest fiscal year.
• Shares outstanding changed -1.2% from Dec 1, 2021 to Sep 16, 2026.

Rank among 1514 US companies

Market value at each year end

Campbell Soup’s market value went from $18.57B at the end of 2016 to $6.14B on Oct 28, 2026, down 67%; since the end of 2025 it is down 26%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in CPB

1. Heavy reliance on Walmart and big retailers. Walmart accounted for about 22% of net sales in fiscal 2026, and the five largest customers for about 48%. Tougher terms or lost shelf space at any of them could cut sales and margins.
2. Rao's deals may not pay off. Campbell's paid $2.899 billion for Sovos Brands, which brought Rao's. It also agreed to pay $286 million for 49% of La Regina, which makes Rao's sauces. Weak results could force write-downs that cut reported earnings.
3. Tariffs and costs it can't pass on. Tariffs raised fiscal 2026 costs for ingredients, imported products and packaging, including the tinplate steel used for cans. Price increases may not fully cover higher costs, and some competitors may be less exposed.
4. A large debt load. Total debt was $7.51 billion against $394 million in cash as of August 2, 2026. A credit-rating downgrade could raise borrowing costs and make refinancing harder.
5. Shifting tastes and brand perception. Campbell's has to spot changes in what people want to eat and offer foods and packaging to match. If shoppers cool on brands like Campbell's soup, Goldfish or Rao's, sales could fall.
6. Shoppers trading down to store brands. When money is tight, consumers may switch to cheaper store-brand (private-label) products. Campbell's also competes with other branded food makers for shelf space, promotions and shoppers' dollars, which can squeeze sales and margins.

• Oct 5, 2026 Other company announcement
• Sep 17, 2026 Major agreement signed
• Sep 3, 2026 Quarterly results released
• Jun 17, 2026 Executive or board change
• Jun 8, 2026 Quarterly results released
• Mar 11, 2026 Quarterly results released
• Dec 15, 2025 Other company announcement
• Dec 9, 2025 Investor presentation or announcement
• Dec 9, 2025 Quarterly results released
• Dec 9, 2025 Major agreement signed; Unregistered sale of shares

Campbell's pays a dividend but has not raised it every year. Dividends per share held at $1.48 from fiscal 2022 through 2024, then rose to $1.54 and $1.56. That is a two-year streak of increases. In fiscal 2026, dividends paid were 116.6% of earnings, more than the company earned. They were 69.3% of free cash flow (the cash left after running and investing in the business). Buybacks totaled $464 million over fiscal 2022–2026, compared with $2.27 billion in dividends. The yield was 6.9% as of October 28, 2026, after the share price fell 29.2% over the previous 12 months.

In the 2008 financial crisis the shares fell 35.1% and took about 42 months after the March 2009 low to recover. They dropped 20.3% in the 2020 COVID crash and had recovered by May 2020. In 2022 they rose 15.9% while the broad market fell. The deepest fall in the three years to October 28, 2026 was worse, at 59.2%. Single stocks carry more risk than diversified funds.