CAMPBELL'S (CPB) Q3 FY26 earnings call

A holding-pattern quarter that pivots the story to FY27's cost setup: Snacks profitability is healing off its trough while Meals & Beverages rides resilient at-home cooking, but a volatile, oil-driven inflation backdrop dominates the forward view. Management leans on elevated productivity, RGM/trade optimization and portfolio simplification — with list pricing only as a last resort — while prioritizing deleveraging, its investment-grade rating and a held (not growing) dividend over M&A. Salty remains the unfixed drag.