Jul 2026 (Q4 FY26) — Sep 3, 2026
The Campbell's Company Q4 FY26 — Strategic Reset Amidst Volatility
Read the full callCAMPBELL'S (CPB) earnings
- Aug 2026
- Jul 2026 (Q4 FY26)
- Aug 2026
CAMPBELL'S earnings: last reported Thu, 3 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,137 | −7.9% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 0.2 | −11.4 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | -60.0 | −141.4% YoY | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 20 judged targets kept · 33 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Snacks division operating margin sequential improvement in Q3 | some margin improvement in Q3, but nothing dramatic | Jan 2026 | we said we'd have sequential improvement from Q2 to Q3. We did. It was largely in line with our expectations | Achieved |
| Full-year adjusted EPS growth | down 12% to 18% | Jul 2025 | And I would say the EPS still some moving parts there but that probably is more $2.20 to below | At Risk |
| Q2 adjusted gross profit margin year-over-year change | down a similar amount to Q1's 150 basis points, maybe even a little bit more | Oct 2025 | second quarter adjusted gross profit margin decreased 270 basis points to 27.7% | Missed |
5 of CAMPBELL'S Co's 53 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 50 more targets are in the full ledger.
Claimed
- Meals & Beverages organic net sales grew 3%, driven by 0.8% U.S. retail consumption growth.
- Rao's consumption increased 9.6% in Q4 and 11.3% for the year, with household penetration reaching 18.9% (up 170 bps YoY).
- Goldfish core consumption returned to growth, supported by double-digit e-commerce growth.
- A new $500 million enterprise-wide savings program was launched, targeting cost reductions by FY2030.
- Operating cash flow for FY26 was $1 billion.
Qualified
- Organic net sales declined 1% in Q4 FY26, primarily due to weakness in Snacks.
- Adjusted EBIT decreased 25% and adjusted EPS was $0.39 (down 37%) in Q4 FY26, pressured by elevated inflation.
- The fiscal 2027 outlook projects organic net sales to decline 2-4%, adjusted EBIT to decline 7-12%, and adjusted EPS to decline 17-24%.
- Q1 FY27 is expected to be very challenging for Snacks, with high single-digit declines and significant margin pressure.
- The quarterly dividend was reset to $0.25 per share (annualized $1), a 36% reduction.
Price
$19.35 −2.62% · −$0.52
Performance −37.3% 1Y
1Y: $30.86 on 17 Oct 2025 → $19.35. High $31.66 (21 Nov 2025), low $18.9 (7 Oct 2026).
- Previous close
- $19.87
- 52-week range
- $18.9 – $31.66
- One year
- −37.62%
Overview
- Symbol
- CPB
- Sector
- Consumer Staples
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 20 judged targets kept · 33 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Snacks division operating margin sequential improvement in Q3 | some margin improvement in Q3, but nothing dramatic | Jan 2026 | we said we'd have sequential improvement from Q2 to Q3. We did. It was largely in line with our expectations | Achieved |
| Full-year adjusted EPS growth | down 12% to 18% | Jul 2025 | And I would say the EPS still some moving parts there but that probably is more $2.20 to below | At Risk |
| Q2 adjusted gross profit margin year-over-year change | down a similar amount to Q1's 150 basis points, maybe even a little bit more | Oct 2025 | second quarter adjusted gross profit margin decreased 270 basis points to 27.7% | Missed |
Claimed
- Meals & Beverages organic net sales grew 3%, driven by 0.8% U.S. retail consumption growth.
- Rao's consumption increased 9.6% in Q4 and 11.3% for the year, with household penetration reaching 18.9% (up 170 bps YoY).
- Goldfish core consumption returned to growth, supported by double-digit e-commerce growth.
- A new $500 million enterprise-wide savings program was launched, targeting cost reductions by FY2030.
- Operating cash flow for FY26 was $1 billion.
Qualified
- Organic net sales declined 1% in Q4 FY26, primarily due to weakness in Snacks.
- Adjusted EBIT decreased 25% and adjusted EPS was $0.39 (down 37%) in Q4 FY26, pressured by elevated inflation.
- The fiscal 2027 outlook projects organic net sales to decline 2-4%, adjusted EBIT to decline 7-12%, and adjusted EPS to decline 17-24%.
- Q1 FY27 is expected to be very challenging for Snacks, with high single-digit declines and significant margin pressure.
- The quarterly dividend was reset to $0.25 per share (annualized $1), a 36% reduction.
The full ledger
Open CAMPBELL'S Co’s full ledger
A free account opens 5 company ledgers a month. All 53 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q3 FY26) — Jun 8, 2026
The Campbell's Company Q3 FY26 — Snacks margin heals to ~10% EBITDA as FY27 shapes up around a 5-6% inflation threat
Read the full callFeb 2026 (Q2 FY26) — Mar 11, 2026
The Campbell's Company Q2 FY26 — Snacks Underperformance and Guidance Revision
Read the full callEvery analysed call
CAMPBELL'S earnings calls (CPB)
Financials
What the filings say
Net profit, year on year: −141% (quarter to aug 2026 against aug 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,772 | 2,685 | 2,475 | 2,321 | 2,677 | 2,564 | 2,366 | 2,137 |
| Expenses | 2,405 | 2,358 | 2,314 | 2,052 | 2,341 | 2,291 | 2,127 | 2,133 |
| Operating profit | 367 | 327 | 161 | 269 | 336 | 273 | 239 | 4 |
| Operating margin | 13.2% | 12.2% | 6.5% | 11.6% | 12.6% | 10.7% | 10.1% | 0.2% |
| Interest | 87 | 88 | 85 | 85 | 81 | 82 | 83 | 85 |
| Profit before tax | 284 | 247 | 81 | 184 | 256 | 193 | 159 | -79 |
| Tax rate | 23.2% | 30.0% | 18.5% | 21.2% | 24.2% | 24.9% | 22.0% | 26.6% |
| Net profit | 218 | 173 | 66 | 145 | 194 | 145 | 124 | -60 |
| EPS ($ per share) | 0.73 | 0.58 | 0.22 | — | 0.65 | 0.49 | 0.42 | — |
| Line item | Jul 2019 | Aug 2020 | Aug 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Aug 2025 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 1,993 | 3,190 | 3,742 | 4,040 | 4,451 | 4,569 | 4,694 | 4,620 |
| Total liabilities | 12,036 | 9,803 | 8,580 | 8,559 | 8,395 | 11,439 | 10,992 | 11,492 |
| Fixed assets | 2,455 | 2,368 | 2,370 | 2,343 | 2,398 | 2,698 | 2,767 | 2,868 |
| Total assets | 13,148 | 12,372 | 11,734 | 11,892 | 12,058 | 15,235 | 14,896 | 15,648 |
| Line item | Jul 2019 | Aug 2020 | Aug 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Aug 2025 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,398 | 1,396 | 1,035 | 1,181 | 1,143 | 1,185 | 1,131 | 1,039 |
| Cash from investing | 153 | 2,272 | -158 | -230 | -340 | -3,128 | -187 | -357 |
| Cash from financing | -1,591 | -2,987 | -1,669 | -910 | -723 | 1,863 | -919 | -419 |
| Net cash flow | -47 | 680 | -790 | 40 | 80 | -81 | 24 | 262 |
| Capital expenditure | -384 | -299 | -275 | -242 | -370 | -517 | -426 | -361 |
| Free cash flow | 1,014 | 1,097 | 760 | 939 | 773 | 668 | 705 | 678 |
CPB revenue by segment
Snacks grew from 38% to 44% of revenue over the last two years.
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Meals Beverages | 62% | 63% | 59% | 52% | 62% | 64% | 60% | 56% | -1.2% |
| Snacks | 38% | 37% | 41% | 48% | 38% | 36% | 40% | 44% | -15.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
55 filings between Nov 1, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$6.4K
3 purchases by 1 insider
Sales
$396.7K
2 sales by 2 insiders
Compensation
not trading decisions- 33
- Award — granted as compensation
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Brawley Charles A. III | — | $325.1K | Dec 30, 2025 |
| Sanzio Anthony | — | $71.6K | Jan 9, 2026 |
| Dorrance Bennett JR | $6.4K | — | Jun 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Palumbo Kelly L SVP, Controller and CAO | Award | 16,161 | $0 |
| Oct 1, 2026 | Nippert Melissa SVP, Chief Transformation Ofcr | Award | 19,709 | $0 |
| Oct 1, 2026 | BEEKHUIZEN MICK J President and CEO | Award | 152,891 | $0 |
| Oct 1, 2026 | Cretella Risa EVP, President, M&B | Award | 27,132 | $0 |
| Oct 1, 2026 | Green Cassandra EVP, Chief Supply Chain Ofcr | Award | 18,844 | $0 |
| Oct 1, 2026 | vanBeuren Archbold D Director | Other | 437,692 | $0 |
| Oct 1, 2026 | Johnson May Diane EVP, Chief People&Culture Ofcr | Award | 42,083 | $0 |
| Oct 1, 2026 | Brawley Charles A. III EVP, Gen Counsel, and Corp Sec | Award | 40,373 | $0 |
| Oct 1, 2026 | Lukin Janda K EVP, Chief Growth Officer | Award | 20,322 | $0 |
| Oct 1, 2026 | Cunfer Todd E EVP, Chief Financial Officer | Award | 31,175 | $0 |
| Oct 1, 2026 | Anand Mohit EVP / President, Snacks | Award | 25,227 | $0 |
| Sep 30, 2026 | Cretella Risa EVP, President, M&B | Tax withheld | 3,999 | $80.9K |
| Sep 30, 2026 | Cunfer Todd E EVP, Chief Financial Officer | Tax withheld | 2,489 | $50.4K |
| Sep 30, 2026 | Brawley Charles A. III EVP, Gen Counsel, and Corp Sec | Tax withheld | 3,051 | $61.7K |
| Sep 30, 2026 | Johnson May Diane EVP, Chief People&Culture Ofcr | Tax withheld | 5,020 | $101.6K |
| Sep 30, 2026 | Green Cassandra EVP, Chief Supply Chain Ofcr | Tax withheld | 2,599 | $52.6K |
| Sep 30, 2026 | Lukin Janda K EVP, Chief Growth Officer | Tax withheld | 2,922 | $59.1K |
| Sep 30, 2026 | Palumbo Kelly L SVP, Controller and CAO | Tax withheld | 657 | $13.3K |
| Sep 30, 2026 | BEEKHUIZEN MICK J President and CEO | Tax withheld | 17,556 | $355.2K |
| Sep 30, 2026 | Nippert Melissa SVP, Chief Transformation Ofcr | Tax withheld | 1,784 | $36.1K |
| Sep 25, 2026 | Dorrance Bennett JR Director | Award | 2,204 | $0 |
| Sep 25, 2026 | Hill Grant Director | Award | 3,691 | $0 |
| Sep 25, 2026 | ARREDONDO FABIOLA R Director | Award | 2,204 | $0 |
| Sep 25, 2026 | Malone Mary Alice Dorrance JR Director | Award | 2,155 | $0 |
| Sep 25, 2026 | vanBeuren Archbold D Director | Award | 2,333 | $0 |
| Jun 29, 2026 | Malone Mary Alice Dorrance JR Director | Award | 1,814 | $0 |
| Jun 29, 2026 | ARREDONDO FABIOLA R Director | Award | 1,855 | $0 |
| Jun 29, 2026 | Dorrance Bennett JR Director | Award | 1,855 | $0 |
| Jun 29, 2026 | vanBeuren Archbold D Director | Award | 1,964 | $0 |
| Jun 29, 2026 | Hill Grant Director | Award | 3,107 | $0 |
| Jun 9, 2026 | Dorrance Bennett JR Director | Purchase | 100 | $2.1K |
| Jun 9, 2026 | Dorrance Bennett JR Director | Purchase | 100 | $2.1K |
| Jun 9, 2026 | Dorrance Bennett JR Director | Purchase | 100 | $2.1K |
| Apr 1, 2026 | Cretella Risa EVP, President, M&B | Tax withheld | 6,543 | $145.7K |
| Mar 31, 2026 | Amendment & Restatement of Agreement of Trust of Mary Alice Dorrance Malone dated April 17, 1990 10% owner | Other | 17,274,200 | $384.70M |
| Mar 30, 2026 | Malone Mary Alice Dorrance JR Director | Award | 1,882 | $0 |
| Mar 30, 2026 | Dorrance Bennett JR Director | Award | 1,925 | $0 |
| Mar 30, 2026 | Hill Grant Director | Award | 3,224 | $0 |
| Mar 30, 2026 | ARREDONDO FABIOLA R Director | Award | 1,925 | $0 |
| Mar 30, 2026 | vanBeuren Archbold D Director | Award | 2,037 | $0 |
| Mar 1, 2026 | Anand Mohit EVP / President, Snacks | Award | 21,505 | $0 |
| Feb 1, 2026 | Poland Daniel L EVP / Chief ETO | Tax withheld | 14,020 | $378.7K |
| Jan 9, 2026 | Sanzio Anthony EVP, Chief Comms Officer | Sale | 2,700 | $71.6K |
| Jan 6, 2026 | Malone Mary Alice Dorrance JR Director | Other | 26,741,880 | $722.30M |
| Jan 6, 2026 | Amendment & Restatement of Agreement of Trust of Mary Alice Dorrance Malone dated April 17, 1990 Insider | Other | 26,741,880 | $722.30M |
| Dec 30, 2025 | Brawley Charles A. III EVP, Gen Counsel, and Corp Sec | Sale | 11,550 | $325.1K |
| Dec 29, 2025 | vanBeuren Archbold D Director | Award | 1,605 | $0 |
| Dec 29, 2025 | Malone Mary Alice Dorrance JR Director | Award | 1,483 | $0 |
| Dec 29, 2025 | Dorrance Bennett JR Director | Award | 1,516 | $0 |
| Dec 29, 2025 | Hill Grant Director | Award | 2,540 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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