Campbell’s makes branded soups, sauces, meals, beverages and snacks, including Campbell’s, Rao’s, Goldfish and Pepperidge Farm. Its Meals & Beverages and Snacks businesses generate most sales in the United States.
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A snapshot of what CAMPBELL'S Co owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jul 28, 20240000016732-24-000130 | Sep 19, 2024 | 10-K | Open 10-Ksec.gov |
| Aug 3, 20250000016732-25-000112 | Sep 18, 2025 | 10-K | Open 10-Ksec.gov |
| Aug 2, 20260000016732-26-000026 | Sep 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
As of October 24, 2026, Campbell’s remained cash-generative, but weaker sales and margins were putting pressure on earnings and capital allocation. Rao’s growth and productivity savings did not offset broader weakness. The company cut its quarterly dividend and completed a $300 million long-dated financing, while refinancing, supplier commitments and restructuring remained important demands on cash.
Sources: 10-K · 2026-08-02 · 8-K · 2026-10-01 · 424B2 · 2026-10-02
FY2026 Meals & Beverages sales were $5.928 billion and Snacks sales were $3.816 billion. U.S. operations accounted for 95% of sales; Walmart alone represented 22%, and the five largest customers 48%. Retailer bargaining power and cheaper private labels constrain pricing: higher prices can protect revenue per item while weakening demand.
Rao’s grew despite declines elsewhere, but all its tomato-based pasta sauces depend on La Regina. Campbell’s completed a 49% ownership purchase on May 4, 2026 and consolidates La Regina as variable interest entities—not because it owns the whole business. Public disclosures establish the dependence and outstanding purchase obligations, not guaranteed supply continuity or exhaustive commercial protections.
Sources: 10-K · 2026-08-02 · 424B2 · 2026-10-02
The September 24, 2026 annual filing reported sales of $9.744 billion for the 52 weeks ended August 2, down 5% from FY2025’s 53 weeks. Management’s rounded bridge attributes three percentage points of decline to volume/mix, two to the extra-week comparison and one to divestitures, offset by one point from pricing. Volume/mix is not a pure unit-volume measure. Gross margin fell to 28.1% from 30.4%; inflation, tariffs, supply-chain costs and weaker volume outweighed productivity and pricing benefits.
GAAP earnings before interest and taxes fell to $852 million from $1.124 billion, and diluted EPS to $1.31 from $2.01. Meals & Beverages segment earnings declined 14% and Snacks 28%; those company-defined measures exclude corporate costs, restructuring and impairments. FY2026 included $117 million of trademark impairments and $202 million of cost-saving and optimization charges. These remain economically relevant, and smaller comparability exclusions did not eliminate the underlying deterioration. EPS also reflects redeemable-interest and deferred-consideration accretion adjustments, rather than simply parent earnings divided by shares.
Sources: 10-K · 2026-08-02
FY2026 operating cash flow was $1.039 billion versus $1.131 billion, distinct from $405 million of consolidated net earnings. Cash taxes fell to $93 million from $268 million, partly benefiting from tax-payment timing provisions whose contribution was not quantified. Inventory and payables/accruals still consumed cash. Supplier-finance obligations of $241 million were included in payables, not extra cash or reported borrowing debt. Capital spending was $361 million and dividends paid were $470 million.
On September 3, Campbell’s reduced its quarterly dividend from $0.39 to $0.25; the November 2 payment remained declared, not paid, at the assessment date. Management expected approximately $300 million of FY2027 capital spending, including wastewater investment, and no share repurchases. Continuing demands include $140 million of La Regina consideration due May 4, 2027, conditionally payable in cash or shares; grant-linked consideration capped at €25 million; and conditional options over the remaining 51%. Year-end redeemable interests were $304 million, separate from borrowing debt. Purchase commitments totaled $2.014 billion, including $1.408 billion within twelve months, alongside leases and unfinished restructuring. Campbell’s also guaranteed approximately 4,600 distributor bank loans, with $598 million of maximum potential future payments under existing guarantees as of August 2, 2026. The guarantees were indirectly secured by distribution routes, and management did not expect material guarantee payments from defaults. This is contingent maximum exposure, not borrowing debt, expected payments or realized expense; amounts recognized at August 2, 2026 and August 3, 2025 were not material.
Sources: 10-K · 2026-08-02
At August 2, cash was $394 million, including $92 million usable only for La Regina obligations. Borrowing debt was $7.137 billion, with $977 million current, including $500 million of notes due March 2027. The $1.85 billion revolver was unused except for $1 million of letters of credit; its maturity was extended on September 16 to April 16, 2031. This is credit capacity, not cash. Campbell’s reported covenant compliance, but numerical headroom and unconditional availability are not established.
Campbell’s priced one $300 million junior subordinated note offering on October 1 and issued it October 5, confirmed in the 8-K filed that day. The October 2 prospectus estimated approximately $296 million of net proceeds after a $3 million underwriting discount and $1 million of estimated other expenses. Intended uses included existing-debt repayment—potentially March 2027 notes and commercial paper—and general corporate purposes. Final net proceeds, completed repayments and post-issuance cash or debt balances are not established.
The notes mature April 5, 2057. Their 8.500% initial coupon runs until April 5, 2032, then resets every five years to the defined Treasury benchmark plus 3.511 percentage points, with an 8.500% floor. Semiannual payments begin April 5, 2027. Conditional deferral can postpone interest for up to ten consecutive years, but compounds the obligation and generally restricts dividends and junior or equal-ranking payments, subject to material exceptions. Nonpayment can itself start deferral unless cured within five business days. No exercised deferral is established; the prospectus stated no current intention to defer.
These unsecured notes lack subsidiary guarantees and rank behind senior claims. Their specific terms remove the base secured-debt and sale-leaseback protections, permit senior-payment blockage and provide no acceleration for other covenant breaches. Redemption remains conditional. A completed qualifying control transaction plus linked rating conditions can produce a 101% issuer call or a five-percentage-point coupon increase—not a holder repayment right. Campbell’s has affirmative contractual obligations to pay offering-related performance expenses whether or not the transaction is consummated or the underwriting agreement terminated, and to pay trustee compensation and reimburse qualifying trustee expenses upon request. Trustee reimbursement is subject to express indenture exceptions and excludes expenses attributable to negligence or willful misconduct as finally determined by a court in a non-appealable decision. These obligations are distinct from conditional indemnification and contribution and from reimbursement of reasonably incurred underwriter out-of-pocket expenses approved in writing by the representatives upon specified termination, failure-to-deliver or permitted refusal-to-purchase events, excluding refusals permitted by Section 9. Trustee indemnification likewise excludes negligence or willful misconduct under that final-court-determination standard. The underwriting agreements and indemnities survive delivery, payment and termination. Section 6.07 trustee obligations constitute additional indebtedness under the indenture, survive discharge, termination and trustee resignation or removal, and rank ahead of the securities against trustee-held property and funds, except funds held in trust for holders of particular securities. These contractual provisions do not establish final expenses or actual payments.
Sources: 10-K · 2026-08-02 · 8-K · 2026-10-01 · EX-1.1 · 2026-10-01 · 424B2 · 2026-10-02 · EX-4.2 · 2026-10-01 · EX-4.1 · 2026-10-01
Management reported approximately $225 million of program-to-date pretax savings, but weaker demand, bakery supply constraints and tariff pressure persisted. Its approximately $500 million annual savings target by FY2030 is conditional, and the restructuring budget is incomplete; the historical and prospective savings measures overlap. Trademarks carrying $1.225 billion had approximately 10% or less valuation headroom, leaving further impairment exposure. Napoleon wastewater litigation and settlement discussions remained ongoing, with penalties unquantified despite management’s expectation that ultimate costs would not be materially adverse. La Regina was excluded from the annual internal-control assessment; that scope exclusion neither establishes a material weakness nor proves effective controls there. No numerical FY2027 consolidated sales or EPS guidance is established.
Sources: 10-K · 2026-08-02 · 424B2 · 2026-10-02
USD 9.744 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 9.744 bn | — |
Revenue net of returns, discounts and qualifying trade and consumer promotions.
Sources: 10-K · 2026-08-02
USD 10.253 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 10.253 bn | — |
Revenue net of returns, discounts and qualifying trade and consumer promotions.
Sources: 10-K · 2026-08-02
USD 9.636 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · fiscal weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 9.636 bn | — |
Revenue net of returns, discounts and qualifying trade and consumer promotions; includes Sovos only from March 12, 2024.
Sources: 10-K · 2026-08-02
USD 1.039 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.039 bn | -8.1% |
| 2025 | USD 1.131 bn | -4.6% |
| 2024 | USD 1.185 bn | — |
GAAP operating cash flow, including working-capital movements and supplier-finance settlements.
Sources: 10-K · 2026-08-02
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