It's like General Mills for your pantry, known for classic soups, sauces, and popular snacks like Goldfish crackers.

A lot like Kraft Heinz, but with a focus on heritage soups, broths, and beloved snack brands like Pepperidge Farm and Snyder's of Hanover.

• Campbell's Soups and Meal Components: Core line of condensed and ready-to-serve soups, gravies, pasta, beans, and dinner sauces.
• Swanson Broth, Stocks, and Canned Poultry: Essential cooking ingredients like broths and stocks, and canned poultry products.
• Pacific Foods Products: Organic broths, soups, and non-dairy beverages.
• Prego Pasta Sauces: A variety of popular pasta sauces.
• Pace Mexican Sauces: Salsas and other Mexican-style sauces.
• Plum Baby Food and Snacks: Organic baby food purees and snack options.
• V8 Juices and Beverages: A range of vegetable and fruit juices and drinks.
• Pepperidge Farm Products: Includes cookies (e.g., Milano), crackers (e.g., Goldfish), fresh bakery items, and frozen products.
• Snyder's of Hanover Pretzels: Various pretzel products.
• Lance Sandwich Crackers: Crackers with cheese or other fillings.
• Cape Cod and Kettle Brand Potato Chips: Premium line of potato chips.
• Late July Snacks: Organic tortilla chips and crackers.
• Snack Factory Pretzel Crisps: Thin, crispy pretzel snacks.
• Pop Secret Popcorn: Microwaveable popcorn products.
• Emerald Nuts: Packaged nuts and trail mixes.

Campbell's (CPB) sells its products primarily to other businesses rather than directly to individual consumers. Its major customers are the retail chains, wholesale clubs, mass merchandisers, e-commerce platforms, and foodservice distributors that stock and sell Campbell's wide range of food and beverage products to the end consumer. Some of its major customer companies include:

• Walmart Inc. (WMT) - A leading multinational retail corporation operating hypermarkets, discount department stores, and grocery stores, as well as Sam's Club warehouses.
• The Kroger Co. (KR) - One of the largest supermarket chains in the United States.
• Costco Wholesale Corporation (COST) - A major membership-only warehouse club chain.
• Target Corporation (TGT) - A general merchandise retailer with a significant grocery presence.
• Amazon.com, Inc. (AMZN) - A dominant e-commerce platform that also owns Whole Foods Market.
• Sysco Corporation (SYY) - A global leader in selling, marketing, and distributing food products to restaurants, healthcare, and educational facilities, hotels, and other foodservice customers.

Mick Beekhuizen, President and Chief Executive Officer

Mick Beekhuizen was appointed President and Chief Executive Officer of Campbell's, effective February 1, 2025, becoming the 15th leader in the company's more than 155-year history. He joined Campbell's in September 2019 as Chief Financial Officer and later served as President of the Meals & Beverages division from November 2022 until January 2025. Prior to Campbell's, Beekhuizen was Executive Vice President and Chief Financial Officer at Chobani from March 2016 to September 2019, where he was instrumental in improving the company's capital structure and supporting its growth. He also spent 13 years with Goldman Sachs, including a role as Managing Director in the merchant banking division from 2000 to 2013.

Todd E. Cunfer, Executive Vice President and Chief Financial Officer

Todd E. Cunfer was appointed Executive Vice President and Chief Financial Officer, effective October 20, 2025. He previously served as Chief Financial Officer of Freshpet, Inc. starting in December 2022. Before Freshpet, Cunfer was the CFO of The Simply Good Foods Company from August 2017 to October 2022. His career also includes over two decades at The Hershey Company, where he held various senior finance positions, including Vice President roles in international finance, global supply chain finance, and North America finance.

Mohit Anand, Executive Vice President and President, Snacks Division

Mohit Anand was appointed Executive Vice President and President, Snacks Division, effective February 23, 2026.

Risa Cretella, Executive Vice President and President, Meals & Beverages

Risa Cretella was appointed Executive Vice President and President, Meals & Beverages, effective February 1, 2025.

Charles A. Brawley, III, Executive Vice President, General Counsel and Corporate Secretary

Charles A. Brawley, III serves as Executive Vice President, General Counsel, and Corporate Secretary for Campbell's.

The key risks to Campbell's business (CPB) include inflationary pressures on costs and resulting margin compression, intense competition coupled with changing consumer preferences, and significant financial leverage.

1. Inflationary Pressures and Margin Compression: Campbell's faces substantial risks from rising costs for raw and packaging materials, labor, and distribution. The company's inability to fully offset these increased expenses through price adjustments or productivity initiatives could adversely affect its financial results and profit margins. This challenge has led to concerns over earnings per share and has contributed to lowered sales growth outlooks and potential profit risks for the company.
2. Competition and Changing Consumer Preferences: Operating in a highly competitive food and beverage industry, Campbell's faces ongoing challenges from numerous branded and private-label manufacturers. Key competitive factors include brand recognition, taste, nutritional value, price, promotion, and innovation. The company also needs to adapt to evolving consumer preferences, which is a sector-specific risk that can impact demand for its products. The snacks business, in particular, has shown signs of struggle against market leaders.
3. High Financial Leverage: Campbell's exhibits a high debt-to-equity ratio and significant financial leverage, which has been a concern for analysts. This financial burden, coupled with liquidity constraints indicated by low current and quick ratios, could impact the company's financial health and flexibility. There are also concerns about earnings per share and the sustainability of dividend increases until a business recovery gains traction.

• The increasing consumer preference for fresh, minimally processed foods, combined with the rise of convenient meal kits and prepared food services (e.g., grocery store ready-to-eat meals, meal subscription boxes). These alternatives directly compete with Campbell's packaged and canned meal solutions by offering convenience alongside a stronger emphasis on freshness, customization, and perceived health benefits, thus diverting consumer spending.
• The proliferation of agile, direct-to-consumer (DTC) food and beverage brands that leverage e-commerce and social media to target specific health and wellness trends (e.g., plant-based, organic, low-sugar/sodium snacks, specialized beverages). This model allows for rapid innovation and direct engagement with consumers, challenging Campbell's established brands and traditional retail distribution channels by capturing market share in premium and niche segments.

The addressable markets for Campbell's main products and services are significant across various food and beverage categories, both globally and within the United States.

Meals & Beverages Segment

• Soups (Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups):
  • Globally, the soup market was valued at USD 12.6 billion in 2025 and is estimated to reach USD 17.2 billion by 2034.
  • In the U.S., the soup market stood at approximately US$ 5.030 billion in 2024 and is anticipated to reach around US$ 6.940 billion in 2033.
• Pasta Sauces (Prego pasta sauces; Pace Mexican sauces; Campbell's gravies, pasta, beans, and dinner sauces):
  • The global pasta sauce market was valued at USD 11,322.42 million (USD 11.32 billion) in 2025 and is estimated to reach USD 13,995.46 million (USD 14.0 billion) by 2034.
  • The United States pasta sauce market size reached USD 2.54 billion in 2024 and is projected to reach USD 3.01 billion by 2033.
• Juices and Beverages (V8 juices and beverages; Campbell's tomato juice):
  • The global juices market is expected to grow from USD 142.10 billion in 2025 to USD 173.75 billion by 2031.
  • In the U.S., the juice market size was estimated at USD 24.97 billion in 2025 and is expected to grow to USD 26.78 billion by 2032.
• Non-Dairy Beverages (Pacific Foods non-dairy beverages):
  • The global non-dairy beverages market size was valued at USD 21.16 billion in 2024 and is expected to reach USD 52.41 billion by 2032.
  • The U.S. plant-based beverages market generated a revenue of USD 2,622.5 million (USD 2.62 billion) in 2021 and is expected to reach USD 7,947.6 million (USD 7.95 billion) by 2030.
• Baby Food and Snacks (Plum baby food and snacks):
  • The global baby food market size was valued at USD 115.79 billion in 2025 and is projected to grow to USD 214.28 billion by 2034.
  • The USA baby food market is valued at USD 8.3 billion. The U.S. baby food market size is projected to reach USD 16.72 billion by 2032.

Snacks Segment

• Cookies (Pepperidge Farm cookies, Milano cookies):
  • The global cookies market size was valued at USD 44.66 billion in 2025 and is projected to grow to USD 67.89 billion by 2034.
  • The U.S. cookies market size was estimated at USD 10,170.9 million (USD 10.17 billion) in 2024 and is expected to reach USD 17,900.5 million (USD 17.9 billion) by 2035.
• Pretzels (Snyder's of Hanover pretzels, Lance sandwich crackers, Snack Factory Pretzel Crisps):
  • The global pretzel market size was valued at USD 7.51 billion in 2025 and is projected to grow to USD 9.92 billion by 2034.
  • The U.S. pretzel market size was estimated at USD 2,257.9 million (USD 2.26 billion) in 2024 and is expected to reach USD 3,193.9 million (USD 3.19 billion) by 2035.
• Savory Snacks (Goldfish crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Pop Secret popcorn, Emerald nuts, and other snacking products):
  • The global savory snacks market size was valued at USD 316.97 billion in 2025 and is projected to grow to USD 538.24 billion by 2034.
  • The US savory snacks market size was valued at USD 70 billion in 2025 and is projected to reach USD 73 billion in 2026.

Here are 3-5 expected drivers of future revenue growth for Campbell's (CPB) over the next 2-3 years:

1. Continued Growth of the Rao's Brand: The Rao's brand has been a significant growth engine for Campbell's, recently surpassing $1 billion in trailing twelve-month net sales. The company anticipates continued growth driven by sustained increases in household penetration and high repeat purchase rates, as consumers continue to prioritize premium at-home dining experiences.
2. Strategic Acquisitions and Partnerships: Campbell's has actively pursued strategic partnerships and acquisitions to bolster its portfolio. A notable example is the agreement to acquire a 49% interest in La Regina, which is expected to close in the second half of fiscal 2026. This move, building on the success of the earlier Sovos Brands acquisition which brought Rao's into the portfolio, demonstrates a strategy to expand through adding complementary and high-growth brands.
3. Accelerated Cost Savings Initiatives: Campbell's is focused on achieving $375 million in cost savings by fiscal 2028. While primarily impacting profitability, these efficiencies can free up capital for reinvestment into brand building, product innovation, and marketing efforts, which indirectly supports future revenue growth by enhancing competitive positioning and market share. Management expects these initiatives to improve performance in the latter part of fiscal 2026 and contribute to recovery in fiscal 2027.
4. Targeted Promotional Activity and New Product Innovation in Snacks: Despite recent challenges in the Snacks segment, Campbell's management is implementing decisive actions to stabilize and grow this division. This includes sharpening value propositions through targeted promotional activity to maintain price competitiveness, particularly in Salty Snacks. Additionally, new product innovation and improved in-market execution are key components of their strategy to reinvigorate performance and drive revenue growth in this segment.
5. Sustained In-Market Consumption Growth and Stable Market Share for Core Meals & Beverages Brands: The core Meals & Beverages portfolio has demonstrated in-market consumption growth and maintained stable share performance for its leadership brands, marking the ninth consecutive quarter of holding or growing share. Sustaining this performance and defending market share in its established categories will provide a stable revenue base and enable focused investments in growth areas.

Share Repurchases

• Campbell's completed a buyback program, announced in September 2021, by February 2026, repurchasing 4,176,095 shares for $198.09 million.
• As of August 3, 2025, the company had approximately $198 million remaining under its anti-dilutive share repurchase program and $301 million remaining under its September 2021 strategic share repurchase program.
• Campbell's repurchased approximately $62 million worth of common stock in fiscal year 2025 and $24 million in the first quarter of fiscal year 2026.

Outbound Investments

• Campbell's acquired Sovos Brands, Inc., including brands like Rao's, Michael Angelo's, and noosa yogurt, for approximately $2.7 billion, with the transaction completed on March 12, 2024.
• The company divested its noosa yogurt business, acquired as part of Sovos Brands, to Lakeview Farms on February 24, 2025.
• Campbell's agreed to acquire a 49% stake in La Regina, a producer of Rao's pasta sauces, for $286 million, with an option to purchase the remaining 51% starting in 2026.

Capital Expenditures

• Capital expenditures for Campbell's were $426 million in fiscal year 2025, following $517 million in fiscal year 2024 and $370 million in fiscal year 2023.
• Expected capital expenditures for fiscal year 2026 are similar to fiscal year 2025, around 4% of net sales, equating to a bit over $400 million.
• Campbell's announced plans to invest $230 million in network-wide projects by fiscal year 2026, including $150 million for new aseptic soup production in Maxton, North Carolina, and $72 million for additional potato chip kettles in Hanover, Pennsylvania, to enhance manufacturing capabilities and supply chain competitiveness.