1. The General Mills of canned goods and pantry staples.

2. The Coca-Cola of comfort food.

3. A smaller Kraft Heinz, but focused more on soups and snacks.

• Soups: Canned and ready-to-serve soups, including iconic condensed varieties and modern organic and healthier options.
• Snacks: A diverse portfolio of savory snacks such as crackers, pretzels, potato chips, and popcorn.
• Sauces & Meals: Convenient meal components like pasta sauces, salsas, and gravies.
• Beverages: Vegetable juices and a selection of plant-based beverages.

Campbell's (CPB) is a consumer packaged goods (CPG) company that sells its products primarily to other companies, specifically retail and foodservice customers, who then sell to individual consumers. Therefore, its major customers are businesses rather than individuals.

Major Customers of Campbell's (CPB)

Campbell's major customers are large retailers, wholesalers, and distributors. While the precise sales percentages to individual customers are typically proprietary, the following are generally considered major customers for CPG companies of Campbell's scale due to their market share, distribution networks, and purchasing volume:

• Walmart Inc. (Symbol: WMT) - This includes Walmart stores and Sam's Club. Walmart is frequently the largest customer for many CPG companies.
• The Kroger Co. (Symbol: KR) - One of the largest supermarket chains in the United States.
• Target Corporation (Symbol: TGT) - A major general merchandise retailer that also sells groceries.
• Costco Wholesale Corporation (Symbol: COST) - A prominent membership-only warehouse club operator.
• Albertsons Companies, Inc. (Symbol: ACI) - Operates a large network of grocery stores across the U.S.
• Ahold Delhaize (Symbol: ADRNY) - Operates numerous grocery chains in the U.S. including Stop & Shop, Giant Food, and Food Lion.
• Amazon.com, Inc. (Symbol: AMZN) - For online retail channels, including Amazon Fresh and Whole Foods Market.

These companies represent major grocery chains, mass merchandisers, club stores, and e-commerce platforms through which Campbell's products ultimately reach individual consumers.

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Mick Beekhuizen President and Chief Executive Officer

Mick Beekhuizen assumed the role of President and Chief Executive Officer of Campbell's in February 2025. He initially joined Campbell's in 2019 as Executive Vice President and Chief Financial Officer. Prior to that, he served as Executive Vice President and Chief Financial Officer at Chobani from March 2016 to September 2019. Beekhuizen also spent 13 years with Goldman Sachs, where he held positions including Managing Director in the merchant banking division.

Carrie L. Anderson Executive Vice President, Chief Financial Officer

Carrie L. Anderson was appointed Executive Vice President and Chief Financial Officer of Campbell's in February 2023. Before joining Campbell's, she served as Executive Vice President and Chief Financial Officer at Integra LifeSciences, a global medical technology company, from 2019 to 2023. Her previous experience includes seven years with Dover Corporation in various leadership capacities, including Chief Accounting Officer/Corporate Controller and Vice President and CFO for its engineered systems and printing and identification businesses. Anderson also held the position of Vice President and CFO of Delphi Product & Service Solutions, a division of Delphi Corporation, for six years, and began her career at General Motors. She currently serves on the board of directors of Embecta Corp.

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 at Campbell's.

Risa Cretella Executive Vice President, President Meals & Beverages

Risa Cretella holds the position of Executive Vice President, President Meals & Beverages at Campbell's.

Elizabeth Duggan Executive Vice President, President Snacks

Elizabeth Duggan is the Executive Vice President, President Snacks at Campbell's, a role she assumed as of May 12, 2025. She joined Campbell's in 2019 as Senior Vice President of the company's transformation office, and subsequently led the Canadian business as SVP and General Manager.

The key risks to Campbell's (CPB) business are:

1. Sales Reduction and Evolving Consumer Preferences: Campbell's faces the risk of reduced sales due to consumers shifting away from processed foods, opting for healthier choices, or switching to more affordable private label brands. The company has experienced declining organic net sales, particularly in its Snacks segment, which has been impacted by category softness and price sensitivity.
2. Cost Inflation and Margin Pressure: The company is exposed to significant cost increases for raw materials, packaging, and other supply chain components. Tariffs, especially on steel and aluminum, further exacerbate these costs, squeezing profit margins. Campbell's ability to fully pass on these increased costs to consumers through price adjustments is often limited.
3. Elevated Debt: Recent strategic acquisitions, such as the Sovos Brands acquisition, have increased Campbell's debt load. This elevated debt leads to higher net interest expenses and can limit the company's financial flexibility, impacting its ability to invest in other initiatives or withstand unforeseen economic challenges.

The intensifying scientific and public backlash against ultra-processed foods represents a clear emerging threat. A significant portion of Campbell's core product portfolio, including many of its iconic canned soups and snack items, falls under the classification of ultra-processed foods. As new research emerges and public awareness grows regarding the potential negative health impacts of these foods, consumer preferences are increasingly shifting towards whole, unprocessed, and "clean label" alternatives. This trend fundamentally erodes demand for a substantial segment of Campbell's product offerings, similar to how a shift in consumer preference for healthier and more natural options can disrupt traditional food categories.

Another clear emerging threat is the continued expansion and innovation in direct-to-consumer (DTC) and retail-based fresh/prepared meal solutions. Services offering pre-portioned, fresh ingredient meal kits, and increasingly, fully prepared, ready-to-eat meals, are growing in popularity and accessibility. These solutions directly compete with Campbell's convenience-focused products by offering similar ease of preparation but with a perception of greater freshness and healthiness. As these services become more cost-effective and widespread, they draw consumer spending away from traditional packaged food categories, much like how Netflix's streaming model disrupted Blockbuster's physical rental business by offering a fundamentally different and preferred consumption model for entertainment.

Campbell's (CPB) operates in several key product categories, including soups, snacks, and sauces. The addressable markets for these main products are detailed below:

• Soups:
  • The global soup market size was valued at approximately USD 19.18 billion in 2024.
  • The U.S. soup market was estimated at around USD 5.030 billion in 2024.
• Snacks:
  • The global snacks market size was estimated at approximately USD 719.18 billion in 2024.
  • The United States snacks market size reached around USD 350.59 billion in 2024.
• Sauces:
  • The global sauces market was valued at approximately USD 58.23 billion in 2024.
  • The North American sauces market is expected to reach approximately USD 28.99 billion by 2025.
  • The market size of Seasoning, Sauce, and Condiment Production in the U.S. was USD 33.0 billion in 2024.
• Beverages: null

Campbell's (CPB) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and Brand Integration: The successful acquisition and integration of Sovos Brands, particularly the growth of the Rao's brand, is a significant driver. Campbell's anticipates continued strong performance from Rao's, with expectations to build it into a household brand and expand market share through increased brand awareness campaigns.

2. Growth in Core Meals & Beverages Portfolio: The company expects continued gains in its Meals & Beverages division, specifically citing U.S. Soup, foodservice, and Prego pasta sauces. This segment's organic net sales are projected to see modest growth, further supported by the contributions from Sovos Brands.

3. Innovation and Marketing Investments in the Snacks Division: Despite facing some headwinds, Campbell's is focused on enhancing its Snacks division through innovation and marketing initiatives. Plans include investments in expanding capacity for key snack brands such as Goldfish and Kettle Brand chips, aiming for stabilization and renewed growth in this segment.

4. Optimized Portfolio Management and Focus on Leadership Brands: Campbell's strategy involves concentrating on its 16 leadership brands, which account for a substantial portion of its enterprise sales and operating earnings. This focus on high-performing brands across both Snacks and Meals & Beverages, along with strategic divestitures of lower-priority operations, is intended to drive overall revenue efficiency and accelerated growth.

Share Repurchases

• Campbell's repurchased approximately $62 million of common stock in fiscal year 2025. The company also repurchased $56 million in the first half of fiscal year 2025.
• As of August 3, 2025 (end of fiscal year 2025), approximately $198 million remained under its anti-dilutive share repurchase program and about $301 million remained under its September 2021 strategic share repurchase program.
• In September 2024, the Board of Directors approved a new anti-dilutive share repurchase program of up to $250 million, replacing a June 2021 program.

Outbound Investments

• On March 12, 2024, Campbell's completed the acquisition of Sovos Brands, Inc. for $2.7 billion in cash, which was funded by issuing new debt.
• Campbell's divested noosa yoghurt, which was part of the Sovos Brands acquisition, to Lakeview Farms on February 24, 2025.
• Net acquisitions/divestitures for Campbell's show approximately -$2.612 billion in 2024, reflecting net acquisitions.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were $426 million. Year-to-date capital expenditures were $296 million as of the third quarter of fiscal year 2025.
• For fiscal year 2024, capital expenditures totaled $517 million. Capital expenditures were $370 million in fiscal year 2023.
• Expected capital expenditures for fiscal year 2025 were approximately 4.5% of net sales.