Campbell's
CPB Nasdaq Packaged Foods & Meats Financials FY2017–FY2026
Campbell's revenue fell 5.0% to $9.7 billion in fiscal 2026. Its operating margin was 8.7%, down from 11.0% a year earlier. Free cash flow was $678 million, down 3.8%. It paid out $496 million in dividends and buybacks, 73% of free cash flow.
About these figures. Campbell's debt is taken from its balance sheet (long-term debt plus short-term borrowings): its fiscal 2026 filing stopped tagging the current portion separately, and the default double-counted commercial paper in some years.
What Campbell's does
Campbell's makes and sells packaged food and drinks. Its brands include Campbell's soups, Swanson broth, Prego and Rao's pasta sauces, V8 juices, and Pepperidge Farm, Goldfish, Snyder's of Hanover, Cape Cod and Kettle Brand snacks. Its products are resold to shoppers by food retailers, mass discounters, club stores, convenience stores and online sellers.
It reports two segments. Meals & Beverages sells soup, simple meals and drinks in the U.S. and Canada, and, from 2026, its retail business in Latin America. Snacks sells cookies, crackers, bakery items, pretzels and chips in the U.S., using independent distributors that deliver to stores. Soup sells best in fall and winter. Its five largest customers accounted for approximately 48% of net sales in fiscal 2026, and Walmart alone for approximately 22%.
Campbell's bought Sovos Brands, the maker of Rao's, in March 2024 and sold its noosa yogurt and Pop Secret popcorn businesses in 2024 and 2025. In May 2026 it paid $146 million in cash for a 49% stake in La Regina, which makes all of its Rao's tomato-based pasta sauces. It had about 13,500 employees at the end of fiscal 2026.
- Legal name
- The Campbell’s Company
- Fiscal year ends
- August 2, 2026
- Latest annual report
- 10-K · Sep 24, 2026
- Accession · CIK
- 0000016732-26-000026
0000016732
Revenue and margins
Campbell's had $9.7B of revenue in fiscal 2026, down 5.0% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew −8.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $678M in fiscal 2026, 7.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Campbell's returned $496M to shareholders in fiscal 2026, 73% of free cash flow. The diluted share count rose 0.0%.
Value Campbell's yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.7B and divides by 300.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 15.8x · peers 37.7x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Campbell's can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $109M | $189M | $108M | $132M | $394M |
| Debt incl. finance leases | $4.8B | $4.7B | $7.2B | $6.9B | $7.1B |
| Net debt / EBITDA | 3.1x | 2.7x | 5.0x | 4.3x | 5.3x |
| Debt / equity | 1.4x | 1.3x | 1.9x | 1.8x | 1.9x |
| Interest coverage | 6.2x | 7.0x | 4.0x | 3.3x | 2.6x |
| Current ratio | 0.7x | 0.9x | 0.6x | 0.8x | 0.8x |
| Quick ratio | 0.3x | 0.4x | 0.2x | 0.3x | 0.3x |
| Total assets | $11.9B | $12.1B | $15.2B | $14.9B | $15.6B |
| Total liabilities | $8.6B | $8.4B | $11.4B | $11.0B | $11.5B |
| Shareholders' equity | $3.3B | $3.7B | $3.8B | $3.9B | $3.9B |
| Net debt (− = net cash) | $4.7B | $4.5B | $7.1B | $6.7B | $6.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
1 insider
Sold, 12 months
$0.4M
2 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 5 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | −4.5% | −3.5% | −4.2% |
| Altman Z'' | 1.17 | 1.61 | 1.42 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Campbell's CPB | $6.2B | −5.0% | 8.7% | 7.0% | 6.2% | 15.8x | 5 | |
| J.M. Smucker SJM | — | 3.7% | 4.0% | 12.8% | 2.2% | 60.7x | — | Compare → |
| Conagra Brands CAG | $7.1B | −2.9% | −14.4% | 8.7% | −8.3% | — | 5 | Compare → |
| Post POST | $4.1B | 3.0% | 9.8% | 6.0% | 5.7% | 14.7x | 4 | Compare → |
| Hershey HSY | — | 4.4% | 12.3% | 15.6% | 11.5% | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.8B | $6.6B | $8.1B | $8.7B | $8.5B | $8.6B | $9.4B | $9.6B | $10.3B | $9.7B |
| Gross profit | $2.4B | $2.4B | $2.7B | $3.0B | $2.8B | $2.6B | $2.9B | $3.0B | $3.1B | $2.7B |
| Research and development | $93.0M | $91.0M | $91.0M | $93.0M | $84.0M | $87.0M | $92.0M | $102M | $100M | $99.0M |
| Operating income | $1.4B | $1.0B | $979M | $1.1B | $1.5B | $1.2B | $1.3B | $1.0B | $1.1B | $852M |
| Interest expense | $115M | $183M | $356M | $345M | $210M | $189M | $188M | $249M | $345M | $331M |
| Pretax income | $1.3B | $830M | $625M | $766M | $1.3B | $975M | $1.1B | $757M | $796M | $529M |
| Income tax | $392M | $106M | $151M | $174M | $328M | $218M | $270M | $190M | $194M | $124M |
| Net income | $887M | $261M | $211M | $1.6B | $1.0B | $757M | $858M | $567M | $602M | $403M |
| Diluted EPS | $2.89 | $0.86 | $0.70 | $5.36 | $3.29 | $2.51 | $2.85 | $1.89 | $2.01 | $1.31 |
| Diluted shares | 0.31B | 0.30B | 0.30B | 0.30B | 0.31B | 0.30B | 0.30B | 0.30B | 0.30B | 0.30B |
| Cash flow | ||||||||||
| Cash from operations | $1.3B | $1.3B | $1.4B | $1.4B | $1.0B | $1.2B | $1.1B | $1.2B | $1.1B | $1.0B |
| Capital expenditure | $338M | $407M | $384M | $299M | $275M | $242M | $370M | $517M | $426M | $361M |
| Free cash flow | $950M | $898M | $1.0B | $1.1B | $760M | $939M | $773M | $668M | $705M | $678M |
| Depreciation and amortization | $318M | $394M | $446M | $328M | $317M | $337M | $387M | $411M | $434M | $413M |
| Stock-based compensation | $60.0M | $61.0M | $58.0M | $61.0M | $64.0M | $59.0M | $63.0M | $99.0M | $57.0M | $56.0M |
| Acquisitions | $0.0M | $6.8B | $18.0M | $0.0M | $0.0M | $0.0M | $0.0M | $2.6B | $0.0M | $1.0M |
| Share buybacks | $437M | $86.0M | $0.0M | $0.0M | $36.0M | $167M | $142M | $67.0M | $62.0M | $26.0M |
| Dividends paid | $420M | $426M | $423M | $426M | $439M | $451M | $447M | $445M | $459M | $470M |
| Dividends and buybacks | $857M | $512M | $423M | $426M | $475M | $618M | $589M | $512M | $521M | $496M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $37.0M | $49.0M | $31.0M | $859M | $69.0M | $109M | $189M | $108M | $132M | $394M |
| Total debt | $3.5B | $9.5B | $8.5B | $6.2B | $5.1B | $4.8B | $4.7B | $7.2B | $6.9B | $7.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $10.0M | $30.0M | $30.0M | $28.0M | $71.0M | $70.0M | $84.0M |
| Current assets | $1.9B | $2.3B | $2.0B | $2.4B | $1.7B | $2.0B | $2.1B | $2.2B | $2.2B | $2.7B |
| Current liabilities | $2.4B | $3.6B | $3.4B | $3.1B | $1.8B | $2.9B | $2.2B | $3.6B | $2.9B | $3.3B |
| Inventory | $902M | $887M | $863M | $871M | $933M | $1.2B | $1.3B | $1.4B | $1.4B | $1.6B |
| Property and equipment, net | $1.6B | $2.5B | $2.5B | $2.4B | $2.4B | $2.3B | $2.4B | $2.7B | $2.8B | $2.9B |
| Total assets | $7.7B | $14.5B | $13.1B | $12.4B | $11.7B | $11.9B | $12.1B | $15.2B | $14.9B | $15.6B |
| Total liabilities | $6.1B | $13.2B | $12.0B | $9.8B | $8.6B | $8.6B | $8.4B | $11.4B | $11.0B | $11.5B |
| Shareholders' equity | $1.6B | $1.4B | $1.1B | $2.6B | $3.2B | $3.3B | $3.7B | $3.8B | $3.9B | $3.9B |
| Margins | ||||||||||
| Gross margin | 41.8% | 35.9% | 33.2% | 34.5% | 33.2% | 30.7% | 31.2% | 30.8% | 30.4% | 28.1% |
| Operating margin | 24.5% | 15.3% | 12.1% | 12.7% | 18.2% | 13.6% | 14.0% | 10.4% | 11.0% | 8.7% |
| EBITDA margin | 30.0% | 21.2% | 17.6% | 16.5% | 22.0% | 17.5% | 18.2% | 14.6% | 15.2% | 13.0% |
| Net margin | 15.2% | 4.0% | 2.6% | 18.7% | 11.8% | 8.8% | 9.2% | 5.9% | 5.9% | 4.1% |
| FCF margin | 16.3% | 13.6% | 12.5% | 12.6% | 9.0% | 11.0% | 8.3% | 6.9% | 6.9% | 7.0% |
| Returns | ||||||||||
| Return on capital | 19.8% | 11.0% | 7.3% | 9.8% | 14.5% | 11.2% | 12.3% | 7.9% | 7.9% | 6.2% |
| Return on capital employed | 27.0% | 12.4% | 9.5% | 11.6% | 16.1% | 12.3% | 13.9% | 9.3% | 9.5% | 7.0% |
| Return on equity | 56.1% | 17.4% | 17.1% | 88.8% | 35.1% | 23.4% | 24.5% | 15.2% | 15.6% | 10.4% |
| Return on assets | 11.4% | 2.4% | 1.5% | 12.8% | 8.3% | 6.4% | 7.2% | 4.2% | 4.0% | 2.6% |
| Growth | ||||||||||
| Revenue growth | −26.7% | 13.3% | 22.6% | 7.2% | −2.5% | 1.0% | 9.3% | 3.0% | 6.4% | −5.0% |
| Net income growth | 57.6% | −70.6% | −19.2% | 671.6% | −38.5% | −24.5% | 13.3% | −33.9% | 6.2% | −33.1% |
| EPS growth | 59.7% | −70.2% | −18.6% | 665.7% | −38.6% | −23.7% | 13.6% | −33.7% | 6.4% | −34.8% |
| FCF growth | −17.4% | −5.5% | 12.9% | 8.2% | −30.7% | 23.6% | −17.7% | −13.6% | 5.5% | −3.8% |
| Share count change | −1.3% | −1.6% | 0.0% | 0.7% | 0.3% | −1.0% | −0.3% | −0.3% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.0x | 6.7x | 5.9x | 3.7x | 2.7x | 3.1x | 2.7x | 5.0x | 4.3x | 5.3x |
| Debt / equity | 2.2x | 7.0x | 7.7x | 2.4x | 1.6x | 1.4x | 1.3x | 1.9x | 1.8x | 1.9x |
| Interest coverage | 12.4x | 5.5x | 2.8x | 3.2x | 7.4x | 6.2x | 7.0x | 4.0x | 3.3x | 2.6x |
| Current ratio | 0.8x | 0.6x | 0.6x | 0.8x | 0.9x | 0.7x | 0.9x | 0.6x | 0.8x | 0.8x |
| Quick ratio | 0.4x | 0.4x | 0.3x | 0.5x | 0.4x | 0.3x | 0.4x | 0.2x | 0.3x | 0.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.8% | 6.2% | 4.7% | 3.4% | 3.2% | 2.8% | 4.0% | 5.4% | 4.2% | 3.7% |
| Stock comp / revenue | 1.0% | 0.9% | 0.7% | 0.7% | 0.8% | 0.7% | 0.7% | 1.0% | 0.6% | 0.6% |
| Payouts / FCF | 90.2% | 57.0% | 41.7% | 38.8% | 62.5% | 65.8% | 76.2% | 76.7% | 73.9% | 73.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 7.0 | 5.0 | 5.0 | 7.0 | 6.0 | 6.0 | 9.0 | 5.0 | 6.0 | 5.0 |
| Altman Z'' | 2.1 | 0.5 | 0.4 | 1.4 | 2.2 | 1.7 | 2.3 | 1.2 | 1.6 | 1.4 |
| Accruals ratio | −5.2% | −9.4% | −8.6% | 1.8% | −0.3% | −3.6% | −2.4% | −4.5% | −3.5% | −4.2% |
Source: SEC EDGAR XBRL filings (CIK 0000016732). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.