Campbell's

CPB · Nasdaq · Consumer Staples · Financials, fiscal 2017 to 2026

CPB · Last close · October 26, 2026

$20.63

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.

The Campbell’s Company Latest fiscal year ended August 2, 2026 10-K filed September 24, 2026 · 0000016732-26-000026 Updated October 10, 2026

Revenue

$9.7B

5.0%

Operating margin

8.7%

2.2 pts

Net income

$403M

33.1%

Free cash flow

$678M

3.8%

Return on capital

6.2%

1.8 pts

Market cap

$6.2B

Oct 26 close

P/E

15.7x

On $1.31 EPS, FY26

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Not being able to raise prices enough to cover higher costs for ingredients, packaging, labor and distribution.
Tariffs and trade policy changes, and conflicts that disrupt its supply chain.
Depending on a few large retail customers, with Walmart the largest.
Competition in all its categories, including lower-priced private label products.
Food recalls and product liability claims if its products are contaminated or mislabeled.

From Campbell's's annual report on Form 10-K, filed September 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share fell 8.4% a year and net income 8.4% a year, while buybacks cut the share count by 2%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Campbell's yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Campbell's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Campbell's fiscal 2026 free cash flow of $678M, net cash of −$6.7B at August 2, 2026 and 300 million diluted shares, from its filings. The scenarios are fitted to Campbell's: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Packaged Foods & Meats), plus 1 point as a smaller company, worth $6.2B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at August 2, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Campbell's's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 9% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $20.63
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Campbell's earnings per share of $1.31 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24.6×, the middle of Campbell's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: J.M. Smucker, Post.

Earnings growth in the years ahead (% a year) Starts at Campbell's revenue growth over the last 3 years, 1.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $20.63
Value at this multiple, against the last close: —
Campbell's P/E at the last close: 15.7×

Company	Last close	Earnings per share	P/E today
J.M. SmuckerSJM	$128.64	$2.14	60.1×
Campbell'sCPB	$20.63	$1.31	15.7×
PostPOST	$80.44	$5.47	14.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	109	189	108	132	394
Debt incl. finance leases	4,810	4,689	7,184	6,857	7,137
Net debt (negative means net cash)	4,701	4,500	7,076	6,725	6,743
Net debt to EBITDA	3.1x	2.6x	5.0x	4.3x	5.3x
Debt to 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	0.2x	0.3x	0.2x	0.3x	0.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $6,435 of Campbell's shares on the open market, and 2 insiders sold $396,709.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 9, 2026	Bennett Dorrance JRDirector	Bought	300	$21.45	$6,435	Form 4
Jan 9, 2026	Anthony SanzioEVP, Chief Comms Officer	Sold	2,700	$26.51	$71,577	Form 4
Dec 30, 2025	Charles A. Brawley IIIEVP, Gen Counsel, and Corp Sec	Sold	11,550	$28.15	$325,132	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	5 of 9	6 of 9	5 of 9
Accruals ratio	−4.5%	−3.5%	−4.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Campbell's side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Campbell's	FY26	−5.0%	8.7%	7.0%	6.2%	5.3x	5
J.M. Smucker	FY26	3.7%	4.0%	12.8%	2.2%	7.5x	—	Compare
Conagra Brands	FY26	−2.9%	−14.4%	8.7%	−8.3%	—	5	Compare
Post	FY25	3.0%	9.8%	6.0%	5.7%	5.5x	4	Compare
Hershey	FY25	4.4%	12.3%	15.6%	11.5%	2.3x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	5,837	6,615	8,107	8,691	8,476	8,562	9,357	9,636	10,253	9,744
Revenue growth	−26.7%	13.3%	22.6%	7.2%	−2.5%	1.0%	9.3%	3.0%	6.4%	−5.0%
Gross profit	2,442	2,374	2,693	2,999	2,811	2,627	2,917	2,971	3,119	2,742
Research and development	93	91	91	93	84	87	92	102	100	99
Operating income	1,431	1,010	979	1,107	1,545	1,163	1,312	1,000	1,124	852
Net income	887	261	211	1,628	1,002	757	858	567	602	403
Diluted EPS (US$)	2.89	0.86	0.70	5.36	3.29	2.51	2.85	1.89	2.01	1.31
Diluted shares (millions)	307	302	302	304	305	302	301	300	300	300
Cash flow
Cash from operations	1,288	1,305	1,398	1,396	1,035	1,181	1,143	1,185	1,131	1,039
Capital expenditure	338	407	384	299	275	242	370	517	426	361
Free cash flow	950	898	1,014	1,097	760	939	773	668	705	678
Dividends paid	420	426	423	426	439	451	447	445	459	470
Share buybacks	437	86	0	0	36	167	142	67	62	26
Acquisitions	0	6,772	18	0	0	0	0	2,617	0	1
Stock-based compensation	60	61	58	61	64	59	63	99	57	56
Balance sheet at fiscal year end
Cash and short-term investments	37	49	31	859	69	109	189	108	132	394
Debt incl. finance leases	3,536	9,516	8,474	6,196	5,058	4,810	4,689	7,184	6,857	7,137
Total assets	7,726	14,529	13,148	12,372	11,734	11,892	12,058	15,235	14,896	15,648
Total liabilities	6,081	13,156	12,036	9,803	8,580	8,559	8,395	11,439	10,992	11,492
Shareholders' equity	1,637	1,364	1,103	2,563	3,152	3,331	3,661	3,794	3,902	3,850
Margins and ratios
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%
Net margin	15.2%	4.0%	2.6%	18.7%	11.8%	8.8%	9.2%	5.9%	5.9%	4.1%
Free cash flow margin	16.3%	13.6%	12.5%	12.6%	9.0%	11.0%	8.3%	6.9%	6.9%	7.0%
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 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%
Net debt to EBITDA	2.0x	6.7x	5.9x	3.7x	2.7x	3.1x	2.6x	5.0x	4.3x	5.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Campbell's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Campbell's.