CAMPBELL’S Co recently released its 10-K report. The company, formerly Campbell Soup Company until it changed its name in November 2024, makes and sells food and beverage products in the United States and abroad through two segments: Meals & Beverages and Snacks. Meals & Beverages includes soups, broths, sauces, beverages, gravies, beans, dinner sauces and frozen items, while Snacks covers brands such as Pepperidge Farm, Goldfish, Snyder’s of Hanover, Cape Cod, Kettle Brand, Late July and Snack Factory; the company is based in Camden, New Jersey and was founded in 1869.
In Item 7, management said 2026 was marked by higher volatility in commodity and supply chain costs, with some of that pressure offset by supply chain productivity gains and cost savings actions. The company said it expects inflationary pressure and input-cost volatility to continue in 2027, driven mainly by tariffs, logistics costs and geopolitical conflicts, and said it plans to lean on pricing actions, inventory management, supplier collaboration, alternative sourcing and further productivity efforts.
Net sales fell 5% in 2026 to $9.744 billion. Management said the decline reflected unfavorable volume/mix, a 2-point hit from the 53rd week in 2025, and the effect of divestitures, partly offset by better net price realization.
Gross profit margin fell to 28.1% from 30.4% a year earlier. The company said the drop was mainly due to cost inflation, other supply chain costs and the gross impact of tariffs, partly offset by supply chain productivity improvements.
Diluted earnings per share fell to $1.31 from $2.01 in 2025. Management said the year included $202 million of aggregate costs tied to cost savings and optimization initiatives, equal to $154 million after tax or 51 cents per share, versus $125 million, or 32 cents per share, in 2025.
The company recorded $67 million of restructuring charges in 2026, plus implementation and related costs of $39 million in cost of products sold, $38 million in other expenses, $29 million in administrative expenses, $4 million in marketing and selling expenses and $4 million in research and development. It also recorded $21 million in marketing and selling expenses tied to an optimization initiative for the Snacks direct-store-delivery network.
Other items affecting comparability in 2026 included $6 million of gains from unrealized commodity hedge mark-to-market adjustments, $23 million of actuarial and curtailment gains on pension and postretirement plans, and $14 million of litigation expenses tied to Plum and other matters. The company also recorded $117 million of trademark impairment charges in Snacks, including $60 million on Kettle Brand and $57 million on Cape Cod.
On acquisitions and divestitures, Campbell’s acquired 49% of La Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica on May 4, 2026, paying $146 million in cash as the first tranche of a $286 million deal. A second $140 million tranche is due May 4, 2027, at the company’s discretion in cash or shares. The company also said it completed the $2.899 billion acquisition of Sovos Brands on March 12, 2024, and sold noosa yoghurt on February 24, 2025, and Pop Secret on August 26, 2024. The market has reacted to these announcements by moving the company's shares 0.64% to a price of $20.34. Check out the company's full 10-K submission here.
