CAMPBELL'S Co

The Campbell's Company

Overview

The Campbell's Company manufactures and markets branded food and beverage products. The company traces its heritage to 1869 and was incorporated in New Jersey in 1922. Principal offices are located in Camden, New Jersey.

Segments and product scope

Meals & Beverages (MB)

• Core products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups, and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs; Campbell’s gravies, beans, and dinner sauces; Swanson canned poultry; V8 juices and Campbell’s tomato juice.
• Recent additions (as of 2024): Rao’s pasta sauces, dry pasta, frozen entrées, frozen pizza and soups.
• Brands/assets tracked in MB: Rao’s (integrated into MB from 2024; La Regina stake affects Rao’s production), Michael Angelo’s frozen entrées and pasta sauces, and noosa yogurts (noosa divested February 24, 2025).
• Organizational changes: Beginning in 2026, the Latin America retail snacking and meals & beverages business moved from Snacks to MB. Pepperidge Farm frozen business will be managed under MB starting in 2027.

Snacks

• Core products: Pepperidge Farm cookies, crackers and bakery; Goldfish crackers; Snyder’s of Hanover pretzels; Lance crackers; Cape Cod potato chips; Kettle Brand chips; Late July snacks; Snack Factory pretzel crisps; other snacking products.
• Includes results of Pop Secret popcorn through its sale on August 26, 2024.

Recent acquisitions and dispositions

• Sovos Brands, Inc. acquired on March 12, 2024 (total purchase consideration ~ $2.899 billion).
• La Regina di San Marzano di Antonio Romano S.p.A. (La Regina SPA) and La Regina Atlantica, LLC:
  • December 8, 2025: agreement to acquire 49% of La Regina interests.
  • May 4, 2026: acquired 49% for $146 million in cash.
  • Second tranche: $140 million payable May 4, 2027 (cash or up to 19.9% of Campbell’s common stock, at Campbell’s discretion).
  • Remaining 51% of La Regina is subject to call/put options.
  • La Regina currently produces Rao’s tomato-based pasta sauces and related Rao’s products.
• Divestitures:
  • Noosa yogurt business sold February 24, 2025.
  • Pop Secret popcorn business sold August 26, 2024.

Geography and organizational changes

• Through Q4 2025, Latin America snacking and meals & beverages were managed under Snacks; from 2026, the Latin America retail business is managed under Meals & Beverages.
• Pepperidge Farm frozen business will be managed under Meals & Beverages beginning in 2027.

Customers

• Five largest customers accounted for approximately 48% of consolidated net sales in 2026 (compared with ~47% in 2025 and 2024).
• Largest customer: Walmart Inc. and affiliates accounted for about 22% of consolidated net sales in 2026 (about 21% in 2025 and 2024).
• No other single customer accounted for 10% or more of consolidated net sales.

Employees

• Approximately 13,500 full-time and part-time employees as of August 2, 2026.

Financial snapshot

• Total indebtedness: approximately $7.137 billion as of August 2, 2026.
• Capital expenditures:
  • $361 million in 2026.
  • Projected approximately $300 million in 2027.
  • Major 2027 capex areas: sustaining infrastructure (including wastewater initiatives) and network optimization.
  • Estimated wastewater project spend in 2027: about $50 million at the Napoleon, Ohio facility and about $5 million for other network wastewater initiatives.

Business focus

The company maintains a diversified brand portfolio across Meals & Beverages and Snacks, uses contract manufacturers and distributors, and continues strategic transactions and segment realignments to support growth and profitability.