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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended May 3, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________

Commission File Number: 1-3822

THE CAMPBELL'S COMPANY

(Exact name of registrant as specified in its charter)


New Jersey			21-0419870
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1 Campbell Place

Camden, New Jersey 08103-1799

(Address of principal executive offices) (Zip Code)

(856) 342-4800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Capital Stock, par value $.0375

CPB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

There were 298,206,243 shares of capital stock outstanding as of June 2, 2026.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION		3
	Item 1. Financial Statements	3
	Consolidated Statements of Earnings	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Equity	7
	Notes to Consolidated Financial Statements	8
















	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	29
	Item 3. Quantitative and Qualitative Disclosure About Market Risk	41
	Item 4. Controls and Procedures	41
PART II - OTHER INFORMATION		42
	Item 1. Legal Proceedings	42

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42
	Item 5. Other Information	42
	Item 6. Exhibits	42
INDEX TO EXHIBITS		43
SIGNATURES		44

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

THE CAMPBELL'S COMPANY

Consolidated Statements of Earnings

(unaudited)

(millions, except per share amounts)


	Three Months Ended				Nine Months Ended
	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Net sales	$	2,366	$	2,475	$	7,607	$	7,932
Costs and expenses
Cost of products sold	1,716		1,747		5,448		5,518
Marketing and selling expenses	214		216		719		722
Administrative expenses	155		162		482		502
Research and development expenses	25		23		71		74
Other expenses / (income)	8		160		24		244
Restructuring charges	9		6		15		17
Total costs and expenses	2,127		2,314		6,759		7,077
Earnings before interest and taxes	239		161		848		855
Interest expense	83		85		246		260
Interest income	3		5		6		17
Earnings before taxes	159		81		608		612
Taxes on earnings	35		15		145		155


Net earnings	124		66		463		457
Less: Net earnings (loss) attributable to noncontrolling interests	—		—		—		—
Net earnings attributable to The Campbell's Company	$	124	$	66	$	463	$	457
Per Share — Basic


Net earnings attributable to The Campbell's Company	$	.42	$	.22	$	1.55	$	1.53
Weighted average shares outstanding — basic	298		298		298		298
Per Share — Assuming Dilution


Net earnings attributable to The Campbell's Company	$	.41	$	.22	$	1.55	$	1.52
Weighted average shares outstanding — assuming dilution	299		299		299		300

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Comprehensive Income

(unaudited)

(millions)


	Three Months Ended
	May 3, 2026						April 27, 2025
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings (loss)					$	124					$	66
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	1	$	—	1		$	6	$	—	6

Cash-flow hedges:
Unrealized gains (losses) arising during the period	—		—		—		(5)		—		(5)
Reclassification adjustment for losses (gains) included in net earnings	1		—		1		—		—		—
Pension and other postretirement benefits:

Prior service credit arising during the period	—		—		—		—		—		—
Reclassification of prior service credit included in net earnings	—		—		—		(1)		1		—

Other comprehensive income (loss)	$	2	$	—	2		$	—	$	1	1
Total comprehensive income (loss)					$	126					$	67
Total comprehensive income (loss) attributable to noncontrolling interests					—						—
Total comprehensive income (loss) attributable to The Campbell's Company					$	126					$	67

	Nine Months Ended
	May 3, 2026						April 27, 2025
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings (loss)					$	463					$	457
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	4	$	—	4		$	(1)	$	—	(1)
Cash-flow hedges:
Unrealized gains (losses) arising during the period	(1)		—		(1)		(2)		—		(2)
Reclassification adjustment for losses (gains) included in net earnings	4		(1)		3		—		—		—
Pension and other postretirement benefits:

Prior service credit arising during the period	—		—		—		7		(2)		5
Reclassification of prior service credit included in net earnings	—		—		—		(1)		1		—
Other comprehensive income (loss)	$	7	$	(1)	6		$	3	$	(1)	2
Total comprehensive income (loss)					$	469					$	459
Total comprehensive income (loss) attributable to noncontrolling interests					—						—
Total comprehensive income (loss) attributable to The Campbell's Company					$	469					$	459

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Balance Sheets

(unaudited)

(millions, except per share amounts)


	May 3, 2026		August 3, 2025
Current assets
Cash and cash equivalents	$	402	$	132
Accounts receivable, net	552		583
Inventories	1,451		1,424
Other current assets	154		93

Total current assets	2,559		2,232
Plant assets, net of depreciation	2,735		2,767
Goodwill	4,993		4,991
Other intangible assets, net of amortization	4,325		4,356
Other assets	530		550

Total assets	$	15,142	$	14,896
Current liabilities
Short-term borrowings	$	864	$	762
Accounts payable	1,361		1,332
Accrued liabilities	605		688
Dividends payable	118		120
Accrued income taxes	6		4

Total current liabilities	2,954		2,906
Long-term debt	6,146		6,095
Deferred taxes	1,434		1,353
Other liabilities	578		638

Total liabilities	11,112		10,992
Commitments and contingencies (Note 17)
The Campbell's Company shareholders' equity
Preferred stock; authorized 40 shares; none issued	—		—
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares	12		12
Additional paid-in capital	405		418
Earnings retained in the business	4,803		4,694
Capital stock in treasury, at cost	(1,183)		(1,207)
Accumulated other comprehensive income (loss)	(9)		(15)
Total The Campbell's Company shareholders' equity	4,028		3,902
Noncontrolling interests	2		2
Total equity	4,030		3,904
Total liabilities and equity	$	15,142	$	14,896

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Cash Flows

(unaudited)

(millions)


	Nine Months Ended
	May 3, 2026		April 27, 2025
Cash flows from operating activities:
Net earnings	$	463	$	457
Adjustments to reconcile net earnings to operating cash flow
Impairment charges	—		176
Restructuring charges	15		17
Stock-based compensation	48		52


Pension and postretirement benefit expense	4		2
Depreciation and amortization	306		328
Deferred income taxes	81		(58)
Loss on sales of businesses	—		25


Other	93		92
Changes in working capital, net of divestitures
Accounts receivable	21		(57)
Inventories	(27)		49
Other current assets	(52)		(17)
Accounts payable and accrued liabilities	(71)		(150)


Other	(42)		(44)
Net cash provided by operating activities	839		872
Cash flows from investing activities:
Purchases of plant assets	(297)		(296)

Purchases of routes	(56)		(130)
Sales of routes	51		96

Sales of businesses, net of cash divested	5		258
Other	(1)		(8)
Net cash used in investing activities	(298)		(80)
Cash flows from financing activities:
Short-term borrowings, including commercial paper	1,376		1,189
Short-term repayments, including commercial paper	(1,399)		(1,093)
Long-term borrowings	549		1,144
Long-term repayments	(400)		(1,550)

Dividends paid	(354)		(343)
Treasury stock purchases	(26)		(60)



Payments related to tax withholding for stock-based compensation	(13)		(30)


Payments of debt issuance costs	(5)		(12)

Net cash used in financing activities	(272)		(755)
Effect of exchange rate changes on cash	1		(2)
Net change in cash and cash equivalents	270		35
Cash and cash equivalents — beginning of period	132		108

Cash and cash equivalents — end of period	$	402	$	143

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Equity

(unaudited)

(millions, except per share amounts)


	The Campbell's Company Shareholders’ Equity
	Capital Stock						Additional Paid-in Capital		Earnings Retained in the Business		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Issued			In Treasury											Total Equity
	Shares	Amount		Shares	Amount
Balance at January 26, 2025	323	$	12	(25)	$	(1,208)	$	406	$	4,716	$	(16)	$	2	$	3,912
Net earnings (loss)									66				—		66

Other comprehensive income (loss)											1		—		1
Dividends ($.39 per share)									(117)						(117)

Treasury stock purchased				—	(4)										(4)
Treasury stock issued under stock-based compensation plans				—	5		9		—						14
Balance at April 27, 2025	323	$	12	(25)	$	(1,207)	$	415	$	4,665	$	(15)	$	2	$	3,872

Balance at July 28, 2024	323	$	12	(25)	$	(1,207)	$	437	$	4,569	$	(17)	$	2	$	3,796
Net earnings (loss)									457				—		457

Other comprehensive income (loss)											2		—		2
Dividends ($1.15 per share)									(345)						(345)

Treasury stock purchased				(1)	(60)										(60)
Treasury stock issued under stock-based compensation plans				1	60		(22)		(16)						22
Balance at April 27, 2025	323	$	12	(25)	$	(1,207)	$	415	$	4,665	$	(15)	$	2	$	3,872

Balance at February 1, 2026	323	$	12	(25)	$	(1,188)	$	396	$	4,796	$	(11)	$	2	$	4,007
Net earnings (loss)									124				—		124
Other comprehensive income (loss)											2		—		2
Dividends ($.39 per share)									(117)						(117)

Treasury stock purchased				—	—										—
Treasury stock issued under stock-based compensation plans				—	5		9		—						14
Balance at May 3, 2026	323	$	12	(25)	$	(1,183)	$	405	$	4,803	$	(9)	$	2	$	4,030

Balance at August 3, 2025	323	$	12	(25)	$	(1,207)	$	418	$	4,694	$	(15)	$	2	$	3,904
Net earnings (loss)									463				—		463
Other comprehensive income (loss)											6		—		6
Dividends ($1.17 per share)									(352)						(352)

Treasury stock purchased				(1)	(26)										(26)
Treasury stock issued under stock-based compensation plans				1	50		(13)		(2)						35
Balance at May 3, 2026	323	$	12	(25)	$	(1,183)	$	405	$	4,803	$	(9)	$	2	$	4,030

See accompanying Notes to Consolidated Financial Statements.

Notes to Consolidated Financial Statements

(unaudited)

1. Basis of Presentation and Significant Accounting Policies

In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended August 3, 2025. Certain reclassifications to our previously reported financial information were made to conform to the current-period presentation.

The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 2, 2026. There will be 52 weeks in 2026. There were 53 weeks in 2025.

2. Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (FASB) issued guidance to improve income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. We will adopt the new guidance beginning with our 2026 annual reporting.

In November 2024, the FASB issued guidance to improve disclosures by requiring additional details about specific types of expenses (purchases of inventory, employee compensation, depreciation and intangible asset amortization) included in certain expense captions. The guidance requires disclosure of the total amount of selling expenses and, on an annual basis, disclosure of the definition of selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied on a prospective basis or retrospectively. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In September 2025, the FASB issued guidance to clarify and modernize the accounting for costs related to internal-use software. The guidance eliminates references to various stages of a software development project and clarifies the threshold to apply to begin capitalizing costs. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied on a prospective, retrospective or modified transition approach. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In November 2025, the FASB issued guidance to clarify and improve hedge accounting guidance. The guidance, which is intended to more closely align hedge accounting with the economics of an entity’s risk management activities, is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a prospective basis. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In December 2025, the FASB issued guidance on the accounting for government grants received by business entities. The guidance defines government grants and establishes recognition, presentation and disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption is permitted. The guidance may be applied on a modified transition approach or retrospectively. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In May 2026, the FASB issued guidance on the accounting and disclosure requirements related to environmental credits and environmental credit programs. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied on a retrospective basis. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

3. Acquisition

consideration for the transaction is $286 million to be paid in two tranches: (i) $146 million was paid in cash at the closing, and (ii) $140 million will be payable at our sole discretion in either cash or unregistered shares of our capital stock (not to exceed 19.9% of our outstanding capital stock and voting power prior to issuance) on the first anniversary of the closing. The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to us and a put option granted to La Regina. The call option may be exercised from the first anniversary of the closing until the later of the tenth anniversary of the closing and the date of cessation of the material commercial agreements between the parties. Under the call option, we may, during specified exercise periods, acquire additional equity interests in increments of not less than 2% from La Regina equity holders at a price based on an implied total equity value of approximately $584 million, subject to the payment of a control premium of up to 20% and to a 20% reduction for specified material adverse changes. The put option may be exercised from three years after the first anniversary of the closing until the tenth anniversary of the closing. Under the put option, La Regina equity holders may require us to purchase all or a portion of their remaining equity interests during a defined exercise period, subject to certain conditions and similar pricing mechanics as the call option. We will consolidate the results of La Regina and reflect the remaining 51% of the outstanding equity interests as non-controlling interests in our consolidated financial statements. We are currently in the process of finalizing the accounting and related disclosures for this transaction.

4. Divestitures

On August 26, 2024, we completed the sale of our Pop Secret popcorn business for $70 million. We recognized a pre-tax loss on the sale of $25 million, or $19 million after tax. In connection with the sale, we provided certain transition services to support the business. The business had net sales of $9 million through August 26, 2024. Earnings were not material. The results of the business were reflected within the Snacks reportable segment.

We entered into an agreement to sell our noosa yoghurt business in November 2024. The noosa yoghurt business was purchased as part of the Sovos Brands, Inc. (Sovos Brands) acquisition. In the second quarter of 2025, we recorded $15 million of tax expense related to the sale of the business. We completed the sale on February 24, 2025, for $188 million, subject to certain customary purchase price adjustments, which resulted in $5 million of additional proceeds in the first quarter of 2026. The after-tax loss recorded on the sale in 2025 was $15 million. In connection with the sale, we provided certain transition services to support the business. Net sales of the business were $16 million and $99 million for the three- and nine-month periods ended April 27, 2025, respectively. Earnings were not material in the periods. The results of the business were reflected within the Meals & Beverages reportable segment.

5. Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:


(Millions)	Foreign Currency Translation Adjustments(1)		Cash-flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 28, 2024	$	(10)	$	(9)	$	2	$	(17)
Other comprehensive income (loss) before reclassifications	(1)		(2)		5		2
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	(1)		(2)		5		2
Balance at April 27, 2025	$	(11)	$	(11)	$	7	$	(15)

Balance at August 3, 2025	$	(11)	$	(11)	$	7	$	(15)
Other comprehensive income (loss) before reclassifications	4		(1)		—		3
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		3		—		3
Net current-period other comprehensive income (loss)	4		2		—		6
Balance at May 3, 2026	$	(7)	$	(9)	$	7	$	(9)

_____________________________________

(1)Included no tax as of May 3, 2026, August 3, 2025, April 27, 2025 and July 28, 2024.

(2)Included a tax benefit of $2 million as of May 3, 2026, April 27, 2025 and July 28, 2024, and $3 million as of August 3, 2025.

(3)Included tax expense of $2 million as of May 3, 2026, August 3, 2025 and April 27, 2025, and $1 million as of July 28, 2024.

Amounts related to noncontrolling interests were not material.

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025		Location of Loss (Gain) Recognized in Earnings







Losses (gains) on cash-flow hedges:

Foreign exchange contracts	$	—	$	(1)	$	2	$	(2)	Cost of products sold


Forward starting interest rate swaps	1		1		2		2		Interest expense
Total before tax	$	1	$	—	$	4	$	—
Tax expense (benefit)	—		—		(1)		—
Loss (gain), net of tax	$	1	$	—	$	3	$	—

Pension and postretirement benefit adjustments:
Prior service credit	$	—	$	(1)	$	—	$	(1)	Other expenses / (income)
Tax expense (benefit)	—		1		—		1
Loss (gain), net of tax	$	—	$	—	$	—	$	—

6. Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill:


(Millions)	Meals & Beverages		Snacks		Total




Net balance at August 3, 2025	$	2,037	$	2,954	$	4,991





Foreign currency translation adjustment	2		—		2
Net balance at May 3, 2026	$	2,039	$	2,954	$	4,993

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	May 3, 2026						August 3, 2025
(Millions)	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,042	$	(397)	$	645	$	1,042	$	(366)	$	676
Definite-lived trademarks	2		—		2		2		—		2
Total amortizable intangible assets	$	1,044	$	(397)	$	647	$	1,044	$	(366)	$	678
Indefinite-lived trademarks
Rao's					$	1,470					$	1,470
Snyder's of Hanover					470						470
Lance					350						350
Kettle Brand					318						318
Pace					292						292
Pacific Foods					280						280
Cape Cod					187						187
Various other Snacks(1)					311						311
Total indefinite-lived trademarks					$	3,678					$	3,678

Total net intangible assets					$	4,325					$	4,356

____________________________________

(1)Includes the Late July trademark and certain salty snacks and cookie trademarks within our Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as our "Allied brands."

Amortization expense was $10 million and $31 million for the three- and nine-month periods ended May 3, 2026, and $19 million and $58 million for the three- and nine-month periods ended April 27, 2025, respectively. Amortization expense for the three- and nine-month periods ended April 27, 2025 included accelerated amortization expense of $6 million and $20 million, respectively, on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of May 3, 2026, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense is estimated to be approximately $40 million per year for each of the next five fiscal years.

As of the 2025 annual impairment testing, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $2.587 billion and included the Rao's, Snyder's of Hanover, Pace, Pacific Foods, Late July and Allied brands trademarks.

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions, including from the potential impact of tariffs, shifting global trade policies and geopolitical conflicts.

7. Segment Information

Our two operating segments, which are also our reportable segments, are as follows:

•Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following 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 pasta; Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo’s frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada, and beginning in 2026, the snacking and meals and beverages retail business in Latin America; and

•Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024.

Through the fourth quarter of 2025, the snacking and meals and beverages retail business in Latin America was managed under our Snacks segment. Beginning in 2026, the business is managed under our Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

We refer to the following products as our "leadership brands": Campbell's condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder's of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.

Our chief operating decision maker (CODM) is our President and Chief Executive Officer. Our CODM uses segment operating earnings as the profit measure in evaluating segment performance during the annual plan and forecasting process and in monitoring actual performance versus plan. Segment operating earnings are comprised of earnings before interest, taxes and costs associated with restructuring activities, cost savings and optimization initiatives, impairment charges, accelerated amortization and corporate expenses. Unrealized gains and losses on outstanding undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial and curtailment gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance by the CODM.


	Three Months Ended
	May 3, 2026						April 27, 2025
(Millions)	Meals & Beverages		Snacks		Total		Meals & Beverages		Snacks		Total
Net sales	$	1,426	$	940	$	2,366	$	1,493	$	982	$	2,475
Cost of products sold	1,013		694				1,040		690
Other segment items(1)	200		151				200		152
Segment operating earnings	$	213	$	95	$	308	$	253	$	140	$	393
Corporate expense (income)(2)					60						226
Restructuring charges(3)					9						6
Earnings before interest and taxes					$	239					$	161
Interest expense					83						85
Interest income					3						5
Earnings before taxes					$	159					$	81

	Nine Months Ended
	May 3, 2026						April 27, 2025
(Millions)	Meals & Beverages		Snacks		Total		Meals & Beverages		Snacks		Total
Net sales	$	4,741	$	2,866	$	7,607	$	4,943	$	2,989	$	7,932
Cost of products sold	3,334		2,101				3,383		2,119
Other segment items(1)	645		480				668		485
Segment operating earnings	$	762	$	285	$	1,047	$	892	$	385	$	1,277
Corporate expense (income)(2)					184						405
Restructuring charges(3)					15						17
Earnings before interest and taxes					$	848					$	855
Interest expense					246						260
Interest income					6						17
Earnings before taxes					$	608					$	612


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Depreciation and amortization
Meals & Beverages	$	40	$	42	$	122	$	132
Snacks	59		61		166		179
Corporate(4)	6		6		18		17

Total	$	105	$	109	$	306	$	328


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Capital expenditures
Meals & Beverages	$	37	$	40	$	172	$	115
Snacks	27		25		99		115
Corporate(4)	6		20		26		66

Total	$	70	$	85	$	297	$	296

_______________________________________

(1)Other segment items for each of the reportable segments include marketing and selling expenses, administrative expenses, research and development expenses and expense for amortization of intangible assets.

(2)Represents unallocated items. Costs related to cost savings and optimization initiatives were $60 million and $112 million in the three- and nine-month periods ended May 3, 2026, and $25 million and $74 million in the three- and nine-month periods ended April 27, 2025, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $6 million and $20 million in the three- and nine-month periods ended May 3, 2026, and losses of $10 million and gains of $8 million in the three- and nine-month periods ended April 27, 2025, respectively. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $11 million in the nine-month period ended May 3, 2026, and $4 million and $6 million in the three- and nine-month periods ended April 27, 2025, respectively. Costs associated with an acquisition were $2 million and $4 million in the three- and nine-month periods ended May 3, 2026, respectively. Pension actuarial and curtailment gains of $30 million were included in the three- and nine-month periods ended May 3, 2026 and a postretirement actuarial loss of $2 million was included in the nine-month period ended April 27, 2025. Insurance recoveries of $1 million related to a cybersecurity incident were included in the nine-month periods ended May 3, 2026 and April 27, 2025, respectively. Accelerated amortization expense related to customer relationship intangible assets was $6 million and $20 million in the three- and nine-month periods ended April 27, 2025, respectively. Intangible asset impairment charges were $150 million and $176 million in the three- and nine-month periods ended April 27, 2025, respectively. A loss on the sale of our Pop Secret popcorn business of $25 million was included in the nine-month period ended April 27, 2025.

(3)See Note 8 for additional information.

(4)Represents primarily corporate offices and enterprise-wide information technology systems.

Our net sales based on product categories are as follows:


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Net sales
Soup	$	578	$	621	$	2,234	$	2,322
Snacks	1,033		1,068		3,134		3,254
Other simple meals	578		607		1,720		1,825
Beverages	177		179		519		531
Total	$	2,366	$	2,475	$	7,607	$	7,932

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, pasta, frozen entrées, canned poultry, frozen pizza, gravies, beans and yogurts. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

8. Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives

2025 Cost Savings Initiatives

On September 10, 2024, we announced plans to implement cost savings initiatives beginning in 2025, including initiatives to further optimize our supply chain and manufacturing network, optimization of our information technology infrastructure and targeted cost management. We also identified additional opportunities for cost synergies as we integrated Sovos Brands. As of July 28, 2024, we substantially completed our previous multi-year cost savings initiatives and Snyder's-Lance, Inc. cost transformation program and integration and had identified initial opportunities for cost synergies as we integrated Sovos Brands. Certain initiatives from those programs have been incorporated into our 2025 cost savings initiatives. In the third quarter of 2026, we commenced a voluntary early retirement program as part of our cost savings initiatives. The program was available to certain salaried employees who met age and length-of-service criteria. The eligible employees were entitled to receive severance pay and benefits, including enhanced pension benefits for certain employees. Substantially all electing employees will depart the company by December 2026. Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be developed.

A summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiatives is as follows:


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025		Recognized as of May 3, 2026
Restructuring charges	$	9	$	6	$	15	$	17	$	39
Administrative expenses	6		7		21		26		62
Cost of products sold	12		7		28		25		60
Marketing and selling expenses	1		—		3		2		7
Research and development expenses	1		1		2		3		5
Other expenses / (income)	38		—		38		—		38
Total pre-tax charges	$	67	$	21	$	107	$	73	$	211

A summary of the cumulative pre-tax costs associated with the initiatives is as follows:


(Millions)	Recognized as of May 3, 2026
Severance pay and benefits	$	76
Asset impairment/accelerated depreciation	52
Implementation costs and other related costs	83
Total	$	211

The total estimated pre-tax costs for actions that have been identified to date are approximately $310 million, and we expect to incur substantially all of the costs through 2028. These estimates will be updated as the detailed plans are developed.

We expect the costs for the actions that have been identified to date to consist of the following: approximately $90 million in severance pay and benefits; approximately $55 million in asset impairment and accelerated depreciation; and approximately $165 million in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 54%; Snacks - approximately 26% and Corporate - approximately 20%.

Of the aggregate $310 million of pre-tax costs identified to date, we expect approximately $215 million will be cash expenditures. In addition, we expect to invest approximately $220 million in capital expenditures, of which we invested $208 million as of May 3, 2026. The capital expenditures primarily relate to optimization of production within our manufacturing network, optimization of information technology infrastructure and applications and implementation of our existing SAP enterprise-resource planning system for Sovos Brands.

A summary of the restructuring activity and related reserves is as follows:


(Millions)	Severance Pay and Benefits		Pension Benefits(3)	Implementation Costs and Other Related Costs(4)	Asset Impairment/Accelerated Depreciation	Other Non-Cash Exit Costs(5)	Total Charges
Accrued balance at August 3, 2025(1)	$	33
2026 charges	14		38	33	21	1	$	107
2026 cash payments	(16)

Accrued balance at May 3, 2026(2)	$	31

__________________________________

(1)Includes $14 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(2)Includes $2 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(3)Represents special termination pension benefits offered under the voluntary early retirement program. See Note 10.

(4)Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings.

(5)Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows:


	May 3, 2026
(Millions)	Three Months Ended		Nine Months Ended		Costs Incurred to Date
Meals & Beverages	$	31	$	51	$	125
Snacks	25		38		52
Corporate	11		18		34
Total	$	67	$	107	$	211

Other Optimization Initiatives

In the second quarter of 2024, we began implementation of an initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. Pursuant to this initiative we will purchase certain Pepperidge Farm and Snyder's-Lance routes where there are opportunities to unlock greater scale in select markets, combine them and sell the combined routes to independent contractor distributors. We expect to execute this program in a staggered rollout and to incur expenses of up to approximately $115 million through 2029. In the three- and nine-month periods ended May 3, 2026, we incurred $2 million and $20 million in Marketing and selling expenses related to this initiative, respectively. In the three- and nine-month periods ended April 27, 2025, we incurred $9 million and $17 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative, respectively. As of May 3, 2026, we have incurred $45 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative.

9. Earnings per Share (EPS)

For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and nine-month periods ended May 3, 2026 excludes approximately 1 million stock options that would have been antidilutive. The earnings per share calculation for the three- and nine-month periods ended April 27, 2025 excludes less than 1 million stock options that would have been antidilutive.

10. Pension and Postretirement Benefits

Components of net periodic benefit expense (income) were as follows:


	Three Months Ended								Nine Months Ended
	Pension				Postretirement				Pension				Postretirement
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Service cost	$	3	$	4	$	—	$	—	$	9	$	10	$	—	$	—
Interest cost	14		15		1		2		42		46		4		5
Expected return on plan assets	(20)		(20)		—		—		(59)		(60)		—		—
Amortization of prior service credit	—		—		—		(1)		—		—		—		(1)

Special termination benefits	38		—		—		—		38		—		—		—
Curtailment losses (gains)	(5)		—		—		—		(5)		—		—		—
Actuarial losses (gains)	(25)		—		—		—		(25)		—		—		2
Net periodic benefit expense (income)	$	5	$	(1)	$	1	$	1	$	—	$	(4)	$	4	$	6

The special termination pension benefits for the three- and nine-month periods ended May 3, 2026 related to a voluntary early retirement program offered under our cost savings initiatives. See also Note 8.

The curtailment gains for three- and nine-month periods ended May 3, 2026 primarily related to plan amendments of certain pension plans to freeze future benefit accruals (other than interest credits on already accrued benefits), effective as of

August 1, 2028, for certain salaried employees.

The actuarial gains for the three- and nine-month periods ended May 3, 2026 resulted from the remeasurement of certain pension plans in the third quarter due to plan amendments and activity under our cost savings initiatives. The actuarial gains were primarily due to gains on plan assets that exceeded the expected return, partially offset by decreases in the discount rates used to determine the benefit obligations. The actuarial loss for the nine-month period ended April 27, 2025 resulted from the remeasurement of our postretirement plan in the first quarter due to a plan amendment. The actuarial loss was primarily due to a decrease in the discount rate used to determine the benefit obligation.

11. Leases

The components of lease costs were as follows:


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Operating lease cost	$	28	$	28	$	85	$	84
Finance lease - amortization of right-of-use (ROU) assets	8		7		24		21
Finance lease - interest on lease liabilities	1		1		3		3
Short-term lease cost	17		14		50		44
Variable lease cost	69		55		209		179
Sublease income	—		—		(1)		—
Total	$	123	$	105	$	370	$	331

The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets:


	Operating Leases
(Millions)	Balance Sheet Classification	May 3, 2026		August 3, 2025
ROU assets, net	Other assets	$	288	$	326
Lease liabilities (current)	Accrued liabilities	$	99	$	96
Lease liabilities (noncurrent)	Other liabilities	$	217	$	259



	Finance Leases
(Millions)	Balance Sheet Classification	May 3, 2026		August 3, 2025
ROU assets, net	Plant assets, net of depreciation	$	74	$	66
Lease liabilities (current)	Short-term borrowings	$	28	$	32
Lease liabilities (noncurrent)	Long-term debt	$	49	$	38

The following table summarizes cash flow and other information related to leases:


	Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	86	$	80
Operating cash flows from finance leases	$	3	$	3
Financing cash flows from finance leases	$	25	$	23

ROU assets obtained in exchange for lease obligations:
Operating leases	$	36	$	82
Finance leases	$	32	$	33

12. Short-term Borrowings and Long-term Debt

In August 2023, we filed a registration statement with the Securities and Exchange Commission that registered an indeterminate amount of debt securities. Under the registration statement we may issue debt securities from time to time, depending on market conditions. On December 15, 2025, pursuant to the registration statement, we completed the issuance of senior unsecured notes, consisting of $550 million aggregate principal amount of notes bearing interest at a fixed rate of 4.55% per annum, due March 21, 2031, with interest payable semi-annually on each of March 21 and September 21 commencing March 21, 2026. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. We used a portion of the net proceeds from the issuance of the notes to repay a portion of our outstanding commercial paper and used the remaining proceeds to repay existing indebtedness and for general corporate purposes. In March 2026, we used a portion of the net proceeds from the issuance of the notes along with cash on hand and the issuance of commercial paper to repay $400 million aggregate principal amount of senior notes that matured in March 2026.

In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps with a notional amount of $600 million. The instruments effectively convert a portion of our $800 million 4.75% Notes due March 23, 2035 from fixed-rate to variable-rate debt with interest based on the Secured Overnight Financing Rate (SOFR) plus a margin. See Note 13 for additional information.

13. Financial Instruments

The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of derivative contracts such as swaps, rate locks, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify for hedge accounting treatment and instruments that are not designated as accounting hedges.

Concentration of Credit Risk

We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We did not have credit risk-related contingent features in our derivative instruments as of May 3, 2026, or August 3, 2025.

We are also exposed to credit risk from our customers. During 2025, our largest customer accounted for approximately 21% of our consolidated net sales. Our five largest customers accounted for approximately 47% of our consolidated net sales in 2025.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk, primarily the Canadian dollar and Euro, related to intercompany transactions and third-party transactions. We utilize foreign exchange forward and option contracts to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $223 million as of May 3, 2026, and $183 million as of August 3, 2025. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward and option contracts that are not designated as accounting hedges was $99 million as of May 3, 2026, and $413 million as of August 3, 2025.

Interest Rate Risk

We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt. From time to time, we may use interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines.

We manage our exposure to interest volatility on future debt issuances by entering into forward starting interest rate swaps or treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance. The forward starting interest rate swaps or treasury lock contracts are either designated as cash-flow hedging instruments or are undesignated. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), and reclassified into Interest expense over the life of the debt issued. The change in fair value on undesignated instruments is recorded in Interest expense. In conjunction with the issuance of senior unsecured notes on October 2, 2024, due on March 23, 2035, we settled forward starting interest rate swaps with a notional amount of $700 million at a gain of less than $1 million. The gain on these instruments was recorded in other comprehensive income (loss) and will be recognized in Interest expense over the life of the debt. There were no forward starting interest rate swaps or treasury lock contracts outstanding as of May 3, 2026 and August 3, 2025.

In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps to hedge changes in the fair value of a portion of our previously issued senior unsecured notes attributable to the change in the benchmark interest rate. The instruments effectively convert a portion of our $800 million 4.75% Notes due March 23, 2035 from fixed-rate to variable-rate debt with interest based on SOFR plus a margin. The fixed-to-floating interest rate swaps are designated as fair-value hedges. Changes in the fair value of these instruments are recorded in Interest expense along with the offsetting changes in the fair value of the related hedged portion of long-term debt. The notional amount of fixed-to-floating interest rate swaps was $600 million as of May 3, 2026. There were no fixed-to-floating interest rate swaps outstanding as of August 3, 2025.

Commodity Price Risk

We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, natural gas, soybean oil, cocoa, aluminum, soybean meal and corn. Commodity futures, options and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. There were no commodity contracts designated as cash-flow hedges as of May 3, 2026, or August 3, 2025. The notional amount of commodity contracts not designated as accounting hedges was $90 million as of May 3, 2026, and $184 million as of August 3, 2025. The change in fair value on undesignated instruments is recorded in Cost of products sold.

We have a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional amount was $58 million as of May 3, 2026, and $49 million as of August 3, 2025. The change in fair value on the embedded derivative is recorded in Cost of products sold.

Deferred Compensation Obligation Price Risk

We enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred compensation obligations. These contracts are not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $76 million as of May 3, 2026, and August 3, 2025.

The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets:


(Millions)	Balance Sheet Classification	May 3, 2026		August 3, 2025
Asset Derivatives








Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	28	$	12

Deferred compensation contracts	Other current assets	5		1
Foreign exchange contracts	Other current assets	1		2


Total derivatives not designated as hedges		$	34	$	15
Total asset derivatives		$	34	$	15


(Millions)	Balance Sheet Classification	May 3, 2026		August 3, 2025
Liability Derivatives
Derivatives designated as hedges:

Foreign exchange contracts	Accrued liabilities	$	1	$	3

Fixed-to-floating interest rate swaps	Other liabilities	10		—


Total derivatives designated as hedges		$	11	$	3
Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	7	$	11






Total derivatives not designated as hedges		$	7	$	11
Total liability derivatives		$	18	$	14

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 3, 2026, and August 3, 2025, would be adjusted as detailed in the following table:


	May 3, 2026						August 3, 2025
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	34	$	(9)	$	25	$	15	$	(5)	$	10
Total liability derivatives	$	18	$	(9)	$	9	$	14	$	(5)	$	9

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. A cash margin asset balance of less than $1 million at May 3, 2026, and a liability balance of less than $1 million at August 3, 2025, were included in Other current assets and Accrued liabilities, respectively, in the Consolidated Balance Sheets.

The following tables show the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:


		Total Cash-flow Hedge OCI Activity
(Millions)		May 3, 2026		April 27, 2025
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(12)	$	(8)
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		—		(5)


Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	—		(1)


Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	(11)	$	(13)

Nine Months Ended
OCI derivative gain (loss) at beginning of year		$	(14)	$	(11)
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		(1)		(2)


Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	2		(2)


Forward starting interest rate swaps	Interest expense	2		2
OCI derivative gain (loss) at end of quarter		$	(11)	$	(13)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a loss of $5 million.

The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings in which the effects of derivative instruments designated as cash-flow and fair-value hedges are recorded and the total effect of hedge activity on these line items:


	Three Months Ended
	May 3, 2026		April 27, 2025
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings	$	1,716		$	83	$	1,747	$	85

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	—		$	1	$	(1)	$	1
Loss (gain) on fair-value hedges:
Amount of loss (gain) recognized on hedged item in earnings	$	—		$	(4)	$	—	$	—
Amount of loss (gain) on derivative recognized in earnings	$	—		$	4	$	—	$	—

	Nine Months Ended
	May 3, 2026		April 27, 2025
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings	$	5,448		$	246	$	5,518	$	260

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	2		$	2	$	(2)	$	2
Loss (gain) on fair-value hedges:
Amount of loss (gain) recognized on hedged item in earnings	$	—		$	(10)	$	—	$	—
Amount of loss (gain) on derivative recognized in earnings	$	—		$	10	$	—	$	—

The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.

The following table shows the location of the amounts recorded in the Consolidated Balance Sheets related to the cumulative fair value basis adjustments for fair-value hedges:


	Carrying Amount of Hedged Liabilities				Cumulative Amount of Fair-value Hedging Loss (Gain) Included in the Carrying Amount
(Millions)	May 3, 2026		August 3, 2025		May 3, 2026		August 3, 2025
Balance Sheet Classification:
Long-term debt	$	583	$	—	$	(10)	$	—

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:


	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Nine Months Ended
(Millions)		May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Foreign exchange contracts	Cost of products sold	$	1	$	(3)	$	3	$	(4)



Commodity contracts	Cost of products sold	(12)		10		(24)		(8)

Deferred compensation contracts	Administrative expenses	(3)		4		(11)		(2)

Total		$	(14)	$	11	$	(32)	$	(14)

14. Fair Value Measurements

We categorize financial assets and liabilities based on the following fair value hierarchy:

•Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.

•Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability.

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis consistent with the fair value hierarchy:


	Fair Value as of May 3, 2026		Fair Value Measurements at May 3, 2026 Using Fair Value Hierarchy						Fair Value as of August 3, 2025		Fair Value Measurements at August 3, 2025 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets

Foreign exchange contracts(1)	$	1	$	—	$	1	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	28		—		24		4		12		1		8		3

Deferred compensation derivative contracts(3)	5		—		5		—		1		—		1		—
Deferred compensation investments(4)	1		1		—		—		1		1		—		—

Total assets at fair value	$	35	$	1	$	30	$	4	$	16	$	2	$	11	$	3


	Fair Value as of May 3, 2026		Fair Value Measurements at May 3, 2026 Using Fair Value Hierarchy						Fair Value as of August 3, 2025		Fair Value Measurements at August 3, 2025 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange contracts(1)	$	1	$	—	$	1	$	—	$	3	$	—	$	3	$	—
Commodity derivative contracts(2)	7		1		4		2		11		—		7		4

Deferred compensation obligation(4)	99		99		—		—		102		102		—		—
Fixed-to-floating interest rate swaps(5)	10		—		10		—		—		—		—		—

Total liabilities at fair value	$	117	$	100	$	15	$	2	$	116	$	102	$	10	$	4

___________________________________

(1)Based on observable market transactions of spot currency rates and forward rates.

(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

(3)Based on observable equity and fixed income index swap rates.

(4)Based on the fair value of the participants’ investments.

(5)Based on observable SOFR swap rates.

The following table summarizes the changes in fair value of Level 3 assets and liabilities:


	Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025
Fair value at beginning of year	$	(1)	$	5
Gains (losses)	(2)		(6)

Settlements	5		(3)
Fair value at end of quarter	$	2	$	(4)

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. There were no cash equivalents with fair value based on Level 2 inputs at May 3, 2026, and August 3, 2025.

The fair value of short- and long-term debt was $6.479 billion at May 3, 2026, and $6.545 billion at August 3, 2025. The carrying value was $7.01 billion at May 3, 2026, and $6.857 billion at August 3, 2025. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.

15. Share Repurchases

In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions.

In September 2024, the Board authorized an anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated transactions. The September 2024 program replaced an anti-dilutive share repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated.

During the nine-month periods ended May 3, 2026 and April 27, 2025, we repurchased 805 thousand shares at a cost of $26 million and 1.247 million shares at a cost of $60 million, respectively, pursuant to our anti-dilutive share repurchase programs. As of May 3, 2026, approximately $172 million remained available under the September 2024 program and approximately $301 million remained available under the September 2021 program.

16. Stock-based Compensation

We provide compensation benefits by issuing stock options, unrestricted stock, and restricted stock units (including time-lapse restricted stock units, performance restricted stock units subject to a relative total shareholder return (TSR) modifier, performance restricted stock units and TSR performance restricted stock units). In 2026, we issued time-lapse restricted stock units, unrestricted stock, and performance restricted stock units subject to a TSR modifier. We last issued TSR performance restricted stock units and performance restricted stock units in 2025 and stock options in 2019.

In connection with the Sovos Brands acquisition, in the third quarter of 2024, we issued time-lapse restricted stock units (Replacement units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock units. The Replacement units were subject to the same terms and conditions of the original Sovos Brands restricted stock units and performance restricted stock units. Certain Replacement units were subject to accelerated vesting.

In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:


	Three Months Ended				Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Total pre-tax stock-based compensation expense	$	15	$	16	$	48	$	52
Tax-related benefits	$	2	$	4	$	5	$	14

The following table summarizes stock option activity:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(In years)	(Millions)
Outstanding at August 3, 2025	779	$	45.33
Granted	—	$	—
Exercised	—	$	—
Terminated	(71)	$	50.21
Outstanding at May 3, 2026	708	$	44.84	1.6	$	—
Exercisable at May 3, 2026	708	$	44.84	1.6	$	—

No options were exercised during the nine-month period ended April 27, 2025. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed.

The following table summarizes time-lapse restricted stock units and performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at August 3, 2025	2,935	$	44.98
Granted	1,908	$	31.65

Vested	(1,190)	$	45.06
Forfeited	(445)	$	41.23
Nonvested at May 3, 2026	3,208	$	37.53

We determine the fair value of time-lapse restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants and certain Replacement units, which we expense on an accelerated basis.

In 2022 through 2025, we granted performance restricted stock units that will be earned upon the achievement of our EPS compound annual growth rate goal, measured over a three-year period. The actual number of the performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on performance achieved. The fair value of the performance restricted stock units was based upon the quoted price of our stock at the date of grant. We expense performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We estimate expense based on the number of awards expected to vest. In the first quarter of 2026, recipients of the performance restricted stock units earned 48% of the initial grants based upon performance achieved during a three-year period ended August 3, 2025. In the first quarter of 2025, recipients of the performance restricted stock units earned 100% of the initial grants based upon performance achieved during a three-year period ended July 28, 2024. There were 516 thousand of the performance target grants outstanding at May 3, 2026, with a weighted-average grant-date fair value of $44.28.

As of May 3, 2026, total remaining unearned compensation related to nonvested time-lapse restricted stock units and performance restricted stock units was $49 million, which will be amortized over the weighted-average remaining service period of 1.9 years. The fair value of time-lapse and performance restricted stock units vested during the nine-month periods ended May 3, 2026, and April 27, 2025, was $36 million and $68 million, respectively. The weighted-average grant-date fair value of the time-lapse and performance restricted stock units granted during the nine-month period ended April 27, 2025 was $47.97.

The following table summarizes performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at August 3, 2025	809	$	47.20
Granted	1,132	$	33.84
Vested	(117)	$	53.74
Forfeited	(278)	$	44.79
Nonvested at May 3, 2026	1,546	$	37.36

We estimated the fair value of performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units at the grant date using a Monte Carlo simulation.

Weighted-average assumptions used in the Monte Carlo simulation for grants were as follows:


	Nine Months Ended
	May 3, 2026	April 27, 2025
Risk-free interest rate	3.67%	3.56%
Expected dividend yield	4.80%	3.06%
Expected volatility	23.76%	22.43%
Expected term	3 years	3 years

In 2026, we granted performance restricted stock units that will be earned upon the achievement of our annual EPS and organic net sales growth rate goals during a three-year period subject to a relative TSR modifier. The number of units earned based upon the achievement of each growth rate goal may be further increased or reduced based upon our TSR ranking during a three-year period compared to the respective TSR of companies in a performance peer group. The actual number of performance restricted stock units subject to a TSR modifier ultimately issued at the vesting date could range from 0% to 250% of the initial grant depending on performance achieved.

We expense performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of May 3, 2026, total remaining unearned compensation related to performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units was $17 million, which will be amortized over the weighted-average remaining service period of 2.0 years. In the first quarter of 2026, recipients of TSR performance restricted stock units earned 50% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended August 1, 2025. In the first quarter of 2025, recipients of TSR performance restricted stock units earned 175% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2024. As a result, approximately 199 thousand additional shares were awarded. The fair value of TSR performance restricted stock units vested during the nine-month periods ended May 3, 2026, and April 27, 2025, was $4 million and $23 million, respectively. The weighted-average grant-date fair value of the TSR performance restricted stock units granted during the nine-month period ended April 27, 2025, was $45.23.

17. Commitments and Contingencies

Regulatory and Litigation Matters

We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the

context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

On March 20, 2024, the United States Department of Justice (DOJ), on behalf of the U.S. Environmental Protection Agency, and National Education Law Center, on behalf of Environment America and Lake Erie Waterkeeper, filed lawsuits in the United States District Court for the Northern District of Ohio – Western Division concerning alleged violations of the Clean Water Act relating to alleged contaminant discharges from our Napoleon, Ohio wastewater treatment facility in excess of the facility’s Clean Water Act permit limits. We have and are continuing to take actions to remediate the exceedances and are in settlement discussions with the DOJ and the private environmental groups while litigation proceedings are ongoing. While we cannot predict with certainty the amount of any civil penalty or the timing of the resolution of this matter, we do not expect that the ultimate costs to resolve this matter will have a material adverse effect on our financial condition, results of operations, or cash flows.

We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of May 3, 2026. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition.

Other Contingencies

We have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at May 3, 2026.

18. Supplier Finance Program Obligations

To manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, including the extension of payment terms. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 120 days. We also maintain agreements with third-party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell those payment obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. Supplier participation in these agreements is voluntary. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions regarding these transactions. We have not pledged assets as security or provided any guarantees in connection with these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Our outstanding obligations confirmed as valid under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were $253 million at May 3, 2026 and $240 million at August 3, 2025.

19. Supplemental Financial Statement Data


(Millions)	May 3, 2026		August 3, 2025
Balance Sheets
Inventories
Raw materials, containers and supplies	$	441	$	407
Finished products	1,010		1,017
	$	1,451	$	1,424


	Three Months Ended			Nine Months Ended
(Millions)		May 3, 2026		April 27, 2025		May 3, 2026		April 27, 2025
Statements of Earnings
Other expenses / (income)

Impairment of intangible assets(1)		$	—	$	150	$	—	$	176
Amortization of intangible assets(2)		10		19		31		58
Net periodic benefit expense (income) other than the service cost(3)		3		(4)		(5)		(8)

Costs associated with acquisition(4)		2		—		4		—
Loss on sales of businesses(5)		—		—		—		25
Transition services fees		—		(1)		—		(3)
Other		(7)		(4)		(6)		(4)
		$	8	$	160	$	24	$	244

_______________________________________

(1)In the third quarter of 2025, we recognized an impairment charge of $150 million on our Snyder's of Hanover trademark. In the second quarter of 2025, we recognized an impairment charge of $15 million on our Allied brands trademarks and an impairment charge of $11 million on our Late July trademark.

(2)Includes accelerated amortization expense related to customer relationship intangible assets of $6 million and $20 million in the three- and nine-month periods ended April 27, 2025.

(3)Includes special termination pension benefits in the three- and nine-month periods ended May 3, 2026. See Note 10 for additional information.

(4)See Note 3 for additional information.

(5)See Note 4 for additional information.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to, and should be read in conjunction with, the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements in "Part I - Item 1. Financial Statements," and our Form 10-K for the year ended August 3, 2025, including but not limited to "Part I - Item 1A. Risk Factors" and "Part II - Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."

Executive Summary

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

We are a manufacturer and marketer of high-quality, branded food and beverage products. We operate in a highly competitive industry and experience competition in all of our categories.

On August 26, 2024, we completed the sale of our Pop Secret popcorn business. On February 24, 2025, we completed the sale of our noosa yoghurt business. For additional information on the divestitures, see Note 4 to the Consolidated Financial Statements.

Recent Developments

On December 8, 2025, we entered into purchase agreements to acquire 49% of the issued and outstanding equity interests of La Regina di San Marzano di Antonio Romano S.p.A. (La Regina SPA) and La Regina Atlantica, LLC (La Regina Atlantica, and together with La Regina SPA, La Regina). La Regina currently produces all of our Rao’s tomato-based pasta sauces. The aggregate consideration for the transaction is $286 million to be paid in two tranches. Subsequent to the end of the third quarter, we acquired the 49% interests in La Regina on May 4, 2026 for $146 million in cash. The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to us and a put option granted to La Regina. For additional information on this transaction, see our Form 8-K filed with the U.S. Securities and Exchange Commission on December 9, 2025, and Note 3 to the Consolidated Financial Statements.

Business Trends

Our industry continues to navigate a dynamic operating and regulatory environment driven by commodity cost volatility, supply chain pressures, tariffs and shifting global trade policies, evolving consumer purchasing and spending patterns and other economic uncertainties. On a year-to-date basis, through the third quarter, we have experienced elevated input cost inflation, impacts from tariffs and other supply chain costs. We expect elevated inflationary pressures to persist through the remainder of 2026 and anticipate the need to benefit from continued supply chain productivity, cost savings initiatives and tariff mitigation efforts to offset some of these costs. We expect consumer trends to continue to evolve and our volumes to improve over time; however, shifting consumer behaviors, economic pressures, and the challenges of persistent inflation may continue to negatively impact our volumes throughout 2026. Although we have no operations in the Middle East, the ongoing geopolitical conflicts in that region, including between Iran and the United States, have caused significant disruption to energy supplies and increases in global energy prices, which has heightened inflationary pressures, disrupted global supply chains and adversely impacted consumer spending patterns. As the situation is rapidly changing, we will continue to evaluate the evolving macroeconomic environment and take actions to mitigate the impact on our business, consolidated results of operations and financial condition.

Summary of Results

This Summary of Results provides significant highlights from the discussion and analysis that follows.

•Net sales decreased 4% in the quarter to $2.366 billion primarily due to unfavorable volume/mix and the impact of the noosa divestiture, partially offset by favorable net price realization.

•Gross profit, as a percent of sales, was 27.5% in 2026 compared to 29.4% in the prior-year quarter. The decrease was primarily due to the gross impact of tariffs and the impact of cost inflation and other supply chain costs, partially offset by benefits from supply chain productivity improvements and favorable net price realization.

•Earnings per share were $.41 in 2026, compared to $.22 in the prior-year quarter. The current quarter included expenses of $.09 per share and the prior-year quarter included expenses of $.51 per share from items impacting comparability as discussed below.

Net Earnings attributable to The Campbell's Company

The following items impacted the comparability of net earnings and net earnings per share:

•We implemented several cost savings initiatives in recent years. In the third quarter of 2026, we recorded Restructuring charges of $9 million and implementation costs and other related costs of $38 million in Other expenses / (income), $12 million in Cost of products sold, $6 million in Administrative expenses, $1 million in Marketing and selling expenses and $1 million in Research and development expenses related to these initiatives. In the third quarter of 2025, we recorded Restructuring charges of $6 million and implementation costs and other related costs of $7 million in Cost of products sold, $7 million in Administrative expenses, and $1 million in Research and development expenses related to these initiatives. Year-to-date in 2026, we recorded Restructuring charges of $15 million and implementation costs and other related costs of $38 million in Other expenses / (income), $28 million in Cost of products sold, $21 million in Administrative expenses, $3 million in Marketing and selling expenses and $2 million in Research and development expenses related to these initiatives. Year-to-date in 2025, we recorded Restructuring charges of $17 million and implementation costs and other related costs of $26 million in Administrative expenses, $25 million in Cost of products sold, $3 million in Research and development expenses and $2 million in Marketing and selling expenses related to these initiatives.

In the second quarter of 2024, we began implementation of an optimization initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. In the third quarter of 2026, we recognized $2 million in Marketing and selling expenses related to this initiative. In the third quarter of 2025, we recognized $9 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. Year-to-date in 2026, we recognized $20 million in Marketing and selling expenses related to this initiative. Year-to-date in 2025, we recognized $17 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative.

In the third quarter of 2026, the total aggregate impact related to the cost savings and optimization initiatives was $69 million ($52 million after tax, or $.17 per share). In the third quarter of 2025, the total aggregate impact related to the cost savings and optimization initiatives was $31 million ($24 million after tax, or $.08 per share). Year-to-date in 2026, the total aggregate impact related to the cost savings and optimization initiatives was $127 million ($96 million after tax, or $.32 per share). Year-to-date in 2025, the total aggregate impact related to the cost savings and optimization initiatives was $91 million ($70 million after tax, or $.23 per share). See Note 8 to the Consolidated Financial Statements and "Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information;

•In the third quarter of 2026, we recognized gains in Cost of products sold of $6 million ($5 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the third quarter of 2025, we recognized losses in Cost of products sold of $10 million ($7 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. Year-to-date in 2026, we recognized gains in Cost of products sold of $20 million ($15 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. Year-to-date in 2025, we recognized gains in Cost of products sold of $8 million ($6 million after tax, or $.02 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges;

•In the third quarter of 2026, we recognized actuarial and curtailment gains in Other expenses / (income) of $30 million ($23 million after tax, or $.08 per share). The actuarial and curtailment gains were related to interim remeasurements of certain pension plans due to plan amendments and activity under our cost savings initiatives. Year-to-date in 2025, we recognized an actuarial loss in Other expenses / (income) of $2 million ($1 million after tax) related to an interim remeasurement of our postretirement plan due to a plan amendment;

•In the second quarter of 2026, we entered into purchase agreements to acquire 49% of the issued and outstanding equity interests of La Regina. Subsequent to the end of the third quarter, the acquisition was completed on May 4, 2026. In the third quarter of 2026, we recognized costs associated with the acquisition in Other expenses / (income) of $2 million ($2 million after tax, or $.01 per share). Year-to-date in 2026, we recognized costs associated with the acquisition in Other expenses / (income) of $4 million ($4 million after tax, or $.01 per share);

•Year-to-date in 2026, we recorded litigation expenses in Administrative expenses of $11 million ($8 million after tax, or $.03 per share) related to the Plum baby food and snacks business (Plum), which was divested on May 3, 2021, and certain other litigation matters. In the third quarter of 2025, we recorded litigation expenses in Administrative expenses of $4 million ($4 million after tax, or $.01 per share) related to Plum and certain other litigation matters. Year-to-date in 2025, we recorded litigation expenses in Administrative expenses of $6 million ($6 million after tax, or $.02 per share) related to Plum and certain other litigation matters;

•Year-to-date in 2026 and 2025, we recognized insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to a cybersecurity incident that was identified in the fourth quarter of 2023;

•In the third quarter of 2025, the company performed an interim impairment assessment on the Snyder's of Hanover trademark within the Snacks segment and recognized an impairment charge of $150 million ($112 million after tax, or $.37 per share) on the trademark.

In the second quarter of 2025, we performed an interim impairment assessment on certain salty snacks and cookie trademarks within our Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as our "Allied brands," and recognized an impairment charge of $15 million on the trademarks.

In the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment and recognized an impairment charge of $11 million on the trademark.

Year-to-date in 2025, the total aggregate impact of the impairment charges was $176 million ($131 million after tax, or $.44 per share).

The charges were included in Other expenses / (income);

•In the third quarter of 2025, we completed the sale of our noosa yoghurt business. In the second quarter of 2025, we recorded $15 million ($.05 per share) of tax expense related to the sale. Year-to-date in 2025, we recorded an after-tax loss of $15 million ($.05 per share) on the sale of the business. In the first quarter of 2025, we recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of our Pop Secret popcorn business. Year-to-date in 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share); and

•In the third quarter of 2025, we recorded accelerated amortization expense in Other expenses / (income) of $6 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of 2023. Year-to-date in 2025, we recorded accelerated amortization expense in Other expenses / (income) of $20 million ($15 million after tax, or $.05 per share).

The items impacting comparability are summarized below:


	Three Months Ended
	May 3, 2026				April 27, 2025
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact


Net earnings attributable to The Campbell's Company	$	124	$	.41	$	66	$	.22


Costs associated with cost savings and optimization initiatives	$	(52)	$	(.17)	$	(24)	$	(.08)
Commodity mark-to-market gains (losses)	5		.02		(7)		(.02)
Pension actuarial and curtailment gains	23		.08		—		—

Costs associated with acquisition	(2)		(.01)		—		—
Certain litigation expenses	—		—		(4)		(.01)
Impairment charges	—		—		(112)		(.37)

Accelerated amortization	—		—		(5)		(.02)











Impact of items on Net earnings(1)	$	(26)	$	(.09)	$	(152)	$	(.51)

______________________________________

(1) Sum of the individual amounts may not add due to rounding.


	Nine Months Ended
	May 3, 2026				April 27, 2025
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact


Net earnings attributable to The Campbell's Company	$	463	$	1.55	$	457	$	1.52


Costs associated with cost savings and optimization initiatives	$	(96)	$	(.32)	$	(70)	$	(.23)
Commodity mark-to-market gains	15		.05		6		.02
Pension and postretirement actuarial and curtailment gains (losses)	23		.08		(1)		—
Costs associated with acquisition	(4)		(.01)		—		—
Certain litigation expenses	(8)		(.03)		(6)		(.02)
Cybersecurity incident recoveries	1		—		1		—
Impairment charges	—		—		(131)		(.44)
Charges associated with divestitures	—		—		(34)		(.11)
Accelerated amortization	—		—		(15)		(.05)








Impact of items on Net earnings	$	(69)	$	(.23)	$	(250)	$	(.83)

Net earnings attributable to The Campbell's Company were $124 million ($.41 per share) in the current quarter, compared to $66 million ($.22 per share) in the year-ago quarter. After adjusting for items impacting comparability, earnings decreased primarily due to lower gross profit. The estimated net impact of tariffs was approximately $.07 per share in the current quarter.

Net earnings attributable to The Campbell's Company were $463 million ($1.55 per share) in the nine-month period this year, compared to $457 million ($1.52 per share) in the year-ago period. After adjusting for items impacting comparability, earnings decreased primarily due to lower gross profit, partially offset by lower administrative expenses and lower marketing and selling expenses. The estimated net impact of tariffs was approximately $.17 per share in the current year. The negative impact from divestitures was approximately $.02 per share in the current year.

THIRD-QUARTER DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:


	Three Months Ended
(Millions)	May 3, 2026		April 27, 2025		% Change
Meals & Beverages	$	1,426	$	1,493	(4)
Snacks	940		982		(4)

	$	2,366	$	2,475	(4)

An analysis of percent change of net sales by reportable segment follows:


	Meals & Beverages(2)	Snacks	Total(2)
Volume/mix	(5)%	(6)%	(5)%
Net price realization(1)	1	2	1




Divestitures	(1)	—	(1)


	(4)%	(4)%	(4)%

__________________________________________

(1)Includes revenue reductions from trade promotion and consumer coupon redemption programs.

(2)Sum of the individual amounts does not add due to rounding.

In Meals & Beverages, sales decreased 4%. Excluding the impact from the divestiture of the noosa yoghurt business, sales decreased primarily due to declines in U.S. soup, Rao's and Canada, partially offset by gains in Prego pasta sauces. Sales of Rao's decreased due primarily to the timing of shipments related to the implementation of our existing SAP enterprise-resource planning system for Sovos Brands, Inc. (Sovos Brands) in the prior year. Unfavorable volume/mix was partially offset by favorable net price realization. Sales were impacted by an approximate 1% headwind from the net impact of the Sovos Brands

SAP implementation in the prior year and the storm-related shipment delays in January this year. Sales of U.S. soup decreased 8% driven primarily by condensed and ready-to-serve soups.

In Snacks, sales decreased 4% due to declines in crackers, pretzels, third-party partner brands and contract manufacturing, chips and fresh bakery. Sales were impacted by volume/mix declines, partially offset by favorable net price realization.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, decreased by $78 million in 2026 from 2025. As a percent of sales, gross profit declined to 27.5% in 2026 from 29.4% in 2025, due in part to the negative impact of tariffs.

The 190 basis-point decrease in gross profit margin was due to the following factors:


			Margin Impact

Cost inflation, supply chain costs and other factors(1)			(530)
Volume/mix(2)			(60)
Higher costs associated with cost savings initiatives			(20)
Productivity improvements			310
Net price realization			110




			(190)

__________________________________________

(1)Includes an estimated negative margin impact of 310 basis points from the gross impact of tariffs, partially offset by a positive margin impact of 70 basis points from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges and an estimated positive margin impact of 30 basis points from the benefit of cost savings initiatives.

(2)Includes the impact of operating leverage.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 9.0% in 2026 compared to 8.7% in 2025. Marketing and selling expenses decreased 1% in 2026 from 2025. The decrease was primarily due to lower costs associated with cost savings and optimization initiatives (approximately 3 points), partially offset by higher advertising and consumer promotion expense (approximately 1 point). The increase in advertising and consumer promotion expense was primarily driven by Meals & Beverages.

Administrative Expenses

Administrative expenses as a percent of sales were 6.6% in 2026 compared to 6.5% in 2025. Administrative expenses decreased 4% in 2026 from 2025. The decrease was primarily due to increased benefits from cost savings initiatives (approximately 4 points); a reduction in certain litigation expenses (approximately 2 points) and lower incentive compensation (approximately 2 points), partially offset by higher general administrative costs (approximately 4 points).

Other Expenses / (Income)

Other expenses were $8 million in 2026 compared to $160 million in 2025. Other expenses in 2026 included costs associated with cost savings initiatives of $38 million, costs associated with an acquisition of $2 million and pension actuarial and curtailment gains of $30 million. Other expenses in 2025 included an impairment charge related to the Snyder's of Hanover trademark of $150 million and accelerated amortization expense of $6 million.

Operating Earnings

Segment operating earnings decreased 22% in 2026 from 2025.

An analysis of operating earnings by segment follows:


	Three Months Ended
(Millions)	May 3, 2026		April 27, 2025		% Change
Meals & Beverages	$	213	$	253	(16)
Snacks	95		140		(32)
	308		393		(22)
Corporate income (expense)	(60)		(226)
Restructuring charges(1)	(9)		(6)
Earnings before interest and taxes	$	239	$	161

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(1)See Note 8 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages decreased 16%. The decrease was primarily due to lower gross profit. Gross profit margin decreased primarily due to the gross impact of tariffs, cost inflation and other supply chain costs and unfavorable volume/mix, partially offset by supply chain productivity improvements, favorable net price realization and benefits from cost savings initiatives.

Operating earnings from Snacks decreased 32%. The decrease was primarily due to lower gross profit. Gross profit margin decreased primarily due to cost inflation and other supply chain costs, unfavorable volume/mix and the gross impact of tariffs, partially offset by supply chain productivity improvements, favorable net price realization and benefits from cost savings initiatives.

Corporate expense in 2026 included the following:

•costs of $60 million related to costs savings and optimization initiatives;

•$2 million of costs associated with an acquisition;

•$30 million of pension actuarial and curtailment gains; and

•$6 million of unrealized mark-to-market gains on outstanding undesignated commodity hedges.

Corporate expense in 2025 included the following:

•$150 million of an impairment charge related to the Snyder's of Hanover trademark;

•costs of $25 million related to cost savings and optimization initiatives;

•$10 million of unrealized mark-to-market losses on outstanding undesignated commodity hedges;

•$6 million of accelerated amortization expense; and

•$4 million of certain litigation expenses, including expenses related to Plum.

Interest Expense

Interest expense of $83 million in 2026 decreased from $85 million in 2025 primarily due to lower levels of debt.

Taxes on Earnings

The effective tax rate was 22.0% in 2026 and 18.5% in 2025. The increase in the effective tax rate was primarily due to timing of recognition of tax expense related to the impairment charge in the prior year.

NINE-MONTH DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:


	Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		% Change
Meals & Beverages	$	4,741	$	4,943	(4)
Snacks	2,866		2,989		(4)

	$	7,607	$	7,932	(4)

An analysis of percent change of net sales by reportable segment follows:


	Meals & Beverages	Snacks	Total
Volume/mix	(3)%	(5)%	(4)%
Net price realization(1)	1	1	1




Divestitures	(2)	—	(1)


	(4)%	(4)%	(4)%

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(1)Includes revenue reductions from trade promotion and consumer coupon redemption programs.

In Meals & Beverages, sales decreased 4%. Excluding the impact from the divestiture of the noosa yoghurt business, sales decreased primarily due to declines in U.S. soup, Canada, V8 beverages and Pace Mexican sauces, partially offset by gains in Rao's. Unfavorable volume/mix was partially offset by favorable net price realization. Sales of U.S. soup decreased 4% primarily due to decreases in ready-to-serve soups and condensed soups, partially offset by increases in broth.

In Snacks, sales decreased 4%. Excluding the impact from the divestiture of the Pop Secret popcorn business, sales decreased primarily due to declines in chips, crackers, third-party partner brands and contract manufacturing, fresh bakery related to supply constraints and declines in pretzels, partially offset by gains in Pepperidge Farm cookies. Sales were impacted by volume/mix declines, partially offset by favorable net price realization.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, decreased by $255 million in 2026 from 2025. As a percent of sales, gross profit declined to 28.4% in 2026 from 30.4% in 2025, due in part to the negative impact of tariffs.

The 200 basis-point decrease in gross profit margin was due to the following factors:


			Margin Impact

Cost inflation, supply chain costs and other factors(1)			(510)
Volume/mix(2)			(60)
Productivity improvements			280
Net price realization			90




			(200)

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(1)Includes an estimated negative margin impact of 240 basis points from the gross impact of tariffs, partially offset by an estimated positive margin impact of 30 basis points from the benefit of cost savings initiatives and a positive margin impact of 20 basis points from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

(2)Includes the impact of operating leverage.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 9.5% in 2026 compared to 9.1% in 2025. Marketing and selling expenses were comparable in 2026 and 2025. Lower selling expenses (approximately 1 point); increased benefits from cost savings initiatives (approximately 1 point) and lower incentive compensation (approximately 1 point) were offset by higher marketing expenses (approximately 1 point); higher costs associated with costs savings and optimization initiatives (approximately 1 point) and higher benefit-related costs (approximately 1 point).

Administrative Expenses

Administrative expenses as a percent of sales were 6.3% in 2026 and 2025. Administrative expenses decreased 4% in 2026 from 2025. The decrease was primarily due to increased benefits from cost savings initiatives (approximately 4 points); lower incentive compensation (approximately 2 points) and lower costs associated with cost savings initiatives (approximately 1 point), partially offset by higher general administrative costs and inflation (approximately 2 points) and an increase in certain litigation expenses (approximately 1 point).

Other Expenses / (Income)

Other expenses were $24 million in 2026 compared to $244 million in 2025. Other expenses in 2026 included cost associated with cost savings initiatives of $38 million, costs associated with an acquisition of $4 million and pension actuarial and curtailment gains of $30 million. Other expenses in 2025 included impairment charges related to the Snyder's of Hanover, Allied brands and Late July trademarks of $176 million, a loss of $25 million on the sale of the Pop Secret popcorn business, accelerated amortization expense of $20 million and a postretirement actuarial loss of $2 million.

Operating Earnings

Segment operating earnings decreased 18% in 2026 from 2025.

An analysis of operating earnings by segment follows:


	Nine Months Ended
(Millions)	May 3, 2026		April 27, 2025		% Change
Meals & Beverages	$	762	$	892	(15)
Snacks	285		385		(26)

CAMPBELL'S Co 10-Q