$CPB · CAMPBELL'S Co
Campbell's filed its FY2026 10-K for the 52 weeks ended August 2, 2026. Net sales declined 5.0% YoY to $9.744B, reflecting the divestitures of Pop Secret (August 2024) and noosa yoghurt (February 2025). GAAP EPS was $1.31 on net income of $403M, with an operating margin of 8.7%. The company acquired a 49% stake in La Regina, the producer of Rao's pasta sauces, for $146M cash with a $140M second tranche payable May 2027.
- Net sales fell 5.0% YoY to $9.744B, driven by divestitures of Pop Secret and noosa yoghurt
- GAAP EPS was $1.31; net income was $403M for the 52-week FY2026
- Operating margin came in at 8.7% of net sales
- Acquired 49% of La Regina (Rao's sauce supplier) for $146M cash with a $140M second tranche due May 2027
- Walmart accounted for 22% of consolidated net sales; top five customers represented 48%
Stock is essentially flat since filing (-0.10%), suggesting the FY2026 results and divestiture-driven revenue decline were largely priced in.
The La Regina acquisition deepens Campbell's vertical integration of its highest-growth asset (Rao's), while the 5% revenue decline and thin 8.7% operating margin highlight post-divestiture transition
Campbell's revenue contraction contrasts with peers that grew organically; the Sovos Brands/Rao's integration and La Regina vertical acquisition signal a strategic pivot toward premium Italian sauces while shedding non-core snack brands.
Tariffs and geopolitical conflicts drove input-cost volatility in 2026 and are expected to persist through 2027. Customer concentration risk: Walmart alone is 22% of sales, and the top five customers represent 48%.
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