Overview

• Adjusted EPS for the quarter came in at $0.62 versus the $0.56 consensus, while revenue was $2.32 billion against expectations of $2.33 billion.
• Organic net sales declined 3% year over year on a 4% drop in volume and mix, with softness noted in Rao’s pasta sauces and U.S. soup.
• For fiscal 2026, Campbell’s guided organic sales to a range of down 1% to up 1% and projected adjusted EPS of $2.40 to $2.55, below Wall Street estimates.
• The company cited tariff impacts as the primary profit headwind, estimating gross tariffs at about 4% of cost of products sold and pointing to Canada’s 35% duties on certain U.S. goods and a 15% U.S. tariff on most EU imports.
• Campbell’s is pursuing inventory management, alternative sourcing, selective pricing and a larger cost-savings program lifted to $375 million by fiscal 2028, as shares rose roughly 5%–7% following the report.