What does Campbell's do and what are its main business segments?

Did Campbell's beat or miss consensus estimates last quarter?

What factors drove the changes in Campbell's's revenue and profit?

What is the revenue and EPS growth rate for Campbell's year over year?

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What were the key takeaways from Campbell's’s earnings call?

What is the market's earnings forecast for Campbell's next quarter?

What were the key takeaways from Campbell's's earnings call?

- **Q4 Results**: Organic net sales -3%, driven by Meals & Beverages shipment timing and snacking category pressure. Meals & Beverages outperformed category, Snacks saw sequential improvement.
- **FY26 Guidance**: Adjusted EPS down 12-18% (midpoint $0.40 decline), 2/3 from tariffs. Target 9-10% marketing spend, $70M cost savings.
- **Tariff Mitigation**: 60% of $40M impact offset via inventory, supplier collaboration, and pricing. Meals & Beverages bears 60% of tariff impact.
- **Snacks Recovery**: Sequential improvement in Q4, targeting stabilization in 2H26 with innovation (e.g., Milano white chocolate +27% growth).
- **Rao's Momentum**: Pro forma 2025 +12%, 2026 targeting mid-single-digit growth despite Q1 noise from promotional timing.

**【CEO Summary Section】**
- Q4 organic net sales declined 3%, driven by unfavorable shipment timing in Meals & Beverages and ongoing snacking category pressure. Meals & Beverages in-market consumption outpaced the category, while Snacks saw sequential improvement in net sales and share. 
- Fiscal 2026 guidance reflects a 2-3% organic net sales decline midpoint, with 2/3 of the $0.40 EPS decline attributed to tariffs. Incremental marketing investment (9-10% of net sales) and innovation (e.g., Milano white chocolate cookies) are key growth drivers.
- Tariff mitigation efforts include inventory management, supplier collaboration, and surgical pricing, with 60% of the $40M tariff impact expected to be offset.

**【CFO Financial Commentary】**
- Q4 adjusted EBIT decreased 2% to $142M, with margin down 50bps due to higher inflation and tariffs. Full year adjusted EBIT increased 2% to $633M, driven by Sovos acquisition and cost savings.
- Fiscal 2026 guidance: reported net sales -2% to flat, adjusted EBIT down 9-13%, adjusted EPS down 12-18%. Core inflation (ex-tariffs) expected in low single digits.
- $70M in enterprise cost savings planned for FY26, expanding the $250M 2024-28 cost savings program to $375M.

**【Q&A Highlights】**
- **Tariff Mitigation**: 60% of tariff impact mitigated through inventory management, alternative sourcing, and productivity improvements. Steel/aluminum tariffs disproportionately impact Meals & Beverages (60% of tariff impact).
- **Snacks Recovery**: Sequential improvement in Q4 (2% consumption decline vs. Q3) driven by Cape Cod/Late July share gains. Full year stabilization expected with incremental marketing (e.g., Goldfish multipack innovation).
- **Rao's Growth**: Pro forma 2025 net sales +12%, targeting mid-single-digit growth in 2026. Q1 2026 lapping promotional timing and ERP implementation noise.
- **Cost Savings**: 2025 delivered $145M savings (vs. $250M 2024-28 target). Expanded to $375M by 2028 with focus on network optimization, IT, and indirect spend.

Campbell Soup (CPB)-3 Sep 25-2025 Q4 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CPB

CPB fundamentals

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