The Campbell's Company · NASDAQ:CPB
The Campbell's — Q4 2026 Earnings Presentation
48 slides from The Campbell's's earnings presentation, Sep 3, 2026
Slide 1: Q4 Fiscal 2026 Earnings Presentation
Q4 Fiscal 2026 Earnings Presentation 1
Slide 2: Agenda
Joshua Levine Welcome Chief Investor Relations Officer Today’s Mick Beekhuizen Business Update Agenda President & CEO Todd Cunfer Financial Results Chief Financial Officer and Outlook 2
Slide 3: Forward-looking statements
Forward-looking statements Safe Harbor Regarding Forward-Looking Statements This presentation contains "forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations regarding our future results of operations, economi
Slide 4: Business Update
Business Update Mick Beekhuizen President and Chief Executive Officer 4
Slide 5: Key Q4 and FY26 results
Key Q4 and vs. PY (except Adjusted EPS) Q4 FY26 FY26 FY26 results $ Consumption1 (2.2)% (1.5)% Organic Net Sales* (1)% (2)% Net Sales (8)% (5)% Adjusted EBIT* (25)% (21)% Adjusted EPS* $0.39 $2.17 *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 08/02/26 5
Slide 6: Q4 FY26 key messages
Q4 FY26 key messages Q4 performance reflected sustained top-line softness and inflation- driven margin challenges Meals & Beverages organic growth offset by Snacks weakness Transforming Campbell’s requires decisive action Sharpening execution while investing in our best opportunities Restoring growt
Slide 7: Transforming Campbell's
Transforming Campbell’s Strengthened leadership and a streamlined operating model Clarifying decision rights, narrowing our focus and instilling urgency and accountability Getting closer to the consumer in everything we do Scalable capabilities enable faster consumer response Transforming how we bui
Slide 8: Meals & Beverages: Positive in-market performance
Meals & Beverages Positive in-market performance Continued cooking momentum more than offset declines in eating soups Q4 FY26 FY26 vs. PY vs. PY Dollar consumption1 0.8% 0.5% Organic Net Sales* 3% (1)% Volume/mix 3% (2)% *See Non-GAAP reconciliation. 1 Circana Total US MULO+, 13 weeks ending 08/02/2
Slide 9: Expanding cooking occasions is a durable tailwind for Campbell's
Meals & Beverages Expanding cooking occasions is a durable tailwind for Campbell’s Amplifying our relevance within everyday meals by meeting consumers where they find inspiration across social, digital and emerging AI-enabled platforms CPB Cooking $ Consumption1 >5% +7.4% +3.2% 4yr CAGR +4.7% +5.3%
Slide 10: Soup consumption growth led by Swanson, Pacific and Rao's
Meals & Beverages Soup consumption growth led by Swanson, Pacific and Rao’s Semi-scratch cooking trends reaccelerated while declines in eating soups eased1 Wet Soup Broth Condensed RTS CPB $ Consumption 0.9% 10.7% (1.4)% (3.3)% CPB $ Share (0.9) pts (0.4) pts 0.6 pts (0.6) pts Category $ 2.7% 11.8%
Slide 11: Rao's: Consistent strong performance
Meals & Beverages Rao’s: Consistent strong performance Total Rao’s ~10% consumption growth in Q4 and 11% in FY26, with substantial runway for growth1 Rao’s Sauce >$1 Billion Brand Continuing Consumption1 to Win Italian Sauce Category Q4 FY26 Sustained Momentum • Generated two-thirds of category Cons
Slide 12: Snacks consumption remains pressured
Snacks Snacks consumption remains pressured Turnaround supported by strengthened leadership, a streamlined category-led operating model and a clear focus on everyday great execution Q4 FY26 FY26 vs. PY vs. PY Dollar consumption1 (5.1)% (3.7)% Organic Net Sales* (6)% (4)% Volume/mix (6)% (5)% *See No
Slide 13: Goldfish progress
Snacks Goldfish progress $ Consumption Growth (vs. YA)1 +1.6% Refocusing on the brand’s core of families with kids 0.0% Core returned to growth -0.6% -0.9% -1.1% • HH penetration +30 bps Y/Y -3.5% -3.0% -4.4% • Double-digit ecommerce growth -6.6% • Successful PokémonTM collaboration Q1'25 Q2'25 Q3'2
Slide 14: Pepperidge Farm
Snacks Pepperidge Farm Fresh bakery execution and cookies innovation to lead to stronger performance Fresh Bakery Cookies Sequential improvement through Q4 Milano remains healthy • Improved network and in-store execution • Low double-digit 2-year growth1 • Measured return of promotions Distinctive p
Slide 15: Salty Snacks remained under pressure
Snacks Salty Snacks remained under pressure Turnaround underway but improvement will take time Pretzels Chips Improved pretzels performance Chips remained under pressure • Snyder’s of Hanover improved, with unflavored • Competitive kettle chips category dynamics portfolio returning to growth • Grew
Slide 16: Snacks Turnaround Begins with Simplification
Snacks Snacks Turnaround Begins with Simplification Focus resources on core brands and items, create capacity to invest and strengthen everyday execution Returning to core fundamentals • Re-focus our brands on core consumer • Simplify assortment and focus innovation, brand support Creating fuel to s
Slide 17: Wrap Up
Wrap Up Operating environment expected to remain challenging Transforming Campbell’s through decisive, necessary actions Rebuilding margins and creating capacity to invest Strengthening the balance sheet Positioning Campbell’s for sustainable long-term value creation 17
Slide 18: Financial Results and Outlook
Financial Results and Outlook Todd Cunfer Chief Financial Officer 18
Slide 19: Q4 results reflect organic decline, cost headwinds and extra week
$ Millions, except per share Q4 FY26 Key Financial Results Q4 results reflect organic decline, cost headwinds and extra week Net Sales Adjusted EBIT* Adjusted EPS* $2,321 $2,137 $321 $0.62 $242 $0.39 (8)% (25)% (37)% vs. PY vs. PY vs. PY Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Organic Net Sa
Slide 20: Net Sales decreased 8% to $2.1 billion
$ Millions Q4 FY26 Net Sales Bridge Net Sales decreased 8% to $2.1 billion Driven by unfavorable vol/mix, partially offset by favorable net price realization $2,321 (1) pt 0 pts 0 pts 0 pts (7) pts $2,137 Includes approx. 1 pt tailwind from lapping (1)% (8)% prior year ERP-related pull-forward vs. P
Slide 21: Cost inflation pressured gross margin
Q4 FY26 Adjusted Gross Profit Margin* Bridge Cost inflation pressured gross margin Partially offset by supply chain productivity improvements and cost savings 30.5% (100) bps (530) bps +30 bps 28.6% +380 bps +30 bps (190) bps vs. PY Q4 FY25 Volume / Mix Net Price Realization Inflation / Other Cost S
Slide 22: Operating expense declines largely reflect lower marketing expenses and cost savings
$ Millions Q4 FY26 Other Operating Items Operating expense declines largely reflect lower marketing expenses and cost savings Adjusted Marketing & Selling Expenses* Adjusted Administrative Expenses* $158 $153 $197 $186 (6)% (3)% vs. PY vs. PY % of Net Sales: 8.5% 8.7% % of Net Sales: 6.8% 7.2% 8% Q4
Slide 23: Net sales and gross margin pressure drove lower adjusted EBIT
$ Millions Q4 FY26 Adjusted EBIT* Bridge Net sales and gross margin pressure drove lower adjusted EBIT $321 $(98) $11 $5 $3 $242 (25)% vs. PY Q4 FY25 Adjusted Gross Adjusted Marketing Adjusted Adjusted Other Q4 FY26 Profit* & Selling Expenses* Administrative & Expenses* R&D Expenses* Adjusted EBIT M
Slide 24: Adjusted EPS reflective of lower Adjusted EBIT
Q4 FY26 Adjusted EPS* Bridge Adjusted EPS reflective of lower Adjusted EBIT Includes estimated $0.06, or 7%, impact from extra week in prior year $0.62 $(0.21) $0.01 $(0.01) $(0.01) $(0.01) $0.39 (37)% vs. PY Q4 FY25 Adj. EBIT* Adj. Interest* Adj. Taxes* Adj. NCI* Share Impact Q4 FY26 *See Non-GAAP
Slide 25: Q4 FY26 Meals & Beverages results
$ Millions Q4 FY26 Meals & Beverages results Organic growth reflects strength in semi-scratch cooking, partially offset by declines in eating soup; profit pressured by cost inflation Net Sales Operating Earnings $1,236 $1,187 $206 $181 (4)% (12)% vs. PY vs. PY Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Vol/Mix
Slide 26: Q4 FY26 Snacks results
$ Millions Q4 FY26 Snacks results Organic sales and operating earnings pressured by weaker consumption, cost inflation and volume deleverage Net Sales Operating Earnings $1,085 $153 $950 $101 (12)% (34)% vs. PY vs. PY Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Vol/Mix (5)% (6)% Operating Margin 14.1% 10.6% Net
Slide 27: Strong cash generation
$ Millions Capital Allocation Strong cash generation Returned $496 million to shareholders; higher leverage reflects pressured earnings and the La Regina investment; FY27 debt reduction initiatives include resetting the dividend, working capital improvement and disciplined capital spending Net Cash
Slide 28: FY27 guidance
Outlook FY27 guidance Key assumptions $ Millions, Except Per Share • Low single digit benefit from net pricing • Raw material and packaging inflation of 5-6% • Double-digits logistics inflation FY26 Results FY27 Guidance • Productivity above 4% of cost of products sold Net Sales1 $9,744 (4)% to (2)%
Slide 29: Question & Answer Session
Q4 Fiscal 2026 Question & Answer Session September 3, 2026 @ 9:00am ET 29
Slide 30: Appendix
Appendix 30
Slide 31: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of Impact of August 2, 2026 As Reported Currency Acquisiton Net Sales As Reported Net Sales Currency Acquisition 53rd Week Meals & Be
Slide 32: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of August 3, 2025 As Reported Currency 53rd Week Net Sales As Reported Net Sales Divestitures 53rd Week Meals & Beverages 1,236 $ 1 $
Slide 33: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures Three Months Three Months ($ millions) Ended Ended August 2, 2026 August 3, 2025 Net earnings (loss), as reported $ (58) $ 145 Taxes (21) 39 Interest, net 83 85 Earnings before interest and taxes, as reported $ 4 $ 269 33
Slide 34: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter Unrecognized Net Earnings (loss) Net Earnings (loss) Accretion on deferred attributable to CPB - EBIT Margin % Earnings Income to NCI attr to CPB Accretion NCI consideration Diluted Diluted E
Slide 35: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Twelve Months % Change Net Sales, Impact of Impact of Organic Net Sales, Organic Impact of Impact of August 2, 2026 As Reported Currency Acquisition Net Sales As Reported Net Sales Acq/Div 53rd Week Meals & Beverages $ 5,928 $ (6) $
Slide 36: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Twelve Months Twelve Months Ended Ended August 2, 2026 August 3, 2025 Net earnings, as reported $ 405 $ 602 Taxes 124 194 Interest, net 323 328 Earnings before interest and taxes, as reported $ 852 $ 1,124 36
Slide 37: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Twelve Months Unrecognized Net Earnings attr Accretion on deferred Net Earnings attr EBIT Margin % Earnings Income to NCI to CPB Accretion NCI consideration to CPB - Diluted Diluted EPS* 2026 – As Reported
Slide 38: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Net Interest Gross Profit GP % Expense EBT Tax Tax Rate 2026 – As Reported $ 583 27.3% $ 83 $ (79) $ (21) 26.6% Costs associated with cost savings and optimization initiatives 11 - 75 17 Commodity mark-to-market losse
Slide 39: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Marketing & Other Expenses / Selling Expenses (Income) 2026 – As Reported $ 188 $ 147 Costs associated with cost savings and optimization initiatives (2) - Pension and postretirement actuarial losses - (7) Impairment
Slide 40: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Fourth Quarter Administrative R&D Expenses Expenses Total 2026 – As Reported $ 164 $ 28 $ 192 Costs associated with cost savings and optimization initiatives (8) (2) (10) Certain litigation expenses (3) - (3) 2026 – Adjusted $ 153 $
Slide 41: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted Net Interest Expense Net Interest Expense 2026 – Adjusted $ 81 2025 – Adjusted 85 $ Change $ 4 Deduct: 2025 Adjusted tax rate impact on Net Interes
Slide 42: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted EBIT EBIT 2026 – Adjusted $ 242 2025 – Adjusted 321 $ Change $ (79) Deduct: 2025 Adjusted tax rate impact $ 17 Impact to Net Earnings $ (62) Fourth
Slide 43: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Adjusted Diluted EPS Impact from Change in Adjusted Tax Rate Fourth Quarter 2026 – Adjusted EBT $ 161 Increase in Adjusted Tax Rate (2.0%) Adjusted EBT multiplied by the Change in Adjusted Tax Rate $ (3) Fo
Slide 44: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions, except per share amounts) Fourth Quarter – Adjusted Diluted EPS Impact from Adjusted NCI Adjusted NCI 2026 – Adjusted $ 3 2025 – Adjusted - $ Change $ (3) Deduct: 2025 Adjusted tax rate impact on NCI $ 1 Impact to Net Earnings $ (2)
Slide 45: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) Net Debt August 2, 2026 August 3, 2025 Short-Term Borrowings $ 977 $ 762 Long-Term Debt 6,160 6,095 Total Debt $ 7,137 $ 6,857 Less: Cash and Cash Equivalents (394) (132) Net Debt $ 6,743 $ 6,725 45
Slide 46: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures Twelve Months Ended ($ millions) August 2, 2026 Net Earnings, as reported $ 405 Taxes 124 Interest, net 323 Earnings before interest and taxes, as reported $ 852 202 Costs associated with cost savings and optimization initiatives Pension and pos
Slide 47: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures Twelve Months Ended ($ millions) August 3, 2025 Net Earnings, as reported $ 602 Taxes 194 Interest, net 328 Earnings before interest and taxes, as reported $ 1,124 Costs associated with cost savings and optimization initiatives 125 Pension and p
Slide 48: Reconciliation of GAAP and Non-GAAP Financial Measures
Reconciliation of GAAP and Non-GAAP Financial Measures ($ millions) First Quarter EBIT Earnings Diluted EPS* 2026 – As Reported $ 336 $ 194 $ 0.65 Costs associated with cost savings and optimization initiatives 34 26 0.09 Commodity mark-to-market losses 2 2 0.01 Cybersecurity incident recoveries (1)
The Campbell's Company — Q4 2026 Earnings Presentation on 6ix