EarningsQ4 2026 Earnings Report
MX:CPB Q4 2026 EPS Results
Actual EPS$7.05
Consensus EPS$6.98
Beat/MissBeat by +$0.07
One Year Ago EPS$11.21
MX:CPB Q4 2026 Revenue Results
Actual Revenue$38.62B
Expected Revenue$38.75B
Beat/MissMissed by -$127.42M
YoY Revenue Growth-7.93%
Earnings Announcement Details
QuarterQ4 2026
Date09/03/2026
TimeBefore Open
Conference CallThursday, September 3, 2026
MX:CPB Upcoming Earnings
Campbell Soup's next earnings date is estimated for December 9, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:CPB Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call was balanced. Management outlined substantial cost savings, pricing, innovation, commercial capability, and turnaround initiatives, with encouraging trends in cooking soups, Goldfish, pretzels, cookies, and Pacific. However, the near-term outlook includes a roughly 3% organic sales decline, a high-single-digit Q1 Snacks decline, significant Q1 margin pressure, higher interest expense, a dividend reduction, and continued negative Snacks consumption. The combination of credible improvement plans and significant current-year challenges supports a Neutral overall assessment.Company Guidance
Four-Year Cost Savings Program
Campbell's announced a $500 million cost savings program over the next 4 years, beginning in fiscal year 2027 and running through fiscal year 2030. Of the prior $375 million program, $225 million had been delivered through the fiscal year just ended, with $150 million of savings plans rolling into the new program and $350 million of incremental savings identified. The program includes headcount reductions, procurement savings across direct and indirect spending, and supply chain network optimization.
Sequential Margin and EPS Improvement Expected
Management expects gross margin to improve sequentially after a significant decline in Q1, become positive in the second half, and be down 50 to 100 basis points for the total year. EPS is expected to decline sharply in Q1, improve sequentially, and become positive by the fourth quarter.
Planned Pricing Actions Across 60% of the Portfolio
Campbell's took a modest price increase across approximately 60% of its portfolio, averaging 4% to 5%. Management said retailer discussions were productive and expects positive price realization to begin in Q2. The company used revenue growth management analysis to target pricing where it believed elasticity and profit impacts could be minimized.
Cooking Soup Performance
The cooking side of the soup portfolio is performing well, with consumption up approximately 6% or 7%, driven by broth and continued strength in condensed cooking. Management said cooking represents about half of the soup portfolio.
Growth in Cooking-Oriented Meals and Beverages
A little over 50% of Meals and Beverages retail sales are exposed to cooking, and this exposure has grown at approximately a 5% CAGR over the past 4 years. Campbell's is focusing on semi-scratch cooking, which management said represents about 50% of at-home cooking occasions and involves shorter preparation of less than 30 minutes and 5 ingredients or less.
Premium Soup and Rao's Momentum
Management said premium soup is working, with Pacific continuing to grow double digits. Rao's was described as a 'shining star' of the Meals and Beverages portfolio, with continued marketing, innovation, and brand support planned.
Meals and Beverage Innovation Pipeline
Campbell's is supporting innovation including Campbell's Nourish, protein soups, condensed sauces, and other products intended to address consumer needs for convenience and affordability. The company plans to expand marketing beyond the holiday period into everyday cooking.
Snacks Turnaround Actions and Brand Support
Management has assembled a new Snacks leadership team over the past 6 to 9 months and is focusing on core consumer fundamentals, brand support, focused innovation, revenue growth management, and everyday execution. Initiatives include national campaigns for Goldfish and Pepperidge Farm, Goldfish Gluten-Free, and Goldfish Better for You.
Encouraging Goldfish and Pretzel Trends
Management said Q4 trends within Goldfish were encouraging. Unflavored pretzels also showed encouraging trends in the quarter, partially driven by America 250 activation in the marketplace.
Cookies Were Flat for the Full Year
The cookies portfolio was described as volatile across quarters but flat for the full year, supported by innovation including Milano White Chocolate and Chessmen.
Productivity, Procurement, and Plant Efficiency Initiatives
Management expects productivity and enterprise cost savings programs to build sequentially and be more second-half weighted. The company is investing capital to improve plant efficiency, closed two chip plants, and expects the closures to have a positive impact on fixed-cost absorption.
Improved Commercial Capabilities
Campbell's established its Growth Office approximately one year ago to improve commercial capabilities at scale. Revenue growth management capabilities have been developed over the past 6 to 9 months, and management said the team completed pricing analysis and communicated actions to retailers within 6 weeks, compared with historically longer timelines.
La Regina Acquisition Consolidation
This was the first quarter following Campbell's acquisition of a 49% interest in La Regina. La Regina's results are fully consolidated, while the 51% interest Campbell's does not own is reflected as earnings from noncontrolling interest. Fair value adjustments associated with the acquisition are excluded from adjusted earnings.
MX:CPB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed