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Campbell's

Campbell's (CPB) Q3 2026 Earnings

Reported Jun 8, 2026 at 7:17 AM ET · SEC Source

Q3 26 EPS

$0.50

BEAT +4.49%

Est. $0.48

Q3 26 Revenue

$2.37B

MISS 0.67%

Est. $2.38B

vs S&P Since Q3 26

+0.3%

BEATING MARKET

CPB +1.1% vs S&P +0.8%

Market Reaction

Did CPB Beat Earnings? Q3 2026 Results

Campbell's delivered a mixed fiscal third-quarter 2026 report, edging past profit expectations while falling slightly short on sales. Adjusted EPS came in at $0.50, beating the $0.48 consensus by 4.49% and extending the company's streak of consecutiv… Read more Campbell's delivered a mixed fiscal third-quarter 2026 report, edging past profit expectations while falling slightly short on sales. Adjusted EPS came in at $0.50, beating the $0.48 consensus by 4.49% and extending the company's streak of consecutive quarterly EPS beats to four, though the figure still represented a steep 32% decline from $0.73 a year ago. Revenue of $2.37 billion missed the $2.38 billion consensus by 0.67% and fell 4.4% year over year, as organic net sales dropped 4% on a 5% volume and mix headwind only partly offset by modest pricing gains. Gross margin contracted 240 basis points on an adjusted basis to 27.7%, squeezed by cost inflation and tariff-related supply chain pressures across both the Meals and Beverages and Snacks segments. U.S. Soup sales slid 8%, while the Snacks unit saw operating earnings fall 32%. Campbell's reaffirmed full-year guidance calling for adjusted EPS of $2.15 to $2.25, leaning on roughly $375 million in cumulative cost savings targeted by fiscal 2028 to help absorb ongoing inflationary and tariff headwinds.

Key Takeaways

  • • Unfavorable volume/mix of 5% drove organic net sales decline, partially offset by 1% positive net price realization
  • • Cost inflation and other supply chain costs inclusive of tariff impacts compressed gross margins by 240 basis points on an adjusted basis
  • • Supply chain productivity improvements and cost savings partially offset margin pressure
  • • U.S. soup sales decreased 8% driven by condensed and ready-to-serve soups
  • • Snacks declines driven primarily by salty portfolio, crackers and fresh bakery
  • • Prior-year Snyder's of Hanover impairment charge of $150 million favorably impacted GAAP EBIT comparisons
  • • Pension actuarial and curtailment gains of $30 million recognized in Q3 FY26

CPB Forward Guidance & Outlook

Campbell's reaffirmed its full-year fiscal 2026 guidance: organic net sales of -2% to -1% (based on FY25 52-week adjusted organic net sales of $9,979 million), Adjusted EBIT of -20% to -17% (vs. FY25 adjusted EBIT of $1,458 million), and Adjusted EPS of $2.15 to $2.25 (vs. FY25 adjusted EPS of $2.91). The company intends to use cost savings as one of several levers to help offset tariff and broader inflationary headwinds.

24/7 Wall St

CPB YoY Financials

Q3 2026 vs Q3 2025, source: SEC Filings

24/7 Wall St

CPB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q3 26

“Our third quarter results were generally in-line with our expectations but remained under pressure, reflecting top-line softness and inflation-driven margin headwinds. At the same time, we are encouraged by the progress we are making in several priority areas. In Meals & Beverages, our leading brands including Campbell's, Rao's, and Swanson continue to benefit from durable at-home cooking trends. In Snacks, we are seeing early signs of progress as we prioritize Goldfish's core of households with kids, improve execution in Pepperidge Farm fresh bakery, and are taking additional actions to strengthen our salty snacks portfolio. Across the company, we are focused on simplifying the business, accelerating productivity and cost savings, and creating fuel to invest behind our strongest opportunities. We are moving with urgency and remain confident in the long-term strength of our portfolio and our ability to create shareholder value.”

— Mick Beekhuizen, Q3 2026 Earnings Press Release

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