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Campbell's

Campbell's (CPB) Q2 2026 Earnings

Reported Mar 11, 2026 at 7:17 AM ET · SEC Source

Q2 26 EPS

$0.51

MISS 10.64%

Est. $0.57

Q2 26 Revenue

$2.56B

MISS 1.82%

Est. $2.61B

vs S&P Since Q2 26

-24.6%

TRAILING MARKET

CPB -13.4% vs S&P +11.1%

Market Reaction

Did CPB Beat Earnings? Q2 2026 Results

Campbell's delivered a disappointing second quarter of fiscal 2026, snapping a four-consecutive-quarter streak of EPS beats as the packaged food giant fell short on both top and bottom lines. The company posted earnings of $0.51 per share, missing th… Read more Campbell's delivered a disappointing second quarter of fiscal 2026, snapping a four-consecutive-quarter streak of EPS beats as the packaged food giant fell short on both top and bottom lines. The company posted earnings of $0.51 per share, missing the $0.57 consensus estimate by 10.64%, while revenue of $2.56 billion trailed analyst expectations by 1.82% and declined 4.5% year over year. The primary culprit was a deeply troubled Snacks segment, where net sales fell 6% to $914.00 million and operating earnings plummeted 39%, pressured by cost inflation, tariff headwinds, and unfavorable volume/mix concentrated in chips and pretzels. January storm-related shipment disruptions added further pain, shaving roughly $0.04 from adjusted EPS alone. With analysts already flagging concerns about the stock's standing in the S&P 500, the earnings miss prompted management to sharply lower full-year guidance, cutting adjusted EPS to a range of $2.15 to $2.25 from a prior outlook of $2.40 to $2.55, with organic net sales now expected to decline as much as 2%.

Key Takeaways

  • • Rao's brand surpassed $1 billion in trailing twelve-month net sales
  • • Meals & Beverages delivered in-market consumption growth
  • • Snacks segment weakness driven by declines in chips, pretzels, and supply constraints in fresh bakery
  • • Cost inflation, tariff impacts, and unfavorable volume/mix pressured gross margins by 270 basis points on adjusted basis
  • • January storm-related shipment delays impacted net sales by approximately 1%, adjusted EBIT by ~$14 million, and adjusted EPS by ~$0.04
  • • Cost savings of approximately $20 million delivered in the quarter, bringing cumulative total to $180 million toward $375 million target
  • • U.S. soup sales decreased 4% with pressure in condensed soups, ready-to-serve soups and broth
24/7 Wall St

CPB YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

CPB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q3 26

“Our core Meals & Beverages portfolio delivered in-market consumption growth in the second quarter, highlighted by the Rao's brand surpassing $1 billion in trailing twelve-month net sales. Overall results, however, fell short of our expectations due to weaker-than-expected performance in Snacks and storm-related shipment disruptions.”

— Mick Beekhuizen, Q2 2026 Earnings Press Release

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