Companies /Consumer Defensive
Campbell Soup Company
NYSE: CPB Packaged Foods
$19.21
▼ $0.16 (−0.83%) today
Markets closed · 4:27pm ET

Campbell's (CPB) Q2 2026 Earnings

Reported Mar 11, 2026, 7:17am ET · SEC source
$0.51
Miss −10.64%
EPS · est. $0.57
$2.6B
Miss −1.82%
Revenue · est. $2.6B
−13.5%
Trailing market
CPB vs S&P since report
2 quarters
Consecutive EPS beats

How Did CPB Stock React to Q2 2026 Earnings?

% change · around the report
−8%−4%0+4%Mar 11Mar 12report 7:17am ETearnings−1.3%−7.1%
−8%−4%0+4%Mar 11Mar 12earnings−1.3%−7.1%
CPB −7.1%S&P 500 −1.3%
−8%−4%0+4%Mar 11Mar 12report 7:17am ETearnings−1.3%−7.1%
−8%−4%0+4%Mar 11Mar 12earnings−1.3%−7.1%
CPB −7.1%NASDAQ −1.3%
−12%−6%0+6%Mar 10Mar 19report 7:17am ETearnings−2.9%−10.9%
−12%−6%0+6%Mar 10Mar 19earnings−2.9%−10.9%
CPB −10.9%S&P 500 −2.9%
−12%−6%0+6%Mar 10Mar 19report 7:17am ETearnings−2.8%−10.9%
−12%−6%0+6%Mar 10Mar 19earnings−2.8%−10.9%
CPB −10.9%NASDAQ −2.8%
−7.05%
Day of report
−5.62%
Next session
−8.11%
One week
−12.07%
30 days

S&P 500 over the same 30 days: +1.44%.

Did CPB Beat Earnings? Q2 2026 Results

No. Campbell's reported Q2 2026 earnings of $0.51 a share on Mar 11, 2026, missing the $0.57 consensus estimate by 10.6%. Revenue was $2.6B against a $2.6B estimate.

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

“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.”

Campbell's CEO, on the earnings call

What Was Campbell's's Outlook in Q2 2026?

Campbell's lowered its full-year fiscal 2026 guidance, largely driven by the near-term outlook for its Snacks business and select incremental trade investments. Updated guidance: Organic net sales expected to decline 2% to 1% (prior: -1% to +1%); Adjusted EBIT expected to decline 20% to 17% (prior: -13% to -9%); Adjusted EPS of $2.15 to $2.25 (prior: $2.40 to $2.55). Guidance ranges are based on the exclusion of the additional week in fiscal 2025, which represented approximately 2% to net sales, 2% to adjusted EBIT and $0.06 to adjusted EPS. The company intends to use cost savings as one of several levers to help offset tariff headwinds.

CPB YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$800.0M$1.6B$2.4B$2.7B$2.6BRevenue$819.0M$717.0MGross Profit$354.0M$273.0MOperating Income$173.0M$145.0MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income
CPB income statement, Q2 2026 versus Q2 2025
Metric Q2 2026 Q2 2025 Year over year
Revenue $2.6B $2.7B −4.5%
Gross Profit $717.0M $819.0M −12.5%
Operating Income $273.0M $354.0M −22.9%
Net Income $145.0M $173.0M −16.2%

CPB Revenue by Segment

Meals & Beverages$1.7B−4.0%
Snacks$914.0M−6.0%

Figures from SEC filings and company reports. Not investment advice.