CPB earnings analysis
What we found in CPB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Campbell Soup Company reported Q3 2026 results with net sales of $2.366 billion, a 4% decrease from the prior year, and EPS of $0.41. Despite missing consensus estimates of $2.383 billion in revenue, EPS slightly exceeded estimates on an adjusted basis. The company reaffirmed its full-year guidance, outlining headwinds from cost inflation and competitive pressures in the food industry.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Net sales decreased by 4% year-over-year to $2.366 billion from $2.475 billion.
- Improved EPS
- Diluted EPS rose to $0.41, up from $0.22 in the prior year.
- Strong Operating Cash Flow
- Generated operating cash flow of $839 million in 2026, down from $872 million.
- Cost Savings Initiatives
- Implemented cost savings leading to a total impact of $69 million ($52 million after tax), enhancing profitability.
- Reduction in Other Expenses
- Other expenses significantly decreased to $8 million in Q3 2026 from $160 million in Q3 2025.
- Dividends Maintained
- Dividend payments increased to $354 million from $343 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Decline
- Overall revenue declined by 4% compared to the previous year impacting growth.
- Margin Compression
- Gross profit margin decreased to 27.5% from 29.4% largely due to inflation and tariffs.
- Working Capital Management Risk
- Negative working capital of $395 million raises liquidity concerns compared to $674 million in August 2025.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.41
- Gross margin
- 27.5%
- Segment
- Meals & Beverages: $1.426B; Snacks: $940M; Total: $2.366B
What they said about what is next.
Management reaffirmed full-year fiscal 2026 adjusted EPS guidance of $2.15 to $2.25.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 11, 2026
- Campbell reported Q2 net sales of $2,564 million (down 5% y/y) with gross margin compressing to 28.0% (down 250 bps) and diluted EPS of $0.48 (down $0.10 vs prior-year quarter). Both reportable segments declined (Meals…
- 10-Q · June 2, 2025
- Campbell reported Q3 net sales up 4% year-over-year to $2,475 million, driven by Meals & Beverages (Sovos Brands contribution) while Snacks declined. Gross margin compressed 150 bps to 29.4% and GAAP EPS fell to $0.22…
- 10-Q · March 5, 2025
- Campbell reported quarterly net sales of $2,685 million, up 9% year-over-year primarily from the Sovos Brands acquisition, but gross margin compressed to 30.5% (down 110 bps) and GAAP diluted EPS fell to $0.58 from…
- 10-K · September 19, 2024
- Campbell completed the $2.899 billion acquisition of Sovos Brands (March 12, 2024) and sold the Pop Secret business (August 26, 2024), expanding and reshaping its Meals & Beverages portfolio. Management expects input…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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