Net Sales decreased 3% to $2.7 billion and decreased 1% on an organic basis.
Earnings Before Interest and Taxes (EBIT) decreased to $336 million. Adjusted EBIT decreased 11% to $383 million.
Earnings Per Share (EPS) decreased to $0.65. Adjusted EPS decreased 13% to $0.77.
Cash flow from operations was $224 million; returned $144 million to shareholders including $120 million in dividends.
Entered into definitive agreements to acquire a 49% interest in La Regina, the producer of Rao's tomato-based pasta sauces. Acquisition solidifies Campbell's long-term strategic partnership with La Regina and is expected to fuel Rao's continued growth.
Reaffirms full-year fiscal 2026 guidance.

The Campbell's Company (NASDAQ:CPB) today reported results for its first quarter fiscal 2026 ended November 2, 2025. Unless otherwise stated, all comparisons are to the same period of fiscal 2025.

CEO Comments:

Mick Beekhuizen, Campbell's Chief Executive Officer said, "Our first quarter performance was in line with our expectations reflecting sharpened in-market execution in a dynamic operating environment. Consumers remain intentional in their shopping behaviors with at-home-cooking trends continuing to benefit our brands within our Meals & Beverages portfolio that deliver quality, convenience and value. Additionally, our expanded partnership with La Regina strengthens our ability to deliver on the Rao's growth opportunity. While our Snacks business continues to weather category softness, our brands remain highly relevant. Across our portfolio, we continue to focus on quality, value and evolving consumer preferences with elevated brand support and innovation. Simultaneously, our teams are making great progress on cost savings and productivity initiatives to help offset inflation and continue to invest in our brands. We are moving quickly and with a continued focus on delivering today while we build for tomorrow."

	Three Months Ended
($ in millions, except per share)	November 2, 2025	October 27, 2024	% Change
Net Sales
As Reported (GAAP)	$2,677	$2,772	(3)%
Organic			(1)%
Earnings Before Interest and Taxes (EBIT)
As Reported (GAAP)	$336	$367	(8)%
Adjusted	$383	$432	(11)%
Diluted Earnings Per Share
As Reported (GAAP)	$0.65	$0.72	(10)%
Adjusted	$0.77	$0.89	(13)%

Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.

Items Impacting Comparability

The table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.

	Diluted Earnings Per Share
	Three Months Ended
	November 2, 2025	October 27, 2024
As Reported (GAAP)	$0.65	$0.72
Costs associated with cost savings and optimization initiatives	$0.09	$0.09
Commodity mark-to-market losses (gains)	$0.01	$(0.01)
Certain litigation expenses	$0.02	$—
Costs associated with acquisition	$0.01	$—
Accelerated amortization	$—	$0.02
Charges associated with divestiture	$—	$0.06
Adjusted*	$0.77	$0.89
*Numbers may not add due to rounding

First Quarter Results

Net sales in the quarter decreased 3% to $2.7 billion. Organic net sales, which exclude the impact from divestitures, decreased 1% to $2.7 billion primarily driven by lower volume/mix, partially offset by favorable net price realization.

Gross profit decreased to $792 million from $867 million. Gross profit margin was 29.6% compared to 31.3%. Adjusted gross profit decreased to $801 million from $871 million. Adjusted gross profit margin decreased 150 basis points to 29.9% mainly driven by cost inflation and other supply chain costs, the gross impact of tariffs and unfavorable volume/mix, partially offset by cost savings and supply chain productivity improvements and favorable net price realization.

Marketing and selling expenses, which represented approximately 9% of net sales, increased 1% to $253 million. Adjusted marketing and selling expenses decreased 2% to $237 million primarily driven by lower selling expenses, the benefit from cost savings initiatives and lower incentive compensation, partially offset by higher marketing expenses.

Administrative expenses decreased 5% to $167 million. Adjusted administrative expenses decreased 9% to $150 million mainly driven by the benefit from cost savings initiatives and lower incentive compensation.

Other expenses were $9 million compared to $43 million. Adjusted other expenses were $7 million compared to $9 million.

EBIT decreased to $336 million from $367 million. Adjusted EBIT decreased 11% to $383 million primarily due to lower adjusted gross profit, partially offset by lower adjusted administrative expenses and lower adjusted marketing and selling expenses.

Net interest expense decreased to $80 million from $83 million mainly driven by lower levels of debt. The effective tax rate increased to 24.2% compared to 23.2% and the adjusted effective tax rate was 24.1% compared to 23.5%. Excluding items impacting comparability, the adjusted effective tax rate increased 60 basis points primarily due to the excess tax benefits in the prior-year and shortfalls in the current year associated with the vesting of stock-based compensation awards, partially offset by the favorable resolution of certain state tax matters in the current year.

EPS decreased to $0.65 per share from $0.72 per share. Adjusted EPS decreased 13% to $0.77 per share primarily reflecting lower adjusted EBIT.

Cash Flow and Shareholder Return

Cash flow from operations for the quarter ended November 2, 2025 was $224 million, compared to $225 million in the prior-year quarter. The decrease was primarily due to lower cash earnings mostly offset by changes in working capital. Capital expenditures in the quarter were $127 million compared to $110 million. In line with Campbell's commitment to return value to its shareholders, the company has paid $120 million of cash dividends and repurchased common stock of approximately $24 million in the first quarter of fiscal 2026. As of November 2, 2025, the company had approximately $174 million remaining under its anti-dilutive share repurchase program in addition to approximately $301 million remaining under its September 2021 strategic share repurchase program.

Cost Savings Program

In the first quarter, Campbell's delivered approximately $15 million in savings, bringing total cost savings achieved to $160 million pursuant to its fiscal 2028 target of $375 million. The company intends to use these savings as one of several levers to help offset tariff headwinds.

Acquisition of La Regina

Campbell's has entered into definitive agreements to acquire a 49% interest in La Regina di San Marzano di Antonio Romano S.p.A. and La Regina Atlantica, LLC (together, La Regina), the privately held maker of Rao's tomato-based pasta sauces, for total consideration of $286 million to be paid in two tranches. Based in Scafati, Italy, La Regina was founded in 1972 and has been a Rao's partner since 1993. La Regina also operates a facility in the U.S. in Alma, Georgia. The transaction strengthens the partnership between Campbell's and La Regina, ensuring Rao's continued commitment to the highest quality products while accelerating innovation and new product development.

The company expects the transaction, which is anticipated to close in the second half of fiscal 2026, to be neutral to the reaffirmed guidance for fiscal 2026 adjusted EPS. Further details on the acquisition can be found in the company's Form 8-K filed today with the Securities & Exchange Commission.

Full-Year Fiscal 2026 Guidance:

Based on the company's first quarter performance, Campbell's is reaffirming its full-year fiscal 2026 guidance ranges provided on September 3, 2025. Fiscal 2026 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.

Additional underlying guidance assumptions can be found in the accompanying investor presentation available at https://investor.thecampbellscompany.com/events-presentations.

The company's full-year fiscal 2026 guidance is set forth in the table below:

($ in millions, except per share)	FY25 Results* (52 weeks)	FY26 Guidance
Organic Net Sales¹	$9,979	(1)% to +1%

Adjusted EBIT	$1,458	(13)% to (9)%

Adjusted EPS	$2.91	(18)% to (12)%
		$2.40 to $2.55

¹ Adjusted for the impact of the 53rd week in fiscal 2025, the noosa business which was divested on February 24, 2025, and the Pop Secret business which was divested on August 26, 2024.

* Adjusted - refer to the detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information at the end of this news release.

Note: A non-GAAP reconciliation is not provided for fiscal 2026 guidance as the company is unable to reasonably estimate the full-year financial impact of items such as actuarial gains or losses on pension and postretirement plans because these impacts are dependent on future changes in market conditions. The inability to predict the amount and timing of these future items makes a detailed reconciliation of these forward-looking financial measures impracticable.

Segment Operating Review

An analysis of net sales and operating earnings by reportable segment follows:

	Three Months Ended November 2, 2025
	($ in millions)
	Meals & Beverages*	Snacks	Total*
Net Sales, as Reported	$1,665	$1,012	$2,677

Volume/Mix	(3)%	(3)%	(3)%
Net Price Realization	1%	2%	1%
Organic Net Sales	(2)%	(1)%	(1)%
Currency	—%	—%	—%
Divestitures¹	(3)%	(1)%	(2)%
% Change vs. Prior Year	(4)%	(2)%	(3)%

Segment Operating Earnings	$297	$123
% Change vs. Prior Year	(13)%	(10)%

*Numbers may not add due to rounding.
¹ Reflects the loss of net sales associated with the divestitures of the Pop Secret popcorn business, which was completed on August 26, 2024, and the noosa yoghurt business, which was completed on February 24, 2025.
Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.

Meals & Beverages

Net sales in the quarter decreased (4)%. Excluding the impact of the noosa divestiture, organic net sales decreased 2% mainly driven by declines in U.S. soup, Canada, SpaghettiOs, Pace Mexican sauces and V8 beverages, partially offset by gains in Rao's. Sales were impacted by volume/mix declines of 3%, partially offset by favorable net price realization of 1%. Sales of U.S. soup decreased 2% primarily due to decreases in ready-to-serve soups and condensed soups, partially offset by an increase in broth.

Operating earnings in the quarter decreased 13% primarily due to lower gross profit and the impact of the noosa divestiture. Gross profit margin decreased mainly due to the gross impact of tariffs, cost inflation and other supply chain costs and unfavorable volume/mix, partially offset by cost savings and supply chain productivity improvements and favorable net price realization.

Snacks

Net sales in the quarter decreased 2%. Excluding the impact of the Pop Secret divestiture, organic net sales decreased 1% driven primarily by declines in third-party partner and contract brands, Snyder's of Hanover pretzels, fresh bakery, Goldfish crackers and Cape Cod potato chips partially offset by gains in Pepperidge Farm cookies. Sales were impacted by volume/mix declines of 3%, partially offset by favorable net price realization of 2%.

Operating earnings in the quarter decreased 10% primarily due to lower gross profit. Gross profit margin decreased mainly due to cost inflation and other supply chain costs, the gross impact of tariffs and unfavorable volume/mix, partially offset by cost savings and supply chain productivity improvements and favorable net price realization.

Corporate

Corporate expense was $81 million in the quarter compared to $106 million in the prior year. The decrease was primarily due to the loss from the sale of the Pop Secret popcorn business in the prior year.

Conference Call and Webcast

Campbell's will host a conference call to discuss these results on Tuesday, December 9, 2025, at 8:00 a.m. Eastern Time. A copy of management's prepared remarks and earnings presentation is now available on the Events & Presentation section of Campbell's investor relations website at https://investor.thecampbellscompany.com/. Participants calling from the U.S. & Canada may dial in using the toll-free phone number (800) 715-9871. Participants calling from outside the U.S. & Canada may dial in using phone number +1 (646) 307-1963. The conference access code is 3233974. In addition to dial-in, access to a live listen-only audio webcast, as well as a replay, will be available on the company's investor relations website.

Reportable Segments

The Campbell's Company earnings results are reported as follows:

Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell's condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell's gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo's frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada, and beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America; and

Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also included the results of the Pop Secret popcorn business, which was sold on August 26, 2024.

Through the fourth quarter of fiscal 2025, the snacking and meals and beverages retail business in Latin America was managed under the Snacks segment. Beginning in fiscal 2026, the business is managed under the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

The company refers to the following products as our "leadership brands": Campbell's condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder's of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.

About The Campbell's Company

For more than 155 years, The Campbell's Company (NASDAQ:CPB) has been connecting people through food they love. Headquartered in Camden, N.J. since 1869, generations of consumers have trusted Campbell's to provide delicious and affordable food and beverages. Today, the company is a North American focused brand powerhouse, generating fiscal 2025 net sales of $10.3 billion across two divisions: Meals & Beverages and Snacks. Campbell's portfolio of 16 leadership brands includes: Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory pretzel crisps, Snyder's of Hanover, Swanson and V8. For more information, visit www.thecampbellscompany.com.

Forward-Looking Statements

This release contains "forward-looking statements" that reflect the company's current expectations about the impact of its future plans and performance on the company's business or financial results. These forward-looking statements, including any statements made regarding sales, EBIT and EPS guidance, rely on a number of assumptions and estimates that could be inaccurate, and which are subject to risks and uncertainties. The factors that could cause the company's actual results to vary materially from those anticipated or expressed in any forward-looking statement include: declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the impact and application of new or changes to existing governmental laws, regulations, and policies; the risks associated with imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners; the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation, including those related to tariffs; disruptions in or inefficiencies to the company's supply chain and/or operations, including reliance on key contract manufacturer and supplier relationships; the company's ability to execute on and realize the expected benefits from its strategy, including sales growth in and/or maintenance of its market share position in snacks, soups, sauces and beverages; the impact of strong competitive responses to the company's efforts to leverage brand power with product innovation, promotional programs and new advertising; the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; changes in consumer demand for the company's products and favorable perception of the company's brands; the risk that the cost savings and any other synergies from the Sovos Brands, Inc. ("Sovos Brands") transaction may not be fully realized or may take longer or cost more to be realized than expected, including that the Sovos Brands transaction may not be accretive to the extent anticipated; the risks related to the La Regina transaction, including that the conditions to the completion of the transaction may not be satisfied, any regulatory approvals required for the transaction may not be obtained on the schedule or terms expected, the closing of the transaction may not occur or be delayed, and benefits from the transaction may not be fully realized or may take longer or cost more to be realized than expected; the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; the risks related to the effectiveness of the company's hedging activities and the company's ability to respond to volatility in commodity prices; the company's ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; changing inventory management practices by certain of the company's key customers; a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company's key customers maintain significance to the company's business; product quality and safety issues, including recalls and product liabilities; the possible disruption to the independent contractor distribution models used by certain of the company's businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; the uncertainties of litigation and regulatory actions against the company; a disruption, failure or security breach of the company's or the company's vendors' information technology systems, including ransomware attacks; impairment to goodwill or other intangible assets; the company's ability to protect its intellectual property rights; increased liabilities and costs related to the company's defined benefit pension plans; the company's ability to attract and retain key talent; goals and initiatives related to, and the impacts of, climate change, including from weather-related events; the costs, disruption and diversion of management's attention associated with activist investors; the company's indebtedness and ability to pay such indebtedness; unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities; and other factors described in the company's most recent Form 10-K and subsequent Securities and Exchange Commission filings. This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact the company's outlook. The company disclaims any obligation or intent to update forward-looking statements in order to reflect new information, events or circumstances after the date of this release.

THE CAMPBELL'S COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)

	Three Months Ended
	November 2, 2025		October 27, 2024
Net sales	$	2,677	$	2,772
Costs and expenses
Cost of products sold		1,885		1,905
Marketing and selling expenses		253		250
Administrative expenses		167		175
Research and development expenses		24		26
Other expenses / (income)		9		43
Restructuring charges		3		6
Total costs and expenses		2,341		2,405
Earnings before interest and taxes		336		367
Interest, net		80		83
Earnings before taxes		256		284
Taxes on earnings		62		66
Net earnings		194		218
Net loss attributable to noncontrolling interests		—		—
Net earnings attributable to The Campbell's Company	$	194	$	218
Per share - basic
Net earnings attributable to The Campbell's Company	$	.65	$	.73
Weighted average shares outstanding - basic		298		298
Per share - assuming dilution
Net earnings attributable to The Campbell's Company	$	.65	$	.72
Weighted average shares outstanding - assuming dilution		299		301

THE CAMPBELL'S COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)

	Three Months Ended
	November 2, 2025			October 27, 2024			Percent Change
Sales
Contributions:
Meals & Beverages	$	1,665		$	1,739		(4)%
Snacks		1,012			1,033		(2)%
Total sales	$	2,677		$	2,772		(3)%
Earnings
Contributions:
Meals & Beverages	$	297		$	343		(13)%
Snacks		123			136		(10)%
Total operating earnings		420			479		(12)%
Corporate income (expense)		(81	)		(106	)
Restructuring charges		(3	)		(6	)
Earnings before interest and taxes		336			367		(8)%
Interest, net		80			83
Taxes on earnings		62			66
Net earnings		194			218		(11)%
Net loss attributable to noncontrolling interests		—			—
Net earnings attributable to The Campbell's Company	$	194		$	218		(11)%
Per share - assuming dilution
Net earnings attributable to The Campbell's Company	$	.65		$	.72		(10)%

Beginning in fiscal 2026, the snacking and meals and beverages retail business in Latin America formerly included in the Snacks segment is now managed under the Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.

THE CAMPBELL'S COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(millions)

	November 2, 2025		October 27, 2024
Current assets	$	2,563	$	3,137
Plant assets, net		2,744		2,684
Intangible assets, net		9,335		9,725
Other assets		537		566
Total assets	$	15,179	$	16,112
Current liabilities	$	3,130	$	3,465
Long-term debt		6,098		6,705
Other liabilities		1,992		2,098
Total equity		3,959		3,844
Total liabilities and equity	$	15,179	$	16,112
Total debt	$	6,972	$	7,917
Total cash and cash equivalents	$	168	$	808

THE CAMPBELL'S COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(millions)

	Three Months Ended
	November 2, 2025			October 27, 2024
Cash flows from operating activities:
Net earnings	$	194		$	218
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges		3			6
Stock-based compensation		13			19
Pension and postretirement benefit expense (income)		(1	)		2
Depreciation and amortization		99			109
Deferred income taxes		27			(3	)
Loss on sale of business		—			25
Other		32			35
Changes in working capital, net of divestitures
Accounts receivable		(191	)		(211	)
Inventories		(83	)		(62	)
Other current assets		(11	)		(10	)
Accounts payable and accrued liabilities		145			106
Other		(3	)		(9	)
Net cash provided by operating activities		224			225
Cash flows from investing activities:
Purchases of plant assets		(127	)		(110	)
Purchases of routes		(56	)		(31	)
Sales of routes		41			29
Sales of businesses		5			70
Other		—			(5	)
Net cash used in investing activities		(137	)		(47	)
Cash flows from financing activities:
Short-term borrowings, including commercial paper		788			668
Short-term repayments, including commercial paper		(684	)		(883	)
Long-term borrowings		—			1,144
Long-term repayments		—			(200	)
Dividends paid		(120	)		(116	)
Treasury stock purchases		(24	)		(54	)
Payments related to tax withholding for stock-based compensation		(11	)		(27	)
Payments of debt issuance costs		—			(9	)
Net cash provided by (used in) financing activities		(51	)		523
Effect of exchange rate changes on cash		—			(1	)
Net change in cash and cash equivalents		36			700
Cash and cash equivalents — beginning of period		132			108
Cash and cash equivalents — end of period	$	168		$	808

Reconciliation of GAAP to Non-GAAP Financial Measures

First Quarter Ended November 2, 2025

The Campbell's Company (the "company") uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company's historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Management considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of the company's performance and trends in its underlying operating results. The adjustments on earnings may include but are not limited to items such as: unusual or non-recurring gains or charges; costs associated with cost savings and optimization initiatives; actuarial gains or losses on pension and postretirement plans; unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges; gains or losses on the extinguishment of debt; gains or losses on divestitures; costs associated with acquisitions; impairment charges or accelerated amortization; certain litigation expenses or recoveries; and costs or recoveries related to a cybersecurity incident. Depending upon facts or circumstances, management may change these adjustments. When these adjustments change, the company will provide updated definitions of its non-GAAP financial measures. When items no longer impact the company's current or future presentation of non-GAAP operating results, the company will remove these items from its non-GAAP definitions.

Organic Net Sales

Organic net sales are net sales excluding the impact of currency, acquisitions, divestitures and the additional week in fiscal 2025. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.

Three Months Ended
	November 2, 2025						October 27, 2024							% Change
(millions)	Net Sales, as Reported		Impact of Currency		Organic Net Sales		Net Sales, as Reported		Impact of Divestitures			Organic Net Sales		Net Sales, as Reported		Organic Net Sales
Meals & Beverages	$	1,665	$	2	$	1,667	$	1,739	$	(44	)	$	1,695	(4	)%	(2	)%
Snacks		1,012		—		1,012		1,033		(9	)		1,024	(2	)%	(1	)%
Total Net Sales	$	2,677	$	2	$	2,679	$	2,772	$	(53	)	$	2,719	(3	)%	(1	)%

Twelve Months Ended
	August 3, 2025
(millions)	Net Sales, as Reported		Estimated Impact of 53^rd Week			Impact of Divestitures			Organic Net Sales for FY 2026 Guidance
Meals & Beverages	$	6,179	$	(88	)	$	(99	)	$	5,992
Snacks		4,074		(78	)		(9	)		3,987
Total Net Sales	$	10,253	$	(166	)	$	(108	)	$	9,979

Items Impacting Earnings

Adjusted Net earnings are net earnings excluding the impact of costs associated with cost savings and optimization initiatives, unrealized mark-to-market gains or losses on outstanding undesignated commodity hedges, certain litigation expenses or recoveries, costs or recoveries related to a cybersecurity incident, costs associated with acquisitions, actuarial gains or losses on pension and postretirement plans, accelerated amortization, gains or losses on divestitures, impairment charges and the additional week in fiscal 2025. Management believes that financial information excluding certain items that are not considered to reflect the ongoing operating results, such as those listed below, improves the comparability of year-to-year results. Consequently, management believes that investors may be able to better understand its results excluding these items.

The following items impacted earnings:

(1)		The company has implemented several cost savings initiatives in recent years. In the first quarter of fiscal 2026, the company recorded Restructuring charges of $3 million and implementation costs and other related costs of $8 million in Administrative expenses and $7 million in Cost of products sold related to these initiatives. In the first quarter of fiscal 2025, the company recorded Restructuring charges of $6 million and implementation costs and other related costs of $11 million in Administrative expenses, $8 million in Cost of products sold, $1 million in Marketing and selling expenses and $1 million in Research and development expenses related to these initiatives. For the year ended August 3, 2025, the company recorded Restructuring charges of $24 million and implementation costs and other related costs of $41 million in Administrative expenses, $32 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives.

		In the second quarter of fiscal 2024, the company began implementation of an optimization initiative to improve the effectiveness of its Snacks direct-store-delivery route-to-market network. In the first quarter of fiscal 2026, the company recognized $16 million in Marketing and selling expenses related to this initiative. In the first quarter of fiscal 2025, the company recognized $8 million in Marketing and selling expenses related to this initiative. For the year ended August 3, 2025, the company recognized $20 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative.

		In the first quarter of fiscal 2026, the total aggregate impact related to the cost savings and optimization initiatives was $34 million ($26 million after tax, or $.09 per share). In the first quarter of fiscal 2025, the total aggregate impact related to the cost savings and optimization initiatives was $35 million ($27 million after tax, or $.09 per share). For the year ended August 3, 2025, the total aggregate impact related to the cost savings and optimization initiatives was $125 million ($96 million after tax, or $.32 per share).

(2)		In the first quarter of fiscal 2026, the company recognized losses in Cost of products sold of $2 million ($2 million after tax, or $.01 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In the first quarter of fiscal 2025, the company recognized gains in Cost of products sold of $4 million ($3 million after tax, or $.01 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. For the year ended August 3, 2025, the company recognized gains in Cost of products sold of $11 million ($8 million after tax, or $.03 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges.

(3)		In the first quarter of fiscal 2026, the company recorded litigation expenses in Administrative expenses of $10 million ($7 million after tax, or $.02 per share) related to the Plum baby food and snacks business (Plum), which was divested on May 3, 2021, and certain other litigation matters. In the first quarter of fiscal 2025, the company recorded litigation expenses in Administrative expenses of $1 million ($1 million after tax) related to Plum and certain other litigation matters. For the year ended August 3, 2025, the company recorded litigation expenses in Administrative expenses of $5 million ($5 million after tax, or $.02 per share) related to Plum and certain other litigation matters.

(4)		In the first quarter of fiscal 2026 and 2025, the company recognized insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023.

(5)		In the first quarter of fiscal 2026, the company recorded costs associated with a pending acquisition in Other expenses / (income) of $2 million ($2 million after tax, or $.01 per share) attributable to transaction.

(6)		In the first quarter of fiscal 2025, the company recognized an actuarial loss in Other expenses / (income) of $2 million ($1 million after tax) related to an interim remeasurement of a postretirement plan due to a plan amendment. For the year ended August 3, 2025, the company recognized actuarial losses on pension and postretirement plans in Other expenses / (income) of $24 million ($18 million after tax, or $.06 per share).

(7)		In the first quarter of fiscal 2025, the company recorded accelerated amortization expense in Other expenses / (income) of $7 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of fiscal 2023. For the year ended August 3, 2025, the company recorded accelerated amortization expense in Other expenses / (income) of $20 million ($15 million after tax, or $.05 per share).

(8)		In the first quarter of fiscal 2025, the company recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of its Pop Secret popcorn business. In the third quarter of fiscal 2025, the company completed the sale of its noosa yoghurt business. In the second quarter of fiscal 2025, the company recorded $15 million of tax expense related to the sale. In fiscal 2025, the company recorded an after-tax loss of $15 million ($.05 per share) on the sale of the business. For the year ended August 3, 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share).

(9)		In the third quarter of fiscal 2025, the company performed an interim impairment assessment on the Snyder's of Hanover trademark within the Snacks segment and recognized an impairment charge of $150 million on the trademark.

		In the second quarter of fiscal 2025, the company performed an interim impairment assessment on certain salty snacks and cookie trademarks within the Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as the company's "Allied brands," and recognized an impairment charge of $15 million on the trademarks.

		In the second quarter of fiscal 2025, the company performed an interim impairment assessment on the Late July trademark within the Snacks segment and recognized an impairment charge of $11 million on the trademark.

		In fiscal 2025, the total aggregate impact of the impairment charges was $176 million ($131 million after tax, or $.44 per share).

(10)		Fiscal 2026 has 52 weeks and Fiscal 2025 had 53 weeks. The estimated impact of the additional week in the fourth quarter of fiscal 2025 was $29 million on earnings before interest and taxes, $6 million on interest, net, $4 million on taxes on earnings and $19 million ($.06 per share) on net earnings attributable to The Campbell's Company.

The following tables reconcile financial information, presented in accordance with GAAP, to financial information excluding certain items:

	Three Months Ended
(millions, except per share amounts)	November 2, 2025			October 27, 2024			Percent Change
Gross profit, as reported	$	792		$	867		(9)%
Gross profit margin, as reported		29.6	%		31.3	%	(170) pts
Costs associated with cost savings and optimization initiatives (1)		7			8
Commodity mark-to-market losses (gains) (2)		2			(4	)
Adjusted Gross profit	$	801		$	871		(8)%
Adjusted Gross profit margin		29.9	%		31.4	%	(150) pts

Marketing and selling expenses, as reported	$	253		$	250		1%
Costs associated with cost savings and optimization initiatives (1)		(16	)		(9	)
Adjusted Marketing and selling expenses	$	237		$	241		(2)%
Administrative expenses, as reported	$	167		$	175		(5)%
Costs associated with cost savings and optimization initiatives (1)		(8	)		(11	)
Certain litigation expenses (3)		(10	)		(1	)
Cybersecurity incident recoveries (4)		1			1
Adjusted Administrative expenses	$	150		$	164		(9)%
Research and development expenses, as reported	$	24		$	26
Costs associated with cost savings and optimization initiatives (1)		—			(1	)
Adjusted Research and development expenses	$	24		$	25
Other expenses / (income), as reported	$	9		$	43
Costs associated with acquisition (5)		(2	)		—
Pension and postretirement actuarial losses (6)		—			(2	)
Accelerated amortization (7)		—			(7	)
Charges associated with divestitures (8)		—			(25	)
Adjusted Other expenses / (income)	$	7		$	9

	Three Months Ended							Year Ended
(millions, except per share amounts)	November 2, 2025			October 27, 2024			Percent Change	August 3, 2025
Earnings before interest and taxes, as reported	$	336		$	367		(8)%	$	1,124
Costs associated with cost savings and optimization initiatives (1)		34			35				125
Commodity mark-to-market losses (gains) (2)		2			(4	)			(11	)
Certain litigation expenses (3)		10			1				5
Cybersecurity incident recoveries (4)		(1	)		(1	)			(1	)
Costs associated with acquisition (5)		2			—				—
Pension and postretirement actuarial losses (6)		—			2				24
Accelerated amortization (7)		—			7				20
Charges associated with divestitures (8)		—			25				25
Impairment charges (9)		—			—				176
Estimated impact of 53^rd week (10)		—			—				(29	)
Adjusted Earnings before interest and taxes	$	383		$	432		(11)%	$	1,458
Interest, net, as reported	$	80		$	83			$	328
Estimated impact of 53^rd week (10)		—			—				(6	)
Adjusted Interest, net	$	80		$	83			$	322
Adjusted Earnings before taxes	$	303		$	349			$	1,136
Taxes on earnings, as reported	$	62		$	66		(6)%	$	194
Effective income tax rate, as reported		24.2	%		23.2	%	100 pts		24.4	%
Costs associated with cost savings and optimization initiatives (1)		8			8				29
Commodity mark-to-market losses (gains) (2)		—			(1	)			(3	)
Certain litigation expenses (3)		3			—				—
Costs associated with acquisition (5)		—			—				—
Pension and postretirement actuarial losses (6)		—			1				6
Accelerated amortization (7)		—			2				5
Charges associated with divestitures (8)		—			6				(9	)
Impairment charges (9)		—			—				45
Estimated impact of 53^rd week (10)		—			—				(4	)
Adjusted Taxes on earnings	$	73		$	82		(11)%	$	263
Adjusted effective income tax rate		24.1	%		23.5	%	60 pts		23.2	%
Net earnings attributable to The Campbell's Company, as reported	$	194		$	218		(11)%	$	602
Costs associated with cost savings and optimization initiatives (1)		26			27				96
Commodity mark-to-market losses (gains) (2)		2			(3	)			(8	)
Certain litigation expenses (3)		7			1				5
Cybersecurity incident recoveries (4)		(1	)		(1	)			(1	)
Costs associated with acquisition (5)		2			—				—
Pension and postretirement actuarial losses (6)		—			1				18
Accelerated amortization (7)		—			5				15
Charges associated with divestitures (8)		—			19				34
Impairment charges (9)		—			—				131
Estimated impact of 53^rd week (10)		—			—				(19	)
Adjusted Net earnings attributable to The Campbell's Company	$	230		$	267		(14)%	$	873
Diluted net earnings per share attributable to The Campbell's Company, as reported	$	.65		$	.72		(10)%	$	2.01
Costs associated with cost savings and optimization initiatives (1)		.09			.09				.32
Commodity mark-to-market losses (gains) (2)		.01			(.01	)			(.03	)
Certain litigation expenses (3)		.02			—				.02
Costs associated with acquisition (5)		.01			—				—
Pension and postretirement actuarial losses (6)		—			—				.06
Accelerated amortization (7)		—			.02				.05
Charges associated with divestitures (8)		—			.06				.11
Impairment charges (9)		—			—				.44
Estimated impact of 53^rd week (10)		—			—				(.06	)
Adjusted Diluted net earnings per share attributable to The Campbell's Company*	$	.77		$	.89		(13)%	$	2.91
*The sum of individual per share amounts may not add due to rounding.

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INVESTOR CONTACT:

Rebecca Gardy

(856) 342-6081

Rebecca_Gardy@campbells.com

MEDIA CONTACT:

James Regan

(856) 219-6409

James_Regan@campbells.com