v3.25.2
Segment Information
 12 Months Ended
Aug. 03, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our operating segments, which are also our reportable segments, are 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
•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 includes the snacking and meals and beverages retail business in Latin America. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024 and our Emerald nuts business, which was sold on May 30, 2023.
Beginning in 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals & Beverages segment.
We refer 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.
Our chief operating decision maker (CODM) is our President and Chief Executive Officer. Our CODM uses segment operating earnings as the profit measure in evaluating segment performance during the annual plan and forecasting process and
in monitoring actual performance versus plan. Segment operating earnings are comprised of earnings before interest, taxes and costs associated with restructuring activities, cost savings and optimization initiatives, impairment charges, accelerated amortization and corporate expenses. Unrealized gains and losses on outstanding undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance by the CODM.
Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 21% of consolidated net sales in 2025 and 22% in 2024 and 2023. Both of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates.

202520242023
(Millions)Meals & BeveragesSnacksTotalMeals & BeveragesSnacksTotalMeals & BeveragesSnacksTotal
Net sales$6,050 $4,203 $10,253 $5,258 $4,378 $9,636 $4,907 $4,450 $9,357 
Cost of products sold4,140 2,970 3,532 3,063 3,292 3,151 
Other segment items(1)
834 673 752 667 721 659 
Segment operating earnings$1,076 $560 $1,636 $974 $648 $1,622 $894 $640 $1,534 
Corporate expense (income)(2)
488 584 206
Restructuring charges(3)
24 38 16
Earnings before interest and taxes$1,124 $1,000 $1,312 
Interest expense345 249 188 
Interest income17 6 4 
Earnings before taxes$796 $757 $1,128 

(Millions)202520242023
Depreciation and amortization
Meals & Beverages$177 $163 $151 
Snacks234 228 211 
Corporate(4)
23 20 25 
Total$434 $411 $387 

(Millions)202520242023
Capital expenditures
Meals & Beverages$195 $147 $129 
Snacks148 279 199 
Corporate(4)
83 91 42 
Total$426 $517 $370 
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(1)Other segment items for each of the reportable segments includes marketing and selling expenses, administrative expenses, research and development expenses and expense for amortization of intangible assets.
(2)Represents unallocated items. Pension and postretirement actuarial gains and losses are included in Corporate. There were actuarial losses of $24 million in 2025, losses of $33 million in 2024 and gains of $15 million in 2023. Costs related to the cost savings and optimization initiatives were $101 million, $92 million and $50 million in 2025, 2024 and 2023, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $11 million in 2025, losses of $22 million in 2024 and gains of $21 million in 2023. Accelerated amortization expense related to customer relationship intangible assets was $20 million, $27 million and $7 million in 2025, 2024 and 2023,
respectively. Intangible asset impairment charges were $176 million and $129 million in 2025 and 2024, respectively. Insurance recoveries of $1 million and costs of $3 million related to a cybersecurity incident were included in 2025 and 2024, respectively. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $5 million in 2025 and 2024. A loss on the sale of our Pop Secret popcorn business of $25 million was included in 2025 and a loss on the sale of our Emerald nuts business of $13 million was included in 2023. Costs associated with the acquisition of Sovos Brands were $105 million and $5 million in 2024 and 2023, respectively.
(3)See Note 8 for additional information.
(4)Represents primarily corporate offices and enterprise-wide information technology systems.
Our net sales based on product categories are as follows:
(Millions)202520242023
Net sales
Soup$2,776 $2,709 $2,740 
Snacks4,431 4,597 4,643 
Other simple meals2,325 1,618 1,205 
Beverages721 712 769 
Total$10,253 $9,636 $9,357 
Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, yogurts, pasta, frozen entrées, canned poultry, frozen pizza, gravies and beans. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.
We are a North American focused company with 95% of our net sales related to our U.S operations in 2025, 2024 and 2023. Primarily all of our long-lived assets relate to our U.S. operations, with less than 1% related to non-U.S operations in 2025 and 2024.