v3.26.1
Segment Information
 9 Months Ended
May 03, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Our two 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 beginning in 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 our Pop Secret popcorn business, which was sold on August 26, 2024.
Through the fourth quarter of 2025, the snacking and meals and beverages retail business in Latin America was managed under our Snacks segment. Beginning in 2026, the business is managed under our Meals & Beverages segment. Segment results have been adjusted retrospectively to reflect this change.
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 and curtailment 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.
Three Months Ended
May 3, 2026April 27, 2025
(Millions)Meals & BeveragesSnacksTotalMeals & BeveragesSnacksTotal
Net sales$1,426 $940 $2,366 $1,493 $982 $2,475 
Cost of products sold1,013 694 1,040 690 
Other segment items(1)
200 151 200 152 
Segment operating earnings$213 $95 $308 $253 $140 $393 
Corporate expense (income)(2)
60 226 
Restructuring charges(3)
9 6 
Earnings before interest and taxes$239 $161 
Interest expense83 85 
Interest income3 5 
Earnings before taxes$159 $81 
Nine Months Ended
May 3, 2026April 27, 2025
(Millions)Meals & BeveragesSnacksTotalMeals & BeveragesSnacksTotal
Net sales$4,741 $2,866 $7,607 $4,943 $2,989 $7,932 
Cost of products sold3,334 2,101 3,383 2,119 
Other segment items(1)
645 480 668 485 
Segment operating earnings$762 $285 $1,047 $892 $385 $1,277 
Corporate expense (income)(2)
184 405 
Restructuring charges(3)
15 17 
Earnings before interest and taxes$848 $855 
Interest expense246 260 
Interest income6 17 
Earnings before taxes$608 $612 
Three Months EndedNine Months Ended
(Millions)May 3, 2026April 27, 2025May 3, 2026April 27, 2025
Depreciation and amortization
Meals & Beverages$40 $42 $122 $132 
Snacks59 61 166 179 
Corporate(4)
6 6 18 17 
Total$105 $109 $306 $328 
Three Months EndedNine Months Ended
(Millions)May 3, 2026April 27, 2025May 3, 2026April 27, 2025
Capital expenditures
Meals & Beverages$37 $40 $172 $115 
Snacks27 25 99 115 
Corporate(4)
6 20 26 66 
Total$70 $85 $297 $296 
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(1)Other segment items for each of the reportable segments include marketing and selling expenses, administrative expenses, research and development expenses and expense for amortization of intangible assets.
(2)Represents unallocated items. Costs related to cost savings and optimization initiatives were $60 million and $112 million in the three- and nine-month periods ended May 3, 2026, and $25 million and $74 million in the three- and nine-month periods ended April 27, 2025, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $6 million and $20 million in the three- and nine-month periods ended May 3, 2026, and losses of $10 million and gains of $8 million in the three- and nine-month periods ended April 27, 2025, 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 $11 million in the nine-month period ended May 3, 2026, and $4 million and $6 million in the three- and nine-month periods ended April 27, 2025, respectively. Costs associated with an acquisition were $2 million and $4 million in the three- and nine-month periods ended May 3, 2026, respectively. Pension actuarial and curtailment gains of $30 million were included in the three- and nine-month periods ended May 3, 2026 and a postretirement actuarial loss of $2 million was included in the nine-month period ended April 27, 2025. Insurance recoveries of $1 million related to a cybersecurity incident were included in the nine-month periods ended May 3, 2026 and April 27, 2025, respectively. Accelerated amortization expense related to customer relationship intangible assets was $6 million and $20 million in the three- and nine-month periods ended April 27, 2025, respectively. Intangible asset impairment charges were $150 million and $176 million in the three- and nine-month periods ended April 27, 2025, respectively. A loss on the sale of our Pop Secret popcorn business of $25 million was included in the nine-month period ended April 27, 2025.
(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:
Three Months EndedNine Months Ended
(Millions)May 3, 2026April 27, 2025May 3, 2026April 27, 2025
Net sales
Soup$578 $621 $2,234 $2,322 
Snacks1,033 1,068 3,134 3,254 
Other simple meals578 607 1,720 1,825 
Beverages177 179 519 531 
Total$2,366 $2,475 $7,607 $7,932 
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, pasta, frozen entrées, canned poultry, frozen pizza, gravies, beans and yogurts. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.