v3.26.3
Segment Information
 12 Months Ended
Aug. 02, 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. Segment results have been adjusted retrospectively to reflect this change; 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.
Beginning in 2027, the Pepperidge Farm frozen business is managed under our Meals & Beverages segment.
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.
Our largest customer, Walmart Inc. and its affiliates, accounted for approximately 22% of consolidated net sales in 2026, 21% in 2025 and 22% in 2024. Both of our reportable segments sold products to Walmart Inc. or its affiliates.

202620252024
(Millions)Meals & BeveragesSnacksTotalMeals & BeveragesSnacksTotalMeals & BeveragesSnacksTotal
Net sales$5,928 $3,816 $9,744 $6,179 $4,074 $10,253 $5,381 $4,255 $9,636 
Cost of products sold4,163 2,795 4,225 2,885 3,610 2,985 
Other segment items(1)
822 635 856 651 771 648 
Segment operating earnings$943 $386 $1,329 $1,098 $538 $1,636 $1,000 $622 $1,622 
Corporate expense (income)(2)
410 488 584
Restructuring charges(3)
67 24 38
Earnings before interest and taxes$852 $1,124 $1,000 
Interest expense331 345 249 
Interest income8 17 6 
Earnings before taxes$529 $796 $757 

(Millions)202620252024
Depreciation and amortization
Meals & Beverages$167 $177 $163 
Snacks222 234 228 
Corporate(4)
24 23 20 
Total$413 $434 $411 

(Millions)202620252024
Capital expenditures
Meals & Beverages$203 $195 $147 
Snacks125 148 279 
Corporate(4)
33 83 91 
Total$361 $426 $517 
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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 and curtailment gains and losses are included in Corporate. There were actuarial and curtailment gains of $23 million in 2026, actuarial losses of $24 million in 2025 and actuarial losses of $33 million in 2024. Costs related to the cost savings and optimization initiatives were $135 million, $101 million and $92 million in 2026, 2025 and 2024, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $6 million in 2026, gains of $11 million in 2025 and losses of $22 million in 2024. Intangible asset impairment charges were $117 million, $176 million and $129 million in 2026, 2025 and 2024, respectively. Insurance recoveries of $1 million were included in 2026 and 2025 and costs of $3 million were included in 2024 related to a cybersecurity incident. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $14 million in 2026 and $5 million in 2025 and 2024.
Costs associated with the acquisition of La Regina were $26 million in 2026 and costs associated with the acquisition of Sovos Brands were $105 million in 2024. Accelerated amortization expense related to customer relationship intangible assets was $20 million and $27 million in 2025 and 2024, respectively. A loss on the sale of our Pop Secret popcorn business of $25 million was included in 2025.
(3)See Note 9 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)202620252024
Net sales
Soup$2,653 $2,776 $2,709 
Snacks4,169 4,431 4,597 
Other simple meals2,240 2,325 1,618 
Beverages682 721 712 
Total$9,744 $10,253 $9,636 
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 2026, 2025 and 2024. Primarily all of our long-lived assets relate to our U.S. operations, with less than 5% related to non-U.S. operations in 2026 and less than 1% in 2025.