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Campbell Soup Company

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FY2024 Annual Report · Campbell Soup Company
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Set the Standard
A N N U A L  R E P O R T

develop new capabilities, including 
ones designed to create the next 
generation of industry leaders.   
We also continued to reshape our 
portfolio toward category-leading, 
growth-oriented brands. The single 
biggest driver was the acquisition of 
Sovos Brands, Inc., which added one of 
the fastest growing brands in all of food: 
Rao’s! This acquisition is a milestone 
in Campbell’s 155-year history as it 
accelerates our successful strategy and 
provides a substantial runway for sustained 
profitable growth.  
Just after the end of our fiscal year, we 
transferred our stock exchange listing 
to Nasdaq—another key moment in 
Campbell’s history. While we are grateful 
for the partnership with the New York Stock 
Exchange over many decades, we are excited 
about joining some of the most successful and 
innovative companies in the world on Nasdaq. 
Campbell’s transformation over the last five 
years has been remarkable. The company is well-
positioned to drive sustainable, profitable growth 
with our portfolio of leadership brands in Meals 
& Beverages and Snacks. That is why it is the 
right time to elevate our performance with a new 
strategy, mission and name. As part of our evolution 
and transformed portfolio, at our annual meeting in 
November, we are asking shareholders to approve a 
change of our name to The Campbell’s Company. 
In closing, on behalf of the Board of Directors, I would 
like to thank the entire Campbell’s team for their hard 
work and commitment to winning the right way. Our 
President and Chief Executive Officer Mark Clouse 
and our management team have consistently led with 
focus, accountability and integrity. Thank you to our 
customers and suppliers as well.  
Finally, I would like to extend our gratitude to our 
shareholders. We have a long and rich history that dates 
to 1869. More than ever, I am confident that our best 
days are ahead of us as The Campbell’s Company sets the 
standard for performance in the food industry.  
 Sincerely, 
CHAIR’S 
MESSAGE 
Fiscal 2024 proved to be notable for our company, 
with solid results and significant strides toward 
our strategic objectives despite a dynamic 
macroeconomic landscape.  
Our success starts with our management team and 
all the talented employees who make, market and 
sell delicious food that offers tremendous value 
to our consumers. We have built an engaged and 
aligned culture that is passionate about winning and 
consistently delivers financial results. We continued 
to invest in our people, culture and business, with 
a major renovation of our Camden headquarters, 
capital investments in our plants and programs to 
Keith R. McLoughlin  
Chair of the Board

2

SET THE 
STANDARD
Dear shareholders, 
For the last five years, we have been on a transformative journey to redefine 
our company. Our focused strategy has positioned us well and helped to 
solidify a foundation that has delivered consistent and dependable results. 
With this success, we are now ready to enter a new chapter.
Our company was built by entrepreneurs and disruptors who were not 
satisfied with the status quo.  
Dr. John T. Dorrance invented Campbell’s 
condensed soup to bring quality, value and safety to 
the masses.
Margaret Rudkin elevated the quality of baked 
goods with Pepperidge Farm.
Frank Pellegrino, Sr. changed how we think about 
jarred pasta sauce with Rao’s.
These visionaries and others built the foundation of what our company is 
today. We will proudly continue that tradition as we Set the Standard for 
performance in the food industry. 
With our history as inspiration and confidence from a track record 
of strong execution, we will elevate our performance by building 
on our portfolio of leadership brands, our strong team and culture 
with the goal to be the best, most dependable and most capable 
company in food.

4
Fiscal 2024 Results
Meals & Beverages
8 Leadership Brands Representing
85% 
of Total M&B Sales
$9.6 Billion
Net 
sales
(1)% Organic net sales1
$1.2 B
Cash 
flow
+6%
Adjusted 
EBIT1
$3.08
Adjusted
EPS1
+3%
Fiscal 2024 was a dynamic year where we advanced our 
strategic plan and continued to deliver our commitments 
while successfully navigating the evolving consumer 
landscape. 
With positive trajectory in food continuing to improve, we 
saw important sequential volume/mix improvements in both 
divisions in the back half of the year. We expect this trend to 
continue as we navigate the ongoing consumer recovery. 
Our results reflect the hard work of our team, and their 
commitment to finding ways to consistently deliver. It’s also 
a tribute to the resilience of our supply chain, which is now a 
competitive advantage for our company. 
1
Our Meals & Beverages portfolio is better positioned now 
to meet consumers’ needs. Consumers continue to focus on 
quality, convenience and value, reinforcing the importance 
of the center of the store. Meals prepared and eaten at 
home continue to increase, up three points over the past 
three years to 83%2. 
In fiscal 2024, we completed a game-changing acquisition 
of Sovos Brands, Inc., which elevates and strengthens 
our advantaged portfolio. The integration is ahead of our 
expectations, and with its continued strong performance, 
we expect it to have a transformative impact on growth for 
the division. 
Our Meals & Beverages division operates in attractive 
categories that are large, growing and highly relevant with 
eight leadership brands that hold leading share positions in 
their respective categories.  
Soup and broth continue to play essential roles for 
consumers providing versatility for lunch, dinner and 
in-between meals. Our soup brands provide a quick and 
delicious ready-to-serve meal or act as a key ingredient in 
a recipe. With robust innovation, great tasting food and 
compelling marketing, we are poised to create the next 
generation of soup and broth fanatics. 
 
In sauces, we have overdelivered on our goal to build a 
$1 billion portfolio, and we are not done yet. With the 
steady growth of Prego, Pace, the launch of Late July salsa 
and most significantly, the addition of the best growth story 
in food, Rao’s, there is so much more potential. 
Rao’s has redefined Italian sauce and has clear potential 
for growth in other categories. Since 2019 the brand has 
grown revenue dollars 400%3, increased distribution over 
100%4 and nearly tripled5 household penetration. Even with 
its monumental success, the brand has significant room to 
grow. 
As we enter our next chapter, we expect to deliver margin 
expansion through a combination of acquisition synergies 
and our previously announced network optimization plans, 
with the Meals & Beverages division providing dependable 
and profitable growth over the long term.
¹ These amounts are adjusted for certain items not considered to be part of the 
ongoing businesses. For a reconciliation of non-GAAP financial measures, see pages 
7 and 8. Percent changes are versus prior year
² Circana National Eating Trends, sourced from home/retail, 3 months ending July 
2024 vs. 3 years ago (up 3% pts vs 3 years ago)
3Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup) Calendar 
Year 2019 – 2023
4Circana Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup), 
MULO Calendar Year 2019 – 2023, growth comparisons benchmark Calendar Year 
2019 week ending 1/5/20
5Circana Total Rao’s Brand (inclusive of Sauce, Frozen, Dry Pasta and RTS Soup), 
MULO, 52 weeks ending 12/31/2023 vs. 52 weeks ending 01/05/20

5
Now it’s time for a new strategy and mission—Set the 
Standard—to drive our next era of accelerated growth. 
To reflect our new path, we will be asking shareholders, at 
our upcoming annual meeting, to approve a change of our 
company’s name to The Campbell’s Company. This subtle 
yet important change allows us to retain the iconic name 
recognition, reputation and equity we have built over 155 
years while reflecting the full breadth of our portfolio. The 
Campbell’s soup brand in the iconic red-and-white cans 
that consumers love will always be on shelves. Today, as a 
company, we are also so much more. We look forward to 
officially making this change following approval at our annual 
meeting of shareholders in November. 
As we enter fiscal 2025, we have never been more confident 
in Campbell’s strength and long-term trajectory, supported 
by a fully engaged team and fueled by the best portfolio in 
food. We are uniquely positioned to deliver sustained and 
dependable growth. It’s time to raise the bar and Set the 
Standard for performance in the food industry. 
We have transformed our portfolio, rebuilt the foundation 
and delivered on our commitments. We’ve built an engaged 
culture, invested in critical capabilities, and delivered 
consistent and reliable performance, while making a positive 
impact on the world and the communities we call home.
Snacks
Set the Standard
Mark Clouse  
President and Chief Executive Officer
8 Leadership Brands Representing 
83% 
of Total Snacks Sales
Transformed portfolio
fixed foundation
delivered commitments
it’s time to 
set the standard
In Snacks, we are a category leader with an elevated 
portfolio of leadership brands that are differentiated 
from the competition. We operate in large, advantaged 
categories across salty snacks, cookies, bakery and crackers 
with premium offerings that consumers love. 
In fiscal 2024, we saw temporary headwinds on the 
business following years of significant growth. The 
economic environment and impact of inflation put pressure 
on the larger snack categories. Consumption is stabilizing 
and rebounding in key segments, suggesting a recovery in 
snacking that supports our strategic positioning. 
The health of our leadership brands remained strong with 
dollar consumption up 14%6 on a two-year basis, despite 
the shorter-term pressure. Many of our brands hold the 
number one or number two market share in their respective 
category or segments, and with 83% of our sales reflected in 
these brands, it gives us a powerful foundation. 
We also continued to make progress on our plans to 
improve margins in the division. Despite the volatile 
environment, we were able to reach approximately 15% 
operating margin for the full year. This reflects 170 basis 
points of expansion over the last two years. We remain 
extremely confident in our stated longer-term goal of 17% 
operating margin for Snacks by fiscal 2027.
Moving forward, our focus in Snacks remains on 
continuously innovating to meet evolving consumer needs 
while refining our portfolio to align with anticipated long-
term market trends.
New Long-Term Algorithm
Net Sales (Organic)7
+2-3%
Adjusted EBIT7
+4-6%
Adjusted EPS7
+7-9%
6Circana Total US MULO $ Consumption Fiscal Year 2022 to 2024. Total Snacks 
Leadership Brands
7A non-GAAP reconciliation is not provided for long-term targets as the company is 
unable to reasonably estimate the 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.

OUR 
STRATEGY 
Our mission is to Set the Standard for performance in the food 
industry. Our strategy is built around five areas that position us to 
achieve best-in-class performance.
Leadership 
development 
powerhouse
An engaging, 
inclusive and diverse 
culture
Best-in-industry 
capabilities
Accountable and 
committed to 
winning
Top Team 
Best in class capabilities, leadership and culture
Transformative 
category leader
Fastest growing with 
an innovation mindset
Building and adding 
distinctive brands
Highest quality 
standards
Best Portfolio
Advantaged brands and categories fueling faster growth
Predictable, 
sustainable and 
dependable growth
Leading marketing and 
product innovation
Expanding margins, 
earnings and cash 
flow
Best-in-class 
supply chain and 
productivity
Top-Tier Performance
Sustainable and predictable growth, accelerating earnings and 
expanding margins 
Most impactful 
retailer partner
Route to market and 
omnichannel excellence
Rapid digitization and new 
technology adoption
Winning Execution
Technology and capabilities to win in market 
Lasting Impact
Tangible improvement in community and planet
Most trusted food 
company
Meaningful community 
improvement
Measurable sustainability 
progress

10
Financial highlights 
(dollars in millions, except per share amounts)
In 2024, Net earnings attributable to Campbell Soup Company were impacted by the following: costs associated with cost savings and optimization initiatives 
of $109 million ($83 million after tax, or $.28 per share); costs associated with the acquisition of Sovos Brands, Inc. (Sovos Brands) of $128 million ($109 
million after tax, or $.36 per share); losses of $22 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on 
outstanding undesignated commodity hedges; accelerated amortization expense of $27 million ($20 million after tax, or $.07 per share) related to customer 
relationship intangible assets due to the loss of certain contract manufacturing customers; actuarial losses on pension and postretirement plans of $33 million 
($25 million after tax, or $.08 per share); impairment charges of $129 million ($98 million after tax, or $.33 per share) related to the Pop Secret and Allied brands 
trademarks; certain litigation expenses of $5 million ($5 million after tax, or $.02 per share); and expenses of $3 million ($2 million after tax, or $.01 per share) 
related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023.
In 2023, Net earnings attributable to Campbell Soup Company were impacted by the following: costs associated with cost savings and optimization initiatives 
of $66 million ($50 million after tax, or $.17 per share); costs associated with the acquisition of Sovos Brands of $5 million ($4 million after tax, or $.01 per share); 
gains of $21 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity 
hedges; accelerated amortization expense 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; actuarial gains on pension and postretirement plans of $15 million ($11 million after tax, or $.04 per share); and a 
pre- and after-tax loss of $13 million ($.04 per share) on the sale of the Emerald nuts business.
Reconciliation of GAAP and Non-GAAP financial measures
The following information is provided to reconcile certain non-GAAP financial measures disclosed in the preceding pages to reported sales and earnings 
results. 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. We believe that presenting certain non-GAAP financial measures facilitates 
comparison of our historical operating results and trends in our underlying operating results, and provides transparency on how we evaluate our business. For 
instance, we believe that organic net sales, which exclude the impact of currency, acquisitions and divestitures, are a better indicator of our ongoing business 
performance. We also believe that financial information excluding certain transactions not considered to reflect the ongoing operating results improves 
the comparability of year-to-year earnings results. Consequently, we believe that investors may be able to better understand our earnings results if these 
transactions are excluded from the results.
Net sales
(dollars in millions)
As 
Reported
Impact of 
Currency
Impact of 
Acquisition
2024
(reconciliations continued on opposite page)
$9,636
$3
$(423)
$9,216
Organic 
Net Sales
Impact of 
Divestiture
Organic 
Net Sales
Net Sales,  
As Reported
Organic 
Net Sales
$(51)
$9,306
As Reported
$9,357
3%
(1)%
2024
2023
2023
% Change
$9,636
$2,971
30.8%
$1,000
$567
$1.89
$1,185 
$517
$1.48
Results of Operations 
Net sales
Gross profit
Percent of net sales
Earnings before interest and taxes
Net earnings attributable to Campbell Soup Company
Per share — diluted	
	Other Information 
Net cash provided by operating activities	
Capital expenditures 
Dividends per share	
$9,357 
$2,917
31.2% 
$1,312 
$858
$2.85
$1,143 
$370 
$1.48

8
Net earnings attributable to  
Campbell Soup Company, as reported
Costs associated with cost savings and 
optimization initiatives
Costs associated with acquisition
Commodity mark-to-market losses (gains)
Accelerated amortization
Pension and postretirement actuarial losses (gains)
Impairment charges
Certain litigation expenses
Adjusted Net earnings attributable to Campbell Soup Company*
*The sum of per share amounts may not add due to rounding.
Adjusted EBIT percent change 2024/2023
Net earnings attributable to  
Campbell Soup Company
Add: Net earnings (loss) attributable 
	to noncontrolling interests
Add: Taxes on earnings
Add: Interest, net
Earnings before interest and taxes (EBIT)
As 
Reported
(dollars in millions)
Costs Associated 
with Cost Savings 
and Optimization
Initiatives
Costs 
Associated 
with 
Acquisition
Commodity  
Mark-to-Market 
Losses
Accelerated 
Amortization
Pension and 
Postretirement 
Actuarial Losses
Impairment
Charges
Certain 
Litigation 
Expenses
2024
2024/2023
Diluted EPS 
Impact
Diluted EPS 
Impact
EPS % Change
2023
2024
$567
$83
$109
$16
$20
$25
$98
$5
Cybersecurity 
Incident 
Costs
$2
Adjusted
$925
-
-
-
-
-
-
-
-
-
-
190
26
19
6
7
8
31
-
1
288
243
-
(2)
-
-
-
-
-
-
241
$1,000
$109
$126
$22
$27
$33
$129
$5
$3
$1,454
Net earnings attributable to  
Campbell Soup Company
Add: Net earnings (loss) attributable 
	to noncontrolling interests
Add: Taxes on earnings
Add: Interest, net
Earnings before interest and taxes
As 
Reported
(dollars in millions)
Costs Associated 
with Cost Savings 
and Optimization
Initiatives
Costs 
Associated
with 
Acquisition
Commodity  
Mark-to-Market 
Gains
Accelerated 
Amortization
Pension and
Postretirement
Actuarial Gains
Charges
Associated with 
Divestiture
Adjusted
2023
$858
$50
$4
$(16)
$5
$(11)
$13
$903
-
-
-
-
-
-
-
-
270
16
1
(5)
2
(4)
-
280
184
-
-
-
-
-
-
184
$1,312
$66
$5
$(21)
$7
$(15)
$13
$1,367
6%
Cybersecurity incident costs
Charges associated with divestiture
$1.89
.28
.36
.05
.07
.08
.33
.02
.01
-
$3.08
$2.85
.17
.01
(.05)
.02
(.04)
-
-
-
.04
$3.00
3%

9
Board of Directors
(as of October 2024)
Keith R. McLoughlin 
Chair of the Board of Campbell Soup Company 
Former Chief Executive Officer of AB Electrolux
Mark A. Clouse 
President and Chief Executive Officer 
of Campbell Soup Company 
Fabiola R. Arredondo 
Managing Partner of Siempre Holdings 
Howard M. Averill 
Former Executive Vice President and 
Chief Financial Officer of Time Warner Inc. 
Bennett Dorrance, Jr. 
Managing Director for the DFE Trust Company 
Maria Teresa (Tessa) Hilado 
Former Executive Vice President and 
Chief Financial Officer of Allergan plc 
Grant H. Hill 
Co-owner and Vice Chairman 
of the Atlanta Hawks 
Sarah Hofstetter 
President of Profitero, Ltd. 
Marc B. Lautenbach 
Former President and Chief Executive Officer 
of Pitney Bowes Inc. 
Mary Alice D. Malone 
President of Iron Spring Farm, Inc. 
Kurt T. Schmidt 
Former President and Chief Executive Officer 
of Cronos Group Inc. 
Archbold D. van Beuren 
Retired Senior Vice President 
of Campbell Soup Company
Operating Commitee
(as of October 2024)
Mark A. Clouse 
President and Chief Executive Officer 
Carrie L. Anderson
Executive Vice President and Chief 
Financial Officer
Mick J. Beekhuizen 
Executive Vice President and President, 
Meals & Beverages 
Charles A. Brawley, III
Executive Vice President, General Counsel 
and Corporate Secretary  
Christopher D. Foley 
Executive Vice President and President, 
Snacks
Diane Johnson May 
Executive Vice President and Chief People 
and Culture Officer
Daniel L. Poland 
Executive Vice President and Chief Supply 
Chain Officer 
Anthony J. Sanzio 
Executive Vice President and Chief 
Communications Officer

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
Form 10-K 
(Mark One) 
0 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the Fiscal Year Ended July 28, 2024 
or 
D TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from 
to 
 
Commission File Number: 1-3822 
Vampodli 
CAMPBELL SOUP COMPANY 
(Exact name of registrant as specified in its charter) 
New Jersey 
21-0419870 
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer Identification No.) 
1 Campbell Place 
Camden, New Jersey 08103-1799 
(Address of principal executive offices) (Zip Code) 
Registrant's telephone number, including area code: (856) 342-4800 
Securities registered pursuant to Section 12(b) of the Act: 
Title of Each Class 
Trading Symbol 
Name of Each Exchange on Which Registered 
Capital Stock, par value $.0375 
CPB 
The Nasdaq Stock Market LLC 
Securities registered pursuant to Section 12(g) of the Act: None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defmed in Rule 405 of the Securities Act. 0 Yes D No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. D Yes 0 No 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and 
(2) has been subject to such filing requirements for the past 90 days. 0 Yes D No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to 
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was 
required to submit such files). 0 Yes D No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and 
"emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer 
g 
Accelerated filer 
1=1 
Non-accelerated filer 
D 
Smaller reporting company 
D 
Emerging growth company 
D 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying 
with any new or revised fmancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. D 
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its 
internal control over fmancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting 
firm that prepared or issued its audit report. 0 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued fmancial statements. D 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). D 
Indicate by check mark whether the registrant is a shell company (as defmed in Rule 12b-2 of the Act). D Yes 0 No 
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business and to realize the anticipated benefits of the acquisition could cause an interruption of, or a loss of momentum in, our 
activities and could adversely affect our results of operations or cash flows, cause dilution to our earnings per share, decrease or 
delay any accretive effect of the acquisition, and negatively impact the market price of our common shares. 
Specifically, the difficulties or expenses related to the integration, may include: 
• 
diversion of management's attention from ongoing business concerns; 
• 
managing a larger combined business; 
• 
difficulties in the integration of operations and systems, inclusive of internal controls; 
• 
perceived adverse changes in product offerings to customers, whether or not these changes actually occur; 
• 
assumption of unknown risks and liabilities; 
• 
maintaining current contractual relationships with third-party manufacturers; 
• 
the retention of key suppliers and customers of Sovos Brands; 
• 
attracting new business and operational relationships; 
• 
retaining and integrating key employees and maintaining employee morale; and 
• 
unforeseen expenses or delay resulting from integration activities. 
There are many factors beyond our control and the control of Sovos Brands that could affect the timing or total amount of 
integration-related expenses. The failure to effectively address any of these risks, or any other risks related to the integration of 
Sovos Brands, may adversely affect our business or financial results. 
In addition, we have previously made strategic divestitures and may do so in the future. Any businesses we decide to divest 
in the future may depend in part on our ability to identify suitable buyers, negotiate favorable fmancial and other contractual 
terms and obtain all necessary regulatory approvals on the terms expected. Potential risks of divestitures may also include: 
• 
diversion of management's attention from other business concerns; 
• 
loss of key suppliers and/or customers of divested businesses; 
• 
the inability to separate divested businesses or business units effectively and efficiently from our existing business 
operations; and 
• 
the inability to reduce or eliminate associated overhead costs. 
Our inability to complete or realize the projected benefits of future acquisitions, divestitures or other strategic transactions 
may adversely affect our business or financial results. 
Deterioration of global macroeconomic conditions, including economic recession or slow growth or periods of higher 
inflation in key markets may adversely affect consumer spending and demand for our products. 
Global macroeconomic conditions can be uncertain and volatile. We have in the past been, and may continue to be, 
adversely affected by changes in global macroeconomic conditions, including inflation, recession, rising interest rates, 
consumer spending rates, energy availability and costs, global supply chain challenges, labor shortages, geopolitical conflicts, 
pandemics or other local or global health issues. Volatility in fmancial markets and deterioration of global macroeconomic 
conditions could impact our business and results of operations in a number of ways, including but not limited to, the following: 
• 
higher commodity prices and other increased input costs could continue due to supply chain shortages or supply chain 
disruptions, which may not be sufficiently mitigated by our current commodity contracts; 
• 
the failure of third parties on which we rely, including but not limited to, those that supply our packaging, ingredients, 
equipment and other necessary operating materials, contract manufacturers and independent contractors, to meet their 
obligations to us, or significant disruptions in their ability to do so; 
• 
a shift in consumer spending during periods of economic uncertainty or inflation that could result in consumers 
purchasing private label or other lower price products; 
• 
a change in demand for or availability of our products, as a result of retailers, distributors, or carriers modifying their 
inventory, fulfillment or shipping practices; 
• 
a disruption to our distribution capabilities or our distribution channels, including those of our suppliers, contract 
manufacturers, logistics service providers or independent distributors; and 
• 
future volatility or disruption in the capital and credit markets could negatively impact our liquidity or increase costs of 
borrowing. 
9 
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These and other impacts of global macroeconomic conditions could also heighten many of the other risk factors discussed in 
this Item 1A. Our sensitivity to global macroeconomic conditions could materially impact our business, results of operations, 
financial condition, and liquidity. 
Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products 
and brands. 
We consider our intellectual property rights, particularly our trademarks, to be a significant and valuable aspect of our 
business. We protect our intellectual property rights through a combination of trademark, patent, copyright and trade secret 
protection, contractual agreements and policing of third-party misuses of our intellectual property in traditional retail and digital 
environments. Our failure to obtain or adequately protect our intellectual property, including in response to developing artificial 
intelligence technologies, or any change in law that lessens or removes the current legal protections of our intellectual property 
may diminish our competitiveness and adversely affect our business and fmancial results. 
Competing intellectual property claims that impact our brands or products may arise unexpectedly. Any litigation or 
disputes regarding intellectual property may be costly and time-consuming and may divert the attention of our management and 
key personnel from our business operations. We also may be subject to significant damages or injunctions against development, 
launch and sale of certain products. Any of these occurrences may harm our business and fmancial results. 
Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands. 
We have a number of iconic brands with significant value. Maintaining and continually enhancing the value of these brands 
is critical to the success of our business. Brand value is primarily based on consumer perceptions. Success in promoting and 
enhancing brand value depends in large part on our ability to provide high-quality products. Brand value could diminish 
significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner, adverse 
publicity about our products, packaging, waste management, ingredients, or our environmental, social, human capital or 
governance practices, our failure to maintain the quality of our products, the failure of our products to deliver consistently 
positive consumer experiences, or the products becoming unavailable to consumers. The growing use of social and digital 
media by consumers increases the speed and extent that information and opinions can be shared. Negative posts or comments 
about us, our brands, products or packaging on social or digital media could seriously damage our brands and reputation. In 
addition, we might fail to appropriately target our marketing efforts, anticipate consumer preferences, or invest sufficiently in 
maintaining our brand image. If we do not maintain the favorable perception of our brands, our results could be adversely 
impacted. 
We may be adversely impacted by a disruption, failure or security breach of our information technology systems. 
Our information technology systems are critically important to our operations. We rely on our information technology 
systems (some of which are outsourced to third parties) to manage our data, communications and business processes, including 
our marketing, sales, manufacturing, procurement, supply chain, customer service, accounting and administrative functions and 
the importance of such networks and systems has increased due to an increase in our employees working remotely. If we do not 
obtain and effectively manage the resources and materials necessary to build, sustain and protect appropriate information 
technology systems, our business or fmancial results could be adversely impacted. Furthermore, our information technology 
systems are subject to attack or other security breaches (including the access to or acquisition of customer, consumer, employee 
or other confidential information), service disruptions or other system failures. If we are unable to prevent or adequately 
respond to and resolve these disruptions, failures or breaches, our operations may be impacted, and we may suffer other adverse 
consequences such as reputational damage, litigation, remediation costs, ransomware payments and/or penalties under various 
data protection laws and regulations. 
Cyber threats are constantly evolving, are becoming more frequent and more sophisticated and are being made by groups 
of individuals and state actors with a wide range of expertise and motives. Additionally, continued geopolitical turmoil has 
heightened the risk of cyberattacks. We have previously experienced threats and breaches to our data and systems and although 
we have not experienced a breach that had a material impact on our operations or business, there can be no assurance that these 
measures will prevent or limit the impact of a future incident. In addition, in the event our suppliers or customers experience a 
breach or system failure, their businesses could be disrupted or otherwise negatively affected, which may result in a disruption 
in our supply chain or reduced customer orders, which would adversely affect our business and financial results. We have also 
outsourced several information technology support services and administrative functions to third-party service providers, and 
may outsource other functions in the future to achieve cost savings and efficiencies. 
New and emerging technologies that could result in greater operational efficiency may further expose our computer 
systems to the risk of cyberattacks. Our initiatives to continue to modernize our operations, increase data digitalization and 
improve our production facilities may increase potential exposure to cybersecurity risks and increase the complexity of our 
cybersecurity program. In addition, the rapid evolution and increased adoption of artificial intelligence technologies may 
intensify our cybersecurity risks. We may incur increased costs in protecting against or remediating cyberattacks or other cyber 
10 
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National Institute of Standards and Technology cybersecurity framework (NIST CSF) and have developed a comprehensive 
information security program for assessing, identifying and managing cybersecurity risks that is designed to protect our systems 
and data from unauthorized access, use or other security impact. 
As part of our information security program, we continuously monitor and update our information technology networks 
and infrastructure. We have dedicated internal legal, compliance and information security teams, and leverage consultants and 
third-party service providers to inform our understanding of the threat landscape and to identify, prevent, detect, address and 
mitigate risks associated with unauthorized access, misuse, computer viruses and other events that could have a security impact. 
Our information security strategy focuses on complying with applicable data privacy and protection laws, maintaining the 
availability of our manufacturing operations, protecting data, detecting and responding to threats, building resiliency and 
providing a secure foundation for growth and innovation. We invest in industry standard security technology to protect the 
company's data and business processes against risk of cybersecurity incidents. Our data security management program includes 
identity, trust, vulnerability and threat management business processes, as well as adoption of standard data protection policies. 
We measure our data security effectiveness by benchmarking against industry-accepted methods, presenting the results to 
our Board and Audit Committee for evaluation, and making improvements based on such evaluation. We maintain and 
routinely test backup systems and disaster recovery and also have processes in place to prevent disruptions resulting from our 
implementation of new software and systems. We maintain a third-party cyber risk management process to review and monitor 
critical suppliers regularly for cybersecurity risk and prescribe remediation activities when necessary. 
We train our employees through annual security training, phishing simulations and regular communications about timely 
security topics to enhance their understanding of cybersecurity threats and their ability to identify and escalate potential 
cybersecurity events. We have a cross-functional crisis management team comprised of business unit and functional leaders and 
a crisis management plan that includes procedures for identifying, containing and responding to cybersecurity incidents. We 
engage third-party cybersecurity experts to conduct tabletop exercises with our executive leadership to enhance incident 
response preparedness. 
Our cybersecurity risk management strategy includes the use of cybersecurity insurance that provides protection against 
certain potential losses arising from certain cybersecurity incidents; however, such insurance may not insure us against all 
claims related to security breaches, cyberattacks and other related breaches. The company has previously experienced threats 
and breaches to its data and systems but has not experienced a breach that had a material impact on its operations or business 
and has not incurred any material breach-related expenses for the year ended July 28, 2024 that are reasonably likely to 
materially affect the company or its business strategy, results of operations or financial condition. However, as discussed in 
"Item 1A. Risk Factors," specifically the risks under the heading, "We may be adversely impacted by a disruption, failure or 
security breach of our information technology systems," cyber threats are constantly evolving and becoming more frequent and 
sophisticated. Accordingly, no matter how well designed or implemented the company's information security policies and 
procedures are, there can be no assurance that these policies and procedures will prevent or limit the impact of a cybersecurity 
incident. 
Cybersecurity Governance 
We have established oversight mechanisms intended to provide effective cybersecurity governance, risk management, and 
timely incident response. Our Board, in coordination with the Audit Committee, oversees the company's ERM process, 
including the management of risks arising from cybersecurity threats. 
Our Board annually reviews assessments of our information security program under the NIST CSF. It receives 
benchmarking results of our data security effectiveness and reports from our Chief Technology & Information Officer (CTIO) 
and Chief Information Security Officer (CISO) on our information security program and recent developments. Our Board has 
delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. To fulfill its oversight 
responsibilities, the Audit Committee reviews the measures implemented by the company to identify and mitigate cybersecurity 
risks and receives quarterly updates from our CTIO and CISO on the information security program, including the status of 
significant cybersecurity incidences, the emerging threat landscape, and the status of projects to strengthen the company's 
information security posture. The Audit Committee regularly reports to the Board on cybersecurity matters. In addition, we 
have a crisis management plan and protocols by which certain cybersecurity incidents that meet established reporting thresholds 
are escalated within the company and, where appropriate, reported promptly to the Audit Committee or Board, with ongoing 
updates regarding any such incident until it has been addressed. Our risk oversight processes and disclosure controls and 
procedures are designed to escalate key risks for the Board to analyze for disclosure purposes. 
Our CTIO, a member of our corporate leadership team, oversees the team responsible for leading the enterprise-wide 
information technology strategy, policy, standards, architecture, and processes. Our CISO, who reports to the CTIO, oversees 
the dedicated information security team, which works in partnership with the company's ERM team and corporate audit 
department as well as consultants as part of an overall internal controls process to monitor cybersecurity threats and prevent, 
detect, mitigate and remediate cybersecurity incidents. The CTIO has over 35 years of information technology experience, 
16 
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Year First 
Appointed 
Executive 
Age 
Officer 
55 
2023 
48 
2020 
59 
2023 
56 
2019 
52 
2019 
66 
2022 
61 
2022 
57 
2022 
Information about our Executive Officers 
The section below provides information regarding our executive officers as of September 11, 2024: 
Name, Present Title & Business Experience 
Carrie L. Anderson, Executive Vice President and Chief Financial Officer. Executive Vice President and 
Chief Financial Officer, Integra LifeSciences Holdings Corporation (2019-2023). Vice President and 
Controller, Dover Corporation (2017-2019). 
Mick J. Beekhuizen, Executive Vice President and President, Meals & Beverages. Executive Vice 
President and Chief Financial Officer (2020-2023). Executive Vice President and Chief Financial Officer, 
Chobani LLC (2016-2019). 
Charles A. Brawley, III, Executive Vice President, General Counsel and Corporate Secretary. We have 
employed Mr. Brawley in an executive or managerial capacity for at least five years. 
Mark A. Clouse, President and Chief Executive Officer. We have employed Mr. Clouse in an executive or 
managerial capacity for at least five years. 
Christopher D. Foley, Executive Vice President and President, Snacks. We have employed Mr. Foley in 
an executive or managerial capacity for at least five years. 
Diane Johnson May, Executive Vice President and Chief People and Culture Officer. Senior Vice 
President, People and Culture, Manpower Group (2020-2021). Executive Vice President, Chief Human 
Resources Officer, Brookdale Senior Living (2019-2020). Managing Vice President, The Deli Source, Inc. 
(2017-2019). 
Daniel L. Poland, Executive Vice President and Chief Supply Chain Officer. Chief Operating Officer, 
KIND Snacks (2019-2021). Executive Vice President and Chief Supply Chain Officer, Pinnacle Foods, 
Inc. (2018-2019). Chief Supply Chain Officer - North American Operations, Danone (2016-2017). 
Anthony J. Sanzio, Executive Vice President and Chief Communications Officer. We have employed Mr. 
Sanzio in an executive or managerial capacity for at least five years. 
18 
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Issuer Purchases of Equity Securities 
Approximate 
Dollar Value of 
Total Number of 
Shares that may yet 
Shares Purchased 
be Purchased 
Total Number 
Average 
as Part of Publicly 
Under the Plans or 
of Shares 
Price Paid 
Announced Plans or 
Programs 
Period 
Purchased (1) 
Per Share (2) 
Programs (3) 
($ in Millions) (3) 
4/29/24 - 5/31/24 
$ 
$ 
359 
6/3/24 - 6/28/24 
480,404 
$ 
43.66 
480,404 
$ 
338 
7/1/24 - 7/26/24 
$ 
$ 
338 
Total 
480,404 
$ 
43.66 
480,404 
$ 
338 
Shares purchased are as of the trade date. 
Average price paid per share is calculated on a settlement basis and excludes commission and excise tax. As of January 1, 
2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. 
Any excise tax incurred is recognized as part of the cost basis of the shares acquired in the Consolidated Statements of 
Equity. 
(3) 
In June 2021, our Board of Directors authorized an anti-dilutive share repurchase program of up to $250 million (June 
2021 program) to offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 
program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the June 2021 
program may be made in open-market or privately negotiated transactions. In September 2021, the Board approved a 
strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no 
expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may 
be made in open-market or privately negotiated transactions. 
Item 6. Reserved 
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 
OVERVIEW 
This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement 
to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the 
consolidated fmancial statements presented in "Financial Statements and Supplementary Data," as well as the information 
contained in "Risk Factors." 
Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its 
consolidated subsidiaries. 
Executive Summary 
We are a manufacturer and marketer of high-quality, branded food and beverage products. We operate in a highly 
competitive industry and experience competition in all of our categories. 
In 2024, we continued to advance our key strategic initiatives in a challenging environment. We completed the acquisition 
of Sovos Brands, Inc. (Sovos Brands) which has brought incremental growth to our Meals & Beverages segment and supports 
the continued transformation of our advantaged portfolio. During 2024, we continued to navigate through a landscape marked 
by consumer behavior shifts, commodity cost fluctuations and other global macroeconomic challenges. During 2024, we 
experienced a moderate amount of input cost inflation and increased supply chain stability, which we expect to continue 
through 2025. 
Strategy 
Our strategy is to Set the Standard for performance in the food industry by driving accelerated growth in our two divisions 
within North America while delivering on the promise of our purpose - Connecting people through food they love. Our strategic 
framework is based on five areas that position us to achieve best in class performance: Top Team; Best Portfolio; Top-Tier 
Performance; Winning Execution; and Lasting Impact, as further discussed below. 
• 
Top Team: We plan to continue our focus on creating a Top Team by fostering an engaged and inclusive culture, 
while building capabilities and developing leaders at all levels of the organization. We are driving organizational 
engagement, belonging and effectiveness through our employee value proposition: Make history with Campbell's, and 
modernizing our facilities. We have completed the consolidation of our Snacks offices into Camden, New Jersey. Our 
single headquarters has helped to foster closer collaboration and enhance decision-making, thereby improving our 
ability to execute on our business strategy. 
20 
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• 
Best Portfolio: We believe that we are well-positioned as a transformative category leader with an advantaged 
portfolio of brands across our Meals & Beverages and Snacks segments. We will support our Best Portfolio priority 
and accelerate our profitable growth model by growing market share and driving integrated business planning 
programming throughout the company. 
• 
Top-Tier Performance: We also believe that we have the resources and capabilities to deliver predictable and 
consistent growth resulting in Top-Tier Performance through continued focus on effective revenue management, and 
finding innovative ways to enhance our products and processes to unlock cost efficiencies and savings across the 
enterprise. 
• 
Winning Execution: We will focus on Winning Execution by delivering an advantaged supply chain by continuing to 
modernize our manufacturing and distribution network, with a focus on logistics and distribution expertise. We 
continued to pursue our multi-year cost savings initiatives with $950 million in cost savings achieved through 2024. 
On September 10, 2024, we announced plans to implement new cost savings initiatives beginning in 2025 with 
targeted annual savings of approximately $250 million by the end of 2028. See "Restructuring Charges, Cost Savings 
Initiatives and Other Optimization Initiatives" for additional information on these initiatives. 
• 
Lasting Impact: Finally, we plan to continue to deliver on the promise of our purpose through a focus on Lasting 
Impact with continued progress on our sustainability and community goals and strengthening our connection to the 
communities in which we operate. 
Business Trends 
Our businesses are being influenced by a variety of trends that we anticipate will continue in the future, including: cost 
inflation; an evolving consumer landscape; and a competitive and dynamic retail environment. 
Our strategy is designed, in part, to capture growing consumer preferences for snacking and convenience. For example, we 
believe that consumers are changing their eating habits by increasing the type and frequency of snacks they consume while also 
making more intentional decisions on value in snacking. We also expect consumers to continue in-home eating behaviors. 
Retailers continue to use their buying power and negotiating strength to seek increased promotional programs funded by 
their suppliers and more favorable terms, including supplier-funded customized products. Any consolidations among retailers 
would continue to create large and sophisticated customers that may further this trend. Retailers also continue to grow and 
promote private label brands that compete with branded products, especially on price. 
Our industry continues to navigate a steady and ongoing recovery in light of supply chain disruptions, commodity cost 
volatility, labor market issues, economic uncertainties regarding the 2024 presidential election, impacts of a potential change in 
administration and other global macroeconomic challenges. Throughout 2024, we have experienced some moderation in input 
cost inflation, and we expect input cost inflation in 2025 to remain at similar levels as 2024, as we continue to see improvement 
across certain ingredients and packaging materials. We anticipate continued supply chain productivity and previously 
implemented pricing actions to mitigate some of the inflationary pressures, and expect such benefits to offset incremental costs 
in 2025. We will continue to evaluate the evolving macroeconomic environment to take action to mitigate the impact on our 
business, consolidated results of operations and fmancial condition. 
Business Acquisition & Divestiture 
On March 12, 2024, we completed the acquisition of Sovos Brands for total purchase consideration of $2.899 billion. For 
additional information on the Sovos Brands acquisition, see Note 3 to the Consolidated Financial Statements. All references to 
the acquisition below refer to the Sovos Brands acquisition. 
On August 26, 2024, we completed the sale of our Pop Secret popcorn business. For additional information on the 
divestiture, see Note 21 to the Consolidated Financial Statements. 
Stock Exchange Listing 
On August 19, 2024, our capital stock, par value $0.0375 per share (the Capital Stock), began trading on The Nasdaq Stock 
Market LLC following our voluntarily withdrawal from listing on the New York Stock Exchange after market close on 
August 16, 2024. Our Capital Stock continues to trade under the stock symbol "CPB." 
Summary of Results 
This Summary of Results provides significant highlights from the discussion and analysis that follows. 
There were 52 weeks in 2024, 2023 and 2022. There will be 53 weeks in 2025. 
• 
Net sales increased 3% in 2024 to $9.636 billion primarily due to a 5-point benefit from the acquisition of Sovos 
Brands and favorable net price realization, partially offset by unfavorable volume/mix. 
21 
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The total aggregate impact of the impairment charges was $129 million ($98 million after tax, or $.33 per share). See 
"Critical Accounting Estimates" for additional information; 
• 
In 2024, we recorded pre- and after-tax litigation expenses in Administrative expenses of $5 million ($.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 2024, we recorded costs of $2 million in Cost of products sold and $1 million in Administrative expenses (aggregate 
impact of $2 million after tax, or $.01 per share) related to a cybersecurity incident that was identified in the fourth 
quarter of 2023; and 
• 
In 2023, we recorded a pre- and after-tax loss in Other expenses / (income) of $13 million ($.04 per share) on the sale 
of our Emerald nuts business, which was sold on May 30, 2023. 
The items impacting comparability are summarized below: 
(Millions, except per share amounts) 
Net earnings attributable to Campbell Soup Company 
2024 
2023 
Earnings 
Impact 
EPS 
Impact 
Earnings 
Impact 
EPS 
Impact 
$ 
567 $ 
1.89 
$ 
858 $ 
2.85 
Costs associated with cost savings and optimization initiatives 
$ 
(83) $ 
(.28) $ 
(50) $ 
(.17) 
Pension and postretirement actuarial gains (losses) 
(25) 
(.08) 
11 
.04 
Commodity mark-to-market gains (losses) 
(16) 
(.05) 
16 
.05 
Costs associated with acquisition 
(109) 
(.36) 
(4) 
(.01) 
Accelerated amortization 
(20) 
(.07) 
(5) 
(.02) 
Impairment charges 
(98) 
(.33) 
Certain litigation expenses 
(5) 
(.02) 
Cybersecurity incident costs 
(2) 
(.01) 
Charges associated with divestiture 
Impact of items on Net earnings(1) 
(13) 
(.04) 
$ 
(358) $ 
(1.19) $ 
(45) $ 
(.15) 
(1) 
Sum of the individual amounts may not add due to rounding. 
Net earnings attributable to Campbell Soup Company were $567 million ($1.89 per share) in 2024, compared to $858 
million ($2.85 per share) in 2023. After adjusting for items impacting comparability, earnings increased reflecting improved 
gross profit, partially offset by higher interest expense, higher marketing and selling expenses, higher other expenses and higher 
research and development expenses. Earnings per share benefited from a reduction in the weighted average diluted shares 
outstanding. 
Net Earnings attributable to Campbell Soup Company - 2023 Compared with 2022 
In addition to the 2023 items that impacted comparability of Net earnings discussed above, the following items impacted 
the comparability of net earnings and net earnings per share: 
• 
In 2022, we recorded Restructuring charges of $5 million and implementation and other related costs of $20 million in 
Administrative expenses, $5 million in Cost of products sold and $1 million in Marketing and selling expenses 
(aggregate impact of $24 million after tax, or $.08 per share) related to the cost savings initiatives discussed above. See 
Note 8 to the Consolidated Financial Statements and "Restructuring Charges, Cost Savings Initiatives and Other 
Optimization Initiatives" for additional information; 
• 
In 2022, we recognized actuarial losses on our pension and postretirement plans in Other expenses / (income) of $44 
million ($33 million after tax, or $.11 per share); 
• 
In 2022, we recognized losses in Cost of products sold of $59 million ($44 million after tax, or $.15 per share) 
associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges; and 
• 
In 2022, we recorded a loss in Interest expense of $4 million ($3 million after tax, or $.01 per share) on the 
extinguishment of debt. 
23 
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In 2024, Meals & Beverages sales increased 7% reflecting a 9-point benefit from the acquisition of Sovos Brands. Sales 
were impacted by unfavorable volume/mix with neutral net price realization. Excluding the benefit from the acquisition, sales 
decreased primarily due to declines in U.S. retail products, including beverages and U.S. soup, partially offset by gains in 
foodservice and Canada. 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. On a two-year CAGR basis, sales increased 7%, including the impact of the 
acquisition. 
In 2023, Meals & Beverages sales increased 7% primarily due to increases in U.S. retail products, including U.S. soup and 
Prego pasta sauces, as well as gains in foodservice. Favorable net price realization was partially offset by lower volume/mix. 
Sales of U.S. soup increased 3% primarily due to increases in ready-to-serve soups and broth. 
In 2024, Snacks sales decreased 2%. Excluding the impact from the divestiture of the Emerald nuts business, sales 
decreased as declines in third-party partner brands and contract manufacturing, fresh bakery and Pop Secret popcorn were 
partially offset by sales of our power brands, which increased 2%. Sales of power brands were driven by increases in Goldfish 
crackers and Lance sandwich crackers. Volume/mix declines were partially offset by favorable net price realization. On a two-
year CAGR basis, sales increased 5%. 
In 2023, Snacks sales increased 13% driven by sales of our power brands which increased 17%. Sales increased due to 
increases in cookies and crackers, primarily Goldfish crackers and Lance sandwich crackers, and in salty snacks, primarily 
Snyder's of Hanover pretzels and Kettle Brand and Cape Cod potato chips. Sales benefited from favorable net price realization. 
Gross Profit 
Gross profit, defined as Net sales less Cost of products sold, increased by $54 million in 2024 from 2023 and increased by 
$290 million in 2023 from 2022. As a percent of sales, gross profit was 30.8% in 2024, 31.2% in 2023 and 30.7% in 2022. 
The 40 basis-point decrease and the 50 basis-point increase in gross profit margin in 2024 and 2023, respectively, were due 
to the following factors: 
Margin Impact 
2024 
2023 
Cost inflation, supply chain costs and other factors(') 
(310) 
(1,040) 
Impact of acquisition(2) 
(40) 
Higher costs associated with cost savings initiatives 
(10) 
(10) 
Productivity improvements 
240 
300 
Net price realization 
60 
950 
Volume/mix(3) 
20 
(150) 
(40) 
50 
(1) 2024 includes an estimated positive margin impact of 20 basis points from the benefit of cost savings initiatives, which was 
more than offset by cost inflation and other factors, including a 40 basis-point negative impact from the change in 
unrealized mark-to-market adjustments on outstanding undesignated commodity hedges and a 10 basis-point negative 
impact from a cybersecurity incident. 2023 includes a 90 basis-point positive impact from the change in unrealized mark-
to-market adjustments on outstanding undesignated commodity hedges and an estimated positive margin impact of 10 basis 
points from the benefit of cost savings initiatives, which were more than offset by cost inflation and other factors. 
(2) Includes a negative margin impact of 20 basis points from a Sovos Brands acquisition date fair value adjustment for 
inventory. 
(3) Includes the impact of operating leverage. 
Marketing and Selling Expenses 
Marketing and selling expenses as a percent of sales were 8.6% in 2024, 8.7% in 2023 and 8.6% in 2022. Marketing and 
selling expenses increased 3% in 2024 from 2023. The increase was primarily due to the impact of the acquisition 
(approximately 4 points), higher selling expenses (approximately 1 point) and higher other marketing expenses (approximately 
1 point), partially offset by lower advertising and consumer promotion expense (approximately 3 points), primarily in Meals & 
Beverages. 
Marketing and selling expenses increased 10% in 2023 from 2022. The increase was primarily due to higher advertising 
and consumer promotion expense (approximately 7 points) and higher selling expenses (approximately 6 points), partially 
offset by increased benefits from cost savings initiatives (approximately 3 points). The increase in advertising and consumer 
promotion expense was due in part to moderated levels in the prior year from supply constraints. 
25 
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We have $1.15 billion aggregate principal amount of senior notes maturing in March 2025 that we expect to repay and/or 
refmance using available sources, which may include cash on hand, accessing the capital markets, commercial paper and/or 
revolving credit facility. 
As part of our focus to lower core working capital requirements, we have worked with our suppliers to optimize our terms 
and conditions, including the extension of payment terms. Our current payment terms with our suppliers, which we deem to be 
commercially reasonable, generally range from 0 to 120 days. We also maintain agreements with third-party administrators that 
allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell those payment 
obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled 
payment terms, are not impacted. Supplier participation in these agreements is voluntary. We have no economic interest in a 
supplier's decision to enter into these agreements and no direct financial relationship with the fmancial institutions. We have 
not pledged assets as security or provided any guarantees in connection with these arrangements. The payment of these 
obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Amounts 
outstanding under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were 
$243 million at July 28, 2024, and $258 million at July 30, 2023. 
Capital expenditures were $517 million in 2024, $370 million in 2023 and $242 million in 2022. Capital expenditures are 
expected to total approximately $530 million in 2025. Capital expenditures in 2024 included chip and cracker capacity 
expansion for our Snacks business, upgrades of assets across both segments of the business, enhancements to our headquarters 
in Camden, New Jersey and network optimization for our Meals & Beverages business. Capital expenditures in 2023 included 
chip and cracker capacity expansion for our Snacks business and a new manufacturing line for our Meals & Beverages 
business. Capital expenditures in 2022 included improvement of the quality and cost structure of the Snyder's-Lance 
manufacturing network, the continued implementation of our existing SAP enterprise-resource planning system for Snyder's-
Lance and cookie and cracker capacity expansion for our Snacks business. 
In Snacks, we have a direct-store-delivery distribution model that uses independent contractor distributors. From time to 
time, we purchase and sell routes, including certain routes under our optimization initiatives. The purchase and sale proceeds of 
the routes are reflected in investing activities. 
On March 12, 2024, we completed the acquisition of Sovos Brands. Cash consideration was $2.857 billion. The acquisition 
was funded through the 2024 DDTL Credit Agreement of $2 billion and cash on hand. 
On May 30, 2023, we completed the sale of our Emerald nuts business for $41 million 
Dividend payments were $445 million in 2024, $447 million in 2023 and $451 million in 2022. Annual dividends declared 
were $1.48 per share in 2024, 2023 and 2022. The 2024 fourth quarter dividend was $.37 per share. The declaration of 
dividends is subject to the discretion of our Board and depends on various factors, including our net earnings, fmancial 
condition, cash requirements, future prospects and other factors that our Board deems relevant to its analysis and decision 
making. 
In June 2021, the Board authorized an anti-dilutive share repurchase program of up to $250 million (June 2021 program) to 
offset the impact of dilution from shares issued under our stock compensation programs. The June 2021 program has no 
expiration date, but it may be suspended or discontinued at any time. Repurchases under the anti-dilutive program may be made 
in open-market or privately negotiated transactions. In September 2021, the Board approved a strategic share repurchase 
program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be 
suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or 
privately negotiated transactions. In 2024, we repurchased 1 6 million shares at a cost of $67 million pursuant to our June 2021 
program. As of July 28, 2024, approximately $37 million remained available under the June 2021 program and approximately 
$301 million remained under the September 2021 program. In 2023, we repurchased 2 7 million shares at a cost of $142 
million In 2022, we repurchased 3.8 million shares at a cost of $167 million In September 2024, the Board authorized a new 
anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from 
shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be 
discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated 
transactions. See Note 16 to the Consolidated Financial Statements and "Market for Registrant's Capital Stock, Related 
Shareholder Matters and Issuer Purchases of Equity Securities" for additional information. 
30 
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$1 million as of July 30, 2023. A hypothetical 10% fluctuation in exchange rates would impact the fair value of our outstanding 
foreign exchange contracts by approximately $16 million as of July 28, 2024, and $17 million as of July 30, 2023, which would 
generally be offset by inverse changes on the underlying hedged items. 
As of July 28, 2024, we had outstanding variable-rate debt of $650 million with an average interest rate of 6.20%. As of 
July 30, 2023, we had outstanding variable-rate debt of $678 million with an average interest rate of 6.18%. A hypothetical 
100-basis-point increase in average interest rates applied to our variable-rate debt balances throughout 2024 and 2023 would 
have increased annual interest expense in those years by approximately $7 million and $4 million, respectively. 
As of July 28, 2024, we had outstanding fixed-rate debt of $6.584 billion with a weighted average interest rate of 4.38%. 
As of July 30, 2023, we had outstanding fixed-rate debt of $4.041 billion with a weighted average interest rate of 3.79%. The 
fair value of fixed-rate debt was $6.216 billion as of July 28, 2024 and $3.615 billion as of July 30, 2023. As of July 28, 2024, 
and July 30, 2023, a hypothetical 100-basis-point increase in interest rates would decrease the fair value of our fixed-rate debt 
by approximately $312 million and $221 million, respectively, while a hypothetical 100-basis-point decrease in interest rates 
would increase the fair value of our fixed-rate debt by approximately $348 million and $256 million, respectively. The impact 
of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position. 
We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt. From time 
to time, we may use interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. We 
manage our exposure to interest volatility on future debt issuances by entering into forward starting interest rate swaps or 
treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance. There were no forward 
starting interest rate swaps or treasury lock contracts outstanding as of July 28, 2024 and July 30, 2023. We settled forward 
starting interest rate swaps with a notional value of $1.1 billion in March 2024 at a loss of $11 million The $11 million loss on 
these instruments was recorded in other comprehensive income (loss) and will be recognized as additional interest expense over 
the 10-year, 5-year, and 3-year lives of the debt issued in March 2024. Subsequent to July 28, 2024, we entered into forward 
starting interest rate swaps accounted for as cash-flow hedges with a notional value of $450 million related to an anticipated 
debt issuance. The forward starting interest rate swaps mature in January 2025. 
We enter into commodity futures, options and swap contracts, and a supply contract under which prices for certain raw 
materials are established based on anticipated volume requirements to reduce the volatility of price fluctuations for 
commodities. As of July 28, 2024, the total notional amount of the contracts was $248 million, and the aggregate fair value of 
these contracts was a loss of $10 million. As of July 30, 2023, the total notional amount of these contracts was $241 million, 
and the aggregate fair value of these contracts was a gain of $11 million A hypothetical 10% fluctuation in commodity prices 
would impact the fair value of our outstanding commodity contracts by approximately $24 million as of July 28, 2024, and $25 
million as of July 30, 2023, which would generally be offset by inverse changes on the underlying hedged items. 
We enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred 
compensation obligations. The notional amount of the contracts was $71 million as of July 28, 2024, and $42 million as of 
July 30, 2023. The fair value of these contracts was a gain of $3 million as of July 28, 2024, and a gain of $4 million as of 
July 30, 2023. A hypothetical 10% fluctuation in equity price changes would impact the fair value of our outstanding swap 
contracts by $7 million as of July 28, 2024, and $5 million as of July 30, 2023, which would generally be offset by inverse 
changes on the underlying hedged items. 
CRITICAL ACCOUNTING ESTIMATES 
We prepare our consolidated fmancial statements in conformity with accounting principles generally accepted in the United 
States. The preparation of these financial statements requires the use of estimates, judgments and assumptions that affect the 
reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses 
during the periods presented. Actual results could differ from those estimates and assumptions. See Note 1 to the Consolidated 
Financial Statements for a discussion of significant accounting policies. The following areas all require the use of subjective or 
complex judgments, estimates and assumptions: 
Trade and consumer promotion programs - 
We offer various sales incentive programs to customers and consumers, such 
as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and 
coupons. The mix between these forms of variable consideration, which are classified as reductions in revenue and recognized 
upon sale, and advertising or other marketing activities, which are classified as marketing and selling expenses, fluctuates 
between periods based on our overall marketing plans. The measurement and recognition of the costs for trade and consumer 
promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based 
on historical experience and other factors, including expected volume. Typically, programs that are offered have a very short 
duration. Historically, the difference between actual experience compared to estimated redemptions and performance has not 
been significant to the quarterly or annual fmancial statements. Differences between estimates and actual costs are recognized 
as a change in estimate in a subsequent period. However, actual expenses may differ if the level of redemption rates and 
33 
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The actuarial losses recognized in 2024 were primarily due to decreases in discount rates used to determine the benefit 
obligation and plan experience, partially offset by gains on plan assets. The actuarial gains recognized in 2023 were primarily 
due to increases in discount rates used to determine the benefit obligation, partially offset by losses on plan assets and plan 
experience. The actuarial losses recognized in 2022 were primarily due to losses on plan assets, partially offset by increases in 
discount rates used to determine the benefit obligation. 
Significant weighted-average assumptions as of the end of the year were as follows: 
2024 
2023 
2022 
Pension 
Discount rate for benefit obligations 
5.28% 
5.46% 
4.58% 
Expected return on plan assets 
6.40% 
6.38% 
6.40% 
Postretirement 
Discount rate for obligations 
5.23% 
5.47% 
4.48% 
Based on benefit obligations and plan assets as of July 28, 2024, estimated sensitivities to 2025 annual net periodic pension 
and postretirement cost are as follows: 
• a 50-basis-point increase in the discount rate would result in expense of approximately $5 million and would result in 
an immediate actuarial gain recognition of approximately $43 million; 
• a 50-basis-point decline in the discount rate would result in income of approximately $5 million and would result in an 
immediate actuarial loss recognition of approximately $47 million; and 
• a 50-basis-point reduction in the estimated return on assets assumption would result in expense of approximately $6 
million 
Contributions to pension plans were not material in 2024, 2023 and 2022 and are not expected to be material in 2025. 
See also Note 10 to the Consolidated Financial Statements for additional information on pension and postretirement 
benefits. 
Income taxes — The effective tax rate reflects statutory tax rates, tax planning opportunities available in the various 
jurisdictions in which we operate and management's estimate of the ultimate outcome of various tax audits and issues. 
Significant judgment is required in determining the effective tax rate and in evaluating tax positions. Income taxes are recorded 
based on amounts refundable or payable in the current year and include the effect of deferred taxes. Deferred tax assets and 
liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and 
liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and 
liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are 
expected to be recovered or settled. Valuation allowances are established for deferred tax assets when it is more likely than not 
that a tax benefit will not be realized. 
See also Notes 1 and 12 to the Consolidated Financial Statements for further discussion on income taxes. 
RECENT ACCOUNTING PRONOUNCEMENTS 
See Note 2 to the Consolidated Financial Statements for information on recent accounting pronouncements. 
CAUTIONARY FACTORS THAT MAY AFFECT FUTURE RESULTS 
This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 
1995. These forward-looking statements reflect our current expectations regarding our future results of operations, economic 
performance, financial condition and achievements. These forward-looking statements can be identified by words such as 
"anticipate," "believe," "estimate," "expect," "intend," "plan," "pursue," "strategy," "target," "will" and similar expressions. One 
can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts, and may 
reflect anticipated cost savings or implementation of our strategic plan. These statements reflect our current plans and 
expectations and are based on information currently available to us. They rely on several assumptions regarding future events 
and estimates which could be inaccurate and which are inherently subject to risks and uncertainties. 
We wish to caution the reader that the following important factors and those important factors described in Part 1, Item 1A 
and elsewhere in this Report, or in our other Securities and Exchange Commission filings, could affect our actual results and 
could cause such results to vary materially from those expressed in any forward-looking statements made by, or on behalf of, 
us: 
• 
the risk that the cost savings and any other synergies from the 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 within the expected timeframe or the extent anticipated; 
36 
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CAMPBELL SOUP COMPANY 
Consolidated Statements of Earnings 
(millions, except per share amounts) 
Net sales 
2024 
2023 
2022 
$ 
9,636 
$ 
9,357 $ 
8,562 
Costs and expenses 
Cost of products sold 
6,665 
6,440 
5,935 
Marketing and selling expenses 
833 
811 
734 
Administrative expenses 
737 
654 
617 
Research and development expenses 
102 
92 
87 
Other expenses / (income) 
261 
32 
21 
Restructuring charges 
38 
16 
5 
Total costs and expenses 
8,636 
8,045 
7,399 
Earnings before interest and taxes 
1,000 
1,312 
1,163 
Interest expense 
249 
188 
189 
Interest income 
6 
4 
1 
Earnings before taxes 
757 
1,128 
975 
Taxes on earnings 
190 
270 
218 
Net earnings 
567 
858 
757 
Less: Net earnings (loss) attributable to noncontrolling interests 
Net earnings attributable to Campbell Soup Company 
$ 
567 
$ 
858 $ 
757 
Per Share — Basic 
Net earnings attributable to Campbell Soup Company 
$ 
1.90 
$ 
2.87 $ 
2.51 
Weighted average shares outstanding — basic 
298 
299 
301 
Per Share — Assuming Dilution 
Net earnings attributable to Campbell Soup Company 
$ 
1.89 
$ 
2.85 $ 
2.51 
Weighted average shares outstanding — assuming dilution 
300 
301 
302 
See accompanying Notes to Consolidated Financial Statements. 
39 
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compensation regardless of their participation in the 401(k) Retirement Plan. Amounts charged to Costs and expenses were $73 
million in both 2024 and 2023, and $69 million in 2022. 
11. Leases 
We lease warehouse and distribution facilities, office space, manufacturing facilities, equipment and vehicles, primarily 
through operating leases. 
Leases recorded on our Consolidated Balance Sheet have remaining terms primarily from 1 to 11 years. 
Our fleet leases generally include residual value guarantees that are assessed at lease inception in determining ROU assets 
and corresponding liabilities. No other significant restrictions or covenants are included in our leases. 
The components of lease costs were as follows: 
(Millions) 
2024 
2023 
2022 
Operating lease cost(1) 
$ 
101 
$ 
86 $ 
79 
Finance lease - amortization of ROU assets 
22 
16 
17 
Finance lease - interest on lease liabilities 
2 
Short-term lease cost 
66 
64 
56 
Variable lease cost 
217 
207 
202 
Total 
$ 
408 
$ 
373 $ 
354 
(1) 
2024 excludes costs associated with the cost savings initiatives described in Note 8. 
The following table summarizes the lease amounts recorded in the Consolidated Balance Sheets: 
Operating Leases 
(Millions) 
Balance Sheet Classification 
2024 
2023 
ROU assets, net 
Other assets 
$ 
333 
$ 
275 
Lease liabilities (current) 
Accrued liabilities 
$ 
90 
$ 
70 
Lease liabilities (noncurrent) 
Other liabilities 
$ 
268 
$ 
208 
Financing Leases 
(Millions) 
Balance Sheet Classification 
2024 
2023 
ROU assets, net 
Plant assets, net of depreciation 
$ 
72 
$ 
27 
Lease liabilities (current) 
Short-term borrowings 
$ 
25 
$ 
13 
Lease liabilities (noncurrent) 
Long-term debt 
$ 
46 
$ 
15 
Weighted-average lease terms and discount rates were as follows: 
2024 
2023 
Operating 
Finance 
Operating 
Finance 
Weighted-average remaining term in years 
4.8 
8.2 
5.1 
2.6 
Weighted-average discount rate 
4.2 % 
5.0 % 
3.2 % 
2.8 % 
61 
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Future minimum lease payments are as follows: 
(Millions) 
Operating 
Finance 
2025 
$ 
104 $ 
28 
2026 
88 
24 
2027 
71 
8 
2028 
51 
5 
2029 
43 
4 
Thereafter 
41 
18 
Total future undiscounted lease payments 
398 
87 
Less imputed interest 
40 
16 
Total reported lease liability 
$ 
358 $ 
71 
The following table summarizes cash flow and other information related to leases: 
(Millions) 
2024 
2023 
Cash paid for amounts included in the measurement of lease liabilities: 
Operating cash flows from operating leases 
$ 
95 $ 
84 
Operating cash flows from fmance leases 
$ 
2 $ 
Financing cash flows from fmance leases 
$ 
20 $ 
17 
ROU assets obtained in exchange for lease obligations: 
Operating leases 
$ 
153 $ 
117 
Finance leases 
$ 
55 $ 
17 
ROU assets obtained with business acquired: 
Operating leases 
$ 
15 $ 
Finance leases 
$ 
13 $ 
12. Taxes on Earnings 
The provision for income taxes on earnings consists of the following: 
(Millions) 
2024 
2023 
2022 
Income taxes: 
Currently payable: 
Federal 
$ 
190 
$ 
229 $ 
160 
State 
41 
39 
22 
Non-U.S. 
6 
7 
15 
237 
275 
197 
Deferred: 
Federal 
(37) 
(8) 
29 
State 
(9) 
2 
(6) 
Non-U.S. 
(1) 
1 
(2) 
(47) 
(5) 
21 
$ 
190 
$ 
270 
$ 
218 
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facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 billion with a maturity 
date of April 16, 2029, or such later date as extended pursuant to the terms set forth in the 2024 Revolving Credit Facility 
Agreement. The 2024 Revolving Credit Facility Agreement remained unused at July 28, 2024, except for $1 million of standby 
letters of credit that we issued under it. We may increase the 2024 Revolving Credit Facility Agreement commitments up to an 
additional $500 million, subject to the satisfaction of certain conditions. Loans under the 2024 Revolving Credit Facility 
Agreement will bear interest at the rates specified in the 2024 Revolving Credit Facility Agreement, which vary based on the 
type of loan and certain other conditions. The 2024 Revolving Credit Facility Agreement facility contains customary covenants, 
including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted 
EBITDA to consolidated interest expense of not less than 3.25:1.00, and customary events of default for credit facilities of this 
type. The facility supports our commercial paper program and other general corporate purposes. 
We have $1.15 billion aggregate principal amount of senior notes maturing in March 2025 that we expect to repay and/or 
refmance using available sources, which may include cash on hand, accessing the capital markets, commercial paper and/or 
revolving credit facility. 
Long-term debt consists of the following: 
(Millions) 
2024 
2023 
3.95% Notes due March 15, 2025 
$ 
850 
$ 
850 
3.30% Notes due March 19, 2025 
300 
300 
Variable-rate term loan due November 15, 2025 
400 
500 
5.30% Notes due March 20, 2026 
400 
5.20% Notes due March 19, 2027 
500 
4.15% Notes due March 15, 2028 
1,000 
1,000 
5.20% Notes due March 21, 2029 
600 
2.375% Notes due April 24, 2030 
500 
500 
5.40% Notes due March 21, 2034 
1,000 
3.80% Notes due August 2, 2042 
163 
163 
4.80% Notes due March 15, 2048 
700 
700 
3.125% Notes due April 24, 2050 
500 
500 
Finance leases 
46 
15 
Other(1) 
(48) 
(30) 
Total 
$ 
6,911 
$ 
4,498 
Less current portion 
1,150 
Total long-term debt 
$ 
5,761 
$ 
4,498 
(1) 
Includes unamortized net discount/premium on debt issuances and debt issuance costs. 
Principal amounts of long-term debt, including finance lease obligations, maturing over the next five years are as follows: 
(Millions) 
2025 
$ 
1,175 
2026 
$ 
819 
2027 
$ 
506 
2028 
$ 
1,004 
2029 
$ 
603 
Thereafter 
$ 
2,877 
On October 10, 2023, we entered into the 2024 DDTL Credit Agreement totaling up to $2 billion scheduled to mature on 
October 8, 2024. Loans under the 2024 DDTL Credit Agreement bear interest at the rates specified in the 2024 DDTL Credit 
Agreement, which vary based on the type of loan and certain other conditions. The 2024 DDTL Credit Agreement contains 
customary representations and warranties, affirmative and negative covenants, including a financial covenant with respect to a 
minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is 
defined in the 2024 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. 
The proceeds of the loans under the 2024 DDTL Credit Agreement could only be used in connection with the acquisition of 
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Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall 
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to 
acquisition accounting, including controls over management's valuation of the Rao's trademark acquired. These procedures also 
included, among others (i) reading the purchase agreement; (ii) testing management's process for developing the fair value 
estimate of the Rao 's trademark acquired; (iii) evaluating the appropriateness of the relief from royalty valuation method; (iv) 
testing the completeness and accuracy of the underlying data used in the relief from royalty valuation method; and (v) 
evaluating the reasonableness of the significant assumptions used by management related to the revenue growth rates, weighted 
average cost of capital, and assumed royalty rate. Evaluating management's assumptions related to the revenue growth rates and 
assumed royalty rate involved considering (i) the current and past performance of the Rao 's trademark; (ii) the consistency with 
external market and industry data; and (iii) whether these assumptions were consistent with evidence obtained in other areas of 
the audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the appropriateness of the 
relief from royalty valuation method and the reasonableness of the weighted average cost of capital and assumed royalty rate 
assumptions. 
/s/ PricewaterhouseCoopers LLP 
Philadelphia, Pennsylvania 
September 19, 2024 
We have served as the Company's auditor since 1954. 
82 
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• 
e-mailing our Investor Relations Department at IR@campbells.com. 
Item 11. Executive Compensation 
The information presented in the sections entitled "Compensation Discussion and Analysis," "Executive Compensation 
Tables," "Corporate Governance Policies and Practices — Compensation of Directors," "Corporate Governance Policies and 
Practices — Board Meetings and Committees — Board Committee Structure — Compensation and Organization Committee 
Interlocks and Insider Participation" and "Compensation Discussion and Analysis — Compensation and Organization 
Committee Report" in the 2024 Proxy is incorporated herein by reference. 
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 
The information presented in the sections entitled "Voting Securities and Principal Shareholders — Ownership of Directors 
and Executive Officers" and "Voting Securities and Principal Shareholders — Principal Shareholders" in the 2024 Proxy is 
incorporated herein by reference. 
Securities Authorized for Issuance Under Equity Compensation Plans 
The following table provides information about the stock that could have been issued under our equity compensation plans 
as of July 28, 2024: 
Plan Category 
Number of 
Securities to be 
Issued Upon 
Exercise of 
Outstanding 
Options, Warrants 
and Rights (a) 
Weighted- 
Average 
Exercise Price of 
Outstanding 
Options, 
Warrants and 
Rights (b) 
Number of Securities 
Remaining Available 
For 
Future Issuance Under 
Equity Compensation 
Plans 
(Excluding Securities 
Reflected in the First 
Column) (c) 
Equity Compensation Plans Approved by Security Holders (1) 
6,697,103 
$ 
45.33 
10,123,366 
Equity Compensation Plans Not Approved by Security Holders 
N/A 
N/A 
N/A 
Total 
6,697,103  $ 
45.33 
10,123,366 
(1) Column (a) represents stock options and restricted stock units outstanding under the 2022 Long-Term Incentive Plan, the 
2015 Long-Term Incentive Plan, the 2005 Long-Term Incentive Plan and replacement equity awards in settlement of 
certain Sovos Brands equity awards previously issued pursuant to the Sovos Brands, Inc. 2021 Equity Incentive Plan, 
which the company assumed in connection with the acquisition of Sovos Brands on March 12, 2024. Column (a) includes 
3,490,304 TSR performance restricted stock units and EPS performance restricted stock units based on the maximum 
number of shares potentially issuable under the awards, and the number of shares, if any, to be issued pursuant to such 
awards will be determined based upon performance during the applicable three-year performance period. No additional 
awards can be made under either of the 2005 Long-Term Incentive Plan or 2015 Long-Term Incentive Plan. Future equity 
awards under the 2022 Long-Term Incentive Plan may take the form of incentive stock options, nonqualified stock options, 
stock appreciation rights (SARs), restricted stock, restricted performance stock, unrestricted Campbell stock, restricted 
stock units and performance units. Column (b) represents the weighted-average exercise price of the outstanding stock 
options only; the outstanding restricted stock units are not included in this calculation. Column (c) represents the maximum 
number of future equity awards that can be made under the 2022 Long-Term Incentive Plan as of July 28, 2024. 
Item 13. Certain Relationships and Related Transactions, and Director Independence 
The information presented in the sections entitled "Corporate Governance Policies and Practices — Transactions with 
Related Persons," "Item 1 — Election of Directors," "Corporate Governance Policies and Practices — Director Independence" 
and "Corporate Governance Policies and Practices — Board Meetings and Committees — Board Committee Structure" in the 
2024 Proxy is incorporated herein by reference. 
Item 14. Principal Accountant Fees and Services 
The information presented in the sections entitled "Item 2 — Ratification of Appointment of Independent Registered Public 
Accounting Firm — Audit Firm Fees and Services" and "Item 2 — Ratification of Appointment of Independent Registered 
Public Accounting Firm — Audit Committee Pre-Approval Policy" in the 2024 Proxy is incorporated herein by reference. 
PART IV 
Item 15. Exhibits and Financial Statement Schedules 
(a) The following documents are filed as part of this Report: 
1. Financial Statements 
84 
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INDEX TO EXHIBITS 
2 
Agreement and Plan of Merger, dated August 7, 2023, by and among Sovos Brands, Inc., Campbell Soup 
Company and Premium Products Merger Sub, Inc., is incorporated by reference to Exhibit 2.1 to Campbell's 
Form 8-K (SEC file number 1-3822) filed with the SEC on August 7, 2023. 
3(a) 
Campbell's Restated Certificate of Incorporation, as amended through February 24, 1997, is incorporated by 
reference to Exhibit 3(i) to Campbell's Form 10-K (SEC file number 1-3822) for the fiscal year ended July 28, 
2002. 
3(b) 
By-Laws of Campbell Soup Company, amended and restated effective May 23, 2023, are incorporated by 
reference to Exhibit 3.1 to Campbell's Form 8-K (SEC file number 1-3822) filed with the SEC on May 24, 2023. 
4(a) 
Indenture, dated November 24, 2008, between Campbell and The Bank of New York Mellon, as Trustee, is 
incorporated by reference to Exhibit 4(a) to Campbell's Registration Statement on Form S-3 (SEC file 
number 333-155626) filed with the SEC on November 24, 2008. 
4(b) 
Form of First Supplemental Indenture, dated August 2, 2012, among Campbell, The Bank of New York Mellon 
and Wells Fargo Bank, National Association, as Series Trustee, to Indenture dated November 24, 2008, is 
incorporated by reference to Exhibit 4.1 to Campbell's Form 8-K (SEC file number 1-3822) filed with the SEC on 
August 2, 2012. 
4(c) 
Form of Subordinated Indenture between Campbell and Wells Fargo Bank, National Association, as Trustee, is 
incorporated by reference to Exhibit 4.2 to Campbell's Registration Statement on Form S-3 (SEC file number 
333-249174) filed with the SEC on September 30, 2020 
4(d) 
Indenture dated as of March 19, 2015, between Campbell and Wells Fargo Bank, National Association, as trustee, 
is incorporated by reference to Exhibit 4.1 to Campbell's Form 8-K (SEC file number 1-3822) filed with the SEC 
on March 19, 2015. 
4(e) 
Form of Subordinated Indenture between the Campbell Soup Company and U.S. Bank Trust Company, National 
Association, as trustee, is incorporated by reference to Exhibit 4.2 to Campbell's Registration Statement on Form 
S-3 (SEC file number 333-274048) filed with the SEC on August 17, 2023. 
4(f) 
First Supplemental Indenture, dated as of August 17, 2023, between Campbell Soup Company, Computershare 
Trust Company, N.A. (as successor in interest to Wells Fargo Bank, National Association), as retiring trustee, and 
U.S. Bank Trust Company, National Association, as successor trustee, is incorporated by reference to Exhibit 4.3 
to Campbell's Registration Statement on Form S-3 (SEC file number 333-274048) filed with the SEC on August 
17, 2023. 
4(g) 
Form of 3.800% Notes due 2042 is incorporated by reference to Exhibit 4.1 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on August 2, 2012. 
4(h) 
Form of 3.300% Note due 2025 is incorporated by referenced to Exhibit 4.2 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on March 19, 2015. 
4(i) 
Form of 3.950% Note due 2025 is incorporated by reference to Exhibit 4.2.5 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on March 16, 2018. 
4(j) 
Form of 4.150% Note due 2028 is incorporated by reference to Exhibit 4.2.6 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on March 16, 2018. 
4(k) 
Form of 4.800% Note due 2048 is incorporated by reference to Exhibit 4.2.7 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on March 16, 2018. 
4(1) 
Form of 2.375% Note due 2030 incorporated by reference to Exhibit 4.2.1 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on April 24, 2020. 
4(m) 
Form of 3.125% Note due 2050 incorporated by reference to Exhibit 4.2.2 to Campbell's Form 8-K (SEC file 
number 1-3822) filed with the SEC on April 24, 2020. 
4(n) 
Description of securities incorporated by reference to Exhibit 4(p) to Campbell's Form 10-K (SEC file number 
1-3822) filed with the SEC on September 26, 2019. 
4(o) 
Form of 2026 Note, incorporated by reference to Exhibit 4.3.1 to Campbell's Current Report on Form 8-K (SEC 
file number 1-3822) filed with the SEC on March 21, 2024. 
4(p) 
Form of 2027 Note, incorporated by reference to Exhibit 4.3.2 to Campbell's Current Report on Form 8-K (SEC 
file number 1-3822) filed with the SEC on March 21, 2024. 
4(q) 
Form of 2029 Note, incorporated by reference to Exhibit 4.3.3 to Campbell's Current Report on Form 8-K (SEC 
file number 1-3822) filed with the SEC on March 21, 2024. 
4(r) 
Form of 2034 Note, incorporated by reference to Exhibit 4.3.4 to Campbell's Current Report on Form 8-K (SEC 
file number 1-3822) filed with the SEC on March 21, 2024. 
86 
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The papers utilized in the production of this Annual Report are all 
certified for Forest Stewardship Council (FSC®) standards, which 
promote environmentally appropriate, socially beneficial and 
economically viable management of the world’s forests. This annual 
report was printed at a landfill-free, Sustainable Green Printing 
partnership (SGP)-certified facility.
On the Web. Visit us at: campbellsoupcompany.com for company news 
and information.
Careers. To explore career opportunities, visit us at: 
careers.campbellsoupcompany.com.
Impact. To read our Corporate Responsibility Report and learn more 
about our sustainability strategy, go to 
campbellsoupcompany.com/our-impact.
Instagram. Follow us: @CampbellSoupCo for stories about our 
company, programs and brands.
LinkedIn. For stories about our company and brands, follow us at: 
Linkedin.com/company/campbell-soup-company
Shareholder Information
Headquarters
1 Campbell Place, Camden, NJ 08103-1799
(856) 342-4800 • (856) 342-3878 (Fax)
Stock Exchange Listing
The Nasdaq Stock Market LLC 
Ticker Symbol: CPB
Transfer Agent and Registrar
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3006
1-800-780-3203
Independent Accountants 
PricewaterhouseCoopers LLP 
Two Commerce Square
Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042
Dividends
We have paid dividends since the company became public in 
1954. Dividends are normally paid quarterly, near the end of 
January, April, July and October.
A dividend reinvestment plan is available to shareholders. For 
information about dividends or the dividend reinvestment plan,
write to Dividend Reinvestment Plan Agent, Campbell Soup
Company, P.O. Box 43006, Providence, RI 02940-3006.
Or call: (781) 575-2723 or 1-800-780-3203.
Publications
For copies of the Annual Report or the SEC Form 10-K or other 
financial information, visit investor.campbellsoupcompany.com.
For copies of Campbell’s Corporate Responsibility Report, write 
to Stewart Lindsay, Chief Sustainability Officer at 
csr_feedback@campbells.com.
Information Sources
Inquiries regarding our products may be addressed to Campbell’s 
Consumer Response Center at the Headquarters address or call 
1-800-257-8443.
Investors and financial analysts may contact Rebecca Gardy, 
Senior Vice President, Chief Investor Relations Officer, at the 
Headquarters address or call (856) 342-6081.
Media and public relations inquiries should be directed to
James Regan, Director of External Communications, at the 
Headquarters address or call (856) 219-6409.
Communications concerning share transfer, lost certificates, 
dividends and change of address, should be directed to 
Computershare Trust Company, N.A., 1-800-780-3203.
Shareholder Information Service
For the latest quarterly business results or other information 
requests such as dividend dates, shareholder programs or product 
news, visit investor.campbellsoupcompany.com.
Campbell’s Brands
Product trademarks owned or licensed by Campbell Soup 
Company and/or its subsidiaries appearing in the narrative text of 
this report are italicized.

1 Campbell Place, Camden, NJ 08103-1799