2 0 2 5 A N N U A L R E P O R T
In fiscal 2025, shareholders approved
the change of the company’s name to
This subtle yet important change retains the iconic name
recognition, reputation and equity the company has built over
156 years while reflecting the full breadth of its portfolio.
2
CHAIR’S MESSAGE
Fiscal 2025 was a landmark year for our company.
In August 2024, we transferred our stock exchange
listing to Nasdaq. In doing so, we aligned ourselves
with some of the most successful and innovative
companies in the world. This move not only improved
our visibility among investors but gave us access
to a broader shareholder base. Nasdaq’s advanced
technology and analytics provide us with valuable
insights and enable us to better navigate the evolving
market environment.
In November, shareholders approved changing our
name to The Campbell’s Company, our first
name change in more than 100 years. The company
last changed its name in 1922 from Joseph
Campbell Company to Campbell Soup Company
to reflect our changing focus from canned fruits
and vegetables to soup. Our new name reflects
the full breadth of Campbell’s portfolio today while
continuing to honor our heritage.
In December, as part of our succession plan, the Board
elected Mick Beekhuizen as the 15th President
and CEO in the company’s distinguished history.
Mick is an outstanding leader with the skills and
vision to advance our strategy and build upon our
track record of results. Since assuming the role,
Mick has strengthened our operating model and
leadership team to drive innovation and enhance
our capabilities to better compete in a dynamic
operating environment and deliver top-tier results.
In June, we were deeply saddened by the passing
of Mary Alice Dorrance Malone, who served on the
Board since 1990. As a descendant of the company’s
founder and a significant long-term shareholder,
her contributions to grow and protect Campbell’s
legacy were immeasurable.
Following her passing, the Board elected Mary
Alice Dorrance Malone, Jr. to succeed her mother
as a director. Ms. Malone, Jr.’s blend of creative,
analytical and entrepreneurial experience and her
deep appreciation of Campbell’s history will be
an asset to the Board.
On behalf of the Board of Directors, I would like
to recognize the continued focus and commitment
demonstrated by all Campbell’s employees during
this period of dynamic change for the food industry.
We are also grateful to our customers and suppliers
for their partnership.
To our shareholders, thank you for your continued
support. I am confident we have the right team
and strategy to navigate today’s challenges and
capture future opportunities. We will remain
relentless in transforming and evolving this great
company while creating long-term value.
Keith R. McLoughlin
Chair of the Board
3
I am honored to serve as the 15th leader
in Campbell’s history — a role that
carries a great responsibility to continue
the legacy of this iconic company.
Having helped shape our strategy in my
previous roles, I am committed
to building upon our strong foundation.
With an exceptional team, amazing
brands and fantastic food, we have
a clear strategy for consistent, profitable
growth that will help us deliver today,
while building for the future.
In fiscal 2025, with resilience and focus,
we navigated a range of macroeconomic
issues — including shifting consumer
behaviors, inflationary pressures and
a rapidly changing trade and regulatory
environment. Despite these headwinds,
we made meaningful progress across
multiple strategic fronts and continued
to evolve our operating model for
long-term success.
Although organic net sales1 declined 1%
as a result of some of these challenges,
adjusted earnings before interest
and taxes1,2 (EBIT) increased 2% primarily
due to the contribution of the Sovos
Brands acquisition, while we had lower
adjusted EBIT in the base business.
Adjusted earnings per share1,2 (EPS)
decreased 4%, primarily due to higher
adjusted net interest expense, partially
offset by the increase in adjusted
EBIT. We continued to generate strong
operating cash flow at $1.1 billion
and remained focused on returning cash
to shareholders with $459 million
in dividends, including a 5% increase
per share that we announced in
the second quarter.
Our Meals & Beverages division is
well-positioned to continue providing
delicious and convenient offerings
with excellent value. In March, we
celebrated the one-year anniversary
of our acquisition of Sovos Brands
which included the premium market-
leading pasta sauce Rao’s. The business
has been fully integrated and was
accretive to earnings per share ahead
of expectations. As at-home cooking
behavior continues in fiscal 2026, we
are capitalizing on the increased
demand for our soups, broths and
sauces and leveraging this trend
to drive growth across the division.
In our Snacks division, we are confident
in the strength of our portfolio and our
long-term growth potential despite short-
term category softness. We have the right
team, brands and innovation pipeline
to return this business to sustainable
growth over time. We are sharpening
our focus on our leading brands and have
implemented a category model to manage
the business, building on the proven
success of the model in our Meals &
Beverages division. We will continue
to drive successful consumer-led
innovation where our brands are well
positioned to win.
To bring it all together and evolve
with the dynamic operating environment,
we launched our new Growth Office to
better leverage our scale. This consumer-
led, brand-powered and food-obsessed
team is focused on elevating core
commercial strengths in consumer
insights, integrated marketing, innovation
and revenue growth management to
drive transformative results and achieve
top-tier performance.
Dear shareholders,
3
4
Mick J. Beekhuizen
President and Chief Executive Officer
We turn the page to fiscal 2026 with
a strong foundation, a focus on execution
and a growth mindset. As consumers
become increasingly intentional in their
food choices, it is more important than
ever that we are equally intentional in how
we engage them. Shifting consumer
behaviors present us with opportunities,
and I’m confident that we have
the right people, the best portfolio and
a clear strategy.
For 156 years, our company has
successfully navigated change of all
kinds, and we will continue to do so —
leveraging our category leadership and
innovation capabilities to keep our
brands at the forefront of consumer
trends. We will continue to invest
in our brands, while maintaining a clear
focus on improving efficiency and
effectiveness across the organization,
to drive sustainable, long-term growth.
Thank you to the entire Campbell’s team,
the Board, our consumers, customers,
suppliers and shareholders. We will
continue to deliver for you.
OUR STRATEGIC PLAN
Deliver for our
CUSTOMERS
Winning
Execution
Deliver for our
PEOPLE
Top
Team
Deliver for our
COMMUNITIES
Lasting
Impact
Deliver for our
SHAREHOLDERS
Top-Tier
Performance
Deliver for our
CONSUMERS
Best
Portfolio
1 These amounts are adjusted for certain items not
considered to be part of the ongoing business.
For a reconciliation of non-GAAP financial measures, see
pages 5 and 6. Percent changes are versus prior year.
2 Fiscal 2025 was a 53-week year. The additional week
is estimated to have contributed 2% each to adjusted
EBIT and adjusted EPS (or $0.06 per share) to fiscal
2025 results.
4
5
FINANCIAL HIGHLIGHTS
(dollars in millions, except per share amounts)
In 2025, Net earnings attributable to The Campbell’s Company were impacted by the following: costs associated with cost savings and optimization
initiatives of $125 million ($96 million after tax, or $.32 per share); gains of $11 million ($8 million after tax, or $.03 per share) associated with unrealized mark-
to-market adjustments on outstanding undesignated commodity hedges; accelerated amortization expense of $20 million ($15 million after tax, or $.05
per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers; $25 million ($34 million after tax,
or $.11 per share) loss on the sales of the Pop Secret popcorn and noosa yoghurt businesses; certain litigation expenses of $5 million ($5 million after tax,
or $.02 per share); impairment charges of $176 million ($131 million after tax, or $.44 per share) related to the Snyder’s of Hanover, Late July and Allied brands
trademarks; insurance recoveries of $1 million ($1 million after tax) related to a cybersecurity incident that was identified in the fourth quarter of fiscal 2023;
and actuarial losses on pension and postretirement plans of $24 million ($18 million after tax, or $.06 per share).
In 2024, Net earnings attributable to The Campbell’s 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); 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; certain litigation expenses
of $5 million ($5 million after tax, or $.02 per share); impairment charges of $129 million ($98 million after tax, or $.33 per share) related to the Pop Secret
and Allied brands trademarks; 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; actuarial losses on pension and postretirement plans of $33 million ($25 million after tax, or $.08 per share); and costs associated
with the acquisition of Sovos Brands, Inc. of $128 million ($109 million after tax, or $.36 per share).
Net sales
(dollars
in millions)
As
Reported
Impact of
Currency
Impact of
Acquisition
2025
(reconciliations continued on opposite page)
$10,253
$17
$(772)
$(166)
$9,332
Estimated
Impact of
53rd Week
Organic
Net Sales
Impact of
Divestiture
Organic
Net Sales
Net Sales,
As Reported
Organic
Net Sales
$(179)
$9,457
As
Reported
$9,636
6%
(1%)
2025
2024
2024
% Change
$10,253
$3,119
30.4%
$1,124
$602
$2.01
Net sales
Gross profit
Percent of net sales
Earnings before interest and taxes
Net earnings attributable to The Campbell’s Company
Per share — diluted
$9,636
$2,971
30.8%
$1,000
$567
$1.89
Net cash provided by operating activities
Capital expenditures
Dividends per share
$1,131
$426
$1.54
$1,185
$517
$1.48
Results of Operations
Other Information
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, divestitures and the additional week in 2025, 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.
6
Net earnings attributable
to The Campbell’s Company
Add: Net earnings (loss) attributable
to noncontrolling interests
Add: Taxes on earnings
Add: Interest, net
Earnings before interest
and taxes (EBIT)
(dollars in millions)
2025
As
Reported
$602
-
194
328
$1,124
Costs Associated
with Cost Savings
and Optimization
Initiatives
$96
-
29
-
$125
Commodity
Mark-to-Market
Gains
$(8)
-
(3)
-
$(11)
Accelerated
Amortization
$15
-
5
-
$20
Charges
Associated
with
Divestitures
$34
-
(9)
-
$25
Pension and
Postretirement
Actuarial Losses
$18
-
6
-
$24
Impairment
Charges
$131
-
45
-
$176
Certain
Litigation
Expenses
$5
-
-
-
$5
Cybersecurity
Incident
Recoveries
$(1)
-
-
-
$(1)
Adjusted
$892
-
267
328
$1,487
Adjusted EBIT percent change 2025/2024
Net earnings attributable
to The Campbell’s 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
Losses
Accelerated
Amortization
Pension and
Postretirement
Actuarial Losses
Impairment
Charges
Cybersecurity
Incident Costs
Adjusted
2024
$567
$83
$109
$16
$20
$25
$98
$2
$925
-
-
-
-
-
-
-
-
-
190
26
19
6
7
8
31
1
288
243
-
(2)
-
-
-
-
-
241
$1,000
$109
$126
$22
$27
$33
$129
$3
$1,454
2%
Certain
Litigation
Expenses
$5
-
-
-
$5
Net earnings attributable to The Campbell’s Company, as reported
Costs associated with cost savings and optimization initiatives
Costs associated with acquisition
Commodity mark-to-market losses (gains)
Accelerated amortization
Impairment charges
Certain litigation expenses
Adjusted Net earnings attributable to The Campbell’s Company*
*The sum of per share amounts may not add due to rounding.
Cybersecurity incident costs (recoveries)
Charges associated with divestitures
Pension and postretirement actuarial losses
Diluted EPS Impact
2025
$2.01
.32
(.03)
.05
$2.97
.11
.44
-
-
.02
.06
Diluted EPS Impact
2024
$1.89
.36
.05
.07
$3.08
.08
.01
.33
.02
-
2025/2024
EPS % Change
(4%)
.28
7
Mick J. Beekhuizen
President and Chief Executive Officer
Carrie L. Anderson
Executive Vice President and
Chief Financial Officer
Charles A. Brawley, III
Executive Vice President, General Counsel
and Corporate Secretary
Risa Cretella
Executive Vice President and President,
Meals & Beverages
Elizabeth M. Duggan
Executive Vice President and President,
Snacks
Janda K. Lukin
Executive Vice President and
Chief Growth Officer
Diane Johnson May
Executive Vice President and
Chief People and Culture Officer
Daniel L. Poland
Executive Vice President and Chief
Enterprise Transformation Officer
Anthony J. Sanzio
Executive Vice President and
Chief Communications Officer
Keith R. McLoughlin
Chair of the Board of The Campbell’s Company
Former Chief Executive Officer of AB Electrolux
Mick J. Beekhuizen
President and Chief Executive Officer of
The Campbell’s 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
Chairwoman of Profitero, Ltd.
Marc B. Lautenbach
Former President and Chief Executive Officer
of Pitney Bowes Inc.
Mary Alice Dorrance Malone, Jr.
Founder and Chief Brand Director
of Malone Souliers
Kurt T. Schmidt
Former President and Chief Executive Officer
of Cronos Group Inc.
Archbold D. van Beuren
Chairman of Brandywine Trust Group
and Retired Senior Vice President
of The Campbell’s Company
BOARD OF DIRECTORS
OPERATING COMMITTEE
(as of October 2025)
(as of October 2025)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
_________________________________________________________________________________
☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended August 3, 2025
or
☐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
THE CAMPBELL'S 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 defined in Rule 405 of the Securities Act. þ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ☐ Yes þ 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. þ Yes ☐ 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). þ Yes ☐ 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
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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 financial 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. ☑
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 financial statements. ☐
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). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐Yes þ No
Based on the closing price on January 24, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter), the
aggregate market value of capital stock held by non-affiliates of the registrant was approximately $7,566,297,331. There were 297,992,525
shares of capital stock outstanding as of September 10, 2025.
Documents Incorporated by Reference
Portions of the Registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III.
TABLE OF CONTENTS
PART I
Item 1. Business
3
Item 1A. Risk Factors
6
Item 1B. Unresolved Staff Comments
14
Item 1C. Cybersecurity
14
Item 2. Properties
16
Item 3. Legal Proceedings
16
Item 4. Mine Safety Disclosures
16
Information about our Executive Officers
17
PART II
Item 5. Market for Registrant’s Capital Stock, Related Shareholder Matters and Issuer Purchases of
Equity Securities
1
Item 6. Reserved
19
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
19
Item 7A. -uantitative and -ualitative Disclosure about Market Risk
39
Item . Financial Statements and Supplementary Data
40
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
5
Item 9A. Controls and Procedures
5
Item 9B. Other Information
5
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
5
PART III
Item 10. Directors, Executive Officers and Corporate #overnance
5
Item 11. Executive Compensation
5
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
Matters
6
Item 13. Certain Relationships and Related Transactions, and Director Independence
6
Item 14. Principal Accountant Fees and Services
6
PART I2
Item 15. Exhibits and Financial Statement Schedules
6
Item 16. Form 10-' Summary
7
Index to Exhibits
Signatures
91
2
PART I
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. Risks and uncertainties
include, but are not limited to, those discussed in "Risk Factors" and in the "Cautionary Factors That May Affect Future
Results" in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Report. Our
consolidated financial statements and the accompanying notes to the consolidated financial statements are presented in
"Financial Statements and Supplementary Data" in this Report.
Item 1. Business
The Company
Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its
consolidated subsidiaries.
3e are a manufacturer and marketer of high-quality, branded food and beverage products. 3e organized as a business
corporation under the laws of New Jersey on November 23, 1922 however, through predecessor organizations, we trace our
heritage in the food business back to 169. Our principal executive offices are in Camden, New Jersey 0103-1799.
On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of
$2.99 billion. For additional information on this acquisition, see Note 3 to the Consolidated Financial Statements.
On May 30, 2023, we completed the sale of our Emerald nuts business. On August 26, 2024, we completed the sale of our
Pop Secret popcorn business. On February 24, 2025, we completed the sale of our noosa yoghurt business. For additional
information on the divestitures, see Note 4 to the Consolidated Financial Statements.
Our operations, including reportable segments, are described below. Our locations, including manufacturing facilities,
within each reporting segment are described in Item 2. Properties.
Reportable Segments
Our reportable segments are:
•
Meals Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S.
and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups Swanson
broth and stocks Pacific Foods broth, soups and non-dairy beverages Prego pasta sauces Pace Mexican sauces
SpaghettiOs pasta Campbell’s gravies, beans and dinner sauces Swanson canned poultry V8 juices and beverages
Campbell's tomato juice and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrRes, frozen pizza and
soups Michael Angelo’s frozen entrRes and pasta sauces and noosa yogurts. The noosa yoghurt business was sold on
February 24, 2025. The segment also includes snacking products in foodservice and Canada and
T
Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish
crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips,
Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also
includes the snacking and meals and beverages retail business in Latin America. The segment also included the results
of our Pop Secret popcorn business, which was sold on August 26, 2024 and our Emerald nuts business, which was
sold on May 30, 2023.
Beginning in 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals
Beverages segment.
3e refer to the following products as our "leadership brands": Campbell's condensed and ready-to-serve soups Chunky
soups Swanson broth, stocks and canned poultry Pacific Foods broth, soups and non-dairy beverages Prego pasta sauces
Pace Mexican sauces V8 juices and beverages Rao's pasta sauces, dry pasta, frozen entrRes, frozen pizza and soups
Pepperidge Farm cookies, crackers and fresh bakery Goldfish crackers Snyder's of Hanover pretzels Lance sandwich
crackers Cape Cod potato chips Kettle Brand potato chips Late July snacks and Snack Factory pretzel crisps.
See Note 7 to the Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" for additional information regarding our reportable segments.
3
Ingredients, Pac(e7se)u7i9>
Cybersecurity Ris< Management and Strategy
Enterprise risk management (ERM) is an integral part of our business processes and our ERM framework considers
cybersecurity risk, alongside other company risks, as part of our overall risk assessment process. 3e follow an industry-leading
14
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. 3e 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. 3e 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.
3e 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. 3e 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. 3e maintain a third-party cyber risk management process to review and monitor
critical suppliers regularly for cybersecurity risk and prescribe remediation activities when necessary.
3e 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. 3e 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. 3e
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 last three years that are reasonably likely to materially affect
the company or its business strategy, results of operations or financial condition. $owever, as discussed in XItem 1A. Risk
Factors,Y specifically the risks under the heading, X3e may be adversely impacted by a disruption, failure or security breach of
our information technology systems,Y 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 GoGernance
3e 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 Digital Technology Officer (CDTO) 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 CDTO 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 CDTO, 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 CDTO, 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 CDTO has over 30 years of information technology experience,
including serving in strategic planning, oversight and global operation of information systems and technology functions for
15
companies in the consumer packaged goods industry. The CISO has over 25 years of information technology experience,
including strategy, execution, and operations of enterprise-wide security programs, including cybersecurity programs, and
global information technology infrastructure programs.
Item 2. 745e79ies
Our principal executive offices are company-owned and located in Camden, New Jersey. The following table sets forth our
principal manufacturing facilities and the reportable segment that primarily uses each of the facilities:
nsi*e9.e$"
7i?4n'
'ss').use99s
enns>1;'ni'
#oodyear (S)
$yannis (S)
Denver (S)
'1i,47ni'
479.'741in'
Downingtown (S)
Dixon (MB)
Charlotte (S)
$anover (S)
Stockton (MB)
Maxton (MB)
#e='s
4nne)9i)u9
.i4
Austin (MB)
Bloomfield (S)
Ashland (S)
Paris (MB)
147i*'
Napoleon (MB)
$9'.
Lakeland (S)
3illard (S)
Richmond (S)
11in4is
7e-4n
&is)4nsin
Downers #rove (S)
Salem (S)
Beloit (S)
n*i'n'
Tualatin (MB)
Franklin (S)
Jeffersonville (S)
Milwaukee (MB)
777777777777777777777777777777
MB - Meals Beverages
S - Snacks
Each of the foregoing manufacturing facilities is company-owned, except the Tualatin, Oregon and Austin, Texas facilities,
which are leased. 3e also maintain principal business unit offices in Doral, Florida $anover, Pennsylvania and Mississauga,
Canada.
3e also own and lease distribution centers across the U.S. 3e believe that our manufacturing and processing plants and
distribution centers are well maintained and, together with facilities operated by our contract manufacturers, are generally
adequate to support the current operations of the businesses.
Item 3. e-'1 74)ee*in-s
Information regarding reportable legal proceedings is contained in Note 1 to the Consolidated Financial Statements and
incorporated herein by reference.
Item 4. ine"',e9>is)14su7es
Not applicable.
16
Information about our ExecutiGe Officers
The section below provides information regarding our executive officers as of September 10, 2025:
Name, Present Title Business Experience
Age
Year First
Appointed
ExecutiGe
Officer
Carrie L. Anderson, Executive 2ice President and Chief Financial Officer. Executive 2ice President and
Chief Financial Officer, Integra LifeSciences $oldings Corporation (2019-2023).
56
2023
Mick J. Beekhuizen, President and Chief Executive Officer. 3e have employed Mr. Beekhuizen in an
executive or managerial capacity for at least five years.
49
2020
Charles A. Brawley, III, Executive 2ice President, #eneral Counsel and Corporate Secretary. 3e have
employed Mr. Brawley in an executive or managerial capacity for at least five years.
60
2023
Risa Cretella, Executive 2ice President and President, Meals Beverages. Executive 2ice President,
#eneral Manager of Rao’s, Sovos Brands, Inc. (201-2024).
46
2025
Elizabeth M. Duggan, Executive 2ice President and President, Snacks. 3e have employed Ms. Duggan in
an executive or managerial capacity for at least five years.
45
2025
Diane Johnson May, Executive 2ice President and Chief People and Culture Officer. Senior 2ice
President, People and Culture, Manpower #roup (2020-2021). Executive 2ice President, Chief $uman
Resources Officer, Brookdale Senior Living (2019-2020).
66
2022
Janda '. Lukin, Executive 2ice President and Chief #rowth Officer. 3e have employed Ms. Lukin in an
executive or managerial capacity for at least five years.
52
2025
Daniel L. Poland, Executive 2ice President and Chief Enterprise Transformation Officer. Chief Operating
Officer, 'IND Snacks (2019-2021).
62
2022
Anthony J. Sanzio, Executive 2ice President and Chief Communications Officer. 3e have employed Mr.
Sanzio in an executive or managerial capacity for at least five years.
57
2022
17
PART II
Item 5 '70e9,47!e-is97'n9@s'5i9'1"94)0!e1'9e*".'7e.41*e7 '99e7s'n*ssue7 u7).'ses4,6ui9>"e)u7i9ies
Marsis4,in'n)i'14n*i9i4n'n*!esu19s4, 5e7'9i4ns
O-ER-IEW
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 financial 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 The Campbell's Company and its
consolidated subsidiaries.
=e)u9i;e"u22'7>
3e are a manufacturer and marketer of high-quality, branded food and beverage products. 3e operate in a highly
competitive industry and experience competition in all of our categories.
In 2025, we continued to advance our key strategic initiatives in a dynamic operating environment marked by shifting
global trade policies, increased regulatory activity, consumer behavior shifts, commodity cost fluctuations and other global
macroeconomic challenges. During 2025, we experienced elevated cost inflation and other supply chain costs, which were
mostly offset by improvements in our supply chain productivity and benefits from our cost savings initiatives. In 2026, we
expect more significant cost pressures primarily driven by tariff impacts. 3e plan to reduce some of these costs and impacts
over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing
opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation
efforts. 3e will continue to evaluate the dynamic macroeconomic environment to take action to mitigate the impact on our
business, financial condition and results of operations.
Strategy
Our strategy is built around four pillars that position us to achieve Top-Tier Performance for our shareholders, as further
discussed below.
T
Top Team: 3e plan to deliver for our people by continuing to cultivate a highly engaged culture to attract, grow and
retain top talent. This includes investing in leadership and development programs and elevating commercial
capabilities that will help us grow. 3e are driving organizational engagement, belonging and effectiveness through our
19
Employee 2alue Proposition, Make history with Campbell’s, and modernizing our facilities. 3e 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.
T
Best Portfolio: 3e believe in delivering for our consumers through consumer-focused marketing efforts and increased
leadership brand support. 3e have created a #rowth Office to support our two divisions and to expand our consumer-
led innovations. 3e believe that we are well-positioned as a transformative category leader with an advantaged
portfolio of brands across our Meals Beverages and Snacks segments. 3e 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.
T
Winning Execution: 3e will focus on delivering for our customers by advancing strategic retailer relationships and
continuing to optimize our manufacturing and distribution network, with a focus on digitization, logistics and
distribution expertise. In September 2024, we announced plans to implement new cost savings initiatives with targeted
annual savings of approximately $250 million by the end of 202. On September 3, 2025, we increased the estimate of
annual ongoing savings, once all phases are implemented, to approximately $375 million by the end of 202. See
"Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information on
these initiatives.
T
Lasting Impact: Finally, we plan to continue to deliver for our communities with continued progress on our
sustainability and community goals and strengthening our connection to the communities in which we operate.
Business "rends
Our industry continues to navigate a dynamic operating and regulatory environment driven by commodity cost volatility,
supply chain pressures, tariffs and shifting global trade policies and other economic uncertainties, as well as evolving consumer
purchasing and spending patterns.
Our strategy is designed, in part, to capture growing consumer preferences for value and convenience. 3e expect
consumers to continue to seek at-home cooking solutions and stretchable meals. 3e also believe that consumers are making
more intentional decisions in snacking, in terms of health and wellness and seeking indulgences.
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.
Tariffs on certain ingredients, inputs and imports from many countries, including Canada, Mexico, members of the
European Union and the United 'ingdom have resulted in increased costs, including on ingredients, packaging, such as tinplate
steel used to make cans and other materials used to produce and distribute our products and on finished products that we import.
3e are continuing to monitor the rapidly evolving tariff and global trade policies and are working with our suppliers to mitigate
potential impacts on our business. The extent and duration of the tariffs and the resulting impact on general economic
conditions and on our business are uncertain and depend on various factors, such as recent legal challenges to the U.S.'s
imposition of tariffs, negotiations between the U.S. and affected countries, the responses of other countries or regions, relief
that may be granted, availability and cost of alternative sources of supply and demand for our products in affected markets.
In addition, in light of recent actions by the United States Department of $ealth and $uman Services, Food and Drug
Administration (FDA) and states, we anticipate continued legislative and regulatory developments with respect to food
ingredients, labeling and packaging at the state and federal levels, along with related changes in consumer expectations and
behavior. In April 2025, the FDA called on industry to phase out all Xpetroleum-based synthetic dyesY from the nation’s food
supply, and in May 2025, the MA$A Commission published an assessment report discussing factors contributing to chronic
childhood disease including diet, environmental exposure, lack of physical activity and healthcare. The MA$A Commission
transmitted its strategy report, setting forth certain recommendations for addressing chronic childhood disease, to the President
in August 2025 and publicly released it in September 2025. 3hile the effects of all of these proposals remain uncertain at this
time, we are continuing to monitor changes to laws and regulations that affect the food industry and evaluate their impact on
our business, financial condition and results of operations.
In 2026, we expect significant cost pressures primarily driven by tariff impacts that could negatively impact our business,
financial condition and results of operations. 3e will continue to evaluate the dynamic macroeconomic environment to take
action to mitigate such impacts.
20
Business Ac6uisition ivestitures
On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of
$2.99 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 May 30, 2023, we completed the sale of our Emerald nuts business. On August 26, 2024, we completed the sale of our
Pop Secret popcorn business. On February 24, 2025, we completed the sale of our noosa yoghurt business. For additional
information on the divestitures, see Note 4 to the Consolidated Financial Statements.
"u22'7>4,!esu19s
This Summary of Results provides significant highlights from the discussion and analysis that follows.
There were 53 weeks in 2025 and 52 weeks in 2024 and 2023.
T
Net sales increased 6 in 2025 to $10.253 billion primarily due to an -point benefit from the acquisition of Sovos
Brands and a 2-point benefit from the 53rd week, partially offset by the impact of divestitures, unfavorable volumemix
and lower net price realization.
T
#ross profit, as a percent of sales, decreased to 30.4 in 2025 from 30. a year ago. The decrease was primarily due
to higher cost inflation and other supply chain costs and unfavorable net price realization, partially offset by the
benefits from supply chain productivity improvements.
T
Earnings per share were $2.01 in 2025, compared to $1.9 a year ago. The current year included expenses of $.97 per
share and the prior year included expenses of $1.19 per share from items impacting comparability as discussed below.
e9'7nin-s'997i(u9'(1e94#.e'25(e11s425'n> 425'7e*
425'7e**e7s4,
'n4;e7
')e
')i,i)
44*s
'9eu1>
Allied
brands
1 increase in the weighted-average cost of capital
$
95 $
65 $
20 $
25 $
5 $
5
1 reduction in revenue growth
$
W $
25 $
5 $
W $
5 $
5
1 decrease in royalty rate
$
15 $
45 $
10 $
30 $
25 $
10
3hile the 1 changes in assumptions would not result in impairment charges on our other trademarks, some changes
would result in a fair value exceeding carrying value by less than 15 for the Lance, Kettle Brand and Cape Cod trademarks.
The estimates of future cash flows used in impairment testing involve significant management judgment, and are based
upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions
and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital
markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions,
operating performance and economic conditions, including the potential impact of tariffs. If our assumptions change or market
conditions decline, potential impairment charges could result.
See also Note 6 to the Consolidated Financial Statements for additional information on goodwill and intangible assets.
Pension and postretirement benefits A 3e provide certain pension and postretirement benefits to employees and retirees.
Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates,
expected return on plan assets, compensation increases, turnover rates and health care trend rates. Independent actuaries, in
accordance with accounting principles generally accepted in the United States, perform the required calculations to determine
expense. Actuarial gains and losses are recognized immediately in Other expenses (income) in the Consolidated Statements of
Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required.
3e use the fair value of plan assets to calculate the expected return on plan assets.
In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate
for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the
plans. 3e use a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the
yield curve used to determine the benefit obligation of the relevant projected cash flows.
The expected return on plan assets is a long-term assumption based upon historical experience and expected future
performance, considering our current and projected investment mix. This estimate is based on an estimate of future inflation,
long-term projected real returns for each asset class and a premium for active management. 3ithin any given fiscal period,
significant differences may arise between the actual return and the expected return on plan assets. #ains and losses resulting
from differences between actual experience and the assumptions are determined at each measurement date.
36
As of August 3, 2025, we have a pension liability of $9 million and a postretirement benefit obligation of $127 million.
As of August 3, 2025, we also have a pension asset of $12 million based on the funded status of certain plans.
Net periodic pension and postretirement benefit expense (income) and actuarial losses (gains) included within net periodic
pension and benefit expense (income) were as follows:
(Millions)
2025
2024
2023
Total net periodic pension and postretirement benefit expense (income)
24 $
39 $
(22)
Actuarial losses (gains)
24 $
33 $
(15)
The actuarial losses recognized in 2025 were primarily due to gains on plan assets that were less than the expected return,
partially offset by increases in the discount rates used to determine the benefit obligation and plan experience. 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.
Significant weighted-average assumptions as of the end of the year were as follows:
2025
2024
2023
Pension
Discount rate for benefit obligations
5.41
5.2
5.46
Expected return on plan assets
6.63
6.40
6.3
Postretirement
Discount rate for obligations
5.26
5.23
5.47
Based on benefit obligations and plan assets as of August 3, 2025, estimated sensitivities to 2026 annual net periodic
pension and postretirement cost are as follows:
T a 50-basis-point increase in the discount rate would result in expense of approximately $4 million and would result in
an immediate actuarial gain recognition of approximately $39 million
T 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 $43 million and
T 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 2025, 2024 and 2023 and are not expected to be material in 2026.
See also Note 10 to the Consolidated Financial Statements for additional information on pension and postretirement
benefits.
ncome ta=es A 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. 2aluation 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.
37
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.
3e 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 SEC 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:
T
declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the
impact and application of new or changes to existing governmental laws, regulations, and policies
T
the risks associated with imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners
T
the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials,
commodities, packaging and transportation, including those related to tariffs
T
disruptions in or inefficiencies to our supply chain andor operations, including reliance on key contract manufacturer
and supplier relationships
•
our ability to execute on and realize the expected benefits from our strategy, including sales growth in andor
maintenance of our market share position in snacks, soups, sauces and beverages
T
the impact of strong competitive responses to our efforts to leverage brand power with product innovation,
promotional programs and new advertising
T
the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products
and pricing and promotional strategies
T
changes in consumer demand for our products and favorable perception of our brands
T
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 to the extent anticipated
T
our ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent
acquisitions
T
risks related to the effectiveness of our hedging activities and our ability to respond to volatility in commodity prices
T
our ability to manage changes to our organizational structure andor business processes, including selling, distribution,
manufacturing and information management systems or processes
T
changing inventory management practices by certain of our key customers
T
a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of
our key customers maintain significance to our business
T
product quality and safety issues, including recalls and product liabilities
T
the possible disruption to the independent contractor distribution models used by certain of our businesses, including
as a result of litigation or regulatory actions affecting their independent contractor classification
T
the uncertainties of litigation and regulatory actions against us
T
a disruption, failure or security breach of our or our vendors' information technology systems, including ransomware
attacks
T
impairment to goodwill or other intangible assets
T
our ability to protect our intellectual property rights
T
increased liabilities and costs related to our defined benefit pension plans
T
our ability to attract and retain key talent
T
goals and initiatives related to, and the impacts of, climate change, including from weather-related events
3
T
the costs, disruption and diversion of management's attention associated with activist investors
T
our indebtedness and ability to pay such indebtedness and
T
unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical
conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities.
This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact
our outlook. 3e disclaim any obligation or intent to update forward-looking statements made by us in order to reflect new
information, events or circumstances after the date they are made.
Item 7A. u'n9i9'9i;e'n* u'1i9'9i;eis)14su7e(4u9 '70e9!is0
The information presented in the section entitled "Management’s Discussion and Analysis of Financial Condition and
Results of Operations W Market Risk Sensitivity" is incorporated herein by reference.
39
Item 8. in'n)i'1"9'9e2en9s'n*"u551e2en9'7>'9'
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Earnings
41
Consolidated Statements of Comprehensive Income
42
Consolidated Balance Sheets
43
Consolidated Statements of Cash Flows
44
Consolidated Statements of Equity
45
Notes to Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
46
Note 2. Recent Accounting Pronouncements
4
Note 3. Acquisition
49
Note 4. Divestitures
50
Note 5. Accumulated Other Comprehensive Income (Loss)
51
Note 6. #oodwill and Intangible Assets
52
Note 7. Segment Information
53
Note . Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives
55
Note 9. Earnings per Share
5
Note 10. Pension and Postretirement Benefits
5
Note 11. Leases
63
Note 12. Taxes on Earnings
65
Note 13. Short-term Borrowings and Long-term Debt
67
Note 14. Financial Instruments
69
Note 15. Fair 2alue Measurements
72
Note 16. Shareholders' Equity
74
Note 17. Stock-based Compensation
74
Note 1. Commitments and Contingencies
77
Note 19. Supplier Finance Program Obligations
7
Note 20. Supplemental Financial Statement Data
79
Management’s Report on Internal Control Over Financial Reporting
2
Report of Independent Registered Public Accounting Firm
3
40
THE CAMPBELL'S COMPANY
Consolidated Statements of Earnings
(millions, except per share amounts)
2025
2024
2023
53 weee'7 4s9 "';in-s ni9i'9i;es 'n* "n>*e7s'n)e n) "n>*e7s'n)e 4s9 #7'ns,472'9i4n 74-7'2 'n*
n9e-7'9i4n
Continuing Operations
Beginning in 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.
Over the years, we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks, as
well as our information technology infrastructure.
On March 26, 201, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a
cost transformation program following a comprehensive review of its operations with the goal of significantly improving its
financial performance. 3e continued to implement this program and identified opportunities for additional cost synergies as we
integrated Snyder's-Lance.
In 2022, we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and
manufacturing network and through effective cost management. In the second quarter of 2023, we announced plans to
consolidate our Snacks offices in Charlotte, North Carolina, and Norwalk, Connecticut, into our headquarters in Camden, New
Jersey.
A summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiatives is as
follows:
(Millions)
2024
2023
Total Program
Restructuring charges
$
17 $
16 $
297
Administrative expenses
54
24
437
Cost of products sold
26
1
12
Marketing and selling expenses
4
5
23
Research and development expenses
3
3
10
Total pre-tax charges
$
104 $
66 $
95
55
A summary of the pre-tax costs associated with these initiatives is as follows:
(Millions)
Total Program
Severance pay and benefits
$
253
Asset impairmentaccelerated depreciation
134
Implementation costs and other related costs
50
Total
$
95
Of the aggregate $95 million pre-tax costs incurred, approximately $720 million were cash expenditures.
Segment operating results do not include restructuring charges, implementation costs and other related costs because we
evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows:
(Millions)
Total Program
Meals Beverages
$
2
Snacks
33
Corporate
224
Total
$
95
As of July 2, 2024, we substantially completed the multi-year cost savings initiatives and Snyder's-Lance cost
transformation program and integration. Certain phases that had not been fully implemented were incorporated into the 2025
cost savings initiatives described below.
"4;4sB7'n*sn9e-7'9i4nni9i'9i;es
On March 12, 2024, we completed the acquisition of Sovos Brands. See Note 3 for additional information. 3e identified
opportunities for cost synergies as we integrate Sovos Brands.
In 2024, we recorded Restructuring charges of $21 million for severance pay and benefits related to initiatives to achieve
the synergies. The charges incurred in 2024 were associated with the Meals Beverages segment.
In 2025, the initiatives to achieve synergies were incorporated into the cost savings initiatives described below.
4s9"';in-sni9i'9i;es
On September 10, 2024, we announced plans to implement cost savings initiatives beginning in 2025, including initiatives
to further optimize our supply chain and manufacturing network, optimization of our information technology infrastructure and
targeted cost management. 3e also identified additional opportunities for cost synergies as we integrate Sovos Brands. As
mentioned above, we substantially completed our previous multi-year cost savings initiatives and Snyder's-Lance cost
transformation program and integration. Certain initiatives from that program have been incorporated into our 2025 cost
savings initiatives. Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be
developed.
A summary of the pre-tax charges recorded in the Consolidated Statement of Earnings related to these initiatives is as
follows:
(Millions)
2025
Restructuring charges
$
24
Administrative expenses
41
Cost of products sold
32
Marketing and selling expenses
4
Research and development expenses
3
Total pre-tax charges
$
104
56
A summary of the pre-tax costs associated with the initiatives is as follows:
(Millions)
RecogniKed as of
August 3, 2025
Severance pay and benefits
$
24
Asset impairmentaccelerated depreciation
31
Implementation costs and other related costs
49
Total
$
104
The total estimated pre-tax costs for actions that have been identified to date are approximately $215 million, and we
expect to incur substantially all of the costs through 202. These estimates will be updated as the detailed plans are developed.
3e expect the costs for the actions that have been identified to date to consist of the following: approximately $30 million
in severance pay and benefits approximately $55 million in asset impairment and accelerated depreciation and approximately
$130 million in implementation costs and other related costs. 3e expect these pre-tax costs to be associated with our segments
as follows: Meals Beverages - approximately 71 Snacks - approximately 11 and Corporate - approximately 1.
Of the aggregate $215 million of pre-tax costs identified to date, we expect approximately $155 million will be cash
expenditures. In addition, we expect to invest approximately $205 million in capital expenditures, of which we invested
$147 million as of August 3, 2025. The capital expenditures primarily relate to optimization of production within our
manufacturing network, optimization of information technology infrastructure and applications and implementation of our
existing SAP enterprise-resource planning system for Sovos Brands.
A summary of the restructuring activity and related reserves is as follows:
(Millions)
SeGerance
Pay and
Benefits
Implementation
Costs and
Other Related
Costs(3)
Asset
Impairment
Accelerated
Depreciation
Other
Non-Cash
Exit
Costs(4)
Total
Charges
Accrued balance at July 2, 2024(1)
$
36
2025 charges
24
47
31
2
104
2025 cash payments
(27)
Accrued balance at August 3, 2025(2)
33
777777777777777777777777777777777777777777
(1)
Associated with the multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration,
and the Sovos Brands integration initiatives described above. Includes $12 million of severance pay and benefits recorded
in Other liabilities in the Consolidated Balance Sheet.
(2)
Includes $14 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.
(3)
Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance
Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and
Research and development expenses in the Consolidated Statements of Earnings.
(4)
Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.
Segment operating results do not include restructuring charges, implementation costs and other related costs because we
evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows:
(Millions)
2025
Meals Beverages
$
74
Snacks
14
Corporate
16
Total
$
104
9.e7 59i2i?'9i4nni9i'9i;es
In the second quarter of 2024, we began implementation of an initiative to improve the effectiveness of our Snacks direct-
store-delivery route-to-market network. Pursuant to this initiative we will purchase certain Pepperidge Farm and Snyder's-
Lance routes where there are opportunities to unlock greater scale in select markets, combine them and sell the combined routes
to independent contractor distributors. 3e expect to execute this program in a staggered rollout and to incur expenses of up to
approximately $115 million through 2029. In 2025, we incurred $20 million in Marketing and selling expenses and $1 million
in Administrative expenses related to this initiative. In 2024, we incurred $5 million in Marketing and selling expenses related
57
to this initiative As of August 3, 2025, we have incurred $25 million in Marketing and selling expenses and $1 million in
Administrative expenses related to this initiative.
9. Earnings per Share (EPS)
For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming
dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options
and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for
2025 excludes approximately 1 million stock options that would have been antidilutive. The earnings per share calculation for
2024 and 2023 excludes less than 1 million stock options that would have been antidilutive.
10. Pension and Postretirement Benefits
Pension Benefits A 3e sponsor a number of noncontributory defined benefit pension plans to provide retirement benefits
to eligible U.S. and non-U.S. employees. The benefits provided under these plans are based primarily on years of service and
compensation levels. Benefits are paid from funds previously provided to trustees or are paid directly by us from general funds.
In 1999, we implemented significant amendments to certain U.S. pension plans. Under a new formula, retirement benefits are
determined based on percentages of annual pay and age. To minimize the impact of converting to the new formula, service and
earnings credit continued to accrue for fifteen years for certain active employees participating in the plans under the old formula
prior to the amendments. Employees will receive the benefit from either the new or old formula, whichever is higher. Effective
as of January 1, 2011, our U.S. pension plans were amended so that employees hired or rehired on or after that date and who are
not covered by collective bargaining agreements will not be eligible to participate in the plans. All collective bargaining units
adopted this amendment by December 31, 2011.
In June 2023, we settled $245 million of our pension benefit obligations associated with approximately 6,000 retired
participants that were receiving benefits within our U.S. defined benefit pension plans. A group annuity contract was purchased
on behalf of these participants with a third-party insurance provider and funded directly by $241 million from the assets of our
pension plans, resulting in an actuarial gain of $4 million.
Postretirement Benefits A 3e provide postretirement benefits, including health care and life insurance to eligible retired
U.S. employees, and where applicable, their dependents. Accordingly, we sponsor a retiree medical program for eligible retired
U.S. employees and fund applicable retiree medical accounts intended to provide reimbursement for eligible health care
expenses on a tax-favored basis for retirees who satisfy certain eligibility requirements. Effective as of January 1, 2019, we no
longer sponsor our own retiree medical coverage for substantially all retired U.S. employees that are Medicare eligible. Instead,
we offer these Medicare-eligible retirees access to health care coverage through a private exchange and offer a health
reimbursement account to subsidize benefits for a select group of such retirees. 3e also provide postretirement life insurance to
all eligible U.S. employees who retired prior to January 1, 201, as well as certain eligible retired employees covered by one of
our collective bargaining agreements who retired prior to January 1, 2023.
Determining net periodic benefit expense (income) is dependent on various actuarial assumptions, including discount rates,
expected return on plan assets, compensation increases, turnover rates and health care trend rates. Actuarial gains and losses are
recognized immediately in Other expenses (income) in the Consolidated Statements of Earnings as of the measurement date,
which is our fiscal year end, or more frequently if an interim remeasurement is required. 3e use the fair value of plan assets to
calculate the expected return on plan assets.
4254nen9s4,ne95e7i4*i)(ene,i9e=5ensein)42ee'7
Pension
Postretirement
2025
2024
2025
2024
Discount rate
5.41
5.2
5.26
5.23
Rate of compensation increase
3.23
3.23
3.25
3.25
Interest crediting rate
4.00
4.00
Not applicable
&ei-.9e*';e7'-e'ssu259i4nsuse*94*e9e72inene95e7i4*i)(ene,i9)4s9,479.e>e'7sen*e*
Pension
2025
2024
2023
Discount rate
5.28
5.46
5.03
Expected return on plan assets
6.40
6.3
6.40
Rate of compensation increase
3.23
3.23
3.23
Interest crediting rate
4.00
4.00
4.00
The discount rate is established as of the measurement date. In establishing the discount rate, we review published market
indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-
quality bond yield curves to the expected benefit payments of the plans. The expected return on plan assets is a long-term
assumption based upon historical experience and expected future performance, considering our current and projected
investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class
and a premium for active management.
The discount rate used to determine net periodic postretirement expense was 5.23 in 2025, 5.47 in 2024, and 4.4 in
2023.
ssu2e*.e'19.)'7e)4s997en*7'9es'99.een*4,9.e>e'7
2025
2024
$ealth care cost trend rate assumed for next year
6.50
6.50
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
5.00
5.00
Year that the rate reaches the ultimate trend rate
2032
2030
ensi4n 1'nsse9s
The fundamental goal underlying the investment policy is to ensure that the assets of the plans are invested in a prudent
manner to earn a rate of return over time to meet the obligations of the plans as these obligations come due. The primary
investment objectives include providing a total return which will promote the goal of benefit security by attaining an
appropriate ratio of plan assets to plan obligations, to provide for real asset growth while also tracking plan obligations, to
diversify investments across and within asset classes, to reduce volatility of pension assets relative to pension liabilities, and to
follow investment practices that comply with applicable laws and regulations.
The primary policy objectives will be met by investing assets to achieve a reasonable tradeoff between return and risk
relative to plan obligations, including investing a portion of the assets in funds selected in part to hedge the interest rate
sensitivity to plan obligations.
The portfolio includes investments in the following asset classes: fixed income, equity, real estate and alternatives. Fixed
income investments provide a moderate expected return and hedge the exposure to interest rate risk of the plans’ obligations.
Equities are used for their high expected return. Additional asset classes are used to provide diversification.
Asset allocation is monitored on an ongoing basis relative to the established asset class targets. The interaction between
plan assets and benefit obligations is periodically studied to assist in the establishment of strategic asset allocation targets. A
key element of our investment strategy is to reduce our funded status risk in part through appropriate asset allocation within our
plan assets. The investment policy permits variances from the targets within certain parameters. Asset rebalancing occurs when
the underlying asset class allocations move outside these parameters, at which time the asset allocation is rebalanced back to the
policy target weight.
60
Our year-end pension plan weighted-average asset allocations by category were:
Strategic
Target
2025
2024
Equity securities
20
20
20
Debt securities
74
74
73
Real estate and other
6
6
7
Total
100
100
100
Pension plan assets are categorized based on the following fair value hierarchy:
T
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
T
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through
corroboration with observable market data.
T
Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would
use in pricing the asset or liability.
The following table presents our pension plan assets by asset category at August 3, 2025, and July 2, 2024:
Fair
-alue
as of
August 3,
2025
Fair -alue Measurements at
August 3, 2025 Using
Fair -alue Hierarchy
Fair
-alue
as of
July 28,
2024
Fair -alue Measurements at
July 28, 2024 Using
Fair -alue Hierarchy
(Millions)
LeGel 1
LeGel 2
LeGel 3
LeGel 1
LeGel 2
LeGel 3
Short-term investments
2
2
M
M $
3 $
1 $
2 $
W
Equities:
U.S.
1
M
1
M
1
W
1
W
Corporate bonds:
U.S.
410
M
410
M
416
W
416
W
Non-U.S.
81
M
81
M
5
W
5
W
#overnment and agency bonds:
U.S.
302
M
302
M
326
W
326
W
Non-U.S.
23
M
23
M
16
W
16
W
Municipal bonds
3
M
3
M
4
W
4
W
Mortgage and asset backed securities
7
M
7
M
W
W
W
W
Real estate
M
M
M
M
1
W
W
1
$edge funds
4
M
M
4
7
W
W
7
Derivative assets
M
M
M
M
1
W
1
W
Derivative liabilities
M
M
M
M
(1)
W
(1)
W
Total assets at fair value
833
2
827
4 $
59 $
1 $
50 $
Investments measured at net asset
value:
Short-term investments
27
$
46
Commingled equity funds
244
259
Commingled fixed income funds
79
77
Real estate
68
65
Total investments measured at net
asset value:
418
$
447
Other items to reconcile to fair value
(7)
1
Total pension plan assets at fair value
1,244
$ 1,307
Shortterm investments A Investments include cash and cash equivalents, and various short-term debt instruments and
short-term investment funds. Institutional short-term investment vehicles valued daily are classified as Level 1 at cost which
approximates market value. Short-term debt instruments are classified at Level 2 and are valued based on bid quotations and
recent trade data for identical or similar obligations. Other investments valued based upon net asset value are included as a
reconciling item to the fair value table.
61
6uities A #enerally common stocks and preferred stocks are classified as Level 1 and are valued using quoted market
prices in active markets.
Corporate bonds A These investments are valued based on quoted market prices, yield curves and pricing models using
current market rates.
Government and agency bonds A These investments are generally valued based on bid quotations and recent trade data for
identical or similar obligations.
Municipal bonds A These investments are valued based on quoted market prices, yield curves and pricing models using
current market rates.
Mortgage and asset backed securities A These investments are valued based on prices obtained from third party pricing
sources. The prices from third party pricing sources may be based on bid quotes from dealers and recent trade data. Mortgage
backed securities are traded in the over-the-counter market.
Real estate A Real estate investments consist of property funds and commingled funds primarily invested in publicly listed
infrastructure securities and publicly traded real estate securities. Real estate investments are valued based on the net asset
values of such funds and included as a reconciling item to the fair value table.
Hedge funds A $edge fund investments include hedge funds valued based upon a net asset value derived from the fair
value of underlying securities. $edge fund investments that are subject to liquidity restrictions or that are based on
unobservable inputs are classified as Level 3. $edge fund investments may include long and short positions in equity and fixed
income securities, derivative instruments such as futures and options, commodities and other types of securities. $edge fund
investments valued at net asset value are included as a reconciling item to the fair value table.
erivatives A Derivative financial instruments include forward currency contracts, futures contracts, options contracts,
interest rate swaps and credit default swaps. Derivative financial instruments are classified as Level 2 and are valued based on
observable market transactions or prices.
Commingled funds A Investments in commingled funds are not traded in active markets. Commingled funds are valued
based on the net asset values of such funds and are included as a reconciling item to the fair value table.
Other items to reconcile to fair value of plan assets included amounts due for securities sold, amounts payable for securities
purchased and other payables.
The following table summarizes the changes in fair value of Level 3 investments for the years ended August 3, 2025, and
July 2, 2024:
(Millions)
Real Estate
Hedge Funds
Total
Fair Galue at July 28, 2024
1
7
8
Actual return on plan assets
M
(1)
(1)
Purchases, sales and settlements, net
(1)
(2)
(3)
Transfers out of LeGel 3
M
M
M
Fair Galue at August 3, 2025
M
4
4
(Millions)
Real Estate
Hedge Funds
Total
Fair value at July 30, 2023
$
1 $
$
9
Actual return on plan assets
W
(1)
(1)
Purchases, sales and settlements, net
W
W
W
Transfers out of Level 3
W
W
W
Fair value at July 2, 2024
$
1 $
7 $
s9i2'9e*,u9u7e(ene,i95'>2en9s'7e's,4114=).'n-e!is0
3e are exposed to foreign currency exchange risk, primarily the Canadian dollar and Euro, related to intercompany
transactions and third-party transactions. 3e utilize foreign exchange forward and option contracts to hedge these exposures.
The contracts are either designated as cash-flow hedging instruments or are undesignated. 3e hedge portions of our forecasted
foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 1 months. The
notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $13 million as of
August 3, 2025, and $10 million as of July 2, 2024. Changes in the fair value on the portion of the derivative included in the
assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are
affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair
value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and
rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the
earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from
the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive
income (loss). The notional amount of foreign exchange forward contracts and option contracts that are not designated as
accounting hedges was $413 million as of August 3, 2025, and $19 million as of July 2, 2024.
n9e7es9!'9e!is0
3e 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. 3e
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. The forward starting
interest rate swaps or treasury lock contracts are either designated as cash-flow hedging instruments or are undesignated.
Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges
are recorded in other comprehensive income (loss), and reclassified into Interest expense over the life of the debt issued. The
change in fair value on undesignated instruments is recorded in Interest expense. In conjunction with the issuance of senior
unsecured notes on October 2, 2024, due on March 23, 2035, we settled forward starting interest rate swaps with a notional
value of $700 million at a gain of less than $1 million. 3e settled forward starting interest rate swaps with a notional value of
$1.1 billion in March 2024 at a loss of $11 million. The gains and losses on these instruments were recorded in other
comprehensive income (loss) and will be recognized in Interest expense over the respective lives of the debt. There were no
forward starting interest rate swaps or treasury lock contracts outstanding as of August 3, 2025 and July 2, 2024.
4224*i9> 7i)e!is0
3e principally use a combination of purchase orders and various short- and long-term supply arrangements in connection
with the purchase of raw materials, including certain commodities and agricultural products. 3e also enter into commodity
futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, natural gas, soybean oil,
cocoa, aluminum, soybean meal and corn. Commodity futures, options and swap contracts are either designated as cash-flow
hedging instruments or are undesignated. 3e hedge a portion of commodity requirements for periods typically up to 1 months.
There were no commodity contracts designated as cash-flow hedges as of August 3, 2025 or July 2, 2024. The notional
amount of commodity contracts not designated as accounting hedges was $14 million as of August 3, 2025, and $200 million
as of July 2, 2024. The change in fair value on undesignated instruments is recorded in Cost of products sold.
3e have a supply contract under which prices for certain raw materials are established based on anticipated volume
requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the
raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative
requiring bifurcation. 3e net settle amounts due under the contract with our counterparty. The notional amount was
approximately $49 million as of August 3, 2025, and $4 million as of July 2, 2024. The change in fair value on the embedded
derivative is recorded in Cost of products sold.
70
e,e77e*425ens'9i4n (1i-'9i4n 7i)e!is0
3e enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred
compensation obligations. These contracts are not designated as hedges for accounting purposes. Unrealized gains (losses) and
settlements are included in Administrative expenses in the Consolidated Statements of Earnings. 3e enter into these contracts
for periods typically not exceeding 12 months. The notional amounts of the contracts as of August 3, 2025, and July 2, 2024,
were $76 million and $71 million, respectively.
The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated
Balance Sheets as of August 3, 2025, and July 2, 2024:
(Millions)
Balance Sheet Classification
2025
2024
Asset DeriGatiGes
Derivatives designated as hedges:
Foreign exchange contracts
Other current assets
M $
2
Total derivatives designated as hedges
M $
2
Derivatives not designated as hedges:
Commodity contracts
Other current assets
12 $
6
Deferred compensation contracts
Other current assets
1
3
Foreign exchange contracts
Other current assets
2
W
Total derivatives not designated as hedges
15 $
9
Total asset derivatives
15 $
11
(Millions)
Balance Sheet Classification
2025
2024
Liability DeriGatiGes
Derivatives designated as hedges:
Foreign exchange contracts
Accrued liabilities
3 $
W
Total derivatives designated as hedges
3 $
W
Derivatives not designated as hedges:
Commodity contracts
Accrued liabilities
11 $
16
Total derivatives not designated as hedges
11 $
16
Total liability derivatives
14 $
16
3e do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally
subject to enforceable netting agreements. $owever, if we were to offset and record the asset and liability balances of
derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of August 3, 2025, and July 2, 2024,
would be adjusted as detailed in the following table:
2025
2024
(Millions)
Gross Amounts
Presented in
the
Consolidated
Balance Sheet
Gross Amounts
Not Offset in
the
Consolidated
Balance Sheet
Sub;ect to
Netting
Agreements
Net Amount
Gross Amounts
Presented in
the
Consolidated
Balance Sheet
Gross Amounts
Not Offset in
the
Consolidated
Balance Sheet
Sub;ect to
Netting
Agreements
Net Amount
Total asset derivatives
15
(5)
10 $
11 $
(1) $
10
Total liability derivatives
14
(5)
9 $
16 $
(1) $
15
3e are required to maintain cash margin accounts in connection with funding the settlement of open positions for
exchange-traded commodity derivative instruments. A cash margin liability balance of less than $1 million at August 3, 2025,
and an asset balance of $2 million at July 2, 2024, were included in Accrued liabilities and Other current assets, respectively,
in the Consolidated Balance Sheets.
71
The following table shows the effect of our derivative instruments designated as cash-flow hedges in other comprehensive
income (loss) (OCI) and the Consolidated Statements of Earnings:
Total Cash-Flow Hedge
OCI ActiGity
(Millions)
2025
2024
2023
OCI derivative gain (loss) at beginning of year
(11) $
(5) $
W
Effective portion of changes in fair value recognized in OCI:
Foreign exchange contracts
(3)
6
5
Forward starting interest rate swaps
M
(11)
W
Amount of loss (gain) reclassified from OCI to earnings:
Location in Earnings
Commodity contracts
Cost of products sold
M
W
(3)
Foreign exchange contracts
Cost of products sold
(3)
(3)
()
Forward starting interest rate swaps
Interest expense
3
2
1
OCI derivative gain (loss) at end of year
(14) $
(11) $
(5)
Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a
loss of $6 million.
The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings in which
the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these
line items:
2025
2024
2023
(Millions)
Cost of
products
sold
Interest
expense
Cost of
products
sold
Interest
expense
Cost of
products
sold
Interest
expense
Consolidated Statements of Earnings
7,134
345 $ 6,665 $
249 $ 6,440 $
1
Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings
(3)
3 $
(3) $
2 $
(11) $
1
The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach
was not material in all periods presented.
The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated
Statements of Earnings:
(Millions)
Location of Loss (Gain)
RecogniKed in Earnings
2025
2024
2023
Foreign exchange contracts
Cost of products sold
(3) $
(1) $
W
Commodity contracts
Cost of products sold
(10)
14
(27)
Deferred compensation contracts
Administrative expenses
(9)
()
(4)
Total
(22) $
5 $
(31)
15. Fair -alue Measurements
3e categorize financial assets and liabilities based on the following fair value hierarchy:
T
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
T
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through
corroboration with observable market data.
T
Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would
use in pricing the asset or liability.
Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants as of the measurement date. 3hen available, we use unadjusted quoted
market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base
fair value upon internally developed models that use current market-based or independently sourced market parameters such as
72
interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and
nonperformance risk.
sse9s'n*i'(i1i9ies e'su7e*'9'i7%'1ue4n'!e)u77in-B'sis
The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis
consistent with the fair value hierarchy:
Fair -alue
as of
August 3,
2025
Fair -alue Measurements at
August 3, 2025 Using
Fair -alue Hierarchy
Fair -alue
as of
July 28,
2024
Fair -alue Measurements at
July 28, 2024 Using
Fair -alue Hierarchy
(Millions)
LeGel 1
LeGel 2
LeGel 3
LeGel 1
LeGel 2
LeGel 3
Assets
Foreign exchange
contracts(1)
2
M
2
M $
2 $
W $
2 $
W
Commodity
derivative
contracts(2)
12
1
8
3
6
W
1
5
Deferred
compensation
derivative
contracts(3)
1
M
1
M
3
W
3
W
Deferred
compensation
investments(4)
1
1
M
M
1
1
W
W
Total assets at fair
value
16
2
11
3 $
12 $
1 $
6 $
5
Fair -alue
as of
August 3,
2025
Fair -alue Measurements at
August 3, 2025 Using
Fair -alue Hierarchy
Fair -alue
as of
July 28,
2024
Fair -alue Measurements at
July 28, 2024 Using
Fair -alue Hierarchy
(Millions)
LeGel 1
LeGel 2
LeGel 3
LeGel 1
LeGel 2
LeGel 3
Liabilities
Foreign exchange
contracts(1)
3
M
3
M $
W $
W $
W $
W
Commodity
derivative
contracts(2)
11
M
7
4
16
1
15
W
Deferred
compensation
obligation(4)
102
102
M
M
101
101
W
W
Total liabilities at
fair value
116
102
10
4 $
117 $
102 $
15 $
W
77777777777777777777777777777777777777
(1)
Based on observable market transactions of spot currency rates and forward rates.
(2)
Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the
marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires
management’s own assumptions within an internally developed model.
(3)
Based on equity and fixed income index swap rates.
(4)
Based on the fair value of the participants’ investments.
The following table summarizes the changes in fair value of Level 3 assets:
(Millions)
2025
2024
Fair value at beginning of year
5 $
2
#ains (losses)
(3)
13
Settlements
(3)
(10)
Fair value at end of year
(1) $
5
9e2s e'su7e*'9'i7%'1ue4n' 4n7e)u77in-B'sis
In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure
certain items at fair value on a nonrecurring basis.
73
In the fourth quarter of 2024, we recognized impairment charges on certain trademarks in our Snacks segment. In the
second and third quarters of 2025, we performed interim impairment assessments on certain trademarks in our Snacks segment.
See also Note 6 for additional information on the impairment charges.
Fair value was determined based on unobservable Level 3 inputs. The fair value of trademarks was determined based on
discounted cash flow analysis that involves significant management assumptions such as expected revenue growth rates,
assumed royalty rates and weighted-average costs of capital.
The following table presents fair value measurements of the trademarks:
March 2025
December 2024
May 2024
(Millions)
Impairment
Charge
Fair -alue
Impairment
Charges
Fair -alue
Impairment
Charges
Fair -alue
Snyder's of Hanover
150
470
Late July
11
47
Allied brands
15
28 $
53 $
43
Pop Secret
$
76 $
2
'i7%'1ue4,in'n)i'1ns97u2en9s
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value. Cash
equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. There were
no cash equivalents with fair value based on Level 2 inputs at August 3, 2025. There were $25 million of cash equivalents with
fair value based on Level 2 inputs at July 2, 2024.
The fair value of short- and long-term debt was $6.545 billion at August 3, 2025, and $6.66 billion at July 2, 2024. The
carrying value was $6.57 billion at August 3, 2025, and $7.14 billion at July 2, 2024. The fair value of long-term debt is
principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.
16. Shareholders' EBuity
3e have authorized 560 million shares of Capital stock with $.0375 par value and 40 million shares of Preferred stock,
issuable in one or more classes, with or without par as may be authorized by the Board of Directors. No Preferred stock has
been issued.
".'7e!e5u7).'se 74-7'2s
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 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. The September 2024 program replaced an anti-dilutive share
repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated.
In 2025, we repurchased 1.303 million shares at a cost of $62 million pursuant to our anti-dilutive share repurchase
program. In 2024 and 2023, we repurchased 1.56 million shares at a cost of $67 million and 2.69 million shares at a cost of
$142 million, respectively. As of August 3, 2025, approximately $19 million remained available under the September 2024
program and approximately $301 million remained under the September 2021 program.
17. Stoc<-based Compensation
In 2005, shareholders approved the 2005 Long-Term Incentive Plan, which authorized the issuance of 6 million shares to
satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stockunits (including performance
restricted stock) and performance units. In 200, shareholders approved an amendment to the 2005 Long-Term Incentive Plan
to increase the number of authorized shares to 10.5 million and in 2010, shareholders approved another amendment to the 2005
Long-Term Incentive Plan to increase the number of authorized shares to 17.5 million. In 2015, shareholders approved the 2015
Long-Term Incentive Plan, which authorized the issuance of 13 million shares. Approximately 6 million of these shares were
shares that were currently available under the 2005 plan and were incorporated into the 2015 Plan upon approval by
shareholders. In 2022, shareholders approved the 2022 Long-Term Incentive Plan, which authorized the issuance of 12 million
shares to satisfy awards of stock options, stock appreciation rights, unrestricted stock, restricted stockunits (including
performance restricted stock) and performance units. The 2022 Long-Term Incentive Plan replaced the 2015 Long-Term
74
Incentive Plan and no new awards can be granted under the 2015 Long-Term Incentive Plan and none of the shares that remain
available under the 2015 Long-Term Incentive Plan are available for issuance under the 2022 Long-Term Incentive Plan.
Awards under Long-Term Incentive Plans may be granted to employees and directors. Pursuant to the Long-Term
Incentive Plan, we adopted a long-term incentive compensation program which provides for grants of total shareholder return
(TSR) performance restricted stockunits, EPS performance restricted stockunits, strategic performance restricted stockunits,
time-lapse restricted stockunits, special performance restricted stockunits, free cash flow (FCF) performance restricted stock
units and unrestricted stock. Under the program, awards of TSR performance restricted stockunits will be earned by comparing
our total shareholder return during a three-year period to the respective total shareholder returns of companies in a performance
peer group. Based upon our ranking in the performance peer group after the relevant three-year performance period, a recipient
of TSR performance restricted stockunits may earn a total award ranging from 0 to 200 of the initial grant. Awards of EPS
performance restricted stockunits granted beginning in 2022 will be earned upon the achievement of our adjusted EPS
compound annual growth rate goal (EPS CA#R performance restricted stockunits), measured over a three-year period. A
recipient of EPS CA#R performance restricted stockunits may earn a total award ranging from 0 to 200 of the initial grant.
Awards of EPS performance restricted stockunits granted prior to 2022 were earned based upon our achievement of annual
earnings per share goals and vested over the relevant three-year period. During the three-year vesting period, a recipient of EPS
performance restricted stockunits earned a total award of either 0 or 100 of the initial grant. Awards of the strategic
performance restricted stock units were earned based upon the achievement of two key metrics, net sales and EPS growth,
compared to strategic plan objectives during a three-year period. A recipient of strategic performance restricted stock units
earned a total award ranging from 0 to 200 of the initial grant. Awards of FCF performance restricted stock units were
earned based upon the achievement of free cash flow (defined as Net cash provided by operating activities less capital
expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year
period. An annual objective was established each fiscal year for three consecutive years. Performance against these objectives
was averaged at the end of the three-year period to determine the number of underlying units that vested at the end of the three
years. A recipient of FCF performance restricted stock units earned a total award ranging from 0 to 200 of the initial grant.
Awards of time-lapse restricted stockunits will vest ratably over the three-year period. In addition, we may issue special grants
of restricted stockunits to attract and retain executives which vest over various periods. Awards are generally granted annually
in October.
Stock options are granted on a selective basis under the Long-Term Incentive Plans. The term of a stock option granted
under these plans may not exceed ten years from the date of grant. The option price may not be less than the fair market value
of a share of common stock on the date of the grant. Options granted under these plans generally vest ratably over a three-year
period. In 2019, we also granted certain options that vest at the end of a three-year period. 3e last issued stock options in 2019.
In 2025, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS
CA#R performance restricted stock units. 3e last issued FCF performance restricted stock units in 2019, EPS performance
restricted stock units in 201, strategic performance restricted stock units in 2014 and special performance restricted units in
2015.
In connection with the Sovos Brands acquisition, in the third quarter of 2024, we issued 1.721 million time-lapse restricted
stock units (Replacement units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock
units. The Replacement units are subject to the same terms and conditions of the original Sovos Brands restricted stock units
and performance restricted stock units. Certain Replacement units were subject to accelerated vesting. The Replacement units
have a total fair value of $74 million based on the quoted price of our stock on the acquisition date. The portion of Replacement
units attributed to pre-combination service was $42 million, which was accounted for as part of consideration transferred and
was recorded in Additional Paid-in Capital in our Consolidated Statements of Equity in the third quarter of 2024. See Note 3 for
additional information. The portion of the Replacement units attributable to post-combination service will be recognized as
stock-based compensation expense over the remaining vesting period.
In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based
compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:
(Millions)
2025
2024
2023
Total pre-tax stock-based compensation expense(1)
57 $
99 $
63
Tax-related benefits
15 $
13 $
12
77777777777777777777777777777777777777
(1)
Includes $26 million of expense related to accelerated vesting of certain Replacement units in 2024.
75
The following table summarizes stock option activity:
Options
Weighted-
AGerage
Exercise
Price
Weighted-
AGerage
Remaining
Contractual
Life
Aggregate
Intrinsic
-alue
(In thousands)
(In years)
(Millions)
Outstanding at July 2, 2024
779 $
45.33
#ranted
W $
W
Exercised
W $
W
Terminated
W $
W
Outstanding at August 3, 2025
779 $
45.33
2.0
$
W
Exercisable at August 3, 2025
779 $
45.33
2.0
$
W
The total intrinsic value of options exercised during 2024 and 2023 was $1 million and $3 million, respectively. 3e
measured the fair value of stock options using the Black-Scholes option pricing model.
3e expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible
participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully
expensed.
The following table summarizes time-lapse restricted stock units and EPS CA#R performance restricted stock units:
Units
Weighted-
AGerage
Grant-Date
Fair -alue
(In thousands)
Nonvested at July 2, 2024
3,300 $
43.24
#ranted
1,496 $
47.37
2ested
(1,455) $
43.19
Forfeited
(406) $
46.0
Nonvested at August 3, 2025
2,935 $
44.9
3e determine the fair value of time-lapse restricted stock units and EPS CA#R performance restricted stock units based on
the quoted price of our stock at the date of grant. 3e expense time-lapse restricted stock units and EPS CA#R performance
restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants
and certain Replacement units, which we expense on an accelerated basis. There were 09 thousand EPS CA#R performance
target grants outstanding at August 3, 2025, with a weighted-average grant-date fair value of $45.19. The actual number of EPS
CA#R performance restricted stock units that vest will depend on actual performance achieved. 3e estimate expense based on
the number of awards expected to vest. In connection with the Sovos Brands acquisition, in 2024, our adjusted EPS compound
annual growth rate goals for the EPS CA#R performance restricted stock units granted in 2024, 2023 and 2022 were revised to
equitably adjust for the impact of completed acquisitions and divestitures that were not contemplated at the time of approval of
the original targets. In connection with the divestiture of our Pop Secret popcorn business, in the first quarter of 2025, our
adjusted EPS compound annual growth rate goals for the EPS performance restricted stock units granted in 2024 and 2023 were
similarly revised. In connection with the divestiture of our noosa yoghurt business in the third quarter of 2025, our adjusted EPS
compound annual growth rate goals for the EPS performance restricted stock units granted in 2025, 2024, and 2023 were again
similarly revised.
As of August 3, 2025, total remaining unearned compensation related to nonvested time-lapse restricted stock units and
EPS CA#R performance restricted units was $40 million, which will be amortized over the weighted-average remaining service
period of 1.7 years. In the first quarter of 2025, recipients of EPS CA#R performance restricted stock units earned 100 of the
initial grants based upon performance achieved during a three-year period ended July 2, 2024. The fair value of restricted
stock units vested during 2025, 2024 and 2023 was $69 million, $97 million and $37 million, respectively. The weighted-
average grant-date fair value of the restricted stock units granted during 2024 and 2023 was $41.57 and $47.65, respectively. In
the first quarter of 2026, recipients of EPS CA#R performance restricted stock units will receive a 4 payout based upon
performance achieved during a three-year period ended August 3, 2025.
76
The following table summarizes TSR performance restricted stock units:
Units
Weighted-
AGerage
Grant-Date
Fair -alue
(In thousands)
Nonvested at July 2, 2024
73 $
47.40
#ranted
566 $
45.23
2ested
(464) $
45.52
Forfeited
(166) $
46.24
Nonvested at August 3, 2025
09 $
47.20
3e estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation.
3eighted-average assumptions used in the Monte Carlo simulation were as follows:
2025
2024
2023
Risk-free interest rate
3.56
4.4
4.29
Expected dividend yield
3.06
3.54
3.09
Expected volatility
22.43
22.16
26.40
Expected term
3 years
3 years
3 years
3e recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement
eligible participants, which we expense on an accelerated basis. As of August 3, 2025, total remaining unearned compensation
related to TSR performance restricted stock units was $10 million, which will be amortized over the weighted-average
remaining service period of 1.7 years. In the first quarter of 2025, recipients of TSR performance restricted stock units earned
175 of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26,
2024. As a result, approximately 199 thousand additional shares were awarded. In the first quarter of 2024, recipients of TSR
performance restricted stock units earned 75 of the initial grants based upon our TSR ranking in a performance peer group
during a three-year period ended July 2, 2023. In the first quarter of 2023, recipients of TSR performance restricted stock units
earned 100 of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended
July 29, 2022. The fair value of TSR performance restricted stock units vested during 2025, 2024, and 2023 was $23 million,
$12 million and $21 million, respectively. The weighted-average grant-date fair value of the TSR performance restricted stock
units granted during 2024 and 2023 was $44.1 and $53.74, respectively. In the first quarter of 2026, recipients of TSR
performance restricted stock units will receive a 50 payout based upon our TSR ranking in a performance peer group during a
three-year period ended August 1, 2025.
The tax benefits on the exercise of stock options in 2024 and 2023 were not material. Cash received from the exercise of
stock options was $2 million and $22 million for 2024 and 2023, respectively, and is reflected in cash flows from financing
activities in the Consolidated Statements of Cash Flows.
18. Commitments and Contingencies
!e-u1'947>'n*i9i-'9i4n '99e7s
3e are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising
from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits
considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify
the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the
jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well
exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our
actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates
to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition
value.
Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at
particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary
evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the
context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are
also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and
applicable law.
77
On March 20, 2024, the United States Department of Justice (DOJ), on behalf of the U.S. Environmental Protection
Agency, and National Education Law Center, on behalf of Environment America and Lake Erie 3aterkeeper, filed lawsuits in
the United States District Court for the Northern District of Ohio V 3estern Division concerning alleged violations of the Clean
3ater Act relating to alleged contaminant discharges from our Napoleon, Ohio wastewater treatment facility in excess of the
facility’s Clean 3ater Act permit limits. 3e have and are continuing to take actions to remediate the exceedances and are in
settlement discussions with the DOJ and the private environmental groups while litigation proceedings are ongoing. 3hile we
cannot predict with certainty the amount of any civil penalty or the timing of the resolution of this matter, we do not expect that
the ultimate costs to resolve this matter will have a material adverse effect on our financial condition, results of operations, or
cash flows.
3e establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies
shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible
that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not
be reasonably estimated as of August 3, 2025. 3hile the potential future charges could be material in a particular quarter or
annual period, based on information currently known by us, we do not believe any such charges are likely to have a material
adverse effect on our consolidated results of operations or financial condition.
9.e74n9in-en)ies
3e guarantee approximately 4,500 bank loans made to independent contractor distributors by third-party financial
institutions for the purchase of distribution routes. The maximum potential amount of the future payments under existing
guarantees we could be required to make is $570 million as of August 3, 2025. Our guarantees are indirectly secured by the
distribution routes. 3e do not expect that we will be required to make material guarantee payments as a result of defaults on the
bank loans guaranteed. The amounts recognized as of August 3, 2025, and July 2, 2024, were not material.
3e have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain
indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not
material at August 3, 2025, and July 2, 2024.
19. Supplier Finance Program Obligations
To manage our cash flow and related liquidity, we work 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. 3e 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. 3e have no economic interest in a supplier’s decision to
enter into these agreements and no direct financial relationship with the financial institutions. 3e 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. The rollforward of our outstanding
obligations confirmed as valid under our supplier finance program, which are included in Accounts payable on the Consolidated
Balance Sheets, for the year ended August 3, 2025 is as follows:
(Millions)
2025
Confirmed obligations outstanding at beginning of the year
243
Invoices confirmed during the year
1,052
Confirmed invoices paid during the year
(1,056)
Foreign currency translation adjustment
1
Confirmed obligations outstanding at end of the year
240
7
20. Supplemental Financial Statement Data
B'1'n)e".ee9s
(Millions)
2025
2024
Accounts receivable
Customer accounts receivable
558 $
602
Allowances
(17)
(15)
Subtotal
541 $
57
Other
42
43
583 $
630
(Millions)
2025
2024
Inventories
Raw materials, containers and supplies
407 $
376
Finished products
1,017
1,010
1,424 $
1,36
(Millions)
2025
2024
Plant assets
Land
74 $
74
Buildings
1,779
1,702
Machinery and equipment
4,473
4,32
Projects in progress
344
314
Total cost
6,670 $
6,41
Accumulated depreciation(1)
(3,903)
(3,720)
2,767 $
2,69
777777777777777777777777777777777777777777
(1)
Depreciation expense was $366 million in 2025, $33 million in 2024 and $339 million in 2023. Buildings are depreciated
over periods ranging from 7 to 45 years. Machinery and equipment are depreciated over periods generally ranging from 2
to 20 years.
(Millions)
2025
2024
Other assets
Investments
5 $
W
Operating lease ROU assets, net of amortization
326
333
Pension
128
143
Other
91
7
550 $
554
(Millions)
2025
2024
Accrued liabilities
Accrued compensation and benefits
189 $
212
Fair value of derivatives
14
16
Accrued trade and consumer promotion programs
159
16
Accrued interest
109
103
Restructuring
19
24
Operating lease liabilities
96
90
Other
102
9
688 $
720
79
(Millions)
2025
2024
Other liabilities
Pension benefits
88 $
93
Postretirement benefits
111
12
Operating lease liabilities
259
26
Deferred compensation
88
92
Unrecognized tax benefits
14
17
Restructuring
14
12
Other
64
66
638 $
676
"9'9e2en9s4,'7nin-s
(Millions)
2025
2024
2023
Other expenses (income)
Amortization of intangible assets(1)
68 $
73 $
4
Net periodic benefit expense (income) other than the service cost
11
26
(35)
Impairment of intangible assets(2)
176
129
W
Loss on sales of businesses(3)
25
W
13
Costs associated with acquisition(4)
M
35
5
Transition services fees
(4)
(2)
(1)
Other
(3)
W
2
273 $
261 $
32
Advertising and consumer promotion expense(5)
400 $
350 $
365
Interest expense
Interest expense
353 $
259 $
192
Less: Interest capitalized
8
10
4
345 $
249 $
1
777777777777777777777777777777777777777777
(1)
Includes accelerated amortization expense related to customer relationship intangible assets of $20 million, $27 million and
$7 million in 2025, 2024 and 2023, respectively.
(2)
See Note 6 for additional information.
(3)
See Note 4 for additional information.
(4)
Related to the acquisition of Sovos Brands. See Note 3 for additional information.
(5)
Included in Marketing and selling expenses.
0
"9'9e2en9s4,'s.14
None.
7
INDE4 TO E4$IBITS
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 -' (SEC file number 1-322) filed with the SEC on August 7, 2023.
3(a)
Restated Certificate of Incorporation, as amended through November 19, 2024, is incorporated by reference to
Exhibit 3.1 to Campbell’s Form 10-- (SEC file number 1-322) for the fiscal quarter ended October 27, 2024.
3(b)
By-Laws of The Campbell's Company, amended and restated effective November 19, 2024, are incorporated by
reference to Exhibit 3.2 to Campbell’s Form -' (SEC file number 1-322) filed with the SEC on November 20,
2024.
4(a)
Indenture, dated November 24, 200, 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, 200.
4(b)
Form of First Supplemental Indenture, dated August 2, 2012, among Campbell, The Bank of New York Mellon
and 3ells Fargo Bank, National Association, as Series Trustee, to Indenture dated November 24, 200, is
incorporated by reference to Exhibit 4.1 to Campbell's Form -' (SEC file number 1-322) filed with the SEC on
August 2, 2012.
4(c)
Form of Subordinated Indenture between Campbell and 3ells 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 3ells Fargo Bank, National Association, as trustee,
is incorporated by reference to Exhibit 4.1 to Campbell's Form -' (SEC file number 1-322) 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 333-27404) 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 3ells 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 333-27404) filed with the SEC on August
17, 2023.
4(g)
Form of 3.00 Notes due 2042 is incorporated by reference to Exhibit 4.1 to Campbell's Form -' (SEC file
number 1-322) filed with the SEC on August 2, 2012.
4(h)
Form of 4.150 Note due 202 is incorporated by reference to Exhibit 4.2.6 to Campbell's Form -' (SEC file
number 1-322) filed with the SEC on March 16, 201.
4(i)
Form of 4.00 Note due 204 is incorporated by reference to Exhibit 4.2.7 to Campbell's Form -' (SEC file
number 1-322) filed with the SEC on March 16, 201.
4(j)
Form of 2.375 Note due 2030 incorporated by reference to Exhibit 4.2.1 to Campbell's Form -' (SEC file
number 1-322) filed with the SEC on April 24, 2020.
4(k)
Form of 3.125 Note due 2050 incorporated by reference to Exhibit 4.2.2 to Campbell's Form -' (SEC file
number 1-322) filed with the SEC on April 24, 2020.
4(l)
Description of securities incorporated by reference to Exhibit 4(p) to Campbell's Form 10-' (SEC file number
1-322) filed with the SEC on September 26, 2019.
4(m)
Form of 2026 Note, incorporated by reference to Exhibit 4.3.1 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed with the SEC on March 21, 2024.
4(n)
Form of 2027 Note, incorporated by reference to Exhibit 4.3.2 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed with the SEC on March 21, 2024.
4(o)
Form of 2029 Note, incorporated by reference to Exhibit 4.3.3 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed with the SEC on March 21, 2024.
4(p)
Form of 2034 Note, incorporated by reference to Exhibit 4.3.4 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed with the SEC on March 21, 2024.
4(q)
Form of 2035 Note, incorporated by reference to Exhibit 4.3.1 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed on October 2, 2024.
4(r)
Form of 2054 Note, incorporated by reference to Exhibit 4.3.2 to Campbell’s Current Report on Form -' (SEC
file number 1-322) filed on October 2, 2024.
10(a)
Campbell Soup Company 2015 Long-Term Incentive Plan is incorporated by reference to Campbell’s 2015 Proxy
Statement (SEC file number 1-322) filed with the SEC on October 9, 2015.
10(b)
Campbell Soup Company 2022 Long-Term Incentive Plan, is incorporated by reference to Appendix B to
Campbell’s 2022 Proxy Statement (SEC file number 1-322) filed with the SEC on October 1, 2022.
10(c)
Campbell Soup Company Annual Incentive Plan, as amended on November 19, 2014, is incorporated by
reference to Campbell’s 2014 Proxy Statement (SEC file number 1-322) filed with the SEC on October 1, 2014.
10(d)
Campbell Soup Company Supplemental Employees’ Retirement Plan, as amended and restated effective January
1, 2009, is incorporated by reference to Exhibit 10(c) to Campbell’s Form 10-- (SEC file number 1-322) for the
fiscal quarter ended February 1, 2009.
10(e)
First Amendment to the Campbell Soup Company Supplemental Employees’ Retirement Plan, effective as of
December 31, 2010, is incorporated by reference to Exhibit 10(c) to Campbell’s Form 10-- (SEC file number
1-322) for the fiscal quarter ended January 30, 2011.
10(f)
Form of 2015 Long-Term Incentive Plan Nonqualified Stock Option Agreement is incorporated by reference to
Exhibit 10(dd) to Campbell's Form 10-' (SEC file number 1-322) for the fiscal year ended July 31, 2016.
10(g)
Form of 2015 Long-Term Incentive Plan Performance Stock Unit Agreement (Earnings Per Share) is
incorporated by reference to Exhibit 10(b) to Campbell's Form 10-- (SEC file number 1-322) for the fiscal
quarter ended October 30, 2016.
10(h)
Form of 2015 Long-Term Incentive Plan Performance Stock Unit Agreement (Total Shareholder Return) is
incorporated by reference to Exhibit 10(ff) to Campbell’s Form 10-' (SEC file number 1-322) for the fiscal year
ended July 31, 2016.
10(i)
Form of 2015 Long-Term Incentive Plan Time-Lapse Restricted Stock Unit Agreement is incorporated by
reference to Exhibit 10(c) to Campbell's Form 10-- (SEC file number 1-322) for the fiscal quarter ended
October 30, 2016.
10(j)
Form of 2015 Long-Term Incentive Plan Time-Lapse Restricted Stock Unit Agreement incorporated by reference
to Exhibit 10(s) to Campbell's Form 10-'(SEC file number 1-322) for the fiscal year ended August 1, 2021.
10(k)
Form of 2015 Long-Term Incentive Performance Restricted Stock Unit Agreement is incorporated by reference to
Exhibit 10(t) to Campbell's Form 10-' (SEC file number 1-322) for the fiscal year ended August 1, 2021.
10(l)
Form of 2022 Long-Term Incentive Plan Time-Lapse Restricted Stock Unit Agreement is incorporated by
reference to Exhibit 10(w) to Campbell's Form 10-' (SEC file number 1-322) for the fiscal year ended July 30,
2023.
10(m)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Earnings Per Share) is
incorporated by reference to Exhibit 10(x) to Campbell's Form 10-' (SEC file number 1-322) for the fiscal year
ended July 30, 2023.
10(n)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Total Shareholder
Return) is incorporated by reference to Exhibit 10(y) to Campbell's Form 10-' (SEC file number 1-322) for the
fiscal year ended July 30, 2023.
10(o)
2025 Non-Employee Director Fees are incorporated by reference to Exhibit 10.4 to Campbell’s Form 10-- (SEC
file number 1-322) for the fiscal quarter ended October 27, 2024.
10(p)
Campbell Soup Company Executive Severance Pay Plan is incorporated by reference to Exhibit 10 to Campbell's
Form -' (SEC file number 1-322) filed with the SEC on April 2, 2019.
10(q)
First Amendment to the Campbell Soup Company Executive Severance Pay Plan, effective September 1, 2023 is
incorporated by reference to Exhibit 10(hh) to Campbell's Form 10-' (SEC file number 1-322) for the fiscal
year ended July 30, 2023.
10(r)
2oting Agreement, dated August 7, 2023, by and among certain funds associated with Advent International
Corporation and Campbell Soup Company, is incorporated by reference to Exhibit 10.1 to Campbell’s Form -'
(SEC file number 1-322) filed with the SEC on August 7, 2023.
10(s)
Five-Year Credit Agreement, dated April 16, 2024, by and among Campbell Soup Company, the Eligible
Subsidiaries party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent, and the other
lenders named therein, is incorporated by reference to Exhibit 10 to Campbell’s Current Report on Form -'
(SEC file number 1-322) filed with the SEC on April 16, 2024.
10(t)
Form of Amended and Restated Change in Control Severance Protection Agreement, is incorporated by reference
to Exhibit 10(ee) to Campbell's Annual Report on Form 10-' (SEC file number 1-322) for the fiscal year ended
July 2, 2024.
9
10(u)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Earnings Per Share) is
incorporated by reference to Exhibit 10.1 to Campbell's Form 10-- (SEC file number 1-322) for the fiscal
quarter ended October 27, 2024.
10(v)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Total Shareholder
Return) is incorporated by reference to Exhibit 10.2 to Campbell's Form 10-- (SEC file number 1-322) for the
fiscal quarter ended October 27, 2024.
10(w)
Campbell Soup Company Supplemental Retirement Plan, as amended and restated effective October 1, 2024, is
incorporated by reference to Exhibit 10.3 to Campbell’s Form 10-- (SEC file number 1-322) for the fiscal
quarter ended October 27, 2024.
10(x)
Extension Agreement, dated as of August 5, 2025, by and among The Campbell’s Company, the Eligible
Subsidiaries party thereto from time to time, JPMorgan Chase Bank, N.A., as administrative agent, and the other
lenders named therein, is incorporated by reference to Exhibit 10.1 to Campbell's Current Report on Form -'
(SEC file number 1-322) filed with the SEC on August 5, 2025.
10(y)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Fiscal Year 2026 -
Adjusted Earnings Per Share #rowth).
10(z)
Form of 2022 Long-Term Incentive Plan Performance Restricted Stock Unit Agreement (Fiscal Year 2026 -
Organic Sales #rowth).
19
Insider Trading Policy.
21
Subsidiary List.
23
Consent of Independent Registered Public Accounting Firm.
24
Powers of Attorney.
31(a)
Certification of Mick J. Beekhuizen pursuant to Rule 13a-14(a).
31(b)
Certification of Carrie L. Anderson pursuant to Rule 13a-14(a).
32(a)
Certification of Mick J. Beekhuizen pursuant to 1 U.S.C. Section 1350.
32(b)
Certification of Carrie L. Anderson pursuant to 1 U.S.C. Section 1350.
97
Amended and Restated Incentive Compensation Clawback Policy.
101.INS
Inline 4BRL Instance Document
101.SC$
Inline 4BRL Schema Document
101.CAL
Inline 4BRL Calculation Linkbase Document
101.DEF
Inline 4BRL Definition Linkbase Document
101.LAB
Inline 4BRL Label Linkbase Document
101.PRE
Inline 4BRL Presentation Linkbase Document
104
The cover page from this Annual Report on Form 10-', formulated in Inline 4BRL (see exhibit 101)
This exhibit is a management contract or compensatory plan or arrangement.
90
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, Campbell has
duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
September 1, 2025
THE CAMPBELL'S COMPANY
By:
s Carrie L. Anderson
Carrie L. Anderson
Executive 2ice President and Chief Financial Officer
(Principal Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by
the following persons on behalf of Campbell and in the capacities indicated on September 1, 2025.
Signatures
s Mick J. Beekhuizen
Mick J. Beekhuizen
Maria Teresa $ilado
President and Chief Executive Officer and Director
Director
(Principal Executive Officer)
s Carrie L. Anderson
Carrie L. Anderson
#rant $. $ill
Executive 2ice President and Chief Financial Officer
Director
(Principal Financial Officer)
s Stanley Polomski
Stanley Polomski
Sarah $ofstetter
Senior 2ice President and Controller
Director
(Principal Accounting Officer)
'eith R. McLoughlin
Marc B. Lautenbach
Chair and Director
Director
Fabiola R. Arredondo
Mary Alice D. Malone, Jr.
Director
Director
$oward M. Averill
'urt T. Schmidt
Director
Director
Bennett Dorrance, Jr.
Archbold D. van Beuren
Director
Director
By: s Charles A. Brawley, III
Name: Charles A. Brawley, III
Title: Executive 2ice President, #eneral Counsel
and Corporate Secretary,
as Attorney-in-fact
(pursuant to powers of attorney)
91
Schedule II
THE CAMPBELL'S COMPANY
-aluation and (ualifying Accounts
For the Fiscal Years ended August 3, 2025, July 28, 2024, and July 30, 2023
(Millions)
Balance at
Beginning of
Period
Charged to
(Reduction in)
Costs
and
Expenses
Deductions
Balance at
End of
Period
Fiscal year ended August 3, 2025
Cash discount
$
4
115
(115)
4
Bad debt reserve
4
(2)
10
Returns reserve(1)
3
M
M
3
Total Accounts receivable allowances
$
15
119
(117)
17
Fiscal year ended July 2, 2024
Cash discount
$
6 $
115 $
(117) $
4
Bad debt reserve
10
(2)
W
Returns reserve(1)
3
W
W
3
Total Accounts receivable allowances
$
19 $
113 $
(117) $
15
Fiscal year ended July 30, 2023
Cash discount
$
5 $
117 $
(116) $
6
Bad debt reserve
4
7
(1)
10
Returns reserve(1)
3
W
W
3
Total Accounts receivable allowances
$
12 $
124 $
(117) $
19
777777777777777777777777777777777777777
(1)
The returns reserve is evaluated quarterly and adjusted accordingly. During each period, returns are charged to Net sales in
the Consolidated Statements of Earnings as incurred. Actual returns were approximately $109 million in 2025 and 2024,
and $105 million in 2023, or less than 2 of Net sales.
92
EXHIBIT 31(a)
CERTIFICATION PURSUANT
TO RULE 13a-14(a)
I, Mick J. Beekhuizen, certify that:
1. I have reviewed this Annual Report on Form 10-K of The Campbell's Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: September 18, 2025
By: /s/ Mick J. Beekhuizen
Name:
Mick J. Beekhuizen
Title:
President and Chief Executive Officer
EXHIBIT 31(b)
CERTIFICATION PURSUANT
TO RULE 13a-14(a)
I, Carrie L. Anderson, certify that:
1. I have reviewed this Annual Report on Form 10-K of The Campbell's Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the
registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons
performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report
financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting.
Date: September 18, 2025
By: /s/ Carrie L. Anderson
Name:
Carrie L. Anderson
Title:
Executive Vice President and Chief Financial
Officer
EXHIBIT 32(a)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
In connection with the Annual Report of The Campbell's Company (the “Company”) on Form 10-K for the fiscal year ended
August 3, 2025 (the “Report”), I, Mick J. Beekhuizen, President and Chief Executive Officer of the Company, hereby certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my
knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company.
Date: September 18, 2025
By: /s/ Mick J. Beekhuizen
Name:
Mick J. Beekhuizen
Title:
President and Chief Executive Officer
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the
Report or as a separate disclosure document.
A signed original of this written statement required under Section 906 has been provided to the Company and will be retained
by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT 32(b)
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
In connection with the Annual Report of The Campbell's Company (the “Company”) on Form 10-K for the fiscal year ended
August 3, 2025 (the “Report”), I, Carrie L. Anderson, Executive Vice President and Chief Financial Officer of the Company,
hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that,
to my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company.
Date: September 18, 2025
By: /s/ Carrie L. Anderson
Name:
Carrie L. Anderson
Title:
Executive Vice President and Chief Financial
Officer
The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the
Report or as a separate disclosure document.
A signed original of this written statement required under Section 906 has been provided to the Company and will be retained
by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
SHAREHOLDER INFORMATION
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.
Headquarters
The Campbell’s Company
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
2001 Market Street, Suite 1800
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, The Campbell’s
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, the SEC Form 10-K or other
financial information, visit investor.thecampbellscompany.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.thecampbellscompany.com.
Campbell’s Brands
Product trademarks owned or licensed by The Campbell’s
Company and/or its subsidiaries appearing in the narrative text
of this report are italicized.
Impact. To read our Corporate Responsibility Report
and learn more about our sustainability strategy, go
to thecampbellscompany.com/our-impact.
Careers. To explore career opportunities, visit us at:
careers.thecampbellscompany.com.
On the Web. Visit us at: thecampbellscompany.com
for company news and information.
Instagram. Follow us: @TheCampbellsCo for stories
about our company, programs and brands.
LinkedIn. For stories about our company and brands, follow
us at: Linkedin.com/company/the-campbells-company