CAMPBELL'S Co reported $602 million in 2025 net Earnings attributable to common shareholders and diluted earnings of $2.01 per share. The company also lowered its long-term outlook for a divested business, while 2026 Impairment charges reflected weaker sales and operating performance at two trademarks.

Key Highlights

  • Fair-value increases for fixed-rate Debt were estimated at approximately $391 million and $417 million.
  • Commodity contracts carried $189 million of notional value and an aggregate fair-value gain of $6 million.
  • Fixed-to-floating interest-rate swaps had a $600 million notional amount and a $26 million fair-value loss as of August 2, 2026.

CAMPBELL'S Co (NASDAQ: CPB) reported $602 million in 2025 net earnings attributable to common shareholders, with diluted earnings of $2.01 per share. The company lowered its long-term outlook for a divested business. Its 2026 results also included Trademark impairment charges after sales and operating performance fell below expectations.

Earnings And Comparability

The 2025 earnings table shows a $290 million reduction from items affecting comparability, equivalent to a diluted per-share impact of $.97. The reported earnings figures include the effects of cost-saving and optimization initiatives, Commodity mark-to-market gains or losses, pension and postretirement actuarial losses, litigation expenses, Cybersecurity incident recoveries or costs, impairment charges, divestiture-related charges and accelerated amortization. The table also identifies acquisition-related costs among the items affecting the earlier period.

Trademark Charges Weighed

CAMPBELL'S Co recorded a $60 million impairment charge on the Kettle Brand trademark and a $57 million charge on the Cape Cod trademark during 2026. The charges followed sales and operating performance that were below expectations, with the company citing competitive pressures and reduced margins. The charges were recorded in Other expenses / (income). Earlier assessments included a $76 million impairment charge connected with a divested Business after its long-term outlook was reduced. The company also recorded accelerated amortization of $27 million in 2024, with an after-tax effect of $20 million and a per-share impact of $.07.

Divestiture Outlook Reduced

The sale was completed on August 26, 2024. The company’s 2024 aggregate impairment impact was $129 million, equal to $98 million after tax or $.33 per share.

Segment Assignment Changes

Ingredients, packaging materials and finished products are purchased from suppliers, substantially all located in North America. During 2026, commodity and supply-chain costs were volatile across raw materials, packaging, energy, logistics, finished products and labor. It also listed possible exposure to supplier capacity, commodity demand, weather events, crop and livestock disease, energy costs, currency movements and changes in trade policy.

Interest And Commodity Exposure

The company manages interest-rate exposure using variable- and fixed-rate debt and, at times, interest-rate swaps. Commodity contracts address price fluctuations in raw materials and packaging. The swaps had a fair-value loss of $26 million as of August 2, 2026.