Key Highlights

  • 36% is the reduction in the quarterly Dividend at The Campbell's Company (NASDAQ:CPB), to USD 0.25 per share from USD 0.39, equal to a calculated USD 1.00 annualized, with a Record Date of October 1, 2026.
  • 55.6% to 60.6% is the calculated Payout Ratio of the USD 1.00 annualized dividend against fiscal 2027 adjusted EPS guidance of USD 1.65 to USD 1.80, versus a calculated 71.9% at the prior USD 1.56 rate.
  • 1.44 times is the calculated ratio of fiscal 2026 free Cash Flow of USD 678 million, Operating Cash Flow of USD 1,039 million less capital expenditures of USD 361 million, to dividends paid of USD 470 million.
  • 4% to 2% is the guided decline in fiscal 2027 net sales at Campbell's, alongside a cost savings program of USD 500 million targeted by fiscal 2030, of which USD 350 million is incremental.

Dividend Profile: Yield, Payout and Distribution Record of The Campbell's Company (NASDAQ:CPB)

The Campbell's Company (NASDAQ:CPB) declared a quarterly dividend of USD 0.25 per share with its fiscal fourth-quarter results on September 3, 2026, down from USD 0.39 per share. The payment was made on November 2, 2026 to holders of record on October 1, 2026. The annualized dividend is a calculated USD 1.00, against USD 1.56 previously, a reduction of 36%. On a reference price of USD 22.39, the calculated Yield is about 4.5%. Fiscal 2026 dividends paid were USD 470 million, against calculated payments of roughly USD 301 million a year at the new rate.

The Rationale: Earnings, Cash Flow and Dividend Coverage at The Campbell's Company (NASDAQ:CPB)

Fiscal 2026 ended August 2, 2026 with net sales of USD 9,744 million, down 5%, and organic net sales down 2%. Adjusted EPS was USD 2.17, down 27%, while reported diluted EPS was USD 1.31, down 35%. Fourth-quarter adjusted EPS fell 37% to USD 0.39 against a reported loss of USD 0.23 per share. For fiscal 2027 the company guides adjusted EBIT down 12% to 7% and adjusted EPS of USD 1.65 to USD 1.80, down 24% to 17%. The calculated payout on fiscal 2026 adjusted EPS at the new rate is 46%. A price increase covers about 60% of the portfolio at an average of 4% to 5%.

Valuation, Balance Sheet and Risks for The Campbell's Company (NASDAQ:CPB)

Short-term borrowings of USD 977 million and long-term Debt of USD 6,160 million, less cash of USD 394 million, give a calculated net debt of USD 6,743 million, or 5.7 times adjusted EBIT of USD 1,181 million. Interest expense is projected to rise by about USD 25 million in fiscal 2027, reflecting the La Regina acquisition, including deferred consideration of USD 140 million payable on May 4, 2027, and the refinancing of a USD 500 million bond due in March. A hybrid security under consideration would receive 50% Equity credit. The calculated trailing price to reported diluted Earnings ratio is about 17.1 times. Risks include snack Volume declines and tariffs, which the guidance excludes.

Where Things Stand

The Campbell's Company (NASDAQ:CPB) has moved to a dividend that is calculated at 55.6% to 60.6% of guided fiscal 2027 adjusted EPS, against 71.9% of fiscal 2026 adjusted EPS at the former rate. Fiscal 2026 free cash flow covered dividends paid by a calculated 1.44 times, and the reset lowers the cash requirement further. The trade-off is a leveraged balance sheet, a USD 500 million refinancing in March and an earnings base expected to trough in the first quarter. The company has not issued dividend guidance beyond the reset level, and future payments remain subject to board declaration.