Campbell's Revenue Slips 4% to $5.24B as H1 Profit Falls to $339M

The Campbell's Company (NYSE: CPB), a packaged food manufacturer, reported $5.24 billion in revenue for the six months ending February 1, 2026, down 4% from $5.46 billion in the same period a year earlier. Net income for the half fell 13% to $339 million from $391 million. Read more earnings reports.

For the quarter ending February 1, revenue came in at $2.56 billion, down 5% from $2.69 billion in the prior-year quarter. The company posted net income of $145 million, compared with $173 million a year earlier, a decline of 16%.

Margins Compress Despite Lower Cost Base

Cost of goods sold for the six-month period totaled $3.73 billion, down slightly from $3.77 billion a year ago. Gross profit margin narrowed as revenue declined faster than costs. Operating income for the half fell to $609 million from $694 million, a drop of 12%.

Interest expense declined to $163 million for the six months from $175 million in the prior-year period. Income tax expense dropped to $110 million from $140 million.

Quarterly Performance Weakens

Second-quarter operating income came in at $273 million, down from $327 million in the year-ago quarter. Interest expense for the quarter was $82 million, compared with $88 million a year earlier. The company recorded $48 million in income tax expense, down from $74 million.

Diluted earnings per share for the six-month period fell to $1.13 from $1.30. For the quarter, diluted EPS came in at $0.48 versus $0.58 a year ago. The company had 299 million diluted weighted-average shares outstanding for both periods.

Balance Sheet and Cash Position

Total assets rose to $15.35 billion as of February 1, 2026, from $14.90 billion at the end of the prior fiscal year on August 3, 2025. Cash and cash equivalents surged to $561 million from $132 million, an increase of $429 million.

Current assets expanded to $2.73 billion from $2.23 billion, while inventory declined to $1.36 billion from $1.42 billion. Total liabilities increased to $11.34 billion from $10.99 billion. Current liabilities fell to $2.69 billion from $2.91 billion, with accounts payable rising to $1.43 billion from $1.33 billion.

Stockholders' equity stood at $4.01 billion as of February 1, up from $3.90 billion at fiscal year-end. Retained earnings grew to $4.80 billion from $4.69 billion. The company had 298 million shares outstanding.

Cash Flow Steady

Cash from operations for the six months was $740 million, essentially flat compared with $737 million in the prior-year period. Cash used in investing activities totaled $234 million, up from $175 million. Cash used in financing activities was $78 million, compared with cash provided of $160 million a year earlier.

Financial Summary