$CPB (Campbell’s Company)
Campbell's Company — Executive Summary of Results: Q4 FY2025
Period: Fiscal quarter Q4 FY2025 (ended August 3, 2025) | Reported: September 3, 2025
Current context: September 19, 2025
Key Financial Results (Verified Official Data)
Breakdown by Business Segment
Meals & Beverages relatively stable in reported revenue, although with organic volume/mix decline.
Snacks under pressure with organic declines, despite sequential improvements.
Key Factors and Cost Pressure
Outlook and Guidance (FY2026)
Executive Conclusion
Campbell's delivered a mixed performance in Q4 FY2025: total sales grew slightly (+1%), but organic sales declined (-3%). Adjusted EPS decreased 2%, although it exceeded expectations, thanks to operational improvements and expense control. For FY2026, the company anticipates pressure on revenues and margins from inflation and tariffs, but maintains cost-saving plans and a focus on product innovation. The stability of Meals & Beverages and the resilience of Snacks will be key in the coming fiscal year.
Upcoming Key Milestones
The content of this analysis is for informational purposes only and does not constitute any investment recommendation.
Campbell's Company — Executive Summary of Results: Q4 FY2025Period: Fiscal quarter Q4 FY2025 (ended August 3, 2025) | Reported: September 3, 2025
Current context: September 19, 2025
Key Financial Results (Verified Official Data)| Concept | Q4 FY2025 | Q4 FY2024 | YoY variation |
|---|---|---|---|
| Net Income (GAAP – Total Sales) | US$ 2,321 million | US$ 2,293 million | ▲ +1% |
| Organic Income (excluding extraordinary effects) | −3% | — | — |
| EBIT (GAAP) | US$ 269 million | US$ 77 million | ▲ notable↑ |
| Adjusted EBIT | US$ 321 million | US$ 329 million | ▼ −2% |
| GAAP Diluted EPS | US$ 0.48 | US$ −0.01 | ▲ significant improvement |
| Adjusted EPS | US$ 0.62 | US$ 0.63 | ▼ −2% |
| Annual Net Sales (FY2025) | US$ 10,253 million | US$ 9,636 million | ▲ +6% |
| Annual Adjusted EPS | US$ 2.97 | US$ 3.08 | ▼ −4% |
- Beat expectations on Q4 adjusted EPS: expected ~$0.57 → reported US$0.62.
- Organic sales down -3% YoY in Q4, reflecting pressure on volumes and mix.
- Total nominal sales grew, partially due to an additional week in FY2025.
Breakdown by Business Segment| Segment | Sales Q4 FY2025 | Organic YoY Variation |
|---|---|---|
| Meals & Beverages | US$ 1,202 million | ≈ −3–4% |
| Snacks | US$ 1,119 million | ≈ −2% |
Meals & Beverages relatively stable in reported revenue, although with organic volume/mix decline. Snacks under pressure with organic declines, despite sequential improvements. Key Factors and Cost Pressure| Indicator | Value / Comment |
|---|---|
| GAAP Gross Margin | ≈ 30.4% vs 29.4% previous year (slight improvement) |
| Marketing & Sales Expenses | ≈ US$ 202 million (↑ ~7%) due to increased investment in advertising/promotions |
| Administrative Expenses | Decreased ~5%, partially offsetting other cost pressures |
| Inflationary Pressure / Rates | High input costs and tariffs persist, partially mitigated |
Outlook and Guidance (FY2026)- Expected FY2026 net sales: -2% to 0% (excluding additional week).
- FY2026 Organic Sales: range -1% to +1%.
- Projected FY2026 Adjusted EPS: US$2.40 – 2.55, implying a decline of -12% to -18% versus FY2025.
- Key factors: cost control, tariff and inflation mitigation, marketing investment, and productivity.
Executive ConclusionCampbell's delivered a mixed performance in Q4 FY2025: total sales grew slightly (+1%), but organic sales declined (-3%). Adjusted EPS decreased 2%, although it exceeded expectations, thanks to operational improvements and expense control. For FY2026, the company anticipates pressure on revenues and margins from inflation and tariffs, but maintains cost-saving plans and a focus on product innovation. The stability of Meals & Beverages and the resilience of Snacks will be key in the coming fiscal year.
Upcoming Key Milestones- November 2025: Q1 FY2026 report.
- 2026: Implementation of cost-saving programs and new product initiatives.
- Monitoring: tariff developments, input inflation, and snack consumption trends.
The content of this analysis is for informational purposes only and does not constitute any investment recommendation.