Free cash flow generation has deteriorated significantly, with FCF margins dropping to 1.3% in 2026Q3 compared to 15.9% in 2024Q2, complicating the company's ability to sustain its historical dividend payout levels.
Campbell Soup Company (CPB) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Aug'26 | Aug'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 |
|---|
| Cash from Operations | 1.04B | 1.13B | 1.19B | 1.14B | 1.18B | 1.03B | 1.4B | 1.4B | 1.3B | 1.29B | 1.49B | 1.21B | 899M | 1.02B | 1.12B | 1.14B | 1.06B | 1.17B | 766M | 674M | 1.23B | 990M | 744M | 873M | 1.02B | 1.11B | 1.17B | 954M | 1.41B | 1.11B |
| Operating CF Margin % | 10.66% | 11.03% | 12.3% | 12.22% | 13.79% | 12.21% | 16.06% | 17.24% | 15.03% | 16.32% | 18.73% | 14.92% | 10.87% | 12.66% | 15.61% | 15.99% | 13.77% | 15.37% | 9.58% | 9.13% | 16.7% | 14% | 10.47% | 13.07% | 16.58% | 16.6% | 18.02% | 14.4% | 21.1% | 16.84% |
| Operating CF Growth % | -8.13% | -4.56% | 3.67% | -3.22% | 14.11% | -25.86% | -0.14% | 7.13% | 1.32% | -13.61% | 23.63% | 34.15% | -11.78% | -9.02% | -1.93% | 8.04% | -9.35% | 52.22% | 13.65% | -45.02% | 23.84% | 33.06% | -14.78% | -14.16% | -8.05% | -5.06% | 22.12% | -32.48% | 26.84% | -3.55% |
| Net Income | 405M | 602M | 567M | 858M | 757M | 1B | 1.63B | 211M | 261M | 887M | 563M | 691M | 737M | 449M | 764M | 802M | 844M | 736M | 1.17B | 854M | 766M | 707M | 647M | 595M | 525M | 649M | 714M | 724M | 671M | 713M |
| Depreciation & Amortization | 413M | 434M | 411M | 387M | 337M | 317M | 328M | 446M | 394M | 318M | 308M | 303M | 305M | 407M | 262M | 268M | 251M | 264M | 294M | 283M | 289M | 279M | 260M | 243M | 319M | 266M | 251M | 255M | 261M | 328M |
| Stock-Based Compensation | 56M | 57M | 99M | 63M | 59M | 64M | 61M | 58M | 61M | 60M | 0 | 0 | 56M | 113M | 79M | 87M | 88M | 84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 33M | -54M | -47M | -5M | 21M | 137M | -6M | 14M | -133M | 93M | -30M | -33M | 11M | -171M | 45M | 46M | 54M | 144M | 29M | 10M | 29M | 47M | 51M | 72M | 5M | 4M | 17M | 78M | -21M | -24M |
| Other Non-Cash Items | 337M | 327M | 284M | 56M | 48M | -196M | -707M | 520M | 645M | -69M | 479M | 195M | -123M | 479M | -22M | -25M | -263M | 22M | -667M | -303M | -6M | 2M | -39M | 124M | 53M | 48M | 20M | 41M | 844M | 325M |
| Working Capital Changes | -205M | -235M | -129M | -216M | -41M | -289M | 92M | 149M | 77M | -1M | 107M | 34M | -233M | -258M | -8M | -36M | 83M | -84M | -143M | -228M | 148M | -45M | -175M | -161M | 115M | 139M | 163M | -144M | -342M | -174M |
| Change in Receivables | 21M | 26M | -16M | -1M | 48M | -20M | -30M | -11M | 56M | 28M | 24M | 12M | -38M | -48M | -18M | -15M | 21M | 27M | -53M | -68M | -18M | -10M | -61M | 46M | 40M | -11M | 90M | 108M | -159M | -37M |
| Change in Inventory | -89M | -80M | 11M | -64M | -314M | -77M | -20M | 36M | -84M | 46M | 59M | -18M | -80M | -146M | 32M | -14M | 105M | -14M | -91M | -29M | -2M | 6M | -67M | -33M | -30M | -1M | 23M | -58M | -29M | -48M |
| Change in Payables | -90M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -357M | -187M | -3.13B | -340M | -230M | -158M | 2.27B | 153M | -7.24B | -368M | -354M | -603M | -134M | -2.15B | -323M | -261M | -300M | -378M | 531M | 603M | -294M | -314M | -275M | -432M | -288M | -1.12B | -204M | -322M | -391M | -228M |
| Capital Expenditures | -361M | -426M | -517M | -370M | -242M | -275M | -299M | -384M | -407M | -338M | -341M | -380M | -347M | -336M | -323M | -272M | -315M | -345M | -298M | -334M | -309M | -332M | -288M | -283M | -269M | -200M | -200M | -297M | -256M | -252M |
| CapEx % of Revenue | 3.7% | 4.15% | 5.37% | 3.95% | 2.83% | 3.24% | 3.44% | 4.74% | 4.69% | 4.28% | 4.28% | 4.7% | 4.2% | 4.17% | 4.5% | 3.81% | 4.1% | 4.55% | 3.73% | 4.52% | 4.21% | 4.69% | 4.05% | 4.24% | 4.39% | 3% | 3.09% | 4.48% | 3.82% | 3.81% |
| Acquisitions | 1M | 235M | -2.61B | 29M | 1M | 109M | 2.54B | 523M | -6.77B | 0 | 0 | -232M | 191M | -1.81B | 0 | 0 | 0 | -28M | 819M | 906M | 0 | 0 | -9M | -177M | -15M | -911M | 0 | -105M | -478M | -228M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3M | 4M | 1M | 1M | 11M | 8M | 4M | 14M | -19M | -30M | -13M | 9M | 22M | -12M | 0 | 11M | 15M | -5M | 10M | 31M | 15M | 18M | 22M | 32M | -4M | -11M | -4M | 80M | 343M | 252M |
| Cash from Financing | -419M | -919M | 1.86B | -723M | -910M | -1.67B | -2.99B | -1.59B | 5.81B | -908M | -1.1B | -550M | -925M | 1.24B | -920M | -700M | -556M | -814M | -1.3B | -1.86B | -318M | -668M | -475M | -432M | -726M | 15M | -943M | -636M | -1B | -910M |
| Debt Issued (Net) | 95M | -356M | 2.44B | -138M | 176M | -1.18B | -791M | -1.16B | 6.44B | -34M | -547M | 91M | -494M | 1.68B | -257M | 295M | 135M | -20M | -123M | -605M | 233M | -354M | -185M | -166M | -443M | 983M | -185M | 741M | -71M | 1.03B |
| Equity Issued (Net) | -26M | -62M | -65M | -120M | -164M | -34M | 23M | 0 | -86M | -435M | -141M | -235M | -58M | -70M | -300M | -632M | -333M | -455M | -856M | -975M | -270M | -39M | -31M | -7M | 9M | -594M | -374M | -991M | -567M | -1.59B |
| Dividends Paid | -470M | -459M | -445M | -447M | -451M | -439M | -426M | -423M | -426M | -420M | -390M | -394M | -391M | -367M | -373M | -378M | -365M | -350M | -329M | -308M | -292M | -275M | -259M | -259M | -286M | -374M | -384M | -386M | -367M | -350M |
| Share Repurchases | -26M | -62M | -67M | -142M | -167M | -36M | 0 | 0 | -86M | -437M | -143M | -244M | -76M | -153M | -412M | -728M | -472M | -527M | -903M | -1.14B | -506M | -110M | -56M | -24M | -5M | -618M | -394M | -1.03B | -669M | -1.7B |
| Other Financing | -18M | -42M | -69M | -18M | -471M | -15M | -1.79B | -9M | -120M | -19M | -21M | -12M | 18M | -1M | 10M | 15M | 7M | 11M | 8M | 25M | 11M | 0 | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 262M | 24M | -81M | 80M | 40M | -790M | 828M | -18M | -270M | 23M | 43M | 21M | -101M | -2M | -149M | 230M | 203M | -30M | 10M | -586M | 657M | 40M | 0 | 11M | -3M | -3M | 21M | -10M | -1M | -11M |
| Free Cash Flow | 678M | 705M | 668M | 773M | 939M | 760M | 1.1B | 1.01B | 898M | 950M | 1.15B | 826M | 552M | 683M | 797M | 870M | 742M | 821M | 468M | 340M | 917M | 658M | 456M | 590M | 748M | 906M | 965M | 657M | 1.16B | 862M |
| FCF Margin % | 6.96% | 6.88% | 6.93% | 8.26% | 10.97% | 8.97% | 12.62% | 12.51% | 10.34% | 12.04% | 14.45% | 10.22% | 6.68% | 8.48% | 11.11% | 12.18% | 9.67% | 10.82% | 5.85% | 4.6% | 12.49% | 9.3% | 6.41% | 8.83% | 12.2% | 13.6% | 14.92% | 9.92% | 17.28% | 13.03% |
| FCF Growth % | -3.83% | 5.54% | -13.58% | -17.68% | 23.55% | -30.72% | 8.19% | 12.92% | -5.47% | -17.39% | 39.23% | 49.64% | -19.18% | -14.3% | -8.39% | 17.25% | -9.62% | 75.43% | 37.65% | -62.92% | 39.36% | 44.3% | -22.71% | -21.12% | -17.44% | -6.11% | 46.88% | -43.22% | 34.22% | 8.02% |
| FCF per Share | 2.26 | 2.35 | 2.23 | 2.57 | 3.11 | 2.49 | 3.61 | 3.36 | 2.97 | 3.09 | 3.70 | 2.64 | 1.75 | 2.15 | 2.50 | 2.64 | 2.16 | 2.29 | 1.24 | 0.86 | 2.21 | 1.59 | 1.11 | 1.44 | 1.82 | 2.17 | 2.23 | 1.48 | 2.52 | 1.80 |
| FCF Conversion (FCF/Net Income) | 2.58x | 1.88x | 2.09x | 1.33x | 1.56x | 1.03x | 0.86x | 6.63x | 5.00x | 1.45x | 2.65x | 1.81x | 1.04x | 2.22x | 1.45x | 1.42x | 1.25x | 1.58x | 0.66x | 0.79x | 1.60x | 1.40x | 1.15x | 1.47x | 1.94x | 1.70x | 1.63x | 1.32x | 2.14x | 1.56x |
| Interest Paid | 0 | 330M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118M | 0 | 180M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 268M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 333M | 0 | 521M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CPB stock.
Campbell Soup Company (CPB) generated $1.04B in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Campbell Soup Company (CPB) generated $678.0M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Campbell Soup Company (CPB) spent $361.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Campbell Soup Company (CPB) returned $470.0M to shareholders via cash dividends and spent $26.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volume erosion and margin pressure
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
As reported in recent financial statements, the company's OCF/NI ratio has exhibited extreme variance, ranging from a negative 96.00 in 2024Q4 to a high of 3.56 in 2026Q2, suggesting that net income is an unreliable proxy for the firm's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are heavily distorting the bottom line. Investors should monitor whether this disconnect reflects genuine operational inefficiency or merely the timing of seasonal inventory builds and promotional accruals.
Free Cash Flow Margin Compression
Based on the provided quarterly data, FCF margins have experienced significant contraction, falling from 15.9% in 2024Q2 to a marginal 1.3% by 2026Q3, which highlights the increasing difficulty in converting top-line revenue into sustainable cash flow amidst persistent unit volume headwinds.
The sharp decline in FCF margins suggests that the company's cost structure is becoming increasingly rigid, leaving little room for error as volume growth stalls. This trend warrants further investigation into whether the current level of capital expenditure is truly necessary to maintain the competitive position of core brands.
Working Capital Volatility Hinders Liquidity
According to the company's cash flow statements, working capital changes have been highly erratic, swinging from a $153.0M inflow in 2024Q2 to a $200.0M outflow in 2026Q3, indicating that inventory and receivables management remains a primary source of cash flow instability.
These large swings in working capital suggest that the company may be struggling to align its production schedules with actual consumer takeaway. Such volatility often precedes inventory write-downs or increased promotional spending, both of which could further pressure future cash flow generation.
Capital Allocation Prioritizes Shareholder Returns
As evidenced by the consistent dividend payments of approximately $110M to $120M per quarter, the company continues to prioritize shareholder distributions despite the evident deterioration in free cash flow margins observed over the last ten quarters.
The commitment to dividends in the face of declining cash conversion appears to limit the company's financial flexibility for strategic reinvestment or debt reduction. Investors should monitor whether this payout policy remains sustainable if the current volume-driven margin compression persists into future fiscal periods.