Operating margins have experienced significant compression, falling from 14.3% in 2025Q1 to 10.1% in 2026Q3, as the company struggles to scale profitability amidst declining top-line performance.
Campbell Soup Company (CPB) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 9.74B | 10.25B | 9.64B | 9.36B | 8.56B | 8.48B | 8.69B | 8.11B | 8.69B | 7.89B | 7.96B | 8.08B | 8.27B | 8.05B | 7.17B | 7.14B | 7.68B | 7.59B | 8B | 7.38B | 7.34B | 7.07B | 7.11B | 6.68B | 6.13B | 6.66B | 6.47B | 6.63B | 6.7B | 6.61B |
| Revenue Growth % | -4.96% | 6.4% | 2.98% | 9.29% | 1.01% | -2.47% | 7.2% | -6.66% | 10.08% | -0.89% | -1.5% | -2.25% | 2.68% | 12.22% | 0.45% | -6.94% | 1.19% | -5.15% | 8.3% | 0.57% | 3.83% | -0.52% | 6.45% | 8.89% | -7.97% | 3.06% | -2.41% | -1.05% | 1.24% | 4.59% |
| Cost of Goods Sold | 7B | 7.13B | 6.67B | 6.44B | 5.93B | 5.67B | 5.69B | 5.41B | 5.87B | 4.83B | 5.03B | 5.3B | 5.3B | 5.14B | 4.37B | 4.25B | 4.53B | 4.56B | 4.83B | 4.38B | 4.27B | 4.17B | 4.19B | 3.81B | 3.44B | 3.15B | 3.11B | 3.25B | 3.02B | 3.18B |
| COGS % of Revenue | 71.86% | 69.58% | 69.17% | 68.83% | 69.32% | 66.84% | 65.49% | 66.78% | 67.58% | 61.23% | 63.22% | 65.58% | 64.07% | 63.84% | 60.84% | 59.57% | 58.96% | 60.08% | 60.35% | 59.36% | 58.12% | 59.04% | 58.9% | 56.98% | 56.14% | 47.21% | 48.05% | 49.08% | 45.18% | 48.08% |
| Gross Profit | 2.74B | 3.12B | 2.97B | 2.92B | 2.63B | 2.81B | 3B | 2.69B | 2.82B | 3.06B | 2.93B | 2.78B | 2.97B | 2.91B | 2.81B | 2.89B | 3.15B | 3.03B | 3.17B | 3B | 3.08B | 2.9B | 2.92B | 2.87B | 2.69B | 3.52B | 3.36B | 3.37B | 3.67B | 3.43B |
| Gross Margin % | 28.14% | 30.42% | 30.83% | 31.17% | 30.68% | 33.16% | 34.51% | 33.22% | 32.42% | 38.77% | 36.78% | 34.42% | 35.93% | 36.16% | 39.16% | 40.43% | 41.04% | 39.92% | 39.65% | 40.64% | 41.88% | 40.96% | 41.1% | 43.02% | 43.86% | 52.79% | 51.95% | 50.92% | 54.82% | 51.92% |
| Gross Profit Growth % | -12.09% | 4.98% | 1.85% | 11.04% | -6.55% | -6.27% | 11.36% | -4.37% | -7.94% | 4.47% | 5.25% | -6.36% | 2.03% | 3.63% | -2.7% | -8.32% | 4.03% | -4.51% | 5.66% | -2.41% | 6.14% | -0.86% | 1.71% | 6.8% | -23.54% | 4.73% | -0.44% | -8.09% | 6.9% | 10.77% |
| Operating Expenses | 1.89B | 1.94B | 1.79B | 1.6B | 1.45B | 1.49B | 1.71B | 1.71B | 2.35B | 1.66B | 1.55B | 1.62B | 1.65B | 1.77B | 1.64B | 1.61B | 1.79B | 1.85B | 1.89B | 1.79B | 1.92B | 1.77B | 1.79B | 1.77B | 1.57B | 2.26B | 2.06B | 2.06B | 2.15B | 1.99B |
| OpEx % of Revenue | 19.4% | 18.94% | 18.58% | 17.15% | 16.91% | 17.63% | 19.62% | 21.14% | 27.02% | 21.03% | 19.5% | 20.03% | 19.9% | 21.93% | 22.83% | 22.5% | 23.27% | 24.37% | 23.64% | 24.21% | 26.13% | 25.03% | 25.18% | 26.47% | 25.55% | 33.87% | 31.86% | 31.12% | 32.11% | 30.12% |
| Selling, General & Admin | 1.55B | 1.6B | 1.57B | 1.47B | 1.35B | 1.42B | 1.57B | 1.45B | 1.56B | 1.3B | 1.43B | 1.49B | 1.5B | 1.62B | 1.52B | 1.49B | 1.66B | 1.67B | 1.77B | 1.68B | 1.82B | 1.68B | 1.7B | 1.68B | 1.49B | 2.14B | 1.94B | 1.94B | 1.82B | 1.64B |
| SG&A % of Revenue | 15.94% | 15.59% | 16.29% | 15.66% | 15.78% | 16.69% | 18.05% | 17.91% | 17.92% | 16.54% | 17.92% | 18.37% | 18.2% | 20.17% | 21.2% | 20.8% | 21.66% | 21.99% | 22.13% | 22.71% | 24.79% | 23.76% | 23.84% | 25.16% | 24.29% | 32.07% | 30.02% | 29.25% | 27.15% | 24.81% |
| Research & Development | 99M | 100M | 102M | 92M | 87M | 84M | 93M | 91M | 110M | 98M | 105M | 117M | 122M | 128M | 116M | 120M | 123M | 114M | 115M | 111M | 99M | 90M | 93M | 88M | 77M | 63M | 64M | 66M | 71M | 68M |
| R&D % of Revenue | 1.02% | 0.98% | 1.06% | 0.98% | 1.02% | 0.99% | 1.07% | 1.12% | 1.27% | 1.24% | 1.32% | 1.45% | 1.48% | 1.59% | 1.62% | 1.68% | 1.6% | 1.5% | 1.44% | 1.5% | 1.35% | 1.27% | 1.31% | 1.32% | 1.26% | 0.95% | 0.99% | 1% | 1.06% | 1.03% |
| Other Operating Expenses | 238M | 244M | 118M | 48M | 10M | -5M | 43M | 171M | 681M | 256M | 20M | 17M | 18M | 14M | 1M | 1M | 0 | 67M | 6M | 0 | 0 | 0 | 2M | 0 | 0 | 57M | 55M | 58M | 261M | 283M |
| Operating Income | 852M | 1.18B | 1.18B | 1.31B | 1.18B | 1.32B | 1.29B | 979M | 469M | 1.4B | 1.38B | 1.16B | 1.33B | 1.15B | 1.17B | 1.28B | 1.36B | 1.18B | 1.28B | 1.21B | 1.16B | 1.13B | 1.13B | 1.1B | 1.12B | 1.26B | 1.3B | 1.31B | 1.52B | 1.44B |
| Operating Margin % | 8.74% | 11.48% | 12.26% | 14.02% | 13.77% | 15.54% | 14.89% | 12.08% | 5.4% | 17.74% | 17.28% | 14.39% | 16.04% | 14.23% | 16.33% | 17.93% | 17.77% | 15.54% | 16% | 16.43% | 15.74% | 15.94% | 15.92% | 16.55% | 18.31% | 18.92% | 20.09% | 19.8% | 22.72% | 21.8% |
| Operating Income Growth % | -27.61% | -0.34% | -9.98% | 11.28% | -10.48% | 1.78% | 32.18% | 108.74% | -66.5% | 1.74% | 18.31% | -12.29% | 15.71% | -2.22% | -8.51% | -6.08% | 15.69% | -7.89% | 5.52% | 4.93% | 2.57% | -0.44% | 2.44% | -1.6% | -10.94% | -2.93% | -0.99% | -13.74% | 5.48% | 18.78% |
| EBITDA | 1.26B | 1.61B | 1.59B | 1.7B | 1.52B | 1.63B | 1.62B | 1.43B | 863M | 1.72B | 1.68B | 1.47B | 1.63B | 1.55B | 1.43B | 1.55B | 1.61B | 1.44B | 1.57B | 1.5B | 1.45B | 1.41B | 1.39B | 1.35B | 1.44B | 1.53B | 1.55B | 1.57B | 1.78B | 1.73B |
| EBITDA Margin % | 12.98% | 15.71% | 16.52% | 18.16% | 17.71% | 19.28% | 18.66% | 17.58% | 9.94% | 21.77% | 21.15% | 18.14% | 19.73% | 19.29% | 19.99% | 21.69% | 21.04% | 19.02% | 19.68% | 20.26% | 19.68% | 19.88% | 19.58% | 20.19% | 23.51% | 22.91% | 23.97% | 23.65% | 26.61% | 26.08% |
| EBITDA Growth % | -21.48% | 1.19% | -6.3% | 12.07% | -7.22% | 0.74% | 13.82% | 65.12% | -49.77% | 2.02% | 14.87% | -10.12% | 5.02% | 8.3% | -7.42% | -4.09% | 11.92% | -8.32% | 5.21% | 3.53% | 2.77% | 1.01% | 3.26% | -6.52% | -5.57% | -1.48% | -1.08% | -12.07% | 3.3% | 15.46% |
| D&A (Non-Cash Add-back) | 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 | 283M |
| EBIT | 860M | 1.14B | 1.01B | 1.32B | 1.16B | 1.55B | 1.11B | 981M | 473M | 1.41B | 964M | 1.06B | 1.27B | 1.09B | 1.16B | 1.22B | 1.35B | 1.19B | 1.11B | 1.26B | 1.16B | 1.13B | 1.13B | 1.1B | 1.12B | 1.26B | 1.3B | 1.31B | 1.52B | 1.44B |
| Net Interest Income | -323M | -328M | -243M | -184M | -188M | -209M | -341M | -354M | -197M | -107M | -111M | -105M | -119M | -125M | -106M | -112M | -106M | -106M | -159M | -144M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8M | 17M | 6M | 4M | 1M | 1M | 4M | 2M | 4M | 5M | 4M | 3M | 3M | 10M | 8M | 10M | 6M | 4M | 8M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 331M | 345M | 249M | 188M | 189M | 210M | 345M | 356M | 201M | 112M | 115M | 108M | 122M | 135M | 114M | 122M | 112M | 110M | 167M | 163M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -323M | -381M | -424M | -184M | -204M | 19M | -528M | -354M | -197M | -107M | -527M | -214M | -178M | -191M | -123M | -181M | -122M | -100M | -341M | -114M | -155M | -175M | -185M | -181M | -325M | -274M | -222M | -215M | -448M | -451M |
| Pretax Income | 529M | 796M | 757M | 1.13B | 975M | 1.34B | 766M | 625M | 272M | 1.29B | 849M | 949M | 1.15B | 955M | 1.05B | 1.1B | 1.24B | 1.08B | 939M | 1.1B | 1B | 952M | 947M | 924M | 798M | 987M | 1.08B | 1.1B | 1.07B | 991M |
| Pretax Margin % | 5.43% | 7.76% | 7.86% | 12.06% | 11.39% | 15.76% | 8.81% | 7.71% | 3.13% | 16.39% | 10.66% | 11.74% | 13.88% | 11.86% | 14.62% | 15.4% | 16.18% | 14.22% | 11.74% | 14.88% | 13.63% | 13.46% | 13.32% | 13.84% | 13.01% | 14.81% | 16.66% | 16.56% | 16.02% | 14.98% |
| Income Tax | 124M | 194M | 190M | 270M | 218M | 328M | 174M | 151M | 11M | 406M | 286M | 283M | 374M | 275M | 325M | 351M | 398M | 347M | 268M | 307M | 246M | 308M | 300M | 298M | 273M | 338M | 363M | 373M | 384M | 357M |
| Effective Tax Rate % | 23.44% | 24.37% | 25.1% | 23.94% | 22.36% | 24.55% | 22.72% | 24.16% | 4.04% | 31.4% | 33.69% | 29.82% | 32.58% | 28.8% | 30.98% | 31.91% | 32.05% | 32.16% | 28.54% | 27.93% | 24.58% | 32.35% | 31.68% | 32.25% | 34.21% | 34.25% | 33.7% | 34% | 35.79% | 36.02% |
| Net Income | 403M | 602M | 567M | 858M | 757M | 1B | 1.63B | 211M | 261M | 887M | 563M | 666M | 866M | 458M | 774M | 805M | 844M | 736M | 1.17B | 854M | 766M | 707M | 647M | 595M | 525M | 649M | 714M | 724M | 660M | 713M |
| Net Margin % | 4.14% | 5.87% | 5.88% | 9.17% | 8.84% | 11.82% | 18.73% | 2.6% | 3.01% | 11.24% | 7.07% | 8.24% | 10.47% | 5.69% | 10.79% | 11.27% | 11% | 9.7% | 14.57% | 11.56% | 10.43% | 10% | 9.1% | 8.91% | 8.56% | 9.74% | 11.04% | 10.93% | 9.86% | 10.78% |
| Net Income Growth % | -33.06% | 6.17% | -33.92% | 13.34% | -24.45% | -38.45% | 671.56% | -19.16% | -70.58% | 57.55% | -15.47% | -23.09% | 89.08% | -40.83% | -3.85% | -4.62% | 14.67% | -36.82% | 36.42% | 11.49% | 8.35% | 9.27% | 8.74% | 13.33% | -19.11% | -9.1% | -1.38% | 9.7% | -7.43% | -11.1% |
| Net Income (Continuing) | 405M | 602M | 567M | 858M | 757M | 1.01B | 592M | 474M | 261M | 887M | 563M | 666M | 774M | 680M | 724M | 749M | 844M | 732M | 671M | 792M | 755M | 644M | 647M | 626M | 525M | 649M | 714M | 724M | 689M | 634M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -6M | 1.04B | -263M | 0 | 0 | 0 | 0 | 81M | -231M | 40M | 53M | 0 | 4M | 494M | 62M | 11M | 63M | 0 | 0 | 0 | 0 | 0 | 0 | -18M | 79M |
| Minority Interest | 306M | 2M | 2M | 2M | 2M | 2M | 6M | 9M | 9M | 8M | 8M | -4M | -12M | -7M | 0 | 8M | 3M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 83M |
| EPS (Diluted) | 1.31 | 2.01 | 1.89 | 2.85 | 2.51 | 3.29 | 5.36 | 0.70 | 0.86 | 2.89 | 1.81 | 2.21 | 2.59 | 1.44 | 2.41 | 2.42 | 2.42 | 2.06 | 3.03 | 2.16 | 1.85 | 1.71 | 1.57 | 1.45 | 1.28 | 1.55 | 1.65 | 1.63 | 1.44 | 1.49 |
| EPS Growth % | -34.83% | 6.35% | -33.68% | 13.55% | -23.71% | -38.62% | 665.71% | -18.6% | -70.24% | 59.67% | -18.1% | -14.67% | 79.86% | -40.25% | -0.41% | 0% | 17.48% | -32.01% | 40.28% | 16.76% | 8.19% | 8.92% | 8.28% | 13.28% | -17.42% | -6.06% | 1.23% | 13.19% | -3.36% | -6.29% |
| EPS (Basic) | 1.34 | 2.02 | 1.90 | 2.87 | 2.51 | 3.31 | 5.39 | 0.70 | 0.87 | 2.91 | 1.82 | 2.21 | 2.61 | 1.46 | 2.43 | 2.44 | 2.44 | 2.09 | 3.06 | 2.21 | 1.89 | 1.72 | 1.58 | 1.45 | 1.28 | 1.57 | 1.68 | 1.64 | 1.46 | 1.51 |
| Diluted Shares Outstanding | 300M | 300M | 300M | 301M | 302M | 305M | 304M | 302M | 302M | 307M | 311M | 313M | 316M | 317M | 319M | 329M | 343M | 358M | 377M | 396M | 414M | 413M | 412M | 411M | 411M | 418M | 432M | 445M | 460M | 478M |
| Basic Shares Outstanding | 298M | 298M | 300M | 299M | 301M | 303M | 302M | 301M | 301M | 305M | 309M | 312M | 314M | 314M | 317M | 326M | 340M | 352M | 373M | 386M | 407M | 409M | 409M | 411M | 410M | 414M | 425M | 441M | 454M | 472M |
| Dividend Payout Ratio | 116.63% | 76.25% | 78.48% | 52.1% | 59.58% | 43.81% | 26.17% | 200.47% | 163.22% | 47.35% | 69.27% | 59.16% | 45.15% | 80.13% | 48.19% | 46.96% | 43.25% | 47.55% | 28.24% | 36.07% | 38.12% | 38.9% | 40.03% | 43.53% | 54.48% | 57.63% | 53.78% | 53.31% | 55.61% | 49.09% |
Quick answers to the most common questions about buying CPB stock.
For fiscal year 2026, Campbell Soup Company (CPB) reported total revenue of $9.74B. This represents a 47.3% increase compared to $6.61B in 1997.
Campbell Soup Company (CPB) is profitable, generating $403.0M in net income for the fiscal year ending 2026 with a net profit margin of 4.1%.
Campbell Soup Company (CPB) reported an operating income of $852.0M, resulting in an operating profit margin of 8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Campbell Soup Company (CPB) generated $2.74B in gross profit for the year, representing a gross profit margin of 28.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volume erosion in core
Metrics are mathematically derived from official filings.
Revenue Growth Facing Structural Headwinds
As reported in recent financial filings, Campbell Soup Company has experienced a consistent deceleration in top-line performance, with revenue growth shifting from a 10.9% peak in 2024Q4 to a contraction of 4.4% by 2026Q3, signaling potential exhaustion of pricing-led growth strategies across its core segments.
The transition from positive growth to consecutive quarterly declines suggests that the company's ability to pass through inflationary costs is reaching a ceiling. Investors should monitor whether this trend reflects a permanent shift in consumer volume elasticity or merely a temporary adjustment period following recent portfolio acquisitions.
Margin Compression Amidst Input Volatility
Based on the company's latest income statement data, gross margins have compressed from a high of 31.6% in 2024Q2 to 27.5% in 2026Q3, indicating that rising commodity costs and promotional intensity are increasingly difficult to offset through current pricing actions within the competitive packaged food landscape.
The erosion of gross margin suggests that the company's pricing power may be weakening relative to private label alternatives. This trend warrants further investigation into whether the current promotional environment is a strategic necessity to defend market share or a sign of structural margin degradation.
Operating Leverage Under Significant Pressure
According to the provided quarterly data, operating margins have declined from 14.3% in 2025Q1 to 10.1% in 2026Q3, demonstrating that the company is currently unable to scale its operating income faster than its gross profit, which highlights a lack of meaningful operating leverage in the current cycle.
The inability to maintain operating margins despite potential cost-saving initiatives suggests that SG&A expenses remain sticky or are rising to support brand relevance. This lack of efficiency implies that the company may be over-investing in marketing to combat volume declines, which could further pressure bottom-line profitability.
Sustainability of Current Earnings Profile
As evidenced by the volatile EPS figures, which swung from a loss of $0.01 in 2024Q4 to $0.65 in 2026Q1, the quality of reported earnings appears inconsistent, raising concerns about the sustainability of net income growth in the face of persistent unit volume pressure in the Meals & Beverages segment.
Short-sellers may focus on the disconnect between the company's premium brand positioning and the reality of declining volumes. If the company cannot stabilize its core soup business, the reliance on snacking acquisitions to drive growth may prove insufficient to support current valuation multiples.