On this page of StockholderLetter.com we present the latest annual shareholder letter from CAMPBELL SOUP CO — ticker symbol CPB. Reading current and past CPB letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
In fiscal 2025, shareholders approved the change of the company s name to This subtle yet important change retains the iconic name recognition, reputation and equity the company has built over 156 years while reflecting the full breadth of its portfolio.
CHAIR S MESSAGE Fiscal 2025 was a landmark year for our company. In August 2024, we transferred our stock exchange listing to Nasdaq. In doing so, we aligned ourselves with some of the most successful and innovative companies in the world. This move not only improved our visibility among investors but gave us access to a broader shareholder base. Nasdaq s advanced technology and analytics provide us with valuable insights and enable us to better navigate the evolving market environment. In November, shareholders approved changing our name to The Campbell s Company, our first name change in more than 100 years. The company last changed its name in 1922 from Joseph Campbell Company to Campbell Soup Company to reflect our changing focus from canned fruits and vegetables to soup. Our new name reflects the full breadth of Campbell s portfolio today while continuing to honor our heritage. In December, as part of our succession plan, the Board elected Mick Beekhuizen as the 15th President and CEO in the company s distinguished history. Mick is an outstanding leader with the skills and vision to advance our strategy and build upon our track record of results. Since assuming the role, Mick has strengthened our operating model and leadership team to drive innovation and enhance our capabilities to better compete in a dynamic operating environment and deliver top-tier results. In June, we were deeply saddened by the passing of Mary Alice Dorrance Malone, who served on the Board since 1990. As a descendant of the company s founder and a significant long-term shareholder, her contributions to grow and protect Campbell s legacy were immeasurable. Following her passing, the Board elected Mary Alice Dorrance Malone, Jr. to succeed her mother as a director. Ms. Malone, Jr. s blend of creative, analytical and entrepreneurial experience and her deep appreciation of Campbell s history will be an asset to the Board. On behalf of the Board of Directors, I would like to recognize the continued focus and commitment demonstrated by all Campbell s employees during this period of dynamic change for the food industry. We are also grateful to our customers and suppliers for their partnership. To our shareholders, thank you for your continued support. I am confident we have the right team and strategy to navigate today s challenges and capture future opportunities. We will remain relentless in transforming and evolving this great company while creating long-term value. Keith R. McLoughlin Chair of the Board 2
Dear shareholders, I am honored to serve as the 15th leader in Campbell s history a role that carries a great responsibility to continue the legacy of this iconic company. Having helped shape our strategy in my previous roles, I am committed to building upon our strong foundation. With an exceptional team, amazing brands and fantastic food, we have a clear strategy for consistent, profitable growth that will help us deliver today, while building for the future. In fiscal 2025, with resilience and focus, we navigated a range of macroeconomic issues including shifting consumer behaviors, inflationary pressures and a rapidly changing trade and regulatory environment. Despite these headwinds, we made meaningful progress across multiple strategic fronts and continued to evolve our operating model for long-term success. Although organic net sales1 declined 1% as a result of some of these challenges, adjusted earnings before interest and taxes1,2 (EBIT) increased 2% primarily due to the contribution of the Sovos Brands acquisition, while we had lower adjusted EBIT in the base business. Adjusted earnings per share1,2 (EPS) decreased 4%, primarily due to higher adjusted net interest expense, partially offset by the increase in adjusted EBIT. We continued to generate strong operating cash flow at $1.1 billion and remained focused on returning cash to shareholders with $459 million in dividends, including a 5% increase per share that we announced in the second quarter. Our Meals & Beverages division is well-positioned to continue providing delicious and convenient offerings with excellent value. In March, we celebrated the one-year anniversary of our acquisition of Sovos Brands which included the premium marketleading pasta sauce Rao s. The business has been fully integrated and was accretive to earnings per share ahead of expectations. As at-home cooking behavior continues in fiscal 2026, we are capitalizing on the increased demand for our soups, broths and sauces and leveraging this trend to drive growth across the division. In our Snacks division, we are confident in the strength of our portfolio and our long-term growth potential despite shortterm category softness. We have the right team, brands and innovation pipeline to return this business to sustainable growth over time. We are sharpening our focus on our leading brands and have implemented a category model to manage the business, building on the proven success of the model in our Meals & Beverages division. We will continue to drive successful consumer-led innovation where our brands are well positioned to win. 3 3 To bring it all together and evolve with the dynamic operating environment, we launched our new Growth Office to better leverage our scale. This consumerled, brand-powered and food-obsessed team is focused on elevating core commercial strengths in consumer insights, integrated marketing, innovation and revenue growth management to drive transformative results and achieve top-tier performance.
OUR STRATEGIC PLAN To p Team Best Portfolio Winning Execution Lasting Impact Top-Tier Performance Deliver for our PEOPLE Deliver for our CONSUMERS Deliver for our CUSTOMERS Deliver for our COMMUNITIES Deliver for our SHAREHOLDERS We turn the page to fiscal 2026 with a strong foundation, a focus on execution and a growth mindset. As consumers become increasingly intentional in their food choices, it is more important than ever that we are equally intentional in how we engage them. Shifting consumer behaviors present us with opportunities, and I m confident that we have the right people, the best portfolio and a clear strategy. For 156 years, our company has successfully navigated change of all kinds, and we will continue to do so leveraging our category leadership and innovation capabilities to keep our brands at the forefront of consumer trends. We will continue to invest in our brands, while maintaining a clear focus on improving efficiency and effectiveness across the organization, to drive sustainable, long-term growth. Thank you to the entire Campbell s team, the Board, our consumers, customers, suppliers and shareholders. We will continue to deliver for you. Mick J. Beekhuizen President and Chief Executive Officer 4 1 These amounts are adjusted for certain items not considered to be part of the ongoing business. For a reconciliation of non-GAAP financial measures, see pages 5 and 6. Percent changes are versus prior year. 2 Fiscal 2025 was a 53-week year. The additional week is estimated to have contributed 2% each to adjusted EBIT and adjusted EPS (or $0.06 per share) to fiscal 2025 results. 4
 • shareholder letter icon 10/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 10/17/2023 CPB Stockholder Letter
 • stockholder letter icon 10/9/2024 CPB Stockholder Letter
 • stockholder letter icon More "Food & Beverage" Category Stockholder Letters
 • Benford's Law Stocks icon CPB Benford's Law Stock Score = 94


CPB Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

In fiscal 2025, shareholders approved
the change of the company   s name to
This subtle yet important change retains the iconic name
recognition, reputation and equity the company has built over
156 years while reflecting the full breadth of its portfolio.

CHAIR   S MESSAGE
Fiscal 2025 was a landmark year for our company.
In August 2024, we transferred our stock exchange
listing to Nasdaq. In doing so, we aligned ourselves
with some of the most successful and innovative
companies in the world. This move not only improved
our visibility among investors but gave us access
to a broader shareholder base. Nasdaq   s advanced
technology and analytics provide us with valuable
insights and enable us to better navigate the evolving
market environment.
In November, shareholders approved changing our
name to The Campbell   s Company, our first
name change in more than 100 years. The company
last changed its name in 1922 from Joseph
Campbell Company to Campbell Soup Company
to reflect our changing focus from canned fruits
and vegetables to soup. Our new name reflects
the full breadth of Campbell   s portfolio today while
continuing to honor our heritage.
In December, as part of our succession plan, the Board
elected Mick Beekhuizen as the 15th President
and CEO in the company   s distinguished history.
Mick is an outstanding leader with the skills and
vision to advance our strategy and build upon our
track record of results. Since assuming the role,
Mick has strengthened our operating model and
leadership team to drive innovation and enhance
our capabilities to better compete in a dynamic
operating environment and deliver top-tier results.
In June, we were deeply saddened by the passing
of Mary Alice Dorrance Malone, who served on the
Board since 1990. As a descendant of the company   s
founder and a significant long-term shareholder,
her contributions to grow and protect Campbell   s
legacy were immeasurable.
Following her passing, the Board elected Mary
Alice Dorrance Malone, Jr. to succeed her mother
as a director. Ms. Malone, Jr.   s blend of creative,
analytical and entrepreneurial experience and her
deep appreciation of Campbell   s history will be
an asset to the Board.
On behalf of the Board of Directors, I would like
to recognize the continued focus and commitment
demonstrated by all Campbell   s employees during
this period of dynamic change for the food industry.
We are also grateful to our customers and suppliers
for their partnership.
To our shareholders, thank you for your continued
support. I am confident we have the right team
and strategy to navigate today   s challenges and
capture future opportunities. We will remain
relentless in transforming and evolving this great
company while creating long-term value.
Keith R. McLoughlin
Chair of the Board
2

Dear shareholders,
I am honored to serve as the 15th leader
in Campbell   s history     a role that
carries a great responsibility to continue
the legacy of this iconic company.
Having helped shape our strategy in my
previous roles, I am committed
to building upon our strong foundation.
With an exceptional team, amazing
brands and fantastic food, we have
a clear strategy for consistent, profitable
growth that will help us deliver today,
while building for the future.
In fiscal 2025, with resilience and focus,
we navigated a range of macroeconomic
issues     including shifting consumer
behaviors, inflationary pressures and
a rapidly changing trade and regulatory
environment. Despite these headwinds,
we made meaningful progress across
multiple strategic fronts and continued
to evolve our operating model for
long-term success.
Although organic net sales1 declined 1%
as a result of some of these challenges,
adjusted earnings before interest
and taxes1,2 (EBIT) increased 2% primarily
due to the contribution of the Sovos
Brands acquisition, while we had lower
adjusted EBIT in the base business.
Adjusted earnings per share1,2 (EPS)
decreased 4%, primarily due to higher
adjusted net interest expense, partially
offset by the increase in adjusted
EBIT. We continued to generate strong
operating cash flow at $1.1 billion
and remained focused on returning cash
to shareholders with $459 million
in dividends, including a 5% increase
per share that we announced in
the second quarter.
Our Meals & Beverages division is
well-positioned to continue providing
delicious and convenient offerings
with excellent value. In March, we
celebrated the one-year anniversary
of our acquisition of Sovos Brands
which included the premium marketleading pasta sauce Rao   s. The business
has been fully integrated and was
accretive to earnings per share ahead
of expectations. As at-home cooking
behavior continues in fiscal 2026, we
are capitalizing on the increased
demand for our soups, broths and
sauces and leveraging this trend
to drive growth across the division.
In our Snacks division, we are confident
in the strength of our portfolio and our
long-term growth potential despite shortterm category softness. We have the right
team, brands and innovation pipeline
to return this business to sustainable
growth over time. We are sharpening
our focus on our leading brands and have
implemented a category model to manage
the business, building on the proven
success of the model in our Meals &
Beverages division. We will continue
to drive successful consumer-led
innovation where our brands are well
positioned to win.
3
3
To bring it all together and evolve
with the dynamic operating environment,
we launched our new Growth Office to
better leverage our scale. This consumerled, brand-powered and food-obsessed
team is focused on elevating core
commercial strengths in consumer
insights, integrated marketing, innovation
and revenue growth management to
drive transformative results and achieve
top-tier performance.

OUR STRATEGIC PLAN
To p
Team
Best
Portfolio
Winning
Execution
Lasting
Impact
Top-Tier
Performance
Deliver for our
PEOPLE
Deliver for our
CONSUMERS
Deliver for our
CUSTOMERS
Deliver for our
COMMUNITIES
Deliver for our
SHAREHOLDERS
We turn the page to fiscal 2026 with
a strong foundation, a focus on execution
and a growth mindset. As consumers
become increasingly intentional in their
food choices, it is more important than
ever that we are equally intentional in how
we engage them. Shifting consumer
behaviors present us with opportunities,
and I   m confident that we have
the right people, the best portfolio and
a clear strategy.
For 156 years, our company has
successfully navigated change of all
kinds, and we will continue to do so    
leveraging our category leadership and
innovation capabilities to keep our
brands at the forefront of consumer
trends. We will continue to invest
in our brands, while maintaining a clear
focus on improving efficiency and
effectiveness across the organization,
to drive sustainable, long-term growth.
Thank you to the entire Campbell   s team,
the Board, our consumers, customers,
suppliers and shareholders. We will
continue to deliver for you.
Mick J. Beekhuizen
President and Chief Executive Officer
4
1
These amounts are adjusted for certain items not
considered to be part of the ongoing business.
For a reconciliation of non-GAAP financial measures, see
pages 5 and 6. Percent changes are versus prior year.
2
Fiscal 2025 was a 53-week year. The additional week
is estimated to have contributed 2% each to adjusted
EBIT and adjusted EPS (or $0.06 per share) to fiscal
2025 results.
4



shareholder letter icon 10/8/2025 Letter Continued (Full PDF)
 

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