00000167322025FYFALSEhttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligations7/26/20267/30/20447/28/20267/29/20297/31/2039http://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#DebtCurrenthttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSoldhttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#AccountsPayableCurrenthttp://fasb.org/us-gaap/2025#AccountsPayableCurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpensehttp://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpenseiso4217:USDxbrli:sharesxbrli:pureiso4217:USDxbrli:shares00000167322024-07-292025-08-0300000167322025-01-2400000167322025-09-100000016732cpb:TopFiveCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-292025-08-030000016732cpb:WalMartStoresIncMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-292025-08-030000016732cpb:WalMartStoresIncMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-07-312024-07-280000016732cpb:WalMartStoresIncMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-08-012023-07-300000016732cpb:September2021ProgramMember2025-08-030000016732cpb:TwoThousandFifteenandSnydersLanceInitiativesMember2023-07-312024-07-280000016732cpb:TwoThousandFifteenandSnydersLanceInitiativesMember2022-08-012023-07-300000016732cpb:TwoThousandFifteenandSnydersLanceInitiativesMember2015-02-022024-07-280000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2023-07-312024-07-280000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2022-08-012023-07-300000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2015-02-022024-07-280000016732us-gaap:CostOfSalesMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2023-07-312024-07-280000016732us-gaap:CostOfSalesMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2022-08-012023-07-300000016732us-gaap:CostOfSalesMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2015-02-022024-07-280000016732us-gaap:SellingAndMarketingExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2023-07-312024-07-280000016732us-gaap:SellingAndMarketingExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2022-08-012023-07-300000016732us-gaap:SellingAndMarketingExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2015-02-022024-07-280000016732us-gaap:ResearchAndDevelopmentExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2023-07-312024-07-280000016732us-gaap:ResearchAndDevelopmentExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2022-08-012023-07-300000016732us-gaap:ResearchAndDevelopmentExpenseMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2015-02-022024-07-280000016732us-gaap:EmployeeSeveranceMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:AssetImpairmentAcceleratedDepreciationMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:ImplementationCostsandOtherRelatedCostsMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:CashExpendituresMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:MealsBeveragesMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:SnacksMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732us-gaap:CorporateAndOtherMembercpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-280000016732cpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:CostOfSalesMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:SellingAndMarketingExpenseMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:ResearchAndDevelopmentExpenseMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:EmployeeSeveranceMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:AssetImpairmentAcceleratedDepreciationMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:ImplementationCostsandOtherRelatedCostsMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:MealsBeveragesMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:SnacksMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732us-gaap:CorporateAndOtherMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:CashExpendituresMembercpb:TwoThousandTwentyFiveInitiativesMember2025-08-030000016732cpb:MealsBeveragesMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732cpb:SnacksMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:CorporateAndOtherMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732cpb:OtherCostSavingsImplementationCostsMember2025-08-030000016732us-gaap:SellingAndMarketingExpenseMembercpb:OtherCostSavingsImplementationCostsMember2024-07-292025-08-030000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:OtherCostSavingsImplementationCostsMember2024-07-292025-08-030000016732us-gaap:SellingAndMarketingExpenseMembercpb:OtherCostSavingsImplementationCostsMember2023-07-312024-07-280000016732us-gaap:SellingAndMarketingExpenseMembercpb:OtherCostSavingsImplementationCostsMember2024-01-292025-08-030000016732us-gaap:GeneralAndAdministrativeExpenseMembercpb:OtherCostSavingsImplementationCostsMember2024-01-292025-08-030000016732us-gaap:PensionPlansDefinedBenefitMember2025-08-0300000167322025-08-030000016732us-gaap:InterestRateContractMember2024-07-280000016732us-gaap:TreasuryLockMember2025-08-030000016732us-gaap:InterestRateContractMember2025-08-030000016732us-gaap:TreasuryLockMember2024-07-280000016732us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:EquityContractMemberus-gaap:NondesignatedMember2024-07-280000016732cpb:TrademarksAlliedBrandsMember2023-07-312024-07-280000016732cpb:TrademarksAlliedBrandsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-05-260000016732cpb:TrademarksPopSecretMember2023-07-312024-07-280000016732cpb:TrademarksPopSecretMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-05-260000016732cpb:TrademarksAlliedBrandsMember2024-07-292025-08-030000016732cpb:TrademarksAlliedBrandsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-220000016732cpb:TrademarksLateJulyMember2024-07-292025-08-030000016732cpb:TrademarksLateJulyMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-220000016732cpb:TrademarksSnydersOfHanoverMember2024-07-292025-08-030000016732cpb:TrademarksSnydersOfHanoverMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-03-230000016732cpb:TrademarksRaosMember2025-08-030000016732cpb:TrademarksSnydersOfHanoverMember2025-08-030000016732cpb:TrademarksLanceMember2025-08-030000016732cpb:TrademarksKettleBrandMember2025-08-030000016732cpb:TrademarksPaceMember2025-08-030000016732cpb:TrademarksPacificFoodsMember2025-08-030000016732cpb:TrademarksCapeCodMember2025-08-030000016732cpb:TrademarksOtherMember2025-08-030000016732cpb:TradeNamesCarryingValueWithTenPercentOrLessExcessFairValueCoverageMember2025-08-030000016732us-gaap:PensionPlansDefinedBenefitMember2024-07-280000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-08-030000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-2800000167322023-07-312024-07-2800000167322022-08-012023-07-3000000167322024-07-2800000167322023-07-3000000167322022-07-310000016732us-gaap:CommonStockMember2022-07-310000016732us-gaap:TreasuryStockCommonMember2022-07-310000016732us-gaap:AdditionalPaidInCapitalMember2022-07-310000016732us-gaap:RetainedEarningsMember2022-07-310000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-310000016732us-gaap:NoncontrollingInterestMember2022-07-310000016732us-gaap:RetainedEarningsMember2022-08-012023-07-300000016732us-gaap:NoncontrollingInterestMember2022-08-012023-07-300000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-08-012023-07-300000016732us-gaap:TreasuryStockCommonMember2022-08-012023-07-300000016732us-gaap:AdditionalPaidInCapitalMember2022-08-012023-07-300000016732us-gaap:CommonStockMember2023-07-300000016732us-gaap:TreasuryStockCommonMember2023-07-300000016732us-gaap:AdditionalPaidInCapitalMember2023-07-300000016732us-gaap:RetainedEarningsMember2023-07-300000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-300000016732us-gaap:NoncontrollingInterestMember2023-07-300000016732us-gaap:RetainedEarningsMember2023-07-312024-07-280000016732us-gaap:NoncontrollingInterestMember2023-07-312024-07-280000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-312024-07-280000016732us-gaap:AdditionalPaidInCapitalMember2023-07-312024-07-280000016732us-gaap:TreasuryStockCommonMember2023-07-312024-07-280000016732us-gaap:CommonStockMember2024-07-280000016732us-gaap:TreasuryStockCommonMember2024-07-280000016732us-gaap:AdditionalPaidInCapitalMember2024-07-280000016732us-gaap:RetainedEarningsMember2024-07-280000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-280000016732us-gaap:NoncontrollingInterestMember2024-07-280000016732us-gaap:RetainedEarningsMember2024-07-292025-08-030000016732us-gaap:NoncontrollingInterestMember2024-07-292025-08-030000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-292025-08-030000016732us-gaap:TreasuryStockCommonMember2024-07-292025-08-030000016732us-gaap:AdditionalPaidInCapitalMember2024-07-292025-08-030000016732us-gaap:CommonStockMember2025-08-030000016732us-gaap:TreasuryStockCommonMember2025-08-030000016732us-gaap:AdditionalPaidInCapitalMember2025-08-030000016732us-gaap:RetainedEarningsMember2025-08-030000016732us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-030000016732us-gaap:NoncontrollingInterestMember2025-08-030000016732srt:ScenarioForecastMember2025-08-042026-08-020000016732srt:MaximumMemberus-gaap:BuildingMember2025-08-030000016732srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2025-08-030000016732cpb:SovosBrandsAcquisitionMember2023-08-072023-08-070000016732cpb:SovosBrandsAcquisitionMember2023-08-070000016732cpb:SovosBrandsAcquisitionMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMember2023-07-312024-07-280000016732cpb:DelayedDrawTermLoanDue2024Membercpb:SovosBrandsAcquisitionMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMember2024-03-120000016732cpb:TrademarksRaosMembercpb:SovosBrandsAcquisitionMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:TrademarksMember2024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:TrademarksMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CustomerRelationshipsMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMembercpb:TrademarksNoosaMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMembercpb:CustomerRelationshipsNoosaMember2024-03-122024-03-120000016732cpb:SovosBrandsAcquisitionMemberus-gaap:OtherNonoperatingIncomeExpenseMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMembercpb:DelayedDrawTermLoanDue2024Memberus-gaap:InterestExpenseMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CostOfSalesMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:FairValueAdjustmentToInventoryMemberus-gaap:CostOfSalesMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:SellingAndMarketingExpenseMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:GeneralAndAdministrativeExpenseMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:RestructuringChargesMember2023-07-312024-07-280000016732srt:ProFormaMember2023-07-312024-07-280000016732srt:ProFormaMember2022-08-012023-07-300000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:EmeraldNutsMember2023-05-302023-05-300000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:EmeraldNutsMember2022-08-012023-07-300000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:PopSecretMember2024-08-262024-08-260000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:PopSecretMember2024-07-292025-08-030000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:PopSecretMember2023-07-312024-07-280000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:PopSecretMember2022-08-012023-07-300000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:NoosaYoghurtMember2024-10-282025-01-260000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:NoosaYoghurtMember2025-02-242025-02-240000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:NoosaYoghurtMember2024-07-292025-08-030000016732us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercpb:NoosaYoghurtMember2024-03-122024-07-280000016732us-gaap:AccumulatedTranslationAdjustmentMember2022-07-310000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-07-310000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-07-310000016732us-gaap:AccumulatedTranslationAdjustmentMember2022-08-012023-07-300000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-08-012023-07-300000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-08-012023-07-300000016732us-gaap:AccumulatedTranslationAdjustmentMember2023-07-300000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-300000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-300000016732us-gaap:AccumulatedTranslationAdjustmentMember2023-07-312024-07-280000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-312024-07-280000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-312024-07-280000016732us-gaap:AccumulatedTranslationAdjustmentMember2024-07-280000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-280000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-07-280000016732us-gaap:AccumulatedTranslationAdjustmentMember2024-07-292025-08-030000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-292025-08-030000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-07-292025-08-030000016732us-gaap:AccumulatedTranslationAdjustmentMember2025-08-030000016732us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-08-030000016732us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-292025-08-030000016732us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-312024-07-280000016732us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-08-012023-07-300000016732us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-292025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-312024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-08-012023-07-300000016732us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-292025-08-030000016732us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-312024-07-280000016732us-gaap:InterestRateContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-08-012023-07-300000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-292025-08-030000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-312024-07-280000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-08-012023-07-300000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-07-292025-08-030000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-312024-07-280000016732us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-08-012023-07-300000016732cpb:MealsBeveragesMember2023-07-300000016732cpb:SnacksMember2023-07-300000016732cpb:MealsBeveragesMember2023-07-312024-07-280000016732cpb:SnacksMember2023-07-312024-07-280000016732cpb:MealsBeveragesMember2024-07-280000016732cpb:SnacksMember2024-07-280000016732cpb:MealsBeveragesMember2024-07-292025-08-030000016732cpb:SnacksMember2024-07-292025-08-030000016732cpb:MealsBeveragesMember2025-08-030000016732cpb:SnacksMember2025-08-030000016732us-gaap:CustomerRelationshipsMember2025-08-030000016732us-gaap:CustomerRelationshipsMember2024-07-280000016732us-gaap:TrademarksMember2025-08-030000016732us-gaap:TrademarksMember2024-07-280000016732cpb:TrademarksRaosMember2024-07-280000016732cpb:TrademarksSnydersOfHanoverMember2024-07-280000016732cpb:TrademarksLanceMember2024-07-280000016732cpb:TrademarksKettleBrandMember2024-07-280000016732cpb:TrademarksPaceMember2024-07-280000016732cpb:TrademarksPacificFoodsMember2024-07-280000016732cpb:TrademarksCapeCodMember2024-07-280000016732cpb:TrademarksOtherMember2024-07-280000016732us-gaap:TrademarksMember2025-08-030000016732us-gaap:TrademarksMember2024-07-280000016732us-gaap:TrademarksMembercpb:PopSecretMember2024-07-280000016732cpb:MealsBeveragesMember2022-08-012023-07-300000016732cpb:SnacksMember2022-08-012023-07-300000016732us-gaap:CorporateAndOtherMember2024-07-292025-08-030000016732us-gaap:CorporateAndOtherMember2023-07-312024-07-280000016732us-gaap:CorporateAndOtherMember2022-08-012023-07-300000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CorporateAndOtherMember2023-07-312024-07-280000016732cpb:SovosBrandsAcquisitionMemberus-gaap:CorporateAndOtherMember2022-08-012023-07-300000016732cpb:SoupsMember2024-07-292025-08-030000016732cpb:SoupsMember2023-07-312024-07-280000016732cpb:SoupsMember2022-08-012023-07-300000016732cpb:BakedSnacksMember2024-07-292025-08-030000016732cpb:BakedSnacksMember2023-07-312024-07-280000016732cpb:BakedSnacksMember2022-08-012023-07-300000016732cpb:SimpleMealsMember2024-07-292025-08-030000016732cpb:SimpleMealsMember2023-07-312024-07-280000016732cpb:SimpleMealsMember2022-08-012023-07-300000016732cpb:BeveragesMember2024-07-292025-08-030000016732cpb:BeveragesMember2023-07-312024-07-280000016732cpb:BeveragesMember2022-08-012023-07-300000016732country:USsrt:MinimumMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-08-012023-07-300000016732country:USsrt:MinimumMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-07-312024-07-280000016732country:USsrt:MinimumMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2024-07-292025-08-030000016732us-gaap:NonUsMembersrt:MaximumMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:PropertyPlantAndEquipmentMember2023-07-312024-07-280000016732us-gaap:NonUsMembersrt:MaximumMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:PropertyPlantAndEquipmentMember2024-07-292025-08-030000016732cpb:TwoThousandFifteenandSnydersLanceInitiativesMember2024-07-292025-08-030000016732cpb:MealsBeveragesMembercpb:SovosInitiativesMember2023-07-312024-07-280000016732us-gaap:EmployeeSeveranceMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-280000016732us-gaap:EmployeeSeveranceMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732cpb:CashImplementationCostsAndOtherRelatedCostsMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732cpb:AssetImpairmentAcceleratedDepreciationMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732cpb:OtherNonCashExitCostsMembercpb:TwoThousandTwentyFiveInitiativesMember2024-07-292025-08-030000016732us-gaap:EmployeeStockOptionMember2024-07-292025-08-030000016732srt:MaximumMemberus-gaap:EmployeeStockOptionMember2023-07-312024-07-280000016732srt:MaximumMemberus-gaap:EmployeeStockOptionMember2022-08-012023-07-300000016732us-gaap:PensionPlansDefinedBenefitMember2024-07-292025-08-030000016732us-gaap:PensionPlansDefinedBenefitMember2023-07-312024-07-280000016732us-gaap:PensionPlansDefinedBenefitMember2022-08-012023-07-300000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-07-292025-08-030000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-312024-07-280000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-08-012023-07-300000016732us-gaap:PensionPlansDefinedBenefitMember2023-07-300000016732us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-300000016732us-gaap:EquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-030000016732us-gaap:EquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-280000016732us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-030000016732us-gaap:DebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-280000016732us-gaap:RealEstateMemberus-gaap:PensionPlansDefinedBenefitMember2025-08-030000016732us-gaap:RealEstateMemberus-gaap:PensionPlansDefinedBenefitMember2024-07-280000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-08-030000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2024-07-280000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:DefinedBenefitPlanEquitySecuritiesUsMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:MunicipalBondsMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:RealEstateMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2025-08-030000016732us-gaap:RealEstateMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:RealEstateMemberus-gaap:FairValueInputsLevel3Member2024-07-280000016732us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2025-08-030000016732us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:HedgeFundsMemberus-gaap:FairValueInputsLevel3Member2024-07-280000016732us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:FairValueInputsLevel12And3Member2025-08-030000016732us-gaap:FairValueInputsLevel1Member2025-08-030000016732us-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:FairValueInputsLevel3Member2025-08-030000016732us-gaap:FairValueInputsLevel12And3Member2024-07-280000016732us-gaap:FairValueInputsLevel1Member2024-07-280000016732us-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:FairValueInputsLevel3Member2024-07-280000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-030000016732us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-07-280000016732us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-030000016732us-gaap:EquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-07-280000016732us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-030000016732us-gaap:FixedIncomeFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-07-280000016732us-gaap:RealEstateFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-030000016732us-gaap:RealEstateFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-07-280000016732us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-08-030000016732us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-07-280000016732us-gaap:FinancialInstrumentOtherMember2025-08-030000016732us-gaap:FinancialInstrumentOtherMember2024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2024-07-292025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2024-07-292025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-07-292025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2025-08-030000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2023-07-300000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2023-07-300000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-07-300000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:RealEstateMember2023-07-312024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2023-07-312024-07-280000016732us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2023-07-312024-07-280000016732cpb:EmployeesNotEligibleToParticipateInDefinedBenefitPlansEmployerContributionToDefinedContributionPlanRegardlessOfEmployeeParticipationMember2024-07-292025-08-030000016732srt:MinimumMember2025-08-030000016732srt:MaximumMember2025-08-030000016732cpb:IndefiniteLifeMember2025-08-030000016732cpb:DefiniteLifeMember2025-08-030000016732us-gaap:CapitalLossCarryforwardMember2025-08-030000016732cpb:DefiniteLifeMember2025-08-030000016732cpb:IndefiniteLifeMember2025-08-030000016732us-gaap:StateAndLocalJurisdictionMembercpb:DefiniteLifeMember2025-08-030000016732us-gaap:StateAndLocalJurisdictionMember2025-08-030000016732us-gaap:SettlementWithTaxingAuthorityMember2025-08-030000016732us-gaap:OtherNoncurrentLiabilitiesMember2025-08-030000016732us-gaap:OtherNoncurrentLiabilitiesMember2024-07-280000016732us-gaap:EarliestTaxYearMember2024-07-292025-08-030000016732us-gaap:LatestTaxYearMember2024-07-292025-08-030000016732us-gaap:StateAndLocalJurisdictionMemberus-gaap:EarliestTaxYearMember2024-07-292025-08-030000016732us-gaap:StateAndLocalJurisdictionMemberus-gaap:LatestTaxYearMember2024-07-292025-08-030000016732us-gaap:CommercialPaperMember2025-08-030000016732us-gaap:CommercialPaperMember2024-07-280000016732us-gaap:RevolvingCreditFacilityMember2024-07-292025-08-030000016732us-gaap:RevolvingCreditFacilityMember2025-08-030000016732us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2025-08-042025-08-050000016732cpb:ThreePointNineFivePercentNotesMemberMember2025-08-030000016732cpb:ThreePointNineFivePercentNotesMemberMember2024-07-292025-08-030000016732cpb:ThreePointNineFivePercentNotesMemberMember2024-07-280000016732cpb:ThreePointThreeZeroPercentNotesMember2025-08-030000016732cpb:ThreePointThreeZeroPercentNotesMember2024-07-292025-08-030000016732cpb:ThreePointThreeZeroPercentNotesMember2024-07-280000016732cpb:VariableInterestRateDue2025Member2024-07-292025-08-030000016732cpb:VariableInterestRateDue2025Member2025-08-030000016732cpb:VariableInterestRateDue2025Member2024-07-280000016732cpb:FivePointThreePercentNotesDue2026Member2025-08-030000016732cpb:FivePointThreePercentNotesDue2026Member2024-07-292025-08-030000016732cpb:FivePointThreePercentNotesDue2026Member2024-07-280000016732cpb:FivePointTwoPercentNotesDue2027Member2025-08-030000016732cpb:FivePointTwoPercentNotesDue2027Member2024-07-292025-08-030000016732cpb:FivePointTwoPercentNotesDue2027Member2024-07-280000016732cpb:FourPointOneFivePercentNotesMemberMember2025-08-030000016732cpb:FourPointOneFivePercentNotesMemberMember2024-07-292025-08-030000016732cpb:FourPointOneFivePercentNotesMemberMember2024-07-280000016732cpb:FivePointTwoPercentNotesDue2029Member2025-08-030000016732cpb:FivePointTwoPercentNotesDue2029Member2024-07-292025-08-030000016732cpb:FivePointTwoPercentNotesDue2029Member2024-07-280000016732cpb:TwoPointThreeSevenFivePercentNotesMember2025-08-030000016732cpb:TwoPointThreeSevenFivePercentNotesMember2024-07-292025-08-030000016732cpb:TwoPointThreeSevenFivePercentNotesMember2024-07-280000016732cpb:FivePointFourPercentNotesDue2034Member2025-08-030000016732cpb:FivePointFourPercentNotesDue2034Member2024-07-292025-08-030000016732cpb:FivePointFourPercentNotesDue2034Member2024-07-280000016732cpb:FourPointSevenFivePercentNotesDue2035Member2025-08-030000016732cpb:FourPointSevenFivePercentNotesDue2035Member2024-07-292025-08-030000016732cpb:FourPointSevenFivePercentNotesDue2035Member2024-07-280000016732cpb:ThreePointEightZeroPercentNotesMember2025-08-030000016732cpb:ThreePointEightZeroPercentNotesMember2024-07-292025-08-030000016732cpb:ThreePointEightZeroPercentNotesMember2024-07-280000016732cpb:FourPointEightZeroPercentNotesMemberMember2025-08-030000016732cpb:FourPointEightZeroPercentNotesMemberMember2024-07-292025-08-030000016732cpb:FourPointEightZeroPercentNotesMemberMember2024-07-280000016732cpb:ThreePointOneTwoFivePercentNotesMember2025-08-030000016732cpb:ThreePointOneTwoFivePercentNotesMember2024-07-292025-08-030000016732cpb:ThreePointOneTwoFivePercentNotesMember2024-07-280000016732cpb:FivePointTwoFivePercentNotesDue2054Member2025-08-030000016732cpb:FivePointTwoFivePercentNotesDue2054Member2024-07-292025-08-030000016732cpb:FivePointTwoFivePercentNotesDue2054Member2024-07-280000016732us-gaap:LongTermDebtMember2025-08-030000016732us-gaap:LongTermDebtMember2024-07-280000016732cpb:VariableInterestRateDue2025Member2022-08-012023-07-300000016732cpb:ThreePointSixFivePercentNotesMemberMember2023-07-300000016732cpb:ThreePointSixFivePercentNotesMemberMember2022-08-012023-07-300000016732cpb:VariableInterestRateDue2025Membercpb:April2024Member2023-07-312024-07-280000016732cpb:VariableInterestRateDue2025Member2023-07-300000016732cpb:DelayedDrawTermLoanDue2024Membercpb:SovosBrandsAcquisitionMember2024-07-292025-08-030000016732cpb:DelayedDrawTermLoanDue2024Membercpb:SovosBrandsAcquisitionMember2025-08-0300000167322024-03-190000016732cpb:FivePointThreePercentNotesDue2026Member2024-03-190000016732cpb:FivePointTwoPercentNotesDue2027Member2024-03-190000016732cpb:FivePointTwoPercentNotesDue2029Member2024-03-190000016732cpb:FivePointFourPercentNotesDue2034Member2024-03-1900000167322024-10-020000016732cpb:FourPointSevenFivePercentNotesDue2035Member2024-10-020000016732cpb:FivePointTwoFivePercentNotesDue2054Member2024-10-020000016732cpb:VariableInterestRateDue2025Membercpb:October2024Member2024-07-292025-08-030000016732cpb:VariableInterestRateDue2025Membercpb:November2024Member2024-07-292025-08-030000016732cpb:A3.95And3.30NotesDue2025Membercpb:March2025Member2024-07-292025-08-030000016732us-gaap:ForeignExchangeForwardMember2024-07-292025-08-030000016732us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-08-030000016732us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-10-020000016732us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMembersrt:MaximumMember2024-10-022024-10-020000016732us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-120000016732us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-122024-03-120000016732us-gaap:CommodityContractMembersrt:MaximumMember2024-07-292025-08-030000016732us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:EquityContractMembersrt:MaximumMember2024-07-292025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-280000016732us-gaap:DesignatedAsHedgingInstrumentMember2025-08-030000016732us-gaap:DesignatedAsHedgingInstrumentMember2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:EquityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:EquityContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:OtherCurrentAssetsMemberus-gaap:NondesignatedMember2024-07-280000016732us-gaap:NondesignatedMember2025-08-030000016732us-gaap:NondesignatedMember2024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:AccruedLiabilitiesMemberus-gaap:NondesignatedMember2024-07-280000016732srt:MaximumMemberus-gaap:AccruedLiabilitiesMember2025-08-030000016732us-gaap:OtherCurrentAssetsMember2024-07-280000016732us-gaap:ForeignExchangeContractMember2024-07-292025-08-030000016732us-gaap:ForeignExchangeContractMember2023-07-312024-07-280000016732us-gaap:ForeignExchangeContractMember2022-08-012023-07-300000016732us-gaap:InterestRateContractMember2024-07-292025-08-030000016732us-gaap:InterestRateContractMember2023-07-312024-07-280000016732us-gaap:InterestRateContractMember2022-08-012023-07-300000016732us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2024-07-292025-08-030000016732us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2023-07-312024-07-280000016732us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2022-08-012023-07-300000016732us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2024-07-292025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2023-07-312024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:CostOfSalesMember2022-08-012023-07-300000016732us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2024-07-292025-08-030000016732us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2023-07-312024-07-280000016732us-gaap:InterestRateContractMemberus-gaap:InterestExpenseMember2022-08-012023-07-300000016732srt:MaximumMember2024-07-292025-08-030000016732us-gaap:EquityContractMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-07-292025-08-030000016732us-gaap:EquityContractMemberus-gaap:GeneralAndAdministrativeExpenseMember2023-07-312024-07-280000016732us-gaap:EquityContractMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-08-012023-07-300000016732us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-08-030000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-07-280000016732us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732cpb:DeferredCompensationInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732cpb:DeferredCompensationInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-030000016732cpb:DeferredCompensationInvestmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732cpb:DeferredCompensationInvestmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-07-280000016732us-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-030000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-030000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-08-030000016732us-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-07-280000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-07-280000016732us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-07-280000016732cpb:DeferredCompensationObligationMemberus-gaap:FairValueMeasurementsRecurringMember2025-08-030000016732cpb:DeferredCompensationObligationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-030000016732cpb:DeferredCompensationObligationMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-280000016732cpb:DeferredCompensationObligationMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-07-280000016732cpb:September2024ProgramMember2025-08-030000016732cpb:June2021ProgramMember2025-08-030000016732cpb:TwoThousandFiveLongTermIncentivePlanMember2025-08-030000016732cpb:TwoThousandFiveLongTermIncentivePlanTotalSharesAuthorizedasAmendedinTwoThousandEightMember2025-08-030000016732cpb:TwoThousandFiveLongTermIncentivePlanTotalSharesAuthorizedasAmendedinTwoThousandTenMember2025-08-030000016732cpb:TwoThousandFifteenLongTermPlanMember2025-08-030000016732cpb:TwoThousandFiveLongTermIncentivePlanRolledIntoTheTwoThousandFifteenLongTermIncentivePlanMember2025-08-030000016732cpb:TwoThousandTwentyTwoLongTermIncentivePlanMember2025-08-030000016732cpb:TSRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MinimumMembercpb:TSRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MaximumMembercpb:TSRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:EPSCAGRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MinimumMembercpb:EPSCAGRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MaximumMembercpb:EPSCAGRPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:EPSPerformanceRestrictedStockUnitsGrantedPriorTo2022Member2024-07-292025-08-030000016732srt:MinimumMembercpb:EPSPerformanceRestrictedStockUnitsGrantedPriorTo2022Member2024-07-292025-08-030000016732srt:MaximumMembercpb:EPSPerformanceRestrictedStockUnitsGrantedPriorTo2022Member2024-07-292025-08-030000016732cpb:StrategicPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MinimumMembercpb:StrategicPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MaximumMembercpb:StrategicPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:FCFPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MinimumMembercpb:FCFPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732srt:MaximumMembercpb:FCFPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:TimeLapseRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:SovosBrandsAcquisitionMember2023-07-312024-04-280000016732cpb:SovosBrandsAcquisitionMembercpb:ReplacementRestrictedStockUnitsMember2023-07-312024-07-280000016732cpb:TimeLapseEPSPerformanceFCFPerformanceReplacementAndStrategicPerformanceRestrictedStockUnitsMember2024-07-292025-08-030000016732cpb:TimeLapseEPSPerformanceFCFPerformanceReplacementAndStrategicPerformanceRestrictedStockUnitsMember2024-07-280000016732cpb:TimeLapseEPSPerformanceFCFPerformanceReplacementAndStrategicPerformanceRestrictedStockUnitsMember2025-08-030000016732cpb:EPSCAGRPerformanceRestrictedStockUnitsMember2025-08-030000016732cpb:EPSCAGRPerformanceRestrictedStockUnitsMember2024-07-292024-10-270000016732cpb:TimeLapseEPSPerformanceFCFPerformanceReplacementAndStrategicPerformanceRestrictedStockUnitsMember2023-07-312024-07-280000016732cpb:TimeLapseEPSPerformanceFCFPerformanceReplacementAndStrategicPerformanceRestrictedStockUnitsMember2022-08-012023-07-300000016732srt:ScenarioForecastMembercpb:EPSCAGRPerformanceRestrictedStockUnitsMember2025-08-042025-11-020000016732cpb:TSRPerformanceRestrictedStockUnitsMember2024-07-280000016732cpb:TSRPerformanceRestrictedStockUnitsMember2025-08-030000016732cpb:TSRPerformanceRestrictedStockUnitsMember2023-07-312024-07-280000016732cpb:TSRPerformanceRestrictedStockUnitsMember2022-08-012023-07-300000016732cpb:TSRPerformanceRestrictedStockUnitsMember2024-07-292024-10-270000016732cpb:TSRPerformanceRestrictedStockUnitsAdditionalSharesMember2024-07-292024-10-270000016732cpb:TSRPerformanceRestrictedStockUnitsMember2023-07-312023-10-290000016732cpb:TSRPerformanceRestrictedStockUnitsMember2022-08-012022-10-300000016732srt:ScenarioForecastMembercpb:TSRPerformanceRestrictedStockUnitsMember2025-08-042025-11-020000016732srt:MinimumMemberus-gaap:BuildingMember2025-08-030000016732srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2025-08-030000016732us-gaap:OtherNonoperatingIncomeExpenseMember2024-07-292025-08-030000016732us-gaap:OtherNonoperatingIncomeExpenseMember2023-07-312024-07-280000016732us-gaap:OtherNonoperatingIncomeExpenseMember2022-08-012023-07-3000000167322025-04-282025-08-030000016732cpb:CashDiscountsMember2024-07-280000016732cpb:CashDiscountsMember2024-07-292025-08-030000016732cpb:CashDiscountsMember2025-08-030000016732us-gaap:AllowanceForCreditLossMember2024-07-280000016732us-gaap:AllowanceForCreditLossMember2024-07-292025-08-030000016732us-gaap:AllowanceForCreditLossMember2025-08-030000016732us-gaap:SalesReturnsAndAllowancesMember2024-07-280000016732us-gaap:SalesReturnsAndAllowancesMember2024-07-292025-08-030000016732us-gaap:SalesReturnsAndAllowancesMember2025-08-030000016732cpb:CashDiscountsMember2023-07-300000016732cpb:CashDiscountsMember2023-07-312024-07-280000016732us-gaap:AllowanceForCreditLossMember2023-07-300000016732us-gaap:AllowanceForCreditLossMember2023-07-312024-07-280000016732us-gaap:SalesReturnsAndAllowancesMember2023-07-300000016732us-gaap:SalesReturnsAndAllowancesMember2023-07-312024-07-280000016732cpb:CashDiscountsMember2022-07-310000016732cpb:CashDiscountsMember2022-08-012023-07-300000016732us-gaap:AllowanceForCreditLossMember2022-07-310000016732us-gaap:AllowanceForCreditLossMember2022-08-012023-07-300000016732us-gaap:SalesReturnsAndAllowancesMember2022-07-310000016732us-gaap:SalesReturnsAndAllowancesMember2022-08-012023-07-300000016732srt:MaximumMemberus-gaap:SalesReturnsAndAllowancesMember2024-07-292025-08-030000016732srt:MaximumMemberus-gaap:SalesReturnsAndAllowancesMember2022-08-012023-07-300000016732srt:MaximumMemberus-gaap:SalesReturnsAndAllowancesMember2023-07-312024-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

_________________________________________________________________________________

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended August 3, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________

Commission File Number: 1-3822

THE CAMPBELL'S COMPANY

(Exact name of registrant as specified in its charter)


New Jersey			21-0419870
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1 Campbell Place

Camden, New Jersey 08103-1799

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (856) 342-4800

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Capital Stock, par value $.0375

CPB

The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. þ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ☐ Yes þ No

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes þ No

Based on the closing price on January 24, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of capital stock held by non-affiliates of the registrant was approximately $7,566,297,331. There were 297,992,525 shares of capital stock outstanding as of September 10, 2025.

Documents Incorporated by Reference

Portions of the Registrant’s Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III.

TABLE OF CONTENTS


PART I
	Item 1. Business	3
	Item 1A. Risk Factors	6
	Item 1B. Unresolved Staff Comments	14
	Item 1C. Cybersecurity	14
	Item 2. Properties	16
	Item 3. Legal Proceedings	16
	Item 4. Mine Safety Disclosures	16
	Information about our Executive Officers	17
PART II
	Item 5. Market for Registrant’s Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities	18
	Item 6. Reserved	19
	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	19
	Item 7A. Quantitative and Qualitative Disclosure about Market Risk	39
	Item 8. Financial Statements and Supplementary Data	40
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	85
	Item 9A. Controls and Procedures	85
	Item 9B. Other Information	85
	Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	85
PART III
	Item 10. Directors, Executive Officers and Corporate Governance	85
	Item 11. Executive Compensation	85
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	86
	Item 13. Certain Relationships and Related Transactions, and Director Independence	86
	Item 14. Principal Accountant Fees and Services	86
PART IV
	Item 15. Exhibits and Financial Statement Schedules	86
	Item 16. Form 10-K Summary	87
	Index to Exhibits	88
	Signatures	91

PART I

This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current expectations regarding our future results of operations, economic performance, financial condition and achievements. These forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "pursue," "strategy," "target," "will" and similar expressions. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts, and may reflect anticipated cost savings or implementation of our strategic plan. These statements reflect our current plans and expectations and are based on information currently available to us. They rely on several assumptions regarding future events and estimates which could be inaccurate and which are inherently subject to risks and uncertainties. Risks and uncertainties include, but are not limited to, those discussed in "Risk Factors" and in the "Cautionary Factors That May Affect Future Results" in "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Report. Our consolidated financial statements and the accompanying notes to the consolidated financial statements are presented in "Financial Statements and Supplementary Data" in this Report.

Item 1. Business

The Company

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

We are a manufacturer and marketer of high-quality, branded food and beverage products. We organized as a business corporation under the laws of New Jersey on November 23, 1922; however, through predecessor organizations, we trace our heritage in the food business back to 1869. Our principal executive offices are in Camden, New Jersey 08103-1799.

On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion. For additional information on this acquisition, see Note 3 to the Consolidated Financial Statements.

On May 30, 2023, we completed the sale of our Emerald nuts business. On August 26, 2024, we completed the sale of our Pop Secret popcorn business. On February 24, 2025, we completed the sale of our noosa yoghurt business. For additional information on the divestitures, see Note 4 to the Consolidated Financial Statements.

Our operations, including reportable segments, are described below. Our locations, including manufacturing facilities, within each reporting segment are described in Item 2. Properties.

Reportable Segments

Our reportable segments are:

•Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta; Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Michael Angelo’s frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada; and

•Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also includes the snacking and meals and beverages retail business in Latin America. The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024 and our Emerald nuts business, which was sold on May 30, 2023.

Beginning in 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals & Beverages segment.

We refer to the following products as our "leadership brands": Campbell's condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder's of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.

See Note 7 to the Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information regarding our reportable segments.

Ingredients, Packaging and Finished Products

The ingredients and packaging materials required for the manufacture of our food and beverage products are purchased from various suppliers, substantially all of which are located in North America. We also purchase finished products from domestic and international suppliers. Many of these items are subject to price fluctuations from a number of factors, including but not limited to geopolitical conflicts, shifting global trade policies (including tariffs and retaliatory measures), import and export requirements, product scarcity, demand for raw materials, commodity market speculation, energy costs, currency fluctuations, supplier capacities, government-sponsored agricultural programs and other government policy, climate change, changes in crop size, cattle cycles, herd and flock disease, crop disease, crop pests, drought and excessive rain, temperature extremes and other adverse weather events, water scarcity, scarcity of suitable agricultural land, scarcity of organic ingredients, pandemics or other local or global health issues, environmental and other sustainability regulations and other factors that may be beyond our control. To help reduce some of this price volatility, we use a combination of purchase orders, short- and long-term contracts, inventory management practices, alternative sourcing opportunities, supplier collaboration, various commodity risk management tools for most of our ingredients and packaging and other cost mitigation efforts, as applicable. Ingredient inventories are generally at a peak during the late fall and decline during the winter and spring. Since many ingredients of suitable quality are available in sufficient quantities only during certain seasons, we make commitments for the purchase of such ingredients in their respective seasons.

During 2025, we experienced some volatility in commodity and supply chain costs, including the costs of labor, raw materials, energy, fuel, packaging materials and finished products, with a moderate impact from tariffs in the fourth quarter. We are unable to predict the extent to which tariffs may impact our ability to source ingredients, packaging materials and finished products in the future, and certain supply pressures may continue throughout 2026. In 2026, we expect more significant cost pressures primarily driven by tariff impacts. We plan to reduce some of these costs and impacts over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation efforts.

Customers

In most of our markets, sales and merchandising activities are conducted through our own sales force and/or third-party brokers and distribution partners. Our products are generally resold to consumers through retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, dollar stores, e-commerce and other retail, commercial and non-commercial establishments. Our Snacks segment has a direct-store-delivery distribution model that uses independent contractor distributors.

Our five largest customers accounted for approximately 47% of our consolidated net sales in 2025, 2024, and 2023. Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 21% of our consolidated net sales in 2025 and 22% in 2024 and 2023. Both of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. No other customer accounted for 10% or more of our consolidated net sales.

Trademarks and Technology

As of September 10, 2025, we owned over 3,000 trademark registrations and applications in over 150 countries. We believe our trademarks are of material importance to our business. Although the laws vary by jurisdiction, trademarks generally remain valid and can be renewed indefinitely as long as they are in use and/or their registrations are properly maintained, and they have not become generic. We believe that our principal brands, including Campbell's, Cape Cod, Chunky, Goldfish, Kettle Brand, Lance, Late July, Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Rao's, Snack Factory, Snyder's of Hanover, SpaghettiOs, Swanson, and V8, are protected by trademark law in the major markets where they are used.

Although we own a number of valuable patents, we do not regard any segment of our business as being dependent upon any single patent or group of related patents. In addition, we own copyrights, both registered and unregistered, proprietary trade secrets, technology, know-how, processes and other intellectual property rights that are not registered.

Competition

We operate in a highly competitive industry and experience competition in all of our categories. This competition arises from numerous competitors of varying sizes across multiple food and beverage categories, and includes producers of private label products, as well as other branded food and beverage manufacturers. Private label products are generally sold at lower prices than branded products. Competitors market and sell their products through traditional retailers and e-commerce. All of these competitors vie for trade merchandising support and consumer dollars. The number of competitors cannot be reliably estimated. Our principal areas of competition are brand recognition, taste, nutritional value, price, promotion, innovation, shelf space and customer service.

Capital Expenditures

During 2025, our aggregate capital expenditures were $426 million. We expect to spend approximately $420 million for capital projects in 2026. Major capital projects based on planned spend in 2026 include network optimization for both our Meals & Beverages and Snacks businesses, information technology projects and wastewater initiatives. We estimate that approximately $35 million of the capital expenditures anticipated during 2026 will be for upgrades to our Napoleon, Ohio wastewater treatment facility, with another approximately $20 million for other network wastewater initiatives.

Government Regulation

The manufacture and sale of consumer food products is highly regulated. In the U.S., our activities are subject to regulation by various federal government agencies, including the Food and Drug Administration (FDA), the Department of Agriculture, the Federal Trade Commission, the Department of Labor, the Department of Commerce, the Occupational Safety and Health Administration and the Environmental Protection Agency, as well as various state and local agencies. Our business is also regulated by similar agencies outside of the U.S. Additionally, we are subject to food ingredients regulations (including but not limited to Food, Drug, and Cosmetic Act (FD&C) colors), labeling and packaging regulations (including but not limited to extended producer responsibility (EPR) regulations), data privacy and security regulations, tax and securities regulations, import regulations, accounting and reporting standards, and other financial laws and regulations. We believe that we are in compliance with current laws and regulations in all material respects and do not expect that continued compliance with such laws and regulations will have a material effect on capital expenditures, earnings or our competitive position.

Environmental Matters

Of our $426 million in capital expenditures made during 2025, approximately $26 million were for compliance with environmental laws and regulations in the U.S. We further estimate that approximately $35 million of the capital expenditures anticipated during 2026 will be for upgrades to our Napoleon, Ohio wastewater treatment facility, with another approximately $20 million for other network wastewater initiatives. Additionally, we anticipate spending approximately $6 million for compliance with U.S. environmental laws and regulations during 2026. We believe that the continued compliance with existing environmental laws and regulations (both within the U.S. and elsewhere) will not have a material effect on capital expenditures, earnings or our competitive position. In addition, we continue to monitor existing and pending environmental laws and regulations within the U.S. and elsewhere relating to climate change, greenhouse gas emissions, energy and sustainability, including EPR laws and regulations. While the impact of these laws and regulations cannot be predicted with certainty, we do not believe that compliance with these laws and regulations will have a material effect on capital expenditures, earnings or our competitive position. See Note 18 to the Consolidated Financial Statements for additional information regarding certain environmental matters.

Seasonality

Demand for soup products is seasonal, with the fall and winter months usually accounting for the highest sales volume. Demand for our other products is generally evenly distributed throughout the year.

Human Capital Management

One of the four pillars of our strategic framework is to build a Top Team. To do this, we are committed to building a company where everyone is valued and supported to do their best work. We believe that our employees are the driving force behind our success. Prioritizing attracting, developing and retaining world-class talent and cultivating a culture of belonging embodies our purpose, Connecting people through food they love. This approach also aligns with our Employee Value Proposition, Make history with Campbell’s, to enhance our focus on building a winning team and culture. In accordance with our purpose and Employee Value Proposition, we have brought together all of our corporate team members from our Snacks offices in Charlotte, North Carolina and Norwalk, Connecticut to our headquarters in Camden, New Jersey. This move has helped to foster closer collaboration and enhance decision-making, thereby enabling us to execute our business strategy. We have also invested in other work experiences and wellness areas in our field locations. On August 3, 2025, we had approximately 13,700 full-time and part-time employees.

Training, Development and Engagement

We invest in our employees through training and development programs to support our culture of continuous learning. Our developmental programs allow employees to focus on timely and topical development areas including leadership excellence, change management and functional capabilities. We communicate frequently and transparently with our employees through regular company-wide and business unit check-ins, and we conduct employee engagement surveys that provide our employees with an opportunity to share anonymous feedback with management in a variety of areas including confidence in leadership, growth and career opportunities, alignment of work and overall engagement.

Total Rewards

We provide market-based competitive compensation through our salary, annual incentive and long-term incentive programs, and a robust benefits package that promotes the overall well-being of our employees. We provide a variety of resources and services to help our employees plan for retirement and provide a 401(k) plan with immediate vesting. We benchmark and establish compensation structures based on competitive market data. Individual pay is based on various factors such as an employee's role, experience, job location and contributions. Performance discussions for salaried employees are conducted throughout the year to assess contributions and inform individual development plans.

Wellness and Safety

Our employees' health, safety and well-being are our top priorities. We promote a strong culture of safety and prioritize keeping all our employees, contractors and visitors safe. To accomplish this, we employ comprehensive health, safety and environment management policies and standards throughout the organization. In addition, we strive to continuously improve our work processes, tools and metrics to reduce workplace injuries and enhance safety.

We provide a workplace that develops, supports and motivates our people. Our Ways to Well-being Strategy provides information, education tools and resources to drive engagement and to help support our employees' physical, financial, professional, social and emotional well-being. As part of this focus on well-being, we emphasize the need for our employees to embrace healthy lifestyles and we offer a variety of wellness education opportunities for our employees. We continue to modernize our workspaces and have a hybrid work policy to allow office-based employees to work remotely several days per week.

Websites

Our primary corporate website can be found at www.thecampbellscompany.com. We make available free of charge at the Investors portion of this website (under the "Financials—SEC Filings" caption) all of our reports (including amendments) filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, including our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. These reports are made available on the website as soon as reasonably practicable after their filing with, or furnishing to, the Securities and Exchange Commission (SEC).

All websites appearing in this Annual Report on Form 10-K are inactive textual references only, and the information in, or accessible through, such websites is not incorporated into this Annual Report on Form 10-K, or into any of our other filings with the SEC.

Item 1A. Risk Factors

In addition to the factors discussed elsewhere in this Report, the following risks and uncertainties could have a material adverse affect on our business, financial condition and results of operations. Although the risks are organized and described separately, many of the risks are interrelated. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations and financial condition.

Business and Operational Risks

Deterioration of global macroeconomic conditions, including economic recession or slow growth or periods of higher inflation in key markets may adversely affect consumer spending and demand for our products.

Global macroeconomic conditions can be uncertain and volatile. We have in the past been, and may continue to be, adversely affected by changes in global macroeconomic conditions, including geopolitical conflicts, global supply chain challenges (including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners), inflation, consumer spending patterns, recession, rising interest rates, energy availability and costs, labor shortages, pandemics or other local or global health issues. Volatility in financial markets and deterioration of global macroeconomic conditions could impact our business and results of operations in a number of ways, including but not limited to, the following:

•higher commodity prices and other increased input costs could continue due to supply chain shortages or supply chain disruptions, which may not be sufficiently mitigated;

•the scope, timing and duration of tariffs on imports and exports and any retaliatory measures on U.S. goods remain uncertain and could impact our business;

•the failure of third parties on which we rely, including but not limited to, those that supply our packaging, ingredients, equipment and other necessary operating materials, contract manufacturers and independent contractors, to meet their obligations to us, or significant disruptions in their ability to do so;

•a shift in consumer spending during periods of economic uncertainty or inflation that could result in consumers purchasing private label or other lower price products;

•a change in demand for or availability of our products, as a result of retailers, distributors, or carriers modifying their inventory, fulfillment or shipping practices;

•a disruption to our distribution capabilities or our distribution channels, including those of our suppliers, contract manufacturers, logistics service providers or independent distributors; and

•future volatility or disruption in the financial markets could negatively impact our liquidity or increase costs of borrowing.

These and other impacts of global macroeconomic conditions could also heighten many of the other risk factors discussed in this Item 1A, or in other reports we periodically file with the SEC. Our sensitivity to global macroeconomic conditions could materially impact our business, results of operations, financial condition, and liquidity.

Changes in global trade policies, including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations.

The current U.S. presidential administration has announced a wide range of tariffs on certain ingredients, inputs and imports from many countries, including Canada, Mexico, members of the European Union and the United Kingdom. The imposition of such tariffs have resulted in increased costs, including on ingredients, packaging, such as tinplate steel used to make cans, and other materials used to produce and distribute our products, and on finished products that we import. We are continuing to monitor the rapidly evolving tariff and global trade policies and are working with our suppliers to mitigate potential impacts on our business. The extent and duration of the tariffs and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as recent legal challenges to the U.S.'s imposition of tariffs, negotiations between the U.S. and affected countries, the responses of other countries or regions, relief that may be granted, availability and cost of alternative sources of supply and demand for our products in affected markets. The uncertainty of the tariffs, including a potential increase in input costs and decrease in demand for our products, could heighten the other risks factors and uncertainties discussed in this Item 1A, or in other reports we periodically file with the SEC, and impact our financial condition or results of operations. Furthermore, our competitors may be less exposed to tariff impacts or in a better position to mitigate the increased costs of tariffs.

We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, such as raw and packaging materials, finished products, labor and distribution costs.

As a manufacturer of food and beverage products, we rely on plant labor, distribution resources and raw and packaging materials including tomatoes, tomato paste, grains, beef, poultry, dairy, olive oil, vegetable oil, wheat, potatoes and other vegetables, steel, aluminum, glass, paper and resin. We also purchase finished products from domestic and international suppliers. Many of these items are subject to price fluctuations from a number of factors, including but not limited to geopolitical conflicts, shifting global trade policies (including tariffs and retaliatory measures), import and export requirements, product scarcity, demand for raw materials, commodity market speculation, energy costs, currency fluctuations, supplier capacities, government-sponsored agricultural programs and other government policy, climate change, changes in crop size, cattle cycles, herd and flock disease, crop disease, crop pests, drought and excessive rain, temperature extremes and other adverse weather events, water scarcity, scarcity of suitable agricultural land, scarcity of organic ingredients, pandemics or other local or global health issues, environmental and other sustainability regulations and other factors that may be beyond our control.

We try to mitigate some or all cost increases through increases in the selling prices of, or decreases in the packaging sizes of, some of our products. Higher product prices or smaller packaging sizes may result in reductions in sales volume. Consumers may be less willing to pay a price differential for our branded products and may increasingly purchase private label or other lower-priced offerings, or may forego some purchases altogether, during an economic downturn or times of increased inflationary pressure. To the extent that price increases or packaging size decreases are not sufficient to offset these increased costs adequately or in a timely manner, and/or if they result in significant decreases in sales volume or a shift in sales mix to private label or other lower-margin offerings, our business results and financial condition may be adversely affected. Furthermore, we may not be able to fully offset cost increases through productivity initiatives or through our commodity hedging activity.

During 2025, we experienced some volatility in commodity and supply chain costs, including the costs of labor, raw materials, energy, fuel, packaging materials and finished products, with a moderate impact from tariffs in the fourth quarter. In 2026, we expect more significant cost pressures primarily driven by tariff impacts. We plan to reduce some of these costs and impacts over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation efforts. If we cannot effectively mitigate these costs, our results could be adversely impacted.

Disruption to our supply chain could adversely affect our business.

Our ability to manufacture and/or sell our products may be impaired by damage or disruption to our manufacturing, warehousing or distribution capabilities, or to the capabilities of our suppliers, contract manufacturers, logistics service providers or independent distributors. This damage or disruption could result from execution issues, as well as factors that are hard to predict or beyond our control such as changing trade policies, geopolitical conflicts, product or raw material scarcity, disruptions in logistics, supplier capacity constraints, increased temperatures due to climate change, water stress, extreme weather events, natural disasters, fire, terrorism, pandemics or other local or global health issues, strikes, labor shortages, cybersecurity breaches, government shutdowns or other events. Commodity prices continue to be volatile. Production of the agricultural commodities used in our business may also be adversely affected by drought and excessive rain, temperature extremes and other adverse weather events, water scarcity, scarcity of suitable agricultural land, scarcity of organic ingredients, crop size, cattle cycles, herd and flock disease, crop disease and crop pests. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, may adversely affect our business or financial results, particularly in circumstances when a product is sourced from a single supplier or location or produced at a single location. For example, the substantial majority of our Rao’s tomato-based sauce products are produced by a third-party contract manufacturer at a single facility in Italy and the remainder of our Rao’s tomato-based sauce products are produced at a single facility in the U.S. If a dispute arises with such contract manufacturer, or if the contract manufacturer experiences financial, operational or other issues, we may be required to make alternative arrangements to produce Rao’s tomato-based sauce products, such as assuming manufacturing operations on our own or finding one or more alternative contract manufacturing arrangements, which could be costly or time-consuming. In addition, disputes with significant suppliers, contract manufacturers, logistics service providers or independent distributors, including disputes regarding pricing, performance or production, may also adversely affect our ability to manufacture and/or sell our products, as well as our business or financial results.

Our results may be adversely affected by our inability to complete or realize the projected benefits of acquisitions, divestitures and other strategic transactions.

We have historically made strategic acquisitions and divestitures of brands and businesses and we may undertake additional acquisitions, divestitures or other strategic transactions in the future. Our ability to meet our objectives with respect to acquisitions, divestitures and other strategic transactions may depend, as applicable, on our ability to identify suitable acquisition targets, buyers or counterparties; negotiate favorable financial and other contractual terms; obtain all necessary regulatory approvals on the terms expected; and complete those transactions. If we are unable to complete acquisitions, divestitures or other strategic transactions or successfully integrate and develop acquired businesses or divest existing businesses, including, as applicable, the effective management of such activities, we could fail to achieve the anticipated synergies, cost savings, or increases in revenues and operating results. Additional risks include the diversion of management attention from our existing business or other business concerns, potential loss of key employees, suppliers, or customers from the acquired or divested businesses, assumption of unknown risks and liabilities, greater than anticipated operating costs of the acquired business, the inability to promptly implement an effective control environment, risks inherent in entering markets or lines of business with which we have limited or no prior experience, the inability to separate divested businesses or business units effectively and efficiently from our existing business operations, and the inability to reduce or eliminate associated overhead costs. Any of these factors, and our inability to complete or realize the projected benefits of future acquisitions, divestitures or other strategic transactions, could have a material adverse effect on our business or financial results.

Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands.

We consider our intellectual property rights, particularly our trademarks, to be a significant and valuable aspect of our business. We protect our intellectual property rights through a combination of trademark, patent, copyright and trade secret protection, contractual agreements and policing of third-party misuses of our intellectual property in traditional retail and digital environments. Our failure to obtain or adequately protect our intellectual property, including in response to developing artificial intelligence technologies, or any change in law that lessens or removes the current legal protections of our intellectual property may diminish our competitiveness and adversely affect our business and financial results.

Competing intellectual property claims that impact our brands or products may arise unexpectedly. Any litigation or disputes regarding intellectual property may be costly and time-consuming and may divert the attention of our management and key personnel from our business operations. We also may be subject to significant damages or injunctions against development, launch and sale of certain products. Any of these occurrences may harm our business and financial results.

Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands.

We have a number of iconic brands with significant value. Maintaining and continually enhancing the value of these brands is critical to the success of our business. Brand value is primarily based on consumer perceptions. Success in promoting and enhancing brand value depends in large part on our ability to provide high-quality products. Brand value could diminish significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner, adverse publicity about our products, packaging, waste management, ingredients, or our environmental, social, human capital or governance practices, our failure to maintain the quality of our products, the failure of our products to deliver consistently positive consumer experiences, consumer trends emphasizing health and wellness, or the products becoming unavailable to consumers. The growing use of social and digital media by consumers increases the speed and extent that information and opinions can be shared. Negative posts or comments about us, our brands, products or packaging on social or digital media could seriously damage our brands and reputation. In addition, we might fail to appropriately target our marketing efforts, anticipate consumer preferences, or invest sufficiently in maintaining our brand image. If we do not maintain the favorable perception of our brands, our results could be adversely impacted.

We may be adversely impacted by a disruption, failure or security breach of our information technology systems.

Our information technology systems are critically important to our operations. We rely on our information technology systems (some of which are outsourced to third parties) to manage our data, communications and business processes, including our marketing, sales, manufacturing, procurement, supply chain, customer service, accounting and administrative functions and the importance of such networks and systems has increased due to an increase in our employees working remotely. If we do not obtain and effectively manage the resources and materials necessary to build, sustain and protect appropriate information technology systems, our business or financial results could be adversely impacted. Furthermore, our information technology systems are subject to attack or other security breaches (including the access to or acquisition of customer, consumer, employee or other confidential information), service disruptions or other system failures. If we are unable to prevent or adequately respond to and resolve these disruptions, failures or breaches, our operations may be impacted, and we may suffer other adverse consequences such as reputational damage, litigation, remediation costs, ransomware payments and/or penalties under various data protection laws and regulations.

Cyber threats are constantly evolving, are becoming more frequent and more sophisticated and are being made by groups of individuals and state actors with a wide range of expertise and motives. Additionally, continued geopolitical turmoil has heightened the risk of cyberattacks. We have previously experienced threats and breaches to our data and systems and although we have not experienced a breach that had a material impact on our operations or business, there can be no assurance that these measures will prevent or limit the impact of a future incident. In addition, in the event our suppliers or customers experience a breach or system failure, their businesses could be disrupted or otherwise negatively affected, which may result in a disruption in our supply chain or reduced customer orders, which would adversely affect our business and financial results. We have also outsourced several information technology support services and administrative functions to third-party service providers, and may outsource other functions in the future to achieve cost savings and efficiencies.

New and emerging technologies, including artificial intelligence, that could result in greater operational efficiency may further expose our computer systems to the risk of cyberattacks. Our initiatives to continue to modernize our operations, increase data digitalization and improve our production facilities may increase potential exposure to cybersecurity risks and increase the complexity of our cybersecurity program. In addition, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks. We may incur increased costs in protecting against or remediating cyberattacks or other cyber incidents. As cyberattacks increase in frequency and magnitude around the world, we may be unable to obtain cybersecurity insurance in the amounts and on the terms we view as appropriate and favorable for our operations.

To address the risks to our information technology systems and the associated costs, we maintain an information security program that includes updating technology and security policies, cybersecurity insurance, employee awareness training and monitoring and routine testing of our information technology systems. We believe that these preventative and detective actions provide adequate measures of protection against security breaches, generally reduce our cybersecurity risks and enhance our ability to prevent, detect and respond to disruptive events. Our information security program includes capabilities designed to evaluate and mitigate cyber risks arising from third-party service providers. We believe that these capabilities provide insights and visibility to the security posture of our third-party service providers; however, cyber threats to those organizations are beyond our control. If these service providers do not perform effectively due to breach or system failure, we may not be able to achieve the expected benefits, and our business may be disrupted.

We may not be able to attract and retain the highly skilled people we need to support our business.

We depend on the skills and continued service of key personnel, including our experienced management team. In addition, our ability to achieve our strategic and operating goals depends on our ability to identify, hire, train and retain qualified individuals, including all levels of skilled labor in our manufacturing facilities. We also compete with other companies both within and outside of our industry for talented personnel, and we may lose key personnel or fail to attract, train and retain other talented personnel. Any such loss or failure may adversely affect our business or financial results. In addition, activities related to identifying, recruiting, hiring and integrating qualified individuals may require significant time and expense. We may not be able to locate suitable replacements for any key employees who leave, or offer employment to potential replacements on reasonable terms, each of which may adversely affect our business and financial results.

Over the past few years, particularly related to certain segments of manufacturing, we have experienced an increasingly competitive labor market. A sustained labor shortage or increased turnover rates within our employee base, as a result of general macroeconomic factors, could lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees, and could negatively affect our ability to efficiently operate our manufacturing and distribution facilities and overall business. If we are unable to hire and retain employees capable of performing at a high-level, or if mitigation measures we may take to respond to a decrease in labor availability have unintended negative effects, our business could be adversely affected.

If we do not fully realize the expected cost savings and/or operating efficiencies associated with our strategic initiatives, our profitability could suffer.

Our future success and earnings growth depend in part on our ability to achieve the appropriate cost structure and operate efficiently in the highly competitive food industry, particularly in an environment of volatile cost inputs. We continuously pursue initiatives to reduce costs and increase effectiveness. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information on these initiatives. We also regularly pursue cost productivity initiatives in procurement, manufacturing and logistics. Any failure or delay in implementing our initiatives in accordance with our plans could adversely affect our ability to meet our long-term growth and profitability expectations and could adversely affect our business. If we do not continue to effectively manage costs and achieve additional efficiencies, our competitiveness and our profitability could decrease.

Competitive and Industry Risks

We face significant competition in all our product categories, which may result in lower sales and margins.

We operate in the highly competitive food and beverage industry mainly in the North American market and experience competition in all of our categories. The principal areas of competition are brand recognition, taste, nutritional value, price, promotion, innovation, shelf space and customer service. A number of our primary competitors are larger than us, may be less exposed to tariff impacts, and have substantial financial, marketing and other resources, and some of our competitors may spend more aggressively on advertising and promotional activities than we do. Attractive pricing, product placement and visibility, securing new retailers, and maintaining or increasing shelf space for our products may also affect our ability to remain competitive. Even if we obtain our desired product visibility and shelf space, we may not achieve retailers’ sales expectations, which could cause these retailers to reduce shelf space for our products. In addition, reduced barriers to entry and easier access to funding are creating new competition. A strong competitive response from one or more of these competitors to our marketplace efforts, or a continued shift towards private label offerings, particularly during periods of economic uncertainty or significant inflation, could result in us reducing prices and/or increasing promotions, increasing marketing or other expenditures, each of which may result in lower sales and/or margins.

Our ability to compete also depends upon our ability to predict, identify, and interpret the tastes and dietary habits of consumers and to offer products that appeal to those preferences. There are inherent marketplace risks associated with new product or packaging introductions, including uncertainties about trade and consumer acceptance. If we do not succeed in offering products that consumers want to buy, our sales and market share will decrease, resulting in reduced profitability. If we are unable to accurately predict which shifts in consumer preferences will be long-lasting, or are unable to introduce new and improved products to satisfy those preferences, our sales will decline. Weak economic conditions, recessions, significant inflation, government regulation (including in the health and wellness space) and other factors, such as pandemics, could affect consumer preferences and demand. In addition, given the variety of backgrounds and identities of consumers in our consumer base, we must offer a sufficient array of products to satisfy the broad spectrum of consumer preferences. As such, we must be successful in developing innovative products across a multitude of product categories. We must also be able to respond successfully to technological advances (including artificial intelligence and machine learning, which may become critical in interpreting consumer preferences in the future) and intellectual property rights of our competitors, and failure to do so could compromise our competitive position and negatively impact our product sales. Finally, if we fail to rapidly develop products in faster-growing and more profitable categories, we could experience reduced demand for our products, or fail to expand

margins.

We may be adversely impacted by a changing customer landscape and the increased significance of some of our customers.

Our businesses are largely concentrated in the traditional retail grocery trade, which has experienced slower growth than other retail channels, such as dollar stores, club stores and e-commerce retailers. We expect this trend away from traditional retail grocery to alternate channels to continue in the future. These alternative retail channels may also create consumer price deflation, affecting our retail customer relationships and presenting additional challenges to increasing prices in response to commodity or other cost increases. In addition, retailers with increased buying power and negotiating strength are seeking more favorable terms, including increased promotional programs and customized products funded by their suppliers. These customers may also use more of their shelf space for their private label products, which are generally sold at lower prices than branded products. If we are unable to use our scale, marketing, product innovation and category leadership positions to respond to these customer dynamics, our business or financial results could be adversely impacted.

In 2025, our five largest customers accounted for approximately 47% of our consolidated net sales, with the largest customer, Wal-Mart Stores, Inc. and its affiliates, accounting for approximately 21% of our consolidated net sales. There can be no assurance that our largest customers will continue to purchase our products in the same mix or quantities, or on the same terms as in the past. Disruption of sales to any of these customers, or to any of our other large customers, for an extended period of time could adversely affect our business or financial results.

Financial and Economic Risks

An impairment of the carrying value of goodwill or other indefinite-lived intangible assets could adversely affect our financial results and net worth.

As of August 3, 2025, we had goodwill of $4.991 billion and other indefinite-lived intangible assets of $3.678 billion. Goodwill and indefinite-lived intangible assets are initially recorded at fair value and not amortized, but are tested for impairment at least annually in the fourth quarter or more frequently if impairment indicators arise. We test goodwill at the reporting unit level by comparing the carrying value of the net assets of the reporting unit, including goodwill, to the unit's fair value. Similarly, we test indefinite-lived intangible assets by comparing the fair value of the assets to their carrying values. Fair value for both goodwill and other indefinite-lived intangible assets is determined based on discounted cash flow analyses. If the carrying values of the reporting unit or indefinite-lived intangible assets exceed their fair value, the goodwill or indefinite-lived intangible assets are considered impaired. Factors that could result in an impairment include the impact of tariffs and a change in revenue growth rates, operating margins, weighted average cost of capital, future economic and market conditions or assumed royalty rates. See “Critical Accounting Estimates” and Note 6 to the Consolidated Financial Statements for information on impairment charges recognized in 2024 and 2025. If current expectations for growth rates for sales and profits are not met, or other market factors and macroeconomic conditions were to change, we may be required in the future to record impairment of the carrying value of goodwill or other indefinite-lived intangible assets, which could adversely affect our financial results and net worth.

We may be adversely impacted by increased liabilities and costs related to our defined benefit pension plans.

We sponsor a number of defined benefit pension plans for certain employees in the U.S. and certain non-U.S. locations. The major defined benefit pension plans are funded with trust assets invested in a globally diversified portfolio of securities and other investments. Changes in regulatory requirements or the market value of plan assets, investment returns, interest rates and mortality rates may affect the funded status of our defined benefit pension plans and cause volatility in the net periodic benefit cost, future funding requirements of the plans and the funded status as recorded on the balance sheet. A significant increase in our obligations, future funding requirements, or net periodic benefit costs could have a material adverse effect on our financial results.

We face risks related to inflation, recession, financial market disruptions and other economic conditions.

Customer and consumer demand for our products may be impacted by weak economic conditions, recession, equity market volatility or other negative economic factors in the U.S. or other nations. For instance in 2025, the U.S. experienced elevated inflationary pressures. In 2026, we may continue to experience elevated inflationary pressures and may not be able to fully mitigate the impact of inflation through continued price increases, productivity initiatives and cost savings, which could have a material adverse effect on our financial results. In addition, if the U.S. economy enters a recession in 2026, we may experience sales declines and may have to decrease prices, all of which could have a material adverse impact on our financial results.

Similarly, disruptions in financial markets may impact our ability to manage normal commercial relationships with our customers, suppliers and creditors and might cause us to not be able to continue to have access to preferred sources of liquidity when needed or on terms we find acceptable, and our borrowing costs could increase. An economic or credit crisis could occur and impair credit availability and our ability to raise capital when needed. A disruption in the financial markets may have a negative effect on our derivative counterparties and could impair our banking or other business partners, on whom we rely for

access to capital and as counterparties to our derivative contracts. In addition, changes in tax or interest rates in the U.S. or other nations, whether due to recession, economic disruptions or other reasons, may adversely impact us.

We may be adversely impacted by our substantial indebtedness.

As of August 3, 2025, we maintained approximately $6.857 billion of indebtedness, and this level of indebtedness may have important consequences to our business, including but not limited to:

•increasing the possibility of a downgrade in our credit rating;

•increasing our exposure to fluctuations in interest rates;

•subjecting us to new financial and other covenants;

•increasing our vulnerability to, and reducing our flexibility to respond to, general adverse economic and industry conditions;

•limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate, including undertaking significant capital projects;

•placing us at a competitive disadvantage as compared to our competitors, to the extent that they are not as highly leveraged; and

•restricting us from pursuing certain business opportunities, including other acquisitions.

In addition, we regularly access the commercial paper markets for working capital needs and other general corporate purposes. If our credit ratings are downgraded, we may have difficulty issuing additional debt securities or borrowing money in the amounts and on the terms that might be available if our credit ratings were maintained. See “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for additional information regarding our indebtedness.

Disruptions in the commercial paper market or other effects of volatile economic conditions on the financial markets may also reduce the amount of commercial paper that we can issue and raise our borrowing costs for both short- and long-term debt offerings. There can be no assurance that we will have access to the financial markets on terms we find acceptable. Limitations on our ability to access the financial markets, a reduction in our liquidity or an increase in our borrowing costs may adversely affect our business and financial results.

Legal and Regulatory Risks

We may be adversely impacted by legal and regulatory proceedings or claims.

We are a party to a variety of legal and regulatory proceedings and claims arising out of the normal course of business. See Note 18 to the Consolidated Financial Statements for information regarding certain legal proceedings. Since these actions are inherently uncertain, there is no guarantee that we will be successful in defending ourselves against such proceedings or claims, or that our assessment of the materiality or immateriality of these matters, including any reserves taken in connection with such matters, will be consistent with the ultimate outcome of such proceedings or claims. The manufacture and marketing of food products has come under increased scrutiny in recent years, and the food industry has been subject to changes in laws and regulations at the state and federal levels and an increasing number of proceedings and claims relating to alleged false or deceptive marketing under federal, state and foreign laws or regulations. In light of recent actions by the United States Department of Health and Human Services, FDA and states, we anticipate continued legislative and regulatory developments with respect to food ingredients, labeling and packaging at the state and federal levels, along with related changes in consumer expectations and behavior. In April 2025, the FDA called on industry to phase out all “petroleum-based synthetic dyes” from the nation’s food supply, and in May 2025, the Make America Healthy Again (MAHA) Commission published an assessment report discussing factors contributing to chronic childhood disease including diet, environmental exposure, lack of physical activity and healthcare. The MAHA Commission transmitted its strategy report, setting forth certain recommendations for addressing chronic childhood disease, to the President in August 2025 and publicly released it in September 2025. While the effects of all of these proposals remain uncertain at this time, we are continuing to monitor changes to laws and regulations that affect the food industry and evaluate their impact on our business, financial condition and results of operations.

Additionally, the independent contractor distribution model, which is used in our Snacks segment, has also come under increased regulatory scrutiny. Our independent contractor distribution model has also been the subject of various class and individual lawsuits in recent years. In the event we are unable to successfully defend ourselves against these proceedings or claims, or if our assessment of the materiality of these proceedings or claims proves inaccurate, our business or financial results may be adversely affected. In addition, our reputation could be damaged by allegations made in proceedings or claims (even if untrue).

If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties. In addition, changes in such laws, regulations or other policies may lead to increased costs.

The manufacture and marketing of food products is extensively regulated. Various laws and regulations govern the processing, ingredients (including but not limited to FD&C colors), packaging (including but not limited to potential impacts of EPR regulations and laws), waste management, storage, distribution, marketing, advertising, labeling, import/export requirements, quality and safety of our food products, as well as the health and safety of our employees and the protection of the environment. In the U.S., we are subject to regulation by various federal government agencies, including but not limited to the FDA, the Department of Agriculture, the Federal Trade Commission, the Department of Labor, the Department of Commerce, the Occupational Safety and Health Administration and the Environmental Protection Agency, as well as various state and local agencies. We are also regulated by similar agencies outside the U.S. See Note 18 to the Consolidated Financial Statements for additional information regarding regulatory matters.

Governmental and administrative bodies within the U.S. have made a variety of tax, trade and other regulatory reforms. Trade reforms include tariffs on certain materials used in the manufacture of our products and tariffs on certain finished products. For a discussion of certain risks and uncertainties of tariff impacts on our financial condition or results of operations, see Item 1A - Business and Operational Risks - Changes in global trade policies, including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations.

We also regularly move data across national and state borders to conduct our operations and, consequently, are subject to a variety of laws and regulations in the U.S. and other jurisdictions regarding privacy, data protection and data security, including those related to the collection, storage, handling, use, disclosure, transfer and security of personal data. There is significant uncertainty with respect to compliance with such privacy and data protection laws and regulations because they are continuously evolving and developing and may be interpreted and applied differently from country to country and state to state and may create inconsistent or conflicting requirements.

Changes in legal or regulatory requirements (such as but not limited to new food safety requirements and revised regulatory requirements for the labeling of nutrition facts, serving sizes and genetically modified ingredients or new EPR regulations and laws), evolving interpretations of existing legal or regulatory requirements, or an increased focus regarding environmental policies relating to climate change, climate reporting, regulating greenhouse gas emissions, energy policies and sustainability, may result in increased compliance cost, capital expenditures and other financial obligations that could adversely affect our business and financial results.

We may suffer losses if changes to regulations require us to change the ingredients we use or how we process, package, transport, store, distribute, advertise, or label our products. Moreover, depending on the implementation of such regulatory changes, we could have increased risk for a product recall or have existing inventory become unsellable, which could materially and adversely impact our product sales, financial condition and operating results.

If our food products become adulterated or are mislabeled, we might need to recall those items, and we may experience product liability claims and damage to our reputation.

We have in the past and we may, in the future, need to recall some of our products if they become adulterated or if they are mislabeled, and we may also be liable if the consumption of any of our products causes sickness or injury to consumers. A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time. We could also suffer losses from a significant adverse product liability judgment. A significant product recall or product liability claim could also result in adverse publicity, damage to our reputation, and a loss of consumer confidence in the safety and/or quality of our products, ingredients or packaging. In addition, if another company recalls or experiences negative publicity related to a product in a category in which we compete, consumers might reduce their overall consumption of products in that category.

Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations.

There is growing concern that carbon dioxide and other greenhouse gases in the atmosphere may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, cocoa and olive oil. Adverse weather conditions and natural disasters can reduce crop size and crop quality, which in turn could reduce our supplies of raw materials, lower recoveries of usable raw materials, increase the prices of our raw materials, increase our cost of storing and transporting our raw materials, or disrupt production schedules. We may also be subjected to decreased availability or less favorable pricing for water as a result of such change, which could impact our manufacturing and distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain.

There is an increased focus by regulatory and legislative bodies regarding environmental policies relating to climate change, climate reporting, regulating greenhouse gas emissions (including carbon pricing regulations, cap and trade systems or a carbon tax), energy policies and sustainability. Increased compliance costs and expenses due to the impacts of climate change and additional legal or regulatory requirements regarding climate change that are designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment may cause disruptions in, or an increase in the costs associated with, the running of our manufacturing facilities and our business, as well as increase distribution and supply chain costs. Moreover, compliance with any such legal or regulatory requirements may require us to make significant changes in our business operations and strategy, which will likely require us to devote substantial time and attention to these matters and cause us to incur additional costs. Even if we make changes to align ourselves with such legal or regulatory requirements, we may still be subject to significant penalties or potential litigation if such laws and regulations are interpreted and applied in a manner inconsistent with our practices. The physical effects and transitional costs of climate change and legal, regulatory or market initiatives to address climate change could have a long-term adverse impact on our business, financial condition and results of operations.

Our business is subject to an increasing focus on sustainability matters.

From time to time we establish and publicly announce sustainability goals and commitments, including reducing our impact on the environment and relating to animal welfare. For example, we established science-based targets for Scope 1, 2 and 3 greenhouse gas emissions. Our ability to achieve any stated goal, target or objective is subject to numerous factors and conditions, many of which are outside of our control. Examples of such factors include evolving regulatory requirements affecting sustainability standards or disclosures or imposing different requirements, the pace of changes in technology and its market availability, the availability of requisite financing, the availability of suppliers and products that can meet our sustainability and other standards, and changing business dynamics including acquisitions. Furthermore, standards for tracking and reporting such matters continue to evolve. Our selection of voluntary disclosure frameworks and standards, and the interpretation or application of those frameworks and standards, may change from time to time or differ from those of others. Methodologies for reporting these data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of our operations (including from acquisitions and divestitures), and other changes in circumstances, which could result in significant revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the future. If we fail to achieve, or are perceived to have failed to achieve or have been delayed in achieving, or improperly report our progress toward achieving these goals and commitments, it could negatively affect consumer or customer preference for our products or investor confidence in our stock, as well as expose us to enforcement actions and litigation.

Additionally, we might fail to effectively address increased attention from the media, stockholders, activists and other stakeholders on climate change and other environmental sustainability matters or animal welfare goals, including attention from stakeholders with opposing views on such matters. Such failure, or the perception that we have failed to act responsibly regarding climate change or animal welfare, whether or not valid, could result in adverse publicity and negatively affect our business and reputation.

Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by ongoing geopolitical conflicts.

The global economy has been negatively impacted by ongoing geopolitical conflicts, including the military conflicts between Russia and Ukraine, the conflicts in the Middle East, as well as tensions between China and Taiwan. For instance, governments in the U.S., United Kingdom and European Union have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia. Although we have no operations in Russia, Ukraine, the Middle East, China or Taiwan, we have experienced shortages in materials and increased costs for transportation, energy and raw material due in part to the negative impact of these ongoing geopolitical conflicts on the global economy. The scope and duration of such conflicts are uncertain, rapidly changing and hard to predict. Further escalation of these geopolitical conflicts, including increased trade barriers or restrictions on global trade, could result in, among other things, cyberattacks, supply disruptions, lower consumer demand, and changes to foreign exchange rates and financial markets, any of which may adversely affect our business and supply chain. In addition, the effects of the ongoing conflicts could also heighten many of the other risk factors discussed in this Item 1A, or in other reports we periodically file with the SEC.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

Enterprise risk management (ERM) is an integral part of our business processes and our ERM framework considers cybersecurity risk, alongside other company risks, as part of our overall risk assessment process. We follow an industry-leading

National Institute of Standards and Technology cybersecurity framework (NIST CSF) and have developed a comprehensive information security program for assessing, identifying and managing cybersecurity risks that is designed to protect our systems and data from unauthorized access, use or other security impact.

As part of our information security program, we continuously monitor and update our information technology networks and infrastructure. We have dedicated internal legal, compliance and information security teams, and leverage consultants and third-party service providers to inform our understanding of the threat landscape and to identify, prevent, detect, address and mitigate risks associated with unauthorized access, misuse, computer viruses and other events that could have a security impact. Our information security strategy focuses on complying with applicable data privacy and protection laws, maintaining the availability of our manufacturing operations, protecting data, detecting and responding to threats, building resiliency and providing a secure foundation for growth and innovation. We invest in industry standard security technology to protect the company’s data and business processes against risk of cybersecurity incidents. Our data security management program includes identity, trust, vulnerability and threat management business processes, as well as adoption of standard data protection policies.

We measure our data security effectiveness by benchmarking against industry-accepted methods, presenting the results to our Board and Audit Committee for evaluation, and making improvements based on such evaluation. We maintain and routinely test backup systems and disaster recovery and also have processes in place to prevent disruptions resulting from our implementation of new software and systems. We maintain a third-party cyber risk management process to review and monitor critical suppliers regularly for cybersecurity risk and prescribe remediation activities when necessary.

We train our employees through annual security training, phishing simulations and regular communications about timely security topics to enhance their understanding of cybersecurity threats and their ability to identify and escalate potential cybersecurity events. We have a cross-functional crisis management team comprised of business unit and functional leaders and a crisis management plan that includes procedures for identifying, containing and responding to cybersecurity incidents. We engage third-party cybersecurity experts to conduct tabletop exercises with our executive leadership to enhance incident response preparedness.

Our cybersecurity risk management strategy includes the use of cybersecurity insurance that provides protection against certain potential losses arising from certain cybersecurity incidents; however, such insurance may not insure us against all claims related to security breaches, cyberattacks and other related breaches. The company has previously experienced threats and breaches to its data and systems but has not experienced a breach that had a material impact on its operations or business and has not incurred any material breach-related expenses for the last three years that are reasonably likely to materially affect the company or its business strategy, results of operations or financial condition. However, as discussed in “Item 1A. Risk Factors,” specifically the risks under the heading, “We may be adversely impacted by a disruption, failure or security breach of our information technology systems,” cyber threats are constantly evolving and becoming more frequent and sophisticated. Accordingly, no matter how well designed or implemented the company’s information security policies and procedures are, there can be no assurance that these policies and procedures will prevent or limit the impact of a cybersecurity incident.

Cybersecurity Governance

We have established oversight mechanisms intended to provide effective cybersecurity governance, risk management, and timely incident response. Our Board, in coordination with the Audit Committee, oversees the company’s ERM process, including the management of risks arising from cybersecurity threats.

Our Board annually reviews assessments of our information security program under the NIST CSF. It receives benchmarking results of our data security effectiveness and reports from our Chief Digital & Technology Officer (CDTO) and Chief Information Security Officer (CISO) on our information security program and recent developments. Our Board has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. To fulfill its oversight responsibilities, the Audit Committee reviews the measures implemented by the company to identify and mitigate cybersecurity risks and receives quarterly updates from our CDTO and CISO on the information security program, including the status of significant cybersecurity incidences, the emerging threat landscape, and the status of projects to strengthen the company’s information security posture. The Audit Committee regularly reports to the Board on cybersecurity matters. In addition, we have a crisis management plan and protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the company and, where appropriate, reported promptly to the Audit Committee or Board, with ongoing updates regarding any such incident until it has been addressed. Our risk oversight processes and disclosure controls and procedures are designed to escalate key risks for the Board to analyze for disclosure purposes.

Our CDTO, a member of our corporate leadership team, oversees the team responsible for leading the enterprise-wide information technology strategy, policy, standards, architecture, and processes. Our CISO, who reports to the CDTO, oversees the dedicated information security team, which works in partnership with the company’s ERM team and corporate audit department as well as consultants as part of an overall internal controls process to monitor cybersecurity threats and prevent, detect, mitigate and remediate cybersecurity incidents. The CDTO has over 30 years of information technology experience, including serving in strategic planning, oversight and global operation of information systems and technology functions for

companies in the consumer packaged goods industry. The CISO has over 25 years of information technology experience, including strategy, execution, and operations of enterprise-wide security programs, including cybersecurity programs, and global information technology infrastructure programs.

Item 2. Properties

Our principal executive offices are company-owned and located in Camden, New Jersey. The following table sets forth our principal manufacturing facilities and the reportable segment that primarily uses each of the facilities:

Inside the U.S.

Arizona

Massachusetts

Pennsylvania

Goodyear (S)

Hyannis (S)

Denver (S)

California

North Carolina

Downingtown (S)

Dixon (MB)

Charlotte (S)

Hanover (S)

Stockton (MB)

Maxton (MB)

Texas

Connecticut

Ohio

Austin (MB)

Bloomfield (S)

Ashland (S)

Paris (MB)

Florida

Napoleon (MB)

Utah

Lakeland (S)

Willard (S)

Richmond (S)

Illinois

Oregon

Wisconsin

Downers Grove (S)

Salem (S)

Beloit (S)

Indiana

Tualatin (MB)

Franklin (S)

Jeffersonville (S)

Milwaukee (MB)

______________________________

MB - Meals & Beverages

S - Snacks

Each of the foregoing manufacturing facilities is company-owned, except the Tualatin, Oregon and Austin, Texas facilities, which are leased. We also maintain principal business unit offices in Doral, Florida; Hanover, Pennsylvania; and Mississauga, Canada.

We also own and lease distribution centers across the U.S. We believe that our manufacturing and processing plants and distribution centers are well maintained and, together with facilities operated by our contract manufacturers, are generally adequate to support the current operations of the businesses.

Item 3. Legal Proceedings

Information regarding reportable legal proceedings is contained in Note 18 to the Consolidated Financial Statements and incorporated herein by reference.

Item 4. Mine Safety Disclosures

Not applicable.

Information about our Executive Officers

The section below provides information regarding our executive officers as of September 10, 2025:


Name, Present Title & Business Experience	Age	Year First Appointed Executive Officer
Carrie L. Anderson, Executive Vice President and Chief Financial Officer. Executive Vice President and Chief Financial Officer, Integra LifeSciences Holdings Corporation (2019-2023).	56	2023
Mick J. Beekhuizen, President and Chief Executive Officer. We have employed Mr. Beekhuizen in an executive or managerial capacity for at least five years.	49	2020
Charles A. Brawley, III, Executive Vice President, General Counsel and Corporate Secretary. We have employed Mr. Brawley in an executive or managerial capacity for at least five years.	60	2023
Risa Cretella, Executive Vice President and President, Meals & Beverages. Executive Vice President, General Manager of Rao’s, Sovos Brands, Inc. (2018-2024).	46	2025
Elizabeth M. Duggan, Executive Vice President and President, Snacks. We have employed Ms. Duggan in an executive or managerial capacity for at least five years.	45	2025
Diane Johnson May, Executive Vice President and Chief People and Culture Officer. Senior Vice President, People and Culture, Manpower Group (2020-2021). Executive Vice President, Chief Human Resources Officer, Brookdale Senior Living (2019-2020).	66	2022
Janda K. Lukin, Executive Vice President and Chief Growth Officer. We have employed Ms. Lukin in an executive or managerial capacity for at least five years.	52	2025
Daniel L. Poland, Executive Vice President and Chief Enterprise Transformation Officer. Chief Operating Officer, KIND Snacks (2019-2021).	62	2022
Anthony J. Sanzio, Executive Vice President and Chief Communications Officer. We have employed Mr. Sanzio in an executive or managerial capacity for at least five years.	57	2022

PART II

Item 5. Market for Registrant’s Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities

Market for Registrant’s Capital Stock

Our capital stock is traded on The Nasdaq Stock Market LLC under the symbol "CPB." On September 10, 2025, there were 13,902 holders of record of our capital stock.

Return to Shareholders* Performance Graph

The information contained in this Return to Shareholders Performance Graph section shall not be deemed to be "soliciting material" or "filed" or incorporated by reference in future filings with the Securities and Exchange Commission (SEC), or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), except to the extent we specifically incorporate it by reference into a document filed under the Securities Exchange Act of 1933, as amended (the Securities Act), or the Exchange Act.

The following graph compares the cumulative total shareholder return (TSR) on our stock with the cumulative total return of the Standard & Poor’s 500 Stock Index (the S&P 500) and the Standard & Poor’s Packaged Foods Index (the S&P Packaged Foods Group). The graph assumes that $100 was invested on July 31, 2020, in each of our stock, the S&P 500 and the S&P Packaged Foods Group, and that all dividends were reinvested. The total cumulative dollar returns shown on the graph represent the value that such investments would have had on August 3, 2025.

* Stock appreciation plus dividend reinvestment.


	2020	2021	2022	2023	2024	2025
Campbell	100	91	106	102	107	77
S&P 500	100	136	130	147	177	205
S&P Packaged Foods Group	100	107	121	127	114	107

Issuer Purchases of Equity Securities


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(3)	Approximate Dollar Value of Shares that may yet be Purchased Under the Plans or Programs ($ in Millions)(3)
4/28/25 - 5/30/25	—	$	—	—	$	501
6/2/25 - 6/30/25	55,956	$	33.44	55,956	$	499
7/1/25 - 8/1/25	—	$	—	—	$	499
Total	55,956	$	33.44	55,956	$	499

____________________________________

(1)Shares purchased are as of the trade date.

(2)Average price paid per share is calculated on a settlement basis and excludes commission and excise tax. As of January 1, 2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost basis of the shares acquired in the Consolidated Statements of Equity.

(3)In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. In September 2024, the Board authorized an anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated transactions. The September 2024 program replaced an anti-dilutive share repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated.

Item 6. Reserved

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to, and should be read in conjunction with, our consolidated financial statements and the accompanying notes to the consolidated financial statements presented in "Financial Statements and Supplementary Data," as well as the information contained in "Risk Factors."

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

Executive Summary

We are a manufacturer and marketer of high-quality, branded food and beverage products. We operate in a highly competitive industry and experience competition in all of our categories.

In 2025, we continued to advance our key strategic initiatives in a dynamic operating environment marked by shifting global trade policies, increased regulatory activity, consumer behavior shifts, commodity cost fluctuations and other global macroeconomic challenges. During 2025, we experienced elevated cost inflation and other supply chain costs, which were mostly offset by improvements in our supply chain productivity and benefits from our cost savings initiatives. In 2026, we expect more significant cost pressures primarily driven by tariff impacts. We plan to reduce some of these costs and impacts over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation efforts. We will continue to evaluate the dynamic macroeconomic environment to take action to mitigate the impact on our business, financial condition and results of operations.

Strategy

Our strategy is built around four pillars that position us to achieve Top-Tier Performance for our shareholders, as further discussed below.

•Top Team: We plan to deliver for our people by continuing to cultivate a highly engaged culture to attract, grow and retain top talent. This includes investing in leadership and development programs and elevating commercial capabilities that will help us grow. We are driving organizational engagement, belonging and effectiveness through our

Employee Value Proposition, Make history with Campbell’s, and modernizing our facilities. We have completed the consolidation of our Snacks offices into Camden, New Jersey. Our single headquarters has helped to foster closer collaboration and enhance decision-making, thereby improving our ability to execute on our business strategy.

•Best Portfolio: We believe in delivering for our consumers through consumer-focused marketing efforts and increased leadership brand support. We have created a Growth Office to support our two divisions and to expand our consumer-led innovations. We believe that we are well-positioned as a transformative category leader with an advantaged portfolio of brands across our Meals & Beverages and Snacks segments. We will support our Best Portfolio priority and accelerate our profitable growth model by growing market share and driving integrated business planning programming throughout the company.

•Winning Execution: We will focus on delivering for our customers by advancing strategic retailer relationships and continuing to optimize our manufacturing and distribution network, with a focus on digitization, logistics and distribution expertise. In September 2024, we announced plans to implement new cost savings initiatives with targeted annual savings of approximately $250 million by the end of 2028. On September 3, 2025, we increased the estimate of annual ongoing savings, once all phases are implemented, to approximately $375 million by the end of 2028. See "Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information on these initiatives.

•Lasting Impact: Finally, we plan to continue to deliver for our communities with continued progress on our sustainability and community goals and strengthening our connection to the communities in which we operate.

Business Trends

Our industry continues to navigate a dynamic operating and regulatory environment driven by commodity cost volatility, supply chain pressures, tariffs and shifting global trade policies and other economic uncertainties, as well as evolving consumer purchasing and spending patterns.

Our strategy is designed, in part, to capture growing consumer preferences for value and convenience. We expect consumers to continue to seek at-home cooking solutions and stretchable meals. We also believe that consumers are making more intentional decisions in snacking, in terms of health and wellness and seeking indulgences.

Retailers continue to use their buying power and negotiating strength to seek increased promotional programs funded by their suppliers and more favorable terms, including supplier-funded customized products. Any consolidations among retailers would continue to create large and sophisticated customers that may further this trend. Retailers also continue to grow and promote private label brands that compete with branded products, especially on price.

Tariffs on certain ingredients, inputs and imports from many countries, including Canada, Mexico, members of the European Union and the United Kingdom have resulted in increased costs, including on ingredients, packaging, such as tinplate steel used to make cans and other materials used to produce and distribute our products and on finished products that we import. We are continuing to monitor the rapidly evolving tariff and global trade policies and are working with our suppliers to mitigate potential impacts on our business. The extent and duration of the tariffs and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as recent legal challenges to the U.S.'s imposition of tariffs, negotiations between the U.S. and affected countries, the responses of other countries or regions, relief that may be granted, availability and cost of alternative sources of supply and demand for our products in affected markets.

In addition, in light of recent actions by the United States Department of Health and Human Services, Food and Drug Administration (FDA) and states, we anticipate continued legislative and regulatory developments with respect to food ingredients, labeling and packaging at the state and federal levels, along with related changes in consumer expectations and behavior. In April 2025, the FDA called on industry to phase out all “petroleum-based synthetic dyes” from the nation’s food supply, and in May 2025, the MAHA Commission published an assessment report discussing factors contributing to chronic childhood disease including diet, environmental exposure, lack of physical activity and healthcare. The MAHA Commission transmitted its strategy report, setting forth certain recommendations for addressing chronic childhood disease, to the President in August 2025 and publicly released it in September 2025. While the effects of all of these proposals remain uncertain at this time, we are continuing to monitor changes to laws and regulations that affect the food industry and evaluate their impact on our business, financial condition and results of operations.

In 2026, we expect significant cost pressures primarily driven by tariff impacts that could negatively impact our business, financial condition and results of operations. We will continue to evaluate the dynamic macroeconomic environment to take action to mitigate such impacts.

Business Acquisition & Divestitures

On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion. For additional information on the Sovos Brands acquisition, see Note 3 to the Consolidated Financial Statements. All references to the acquisition below refer to the Sovos Brands acquisition.

Summary of Results

This Summary of Results provides significant highlights from the discussion and analysis that follows.

There were 53 weeks in 2025 and 52 weeks in 2024 and 2023.

•Net sales increased 6% in 2025 to $10.253 billion primarily due to an 8-point benefit from the acquisition of Sovos Brands and a 2-point benefit from the 53rd week, partially offset by the impact of divestitures, unfavorable volume/mix and lower net price realization.

•Gross profit, as a percent of sales, decreased to 30.4% in 2025 from 30.8% a year ago. The decrease was primarily due to higher cost inflation and other supply chain costs and unfavorable net price realization, partially offset by the benefits from supply chain productivity improvements.

•Earnings per share were $2.01 in 2025, compared to $1.89 a year ago. The current year included expenses of $.97 per share and the prior year included expenses of $1.19 per share from items impacting comparability as discussed below.

Net Earnings attributable to The Campbell's Company - 2025 Compared with 2024

The following items impacted the comparability of net earnings and net earnings per share:

•We implemented several cost savings initiatives in recent years. In 2025, we recorded Restructuring charges of $24 million and implementation costs and other related costs of $41 million in Administrative expenses, $32 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives. In 2024, we recorded Restructuring charges of $17 million and implementation costs and other related costs of $54 million in Administrative expenses, $26 million in Cost of products sold, $4 million in Marketing and selling expenses and $3 million in Research and development expenses related to these initiatives.

In the second quarter of 2024, we began implementation of an optimization initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. In 2025, we recognized $20 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. In 2024, we recognized $5 million in Marketing and selling expenses related to this initiative.

In 2025, the total aggregate impact related to the cost savings and optimization initiatives was $125 million ($96 million after tax, or $.32 per share). In 2024, the total aggregate impact related to the cost savings and optimization initiatives was $109 million ($83 million after tax, or $.28 per share). See Note 8 to the Consolidated Financial Statements and "Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information;

•In 2025, we recognized actuarial losses on our pension and postretirement plans in Other expenses / (income) of $24 million ($18 million after tax, or $.06 per share). In 2024, we recognized actuarial losses in Other expenses / (income) of $33 million ($25 million after tax, or $.08 per share);

•In 2025, we recognized gains in Cost of products sold of $11 million ($8 million after tax, or $.03 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges. In 2024, we recognized losses in Cost of products sold of $22 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges;

•In 2025, we recorded accelerated amortization expense in Other expenses / (income) of $20 million ($15 million after tax, or $.05 per share) related to customer relationship intangible assets due to the loss of certain contract manufacturing customers, which began in the fourth quarter of 2023. In 2024, we recorded accelerated amortization expense in Other expenses / (income) of $27 million ($20 million after tax, or $.07 per share);

•In the third quarter of 2025, we performed an interim impairment assessment on the Snyder's of Hanover trademark within the Snacks segment and recognized an impairment charge of $150 million ($112 million after tax, or $.37 per share) on the trademark.

In the second quarter of 2025, we performed an interim impairment assessment on certain salty snacks and cookie trademarks within our Snacks segment, including Tom's, Jays, Kruncher's, O-Ke-Doke, Stella D'oro and Archway, collectively referred to as our "Allied brands," and recognized an impairment charge of $15 million on the trademarks.

In the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment and recognized an impairment charge of $11 million on the trademark.

In 2025, the total aggregate impact of the impairment charges was $176 million ($131 million after tax, or $.44 per share).

In the fourth quarter of 2024, we recognized an impairment charge of $53 million on our Allied brands trademarks.

In the fourth quarter of 2024, we performed an impairment assessment on the assets in our Pop Secret popcorn business within our Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as we pursued divesting the business. As a result of these factors, in the fourth quarter of 2024, we lowered our long-term outlook for the business and recognized an impairment charge of $76 million on the trademark. The sale of the business was completed on August 26, 2024.

In 2024, the total aggregate impact of the impairment charges was $129 million ($98 million after tax, or $.33 per share).

The charges were included in Other expenses / (income). See "Critical Accounting Estimates" for additional information;

•In 2025 and 2024, we recorded litigation expenses in Administrative expenses of $5 million ($5 million after tax, or $.02 per share) related to the Plum baby food and snacks business (Plum), which was divested on May 3, 2021, and certain other litigation matters;

•In 2025, we recorded insurance recoveries in Administrative expenses of $1 million ($1 million after tax) related to a cybersecurity incident that was identified in the fourth quarter of 2023. In 2024, we recorded costs of $2 million in Cost of products sold and $1 million in Administrative expenses (aggregate impact of $2 million after tax, or $.01 per share) related to the cybersecurity incident;

•In the third quarter of 2025, we completed the sale of our noosa yoghurt business. In the second quarter of 2025, we recorded $15 million ($.05 per share) of tax expense related to the sale. In 2025, we recorded an after-tax loss of $15 million ($.05 per share) on the sale of the business. In the first quarter of 2025, we recorded a loss in Other expenses / (income) of $25 million ($19 million after tax, or $.06 per share) on the sale of our Pop Secret popcorn business. In 2025, the total aggregate impact of charges associated with divestitures was $25 million ($34 million after tax, or $.11 per share); and

•In the first quarter of 2024, we announced our intent to acquire Sovos Brands and on March 12, 2024 the acquisition closed. In 2024, we incurred $126 million of costs associated with the acquisition, of which $21 million was recorded in Restructuring charges, $47 million in Administrative expenses, $35 million in Other expenses / (income), $3 million in Marketing and selling expenses, $2 million in Research and development expenses and $18 million in Cost of products sold, of which $17 million was associated with the acquisition date fair value adjustment for inventory. We also recorded costs of $2 million in Interest expense related to costs associated with the Delayed Draw Term Loan Credit Agreement (the 2024 DDTL Credit Agreement) used to fund the acquisition. The aggregate impact was $128 million, $109 million after tax, or $.36 per share.

The items impacting comparability are summarized below:












	2025				2024
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Net earnings attributable to The Campbell's Company	$	602	$	2.01	$	567	$	1.89




Costs associated with cost savings and optimization initiatives	$	(96)	$	(.32)	$	(83)	$	(.28)
Pension and postretirement actuarial losses	(18)		(.06)		(25)		(.08)
Commodity mark-to-market gains (losses)	8		.03		(16)		(.05)

Accelerated amortization	(15)		(.05)		(20)		(.07)
Impairment charges	(131)		(.44)		(98)		(.33)

Certain litigation expenses	(5)		(.02)		(5)		(.02)
Cybersecurity incident recoveries (costs)	1		—		(2)		(.01)
Charges associated with divestitures	(34)		(.11)		—		—



Costs associated with acquisition	—		—		(109)		(.36)
Impact of items on Net earnings(1)	$	(290)	$	(.97)	$	(358)	$	(1.19)

__________________________________________

(1)Sum of the individual amounts may not add due to rounding.

Net earnings attributable to The Campbell's Company were $602 million ($2.01 per share) in 2025, compared to $567 million ($1.89 per share) in 2024. After adjusting for items impacting comparability, earnings decreased primarily due to higher interest expense and higher marketing and selling expenses, partially offset by an increase in gross profit and a lower effective tax rate. The additional week contributed approximately $.06 per share to earnings in 2025. The estimated impact of tariffs was approximately $.02 per share in 2025.

Net Earnings attributable to The Campbell's Company - 2024 Compared with 2023

In addition to the 2024 items that impacted comparability of Net earnings discussed above, the following items impacted the comparability of net earnings and net earnings per share:

•In 2023, we recorded Restructuring charges of $16 million and implementation costs and other related costs of $24 million in Administrative expenses, $18 million in Cost of products sold, $5 million in Marketing and selling expenses and $3 million in Research and development expenses (aggregate impact of $50 million after tax, or $.17 per share) related to the cost savings initiatives discussed above. See Note 8 to the Consolidated Financial Statements and "Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives" for additional information;

•In 2023, we recognized actuarial gains on our pension and postretirement plans in Other expenses / (income) of $15 million ($11 million after tax, or $.04 per share);

•In 2023, we recognized gains in Cost of products sold of $21 million ($16 million after tax, or $.05 per share) associated with unrealized mark-to-market adjustments on outstanding undesignated commodity hedges;

•In 2023, we incurred costs associated with the acquisition of Sovos Brands in Other expenses / (income) of $5 million ($4 million after tax, or $.01 per share);

•In 2023, we recorded accelerated amortization expense in Other expenses / (income) of $7 million ($5 million after tax, or $.02 per share) related to customer relationship intangible assets due to the loss of certain contracting manufacturing customers, which began in the fourth quarter of 2023; and

•In 2023, we recorded a loss in Other expenses / (income) of $13 million ($13 million after tax, or $.04 per share) on the sale of our Emerald nuts business, which was sold on May 30, 2023.

The items impacting comparability are summarized below:












	2024				2023
(Millions, except per share amounts)	Earnings Impact		EPS Impact		Earnings Impact		EPS Impact
Net earnings attributable to The Campbell's Company	$	567	$	1.89	$	858	$	2.85




Costs associated with cost savings and optimization initiatives	$	(83)	$	(.28)	$	(50)	$	(.17)
Pension and postretirement actuarial gains (losses)	(25)		(.08)		11		.04
Commodity mark-to-market gains (losses)	(16)		(.05)		16		.05
Costs associated with acquisition	(109)		(.36)		(4)		(.01)
Accelerated amortization	(20)		(.07)		(5)		(.02)
Impairment charges	(98)		(.33)		—		—

Certain litigation expenses	(5)		(.02)		—		—
Cybersecurity incident costs	(2)		(.01)		—		—
Charges associated with divestiture	—		—		(13)		(.04)
Impact of items on Net earnings(1)	$	(358)	$	(1.19)	$	(45)	$	(.15)

__________________________________________

(1)Sum of the individual amounts may not add due to rounding.

Net earnings attributable to The Campbell's Company were $567 million ($1.89 per share) in 2024, compared to $858 million ($2.85 per share) in 2023. After adjusting for items impacting comparability, earnings increased reflecting improved gross profit, partially offset by higher interest expense, higher marketing and selling expenses, higher other expenses and higher research and development expenses. Earnings per share benefited from a reduction in the weighted average diluted shares outstanding.

DISCUSSION AND ANALYSIS

Sales

An analysis of net sales by reportable segment follows:


							% Change
(Millions)	2025		2024		2023		2025/2024	2024/2023
Meals & Beverages	$	6,050	$	5,258	$	4,907	15	7
Snacks	4,203		4,378		4,450		(4)	(2)


	$	10,253	$	9,636	$	9,357	6	3

An analysis of percent change of net sales by reportable segment follows:


2025 versus 2024	Meals & Beverages(2)	Snacks	Total
Volume/mix	1%	(3)%	(1)%
Net price realization(1)	(1)	—	(1)


Acquisition	15	—	8
Divestitures	(1)	(3)	(2)
Estimated impact of 53rd week	2	2	2
	15%	(4)%	6%


2024 versus 2023	Meals & Beverages	Snacks	Total
Volume/mix	(2)%	(2)%	(2)%
Net price realization(1)	—	1	1



Acquisition	9	—	5
Divestiture	—	(1)	(1)

	7%	(2)%	3%

__________________________________________

(1)Includes revenue reductions from trade promotion and consumer coupon redemption programs.

(2)Sum of the individual amounts does not add due to rounding.

In 2025, Meals & Beverages sales increased 15% primarily due to a 15-point benefit from the acquisition of Sovos Brands. Excluding the benefit from the Sovos Brands acquisition, the benefit of the additional week and the impact from the divestiture of the noosa yoghurt business, sales were comparable primarily due to gains in foodservice, Canada and Rao's pasta sauces, partially offset by declines in U.S. soup and SpaghettiOs. Favorable volume/mix was offset by unfavorable net price realization. Including a 1-point benefit from the additional week, sales of U.S. soup were comparable with prior year as increases in broth and condensed soups were offset by decreases in ready-to-serve soups.

In 2024, Meals & Beverages sales increased 7% reflecting a 9-point benefit from the acquisition of Sovos Brands. Sales were impacted by unfavorable volume/mix with neutral net price realization. Excluding the benefit from the acquisition, sales decreased primarily due to declines in U.S. retail products, including beverages and U.S. soup, partially offset by gains in foodservice and Canada. Sales of U.S. soup decreased 2% primarily due to decreases in ready-to-serve soups and condensed soups, partially offset by an increase in broth.

In 2025, Snacks sales decreased 4%. Excluding the impact from the divestiture of the Pop Secret popcorn business and the benefit of the additional week, sales decreased due to declines in third-party partner brands and contract manufacturing, Goldfish crackers, Snyder's of Hanover pretzels, Lance sandwich crackers, fresh bakery and Pepperidge Farm cookies. Sales were impacted by volume/mix declines with neutral net price realization.

In 2024, Snacks sales decreased 2%. Excluding the impact from the divestiture of the Emerald nuts business, sales decreased as declines in third-party partner brands and contract manufacturing, fresh bakery and Pop Secret popcorn were partially offset by increases in Goldfish crackers, Lance sandwich crackers and Cape Cod potato chips. Volume/mix declines were partially offset by favorable net price realization.

Gross Profit

Gross profit, defined as Net sales less Cost of products sold, increased by $148 million in 2025 from 2024 and increased by $54 million in 2024 from 2023. As a percent of sales, gross profit was 30.4% in 2025, 30.8% in 2024 and 31.2% in 2023.

The 40 basis-point decreases in gross profit margin in 2025 and 2024, were due to the following factors:


	Margin Impact
	2025	2024
Cost inflation, supply chain costs and other factors(1)	(150)	(310)
Net price realization	(40)	60
Volume/mix(2)	(10)	20
Productivity improvements	150	240
Impact of acquisition(3)	10	(40)
Higher costs associated with cost savings initiatives	—	(10)
	(40)	(40)

__________________________________________

(1)2025 includes an estimated positive margin impact of 50 basis points from the benefit of cost savings initiatives and a 30 basis-point positive impact from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges, which were more than offset by cost inflation and other factors. 2024 includes an estimated positive margin impact of 20 basis points from the benefit of cost savings initiatives, which was more than offset by cost inflation and other factors, including a 40 basis-point negative impact from the change in unrealized mark-to-market adjustments on outstanding undesignated commodity hedges and a 10 basis-point negative impact from a cybersecurity incident.

(2)Includes the impact of operating leverage.

(3)2025 includes a positive margin impact of 20 basis points from lapping the 20 basis-point negative margin impact in 2024 from a Sovos Brands acquisition date fair value adjustment for inventory.

Marketing and Selling Expenses

Marketing and selling expenses as a percent of sales were 9.0% in 2025, 8.6% in 2024 and 8.7% in 2023. Marketing and selling expenses increased 11% in 2025 from 2024. The increase was primarily due to the impact of the acquisition (approximately 7 points); higher advertising and consumer promotion expense (approximately 2 points) and higher costs related to cost savings and optimization initiatives (approximately 2 points). The increase in advertising and consumer promotion expense was driven by Meals & Beverages and Snacks.

Marketing and selling expenses increased 3% in 2024 from 2023. The increase was primarily due to the impact of the acquisition (approximately 4 points); higher selling expenses (approximately 1 point) and higher other marketing expenses (approximately 1 point), partially offset by lower advertising and consumer promotion expense (approximately 3 points), primarily in Meals & Beverages.

Administrative Expenses

Administrative expenses as a percent of sales were 6.6% in 2025, 7.6% in 2024 and 7.0% in 2023. Administrative expenses decreased 9% in 2025 from 2024. The decrease was primarily due to increased benefits from cost savings initiatives (approximately 8 points); costs associated with the acquisition in the prior year (approximately 6 points); lower incentive compensation (approximately 2 points); lower costs related to cost savings initiatives (approximately 2 points); and lower benefit-related costs (approximately 1 point), partially offset by higher general administrative costs and inflation (approximately 7 points) and the impact of the acquisition (approximately 3 points).

Administrative expenses increased 13% in 2024 from 2023. The increase was primarily due to costs associated with the acquisition (approximately 7 points); higher costs related to cost savings initiatives (approximately 5 points); higher general administrative costs and inflation (approximately 3 points); the impact of the acquisition (approximately 2 points) and higher benefit-related costs (approximately 2 points), partially offset by increased benefits from cost savings initiatives (approximately 5 points) and lower incentive compensation (approximately 2 points).

Other Expenses / (Income)

Other expenses in 2025 included the following:

•$176 million of impairment charges related to the Snyder's of Hanover, Allied brands and Late July trademarks;

•$68 million of amortization of intangible assets, including accelerated amortization of $20 million;

•$25 million loss on the sale of the Pop Secret popcorn business; and

•$11 million of net periodic benefit expense, including net pension and postretirement actuarial losses of $24 million.

Other expenses in 2024 included the following:

•$129 million of impairment charges related to the Pop Secret and Allied brands trademarks;

•$73 million of amortization of intangible assets, including accelerated amortization of $27 million;

•$35 million of costs associated with the acquisition of Sovos Brands; and

•$26 million of net periodic benefit expense, including pension and postretirement actuarial losses of $33 million.

Other expenses in 2023 included the following:

•$48 million of amortization of intangible assets, including accelerated amortization of $7 million;

•$13 million loss on the sale of the Emerald nuts business;

•$5 million of costs associated with the acquisition of Sovos Brands; and

•$35 million of net periodic benefit income, including pension and postretirement actuarial gains of $15 million.

Operating Earnings

Segment operating earnings increased 1% in 2025 from 2024 and increased 6% in 2024 from 2023.

An analysis of operating earnings by segment follows:



							% Change
(Millions)	2025		2024		2023		2025/2024	2024/2023
Meals & Beverages	$	1,076	$	974	$	894	10	9
Snacks	560		648		640		(14)	1

	1,636		1,622		1,534		1	6
Corporate income (expense)	(488)		(584)		(206)
Restructuring charges(1)	(24)		(38)		(16)
Earnings before interest and taxes	$	1,124	$	1,000	$	1,312

__________________________________________

(1)See Note 8 to the Consolidated Financial Statements for additional information on restructuring charges.

Operating earnings from Meals & Beverages increased 10% in 2025 versus 2024. The increase was primarily due to the benefit of the acquisition of Sovos Brands and the benefit of the additional week, partially offset by lower gross profit. Gross profit margin decreased due to higher cost inflation and other supply chain costs, unfavorable net price realization and the dilutive impact of the acquisition, partially offset by supply chain productivity improvements, benefits from cost savings initiatives and favorable volume/mix.

Operating earnings from Meals & Beverages increased 9% in 2024 versus 2023. The increase was primarily due to the benefit of the acquisition of Sovos Brands and lower marketing and selling expenses, partially offset by lower gross profit. Gross profit margin decreased due to higher cost inflation and other supply chain costs and the dilutive impact of the acquisition, partially offset by supply chain productivity improvements, favorable net price realization and favorable volume/mix.

Operating earnings from Snacks decreased 14% in 2025 versus 2024. The decrease was primarily due to lower gross profit and higher marketing and selling expenses, partially offset by lower administrative expenses. Gross profit decreased primarily due to the impact of cost inflation and other supply chain costs and unfavorable volume/mix, partially offset by supply chain productivity improvements, the benefit of the additional week and benefits from cost savings initiatives.

Operating earnings from Snacks increased 1% in 2024 versus 2023. The increase was primarily due to higher gross profit, partially offset by higher marketing and selling expenses. Gross profit margin increased due to supply chain productivity improvements, favorable net price realization and benefits from cost savings initiatives more than offsetting higher cost inflation and other supply chain costs.

Corporate expense in 2025 included the following:

•$176 million of impairment charges related to the Snyder's of Hanover, Allied brands and Late July trademarks;

•costs of $101 million related to cost savings and optimization initiatives;

•$25 million loss on the sale of the Pop Secret popcorn business;

•$24 million of net pension and postretirement actuarial losses;

•$20 million of accelerated amortization expense;

•$5 million of certain litigation expenses, including expenses related to Plum;

•$11 million of unrealized mark-to-market gains on outstanding undesignated commodity hedges; and

•$1 million of insurance recoveries related to a cybersecurity incident.

Corporate expense in 2024 included the following:

•$129 million of impairment charges related to the Pop Secret and Allied brands trademarks;

•$105 million of costs associated with the acquisition of Sovos Brands;

•costs of $92 million related to cost savings and optimization initiatives;

•$33 million of pension and postretirement actuarial losses;

•$27 million of accelerated amortization expense;

•$22 million of unrealized mark-to-market losses on outstanding undesignated commodity hedges;

•$5 million of certain litigation expenses, including expenses related to Plum; and

•$3 million of costs associated with a cybersecurity incident.

Corporate expense in 2023 included the following:

•costs of $50 million related to the cost savings initiatives;

•$13 million loss from the sale of the Emerald nuts business;

•$7 million of accelerated amortization expense;

•$5 million of costs associated with the acquisition of Sovos Brands;

•$21 million of unrealized mark-to-market gains on outstanding undesignated commodity hedges; and

•$15 million of pension and postretirement actuarial gains.

Interest Expense

Interest expense was $345 million in 2025, $249 million in 2024 and $188 million in 2023. The increases in 2025 and 2024 were primarily due to higher levels of debt to fund the acquisition in 2024 and higher average interest rates on the debt portfolio each year.

Taxes on Earnings

The effective tax rate was 24.4% in 2025, 25.1% in 2024 and 23.9% in 2023.

The decrease in the effective tax rate in 2025 from 2024 was primarily due to nondeductible costs associated with the acquisition of Sovos Brands in the prior year, excess tax benefits associated with the vesting of stock-based compensation awards in the current year and state tax law changes, partially offset by $15 million of tax expense related to the sale of the noosa yoghurt business.

The increase in the effective rate in 2024 from 2023 was primarily due to nondeductible costs associated with the acquisition.

Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives

Multi-year Cost Savings Initiatives and Snyder's-Lance, Inc. (Snyder's-Lance) Cost Transformation Program and Integration

Continuing Operations

Beginning in 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.

Over the years, we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks, as well as our information technology infrastructure.

On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance.

In 2022, we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. In the second quarter of 2023, we announced plans to consolidate our Snacks offices in Charlotte, North Carolina, and Norwalk, Connecticut, into our headquarters in Camden, New Jersey.

A summary of charges recorded in the Consolidated Statements of Earnings related to these initiatives is as follows:


(Millions, except per share amounts)	2024		2023		Total Program
Restructuring charges	$	17	$	16	$	297
Administrative expenses	54		24		437
Cost of products sold	26		18		128
Marketing and selling expenses	4		5		23
Research and development expenses	3		3		10
Total pre-tax charges	$	104	$	66	$	895

Aggregate after-tax impact	$	79	$	50
Per share impact	$	.26	$	.17

A summary of the pre-tax costs associated with these initiatives is as follows:


(Millions)	Total Program
Severance pay and benefits	$	253
Asset impairment/accelerated depreciation	134
Implementation costs and other related costs	508
Total	$	895

Of the aggregate $895 million pre-tax costs incurred, approximately $720 million were cash expenditures.

Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows:


(Millions)	Total Program
Meals & Beverages	$	288
Snacks	383
Corporate	224
Total	$	895

As of July 28, 2024, we substantially completed the multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration, and we generated total pre-tax savings of approximately $950 million. Certain phases that had not been fully implemented were incorporated into the 2025 cost savings initiatives described below.

Sovos Brands Integration Initiatives

On March 12, 2024, we completed the acquisition of Sovos Brands. See Note 3 to the Consolidated Financial Statements for additional information. We identified opportunities for cost synergies as we integrate Sovos Brands.

In 2024, we recorded Restructuring charges of $21 million for severance pay and benefits related to initiatives to achieve the synergies and generated pre-tax savings of $10 million. The charges incurred in 2024 were associated with the Meals & Beverages segment.

In 2025, the initiatives to achieve synergies were incorporated into the cost savings initiatives described below.

2025 Cost Savings Initiatives

On September 10, 2024, we announced plans to implement cost savings initiatives beginning in 2025, including initiatives to further optimize our supply chain and manufacturing network, optimization of our information technology infrastructure and targeted cost management. We also identified additional opportunities for cost synergies as we integrate Sovos Brands. As mentioned above, we substantially completed our previous multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration. Certain initiatives from that program have been incorporated into our 2025 cost savings initiatives. Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be developed.

A summary of charges recorded in the Consolidated Statement of Earnings related to these initiatives is as follows:



(Millions, except per share amounts)	2025
Restructuring charges	$	24
Administrative expenses	41
Cost of products sold	32
Marketing and selling expenses	4
Research and development expenses	3
Total pre-tax charges	$	104

Aggregate after-tax impact	$	79
Per share impact	$	.26

A summary of the pre-tax costs associated with the initiatives is as follows:


(Millions)	Recognized as of August 3, 2025
Severance pay and benefits	$	24
Asset impairment/accelerated depreciation	31
Implementation costs and other related costs	49
Total	$	104

The total estimated pre-tax costs for actions that have been identified to date are approximately $215 million, and we expect to incur substantially all of the costs through 2028. These estimates will be updated as the detailed plans are developed.

We expect the costs for the actions that have been identified to date to consist of the following: approximately $30 million in severance pay and benefits; approximately $55 million in asset impairment and accelerated depreciation; and approximately $130 million in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 71%; Snacks - approximately 11% and Corporate - approximately 18%.

Of the aggregate $215 million of pre-tax costs identified to date, we expect approximately $155 million will be cash expenditures. In addition, we expect to invest approximately $205 million in capital expenditures, of which we invested $147 million as of August 3, 2025. The capital expenditures primarily relate to optimization of production within our manufacturing network, optimization of information technology infrastructure and applications and implementation of our existing SAP enterprise-resource planning system for Sovos Brands.

On September 10, 2024 we announced that we expect these initiatives, once all phases are implemented, to generate annual ongoing savings of approximately $250 million by the end of 2028. On September 3, 2025, we increased the estimate of annual ongoing savings, once all phases are implemented, to approximately $375 million by the end of 2028. As of August 3, 2025, we have generated total program-to-date pre-tax savings of $145 million.



(Millions)	2025
Meals & Beverages	$	74
Snacks	14
Corporate	16
Total	$	104

Other Optimization Initiatives

In the second quarter of 2024, we began implementation of an initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. Pursuant to this initiative we will purchase certain Pepperidge Farm and Snyder's-Lance routes where there are opportunities to unlock greater scale in select markets, combine them and sell the combined routes to independent contractor distributors. We expect to execute this program in a staggered rollout and to incur expenses of up to approximately $115 million through 2029. In 2025, we incurred $20 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative. In 2024, we incurred $5 million in Marketing and selling expenses related to this initiative. As of August 3, 2025, we have incurred $25 million in Marketing and selling expenses and $1 million in Administrative expenses related to this initiative.

LIQUIDITY AND CAPITAL RESOURCES

We expect foreseeable liquidity and capital resource requirements to be met through anticipated cash flows from operations; long-term borrowings; short-term borrowings, which may include commercial paper; credit facilities; and cash and cash equivalents. We believe that our sources of financing will be adequate to meet our future requirements.

Operating Activities

We generated cash flows from operations of $1.131 billion in 2025, compared to $1.185 billion in 2024. The decline in 2025 was primarily due to changes in working capital.

We generated cash flows from operations of $1.185 billion in 2024, compared to $1.143 billion in 2023. The increase in 2024 was primarily due to changes in working capital.

We had negative working capital of $674 million as of August 3, 2025, and $1.386 billion as of July 28, 2024. Current assets were less than current liabilities, which included debt maturing in one year, due to a focus on lowering core working capital requirements. Total debt maturing within one year was $762 million as of August 3, 2025, and $1.423 billion as of July 28, 2024. We have $400 million aggregate principal amount of senior notes maturing in March 2026 that we expect to repay and/or refinance using available resources, which may include cash on hand, accessing the capital markets, commercial paper and/or revolving credit facility.

As part of our focus to lower core working capital requirements, we have worked with our suppliers to optimize our terms and conditions, including the extension of payment terms. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 120 days. We also maintain agreements with third-party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell those payment obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled

payment terms, are not impacted. Supplier participation in these agreements is voluntary. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions. We have not pledged assets as security or provided any guarantees in connection with these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Amounts outstanding under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were $240 million at August 3, 2025, and $243 million at July 28, 2024.

Investing Activities

Capital expenditures were $426 million in 2025, $517 million in 2024 and $370 million in 2023. Capital expenditures are expected to total approximately $420 million in 2026. Capital expenditures in 2025 included network optimization for our Meals & Beverages business, chip and cracker capacity expansion for our Snacks business and enhancements to our headquarters in Camden, New Jersey. Capital expenditures in 2024 included chip and cracker capacity expansion for our Snacks business, upgrades of assets across both segments of the business, enhancements to our headquarters in Camden, New Jersey and network optimization for our Meals & Beverages business. Capital expenditures in 2023 included chip and cracker capacity expansion for our Snacks business and a new manufacturing line for our Meals & Beverages business.

In Snacks, we have a direct-store-delivery distribution model that uses independent contractor distributors. From time to time, we purchase and sell routes, including certain routes under our optimization initiatives. The purchase and sale proceeds of the routes are reflected in investing activities.

On March 12, 2024, we completed the acquisition of Sovos Brands. Cash consideration was $2.857 billion. The acquisition was funded through the 2024 DDTL Credit Agreement of $2 billion and cash on hand.

On February 24, 2025, we sold the noosa yoghurt business for $188 million, subject to certain customary purchase price adjustments. On August 26, 2024, we sold our Pop Secret popcorn business for $70 million. On May 30, 2023, we completed the sale of our Emerald nuts business for $41 million.

Financing Activities

Dividend payments were $459 million in 2025, $445 million in 2024 and $447 million in 2023. Annual dividends declared were $1.54 per share in 2025, and $1.48 per share in 2024 and 2023. The 2025 fourth quarter dividend was $.39 per share. The declaration of dividends is subject to the discretion of our Board and depends on various factors, including our net earnings, financial condition, cash requirements, future prospects and other factors that our Board deems relevant to its analysis and decision making.

In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. In September 2024, the Board authorized a new anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated transactions. The September 2024 program replaced an anti-dilutive share repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated. In 2025, we repurchased 1.303 million shares at a cost of $62 million pursuant to our anti-dilutive share repurchase program. In 2024 and 2023, we repurchased 1.56 million shares at a cost of $67 million and 2.698 million shares at a cost of $142 million, respectively. As of August 3, 2025, approximately $198 million remained available under the September 2024 program and approximately $301 million remained under the September 2021 program. See Note 16 to the Consolidated Financial Statements and "Market for Registrant's Capital Stock, Related Shareholder Matters and Issuer Purchases of Equity Securities" for additional information.

On November 15, 2022, we entered into a delayed draw term loan credit agreement (the 2022 DDTL Credit Agreement) totaling up to $500 million scheduled to mature on November 15, 2025. Loans under the 2022 DDTL Credit Agreement bear interest at the rates specified in the 2022 DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The 2022 DDTL Credit Agreement contains customary representations and warranties, affirmative and negative covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the 2022 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. We borrowed $500 million under the 2022 DDTL Credit Agreement on March 13, 2023, and used the proceeds and cash on hand to repay the 3.65% $566 million Notes that matured on March 15, 2023. On April 5, 2024, we repaid $100 million of the $500 million outstanding under the 2022 DDTL Credit Agreement. The remaining $400 million was repaid in October 2024 and November 2024 as described below.

On October 10, 2023, we entered into the 2024 DDTL Credit Agreement totaling up to $2 billion scheduled to mature on October 8, 2024. Loans under the 2024 DDTL Credit Agreement bear interest at the rates specified in the 2024 DDTL Credit Agreement, which vary based on the type of loan and certain other conditions. The 2024 DDTL Credit Agreement contains customary representations and warranties, affirmative and negative covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense (as each is defined in the 2024 DDTL Credit Agreement) of not less than 3.25:1.00, and events of default for credit facilities of this type. The proceeds of the loans under the 2024 DDTL Credit Agreement could only be used in connection with the acquisition of Sovos Brands and the payment of fees and expenses incurred in connection therewith. On March 12, 2024, we borrowed $2 billion under the 2024 DDTL Credit Agreement and used the proceeds in order to fund the acquisition of Sovos Brands, along with the fees and expenses incurred in connection therewith.

In August 2023, we filed a registration statement with the SEC that registered an indeterminate amount of debt securities. Under the registration statement we may issue debt securities from time to time, depending on market conditions.

On March 19, 2024, pursuant to the registration statement, we issued senior unsecured notes of $2.5 billion, consisting of:

•$400 million aggregate principal amount of notes bearing interest at a fixed rate of 5.30% per annum, due March 20, 2026, with interest payable semi-annually on each of March 20 and September 20 commencing September 20, 2024;

•$500 million aggregate principal amount of notes bearing interest at a fixed rate of 5.20% per annum, due March 19, 2027, with interest payable semi-annually on each of March 19 and September 19 commencing September 19, 2024;

•$600 million aggregate principal amount of notes bearing interest at a fixed rate of 5.20% per annum, due March 21, 2029, with interest payable semi-annually on each of March 21 and September 21 commencing September 21, 2024; and

•$1 billion aggregate principal amount of notes bearing interest at a fixed rate of 5.40% per annum, due March 21, 2034, with interest payable semi-annually on each of March 21 and September 21 commencing September 21, 2024.

On October 2, 2024, pursuant to the registration statement, we completed the issuance of senior unsecured notes of $1.15 billion, consisting of:

• $800 million aggregate principal amount of notes bearing interest at a fixed rate of 4.75% per annum, due March 23, 2035, with interest payable semi-annually on each of March 23 and September 23 commencing March 23, 2025; and

• $350 million aggregate principal amount of notes bearing interest at a fixed rate of 5.25% per annum, due October 13, 2054, with interest payable semi-annually on each of April 13 and October 13 commencing April 13, 2025.

The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. In October 2024, we used a portion of the net proceeds from the issuance of the notes to repay $200 million of the $400 million outstanding under the 2022 DDTL Credit Agreement due November 15, 2025 and a portion of our outstanding commercial paper. In November 2024, we repaid the remaining $200 million outstanding under the 2022 DDTL Credit Agreement. In March 2025, we used a portion of the net proceeds from the issuance of the notes along with cash on hand and the issuance of commercial paper to repay a $1.15 billion aggregate principal amount of senior notes that matured in March 2025.

On April 16, 2024, we terminated our existing revolving credit facility dated September 27, 2021 (as amended on April 4, 2023). On April 16, 2024, we entered into a Five-Year Credit Agreement for an unsecured, senior revolving credit facility (the 2024 Revolving Credit Facility Agreement) in an aggregate principal amount equal to $1.85 billion with a maturity date of April 16, 2029, or such later date as extended pursuant to the terms set forth in the 2024 Revolving Credit Facility Agreement. On August 5, 2025, we entered into an Extension Agreement to extend the maturity date of the 2024 Revolving Credit Facility Agreement by one year from April 16, 2029 to April 16, 2030. The 2024 Revolving Credit Facility Agreement remained unused at August 3, 2025, except for $1 million of standby letters of credit that we issued under it. We may increase the 2024 Revolving Credit Facility Agreement commitments up to an additional $500 million, subject to the satisfaction of certain conditions. Loans under the 2024 Revolving Credit Facility Agreement will bear interest at the rates specified in the 2024 Revolving Credit Facility Agreement, which vary based on the type of loan and certain other conditions. The 2024

Revolving Credit Facility Agreement facility contains customary covenants, including a financial covenant with respect to a minimum consolidated interest coverage ratio of consolidated adjusted EBITDA to consolidated interest expense of not less than 3.25:1.00 and customary events of default for credit facilities of this type. The facility supports our commercial paper program and other general corporate purposes. We expect to continue to access the commercial paper markets, bank credit lines and utilize cash flows from operations to support our short-term liquidity requirements.

As of August 3, 2025, we had $762 million of short-term borrowings due within one year, of which $332 million was comprised of commercial paper borrowings. As of August 3, 2025, we issued $27 million of standby letters of credit.

We are in compliance with the covenants contained in our credit facilities and debt securities.

CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

Contractual Obligations

We have short- and long-term material cash requirements related to our contractual obligations that arise in the normal course of business. In addition to principal and interest payments on our outstanding debt obligations, our contractual obligations primarily consist of purchase commitments, lease payments and pension and postretirement benefits.

See Note 13 to the Consolidated Financial Statements for a summary of our principal payments for short-term borrowings and long-term debt obligations as of August 3, 2025. Interest payments primarily for short-term borrowings and long-term debt as of August 3, 2025 are approximately as follows: $304 million in 2026; $529 million in 2027 through 2028; $388 million in 2029 through 2030; and $1.846 billion from 2031 through maturity. Interest payments are based on principal amounts and coupons or contractual rates at fiscal year end.

Purchase commitments represent purchase orders and long-term purchase arrangements related to the procurement of ingredients, supplies, machinery, equipment, contract manufacturing and services. As of August 3, 2025, purchase commitments totaled approximately $1.966 billion. Approximately $1.403 billion of these purchase commitments will be settled in the ordinary course of business in the next 12 months and the balance of $563 million from 2027 through 2031.

See Note 11 to the Consolidated Financial Statements for a summary of our lease obligations as of August 3, 2025.

As of August 3, 2025, we have a pension liability of $98 million and a postretirement benefit obligation of $127 million. As of August 3, 2025, we also have a pension asset of $128 million based on the funded status of certain plans. See Note 10 to the Consolidated Financial Statements and "Critical Accounting Estimates" for further discussion of our pension and postretirement benefit obligations.

Off-Balance Sheet Arrangements and Other Commitments

We guarantee approximately 4,500 bank loans made to independent contractor distributors by third-party financial institutions for the purchase of distribution routes. The maximum potential amount of the future payments under existing guarantees we could be required to make is $570 million as of August 3, 2025. Our guarantees are indirectly secured by the distribution routes. We do not expect that we will be required to make material guarantee payments as a result of defaults on the bank loans guaranteed.

These obligations and commitments impact our liquidity and capital resource needs. We expect foreseeable liquidity and capital resource requirements to be met through anticipated cash flows from operations; long-term borrowings; short-term borrowings, which may include commercial paper; credit facilities; and cash and cash equivalents. We believe that our sources of financing will be adequate to meet our future requirements.

MARKET RISK SENSITIVITY

The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to price changes related to certain deferred compensation obligations. We manage our foreign currency exposures by utilizing foreign exchange forward and option contracts. We enter into foreign exchange forward and option contracts for periods consistent with related underlying exposures, and the contracts do not constitute positions independent of those exposures. We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and we may utilize interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, natural gas, soybean oil, cocoa, aluminum, soybean meal and corn. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments.

The information below summarizes our market risks associated with significant financial instruments as of August 3, 2025. Fair values included herein have been determined based on quoted market prices or pricing models using current market rates.

The information presented below should be read in conjunction with Notes 13, 14 and 15 to the Consolidated Financial Statements.

We are exposed to foreign currency exchange risk, primarily the Canadian dollar and Euro, related to intercompany transactions and third-party transactions. We utilize foreign exchange forward and option contracts to hedge these exposures. The notional amounts of the contracts as of August 3, 2025, and July 28, 2024, were $596 million and $297 million, respectively. The aggregate fair value of all contracts was a loss of $1 million as of August 3, 2025, and a gain of $2 million as of July 28, 2024. A hypothetical 10% fluctuation in exchange rates would impact the fair value of our outstanding foreign exchange contracts by approximately $32 million as of August 3, 2025, and $16 million as of July 28, 2024, which would generally be offset by inverse changes on the underlying hedged items.

As of August 3, 2025, we had outstanding variable-rate debt of $332 million with an average interest rate of 4.69%. As of July 28, 2024, we had outstanding variable-rate debt of $650 million with an average interest rate of 6.20%. A hypothetical 100-basis-point increase in average interest rates applied to our variable-rate debt balances throughout 2025 and 2024 would have increased annual interest expense in those years by approximately $3 million and $7 million, respectively.

As of August 3, 2025, we had outstanding fixed-rate debt of $6.583 billion with a weighted average interest rate of 4.57%. As of July 28, 2024, we had outstanding fixed-rate debt of $6.584 billion with a weighted average interest rate of 4.38%. The fair value of fixed-rate debt was $6.213 billion as of August 3, 2025 and $6.216 billion as of July 28, 2024. As of August 3, 2025, and July 28, 2024, a hypothetical 100-basis-point increase in interest rates would decrease the fair value of our fixed-rate debt by approximately $367 million and $312 million, respectively, while a hypothetical 100-basis-point decrease in interest rates would increase the fair value of our fixed-rate debt by approximately $417 million and $348 million, respectively. The impact of market interest rate fluctuations on our long-term debt does not affect our results of operations or financial position.

We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt. From time to time, we may use interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. We manage our exposure to interest volatility on future debt issuances by entering into forward starting interest rate swaps or treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance. There were no forward starting interest rate swaps or treasury lock contracts outstanding as of August 3, 2025 and July 28, 2024. In conjunction with the issuance of senior unsecured notes on October 2, 2024, due on March 23, 2035, we settled forward starting interest rate swaps with a notional value of $700 million at a gain of less than $1 million. We settled forward starting interest rate swaps with a notional value of $1.1 billion in March 2024 at a loss of $11 million. The gains and losses on these instruments were recorded in other comprehensive income (loss) and will be recognized in Interest expense over the respective lives of the debt.

We enter into commodity futures, options and swap contracts, and a supply contract under which prices for certain raw materials are established based on anticipated volume requirements to reduce the volatility of price fluctuations for commodities. As of August 3, 2025, the total notional amount of the contracts was $233 million, and the aggregate fair value of the contracts was a gain of $1 million. As of July 28, 2024, the total notional amount of the contracts was $248 million, and the aggregate fair value of the contracts was a loss of $10 million. A hypothetical 10% fluctuation in commodity prices would impact the fair value of our outstanding commodity contracts by approximately $23 million as of August 3, 2025, and $24 million as of July 28, 2024, which would generally be offset by inverse changes on the underlying hedged items.

We enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred compensation obligations. The notional amount of the contracts was $76 million as of August 3, 2025, and $71 million as of July 28, 2024. The fair value of the contracts was a gain of $1 million as of August 3, 2025, and a gain of $3 million as of July 28, 2024. A hypothetical 10% fluctuation in equity price changes would impact the fair value of our outstanding swap contracts by $8 million as of August 3, 2025, and $7 million as of July 28, 2024, which would generally be offset by inverse changes on the underlying hedged items.

CRITICAL ACCOUNTING ESTIMATES

We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States. The preparation of these financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates and assumptions. See Note 1 to the Consolidated Financial Statements for a discussion of significant accounting policies. The following areas all require the use of subjective or complex judgments, estimates and assumptions:

Trade and consumer promotion programs — We offer various sales incentive programs to customers and consumers, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupons. The mix between these forms of variable consideration, which are classified as reductions in revenue and recognized upon sale, and advertising or other marketing activities, which are classified as marketing and selling expenses, fluctuates between periods based on our overall marketing plans. The measurement and recognition of the costs for trade and consumer

promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors, including expected volume. Typically, programs that are offered have a very short duration. Historically, the difference between actual experience compared to estimated redemptions and performance has not been significant to the quarterly or annual financial statements. Differences between estimates and actual costs are recognized as a change in estimate in a subsequent period. However, actual expenses may differ if the level of redemption rates and performance were to vary from estimates. Accrued trade and consumer promotion liabilities as of August 3, 2025 and July 28, 2024 were $159 million and $186 million, respectively.

Valuation of long-lived assets — Fixed assets and amortizable intangible assets are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if the carrying amount of the asset is recoverable. If impairment is determined to exist, the charge is calculated based on estimated fair value.

Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually in the fourth quarter for impairment, or more often if events or changes in circumstances indicate that the carrying amount of the asset may be impaired.

Goodwill is tested for impairment at the reporting unit level. A reporting unit represents an operating segment or a component of an operating segment. Goodwill is tested for impairment by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. We may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. Fair value is determined based on discounted cash flow analyses. The discounted estimates of future cash flows include significant management assumptions such as revenue growth rates, operating margins, weighted average costs of capital and future economic and market conditions. If the carrying value of the reporting unit exceeds fair value, goodwill is considered impaired. An impairment charge is recognized for the amount by which the carrying value of the reporting unit exceeds fair value, limited to the amount of goodwill in the reporting unit.

Indefinite-lived intangible assets are tested for impairment by comparing the fair value of the asset to the carrying value. Fair value is determined using a relief from royalty valuation method based on discounted cash flow analyses that include significant management assumptions such as revenue growth rates, weighted average costs of capital and assumed royalty rates. If the carrying value exceeds fair value, an impairment charge will be recorded to reduce the asset to fair value.

2024 Assessments

In the fourth quarter of 2024, we recognized an impairment charge of $53 million on certain salty snacks and cookie trademarks within our Snacks segment, including Tom’s, Jays, Kruncher’s, O-Ke-Doke, Stella D’oro and Archway, collectively referred to as our "Allied brands." In 2024, sales and operating performance were below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2024, based on recent performance and the reevaluation of the position of the Allied brands within our portfolio, we lowered our near-term and long-term outlook for future sales and operating performance, reducing the carrying value of the trademarks to $43 million.

In the fourth quarter of 2024, we performed an impairment assessment on the assets in our Pop Secret popcorn business within our Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as we pursued divesting the business. As a result of these factors, in the fourth quarter of 2024, we lowered our long-term outlook for the business and recognized an impairment charge of $76 million on the trademark, reducing the carrying value of the trademark to $28 million. The sale of the business was completed on August 26, 2024.

2025 Assessments

As of August 3, 2025, the carrying value of goodwill was $4.991 billion. Based on our assessments, all of our reporting units had fair values that significantly exceeded carrying values.

During the second quarter of 2025, we performed an interim impairment assessment on our Allied brands trademarks as our sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $15 million on the trademarks, reducing the carrying value to $28 million.

During the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment as our sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $11 million on the trademark, reducing the carrying value to $47 million.

During the third quarter of 2025, we performed an interim impairment assessment on the Snyder's of Hanover trademark within our Snacks segment as our sales and operating performance were below expectations. In the third quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $150 million on the

trademark, reducing the carrying value to $470 million.

As of August 3, 2025, the carrying value of indefinite-lived trademarks was $3.678 billion as detailed below:


(Millions)
Rao's	$	1,470
Snyder's of Hanover	470
Lance	350
Kettle Brand	318
Pace	292
Pacific Foods	280
Cape Cod	187
Various other Snacks(1)	311
Total	$	3,678

_____________________________________

(1)Includes the Late July and Allied brands trademarks.

As of the 2025 annual impairment testing, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $2.587 billion and included the Rao's, Snyder's of Hanover, Pace, Pacific Foods, Late July and Allied brands trademarks. Although assumptions are generally interdependent and do not change in isolation, sensitivities to changes are provided below. Holding all other assumptions in our 2025 impairment testing constant, changes in the assumptions below would reduce fair value of trademarks and result in impairment charges of approximately:


(Millions)	Rao's		Snyder's of Hanover		Pace		Pacific Foods		Late July		Allied brands
1% increase in the weighted-average cost of capital	$	95	$	65	$	20	$	25	$	5	$	5
1% reduction in revenue growth	$	—	$	25	$	5	$	—	$	5	$	5
1% decrease in royalty rate	$	15	$	45	$	10	$	30	$	25	$	10

While the 1% changes in assumptions would not result in impairment charges on our other trademarks, some changes would result in a fair value exceeding carrying value by less than 15% for the Lance, Kettle Brand and Cape Cod trademarks.

The estimates of future cash flows used in impairment testing involve significant management judgment, and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions, including the potential impact of tariffs. If our assumptions change or market conditions decline, potential impairment charges could result.

See also Note 6 to the Consolidated Financial Statements for additional information on goodwill and intangible assets.

Pension and postretirement benefits — We provide certain pension and postretirement benefits to employees and retirees. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates, expected return on plan assets, compensation increases, turnover rates and health care trend rates. Independent actuaries, in accordance with accounting principles generally accepted in the United States, perform the required calculations to determine expense. Actuarial gains and losses are recognized immediately in Other expenses / (income) in the Consolidated Statements of Earnings as of the measurement date, which is our fiscal year end, or more frequently if an interim remeasurement is required. We use the fair value of plan assets to calculate the expected return on plan assets.

In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration. In addition, independent actuaries apply high-quality bond yield curves to the expected benefit payments of the plans. We use a full yield curve approach to estimate service cost and interest cost by applying the specific spot rates along the yield curve used to determine the benefit obligation of the relevant projected cash flows.

The expected return on plan assets is a long-term assumption based upon historical experience and expected future performance, considering our current and projected investment mix. This estimate is based on an estimate of future inflation, long-term projected real returns for each asset class and a premium for active management. Within any given fiscal period, significant differences may arise between the actual return and the expected return on plan assets. Gains and losses resulting from differences between actual experience and the assumptions are determined at each measurement date.

Net periodic pension and postretirement benefit expense (income) and actuarial losses (gains) included within net periodic pension and benefit expense (income) were as follows:


(Millions)	2025		2024		2023
Total net periodic pension and postretirement benefit expense (income)	$	24	$	39	$	(22)
Actuarial losses (gains)	$	24	$	33	$	(15)

The actuarial losses recognized in 2025 were primarily due to gains on plan assets that were less than the expected return, partially offset by increases in the discount rates used to determine the benefit obligation and plan experience. The actuarial losses recognized in 2024 were primarily due to decreases in discount rates used to determine the benefit obligation and plan experience, partially offset by gains on plan assets. The actuarial gains recognized in 2023 were primarily due to increases in discount rates used to determine the benefit obligation, partially offset by losses on plan assets and plan experience.

Significant weighted-average assumptions as of the end of the year were as follows:


	2025	2024	2023
Pension
Discount rate for benefit obligations	5.41%	5.28%	5.46%
Expected return on plan assets	6.63%	6.40%	6.38%
Postretirement
Discount rate for obligations	5.26%	5.23%	5.47%

Based on benefit obligations and plan assets as of August 3, 2025, estimated sensitivities to 2026 annual net periodic pension and postretirement cost are as follows:

•a 50-basis-point increase in the discount rate would result in expense of approximately $4 million and would result in an immediate actuarial gain recognition of approximately $39 million;

•a 50-basis-point decline in the discount rate would result in income of approximately $5 million and would result in an immediate actuarial loss recognition of approximately $43 million; and

•a 50-basis-point reduction in the estimated return on assets assumption would result in expense of approximately $6 million.

Contributions to pension plans were not material in 2025, 2024 and 2023 and are not expected to be material in 2026.

See also Note 10 to the Consolidated Financial Statements for additional information on pension and postretirement benefits.

Income taxes — The effective tax rate reflects statutory tax rates, tax planning opportunities available in the various jurisdictions in which we operate and management’s estimate of the ultimate outcome of various tax audits and issues. Significant judgment is required in determining the effective tax rate and in evaluating tax positions. Income taxes are recorded based on amounts refundable or payable in the current year and include the effect of deferred taxes. Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. Valuation allowances are established for deferred tax assets when it is more likely than not that a tax benefit will not be realized.

See also Notes 1 and 12 to the Consolidated Financial Statements for further discussion on income taxes.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 to the Consolidated Financial Statements for information on recent accounting pronouncements.

CAUTIONARY FACTORS THAT MAY AFFECT FUTURE RESULTS

We wish to caution the reader that the following important factors and those important factors described in Part 1, Item 1A and elsewhere in this Report, or in our other SEC filings, could affect our actual results and could cause such results to vary materially from those expressed in any forward-looking statements made by, or on behalf of, us:

•declines or volatility in financial markets, deteriorating economic conditions and other external factors, including the impact and application of new or changes to existing governmental laws, regulations, and policies;

•the risks associated with imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners;

•the risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation, including those related to tariffs;

•disruptions in or inefficiencies to our supply chain and/or operations, including reliance on key contract manufacturer and supplier relationships;

•our ability to execute on and realize the expected benefits from our strategy, including sales growth in and/or maintenance of our market share position in snacks, soups, sauces and beverages;

•the impact of strong competitive responses to our efforts to leverage brand power with product innovation, promotional programs and new advertising;

•the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies;

•changes in consumer demand for our products and favorable perception of our brands;

•the risk that the cost savings and any other synergies from the Sovos Brands transaction may not be fully realized or may take longer or cost more to be realized than expected, including that the Sovos Brands transaction may not be accretive to the extent anticipated;

•our ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions;

•risks related to the effectiveness of our hedging activities and our ability to respond to volatility in commodity prices;

•our ability to manage changes to our organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes;

•changing inventory management practices by certain of our key customers;

•a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of our key customers maintain significance to our business;

•product quality and safety issues, including recalls and product liabilities;

•the possible disruption to the independent contractor distribution models used by certain of our businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification;

•the uncertainties of litigation and regulatory actions against us;

•a disruption, failure or security breach of our or our vendors' information technology systems, including ransomware attacks;

•impairment to goodwill or other intangible assets;

•our ability to protect our intellectual property rights;

•increased liabilities and costs related to our defined benefit pension plans;

•our ability to attract and retain key talent;

•goals and initiatives related to, and the impacts of, climate change, including from weather-related events;

•the costs, disruption and diversion of management's attention associated with activist investors;

•our indebtedness and ability to pay such indebtedness; and

•unforeseen business disruptions or other impacts due to political instability, civil disobedience, terrorism, geopolitical conflicts, extreme weather conditions, natural disasters, pandemics or other outbreaks of disease or other calamities.

This discussion of uncertainties is by no means exhaustive but is designed to highlight important factors that may impact our outlook. We disclaim any obligation or intent to update forward-looking statements made by us in order to reflect new information, events or circumstances after the date they are made.

Item 7A. Quantitative and Qualitative Disclosure About Market Risk

The information presented in the section entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations — Market Risk Sensitivity" is incorporated herein by reference.

Item 8. Financial Statements and Supplementary Data

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


Consolidated Statements of Earnings		41
Consolidated Statements of Comprehensive Income		42
Consolidated Balance Sheets		43
Consolidated Statements of Cash Flows		44
Consolidated Statements of Equity		45
Notes to Consolidated Financial Statements
	Note 1. Summary of Significant Accounting Policies	46
	Note 2. Recent Accounting Pronouncements	48
	Note 3. Acquisition	49
	Note 4. Divestitures	50
	Note 5. Accumulated Other Comprehensive Income (Loss)	51
	Note 6. Goodwill and Intangible Assets	52
	Note 7. Segment Information	53
	Note 8. Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives	55
	Note 9. Earnings per Share	58
	Note 10. Pension and Postretirement Benefits	58
	Note 11. Leases	63
	Note 12. Taxes on Earnings	65
	Note 13. Short-term Borrowings and Long-term Debt	67
	Note 14. Financial Instruments	69
	Note 15. Fair Value Measurements	72
	Note 16. Shareholders' Equity	74
	Note 17. Stock-based Compensation	74
	Note 18. Commitments and Contingencies	77
	Note 19. Supplier Finance Program Obligations	78
	Note 20. Supplemental Financial Statement Data	79

Management’s Report on Internal Control Over Financial Reporting		82
Report of Independent Registered Public Accounting Firm		83

THE CAMPBELL'S COMPANY

Consolidated Statements of Earnings

(millions, except per share amounts)


	2025		2024		2023
	53 weeks		52 weeks		52 weeks
Net sales	$	10,253	$	9,636	$	9,357
Costs and expenses
Cost of products sold	7,134		6,665		6,440
Marketing and selling expenses	924		833		811
Administrative expenses	674		737		654
Research and development expenses	100		102		92
Other expenses / (income)	273		261		32
Restructuring charges	24		38		16
Total costs and expenses	9,129		8,636		8,045
Earnings before interest and taxes	1,124		1,000		1,312
Interest expense	345		249		188
Interest income	17		6		4
Earnings before taxes	796		757		1,128
Taxes on earnings	194		190		270


Net earnings	602		567		858
Less: Net earnings (loss) attributable to noncontrolling interests	—		—		—
Net earnings attributable to The Campbell's Company	$	602	$	567	$	858
Per Share — Basic


Net earnings attributable to The Campbell's Company	$	2.02	$	1.90	$	2.87

Weighted average shares outstanding — basic	298		298		299
Per Share — Assuming Dilution


Net earnings attributable to The Campbell's Company	$	2.01	$	1.89	$	2.85
Weighted average shares outstanding — assuming dilution	300		300		301

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Comprehensive Income

(millions)


	2025						2024						2023
	53 weeks						52 weeks						52 weeks
	Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount		Pre-tax amount		Tax benefit (expense)		After-tax amount
Net earnings					$	602					$	567					$	858
Other comprehensive income (loss):
Foreign currency translation:
Foreign currency translation adjustments	$	(1)	$	—	(1)		$	(9)	$	—	(9)		$	(1)	$	—	(1)

Cash-flow hedges:
Unrealized gains (losses) arising during the period	(3)		1		(2)		(5)		1		(4)		5		(1)		4
Reclassification adjustment for losses (gains) included in net earnings	—		—		—		(1)		—		(1)		(10)		2		(8)
Pension and other postretirement benefits:
Prior service credit arising during the period	7		(2)		5		—		—		—		—		—		—
Reclassification of prior service credit included in net earnings	(1)		1		—		—		—		—		—		—		—
Other comprehensive income (loss)	$	2	$	—	2		$	(15)	$	1	(14)		$	(6)	$	1	(5)
Total comprehensive income (loss)					$	604					$	553					$	853
Total comprehensive income (loss) attributable to noncontrolling interests					—						—						—
Total comprehensive income (loss) attributable to The Campbell's Company					$	604					$	553					$	853

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Balance Sheets

(millions, except per share amounts)


	August 3, 2025		July 28, 2024
Current assets
Cash and cash equivalents	$	132	$	108
Accounts receivable, net	583		630
Inventories	1,424		1,386
Other current assets	93		66


Total current assets	2,232		2,190
Plant assets, net of depreciation	2,767		2,698
Goodwill	4,991		5,077
Other intangible assets, net of amortization	4,356		4,716
Other assets	550		554


Total assets	$	14,896	$	15,235
Current liabilities
Short-term borrowings	$	762	$	1,423
Accounts payable	1,332		1,311
Accrued liabilities	688		720
Dividends payable	120		115
Accrued income taxes	4		7


Total current liabilities	2,906		3,576
Long-term debt	6,095		5,761
Deferred taxes	1,353		1,426
Other liabilities	638		676


Total liabilities	10,992		11,439
Commitments and contingencies (Note 18)
The Campbell's Company shareholders' equity
Preferred stock; authorized 40 shares; none issued	—		—
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares	12		12
Additional paid-in capital	418		437
Earnings retained in the business	4,694		4,569
Capital stock in treasury, at cost	(1,207)		(1,207)
Accumulated other comprehensive income (loss)	(15)		(17)
Total The Campbell's Company shareholders' equity	3,902		3,794
Noncontrolling interests	2		2
Total equity	3,904		3,796
Total liabilities and equity	$	14,896	$	15,235

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Cash Flows

(millions)


	2025		2024		2023
	53 weeks		52 weeks		52 weeks
Cash flows from operating activities:
Net earnings	$	602	$	567	$	858
Adjustments to reconcile net earnings to operating cash flow
Impairment charges	176		129		—
Restructuring charges	24		38		16
Stock-based compensation	57		99		63

Amortization of inventory fair value adjustment from acquisition	—		17		—
Pension and postretirement benefit expense (income)	24		39		(22)
Depreciation and amortization	434		411		387
Deferred income taxes	(54)		(47)		(5)
Loss on sales of businesses	25		—		13


Other	119		138		100
Changes in working capital, net of acquisition and divestitures
Accounts receivable	26		(16)		(1)
Inventories	(80)		11		(64)
Other current assets	(14)		4		13
Accounts payable and accrued liabilities	(167)		(128)		(164)


Other	(41)		(77)		(51)
Net cash provided by operating activities	1,131		1,185		1,143
Cash flows from investing activities:
Purchases of plant assets	(426)		(517)		(370)

Purchases of routes	(144)		(29)		(13)
Sales of routes	121		34		1
Business acquired, net of cash acquired	—		(2,617)		—
Sales of businesses, net of cash divested	258		—		41

Other	4		1		1
Net cash used in investing activities	(187)		(3,128)		(340)
Cash flows from financing activities:
Short-term borrowings, including commercial paper and delayed draw term loan	1,846		5,622		3,677
Short-term repayments, including commercial paper and delayed draw term loan	(1,796)		(5,576)		(3,749)
Long-term borrowings	1,144		2,496		500
Long-term repayments	(1,550)		(100)		(566)

Dividends paid	(459)		(445)		(447)
Treasury stock purchases	(62)		(67)		(142)
Treasury stock issuances	—		2		22


Payments related to tax withholding for stock-based compensation	(30)		(46)		(19)


Payments of debt issuance costs	(12)		(23)		—
Other	—		—		1
Net cash provided by (used in) financing activities	(919)		1,863		(723)
Effect of exchange rate changes on cash	(1)		(1)		—
Net change in cash and cash equivalents	24		(81)		80
Cash and cash equivalents — beginning of period	108		189		109

Cash and cash equivalents — end of period	$	132	$	108	$	189

See accompanying Notes to Consolidated Financial Statements.

THE CAMPBELL'S COMPANY

Consolidated Statements of Equity

(millions, except per share amounts)


	The Campbell's Company Shareholders’ Equity
	Capital Stock						Additional Paid-in Capital		Earnings Retained in the Business		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests
	Issued			In Treasury											Total Equity
	Shares	Amount		Shares	Amount
Balance at July 31, 2022	323	$	12	(24)	$	(1,138)	$	415	$	4,040	$	2	$	2	$	3,333
Net earnings (loss)									858				—		858

Other comprehensive income (loss)											(5)		—		(5)
Dividends ($1.48 per share)									(447)						(447)

Treasury stock purchased				(3)	(142)										(142)
Treasury stock issued under stock-based compensation plans				2	61		5		—						66
Balance at July 30, 2023	323	12		(25)	(1,219)		420		4,451		(3)		2		3,663




Net earnings (loss)									567				—		567
Other comprehensive income (loss)											(14)		—		(14)
Dividends ($1.48 per share)									(449)						(449)
Replacement share-based awards issued in connection with Sovos Brands, Inc. acquisition(1)							42								42
Treasury stock purchased				(2)	(67)										(67)
Treasury stock issued under stock-based compensation plans				2	79		(25)		—						54
Balance at July 28, 2024	323	12		(25)	(1,207)		437		4,569		(17)		2		3,796


Net earnings (loss)									602				—		602

Other comprehensive income (loss)											2		—		2
Dividends ($1.54 per share)									(460)						(460)

Treasury stock purchased				(1)	(62)										(62)
Treasury stock issued under stock-based compensation plans				1	62		(19)		(17)						26
Balance at August 3, 2025	323	$	12	(25)	$	(1,207)	$	418	$	4,694	$	(15)	$	2	$	3,904

(1) See Note 3 for additional information.

See accompanying Notes to Consolidated Financial Statements.

Notes to Consolidated Financial Statements

1.Summary of Significant Accounting Policies

In this Report, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

We are a manufacturer and marketer of high-quality, branded food and beverage products.

Basis of Presentation — The consolidated financial statements include our accounts and entities in which we maintain a controlling financial interest. Intercompany transactions are eliminated in consolidation. Our fiscal year ends on the Sunday nearest July 31. There were 53 weeks in 2025 and 52 weeks in 2024 and 2023. There will be 52 weeks in 2026.

Use of Estimates — Generally accepted accounting principles require management to make estimates and assumptions that affect assets, liabilities, revenues and expenses. Actual results could differ from those estimates.

Revenue Recognition — Our revenues primarily consist of the sale of food and beverage products through our own sales force and/or third-party brokers and distribution partners. Revenues are recognized when our performance obligation has been satisfied and control of the product passes to our customers, which typically occurs when products are delivered. Shipping and handling costs incurred to deliver the product are recorded within Cost of products sold. Amounts billed and due from our customers are classified as Accounts receivable in the Consolidated Balance Sheets and require payment on a short-term basis. Revenues are recognized net of provisions for returns, discounts and certain sales promotion expenses, such as feature price discounts, in-store display incentives, cooperative advertising programs, new product introduction fees and coupon redemption costs. These forms of variable consideration are recognized upon sale. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors, including expected volume. Historically, the difference between actual experience compared to estimated redemptions and performance has not been significant to the quarterly or annual financial statements. Differences between estimates and actual costs are recognized as a change in estimate in a subsequent period. Revenues are presented on a net basis for arrangements under which suppliers perform certain additional services. See Note 7 for additional information on disaggregation of revenue.

Cash and Cash Equivalents — All highly liquid debt instruments purchased with an original maturity of three months or less are classified as cash equivalents.

Inventories — All inventories are valued at the lower of average cost or net realizable value.

Property, Plant and Equipment — Property, plant and equipment are recorded at historical cost and are depreciated over estimated useful lives using the straight-line method. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 20 years, respectively. Assets are evaluated for impairment when conditions indicate that the carrying value may not be recoverable. Such conditions include significant adverse changes in business climate or a plan of disposal. Repairs and maintenance are charged to expense as incurred.

Goodwill and Intangible Assets — Goodwill and intangible assets deemed to have indefinite lives are not amortized but rather are tested at least annually in the fourth quarter for impairment, or more often if events or changes in circumstances indicate that the carrying amount of the asset may be impaired.

Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment as events or changes in circumstances occur indicating that the carrying value of the asset may not be recoverable. Undiscounted cash flow analyses are used to determine if the carrying amount of the asset is recoverable. If impairment is determined to exist, the charge is calculated based on estimated fair value.

See Note 6 for more information.

Leases — We determine if an agreement is or contains a lease at inception by evaluating if an identified asset exists that we control for a period of time. When a lease exists, we record a right-of-use (ROU) asset and a corresponding lease liability on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and the corresponding liabilities represent an obligation to make lease payments during the term. We have elected not to record leases with a term of 12 months or less on our Consolidated Balance Sheets.

ROU assets are recorded on our Consolidated Balance Sheets at lease commencement based on the present value of the corresponding liabilities and are adjusted for any prepayments, lease incentives received, or initial direct costs incurred. To calculate the present value of our lease liabilities, we use a country-specific collateralized incremental borrowing rate based on the lease term at commencement. The measurement of our ROU assets and liabilities includes all fixed payments and any variable payments based on an index or rate.

Our leases generally include options to extend or terminate use of the underlying assets. These options are included in the lease term used to determine ROU assets and corresponding liabilities when we are reasonably certain we will exercise.

Our lease arrangements typically include non-lease components, such as common area maintenance and labor. We account for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes with the exception of certain production assets. Accordingly, all costs associated with a lease contract are disclosed as lease costs. This includes any variable payments that are not dependent on an index or a rate and which are expensed as incurred.

Operating leases expense is recognized on a straight-line basis over the lease term with the expense recorded in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item.

For finance leases, the amortization of ROU lease assets is recognized on a straight-line basis over the shorter of the estimated useful life of the underlying asset or the lease term in Cost of products sold, Marketing and selling expenses, or Administrative expenses depending on the nature of the leased item. Interest expense on finance lease obligations is recorded using the effective interest method over the lease term and is recorded in Interest expense.

All operating lease cash payments and interest on finance leases are recorded within Net cash provided by operating activities and all finance lease principal payments are recorded within Net cash used in financing activities in our Consolidated Statements of Cash Flows.

See Note 11 for more information.

Derivative Financial Instruments — We use derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates, interest rates, commodities and equity-linked employee benefit obligations. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include strategies that qualify and strategies that do not qualify for hedge accounting treatment. To qualify for hedge accounting, the hedging relationship, both at inception of the hedge and on an ongoing basis, is expected to be highly effective in achieving offsetting changes in the fair value of the hedged risk during the period that the hedge is designated.

All derivatives are recognized on the balance sheet at fair value. For derivatives that qualify for hedge accounting, we designate the derivative as a hedge of the fair value of a recognized asset or liability or a firm commitment (fair-value hedge) or a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (cash-flow hedge). Some derivatives may also be considered natural hedging instruments (changes in fair value act as economic offsets to changes in fair value of the underlying hedged item) and are not designated for hedge accounting.

Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of a fair-value hedge, along with the gain or loss on the underlying hedged asset or liability (including losses or gains on firm commitments), are recorded in current-period earnings. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). Changes in the fair value of derivatives that are not designated for hedge accounting are recognized in current-period earnings.

Cash flows from derivative contracts are included in Net cash provided by operating activities.

Advertising Production Costs — Advertising production costs are expensed in the period that the advertisement first takes place or when a decision is made not to use an advertisement.

Research and Development Costs — The costs of research and development are expensed as incurred. Costs include expenditures for new product and manufacturing process innovation, and improvements to existing products and processes. Costs primarily consist of salaries, wages, consulting, and depreciation and maintenance of research facilities and equipment.

Income Taxes — Deferred tax assets and liabilities are recognized for the future impact of differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

2. Recent Accounting Pronouncements

Recently Adopted

In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. We adopted the guidance in the fourth quarter of 2023, with the exception of the rollforward information which was adopted in the fourth quarter of 2025. The adoption did not have a material impact on our consolidated financial statements. See Note 19 for additional information.

In November 2023, the FASB issued guidance to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted the guidance in the fourth quarter of 2025. The adoption did not have an impact on our consolidated financial statements. See Note 7 for additional information.

Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued guidance to improve income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In November 2024, the FASB issued guidance to improve disclosures by requiring additional details about specific types of expenses (purchases of inventory, employee compensation, depreciation and intangible asset amortization) included in certain expense captions. The guidance requires disclosure of the total amount of selling expenses and, on an annual basis, disclosure of the definition of selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

3. Acquisition

On August 7, 2023, we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $23.00 per share. On March 12, 2024, we completed the acquisition. Sovos Brands' portfolio included a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts sold in North America under the brand names Rao’s, Michael Angelo’s and noosa. See Note 4 for additional information on the noosa yoghurt business, which was sold on February 24, 2025. Total purchase consideration was $2.899 billion, which was determined as follows:


(Millions)
Cash consideration paid to Sovos Brands shareholders(1)	$	2,307
Cash paid for share-based awards(2)	32
Cash consideration paid directly to shareholders	$	2,339
Cash paid for transaction costs of Sovos Brands	32
Repayment of Sovos Brands existing indebtedness and accrued interest	486
Total cash consideration	$	2,857
Fair value of replacement share-based awards(3)	42
Total consideration	$	2,899

______________________________________

(1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share.

(2) Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense.

(3) We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards.

The cash portion of the acquisition was funded through a Delayed Draw Term Loan Credit Agreement (the 2024 DDTL Credit Agreement) of $2 billion and cash on hand. See Note 13 for additional information.

The table below presents the fair value that was allocated to acquired assets and assumed liabilities:


(Millions)	Estimated Fair Value
Cash	$	240
Accounts receivable	96
Inventories	130
Other current assets	5
Plant assets	100

Other intangible assets	1,776
Other assets	16
Total assets acquired	$	2,363
Accounts payable	$	96
Accrued liabilities	56
Accrued income taxes	1
Long-term debt	9
Deferred taxes	407
Other liabilities	11
Total liabilities assumed	$	580
Net assets acquired	$	1,783
Goodwill	1,116
Total consideration	$	2,899

The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $1.116 billion of goodwill. The goodwill is not deductible for tax purposes. The goodwill was primarily attributable to future growth

opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Meals & Beverages segment.

The identifiable intangible assets of Sovos Brands consist of:


(Millions)	Type	Life in Years			Value
Trademarks	Non-amortizable	Indefinite			$	1,470
Trademarks(1)	Amortizable	20			76
Customer relationships(2)	Amortizable	20	to	30	230
Total identifiable intangible assets					$	1,776

_______________________________________

(1)Includes $74 million related to the noosa yoghurt business.

(2)Includes $18 million related to the noosa yoghurt business.

We incurred transaction costs and integration costs, including costs to achieve synergies, of $128 million associated with the Sovos Brands acquisition in 2024. Approximately $35 million represented transaction costs, including outside advisory costs, recorded in Other expenses / (income). In addition, we recognized $2 million in Interest expense related to financing fees associated with the 2024 DDTL Credit Agreement. Integration costs included expenses associated with accelerated vesting of replacement awards, severance and retention bonuses, amortization of the acquisition date fair value adjustment to inventories and other costs. Integration costs recognized in 2024 included the following:

•$18 million in Cost of products sold, $17 million of which related to the amortization of the acquisition date fair value adjustment to inventories;

•$3 million of Marketing and selling expenses;

•$47 million of Administrative expenses;

•$2 million of Research and development expenses; and

•$21 million of Restructuring charges to achieve synergies. See Note 8 for additional information.

For the period March 12, 2024 through July 28, 2024, the Sovos Brands acquisition contributed $423 million to Net sales and a loss of $84 million to Net earnings, including the effect of transaction and integration costs and interest expense on the debt to finance the acquisition.

The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022:



(Millions)	2024		2023

Net sales	$	10,354	$	10,316
Net earnings attributable to The Campbell's Company	$	592	$	677

The pro forma results are not necessarily indicative of the combined results had the Sovos Brands acquisition been completed on August 1, 2022, nor are they indicative of future combined results. The pro forma amounts include adjustments to interest expense for financing the acquisition, to amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results include adjustments to reflect amortization of the acquisition date fair value adjustment to inventories, expenses related to accelerated vesting of replacement awards and severance and retention bonuses as of August 1, 2022.

4. Divestitures

On May 30, 2023, we completed the sale of our Emerald nuts business for $41 million. We recognized a pre- and after-tax loss on the sale of $13 million. In connection with the sale, we provided certain transition services to support the business. The business had net sales of $51 million in 2023. Earnings were not material in the period. The results of the business were reflected within the Snacks reportable segment.

On August 26, 2024, we completed the sale our Pop Secret popcorn business for $70 million. We recognized a pre-tax loss on the sale of $25 million, or $19 million after tax. In connection with the sale, we provided certain transition services to support the business. The business had net sales of $9 million in 2025, $119 million in 2024, and $133 million in 2023. Earnings were not material in the periods. The results of the business were reflected within the Snacks reportable segment.

We entered into an agreement to sell our noosa yoghurt business in November 2024. The noosa yoghurt business was purchased as part of the Sovos Brands acquisition. In the second quarter of 2025, we recorded $15 million of tax expense

related to the sale of the business. We completed the sale on February 24, 2025, for $188 million, subject to certain customary purchase price adjustments. The after-tax loss recorded on the sale was $15 million. In connection with the sale, we provided certain transition services to support the business. The business had net sales of $99 million in 2025 and $68 million in 2024 after it was purchased as part of the Sovos Brands acquisition on March 12, 2024. Earnings were not material in the periods. The results of the business were reflected within the Meals & Beverages segment.

5. Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:


(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 31, 2022	$	—	$	—	$	2	$	2

Other comprehensive income (loss) before reclassifications	(1)		4		—		3
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(8)		—		(8)
Net current-period other comprehensive income (loss)	(1)		(4)		—		(5)
Balance at July 30, 2023	$	(1)	$	(4)	$	2	$	(3)

Other comprehensive income (loss) before reclassifications	(9)		(4)		—		(13)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(1)		—		(1)
Net current-period other comprehensive income (loss)	(9)		(5)		—		(14)
Balance at July 28, 2024	$	(10)	$	(9)	$	2	$	(17)

Other comprehensive income (loss) before reclassifications	(1)		(2)		5		2
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	(1)		(2)		5		2
Balance at August 3, 2025	$	(11)	$	(11)	$	7	$	(15)

______________________________________

(1)Included no tax as of August 3, 2025, July 28, 2024, July 30, 2023, and July 31, 2022.

(2)Included a tax benefit of $3 million as of August 3, 2025, $2 million as of July 28, 2024, and $1 million as of July 30, 2023, and no tax as of July 31, 2022.

(3)Included tax expense of $2 million as of August 3, 2025, and $1 million as of July 28, 2024, July 30, 2023, and July 31, 2022.

Amounts related to noncontrolling interests were not material.

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:



(Millions)	2025		2024		2023		Location of Loss (Gain) Recognized in Earnings







Losses (gains) on cash-flow hedges:
Commodity contracts	$	—	$	—	$	(3)	Cost of products sold
Foreign exchange contracts	(3)		(3)		(8)		Cost of products sold


Forward starting interest rate swaps	3		2		1		Interest expense
Total before tax	—		(1)		(10)
Tax expense (benefit)	—		—		2
Loss (gain), net of tax	$	—	$	(1)	$	(8)

Pension and postretirement benefit adjustments:
Prior service credit	$	(1)	$	—	$	—	Other expenses / (income)
Tax expense (benefit)	1		—		—
Loss (gain), net of tax	$	—	$	—	$	—

6. Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill:


(Millions)	Meals & Beverages		Snacks		Total
Net balance at July 30, 2023	$	990	$	2,975	$	3,965


Acquisition(1)	1,116		—		1,116

Foreign currency translation adjustment	(4)		—		(4)
Net balance at July 28, 2024	$	2,102	$	2,975	$	5,077


Divestitures(2)	(65)		(21)		(86)

Foreign currency translation adjustment	—		—		—
Net balance at August 3, 2025	$	2,037	$	2,954	$	4,991

______________________________________

(1)See Note 3 for additional information on the acquisition of Sovos Brands.

(2)See Note 4 for additional information on divestitures.

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	2025								2024
(Millions)	Cost		Accumulated Amortization		Divestiture(1)		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,060	$	(367)	$	(17)	$	676	$	1,060	$	(300)	$	760
Definite-lived trademarks	76		(2)		(72)		2		76		(2)		74
Total amortizable intangible assets	$	1,136	$	(369)	$	(89)	$	678	$	1,136	$	(302)	$	834
Indefinite-lived trademarks
Rao's							$	1,470					$	1,470
Snyder's of Hanover							470						620
Lance							350						350
Kettle Brand							318						318
Pace							292						292
Pacific Foods							280						280
Cape Cod							187						187
Various other Snacks(2) (3)							311						365
Total indefinite-lived trademarks							$	3,678					$	3,882
Total net intangible assets							$	4,356					$	4,716

______________________________________

(1)See Note 4 for additional information on the divestiture of our noosa yoghurt business.

(2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.

(3)Includes the Late July and Allied brands trademarks.

Amortization expense was $68 million for 2025, $73 million for 2024 and $48 million for 2023. Amortization expense in 2025, 2024 and 2023 included accelerated amortization expense of $20 million, $27 million and $7 million, respectively, on customer relationships which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of August 3, 2025, amortizable intangible assets had a weighted-average remaining useful life of 18 years. Amortization expense is estimated to be approximately $40 million per year for the following five years.

pressure and reduced margins. In the fourth quarter of 2024, based on recent performance and the reevaluation of the position of the Allied brands within our portfolio, we lowered our near-term and long-term outlook for future sales and operating performance, reducing the carrying value of the trademarks to $43 million.

In the fourth quarter of 2024, we performed an impairment assessment on the assets in our Pop Secret popcorn business within our Snacks segment as sales and operating performance were below expectations due in part to competitive pressure and reduced margins, and as we pursued divesting the business. As a result of these factors, in the fourth quarter of 2024, we lowered our long-term outlook for the business and recognized an impairment charge of $76 million on the trademark, reducing the carrying value of the trademark to $28 million. The sale of the business was completed on August 26, 2024.

The impairment charges were recorded in Other expenses / (income) in the Consolidated Statement of Earnings.

The estimates of future cash flows used in impairment testing involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions, including the potential impact of tariffs.

7. Segment Information

Our operating segments, which are also our reportable segments, are as follows:

Beginning in 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals & Beverages segment.

Our chief operating decision maker (CODM) is our President and Chief Executive Officer. Our CODM uses segment operating earnings as the profit measure in evaluating segment performance during the annual plan and forecasting process and

in monitoring actual performance versus plan. Segment operating earnings are comprised of earnings before interest, taxes and costs associated with restructuring activities, cost savings and optimization initiatives, impairment charges, accelerated amortization and corporate expenses. Unrealized gains and losses on outstanding undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance by the CODM.

Our largest customer, Wal-Mart Stores, Inc. and its affiliates, accounted for approximately 21% of consolidated net sales in 2025 and 22% in 2024 and 2023. Both of our reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates.


	2025						2024						2023
(Millions)	Meals & Beverages		Snacks		Total		Meals & Beverages		Snacks		Total		Meals & Beverages		Snacks		Total
Net sales	$	6,050	$	4,203	$	10,253	$	5,258	$	4,378	$	9,636	$	4,907	$	4,450	$	9,357
Cost of products sold	4,140		2,970				3,532		3,063				3,292		3,151

Other segment items(1)	834		673				752		667				721		659
Segment operating earnings	$	1,076	$	560	$	1,636	$	974	$	648	$	1,622	$	894	$	640	$	1,534
Corporate expense (income)(2)					488						584						206
Restructuring charges(3)					24						38						16
Earnings before interest and taxes					$	1,124					$	1,000					$	1,312
Interest expense					345						249						188
Interest income					17						6						4
Earnings before taxes					$	796					$	757					$	1,128


(Millions)	2025		2024		2023
Depreciation and amortization
Meals & Beverages	$	177	$	163	$	151
Snacks	234		228		211
Corporate(4)	23		20		25

Total	$	434	$	411	$	387


(Millions)	2025	2024	2023
Capital expenditures
Meals & Beverages

CAMPBELL'S Co 10-K