CPBMEDIUM SIGNALFINANCIAL10-K

Campbell's completed the divestiture of its noosa yoghurt business in February 2025 while experiencing a notable increase in interest expense alongside modest operating income growth.

The sale of the noosa yoghurt business represents continued portfolio optimization as Campbell's focuses on its core brands, following the earlier Emerald nuts divestiture. The substantial increase in interest expense suggests higher borrowing costs or increased debt levels, which partially offset the company's improved operational performance.

Comparing 2025-09-18 vs 2024-09-19View on EDGAR →
FINANCIAL ANALYSIS

Campbell's delivered solid operational results with operating income growing 12.4% to $1.1 billion, demonstrating the strength of its core business segments. However, interest expense increased meaningfully to $345 million, indicating higher financing costs that will pressure net income. The company maintained a healthy balance sheet position with cash rising 22% to $132 million and current liabilities declining 19% to $2.9 billion, likely reflecting proceeds from recent divestitures and improved working capital management.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+38.6%
$249.0M$345.0M

Interest expense surged 38.6% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+22.2%
$108.0M$132.0M

Cash grew 22.2% — improving liquidity position supports investment and shareholder returns.

Current Liabilities
Balance Sheet
-18.7%
$3.6B$2.9B

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Income
P&L
+12.4%
$1.0B$1.1B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2025-09-18
PRIOR — 2024-09-19
ADDED
There were 297,992,525 shares of capital stock outstanding as of September 10, 2025.
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.
Form 10-K Summary 87 Index to Exhibits 88 Signatures 91 2 PART I This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Business The Company Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.
On May 30, 2023, we completed the sale of our Emerald nuts 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.
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.
REMOVED
There were 298,105,916 shares of capital stock outstanding as of September 11, 2024.
Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.
Form 10-K Summary 85 Index to Exhibits 86 Signatures 89 3 PART I This Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Business The Company Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.
For additional information on the divestiture, see Note 21 to the Consolidated Financial Statements.
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.
We refer to the * brands a s our "power brands." The segment includes the retail business in Latin America.
The segment included the results of our Emerald nuts business, which was sold on May 30, 2023 and our Pop Secret popcorn business, which was sold on August 26, 2024.
During 2024, we experienced moderately elevated commodity and supply chain costs including the costs of labor, raw materials, energy, fuel, packaging materials and other inputs necessary for the production and distribution of our products.
To help reduce some of this price volatility, we use a combination of purchase orders, short- and long-term contracts, inventory management practices and various commodity risk management tools for most of our ingredients and packaging.
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