The Campbell’s Company 3Q26 EPS Beat by $0.02, Despite Sales Miss; FY26 Guidance Reiterated

Research evidence excerpt

The Campbell’s Company 3Q26 EPS Beat by $0.02, Despite Sales Miss; FY26 Guidance Reiterated

J P M O R G A N North America Equity Research

08 June 2026

The Campbell’s Company Neutral

CPB, CPB US

3Q26 EPS Beat by $0.02, Despite Sales Miss; FY26 Price (05 Jun 26):$21.68

Guidance Reiterated

Food Producers & Retailers

Overall: Solid, considering low expectations. CPB reported a $0.02 EPS beat in Thomas Palmer, CFA AC

fiscal 3Q26 (April), despite organic sales growth of -4% coming in slightly below (1-212) 622-5582

estimates. The company reiterated its annual outlook for OSG (-2% to -1%) and thomas.palmer@jpmorgan.com

EPS ($2.15-2.25). We do not think the OSG shortfall was a surprise, and the Brandon Cohen, CPA

guidance reiteration will likely be viewed as slightly constructive (based on our (1-212) 622-4168

conversations, expectations were for CPB to point toward the lower end of its brandon.cohen@jpmorgan.com

J.P. Morgan Securities LLC

annual EPS range). There were a couple of callouts in the prepared remarks that

could have implications for FY27: (1) We thought CPB seemed to foreshadow

upcoming SKU reductions and plant/warehouse closures in the Snacks business by

mentioning plans to “reduce complexity,” which “will involve tough decisions and

may include rationalizing (its) portfolio… and consolidating nodes within our

network.” (2) For 2027, the company’s comments suggest 4-6% COGS inflation

(“early estimates would suggest 2% to 3% incremental inflation above our typical

base inflation rate). CPB’s earnings call (Q&A only) is at 9AM ET.

Earnings Review

• 3Q26 P&L Review. CPB reported adjusted fiscal 3Q26 EPS of $0.50, above

the Consensus Metrix estimate of $0.48. Organic sales growth came in at -4.0%

(Consensus Metrix -3.4%) built on -5% vol/mix (CM -3.9%) and +1% price