Challenges Persist with Incremental Cost Concerns

研报英文原文证据摘录

Challenges Persist with Incremental Cost Concerns

June 8, 2026 Campbell's Company

(CPB, Neutral)

Robert Dickerson

Challenges Persist with Incremental Cost Concerns rdickerson@btig.comCONSUMER Hannah Lascher WHAT YOU SHOULD KNOW: hlascher@btig.com

■ Top line still facing challenges. While Q3 net sales dollars missed consensus by Company Data

only ~60 bps, volume pressure remains clear and somewhat widespread. As we

said ahead of results, Rao's and broth remain the positive highlights, driven by Closing Price $21.55

Price Target -STAPLES premiumization at a rational price and healthier cooking at home trends. That said,

RTS and condensed soups, beverages, and Snacks (namely salty) continue to face Market Cap (M) $6,443.45

demand headwinds. Management reiterated its guided 1%-2% y/y organic sales Enterprise Value (M) $13,087.35

decline, but spoke to the low-end of the range a more likely event. New innovation Shares Out (M) 299.00EQUITY is expected in Q4 and when combined with an easier y/y comparable (given the Avg Daily Vol-3 Months (M) 8.92

full ERP lap from last year), Q4 reported organic sales should show stabilization y/

y, as retail consumption trends should still decline, in our view. As we've stated Dividend / Yield $1.56 / 7.2%

previously, there's still risk from planogram resets over time; Campbell's simply Revisions

needs to reduce its traditional "eating soups" with other faster turning items before Previous Current

the category becomes a smaller part of the isle. Rating Neutral NeutralRESEARCH ■ Snacks drove the margin beat, but volumes suffered. It was a nice change to see Price Target - -

the Snacks segment reporting an operating margin ~150 bps ahead of consensus, FY26E REV 9,744.39 9,758.48

and potentially kick-starting a profit momentum phase.