- Price
- $19.83 → $19.00(−4.2%)
- Discount
- 52.2% → 54.2%(+2.0 pts)
- Balance sheet
- Campbell's uses mostly fixed-rate senior unsecured notes of the parent company. It issued them to buy Snyder's-Lance in 2018 and Sovos Brands in 2024. At August 2, 2026, debt was $7.14 billion: $6.16 billion of long-term debt and $977 million due within one year. The amount due within one year includes $373 million of commercial paper and $500 million of 5.20% notes due March 19, 2027. About $105 million is debt of La Regina, the Rao's sauce maker that Campbell's consolidates, and only La Regina is liable for it. Cash was $394 million. Thus net debt of about $6.7 billion was about 5.3 times fiscal 2026 reported EBITDA of about $1.27 billion. Moody's put adjusted leverage at about 4.9 times. Reported EBIT covered interest expense of $331 million only about 2.6 times. On September 23, 2026, Moody's cut Campbell's to Baa3 from Baa2 with a negative outlook. It also cut the commercial paper rating to Prime-3, which makes commercial paper harder and more costly to use. Fitch rates Campbell's BBB- after a cut on December 10, 2025. Liquidity rests on the undrawn $1.85 billion revolving credit facility, now extended to April 16, 2031. On October 5, 2026, Campbell's issued $300 million of 8.500% junior subordinated notes due 2057 to repay debt, including the 2027 notes and commercial paper. This debt costs more than its senior notes. The facility requires EBITDA of at least 3.25 times interest expense. Free cash flow of $678 million in fiscal 2026 covered the $470 million dividend. The 36% dividend cut frees about $170 million a year for debt reduction. But the company is one notch above junk at Moody's. It has little room for buybacks, deals or another drop in profit.
As of 2026-08-02.
- Recent events
- 2026-10-05: Campbell's issued $300 million of 8.500% junior subordinated notes due 2057. The rate is fixed until April 5, 2032, then resets every five years, but never below 8.500%. Campbell's can defer interest for up to 10 years at a time. Moody's rates the notes Ba1, below investment grade. Campbell's plans to use the money to repay debt, including the notes due in 2027 and commercial paper.
2026-09-23: Moody's downgraded Campbell's long-term rating to Baa3 from Baa2, citing weak fiscal 2026 earnings, expected further declines in fiscal 2027, and adjusted leverage of about 4.9 times at fiscal year-end. The outlook stays negative.
2026-09-03: Campbell's reported fourth-quarter and full-year fiscal 2026 results. Q4 net sales fell 8% to $2.1 billion (down 1% organically). Full-year net sales fell 5% to $9.7 billion, and adjusted earnings per share fell 27% to $2.17.
2026-09-03: Management guided fiscal 2027 net sales down 2%-4% and adjusted earnings per share down 17%-24%, to $1.65-$1.80. The board cut the quarterly dividend 36%, to $0.25 per share ($1.00 annualized), to speed up debt paydown.
2026-09-03: Campbell's launched a new cost-savings program targeting $500 million by fiscal 2030, cut roughly 550 jobs (about 13% of its salaried workforce), and closed two snack plants.
2026-05-04: Campbell's completed its $286 million purchase of a 49% stake in La Regina, the Italian producer that makes all of Rao's Homemade tomato-based sauces.
2025-12-10: Fitch downgraded Campbell's long-term rating to BBB- from BBB, citing leverage expected to stay above 3.5 times for an extended period.
2025-10-20: Todd Cunfer, previously Chief Financial Officer of Freshpet, became Campbell's CFO, succeeding Carrie Anderson.