- Price
- $19.00 → $19.21(+1.1%)
- Discount
- 54.2% → 53.7%(−0.5 pts)
- Next earnings
- 2026-12-03 → 2026-12-08
- Balance sheet
- Cash: $394M
Debt: $7.1B
Net debt: $6.7B
EBITDA, last 12 months: $1.3B
Net debt / EBITDA: 5.3× (high)
Interest cover: 2.6×
Undrawn credit line: $1.9B, to April 2031
Debt due within 12 months: $977M
Ratings: Moody's Baa3 (negative outlook), Fitch BBB-
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, and it is now one notch above junk at Moody's, with little room for buybacks, deals or another drop in profit. 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 timesEBITDA is reported EBITDA for fiscal 2026, and interest cover uses reported EBITDAEBIT and interest expense of about $1331 million.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 ratescut Campbell's to 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.
- Checkpoints
- Dec 38, 2026 (estimate): Fiscal Q1 2027 earnings: Snacks trend and guidance. Pending. Watch: Results on track for adjusted EPS of $1.65 to $1.80 with Snacks declines slowing pass; a guidance cut or another big Snacks profit drop fails.
Mar 19, 2027: $500 million notes mature at a Baa3 rating. Pending. Watch: Repayment or refinancing at a normal spread, with net debt lower than at August 2, 2026, passes; costly new debt or a draw on the revolver fails.
Mar 2027 (estimate): Fiscal Q2 2027 earnings: cost savings and Rao's growth. Pending. Watch: Visible savings from the $500 million program and Rao's still growing pass; flat Rao's sales or higher leverage fails.
Sep 2027 (estimate): Fiscal 2027 results and fiscal 2028 outlook. Pending. Watch: Moody's-style leverage near 4 times and an outlook for margin recovery in fiscal 2028 pass; leverage still near 5 times or a new rating cut fails.