What changed in this filing

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Item 1. Business

2025-09-18 compared with 2024-09-19 · 65 added, 61 removed, 81 unchanged (61% of the section changed)

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to Campbell Soup Company and its consolidated subsidiaries.

Unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries.

We are a manufacturer and marketer of high-quality, branded food and beverage products.

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For additional information on this acquisition, see Note 3 to the Consolidated Financial Statements.

On May 30, 2023, we completed the sale of our Emerald nuts business.

On August 26, 2024, we completed the sale of our Pop Secret popcorn business.

For additional information on the divestiture, see Note 21 to the Consolidated Financial Statements.

On February 24, 2025, we completed the sale of our noosa yoghurt business.

For additional information on the divestitures, see Note 4 to the Consolidated Financial Statements.

Our operations, including reportable segments, are described below.

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Our reportable segments are:

• Meals & Beverages, which consists of our soup, simple meals and beverages products in retail and foodservice in the U.S.

• Meals & Beverages, which consists of soup, simple meals and beverages products in retail and foodservice in the U.S.

The segment includes the following products:

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Pace Mexican sauces;

Campbell’s gravies, pasta, beans and dinner sauces;

SpaghettiOs pasta;

Campbell’s gravies, beans and dinner sauces;

Swanson canned poultry;

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and noosa yogurts.

The noosa yoghurt business was sold on February 24, 2025.

The segment also includes snacking products in foodservice and Canada;

• Snacks, which consists of Pepperidge Farm cookies, crackers, fresh bakery and frozen products, including Goldfish crackers, Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod potato chips, Kettle Brand potato chips, Late July snacks, Snack Factory pretzel crisps, and other snacking products in retail in the U.S.

We refer to the * brands a s our "power brands." The segment includes the retail business in Latin America.

The segment included the results of our Emerald nuts business, which was sold on May 30, 2023 and our Pop Secret popcorn business, which was sold on August 26, 2024.

The segment also includes the snacking and meals and beverages retail business in Latin America.

The segment also included the results of our Pop Secret popcorn business, which was sold on August 26, 2024 and our Emerald nuts business, which was sold on May 30, 2023.

Beginning in 2026, the snacking and meals and beverages retail business in Latin America is managed under our Meals & Beverages segment.

We refer to the following products as our "leadership brands":

Campbell's condensed and ready-to-serve soups;

Chunky soups;

Swanson broth, stocks and canned poultry;

Pacific Foods broth, soups and non-dairy beverages;

Prego pasta sauces;

Pace Mexican sauces;

V8 juices and beverages;

Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups;

Pepperidge Farm cookies, crackers and fresh bakery;

Goldfish crackers;

Snyder's of Hanover pretzels;

Lance sandwich crackers;

Cape Cod potato chips;

Kettle Brand potato chips;

Late July snacks;

and Snack Factory pretzel crisps.

See Note 7 to the Consolidated Financial Statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional information regarding our reportable segments.

Ingredients and Packaging

Ingredients, Packaging and Finished Products

The ingredients and packaging materials required for the manufacture of our food and beverage products are purchased from various suppliers, substantially all of which are located in North America.

During 2024, we experienced moderately elevated commodity and supply chain costs including the costs of labor, raw materials, energy, fuel, packaging materials and other inputs necessary for the production and distribution of our products.

In addition, many of these items are subject to price fluctuations from a number of factors, including but not limited to climate change, changes in crop size, cattle cycles, herd and flock disease, crop disease, crop pests, product scarcity, demand for raw materials, commodity market speculation, energy costs, currency fluctuations, supplier capacities, government-sponsored agricultural programs and other government policy, import and export requirements (including tariffs), drought and excessive rain, temperature extremes and other adverse weather

events, water scarcity, scarcity of suitable agricultural land, scarcity of organic ingredients, pandemics or other local or global health issues, geopolitical conflicts, environmental and other sustainability regulations and other factors that may be beyond our control.

To help reduce some of this price volatility, we use a combination of purchase orders, short- and long-term contracts, inventory management practices and various commodity risk management tools for most of our ingredients and packaging.

We also purchase finished products from domestic and international suppliers.

Many of these items are subject to price fluctuations from a number of factors, including but not limited to geopolitical conflicts, shifting global trade policies (including tariffs and retaliatory measures), import and export requirements, product scarcity, demand for raw materials, commodity market speculation, energy costs, currency fluctuations, supplier capacities, government-sponsored agricultural programs and other government policy, climate change, changes in crop size, cattle cycles, herd and flock disease, crop disease, crop pests, drought and excessive rain, temperature extremes and other adverse weather events, water scarcity, scarcity of suitable agricultural land, scarcity of organic ingredients, pandemics or other local or global health issues, environmental and other sustainability regulations and other factors that may be beyond our control.

To help reduce some of this price volatility, we use a combination of purchase orders, short- and long-term contracts, inventory management practices, alternative sourcing opportunities, supplier collaboration, various commodity risk management tools for most of our ingredients and packaging and other cost mitigation efforts, as applicable.

Ingredient inventories are generally at a peak during the late fall and decline during the winter and spring.

Since many ingredients of suitable quality are available in sufficient quantities only during certain seasons, we make commitments for the purchase of such ingredients in their respective seasons.

We are unable to predict the impact of our ability to source these ingredients and packaging materials in the future, and certain supply pressures may continue throughout 2025.

We expect input cost inflation in 2025 to remain at similar levels as 2024, as we continue to see improvement across certain ingredients and packaging materials;

however, we could experience unexpectedly high input cost inflation in various categories.

During 2025, we experienced some volatility in commodity and supply chain costs, including the costs of labor, raw materials, energy, fuel, packaging materials and finished products, with a moderate impact from tariffs in the fourth quarter.

We are unable to predict the extent to which tariffs may impact our ability to source ingredients, packaging materials and finished products in the future, and certain supply pressures may continue throughout 2026.

In 2026, we expect more significant cost pressures primarily driven by tariff impacts.

We plan to reduce some of these costs and impacts over time through cost savings initiatives, inventory management practices, supplier collaboration, alternative sourcing opportunities, continued supply chain productivity initiatives, surgical pricing actions where necessary and other mitigation efforts.

In most of our markets, sales and merchandising activities are conducted through our own sales force and/or third-party brokers and distribution partners.

Our products are generally resold to consumers through retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, drug stores, dollar stores, e-commerce and other retail, commercial and non-commercial establishments.

Our products are generally resold to consumers through retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, dollar stores, e-commerce and other retail, commercial and non-commercial establishments.

Our Snacks segment has a direct-store-delivery distribution model that uses independent contractor distributors.

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Our largest customer, Wal-Mart Stores, Inc.

and its affiliates, accounted for approximately 22 % of our consolidated net sales in 2024, 2023, and 2022.

and its affiliates, accounted for approximately 21 % of our consolidated net sales in 2025 and 22 % in 2024 and 2023.

Both of our reportable segments sold products to Wal-Mart Stores, Inc.

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We expect to spend approximately $420 million for capital projects in 2026.

Major capital projects based on planned spend in 2025 include network optimization for our Meals & Beverages business, finalization of capacity projects for our Snacks business, enhancements to our headquarters in Camden, New Jersey, implementation of our existing SAP enterprise-resource planning system for Sovos Brands and network wastewater initiatives.

We estimate that approximately $25 million of the capital expenditures anticipated during 2025 will be for the initial phase of upgrades to our Napoleon, Ohio wastewater treatment facility, with another $20 million for other network wastewater initiatives.

Major capital projects based on planned spend in 2026 include network optimization for both our Meals & Beverages and Snacks businesses, information technology projects and wastewater initiatives.

We estimate that approximately $35 million of the capital expenditures anticipated during 2026 will be for upgrades to our Napoleon, Ohio wastewater treatment facility, with another approximately $20 million for other network wastewater initiatives.

Government Regulation

The manufacture and sale of consumer food products is highly regulated.

In the U.S., our activities are subject to regulation by various federal government agencies, including the Food and Drug Administration, the Department of Agriculture, the Federal Trade Commission, the Department of Labor, the Department of Commerce, the Occupational Safety and Health Administration and the Environmental Protection Agency, as well as various state and local agencies.

In the U.S., our activities are subject to regulation by various federal government agencies, including the Food and Drug Administration (FDA), the Department of Agriculture, the Federal Trade Commission, the Department of Labor, the Department of Commerce, the Occupational Safety and Health Administration and the Environmental Protection Agency, as well as various state and local agencies.

Our business is also regulated by similar agencies outside of the U.S.

Additionally, we are subject to packaging and labeling regulations, data privacy and security regulations, tax and securities regulations, import regulations, accounting and reporting standards, and other financial laws and regulations.

We believe that we are in compliance with current laws and regulations in all material

respects and do not expect that continued compliance with such laws and regulations will have a material effect on capital expenditures, earnings or our competitive position.

Additionally, we are subject to food ingredients regulations (including but not limited to Food, Drug, and Cosmetic Act (FD&C) colors), labeling and packaging regulations (including but not limited to extended producer responsibility (EPR) regulations), data privacy and security regulations, tax and securities regulations, import regulations, accounting and reporting standards, and other financial laws and regulations.

We believe that we are in compliance with current laws and regulations in all material respects and do not expect that continued compliance with such laws and regulations will have a material effect on capital expenditures, earnings or our competitive position.

Environmental Matters

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In addition, we continue to monitor existing and pending environmental laws and regulations within the U.S.

and elsewhere relating to climate change and greenhouse gas emissions.

and elsewhere relating to climate change, greenhouse gas emissions, energy and sustainability, including EPR laws and regulations.

While the impact of these laws and regulations cannot be predicted with certainty, we do not believe that compliance with these laws and regulations will have a material effect on capital expenditures, earnings or our competitive position.

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Human Capital Management

One of the five areas of our strategic framework is to build a Top Team.

To do this, we are committed to building a company where everyone can be real, and feel safe, valued and supported to do their best work.

We believe that our employees are the driving force behind our success and prioritize attracting, developing and retaining diverse, world-class talent and creating an inclusive culture that embodies our purpose:

Connecting people through food they love .

We have recently completed our plan to bring together all of our corporate team members from our Snacks offices in Charlotte, North Carolina and Norwalk, Connecticut to our headquarters in Camden, New Jersey.

This move has helped to foster closer collaboration and enhance decision-making, thereby improving our ability to execute our business strategy.

We have established a new Employee Value Proposition, Make history with Campbell’s, to enhance our focus on building a winning team and culture.

On July 28, 2024, we had approximately 14,400 full-time and part-time employees.

One of the four pillars of our strategic framework is to build a Top Team.

To do this, we are committed to building a company where everyone is valued and supported to do their best work.

We believe that our employees are the driving force behind our success.

Prioritizing attracting, developing and retaining world-class talent and cultivating a culture of belonging embodies our purpose, Connecting people through food they love.

This approach also aligns with our Employee Value Proposition, Make history with Campbell’s , to enhance our focus on building a winning team and culture.

In accordance with our purpose and Employee Value Proposition, we have brought together all of our corporate team members from our Snacks offices in Charlotte, North Carolina and Norwalk, Connecticut to our headquarters in Camden, New Jersey.

This move has helped to foster closer collaboration and enhance decision-making, thereby enabling us to execute our business strategy.

We have also invested in other work experiences and wellness areas in our field locations.

On August 3, 2025, we had approximately 13,700 full-time and part-time employees.

Training, Development and Engagement

We invest in our employees through training and development programs.

We have partnered with leading online content experts and increased internal learning development to expand our catalog of courses and support our culture of continuous learning.

A suite of training and education programs are available to employees ranging from role-specific training to education on soft skills to assist them with enhancing their careers through continuous learning.

Through objective-setting, individual development plans, learning opportunities, feedback and coaching, employees are encouraged to continue their professional growth.

Our education programs allow employees to focus on timely and topical development areas including leadership, management excellence, functional capabilities and inclusion and diversity.

We invest in our employees through training and development programs to support our culture of continuous learning.

Our developmental programs allow employees to focus on timely and topical development areas including leadership excellence, change management and functional capabilities.

We communicate frequently and transparently with our employees through regular company-wide and business unit check-ins, and we conduct employee engagement surveys that provide our employees with an opportunity to share anonymous feedback with management in a variety of areas including confidence in leadership, growth and career opportunities, alignment of work and overall engagement.

These surveys allow our leaders to develop action plans for their business units as well as the broader organization.

In addition, in 2024, we launched a new initiative, Campbell’s Way of Leadership , to help our employees develop leadership skills and drive the growth of our business.

As of July 28, 2024, we have trained approximately 50% of our supervisory and management population in Campbell’s Way of Leadership programs.

Our Campbell Employee Experience enhances the foundational moments that are key to an employee's career at our company - from the candidate experience and onboarding through career advancement - to help our employees thrive at work, with the goal of building an inclusive, engaging and high-performing culture.

Inclusion and Diversity

A key to our success is our ability to attract and retain top talent in all areas of our business.

We believe that having an inclusive and diverse culture strengthens our ability to recruit and develop this talent and allows employees to thrive and succeed.

Our inclusion and diversity (I&D) efforts are focused around three pillars:

• Capabilities - providing resources and tools to employees to develop capabilities to build a winning team and culture;

• Advocacy - supporting our employees, our partners and the communities where we live and work;

• Accountability - having individual, management and organizational accountability and transparency about our progress on building an inclusive and diverse culture.

Each pillar has focus areas and initiatives designed to further its objectives.

Together, these activities create a holistic approach to I&D across the company.

To support these pillars, we have developed strategies focused on building a pipeline of diverse talent through expanded recruitment efforts, I&D learning opportunities, internal talent development and leveraging our employee resource groups.

Throughout 2024 the board of directors received regular updates from management on our I&D efforts.

Total Rewards

We provide market-based competitive compensation through our salary, annual incentive and long-term incentive programs, and a robust benefits package that promotes the overall well-being of our employees.

We provide a variety of resources and services to help our employees plan for retirement and provide a 401(k) plan with immediate vesting.

We benchmark and establish compensation structures based on competitive market data.

Individual pay is based on various factors such as an employee's role, experience, job location and contributions.

Performance discussions for salaried employees are conducted throughout the year to assess contributions and inform individual development plans.

Wellness and Safety

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We provide a workplace that develops, supports and motivates our people.

Our Resources for Living program provides information, education tools and resources to help support our employees' physical, financial, social and emotional well-being.

Our Ways to Well-being Strategy provides information, education tools and resources to drive engagement and to help support our employees' physical, financial, professional, social and emotional well-being.

As part of this focus on well-being, we emphasize the need for our employees to embrace healthy lifestyles and we offer a variety of wellness education opportunities for our employees.

We continue to modernize our workspaces and have a hybrid work policy to allow office-based employees to work remotely several days per week.

Total Rewards

We provide a variety of resources and services to help our employees plan for retirement and provide a 401(k) plan with immediate vesting.

We benchmark and establish compensation structures based on competitive market data.

Individual pay is based on various factors such as an employee's role, experience, job location and contributions.

Performance discussions for salaried employees are conducted throughout the year to assess contributions and inform individual development plans.

Our primary corporate website can be found at www.campbellsoupcompany.com .

Our primary corporate website can be found at www.thecampbellscompany.com .

We make available free of charge at the Investors portion of this website (under the "Financials—SEC Filings" caption) all of our reports (including amendments) filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, including our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K.

These reports are made available on the website as soon as reasonably practicable after their filing with, or furnishing to, the Securities and Exchange Commission.

All websites appearing in this Annual Report on Form 10-K are inactive textual references only, and the information in, or accessible through, such websites is not incorporated into this Annual Report on Form 10-K, or into any of our other filings with the Securities and Exchange Commission.

These reports are made available on the website as soon as reasonably practicable after their filing with, or furnishing to, the Securities and Exchange Commission (SEC).

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business