3 unchanged sentences
(millions, except per share amounts)
−Removed: Three Months Ended Six Months Ended
−Removed: February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Net sales $ 2,366 $ 2,475 $ 7,607 $ 7,932
25 unchanged sentences
Three Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: May 3, 2026 April 27, 2025
Pre-tax amount Tax benefit (expense) After-tax amount Pre-tax amount Tax benefit (expense) After-tax amount
13 unchanged sentences
Total comprehensive income (loss) attributable to The Campbell's Company $ 126 $ 67
−Removed: Six Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: May 3, 2026 April 27, 2025
Pre-tax amount Tax benefit (expense) After-tax amount Pre-tax amount Tax benefit (expense) After-tax amount
17 unchanged sentences
(millions, except per share amounts)
−Removed: February 1, 2026 August 3, 2025
+Added: May 3, 2026 August 3, 2025
Current assets
38 unchanged sentences
Consolidated Statements of Cash Flows
−Removed: Six Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: May 3, 2026 April 27, 2025
Cash flows from operating activities:
4 unchanged sentences
Stock-based compensation 48 52
−Removed: Pension and postretirement benefit expense (income) ( 2 ) 2
+Added: Pension and postretirement benefit expense 4 2
Depreciation and amortization 306 328
Deferred income taxes 81 ( 58 )
−Removed: Loss on sale of business — 25
+Added: Loss on sales of businesses — 25
Changes in working capital, net of divestitures
9 unchanged sentences
Sales of routes 51 96
−Removed: Sales of businesses 5 70
+Added: Sales of businesses, net of cash divested 5 258
Other ( 1 ) ( 8 )
9 unchanged sentences
Payments of debt issuance costs ( 5 ) ( 12 )
−Removed: Net cash provided by (used in) financing activities ( 78 ) 160
+Added: Net cash used in financing activities ( 272 ) ( 755 )
Effect of exchange rate changes on cash 1 ( 2 )
13 unchanged sentences
Shares Amount Shares Amount
−Removed: Balance at October 27, 2024
+Added: Balance at January 26, 2025
323 $ 12 ( 25 ) $ ( 1,208 ) $ 406 $ 4,716 $ ( 16 ) $ 2 $ 3,912
5 unchanged sentences
Treasury stock issued under stock-based compensation plans — 5 9 — 14
−Removed: Balance at January 26, 2025
+Added: Balance at April 27, 2025
323 $ 12 ( 25 ) $ ( 1,207 ) $ 415 $ 4,665 $ ( 15 ) $ 2 $ 3,872
7 unchanged sentences
Treasury stock issued under stock-based compensation plans 1 60 ( 22 ) ( 16 ) 22
−Removed: Balance at January 26, 2025 323 $ 12 ( 25 ) $ ( 1,208 ) $ 406 $ 4,716 $ ( 16 ) $ 2 $ 3,912
−Removed: Balance at November 2, 2025
+Added: Balance at April 27, 2025 323 $ 12 ( 25 ) $ ( 1,207 ) $ 415 $ 4,665 $ ( 15 ) $ 2 $ 3,872
+Added: Balance at February 1, 2026
323 $ 12 ( 25 ) $ ( 1,188 ) $ 396 $ 4,796 $ ( 11 ) $ 2 $ 4,007
5 unchanged sentences
Treasury stock issued under stock-based compensation plans — 5 9 — 14
−Removed: Balance at February 1, 2026
+Added: Balance at May 3, 2026
323 $ 12 ( 25 ) $ ( 1,183 ) $ 405 $ 4,803 $ ( 9 ) $ 2 $ 4,030
7 unchanged sentences
Treasury stock issued under stock-based compensation plans 1 50 ( 13 ) ( 2 ) 35
−Removed: Balance at February 1, 2026
+Added: Balance at May 3, 2026
323 $ 12 ( 25 ) $ ( 1,183 ) $ 405 $ 4,803 $ ( 9 ) $ 2 $ 4,030
13 unchanged sentences
The guidance is effective for annual periods beginning after December 15, 2024.
−Removed: The guidance should be applied on a prospective basis with the option to apply the standard retrospectively.
Early adoption is permitted.
+Added: The guidance should be applied on a prospective basis with the option to apply the standard retrospectively.
We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
+Added: We will adopt the new guidance beginning with our 2026 annual reporting.
In November 2024, the FASB issued guidance to improve disclosures by requiring additional details about specific types of expenses (purchases of inventory, employee compensation, depreciation and intangible asset amortization) included in certain expense captions.
7 unchanged sentences
The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.
−Removed: The guidance may be applied on a prospective, retrospective or modified transition approach.
Early adoption is permitted.
+Added: The guidance may be applied on a prospective, retrospective or modified transition approach.
We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
4 unchanged sentences
We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
−Removed: In December 2025, the FASB issued authoritative guidance on the accounting for government grants received by business entities.
+Added: In December 2025, the FASB issued guidance on the accounting for government grants received by business entities.
The guidance defines government grants and establishes recognition, presentation and disclosure requirements.
The guidance is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years.
+Added: Early adoption is permitted.
The guidance may be applied on a modified transition approach or retrospectively.
+Added: We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
+Added: In May 2026, the FASB issued guidance on the accounting and disclosure requirements related to environmental credits and environmental credit programs.
+Added: The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years.
Early adoption is permitted.
+Added: The guidance should be applied on a retrospective basis.
We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.
−Removed: Pending Acquisition
On December 8, 2025 , we entered into purchase agreements to acquire 49 % of the issued and outstanding equity interests of La Regina di San Marzano di Antonio Romano S.p.A.
1 unchanged sentence
La Regina currently produces all of our Rao's tomato-based pasta sauces.
−Removed: The aggregate consideration for the transaction is $ 286 million to be paid in two tranches:
−Removed: (i) $ 146 million, payable in cash at the closing, and (ii) $ 140 million payable at our sole discretion in either cash or unregistered shares of our capital stock (not to exceed 19.9% of our outstanding capital stock and voting power prior to issuance) on the first anniversary of the closing.
+Added: Subsequent to the end of the third quarter, we acquired the 49% interests in La Regina on May 4, 2026.
+Added: The aggregate
+Added: consideration for the transaction is $ 286 million to be paid in two tranches:
+Added: (i) $ 146 million was paid in cash at the closing, and (ii) $ 140 million will be payable at our sole discretion in either cash or unregistered shares of our capital stock (not to exceed 19.9% of our outstanding capital stock and voting power prior to issuance) on the first anniversary of the closing.
The remaining 51% of the outstanding equity interests of La Regina are subject to a call option granted to us and a put option granted to La Regina.
The call option may be exercised from the first anniversary of the closing until the later of the tenth anniversary of the closing and the date of cessation of the material commercial agreements between the parties.
−Removed: Under the call
−Removed: option, we may, during specified exercise periods, acquire additional equity interests in increments of not less than 2% from La Regina equity holders at a price based on an implied total equity value of approximately $ 584 million, subject to the payment of a control premium of up to 20% and to a 20% reduction for specified material adverse changes.
+Added: Under the call option, we may, during specified exercise periods, acquire additional equity interests in increments of not less than 2% from La Regina equity holders at a price based on an implied total equity value of approximately $ 584 million, subject to the payment of a control premium of up to 20% and to a 20% reduction for specified material adverse changes.
The put option may be exercised from three years after the first anniversary of the closing until the tenth anniversary of the closing.
Under the put option, La Regina equity holders may require us to purchase all or a portion of their remaining equity interests during a defined exercise period, subject to certain conditions and similar pricing mechanics as the call option.
−Removed: The transaction is subject to certain customary conditions, including, among other things (a) the accuracy of the representations and warranties of La Regina as of the closing of the transaction, (b) compliance in all material respects with pre-closing obligations and covenants under each of the purchase agreements, and (c) the absence of a material adverse change.
−Removed: Each purchase agreement provides for an outside closing date of June 8, 2026, which we may extend once by up to thirty (30) business days upon prior notice.
−Removed: If the closing conditions have not been satisfied or waived by the outside closing date, each purchase agreement will automatically terminate, subject to certain specified provisions that survive termination.
−Removed: We expect to consolidate the results of La Regina and reflect the remaining 51% of the outstanding equity interests as non-controlling interests in our consolidated financial statements.
+Added: We will consolidate the results of La Regina and reflect the remaining 51% of the outstanding equity interests as non-controlling interests in our consolidated financial statements.
+Added: We are currently in the process of finalizing the accounting and related disclosures for this transaction.
On August 26, 2024, we completed the sale of our Pop Secret popcorn business for $ 70 million.
11 unchanged sentences
In connection with the sale, we provided certain transition services to support the business.
−Removed: Net sales of the business were $ 39 million and $ 83 million for the three- and six-month periods ended January 26, 2025, respectively, and $ 99 million through February 24, 2025.
+Added: Net sales of the business were $ 16 million and $ 99 million for the three- and nine-month periods ended April 27, 2025, respectively.
Earnings were not material in the periods.
11 unchanged sentences
Net current-period other comprehensive income (loss) ( 1 ) ( 2 ) 5 2
−Removed: Balance at January 26, 2025
+Added: Balance at April 27, 2025
$ ( 11 ) $ ( 11 ) $ 7 $ ( 15 )
4 unchanged sentences
Net current-period other comprehensive income (loss) 4 2 — 6
−Removed: Balance at February 1, 2026
+Added: Balance at May 3, 2026
$ ( 7 ) $ ( 9 ) $ 7 $ ( 9 )
_____________________________________
−Removed: (1) Included no tax as of February 1, 2026, August 3, 2025, January 26, 2025 and July 28, 2024.
−Removed: (2) Included a tax benefit of $ 2 million as of February 1, 2026, January 26, 2025 and July 28, 2024, and $ 3 million as of August 3, 2025.
−Removed: (3) Included tax expense of $ 2 million as of February 1, 2026 and August 3, 2025, $ 3 million as of January 26, 2025 and $ 1 million as of July 28, 2024.
+Added: (1) Included no tax as of May 3, 2026, August 3, 2025, April 27, 2025 and July 28, 2024.
+Added: (2) Included a tax benefit of $ 2 million as of May 3, 2026, April 27, 2025 and July 28, 2024, and $ 3 million as of August 3, 2025.
+Added: (3) Included tax expense of $ 2 million as of May 3, 2026, August 3, 2025 and April 27, 2025, and $ 1 million as of July 28, 2024.
Amounts related to noncontrolling interests were not material.
The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025 Location of Loss (Gain) Recognized in Earnings
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 Location of Loss (Gain) Recognized in Earnings
Losses (gains) on cash-flow hedges:
4 unchanged sentences
Loss (gain), net of tax $ 1 $ — $ 3 $ —
+Added: Pension and postretirement benefit adjustments:
+Added: Prior service credit $ — $ ( 1 ) $ — $ ( 1 ) Other expenses / (income)
+Added: Tax expense (benefit) — 1 — 1
+Added: Loss (gain), net of tax $ — $ — $ — $ —
Goodwill and Intangible Assets
4 unchanged sentences
Foreign currency translation adjustment 2 — 2
−Removed: Net balance at February 1, 2026
+Added: Net balance at May 3, 2026
$ 2,039 $ 2,954 $ 4,993
1 unchanged sentence
The following table summarizes balance sheet information for intangible assets, excluding goodwill:
−Removed: February 1, 2026 August 3, 2025
+Added: May 3, 2026 August 3, 2025
(Millions) Cost Accumulated Amortization Net Cost Accumulated Amortization Net
15 unchanged sentences
(1) Includes the Late July trademark and certain salty snacks and cookie trademarks within our Snacks segment, including Tom's , Jays , Kruncher's , O-Ke-Doke , Stella D'oro and Archway , collectively referred to as our "Allied brands."
−Removed: Amortization expense was $ 10 million and $ 21 million for the three- and six-month periods ended February 1, 2026, and $ 19 million and $ 39 million for the three- and six-month periods ended January 26, 2025, respectively.
−Removed: Amortization expense for the three- and six-month periods ended January 26, 2025 included accelerated amortization expense of $ 7 million and $ 14 million, respectively, on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers.
−Removed: As of February 1, 2026, amortizable intangible assets had a weighted-average remaining useful life of 18 years.
+Added: Amortization expense was $ 10 million and $ 31 million for the three- and nine-month periods ended May 3, 2026, and $ 19 million and $ 58 million for the three- and nine-month periods ended April 27, 2025, respectively.
+Added: Amortization expense for the three- and nine-month periods ended April 27, 2025 included accelerated amortization expense of $ 6 million and $ 20 million, respectively, on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers.
+Added: As of May 3, 2026, amortizable intangible assets had a weighted-average remaining useful life of 18 years.
Amortization expense is estimated to be approximately $ 40 million per year for each of the next five fiscal years.
2 unchanged sentences
Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets.
−Removed: The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions, including the potential impact of tariffs.
+Added: The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions, including from the potential impact of tariffs, shifting global trade policies and geopolitical conflicts.
Segment Information
45 unchanged sentences
Only the service cost component of pension and postretirement expense is allocated to segments.
−Removed: All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results.
+Added: All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial and curtailment gains and losses are reflected in Corporate and not included in segment operating results.
Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance by the CODM.
Three Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: May 3, 2026 April 27, 2025
(Millions) Meals & Beverages Snacks Total Meals & Beverages Snacks Total
10 unchanged sentences
Earnings before taxes $ 159 $ 81
−Removed: Six Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: May 3, 2026 April 27, 2025
(Millions) Meals & Beverages Snacks Total Meals & Beverages Snacks Total
10 unchanged sentences
Earnings before taxes $ 608 $ 612
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Depreciation and amortization
3 unchanged sentences
Total $ 105 $ 109 $ 306 $ 328
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Capital expenditures
6 unchanged sentences
(2) Represents unallocated items.
−Removed: Costs related to cost savings and optimization initiatives were $ 21 million and $ 52 million in the three- and six-month periods ended February 1, 2026, and $ 20 million and $ 49 million in the three- and six-month periods ended January 26, 2025, respectively.
−Removed: Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $ 16 million and $ 14 million in the three- and six-month periods ended February 1, 2026, and gains of $ 14 million and $ 18 million in the three- and six-month periods ended January 26, 2025, respectively.
−Removed: Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $ 1 million and $ 11 million in the three- and six-month periods ended February 1, 2026, and $ 1 million and $ 2 million in the three- and six-month periods ended January 26, 2025, respectively.
−Removed: Costs associated with a pending acquisition were $ 2 million in the six-month period ended February 1, 2026.
−Removed: Insurance recoveries of $ 1 million related to a cybersecurity incident were included in the six-month periods ended February 1, 2026 and January 26, 2025, respectively.
−Removed: Accelerated amortization expense related to customer relationship intangible assets was $ 7 million and $ 14 million in the three- and six-month periods ended January 26, 2025, respectively.
−Removed: Intangible asset impairment charges were $ 26 million in the three- and six-month periods ended January 26, 2025.
−Removed: A loss on the sale of our Pop Secret popcorn business of $ 25 million was included in the six-month period ended January 26, 2025.
−Removed: A postretirement actuarial loss of $ 2 million was included in the six-month period ended January 26, 2025.
+Added: Costs related to cost savings and optimization initiatives were $ 60 million and $ 112 million in the three- and nine-month periods ended May 3, 2026, and $ 25 million and $ 74 million in the three- and nine-month periods ended April 27, 2025, respectively.
+Added: Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $ 6 million and $ 20 million in the three- and nine-month periods ended May 3, 2026, and losses of $ 10 million and gains of $ 8 million in the three- and nine-month periods ended April 27, 2025, respectively.
+Added: Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $ 11 million in the nine-month period ended May 3, 2026, and $ 4 million and $ 6 million in the three- and nine-month periods ended April 27, 2025, respectively.
+Added: Costs associated with an acquisition were $ 2 million and $ 4 million in the three- and nine-month periods ended May 3, 2026, respectively.
+Added: Pension actuarial and curtailment gains of $ 30 million were included in the three- and nine-month periods ended May 3, 2026 and a postretirement actuarial loss of $ 2 million was included in the nine-month period ended April 27, 2025.
+Added: Insurance recoveries of $ 1 million related to a cybersecurity incident were included in the nine-month periods ended May 3, 2026 and April 27, 2025, respectively.
+Added: Accelerated amortization expense related to customer relationship intangible assets was $ 6 million and $ 20 million in the three- and nine-month periods ended April 27, 2025, respectively.
+Added: Intangible asset impairment charges were $ 150 million and $ 176 million in the three- and nine-month periods ended April 27, 2025, respectively.
+Added: A loss on the sale of our Pop Secret popcorn business of $ 25 million was included in the nine-month period ended April 27, 2025.
(3) See Note 8 for additional information.
1 unchanged sentence
Our net sales based on product categories are as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Soup $ 578 $ 621 $ 2,234 $ 2,322
5 unchanged sentences
Snacks include cookies, pretzels, crackers, popcorn, potato chips, tortilla chips and other salty snacks and baked products.
−Removed: Other simple meals include sauces, yogurts, pasta, frozen entrées, canned poultry, frozen pizza, gravies and beans.
+Added: Other simple meals include sauces, pasta, frozen entrées, canned poultry, frozen pizza, gravies, beans and yogurts.
Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.
6 unchanged sentences
Certain initiatives from those programs have been incorporated into our 2025 cost savings initiatives.
+Added: In the third quarter of 2026, we commenced a voluntary early retirement program as part of our cost savings initiatives.
+Added: The program was available to certain salaried employees who met age and length-of-service criteria.
+Added: The eligible employees were entitled to receive severance pay and benefits, including enhanced pension benefits for certain employees.
+Added: Substantially all electing employees will depart the company by December 2026.
Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be developed.
A summary of the pre-tax charges recorded in the Consolidated Statements of Earnings related to these initiatives is as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025 Recognized as of February 1, 2026
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 Recognized as of May 3, 2026
Restructuring charges $ 9 $ 6 $ 15 $ 17 $ 39
3 unchanged sentences
Research and development expenses 1 1 2 3 5
+Added: Other expenses / (income) 38 — 38 — 38
Total pre-tax charges $ 67 $ 21 $ 107 $ 73 $ 211
A summary of the cumulative pre-tax costs associated with the initiatives is as follows:
−Removed: (Millions) Recognized as of February 1, 2026
+Added: (Millions) Recognized as of May 3, 2026
Severance pay and benefits
11 unchanged sentences
Of the aggregate $ 310 million of pre-tax costs identified to date, we expect approximately $ 215 million will be cash expenditures.
−Removed: In addition, we expect to invest approximately $ 215 million in capital expenditures, of which we invested $ 187 million as of February 1, 2026.
+Added: In addition, we expect to invest approximately $ 220 million in capital expenditures, of which we invested $ 208 million as of May 3, 2026.
The capital expenditures primarily relate to optimization of production within our manufacturing network, optimization of information technology infrastructure and applications and implementation of our existing SAP enterprise-resource planning system for Sovos Brands.
A summary of the restructuring activity and related reserves is as follows:
−Removed: (Millions) Severance Pay and Benefits Implementation Costs and Other Related
+Added: (Millions) Severance Pay and Benefits Pension Benefits (3)
+Added: Implementation Costs and Other Related
Asset Impairment/Accelerated Depreciation Other Non-Cash Exit Costs (5)
3 unchanged sentences
2026 cash payments
−Removed: Accrued balance at February 1, 2026 (2)
+Added: Accrued balance at May 3, 2026 (2)
__________________________________
1 unchanged sentence
(2) Includes $ 2 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.
+Added: (3) Represents special termination pension benefits offered under the voluntary early retirement program.
(4) Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.
3 unchanged sentences
A summary of the pre-tax costs associated with segments is as follows:
−Removed: February 1, 2026
−Removed: (Millions) Three Months Ended Six Months Ended Costs Incurred to Date
+Added: (Millions) Three Months Ended Nine Months Ended Costs Incurred to Date
Meals & Beverages $ 31 $ 51 $ 125
2 unchanged sentences
Total $ 67 $ 107 $ 211
−Removed: In the third quarter of 2026, we commenced a voluntary early retirement program as part of our cost savings initiatives.
−Removed: The program is available to certain salaried employees who meet age and length-of-service criteria.
−Removed: We currently do not know which employees will elect to participate and therefore are unable to estimate the costs of the program, although we expect these costs to consist primarily of severance pay and benefits, including enhanced pension benefits.
−Removed: We will provide an estimate of the costs expected to be incurred as the program is executed.
Other Optimization Initiatives
2 unchanged sentences
We expect to execute this program in a staggered rollout and to incur expenses of up to approximately $ 115 million through 2029.
−Removed: In the three-month period ended February 1, 2026, we incurred $ 2 million in Marketing and selling expenses related to this initiative.
−Removed: In the six-month periods ended February 1, 2026 and January 26, 2025, we incurred $ 18 million and $ 8 million in Marketing and selling expenses related to this initiative, respectively.
−Removed: As of February 1, 2026, we have incurred $ 43 million in Marketing and selling expenses and $ 1 million in Administrative expenses related to this initiative.
+Added: In the three- and nine-month periods ended May 3, 2026, we incurred $ 2 million and $ 20 million in Marketing and selling expenses related to this initiative, respectively.
+Added: In the three- and nine-month periods ended April 27, 2025, we incurred $ 9 million and $ 17 million in Marketing and selling expenses and $ 1 million in Administrative expenses related to this initiative, respectively.
+Added: As of May 3, 2026, we have incurred $ 45 million in Marketing and selling expenses and $ 1 million in Administrative expenses related to this initiative.
Earnings per Share (EPS)
For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive.
−Removed: The earnings per share calculation for the three- and six-month periods ended February 1, 2026 excludes approximately 1 million stock options that would have been antidilutive.
−Removed: The earnings per share calculation for the three- and six-month periods ended January 26, 2025 excludes less than 1 million stock options that would have been antidilutive.
+Added: The earnings per share calculation for the three- and nine-month periods ended May 3, 2026 excludes approximately 1 million stock options that would have been antidilutive.
+Added: The earnings per share calculation for the three- and nine-month periods ended April 27, 2025 excludes less than 1 million stock options that would have been antidilutive.
Pension and Postretirement Benefits
Components of net periodic benefit expense (income) were as follows:
−Removed: Three Months Ended Six Months Ended
+Added: Three Months Ended Nine Months Ended
Pension Postretirement Pension Postretirement
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Service cost $ 3 $ 4 $ — $ — $ 9 $ 10 $ — $ —
1 unchanged sentence
Expected return on plan assets ( 20 ) ( 20 ) — — ( 59 ) ( 60 ) — —
+Added: Amortization of prior service credit — — — ( 1 ) — — — ( 1 )
+Added: Special termination benefits 38 — — — 38 — — —
+Added: Curtailment losses (gains) ( 5 ) — — — ( 5 ) — — —
Actuarial losses (gains) ( 25 ) — — — ( 25 ) — — 2
Net periodic benefit expense (income) $ 5 $ ( 1 ) $ 1 $ 1 $ — $ ( 4 ) $ 4 $ 6
−Removed: The actuarial loss for the six-month period ended January 26, 2025 was due to the remeasurement of our postretirement plan in the first quarter due to a plan amendment.
+Added: The special termination pension benefits for the three- and nine-month periods ended May 3, 2026 related to a voluntary early retirement program offered under our cost savings initiatives.
+Added: See also Note 8.
+Added: The curtailment gains for three- and nine-month periods ended May 3, 2026 primarily related to plan amendments of certain pension plans to freeze future benefit accruals (other than interest credits on already accrued benefits), effective as of
+Added: August 1, 2028, for certain salaried employees.
+Added: The actuarial gains for the three- and nine-month periods ended May 3, 2026 resulted from the remeasurement of certain pension plans in the third quarter due to plan amendments and activity under our cost savings initiatives.
+Added: The actuarial gains were primarily due to gains on plan assets that exceeded the expected return, partially offset by decreases in the discount rates used to determine the benefit obligations.
+Added: The actuarial loss for the nine-month period ended April 27, 2025 resulted from the remeasurement of our postretirement plan in the first quarter due to a plan amendment.
The actuarial loss was primarily due to a decrease in the discount rate used to determine the benefit obligation.
The components of lease costs were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Operating lease cost $ 28 $ 28 $ 85 $ 84
4 unchanged sentences
Sublease income
−Removed: ( 1 ) — ( 1 ) —
Total $ 123 $ 105 $ 370 $ 331
1 unchanged sentence
Operating Leases
−Removed: (Millions) Balance Sheet Classification February 1, 2026 August 3,
+Added: (Millions) Balance Sheet Classification May 3, 2026 August 3,
ROU assets, net Other assets $ 288 $ 326
2 unchanged sentences
Finance Leases
−Removed: (Millions) Balance Sheet Classification February 1, 2026 August 3,
+Added: (Millions) Balance Sheet Classification May 3, 2026 August 3,
ROU assets, net Plant assets, net of depreciation $ 74 $ 66
2 unchanged sentences
The following table summarizes cash flow and other information related to leases:
−Removed: Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025
Cash paid for amounts included in the measurement of lease liabilities:
11 unchanged sentences
If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101 % of the principal amount plus accrued and unpaid interest, if any, to the purchase date.
−Removed: W e used a portion of the proceeds from the issuance of the notes to repay a portion of our outstanding commercial paper and plan to use the remaining proceeds to repay existing indebtedness and for general corporate purposes.
−Removed: We have $ 400 million aggregate principal amount of senior notes maturing in March 2026 that we expect to repay using available resources, which may include cash on hand, commercial paper and/or our revolving credit facility.
−Removed: In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps with a notional amount of $ 600 million as of February 1, 2026.
+Added: W e used a portion of the net proceeds from the issuance of the notes to repay a portion of our outstanding commercial paper and used the remaining proceeds to repay existing indebtedness and for general corporate purposes.
+Added: In March 2026, we used a portion of the net proceeds from the issuance of the notes along with cash on hand and the issuance of commercial paper to repay $ 400 million aggregate principal amount of senior notes that matured in March 2026.
+Added: In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps with a notional amount of $ 600 million.
The instruments effectively convert a portion of our $ 800 million 4.75 % Notes due March 23, 2035 from fixed-rate to variable-rate debt with interest based on the Secured Overnight Financing Rate (SOFR) plus a margin.
10 unchanged sentences
To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk.
−Removed: We did not have credit risk-related contingent features in our derivative instruments as of February 1, 2026, or August 3, 2025.
+Added: We did not have credit risk-related contingent features in our derivative instruments as of May 3, 2026, or August 3, 2025.
We are also exposed to credit risk from our customers.
7 unchanged sentences
We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months.
−Removed: The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $ 192 million as of February 1, 2026, and $ 183 million as of August 3, 2025.
+Added: The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $ 223 million as of May 3, 2026, and $ 183 million as of August 3, 2025.
Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows.
1 unchanged sentence
Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss).
−Removed: The notional amount of foreign exchange forward and option contracts that are not designated as accounting hedges was $ 167 million as of February 1, 2026, and $ 413 million as of August 3, 2025.
+Added: The notional amount of foreign exchange forward and option contracts that are not designated as accounting hedges was $ 99 million as of May 3, 2026, and $ 413 million as of August 3, 2025.
Interest Rate Risk
7 unchanged sentences
The gain on these instruments was recorded in other comprehensive income (loss) and will be recognized in Interest expense over the life of the debt.
−Removed: There were no forward starting interest rate swaps or treasury lock contracts outstanding as of February 1, 2026 and August 3, 2025.
+Added: There were no forward starting interest rate swaps or treasury lock contracts outstanding as of May 3, 2026 and August 3, 2025.
In the second quarter of 2026, we entered into fixed-to-floating interest rate swaps to hedge changes in the fair value of a portion of our previously issued senior unsecured notes attributable to the change in the benchmark interest rate.
−Removed: The notional amount of fixed-to-floating interest rate swaps was $ 600 million as of February 1, 2026.
The instruments effectively convert a portion of our $ 800 million 4.75 % Notes due March 23, 2035 from fixed-rate to variable-rate debt with interest based on SOFR plus a margin.
1 unchanged sentence
Changes in the fair value of these instruments are recorded in Interest expense along with the offsetting changes in the fair value of the related hedged portion of long-term debt.
+Added: The notional amount of fixed-to-floating interest rate swaps was $ 600 million as of May 3, 2026.
There were no fixed-to-floating interest rate swaps outstanding as of August 3, 2025.
4 unchanged sentences
We hedge a portion of commodity requirements for periods typically up to 18 months.
−Removed: There were no commodity contracts designated as cash-flow hedges as of February 1, 2026, or August 3, 2025.
−Removed: The notional amount of commodity contracts not designated as accounting hedges was $ 156 million as of February 1, 2026, and $ 184 million as of August 3, 2025.
+Added: There were no commodity contracts designated as cash-flow hedges as of May 3, 2026, or August 3, 2025.
+Added: The notional amount of commodity contracts not designated as accounting hedges was $ 90 million as of May 3, 2026, and $ 184 million as of August 3, 2025.
The change in fair value on undesignated instruments is recorded in Cost of products sold.
2 unchanged sentences
We net settle amounts due under the contract with our counterparty.
−Removed: The notional amount was $ 79 million as of February 1, 2026, and $ 49 million as of August 3, 2025.
+Added: The notional amount was $ 58 million as of May 3, 2026, and $ 49 million as of August 3, 2025.
The change in fair value on the embedded derivative is recorded in Cost of products sold.
4 unchanged sentences
We enter into these contracts for periods typically not exceeding 12 months.
−Removed: The notional amounts of the contracts were $ 76 million as of February 1, 2026, and August 3, 2025.
+Added: The notional amounts of the contracts were $ 76 million as of May 3, 2026, and August 3, 2025.
The following tables summarize the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets:
−Removed: (Millions) Balance Sheet Classification February 1, 2026 August 3,
+Added: (Millions) Balance Sheet Classification May 3, 2026 August 3,
Asset Derivatives
5 unchanged sentences
Total asset derivatives $ 34 $ 15
−Removed: (Millions) Balance Sheet Classification February 1, 2026 August 3,
+Added: (Millions) Balance Sheet Classification May 3, 2026 August 3,
Liability Derivatives
5 unchanged sentences
Commodity contracts Accrued liabilities $ 7 $ 11
−Removed: Foreign exchange contracts Accrued liabilities 1 —
Total derivatives not designated as hedges $ 7 $ 11
1 unchanged sentence
We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements.
−Removed: However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of February 1, 2026, and August 3, 2025, would be adjusted as detailed in the following table:
−Removed: February 1, 2026 August 3, 2025
+Added: However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of May 3, 2026, and August 3, 2025, would be adjusted as detailed in the following table:
+Added: May 3, 2026 August 3, 2025
(Millions) Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount Gross Amounts Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements Net Amount
2 unchanged sentences
We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments.
−Removed: A cash margin asset balance of $ 3 million at February 1, 2026, and a
−Removed: liability balance of less than $ 1 million at August 3, 2025, were included in Other current assets and Accrued liabilities, respectively, in the Consolidated Balance Sheets.
+Added: A cash margin asset balance of less than $ 1 million at May 3, 2026, and a liability balance of less than $ 1 million at August 3, 2025, were included in Other current assets and Accrued liabilities, respectively, in the Consolidated Balance Sheets.
The following tables show the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:
Total Cash-flow Hedge
−Removed: (Millions) February 1, 2026 January 26, 2025
+Added: (Millions) May 3, 2026 April 27, 2025
Three Months Ended
7 unchanged sentences
OCI derivative gain (loss) at end of quarter $ ( 11 ) $ ( 13 )
−Removed: Six Months Ended
+Added: Nine Months Ended
OCI derivative gain (loss) at beginning of year $ ( 14 ) $ ( 11 )
9 unchanged sentences
Three Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: May 3, 2026 April 27, 2025
(Millions) Cost of products sold Interest
6 unchanged sentences
Amount of loss (gain) on derivative recognized in earnings $ — $ 4 $ — $ —
−Removed: Six Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: May 3, 2026 April 27, 2025
(Millions) Cost of products sold Interest
9 unchanged sentences
Carrying Amount of Hedged Liabilities Cumulative Amount of Fair-value Hedging Loss (Gain) Included in the Carrying Amount
−Removed: (Millions) February 1, 2026 August 3,
−Removed: 2025 February 1, 2026 August 3,
+Added: (Millions) May 3, 2026 August 3,
+Added: 2025 May 3, 2026 August 3,
Balance Sheet Classification:
1 unchanged sentence
The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
−Removed: Location of Loss (Gain) Recognized in Earnings Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Location of Loss (Gain) Recognized in Earnings Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Foreign exchange contracts Cost of products sold $ 1 $ ( 3 ) $ 3 $ ( 4 )
13 unchanged sentences
The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis consistent with the fair value hierarchy:
−Removed: February 1, 2026
Fair Value Measurements at
−Removed: February 1, 2026 Using
+Added: May 3, 2026 Using
Fair Value Hierarchy
13 unchanged sentences
Total assets at fair value $ 35 $ 1 $ 30 $ 4 $ 16 $ 2 $ 11 $ 3
−Removed: February 1, 2026
Fair Value Measurements at
−Removed: February 1, 2026 Using
+Added: May 3, 2026 Using
Fair Value Hierarchy
21 unchanged sentences
The following table summarizes the changes in fair value of Level 3 assets and liabilities:
−Removed: Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025
Fair value at beginning of year $ ( 1 ) $ 5
5 unchanged sentences
Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less.
−Removed: There were $ 83 million of cash equivalents with fair value based on Level 2 inputs at February 1, 2026.
−Removed: There were no cash equivalents with fair value based on Level 2 inputs at August 3, 2025.
−Removed: The fair value of short- and long-term debt was $ 6.751 billion at February 1, 2026, and $ 6.545 billion at August 3, 2025.
−Removed: The carrying value was $ 7.075 billion at February 1, 2026, and $ 6.857 billion at August 3, 2025.
+Added: There were no cash equivalents with fair value based on Level 2 inputs at May 3, 2026, and August 3, 2025.
+Added: The fair value of short- and long-term debt was $ 6.479 billion at May 3, 2026, and $ 6.545 billion at August 3, 2025.
+Added: The carrying value was $ 7.01 billion at May 3, 2026, and $ 6.857 billion at August 3, 2025.
The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.
7 unchanged sentences
The September 2024 program replaced an anti-dilutive share repurchase program of up to $ 250 million that was approved by the Board in June 2021 and has been terminated.
−Removed: During the six-month periods ended February 1, 2026 and January 26, 2025, we repurchased 805 thousand shares at a cost of $ 26 million and 1.134 million shares at a cost of $ 56 million, respectively, pursuant to our anti-dilutive share repurchase programs.
−Removed: As of February 1, 2026, approximately $ 172 million remained available under the September 2024 program and approximately $ 301 million remained available under the September 2021 program.
+Added: During the nine-month periods ended May 3, 2026 and April 27, 2025, we repurchased 805 thousand shares at a cost of $ 26 million and 1.247 million shares at a cost of $ 60 million, respectively, pursuant to our anti-dilutive share repurchase programs.
+Added: As of May 3, 2026, approximately $ 172 million remained available under the September 2024 program and approximately $ 301 million remained available under the September 2021 program.
Stock-based Compensation
7 unchanged sentences
Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Total pre-tax stock-based compensation expense $ 15 $ 16 $ 48 $ 52
9 unchanged sentences
Terminated ( 71 ) $ 50.21
−Removed: Outstanding at February 1, 2026
+Added: Outstanding at May 3, 2026
708 $ 44.84 1.6 $ —
−Removed: Exercisable at February 1, 2026
+Added: Exercisable at May 3, 2026
708 $ 44.84 1.6 $ —
−Removed: No options were exercised during the six-month period ended January 26, 2025.
+Added: No options were exercised during the nine-month period ended April 27, 2025.
We measured the fair value of stock options using the Black-Scholes option pricing model.
9 unchanged sentences
Forfeited ( 445 ) $ 41.23
−Removed: Nonvested at February 1, 2026
+Added: Nonvested at May 3, 2026
3,208 $ 37.53
8 unchanged sentences
In the first quarter of 2025, recipients of the performance restricted stock units earned 100 % of the initial grants based upon performance achieved during a three-year period ended July 28, 2024.
−Removed: There were 528 thousand of the performance target grants outstanding at February 1, 2026, with a weighted-average grant-date fair value of $ 44.30 .
−Removed: As of February 1, 2026, total remaining unearned compensation related to nonvested time-lapse restricted stock units and performance restricted stock units was $ 62 million, which will be amortized over the weighted-average remaining service period of 2.0 years.
−Removed: The fair value of time-lapse and performance restricted stock units vested during the six-month periods ended February 1, 2026, and January 26, 2025, was $ 33 million and $ 63 million, respectively.
−Removed: The weighted-average grant-date fair value of the time-lapse and performance restricted stock units granted during the six-month period ended January 26, 2025 was $ 48.34 .
+Added: There were 516 thousand of the performance target grants outstanding at May 3, 2026, with a weighted-average grant-date fair value of $ 44.28 .
+Added: As of May 3, 2026, total remaining unearned compensation related to nonvested time-lapse restricted stock units and performance restricted stock units was $ 49 million, which will be amortized over the weighted-average remaining service period of 1.9 years.
+Added: The fair value of time-lapse and performance restricted stock units vested during the nine-month periods ended May 3, 2026, and April 27, 2025, was $ 36 million and $ 68 million, respectively.
+Added: The weighted-average grant-date fair value of the time-lapse and performance restricted stock units granted during the nine-month period ended April 27, 2025 was $ 47.97 .
The following table summarizes performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units activity:
5 unchanged sentences
Forfeited ( 278 ) $ 44.79
−Removed: Nonvested at February 1, 2026
+Added: Nonvested at May 3, 2026
1,546 $ 37.36
1 unchanged sentence
Weighted-average assumptions used in the Monte Carlo simulation for grants were as follows:
−Removed: Six Months Ended
−Removed: February 1, 2026 January 26, 2025
+Added: Nine Months Ended
+Added: May 3, 2026 April 27, 2025
Risk-free interest rate 3.67 % 3.56 %
6 unchanged sentences
We expense performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis.
−Removed: As of February 1, 2026, total remaining unearned compensation related to performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units was $ 27 million, which will be amortized over the weighted-average remaining service period of 2.1 years.
+Added: As of May 3, 2026, total remaining unearned compensation related to performance restricted stock units subject to a TSR modifier and TSR performance restricted stock units was $ 17 million, which will be amortized over the weighted-average remaining service period of 2.0 years.
In the first quarter of 2026, recipients of TSR performance restricted stock units earned 50 % of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended August 1, 2025.
1 unchanged sentence
As a result, approximately 199 thousand additional shares were awarded.
−Removed: The fair value of TSR performance restricted stock units vested during the six-month periods ended February 1, 2026, and January 26, 2025, was $ 4 million and $ 23 million, respectively.
−Removed: The grant-date fair value of the TSR performance restricted stock units granted during the six-month period ended January 26, 2025, was $ 47.33 .
+Added: The fair value of TSR performance restricted stock units vested during the nine-month periods ended May 3, 2026, and April 27, 2025, was $ 4 million and $ 23 million, respectively.
+Added: The weighted-average grant-date fair value of the TSR performance restricted stock units granted during the nine-month period ended April 27, 2025, was $ 45.23 .
Commitments and Contingencies
7 unchanged sentences
Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain.
−Removed: Uncertainties can include how fact finders will evaluate documentary
−Removed: evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal.
+Added: Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the
+Added: context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal.
Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.
4 unchanged sentences
We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated.
−Removed: It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of February 1, 2026.
+Added: It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of May 3, 2026.
While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition.
2 unchanged sentences
Certain indemnifications have finite expiration dates.
−Removed: Liabilities recognized based on known exposures related to such matters were not material at February 1, 2026.
+Added: Liabilities recognized based on known exposures related to such matters were not material at May 3, 2026.
Supplier Finance Program Obligations
7 unchanged sentences
The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows.
−Removed: Our outstanding obligations confirmed as valid under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were $ 254 million at February 1, 2026 and $ 240 million at August 3, 2025.
+Added: Our outstanding obligations confirmed as valid under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were $ 253 million at May 3, 2026 and $ 240 million at August 3, 2025.
Supplemental Financial Statement Data
−Removed: (Millions) February 1, 2026 August 3,
+Added: (Millions) May 3, 2026 August 3, 2025
Balance Sheets
2 unchanged sentences
$ 1,451 $ 1,424
−Removed: Three Months Ended Six Months Ended
−Removed: (Millions) February 1, 2026 January 26, 2025 February 1, 2026 January 26, 2025
+Added: Three Months Ended Nine Months Ended
+Added: (Millions) May 3, 2026 April 27, 2025 May 3, 2026 April 27, 2025
Statements of Earnings
4 unchanged sentences
Net periodic benefit expense (income) other than the service cost (3)
+Added: 3 ( 4 ) ( 5 ) ( 8 )
Costs associated with acquisition (4)
−Removed: Loss on sale of business (4)
+Added: Loss on sales of businesses (5)
Transition services fees
3 unchanged sentences
_______________________________________
+Added: (1) In the third quarter of 2025, we recognized an impairment charge of $ 150 million on our Snyder's of Hanover trademark.
In the second quarter of 2025, we recognized an impairment charge of $ 15 million on our Allied brands trademarks and an impairment charge of $ 11 million on our Late July trademark.
−Removed: (2) Includes accelerated amortization expense related to customer relationship intangible assets of $ 7 million and $ 14 million in the three- and six-month periods ended January 26, 2025.
+Added: (2) Includes accelerated amortization expense related to customer relationship intangible assets of $ 6 million and $ 20 million in the three- and nine-month periods ended April 27, 2025.
+Added: (3) Includes special termination pension benefits in the three- and nine-month periods ended May 3, 2026.
See Note 10 for additional information.
(4) See Note 3 for additional information.
+Added: (5) See Note 4 for additional information.
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.