Analyst Consensus ?
ConsensusHold29 ratings
Bullish13.5%
Neutral1758.6%
Bearish1137.9%
Campbell Soup Company · CPB · FY2026 Q3 · Calendar Q2 2026
Campbell's Q3 FY26: EPS Beats as Cost Discipline Offsets Inflation
Campbell's delivered a modest EPS beat in Q3 FY26 as cost discipline and brand focus offset persistent inflation and soft revenue. EBIT margin improved sequentially to approximately 10%, though the salty snacks segment remains a drag. Management's $100M SG&A reduction plan, early-retirement program, and portfolio simplification around core brands (Goldfish, Rao's, Pepperidge Farm) signal a defensive posture. With guidance maintained, the dividend unchanged, and leverage improvement targeted to the low-3s range, the company is prioritizing stability over growth. A Q4 tariff refund of $0.03 to $0.04 per share offers a small tailwind. The market initially reacted negatively (abnormal move of -1.1% on the event session), but shares drifted +2.3% in the subsequent period on 1.9x baseline volume, suggesting investors warmed to the cost-cutting narrative.
Reported Before market openNASDAQConsumer Defensive
$6.58B market cap
90quality score
Company context
Snapshot as of publicationCampbell Soup Company (CPB) is a leading international producer and marketer of a wide variety of food and beverage products. The enterprise conducts its business through two main operational divisions: Meals & Beverages and Snacks. The Meals & Beverages segment serves both retail and food service industries throughout the United States and Canada. Its extensive product range includes classic Campbell's condensed and ready-to-enjoy soups; Swanson brand broths and stocks; Pacific Foods' line of broths, soups, and non-dairy beverages; Prego pasta sauces; Pace brand Mexican sauces; Campbell's gravies, pasta dishes, beans, and dinner sauces; Swanson canned poultry; Plum organic baby food and snacks; V8 juices and drinks; and Campbell's tomato juice. The Snacks division primarily targets the retail sector, with a significant presence in Latin America.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.50
Consensus $0
EPS surprise
+4.4%
Reported versus consensus
Reported revenue
$2.37B
Consensus $2.38B
Revenue surprise
-0.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$21.98Current
$17Low
$35.15Average
$59High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Stifel | Hold | Hold | Maintain | Jul 22, 2026 |
| UBS | Sell | Sell | Maintain | Jun 9, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jun 9, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jun 9, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jun 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 5, 2026 |
| Bernstein | Underperform | Market Perform | Downgrade | Jun 3, 2026 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Jun 1, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jun 1, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | May 22, 2026 |
| BNP Paribas | Underperform | Underperform | Maintain | Apr 9, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | Apr 8, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Mar 30, 2026 |
| TD Cowen | Hold | Hold | Maintain | Mar 12, 2026 |
| Piper Sandler | Neutral | Overweight | Downgrade | Aug 7, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Jun 24, 2025 |
| Citigroup | Sell | Sell | Maintain | Jun 3, 2025 |
| Jefferies | Hold | Hold | Maintain | Mar 5, 2025 |
| Argus Research | Buy | Hold | Upgrade | Sep 20, 2024 |
| Goldman Sachs | Sell | Sell | Maintain | Aug 23, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 9, 2023 |
| Exane BNP Paribas | Underperform | Underperform | Maintain | Nov 15, 2022 |
| R5 Capital | Hold | Buy | Downgrade | Mar 14, 2022 |
| Piper Jaffray | Neutral | Underweight | Upgrade | Sep 4, 2019 |
| Bank of America | Underperform | Underperform | Maintain | Sep 3, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | May 21, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| PiperJaffray | Underweight | Neutral | Downgrade | Mar 1, 2018 |
| CLSA | Perform | Perform | Maintain | Sep 12, 2016 |
Named analyst price targets
Upside is calculated against the persisted current price $21.98. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $21 | $21.49 | -4.5% | Jun 9, 2026 |
| UBS | Analyst unavailable | $17 | $21.49 | -22.7% | Jun 9, 2026 |
| Bernstein | Alexia Howard | $18 | $21.49 | -18.1% | Jun 9, 2026 |
| Barclays | Andrew Lazar | $19 | $21.68 | -13.6% | Jun 8, 2026 |
| Morgan Stanley | Analyst unavailable | $21 | $21.55 | -4.5% | Jun 5, 2026 |
| Bernstein | Analyst unavailable | $19 | $20.99 | -13.6% | Jun 3, 2026 |
| UBS | Analyst unavailable | $19 | $21.26 | -13.6% | Jun 2, 2026 |
| Stephens | Analyst unavailable | $21 | $21.11 | -4.5% | Jun 1, 2026 |
| D.A. Davidson | Brian Holland | $20 | $20.47 | -9.0% | May 22, 2026 |
| Morgan Stanley | Analyst unavailable | $23 | $20.82 | +4.6% | Apr 23, 2026 |
| Stifel Nicolaus | Matthew Smith | $20 | $21.26 | -9.0% | Apr 21, 2026 |
| Barclays | Andrew Lazar | $21 | $19.78 | -4.5% | Apr 14, 2026 |
| BNP Paribas | Analyst unavailable | $19 | $20.79 | -13.6% | Apr 9, 2026 |
| Wells Fargo | Analyst unavailable | $18 | $20.69 | -18.1% | Apr 8, 2026 |
| UBS | Analyst unavailable | $24 | $22.15 | +9.2% | Mar 12, 2026 |
| UBS | Analyst unavailable | $23 | $22.1 | +4.6% | Mar 12, 2026 |
| Barclays | Andrew Lazar | $23 | $22.94 | +4.6% | Mar 12, 2026 |
| Piper Sandler | Analyst unavailable | $28 | $25.29 | +27.4% | Mar 9, 2026 |
| Jefferies | Scott Marks | $26 | $26.95 | +18.3% | Mar 2, 2026 |
| Barclays | Analyst unavailable | $27 | $26.1 | +22.8% | Jan 16, 2026 |
| Morgan Stanley | Megan Clapp | $28 | $26.9 | +27.4% | Jan 16, 2026 |
| RBC Capital | Nik Modi | $30 | $28.17 | +36.5% | Dec 10, 2025 |
| UBS | Analyst unavailable | $26 | $28.47 | +18.3% | Dec 10, 2025 |
| Stifel Nicolaus | Matthew Smith | $30 | $28.47 | +36.5% | Dec 10, 2025 |
| Bernstein | Analyst unavailable | $33 | $28.47 | +50.1% | Dec 10, 2025 |
| Wells Fargo | Chris Carey | $30 | $28.47 | +36.5% | Dec 10, 2025 |
| Stifel Nicolaus | Matthew Smith | $34 | $29.04 | +54.7% | Dec 9, 2025 |
| Stephens | Analyst unavailable | $38 | $29.6 | +72.9% | Dec 8, 2025 |
| Morgan Stanley | Megan Alexander Clapp | $30 | $29.38 | +36.5% | Dec 5, 2025 |
| UBS | Peter Grom | $28 | $29.84 | +27.4% | Dec 4, 2025 |
| D.A. Davidson | Brian Holland | $30 | $31.1 | +36.5% | Nov 17, 2025 |
| UBS | Analyst unavailable | $30 | $31.93 | +36.5% | Aug 29, 2025 |
| Coker Palmer | Thomas Palmer | $33 | $35.48 | +50.1% | May 19, 2025 |
| Bernstein | Alexia Howard | $47 | $39.82 | +113.8% | Apr 3, 2025 |
| Wells Fargo | Analyst unavailable | $40 | $39.79 | +82.0% | Mar 6, 2025 |
| Barclays | Analyst unavailable | $40 | $39.18 | +82.0% | Mar 5, 2025 |
| Piper Sandler | Analyst unavailable | $45 | $39.18 | +104.7% | Mar 5, 2025 |
| Piper Sandler | Michael Lavery | $56 | $42.59 | +154.8% | Dec 5, 2024 |
| Evercore ISI | David Palmer | $48 | $42.82 | +118.4% | Dec 5, 2024 |
| Coker Palmer | Thomas Palmer | $44 | $49.13 | +100.2% | Nov 18, 2024 |
| Bernstein | Alexia Howard | $58 | $47.35 | +163.9% | Oct 7, 2024 |
| Argus Research | Taylor Conrad | $59 | $51.42 | +168.4% | Sep 20, 2024 |
| RBC Capital | Nik Modi | $51 | $49.78 | +132.0% | Sep 13, 2024 |
| Stifel Nicolaus | Matthew Smith | $50 | $50.11 | +127.5% | Sep 11, 2024 |
| Wells Fargo | John Baumgartner | $51 | $50.09 | +132.0% | Sep 11, 2024 |
| Wells Fargo | Chris Carey | $49 | $49.25 | +122.9% | Aug 30, 2024 |
| Goldman Sachs | Ken Goldman | $52 | $45.63 | +136.6% | Jun 26, 2024 |
| Wells Fargo | John Baumgartner | $47 | $43.53 | +113.8% | Jun 7, 2024 |
| RBC Capital | Nik Modi | $47 | $43.42 | +113.8% | May 30, 2024 |
| Coker Palmer | Thomas Palmer | $42 | $46.29 | +91.1% | May 22, 2024 |
| Deutsche Bank | Steve Powers | $48 | $46.46 | +118.4% | May 20, 2024 |
| Bernstein | Alexia Howard | $46 | $46.01 | +109.3% | May 15, 2024 |
| Evercore ISI | David Palmer | $49 | $42.81 | +122.9% | Mar 13, 2024 |
| Stifel Nicolaus | Matthew Smith | $45 | $43.01 | +104.7% | Mar 12, 2024 |
| Piper Sandler | Michael Lavery | $47 | $43.39 | +113.8% | Dec 7, 2023 |
| J.P. Morgan | Ken Goldman | $47 | $41.96 | +113.8% | Aug 31, 2023 |
| RBC Capital | Nik Modi | $50 | $52.68 | +127.5% | Mar 9, 2023 |
| Morgan Stanley | Analyst unavailable | $57 | $56.22 | +159.3% | Dec 20, 2022 |
| Deutsche Bank | Analyst unavailable | $53 | $56.49 | +141.1% | Dec 8, 2022 |
| Piper Sandler | Analyst unavailable | $55 | $56.57 | +150.2% | Dec 8, 2022 |
| Credit Suisse | Analyst unavailable | $54 | $56.18 | +145.7% | Dec 8, 2022 |
| Morgan Stanley | Peter Galbo | $46 | $55.75 | +109.3% | Dec 7, 2022 |
| BNP Paribas | Analyst unavailable | $48 | $48.34 | +118.4% | Nov 15, 2022 |
| Morgan Stanley | Pamela Kaufman | $48 | $48.78 | +118.4% | Sep 21, 2022 |
| Credit Suisse | Robert Moskow | $52 | $48.87 | +136.6% | Sep 6, 2022 |
| Piper Sandler | Analyst unavailable | $46 | $50.38 | +109.3% | Sep 2, 2022 |
| Deutsche Bank | Analyst unavailable | $50 | $51.17 | +127.5% | Aug 22, 2022 |
| Deutsche Bank | Analyst unavailable | $49 | $47.62 | +122.9% | Jun 9, 2022 |
| Stifel Nicolaus | Analyst unavailable | $48 | $47.31 | +118.4% | Jun 9, 2022 |
| Deutsche Bank | Analyst unavailable | $47 | $46.62 | +113.8% | Jun 1, 2022 |
| R5 Capital | Scott Mushkin | $44.51 | $42.81 | +102.5% | Mar 14, 2022 |
| Piper Sandler | Michael Lavery | $43 | $39.71 | +95.6% | Nov 2, 2021 |
| Barclays | Andrew Lazar | $43 | $39.96 | +95.6% | Oct 21, 2021 |
| Bank of America Securities | Bryan Spillane | $42 | $41.74 | +91.1% | Sep 2, 2021 |
| Stifel Nicolaus | Christopher Growe | $44 | $41.52 | +100.2% | Sep 1, 2021 |
Track every rating change on CPB the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-0.9%
Event window
SPY move
+0.2%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+2.3%
Up to 20 sessions
CPBSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
EPS of $0.50 beat the $0.4789 consensus by 4.4%, driven by sequential EBIT margin improvement to roughly 10% and early progress on the $100M SG&A reduction plan. Revenue of $2.366B came in 0.6% below the $2.38B consensus, reflecting continued pressure in the salty snack category and inflation-driven cost headwinds in logistics and packaging. Management announced an early-retirement program as part of the SG&A takeout, flagged potential hybrid debt issuance with a 150 to 200 bps premium to improve the credit profile, and confirmed a tariff refund of $0.03 to $0.04 per share expected in Q4.
Guidance delta
Guidance was maintained. Management reaffirmed the FY26 outlook with no change to dividend policy. The $100M SG&A reduction and early-retirement program are new cost initiatives layered into the existing plan. A tariff refund of $0.03 to $0.04 per share is expected in Q4. M&A is explicitly off the table, and capex remains limited to priority projects.
Key takeaways
- EPS of $0.50 beat consensus by 4.4% while revenue of $2.37B missed by 0.6%, reflecting cost discipline offsetting top-line softness
- EBIT margin improved sequentially to approximately 10% despite inflation and logistics cost pressure
- $100M SG&A reduction plan underway, including an early-retirement program
- Core brands (Goldfish, Rao's, Pepperidge Farm) receiving incremental marketing support and portfolio simplification
- Dividend unchanged; leverage targeted to low-3s range; M&A off the table
- Tariff refund of $0.03 to $0.04 per share expected in Q4
Management priorities
- Rationalize and simplify the snack portfolio, focusing on Goldfish and Pepperidge Farm
- Accelerate innovation in soups, sauces, and multipack formats
- Deploy Revenue Growth Management tools to improve trade spend ROI and consider selective pricing
- Evaluate hybrid debt issuance to strengthen credit rating while managing EPS impact
- Prioritize capex on high-return projects and maintain dividend policy
Related earnings events
Consumer DefensiveSources
- Earnings call transcript and parsed analysis · 2026-06-08T16:17:48.161531+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T21:51:18.842918+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T21:51:18.840193+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.