CAMPBELL'S Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CAMPBELL'S Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	7,890	8,685	8,107	8,691	8,476	8,562	9,357	9,636	10,253	9,744
Cost of revenue	3,395	4,241	5,414	5,692	5,665	5,935	6,440	6,665	7,134	7,002
Gross profit	4,495	4,444	2,693	2,999	2,811	2,627	2,917	2,971	3,119	2,742
Research and development	93	91	91	93	84	87	92	102	100	99
Selling and marketing	675	728	842	947	817	734	811	833	924	907
General and administrative	448	563	610	622	598	617	654	737	674	646
Operating income	1,431	1,010	979	1,107	1,545	1,163	1,312	1,000	1,124	852
Interest expense	115	183	356	345	210	189	188	249	345	331
Interest income	0	3	2	4	1	1	4	6	17	8
Other non-operating income	216	73	-140	-221	254	-21	-32	-261	-273	-171
Pre-tax income	1,316	830	625	766	1,336	975	1,128	757	796	529
Income tax	392	106	151	174	328	218	270	190	194	124
Net income to minority interests	0	0	0	0	0	0	0	0	0	2
Net income	887	261	211	1,628	1,002	757	858	567	602	403
EBITDA	1,749	1,404	1,425	1,435	1,862	1,500	1,699	1,411	1,558	1,265
EPS, basic	2.91	0.87	0.70	5.39	3.31	2.51	2.87	1.90	2.02	1.34
EPS, diluted	2.89	0.86	0.70	5.36	3.29	2.51	2.85	1.89	2.01	1.31
Shares, basic (weighted)	305	301	301	302	303	301	299	298	298	298
Shares, diluted (weighted)	307	302	302	304	305	302	301	300	300	300
Dividend per share	1.40	1.40	1.40	1.40	1.46	1.48	1.48	1.48	1.54	1.56

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	37	49	31	859	69	109	189	108	132	394
Receivables	550	510	525	530	544	490	494	587	541	517
Inventory	902	887	863	871	933	1,246	1,291	1,386	1,424	1,612
Other current assets	74	71	71	80	98	67	52	66	93	136
Total current assets	1,900	2,296	1,967	2,385	1,695	1,963	2,061	2,190	2,232	2,720
Property, plant and equipment	1,644	2,466	2,455	2,368	2,370	2,343	2,398	2,698	2,767	2,868
Lease right-of-use assets			0	254	235	239	275	333	326	285
Goodwill	811	3,864	4,017	3,986	3,981	3,979	3,965	5,077	4,991	5,321
Intangible assets	1,118	3,664	3,415	3,350	3,239	3,198	3,142	4,716	4,356	4,198
Other non-current assets	139	189	127	283	449	409	492	554	550	541
Total assets	7,726	14,529	13,148	12,372	11,734	11,892	12,058	15,235	14,896	15,648
Accounts payable	666	705	814	1,049	1,070	1,334	1,306	1,311	1,332	1,377
Accrued liabilities	561	516	609	693	576	621	592	720	688	860
Short-term debt	1,037	1,525	1,371	1,202	48	814	191	1,423	762	977
Total current liabilities	2,395	3,594	3,385	3,075	1,814	2,886	2,222	3,576	2,906	3,336
Long-term debt	2,499	7,991	7,103	4,994	5,010	3,996	4,498	5,761	6,095	6,160
Lease liabilities					180	177	208	268	259	207
Other non-current liabilities	697	547	559	820	705	603	608	676	638	603
Total liabilities	6,081	13,156	12,036	9,803	8,580	8,559	8,395	11,439	10,992	11,492
Total debt	2,499	8,595	500	921	0	565	0	1,150	400	6,160
Paid-in capital	359	349	372	394	414	415	420	437	418	412
Retained earnings	2,385	2,224	1,993	3,190	3,742	4,040	4,451	4,569	4,694	4,620
Treasury stock	-1,066	-1,103	-1,076	-1,023	-1,021	-1,138	-1,219	-1,207	-1,207	-1,182
Other comprehensive income	-53	-118	-198	-10	5	2	-3	-17	-15	-12
Shareholders' equity	1,637	1,364	1,103	2,563	3,152	3,331	3,661	3,794	3,902	3,850
Minority interests	8	9	9	6	2	2	2	2	2	2
Total equity	1,645	1,373	1,112	2,569	3,154	3,333	3,663	3,796	3,904	3,852
Total liabilities and equity	7,726	14,529	13,148	12,372	11,734	11,892	12,058	15,235	14,896	15,648

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	887	261	211	1,628	1,002	757	858	567	602	405
Depreciation and amortization	318	394	446	328	317	337	387	411	434	413
Stock-based compensation	60	61	58	61	64	59	63	99	57	56
Deferred income tax	110	-24	23	-7	137	21	-5	-47	-54	33
Change in inventory	46	-84	36	-20	-77	-314	-64	11	-80	-89
Change in payables	-48	78	125	145	-164	200	-164	-128	-167	-90
Cash from operations	1,288	1,305	1,398	1,396	1,035	1,181	1,143	1,185	1,131	1,039
Capital expenditures	-338	-407	-384	-299	-275	-242	-370	-517	-426	-361
Acquisitions	0	-6,772	-18	0	0	0	0	-2,617	0	1
Cash from investing	-368	-7,197	153	2,272	-158	-230	-340	-3,128	-187	-357
Debt issued	211	6,224	0	1,000	0	0	500	2,496	1,144	577
Debt repaid	-490	-63	-702	-499	-921	0	-566	-100	-1,550	-459
Stock issued	2	0	0	23	2	3	22	2	0	0
Share buybacks	-437	-86	0	0	-36	-167	-142	-67	-62	-26
Dividends paid	-420	-426	-423	-426	-439	-451	-447	-445	-459	-470
Cash from financing	-908	5,807	-1,591	-2,987	-1,669	-910	-723	1,863	-919	-419
Exchange rate effect	11	-8	-7	-1	2
Net change in cash	23	-93	-47	680	-790	40	80	-81	24	262
Free cash flow	950	898	1,014	1,097	760	939	773	668	705	678
Interest paid	110	152	367	287	214	188	193	194	330	320
Income taxes paid	320	128	117	222	212	196	268	252	268	93

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $19.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.1%	Gross profit / revenue.
Operating margin	8.7%	Operating income / revenue.
EBITDA margin	13.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
FCF margin	7.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.7%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.0%	Research and development expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-18.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-33.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-22.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-16.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-34.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-22.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-16.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.82x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.60x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.4%	Total debt / total assets.
Liabilities / assets	73.4%	Total liabilities / total assets.
Net debt	$5.77B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.57x	Operating income / interest expense.
Working capital	-$616.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	60.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.64x	Revenue / average total assets.
Fixed asset turnover	3.46x	Revenue / average property, plant and equipment.
Inventory turnover	4.61x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Receivables turnover	18.4x	Revenue / average receivables.
Days sales outstanding	20 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	28 days	Days inventory + days sales outstanding - days payables.
FCF conversion	168.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	34.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.34	Net income per basic share, as reported (split-adjusted).
Revenue per share	$32.48	Revenue / diluted weighted shares.
FCF per share	$2.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.46	Cash from operations / diluted weighted shares.
Book value per share	$12.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$18.90	Tangible book value / shares outstanding.
Cash per share	$1.31	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.56	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	116.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	69.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.78B	Share price x shares outstanding.
Enterprise value	$11.54B	Market cap + total debt - cash - short-term investments.
P/E	14.3x	Market cap / net income. Only when net income is positive.
P/S	0.59x	Market cap / revenue.
P/B	1.50x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	8.52x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.56x	Market cap / cash from operations, when positive.
EV/Sales	1.18x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.12x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.7%	Free cash flow / market cap.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Dividend yield	8.1%	Dividends paid over the period / market cap.
Shareholder yield	8.6%	(Dividends paid + share buybacks) / market cap.

What was CAMPBELL'S Co's revenue in fiscal 2026?

CAMPBELL'S Co reported revenue of $9.74B for fiscal 2026, 5% lower than the year before.

Was CAMPBELL'S Co profitable in fiscal 2026?

Yes. Net income was $403.0M, a net margin of 4.1%.

How much free cash flow did CAMPBELL'S Co generate in fiscal 2026?

Cash from operations of $1.04B minus capital expenditures of $361.0M left free cash flow of $678.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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