CAMPBELL'S Co (NASDAQ: CPB)

CAMPBELL'S Co is a leading manufacturer and marketer of high-quality, branded food and beverage products, with a heritage tracing back to 1869. The company operates in the consumer packaged goods industry, offering a diverse portfolio of products that cater to various consumer needs. CAMPBELL'S Co generates revenue through the sale of its branded products, which are distributed through retail food chains, mass discounters, club stores, convenience stores, dollar stores, e-commerce platforms, and other retail establishments. The company's primary products include soups, simple meals, beverages, cookies, crackers, fresh bakery items, frozen products, and snacks. These products are marketed under well-known brands such as Campbell's, Swanson, Pacific Foods, Prego, Pace, V8, Pepperidge Farm, Goldfish, Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July, Snack Factory, Rao's, Michael Angelo's, and noosa. The customer base for these products is broad, encompassing consumers who seek convenient, high-quality food and beverage options.

• Meals & Beverages: This segment focuses on soup, simple meals, and beverage products for retail and foodservice markets in the U.S. and Canada. Key products include Campbell's condensed and ready-to-serve soups, Swanson broth and stocks, Pacific Foods broth, soups and non-dairy beverages, Prego pasta sauces, Pace Mexican sauces, SpaghettiOs pasta, Campbell's gravies, beans and dinner sauces, Swanson canned poultry, V8 juices and beverages, Campbell's tomato juice, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups, Michael Angelo's frozen entrées and pasta sauces, and noosa yogurts. The segment also includes snacking products in foodservice and Canada.

• Snacks: This segment encompasses 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. The segment also includes the snacking and meals and beverages retail business in Latin America. The segment previously included the results of the Pop Secret popcorn business, which was sold on August 26, 2024, and the Emerald nuts business, which was sold on May 30, 2023.

CAMPBELL'S Co operates in a highly competitive industry, facing competition from numerous competitors of varying sizes across multiple food and beverage categories. This competition includes producers of private label products, as well as other branded food and beverage manufacturers. The company's principal areas of competition are brand recognition, taste, nutritional value, price, promotion, innovation, shelf space, and customer service. CAMPBELL'S Co leverages its strong brand portfolio and extensive distribution network to maintain a competitive edge. The company's well-established brands and diverse product offerings allow it to cater to a wide range of consumer preferences and dietary needs.

The company's five largest customers accounted for approximately 47% of its consolidated net sales in 2025, 2024, and 2023. Wal-Mart Stores, Inc. and its affiliates were the largest customer, accounting for approximately 21% of consolidated net sales in 2025 and 22% in 2024 and 2023. Both of the company's reportable segments sold products to Wal-Mart Stores, Inc. or its affiliates. No other customer accounted for 10% or more of consolidated net sales. The broad customer base includes retail food chains, mass discounters, mass merchandisers, club stores, convenience stores, dollar stores, e-commerce platforms, and other retail, commercial, and non-commercial establishments.