Campbell’s (CPB) financial statements
Campbell’s reported revenue of $9.7B in fiscal 2026, up 5.9% a year over 9 years.
Net income was $403M and the operating margin 8.7%, against 24.5% in 2017.
Free cash flow was $678M, and the company returned $470M in dividends and $26M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Campbell’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.6B | $8.1B | $8.7B | $8.5B | $8.6B | $9.4B | $9.6B | $10.3B | $9.7B |
| Cost of revenue | $3.4B | $4.2B | $5.4B | $5.7B | $5.7B | $5.9B | $6.4B | $6.7B | $7.1B | $7.0B |
| Gross profit | $2.4B | $2.4B | $2.7B | $3.0B | $2.8B | $2.6B | $2.9B | $3.0B | $3.1B | $2.7B |
| Research and development | $93M | $91M | $91M | $93M | $84M | $87M | $92M | $102M | $100M | $99M |
| Selling, general and admin | $1.1B | $1.3B | $1.5B | $1.6B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B |
| Operating income | $1.4B | $1.0B | $979M | $1.1B | $1.5B | $1.2B | $1.3B | $1.0B | $1.1B | $852M |
| Interest expense | $115M | $183M | $356M | $345M | $210M | $189M | $188M | $249M | $345M | $331M |
| Pre-tax income | $1.3B | $830M | $625M | $766M | $1.3B | $975M | $1.1B | $757M | $796M | $529M |
| Income tax | $392M | $106M | $151M | $174M | $328M | $218M | $270M | $190M | $194M | $124M |
| Net income | $887M | $261M | $211M | $1.6B | $1.0B | $757M | $858M | $567M | $602M | $403M |
| EPS (diluted) | $2.89 | $0.86 | $0.70 | $5.36 | $3.29 | $2.51 | $2.85 | $1.89 | $2.01 | $1.31 |
| Diluted shares | 307M | 302M | 302M | 304M | 305M | 302M | 301M | 300M | 300M | 300M |
| Gross margin | 41.8% | 35.9% | 33.2% | 34.5% | 33.2% | 30.7% | 31.2% | 30.8% | 30.4% | 28.1% |
| Operating margin | 24.5% | 15.3% | 12.1% | 12.7% | 18.2% | 13.6% | 14.0% | 10.4% | 11.0% | 8.7% |
| Net margin | 15.2% | 3.9% | 2.6% | 18.7% | 11.8% | 8.8% | 9.2% | 5.9% | 5.9% | 4.1% |
Balance sheet
Fiscal years, from Campbell’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $37M | $49M | $31M | $859M | $69M | $109M | $189M | $108M | $132M | $394M |
| Receivables | $605M | $563M | $574M | $575M | $595M | $541M | $529M | $630M | $583M | $578M |
| Inventory | $902M | $887M | $863M | $871M | $933M | $1.2B | $1.3B | $1.4B | $1.4B | $1.6B |
| Total current assets | $1.9B | $2.3B | $2.0B | $2.4B | $1.7B | $2.0B | $2.1B | $2.2B | $2.2B | $2.7B |
| Property, plant and equipment | $1.6B | $2.5B | $2.5B | $2.4B | $2.4B | $2.3B | $2.4B | $2.7B | $2.8B | $2.9B |
| Goodwill | $811M | $3.9B | $4.0B | $4.0B | $4.0B | $4.0B | $4.0B | $5.1B | $5.0B | $5.3B |
| Total assets | $7.7B | $14.5B | $13.1B | $12.4B | $11.7B | $11.9B | $12.1B | $15.2B | $14.9B | $15.6B |
| Total current liabilities | $2.4B | $3.6B | $3.4B | $3.1B | $1.8B | $2.9B | $2.2B | $3.6B | $2.9B | $3.3B |
| Long-term debt | $2.5B | $8.0B | $7.1B | $5.0B | $5.0B | $4.0B | $4.5B | $5.8B | $6.1B | $6.2B |
| Total liabilities | $6.1B | $13.2B | $12.0B | $9.8B | $8.6B | $8.6B | $8.4B | $11.4B | $11.0B | $11.5B |
| Shareholders' equity | $1.6B | $1.4B | $1.1B | $2.6B | $3.2B | $3.3B | $3.7B | $3.8B | $3.9B | $3.9B |
| Net debt | $3.5B | $9.5B | $8.4B | $5.3B | $5.0B | $4.7B | $4.5B | $7.1B | $6.7B | $6.7B |
Cash flow
Fiscal years, from Campbell’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.3B | $1.4B | $1.4B | $1.0B | $1.2B | $1.1B | $1.2B | $1.1B | $1.0B |
| Capital spending | $338M | $407M | $384M | $299M | $275M | $242M | $370M | $517M | $426M | $361M |
| Free cash flow | $950M | $898M | $1.0B | $1.1B | $760M | $939M | $773M | $668M | $705M | $678M |
| Stock-based compensation | $60M | $61M | $58M | $61M | $64M | $59M | $63M | $99M | $57M | $56M |
| Dividends paid | $420M | $426M | $423M | $426M | $439M | $451M | $447M | $445M | $459M | $470M |
| Share buybacks (net) | -$437M | -$86M | $0 | $0 | -$36M | -$167M | -$142M | -$67M | -$62M | -$26M |
| Net borrowing | -$34M | $6.2B | -$702M | $501M | -$921M | $0 | -$66M | $2.4B | -$406M | $118M |
| Free cash flow margin | 16.3% | 13.6% | 12.5% | 12.6% | 9.0% | 11.0% | 8.3% | 6.9% | 6.9% | 7.0% |
| Dividends per share | $1.37 | $1.41 | $1.40 | $1.40 | $1.44 | $1.49 | $1.49 | $1.48 | $1.53 | $1.57 |
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Open CPB in InvestinglyQuestions
What was Campbell’s's revenue in 2026?
$9.7B in fiscal 2026, from its 10-K filing.
How much free cash flow does Campbell’s generate?
$678M in fiscal 2026 (operating cash flow minus capital spending).
From Campbell’s's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.