Campbell's third quarter fiscal 2026 sales fell 4% on lower volumes, leading to a 32% drop in adjusted EPS.

Campbell's reported a 4% decline in both reported and organic net sales to $2.37 billion for the third quarter, driven by lower volumes across its portfolio. Adjusted EPS fell 32% to $0.50, reflecting margin pressure from inflation and supply chain costs. The company reaffirmed its full-year fiscal 2026 guidance.

Key Highlights

• Organic net sales declined by 4%, as a 5% drop in volume/mix more than offset a 1% benefit from net price realization.
• Both the Meals & Beverages and Snacks segments reported a 4% decrease in organic sales, with notable weakness in U.S. soup sales which were down 8%.
• Adjusted gross profit margin contracted by 240 basis points to 27.7%, pressured by cost inflation and other supply chain headwinds.