Campbell’s Stock Slides as Snack Sales Slump Takes a Bite Out of Earnings

Key Takeaways

• Campbell’s reported fiscal second-quarter earnings and sales below analysts’ expectations, citing snack business weakness.
• The company also lowered its full-year guidance for both sales and profit.
• Campbell’s shares have fallen more than 40% over the past year.

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Americans eat a lot of snacks. But not enough, according to investors.

Campbell’s Company (CPB) shares were down 5% recently after the company, known for its namesake soup brand, reported weaker-than-expected fiscal 2026 second-quarter results and lowered its full-year outlook, citing weakness in its snacks business.

The Camden, N.J.-based firm reported adjusted earnings of $0.51 per share on net sales that declined 5% year-over-year to $2.56 billion. Analysts polled by Visible Alpha had expected $0.57 and $2.61 billion, respectively.

Why This Matters

Snack foods are a major profit driver for Campbell’s, which owns brands such as Goldfish and Pepperidge Farm. Weak demand is raising concerns about consumer spending on packaged foods, and the lower outlook signals a challenging year ahead for one of the largest U.S. food companies.

The results “fell short of our expectations due to weaker-than-expected performance in Snacks and storm-related shipment disruptions,” CEO Mick Beekhuizen said. “To stabilize Snacks, we are taking decisive action, focused on sharpening our value, new product innovation and in-market execution. We are also accelerating cost-saving initiatives to mitigate cost headwinds and support continued investment in our brands.”

Some of the company’s snack brands include Goldfish crackers, Snyder’s of Hanover pretzels, Lance crackers, Pepperidge Farm cookies and crackers, and Cape Cod potato chips.

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In addition, “largely driven by the near-term outlook for our Snacks business and select incremental trade investments,” the company lowered its full-year guidance “to reflect a more cautious view for the balance of the year.” It now sees adjusted EPS of $2.15 to $2.25, down from $2.40 to $2.55, and organic net sales down 2% to 1%, from the prior range of down 1% to up 1%.

Campbell’s shares entered the day down 40% over the past 12 months, including 11% since the start of the year.

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