Amid Intense Competition, Campbell's Ups the Ante on Efficiency Efforts to Juice Brand Spending

Over the past 10 years, Campbell's has orchestrated significant change. For one, its core soup lineup now accounts for just 25% of total sales (down from more than 40% in fiscal 2017), while snacks have grown to nearly 40% (up from less than 30%). In addition, the firm has worked to drive efficiencies across its supply chain and manufacturing network to boost spending behind its brands and capabilities, to solidify its competitive edge. But despite these efforts, sales growth has proved elusive, with organic sales down at a low-single-digit rate over the past three years. Further, margins have languished, with its 12% adjusted operating margin in fiscal 2026 about 500 basis points shy of the average level achieved in the five years preceding the pandemic.