The company reported $2.37 billion in net sales, missing year-ago levels, but adjusted EPS beat estimates at $0.50.
Campbell Soup reported Q3 2026 net sales of $2.37 billion, down 4% year-over-year, as weak consumer demand and inflationary pressures hit both meals and snacks segments. Adjusted earnings per share reached $0.50, surpassing analyst expectations of $0.48, while reported EPS rose to $0.41 from $0.22 a year earlier after a $150 million impairment charge last year.
Sales in the meals and beverages segment fell 4%, with U.S. soup sales dropping 8%, while the snacks segment also declined 4% due to softness in salty snacks, crackers, and fresh bakery. Adjusted gross margin contracted 240 basis points to 27.7%, reflecting higher costs and tariff-related supply chain expenses.
Despite the decline, Campbell reaffirmed its full-year fiscal 2026 guidance, projecting organic net sales to fall 1% to 2% and adjusted EPS between $2.15 and $2.25. The company had previously trimmed its forecast in March.