Key Highlights

  • The quarterly Dividend at The Campbell's Company was cut by 36%, falling from USD 0.39 to USD 0.25 per share, which equals a calculated USD 1.00 a year, with a Record Date of October 1, 2026.
  • Fiscal 2027 adjusted EPS guidance (USD 1.65 to USD 1.80) implies a payout of 55.6% to 60.6% for the USD 1.00 yearly figure, whereas the former USD 1.56 rate equated to a calculated 71.9%.
  • Fiscal 2026 free Cash Flow of USD 678 million, derived from USD 1,039 million of Operating Cash Flow minus USD 361 million of Capital spending, covered dividends paid of USD 470 million about 1.44 times on a calculated basis.
  • Fiscal 2027 net sales are guided down 4% to 2%, while a USD 500 million cost savings program, of which USD 350 million is incremental, targets fiscal 2030.

Reset Level, Calculated Yield and Dates at The Campbell's Company (NASDAQ:CPB)

On September 3, 2026, alongside fiscal fourth-quarter results, the board set a quarterly payout of USD 0.25 per share, down from USD 0.39. It was paid November 2, 2026 for holders recorded October 1, 2026. For The Campbell's Company (NASDAQ:CPB), the yearly figure works out to a calculated USD 1.00, versus USD 1.56 before, a 36% decline. Using a USD 22.39 reference price, the calculated yield comes to about 4.5%. Dividends paid in fiscal 2026 totalled USD 470 million, while the new rate implies roughly USD 301 million a year.

Fiscal 2026 Sales, Adjusted EPS and Pricing Actions at The Campbell's Company (NASDAQ:CPB)

At The Campbell's Company (NASDAQ:CPB), net sales for fiscal 2026, which closed August 2, 2026, reached USD 9,744 million, a 5% decline, with Organic Sales off 2%. Adjusted EPS came in at USD 2.17, a 27% fall, and reported diluted EPS of USD 1.31 was 35% lower. Fourth-quarter adjusted EPS dropped 37%, landing at USD 0.39, while the reported result was a loss of USD 0.23 per share. Fiscal 2027 guidance calls for adjusted EBIT to decline between 12% and 7%, with adjusted EPS between USD 1.65 and USD 1.80, a fall of 24% to 17%. On fiscal 2026 adjusted EPS, the new rate implies a calculated payout of 46%. Pricing moves are in place for roughly 60% of the portfolio, averaging 4% to 5%.

Net Debt, Refinancing Needs and Snack Volume Risks at The Campbell's Company (NASDAQ:CPB)

Netting USD 394 million of cash against USD 977 million of short-term borrowings and USD 6,160 million of long-term Debt gives calculated net debt of USD 6,743 million, which is 5.7 times adjusted EBIT of USD 1,181 million. Fiscal 2027 interest costs at The Campbell's Company (NASDAQ:CPB) are forecast to climb roughly USD 25 million, linked to La Regina and to USD 140 million of deferred consideration due May 4, 2027, while a USD 500 million bond maturing in March also has to be refinanced. The company is weighing a hybrid instrument that would count as 50% equity. On a calculated trailing basis, the price-to-reported-diluted-earnings multiple sits near 17.1 times. Downside risks are falling snack volumes and Tariff effects, neither of which the guidance accounts for.

Where Things Stand

The Campbell's Company (NASDAQ:CPB) now pays a dividend equal to between 55.6% and 60.6% of guided fiscal 2027 adjusted EPS, compared with 71.9% under the former rate. Free cash flow in fiscal 2026 was roughly 1.44 times dividends paid on a calculated basis, and the lower payout trims the cash needed going forward. Offsetting that, the Balance Sheet carries heavy leverage, a USD 500 million March refinancing needs handling, and Earnings are expected to bottom in the first quarter. No dividend outlook beyond the reset level has been given, and any later payment still needs board approval.