How Campbell's Makes Money

Campbell's makes branded food, mostly in its own plants, and sells it to grocery chains, mass merchants, club stores, convenience and dollar stores, e-commerce retailers and foodservice operators in the U.S. and Canada. Revenue comes from two divisions. Meals & Beverages ($5.93 billion in fiscal 2026) covers condensed and ready-to-serve soup, Swanson and Pacific Foods broth, Prego and Rao's sauces, Pace, SpaghettiOs and V8, and ships mainly through retailer warehouses. Snacks ($3.82 billion) covers Pepperidge Farm cookies, crackers and bread, Goldfish, Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July and Snack Factory, much of it delivered to stores by independent direct-store-delivery distributors. Profit depends on pricing, trade promotion and supply chain productivity: in fiscal 2026 net price added 1 point to sales while volume and mix took away 3.

Growth now rests on a short list of brands. Rao's, bought with Sovos Brands for $2.7 billion in March 2024, passed $1 billion in trailing net sales in 2026, and Campbell's secured its supply by buying 49% of sauce maker La Regina for $286 million, with options on the remaining 51%. In Snacks, Mohit Anand, president since February 2026, is focused on sharper value, new products and better in-store execution for Goldfish, Pepperidge Farm and the salty brands. The company is also simplifying: it sold Pop Secret in August 2024 and noosa yogurt in February 2025, closed the Hyannis chip plant in 2026, and moves frozen bakery from Snacks into Meals & Beverages from fiscal 2027.