Campbell's vs Conagra Brands: Revenue, Profit and Business Model
Campbell's reported $9.7B of revenue in FY2026 and $403M of net income. Conagra Brands reported $11.3B of revenue in FY2026 and — of net income.
Latest financial snapshot
Campbell's
- Latest revenue
- $9.7B (FY2026)
- Net income
- $403M
- Net margin
- 4.1%
- Revenue growth
- +5.9% a year, FY2017–FY2026
Conagra Brands
- Latest revenue
- $11.3B (FY2026)
- Net income
- —
- Net margin
- 0.0%
- Revenue growth
- +0.2% a year, FY2021–FY2026
Financial summary
Campbell's
Net sales grew from $8.69 billion in fiscal 2020 to a peak of $10.253 billion in fiscal 2025, a 53-week year that included the first full year of Sovos Brands. Fiscal 2026 net sales fell 5% to $9.744 billion (2% on an organic basis), net earnings attributable to the company fell 33% to $403 million, and diluted EPS dropped to $1.31 from $2.01. Cash from operations was $1.04 billion and capital spending $361 million, and the company returned $496 million to shareholders, mostly as dividends. At year-end, long-term debt was $6.16 billion and short-term borrowings $977 million. Fiscal 2027 guidance calls for another 2% to 4% sales decline and adjusted EPS of $1.65 to $1.80, down from $2.17.
Conagra Brands
Conagra's net sales peaked at $12.28 billion in fiscal 2023 and have since declined: $12.05 billion in fiscal 2024, $11.61 billion in fiscal 2025, and $11.28 billion in fiscal 2026, partly because of divestitures such as Chef Boyardee. Fiscal 2026 brought a reported operating margin of (14.4)% and a diluted loss of $4.00 per share because of non-cash goodwill and brand impairments; on an adjusted basis, operating margin was 11.3% and EPS was $1.72. In July 2026 the company cut its annualized dividend 50% to $0.70 per share to repay debt faster and reinvest in brands and supply chain. Q1 fiscal 2027 (ended August 30, 2026) net sales fell 1.4% to $2.6 billion, while net income rose 6.0% to $174 million and adjusted EPS was $0.41.
Revenue and profit by year
Campbell's
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $9.7B | $403M | 4.1% | -5.0% | Source |
| FY2025 | $10.3B | $602M | 5.9% | +6.4% | Source |
| FY2024 | $9.6B | $567M | 5.9% | +3.0% | Source |
| FY2023 | $9.4B | $858M | 9.2% | +9.3% | Source |
| FY2022 | $8.6B | $757M | 8.8% | +1.0% | Source |
| FY2021 | $8.5B | $1B | 11.8% | -2.5% | Source |
| FY2020 | $8.7B | $1.6B | 18.7% | +7.2% | Source |
| FY2019 | $8.1B | $211M | 2.6% | +22.6% | Source |
| FY2018 | $6.6B | $261M | 3.9% | +13.3% | Source |
| FY2017 | $5.8B | $887M | 15.2% | — | Source |
Conagra Brands
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $11.3B | — | 0.0% | -2.9% | Source |
| FY2025 | $11.6B | — | 0.0% | -3.6% | Source |
| FY2024 | $12.1B | — | 0.0% | -1.8% | Source |
| FY2023 | $12.3B | — | 0.0% | +6.4% | Source |
| FY2022 | $11.5B | — | 0.0% | +3.1% | Source |
| FY2021 | $11.2B | — | 0.0% | — | Source |
Where the revenue comes from
Campbell's
- Meals & Beverages61%
$5.93 billion of fiscal 2026 net sales from soup, broth, Rao's and Prego sauces, Pace, SpaghettiOs, V8, Canadian and Latin American retail, and foodservice. Segment operating earnings were $943 million.
- Snacks39%
$3.82 billion of fiscal 2026 net sales from Pepperidge Farm, Goldfish, Snyder's of Hanover, Lance, Cape Cod, Kettle Brand, Late July and Snack Factory in U.S. retail. Segment operating earnings were $386 million.
Conagra Brands
- Grocery and Snacks
Major segment
Shelf-stable foods, snacks, sauces, cooking sprays, desserts, and pantry brands sold mainly through retail channels.
- Refrigerated and Frozen
Major segment
Frozen meals, frozen vegetables, refrigerated products, and convenience foods including Birds Eye, Healthy Choice, and Marie Callender's.
- International
Smaller segment
Conagra brands and products sold outside the United States through retail and distribution partners.
- Foodservice
Smaller segment
Food products sold to restaurants, commercial kitchens, convenience channels, and other away-from-home customers.
Business model and strategy
Campbell's
How it 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.
Growth strategy
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%.
Competitive advantage
Campbell's main advantage is owning household-name brands in categories where shoppers buy by habit: Campbell's condensed soup, Swanson broth, Goldfish, Pepperidge Farm and Rao's. The company counts 16 leadership brands, four of them above $1 billion in annual sales.
Conagra Brands
How it makes money
Conagra is a branded consumer packaged goods company. It owns the brands, runs a North American manufacturing and cold-chain network, and sells finished products mainly to retailers such as Walmart, which has historically been its largest customer at roughly a quarter of net sales.
Growth strategy
Under CEO John Brase, Conagra's stated priorities are restoring margins, increasing investment behind brands and supply chain, reducing complexity, and rebalancing capital allocation toward debt reduction, which is why the dividend was cut. On the product side, it focuses on frozen meals and vegetables, protein-rich snacks such as Slim Jim, Duke's, and Fatty meat sticks, and seeds such as David and BIGS.
Competitive advantage
Conagra's advantage is scale in the U.S. freezer aisle and long-established brands. Frozen food needs plants, cold storage, and refrigerated distribution that small entrants struggle to fund, and Conagra holds leading positions in frozen single-serve meals, frozen vegetables, and meat snacks.
Questions about Campbell's vs Conagra Brands
Which company has higher revenue — The Campbell's Company or Conagra Brands, Inc.?
The Campbell's Company reported $9.7B (FY2026), while Conagra Brands, Inc. reported $11.3B (FY2026). By last reported revenue, Conagra Brands, Inc. is the larger business, with The Campbell's Company reporting a smaller revenue base.
What is the market cap of The Campbell's Company vs Conagra Brands, Inc.?
The Campbell's Company's market capitalisation stands at $5.9B, while Conagra Brands, Inc.'s is $6.5B. Conagra Brands, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Campbell's Company.
Which is more financially efficient — The Campbell's Company or Conagra Brands, Inc.?
The Campbell's Company generates $711k / employee in revenue per employee, while Conagra Brands, Inc. generates $648k / employee. The Campbell's Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Campbell's Company and Conagra Brands, Inc. make money?
The Campbell's Company and Conagra Brands, Inc. generate revenue in fundamentally different ways. The Campbell's Company: 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. Conagra Brands, Inc.: Conagra is a branded consumer packaged goods company.
Which company is valued higher relative to revenue — The Campbell's Company or Conagra Brands, Inc.?
On a price-to-sales (P/S) basis, The Campbell's Company trades at 0.6x P/S and Conagra Brands, Inc. at 0.6x P/S. The Campbell's Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Conagra Brands, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Campbell's Company bigger than Conagra Brands, Inc.?
By last reported revenue, Conagra Brands, Inc. ($11.3B (FY2026)) is the larger company compared to The Campbell's Company ($9.7B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Campbell's vs Conagra Brands overview