Presenting the latest results, Campbell's President and CEO Mick Beekhuizen admitted that price increases to offset the impact of the tariffs will be "unavoidable, albeit surgical." The main issue concerns the steel and aluminum needed to package products: 60% of the duties come from Section 232 tariffs, the remainder from IEEPA tariffs. The overall burden is estimated at 4% of the cost of goods sold. "We expect to mitigate approximately 60% of this impact through inventory management, supplier collaboration, alternative sourcing, and productivity plans, using price adjustments only where necessary," explained CFO Carrie Anderson, also announcing savings of $70 million.
Pressure on margins will cause adjusted EPS to decline by 12-18% in 2026, following a 4% decline in the last fiscal year ($2,97). Two-thirds of the expected decline comes from the net effect of tariffs, with the remainder from the core business and the divestments of Noosa and Pop Secret. Beekhuizen clarified that there isn't enough capacity in the United States to supply the necessary food-grade tinplate: "If there were, we would buy domestically. But we're forced to import and face 50% tariffs." The greatest impact will be felt in the Meals & Beverages division, which includes soups and the Rao's brand, which is produced in Italy and therefore subject to IEEPA tariffs. Rao's nevertheless closed 2025 with high-single-digit sales growth.
In 2025, Campbell's reported net revenue of $10,3 billion (up 6% reported, down 1% organically) and adjusted EBIT of $1,5 billion (up 2%). For the new fiscal year, the company expects net sales to decline by up to 2% or flat, and organic revenue to decline between -1% and +1%. Adjusted EBIT is expected to decline between 9% and 13%, with the snacks division gradually stabilizing in the second half of the year.
