Campbell Soup Company (CPB): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how a legacy food giant is navigating modern pressures, and honestly, the current strategy at Campbell Soup Company is a fascinating pivot away from the old playbook. They are actively reshaping their portfolio, highlighted by the massive Sovos Brands acquisition, all while wrestling with supply chain costs, like the projected 4% tariff hit on Cost of Goods Sold (COGS) for Fiscal Year 2026. Forget just soup; they are building a dual-engine of premium and snack growth, which helped push net sales to $10.3 billion in Fiscal Year 2025. Dive in below to see the full nine-block breakdown of their current operational blueprint and how they plan to manage that $328 million in acquisition-related interest expense.

Campbell Soup Company (CPB) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Campbell Soup Company relies on to get its products from the factory to your pantry. These aren't just casual acquaintances; they are deep, often financially significant dependencies that shape operations and risk exposure.

Major North American grocery retailers for shelf space and distribution

Shelf space is everything in this business, and Campbell Soup Company's success is tied directly to a few massive buyers. The concentration risk here is real; you need those top retailers to give your products prime real estate.

Here's the quick math on customer reliance, based on the latest available full-year data:

The company is actively focusing on its 16 leadership brands, which represented approximately 84% of enterprise sales and about 95% of segment operating earnings in fiscal 2024. This focus helps strengthen collaboration with retail partners, but the reliance on the top five remains substantial.

Co-manufacturers to provide supply chain flexibility and scale

Campbell Soup Company is actively transforming its manufacturing footprint, which means leaning on trusted external partners to keep up with demand and manage complexity. This strategy helps create a more agile network.

The company announced a significant capital plan to support this:

• Investment of $230 million in network-wide projects through fiscal 2026.
• This investment includes leveraging its network of leading co-manufacturing partners.
• Specifically, production for plant-based beverages from the Tualatin, Oregon site is shifting to these co-manufacturing partners as that facility closes.

This partnership model allows Campbell Soup Company to invest capital in its core, best-in-class sites, like the $150 million investment for new aseptic soup production in Maxton, North Carolina.

Feeding America and community partners for CSR initiatives

Campbell Soup Company maintains partnerships to address food insecurity, often through its product donations and collaborative campaigns. These efforts are part of the company's commitment to "Lasting Impact".

While specific 2025 contribution amounts aren't detailed, the scale of the network they support is clear:

• Feeding America's network feeds more than 46 million people through its agencies.
• Between January and March 2025, neighbors facing hunger gained access to 1.4 billion meals supported by the Feeding America network.

To be fair, shareholder returns are also a key part of the company's external commitments. For the full fiscal year 2025, Campbell Soup Company returned $521 million to shareholders, which included $459 million in dividends.

Raw material and packaging suppliers, managing steel/aluminum tariff impacts

Managing input costs is a constant battle, and suppliers of raw materials and packaging are central to that fight. Inflationary pressures on these costs present a significant risk to financial results.

The impact of these costs is visible in the financial reporting:

• In Q4 Fiscal 2025, the Adjusted gross profit margin decrease was mainly driven by cost inflation and other supply chain costs, inclusive of a moderate tariff impact.
• The company is actively working to offset these costs through productivity initiatives and price realization.
• A sustainability-related data point shows that approximately 50% of Campbell Soup Company's priority raw materials are sourced from eight basins identified as having high or extremely high baseline water stress (based on FY2024 data).

Advent International (former owner of Sovos Brands) for transition support

The acquisition of Sovos Brands, Inc. from Advent International Corporation was a major strategic move, completed on March 12, 2024, for a total enterprise value of approximately $2.7 billion. The partnership with Advent International involved voting agreements from their affiliated stockholders to support the transaction.

The integration is a key partnership focus, with expected synergies driving results:

• Campbell Soup Company generated $10 million in cost synergies related to the Sovos Brands integration through the fourth quarter of fiscal 2024.
• For the full fiscal year 2025, the acquisition contributed to an 2% increase in Adjusted EBIT, reaching $1.5 billion.
• The Rao's brand, part of the acquired portfolio, is approaching becoming Campbell Soup Company's fourth $1 billion dollar brand.

Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Key Activities

You're looking at the core actions Campbell Soup Company takes to make its business model work, especially now with a transformed portfolio. It's about making things, managing the brands, and telling people about them.

Manufacturing and Optimizing a Complex, Two-Division Supply Chain

Campbell Soup Company's key activity involves running a complex supply chain across its two main divisions: Meals & Beverages and Snacks. This requires continuous optimization to manage costs and maintain product flow. The company has been actively investing in this area; for instance, it announced plans to restructure production facilities through a $230 million investment aimed at improving overall efficiency across supply chain operations. This investment is part of a broader commitment, with approximately $230 million budgeted through fiscal 2026 to modernize the supply chain, including adding capacity and capabilities.

Cost management within the supply chain remains a focus, as evidenced by supply chain costs being a driver in the Adjusted Gross Profit Margin decrease in the fourth quarter of fiscal 2025. To counter this, the company is executing on cost savings; as of the third quarter of fiscal 2025, Campbell Soup Company delivered approximately $110 million of savings under the $250 million cost savings program announced in September 2024.

Integrating the $2.7 Billion Sovos Brands Acquisition into Meals & Beverages

A major activity has been the integration of the $2.7 billion Sovos Brands acquisition, which was completed on March 12, 2024. This integration is crucial for the Meals & Beverages division. In the third quarter of fiscal 2025, the Meals & Beverages division reported a 15% increase in net sales, which was driven by the benefit of the acquisition. As of the beginning of the fourth quarter of fiscal 2025, the company completed the transition of the Sovos business into its Campbell's ERP system, an action expected to unlock additional back-office savings in IT, finance, and order management into fiscal 2026. The integration continues to exceed expectations, and the acquisition was accretive to adjusted earnings per share in the quarter it was reported.

Driving Innovation in Core Categories like Soup and Premium Sauces

Campbell Soup Company drives value by focusing innovation on its core categories, particularly within the Meals & Beverages segment. This focus is reflected in the performance of its key brands. For example, in the third quarter of fiscal 2025, US soup organic net sales increased by 7% compared to the prior year. The overall strategy centers on its portfolio of advantaged leadership brands, which represented 84% of enterprise sales in fiscal 2024.

The scale of these core brands is significant, with three brands-Goldfish, Campbell's Soup, and Pepperidge Farm-each generating $1 billion in sales, closely followed by Rao's sauces at $900 million as of late 2024.

Strategic Brand Portfolio Management

Managing the brand portfolio involves both focusing on high-potential brands and divesting non-core assets to sharpen focus. The company has been concentrating its efforts on its 16 leadership brands. This strategic pruning included the divestiture of the Pop Secret popcorn business, which was completed on August 26, 2024, and the divestiture of the noosa yoghurt business, completed on February 24, 2025. These divestitures help streamline operations and concentrate resources. The 16 leadership brands accounted for approximately 95% of the company's segment operating earnings in fiscal 2024.

The focus on the core portfolio is emphasized by the fact that sales from the soup business unit now account for less than 25% of total sales, highlighting the broader product mix.

Marketing and Advertising Investment

Sustained investment in marketing and advertising is a required activity to support the leadership brands. For the fourth quarter of fiscal 2025, Marketing and selling expenses represented approximately 9% of net sales, increasing 7% to $202 million. This aligns with the company's stated long-term targeted range for marketing and selling expenses as a percent of net sales, which is 9%-10%. For comparison, in the second quarter of fiscal 2025, marketing and selling expenses represented approximately 10% of net sales, increasing 18% to $256 million.

Here's a look at the recent marketing spend:

The increase in advertising and consumer promotion expense in Q4 2025 was primarily driven by higher spending in that area.

Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Key Resources

You're looking at the core assets that power The Campbell's Company's operations as of late 2025. These aren't just items on a balance sheet; they are the engines driving revenue and market presence.

Brand Equity and Consumer Trust is a massive intangible asset, built over a history dating back to its founding in Camden, N.J. in 1869. This longevity translates into deep consumer reliance for affordable food and beverages. The company's iconic red-and-white can design remains a recognized American icon.

The product portfolio is centered around 16 leadership brands, which are the focus of capital and marketing. These brands include Campbell's, Rao's, and Goldfish, among others. In fiscal 2024, these leadership brands accounted for 84% of enterprise sales and approximately 95% of the company's segment operating earnings.

Financially, the company generated $1.13 billion in operating cash flow for the full fiscal year 2025, providing significant capital for reinvestment back into the business, debt management, and shareholder returns. This cash flow supported the payment of $459 million in cash dividends in fiscal 2025.

The physical infrastructure supporting these brands is an extensive North American manufacturing and distribution network. The Campbell's Company is actively transforming this network, planning to invest around $230 million in network-wide projects through fiscal 2026 to enhance capabilities and efficiency. This includes specific capital projects, such as a $150 million investment in Maxton, North Carolina, for new aseptic soup production, and a $72 million investment in Hanover, Pennsylvania, to add capacity for potato chips.

The company also holds valuable Intellectual Property (IP), which protects the proprietary recipes and the specific packaging designs that define its products in the marketplace.

Here's a quick snapshot of some of the key financial and operational metrics underpinning these resources as of fiscal year 2025:

The operational footprint is detailed by ongoing transformation efforts:

• Goldfish cracker output in Richmond, Utah, is slated for a 50% increase by the end of calendar year 2024.
• The Tualatin, Oregon, facility is scheduled to cease operations by July 2026.
• The Hanover, Pennsylvania, plant is adding six kettles, targeting 20 million more pounds of potato chips annually.

The company's focus on its core brands is clear, as evidenced by the goal for Rao's to approach $1 billion in sales soon, joining Campbell's, Goldfish, and Pepperidge Farm as billion-dollar brands.

Campbell Soup Company (CPB) - Canvas Business Model: Value Propositions

You're looking at the core reasons why consumers keep Campbell's Company (CPB) products in their pantries and shopping carts as of late 2025. It's a balancing act between the familiar and the premium.

Convenience and Affordability: Quick, accessible pantry staples for mass market

The foundation of Campbell's Company remains its role as a provider of quick, accessible pantry staples. This value proposition is supported by massive household penetration; the company estimates that 95% of US households use a Campbell's product. This reach is essential for maintaining volume, even as the overall organic net sales for fiscal year 2025 decreased by 1% to reach total net sales of $10.3 billion. The Meals & Beverages division, which houses core soup items, saw consumers cooking at home at high levels, which benefited brands like Swanson broth, though U.S. soup sales saw declines in ready-to-serve and condensed varieties during the third quarter of fiscal 2025. The company returned $521 million to shareholders in fiscal 2025, signaling financial stability to support these mass-market offerings.

Premium Quality: High-growth, premium offerings like Rao's pasta sauces

Campbell's Company is actively shifting its portfolio toward premium experiences, a strategy clearly demonstrated by the integration of Sovos Brands. The flagship premium offering, Rao's pasta sauces, is on track to become the fourth brand to achieve $1 billion in annual sales for the company. This focus is key, as the premium segment is a bright spot when consumers are budget-conscious. Post-acquisition, the premium offerings in the Meals & Beverages portfolio are expected to jump above 25% of that division's total, up from about 10% previously. While Rao's saw a decline in U.S. soup sales in the fourth quarter of 2025, the brand itself was noted as having double-digit growth in late 2024, underscoring its premium appeal.

Iconic Comfort: Nostalgic, trusted brands central to US home cooking (e.g., Green Bean Casserole)

The emotional connection to brands like Campbell's soup is a powerful, non-financial value driver, though it is reflected in the financial performance of the core business. The company's long history, dating back to 1869, underpins this trust. While the overall organic sales for fiscal 2025 were down 1%, the Meals & Beverages segment benefited from the continued trend of home cooking, which supports these iconic comfort foods. The company's ability to generate $1.1 billion in cash flow from operations in fiscal 2025 suggests the enduring, reliable demand for these central kitchen items.

Snack Variety: Diversified, on-trend snack options (e.g., Goldfish, Kettle Brand)

Campbell's Company offers a broad range of snacks to capture diverse consumer tastes, though this segment faced headwinds in fiscal 2025. The Snacks segment saw organic sales decrease by 2% in the fourth quarter of 2025, with specific declines noted for Goldfish crackers in earlier quarters of the year. However, the portfolio's variety provides resilience, as the company noted gains in brands like Kettle Brand and Late July in the fourth quarter. The company is working to manage the mix, as partner and contract brands, which are lower margin, contributed to the organic sales decline in the Snacks segment in Q2 2025.

Here's a quick look at the recent performance context for the portfolio:

Reliable Supply: Consistent product availability through an advantaged supply chain (Source 20)

Maintaining consistent product availability is a critical value proposition, especially given the complexity of a diversified portfolio that includes snacks, soups, and premium sauces. To enhance this, Campbell's Company announced plans for a $230 million investment aimed at restructuring production facilities to improve overall efficiency across supply chain operations. The company has also made leadership changes, appointing a new senior vice president of supply chain in November 2024 to manage the end-to-end function, which includes manufacturing, procurement, and logistics. This investment is designed to create a more agile, flexible, and cost-effective manufacturing network to support the delivery of its products to the 95% of US households that use them.

Campbell Soup Company (CPB) - Canvas Business Model: Customer Relationships

You're looking at how Campbell Soup Company keeps its massive brand portfolio top-of-mind for millions of shoppers, which is a constant balancing act between legacy advertising and new digital frontiers. Honestly, the numbers show where the dollars are actually going to maintain that shelf presence and digital buzz.

Mass-market advertising and digital campaigns to maintain brand relevance are backed by significant spending. For the second quarter of fiscal 2025, Marketing and selling expenses hit $256 million, representing approximately 10% of net sales. That figure moderated slightly in the third quarter to $216 million, still about 9% of net sales. By the fourth quarter of fiscal 2025, Marketing and selling expenses were $202 million, or approximately 9% of net sales. For the full year, the total combined dollar spend on adjusted marketing, selling and administrative expenses was flat at approximately 15% as a percentage of net sales. Advertising and consumer promotion expenses specifically increased 12% for the full year 2025, largely due to the contribution from the Sovos Brands acquisition. The company's strategy definitely involves connecting with younger consumers, targeting Millennials and Gen Z through digital marketing.

Here's a quick look at the reported Marketing & Selling Expense trends for the latter half of fiscal 2025:

Retailer-specific trade promotions to secure shelf space and drive volume are critical, given the concentration of their customer base. Back in 2024, the top five customers, which are major retailers, accounted for approximately 47% of consolidated net sales. Trade promotion activity is embedded within the broader marketing spend, as seen by the increase in advertising and consumer promotion expense in the base business during Q2 FY2025. Net price realization is a key lever used in trade discussions, which partially offset volume/mix declines in organic net sales in Q4 FY2025.

For direct engagement via social media platforms (TikTok, Instagram), the focus is on tuning the channel mix based on consumer behavior data. The company uses its annual 'State of the Sides' study to tighten influencer choices. This digital push also includes leveraging partnerships in the sports and gaming communities, such as with the NFL and the video game EA Madden, to reach younger demographics. The brand has also focused on making products available via convenience-driven online channels, including shoppable digital ads.

Regarding automated customer service for product inquiries and quality assurance, the public financial disclosures do not detail specific metrics like the volume handled by automated systems or associated cost savings as of late 2025. The company's focus on cost savings initiatives, targeting approximately $250 million in annual savings by the end of 2028, suggests efficiency efforts are ongoing across operations.

• The company is committed to its 'Win in Soup' strategy, which resonated with younger consumers valuing soup's nutrition and emotional satisfaction.
• Campbell Soup Company is ranked among the best food and beverage companies for investor, employee, and consumer trust as of 2025.
• The company has operations in 120 countries with nearly 30 facilities globally.

Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Channels

You're looking at how Campbell Soup Company moves its products from the factory to your pantry or plate as of late 2025. The distribution network is vast, built on decades of shelf presence, but it's definitely evolving, especially with the integration of the Sovos Brands portfolio.

Major US and Canadian grocery retailers (supermarkets, mass merchandisers) represent the backbone of Campbell Soup Company's distribution. This channel moves the bulk of the company's volume across its Meals & Beverages and Snacks divisions. For the second quarter of fiscal 2025, the Meals & Beverages segment, which includes retail sales of soups, sauces, and beverages, generated reported net sales of approximately $1.7 billion. The Snacks division, moving items like Goldfish crackers and Snyder's of Hanover pretzels through these same retail doors, had reported sales of about $1 billion in that same quarter. The company's overall fiscal 2025 net sales reached $10.3 billion. To be fair, these segment numbers aren't pure channel data, but they show where the product volume is moving before considering foodservice cuts.

The company's reliance on key retail partners is a known factor; in fact, one of the risks noted was that certain of the company's key customers maintain significance to the company's business. North America is the largest market overall, accounting for approximately 70% of the sales for soups and broth specifically.

Here's a look at the segment sales data from Q2 FY2025, which heavily reflects the retail channel's contribution:

E-commerce and online grocery delivery platforms are an increasingly important part of the mix, though specific revenue percentages aren't broken out in the latest reports. We know that e-commerce retailers are expanding their market presence, which impacts how Campbell Soup Company manages its shelf space and inventory flow. The company is focused on ensuring its leadership brands, like Goldfish and Rao's, are available where consumers are shopping online, whether through direct-to-consumer initiatives or major online grocery partners.

The foodservice channel (institutional, restaurants) shows clear growth momentum within the Meals & Beverages segment. For instance, in the first quarter of fiscal 2025, organic net sales saw gains in foodservice, which helped offset declines elsewhere. Similarly, in the third quarter of fiscal 2025, foodservice was noted as a driver of organic sales increases. This channel moves products like Swanson broth and various soups to institutions and restaurants, providing an alternative revenue stream outside of the traditional supermarket shelf.

For convenience stores and drug stores for immediate consumption snacks, the data isn't explicitly quantified for fiscal 2025. However, this channel is a natural fit for the Snacks portfolio, which includes brands like Pepperidge Farm cookies and Lance sandwich crackers. These smaller format stores are critical for impulse buys and immediate consumption, supporting the overall Snacks division's performance, which saw reported sales of $1 billion in Q2 FY2025.

You should check the Q1 FY2026 investor deck for a more granular breakdown of the e-commerce penetration rate, as that's where these details usually surface post-year-end. Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Customer Segments

You're looking at the hard numbers that define who buys The Campbell\'s Company products as of late 2025. This isn\'t about marketing fluff; it's about where the revenue is actually coming from across the fiscal year 2025.

Mass Market Consumers: Price-sensitive shoppers seeking value and convenience

This segment is reflected in the performance of core, everyday items, which showed mixed results throughout fiscal 2025. The overall organic net sales for the full fiscal year 2025 decreased by 1%, landing at $9.3 billion, indicating consumer intentionality in spending. In the second quarter of fiscal 2025, U.S. soup sales declined, specifically citing decreases in ready-to-serve soups. However, the trend shifted later in the year, as the third quarter of fiscal 2025 saw organic sales growth in U.S. soup, driven by increases in condensed soups and broth. This suggests that while some price-sensitive shoppers pulled back, others returned to value-oriented staples.

Premium Food Enthusiasts: Consumers willing to pay for high-quality, authentic brands (Rao\'s)

The premium tier, anchored by the Rao\'s brand, shows significant financial weight. The Campbell\'s Company is pleased with Rao\'s post-acquisition momentum as it approaches becoming its fourth $1 billion dollar brand as of the fourth quarter of fiscal 2025. In fiscal 2024, Rao\'s represented about 69% of Sovos Brands\' adjusted net sales, which was $837 million the prior year. For the third quarter of fiscal 2025, net sales of Rao\'s pasta sauces increased, and the brand is expected to moderate its growth to the high single digits long-term. To be fair, the fourth quarter of fiscal 2025 saw a reported decline in Rao\'s pasta sauces sales, though the Ready-to-Serve portfolio overall benefited from gains in the Rao\'s brand.

Families with Children: Primary buyers of snacks like Goldfish crackers

The Snacks division faced pressure, but key family brands showed resilience. Goldfish crackers account for a quarter of The Campbell\'s Company entire portfolio as of late 2024. In the second quarter of fiscal 2025, the Snacks segment organic revenue fell 3% to $1 billion. Still, the fourth quarter of fiscal 2025 saw sales in the Snacks segment increase by 2%, with reported gains in brands like Goldfish crackers, Kettle, and Late July. The overall portfolio of eight snack leadership brands holds positive five-year compound annual growth rates ranging from 4% to 9%.

Foodservice Operators

This group is captured within the Meals & Beverages segment performance, particularly in the second quarter of fiscal 2025. In that quarter, the organic sales growth for the Meals & Beverages segment was partially offset by declines in U.S. soup, but it saw gains in foodservice. The company expects to benefit from the continued trend of consumers cooking at home looking ahead to fiscal year 2026, which implies continued reliance from foodservice operators for ready-to-use products.

Home Cooks: Consumers who defintely rely on condensed soup and broth for recipes

The trend toward home cooking is a clear tailwind for this segment, especially for broth and cooking-specific soup formats. In the fourth quarter of fiscal 2024, The Campbell\'s Company recorded robust share gains in its Swanson broth business, benefiting from consumers opting for home cooking over dining out. This momentum carried into fiscal 2025; the third quarter saw sales of U.S. soup increase due to growth in condensed soups and broth. Furthermore, the fourth quarter of fiscal 2025 saw the Meals & Beverages division benefit from growth in broth and condensed cooking soups, even as the overall segment organic sales fell.

Here's a quick look at the segment revenue context from the second quarter of fiscal 2025, which gives you a snapshot of scale:

The full fiscal year 2025 net sales reached $10.3 billion, up 6% from fiscal 2024.

• The portfolio of 16 leadership brands represented 84% of enterprise sales in fiscal 2024.
• These leadership brands accounted for approximately 95% of segment operating earnings in fiscal 2024.
• The company is focused on its North American market, which generated $7.95 billion (93.8%) of its total revenue in a prior period.

Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving The Campbell's Company's operations as of late 2025, which are heavily influenced by external pressures like tariffs and the financing of recent growth.

Cost of Goods Sold (COGS) is fundamentally driven by the cost of raw materials, packaging, and the labor required for manufacturing. While the total COGS figure isn't explicitly broken out here, the pressure points are clear, especially concerning packaging inputs.

Tariff Headwinds present a significant, quantifiable cost burden projected for the next fiscal year. Gross tariffs are projected to hit approximately 4% of cost of products sold for fiscal 2026. Over half of this exposure is specifically tied to Section 232 steel and aluminum tariffs. The company expects to mitigate about 60% of this total tariff impact through various actions.

Selling, General, and Administrative (SG&A) costs include significant marketing investments. For the first quarter of fiscal 2025, adjusted marketing and selling expenses reached $241 million, representing approximately 9% of net sales. Administrative expenses for that same quarter were $175 million.

Debt Servicing costs reflect the financing of the Sovos Brands acquisition. The full-year fiscal 2025 net interest expense was $328 million, up from $243 million in the prior year. The adjusted net interest expense for fiscal 2025 was $241 million.

Capital Expenditures (CapEx) show investment in the operational backbone. Full-year fiscal 2025 capital expenditures totaled $426 million. For comparison, Q1 FY2025 CapEx was $110 million, and year-to-date through Q2 FY2025, CapEx stood at $211 million. Management has projected that for fiscal 2026, capital expenditures will be approximately 4% of net sales.

Here's a quick look at some of the key financial figures impacting the cost structure:

The company is actively working to manage these costs through productivity programs, aiming for $375 million in savings by 2028 under its peak program.

The cost structure is also being managed via pricing and sourcing strategies:

• Expected tariff cost increase in FY2026: 4% of COGS.
• Expected tariff mitigation: 60% of the impact.
• Section 232 steel/aluminum tariffs account for over 50% of the projected tariff exposure.
• The company is focused on productivity gains, inventory management, and supplier collaboration to offset costs.

Finance: draft 13-week cash view by Friday.

Campbell Soup Company (CPB) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Campbell Soup Company, now The Campbell's Company, actually brings in the money as of late 2025. It's all about the top line, so let's break down where the revenue is coming from based on the Fiscal Year 2025 results.

Net Sales: Total reported Net Sales for Fiscal Year 2025 hit $10.3 billion, marking a 6% increase year-over-year. That growth was definitely helped by acquisitions, as the organic net sales actually decreased by 1% for the full year. Honestly, that $10.3 billion figure shows the power of the portfolio, even with softer volume in some areas.

The revenue is split across two main divisions, which you can see clearly when you look at the product mix from the end of the fiscal year:

Meals & Beverages Sales: This segment pulls in revenue from iconic staples like Campbell's condensed and ready-to-serve soups, broth, and acquired premium brands. For instance, Rao's pasta sauces is a major contributor, approaching $1 billion in sales on a proforma basis. In the fourth quarter of FY2025, this division saw a 1% favorable net price realization, which helped offset a 4% decline in volume/mix.

Snacks Sales: This is the largest piece of the pie, accounting for about 43% of total revenue. You're looking at sales from the diverse portfolio including Goldfish crackers, Pepperidge Farm cookies, Snyder's of Hanover pretzels, and Cape Cod chips. The Snacks business had a better pricing environment in the fourth quarter, delivering 2% favorable net price realization against a 5% unfavorable volume/mix impact.

Net Price Realization: This is the direct revenue lift from strategic pricing actions taken to counter inflation. For the final quarter of the fiscal year, Campbell Soup Company realized pricing benefits across both segments:

• Meals & Beverages: 1% favorable net price realization.
• Snacks: 2% favorable net price realization.

Synergy Capture: While the outline suggested a specific number, the most recently updated guidance for full-year fiscal 2025 cost savings, which directly boosts operating profit through efficiency and integration, was increased to $120 million. This reflects progress from initiatives like the Sovos Brands integration, which is now fully integrated into the Campbell's ERP system, setting up further back-office savings for fiscal 2026.