Campbell's Company (The)

Free cash flow remains solid, but leverage is elevated. FY25 cash flow from operations was 1.13 billion dollars with 426 million dollars of capex. Q1 FY26 delivered 224 million dollars CFO and 127 million dollars capex. TTM FCF through Nov 2, 2025 is about 687 million dollars after adjusting for the prior-year quarter.

Balance sheet at FY25 year end showed total debt of approximately 6.86 billion dollars and cash of 132 million dollars, and at Q1 FY26 total debt was 6.97 billion dollars with 168 million dollars of cash. Fitch downgraded the company to BBB- in December 2025 citing leverage sustained above 3.5x and FY26 earnings pressure.

Interest expense was 328 million dollars in FY25, implying moderate interest coverage. Liquidity includes a large revolver and commercial paper capacity. Overall, solvency is fine for a staple, but leverage trims resilience in downturns. Citations: FY25 Q4 release and exhibit, Q1 FY26 release, Fitch downgrade.