Campbell's Company (The)

Pricing power is moderate. Across FY25, net price realization flattened as prior increases rolled off, and volumes were mixed. In Q1 FY26, organic sales declined 1% with modest favorable price realization but weaker volume mix.

Management also disclosed tariff headwinds near 4% of cost of products sold in FY26, which will require mitigation via productivity and selected pricing. Premium Rao’s has brand permission for price, yet consumer discourse shows sensitivity and credible low-priced substitutes, which caps latent pricing upside.

We therefore see mid-cycle pricing power as adequate but not exceptional outside a few flagship SKUs. Citations: Q1 FY26 press release, FY25 Q2 and Q3 press materials, and social sentiment regarding premium sauce trade-downs or dupes.