Campbell’s (CPB) Stock Hits 23-Year Low After Missing Earnings — And S&P 500 Spot Now in Doubt

TLDR

• Campbell’s reported adjusted EPS of 51 cents for Q2, missing the 57-cent analyst estimate
• Net sales fell 4.5% year-over-year to $2.56 billion, also below expectations of $2.61 billion
• Snack sales dropped 6.2% to $914 million — below $1 billion for the first time in four years
• Full-year adjusted EPS guidance was cut to $2.15–$2.25, down from $2.40–$2.55
• The stock has fallen over 40% in the past 12 months and risks removal from the S&P 500

Campbell’s posted another rough quarter, and Wall Street didn’t waste time reacting. The stock dropped 5.4% in premarket trading on Wednesday, putting it on track to hit its lowest price since August 2003.

$CPB EARNINGS DROP — Q2 FY2026

Campbell’s just served up a MIXED bowl this morning

Revenue: $2.68B BEAT ($2.61B est.)
GAAP EPS: $0.65 Miss vs. $0.71 est.
Stock: +1.2% pre-market to $31.82

The GOOD news? Revenue came in line with expectations and the… pic.twitter.com/Vvz9sR5Ipb

— Invest Alpha Pro (@InvestAlphaPro) March 11, 2026

The company reported adjusted earnings of 51 cents per share for its fiscal second quarter, missing the analyst consensus of 57 cents. Net sales came in at $2.56 billion, down 4.5% from a year ago and short of the $2.61 billion forecast.

Campbell Soup Company, CPB

It was the second straight year-over-year sales decline, and the first earnings miss since Q4 of 2023.

Both of Campbell’s main business units weakened. Snacks — home to Goldfish, Snyder’s pretzels, Cape Cod chips, and Pepperidge Farm — fell 6.2% to $914 million. That’s the first time snack sales have dropped below $1 billion in four years.

The meals and beverages segment, which includes the flagship soup brand, Prego, and V8, slipped 3.7% to $1.65 billion. Some growth in Rao’s sauces helped soften the blow, but not enough to offset declines elsewhere.

Net income slumped 16.2% to $145 million for the quarter.

CEO Mick Beekhuizen acknowledged the tough stretch. “Given our first half results and the current operating environment, we are lowering our full-year outlook to reflect a more cautious view for the balance of the year,” he said.

Guidance Cut

The company lowered its full-year organic net sales outlook to a decline of 1%–2%, compared to its previous range of a 1% decline to a 1% gain. Adjusted EPS guidance was cut to $2.15–$2.25, down sharply from the prior estimate of $2.40–$2.55.

Management expects adjusted earnings to fall 12%–18% in fiscal 2026 compared with the year before, largely driven by tariff-related costs on steel and aluminum used in canned goods. Beekhuizen said the company would accelerate cost-cutting plans to “stabilize” the snacks business.

Campbell’s is targeting $375 million in cost savings by fiscal 2028.

S&P 500 Membership at Risk

Campbell’s has been a member of the S&P 500 since the index launched in 1957 — one of roughly 50 original members still on it. But that status is under pressure.

The stock has lost more than 40% over the past 12 months, compared to a 21.7% gain for the S&P 500 over the same period. Its market cap sat at around $7.5 billion heading into earnings. After the premarket drop, that figure was set to fall to roughly $6.96 billion — the second-lowest in the index.

Last Friday, four companies including Match Group and Molina Healthcare were removed from the S&P 500 after ranking among the smallest constituents.

Wall Street analysts have an average 12-month price target of $28 on CPB, about 12% above the current level near $25.

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