Filing Flows › Campbell's (CPB) › Q3 FY26 › vs Q2 FY26
Campbell's (CPB) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Campbell's's revenue fell $198M (-8%) from $2.6B in Q2 FY26 to $2.4B in Q3 FY26. The biggest changes: Soup −$243M (-30%); Snacks +$38.0M (+4%); Beverages +$9.0M (+5%). Operating margin 10.1% against 10.6% (-0.5 pts).
Campbell's, Q3 FY26: revenue $2.4B (-4% year over year), operating margin 10.1%, net earnings $124M, operating cash flow $99.0M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 10.1% | 10.6% | -0.5 pts |
| Net margin | 5.2% | 5.7% | -0.4 pts |
| Free cash flow margin | 1.2% | 16.2% | -15.0 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Snacks | $1.0B | $995M | $38.0M | +4% |
| Soup | $578M | $821M | −$243M | -30% |
| Other Simple Meals | $578M | $580M | −$2.0M | -0.3% |
| Beverages | $177M | $168M | $9.0M | +5% |
| Revenue | $2.4B | $2.6B | −$198M | -8% |
| Operating profit | $239M | $273M | −$34.0M | -12% |
| Costs & expenses | $2.1B | $2.3B | −$164M | -7% |
| Pre-tax earnings | $159M | $193M | −$34.0M | -18% |
| Other expense, net | $80.0M | $80.0M | $0 | 0% |
| Cost of revenue | $1.7B | $1.8B | −$131M | -7% |
| Research & development | $25.0M | $22.0M | $3.0M | +14% |
| Sales & marketing | $214M | $252M | −$38.0M | -15% |
| General & admin | $155M | $160M | −$5.0M | -3% |
| Other operating costs | $17.0M | $10.0M | $7.0M | +70% |
| Net earnings | $124M | $145M | −$21.0M | -14% |
| Income tax | $35.0M | $48.0M | −$13.0M | -27% |
| Operating cash sources | $244M | $267M | −$23.0M | -9% |
| Depreciation & amortization | $105M | $102M | $3.0M | +3% |
| Share-based compensation | $15.0M | $20.0M | −$5.0M | -25% |
| Working capital & other | $145M | −$249M | $394M | — |
| Operating cash flow | $99.0M | $516M | −$417M | -81% |
| Free cash flow (OCF − capex) | $29.0M | $416M | −$387M | -93% |
| Capital expenditures | $70.0M | $100M | −$30.0M | -30% |
Questions
How much did Campbell's's revenue grow quarter over quarter in Q3 FY26?
Campbell's's revenue fell $198M (-8%) from $2.6B in Q2 FY26 to $2.4B in Q3 FY26.
What drove Campbell's's revenue change in Q3 FY26?
Soup −$243M (-30%); Snacks +$38.0M (+4%); Beverages +$9.0M (+5%).