The Campbell’s Company (NASDAQ:CPB) stock fell Monday after the packaged food maker reported third-quarter results that topped earnings expectations but missed on revenue as inflation, tariffs, and weaker demand weighed on performance.

Campbell’s Earnings And Margins Under Pressure

Adjusted earnings were 50 cents a share, ahead of the Wall Street estimate of 48 cents. Revenue declined 4% year over year to $2.366 billion, missing analysts’ expectations of $2.381 billion.

The company said lower volumes and an unfavorable product mix more than offset pricing gains.

Adjusted gross profit fell 12% from a year earlier to $656 million, while adjusted gross margin narrowed 240 basis points to 27.7%. Campbell’s cited inflationary pressures, tariff-related costs, and broader supply chain expenses. Adjusted EBIT dropped 24% to $274 million as lower gross profit weighed on results.

Cost Savings And Cash Generation

For the first nine months of fiscal 2026, operating cash flow totaled $839 million, and capital expenditures were $297 million. The company ended the quarter with $402 million in cash and cash equivalents.

Campbell’s returned $380 million to shareholders year to date, primarily through dividends.

The company generated about $20 million in savings during the quarter, bringing cumulative savings under its fiscal 2028 cost-reduction program to $200 million. Management is targeting $375 million in total savings and expects those ...