Campbell's is a branded food company operating in two segments: Meals & Beverages and Snacks. The Meals & Beverages segment is anchored by the Campbell's soup franchise — condensed soups, Chunky ready-to-serve soups, and Swanson broth — alongside Prego and Rao's pasta sauces, Pace salsa, and V8 beverages. The Snacks segment is built around Pepperidge Farm (Goldfish crackers, cookies, fresh bakery) and a portfolio of salty snack brands including Snyder's of Hanover pretzels, Lance sandwich crackers, Cape Cod, Kettle Brand, and Late July. Campbell's acquired Rao's parent Sovos Brands in March 2024 for ~$2.9B; Rao's is an ultra-premium Italian sauce brand made in Italy and is on track to become Campbell's fourth billion-dollar brand alongside Goldfish, Campbell's soup, and Swanson. Campbell's sells to grocery retailers, mass merchandisers, club stores, and e-commerce channels; Walmart alone represents ~21% of net sales. The Snacks segment distributes primarily via a direct-store-delivery model through independent contractor distributors, while Meals & Beverages relies on traditional retail distribution. Campbell's earns revenue through volume, pricing, and mix, with premium brands like Rao's generating higher margins than mainstream brands. The company runs an ongoing cost savings program targeting $375M by FY28 to offset input cost inflation. A near-term headwind is tariffs on steel and aluminum (affecting soup cans) and reciprocal tariffs on Italian imports (affecting Rao's finished goods). Campbell's near-term priorities include deleveraging to 3.0x net debt/EBITDA by FY27, paying dividends, and optimizing its portfolio around 16 leadership brands.