Campbell's $9,519 million of goodwill and intangibles is 2.5 times equity
Fiscal 2026 10-K: purchased brands and acquisition premium together stand at two and a half times shareholders' equity, and the company wrote trademarks down in each of the last two years
aiSwingX™ Editorial · Reviewed
Published
The Campbell's Company Form 10-K (fiscal 2026, filed 2026-09-24, accession 0000016732-26-000026): consolidated statements of earnings, consolidated balance sheets, consolidated statements of cash flows, Note 3 on acquisitions, Note 4 on divestitures, the intangible assets note, and the Summary of Results, Other Expenses / (Income) and Corporate expense discussions in MD&A. Annual figures cross-checked against SEC XBRL Company Facts.
aiSwingX™ analyzes US filings and reports them as news investors can read.
The Campbell's Company (CPB) ended fiscal 2026 with goodwill of $5,321 million and intangible assets other than goodwill of $4,198 million. Together that is $9,519 million. Total equity on the same date was $3,850 million, making those intangible assets 247.2% of equity and 60.8% of total assets of $15,648 million.
In plain terms
Campbell's makes soups, sauces and snacks in the United States. More than half of what the company owns is not factories or stock on shelves but the value of brands it has bought. That brand value is two and a half times what belongs to shareholders, and in each of the last two years the company has written down some of its snack brands.
What happened
The Campbell's Company (CPB) makes soups, sauces and snacks in the United States. Its fiscal 2026 year ended on August 2, 2026, and the 10-K was filed on September 24, 2026.
Four lines from the balance sheet.
Item
August 2, 2026
Goodwill
$5,321 million
Intangible assets other than goodwill
$4,198 million
Sum of the two
$9,519 million
Total equity
$3,850 million
Intangibles / total equity
247.2%
Intangibles / total assets
60.8%
60.8% of total assets of $15,648 million has no physical form. That is more than plants, inventory and receivables combined.
Trademark impairments in two consecutive years — ●●, then ●●Subscribers
Dividends of ●● exceed net income of ●●Subscribers
It bought ●● of the company that makes all of its Rao's sauces — ●● in totalSubscribers
Of the ●● sales decline, 2 points is the "53rd week"Subscribers
Inventory rose ●● while sales fell ●●Subscribers
Litigation costs of ●● on a business sold in 2021Subscribers
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Companies connected in the filing
Counterparties this filing names directly. Nothing inferred.
AcquisitionLa Regina di San Marzano di Antonio Romano S.p.A. · La Regina Atlantica, LLC
Acquired a 49% interest in an all-cash transaction on May 4, 2026. The company states this business produces all of its Rao's tomato-based pasta sauces. The total consideration and the two-tranche structure are in the subscriber section.
10-K business overview and Note 3, acquisitions
FAQ
How is the 2.5 times figure calculated?
It divides goodwill plus intangibles other than goodwill by total equity. All three figures appear on this 10-K's balance sheet and are set out in the free table above.
Which trademarks were impaired?
The company states the amount and the brands for each of fiscal 2026 and 2025. Both years' figures and the brand names are in the subscriber section.
Did the length of the fiscal year affect the sales decline?
The company wrote that part of the 5% decline came from the extra week in the prior year. The size of that effect is in the subscriber section.
What did the company acquire this year?
It acquired 49% of the company that produces all of its Rao's sauces. The total consideration, the two-tranche structure and the timing of the remaining payment are in the subscriber section.
Where can I verify this directly?
Open The Campbell's Company's fiscal 2026 Form 10-K (accession 0000016732-26-000026) on SEC EDGAR and read the balance sheet, Note 3 on acquisitions, the intangible assets note, and the Other Expenses / (Income) and Corporate expense discussions in MD&A.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
The Campbell's Company Form 10-K (fiscal 2026, filed 2026-09-24, accession 0000016732-26-000026): consolidated statements of earnings, consolidated balance sheets, consolidated statements of cash flows, Note 3 on acquisitions, Note 4 on divestitures, the intangible assets note, and the Summary of Results, Other Expenses / (Income) and Corporate expense discussions in MD&A. Annual figures cross-checked against SEC XBRL Company Facts. · SEC EDGAR · This article is not investment advice. Disclaimer
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