Campbell's (CPB) risk factors, FY2025 10-K

Campbell's's FY2025 10-K, filed Sep 18, 2025, lists 22 risk factors in 3 groups. Against the prior year's 21: 2 new, 1 dropped, 7 substantially reworded.

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Risk factors listed
223 groups
New this year
2vs 21 last year
Dropped
1since the prior 10-K
Substantially reworded
7of those kept
Section length
7k wordsItem 1A

What the changes say

  • Campbell's added trade policy tariff and M&A execution risks, while updating macroeconomic inflation references to 2025 and 2026.

What changed since the prior 10-K

New

  • NewBusiness and Operational Risks

    Changes in global trade policies, including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations

    Global trade policies and U.S. tariffs on ingredients, packaging like tinplate steel, and imported finished goods could increase our costs.

  • NewBusiness and Operational Risks

    Our results may be adversely affected by our inability to complete or realize the projected benefits of acquisitions, divestitures and other strategic transactions

    We may fail to complete or realize projected benefits and synergies from acquisitions, divestitures, or other strategic transactions.

Dropped

  • DroppedBusiness and Operational Risks

    incidents. As cyberattacks increase in frequency and magnitude around the world, we may be unable to obtain cybersecurity insurance in the amounts and on the terms we view as appropriate and favorable for our operations

Reworded

  • 71% rewrittenBusiness and Operational Risks

    Disruption to our supply chain could adversely affect our business

    Added changing trade policies as a factor causing supply chain disruptions alongside climate change and labor shortages.

  • 51% rewrittenLegal and Regulatory Risks

    We may be adversely impacted by legal and regulatory proceedings or claims

    Maintained standard language regarding ongoing legal and regulatory proceedings referencing Note 18.

  • 47% rewrittenBusiness and Operational Risks

    We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, such as raw and packaging materials, finished products, labor and distribution costs

    Added finished product purchases from domestic and international suppliers and shifting global trade policies including tariffs as cost factors.

    Was: We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, such as raw and packaging materials, labor and distribution costs

  • 35% rewrittenBusiness and Operational Risks

    Deterioration of global macroeconomic conditions, including economic recession or slow growth or periods of higher inflation in key markets may adversely affect consumer spending and demand for our products

    Included imposed and threatened tariffs by the U.S. and reciprocal trading partner tariffs within global supply chain challenges.

  • 34% rewrittenLegal and Regulatory Risks

    If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties. In addition, changes in such laws, regulations or other policies may lead to increased costs

    Added specific regulatory ingredients, specifically FD&C colors, to the laws governing food processing and marketing.

  • 32% rewrittenBusiness and Operational Risks

    We may be adversely impacted by a disruption, failure or security breach of our information technology systems

    Retained the risk regarding disruption, failure, or security breach of outsourced information technology systems without material changes.

  • 21% rewrittenFinancial and Economic Risks

    We face risks related to inflation, recession, financial market disruptions and other economic conditions

    Shifted inflation and recession timeline references from 2024 and 2025 to 2025 and 2026.

    Was: We face risks related to inflation, recession, financial and credit market disruptions and other economic conditions

All 22 risk factors

Headings as the filing states them, in filing order.

Business and Operational Risks

  1. 01Deterioration of global macroeconomic conditions, including economic recession or slow growth or periods of higher inflation in key markets may adversely affect consumer spending and demand for our products35% rewritten
  2. 02Changes in global trade policies, including imposed and threatened tariffs by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operationsNew
  3. 03We may not be able to increase prices or sustain price increases to fully offset inflationary pressures on costs, such as raw and packaging materials, finished products, labor and distribution costs47% rewritten
  4. 04Disruption to our supply chain could adversely affect our business71% rewritten
  5. 05Our results may be adversely affected by our inability to complete or realize the projected benefits of acquisitions, divestitures and other strategic transactionsNew
  6. 06Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands
  7. 07Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands
  8. 08We may be adversely impacted by a disruption, failure or security breach of our information technology systems32% rewritten
  9. 09We may not be able to attract and retain the highly skilled people we need to support our business
  10. 10If we do not fully realize the expected cost savings and/or operating efficiencies associated with our strategic initiatives, our profitability could suffer
  11. 11We face significant competition in all our product categories, which may result in lower sales and margins
  12. 12We may be adversely impacted by a changing customer landscape and the increased significance of some of our customers

Financial and Economic Risks

  1. 13An impairment of the carrying value of goodwill or other indefinite-lived intangible assets could adversely affect our financial results and net worth
  2. 14We may be adversely impacted by increased liabilities and costs related to our defined benefit pension plans
  3. 15We face risks related to inflation, recession, financial market disruptions and other economic conditions21% rewritten
  4. 16We may be adversely impacted by our substantial indebtedness

Legal and Regulatory Risks

  1. 17We may be adversely impacted by legal and regulatory proceedings or claims51% rewritten
  2. 18If we fail to comply with the many laws applicable to our business, we may face lawsuits or incur significant fines and penalties. In addition, changes in such laws, regulations or other policies may lead to increased costs34% rewritten
  3. 19If our food products become adulterated or are mislabeled, we might need to recall those items, and we may experience product liability claims and damage to our reputation
  4. 20Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations
  5. 21Our business is subject to an increasing focus on sustainability matters
  6. 22Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by ongoing geopolitical conflicts

Other Campbell's 10-Ks

  • FY2026 10-K risk factors
    24 risks3 new1 dropped10 reworded

    2026 tariffs and retaliation increased ingredient, packaging, production, supply-chain and distribution costs, with possible demand declines.

    Filed Sep 24, 2026
  • FY2024 10-K risk factors
    21 risks

    Campbell's risk profile is dominated by commodity price inflation, supply chain dependencies, and heavy indebtedness.

    Filed Sep 19, 2024

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.