What the changes say
- 2026 tariffs and retaliation increased ingredient, packaging, production, supply-chain and distribution costs, with possible demand declines.
- Consumer shifts, including weight-management medications, could make product and packaging innovation more important.
- Debt rose to approximately $7.137 billion, while credit downgrades could restrict financing and commercial-paper access.
- Climate risks now include potentially higher compliance costs from greenhouse-gas and climate-reporting requirements.
What changed since the prior 10-K
New
- NewBusiness and Operational Risks
We must identify changing consumer preferences and develop and offer food products and packaging to meet consumer preferences
Changing tastes, dietary habits and health trends, including weight-management medications, could reduce sales if Campbell’s misjudges lasting preferences.
- NewFinancial and Economic Risks
Our borrowing costs, ability to refinance debt, debt issuances and access to commercial paper markets could be adversely affected by a downgrade or potential downgrade of our credit ratings
Credit-rating downgrades could raise borrowing costs and limit unsecured debt issuance, commercial-paper access and liquidity.
- NewLegal, Regulatory and Sustainability Risks
distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain
Changing climate policies, emissions rules and climate-reporting requirements could increase facility, distribution and supply-chain costs.
Dropped
- DroppedFinancial and Economic Risks
We may be adversely impacted by increased liabilities and costs related to our defined benefit pension plans
Reworded
- 73% rewrittenBusiness and Operational Risks
Changes in global trade policies, including tariff actions taken by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations
The update reports 2026 U.S. and retaliatory tariffs already increasing production, supply-chain and distribution costs, and adds possible demand declines.
Was: 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
- 68% rewrittenLegal, Regulatory and Sustainability Risks
Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations
Beef was added to the commodities potentially affected by climate-driven agricultural disruption.
- 55% rewrittenBusiness and Operational Risks
We face significant competition in all our product categories, which may result in lower sales and margins
- 46% rewrittenBusiness and Operational Risks
Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by ongoing geopolitical conflicts
The update removes named conflicts and regions, while adding blockades and broader trade restrictions alongside sanctions and export controls.
- 43% rewrittenLegal, Regulatory and Sustainability Risks
We may be adversely impacted by legal and regulatory proceedings or claims
The cross-reference to legal proceedings changed from Note 18 to Note 19.
- 35% rewrittenBusiness and Operational Risks
Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands
The update adds concerns or perceptions about ingredients and processed foods as possible causes of brand-value decline.
- 34% rewrittenFinancial and Economic Risks
We may be adversely impacted by our substantial indebtedness
Debt increased from approximately $6.857 billion to $7.137 billion; capital priorities replaced capital projects, and commercial-paper use was added.
- 30% rewrittenBusiness and Operational Risks
Disruption to our supply chain could adversely affect our business
- 29% rewrittenFinancial and Economic Risks
An impairment of the carrying value of goodwill or other indefinite-lived intangible assets could adversely affect our financial results and net worth
- 24% 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
All 24 risk factors
Headings as the filing states them, in filing order.
Business and Operational Risks
- 01Unfavorable 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
- 02Our business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by ongoing geopolitical conflicts46% rewritten
- 03Changes in global trade policies, including tariff actions taken by the U.S. and reciprocal tariffs by its trading partners, remain uncertain and could impact our financial condition or results of operations73% rewritten
- 04We 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 costs24% rewritten
- 05Disruption to our supply chain could adversely affect our business30% rewritten
- 06Our results may be adversely affected by our inability to complete or realize the projected benefits of acquisitions, divestitures and other strategic transactions
- 07Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands
- 08Our results may be adversely impacted if consumers do not maintain their favorable perception of our brands35% rewritten
- 09We may be adversely impacted by a disruption, failure or security breach of our information technology systems
- 10We may not be able to attract and retain the highly skilled people we need to support our business
- 11If we do not fully realize the expected cost savings and/or operating efficiencies associated with our strategic initiatives, our profitability could suffer
- 12We face significant competition in all our product categories, which may result in lower sales and margins55% rewritten
- 13We must identify changing consumer preferences and develop and offer food products and packaging to meet consumer preferencesnew
- 14We may be adversely impacted by a changing customer landscape and the increased significance of some of our customers
Financial and Economic Risks
- 15An impairment of the carrying value of goodwill or other indefinite-lived intangible assets could adversely affect our financial results and net worth29% rewritten
- 16We face risks related to inflation, recession, financial market disruptions and other economic conditions
- 17We may be adversely impacted by our substantial indebtedness34% rewritten
- 18Our borrowing costs, ability to refinance debt, debt issuances and access to commercial paper markets could be adversely affected by a downgrade or potential downgrade of our credit ratingsnew
Legal, Regulatory and Sustainability Risks
- 19We may be adversely impacted by legal and regulatory proceedings or claims43% rewritten
- 20If 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
- 21If 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
- 22Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations68% rewritten
- 23distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chainnew
- 24Our business is subject to an increasing focus on sustainability matters
Other Campbell's 10-Ks
- 2025 10-K risk factors
22 risks, 2 new, 1 dropped, 7 reworded since the prior year. Campbell's added trade policy tariff and M&A execution risks, while updating macroeconomic inflation references to 2025 and 2026.
Filed Sep 18, 2025 - 2024 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
Item 1A of the 10-K on EDGAR was split into its risk factors and, where the company's previous 10-K is on file, each heading was matched to last year's and the text compared word for word. The headings are the filing's own. The one-line readings and the overview were written by a language model from the text of the new, dropped, and rewritten risks; they refer to risks by position and cannot misquote a heading.