0000016732-25-000026 | 10-Q | XBRL Viewer

Costs associated with acquisition

Goodwill

$ 4,988

$ 5,077

^[1]

$ 10

$ 19

Sovos Brands Acquisition

Business Acquisition, Date of Acquisition Agreement

Aug. 07, 2023

Business Acquisition, Share Price

$ 23.00

Business Acquisition, Effective Date of Acquisition

Mar. 12, 2024

Total consideration

$ 2,899

Goodwill

$ 1,116

Costs associated with acquisition

$ 10

$ 19

Revenue of Acquiree since Acquisition Date, Actual

313

623

Earnings / (Loss) of Acquiree since Acquisition Date, Actual

$ (9)

$ (12)

Sovos Brands Acquisition | Delayed Draw Term Loan Due 2024

Proceeds from Lines of Credit

$ 2,000

Sovos Brands Acquisition | Weighted Average

Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life

29 years

[1]	Related to the acquisition of Sovos Brands. See Note 3 for additional information.

Basis of Presentations and Significant Accounting Policies (Details)	12 Months Ended
	Aug. 03, 2025	Jul. 28, 2024
Fiscal Period Number Of Weeks		52
Forecast
Fiscal Period Number Of Weeks	53

Goodwill And Intangible Assets

6 Months Ended

Jan. 26, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill:


(Millions)	Meals & Beverages		Snacks		Total




Net balance at July 28, 2024	$	2,102	$	2,975	$	5,077

Divestiture(1)	—		(21)		(21)
Amounts reclassified to Assets of business held for sale(2)	(65)		—		(65)


Foreign currency translation adjustment	(3)		—		(3)
Net balance at January 26, 2025	$	2,034	$	2,954	$	4,988

____________________________________

(1)On August 26, 2024, we sold our Pop Secret popcorn business. See Note 4 for additional information.

(2)See Note 4 for additional information on our noosa yoghurt business.

Intangible Assets

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	January 26, 2025								July 28, 2024
(Millions)	Cost		Accumulated Amortization		Amounts reclassified to Assets of business held for sale(1)		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,060	$	(338)	$	(17)	$	705	$	1,060	$	(300)	$	760
Definite-lived trademarks	76		(2)		(72)		2		76		(2)		74


Total amortizable intangible assets	$	1,136	$	(340)	$	(89)	$	707	$	1,136	$	(302)	$	834
Indefinite-lived trademarks
Rao's							$	1,470					$	1,470
Snyder's of Hanover							620						620
Lance							350						350
Kettle Brand							318						318
Pace							292						292
Pacific Foods							280						280
Cape Cod							187						187
Various other Snacks(2) (3)							311						365
Total indefinite-lived trademarks							$	3,828					$	3,882

Total net intangible assets							$	4,535					$	4,716

____________________________________

(1)See Note 4 for additional information on our noosa yoghurt business.

(2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.

(3)Includes the Late July and Allied brands trademarks.

Amortization expense was $39 million for the six-month period ended January 26, 2025, and $34 million for the six-month period ended January 28, 2024. Amortization expense for both the six-month periods ended January 26, 2025 and January 28, 2024 included $14 million of accelerated amortization expense on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of January 26, 2025, amortizable intangible assets had a weighted-average remaining useful life of 19 years. Amortization expense is estimated to be approximately $70 million in 2025 and $40 million per year for the following four years.

During the second quarter of 2025, we performed an interim impairment assessment on certain salty snacks and cookie trademarks within our Snacks segment, including Tom’s, Jays, Kruncher’s, O-Ke-Doke, Stella D’oro and Archway, collectively referred to as our "Allied brands." In 2025, sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $15 million on the Allied brands trademarks. As of January 26, 2025, the carrying value of the Allied brands trademarks was $28 million.

During the second quarter of 2025, we performed an interim impairment assessment on the Late July trademark within our Snacks segment. In 2025, sales performance was below expectations. In the second quarter of 2025, based on recent performance, we lowered our long-term outlook and recognized an impairment charge of $11 million on the trademark. As of January 26, 2025, the carrying value of the Late July trademark was $47 million.

The impairment charges were recorded in Other expenses / (income) in the Consolidated Statement of Earnings.

The $1.47 billion carrying value of the Rao's trademark associated with the Sovos Brands acquisition approximates fair value. Excluding the carrying value of the Rao's trademark, based on the 2024 annual impairment testing and interim assessments described above, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $1.267 billion as of January 26, 2025, and included the Snyder's of Hanover, Pace, Pacific Foods, Late July and Allied brands trademarks.

The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 173	$ 203	$ 391	$ 437
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract]
Foreign currency translation adjustments, before tax	(5)	6	(7)	(3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax [Abstract]
Unrealized gains (losses) arising during the period, before tax	3	(28)	3	(20)
Reclassification adjustment for losses (gains) included in net earnings, before Tax	(1)	(1)	0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Prior service credit arising during the period, before tax	0	0	7	0
Reclassification of prior service credit included in net earnings, before tax	0	0	0	0
Other comprehensive income (loss), before tax	(3)	(23)	3	(24)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [Abstract]
Foreign currency translation adjustments, tax benefit (expense)	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract]
Unrealized gains (losses) arising during the period, tax benefit (expense)	0	6	0	4
Reclassification adjustment for losses (gains) included in net earnings, tax benefit (expense)	0	0	0	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]
Prior service credit arising during the period, tax (expense) benefit	0	0	(2)	0
Reclassification of prior service credit included in net earnings, tax (expense) benefit	0	0	0	0
Other comprehensive income (loss), tax benefit (expense)	0	6	(2)	4
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation adjustments, after-tax	(5)	6	(7)	(3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax [Abstract]
Unrealized gains (losses) arising during the period, after-tax	3	(22)	3	(16)
Reclassification adjustment for losses (gains) included in net earnings, after Tax	(1)	(1)	0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Prior service credit arising during the period, after tax	0	0	5	0
Reclassification of prior service credit included in net earnings, after-tax	0	0	0	0
Other comprehensive income (loss), after-tax	(3)	(17)	1	(20)
Total comprehensive income (loss), after-tax	170	186	392	417
Total comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Total comprehensive income (loss) attributable to The Campbell's Company	$ 170	$ 186	$ 392	$ 417

Discontinued Operations and Disposal Groups

6 Months Ended

Jan. 26, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Divestitures

On August 26, 2024, we sold our Pop Secret popcorn business for $70 million. We recognized a pre-tax loss on the sale of $25 million, or $19 million after tax. In connection with the sale, we will provide certain transition services to support the business.

The business had net sales of $9 million for the six-month period ended January 26, 2025, and $32 million and $61 million for the three- and six-month periods ended January 28, 2024, respectively. Earnings were not material in the periods. The results of the business were reflected within the Snacks reportable segment.

Subsequent to the end of the second quarter, we completed the sale of our noosa yoghurt business on February 24, 2025, for $188 million, subject to certain customary purchase price adjustments. In connection with the sale, we will provide certain transition services to support the business.

The noosa yoghurt business was purchased as part of the Sovos Brands acquisition. In the second quarter of 2025, we recorded $15 million of deferred tax expense related to the sale of the business. Net sales of the business were $39 million and $83 million for the three- and six-month periods ended January 26, 2025, respectively, and $68 million from March 12, 2024 through July 28, 2024. Earnings were not material in the periods. The results of the business are reflected within the Meals & Beverages segment.

The assets and liabilities of the business have been reflected as current Assets of business held for sale and current Liabilities of business held for sale as of January 26, 2025. The assets and liabilities were as follows:


(Millions)	January 26, 2025
Accounts receivable, net	$	15
Inventories	10

Plant assets, net of depreciation	54
Goodwill	65
Other intangible assets, net of amortization	89
Other assets	2
Assets of business held for sale	$	235

Accounts payable	$	13
Accrued liabilities	11

Long-term debt	9
Deferred taxes	19
Other liabilities	2
Liabilities of business held for sale	$	54

Discontinued Operations and Disposal Groups (Tables)

6 Months Ended

Jan. 26, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Schedule of Assets and Liabilities Held for Sale

The assets and liabilities were as follows:


(Millions)	January 26, 2025
Accounts receivable, net	$	15
Inventories	10

Plant assets, net of depreciation	54
Goodwill	65
Other intangible assets, net of amortization	89
Other assets	2
Assets of business held for sale	$	235

Accounts payable	$	13
Accrued liabilities	11

Long-term debt	9
Deferred taxes	19
Other liabilities	2
Liabilities of business held for sale	$	54

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Financial Instruments (Schedule of Cash Flow Hedges in Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	$ 1,866	$ 1,680	$ 3,771	$ 3,410
Interest expense	88	46	175	95
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Cost of products sold	(1)	(2)	(1)	(2)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 0	$ 1	$ 1	$ 1

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Financial Instruments

6 Months Ended

Jan. 26, 2025

Financial Instruments

The principal market risks to which we are exposed are changes in foreign currency exchange rates, interest rates and commodity prices. In addition, we are exposed to price changes related to certain deferred compensation obligations. In order to manage these exposures, we follow established risk management policies and procedures, including the use of derivative contracts such as swaps, rate locks, options, forwards and commodity futures. We enter into these derivative contracts for periods consistent with the related underlying exposures, and the contracts do not constitute positions independent of those exposures. We do not enter into derivative contracts for speculative purposes and do not use leveraged instruments. Our derivative programs include instruments that qualify for hedge accounting treatment and instruments that are not designated as accounting hedges.

Concentration of Credit Risk

We are exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we enter into contracts only with carefully selected, leading, credit-worthy financial institutions, and distribute contracts among several financial institutions to reduce the concentration of credit risk. We did not have credit risk-related contingent features in our derivative instruments as of January 26, 2025, or July 28, 2024.

We are also exposed to credit risk from our customers. During 2024, our largest customer accounted for approximately 22% of our consolidated net sales. Our five largest customers accounted for approximately 47% of our consolidated net sales in 2024.

We closely monitor credit risk associated with counterparties and customers.

Foreign Currency Exchange Risk

We are exposed to foreign currency exchange risk, primarily the Canadian dollar and Euro, related to intercompany transactions and third-party transactions. We utilize foreign exchange forward purchase and sale contracts and option contracts to hedge these exposures. The contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge portions of our forecasted foreign currency transaction exposure with foreign exchange forward contracts for periods typically up to 18 months. The notional amount of foreign exchange forward contracts accounted for as cash-flow hedges was $113 million as of January 26, 2025, and $108 million as of July 28, 2024. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), until earnings are affected by the variability of cash flows. For derivatives that are designated and qualify as hedging instruments, the initial fair value of hedge components excluded from the assessment of effectiveness is recognized in earnings under a systematic and rational method over the life of the hedging instrument and is presented in the same statement of earnings line item as the earnings effect of the hedged item. Any difference between the change in the fair value of the hedge components excluded from the assessment of effectiveness and the amounts recognized in earnings is recorded as a component of other comprehensive income (loss). The notional amount of foreign exchange forward and option contracts that are not designated as accounting hedges was $404 million as of January 26, 2025, and $189 million as of July 28, 2024.

Interest Rate Risk

We manage our exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt. From time to time, we may use interest rate swaps in order to maintain our variable-to-total debt ratio within targeted guidelines. We manage our exposure to interest volatility on future debt issuances by entering into forward starting interest rate swaps or treasury lock contracts to hedge the rate on the interest payments related to the anticipated debt issuance. The forward starting interest rate swaps or treasury lock contracts are either designated as cash-flow hedging instruments or are undesignated. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income (loss), and reclassified into Interest expense over the life of the debt issued. The change in fair value on undesignated instruments is recorded in Interest expense. In conjunction with the issuance of senior unsecured notes on October 2, 2024, due on March 23, 2035, we settled forward starting interest rate swaps with a notional value of $700 million at a gain of less than $1 million. The gain on these instruments was recorded in other comprehensive income (loss) and will be recognized in Interest expense over the life of the debt. There were no forward starting interest rate swaps or treasury lock contracts outstanding as of January 26, 2025 and July 28, 2024.

Commodity Price Risk

We principally use a combination of purchase orders and various short- and long-term supply arrangements in connection with the purchase of raw materials, including certain commodities and agricultural products. We also enter into commodity futures, options and swap contracts to reduce the volatility of price fluctuations of wheat, diesel fuel, soybean oil, natural gas, cocoa, aluminum, corn and soybean meal. Commodity futures, options and swap contracts are either designated as cash-flow hedging instruments or are undesignated. We hedge a portion of commodity requirements for periods typically up to 18 months. There were no commodity contracts designated as cash-flow hedges as of January 26, 2025, or July 28, 2024. The notional amount of commodity contracts not designated as accounting hedges was $133 million as of January 26, 2025, and $200 million as of July 28, 2024. The change in fair value on undesignated instruments is recorded in Cost of products sold.

We have a supply contract under which prices for certain raw materials are established based on anticipated volume requirements over a twelve-month period. Certain prices under the contract are based in part on certain component parts of the raw materials that are in excess of our needs or not required for our operations, thereby creating an embedded derivative requiring bifurcation. We net settle amounts due under the contract with our counterparty. The notional amount was $90 million as of January 26, 2025, and $48 million as of July 28, 2024. The change in fair value on the embedded derivative is recorded in Cost of products sold.

Deferred Compensation Obligation Price Risk

We enter into swap contracts which hedge a portion of exposures relating to the total return of certain deferred compensation obligations. These contracts are not designated as hedges for accounting purposes. Unrealized gains (losses) and settlements are included in Administrative expenses in the Consolidated Statements of Earnings. We enter into these contracts for periods typically not exceeding 12 months. The notional amounts of the contracts were $80 million as of January 26, 2025, and $71 million as of July 28, 2024.

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 26, 2025, and July 28, 2024:


(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
Asset Derivatives
Derivatives designated as hedges:

Foreign exchange contracts	Other current assets	$	3	$	2




Total derivatives designated as hedges		$	3	$	2
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	12	$	6

Deferred compensation contracts	Other current assets	4		3



Total derivatives not designated as hedges		$	16	$	9
Total asset derivatives		$	19	$	11


(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
Liability Derivatives







Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	5	$	16


Foreign exchange contracts	Accrued liabilities	1		—



Total derivatives not designated as hedges		$	6	$	16
Total liability derivatives		$	6	$	16

We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of

derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 26, 2025, and July 28, 2024, would be adjusted as detailed in the following table:


	January 26, 2025						July 28, 2024
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	19	$	(3)	$	16	$	11	$	(1)	$	10
Total liability derivatives	$	6	$	(3)	$	3	$	16	$	(1)	$	15

We are required to maintain cash margin accounts in connection with funding the settlement of open positions for exchange-traded commodity derivative instruments. Cash margin asset balances of less than $1 million at January 26, 2025 and $2 million at July 28, 2024 were included in Other current assets in the Consolidated Balance Sheets.

The following tables show the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:


		Total Cash-Flow Hedge OCI Activity
(Millions)		January 26, 2025		January 28, 2024
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(10)	$	3
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		3		(2)
Forward starting interest rate swaps		—		(26)

Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	(1)		(2)


Forward starting interest rate swaps	Interest expense	—		1
OCI derivative gain (loss) at end of quarter		$	(8)	$	(26)

Six Months Ended
OCI derivative gain (loss) at beginning of year		$	(11)	$	(5)
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		3		3
Forward starting interest rate swaps		—		(23)

Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	(1)		(2)


Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	(8)	$	(26)

Based on current valuations, the amount expected to be reclassified from OCI into earnings within the next 12 months is a gain of $1 million.

The following tables show the total amounts of line items presented in the Consolidated Statements of Earnings in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items:


	Three Months Ended
	January 26, 2025		January 28, 2024
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings:	$	1,866		$	88	$	1,680	$	46

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(1)		$	—	$	(2)	$	1


	Six Months Ended
	January 26, 2025		January 28, 2024
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings:	$	3,771		$	175	$	3,410	$	95

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(1)		$	1	$	(2)	$	1

The amount excluded from effectiveness testing recognized in each line item of earnings using an amortization approach was not material in all periods presented.

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:


	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Six Months Ended
(Millions)		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Foreign exchange contracts	Cost of products sold	$	(1)	$	1	$	(1)	$	—



Commodity contracts	Cost of products sold	(14)		(8)		(18)		4

Deferred compensation contracts	Administrative expenses	(3)		(7)		(6)		(3)

Total		$	(18)	$	(14)	$	(25)	$	1

Segment Information (Schedule Of Segment Reporting - Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Segment Reporting Information [Line Items]
Net sales	$ 2,685	$ 2,456	$ 5,457	$ 4,974
Meals & Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	1,679	1,382	3,385	2,786
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	$ 1,006	$ 1,074	$ 2,072	$ 2,188

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Stock-based Compensation (Valuation Assumptions) (Details) - TSR Performance Restricted Stock/Units [Member]	6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.52%	4.84%
Expected dividend yield	3.01%	3.54%
Expected volatility	22.46%	22.16%
Expected term, years	3 years	3 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Compensation Related Costs, Share Based Payments (Policies)	6 Months Ended
	Jan. 26, 2025
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation, Policy	In determining stock-based compensation expense, we estimate forfeitures expected to occur.

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

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Share Repurchases (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Statement [Line Items]
Treasury stock purchased, shares			1,134	707
Treasury Stock Value Acquired Cost Method	$ 2	$ 1	$ 56	$ 29
September 2021 Program
Statement [Line Items]
Authorized amount for shares repurchase	500		500
Share Repurchase Program, Remaining Authorized, Amount	301		301
September 2024 Program
Statement [Line Items]
Authorized amount for shares repurchase	250		250
Share Repurchase Program, Remaining Authorized, Amount	205		205
June 2021 Program Canceled September 2024
Statement [Line Items]
Authorized amount for shares repurchase	$ 250		$ 250

Fair Value Measurements Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	$ 170	$ 25
Debt, Long-term and Short-term, Combined Amount	7,675	7,184
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	170	25
Debt Instrument, Fair Value Disclosure	$ 7,291	$ 6,866

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Schedule of Consideration for Business Acquisition (Details) - Sovos Brands Acquisition - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

9 Months Ended

Mar. 12, 2024

Apr. 28, 2024

Aug. 07, 2023

Cash consideration paid to Sovos Brands shareholders

^[1]

$ 2,307

Cash paid for share-based awards

^[2]

Cash consideration paid directly to shareholders

2,339

Cash paid for transaction costs of Sovos Brands

Repayment of Sovos Brands existing indebtedness and accrued interest

486

Total cash consideration

2,857

Fair value of replacement share-based awards

^[3]

$ 42

Total consideration

2,899

Business Acquisition, Share Price

$ 23.00

Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized

$ 3

Share-Based Payment Arrangement, Accelerated Cost

$ 26

[1]	Consideration paid to Sovos Brands shareholders which reflects $23.00 per share.
[2]	Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense.
[3]	We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards in the third quarter of 2024.

Financial Instruments (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 02, 2024	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024	Jul. 28, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months				$ 1
Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Assets						$ 2
Maximum [Member] \| Other Current Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Margin Deposit Assets		$ 1		$ 1
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Length of Time, Foreign Currency Cash Flow Hedge				18 months
Treasury Lock [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		0		$ 0		0
Commodity Derivative Contracts [Member] \| Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Term of Contract				18 months
Equity Contracts [Member] \| Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Term of Contract				12 months
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		0		$ 0		0
OCI, before Reclassifications, before Tax, Attributable to Parent		0	$ (26)	0	$ (23)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent		3	$ (2)	3	$ 3
Derivatives Designated As Hedges [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		113		113		108
Derivatives Designated As Hedges [Member] \| Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		0		0		0
Derivatives Designated As Hedges [Member] \| Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount	$ 700
Derivatives Designated As Hedges [Member] \| Interest Rate Contract [Member] \| Maximum [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	$ 1
Derivatives Not Designated As Hedges [Member] \| Commodity Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		133		133		200
Derivatives Not Designated As Hedges [Member] \| Embedded Derivative Financial Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		90		90		48
Derivatives Not Designated As Hedges [Member] \| Equity Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		80		80		71
Derivatives Not Designated As Hedges [Member] \| Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Notional Amount		$ 404		$ 404		$ 189
Wal-Mart Stores, Inc. [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage						22.00%
Top Five Customers [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Concentration Risk, Percentage						47.00%

Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Activity And Related Reserves) (Details) - 2025 Initiatives - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jul. 28, 2024

Severance Pay And Benefits [Member]

$ 25

$ 52

Accrued Balance at beginning of period

^[1]

Restructuring and Related Cost, Incurred Cost

Cash Payments

(15)

Accrued Balance at end of period

^[2]

Restructuring Reserve, Noncurrent

$ 14

$ 12

Other Cost Savings Implementation Costs [Member]

Asset Impairment Accelerated Depreciation [Member]

^[3]

Other Non Cash Exit Costs [Member]

^[4]

$ 1

[1]	Associated with the multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration, and the Sovos Brands integration initiatives described above. Includes $12 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.
[2]	Includes $14 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.
[3]	Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings.
[4]	Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.

Goodwill And Intangible Assets (Goodwill) (Details)
$ in Millions

6 Months Ended

Jan. 26, 2025

USD ($)

Goodwill [Line Items]

Goodwill, Written off Related to Sale of Business Unit

$ 5,077

(21)

^[1]

Goodwill, Other Increase (Decrease)

(65)

^[2]

Goodwill, Foreign Currency Translation Gain (Loss)

Meals & Beverages [Member]

4,988

Goodwill [Line Items]

Goodwill, Written off Related to Sale of Business Unit

2,102

^[1]

Goodwill, Other Increase (Decrease)

(65)

^[2]

Goodwill, Foreign Currency Translation Gain (Loss)

2,034

Snacks [Member]

Goodwill [Line Items]

Goodwill, Written off Related to Sale of Business Unit

2,975

(21)

^[1]

Goodwill, Other Increase (Decrease)

^[2]

Goodwill, Foreign Currency Translation Gain (Loss)

$ 2,954

[1]	On August 26, 2024, we sold our Pop Secret popcorn business. See Note 4 for additional information.
[2]	See Note 4 for additional information on our noosa yoghurt business.

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Restructuring Charges and Cost Savings Initiatives (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024	Jul. 28, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5	$ 2	$ 11	$ 4
Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	20	34	49	45
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2		4
Other Restructuring Costs		$ 36		$ 49
Restructuring and Related Cost, Cost Incurred to Date					$ 895
2015 and Snyder's-Lance Initiatives [Member] \| Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					288
2015 and Snyder's-Lance Initiatives [Member] \| Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					383
2015 and Snyder's-Lance Initiatives [Member] \| Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					224
2015 and Snyder's-Lance Initiatives [Member] \| Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					253
2015 and Snyder's-Lance Initiatives [Member] \| Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					134
2015 and Snyder's-Lance Initiatives [Member] \| Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					508
2015 and Snyder's-Lance Initiatives [Member] \| Cash Expenditures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					720
Other Cost Savings Implementation Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	115		115
Other Cost Savings Implementation Costs [Member] \| Marketing and Selling Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs			8
Restructuring and Related Cost, Cost Incurred to Date	13		13
Sovos Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges					$ 21
2025 Initiatives
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	190		190
Payments to Acquire Property, Plant and Equipment - Expected Payments	215		215
Payments to Acquire Property, Plant, and Equipment - Incurred to Date	57		57
Restructuring charges	5		11
Other Restructuring Costs	25		52
Restructuring and Related Cost, Cost Incurred to Date	$ 52		$ 52
2025 Initiatives \| Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	72.00%		72.00%
Other Restructuring Costs	$ 16		$ 37
Restructuring and Related Cost, Cost Incurred to Date	$ 37		$ 37
2025 Initiatives \| Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	9.00%		9.00%
Other Restructuring Costs	$ 2		$ 5
Restructuring and Related Cost, Cost Incurred to Date	$ 5		$ 5
2025 Initiatives \| Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost Allocation	19.00%		19.00%
Other Restructuring Costs	$ 7		$ 10
Restructuring and Related Cost, Cost Incurred to Date	10		10
2025 Initiatives \| Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	20		20
Restructuring and Related Cost, Cost Incurred to Date	11		11
2025 Initiatives \| Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	50		50
Other Restructuring Costs			17
Restructuring and Related Cost, Cost Incurred to Date	17		17
2025 Initiatives \| Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	120		120
Restructuring and Related Cost, Cost Incurred to Date	24		24
2025 Initiatives \| Cash Expenditures [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	$ 135		$ 135

Business Combinations and Asset Acquisitions

6 Months Ended

Jan. 26, 2025

Acquisition

On August 7, 2023, we entered into a merger agreement to acquire Sovos Brands, Inc. (Sovos Brands) for $23.00 per share. On March 12, 2024, we completed the acquisition. Sovos Brands' portfolio includes a variety of pasta sauces, dry pasta, soups, frozen entrées, frozen pizza and yogurts, all of which are sold in North America under the brand names Rao’s, Michael Angelo’s and noosa. See Note 4 for additional information on the noosa yoghurt business. Total purchase consideration was $2.899 billion, which was determined as follows:


(Millions)
Cash consideration paid to Sovos Brands shareholders(1)	$	2,307
Cash paid for share-based awards(2)	32
Cash consideration paid directly to shareholders	$	2,339
Cash paid for transaction costs of Sovos Brands	32
Repayment of Sovos Brands existing indebtedness and accrued interest	486
Total cash consideration	$	2,857
Fair value of replacement share-based awards(3)	42
Total consideration	$	2,899

___________________________________________

(1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share.

(2) Represents cash paid to equity award holders of Sovos Brands restricted stock and restricted stock unit awards attributable to pre-combination service. This excludes $3 million of cash paid that was recognized as expense.

(3) We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards in the third quarter of 2024.

The cash portion of the acquisition was funded through a 2024 Delayed Draw Term Loan Credit Agreement of $2 billion and cash on hand.

The table below presents the fair value that was allocated to acquired assets and assumed liabilities:


(Millions)	Estimated Fair Value
Cash	$	240
Accounts receivable	96
Inventories	130
Other current assets	5
Plant assets	100

Other intangible assets	1,776
Other assets	16
Total assets acquired	$	2,363
Accounts payable	$	96
Accrued liabilities	56
Accrued income taxes	1
Long-term debt	9
Deferred taxes	407
Other liabilities	11
Total liabilities assumed	$	580
Net assets acquired	$	1,783
Goodwill	1,116
Total consideration	$	2,899

The excess of the purchase price over the estimated fair values of identifiable net assets was recorded as $1.116 billion of goodwill. The goodwill is not deductible for tax purposes. The goodwill was primarily attributable to future growth

opportunities, anticipated synergies, and intangible assets that did not qualify for separate recognition. The goodwill is included in the Meals & Beverages segment.

The identifiable intangible assets of Sovos Brands consist of:


(Millions)	Type	Life in Years			Value
Trademarks	Non-amortizable	Indefinite			$	1,470
Trademarks(1)	Amortizable	20			76
Customer relationships(2)	Amortizable	20	to	30	230
Total identifiable intangible assets					$	1,776

_____________________________________

(1)Includes $74 million related to the noosa yoghurt business.

(2)Includes $18 million related to the noosa yoghurt business.

Excluding the assets of the noosa yoghurt business held for sale, as of January 26, 2025, the weighted-average remaining useful life of amortizable intangible assets was 29 years.

We incurred $10 million and $19 million of costs associated with the acquisition in the three- and six-month periods ended January 28, 2024.

For the three- and six-month periods ended January 26, 2025, the Sovos Brands acquisition contributed $313 million and $623 million to Net sales and a loss of $9 million and $12 million to Net earnings, respectively, including the effect of integration costs and interest expense on the debt to finance the acquisition.

The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022:


	Three Months Ended		Six Months Ended
(Millions)	January 28, 2024		January 28, 2024

Net sales	$	2,760	$	5,551
Net earnings attributable to The Campbell's Company	$	196	$	411

The pro forma results are not necessarily indicative of the combined results had the Sovos Brands acquisition been completed on August 1, 2022, nor are they indicative of future combined results. The pro forma amounts include adjustments to interest expense for financing the acquisition, to amortization and depreciation expense based on the estimated fair value and useful lives of intangible assets and plant assets, and related tax effects. The pro forma results include adjustments to reflect amortization of the acquisition date fair value adjustment to inventories, expenses related to accelerated vesting of replacement awards and severance and retention bonuses as of August 1, 2022.

Restructuring Charges and Cost Savings Initiatives (Schedule Of Restructuring Charges Associated With Each Reportable Segment) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024	Jul. 28, 2024
Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 20	$ 34	$ 49	$ 45
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					$ 895
Other Restructuring Costs		$ 36		$ 49
2015 and Snyder's-Lance Initiatives [Member] \| Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					288
2015 and Snyder's-Lance Initiatives [Member] \| Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					383
2015 and Snyder's-Lance Initiatives [Member] \| Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					$ 224
2025 Initiatives
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	52		52
Other Restructuring Costs	25		52
2025 Initiatives \| Meals & Beverages [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	37		37
Other Restructuring Costs	16		37
2025 Initiatives \| Snacks [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	5		5
Other Restructuring Costs	2		5
2025 Initiatives \| Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	10		10
Other Restructuring Costs	$ 7		$ 10

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements

6 Months Ended

Jan. 26, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

We categorize financial assets and liabilities based on the following fair value hierarchy:

•Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.

•Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability.

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis as of January 26, 2025, and July 28, 2024, consistent with the fair value hierarchy:


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets

Foreign exchange contracts(1)	$	3	$	—	$	3	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	12		1		8		3		6		—		1		5

Deferred compensation derivative contracts(3)	4		—		4		—		3		—		3		—
Deferred compensation investments(4)	1		1		—		—		1		1		—		—

Total assets at fair value	$	20	$	2	$	15	$	3	$	12	$	1	$	6	$	5


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange contracts(1)	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—
Commodity derivative contracts(2)	5		—		4		1		16		1		15		—


Deferred compensation obligation(4)	110		110		—		—		101		101		—		—

Total liabilities at fair value	$	116	$	110	$	5	$	1	$	117	$	102	$	15	$	—

___________________________________

(1)Based on observable market transactions of spot currency rates and forward rates.

(2)Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.

(3)Based on equity index swap rates.

(4)Based on the fair value of the participants’ investments.

The following table summarizes the changes in fair value of Level 3 assets and liabilities:


	Six Months Ended
(Millions)	January 26, 2025		January 28, 2024
Fair value at beginning of year	$	5	$	2
Gains (losses)	2		12

Settlements	(5)		(5)
Fair value at end of quarter	$	2	$	9

Items Measured at Fair Value on a Nonrecurring Basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, we are also required to measure certain items at fair value on a nonrecurring basis.

In the second quarter of 2025, we performed interim impairment assessments on certain trademarks in our Snacks segment. See also Note 6 for additional information on the impairment charges.

Fair value was determined based on unobservable Level 3 inputs. The fair value of trademarks was determined based on discounted cash flow analysis that involves significant management assumptions such as expected revenue growth rates, assumed royalty rates and weighted-average costs of capital.

The following table presents fair value measurements of the trademarks:


	December 2025
(Millions)	Impairment Charges		Fair Value
Allied brands	$	15	$	28
Late July	$	11	$	47

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value.

There were cash equivalents of $170 million at January 26, 2025 and $25 million at July 28, 2024. Cash equivalents represent fair value as these highly liquid investments have an original maturity of three months or less. Fair value of cash equivalents is based on Level 2 inputs.

The fair value of short- and long-term debt was $7.291 billion at January 26, 2025, and $6.866 billion at July 28, 2024. The carrying value was $7.675 billion at January 26, 2025, and $7.184 billion at July 28, 2024. The fair value of long-term debt is principally estimated using Level 2 inputs based on quoted market prices or pricing models using current market rates.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Millions	Total	Capital Stock Issued [Member]	Capital Stock in Treasury [Member]	Additional Paid-In Capital [Member]	Earnings Retained In The Business [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Capital stock, shares at Jul. 30, 2023		323,000
Treasury stock, shares at Jul. 30, 2023			(25,000)
Balance, value at Jul. 30, 2023	$ 3,663	$ 12	$ (1,219)	$ 420	$ 4,451	$ (3)	$ 2
Net earnings (loss)	437				437		0
Other comprehensive income (loss)	(20)					(20)	0
Dividends	$ (223)				(223)
Dividends per share	$ 0.74
Treasury stock purchased, shares	(707)		(1,000)
Treasury stock purchased, value	$ (29)		$ (29)
Treasury stock issued under stock-based compensation plans, shares			1,000
Treasury stock issued under stock-based compensation plans, value	23		$ 36	(13)	0
Capital stock, shares at Jan. 28, 2024		323,000
Treasury Stock, Shares at Jan. 28, 2024			(25,000)
Balance, value at Jan. 28, 2024	3,851	$ 12	$ (1,212)	407	4,665	(23)	2
Capital stock, shares at Oct. 29, 2023		323,000
Treasury stock, shares at Oct. 29, 2023			(25,000)
Balance, value at Oct. 29, 2023	3,757	$ 12	$ (1,212)	388	4,573	(6)	2
Net earnings (loss)	203				203		0
Other comprehensive income (loss)	(17)					(17)	0
Dividends	$ (111)				(111)
Dividends per share	$ 0.37
Treasury stock purchased, shares			0
Treasury stock purchased, value	$ (1)		$ (1)
Treasury stock issued under stock-based compensation plans, shares			0
Treasury stock issued under stock-based compensation plans, value	20		$ 1	19	0
Capital stock, shares at Jan. 28, 2024		323,000
Treasury Stock, Shares at Jan. 28, 2024			(25,000)
Balance, value at Jan. 28, 2024	3,851	$ 12	$ (1,212)	407	4,665	(23)	2
Capital stock, shares at Jul. 28, 2024		323,000
Treasury stock, shares at Jul. 28, 2024			(25,000)
Balance, value at Jul. 28, 2024	3,796	$ 12	$ (1,207)	437	4,569	(17)	2
Net earnings (loss)	391				391		0
Other comprehensive income (loss)	1					1	0
Dividends	$ (228)				(228)
Dividends per share	$ 0.76
Treasury stock purchased, shares	(1,134)		(1,000)
Treasury stock purchased, value	$ (56)		$ (56)
Treasury stock issued under stock-based compensation plans, shares			1,000
Treasury stock issued under stock-based compensation plans, value	8		$ 55	(31)	(16)
Capital stock, shares at Jan. 26, 2025		323,000
Treasury Stock, Shares at Jan. 26, 2025			(25,000)
Balance, value at Jan. 26, 2025	3,912	$ 12	$ (1,208)	406	4,716	(16)	2
Capital stock, shares at Oct. 27, 2024		323,000
Treasury stock, shares at Oct. 27, 2024			(25,000)
Balance, value at Oct. 27, 2024	3,844	$ 12	$ (1,210)	393	4,660	(13)	2
Net earnings (loss)	173				173		0
Other comprehensive income (loss)	(3)					(3)	0
Dividends	$ (117)				(117)
Dividends per share	$ 0.39
Treasury stock purchased, shares			0
Treasury stock purchased, value	$ (2)		$ (2)
Treasury stock issued under stock-based compensation plans, shares			0
Treasury stock issued under stock-based compensation plans, value	17		$ 4	13	0
Capital stock, shares at Jan. 26, 2025		323,000
Treasury Stock, Shares at Jan. 26, 2025			(25,000)
Balance, value at Jan. 26, 2025	$ 3,912	$ 12	$ (1,208)	$ 406	$ 4,716	$ (16)	$ 2

Stock-based Compensation (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions

3 Months Ended

6 Months Ended

9 Months Ended

Mar. 12, 2024

^[1]

Oct. 27, 2024

Oct. 29, 2023

Jan. 26, 2025

Jan. 28, 2024

Apr. 28, 2024

Jul. 28, 2024

Sovos Brands Acquisition

ShareBased Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Granted In Connection With Acquisition Fair Value

$ 74

Fair value of replacement share-based awards

$ 42

Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Connection With Acquisition

1,721

EPS Performance Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

100.00%

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Nonvested, Units

934

Nonvested, Weighted-Average Grant-Date Fair Value

$ 45.51

EPS Performance Restricted Stock Units [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

0.00%

EPS Performance Restricted Stock Units [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

200.00%

Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member]

Remaining unearned compensation on nonvested awards

$ 74

Weighted-average remaining service period, years

1 year 10 months 24 days

Nonvested, Units

3,300

Fair value of restricted units and shares vested

$ 63

$ 31

Granted, Weighted-Average Grant-Date Fair Value

$ 48.34

$ 41.08

Nonvested, Weighted-Average Grant-Date Fair Value

$ 45.47

$ 43.24

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

1,372

TSR Performance Restricted Stock/Units [Member]

Remaining unearned compensation on nonvested awards

$ 16

Weighted-average remaining service period, years

1 year 10 months 24 days

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

175.00%

75.00%

Nonvested, Units

934

873

Fair value of restricted units and shares vested

$ 23

$ 12

Granted, Weighted-Average Grant-Date Fair Value

$ 47.33

$ 44.18

Nonvested, Weighted-Average Grant-Date Fair Value

$ 48.29

$ 47.40

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

549

TSR Performance Restricted Stock Units Additional Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

199

[1]

We issued replacement equity awards in settlement of certain Sovos Brands equity awards that did not become vested in connection with the acquisition. The portion of fair value of the replacement awards attributable to pre-combination service was $42 million and is included in the purchase consideration. We recognized $26 million of expense related to accelerated vesting of certain replacement awards in the third quarter of 2024.

Supplier Finance Program	6 Months Ended
Supplier Finance Program	Jan. 26, 2025
Payables and Accruals [Abstract]
Supplier Finance Program	Supplier Finance Program Obligations To manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, including the extension of payment terms. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 120 days. We also maintain agreements with third-party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell those payment obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. Supplier participation in these agreements is voluntary. We have no economic interest in a supplier’s decision to enter into these agreements and no direct financial relationship with the financial institutions. We have not pledged assets as security or provided any guarantees in connection with these arrangements. The payment of these obligations is included in cash provided by operating activities in the Consolidated Statements of Cash Flows. Amounts outstanding under these programs, which are included in Accounts payable on the Consolidated Balance Sheets, were $269 million at January 26, 2025 and $243 million July 28, 2024.

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

12 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Jul. 28, 2024

Cash flows from operating activities:

Net earnings

$ 173

$ 203

$ 391

$ 437

Adjustments to reconcile net earnings to operating cash flow

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

^[1]

Restructuring charges

Stock-based compensation

Pension and postretirement benefit expense

Depreciation and amortization

219

192

Deferred income taxes

Net loss on sale of business

^[2]

Changes in working capital, net of divestiture

Accounts receivable

(94)

(116)

Inventories

102

Other current assets

(24)

(22)

Accounts payable and accrued liabilities

(17)

Net cash provided by operating activities

(19)

(17)

737

684

Cash flows from investing activities:

Purchases of plant assets

(211)

(263)

Purchases of route businesses

(90)

(6)

Sales of route businesses

Sale of business

Net cash used in investing activities

(5)

(175)

(256)

Cash flows from financing activities:

Short-term borrowings, including commercial paper

663

1,416

Short-term repayments, including commercial paper

(925)

(1,596)

Long-term borrowings

1,144

Long-term repayments

(400)

Dividends paid

(227)

(224)

Treasury stock purchases

(56)

(29)

(28)

(14)

Payments of debt issuance costs

(11)

Net cash provided by (used in) financing activities

(1)

160

(448)

Effect of exchange rate changes on cash

(1)

Net change in cash and cash equivalents

721

(20)

Cash and cash equivalents - beginning of period

108

189

$ 189

Cash and cash equivalents - end of period

$ 829

$ 169

$ 829

$ 169

$ 108

[1]	See Note 6 for additional information.
[2]	Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.

Pension And Postretirement Benefits

6 Months Ended

Jan. 26, 2025

Retirement Benefits [Abstract]

Pension And Postretirement Benefits

Pension and Postretirement Benefits

Components of net periodic benefit expense (income) were as follows:


	Three Months Ended								Six Months Ended
	Pension				Postretirement				Pension				Postretirement
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Service cost	$	3	$	3	$	—	$	—	$	6	$	6	$	—	$	—
Interest cost	16		17		1		2		31		33		3		4
Expected return on plan assets	(20)		(20)		—		—		(40)		(40)		—		—




Actuarial losses (gains)	—		—		—		—		—		—		2		—
Net periodic benefit expense (income)	$	(1)	$	—	$	1	$	2	$	(3)	$	(1)	$	5	$	4

The actuarial loss for the six-month period ended January 26, 2025 related to the remeasurement of our postretirement plan due to a plan amendment. The actuarial loss was primarily due to a decrease in the discount rate used to determine the benefit obligation.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information (Schedule Of Segment Reporting - Earnings Before Interest And Taxes) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

$ 327

$ 317

$ 694

$ 675

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

(7)

(14)

^[1]

^[2]

(25)

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

^[3]

$ 0

$ (10)

$ 0

$ (19)

Other Nonoperating Income (Expense)

Sovos Brands Acquisition

Other Postretirement Benefit Plan, Defined Benefit [Member]

$ (10)

$ (19)

Defined Benefit Plan, Actuarial Gain (Loss)

$ 0

$ (2)

$ 0

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Meals & Beverages [Member]

$ 291

$ 247

$ 628

$ 534

Snacks [Member]

Corporate Segment and Other Operating Segment [Member]

114

161

256

322

^[4]

(73)

(89)

(179)

(177)

Unrealized Gain (Loss) on Commodity Contracts

(20)

(34)

(49)

(45)

(8)

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

(7)

(14)

Plum and Certain Other Litigation Expenses

(25)

$ (1)

(1)

(2)

(3)

Cybersecurity Incident Recoveries (Costs)

$ 1

(3)

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Corporate Segment and Other Operating Segment [Member] | Sovos Brands Acquisition

Corporate Segment and Other Operating Segment [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member]

(10)

(19)

Defined Benefit Plan, Actuarial Gain (Loss)

$ (2)

Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Corporate Segment and Other Operating Segment [Member] | Cost Savings and Optimization Initiatives

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[5]

$ (5)

$ (2)

$ (11)

$ (4)

[1]	See Note 6 for additional information.
[2]	Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.
[3]	Related to the acquisition of Sovos Brands. See Note 3 for additional information.
[4]	Represents unallocated items. Costs related to cost savings and optimization initiatives were $20 million and $49 million in the three- and six-month periods ended January 26, 2025, and $34 million and $45 million in the three- and six-month periods ended January 28, 2024, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $14 million and $18 million in the three- and six-month periods ended January 26, 2025, and gains of $7 million and losses of $8 million in the three- and six-month periods ended January 28, 2024, respectively. Accelerated amortization expense related to customer relationship intangible assets was $7 million and $14 million in the three- and six-month periods ended January 26, 2025 and January 28, 2024. Intangible asset impairment charges were $26 million in the three- and six-month periods ended in January 26, 2025. A loss on the sale of our Pop Secret popcorn business of $25 million was included in the six-month period ended January 26, 2025. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $1 million and $2 million in the three- and six-month periods ended January 26, 2025 and $1 million and $3 million in the three- and six-month periods ended January 28, 2024, respectively. Insurance recoveries of $1 million and costs of $3 million related to a cybersecurity incident were included in the six-month periods ended January 26, 2025 and January 28, 2024, respectively. A postretirement actuarial loss of $2 million was included in the six-month period ended January 26, 2025. Costs of $10 million and $19 million associated with the acquisition of Sovos Brands were included in the three- and six-month periods ended January 28, 2024, respectively.
[5]	See Note 8 for additional information.

Earnings Per Share (Narrative) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Share-based Payment Arrangement, Option [Member] \| Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options not included in the diluted earnings per share calculation as they were antidilutive	1	1	1	1

Divestitures Narrative (Details) - USD ($)
$ in Millions

3 Months Ended

5 Months Ended

6 Months Ended

Aug. 26, 2024

Jan. 26, 2025

Jan. 28, 2024

Jul. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Feb. 24, 2025

Proceeds from Divestiture of Businesses, Net of Cash Divested

$ 70

$ 0

Pop Secret | Disposal Group, Disposed of by Sale, Not Discontinued Operations

^[1]

$ 0

(25)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Proceeds from Divestiture of Businesses, Net of Cash Divested

$ 70

Gain (Loss) on disposition of business net of tax

(25)

$ (19)

Disposal Group, Including Discontinued Operation, Revenue

$ 32

$ 61

noosa yoghurt | Disposal Group, Held-for-Sale, Not Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Group, Including Discontinued Operation, Revenue

$ 39

$ 68

Deferred Other Tax Expense (Benefit)

$ 15

noosa yoghurt | Disposal Group, Held-for-Sale, Not Discontinued Operations | Forecast

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Group, Including Discontinued Operation, Consideration

$ 188

[1]	Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.

Leases (Costs) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Operating Lease, Cost

^[1]

$ 27

$ 24

$ 56

$ 48

Finance lease, amortization of right-of-use assets

Finance lease, interest on lease liabilities

Short-term Lease, Cost

Variable Lease, Cost

124

102

Lease, Cost, Total

$ 110

$ 93

$ 226

$ 193

[1]	Excludes costs associated with the cost savings initiatives described in Note 8.

Schedule of Assets and Liabilities Held for Sale (Details) - noosa yoghurt - Disposal Group, Held-for-Sale, Not Discontinued Operations $ in Millions	Jan. 26, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Accounts receivable net	$ 15
Disposal Group, Including Discontinued Operation, Inventories	10
Disposal Group, Including Discontinued Operation, Plant assets net of depreciation	54
Disposal Group, Including Discontinued Operation, Goodwill	65
Disposal Group, Including Discontinued Operation, Intangible Assets	89
Disposal Group, Including Discontinued Operation, Other assets	2
Disposal Group, Including Discontinued Operation, Assets of business held for sale	235
Disposal Group, Including Discontinued Operation, Accounts payable	13
Disposal Group, Including Discontinued Operation, Accrued liabilities	11
Disposal Group, Including Discontinued Operation, Long -term debt	9
Disposal Group, Including Discontinued Operation, Deferred taxes	19
Disposal Group, Including Discontinued Operation, Other liabilities	2
Disposal Group, Including Discontinued Operation, Liabilities of business held for sale	$ 54

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jan. 26, 2025	Feb. 27, 2025
Document and Entity Information [Abstract]
Entity Registrant Name	THE CAMPBELL'S COMPANY
Entity Central Index Key	0000016732
Document Type	10-Q
Current Fiscal Year End Date	--08-03
Document Fiscal Year Focus	2025
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jan. 26, 2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		298,181,866
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Address, Address Line One	1 Campbell Place
Entity Address, City or Town	Camden
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08103
City Area Code	856
Local Phone Number	342-4800
Entity Interactive Data Current	Yes
Entity File Number	1-3822
Title of 12(b) Security	Capital Stock, par value $.0375
Trading Symbol	CPB
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	21-0419870

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jan. 26, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Regulatory and Litigation Matters We are involved in various pending or threatened legal or regulatory proceedings, including purported class actions, arising from the conduct of business both in the ordinary course and otherwise. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with our actual experiences in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to us that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the unpredictable nature of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time is normally difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. On March 20, 2024, the United States Department of Justice (DOJ), on behalf of the U.S. Environmental Protection Agency, and National Education Law Center, on behalf of Environment America and Lake Erie Waterkeeper, filed lawsuits in the United States District Court for the Northern District of Ohio – Western Division concerning alleged violations of the Clean Water Act relating to alleged contaminant discharges from our Napoleon, Ohio wastewater treatment facility in excess of the facility’s Clean Water Act permit limits. We have and are continuing to take actions to remediate the exceedances and are in settlement discussions with the DOJ and the private environmental groups. While we cannot predict with certainty the amount of any civil penalty or the timing of the resolution of this matter, we do not expect that the ultimate costs to resolve this matter will have a material adverse effect on our financial condition, results of operations, or cash flows. We establish liabilities for litigation and regulatory loss contingencies when information related to the loss contingencies shows both that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. It is possible that some matters could require us to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated as of January 26, 2025. While the potential future charges could be material in a particular quarter or annual period, based on information currently known by us, we do not believe any such charges are likely to have a material adverse effect on our consolidated results of operations or financial condition. Other Contingencies We have provided certain indemnifications in connection with divestitures, contracts and other transactions. Certain indemnifications have finite expiration dates. Liabilities recognized based on known exposures related to such matters were not material at January 26, 2025.

Financial Instruments (Tables)

6 Months Ended

Jan. 26, 2025

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Schedule Of The Fair Value Of Derivative Instruments [Table Text Block]

The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of January 26, 2025, and July 28, 2024:


(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
Asset Derivatives
Derivatives designated as hedges:

Foreign exchange contracts	Other current assets	$	3	$	2




Total derivatives designated as hedges		$	3	$	2
Derivatives not designated as hedges:
Commodity contracts	Other current assets	$	12	$	6

Deferred compensation contracts	Other current assets	4		3



Total derivatives not designated as hedges		$	16	$	9
Total asset derivatives		$	19	$	11


(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
Liability Derivatives







Derivatives not designated as hedges:
Commodity contracts	Accrued liabilities	$	5	$	16


Foreign exchange contracts	Accrued liabilities	1		—



Total derivatives not designated as hedges		$	6	$	16
Total liability derivatives		$	6	$	16

Schedule of Offsetting Assets [Table Text Block]

derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 26, 2025, and July 28, 2024, would be adjusted as detailed in the following table:


	January 26, 2025						July 28, 2024
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	19	$	(3)	$	16	$	11	$	(1)	$	10
Total liability derivatives	$	6	$	(3)	$	3	$	16	$	(1)	$	15

Schedule of Offsetting Liabilities [Table Text Block]

derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of January 26, 2025, and July 28, 2024, would be adjusted as detailed in the following table:


	January 26, 2025						July 28, 2024
(Millions)	Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount		Gross Amounts Presented in the Consolidated Balance Sheet		Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements		Net Amount
Total asset derivatives	$	19	$	(3)	$	16	$	11	$	(1)	$	10
Total liability derivatives	$	6	$	(3)	$	3	$	16	$	(1)	$	15

Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block]

The following tables show the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:


		Total Cash-Flow Hedge OCI Activity
(Millions)		January 26, 2025		January 28, 2024
Three Months Ended
OCI derivative gain (loss) at beginning of quarter		$	(10)	$	3
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		3		(2)
Forward starting interest rate swaps		—		(26)

Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	(1)		(2)


Forward starting interest rate swaps	Interest expense	—		1
OCI derivative gain (loss) at end of quarter		$	(8)	$	(26)

Six Months Ended
OCI derivative gain (loss) at beginning of year		$	(11)	$	(5)
Effective portion of changes in fair value recognized in OCI:

Foreign exchange contracts		3		3
Forward starting interest rate swaps		—		(23)

Amount of loss (gain) reclassified from OCI to earnings:	Location in Earnings

Foreign exchange contracts	Cost of products sold	(1)		(2)


Forward starting interest rate swaps	Interest expense	1		1
OCI derivative gain (loss) at end of quarter		$	(8)	$	(26)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	Three Months Ended
	January 26, 2025		January 28, 2024
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings:	$	1,866		$	88	$	1,680	$	46

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(1)		$	—	$	(2)	$	1


	Six Months Ended
	January 26, 2025		January 28, 2024
(Millions)	Cost of products sold			Interest expense		Cost of products sold		Interest expense
Consolidated Statements of Earnings:	$	3,771		$	175	$	3,410	$	95

Loss (gain) on cash-flow hedges:
Amount of loss (gain) reclassified from OCI to earnings	$	(1)		$	1	$	(2)	$	1

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:


	Location of Loss (Gain) Recognized in Earnings	Three Months Ended				Six Months Ended
(Millions)		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Foreign exchange contracts	Cost of products sold	$	(1)	$	1	$	(1)	$	—



Commodity contracts	Cost of products sold	(14)		(8)		(18)		4

Deferred compensation contracts	Administrative expenses	(3)		(7)		(6)		(3)

Total		$	(18)	$	(14)	$	(25)	$	1

Segment Information (Additional Product Information For Net Sales) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Segment Reporting Information [Line Items]
Net sales	$ 2,685	$ 2,456	$ 5,457	$ 4,974
Soup [Member]
Segment Reporting Information [Line Items]
Net sales	849	841	1,701	1,701
Snacks [Member]
Segment Reporting Information [Line Items]
Net sales	1,058	1,127	2,186	2,300
Other Simple Meals [Member]
Segment Reporting Information [Line Items]
Net sales	605	317	1,218	619
Beverages [Member]
Segment Reporting Information [Line Items]
Net sales	$ 173	$ 171	$ 352	$ 354

Acquired Indefinite-lived Intangible Assets [Line Items]

Schedule of Intangible Assets Acquired (Details) - Sovos Brands Acquisition
$ in Millions

Mar. 12, 2024

USD ($)

Other intangible assets

$ 1,776

Trademarks - Rao's

Acquired Indefinite-lived Intangible Assets [Line Items]

Indefinite-Lived Intangible Assets Acquired

$ 1,470

Trademarks [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Asset, Useful Life

20 years

^[1]

Customer Relationships [Member]

$ 76

^[1]

Acquired Finite-Lived Intangible Assets [Line Items]

Customer Relationships [Member] | Minimum [Member]

$ 230

^[2]

Acquired Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Asset, Useful Life

20 years

^[2]

Customer Relationships [Member] | Maximum [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

Finite-Lived Intangible Asset, Useful Life

30 years

^[2]

Trademarks - Noosa

Acquired Finite-Lived Intangible Assets [Line Items]

Customer Relationships - Noosa

$ 74

Acquired Finite-Lived Intangible Assets [Line Items]

Schedule Of Segment Reporting [Table Text Block]

$ 18

[1]	Includes $74 million related to the noosa yoghurt business.
[2]	Includes $18 million related to the noosa yoghurt business.

Fair Value Measures and Disclosures (Policies)	6 Months Ended
Fair Value Measures and Disclosures (Policies)	Jan. 26, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	We categorize financial assets and liabilities based on the following fair value hierarchy: •Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. •Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data. •Level 3: Unobservable inputs, which are valued based on our estimates of assumptions that market participants would use in pricing the asset or liability. Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. When available, we use unadjusted quoted market prices to measure the fair value and classify such items as Level 1. If quoted market prices are not available, we base fair value upon internally developed models that use current market-based or independently sourced market parameters such as interest rates and currency rates. Included in the fair value of derivative instruments is an adjustment for credit and nonperformance risk.

Segment Information (Tables)

6 Months Ended

Jan. 26, 2025

Segment Reporting [Abstract]


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Net sales
Meals & Beverages	$	1,679	$	1,382	$	3,385	$	2,786
Snacks	1,006		1,074		2,072		2,188
Total	$	2,685	$	2,456	$	5,457	$	4,974


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Earnings before interest and taxes
Meals & Beverages	$	291	$	247	$	628	$	534
Snacks	114		161		256		322
Corporate income (expense)(1)	(73)		(89)		(179)		(177)
Restructuring charges(2)	(5)		(2)		(11)		(4)
Total	$	327	$	317	$	694	$	675

_______________________________________

(1)Represents unallocated items. Costs related to cost savings and optimization initiatives were $20 million and $49 million in the three- and six-month periods ended January 26, 2025, and $34 million and $45 million in the three- and six-month periods ended January 28, 2024, respectively. Unrealized mark-to-market adjustments on outstanding undesignated commodity hedges were gains of $14 million and $18 million in the three- and six-month periods ended January 26, 2025, and gains of $7 million and losses of $8 million in the three- and six-month periods ended January 28, 2024, respectively. Accelerated amortization expense related to customer relationship intangible assets was $7 million and $14 million in the three- and six-month periods ended January 26, 2025 and January 28, 2024. Intangible asset impairment charges were $26 million in the three- and six-month periods ended in January 26, 2025. A loss on the sale of our Pop Secret popcorn business of $25 million was included in the six-month period ended January 26, 2025. Litigation expenses related to the Plum baby food and snacks business, which was divested on May 3, 2021, and certain other litigation matters were $1 million and $2 million in the three- and six-month periods ended January 26, 2025 and $1 million and $3 million in the three- and six-month periods ended January 28, 2024, respectively. Insurance recoveries of $1 million and costs of $3 million related to a cybersecurity incident were included in the six-month periods ended January 26, 2025 and January 28, 2024, respectively. A postretirement actuarial loss of $2 million was included in the six-month period ended January 26, 2025. Costs of $10 million and $19 million associated with the acquisition of Sovos Brands were included in the three- and six-month periods ended January 28, 2024, respectively.

(2)See Note 8 for additional information.

Additional Product Information for Net Sales [Table Text Block]

Our net sales based on product categories are as follows:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Net sales
Soup	$	849	$	841	$	1,701	$	1,701
Snacks	1,058		1,127		2,186		2,300
Other simple meals	605		317		1,218		619
Beverages	173		171		352		354
Total	$	2,685	$	2,456	$	5,457	$	4,974

Supplemental Financial Statement Data (Schedule of Balance Sheets) (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Inventory, [Line Items]
Inventory, raw materials, containers and supplies	$ 438	$ 376
Inventory, finished products	850	1,010
Inventories	$ 1,288	$ 1,386

Basis of Presentations and Significant Accounting Policies	6 Months Ended
	Jan. 26, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentations and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies In this Form 10-Q, unless otherwise stated, the terms "we," "us," "our" and the "company" refer to The Campbell's Company and its consolidated subsidiaries. The financial statements reflect all adjustments which are, in our opinion, necessary for a fair statement of the results of operations, financial position and cash flows for the indicated periods. The accounting policies we used in preparing these financial statements are substantially consistent with those we applied in our Annual Report on Form 10-K for the year ended July 28, 2024. The results for the period are not necessarily indicative of the results to be expected for other interim periods or the full year. Our fiscal year ends on the Sunday nearest July 31, which is August 3, 2025. There will be 53 weeks in 2025. There were 52 weeks in 2024.

Stock-based Compensation (Time-Lapse Restricted Stock Units, EPS Performance Restricted Stock Units, Replacement Restricted Stock Units. And TSR Performance Restricted Stock Units) (Details) - $ / shares shares in Thousands	6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	3,300
Granted, Units	1,372
Vested, Units	(1,284)
Forfeited, Units	(88)
Nonvested at end of period, Units	3,300
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 43.24
Granted, Weighted-Average Grant-Date Fair Value	48.34	$ 41.08
Vested, Weighted-Average Grant-Date Fair Value	42.89
Forfeited, Weighted Average Grant Date Fair Value	44.12
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 45.47
TSR Performance Restricted Stock/Units [Member]
Stock-based Compensation
Nonvested at beginning of period, Units	873
Granted, Units	549
Vested, Units	(464)
Forfeited, Units	(24)
Nonvested at end of period, Units	934
Nonvested at beginning of period, Weighted-Average Grant-Date Fair Value	$ 47.40
Granted, Weighted-Average Grant-Date Fair Value	47.33	$ 44.18
Vested, Weighted-Average Grant-Date Fair Value	45.52
Forfeited, Weighted Average Grant Date Fair Value	47.55
Nonvested at end of period, Weighted-Average Grant-Date Fair Value	$ 48.29

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jan. 26, 2025

Equity [Abstract]

Components Of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The components of Accumulated other comprehensive income (loss) consisted of the following:


(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 30, 2023	$	(1)	$	(4)	$	2	$	(3)
Other comprehensive income (loss) before reclassifications	(3)		(16)		—		(19)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(1)		—		(1)
Net current-period other comprehensive income (loss)	(3)		(17)		—		(20)
Balance at January 28, 2024	$	(4)	$	(21)	$	2	$	(23)

Balance at July 28, 2024	$	(10)	$	(9)	$	2	$	(17)
Other comprehensive income (loss) before reclassifications	(7)		3		5		1
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	(7)		3		5		1
Balance at January 26, 2025	$	(17)	$	(6)	$	7	$	(16)

_____________________________________

(1)Included no tax as of January 26, 2025, July 28, 2024, January 28, 2024 and July 30, 2023.

(2)Included a tax benefit of $2 million as of January 26, 2025, and July 28, 2024, $5 million as of January 28, 2024 and $1 million as of July 30, 2023.

(3)Included tax expense of $3 million as of January 26, 2025, and $1 million as of July 28, 2024, January 28, 2024 and July 30, 2023.

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024		Location of Loss (Gain) Recognized in Earnings







Losses (gains) on cash-flow hedges:

Foreign exchange contracts	$	(1)	$	(2)	$	(1)	$	(2)	Cost of products sold


Forward starting interest rate swaps	—		1		1		1		Interest expense
Total before tax	$	(1)	$	(1)	$	—	$	(1)
Tax expense (benefit)	—		—		—		—
Loss (gain), net of tax	$	(1)	$	(1)	$	—	$	(1)

Leases

6 Months Ended

Jan. 26, 2025

Leases [Abstract]

Lease Disclosure [Text Block]

Leases

The components of lease costs were as follows:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Operating lease cost(1)	$	27	$	24	$	56	$	48
Finance lease - amortization of right-of-use (ROU) assets	8		4		14		8
Finance lease - interest on lease liabilities	1		—		2		—
Short-term lease cost	15		16		30		35
Variable lease cost	59		49		124		102

Total	$	110	$	93	$	226	$	193

___________________________________________

(1) Excludes costs associated with the cost savings initiatives described in Note 8.

The following tables summarize the lease amounts recorded in the Consolidated Balance Sheets:


	Operating Leases
(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
ROU assets, net	Other assets	$	335	$	333
Lease liabilities (current)	Accrued liabilities	$	93	$	90
Lease liabilities (noncurrent)	Other liabilities	$	271	$	268

ROU assets, net	Assets of business held for sale	$	2	$	—
Lease liabilities (noncurrent)	Liabilities of business held for sale	$	2	$	—
	Finance Leases
(Millions)	Balance Sheet Classification	January 26, 2025		July 28, 2024
ROU assets, net	Plant assets, net of depreciation	$	71	$	72
Lease liabilities (current)	Short-term borrowings	$	30	$	25
Lease liabilities (noncurrent)	Long-term debt	$	44	$	46

ROU assets, net	Assets of business held for sale	$	12	$	—
Lease liabilities (noncurrent)	Liabilities of business held for sale	$	9	$	—

The following table summarizes cash flow and other information related to leases:


	Six Months Ended
(Millions)	January 26, 2025		January 28, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	52	$	46
Operating cash flows from finance leases	$	1	$	—
Financing cash flows from finance leases	$	14	$	8

ROU assets obtained in exchange for lease obligations:
Operating leases	$	54	$	63
Finance leases	$	25	$	15

Debt	6 Months Ended
Debt	Jan. 26, 2025
Debt Disclosure [Abstract]
Short-term Borrowings and Long-term Debt	Short-term Borrowings and Long-term Debt In August 2023, we filed a registration statement with the Securities and Exchange Commission that registered an indeterminate amount of debt securities. Under the registration statement we may issue debt securities from time to time, depending on market conditions. On October 2, 2024, pursuant to the registration statement, we completed the issuance of senior unsecured notes of $1.15 billion, consisting of: •$800 million aggregate principal amount of notes bearing interest at a fixed rate of 4.75% per annum, due March 23, 2035, with interest payable semi-annually on each of March 23 and September 23 commencing March 23, 2025; and •$350 million aggregate principal amount of notes bearing interest at a fixed rate of 5.25% per annum, due October 13, 2054, with interest payable semi-annually on each of April 13 and October 13 commencing April 13, 2025. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date. In October 2024, we used a portion of the net proceeds from the issuance of the notes to repay $200 million of the $400 million outstanding under our 2022 Delayed Draw Term Loan Credit Agreement (the 2022 DDTL Credit Agreement) due November 15, 2025 and a portion of our outstanding commercial paper. In November 2024, we repaid the remaining $200 million outstanding under the 2022 DDTL Credit Agreement. We have $1.15 billion aggregate principal amount of senior notes maturing in March 2025, which we intend to repay by using a portion of the proceeds from the issuance of the notes along with cash on hand and issuing commercial paper.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Financial Instruments (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract]
Derivative Assets	$ 19	$ 11
Derivative Asset, Not Offset, Policy Election Deduction	(3)	(1)
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election, Total	16	10
Derivative Liability	6	16
Derivative Liability, Not Offset, Policy Election Deduction	(3)	(1)
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 3	$ 15

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Debt (Narrative) (Details) $ in Millions	6 Months Ended
Debt (Narrative) (Details) $ in Millions	Jan. 26, 2025 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,150
Other Long-Term Debt, Current	1,150
Four Point Seven Five Percent Notes Due 2035
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 800
Debt Instrument, Interest Rate, Stated Percentage	4.75%
Debt Instrument, Maturity Date	Mar. 23, 2035
Debt Instrument, Redemption Price, Percentage	101.00%
Five Point Two Five Percent Notes Due 2054
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 350
Debt Instrument, Interest Rate, Stated Percentage	5.25%
Debt Instrument, Maturity Date	Oct. 13, 2054
Debt Instrument, Redemption Price, Percentage	101.00%
Variable Interest Rate Due 2025 [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400
Variable Interest Rate Due 2025 [Member] \| October 2024
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	200
Variable Interest Rate Due 2025 [Member] \| November 2024
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	$ 200

Financial Instruments (Schedule Of The Fair Value Of Derivative Instruments) (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 19	$ 11
Derivative Liability, Fair Value, Gross Liability	6	16
Derivatives Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3	2
Derivatives Designated As Hedges [Member] \| Foreign Exchange Contract [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	3	2
Derivatives Not Designated As Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	16	9
Derivative Liability, Fair Value, Gross Liability	6	16
Derivatives Not Designated As Hedges [Member] \| Commodity Derivative Contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	12	6
Derivatives Not Designated As Hedges [Member] \| Commodity Derivative Contracts [Member] \| Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	5	16
Derivatives Not Designated As Hedges [Member] \| Equity Contracts [Member] \| Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	4	3
Derivatives Not Designated As Hedges [Member] \| Foreign Exchange Contract [Member] \| Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 1	$ 0

Share Repurchases	6 Months Ended
Share Repurchases	Jan. 26, 2025
Equity [Abstract]
Share Repurchases	Share Repurchases In September 2021, the Board approved a strategic share repurchase program of up to $500 million (September 2021 program). The September 2021 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2021 program may be made in open-market or privately negotiated transactions. In September 2024, the Board authorized an anti-dilutive share repurchase program of up to $250 million (September 2024 program) to offset the impact of dilution from shares issued under our stock compensation programs. The September 2024 program has no expiration date, but it may be suspended or discontinued at any time. Repurchases under the September 2024 program may be made in open-market or privately negotiated transactions. The September 2024 program replaced an anti-dilutive share repurchase program of up to $250 million that was approved by the Board in June 2021 and has been terminated. During the six-month periods ended January 26, 2025 and January 28, 2024, we repurchased 1.134 million shares at a cost of $56 million and 707 thousand shares at a cost of $29 million, respectively, pursuant to our anti-dilutive share repurchase programs. As of January 26, 2025, approximately $205 million remained available under the September 2024 program and approximately $301 million remained available under the September 2021 program.

Restructuring Charges and Cost Savings Initiatives

6 Months Ended

Jan. 26, 2025

Restructuring Charges [Abstract]

Restructuring Charges

Restructuring Charges, Cost Savings Initiatives and Other Optimization Initiatives

Multi-year Cost Savings Initiatives and Snyder's-Lance, Inc. (Snyder's-Lance) Cost Transformation Program and Integration

Continuing Operations

Beginning in 2015, we implemented initiatives to reduce costs and to streamline our organizational structure.

Over the years, we expanded these initiatives by continuing to optimize our supply chain and manufacturing networks, as well as our information technology infrastructure.

On March 26, 2018, we completed the acquisition of Snyder's-Lance. Prior to the acquisition, Snyder's-Lance launched a cost transformation program following a comprehensive review of its operations with the goal of significantly improving its financial performance. We continued to implement this program and identified opportunities for additional cost synergies as we integrated Snyder's-Lance.

In 2022, we expanded these initiatives as we continued to pursue cost savings by further optimizing our supply chain and manufacturing network and through effective cost management. In the second quarter of 2023, we announced plans to consolidate our Snacks offices in Charlotte, North Carolina, and Norwalk, Connecticut, into our headquarters in Camden, New Jersey.

A summary of the pre-tax charges recognized in the Consolidated Statements of Earnings related to these initiatives is as follows:


	January 28, 2024
(Millions)	Three Months Ended		Six Months Ended		Total Program
Restructuring charges	$	2	$	4	$	297
Administrative expenses	29		34		437
Cost of products sold	3		6		128
Marketing and selling expenses	1		3		23
Research and development expenses	1		2		10
Total pre-tax charges	$	36	$	49	$	895

A summary of the pre-tax costs associated with the initiatives is as follows:


(Millions)	Total Program
Severance pay and benefits	$	253
Asset impairment/accelerated depreciation	134
Implementation costs and other related costs	508
Total	$	895

Of the aggregate $895 million pre-tax costs incurred, approximately $720 million were cash expenditures.

Segment operating results do not include restructuring charges, implementation costs and other related costs because we evaluate segment performance excluding such charges. A summary of the pre-tax costs associated with segments is as follows:



(Millions)	Total Program
Meals & Beverages	$	288
Snacks	383
Corporate	224
Total	$	895

As of July 28, 2024, we substantially completed the multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration. Certain phases that had not been fully implemented were incorporated into the 2025 cost savings initiatives described below.

Sovos Brands Integration Initiatives

On March 12, 2024, we completed the acquisition of Sovos Brands. See Note 3 for additional information. We identified opportunities for cost synergies as we integrate Sovos Brands.

In 2024, we recorded Restructuring charges of $21 million for severance pay and benefits related to initiatives to achieve the synergies. The charges incurred in 2024 were associated with the Meals & Beverages segment.

In 2025, the initiatives to achieve synergies were incorporated into the cost savings initiatives described below.

2025 Cost Savings Initiatives

On September 10, 2024, we announced plans to implement cost savings initiatives beginning in 2025, including initiatives to further optimize our supply chain and manufacturing network, optimization of our information technology infrastructure and targeted cost management. We also identified additional opportunities for cost synergies as we integrate Sovos Brands. As mentioned above, we substantially completed our previous multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration. Certain initiatives from that program have been incorporated into our 2025 cost savings initiatives. Cost estimates for the 2025 initiatives, as well as timing for certain activities, are continuing to be developed.

A summary of the pre-tax charges recorded in the Consolidated Statement of Earnings related to these initiatives is as follows:


	January 26, 2025
(Millions)	Three Months Ended		Six Months Ended
Restructuring charges	$	5	$	11
Administrative expenses	8		19
Cost of products sold	10		18
Marketing and selling expenses	1		2
Research and development expenses	1		2
Total pre-tax charges	$	25	$	52

A summary of the pre-tax costs associated with the initiatives is as follows:


(Millions)	Recognized as of January 26, 2025
Severance pay and benefits	$	11
Asset impairment/accelerated depreciation	17
Implementation costs and other related costs	24
Total	$	52

The total estimated pre-tax costs for actions that have been identified to date are approximately $190 million and we expect to incur substantially all of the costs through 2028. These estimates will be updated as the detailed plans are developed.

We expect the costs for the actions that have been identified to date to consist of the following: approximately $20 million in severance pay and benefits; approximately $50 million in asset impairment and accelerated depreciation; and approximately $120 million in implementation costs and other related costs. We expect these pre-tax costs to be associated with our segments as follows: Meals & Beverages - approximately 72%; Snacks - approximately 9% and Corporate - approximately 19%.

Of the aggregate $190 million of pre-tax costs identified to date, we expect approximately $135 million will be cash expenditures. In addition, we expect to invest approximately $215 million in capital expenditures, of which we invested $57 million as of January 26, 2025. The capital expenditures primarily relate to optimization of production within our manufacturing network, implementation of our existing SAP enterprise-resource planning system for Sovos Brands and optimization of information technology infrastructure and applications.

A summary of the restructuring activity and related reserves is as follows:


(Millions)	Severance Pay and Benefits		Implementation Costs and Other Related Costs(3)	Asset Impairment/Accelerated Depreciation	Other Non-Cash Exit Costs(4)	Total Charges
Accrued balance at July 28, 2024(1)	$	36
2025 charges	11		23	17	1	$	52
2025 cash payments	(15)

Accrued balance at January 26, 2025(2)	$	32

__________________________________

(1)Associated with the multi-year cost savings initiatives and Snyder's-Lance cost transformation program and integration, and the Sovos Brands integration initiatives described above. Includes $12 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(2)Includes $14 million of severance pay and benefits recorded in Other liabilities in the Consolidated Balance Sheet.

(3)Includes other costs recognized as incurred that are not reflected in the restructuring reserve in the Consolidated Balance Sheet. The costs are included in Administrative expenses, Cost of products sold, Marketing and selling expenses and Research and development expenses in the Consolidated Statements of Earnings.

(4)Includes non-cash costs that are not reflected in the restructuring reserve in the Consolidated Balance Sheet.


	January 26, 2025
(Millions)	Three Months Ended		Six Months Ended
Meals & Beverages	$	16	$	37
Snacks	2		5
Corporate	7		10
Total	$	25	$	52

Other Optimization Initiatives

In the second quarter of 2024, we began implementation of an initiative to improve the effectiveness of our Snacks direct-store-delivery route-to-market network. Pursuant to this initiative we will purchase certain Pepperidge Farm and Snyder's-Lance routes where there are opportunities to unlock greater scale in select markets, combine them and sell the combined routes to independent contractor distributors. We expect to execute this program in a staggered rollout and to incur expenses of up to approximately $115 million through 2029. In the six-month period ended January 26, 2025, we incurred $8 million in Marketing and selling expenses related to this initiative. As of January 26, 2025, we have incurred $13 million in Marketing and selling expenses related to this initiative.

Stock-based Compensation (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Share-Based Payment Arrangement [Abstract]
Total pre-tax stock-based compensation expense	$ 17	$ 19	$ 36	$ 36
Tax-related benefits	$ 4	$ 4	$ 10	$ 6

Schedule of Pro Forma Revenue and Earnings (Details) - Pro Forma [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 28, 2024	Jan. 28, 2024
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Business Acquisition, Pro Forma Revenue	$ 2,760	$ 5,551
Business Acquisition, Pro Forma Net Income (Loss)	$ 196	$ 411

Fair Value Measurements (Assets Measured on Recurring Basis Unobservable Input Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024
Fair Value Disclosures [Abstract]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Beginning Balance	$ 5	$ 2
Fair Value, Level 3 investment gain (Loss) Included in Earnings	2	12
Fair Value, Level 3 Investment, Settlements	(5)	(5)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs, Ending Balance	$ 2	$ 9

Goodwill And Intangible Assets (Narrative) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Dec. 22, 2024

Jul. 28, 2024

Amortization of Intangible Assets

^[1]

$ 19

$ 17

$ 39

$ 34

Finite-Lived Intangible Assets, Remaining Amortization Period

$ 7

$ 14

19 years

Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months

$ 70

Finite-Lived Intangible Assets, Amortization Expense, Year Two

Finite Lived Intangible Assets, Amortization Expense, Year Three

Finite Lived Intangible Assets, Amortization Expense, Year Four

Finite Lived Intangible Assets, Amortization Expense, Year Five

Indefinite-Lived Intangible Assets [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

^[2]

$ 26

$ 0

$ 26

$ 0

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Trademarks - Allied Brands

Indefinite-Lived Intangible Assets [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

$ 15

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Trademarks - Allied Brands | Fair Value, Nonrecurring

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 28

Trademarks - Late July

Indefinite-Lived Intangible Assets [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

$ 11

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Trademarks - Late July | Fair Value, Nonrecurring

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 47

Trademarks - Rao's

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 1,470

Trade Names - Carrying Value With Ten Percent Or Less Excess Fair Value Coverage [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 1,267

[1]	Includes accelerated amortization expense related to customer relationship intangible assets of $7 million and $14 million in the three- and six-month periods ended January 26, 2025 and January 28, 2024.
[2]	See Note 6 for additional information.

Segment Information

6 Months Ended

Jan. 26, 2025

Segment Reporting [Abstract]

Segment Information

Our reportable segments are as follows:

•Meals & Beverages, which consists of our soup, simple meals and beverage products in retail and foodservice in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; SpaghettiOs pasta, Campbell’s gravies, beans and dinner sauces; Swanson canned poultry; V8 juices and beverages; Campbell's tomato juice; and as of March 12, 2024, Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups, Michael Angelo’s frozen entrées and pasta sauces; and noosa yogurts. The noosa yoghurt business was sold on February 24, 2025. The segment also includes snacking products in foodservice and Canada; and

•Snacks, which consists of Pepperidge Farm cookies, crackers and fresh bakery and frozen products, including Goldfish crackers; Snyder’s of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps, and other snacking products in retail in the U.S. The segment also includes the snacking and meals and beverages retail business in Latin America. The segment included the results of the Pop Secret popcorn business, which was sold on August 26, 2024.

We refer to the following products as our "leadership brands": Campbell's condensed and ready-to-serve soups; Chunky soups; Swanson broth, stocks and canned poultry; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; V8 juices and beverages; Rao's pasta sauces, dry pasta, frozen entrées, frozen pizza and soups; Pepperidge Farm cookies, crackers and fresh bakery; Goldfish crackers; Snyder's of Hanover pretzels; Lance sandwich crackers; Cape Cod potato chips; Kettle Brand potato chips; Late July snacks; and Snack Factory pretzel crisps.

We evaluate segment performance before interest, taxes and costs associated with restructuring activities, cost savings and optimization initiatives, impairment charges and corporate expenses. Unrealized gains and losses on outstanding undesignated commodity hedging activities are excluded from segment operating earnings and are recorded in Corporate as these open positions represent hedges of future purchases. Upon closing of the contracts, the realized gain or loss is transferred to segment

operating earnings, which allows the segments to reflect the economic effects of the hedge without exposure to quarterly volatility of unrealized gains and losses. Only the service cost component of pension and postretirement expense is allocated to segments. All other components of expense, including interest cost, expected return on assets, amortization of prior service credits and recognized actuarial gains and losses are reflected in Corporate and not included in segment operating results. Asset information by segment is not discretely maintained for internal reporting or used in evaluating performance.


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Net sales
Meals & Beverages	$	1,679	$	1,382	$	3,385	$	2,786
Snacks	1,006		1,074		2,072		2,188
Total	$	2,685	$	2,456	$	5,457	$	4,974


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Earnings before interest and taxes
Meals & Beverages	$	291	$	247	$	628	$	534
Snacks	114		161		256		322
Corporate income (expense)(1)	(73)		(89)		(179)		(177)
Restructuring charges(2)	(5)		(2)		(11)		(4)
Total	$	327	$	317	$	694	$	675

_______________________________________

(2)See Note 8 for additional information.

Our net sales based on product categories are as follows:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Net sales
Soup	$	849	$	841	$	1,701	$	1,701
Snacks	1,058		1,127		2,186		2,300
Other simple meals	605		317		1,218		619
Beverages	173		171		352		354
Total	$	2,685	$	2,456	$	5,457	$	4,974

Soup includes various soup, broths and stock products. Snacks include cookies, pretzels, crackers, popcorn, potato chips, tortilla chips and other salty snacks and baked products. Other simple meals include sauces, yogurts, pasta, frozen entrées,

canned poultry, frozen pizza, gravies and beans. Beverages include V8 juices and beverages, Campbell’s tomato juice and Pacific Foods non-dairy beverages.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Disclosure Text Block Supplement [Abstract]

Pension And Postretirement Benefits (Schedule Of Components of Benefit Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 3	$ 3	$ 6	$ 6
Defined Benefit Plan, Interest Cost	$ 16	$ 17	$ 31	$ 33
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (20)	$ (20)	$ (40)	$ (40)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Actuarial Gain (Loss)	$ 0	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (1)	$ 0	$ (3)	$ (1)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	0	0	0	0
Defined Benefit Plan, Interest Cost	$ 1	$ 2	$ 3	$ 4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ 0	$ 0	$ 0	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Actuarial Gain (Loss)	$ 0	$ 0	$ (2)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 1	$ 2	$ 5	$ 4

Supplemental Financial Statement Data

6 Months Ended

Jan. 26, 2025

Supplemental Financial Information Data

Supplemental Financial Statement Data


(Millions)	January 26, 2025		July 28, 2024
Balance Sheets
Inventories
Raw materials, containers and supplies	$	438	$	376
Finished products	850		1,010
	$	1,288	$	1,386


	Three Months Ended			Six Months Ended
(Millions)		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Statements of Earnings
Other expenses / (income)

Impairment of intangible assets(1)		$	26	$	—	$	26	$	—
Amortization of intangible assets(2)		19		17		39		34
Net periodic benefit expense (income) other than the service cost		(3)		(1)		(4)		(3)

Costs associated with acquisition(3)		—		10		—		19
Loss on sale of business(4)		—		—		25		—
Transition services fees		(1)		—		(2)		(2)
Other		—		—		—		2
		$	41	$	26	$	84	$	50

_______________________________________

(1)See Note 6 for additional information.

(2)Includes accelerated amortization expense related to customer relationship intangible assets of $7 million and $14 million in the three- and six-month periods ended January 26, 2025 and January 28, 2024.

(3)Related to the acquisition of Sovos Brands. See Note 3 for additional information.

(4)Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.

Fair Value Measurements, Nonrecurring (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Dec. 22, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

^[1]

$ 26

$ 0

$ 26

$ 0

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Trademarks - Allied Brands

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

$ 15

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Trademarks - Late July

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

$ 11

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

Other Nonoperating Income (Expense)

Fair Value, Nonrecurring | Trademarks - Allied Brands

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 28

Fair Value, Nonrecurring | Trademarks - Late July

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

$ 47

[1]	See Note 6 for additional information.

Leases (Reported in Balance Sheet) (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Operating Lease, Right-of-Use Asset	$ 335	$ 333
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current	$ 93	$ 90
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent	$ 271	$ 268
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Finance Lease, Right-of-Use Asset	$ 71	$ 72
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Plant assets, net of depreciation	Plant assets, net of depreciation
Finance Lease, Liability, Current	$ 30	$ 25
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Short-term borrowings	Short-term borrowings
Finance Lease, Liability, Noncurrent	$ 44	$ 46
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| noosa yoghurt
Operating Lease, Right-of-Use Asset	$ 2	$ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Assets of business held for sale	Assets of business held for sale
Operating Lease, Liability, Noncurrent	$ 2	$ 0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Liabilities of business held for sale	Liabilities of business held for sale
Finance Lease, Right-of-Use Asset	$ 12	$ 0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Assets of business held for sale	Assets of business held for sale
Finance Lease, Liability, Noncurrent	$ 9	$ 0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Liabilities of business held for sale	Liabilities of business held for sale

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 173	$ 203	$ 391	$ 437

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Disclosure Text Block Supplement [Abstract]

Supplemental Financial Statement Data (Tables)

6 Months Ended

Jan. 26, 2025

Supplemental Balance Sheet Data


(Millions)	January 26, 2025		July 28, 2024
Balance Sheets
Inventories
Raw materials, containers and supplies	$	438	$	376
Finished products	850		1,010
	$	1,288	$	1,386

Supplemental Statements of Earnings Data


	Three Months Ended			Six Months Ended
(Millions)		January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Statements of Earnings
Other expenses / (income)

Impairment of intangible assets(1)		$	26	$	—	$	26	$	—
Amortization of intangible assets(2)		19		17		39		34
Net periodic benefit expense (income) other than the service cost		(3)		(1)		(4)		(3)

Costs associated with acquisition(3)		—		10		—		19
Loss on sale of business(4)		—		—		25		—
Transition services fees		(1)		—		(2)		(2)
Other		—		—		—		2
		$	41	$	26	$	84	$	50

_______________________________________

(1)See Note 6 for additional information.

(3)Related to the acquisition of Sovos Brands. See Note 3 for additional information.

(4)Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.

Stock-based Compensation (Tables)

6 Months Ended

Jan. 26, 2025

Summary of Stock-based Compensation Expense [Table Text Block]

Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Total pre-tax stock-based compensation expense	$	17	$	19	$	36	$	36
Tax-related benefits	$	4	$	4	$	10	$	6

Share-based Payment Arrangement, Option [Member]

Schedule Of Stock Option Activity [Table Text Block]

The following table summarizes stock option activity:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(In years)	(Millions)
Outstanding at July 28, 2024	779	$	45.33
Granted	—	$	—
Exercised	—	$	—
Terminated	—	$	—
Outstanding at January 26, 2025	779	$	45.33	2.7	$	1
Exercisable at January 26, 2025	779	$	45.33	2.7	$	1

Time Lapse, EPS Performance, and Replacement Restricted Stock Units [Member]

Time-Lapse, EPS Performance, and Replacement Restricted Stock Units [Table Text Block]

The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at July 28, 2024	3,300	$	43.24
Granted	1,372	$	48.34

Vested	(1,284)	$	42.89
Forfeited	(88)	$	44.12
Nonvested at January 26, 2025	3,300	$	45.47

TSR Performance Restricted Stock/Units [Member]

TSR Performance Restricted Stock Units [Table Text Block]

The following table summarizes TSR performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at July 28, 2024	873	$	47.40
Granted	549	$	47.33
Vested	(464)	$	45.52
Forfeited	(24)	$	47.55
Nonvested at January 26, 2025	934	$	48.29

Schedule Of Share Based Payment Award Valuation Assumptions [Table Text Block]

Assumptions used in the Monte Carlo simulation were as follows:


	2025	2024
Risk-free interest rate	3.52%	4.84%
Expected dividend yield	3.01%	3.54%
Expected volatility	22.46%	22.16%
Expected term	3 years	3 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Income Statement [Abstract]
Net sales	$ 2,685	$ 2,456	$ 5,457	$ 4,974
Costs and expenses
Cost of products sold	1,866	1,680	3,771	3,410
Marketing and selling expenses	256	217	506	439
Administrative expenses	165	189	340	347
Research and development expenses	25	25	51	49
Other expenses / (income)	41	26	84	50
Restructuring charges	5	2	11	4
Total costs and expenses	2,358	2,139	4,763	4,299
Earnings before interest and taxes	327	317	694	675
Interest expense	88	46	175	95
Interest income	8	0	12	1
Earnings before taxes	247	271	531	581
Taxes on earnings	74	68	140	144
Net earnings	173	203	391	437
Less: Net earnings (loss) attributable to noncontrolling interests	0	0	0	0
Net earnings attributable to The Campbell's Company	$ 173	$ 203	$ 391	$ 437
Per Share - Basic
Net earnings attributable to The Campbell's Company	$ 0.58	$ 0.68	$ 1.31	$ 1.47
Weighted average shares outstanding - basic	298	298	298	298
Per Share - Assuming Dilution
Net earnings attributable to The Campbell's Company	$ 0.58	$ 0.68	$ 1.30	$ 1.46
Weighted average shares outstanding - assuming dilution	299	299	300	299

Goodwill And Intangible Assets (Intangible Assets) (Details) - USD ($)
$ in Millions

Jan. 26, 2025

Jul. 28, 2024

Finite-Lived Intangible Assets, Gross

$ 1,136

Finite-Lived Intangible Assets, Accumulated Amortization

(340)

(302)

Finite-Lived Intangible Assets, Other Increase (Decrease)

^[1]

(89)

Finite-Lived Intangible Assets, Net

707

834

Indefinite-Lived Intangible Assets [Line Items]

Intangible Assets, Net (Excluding Goodwill)

4,535

4,716

Trademarks - Rao's

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

1,470

Trademarks - Snyder's of Hanover [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

620

Trademarks- Lance [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

350

Trademarks - Kettle Brand [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

318

Trademarks - Pace [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

292

Trademarks - Pacific Foods [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

280

Trademarks- Cape Cod

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

187

Trademarks- Other [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

^[2],[3]

311

365

Trademarks [Member]

Indefinite-Lived Intangible Assets [Line Items]

Indefinite-lived Intangible Assets (Excluding Goodwill)

3,828

3,882

Trademarks [Member] | Pop Secret

Indefinite-Lived Intangible Assets [Line Items]

Disposal Group, Including Discontinued Operation, Intangible Assets

Customer Relationships [Member]

Finite-Lived Intangible Assets, Gross

1,060

Finite-Lived Intangible Assets, Accumulated Amortization

(338)

(300)

Finite-Lived Intangible Assets, Other Increase (Decrease)

^[1]

(17)

Finite-Lived Intangible Assets, Net

705

760

Trademarks [Member]

Finite-Lived Intangible Assets, Gross

Finite-Lived Intangible Assets, Accumulated Amortization

(2)

Finite-Lived Intangible Assets, Other Increase (Decrease)

^[1]

(72)

Finite-Lived Intangible Assets, Net

$ 2

$ 74

[1]	See Note 4 for additional information on our noosa yoghurt business.
[2]	Includes the Late July and Allied brands trademarks.
[3]	The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.

Financial Instruments (Schedule Of Changes In Cash Flow Hedges In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024
Derivative Instruments, Gain (Loss) [Line Items]
OCI before tax accumulated derivative gain (loss) beginning of period	$ (10)	$ 3	$ (11)	$ (5)
OCI before tax accumulated derivative gain (loss) end of period	(8)	(26)	(8)	(26)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	3	(2)	3	3
Foreign Exchange Contract [Member] \| Cost Of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(1)	(2)	(1)	(2)
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
OCI, before Reclassifications, before Tax, Attributable to Parent	0	(26)	0	(23)
Interest Rate Contract [Member] \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ 0	$ 1	$ 1	$ 1

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 26, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended January 26, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" in accordance with Item 408 of Regulation S-K of the Securities Act.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings Per Share	6 Months Ended
Earnings Per Share	Jan. 26, 2025
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share (EPS) For the periods presented in the Consolidated Statements of Earnings, the calculations of basic EPS and EPS assuming dilution vary in that the weighted average shares outstanding assuming dilution include the incremental effect of stock options and other share-based payment awards, except when such effect would be antidilutive. The earnings per share calculation for the three- and six-month periods ended January 26, 2025 and January 28, 2024, excludes less than 1 million stock options that would have been antidilutive.

Supplemental Financial Statement Data (Schedule of Statement of Earnings) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)

^[1]

$ 26

$ 0

$ 26

$ 0

Amortization of Intangible Assets

^[2]

Net periodic benefits income, other than the service cost

(3)

(1)

(4)

(3)

^[3]

^[4]

Transition services fees

(1)

(2)

Other expenses / (income)

Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]

$ 7

$ 14

Other expenses / (income)

Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]

Other expenses / (income)

[1]	See Note 6 for additional information.
[2]	Includes accelerated amortization expense related to customer relationship intangible assets of $7 million and $14 million in the three- and six-month periods ended January 26, 2025 and January 28, 2024.
[3]	Related to the acquisition of Sovos Brands. See Note 3 for additional information.
[4]	Related to the sale of our Pop Secret popcorn business. See Note 4 for additional information.

Stock-based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jan. 26, 2025 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Beginning of period, Options \| shares	779
Granted, Options \| shares	0
Exercised, Options \| shares	0
Terminated, Options \| shares	0
End of period, Options \| shares	779
Exercisable at end of period, Options \| shares	779
Beginning of period, Weighted-Average Exercise Price \| $ / shares	$ 45.33
Granted, Weighted-Average Exercise Price \| $ / shares	0
Exercised, Weighted-Average Exercise Price \| $ / shares	0
Terminated, Weighted-Average Exercise Price \| $ / shares	0
End of period, Weighted-Average Exercise Price \| $ / shares	45.33
Exercisable at end of period, Weighted-Average Exercise Price \| $ / shares	$ 45.33
Outstanding at end of period, Weighted-Average Remaining Contractual Life (In years)	2 years 8 months 12 days
Exercisable at end of period, Weighted-Average Remaining Contractual Life (In years)	2 years 8 months 12 days
Outstanding at end of period, Aggregate Intrinsic Value \| $	$ 1
Exercisable at end of period, Aggregate Intrinsic Value \| $	$ 1

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jan. 26, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss) consisted of the following:


(Millions)	Foreign Currency Translation Adjustments(1)		Cash-Flow Hedges(2)		Pension and Postretirement Benefit Plan Adjustments(3)		Total Accumulated Comprehensive Income (Loss)
Balance at July 30, 2023	$	(1)	$	(4)	$	2	$	(3)
Other comprehensive income (loss) before reclassifications	(3)		(16)		—		(19)
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		(1)		—		(1)
Net current-period other comprehensive income (loss)	(3)		(17)		—		(20)
Balance at January 28, 2024	$	(4)	$	(21)	$	2	$	(23)

Balance at July 28, 2024	$	(10)	$	(9)	$	2	$	(17)
Other comprehensive income (loss) before reclassifications	(7)		3		5		1
Losses (gains) reclassified from accumulated other comprehensive income (loss)	—		—		—		—
Net current-period other comprehensive income (loss)	(7)		3		5		1
Balance at January 26, 2025	$	(17)	$	(6)	$	7	$	(16)

_____________________________________

(1)Included no tax as of January 26, 2025, July 28, 2024, January 28, 2024 and July 30, 2023.

(2)Included a tax benefit of $2 million as of January 26, 2025, and July 28, 2024, $5 million as of January 28, 2024 and $1 million as of July 30, 2023.

(3)Included tax expense of $3 million as of January 26, 2025, and $1 million as of July 28, 2024, January 28, 2024 and July 30, 2023.

Amounts related to noncontrolling interests were not material.

The amounts reclassified from Accumulated other comprehensive income (loss) consisted of the following:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024		Location of Loss (Gain) Recognized in Earnings







Losses (gains) on cash-flow hedges:

Foreign exchange contracts	$	(1)	$	(2)	$	(1)	$	(2)	Cost of products sold


Forward starting interest rate swaps	—		1		1		1		Interest expense
Total before tax	$	(1)	$	(1)	$	—	$	(1)
Tax expense (benefit)	—		—		—		—
Loss (gain), net of tax	$	(1)	$	(1)	$	—	$	(1)

Stock-based Compensation

6 Months Ended

Jan. 26, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

We provide compensation benefits by issuing stock options, unrestricted stock and restricted stock units (including time-lapse restricted stock units, EPS performance restricted stock units, total shareholder return (TSR) performance restricted stock units and free cash flow (FCF) performance restricted stock units). In 2025, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS performance restricted stock units. We last issued stock options and FCF performance restricted stock units in 2019.

In connection with the Sovos Brands acquisition, in the third quarter of 2024, we issued 1.721 million time-lapse restricted stock units (Replacement units) in exchange for certain Sovos Brands restricted stock units and performance restricted stock units. The Replacement units are subject to the same terms and conditions of the original Sovos Brands restricted stock units and performance restricted stock units. Certain Replacement units were subject to accelerated vesting. The Replacement units had a total fair value of $74 million based on the quoted price of our stock on the acquisition date. The portion of Replacement units attributed to pre-combination service was $42 million, which was accounted for as part of consideration transferred and was recorded in Additional Paid-in Capital in our Consolidated Statements of Equity in the third quarter of 2024. See Note 3 for additional information. The portion of the Replacement units attributable to post-combination service will be recognized as stock-based compensation expense over the remaining vesting period.

In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in the Consolidated Statements of Earnings were as follows:


	Three Months Ended				Six Months Ended
(Millions)	January 26, 2025		January 28, 2024		January 26, 2025		January 28, 2024
Total pre-tax stock-based compensation expense	$	17	$	19	$	36	$	36
Tax-related benefits	$	4	$	4	$	10	$	6

The following table summarizes stock option activity:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Aggregate Intrinsic Value
	(In thousands)			(In years)	(Millions)
Outstanding at July 28, 2024	779	$	45.33
Granted	—	$	—
Exercised	—	$	—
Terminated	—	$	—
Outstanding at January 26, 2025	779	$	45.33	2.7	$	1
Exercisable at January 26, 2025	779	$	45.33	2.7	$	1

No options were exercised during the six-month period ended January 28, 2024. We measured the fair value of stock options using the Black-Scholes option pricing model.

We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed.

The following table summarizes time-lapse restricted stock units and EPS performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at July 28, 2024	3,300	$	43.24
Granted	1,372	$	48.34

Vested	(1,284)	$	42.89
Forfeited	(88)	$	44.12
Nonvested at January 26, 2025	3,300	$	45.47

We determine the fair value of time-lapse restricted stock units based on the quoted price of our stock at the date of grant. We expense time-lapse restricted stock units on a straight-line basis over the vesting period, except for awards issued to retirement-eligible participants and certain Replacement units, which we expense on an accelerated basis.

Since 2022, we have granted EPS performance restricted stock units that will be earned upon the achievement of our adjusted EPS compound annual growth rate goal, measured over a three-year period. The actual number of EPS performance restricted stock units issued at the vesting date could range from 0% to 200% of the initial grant depending on actual performance achieved. The fair value of EPS performance restricted stock units is based upon the quoted price of our stock at the date of grant. We expense EPS performance restricted stock units on a straight-line basis over the service period, except for awards issued to retirement-eligible participants, which we expense on an accelerated basis. We estimate expense based on the

number of awards expected to vest. In the first quarter of 2025, recipients of EPS performance restricted stock units earned 100% of the initial grants based upon actual performance achieved during a three-year period ended July 28, 2024. There were 934 thousand EPS performance target grants outstanding at January 26, 2025, with a weighted-average grant-date fair value of $45.51. In connection with the divestiture of our Pop Secret popcorn business, in the first quarter of 2025, our adjusted EPS compound annual growth rate goals for the EPS performance restricted stock units granted in 2024 and 2023 were revised to equitably adjust for the impact of the completed divestiture that was not contemplated at the time of approval of the original targets.

As of January 26, 2025, total remaining unearned compensation related to nonvested time-lapse restricted stock units and EPS performance restricted stock units was $74 million, which will be amortized over the weighted-average remaining service period of 1.9 years. The fair value of restricted stock units vested during the six-month periods ended January 26, 2025, and January 28, 2024, was $63 million and $31 million, respectively. The weighted-average grant-date fair value of the restricted stock units granted during the six-month period ended January 28, 2024 was $41.08.

The following table summarizes TSR performance restricted stock units activity:


	Units	Weighted-Average Grant-Date Fair Value
	(In thousands)
Nonvested at July 28, 2024	873	$	47.40
Granted	549	$	47.33
Vested	(464)	$	45.52
Forfeited	(24)	$	47.55
Nonvested at January 26, 2025	934	$	48.29

We estimated the fair value of TSR performance restricted stock units at the grant date using a Monte Carlo simulation.

Assumptions used in the Monte Carlo simulation were as follows:


	2025	2024
Risk-free interest rate	3.52%	4.84%
Expected dividend yield	3.01%	3.54%
Expected volatility	22.46%	22.16%
Expected term	3 years	3 years

We recognize compensation expense on a straight-line basis over the service period, except for awards issued to retirement eligible participants, which we expense on an accelerated basis. As of January 26, 2025, total remaining unearned compensation related to TSR performance restricted stock units was $16 million, which will be amortized over the weighted-average remaining service period of 1.9 years. In the first quarter of 2025, recipients of TSR performance restricted stock units earned 175% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 26, 2024. As a result, approximately 199 thousand additional shares were awarded. In the first quarter of 2024, recipients of TSR performance restricted stock units earned 75% of the initial grants based upon our TSR ranking in a performance peer group during a three-year period ended July 28, 2023. The fair value of TSR performance restricted stock units vested during the six-month periods ended January 26, 2025, and January 28, 2024, was $23 million and $12 million, respectively. The grant-date fair value of the TSR performance restricted stock units granted during the six-month period ended January 28, 2024, was $44.18.

Goodwill And Intangible Assets (Tables)

6 Months Ended

Jan. 26, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill [Table Text Block]

The following table shows the changes in the carrying amount of goodwill:


(Millions)	Meals & Beverages		Snacks		Total




Net balance at July 28, 2024	$	2,102	$	2,975	$	5,077

Divestiture(1)	—		(21)		(21)
Amounts reclassified to Assets of business held for sale(2)	(65)		—		(65)


Foreign currency translation adjustment	(3)		—		(3)
Net balance at January 26, 2025	$	2,034	$	2,954	$	4,988

____________________________________

(1)On August 26, 2024, we sold our Pop Secret popcorn business. See Note 4 for additional information.

(2)See Note 4 for additional information on our noosa yoghurt business.

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	January 26, 2025								July 28, 2024
(Millions)	Cost		Accumulated Amortization		Amounts reclassified to Assets of business held for sale(1)		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,060	$	(338)	$	(17)	$	705	$	1,060	$	(300)	$	760
Definite-lived trademarks	76		(2)		(72)		2		76		(2)		74


Total amortizable intangible assets	$	1,136	$	(340)	$	(89)	$	707	$	1,136	$	(302)	$	834
Indefinite-lived trademarks
Rao's							$	1,470					$	1,470
Snyder's of Hanover							620						620
Lance							350						350
Kettle Brand							318						318
Pace							292						292
Pacific Foods							280						280
Cape Cod							187						187
Various other Snacks(2) (3)							311						365
Total indefinite-lived trademarks							$	3,828					$	3,882

Total net intangible assets							$	4,535					$	4,716

____________________________________

(1)See Note 4 for additional information on our noosa yoghurt business.

(2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.

(3)Includes the Late July and Allied brands trademarks.

Schedule of Indefinite-Lived Intangible Assets [Table Block]

The following table summarizes balance sheet information for intangible assets, excluding goodwill:


	January 26, 2025								July 28, 2024
(Millions)	Cost		Accumulated Amortization		Amounts reclassified to Assets of business held for sale(1)		Net		Cost		Accumulated Amortization		Net
Amortizable intangible assets
Customer relationships	$	1,060	$	(338)	$	(17)	$	705	$	1,060	$	(300)	$	760
Definite-lived trademarks	76		(2)		(72)		2		76		(2)		74


Total amortizable intangible assets	$	1,136	$	(340)	$	(89)	$	707	$	1,136	$	(302)	$	834
Indefinite-lived trademarks
Rao's							$	1,470					$	1,470
Snyder's of Hanover							620						620
Lance							350						350
Kettle Brand							318						318
Pace							292						292
Pacific Foods							280						280
Cape Cod							187						187
Various other Snacks(2) (3)							311						365
Total indefinite-lived trademarks							$	3,828					$	3,882

Total net intangible assets							$	4,535					$	4,716

____________________________________

(1)See Note 4 for additional information on our noosa yoghurt business.

(2)The carrying amount as of July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information.

(3)Includes the Late July and Allied brands trademarks.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Restructuring Charges and Cost Savings Initiatives (Schedule Of Pre-Tax Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 26, 2025	Jan. 28, 2024	Jan. 26, 2025	Jan. 28, 2024	Jul. 28, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5	$ 2	$ 11	$ 4
2015 and Snyder's-Lance Initiatives [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2		4
Restructuring and Related Cost, Cost Incurred to Date					$ 895
Other Restructuring Costs		36		49
2015 and Snyder's-Lance Initiatives [Member] \| Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					253
2015 and Snyder's-Lance Initiatives [Member] \| Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					134
2015 and Snyder's-Lance Initiatives [Member] \| Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					508
2015 and Snyder's-Lance Initiatives [Member] \| Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					297
2015 and Snyder's-Lance Initiatives [Member] \| General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					437
Other Restructuring Costs		29		34
2015 and Snyder's-Lance Initiatives [Member] \| Cost Of Products Sold [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					128
Other Restructuring Costs		3		6
2015 and Snyder's-Lance Initiatives [Member] \| Selling and Marketing Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					23
Other Restructuring Costs		1		3
2015 and Snyder's-Lance Initiatives [Member] \| Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date					$ 10
Other Restructuring Costs		$ 1		$ 2
2025 Initiatives
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5		11
Restructuring and Related Cost, Cost Incurred to Date	52		52
Other Restructuring Costs	25		52
2025 Initiatives \| Severance Pay And Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	11		11
2025 Initiatives \| Asset Impairment Accelerated Depreciation [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	17		17
Other Restructuring Costs			17
2025 Initiatives \| Implementation Costs and Other Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Cost Incurred to Date	24		24
2025 Initiatives \| General and Administrative Expense [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	8		19
2025 Initiatives \| Cost Of Products Sold [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	10		18
2025 Initiatives \| Selling and Marketing Expense [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	1		2
2025 Initiatives \| Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Other Restructuring Costs	$ 1		$ 2

Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jan. 26, 2025

Jan. 28, 2024

Jan. 26, 2025

Jan. 28, 2024

Jul. 28, 2024

Jul. 30, 2023

$ (17)

$ (3)

$ (17)

$ (20)

Accumulated Other Comprehensive Income Foreign Currency Translation Tax (Benefit) Expense

(16)

$ 0

Accumulated Other Comprehensive Income Cashflow Hedges Tax (Benefit) Expense

(2)

(5)

(2)

(5)

(2)

(1)

Accumulated Other Comprehensive Income Unamortized Pension And Post Retirement Tax (Benefit) Expense

$ 1

Accumulated Translation Adjustment [Member]

Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax

^[1]

(10)

(1)

(7)

(3)

Other Comprehensive Income Reclassifications Current Period Net of Tax

(7)

(3)

Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]

^[1]

(17)

(4)

(17)

(4)

Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax

^[2]

(9)

(4)

(16)

Other Comprehensive Income Reclassifications Current Period Net of Tax

(1)

(17)

Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member]

^[2]

(6)

(21)

(6)

(21)

Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax

^[3]

Other Comprehensive Income Reclassifications Current Period Net of Tax

Accumulated Other Comprehensive Income (Loss) [Member]

^[3]

Other Comprehensive Income (Loss) Before Reclassifications Net Of Tax

(17)

(3)

(19)

Other Comprehensive Income Reclassifications Current Period Net of Tax

(1)

(3)

(17)

(20)

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

$ (16)

$ (23)

$ (16)

$ (23)

[1]	Included no tax as of January 26, 2025, July 28, 2024, January 28, 2024 and July 30, 2023.
[2]	Included a tax benefit of $2 million as of January 26, 2025, and July 28, 2024, $5 million as of January 28, 2024 and $1 million as of July 30, 2023.
[3]	Included tax expense of $3 million as of January 26, 2025, and $1 million as of July 28, 2024, January 28, 2024 and July 30, 2023.

Business Combinations (Tables)

6 Months Ended

Jan. 26, 2025

Schedule of Business Combinations, Consideration Table [Table Text Block]

Total purchase consideration was $2.899 billion, which was determined as follows:


(Millions)
Cash consideration paid to Sovos Brands shareholders(1)	$	2,307
Cash paid for share-based awards(2)	32
Cash consideration paid directly to shareholders	$	2,339
Cash paid for transaction costs of Sovos Brands	32
Repayment of Sovos Brands existing indebtedness and accrued interest	486
Total cash consideration	$	2,857
Fair value of replacement share-based awards(3)	42
Total consideration	$	2,899

___________________________________________

(1) Consideration paid to Sovos Brands shareholders which reflects $23.00 per share.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The table below presents the fair value that was allocated to acquired assets and assumed liabilities:


(Millions)	Estimated Fair Value
Cash	$	240
Accounts receivable	96
Inventories	130
Other current assets	5
Plant assets	100

Other intangible assets	1,776
Other assets	16
Total assets acquired	$	2,363
Accounts payable	$	96
Accrued liabilities	56
Accrued income taxes	1
Long-term debt	9
Deferred taxes	407
Other liabilities	11
Total liabilities assumed	$	580
Net assets acquired	$	1,783
Goodwill	1,116
Total consideration	$	2,899

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

The identifiable intangible assets of Sovos Brands consist of:


(Millions)	Type	Life in Years			Value
Trademarks	Non-amortizable	Indefinite			$	1,470
Trademarks(1)	Amortizable	20			76
Customer relationships(2)	Amortizable	20	to	30	230
Total identifiable intangible assets					$	1,776

_____________________________________

(1)Includes $74 million related to the noosa yoghurt business.

(2)Includes $18 million related to the noosa yoghurt business.

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited summary information is presented on a consolidated pro forma basis as if the Sovos Brands acquisition had occurred on August 1, 2022:


	Three Months Ended		Six Months Ended
(Millions)	January 28, 2024		January 28, 2024

Net sales	$	2,760	$	5,551
Net earnings attributable to The Campbell's Company	$	196	$	411

Fair Value Measurements (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($)
$ in Millions

Jan. 26, 2025

Jul. 28, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 19

$ 11

Measured On Recurring Basis [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 1 [Member]

116

117

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 2 [Member]

110

102

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Foreign Exchange Contract [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

Measured On Recurring Basis [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member]

^[1]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member]

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

Measured On Recurring Basis [Member] | Commodity Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member]

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[2]

Measured On Recurring Basis [Member] | Equity Contracts [Member]

^[2]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Equity Contracts [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Measured On Recurring Basis [Member] | Deferred Compensation Investment [Member]

^[3]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments at fair value

^[4]

Measured On Recurring Basis [Member] | Deferred Compensation Investment [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments at fair value

^[4]

Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Deferred compensation obligation

^[4]

110

101

Measured On Recurring Basis [Member] | Deferred Compensation Obligation [Member] | Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Deferred compensation obligation

^[4]

$ 110

$ 101

[1]	Based on observable market transactions of spot currency rates and forward rates.
[2]	Level 1 and 2 are based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. Level 3 is based on unobservable inputs in which there is little or no market data, which requires management’s own assumptions within an internally developed model.
[3]	Based on equity index swap rates.
[4]	Based on the fair value of the participants’ investments.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jan. 26, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (FASB) issued guidance that enhances the transparency of supplier finance programs by requiring disclosure of the key terms of these programs and a related rollforward of these obligations to understand the effect on working capital, liquidity and cash flows. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods in those fiscal years, except for the rollforward requirement, which is effective for fiscal years beginning after December 15, 2023. We adopted the guidance in the fourth quarter of 2023, with the exception of the annual rollforward requirement, which we will adopt in our 2025 annual reporting. The adoption did not have a material impact on our consolidated financial statements. See Note 18 for additional information. In November 2023, the FASB issued guidance to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In December 2023, the FASB issued guidance to improve income tax disclosures by requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements. In November 2024, the FASB issued guidance to improve disclosures by requiring additional details about specific types of expenses (purchases of inventory, employee compensation, depreciation and intangible asset amortization) included in certain expense captions. The guidance requires disclosure of the total amount of selling expenses and, on an annual basis, disclosure of the definition of selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Fair Value, Assets And Liabilities Measured on Recurring Basis [Table Text Block]

Supplier Finance Program (Narrative) (Details) - USD ($) $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation	$ 269	$ 243
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Minimum [Member]
Supplier Finance Program [Line Items]
Supplier Payment Timing	0 days
Maximum [Member]
Supplier Finance Program [Line Items]
Supplier Payment Timing	120 days

Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Jan. 26, 2025	Jul. 28, 2024
Current assets
Cash and cash equivalents	$ 829	$ 108
Accounts receivable, net	711	630
Inventories	1,288	1,386
Other current assets	118	66
Assets of business held for sale	235	0
Total current assets	3,181	2,190
Plant assets, net of depreciation	2,637	2,698
Goodwill	4,988	5,077
Intangible Assets, Net (Excluding Goodwill)	4,535	4,716
Other assets	569	554
Total assets	15,910	15,235
Current liabilities
Short-term borrowings	1,179	1,423
Accounts payable	1,356	1,311
Accrued liabilities	705	720
Dividends payable	119	115
Accrued income taxes	0	7
Liabilities of business held for sale	54	0
Total current liabilities	3,413	3,576
Long-term debt	6,496	5,761
Deferred taxes	1,413	1,426
Other liabilities	676	676
Total liabilities	11,998	11,439
Commitments and contingencies
The Campbell's Company shareholders' equity
Preferred stock; authorized 40 shares; none issued	0	0
Capital stock, $.0375 par value; authorized 560 shares; issued 323 shares	12	12
Additional paid-in capital	406	437
Earnings retained in the business	4,716	4,569
Capital stock in treasury, at cost	(1,208)	(1,207)
Accumulated other comprehensive income (loss)	(16)	(17)
Total The Campbell's Company shareholders' equity	3,910	3,794
Noncontrolling interests	2	2
Total equity	3,912	3,796
Total liabilities and equity	$ 15,910	$ 15,235
Preferred Stock, Shares Authorized	40	40
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0375	$ 0.0375
Common Stock, Shares Authorized	560	560
Common Stock, Shares Issued	323	323

Fair Value Measurements (Tables)

6 Months Ended

Jan. 26, 2025

Fair Value Disclosures [Abstract]


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets

Foreign exchange contracts(1)	$	3	$	—	$	3	$	—	$	2	$	—	$	2	$	—
Commodity derivative contracts(2)	12		1		8		3		6		—		1		5

Deferred compensation derivative contracts(3)	4		—		4		—		3		—		3		—
Deferred compensation investments(4)	1		1		—		—		1		1		—		—

Total assets at fair value	$	20	$	2	$	15	$	3	$	12	$	1	$	6	$	5


	Fair Value as of January 26, 2025		Fair Value Measurements at January 26, 2025 Using Fair Value Hierarchy						Fair Value as of July 28, 2024		Fair Value Measurements at July 28, 2024 Using Fair Value Hierarchy
(Millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Foreign exchange contracts(1)	$	1	$	—	$	1	$	—	$	—	$	—	$	—	$	—
Commodity derivative contracts(2)	5		—		4		1		16		1		15		—


Deferred compensation obligation(4)	110		110		—		—		101		101		—		—

Total liabilities at fair value	$	116	$	110	$	5	$	1	$	117	$	102	$	15	$	—

___________________________________

(1)Based on observable market transactions of spot currency rates and forward rates.

(3)Based on equity index swap rates.

(4)Based on the fair value of the participants’ investments.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table summarizes the changes in fair value of Level 3 assets and liabilities:


	Six Months Ended
(Millions)	January 26, 2025		January 28, 2024
Fair value at beginning of year	$	5	$	2
Gains (losses)	2		12

Settlements	(5)		(5)
Fair value at end of quarter	$	2	$	9

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table presents fair value measurements of the trademarks:


	December 2025
(Millions)	Impairment Charges		Fair Value
Allied brands	$	15	$	28
Late July	$	11	$	47