Campbell Soup Company (CPB) — ESG & Values Scores

Environment story

Campbell demonstrates modest environmental performance with significant gaps in disclosure and execution. The company has established science-based targets for Scope 1, 2, and 3 greenhouse gas emissions but provides no quantified baseline data, interim progress metrics, or a specified net-zero target year in the filed documents. No evidence of renewable electricity procurement percentages or operational decarbonization investments is disclosed. The company faces material climate-related supply-chain risks (agricultural commodity exposure, water scarcity, extreme weather disruption) that are acknowledged in risk disclosures but not transparently addressed through quantified mitigation strategies. Heavy reliance on undefined 'cost savings initiatives' and unspecified 'sustainability goals' suggests potential greenwashing rather than substantive environmental commitment. The lack of third-party verification, specific emissions baselines, and interim targets places Campbell in the lower half of environmental performance.

Criticisms on file

Undisclosed Scope 1, 2, and 3 emissions data and progress metrics; no quantified net-zero target year disclosed despite claiming science-based targets
Source: CPB 10-K Item 1A Risk Factors and MD&A; absence of emissions disclosure in company filings
Material supply-chain climate risk: agricultural commodity exposure (tomatoes, wheat, potatoes, cocoa, olive oil) to drought, extreme weather, water scarcity, and crop disease; Rao's tomato sauce substantially concentrated in single Italian contract manufacturing facility creating supply disruption risk
Source: CPB 10-K Item 1A - Risk Factors: 'Changes in global trade policies' and 'Disruption to our supply chain'
Acknowledged exposure to climate-related physical risks (extreme weather, natural disasters, water stress, temperature increases) and transitional risks (regulatory compliance costs, energy policy changes) without quantified mitigation plans
Source: CPB 10-K Item 1A - Risk Factors: 'Climate change, or legal, regulatory or market measures to address climate change, may negatively affect our business and operations'
Potential greenwashing: company publicizes 'sustainability goals and commitments' and 'science-based targets' but provides no quantified baselines, interim progress, third-party verification, or net-zero target year in regulatory filings
Source: CPB 10-K MD&A Strategy section and Item 1A Risk Factors - 'Business is subject to an increasing focus on sustainability matters'

Disclosed initiatives

Science-Based Targets for GHG Emissions

Company states it has established science-based targets for Scope 1, 2, and 3 greenhouse gas emissions; specific baselines, reduction percentages, and target years are not disclosed in the 10-K.
Sustainability Goals and Commitments

Company references 'sustainability and community goals' and 'lasting impact' strategy pillar focused on 'progress on our sustainability and community goals.' No quantified targets or third-party verification provided.
Supply Chain Optimization

Company pursuing cost savings initiatives with estimated $375 million in annual ongoing savings by end of 2028, which may indirectly reduce transportation and operational emissions, though not explicitly framed as environmental.

Social story

Campbell's social performance is mixed. The company acknowledges competitive labor markets and turnover pressures in manufacturing, and reports investments in 'leadership and development programs' and an 'Employee Value Proposition' initiative ('Make history with Campbell's'). However, the 10-K discloses no specific diversity metrics (gender, race/ethnicity representation in executive or technical leadership), CEO-to-median-worker pay ratio, or union relationship status. The company faces documented litigation risk related to independent contractor classification in its Snacks segment direct-store-delivery model, with the 10-K noting 'increased regulatory scrutiny' and 'various class and individual lawsuits in recent years.' No evidence of labor union suppression or active strikes is disclosed, but the independent contractor model litigation represents a material social-governance risk. Supply chain human rights disclosures are absent; no cobalt, lithium, or conflict minerals audits are mentioned despite significant processed-food and ingredient sourcing. Limited diversity disclosure and lack of transparent labor-relation positioning suggest moderate social risk.

Criticisms on file

Independent contractor distribution model in Snacks segment subject to increased regulatory scrutiny and litigation; company notes 'various class and individual lawsuits in recent years' regarding worker classification and states if unable to defend successfully 'our business or financial results may be adversely affected'
Source: CPB 10-K Item 1A - Risk Factors: 'Legal and Regulatory Risks - We may be adversely impacted by legal and regulatory proceedings or claims'
No disclosed diversity metrics (gender, race/ethnicity) for executive, technical, or board leadership; no CEO-to-median-worker pay ratio; no union relationship disclosure
Source: CPB 10-K - absence of diversity disclosures in regulatory filing
No supply-chain human-rights audits disclosed; no conflict minerals policy, modern slavery statement, or living-wage commitment mentioned despite processing agricultural commodities globally
Source: CPB 10-K - absence of human-rights supply-chain disclosures
Acknowledged labor shortage and turnover pressures in manufacturing; company notes 'sustained labor shortage or increased turnover rates...could lead to increased costs, such as increased overtime to meet demand and increased wage rates'
Source: CPB 10-K Item 1A - Risk Factors: 'We may not be able to attract and retain the highly skilled people we need to support our business'

Disclosed initiatives

Employee Value Proposition - 'Make history with Campbell's'

Company announced modernization of headquarters and consolidation of Snacks offices into Camden, New Jersey, to 'foster closer collaboration and enhance decision-making.' Strategy includes investment in 'leadership and development programs' to 'attract, grow and retain top talent.'
Competitive Labor Market Response

Company acknowledges 'increasingly competitive labor market' in manufacturing sectors and cites potential for increased overtime costs and wage pressures. Includes discussion of 'sustained labor shortage' risk and mitigation through recruitment and retention initiatives.
Top Team Strategic Priority

Strategy pillar focused on delivering for employees through 'highly engaged culture,' organizational engagement, and modernized facilities.

Governance story

Campbell's governance framework shows moderate strengths and material weaknesses. The company operates a single-class share structure (no dual-class supermajority voting risk), and reports board independence metrics are not explicitly disclosed in the 10-K, preventing full assessment against the 75% threshold. The company does not disclose active lobbying expenditures or PAC contributions, limiting transparency on political engagement. Significant governance risks include: (1) substantial goodwill and intangible asset impairment charges totaling $176 million in 2025 and $129 million in 2024, suggesting previous acquisition overvaluation or deteriorating asset quality; (2) $6.857 billion in total debt as of August 3, 2025, creating financial leverage risk; (3) litigation liabilities related to the Plum baby food divestiture, independent contractor classification disputes, and product liability exposure; (4) regulatory exposure under FDA oversight for food safety, ingredient labeling (synthetic dyes phase-out ordered April 2025), and MAHA Commission recommendations on child nutrition. The company has not disclosed material antitrust or consumer-protection fines, but faces ongoing regulatory scrutiny in a dynamic food-safety and nutrition-policy environment. Absence of lobbying-expenditure disclosure and limited governance transparency represent governance weaknesses.

Criticisms on file

Significant trademark impairment charges totaling $176 million in 2025 (Snyder's of Hanover $150M, Allied brands $15M, Late July $11M) and $129 million in 2024 (Pop Secret $76M, Allied brands $53M), indicating past acquisition overvaluation or deteriorating brand asset quality
Source: CPB 10-K MD&A - 'Net Earnings attributable to The Campbell's Company - 2025 Compared with 2024' and 'Critical Accounting Estimates - Valuation of long-lived assets'
Material debt burden of $6.857 billion as of August 3, 2025, limiting strategic flexibility and increasing financial risk; company acknowledges 'increasing the possibility of a downgrade in our credit rating' and 'reducing our flexibility to respond to general adverse economic and industry conditions'
Source: CPB 10-K Item 1A - Risk Factors: 'We may be adversely impacted by our substantial indebtedness'
Litigation liabilities and regulatory scrutiny: ongoing Plum baby food litigation ($5M litigation expenses in both 2025 and 2024), independent contractor distribution model classification disputes affecting Snacks segment ('various class and individual lawsuits in recent years'), and product liability exposure
Source: CPB 10-K MD&A - 'Items impacting comparability' and Item 1A Risk Factors: 'Legal and Regulatory Risks'
Regulatory exposure to evolving food-safety and nutrition policy: FDA ordered phase-out of petroleum-based synthetic dyes (April 2025); MAHA Commission published chronic-disease recommendations (September 2025) including dietary guidance; company acknowledges 'continued legislative and regulatory developments with respect to food ingredients, labeling and packaging'
Source: CPB 10-K Item 1A - Risk Factors: 'Legal and Regulatory Risks - If we fail to comply with the many laws applicable to our business' and MD&A 'Business Trends'
No disclosed lobbying expenditures or PAC contribution transparency; company does not disclose annual lobbying spend or political-contribution breakdown
Source: CPB 10-K - absence of lobbying and political-contribution disclosure
Cybersecurity incident identified in fourth quarter 2023; company recorded $2M costs in 2024 and $1M insurance recovery in 2025, indicating past breach or system failure
Source: CPB 10-K MD&A - 'Items impacting comparability - cybersecurity incident'

Disclosed initiatives

Board and Management Structure

Company operates with single-class equity structure and a consolidated headquarters in Camden, New Jersey. Board composition and independence metrics are not disclosed in the 10-K.
Risk Management and Internal Controls

Company maintains information security program including cybersecurity insurance, employee awareness training, and routine IT testing. Company states it is 'in compliance with the covenants contained in our credit facilities and debt securities.'
Cost Savings and Efficiency Programs

Company announced $375 million in annual ongoing cost savings initiatives by end of 2028, with approximately $155 million in expected cash expenditures and $205 million in capital expenditures. Governance framed as 'winning execution' and cost optimization.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Campbell Soup Company. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Campbell Soup Company in the app for interactive charts and portfolio building.

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