Campbell's (CPB): what its 10-K says it depends on

Customers

Walmart Inc.

earns from · approximately 22% of our consolidated net sales in 2026named as a risk

In 2026, our five largest customers accounted for approximately 48% of our consolidated net sales, with the largest customer, Walmart Inc. and its affiliates, accounting for approximately 22% of our consolidated net sales.Risk factors (Item 1A)

Also named by CAG, CALM, CHD, CL, GIS, HAS, HRL, HSY and 9 more

Suppliers

La Regina di San Marzano

depends on · $286 million

La Regina currently produces all of our Rao’s tomato-based pasta sauces.Business (Item 1)

Partners and platforms

Independent contractor distributors

depends onnamed as a risk

Our independent contractor distribution model has also been the subject of various class and individual lawsuits in recent years.Risk factors (Item 1A)

Other companies

Commercial paper market

depends on · approximately $7.137 billion of indebtednessnamed as a risk

Disruptions in the commercial paper market or other effects of volatile economic conditions on the financial markets may also reduce the amount of commercial paper that we can issue and raise our borrowing costs for both short- and long-term debt offerings.Risk factors (Item 1A)

Also named by CAG, CAT, KMB, MO, ROK

Sovos Brands, Inc.

$2.899 billion

On March 12, 2024, we completed the acquisition of Sovos Brands, Inc. (Sovos Brands) for total purchase consideration of $2.899 billion.Business (Item 1)

Competitors

Private label products

competes withnamed as a risk

These customers may also use more of their shelf space for their private label products, which are generally sold at lower prices than branded products.Risk factors (Item 1A)

Places

Napoleon, Ohio wastewater treatment facility

operates in · approximately $50 million

We estimate that approximately $50 million of the capital expenditures anticipated during 2027 will be for upgrades to our Napoleon, Ohio wastewater treatment facility, with another approximately $5 million for other network wastewater initiatives.Business (Item 1)

Middle East

exposed to its pricenamed as a risk

During 2026, we experienced volatility in commodity and supply chain costs, including the costs of raw materials, packaging materials, energy, logistics, finished products and labor, driven in part by impacts from tariffs and ongoing geopolitical conflicts in the Middle East.Risk factors (Item 1A)

Also named by BKR, CAG, CINF, CTAS, FLS, GAIN, J, JPM and 10 more

North America

depends on

The ingredients and packaging materials required for the manufacture of our food and beverage products are purchased from various suppliers, substantially all of which are located in North America.Business (Item 1)

Also named by ALSN, AOS, BMI, CAG, CAT, CHRW, CLS, CW and 19 more

Commodities and inputs

Aluminum

exposed to its pricenamed as a risk

As a manufacturer of food and beverage products, we rely on plant labor, distribution resources and raw and packaging materials including tomatoes, tomato paste, grains, beef, poultry, dairy, olive oil, vegetable oil, wheat, potatoes and other vegetables, steel, aluminum, glass, paper and resin.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Wheat

exposed to its pricenamed as a risk

In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, beef, cocoa and olive oil.Risk factors (Item 1A)

Also named by CAG, FLO, FPI, GIS, HSY, KHC, MDLZ, POST and 1 more

Beef

exposed to its pricenamed as a risk

In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, beef, cocoa and olive oil.Risk factors (Item 1A)

Also named by CAG, CMG, DRI, MCD, QSR, TXRH, YUM

Tomatoes

exposed to its pricenamed as a risk

As a manufacturer of food and beverage products, we rely on plant labor, distribution resources and raw and packaging materials including tomatoes, tomato paste, grains, beef, poultry, dairy, olive oil, vegetable oil, wheat, potatoes and other vegetables, steel, aluminum, glass, paper and resin.Risk factors (Item 1A)

Also named by CAG, CMG

Potatoes

exposed to its pricenamed as a risk

In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, beef, cocoa and olive oil.Risk factors (Item 1A)

Also named by PEP, RRGB

Cocoa

exposed to its pricenamed as a risk

In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, beef, cocoa and olive oil.Risk factors (Item 1A)

Also named by HSY, MDLZ

Tinplate steel

exposed to its pricenamed as a risk

In 2026, tariff actions taken by the U.S. and retaliatory measures taken by its trading partners resulted in increased production costs, supply chain costs and distribution costs, primarily for ingredients, packaging (such as tinplate steel used to make cans), and imported finished products.Risk factors (Item 1A)

Also named by CAG

Olive oil

exposed to its pricenamed as a risk

In the event that such climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as wheat, tomatoes, potatoes, beef, cocoa and olive oil.Risk factors (Item 1A)

Also named by CAVA

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

In light of recent actions by the United States Department of Health and Human Services, FDA and states, we anticipate continued legislative, regulatory and policy developments with respect to food ingredients (including but not limited to whether products contain ingredients such as Food, Drug, and Cosmetic Act (FD&C) colors, bioengineered ingredients, or ingredients Generally Recognized as Safe (GRAS)), labeling (including but not limited to potential front of pack labeling) and packaging at the state and federal levels, along with related changes in consumer expectations and behavior.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Make America Healthy Again (MAHA) Commission

subject tonamed as a risk

Heightened scrutiny of "ultra-processed" foods, including policy proposals outlined in reports by the Make America Healthy Again (MAHA) Commission as well as state legislative activity, could result in new definitions, labeling requirements, marketing restrictions, or reformulation mandates that increase our compliance costs or adversely affect consumer demand for certain of our products.Risk factors (Item 1A)

Also named by CAG, MKC

Laws and programs

U.S. tariffs

subject tonamed as a risk

In 2026, tariff actions taken by the U.S. and retaliatory measures taken by its trading partners resulted in increased production costs, supply chain costs and distribution costs, primarily for ingredients, packaging (such as tinplate steel used to make cans), and imported finished products.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Supplemental Nutrition Assistance Program (SNAP)

earns fromnamed as a risk

Brand value could diminish significantly due to a number of factors, including consumer perception that we have acted in an irresponsible manner, adverse publicity about our products, packaging, waste management, ingredients, or our environmental, social, human capital or governance practices, our failure to maintain the quality of our products, the failure of our products to deliver consistently positive consumer experiences, consumer trends emphasizing health and wellness, concerns or perceptions regarding ingredients and processed foods, or the products becoming unavailable to consumers (including as a result of changes in funding for benefits programs or restrictions on the inclusion of products in such programs, such as the Supplemental Nutrition Assistance Program (SNAP)).Risk factors (Item 1A)

Also named by BJ, DG, DLTR, KHC, MDLZ, MNST, MUSA, PEP and 1 more

Extended producer responsibility (EPR) regulations

subject tonamed as a risk

Changes in legal or regulatory requirements (such as but not limited to new food safety requirements and revised regulatory requirements for the labeling of nutrition facts, serving sizes and genetically modified ingredients or new EPR regulations and laws), evolving interpretations of existing legal or regulatory requirements, or a rapidly changing landscape regarding environmental policies relating to climate change, climate reporting, regulating greenhouse gas emissions, energy policies and sustainability, may result in increased compliance cost, capital expenditures and other financial obligations that could adversely affect our business and financial results.Risk factors (Item 1A)

Also named by MHK, WM

Technology

Weight-management medications

named as a risk

For instance, consumer behaviors may continue to shift over time in response to certain health and wellness trends, including the use of weight-management medications.Risk factors (Item 1A)