Campbell Soup Company’s QQ3 2025 (quarter ended around 2025-04-27 per filing data) delivered a modest year-over-year revenue uptick but showed meaningful near-term profitability and leverage challenges. Revenue reached $2.475 billion, up 4.5% vs. the prior year, yet quarter-on-quarter performance deteriorated 7.8% from the immediate prior quarter. Gross margin was 29.4% (down slightly YoY), and operating margin stood at 12.4%, aided by ongoing cost controls but pressured by higher 'other' expenses and a heavy financing footprint that dampened net income. Net income was $66 million, translating to $0.22 per share, down about 50% year-over-year and roughly 62% quarter-over-quarter. Free cash flow was positive at $135 million, but cash declined to $143 million by quarter end as aggressive debt service (debt repayments of $792 million) and dividends contributed to substantial net cash outflow of ~$686 million during the period. The balance sheet shows a highly leveraged profile with total debt of $6.90 billion and net debt of $6.75 billion against equity of $3.87 billion, signaling a meaningful leverage burden even as operating cash flow generation remains intact. Management commentary (where available) is expected to emphasize portfolio optimization (notably within Snacks via Pepperidge Farm and related brands), price/mix discipline, and ongoing cost-reduction initiatives as keys to margin recovery. The near-term outlook hinges on improving top-line growth in a competitive consumer staples environment, successful deleveraging, and targeted efficiency programs to stabilize profitability while preserving Campbell’s defensible position in soups, beverages, and premium snacks.