Campbell Soup Company delivered a modestly softer organic top line in Q2 FY2024, with organic net sales down 1% year over year, in line with stabilized category performance as management anticipated. The company achieved margin expansion in both its Meals & Beverages and Snacks divisions, lifting adjusted EBIT by 1% and driving an 14.8% adjusted EBIT margin in the quarter. Management reaffirmed the full-year guidance, expects modest sequential top‑line improvement in the second half, and highlighted several catalysts that could accelerate earnings: (i) the Sovos Brands acquisition, which is expected to close in the week of March 11, 2024, (ii) ongoing margin initiatives and productivity, (iii) an intensified innovation and marketing program, and (iv) margin upside from a 100 bp annual run-rate improvement in Snacks toward a 17% target by FY26. The company also underscored transformative route-to-market changes in Snacks (DSD consolidation and combo routing) with a target to convert about 20% of Snacks routes to combo routes over a multi-year plan. Notably, Goldfish surpassed $1 billion in net sales, signaling continued strength in brand momentum, while Rao’s exposure and the Pacific Foods integration are anticipated to augment the combined growth profile post‑Sovos. Cash flow remained robust, with operating cash flow of $510 million in the first half and free cash flow of $390 million, supporting a net debt position of $4.35 billion (2.6x net debt to adjusted EBITDA). Overall, Campbell remains a high-quality Defensive play with improving margins and meaningful optionality from strategic acquisitions and portfolio optimization, albeit with a near‑term top‑line path that remains sensitive to consumer demand and inflation dynamics.