Campbell Soup Company delivered a solid top-line contribution from the Sovos acquisition in Q2 FY2025, with reported net sales up 9% to $2.685 billion. Organic net sales declined 2% as growth from Meals & Beverages and the Sovos addition contrasted with weaker snacking categories. Volumes remained flat for the quarter, marking the fourth consecutive period of flat or higher volume. Adjusted EBIT rose 2% year over year, while adjusted EPS of $0.74 reflected higher interest expense from elevated debt post-acquisition. Management updated full-year guidance to reflect a slower-than-expected snacking recovery: organic net sales projected to be down 2% to flat, with reported net sales up about 6%â8% and adjusted EPS of $2.95â$3.05, inclusive of the noosa divestiture impact. The company is accelerating cost savings (raised guidance to $120 million) and remains committed to expanding leadership-brand growth, Rao's expansion, and margin discipline across Snacks and Meals & Beverages. Balance sheet health remains solid, with a net debt to adjusted EBITDA of ~3.7x at quarter-end and substantial liquidity, as Campbell navigates ongoing macro headwinds, tariff considerations, and category dynamics in snacking.