People are turning to Campbell’s as they cook more at home. But they’re turning away from its snack brands. Here’s why.

The Ratings Game

The snacks division ‘has been negatively impacted by consumers cutting back on discretionary purchases, and, in our view, growing usage of GLP-1s,’ TD Cowen analysts say

Last Updated: June 3, 2025 at 8:26 p.m. ET
First Published: June 3, 2025 at 3:24 p.m. ET

In the first half of 2023, Campbell’s Co. executives were bragging about sales growth in the company’s snacks division, helped in no small part by higher prices and its Goldfish crackers brand, which benefited from new flavors and popularity among teenagers. Last year, even as trends shifted, they said Goldfish had crossed $1 billion in sales, as consumers gobbled up new offerings like Goldfish Crisps.

But after Campbell’s CPB third-fiscal-quarter results on Monday, analysts now say the company’s snacks division — home to Goldfish — is holding it back, as anxieties related to tariffs and inflation wear down consumers and more people gravitate toward weight-loss drugs.