The Campbell’s Company shares dropped sharply by over 10% during Thursday trading following the release of its Q4 fiscal 2026 financial results. Despite the packaged food manufacturer meeting Wall Street expectations for revenue and earnings per share, the company’s stock continued its prolonged decline.

Since the beginning of the year, Campbell’s shares have fallen by more than 25%, and are down 67% from their all-time high in 2016.

The current stock price around $21.40 reflects a deep loss of investor confidence against the backdrop of a $6.16 billion debt load, which accounts for 87% of the company’s market capitalization. Prior to the extended decline and a series of major acquisitions, the company’s debt was only 17% of its value.

On the eve of the earnings release, an unusual surge in activity was observed in the options market: trading volume exceeded the 30-day average by 6.3 times, with put options significantly outperforming calls. A large institutional player opened a bearish 1×2 Put Ratio Spread position on 15,000 contracts expiring September 18, aiming to maximize profits if the stock price drops to the $21 level.