Campbell's (CPB) CFO Reports Sale and Subsequent 24,375-Share Acquisition

Rhea-AI Filing Summary

Carrie L. Anderson, Executive Vice President & Chief Financial Officer of Campbell's Co (CPB), reported two transactions. On 09/30/2025 she sold 3,759 shares of Common Stock at $30.87, reducing her holdings to 65,107 shares. On 10/01/2025 she acquired 24,375 shares at $0 (reported as an acquisition), bringing total beneficial ownership to 89,482 shares. The Form 4 was signed by an attorney-in-fact on 10/02/2025.

Positive

• Beneficial ownership increased from 65,107 to 89,482 shares after the reported transactions
• Acquisition of 24,375 shares was disclosed promptly with transaction date 10/01/2025

Negative

• Sale of 3,759 shares on 09/30/2025 reduced immediate holdings to 65,107
• No explanation provided in the filing for the $0 acquisition (grant/vesting type not specified)

Insights

Corporate Insider

Insider sold a small block then received a larger zero-price award.

The report shows a sale of 3,759 shares at $30.87 on 09/30/2025 followed by an acquisition of 24,375 shares on 10/01/2025 recorded at $0. The zero-price acquisition is consistent with a stock grant or vesting event rather than a market purchase; the filing does not specify the grant type.

Net holdings increased from 65,107 to 89,482 shares, indicating the reporting person ended the sequence with higher beneficial ownership.

Compliance Analyst

Form 4 properly discloses transaction dates and quantities; signed by attorney-in-fact.

The filing lists transaction codes and prices, shows direct ownership form, and includes a signature by Marci K. Donnelly, Attorney-in-Fact dated 10/02/2025. There are no derivative transactions reported in Table II.

This Form 4 does not include explanatory remarks or details about the $0 acquisition mechanism; the document contains only the transactions presented.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Anderson Carrie L

Role Executive Vice President & CFO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	24,375	$0.00	--
Tax Withholding	Common Stock	3,759	$30.87	$116K

Holdings After Transaction: Common Stock — 89,482 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Anderson Carrie L

(Last) (First) (Middle)

1 CAMPBELL PLACE

(Street)

CAMDEN NJ 08103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CAMPBELL'S Co [ CPB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		F		3,759	D	$30.87	65,107	D
Common Stock	10/01/2025		A		24,375	A	$0	89,482	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	Marci K. Donnelly, Attorney-in-Fact	10/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Carrie L. Anderson report on Form 4 for CPB?

She reported a sale of 3,759 shares at $30.87 on 09/30/2025 and an acquisition of 24,375 shares at $0 on 10/01/2025.

How many Campbell's (CPB) shares does Carrie L. Anderson own after these transactions?

The filing shows total beneficial ownership of 89,482 shares following the reported transactions.

Was the Form 4 signed and who signed it?

Yes. The Form 4 was signed by Marci K. Donnelly, Attorney-in-Fact on 10/02/2025.

Does the Form 4 report any derivative transactions for CPB?

No. Table II for derivative securities shows no reported derivative transactions.

What does the $0 price for the 24,375-share acquisition indicate in the filing?

The filing records the acquisition at $0; the document does not specify the mechanism, so no further detail is provided in this Form 4.