Financial Performance - In Q3 2025, the company achieved a constant currency revenue growth of 38% year-over-year[17] - Adjusted EBITDA for Q3 2025 was $31 million, a significant improvement of $82 million compared to the previous year[17, 81] - The gross margin for Q3 2025 was 298%, remaining relatively flat compared to the prior year[81, 86] Regional Highlights - Europe & International (E&I) segment revenue grew by 12% year-over-year, or 6% on a constant currency basis[19, 28] - The E&I segment demonstrated strong profitability, with adjusted EBITDA as a percentage of revenue at 18%[28] - North America experienced a 101% decrease in revenue on a constant currency basis[89] However, excluding the largest customer and frozen foods, total segment revenue grew by 5% in Q3 and 4% year-to-date[65] - Greater China's revenue increased by 287% on a constant currency basis[89] Growth Strategy & Outlook - The company reaffirms its 2025 outlook, projecting approximately flat to +1% constant currency revenue growth[23] - The company anticipates adjusted EBITDA between $5 million and $15 million for 2025[23] - Capital expenditures (CAPEX) are expected to be around $20 million in 2025[23] Cash Flow & Refinancing - The company has made good progress on free cash flow[90] - The company's annualized interest expense decreased by 7% following refinancing actions[94]

Core Insights - Anheuser-Busch InBev (AB InBev) announced a $17 million investment in its Houston brewery as part of its Brewing Futures program, which includes a total commitment of $300 million for facility investments across the U.S. by 2025 [1][9] - The investment aims to enhance brewing excellence and improve transportation capabilities, ensuring efficient product delivery throughout Texas, building on over $50 million already invested in the Houston site in the past three years [2][4] - AB InBev's Brewing Futures initiative focuses on creating a sustainable workforce, supporting job creation, and advancing opportunities for veterans in the manufacturing sector [3] Investment and Economic Impact - The Houston brewery has been a key operational hub for nearly 60 years, with AB InBev and its distributor partners investing over $2.3 billion in capital projects in Texas to date [4] - The company employs nearly 1,000 individuals across four facilities in Texas, significantly contributing to the local economy and the American brewing industry [4] - Nationally, AB InBev operates over 100 facilities and employs 65,000 Americans, having invested nearly $2 billion in facility upgrades over the past five years [5] Growth Strategy - AB InBev is experiencing strong revenue momentum driven by consumer demand for its diverse brand portfolio and strategic pricing initiatives [7] - The company is focusing on expanding its premium and super-premium beer offerings, with brands like Corona and Stella Artois performing well internationally [8] - AB InBev is also diversifying into new categories such as ready-to-drink beverages and hard seltzers, while enhancing its digital platforms for better customer engagement [10]

Core Insights - The Campbell's Company (CPB) reported third-quarter fiscal 2025 results, with earnings and net sales exceeding Zacks Consensus Estimates, although quarterly earnings declined year over year while net sales increased [1][3] Financial Performance - Adjusted earnings were 73 cents, down 3% year over year, but beat the Zacks Consensus Estimate of 65 cents [3] - Net sales reached $2,475 million, a 4% increase year over year, surpassing the Zacks Consensus Estimate of $2,437.3 million, driven by the Sovos Brands acquisition [3] - Organic net sales rose 1%, primarily due to a 2% positive volume/mix impact, offset by planned lower net pricing [3] Profitability Metrics - Adjusted gross profit increased to $745 million from $740 million, while the adjusted gross profit margin declined by 110 basis points to 30.1% due to cost inflation and supply-chain expenses [4] - Adjusted marketing and selling expenses rose 5% to $207 million, while adjusted administrative expenses declined 4% to $150 million [5] - Adjusted EBIT increased 2% to $362 million [5] Segment Performance - Meals & Beverages segment net sales reached $1,463 million, up 15% year over year, with organic net sales growing 6% [6] - Snacks segment net sales totaled $1,012 million, down 8% year over year, with organic net sales down 5% primarily due to decreased sales of various snack products [7] Guidance and Outlook - Campbell's reaffirmed its full-year fiscal 2025 guidance, projecting net sales growth of 6-8% and adjusted EBIT growth of 3-5% [2][13] - Adjusted EPS is expected to decline 4-1%, ranging from $2.95 to $3.05 compared to $3.08 reported in fiscal 2024 [13] - The company estimates an additional headwind of three to five cents per share to its fiscal 2025 adjusted EPS due to current tariff actions [14]