Campbell's snacks business is struggling, but cooking at home is boosting its meals division.

Chief Executive Mick Beekhuizen said the soup-and-snack maker is focused on "semi-scratch cooking," meaning meals that can be prepared in less than 30 minutes and with fewer than five ingredients. "That's where that consistent growth is coming from," Beekhuizen said. "The consumer is seeking convenience and affordability by cooking smarter."

Campbell's sees opportunities in its broth and condensed soups, as well as with Rao's, a brand it acquired in 2024 that makes pasta sauces, dry pasta and frozen meals. The company is working to boost the relevance of its brands in everyday meals, including by sharing recipes that use Campbell's condensed soup in mac and cheese and building "meal bundles" that combine Rao's products to make dishes like spaghetti and meatballs.

The company's shares sank 11% Thursday after it posted a loss for its fourth quarter and recorded lower sales. Campbell's also said it would slash its quarterly dividend by 36%.