Consumers are home cooking like it’s the pandemic again

…at least according to soup and snack giant Campbell’s.

6/3/25 10:25AM

In comments accompanying third-quarter results from The Campbell’s Company — formerly The Campbell’s Soup Company — CEO Mick Beekhuizen said on Monday that consumers are “cooking at home at the highest levels since early 2020,” contributing to the brand’s “solid” report.

Campbell’s, which is behind Prego pasta sauce, Goldfish crackers, and a host of other household staples, beat estimates on sales and profit in the quarter thanks to a boost from customers who are focused “on products that help them stretch their food budgets.”

Fork in the road

The CEO’s statements certainly chime with data from some corners of the restaurant world — as Axios reported, chains like McDonald’s have warned about slower spending this year — and consumer sentiment more broadly. Indeed, after a dip in confidence and concerns about the future, it stands to reason that many Americans might be raiding their cupboards and fridges rather than splashing out on trips to restaurants or fast-food outlets.

It’s probably a little early to be drawing pandemic comparisons like the Campbell’s CEO, but if what he’s observed is even broadly accurate, it would buck a trend that’s been developing in the years since lockdowns briefly turned the US into a country of home cooks again.

Food at home spending chart — Sherwood News

According to the most recent annual figures from the US Department of Agriculture, the average household spent just shy of $17,400 on food last year — some 53% of which was on food away from home. Whether they’re spending money at fast-food joints, full-service restaurants, bars, hotels, retailers, or vending machines, the American appetite for grabbing a quick treat or sitting down for a full meal made by someone else has been growing steadily more voracious for decades.

Nia Warfield

Fox and News Corp slide as investors digest $3.3 billion Murdoch succession settlement

Fox and News Corp shares dropped on Tuesday after Rupert Murdoch’s heirs agreed to a $3.3 billion settlement to resolve a long-running succession drama.

Under the deal, Prudence, Elisabeth, and James Murdoch will each receive about $1.1 billion, paid for in part by Fox selling 16.9 million Class B voting shares and News Corp selling 14.2 million shares. The stock sales will raise roughly $1.37 billion on behalf of the three heirs.

The new trust for Lachlan Murdoch will now control about 36.2% of Fox’s Class B shares and roughly 33.1% of News Corp’s stock, granting him uncontested voting authority over both companies for the next 25 years. Originally, the Murdoch trust was designed to hand over voting control of Fox and News Corp to Prudence, Elisabeth, Lachlan, and James after his death.

Investors are weighing the trade-off. Clear leadership under Lachlan may resolve conflict internally, but the share dilution, executed at a roughly 4.5% discount, means long-term investors now hold slightly less clout than before.

Both companies’ stocks were trading close to all-time highs prior to the announcement.

385 ✈️ 434

Max Knoblauch

Boeing on Tuesday announced that it delivered 57 commercial jets in August, its best total for the month in seven years. That brings its year-to-date delivery total to 385 planes, eclipsing its full-year 2024 figure by about 11%.

The August figure marked Boeing’s second-highest delivery total of 2025 and represented a 43% jump from the same month last year. Through August, Boeing has boosted its deliveries by 50% from last year.

The plane maker is still trailing its European rival Airbus, which delivered 61 planes in August and 434 year to date.

Nia Warfield

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Tariffs finally crept into retail's latest earnings results. Who were the winners and losers?

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