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Kraft Heinz

KHC NYSE Packaged Foods & Meats Financials FY2016–FY2025

Kraft Heinz's revenue fell 3.5% to $24.9 billion in fiscal 2025. Its operating margin was −18.7%, down from 6.5% a year earlier. Free cash flow was $3.7 billion, up 15.8%. It paid out $2.3 billion in dividends and buybacks, 64% of free cash flow. The diluted share count fell 2.3%.

Last close · Oct 23, 2026

$24.80

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$24.9B
3.5% vs prior year
Operating margin Operating income as a share of revenue.
−18.7%
25.2 pts
Net income Profit after all expenses, interest and tax.
−$5.8B
313.0%
Free cash flow Cash from operations minus capital spending.
$3.7B
15.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−5.8%
8.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$29.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Kraft Heinz's 2025 loss included large write-downs of goodwill and brands that made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Kraft Heinz does

Kraft Heinz makes packaged food and drinks sold in grocery stores, club and convenience stores, online and to restaurants, hotels and hospitals. Its brands include Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Ore-Ida, Maxwell House, Kool-Aid and Jell-O, and it sells Capri Sun drinks in North America under license. It groups its products into eight platforms, from condiments and sauces, its largest, to easy meals, snacks, desserts, drinks, cheese, coffee and meats.

Net sales were $24.9 billion in 2025. It reports two main segments by region, North America and International Developed Markets, plus its emerging markets. About 33% of sales came from outside the United States. Walmart is its largest customer, at about 21% of net sales. It competes with other large food and drink companies, many local and regional ones, and the store brands that retailers sell under their own names.

Kraft Heinz was formed in 2015 when Kraft Foods merged with Heinz, and Berkshire Hathaway is a large shareholder. In September 2025 it announced a plan to split into two separate public companies, but in February 2026 its board paused that work. At the end of 2025 it had about 35,000 employees in 40 countries, about 16,000 of them in the United States.

Legal name
Kraft Heinz Co
Fiscal year ends
December 27, 2025
Latest annual report
10-K · Feb 12, 2026
Accession · CIK
0001637459-26-000009
0001637459

Revenue and margins

Kraft Heinz had $24.9B of revenue in fiscal 2025, down 3.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $3.7B in fiscal 2025, 14.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Kraft Heinz returned $2.3B to shareholders in fiscal 2025, 64% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Kraft Heinz yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$18.6B and divides by 1,187.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Kraft Heinz can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.4B$1.0B$1.4B$1.3B$2.6B
Debt incl. finance leases $21.8B$20.1B$20.0B$19.9B$21.2B
Net debt / EBITDA 4.2x4.2x3.4x7.0x—
Debt / equity 0.4x0.4x0.4x0.4x0.5x
Interest coverage 1.7x4.0x5.0x1.9x−4.9x
Current ratio 1.0x0.9x1.0x1.1x1.2x
Quick ratio 0.7x0.5x0.5x0.6x0.8x
Total assets $93.4B$90.5B$90.3B$88.3B$81.8B
Total liabilities $43.9B$41.6B$40.6B$39.0B$40.0B
Shareholders' equity $49.3B$48.7B$49.5B$49.2B$41.7B
Net debt (− = net cash) $18.4B$19.0B$18.6B$18.5B$18.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$5.0M

1 insider

Sold, 12 months

$7.0M

3 insiders

Of sales under plans

94%

$6.6M

DateInsiderTradeSharesPriceValueFiling
Jun 18, 2026 Diana FrostGlbl Chief Growth Officer Sold 18,502 $23.05 $0.4M Form 4
May 12, 2026 Steven A CahillaneChief Executive Officer, Director Bought 213,106 $23.46 $5.0M Form 4
Mar 3, 2026 Cory OnellChief Omnich Sales & AEM Ofcr Sold plan 4,991 $24.34 $0.1M Form 4
Mar 2, 2026 Cory OnellChief Omnich Sales & AEM Ofcr Sold plan 9,045 $24.61 $0.2M Form 4
Dec 18, 2025 Miguel PatricioExecutive Chair, Director Sold plan 125,000 $24.84 $3.1M Form 4
Dec 17, 2025 Miguel PatricioExecutive Chair, Director Sold plan 125,000 $24.82 $3.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 96 / 94 / 9
Accruals ratio −1.2%−1.6%−12.1%
Altman Z'' 1.671.570.64

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Kraft Heinz KHC $29.4B −3.5% −18.7% 14.7% −5.8% — 4
Pilgrim's Pride PPC $6.7B 3.5% 8.7% 3.5% 20.1% 12.2x 4 Compare →
General Mills GIS $18.5B −5.5% 4.8% 8.8% 2.0% — 5 Compare →
Mondelez International MDLZ $82.0B 5.8% 9.2% 8.4% 6.0% 31.6x 5 Compare →
Hormel Foods HRL $11.6B 1.6% 5.9% 4.4% 5.1% 33.4x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $26.3B $26.1B $26.3B $25.0B $26.2B $26.0B $26.5B $26.6B $25.8B $24.9B
Gross profit $9.1B $9.0B $8.9B $8.1B $9.2B $8.7B $8.1B $8.9B $9.0B $8.3B
Research and development $120M $93.0M $109M $112M $119M $140M $127M $147M $150M $167M
Operating income $5.6B $6.1B −$10.2B $3.1B $2.1B $3.5B $3.6B $4.6B $1.7B −$4.7B
Interest expense $1.1B $1.2B $1.3B $1.4B $1.4B $2.0B $921M $912M $912M $947M
Pretax income $4.9B $5.5B −$11.3B $2.7B $1.0B $1.7B $3.0B $3.6B $856M −$5.4B
Income tax $1.3B −$5.5B −$1.1B $728M $669M $684M $598M $787M −$1.9B $403M
Net income $3.6B $10.9B −$10.2B $1.9B $356M $1.0B $2.4B $2.9B $2.7B −$5.8B
Diluted EPS $2.78 $8.91 −$8.36 $1.58 $0.29 $0.82 $1.91 $2.31 $2.26 −$4.93
Diluted shares 1.23B 1.23B 1.22B 1.22B 1.23B 1.24B 1.24B 1.24B 1.22B 1.19B
Cash flow
Cash from operations $2.6B $501M $2.6B $3.6B $4.9B $5.4B $2.5B $4.0B $4.2B $4.5B
Capital expenditure $1.2B $1.2B $826M $768M $596M $905M $916M $1.0B $1.0B $801M
Free cash flow $1.4B −$693M $1.7B $2.8B $4.3B $4.5B $1.6B $3.0B $3.2B $3.7B
Depreciation and amortization $1.3B $1.0B $983M $994M $969M $910M $933M $961M $948M $968M
Stock-based compensation $46.0M $46.0M $33.0M $46.0M $156M $197M $148M $141M $109M $95.0M
Acquisitions $0.0M $0.0M $248M $199M $0.0M $74.0M $481M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $271M $280M $455M $988M $436M
Dividends paid $3.6B $2.9B $3.2B $2.0B $2.0B $2.0B $2.0B $2.0B $1.9B $1.9B
Dividends and buybacks $3.6B $2.9B $3.2B $2.0B $2.0B $2.2B $2.2B $2.4B $2.9B $2.3B
Balance sheet
Cash and short-term investments $4.2B $1.6B $1.1B $2.3B $3.4B $3.4B $1.0B $1.4B $1.3B $2.6B
Total debt $32.4B $31.5B $31.2B $29.2B $28.3B $21.8B $20.1B $20.0B $19.9B $21.2B
Finance lease liabilities $0.0M $0.0M $0.0M $186M $194M $128M $119M $145M $151M $160M
Current assets $8.8B $7.2B $9.1B $8.1B $10.8B $9.0B $7.9B $7.9B $7.7B $10.1B
Current liabilities $9.5B $10.2B $7.5B $7.9B $8.1B $9.1B $9.0B $8.0B $7.3B $8.8B
Inventory $2.7B $2.8B $2.7B $2.7B $2.8B $2.7B $3.7B $3.6B $3.4B $3.2B
Property and equipment, net $6.7B $7.1B $7.1B $7.1B $6.9B $6.8B $6.7B $7.1B $7.2B $7.3B
Total assets $120.5B $120.1B $103.5B $101.5B $99.8B $93.4B $90.5B $90.3B $88.3B $81.8B
Total liabilities $62.9B $54.0B $51.7B $49.7B $49.6B $43.9B $41.6B $40.6B $39.0B $40.0B
Shareholders' equity $57.4B $65.9B $51.7B $51.6B $50.1B $49.3B $48.7B $49.5B $49.2B $41.7B
Margins
Gross margin 34.8% 34.6% 34.0% 32.6% 35.1% 33.3% 30.7% 33.5% 34.7% 33.3%
Operating margin 21.3% 23.2% −38.9% 12.3% 8.1% 13.3% 13.7% 17.2% 6.5% −18.7%
EBITDA margin 26.4% 27.2% −35.1% 16.3% 11.8% 16.8% 17.2% 20.8% 10.2% −14.8%
Net margin 13.7% 42.0% −38.8% 7.8% 1.4% 3.9% 8.9% 10.7% 10.6% −23.4%
FCF margin 5.3% −2.7% 6.7% 11.2% 16.6% 17.1% 5.9% 11.1% 12.2% 14.7%
Returns
Return on capital 5.0% 6.7% −9.1% 2.8% 1.4% 2.9% 4.3% 5.3% 2.5% −5.8%
Return on capital employed 4.9% 5.5% −9.9% 3.2% 2.3% 3.9% 4.4% 5.6% 2.1% −6.1%
Return on equity 6.3% 17.8% −17.4% 3.8% 0.7% 2.0% 4.8% 5.8% 5.6% −12.9%
Return on assets 3.0% 9.1% −9.1% 1.9% 0.4% 1.1% 2.6% 3.2% 3.1% −6.9%
Growth
Revenue growth 43.4% −0.9% 0.7% −4.9% 4.8% −0.6% 1.7% 0.6% −3.0% −3.5%
Net income growth 467.2% 204.3% −193.2% — −81.6% 184.3% 133.5% 20.8% −3.9% −313.1%
EPS growth — 220.5% −193.8% — −81.7% 182.8% 132.9% 20.9% −2.2% −318.1%
FCF growth 124.5% −149.5% — 59.3% 55.6% 2.9% −65.2% 90.8% 6.7% 15.9%
Share count change 56.0% 0.2% −0.7% 0.4% 0.3% 0.7% −0.1% 0.0% −1.6% −2.3%
Financial health
Net debt / EBITDA 4.1x 4.2x — 6.6x 8.0x 4.2x 4.2x 3.4x 7.0x —
Debt / equity 0.6x 0.5x 0.6x 0.6x 0.6x 0.4x 0.4x 0.4x 0.4x 0.5x
Interest coverage 4.9x 4.9x −8.0x 2.3x 1.5x 1.7x 4.0x 5.0x 1.9x −4.9x
Current ratio 0.9x 0.7x 1.2x 1.0x 1.3x 1.0x 0.9x 1.0x 1.1x 1.2x
Quick ratio 0.6x 0.4x 0.9x 0.7x 1.0x 0.7x 0.5x 0.5x 0.6x 0.8x
Capital allocation
Capex / revenue 4.7% 4.6% 3.1% 3.1% 2.3% 3.5% 3.5% 3.8% 4.0% 3.2%
Stock comp / revenue 0.2% 0.2% 0.1% 0.2% 0.6% 0.8% 0.6% 0.5% 0.4% 0.4%
Payouts / FCF 255.8% — 182.1% 70.2% 45.2% 50.0% 144.2% 81.7% 92.4% 63.8%
Quality scores
Piotroski F-score 5.0 5.0 5.0 5.0 7.0 6.0 7.0 8.0 6.0 4.0
Altman Z'' 1.3 1.7 0.3 1.2 1.3 1.4 1.4 1.7 1.6 0.6
Accruals ratio 0.8% 8.7% −11.4% −1.6% −4.5% −4.5% −0.1% −1.2% −1.6% −12.1%

Source: SEC EDGAR XBRL filings (CIK 0001637459). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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