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Kraft Heinz Company

KHC Consumer Defensive Packaged Foods

Kraft Heinz Company’s revenue for fiscal 2025 (year ended December 2025) was $24.9 billion, down 3.50% from fiscal 2024.

Revenue
−1.96%
EPS
−13.1%
Free cash flow
−28.8%
Total debt
−15.0%

Quarter to September 2026, against a year earlier

25.23 0.21 −0.83%
Market cap
$30.0B
P/E
0.0×
Fwd P/E
−8.6×
Dividend yield
6.34%
F-score
5/9
Altman Z
0.49
Beneish M
−3.11
Dividend safety
36/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • North America
  • International Developed Markets
  • Emerging Markets

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 5.00
Sold, $m 6.98
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell 1 — — 1 — — 1 — — — — —
Insider Ownership 0.51%

Capital & Financial Ratios $m

Size
Market Cap 30,030.00
Revenue ttm 24,778.00
Net income ttm (3,477.00)
Free cash flow ttm 3,532.00
Net debt Q 16,099.00
Valuation
P/E 0.00
Forward P/E (8.58) (negative: loss-making)
Price / sales 1.21
Forward P/S Powerpack
Price / FCF 8.82
Price / book 0.83
Financial health
Current ratio Q 1.02
Debt / equity Q 0.50 (at or below 0.5: strong)
Interest coverage Q 4.17
Growth
Revenue growth Q −1.96% (below 0%: shrinking)
Operating income growth Q −14.63% (below 0%: shrinking)
EPS, this year −19.33% (below 0%: weak)
EPS, next year A −2.89% (below 0%: weak)
Revenue, next year A −1.23% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −6.65% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.5×; over the ten years it ranged from 1.7× in 2026 to 5.4× in 2016.
P/S against its own 10 years 10.01%
10-year low 10-year high
P/B against its own 10 years 36.67%
10-year low 10-year high
EV/Sales against its own 10 years 6.20%
10-year low 10-year high
EV/FCF against its own 10 years 9.61%
10-year low 10-year high

Dividends

Yield
6.34%
Annual rate
1.60
Payout ratio
—
Growth, 2017–25
−5.19%/yr
  1. 2.45 ’17
  2. 2.50 ’18 +2
  3. 1.60 ’19 −36
  4. 1.60 ’20 +0
  5. 1.60 ’21 +0
  6. 1.60 ’22 +0
  7. 1.60 ’23 +0
  8. 1.60 ’24 +0
  9. 1.60 ’25 +0
  10. 1.60 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,400 1,334 3,675 1,904
Receivables 2,112 2,147 2,254 2,211
Inventory 3,614 3,376 3,167 3,415
Other 569 583 740 857
7,929 7,655 10,127 8,663
2023 2024 2025 Q'26
Payables 4,627 4,188 4,308 4,784
ST’ Debt 638 654 1,908 918
Other 1,781 1,451 1,463 1,647
8,037 7,253 8,778 8,492

Compound Annual Growth %

10y 5y 3y
Sales 3.12% (0.97%) (1.98%)
Cash Flow 13.37% (1.97%) 21.81%
Earnings 0.00% 0.00% 0.00%
Book Value (4.50%) (3.62%) (5.07%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.43 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.61 0.67 Beat by 0.06
Q1 FY26 0.50 0.58 Beat by 0.08
Q2 FY26 0.53 0.56 Beat by 0.03
Q3 FY26 0.43 0.53 Beat by 0.10
Q4 FY26 0.49 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.67 (4.60) 0.45 — —
’25 0.59 (6.60) 0.52 0.55 (4.93)
’24 0.66 0.08 (0.24) 1.76 2.26
’23 0.68 0.81 0.21 0.61 2.31
’22 0.63 0.21 0.35 0.72 1.91
’21 0.46 (0.02) 0.59 (0.21) 0.82
’20 0.31 (1.35) 0.49 0.84 0.29
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,047 6,262 6,115 — —
’25 5,999 6,352 6,237 6,354 24,942
’24 6,411 6,476 6,383 6,576 25,846
’23 6,489 6,721 6,570 6,860 26,640
’22 6,045 6,554 6,505 7,381 26,485
’21 6,394 6,615 6,324 6,709 26,042
’20 6,157 6,648 6,441 6,939 26,185
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,006 1,082 872 — —
’25 720 1,209 1,157 1,376 4,462
’24 771 942 1,083 1,388 4,184
’23 486 1,098 1,036 1,356 3,976
’22 486 302 729 952 2,469
’21 810 1,219 419 2,916 5,364
’20 212 2,004 1,110 1,603 4,929
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 766 893 702 — —
’25 482 1,022 986 1,171 3,661
’24 477 553 849 1,141 3,020
’23 220 856 765 1,122 2,963
’22 272 81 532 668 1,553
’21 583 1,015 195 2,666 4,459
’20 81 1,877 971 1,404 4,333
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 0.4% a year for ten years. It grew 15.0% a year over the last ten.

Implied
0.4%
10 years, reported
15.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 26,300 26,076 26,268 24,977 26,185 26,042 26,485 26,640 25,846 24,942 24,778 (0.6%) 24,634 24,675 24,999 +0.1%
Gross margin, % 34.78 34.64 33.96 32.62 35.05 33.34 30.67 33.51 34.70 33.31 33.53 (1.5) pt
EBT 4,939 5,450 (11,321) 2,661 1,030 1,708 2,966 3,633 856 (5,445) (3,765) n/m
EBT margin, % 18.78 20.90 (43.10) 10.65 3.93 6.56 11.20 13.64 3.31 (21.83) (15.19) (40.6) pt
Net income 3,606 10,932 (10,254) 1,933 361 1,024 2,368 2,846 2,746 (5,848) (3,477) n/m
Per share, $
Per share, $ Revenue 21.61 21.41 21.55 20.46 21.41 21.28 21.60 21.71 21.36 21.01 20.89 (0.3%)
Earnings 2.84 9.03 (8.39) 1.59 0.29 0.83 1.93 2.33 2.27 (4.93) (2.93) n/m
Cash flow 2.18 0.41 2.11 2.91 4.03 4.38 2.01 3.24 3.46 3.76 3.66 +6.3%
Capex (1.02) (0.98) (0.66) (0.63) (0.49) (0.74) (0.75) (0.83) (0.96) (0.67) (0.68) (4.5%)
Free cash flow 1.15 (0.57) 1.45 2.28 3.54 3.64 1.27 2.41 2.50 3.08 2.98 +11.6%
Book value 47.31 54.24 42.47 42.38 41.08 40.40 39.83 40.50 40.76 35.20 30.42 (3.2%)
Shares, m 1,217 1,218 1,219 1,221 1,223 1,224 1,226 1,227 1,210 1,187 1,186 (0.3%)
Valuation, ×
Valuation, × P/E 30.82 8.53 0.00 20.21 119.52 43.25 21.13 16.43 13.53 0.00 0.00 27.3
P/S 4.05 3.60 2.00 1.57 1.62 1.69 1.89 1.76 1.44 1.15 1.21 2.1
P/B 1.85 1.42 1.01 0.76 0.84 0.89 1.02 0.94 0.75 0.69 0.83 1.0
EV/Sales 5.12 4.74 3.14 2.65 2.57 2.39 2.61 2.46 2.15 1.86 1.86 3.0
EV/FCF 96.16 (178.48) 46.72 23.78 15.53 13.97 44.45 22.07 18.44 13.16 13.57 11.6
Cash, $m
Cash, $m Operating cash flow 2,648 501 2,574 3,552 4,929 5,364 2,469 3,976 4,184 4,462 4,336 +6.0%
Capex (1,247) (1,194) (808) (768) (596) (905) (916) (1,013) (1,164) (801) (804) (4.8%)
Free cash flow 1,401 (693) 1,766 2,784 4,333 4,459 1,553 2,963 3,020 3,661 3,532 +11.3%
Balance, $m
Balance, $m Working capital (748) (2,953) 1,572 222 2,761 (70) (1,131) (108) 402 1,349 171 n/m
Net debt 28,200 29,874 30,038 26,965 24,889 18,370 19,030 18,632 18,535 17,544 16,099 (5.1%)
Shareholders’ equity 57,574 66,070 51,775 51,749 50,243 49,448 48,830 49,688 49,319 41,777 36,077 (3.5%)
Returns, %
Returns, % ROA 2.81 9.10 (9.12) 1.89 0.35 1.05 2.57 3.16 3.07 (6.87) (4.50) (9.7) pt
ROIC 4.08 3.95 (7.80) 2.44 1.77 3.19 3.35 4.18 1.55 (4.92) (3.99) (9.0) pt
ROE 5.92 17.70 (17.30) 3.74 0.70 2.03 4.81 5.80 5.54 (12.83) (8.93) (18.7) pt
People
People Employees 41,000 39,000 38,000 37,000 38,000 36,000 37,000 36,000 36,000 35,000 — (1.7%)
Revenue/emp, $m 0.64 0.67 0.69 0.68 0.69 0.72 0.72 0.74 0.72 0.71 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Kraft Heinz manufactures and markets food and beverage products around the world. Founded in 2015 and headquartered in Pittsburgh, it is led by Chief Executive Officer Steve Cahillane. Its brands include Heinz, Kraft, Philadelphia, Lunchables, Oscar Mayer and Velveeta.

The company organizes its products into platforms. Taste Elevation includes condiments, sauces, dressings and spreads; Easy Ready Meals includes Kraft Mac & Cheese, frozen potatoes and other frozen meals. The remaining platforms cover snacks, desserts, drinks, cheese, coffee and meats. Products range from meal kits and powdered beverages to coffee pods, cold cuts and hot dogs.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
North America 19,543 75.61%
International Developed Markets 3,535 13.68%
Emerging Markets 2,768 10.71%
Gross margin 34.70%
Operating margin 6.51%
Pre-tax margin 3.31%

Revenue by segment since 2016

Kraft Heinz Company vs peers in Packaged Foods (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KHC Kraft Heinz Company $30.0B — (loss-making) — (loss-making) −1.96% (below 0%: shrinking) −13.10% (below 0%: shrinking) −28.80% (below 0%: shrinking) 32.51% 14.31%
GIS General Mills, Inc. $19.5B — (loss-making) 11.3× −2.83% (below 0%: shrinking) −66.67% (below 0%: shrinking) −28.59% (below 0%: shrinking) 33.88% 14.43% Compare
SJM The J. M. Smucker Company $14.2B 62.1× 14.5× +5.02% (above 0%: growing) n/m +511.71% (above 0%: growing) 44.14% 23.05% Compare
JBS JBS N.V. $13.7B 12.5× 14.4× +13.82% (above 0%: growing) n/m +238.90% (above 0%: growing) 10.83% 2.50% Compare
MKC McCormick & Company, Incorporated $13.5B 9.0× 8.6× +17.39% (above 0%: growing) −57.14% (below 0%: shrinking) −45.61% (below 0%: shrinking) 39.26% 10.72% Compare
HRL Hormel Foods Corporation $12.4B 35.8× 16.8× −2.36% (below 0%: shrinking) −66.67% (below 0%: shrinking) +107.16% (above 0%: growing) 15.92% 2.49% Compare
MICC The Magnum Ice Cream Company N.V. $12.3B — — — — — — — Compare
DAR Darling Ingredients Inc. $8.0B 9.5× 8.2× +14.52% (above 0%: growing) +1,323.67% (above 0%: growing) +428.22% (above 0%: growing) 26.66% 18.61% Compare
LW Lamb Weston $7.6B 29.9× 20.3× +0.66% (above 0%: growing) −54.35% (below 0%: shrinking) −47.29% (below 0%: shrinking) 15.96% 4.92% Compare
Median of peers $13.0B 21.2× 14.4× +5.02% −57.14% +107.16% 26.66% 10.72%

All 68 Packaged Foods stocks →

From the latest earnings call

Updated

  • CEO Steve Cahillane said Kraft Heinz expects retailer shelf resets to help expand distribution next year as it invests in brands and innovation.
  • CFO Andre Maciel said inflation expectations for next year had risen, and Kraft Heinz would need some pricing across its regions to protect gross margins.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.00%
Held by the ten largest 59.65%
Holder Shares Stake Change
Berkshire Hathaway 325.63m 27.46% 0.00
Vanguard 104.92m 8.85% +942.87k
BlackRock 76.37m 6.44% +1.05m
Invesco 48.70m 4.11% +1.34m
State Street 46.38m 3.91% −101.83k
Geode Capital Management 30.98m 2.61% +632.15k
UBS 24.80m 2.09% +7.39m
Morgan Stanley 17.44m 1.47% −5.49m
Nordea Investment Management 16.57m 1.40% +1.27m
Goldman Sachs 15.61m 1.32% +3.65m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.75m 6.95m 86.97
2024 9.00m 4.76m 104.46
2023 11.36m 8.16m 120.16
2022 7.10m 11.04m 126.55
2021 8.61m 6.90m 105.08

Ownership

Directors and executive officers, together less than 1%
Berkshire Hathaway 27.45%
The Vanguard Group 8.60%
BlackRock 5.87%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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KHC metrics, ten years each

stockrow.com/KHC · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com