Kraft Heinz

KHC · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

KHC · Last close · October 26, 2026

$24.73

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%.

Kraft Heinz Co Latest fiscal year ended December 27, 2025 10-K filed February 12, 2026 · 0001637459-26-000009 Updated October 9, 2026

Revenue

$24.9B

3.5%

Operating margin

−18.7%

25.2 pts

Net income

−$5.8B

$2.7B a year earlier

Free cash flow

$3.7B

15.8%

Return on capital

−5.8%

8.2 pts

Market cap

$29.3B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Losing sales if it misreads what shoppers want, or if they switch to store brands.
Its reliance on a few large retailers, above all Walmart, and changes in how people shop for groceries.
Swings in the cost of ingredients, packaging and energy, such as dairy, meat, coffee and tomatoes.
Product recalls or claims that its food made people ill.
The paused plan to split the company may be delayed further, dropped, or fail to bring the expected benefits.

From Kraft Heinz's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share fell 2.6% a year and net income 3.3% a year, while buybacks cut the share count by 1%. Kraft Heinz then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Kraft Heinz yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Kraft Heinz's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Kraft Heinz's fiscal 2025 free cash flow of $3.7B, net cash of −$18.6B at December 27, 2025 and 1,187 million diluted shares, from its filings. The scenarios are fitted to Kraft Heinz: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -2.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Packaged Foods & Meats), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 27, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Kraft Heinz's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $24.73
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Kraft Heinz's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3.4	1.0	1.4	1.3	2.6
Debt incl. finance leases	21.8	20.1	20.0	19.9	21.2
Net debt (negative means net cash)	18.4	19.0	18.6	18.5	18.6
Net debt to EBITDA	4.2x	4.2x	3.4x	7.0x	—
Debt to equity	0.4x	0.4x	0.4x	0.4x	0.5x
Interest coverage	1.7x	4.0x	5.0x	1.9x	−4.9x
Current ratio	1.0x	0.9x	1.0x	1.1x	1.1x
Quick ratio	0.7x	0.5x	0.5x	0.6x	0.8x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $5.0 million of Kraft Heinz shares on the open market, and 3 insiders sold $7.0 million, $6.6 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 18, 2026	Diana FrostGlbl Chief Growth Officer	Sold	18,502	$23.05	$426,471	Form 4
May 12, 2026	Steven A CahillaneChief Executive Officer, Director	Bought	213,106	$23.46	$5.0 million	Form 4
Mar 3, 2026	Cory OnellChief Omnich Sales & AEM Ofcr	Sold plan	4,991	$24.34	$121,481	Form 4
Mar 2, 2026	Cory OnellChief Omnich Sales & AEM Ofcr	Sold plan	9,045	$24.61	$222,597	Form 4
Dec 18, 2025	Miguel PatricioExecutive Chair, Director	Sold plan	125,000	$24.84	$3.1 million	Form 4
Dec 17, 2025	Miguel PatricioExecutive Chair, Director	Sold plan	125,000	$24.82	$3.1 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	6 of 9	4 of 9
Accruals ratio	−1.2%	−1.6%	−12.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Kraft Heinz side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Kraft Heinz	FY25	−3.5%	−18.7%	14.7%	−5.8%	—	4
Pilgrim's Pride	FY25	3.5%	8.7%	3.5%	20.1%	1.2x	4	Compare
General Mills	FY26	−5.5%	4.8%	8.8%	2.0%	9.1x	5	Compare
Mondelez International	FY25	5.8%	9.2%	8.4%	6.0%	3.9x	5	Compare
Hormel Foods	FY25	1.6%	5.9%	4.4%	5.1%	2.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	26.3	26.1	26.3	25.0	26.2	26.0	26.5	26.6	25.8	24.9
Revenue growth	43.4%	−0.8%	0.7%	−4.9%	4.8%	−0.6%	1.7%	0.6%	−3.0%	−3.5%
Gross profit	9.1	9.0	8.9	8.1	9.2	8.7	8.1	8.9	9.0	8.3
Research and development	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
Operating income	5.6	6.1	−10.2	3.1	2.1	3.5	3.6	4.6	1.7	−4.7
Net income	3.6	10.9	−10.2	1.9	0.4	1.0	2.4	2.9	2.7	−5.8
Diluted EPS (US$)	2.78	8.91	−8.36	1.58	0.29	0.82	1.91	2.31	2.26	−4.93
Diluted shares (millions)	1,226	1,228	1,219	1,224	1,228	1,236	1,235	1,235	1,215	1,187
Cash flow
Cash from operations	2.6	0.5	2.6	3.6	4.9	5.4	2.5	4.0	4.2	4.5
Capital expenditure	1.2	1.2	0.8	0.8	0.6	0.9	0.9	1.0	1.0	0.8
Free cash flow	1.4	−0.7	1.7	2.8	4.3	4.5	1.6	3.0	3.2	3.7
Dividends paid	3.6	2.9	3.2	2.0	2.0	2.0	2.0	2.0	1.9	1.9
Share buybacks	0.0	0.0	0.0	0.0	0.0	0.3	0.3	0.5	1.0	0.4
Acquisitions	0.0	0.0	0.2	0.2	0.0	0.1	0.5	0.0	0.0	0.0
Stock-based compensation	0.0	0.0	0.0	0.0	0.2	0.2	0.1	0.1	0.1	0.1
Balance sheet at fiscal year end
Cash and short-term investments	4.2	1.6	1.1	2.3	3.4	3.4	1.0	1.4	1.3	2.6
Debt incl. finance leases	32.4	31.5	31.2	29.2	28.3	21.8	20.1	20.0	19.9	21.2
Total assets	120.5	120.1	103.5	101.5	99.8	93.4	90.5	90.3	88.3	81.8
Total liabilities	62.9	54.0	51.7	49.7	49.6	43.9	41.6	40.6	39.0	40.0
Shareholders' equity	57.4	65.9	51.7	51.6	50.1	49.3	48.7	49.5	49.2	41.7
Margins and ratios
Gross margin	34.8%	34.6%	34.0%	32.6%	35.0%	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%
Net margin	13.7%	42.0%	−38.8%	7.8%	1.4%	3.9%	8.9%	10.7%	10.6%	−23.4%
Free cash flow margin	5.3%	−2.7%	6.7%	11.2%	16.6%	17.1%	5.9%	11.1%	12.2%	14.7%
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 equity	6.2%	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%	0.3%	1.1%	2.6%	3.2%	3.1%	−6.9%
Net debt to EBITDA	4.1x	4.2x	—	6.6x	8.0x	4.2x	4.2x	3.4x	7.0x	—

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Kraft Heinz's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Kraft Heinz.