The Kraft Heinz Company (KHC) financials
NYSE · Consumer Defensive · Packaged Foods · 35,000 employees · CEO Steven A. Cahillane
- Price
- $24.34 +1.84%
- Market cap
- $28.9B
- Enterprise value
- $45.4B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-04 EPS est. $0.42
Revenue (TTM)$24.9B-1.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-12.8%+14.6 pp vs a year agoOperating income -$3.18B
Net income (TTM)-$3.4B+35.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.82B+9.2% vs a year agoCapex $805M
Diluted EPS (TTM)-$2.86+36.3% vs a year agoSum of the last 4 quarters
Net cash-$16.3B+12.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $28.9B EV $45.4B
- Revenue
- $24.9B Trailing 12 months
- Revenue growth
- -1% FY2026 consensus
- Profit margin
- -13.6% Net income / revenue, TTM
- P/E
- -8.5× Forward 11.9× (FY2026)
- P/S
- 1.2× Price / sales, TTM
- EV / EBITDA
- -23.5× TTM
- Free cash flow
- $3.82B Trailing 12 months
- Net income
- -$3.4B Trailing 12 months
- Revenue estimate
- $24.7B FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $6.09B
- Dividend
- $1.60 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue beat by 1.4%, EPS beat by 3.5%Revenue $6.26B vs $6.18B expected (+1.4%); EPS $0.56 vs $0.54 (+3.5%).
- Revenue growth steady: -1.4% year on yearQ2 '26 revenue $6.26B, against an average of -1.7% over the four quarters before.
- Operating margin -12.8% (TTM), +14.6 pp on a year agoOperating income grew 54.1% while revenue grew -1.6%.
- Capex 3.2% of revenue (a year ago 3.6%)$805M invested in the last 4 quarters (-11.1% on a year earlier). Free cash flow $3.82B.
- Returned $1.49B to shareholders = 39.0% of free cash flowBuybacks -$407M (a year earlier $886M), dividends $1.9B, stock-based pay $95M (TTM).
- Diluted share count up 0.1% in a year1.19B diluted shares in Q2 '26, 1.19B a year earlier.
- Net debt $16.3BCash + short-term investments $2.68B, debt incl. leases $19B; a year ago net debt $18.6B.
Last quarter: Q2 '26
Quarter ended 2026-06-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.26B | $6.35B | -1.4% |
| Gross margin | 32.4% | 34.4% | -2.0 pp |
| Operating income | -$6.43B | -$7.97B | +19.4% |
| Operating margin | -102.7% | -125.5% | +22.8 pp |
| Net income | -$5.46B | -$7.82B | +30.2% |
| Diluted EPS | -$4.60 | -$6.60 | +30.3% |
| Operating cash flow | $1.08B | $1.21B | -10.5% |
| Capex | $189M | $187M | +1.1% |
| Free cash flow | $893M | $1.02B | -12.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $31M | $26M | +19.2% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.26B | $6.18B | +1.4% |
| EPS (as estimated) | $0.56 | $0.54 | +3.5% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Taste Elevation | – | – | – | – | – | |
| Condiments, Sauces, and Spreads | $2.9B | – | 46.3% | – | – | |
| Easy Ready Meals | – | – | – | – | – | |
| Cheese and dairy | – | – | – | – | – | |
| Ambient Meals and Sides | $679M | – | 10.8% | – | – | |
| Hydration | – | – | – | – | – | |
| Meats | $481M | -8.9% | 7.7% | $1.86B | -8.8% | |
| Refreshment Beverages | $584M | – | 9.3% | – | – | |
| Substantial Snacking | – | – | – | – | – | |
| Frozen Meals and Sides | $363M | – | 5.8% | – | – | |
| Cheese | $396M | – | 6.3% | – | – | |
| Desserts, toppings and baking | – | – | – | – | – | |
| Refrigerated Snacks | $298M | – | 4.8% | – | – | |
| Other products | – | – | – | – | – | |
| Desserts | $281M | – | 4.5% | – | – | |
| Coffee | $225M | +8.7% | 3.6% | $897M | +6.9% | |
| Other Category | $58M | – | 0.9% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America Segment | $4.63B | -2.8% | 73.9% | – | – | |
| International Developed Markets Segment | $865M | -3.6% | 13.8% | – | – | |
| Emerging Markets | $771M | +10.5% | 12.3% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.62B
- Capex
- -$805M
- Buybacks
- $407M
- Dividends
- -$1.9B
- Acquisitions
- $146M
- Net debt issued
- -$1.83B
- Stock-based compensation
- $95M
- Free cash flow
- $3.82B
- Returned to shareholders / FCF
- 39.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -8.5× | 23.2× 4 of 5 years | 13.5× – 42.5× |
| EV / EBITDA | -23.5× | 14.9× 4 of 5 years | 11.6× – 20.5× |
| EV / Sales | 1.8× | 2.3× | 1.9× – 2.6× |
| Price / FCF | 7.6× | 15.3× | 7.8× – 32.1× |
| Price / Book | 0.8× | 0.9× | 0.7× – 1.0× |
| FCF yield | 13.2% | 8.3% | 3.1% – 12.8% |
| Return on invested capital | -4.5% | 1.2% | -6.2% – 4.3% |
| Return on equity | -8.4% | 0.8% | -14.0% – 5.8% |
Analysts
Consensus target $24.38 (+0.2%)
range $21.00 – $32.00 · rating Hold
Strong buy0
Buy4
Hold20
Sell11
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $24.7B | -1.1% | $2.05 | +141.5% | 11.9× | 11 |
| FY2027 | $24.7B | +0.1% | $2.06 | +0.5% | 11.8× | 11 |
| FY2028 | $25B | +1.3% | $2.13 | +3.6% | 11.4× | 3 |
| FY2029 | $25.1B | +0.3% | $2.19 | +2.8% | 11.1× | 1 |
| FY2030 | $25.2B | +0.5% | $2.24 | +2.2% | 10.9× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 341 figures The Kraft Heinz Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Trade | $868M | $752M | +15.4% | $755M | $745M | +1.3% |
| Accounts Payable, Trade, Current | $4.48B | $4.34B | +3.2% | $4.31B | $4.19B | +2.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.29B | $2.34B | -2.5% | $2.25B | $2.15B | +5.0% |
| Accounts Receivable, Allowance for Credit Loss | $34M | $26M | +30.8% | $34M | $26M | +30.8% |
| Accrued Marketing Costs, Current | $990M | $749M | +32.2% | $801M | $697M | +14.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.46B | -$2.32B | -6.0% | -$2.37B | -$2.92B | +18.7% |
| Additional Paid in Capital | $50.4B | $52.2B | -3.5% | $51.3B | $52.1B | -1.6% |
| Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | $477M | – | – | – | – | – |
| Advertising Expense | – | – | – | $1.07B | $1.03B | +4.1% |
| Amortization of Debt Discount (Premium) | – | – | – | $15M | $16M | -6.3% |
| Amortization of Debt Issuance Costs | – | – | – | $12M | $12M | 0.0% |
| Amortization of Intangible Assets | $62M | $62M | 0.0% | $246M | $252M | -2.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 17M | 14M | +21.4% | 14M | 6M | +133.3% |
| Asset Impairment Charges | $7.35B | $9.27B | -20.7% | $9.31B | $3.67B | +153.6% |
| Assets | $73.1B | $81.6B | -10.4% | $81.8B | $88.3B | -7.4% |
| Assets, Current | $9.25B | $9.24B | +0.1% | $10.1B | $7.66B | +32.3% |
| Cash and Cash Equivalents, at Carrying Value | $2.42B | $1.57B | +54.4% | $2.62B | $1.33B | +96.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.69B | $1.71B | +57.1% | $2.94B | $1.49B | +98.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$927M | -$551M | -68.2% | $1.46B | $82M | +1,678.0% |
| Common Stock, Dividends, Per Share, Declared | $0.40 | $0.40 | 0.0% | $1.60 | $1.60 | 0.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 5B | 5B | 0.0% | 5B | 5B | 0.0% |
| Common Stock, Shares, Issued | 1.26B | 1.26B | +0.2% | 1.26B | 1.25B | +0.2% |
| Common Stock, Shares, Outstanding | 1.19B | 1.18B | +0.2% | 1.18B | 1.2B | -0.9% |
| Common Stock, Value, Issued | $12M | $12M | 0.0% | $12M | $12M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$5M | -$11M | +54.5% | -$13M | -$25M | +48.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$5.47B | -$7.45B | +26.6% | -$5.3B | $2.43B | -317.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | -$5.48B | -$7.46B | +26.6% | -$5.31B | $2.41B | -320.7% |
| Construction in Progress, Gross | $625M | $625M | 0.0% | $625M | $625M | 0.0% |
| Cost of Goods and Services Sold | $4.23B | $4.17B | +1.6% | $16.6B | $16.9B | -1.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $459M | $627M | -26.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $364M | $284M | +28.2% |
| Current Income Tax Expense (Benefit) | – | – | – | $898M | $967M | -7.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $75M | $56M | +33.9% |
| Debt Instrument, Interest Rate, Stated Percentage | – | – | – | 3.5%2024-03-01 | – | – |
| Debt Instrument, Unamortized Discount (Premium), Net | -$194M2025-12-27 | -$217M | +10.6% | -$194M | -$217M | +10.6% |
| Debt Securities, Available-for-sale | $366M | $1.01B | -63.8% | $1.28B | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $1M | -100.0% | $0 | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $366M | $1.01B | -63.8% | $1.28B | – | – |
| Debt Securities, Held-to-Maturity, Accrued Interest, before Allowance for Credit Loss | $2M | $11M | -81.8% | $4M | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$502M | -$417M | -20.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $92M | -$2.36B | +103.9% |
| Deferred Income Tax Expense (Benefit) | -$1.2B | -$646M | -85.1% | -$495M | -$2.86B | +82.7% |
| Deferred Income Tax Liabilities, Net | $7.85B | $9.1B | -13.8% | $9.02B | $9.68B | -6.8% |
| Deferred Income, Noncurrent | $1.29B | $1.35B | -4.2% | $1.32B | $1.37B | -3.9% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$85M | -$79M | -7.6% |
| Deferred Tax Assets, Deferred Income | $317M2025-12-27 | $277M | +14.4% | $317M | $277M | +14.4% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $3.17B2025-12-27 | $2.96B | +7.2% | $3.17B | $2.96B | +7.2% |
| Deferred Tax Assets, Gross | $4.46B2025-12-27 | $4.12B | +8.3% | $4.46B | $4.12B | +8.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $274M2025-12-27 | $243M | +12.8% | $274M | $243M | +12.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $904M2025-12-27 | $774M | +16.8% | $904M | $774M | +16.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $26M2025-12-27 | $21M | +23.8% | $26M | $21M | +23.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $52M2025-12-27 | $62M | -16.1% | $52M | $62M | -16.1% |
| Deferred Tax Assets, Other | $545M2025-12-27 | $441M | +23.6% | $545M | $441M | +23.6% |
| Deferred Tax Assets, Tax Credit Carryforwards | $25M2025-12-27 | $39M | -35.9% | $25M | $39M | -35.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $14M2025-12-27 | $22M | -36.4% | $14M | $22M | -36.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $317M2025-12-27 | $328M | -3.4% | $317M | $328M | -3.4% |
| Deferred Tax Assets, Valuation Allowance | $932M2025-12-27 | $851M | +9.5% | $932M | $851M | +9.5% |
| Deferred Tax Liabilities, Gross | $9.91B2025-12-27 | $10.5B | -5.5% | $9.91B | $10.5B | -5.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-Q 2026-03-28, 10-K 2025-12-27, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-K 2024-12-28, 10-Q 2024-09-28, 10-Q 2024-06-29
Data as of 2026-11-02