undamentalytics Newsletter
Sign in

Kraft Heinz (KHC) stock

Add to watchlist

Add holding +

NYSE: KHC NYSE Packaged Foods & Meats Next results ~November 4, 2026

C+ Fundamentals grade

Kraft Heinz is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$39

Cash-flow model

Base case. Range ~$26–$57 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 57% above it.

Price used: $24.93, November 2, 2026

Kraft Heinz valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Kraft Heinz files

Where Kraft Heinz stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $24.9bn, down 1.6% on a year earlier, about the same pace as a quarter earlier. That puts it 7 of 8 for growth among the packaged foods & meats companies we cover. Free-cash-flow margin rose to 15.3% from 13.8% a year earlier. Operating margin widened to -12.8% from -27.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $36.29 a share, against a share price of $23.72. At that price, our model says the market is pricing in cash flow shrinking about 3.5% a year for five years, slower than the -0.9% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Kraft Heinz's trailing-twelve-month revenue fell 1.6% year on year, with a free-cash-flow margin of 15.3%. Where it stands out: free-cash-flow margin of 15.3% ranks 3 of 43 packaged foods & meats companies we cover. Where it lags: net margin of -13.6% ranks 36 of 44 packaged foods & meats companies we cover.

Our discounted-cash-flow model values the business at ~$39 per share in the base case (~$26–$57 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 9.2% while net income grew 35.6%: a 26pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $24.93 is 57% below our value per share of $39.
  • Margins widening. Operating margin is up 14.6 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.6% over the last 12 months.
  • Loss-making. Operating margin is -12.8%: costs exceed revenue.
  • Heavily shorted. 11.4% of the shares available to trade are sold short (6.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.56 against an average estimate of $0.53: beat by 5.6%
Revenue
$6.26bn, down 1.4% on a year earlier
Share reaction
-6.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
organic Net Sales growth -2% to -0.5% (fiscal year 2026); constant Currency Adjusted Operating Income growth -18% to -16% (fiscal year 2026)
Next report
November 4, 2026; average EPS estimate $0.42

Kraft Heinz's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.4%
  • 1 week+0.8%
  • 1 month+12.3%
  • This year+8.1%
  • 1 year+7.7%
  • 5 years-14.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$24.9B
Operating margin
-12.8%
Net margin
-13.6%
EPS (TTM, diluted)
$-2.87

Growth

Revenue growth
−1.6%
Change in growth rate
+0.1 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$3.8B
FCF margin
15.3%
Stock pay % of revenue
0.4%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Announcement
  3. Leadership
  4. Product
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Dividend
  12. Results
  13. Guidance
  14. Governance
  15. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Kraft Heinz valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.2% a year for five years.That is close to the -0.9% a year revenue growth Kraft Heinz has delivered.

  • Priced in-4.2%
  • Last 12 months-1.6%
  • 3 years a year-2.8%
  • 5 years a year-0.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($24.34, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$39
Price used
$24.34close November 3, 2026
Implied change
▲ +61%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Kraft Heinz's free cash flow after stock-based pay with after-tax interest added back ($3.9B, FY2026 Q2 TTM), growing 0% and 1.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$26–~$57 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Kraft Heinz's free cash flow after stock-based pay ( $3.9B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Kraft Heinz as an operating company, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$39 ~$26–$57 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$20 ~$21–$36 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.6 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$33 ~$20–$39 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Kraft Heinz with Packaged Foods & Meats in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +43%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $34$51$73$103$142$192
8.5% $23$35$51$73$100$136
10% $16$25$38$54$75$102

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.60$55.06$50.45$29.49$22.59$26.36$27.70$33.33$31.65$27.52$22.94$24.93
Market value$35.1bn$67.5bn$61.9bn$36.0bn$27.7bn$32.4bn$34.2bn$41.2bn$39.1bn$33.4bn$27.2bn$29.5bn
+ Net debt (− = net cash)$20.4bn$28.2bn$29.9bn$30.0bn$27.0bn$24.9bn$18.4bn$19.0bn$18.6bn$18.5bn$18.6bn$16.6bn
Enterprise value$55.5bn$95.7bn$91.8bn$66.0bn$54.6bn$57.3bn$52.6bn$60.2bn$57.7bn$52.0bn$45.8bn$46.1bn
Multiples
Price / sales 1.9x2.6x2.4x1.4x1.1x1.2x1.3x1.6x1.5x1.3x1.1x1.2x
Price / earnings 55.3x18.8x5.7x—14.3x90.9x33.8x17.4x13.7x12.2x——
Price / free cash flow 56.2x48.2x—20.6x9.9x7.5x7.7x26.5x13.2x10.6x7.4x7.7x
EV / EBITDA 16.4x13.8x13.0x—13.4x18.5x12.0x13.2x10.4x19.8x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard Kraft Heinz's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.9% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 33.8%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Operating margin has been a median 12.6%; its worst year was -45.9%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 10 years, at a median 12.1% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.7% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $6.1bn and EPS of $0.42 (range $0.41 to $0.44) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.04 −21% $24.6bn −1%
Next $2.08 +2% $24.7bn +0%

Next year's EPS estimate has moved −1.0% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.8% on 90 days ago. In the last 30 days, 0 analysts raised Kraft Heinz's forecast and 2 cut it.

Consensus EPS forecast Kraft Heinz, last 90 days
$2.04 $2.06 $2.08 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.06 Current fiscal year, 60 days ago: $2.05 Current fiscal year, 30 days ago: $2.05 Current fiscal year, 7 days ago: $2.05 Current fiscal year, Now: $2.04 $2.04 Next fiscal year, 90 days ago: $2.10 Next fiscal year, 60 days ago: $2.09 Next fiscal year, 30 days ago: $2.09 Next fiscal year, 7 days ago: $2.08 Next fiscal year, Now: $2.08 $2.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.06$2.10
60 days ago $2.05$2.09
30 days ago $2.05$2.09
7 days ago $2.05$2.08
Now $2.04$2.08

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.53 $0.56 +5.6%
Mar 2026 $0.50 $0.58 +15.4%
Dec 2025 $0.61 $0.67 +9.1%
Sept 2025 $0.58 $0.61 +5.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Organic Net Sales fiscal year 2026 -2% growth to -0.5% growth Non-GAAP Raised
    “Organic Net Sales (1)(2) down 0.5 percent to down 2.0 percent versus the prior year.” source
  • Adjusted EPS fiscal year 2026 $2.03 to $2.09 Non-GAAP
    “Adjusted EPS (1)(2) is expected to be in the range of $2.03 to $2.09.” source
  • Adjusted Gross Profit Margin fiscal year 2026 -50 to -10 Non-GAAP
    “This outlook contemplates an Adjusted Gross Profit Margin (1)(2) that is expected to be down 10 basis points to down 50 basis points versus the prior year, incremental investments of approximately $700 million compared to 2025, and an approximate 500 basis-point headwind from lapping lower incentive compensation.” source
  • Constant Currency Adjusted Operating Income fiscal year 2026 -18% growth to -16% growth Non-GAAP
    “Constant Currency Adjusted Operating Income (1)(2) down 16 percent to down 18 percent versus the prior year.” source
  • incremental investments fiscal year 2026 about $700m Raised
    “This outlook contemplates an Adjusted Gross Profit Margin (1)(2) that is expected to be down 10 basis points to down 50 basis points versus the prior year, incremental investments of approximately $700 million compared to 2025, and an approximate 500 basis-point headwind from lapping lower incentive compensation.” source
  • effective tax rate on Adjusted EPS fiscal year 2026 about 24.5% Non-GAAP
    “Additionally, the Company now expects an effective tax rate on Adjusted EPS to be approximately 24.5 percent, interest expense to be approximately $890 million, and other expense/(income) to be approximately $200 million of income for the full year.” source
Show 3 more items
  • interest expense fiscal year 2026 about $890m
    “Additionally, the Company now expects an effective tax rate on Adjusted EPS to be approximately 24.5 percent, interest expense to be approximately $890 million, and other expense/(income) to be approximately $200 million of income for the full year.” source
  • other expense/(income) fiscal year 2026 about $200m
    “Additionally, the Company now expects an effective tax rate on Adjusted EPS to be approximately 24.5 percent, interest expense to be approximately $890 million, and other expense/(income) to be approximately $200 million of income for the full year.” source
  • Free Cash Flow Conversion fiscal year 2026 about 110% Non-GAAP
    “Free Cash Flow Conversion (1)(2) of approximately 110 percent.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Kraft Heinz's revenue by -0.0% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.9%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy210%
Hold1470%
Sell420%

Monthly trend

  1. Oct 202614420
  2. Sep 202614420
  3. Aug 202614419
  4. Jul 202614419

Counts of recommendations published by analysts covering Kraft Heinz, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.4%
of tradable shares
Days to cover
6.29
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
67%
of shares
Held by insiders
27.8%
of shares
Employees
35,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +7.7%

$23.15 on October 31, 2025 to $24.93

ThenNowEffect
Revenue (last 12 months) $25.3bn $24.9bn −1.6%
P/S multiple 1.1x 1.2x +8.0%
Share count 1201m 1185m +1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −11.4%

$28.15 on November 3, 2023 to $24.93

ThenNowEffect
Revenue (last 12 months) $27.1bn $24.9bn −8.1%
P/S multiple 1.3x 1.2x −7.6%
Share count 1235m 1185m +4.2%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KHC+8%+18%−5%−13%−16%+8%
Industry peers (median)+9%−4%−4%−2%−19%−16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KHC50%67%50%42%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KHC−24%−24%−25%−19%−24%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 76% from February 17, 2017 to March 12, 2020. Getting back needed a 318% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$20.50 – $27.19
From 52-week high
−8.3%
vs 50-day average
+4.1%
vs 200-day average
+6.9%
Volatility (1 year)
28%
Beta vs S&P 500
-0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.9%
After a week
5 up, 7 down
typical move ±4.0%
After a month
5 up, 7 down
typical move ±5.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −6.3% −0.4% −7.9% −4.6%
May 6, 2026 +4.9% +1.1% +2.8% +2.0%
February 11, 2026 −2.3% −1.6% −3.7% −7.8%
October 29, 2025 −3.7% −1.1% −5.4% +1.5%
July 30, 2025 −3.9% −0.5% −4.6% −3.2%
April 29, 2025 +1.0% +0.7% −1.4% −6.2%
February 12, 2025 −1.1% +0.7% +2.0% +3.5%
October 30, 2024 −3.9% −2.3% −4.0% −7.0%
July 31, 2024 +4.6% +0.2% +2.5% +4.2%
May 1, 2024 −4.9% +0.6% −7.0% −8.4%
February 14, 2024 −3.2% +1.6% +0.8% −3.8%
November 1, 2023 +6.5% +3.0% +5.4% +14.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Kraft Heinz’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.15× the last 60 days’ realised volatility .
  • Puts are priced 8 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Kraft Heinz in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Kraft Heinz
$24B $25B $26B $27B $28B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $27.2B Revenue (TTM), FY23 Q4: $26.6B Revenue (TTM), FY24 Q1: $26.6B Revenue (TTM), FY24 Q2: $26.3B Revenue (TTM), FY24 Q3: $26.1B Revenue (TTM), FY24 Q4: $25.8B Revenue (TTM), FY25 Q1: $25.4B Revenue (TTM), FY25 Q2: $25.3B Revenue (TTM), FY25 Q3: $25.2B Revenue (TTM), FY25 Q4: $24.9B Revenue (TTM), FY26 Q1: $25B Revenue (TTM), FY26 Q2: $24.9B $24.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $27.2B
FY23 Q4 $26.6B
FY24 Q1 $26.6B
FY24 Q2 $26.3B
FY24 Q3 $26.1B
FY24 Q4 $25.8B
FY25 Q1 $25.4B
FY25 Q2 $25.3B
FY25 Q3 $25.2B
FY25 Q4 $24.9B
FY26 Q1 $25B
FY26 Q2 $24.9B
Revenue growth, TTM YoY Kraft Heinz
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 5.2% Revenue growth, TTM YoY, FY23 Q4: 0.6% Revenue growth, TTM YoY, FY24 Q1: -1.4% Revenue growth, TTM YoY, FY24 Q2: -2.9% Revenue growth, TTM YoY, FY24 Q3: -3.8% Revenue growth, TTM YoY, FY24 Q4: -3.0% Revenue growth, TTM YoY, FY25 Q1: -4.2% Revenue growth, TTM YoY, FY25 Q2: -3.8% Revenue growth, TTM YoY, FY25 Q3: -3.7% Revenue growth, TTM YoY, FY25 Q4: -3.5% Revenue growth, TTM YoY, FY26 Q1: -1.7% Revenue growth, TTM YoY, FY26 Q2: -1.6% -1.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 5.2%
FY23 Q4 0.6%
FY24 Q1 -1.4%
FY24 Q2 -2.9%
FY24 Q3 -3.8%
FY24 Q4 -3.0%
FY25 Q1 -4.2%
FY25 Q2 -3.8%
FY25 Q3 -3.7%
FY25 Q4 -3.5%
FY26 Q1 -1.7%
FY26 Q2 -1.6%
Operating margin (TTM) Kraft Heinz
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 16.6% Operating margin (TTM), FY23 Q4: 17.2% Operating margin (TTM), FY24 Q1: 17.4% Operating margin (TTM), FY24 Q2: 14.4% Operating margin (TTM), FY24 Q3: 11.6% Operating margin (TTM), FY24 Q4: 6.5% Operating margin (TTM), FY25 Q1: 6.2% Operating margin (TTM), FY25 Q2: -27.3% Operating margin (TTM), FY25 Q3: -23.0% Operating margin (TTM), FY25 Q4: -18.7% Operating margin (TTM), FY26 Q1: -18.9% Operating margin (TTM), FY26 Q2: -12.8% -12.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 16.6%
FY23 Q4 17.2%
FY24 Q1 17.4%
FY24 Q2 14.4%
FY24 Q3 11.6%
FY24 Q4 6.5%
FY25 Q1 6.2%
FY25 Q2 -27.3%
FY25 Q3 -23.0%
FY25 Q4 -18.7%
FY26 Q1 -18.9%
FY26 Q2 -12.8%
FCF margin (TTM) Kraft Heinz
8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.2% FCF margin (TTM), FY23 Q4: 11.1% FCF margin (TTM), FY24 Q1: 12.1% FCF margin (TTM), FY24 Q2: 11.6% FCF margin (TTM), FY24 Q3: 12.0% FCF margin (TTM), FY24 Q4: 12.2% FCF margin (TTM), FY25 Q1: 12.4% FCF margin (TTM), FY25 Q2: 13.8% FCF margin (TTM), FY25 Q3: 14.4% FCF margin (TTM), FY25 Q4: 14.7% FCF margin (TTM), FY26 Q1: 15.8% FCF margin (TTM), FY26 Q2: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.2%
FY23 Q4 11.1%
FY24 Q1 12.1%
FY24 Q2 11.6%
FY24 Q3 12.0%
FY24 Q4 12.2%
FY25 Q1 12.4%
FY25 Q2 13.8%
FY25 Q3 14.4%
FY25 Q4 14.7%
FY26 Q1 15.8%
FY26 Q2 15.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 10.9 18.3 26.3 26.1 26.3 25.0 26.2 26.0 26.5 26.6 25.8 24.9 24.9
Gross profit 3.3 5.8 9.1 9.0 8.9 8.1 9.2 8.7 8.1 8.9 9.0 8.3 8.3
EBITDA 2.1 3.4 6.9 7.1 −9.2 4.1 3.1 4.4 4.6 5.5 2.6 −3.7 −2.2
Operating income 1.6 2.6 5.6 6.1 −10.2 3.1 2.1 3.5 3.6 4.6 1.7 −4.7 −3.2
Net income 0.7 0.6 3.6 10.9 −10.2 1.9 0.4 1.0 2.4 2.9 2.7 −5.8 −3.4
Diluted EPS −$0.09 −$0.34 $2.78 $8.91 −$8.36 $1.58 $0.29 $0.82 $1.91 $2.31 $2.26 −$4.93 −$2.87
Growth (year on year)
Revenue — +67.9% +43.4% −0.9% +0.7% −4.9% +4.8% −0.5% +1.7% +0.6% −3.0% −3.5% −1.6%
EBITDA — +61.1% +105.3% +2.2% −230.1% — −23.8% +41.1% +4.5% +21.2% −52.4% −240.7% —
Operating income — +68.3% +112.2% +8.1% −268.5% — −30.7% +62.6% +5.0% +25.8% −63.2% −377.4% —
Net income — −3.5% +467.2% +204.3% −193.2% — −81.6% — +133.5% +20.8% −3.9% −313.0% —
Diluted EPS — — — +220.5% −193.8% — −81.6% — +132.9% +20.9% −2.2% −318.1% —
Margins
Gross margin 30.0% 31.4% 34.8% 34.6% 34.0% 32.6% 35.0% 33.3% 30.7% 33.5% 34.7% 33.3% 33.4%
EBITDA margin 19.2% 18.4% 26.4% 27.2% −35.1% 16.3% 11.8% 16.8% 17.2% 20.8% 10.2% −14.8% −8.7%
Operating margin 14.4% 14.4% 21.3% 23.2% −38.8% 12.3% 8.1% 13.3% 13.7% 17.2% 6.5% −18.7% −12.8%
Net margin 6.0% 3.5% 13.7% 42.0% −38.8% 7.7% 1.4% 3.9% 8.9% 10.7% 10.6% −23.4% −13.6%
Free-cash-flow margin 15.9% 3.4% 5.3% −2.7% 6.7% 11.1% 16.5% 17.1% 5.9% 11.1% 12.2% 14.7% 15.3%
Cash flow
Cash from operations 2.1 1.3 2.6 0.5 2.6 3.6 4.9 5.4 2.5 4.0 4.2 4.5 4.6
Capital spending 0.4 0.6 1.2 1.2 0.8 0.8 0.6 0.9 0.9 1.0 1.0 0.8 0.8
Free cash flow 1.7 0.6 1.4 −0.7 1.7 2.8 4.3 4.5 1.6 3.0 3.2 3.7 3.8
Stock-based pay 0.0 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.7 0.5 1.4 −0.7 1.7 2.7 4.2 4.3 1.4 2.8 3.1 3.6 3.7
Balance sheet
Cash 2.3 4.8 4.2 1.6 1.1 2.3 3.4 3.4 1.0 1.4 1.3 2.6 2.4
Total debt 13.7 25.2 32.4 31.5 31.2 29.2 28.3 21.8 20.1 20.0 19.9 21.2 19.0
Net debt (negative = net cash) 11.4 20.4 28.2 29.9 30.0 27.0 24.9 18.4 19.0 18.6 18.5 18.6 16.6
Diluted shares 754m 786m 1,226m 1,228m 1,219m 1,224m 1,228m 1,236m 1,235m 1,235m 1,215m 1,187m 1,185m
Returned to shareholders
Dividends 0.0 1.3 3.6 2.9 3.2 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.9
Buybacks — — — — — — — 0.3 0.3 0.5 1.0 0.4 0.0
Total returned 0.0 1.3 3.6 2.9 3.2 2.0 2.0 2.2 2.2 2.4 2.9 2.3 1.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 27, 2026
What it owns · $73.1bn
Short-term assets $9.3bnLonger-term assets $63.8bn
What it owes, and who funded it · $72.9bn
Short-term liabilities $8.7bnLonger-term liabilities $28.2bnShareholders' equity $36.0bn
  • Short-term assets cover short-term liabilities $9.3bn of assets due within a year against $8.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.3bn short-term assets against $28.2bn of longer-dated liabilities.
  • More cash than debt $2.4bn of cash against $17.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 43% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.6bn of operating cash flow against $17.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$3.2bn against $683m of interest.

From Kraft Heinz's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$28M
Dividends (TTM)
$1.9B
Returned to shareholders
50%
of free cash flow
Buybacks, last 3 fiscal years
$1.9B
Diluted share count
−1.4%
year over year
Total shareholder yield
6.5%
dividends 6.4% + buybacks 0.1% of market value
Sales & admin spending
46.1%
of revenue
Days sales outstanding
34 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in packaged foods & meats
Last 12 months unless stated KHC PPC GIS MDLZ SFD HSY Median
Revenue, last 12 months $24.9bn $18.3bn $18.3bn $39.9bn $15.2bn $12.3bn $1.5bn
Revenue growth, last 12 months −1.6% −0.1% −4.5% 6.0% −0.6% 6.7% 2.1%
Revenue growth, 3-year average −2.8% 2.6% −3.4% 4.1% −2.4% 3.2% 1.5%
Revenue growth, latest quarter −1.4% −2.2% −2.8% 2.3% −8.3% 3.0% −1.8%
Gross margin 33.4% 7.9% 33.6% 34.3% 12.6% 41.9% 25.6%
Operating margin −12.8% 3.4% −1.1% 13.7% 7.6% 20.8% 3.1%
Operating margin, 3-year average −8.6% 6.8% 12.5% 13.8% 7.2% 19.9% 4.8%
Net margin −13.6% 1.7% −4.9% 10.2% 5.9% 14.6% 2.1%
Cash from operations / revenue 18.6% 5.3% 11.3% 12.5% 8.6% 20.9% 8.0%
Free-cash-flow margin 15.3% 2.5% 8.5% 9.2% 6.1% 17.3% 3.9%
Free-cash-flow margin, 3-year average 13.6% 5.1% 11.1% 8.5% — 16.1% 5.7%
Stock pay / revenue 0.4% 0.1% 0.5% 0.4% 0.1% 0.6% 0.6%
Change in share count −1.4% 0.2% −2.8% −1.8% 1.4% −1.9% 0.0%

Median of all 44 companies we cover in packaged foods & meats. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 packaged foods & meats companies
Measure Company Peer median Rank
Revenue growth Growth -1.6% 2.2% 32 of 44
Change in growth rate Growth +0.1pp -1.0pp 16 of 44
Gross margin Profitability 33.4% 25.6% 11 of 43
Operating margin Profitability -12.8% 3.4% 34 of 42
Net margin Profitability -13.6% 2.3% 36 of 44
Free-cash-flow margin Cash generation 15.3% 4.3% 3 of 43
Stock pay as % of revenue Cash generation 0.4% 0.6% 11 of 39
Long-term debt as % of assets Balance sheet 24.1% 18.5% 21 of 35
Change in share count Balance sheet -1.4% 0.1% 11 of 40
Days sales outstanding Balance sheet 34 days 33 days 21 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 27, 2025
Segments
Line of business Revenue YoY
North America $18.6B ▼ 4.9%
International $3.5B ▲ 0.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $16.8B 67.3% ▼ 5.5%
Other Geographical Areas $5.1B 20.4% ▲ 1.3%
Canada $1.8B 7.2% ▲ 1.5%
United Kingdom $1.3B 5.1% ▼ 0.8%

From Kraft Heinz's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25.3B
Institutions reporting
1,102
Shares held vs prior quarter
▲ 3.6%
Positions opened / closed
122 / 109

Top buyers and sellers, Q2 2026: 596 institutions bought and 421 sold ; the biggest buyer was UBS Group AG (+11.3M shares) and the biggest seller Morgan Stanley (−5.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Berkshire Hathaway Inc $7.7B 325.6M 30.4% 0.0%
Blackrock, Inc. $1.8B 76.4M 7.1% ▲ 1.4%
Vanguard Capital Management LLC $1.3B 54.9M 5.1% ▲ 0.7%
Invesco Ltd. $1.2B 48.7M 4.6% ▲ 2.8%
State Street Corp $1.1B 46.4M 4.3% ▼ 0.2%
Vanguard Portfolio Management LLC $963M 40.8M 3.8% ▲ 0.8%
Geode Capital Management, LLC $731M 31.0M 2.9% ▲ 2.1%
UBS Group AG $448M 19.0M 1.8% ▲ 147.7%
Morgan Stanley $412M 17.4M 1.6% ▼ 24.0%
Nordea Investment Management AB $399M 16.6M 1.6% ▲ 8.3%
Goldman Sachs Group Inc $369M 15.6M 1.5% ▲ 30.5%
Hotchkis & Wiley Capital Management LLC $359M 15.2M 1.4% ▼ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Kraft Heinz's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $5M 1 trade by 1 insider, last 12 months Insider sales History → $7M 5 trades by 3 insiders · 94% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Frost Diana Glbl Chief Growth Officer June 18, 2026 Sell 18,502 $23.05 $426,532
Cahillane Steven A Chief Executive Officer May 12, 2026 Buy 213,106 $23.46 $5M
Onell Cory Chief Omnich Sales & AEM Ofcr March 3, 2026 Sell pre-set plan 4,991 $24.34 $121,481
Onell Cory Chief Omnich Sales & AEM Ofcr March 2, 2026 Sell pre-set plan 9,045 $24.61 $222,597
Patricio Miguel Executive Chair December 18, 2025 Sell pre-set plan 125,000 $24.84 $3.1M
Patricio Miguel Executive Chair December 17, 2025 Sell pre-set plan 125,000 $24.82 $3.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 52 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Kraft Heinz shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded April 14, 2026, filed May 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded May 15, 2025, filed May 31, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025
  • April 29, 2025

Recent SEC filings

Data status

When each part of this page on Kraft Heinz was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Kraft Heinz in brief

What does Kraft Heinz do?
Kraft Heinz is a US-listed company in the packaged foods & meats industry. Its financial year ends in December.
What is Kraft Heinz's stock ticker?
Kraft Heinz trades under the ticker KHC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Kraft Heinz's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Kraft Heinz reported revenue of $24.9B, 1.6% lower than a year earlier, according to its SEC filings.
What is Kraft Heinz's free cash flow?
Kraft Heinz's free-cash-flow margin is 15.3% of revenue over the trailing twelve months, ranking 3 of the 43 packaged foods & meats companies we cover.
What is Kraft Heinz's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Kraft Heinz's free cash flow after stock-based pay gives ~$39 per share in the base case, and ~$26–$57 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Kraft Heinz's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Berkshire Hathaway Inc, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Kraft Heinz buying back stock, and does it pay a dividend?
Kraft Heinz spent $28M on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Kraft Heinz's market cap?
On November 2, 2026, Kraft Heinz's market capitalisation was about $29.5B and net debt of $16.6B. Market figures come from third-party market data and may be delayed.
Does Kraft Heinz pay a dividend?
Yes: Kraft Heinz paid $1.9B in dividends over the trailing twelve months, a dividend yield of 6.41%.
How much debt does Kraft Heinz have?
Kraft Heinz's debt-to-equity ratio is 48.9%, from its latest balance sheet (42.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Kraft Heinz's competitors?
In our Packaged Foods & Meats peer group, the companies closest to Kraft Heinz are Pilgrims Pride Corp, General Mills, Mondelez International, Smithfield Foods Inc and The Hershey Company. The side-by-side comparison below sets their revenue, margins and growth against Kraft Heinz's.
Are insiders buying or selling Kraft Heinz stock?
Over the last 12 months, Kraft Heinz's directors and officers reported 1 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Kraft Heinz's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Kraft Heinz announces its own schedule.