The Kraft Heinz Company

KHC · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Valuation
Market cap	$28,562	$37,097	$45,357	$49,867	$43,147	$42,817	$39,328	$52,683	$95,182	$106,883	$89,061	–	–	–	–	–
Enterprise value	$46,219	$55,766	$64,151	$69,049	$61,667	$67,846	$66,419	$82,839	$125,263	$135,299	$109,666	–	–	–	–	–
P/E (TTM) at period end	–	13.52×	15.89×	21.10×	42.64×	120.27×	20.32×	–	8.70×	31.29×	–	–	–	–	–	–
P/S (TTM) at period end	1.15×	1.44×	1.70×	1.88×	1.66×	1.64×	1.57×	2.01×	3.65×	4.06×	4.86×	–	–	–	–	–
P/B at period end	0.69×	0.75×	0.92×	1.02×	0.88×	0.85×	0.76×	1.02×	1.45×	1.86×	1.54×	–	–	–	–	–
EV / EBITDA (TTM)	–	21.20×	11.59×	15.12×	14.11×	21.91×	16.34×	–	17.67×	19.50×	32.46×	–	–	–	–	–
EV / Sales (TTM)	1.85×	2.16×	2.41×	2.61×	2.37×	2.59×	2.66×	3.15×	4.80×	5.14×	5.98×	–	–	–	–	–
Returns
Return on equity	(14.0%)	5.6%	5.8%	4.9%	2.1%	0.7%	3.7%	(19.7%)	16.6%	6.0%	(0.5%)	(0.9%)	52.3%	46.0%	10.7%	–
Return on invested capital	(7.7%)	2.5%	5.2%	4.3%	3.1%	1.0%	2.8%	(11.3%)	6.3%	4.8%	2.2%	8.7%	19.4%	14.5%	10.5%	–
Dividend yield	6.6%	5.2%	4.3%	3.9%	4.5%	4.6%	5.0%	6.0%	3.0%	3.4%	1.5%	–	–	–	–	–
Financial health
Current ratio	1.15×	1.06×	0.99×	0.87×	0.99×	1.34×	1.03×	1.21×	0.71×	0.92×	1.41×	1.59×	1.44×	1.34×	1.27×	–
Debt / equity	0.51×	0.40×	0.39×	0.40×	0.43×	0.56×	0.55×	0.60×	0.44×	0.53×	0.44×	1.89×	1.92×	2.79×	0.00×	–
Effective tax rate	(7.4%)	(220.8%)	21.7%	20.2%	40.0%	65.0%	27.4%	9.4%	(100.6%)	27.0%	36.1%	16.3%	33.6%	33.1%	38.3%	37.0%
Share count
Diluted shares outstanding	1,187	1,215	1,235	1,235	1,236	1,228	1,224	1,219	1,228	1,226	786	377	599	598	591	591

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue and gross profit
Revenue	$24,900	$24,942	$25,846	$26,640	$26,485	$26,042	$26,185	$24,977	$26,268	$26,076	$26,300	$18,338	$18,205	$18,218	$18,271	$18,576	$17,797
Cost of revenue	($16,591)	($16,633)	($16,878)	($17,714)	($18,363)	($17,360)	($17,008)	($16,830)	($17,347)	($16,529)	($16,901)	($12,577)	($13,360)	($11,395)	($12,499)	($12,813)	($11,777)
Gross profit	$8,309	$8,309	$8,968	$8,926	$8,122	$8,682	$9,177	$8,147	$8,921	$9,033	$9,146	$5,761	$4,845	$6,823	$5,772	$5,763	$6,020
Operating expenses
Research and development	–	($167)	($150)	($147)	($127)	($140)	($119)	($112)	($109)	($93)	($120)	($105)	($58)	–	–	–	–
Selling, general and administrative	($11,486)	($12,978)	($7,285)	($4,354)	($4,488)	($5,222)	($7,049)	($5,077)	($19,126)	($2,976)	($3,545)	($3,122)	($1,709)	($2,124)	($2,961)	($2,937)	($3,063)
Total operating expenses	($11,486)	($12,978)	($7,285)	($4,354)	($4,488)	($5,222)	($7,049)	($5,077)	($19,126)	($2,976)	($3,545)	($3,122)	($3,277)	($2,232)	($3,102)	($2,935)	($3,055)
Total costs and expenses	($28,077)	($29,611)	($24,163)	($22,068)	($22,851)	($22,582)	($24,057)	($21,907)	($36,473)	($20,019)	($20,699)	($15,699)	($16,637)	($13,627)	($15,601)	($15,748)	($14,832)
Operating income	($3,177)	($4,669)	$1,683	$4,572	$3,634	$3,460	$2,128	$3,070	($10,205)	$6,057	$5,601	$2,639	$1,568	$4,591	$2,670	$2,828	$2,965
Earnings
EBITDA	($2,175)	($3,701)	$2,631	$5,533	$4,567	$4,370	$3,097	$4,064	($9,222)	$7,088	$6,938	$3,379	$2,098	$4,984	$3,098	$3,192	$3,319
Interest income	$153	$122	$69	$40	$27	$15	$27	$36	$35	$43	–	–	–	–	–	–	–
Interest expense	($745)	($947)	($912)	($912)	($921)	($2,047)	($1,394)	($1,361)	($1,284)	($1,234)	($1,134)	($1,321)	($686)	($501)	($258)	($4)	($3)
Pre-tax income	($3,662)	($5,445)	$856	$3,633	$2,966	$1,708	$1,030	$2,661	($11,321)	$5,450	$4,939	$1,013	$803	$4,090	$2,453	$2,876	$3,002
Income tax expense	$262	($403)	$1,890	($787)	($598)	($684)	($669)	($728)	$1,067	$5,482	($1,333)	($366)	($131)	($1,375)	($811)	($1,101)	($1,112)
Net income	($3,396)	($5,846)	$2,744	$2,855	$2,363	$1,012	$356	$1,935	($10,192)	$10,941	$3,596	$634	$657	$2,715	$1,642	$1,775	$3,534
Per share
Diluted EPS (GAAP)	($2.86)	($4.93)	$2.26	$2.31	$1.91	$0.82	$0.29	$1.58	($8.36)	$8.91	$2.78	($0.34)	($0.17)	$4.51	$2.75	$3.00	$3.20
Basic EPS (GAAP)	($2.86)	($4.93)	$2.27	$2.33	$1.93	$0.83	$0.29	$1.59	($8.36)	$8.98	$2.81	($0.34)	($0.17)	$4.55	$2.77	$3.00	$3.20
Basic shares outstanding	1,186	1,187	1,210	1,227	1,226	1,224	1,223	1,221	1,219	1,218	1,217	786	377	594	593	591	591
Margins
Gross margin	33.4%	33.3%	34.7%	33.5%	30.7%	33.3%	35.0%	32.6%	34.0%	34.6%	34.8%	31.4%	26.6%	37.5%	31.6%	31.0%	33.8%
Operating margin	(12.8%)	(18.7%)	6.5%	17.2%	13.7%	13.3%	8.1%	12.3%	(38.8%)	23.2%	21.3%	14.4%	8.6%	25.2%	14.6%	15.2%	16.7%
Net margin	(13.6%)	(23.4%)	10.6%	10.7%	8.9%	3.9%	1.4%	7.7%	(38.8%)	42.0%	13.7%	3.5%	3.6%	14.9%	9.0%	9.6%	19.9%

Analyst consensus

Hold35 analysts

Bearish · 11 · Hold · 20 · Bullish · 4

Earnings history

	EPS	Estimate
Q3 2024	$0.75	$0.74	Beat
Q4 2024	$0.84	$0.78	Beat
Q1 2025	$0.62	$0.60	Beat
Q2 2025	$0.69	$0.64	Beat
Q3 2025	$0.61	$0.58	Beat
Q4 2025	$0.67	$0.61	Beat
Q1 2026	$0.58	$0.50	Beat
Q2 2026	$0.56	$0.54	Beat

Peers

Company overview

IPO dateJul 6, 2015

CEOSteven A. Cahillane

Employees35,000

SectorConsumer Defensive

IndustryPackaged Foods

CountryUS

ExchangeNew York Stock Exchange

Websitewww.kraftheinzcompany.com

The Kraft Heinz Company, along with its subsidiaries, operates as a global entity focused on the manufacturing and marketing of a broad spectrum of food and beverage products. Its reach extends across key markets such as the United States, Canada, and the United Kingdom, as well as numerous other international territories. The company's diverse product offerings include popular condiments and sauces, a variety of cheese and dairy items, prepared meals, meat products, and refreshing beverages. Additionally, its portfolio features coffee, an assortment of healthy snacks, salad dressings, various spices and seasonings, and a range of other general grocery staples. Kraft Heinz employs a multi-faceted distribution strategy. It utilizes its internal sales organizations alongside independent brokers, agents, and third-party distributors to reach a wide array of customers. These include large grocery chains, wholesale providers, cooperative and independent grocers, convenience stores, pharmacies, value stores, bakeries, mass merchandisers, and club stores. Furthermore, the company supplies products to the foodservice sector and institutional clients, such as hotels, restaurants, hospitals, healthcare facilities, and government agencies. A significant portion of its sales also occurs online through various e-commerce platforms and digital retailers. Tracing its origins back to its founding in 1869, the company initially operated as H.J. Heinz Holding Corporation before officially changing its name to The Kraft Heinz Company in July 2015. Its corporate headquarters are located in Pittsburgh, Pennsylvania.

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