NASDAQ : KHC
The Kraft Heinz Company — Financial statements
Consumer Staples · Packaged Foods · United States
Last price 24.34 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 28.86B
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Financial statements
The Kraft Heinz Company (KHC) reported revenue of 24.90B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 24.90B | 24.94B | 25.85B | 26.64B | 26.48B | 26.04B |
| Cost of Revenue | 16.56B | 16.63B | 16.87B | 17.66B | 18.25B | 17.35B |
| Gross Profit | 8.34B | 8.31B | 8.98B | 8.98B | 8.23B | 8.70B |
| Selling, General & Admin | 3.68B | 3.38B | 3.31B | 3.60B | 3.04B | 3.23B |
| Research & Development | 167.00M | 167.00M | 150.00M | 147.00M | 127.00M | |
| Operating Expenses | 3.85B | 3.55B | 3.46B | 3.74B | 3.17B | 3.23B |
| Operating Income | 4.49B | 4.76B | 5.52B | 5.24B | 5.07B | 5.46B |
| Interest Expense | -911.00M | -947.00M | -912.00M | -912.00M | -921.00M | -2.05B |
| Interest & Investment Income | 153.00M | 122.00M | 69.00M | 40.00M | 27.00M | 15.00M |
| Currency Exchange Gain (Loss) | -72.00M | -234.00M | 21.00M | -73.00M | 106.00M | 101.00M |
| Other Non Operating Income (Expenses) | -85.00M | 224.00M | -71.00M | 220.00M | -92.00M | -85.00M |
| EBT Excluding Unusual Items | 3.58B | 3.92B | 4.63B | 4.52B | 4.19B | 3.44B |
| Merger & Restructuring Charges | 7.00M | -21.00M | -20.00M | -225.00M | -74.00M | -84.00M |
| Impairment of Goodwill | -2.48B | -6.73B | -1.64B | -510.00M | -444.00M | -318.00M |
| Gain (Loss) on Sale of Assets | -39.00M | -42.00M | -81.00M | 4.00M | 25.00M | 44.00M |
| Asset Writedown | -4.92B | -2.57B | -2.03B | -152.00M | -555.00M | -1.32B |
| Legal Settlements | -210.00M | -62.00M | ||||
| Other Unusual Items | 199.00M | 38.00M | ||||
| Pretax Income | -3.66B | -5.45B | 856.00M | 3.63B | 2.97B | 1.71B |
| Income Tax Expense | -262.00M | 403.00M | -1.89B | 787.00M | 598.00M | 684.00M |
| Earnings From Continuing Operations | -3.40B | -5.85B | 2.75B | 2.85B | 2.37B | 1.02B |
| Minority Interest in Earnings | 4.00M | 2.00M | -2.00M | 9.00M | -5.00M | -12.00M |
| Net Income | -3.40B | -5.85B | 2.74B | 2.85B | 2.36B | 1.01B |
| Net Income to Common | -3.40B | -5.85B | 2.74B | 2.85B | 2.36B | 1.01B |
| Shares Outstanding (Basic) | 1.19B | 1.19B | 1.21B | 1.23B | 1.23B | 1.22B |
| Shares Outstanding (Diluted) | 1.19B | 1.19B | 1.22B | 1.24B | 1.24B | 1.24B |
| EPS (Basic) | -2.87 | -4.93 | 2.27 | 2.33 | 1.93 | 0.83 |
| EPS (Diluted) | -2.87 | -4.93 | 2.26 | 2.31 | 1.91 | 0.82 |
| Free Cash Flow | 3.82B | 3.66B | 3.16B | 2.96B | 1.55B | 4.46B |
| Free Cash Flow Per Share | 3.22 | 3.08 | 2.60 | 2.40 | 1.26 | 3.61 |
| Dividend Per Share | 1.60 | 1.60 | 1.60 | 1.60 | 1.60 | 1.60 |
| Gross Margin | 33.50% | 33.32% | 34.73% | 33.72% | 31.09% | 33.39% |
| Operating Margin | 18.04% | 19.08% | 21.35% | 19.67% | 19.13% | 20.97% |
| Profit Margin | -13.64% | -23.44% | 10.62% | 10.72% | 8.92% | 3.89% |
| Free Cash Flow Margin | 15.32% | 14.68% | 12.23% | 11.12% | 5.86% | 17.12% |
| EBITDA | 5.49B | 5.73B | 6.47B | 6.20B | 6.00B | 6.37B |
| EBITDA Margin | 22.06% | 22.96% | 25.02% | 23.28% | 22.65% | 24.46% |
| D&A For EBITDA | 1.00B | 968.00M | 948.00M | 961.00M | 933.00M | 910.00M |
| EBIT | 4.49B | 4.76B | 5.52B | 5.24B | 5.07B | 5.46B |
| EBIT Margin | 18.04% | 19.08% | 21.35% | 19.67% | 19.13% | 20.97% |
| Effective Tax Rate | 21.66% | 20.16% | 40.05% | |||
| Advertising Expenses | 1.07B | 1.03B | 1.07B | 945.00M | 1.04B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.42B | 2.62B | 1.33B | 1.40B | 1.04B | 3.44B |
| Short-Term Investments | 262.00M | 1.06B | ||||
| Cash & Short-Term Investments | 2.68B | 3.67B | 1.33B | 1.40B | 1.04B | 3.44B |
| Accounts Receivable | 2.29B | 2.25B | 2.15B | 2.11B | 2.12B | 1.96B |
| Receivables | 2.29B | 2.25B | 2.15B | 2.11B | 2.12B | 1.96B |
| Inventory | 3.31B | 3.17B | 3.38B | 3.61B | 3.65B | 2.73B |
| Prepaid Expenses | 266.00M | 291.00M | 215.00M | 234.00M | 240.00M | 136.00M |
| Restricted Cash | 164.00M | 164.00M | 31.00M | 3.00M | ||
| Other Current Assets | 546.00M | 576.00M | 552.00M | 566.00M | 846.00M | 727.00M |
| Total Current Assets | 9.25B | 10.13B | 7.66B | 7.93B | 7.90B | 8.99B |
| Property, Plant & Equipment | 7.20B | 7.84B | 7.69B | 7.70B | 7.41B | 7.38B |
| Goodwill | 19.71B | 22.18B | 28.67B | 30.46B | 30.83B | 31.30B |
| Other Intangible Assets | 32.37B | 37.53B | 40.10B | 42.45B | 42.65B | 43.54B |
| Other Long-Term Assets | 4.53B | 4.11B | 4.17B | 1.81B | 1.73B | 2.19B |
| Total Assets | 73.06B | 81.79B | 88.29B | 90.34B | 90.51B | 93.39B |
| Accounts Payable | 4.48B | 4.31B | 4.19B | 4.63B | 4.85B | 4.75B |
| Accrued Expenses | 1.26B | 1.11B | 971.00M | 1.00B | 1.02B | 1.08B |
| Short-Term Debt | 93.00M | 229.00M | ||||
| Current Portion of Long-Term Debt | 1.38B | 1.88B | 629.00M | 611.00M | 805.00M | 710.00M |
| Current Portion of Leases | 156.00M | 142.00M | 143.00M | 151.00M | 163.00M | |
| Current Income Taxes Payable | 541.00M | |||||
| Current Unearned Revenue | 54.00M | 54.00M | 55.00M | |||
| Other Current Liabilities | 1.59B | 1.27B | 1.27B | 1.60B | 2.11B | 1.58B |
| Total Current Liabilities | 8.72B | 8.78B | 7.25B | 8.04B | 9.03B | 9.06B |
| Long-Term Debt | 17.62B | 19.18B | 19.09B | 19.28B | 19.14B | 20.96B |
| Long-Term Leases | 557.00M | 590.00M | 619.00M | 678.00M | 582.00M | |
| Long-Term Unearned Revenue | 1.29B | 1.32B | 1.37B | 1.42B | 1.48B | 1.53B |
| Pension & Post-Retirement Benefits | 128.00M | 131.00M | 135.00M | 143.00M | 144.00M | 205.00M |
| Long-Term Deferred Tax Liabilities | 7.85B | 9.02B | 9.68B | 10.20B | 10.15B | 10.54B |
| Other Long-Term Liabilities | 1.33B | 1.01B | 842.00M | 917.00M | 1.02B | 1.06B |
| Total Liabilities | 36.94B | 40.00B | 38.96B | 40.62B | 41.64B | 43.94B |
| Common Stock | 12.00M | 12.00M | 12.00M | 12.00M | 12.00M | 12.00M |
| Additional Paid-In Capital | 50.39B | 51.29B | 52.13B | 52.04B | 51.83B | 53.38B |
| Retained Earnings | -9.29B | -4.63B | 2.17B | 1.37B | 489.00M | -1.68B |
| Treasury Stock | -2.65B | -2.64B | -2.22B | -1.29B | -847.00M | -587.00M |
| Comprehensive Income & Other | -2.46B | -2.37B | -2.92B | -2.60B | -2.81B | -1.82B |
| Total Common Equity | 36.01B | 41.66B | 49.19B | 49.53B | 48.68B | 49.30B |
| Minority Interest | 124.00M | 125.00M | 140.00M | 196.00M | 192.00M | 154.00M |
| Shareholders' Equity | 36.13B | 41.79B | 49.33B | 49.72B | 48.87B | 49.45B |
| Total Liabilities & Equity | 73.06B | 81.79B | 88.29B | 90.34B | 90.51B | 93.39B |
| Total Debt | 19.00B | 21.77B | 20.45B | 20.65B | 20.87B | 22.65B |
| Net Cash (Debt) | -16.32B | -18.10B | -19.12B | -19.25B | -19.83B | -19.20B |
| Net Cash Per Share | -13.77 | -15.25 | -15.73 | -15.59 | -16.05 | -15.54 |
| Filing Date Shares Outstanding | 1.19B | 1.18B | 1.19B | 1.21B | 1.23B | 1.22B |
| Total Common Shares Outstanding | 1.19B | 1.18B | 1.20B | 1.22B | 1.23B | 1.22B |
| Working Capital | 535.00M | 1.35B | 402.00M | -108.00M | -1.13B | -70.00M |
| Book Value Per Share | 30.36 | 35.19 | 41.16 | 40.66 | 39.74 | 40.28 |
| Tangible Book Value | -16.08B | -18.04B | -19.59B | -23.38B | -24.80B | -25.54B |
| Tangible Book Value Per Share | -13.56 | -15.24 | -16.39 | -19.20 | -20.25 | -20.87 |
| Land | 188.00M | 193.00M | 203.00M | 200.00M | 207.00M | |
| Buildings | 3.11B | 2.85B | 2.71B | 2.54B | 2.51B | |
| Machinery | 8.52B | 7.69B | 7.74B | 7.05B | 6.96B | |
| Construction In Progress | 822.00M | 1.16B | 1.28B | 1.16B | 1.00B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -3.40B | -5.85B | 2.74B | 2.85B | 2.36B | 1.01B |
| Depreciation & Amortization | 1.00B | 968.00M | 948.00M | 961.00M | 933.00M | 910.00M |
| Loss (Gain) From Sale of Assets | 39.00M | 42.00M | 81.00M | -4.00M | -25.00M | -44.00M |
| Asset Writedown & Restructuring Costs | 7.41B | 9.31B | 3.67B | 662.00M | 913.00M | 1.63B |
| Stock-Based Compensation | 95.00M | 95.00M | 109.00M | 141.00M | 148.00M | 197.00M |
| Other Operating Activities | -1.27B | -333.00M | -2.78B | 167.00M | -380.00M | 1.25B |
| Change in Accounts Receivable | 7.00M | -55.00M | -139.00M | 18.00M | -228.00M | 87.00M |
| Change in Inventory | 69.00M | 133.00M | -6.00M | -106.00M | -1.12B | -144.00M |
| Change in Accounts Payable | 186.00M | -97.00M | -308.00M | -295.00M | 152.00M | 408.00M |
| Change in Other Net Operating Assets | 487.00M | 249.00M | -136.00M | -423.00M | -286.00M | 55.00M |
| Operating Cash Flow | 4.62B | 4.46B | 4.18B | 3.98B | 2.47B | 5.36B |
| Capital Expenditures | -805.00M | -801.00M | -1.02B | -1.01B | -916.00M | -905.00M |
| Cash Acquisitions | -481.00M | -74.00M | ||||
| Divestitures | 146.00M | 9.00M | 8.00M | 88.00M | 5.01B | |
| Sale (Purchase) of Intangibles | -140.00M | |||||
| Investment in Securities | 755.00M | -1.04B | ||||
| Other Investing Activities | -30.00M | -3.00M | 133.00M | 97.00M | 218.00M | 3.00M |
| Investing Cash Flow | 66.00M | -1.83B | -1.02B | -916.00M | -1.09B | 4.04B |
| Short-Term Debt Issued | 150.00M | 228.00M | ||||
| Long-Term Debt Issued | 1.62B | 594.00M | 657.00M | |||
| Total Debt Issued | 1.15B | 1.62B | 594.00M | 807.00M | 228.00M | |
| Short-Term Debt Repaid | -150.00M | -228.00M | ||||
| Long-Term Debt Repaid | -678.00M | -618.00M | -848.00M | -1.47B | -6.20B | |
| Total Debt Repaid | -2.98B | -678.00M | -618.00M | -998.00M | -1.69B | -6.20B |
| Net Debt Issued (Repaid) | -1.83B | 942.00M | -24.00M | -191.00M | -1.47B | -6.20B |
| Repurchase of Common Stock | -28.00M | -436.00M | -988.00M | -455.00M | -280.00M | -271.00M |
| Common Dividends Paid | -1.90B | -1.90B | -1.93B | -1.97B | -1.96B | -1.96B |
| Dividends Paid | -1.90B | -1.90B | -1.93B | -1.97B | -1.96B | -1.96B |
| Other Financing Activities | 45.00M | 141.00M | -65.00M | -67.00M | -9.00M | -912.00M |
| Financing Cash Flow | -3.71B | -1.25B | -3.01B | -2.68B | -3.71B | -9.34B |
| Foreign Exchange Rate Adjustments | 80.00M | -71.00M | -19.00M | -69.00M | -30.00M | |
| Net Cash Flow | 977.00M | 1.46B | 82.00M | 363.00M | -2.40B | 28.00M |
| Free Cash Flow | 3.82B | 3.66B | 3.16B | 2.96B | 1.55B | 4.46B |
| Free Cash Flow Margin | 15.32% | 14.68% | 12.23% | 11.12% | 5.86% | 17.12% |
| Free Cash Flow Per Share | 3.22 | 3.08 | 2.60 | 2.40 | 1.26 | 3.61 |
| Levered Free Cash Flow | 3.25B | 2.78B | 2.18B | 2.43B | 1.46B | 4.70B |
| Unlevered Free Cash Flow | 3.82B | 3.37B | 2.75B | 3.00B | 2.04B | 5.98B |
| Cash Interest Paid | 903.00M | 903.00M | 906.00M | 896.00M | 937.00M | 1.20B |
| Cash Income Tax Paid | 721.00M | 721.00M | 967.00M | 932.00M | 1.26B | 1.29B |
| Change in Working Capital | 749.00M | 230.00M | -589.00M | -806.00M | -1.48B | 406.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 29.14B | 28.56B | 37.10B | 45.36B | 49.87B | 43.15B |
| Enterprise Value | 45.46B | 46.75B | 56.05B | 64.41B | 69.30B | 65.10B |
| Last Close Price | 24.34 | 22.94 | 27.52 | 31.65 | 33.33 | 27.70 |
| PE Ratio | 13.52 | 15.89 | 21.10 | 42.64 | ||
| Forward PE | 12.36 | 9.77 | 10.15 | 12.45 | 14.72 | 13.78 |
| PS Ratio | 1.16 | 1.15 | 1.44 | 1.70 | 1.88 | 1.66 |
| PB Ratio | 0.80 | 0.68 | 0.75 | 0.91 | 1.02 | 0.87 |
| P/FCF Ratio | 7.56 | 7.80 | 11.74 | 15.31 | 32.11 | 9.68 |
| P/OCF Ratio | 6.25 | 6.40 | 8.87 | 11.41 | 20.20 | 8.04 |
| PEG Ratio | 7.22 | 4.07 | 2.60 | 2.58 | 2.38 | |
| EV/Sales Ratio | 1.81 | 1.87 | 2.17 | 2.42 | 2.62 | 2.50 |
| EV/EBITDA Ratio | 8.23 | 8.16 | 8.67 | 10.38 | 11.55 | 10.22 |
| EV/EBIT Ratio | 10.06 | 9.82 | 10.15 | 12.29 | 13.68 | 11.92 |
| EV/FCF Ratio | 11.84 | 12.77 | 17.74 | 21.74 | 44.62 | 14.60 |
| Debt / Equity Ratio | 0.53 | 0.52 | 0.41 | 0.41 | 0.43 | 0.46 |
| Debt / EBITDA Ratio | 3.15 | 3.48 | 2.95 | 2.94 | 2.82 | 2.92 |
| Debt / FCF Ratio | 4.98 | 5.95 | 6.47 | 6.97 | 13.44 | 5.08 |
| Net Debt / Equity Ratio | 0.45 | 0.43 | 0.39 | 0.39 | 0.41 | 0.39 |
| Net Debt / EBITDA Ratio | 2.97 | 3.16 | 2.96 | 3.10 | 3.31 | 3.01 |
| Net Debt / FCF Ratio | 4.28 | 4.94 | 6.05 | 6.50 | 12.77 | 4.31 |
| Asset Turnover | 0.32 | 0.29 | 0.29 | 0.29 | 0.29 | 0.27 |
| Inventory Turnover | 4.82 | 5.08 | 4.83 | 4.86 | 5.72 | 6.31 |
| Quick Ratio | 0.57 | 0.68 | 0.48 | 0.44 | 0.35 | 0.60 |
| Current Ratio | 1.06 | 1.15 | 1.05 | 0.99 | 0.88 | 0.99 |
| Return on Equity (ROE) | -8.76% | -12.84% | 5.54% | 5.77% | 4.82% | 2.05% |
| Return on Assets (ROA) | 3.63% | 3.50% | 3.86% | 3.62% | 3.44% | 3.53% |
| Return on Invested Capital (ROIC) | 8.05% | 7.42% | 8.03% | 5.96% | 5.89% | 4.53% |
| Return on Capital Employed (ROCE) | 7.00% | 6.50% | 6.80% | 6.40% | 6.20% | 6.50% |
| Earnings Yield | -11.67% | -20.47% | 7.40% | 6.29% | 4.74% | 2.34% |
| FCF Yield | 13.22% | 12.82% | 8.52% | 6.53% | 3.11% | 10.33% |
| Dividend Yield | 6.51% | 6.63% | 5.15% | 4.30% | 3.93% | 4.54% |
| Payout Ratio | 70.37% | 68.83% | 82.95% | 193.58% | ||
| Buyback Yield / Dilution | 1.13% | 2.31% | 1.62% | -0.08% | 0.08% | -0.65% |
| Total Shareholder Return | 7.70% | 8.94% | 6.77% | 4.21% | 4.01% | 3.89% |