Kraft Heinz
KHC · NYSECanned, Frozen & Preservd Fruit, Veg & Food Specialties · Fiscal year ends Dec 26
Kraft Heinz reported revenue of $24.9B in the fiscal year ended Dec 2025, down 3.5% from the year before. Operating income was −$4.7B, an operating margin of −18.7%, and net income was −$5.8B. Operating cash flow of $4.5B less capital expenditure of $801M left free cash flow of $3.7B. Net debt was $16.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $26B | $26.5B | $26.6B | $25.8B | $24.9B |
| Cost of revenue | $17.4B | $18.4B | $17.7B | $16.9B | $16.6B |
| Gross profit | $8.7B | $8.1B | $8.9B | $9B | $8.3B |
| Research & development | $140M | $127M | $147M | $150M | $167M |
| Selling, general & admin | $5.2B | $4.5B | $4.4B | $7.3B | $13B |
| Operating income | $3.5B | $3.6B | $4.6B | $1.7B | −$4.7B |
| Interest expense | $2B | $921M | $912M | $912M | $947M |
| Pre-tax income | $1.7B | $3B | $3.6B | $856M | −$5.4B |
| Income tax | $684M | $598M | $787M | −$1.9B | $403M |
| Net income | $1B | $2.4B | $2.9B | $2.7B | −$5.8B |
| Diluted EPS | 0.82 | 1.91 | 2.31 | 2.26 | −4.93 |
| Diluted shares | 1,236M | 1,235M | 1,235M | 1,215M | 1,187M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.4B | $1B | $1.4B | $1.3B | $2.6B |
| Receivables | $2B | $2.1B | $2.1B | $2.1B | $2.3B |
| Inventory | $2.7B | $3.7B | $3.6B | $3.4B | $3.2B |
| Current assets | $9B | $7.9B | $7.9B | $7.7B | $10.1B |
| Goodwill | $31.3B | $30.8B | $30.5B | $28.7B | $22.2B |
| Total assets | $93.4B | $90.5B | $90.3B | $88.3B | $81.8B |
| Current liabilities | $9.1B | $9B | $8B | $7.3B | $8.8B |
| Short-term debt | $14M | $6M | $0 | – | – |
| Long-term debt | $21.1B | $19.2B | $19.4B | $19.2B | $19.3B |
| Total liabilities | $43.9B | $41.6B | $40.6B | $39B | $40B |
| Shareholders' equity | $49.3B | $48.7B | $49.5B | $49.2B | $41.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $5.4B | $2.5B | $4B | $4.2B | $4.5B |
| Capital expenditure | $905M | $916M | $1B | $1B | $801M |
| Free cash flow | $4.5B | $1.6B | $3B | $3.2B | $3.7B |
| Depreciation & amortisation | $910M | $933M | $961M | $948M | $968M |
| Stock-based compensation | $197M | $148M | $141M | $109M | $95M |
| Acquisitions | $74M | $481M | $0 | $0 | – |
| Share buybacks | $271M | $280M | $455M | $988M | $436M |
| Dividends paid | $2B | $2B | $2B | $1.9B | $1.9B |
| Dividend per share | 1.60 | 1.60 | 1.60 | 1.60 | 1.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.7% | 0.6% | −3.0% | −3.5% |
| Operating income growth (YoY) | – | 5.0% | 25.8% | −63.2% | −377.4% |
| EPS growth (YoY) | – | 132.9% | 20.9% | −2.2% | −318.1% |
| Gross margin | 33.3% | 30.7% | 33.5% | 34.7% | 33.3% |
| Operating margin | 13.3% | 13.7% | 17.2% | 6.5% | −18.7% |
| Net margin | 3.9% | 8.9% | 10.7% | 10.6% | −23.4% |
| Return on equityBlank when equity is negative | 2.1% | 4.9% | 5.8% | 5.6% | −14.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.1% | 4.5% | 5.6% | 2.1% | −6.4% |
| Free cash flow margin | 17.1% | 5.9% | 11.1% | 12.2% | 14.7% |
| Cash conversion (CFO ÷ net income) | 5.30x | 1.04x | 1.39x | 1.52x | −0.76x |
| Receivable days | 27 | 29 | 29 | 30 | 33 |
| Inventory days | 57 | 73 | 74 | 73 | 69 |
| Interest cover | 1.69x | 3.95x | 5.01x | 1.85x | −4.93x |
| Debt ÷ equity | 0.43x | 0.40x | 0.39x | 0.39x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $17.6B | $18.2B | $18B | $17.9B | $16.7B |
| Current ratio | 0.99x | 0.87x | 0.99x | 1.06x | 1.15x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.