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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
The Kraft Heinz Company
The Kraft Heinz Company (KHC) investor relations material
The Kraft Heinz Company Q4 2025 [Q&A] earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 [Q&A] earnings summary11 Feb, 2026
Executive summary
Leadership paused the planned business separation to focus on a $600 million incremental investment in brands and commercial levers, aiming to restore organic growth and competitiveness, especially in the U.S.
2025 was a challenging year with sector-wide headwinds, market share pressures, and declines in North America and developed international markets, partially offset by growth in emerging markets and Canada.
Net sales for FY 2025 decreased 3.5% to $24.9 billion, with an operating loss of $4.7 billion due to $9.3 billion in non-cash impairment losses; adjusted operating income was $4.7 billion, down 11.5%.
Net cash from operating activities rose 6.6% to $4.5 billion; free cash flow increased 15.9% to $3.7 billion.
The $600 million investment will be phased in 2026, with results expected in the second half of the year.
Financial highlights
FY 2025 organic net sales: $24.9 billion, down 3.4% year-over-year; adjusted gross profit margin: 33.5%, down 120 bps; adjusted EPS: $2.60, down 15.0%.
Q4 2025 net sales: $6.4 billion, down 3.4%; adjusted gross profit margin: 33.1%, down 130 bps; adjusted EPS: $0.67, down 20.2%.
Free cash flow: $3.7 billion, up 15.9% year-over-year; free cash flow conversion: 119%.
Gross efficiencies of ~$690 million in FY 2025, third consecutive year above 4% of COGS.
$600 million investment targets price, product, packaging, marketing, R&D, and commercial capabilities.
Outlook and guidance
FY 2026 organic net sales expected to decline 1.5% to 3.5%, with a 100 bps SNAP headwind.
Adjusted gross profit margin expected to decline 25–75 bps; constant currency adjusted operating income projected down 14–18%.
Adjusted EPS guidance: $1.98 to $2.10; effective tax rate ~25.5%.
The goal is to exit 2026 with strong trends and return to organic growth in 2027.
Free cash flow conversion expected at approximately 100%.
What specific 2026 headwinds offset $600M investment?
Assess the impact of pricing on volume/mix declines
Capital allocation priority for excess cash beyond $600M
Expected market share gains from investment
What drives future spin-off re-evaluation
SNAP impact mitigation strategy
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Next The Kraft Heinz Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202619 Feb, 2026
The Kraft Heinz Company
Next The Kraft Heinz Company earnings date
Consumer Analyst Group of New York Conference (CAGNY) 202619 Feb, 2026
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Frequently asked questions
Ketchup, Cheese, and More
The Kraft Heinz Corporation, one of the world's largest food and beverage companies, is a product of a 2015 merger between Kraft Foods Group and H.J. Heinz Company. With a heritage dating back to the late 19th century, the company owns numerous iconic brands that have become household names across the globe. Headquartered in both Chicago and Pittsburgh the unified entity offers a vast portfolio of well-known brands that it sells across the world.
Massive Merger
Heinz, founded by Henry John Heinz in 1869, started out selling horseradish, but soon expanded, notably introducing its iconic ketchup. Kraft's beginnings can be traced back to the early 1900s when James L. Kraft started a cheese delivery service in Chicago. The two companies grew as the decades passed, and both Heinz and Kraft separately broadened their portfolios and established global presences. One entity of Kraft was spun off into a company that later became Mondelez in 2012.
In 2015, a significant event in the food industry took place: Heinz and Kraft merged to form The Kraft Heinz Company. This merger unified two substantial entities, making the combined company one of the world's leading food and beverage producers, combining their vast product offerings under one umbrella.
The Brands
Both parts that make up the modern version of The Kraft-Heinz Company owned their fair share of iconic and well-known brands. Kraft, known for its cheeses, also offers products like Kraft Macaroni & Cheese and Jell-O. Heinz is iconic for its ketchup but also produces a variety of sauces, beans, and soups. In addition to these flagship brands, the company's lineup includes Oscar Mayer meats, Philadelphia cream cheese, Planters nuts, Maxwell House coffee, and Capri Sun beverages. Furthermore, Velveeta, Miracle Whip, Lunchables, and Claussen pickles are also owned by Kraft Heinz.
Global Reach
The company's footprint spans the globe, with its presence felt in both established markets like North America and Europe and in emerging economies across Asia, Latin America, and Africa. Benefiting from a chain of manufacturing, distribution, and sales facilities, the company ensures efficient delivery and availability of its products in countless retail outlets, supermarkets, and eateries worldwide.
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