Kraft Heinz Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Kraft Heinz Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	26,487	26,232	26,268	24,977	26,185	26,042	26,485	26,640	25,846	24,942
Cost of revenue	17,154	17,043	17,347	16,830	17,008	17,360	18,363	17,714	16,878	16,633
Gross profit	9,146	9,033	8,921	8,147	9,177	8,682	8,122	8,926	8,968	8,309
Research and development	120	93	109	112	119	140	127	147	150	167
Selling, general and administrative	3,545	2,976	19,126	5,077	7,049	5,222	4,488	4,354	7,285	12,978
Selling and marketing	1,221	1,100	1,100	1,100	1,200
Operating income	5,601	6,057	-10,205	3,070	2,128	3,460	3,634	4,572	1,683	-4,669
Interest expense	1,134	1,234	1,284	1,361	1,394	2,047	921	912	912	947
Interest income		43	35	36	27	15	27	40	69	122
Other non-operating income	472	627	168	952	296	295	253	-27	85	171
Pre-tax income	4,939	5,450	-11,321	2,661	1,030	1,708	2,966	3,633	856	-5,445
Income tax	1,333	-5,482	-1,067	728	669	684	598	787	-1,890	403
Net income to minority interests	10	-9	-62	-2	5	12	5	-9	2	-2
Net income	3,596	10,941	-10,192	1,935	356	1,012	2,363	2,855	2,744	-5,846
EBITDA	6,938	7,088	-9,222	4,064	3,097	4,370	4,567	5,533	2,631	-3,701
EPS, basic	2.81	8.98	-8.36	1.59	0.29	0.83	1.93	2.33	2.27	-4.93
EPS, diluted	2.78	8.91	-8.36	1.58	0.29	0.82	1.91	2.31	2.26	-4.93
Shares, basic (weighted)	1,217	1,218	1,219	1,221	1,223	1,224	1,226	1,227	1,210	1,187
Shares, diluted (weighted)	1,226	1,228	1,219	1,224	1,228	1,236	1,235	1,235	1,215	1,187
Dividend per share	2.35	2.45	2.50	1.60	1.60	1.60	1.60	1.60	1.60	1.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,204	1,629	1,130	2,279	3,417	3,445	1,040	1,400	1,334	2,615
Short-term investments									0	1,060
Receivables	769	921	2,129	1,973	2,063	1,957	2,120	2,112	2,147	2,254
Inventory	2,684	2,760	2,667	2,721	2,773	2,729	3,651	3,614	3,376	3,167
Other current assets	707	655	1,221	618	574	716	842	569	583	588
Total current assets	8,753	7,201	9,075	8,097	10,822	8,994	7,897	7,929	7,655	10,127
Property, plant and equipment	6,688	7,061	7,078	7,055	6,876	6,806	6,740	7,122	7,152	7,318
Lease right-of-use assets				542	562	569	668	574	539	520
Goodwill	44,125	44,825	36,503	35,546	33,089	31,296	30,833	30,459	28,673	22,179
Intangible assets	59,297	59,432	49,468	48,652	46,667	43,542	42,649	42,448	40,099	37,529
Other non-current assets	1,617	1,573	1,337	2,100	2,376	2,756	2,394	2,381	4,708	4,633
Total assets	120,480	120,092	103,461	101,450	99,830	93,394	90,513	90,339	88,287	81,786
Accounts payable	3,996	4,362	4,153	4,003	4,304	4,753	4,848	4,627	4,188	4,308
Short-term debt	2,046	2,733	377	1,022	230	740	831	638	654	1,908
Total current liabilities	9,501	10,154	7,503	7,875	8,061	9,064	9,028	8,037	7,253	8,778
Long-term debt	29,713	28,308	30,770	28,216	28,070	21,061	19,233	19,394	19,215	19,311
Lease liabilities				454	475	484	585	501	464	427
Other non-current liabilities	806	1,088	902	1,459	1,745	1,542	1,609	1,418	1,306	1,434
Total liabilities	62,906	54,016	51,683	49,701	49,587	43,942	41,643	40,617	38,962	39,997
Total debt	31,759	31,041	31,147	29,238	28,300	21,801	20,064	20,032	19,869	21,219
Paid-in capital	58,593	58,634	58,723	56,828	55,096	53,379	51,834	52,037	52,135	51,287
Retained earnings	588	8,495	-4,853	-3,060	-2,694	-1,682	489	1,367	2,171	-4,629
Treasury stock	-207	-224	-282	-271	-344	-587	-847	-1,286	-2,218	-2,636
Other comprehensive income	-1,628	-1,054	-1,943	-1,886	-1,967	-1,824	-2,810	-2,604	-2,915	-2,370
Shareholders' equity	57,358	65,863	51,657	51,623	50,103	49,298	48,678	49,526	49,185	41,664
Minority interests	216	207	118	126	140	150	152	162	134	113
Total equity	57,460	66,070	51,775	51,749	50,243	49,448	48,830	49,688	49,319	41,777
Total liabilities and equity	120,480	120,092	103,461	101,450	99,830	93,394	90,513	90,339	88,287	81,786
Shares outstanding	1,217	1,219	1,220	1,221	1,223	1,224	1,225	1,218	1,195	1,184

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,606	10,932	-10,254	1,933	361	1,024	2,368	2,846	2,746	-5,848
Depreciation and amortization	1,337	1,031	983	994	969	910	933	961	948	968
Stock-based compensation	46	46	33	46	156	197	148	141	109	95
Deferred income tax	-72	-6,495	-1,967	-293	-343	-1,042	-278	17	-2,857	-495
Change in receivables	-2,055	-2,629	-2,280	140	-26	87	-228	18	-139	-55
Change in inventory	-130	-236	-251	-307	-249	-144	-1,121	-106	-6	133
Change in payables	879	441	-23	-58	207	408	152	-295	-308	-97
Cash from operations	2,648	501	2,574	3,552	4,929	5,364	2,469	3,976	4,184	4,462
Capital expenditures	-1,247	-1,194	-826	-768	-596	-905	-916	-1,013	-1,024	-801
Acquisitions	0	0	-248	-199	0	-74	-481	0	0
Purchases of investments								0	0	-2,500
Sales and maturities of investments								0	0	686
Cash from investing	1,452	1,177	288	1,511	-522	4,038	-1,091	-916	-1,023	-1,833
Debt repaid	-85	-2,641	-2,713	-4,795	-4,697	-6,202	-1,465	-848	-618	-678
Stock issued	140	66	56	17	85	53	57	43	8
Share buybacks						-271	-280	-455	-988	-436
Dividends paid	-3,584	-2,888	-3,183	-1,953	-1,958	-1,959	-1,960	-1,965	-1,931	-1,898
Cash from financing	-4,620	-4,221	-3,363	-3,913	-3,331	-9,344	-3,714	-2,678	-3,008	-1,251
Exchange rate effect	-137	57	-132	-6	62	-30	-69	-19	-71	80
Net change in cash	-657	-2,486	-633	1,144	1,138	28	-2,405	363	82	1,458
Free cash flow	1,401	-693	1,748	2,784	4,333	4,459	1,553	2,963	3,160	3,661
Interest paid	1,176	1,269	1,322	1,306	1,286	1,196	937	896	906	903
Income taxes paid	1,619	1,206	543	974	1,027	1,295	1,260	932	967	721

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $23.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	-12.8%	Operating income / revenue.
EBITDA margin	-8.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.7%	Pre-tax income / revenue.
Net margin	-13.6%	Net income / revenue.
FCF margin	15.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.6%	Cash from operations / revenue.
Return on equity (ROE)	-9.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.6%	Net income / average total assets.
Return on invested capital (ROIC)	-4.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	46.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-377.4%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-240.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-313.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-318.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	6.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	15.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	33.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-15.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.53x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.0%	Total debt / total assets.
Liabilities / assets	50.6%	Total liabilities / total assets.
Net debt	$16.32B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-4.65x	Operating income / interest expense.
Working capital	$535.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	71.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	3.46x	Revenue / average property, plant and equipment.
Inventory turnover	5.02x	Cost of revenue / average inventory.
Days inventory	73 days	365 x average inventory / cost of revenue.
Receivables turnover	10.9x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
Days payables	99 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	8 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	17.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.99	Revenue / diluted weighted shares.
FCF per share	$3.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.90	Cash from operations / diluted weighted shares.
Book value per share	$30.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$13.56	Tangible book value / shares outstanding.
Cash per share	$2.26	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	49.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$28.02B	Share price x shares outstanding.
Enterprise value	$44.34B	Market cap + total debt - cash - short-term investments.
P/S	1.13x	Market cap / revenue.
P/B	0.78x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.34x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.06x	Market cap / cash from operations, when positive.
EV/Sales	1.78x	Enterprise value / revenue.
EV/FCF	11.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	13.6%	Free cash flow / market cap.
Earnings yield	-12.1%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.

What was Kraft Heinz Co's revenue in fiscal 2025?

Kraft Heinz Co reported revenue of $24.94B for fiscal 2025, 3.5% lower than the year before.

Was Kraft Heinz Co profitable in fiscal 2025?

No. It reported a net loss of $5.85B.

How much free cash flow did Kraft Heinz Co generate in fiscal 2025?

Cash from operations of $4.46B minus capital expenditures of $801.0M left free cash flow of $3.66B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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