Kraft Heinz (KHC) financial statements
Kraft Heinz reported revenue of $24.9B in fiscal 2025, down 0.6% a year over 9 years.
Net income was -$5.8B and the operating margin -18.7%, against 21.3% in 2016.
Free cash flow was $3.7B, and the company returned $1.9B in dividends and $436M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Kraft Heinz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.3B | $26.1B | $26.3B | $25.0B | $26.2B | $26.0B | $26.5B | $26.6B | $25.8B | $24.9B |
| Cost of revenue | $17.2B | $17.0B | $17.3B | $16.8B | $17.0B | $17.4B | $18.4B | $17.7B | $16.9B | $16.6B |
| Gross profit | $9.1B | $9.0B | $8.9B | $8.1B | $9.2B | $8.7B | $8.1B | $8.9B | $9.0B | $8.3B |
| Research and development | $120M | $93M | $109M | $112M | $119M | $140M | $127M | $147M | $150M | $167M |
| Selling, general and admin | $3.5B | $3.0B | $19.1B | $5.1B | $7.0B | $5.2B | $4.5B | $4.4B | $7.3B | $13.0B |
| Operating income | $5.6B | $6.1B | -$10.2B | $3.1B | $2.1B | $3.5B | $3.6B | $4.6B | $1.7B | -$4.7B |
| Interest expense | $1.1B | $1.2B | $1.3B | $1.4B | $1.4B | $2.0B | $921M | $912M | $912M | $947M |
| Pre-tax income | $4.9B | $5.5B | -$11.3B | $2.7B | $1.0B | $1.7B | $3.0B | $3.6B | $856M | -$5.4B |
| Income tax | $1.3B | -$5.5B | -$1.1B | $728M | $669M | $684M | $598M | $787M | -$1.9B | $403M |
| Net income | $3.6B | $10.9B | -$10.2B | $1.9B | $356M | $1.0B | $2.4B | $2.9B | $2.7B | -$5.8B |
| EPS (diluted) | $2.78 | $8.91 | -$8.36 | $1.58 | $0.29 | $0.82 | $1.91 | $2.31 | $2.26 | -$4.93 |
| Diluted shares | 1.23B | 1.23B | 1.22B | 1.22B | 1.23B | 1.24B | 1.24B | 1.24B | 1.22B | 1.19B |
| Gross margin | 34.8% | 34.6% | 34.0% | 32.6% | 35.0% | 33.3% | 30.7% | 33.5% | 34.7% | 33.3% |
| Operating margin | 21.3% | 23.2% | -38.8% | 12.3% | 8.1% | 13.3% | 13.7% | 17.2% | 6.5% | -18.7% |
| Net margin | 13.7% | 42.0% | -38.8% | 7.7% | 1.4% | 3.9% | 8.9% | 10.7% | 10.6% | -23.4% |
Balance sheet
Fiscal years, from Kraft Heinz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.2B | $1.6B | $1.1B | $2.3B | $3.4B | $3.4B | $1.0B | $1.4B | $1.3B | $3.7B |
| Receivables | $769M | $921M | $2.1B | $2.0B | $2.1B | $2.0B | $2.1B | $2.1B | $2.1B | $2.3B |
| Inventory | $2.7B | $2.8B | $2.7B | $2.7B | $2.8B | $2.7B | $3.7B | $3.6B | $3.4B | $3.2B |
| Total current assets | $8.8B | $7.2B | $9.1B | $8.1B | $10.8B | $9.0B | $7.9B | $7.9B | $7.7B | $10.1B |
| Property, plant and equipment | $6.7B | $7.1B | $7.1B | $7.1B | $6.9B | $6.8B | $6.7B | $7.1B | $7.2B | $7.3B |
| Goodwill | $44.1B | $44.8B | $36.5B | $35.5B | $33.1B | $31.3B | $30.8B | $30.5B | $28.7B | $22.2B |
| Total assets | $120.5B | $120.1B | $103.5B | $101.5B | $99.8B | $93.4B | $90.5B | $90.3B | $88.3B | $81.8B |
| Total current liabilities | $9.5B | $10.2B | $7.5B | $7.9B | $8.1B | $9.1B | $9.0B | $8.0B | $7.3B | $8.8B |
| Long-term debt | $29.7B | $28.3B | $30.8B | $28.2B | $28.1B | $21.1B | $19.2B | $19.4B | $19.2B | $19.3B |
| Total liabilities | $62.9B | $54.0B | $51.7B | $49.7B | $49.6B | $43.9B | $41.6B | $40.6B | $39.0B | $40.0B |
| Shareholders' equity | $57.4B | $65.9B | $51.7B | $51.6B | $50.1B | $49.3B | $48.7B | $49.5B | $49.2B | $41.7B |
| Net debt | $25.5B | $26.7B | $29.6B | $25.9B | $24.7B | $17.6B | $18.2B | $18.0B | $17.9B | $16.7B |
Cash flow
Fiscal years, from Kraft Heinz's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $501M | $2.6B | $3.6B | $4.9B | $5.4B | $2.5B | $4.0B | $4.2B | $4.5B |
| Capital spending | $1.2B | $1.2B | $826M | $768M | $596M | $905M | $916M | $1.0B | $1.0B | $801M |
| Free cash flow | $1.4B | -$693M | $1.7B | $2.8B | $4.3B | $4.5B | $1.6B | $3.0B | $3.2B | $3.7B |
| Stock-based compensation | $46M | $46M | $33M | $46M | $156M | $197M | $148M | $141M | $109M | $95M |
| Dividends paid | $3.6B | $2.9B | $3.2B | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B | $1.9B | $1.9B |
| Share buybacks (net) | — | — | — | — | — | -$271M | -$280M | -$455M | -$988M | -$436M |
| Net borrowing | -$85M | -$2.6B | -$2.7B | -$4.8B | -$4.7B | -$6.2B | -$1.5B | -$848M | -$618M | -$678M |
| Free cash flow margin | 5.3% | -2.7% | 6.7% | 11.1% | 16.5% | 17.1% | 5.9% | 11.1% | 12.2% | 14.7% |
| Dividends per share | $2.92 | $2.35 | $2.61 | $1.60 | $1.59 | $1.58 | $1.59 | $1.59 | $1.59 | $1.60 |
Questions
What was Kraft Heinz's revenue in 2025?
$24.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Kraft Heinz generate?
$3.7B in fiscal 2025 (operating cash flow minus capital spending).
From Kraft Heinz's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.