Revenue growth remains largely stagnant at 0.3% in 2025Q2, while operating margins have fluctuated significantly between 10.3% and 17.0% over the last ten quarters.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 12.64B | 12.75B | 13.12B | 12.65B | 11.75B | 13.77B | 13.58B | 13.55B | 12.85B | 12.96B | 13.53B | 14.58B | 14.79B | 14.2B | 13.2B | 12.4B | 12.57B | 12.82B | 11.78B | 10.91B | 10.18B | 9.61B | 8.81B | 8.3B | 7.55B | 6.09B | 6.98B | 6.76B | 6.83B | 6.68B | 7B |
| Revenue Growth % | -1.39% | -2.84% | 3.71% | 7.71% | -14.69% | 1.41% | 0.23% | 5.39% | -0.86% | -4.14% | -7.24% | -1.43% | 4.19% | 7.57% | 6.46% | -1.42% | -1.93% | 8.88% | 7.97% | 7.17% | 5.86% | 9.11% | 6.11% | 10.01% | 24.01% | -12.85% | 3.28% | -0.99% | 2.3% | -4.67% | 6.73% |
| Cost of Goods Sold | 8.08B | 8.05B | 8.83B | 8.84B | 7.92B | 9.04B | 9.14B | 8.72B | 8.04B | 7.96B | 8.59B | 9.34B | 8.47B | 8.71B | 7.74B | 7.07B | 7.13B | 7.42B | 6.55B | 6.03B | 5.57B | 5.3B | 4.9B | 4.57B | 4.21B | 3.4B | 3.04B | 3B | 2.98B | 2.87B | 2.92B |
| COGS % of Revenue | - | 63.14% | 67.32% | 69.84% | 67.38% | 65.67% | 67.35% | 64.38% | 62.55% | 61.39% | 63.48% | 64.08% | 57.27% | 61.37% | 58.63% | 57.01% | 56.73% | 57.9% | 55.66% | 55.3% | 54.71% | 55.12% | 55.6% | 55.02% | 55.79% | 55.89% | 43.49% | 44.43% | 43.68% | 43.01% | 41.68% |
| Gross Profit | 4.56B | 4.7B | 4.29B | 3.82B | 3.83B | 4.73B | 4.43B | 4.83B | 4.81B | 5.01B | 4.94B | 5.24B | 6.32B | 5.49B | 5.46B | 5.33B | 5.44B | 5.4B | 5.22B | 4.88B | 4.61B | 4.32B | 3.91B | 3.74B | 3.34B | 2.69B | 3.95B | 3.76B | 3.85B | 3.81B | 4.08B |
| Gross Margin % | 36.08% | 36.86% | 32.68% | 30.16% | 32.62% | 34.33% | 32.65% | 35.62% | 37.45% | 38.61% | 36.52% | 35.92% | 42.73% | 38.63% | 41.37% | 42.99% | 43.27% | 42.1% | 44.34% | 44.7% | 45.29% | 44.89% | 44.4% | 44.98% | 44.21% | 44.11% | 56.51% | 55.57% | 56.33% | 56.99% | 58.32% |
| Gross Profit Growth % | - | 9.58% | 12.37% | -0.42% | -18.93% | 6.63% | -8.12% | 0.23% | -3.84% | 1.36% | -5.69% | -17.14% | 15.22% | 0.46% | 2.44% | -2.04% | 0.8% | 3.39% | 7.09% | 5.76% | 6.82% | 10.29% | 4.75% | 11.93% | 24.28% | -31.98% | 5.04% | -2.32% | 1.1% | -6.84% | 5.62% |
| Operating Expenses | 2.71B | 2.83B | 2.78B | 2.6B | 2.45B | 2.97B | 3.03B | 3.12B | 3.43B | 3.52B | 3.85B | 4.21B | 3.48B | 3.8B | 3.46B | 3.26B | 3.33B | 3.41B | 3.23B | 3.06B | 2.82B | 2.63B | 2.37B | 2.23B | 2.17B | 1.7B | 2.87B | 2.79B | 2.65B | 2.71B | 2.83B |
| OpEx % of Revenue | - | 22.17% | 21.21% | 20.59% | 20.85% | 21.54% | 22.33% | 23.02% | 26.66% | 27.17% | 28.45% | 28.9% | 23.55% | 26.75% | 26.2% | 26.31% | 26.5% | 26.59% | 27.4% | 28.05% | 27.66% | 27.4% | 26.88% | 26.82% | 28.74% | 27.85% | 41.15% | 41.29% | 38.86% | 40.59% | 40.34% |
| Selling, General & Admin | 2.6B | 2.63B | 2.83B | 2.64B | 2.25B | 2.96B | 2.83B | 3.02B | 3.02B | 3.2B | 3.44B | 3.88B | 3.17B | 3.59B | 3.27B | 3.08B | 3.15B | 3.23B | 3.05B | 2.87B | 2.63B | 2.49B | 2.37B | 2.23B | 2.14B | 1.61B | 2.59B | 2.51B | 2.37B | 2.46B | 2.57B |
| SG&A % of Revenue | - | 20.61% | 21.57% | 20.89% | 19.15% | 21.46% | 20.82% | 22.31% | 23.47% | 24.7% | 25.46% | 26.58% | 21.4% | 25.29% | 24.75% | 24.8% | 25.06% | 25.18% | 25.88% | 26.3% | 25.88% | 25.85% | 26.88% | 26.82% | 28.29% | 26.43% | 37.02% | 37.18% | 34.66% | 36.83% | 36.65% |
| Research & Development | 115M | 115M | 116M | 111M | 117M | 135M | 144M | 154M | 148M | 182M | 193M | 199M | 199M | 206M | 192M | 187M | 181M | 181M | 179M | 190.6M | 181M | 148.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.9% | 0.88% | 0.88% | 1% | 0.98% | 1.06% | 1.14% | 1.15% | 1.4% | 1.43% | 1.36% | 1.35% | 1.45% | 1.45% | 1.51% | 1.44% | 1.41% | 1.52% | 1.75% | 1.78% | 1.55% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 84M | -163M | -149M | 82M | -124M | 61M | -57M | 262M | 139M | 212M | 139M | 118M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.3M | 86.5M | 288M | 278.1M | 287M | 251.5M | 258.8M |
| Operating Income | 1.85B | 1.87B | 1.5B | 1.21B | 1.38B | 1.76B | 1.4B | 1.71B | 1.39B | 1.48B | 1.09B | 1.02B | 2.84B | 1.69B | 2B | 2.07B | 2.11B | 1.99B | 1.99B | 1.82B | 1.79B | 1.68B | 1.54B | 1.51B | 1.17B | 989.8M | 1.07B | 965.6M | 1.19B | 1.09B | 1.26B |
| Operating Margin % | 14.67% | 14.69% | 11.47% | 9.57% | 11.77% | 12.79% | 10.32% | 12.59% | 10.79% | 11.44% | 8.07% | 7.02% | 19.18% | 11.89% | 15.17% | 16.68% | 16.77% | 15.5% | 16.93% | 16.65% | 17.63% | 17.49% | 17.52% | 18.16% | 15.47% | 16.26% | 15.37% | 14.28% | 17.47% | 16.4% | 17.98% |
| Operating Income Growth % | - | 24.45% | 24.28% | -12.44% | -21.47% | 25.7% | -17.88% | 23% | -6.47% | 35.93% | 6.54% | -63.91% | 68.07% | -15.68% | -3.19% | -1.94% | 6.09% | -0.3% | 9.81% | 1.2% | 6.73% | 8.87% | 2.39% | 29.13% | 17.99% | -7.79% | 11.16% | -19.06% | 8.95% | -13.05% | 8.32% |
| EBITDA | 2.22B | 2.24B | 1.87B | 1.61B | 1.85B | 2.24B | 1.89B | 2.22B | 1.87B | 2B | 1.63B | 1.53B | 3.37B | 2.14B | 2.37B | 2.46B | 2.49B | 2.36B | 2.37B | 2.17B | 2.19B | 2.09B | 1.92B | 1.86B | 1.61B | 1.28B | 1.36B | 1.24B | 1.48B | 1.35B | 1.52B |
| EBITDA Margin % | 17.59% | 17.57% | 14.27% | 12.76% | 15.75% | 16.27% | 13.88% | 16.4% | 14.53% | 15.43% | 12.01% | 10.47% | 22.78% | 15.05% | 17.96% | 19.84% | 19.82% | 18.43% | 20.09% | 19.88% | 21.48% | 21.75% | 21.75% | 22.36% | 21.28% | 21.04% | 19.49% | 18.39% | 21.67% | 20.17% | 21.68% |
| EBITDA Growth % | 14.05% | 19.66% | 15.91% | -12.7% | -17.41% | 18.83% | -15.17% | 18.95% | -6.6% | 23.08% | 6.42% | -54.67% | 57.72% | -9.91% | -3.62% | -1.32% | 5.5% | -0.13% | 9.11% | -0.81% | 4.54% | 9.09% | 3.25% | 15.56% | 25.47% | -5.95% | 9.46% | -15.97% | 9.91% | -11.3% | 7.01% |
| D&A (Non-Cash Add-back) | 369M | 367M | 367M | 404M | 467M | 479M | 484M | 516M | 481M | 517M | 534M | 503M | 532M | 448M | 369M | 392M | 384M | 375M | 372M | 352.7M | 391.8M | 410M | 372.8M | 348.4M | 438.6M | 290.6M | 288M | 278.1M | 287M | 251.5M | 258.8M |
| EBIT | 1.96B | 2.07B | 1.46B | 1.17B | 1.58B | 1.77B | 1.61B | 1.8B | 1.8B | 1.8B | 1.5B | 1.36B | 3.15B | 1.59B | 1.97B | 2.02B | 2B | 1.94B | 1.87B | 1.78B | 1.73B | 1.67B | 1.54B | 1.51B | 1.2B | 1.08B | 1.07B | 965.6M | 1.19B | 1.09B | 1.26B |
| Net Interest Income | -306M | -249M | -250M | -301M | -216M | -282M | -290M | -263M | -246M | -411M | -244M | -223M | -227M | -260M | -224M | -277M | -311M | -288M | -296M | -296.4M | -300.3M | -308.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 105M | 101M | 33M | 12M | 21M | 24M | 16M | 0 | 0 | 0 | 8M | 7M | 9M | 11M | 6M | 4M | 20M | 23M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 306M | 354M | 351M | 334M | 228M | 303M | 314M | 279M | 246M | 411M | 244M | 231M | 234M | 269M | 235M | 283M | 315M | 308M | 319M | 307.4M | 300.3M | 308.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -225M | -213M | -459M | -300M | 73M | -174M | -103M | -181M | 277M | -548M | -318M | -205M | -237M | -364M | -270M | -326M | -425M | -355M | -447M | -345.2M | -369.2M | -315.2M | -374.6M | -363.8M | -363.8M | -122.1M | -536.7M | -183.1M | -288M | -235.1M | -463.3M |
| Pretax Income | 1.63B | 1.66B | 1.05B | 911M | 1.46B | 1.59B | 1.3B | 1.52B | 1.66B | 935M | 773M | 819M | 2.6B | 1.32B | 1.73B | 1.74B | 1.68B | 1.63B | 1.55B | 1.47B | 1.43B | 1.37B | 1.17B | 1.14B | 804.1M | 867.7M | 536.7M | 782.5M | 905M | 859.9M | 796M |
| Pretax Margin % | 12.89% | 13.02% | 7.97% | 7.2% | 12.39% | 11.53% | 9.56% | 11.26% | 12.95% | 7.21% | 5.72% | 5.62% | 17.58% | 9.33% | 13.12% | 14.05% | 13.39% | 12.74% | 13.14% | 13.48% | 14% | 14.21% | 13.27% | 13.78% | 10.65% | 14.26% | 7.68% | 11.57% | 13.25% | 12.88% | 11.37% |
| Income Tax | 281M | 304M | 258M | 180M | 353M | 323M | 321M | 181M | 410M | 235M | 159M | 186M | 792M | 363M | 503M | 502M | 476M | 485M | 444M | 466.5M | 444.7M | 475.3M | 382.4M | 423.4M | 322.1M | 280M | 198.4M | 279.9M | 341M | 328.9M | 305.7M |
| Effective Tax Rate % | 17.24% | 18.31% | 24.67% | 19.76% | 24.24% | 20.35% | 24.73% | 11.87% | 24.64% | 25.13% | 20.57% | 22.71% | 30.46% | 27.42% | 29.04% | 28.82% | 28.27% | 29.7% | 28.7% | 31.72% | 31.2% | 34.8% | 32.7% | 37% | 40.06% | 32.27% | 36.97% | 35.77% | 37.68% | 38.25% | 38.4% |
| Net Income | 1.33B | 1.34B | 951M | 960M | 1.49B | 1.25B | 960M | 1.34B | 1.25B | 699M | 614M | 632M | 1.81B | 961M | 866M | 1.29B | 1.21B | 1.15B | 1.1B | 1B | 980M | 890.6M | 787.1M | 720.9M | 473.6M | 587.7M | 338.3M | 502.6M | 546M | 531M | 490.3M |
| Net Margin % | 10.56% | 10.53% | 7.25% | 7.59% | 12.67% | 9.09% | 7.07% | 9.86% | 9.76% | 5.39% | 4.54% | 4.33% | 12.22% | 6.77% | 6.56% | 10.38% | 9.64% | 8.95% | 9.37% | 9.21% | 9.63% | 9.26% | 8.93% | 8.68% | 6.27% | 9.66% | 4.84% | 7.43% | 7.99% | 7.95% | 7% |
| Net Income Growth % | 47.19% | 41.22% | -0.94% | -35.48% | 18.94% | 30.31% | -28.14% | 6.54% | 79.4% | 13.84% | -2.85% | -65.02% | 88.03% | 10.97% | -32.71% | 6.19% | 5.57% | 4.08% | 9.86% | 2.45% | 10.04% | 13.15% | 9.18% | 52.22% | -19.41% | 73.72% | -32.69% | -7.95% | 2.82% | 8.3% | -30.49% |
| Net Income (Continuing) | 1.35B | 1.36B | 788M | 731M | 1.1B | 1.26B | 977M | 1.34B | 1.25B | 700M | 614M | 633M | 1.81B | 961M | 1.23B | 1.24B | 1.21B | 1.15B | 1.1B | 1B | 980.4M | 890.6M | 787.1M | 720.9M | 482M | 587.7M | 338.3M | 502.6M | 564M | 531M | 490.3M |
| Discontinued Operations | 0 | 0 | 176M | 231M | 392M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 101M | 107M | 194M | 434M | 495M | 524M | 567M | 558M | 16M | 16M | 10M | 62M | 62M | 61M | 2M | -4M | 3M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.81 | 3.88 | 2.76 | 2.79 | 4.33 | 3.63 | 2.80 | 3.83 | 0.74 | 1.96 | 1.72 | 1.75 | 4.94 | 2.67 | 3.38 | 3.30 | 3.16 | 2.99 | 2.76 | 2.51 | 2.36 | 2.14 | 1.92 | 1.75 | 1.16 | 1.45 | 0.83 | 1.23 | 1.32 | 1.25 | 1.12 |
| EPS Growth % | 44.47% | 40.58% | -1.08% | -35.57% | 19.28% | 29.64% | -26.89% | 417.57% | -62.24% | 13.95% | -1.71% | -64.57% | 85.02% | -21.01% | 2.42% | 4.43% | 5.69% | 8.33% | 9.96% | 6.36% | 10.28% | 11.46% | 9.71% | 50.86% | -20% | 74.7% | -32.52% | -6.82% | 5.6% | 11.61% | -29.11% |
| EPS (Basic) | - | 3.92 | 2.78 | 2.81 | 4.36 | 3.65 | 2.81 | 3.85 | 0.75 | 1.98 | 1.74 | 1.76 | 4.98 | 2.68 | 3.40 | 3.32 | 3.17 | 3.01 | 2.79 | 2.53 | 2.38 | 2.16 | 1.93 | 1.77 | 1.17 | 1.45 | 0.83 | 1.23 | 1.32 | 1.25 | 1.12 |
| Diluted Shares Outstanding | 350M | 346M | 344.57M | 344.09M | 343M | 345M | 343M | 348M | 345.6M | 354M | 356M | 360M | 365M | 360M | 364M | 378M | 384M | 385M | 399.64M | 400.04M | 415.42M | 416.17M | 409.95M | 411.94M | 408.28M | 405.31M | 407.59M | 408.94M | 418.43M | 424.8M | 438.98M |
| Basic Shares Outstanding | 347M | 343M | 342.09M | 341.64M | 341M | 343M | 341M | 347M | 345.6M | 350M | 354M | 358M | 363M | 358M | 362M | 376M | 382M | 382M | 395.34M | 396.88M | 411.93M | 412.31M | 407.82M | 407.29M | 404.79M | 405.31M | 407.59M | 408.62M | 413.64M | 424.8M | 437.77M |
| Dividend Payout Ratio | - | 57.78% | 84.12% | 83.02% | 52.96% | 62.51% | 80.1% | 57.04% | 58.69% | 102.43% | 114.01% | 107.59% | 36.14% | 64.72% | 69.75% | 45.38% | 45.05% | 43.12% | 43.06% | 44.81% | 44.41% | 46.89% | 52.39% | 57.23% | 86.53% | 68.73% | 114.9% | 74.61% | 65.93% | 64.73% | 67% |
Volume elasticity and pricing limits
According to the most recent quarterly data, Kellanova's revenue growth has remained largely flat, with the 2025Q2 figure of 0.3% following a prolonged period of negative year-over-year comparisons, suggesting that the company is struggling to find a sustainable path toward meaningful top-line expansion post-divestiture.
The persistent inability to generate consistent positive revenue growth indicates that price-led strategies may have reached their limit in the current consumer environment. Investors should monitor whether the company can pivot toward volume-driven growth, as the current trend suggests a reliance on pricing that is increasingly met with consumer resistance.
As reported in financial statements, gross margins have shown a modest recovery from the 29.4% low in 2023Q1 to 34.3% in 2025Q2, yet this remains below the peak levels observed in late 2024, highlighting the ongoing volatility in input costs and the difficulty of maintaining pricing power.
The fluctuation in gross margins suggests that the company's pricing architecture is highly sensitive to commodity cost inputs. While the recent stabilization is encouraging, the inability to consistently hold margins above the 35% threshold warrants further investigation into the company's long-term ability to pass through inflationary pressures.
Based on the provided income statement data, operating margins have fluctuated between 10.3% and 17.0% over the last ten quarters, reflecting an inconsistent ability to scale operating income effectively against gross profit gains, which may indicate persistent inefficiencies in the post-spin corporate cost structure.
The lack of clear operating leverage suggests that SG&A expenses are not scaling down in proportion to revenue, potentially due to stranded costs from the recent corporate separation. Analysts should scrutinize whether management can successfully streamline these overheads to improve operating profitability in the coming fiscal periods.
Data from the last ten quarters reveals that despite aggressive pricing actions, revenue growth has remained largely negative or flat, which suggests that the company's core snacking portfolio may be facing significant volume elasticity that could undermine future earnings potential if pricing power continues to erode.
The reliance on price increases to offset volume declines appears to be a precarious strategy that may eventually lead to market share loss. Investors should be wary of the possibility that the company's brands are becoming less resilient to private-label alternatives, which would necessitate a fundamental shift in the current growth narrative.
Quick answers to the most common questions about buying K stock.
For fiscal year 2024, Kellanova (K) reported total revenue of $12.75B. This represents a 82.0% increase compared to $7.00B in 1995.
Kellanova (K) is profitable, generating $1.34B in net income for the fiscal year ending 2024 with a net profit margin of 10.5%.
Kellanova (K) reported an operating income of $1.87B, resulting in an operating profit margin of 14.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Kellanova (K) generated $4.70B in gross profit for the year, representing a gross profit margin of 36.9%. This demonstrates the company's core pricing power and production efficiency.