Revenue growth remains under pressure with a 3.50% year-over-year decline, while operating margins are frequently distorted by massive non-recurring impairment charges, such as the $7.8 billion loss recorded in 2025Q2.
| Metric | TTM | Dec'25 | 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 |
|---|
| Sales/Revenue | 24.99B | 24.94B | 25.85B | 26.64B | 26.48B | 26.04B | 26.18B | 24.98B | 26.27B | 26.08B | 26.3B | 18.34B | 18.2B | 18.22B | 18.27B | 18.58B |
| Revenue Growth % | -1.75% | -3.5% | -2.98% | 0.59% | 1.7% | -0.55% | 4.84% | -4.91% | 0.74% | -0.85% | 43.42% | 0.73% | -0.07% | -0.29% | -1.64% | - |
| Cost of Goods Sold | 16.66B | 16.63B | 16.88B | 17.71B | 18.36B | 17.36B | 17.01B | 16.83B | 17.35B | 17.04B | 17.15B | 12.58B | 13.36B | 11.39B | 12.5B | 12.81B |
| COGS % of Revenue | - | 66.69% | 65.3% | 66.49% | 69.33% | 66.66% | 64.95% | 67.38% | 66.04% | 65.36% | 65.22% | 68.58% | 73.39% | 62.55% | 68.41% | 68.98% |
| Gross Profit | 8.33B | 8.31B | 8.97B | 8.93B | 8.12B | 8.68B | 9.18B | 8.15B | 8.92B | 9.03B | 9.15B | 5.76B | 4.84B | 6.82B | 5.77B | 5.76B |
| Gross Margin % | 33.33% | 33.31% | 34.7% | 33.51% | 30.67% | 33.34% | 35.05% | 32.62% | 33.96% | 34.64% | 34.78% | 31.42% | 26.61% | 37.45% | 31.59% | 31.02% |
| Gross Profit Growth % | - | -7.35% | 0.47% | 9.9% | -6.45% | -5.39% | 12.64% | -8.68% | -1.24% | -1.24% | 58.76% | 18.91% | -28.99% | 18.21% | 0.16% | - |
| Operating Expenses | 13.12B | 12.98B | 7.29B | 4.35B | 4.49B | 5.22B | 7.05B | 5.08B | 19.13B | 2.98B | 3.54B | 3.12B | 2.96B | 2.23B | 3.1B | 2.94B |
| OpEx % of Revenue | - | 52.03% | 28.19% | 16.34% | 16.95% | 20.05% | 26.92% | 20.33% | 72.81% | 11.41% | 13.48% | 17.02% | 16.23% | 12.25% | 16.98% | 15.8% |
| Selling, General & Admin | 3.81B | 3.67B | 3.49B | 3.59B | 3.43B | 3.37B | 3.17B | 2.7B | 2.84B | 2.93B | 3.53B | 3.12B | 2.96B | 2.12B | 2.96B | 2.94B |
| SG&A % of Revenue | - | 14.72% | 13.49% | 13.49% | 12.94% | 12.96% | 12.09% | 10.81% | 10.81% | 11.22% | 13.41% | 17.02% | 16.24% | 11.66% | 16.21% | 15.81% |
| Research & Development | 0 | 0 | 0 | 147M | 0 | 140M | 119M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.55% | - | 0.54% | 0.45% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 9.31B | 3.8B | 614M | 1.06B | 1.71B | 3.77B | 2.38B | 16.29B | 49M | 18M | 0 | -1M | 108M | 141M | -2M |
| Operating Income | -4.79B | -4.67B | 1.68B | 4.57B | 3.63B | 3.46B | 2.13B | 3.07B | -10.21B | 6.06B | 5.6B | 2.64B | 1.89B | 4.59B | 2.67B | 2.83B |
| Operating Margin % | -19.16% | -18.72% | 6.51% | 17.16% | 13.72% | 13.29% | 8.13% | 12.29% | -38.85% | 23.23% | 21.3% | 14.39% | 10.38% | 25.2% | 14.61% | 15.22% |
| Operating Income Growth % | - | -377.42% | -63.19% | 25.81% | 5.03% | 62.59% | -30.68% | 130.08% | -268.48% | 8.14% | 112.24% | 39.63% | -58.83% | 71.95% | -5.59% | - |
| EBITDA | -3.81B | -3.7B | 2.63B | 5.53B | 4.57B | 4.37B | 3.1B | 4.06B | -9.22B | 7.09B | 6.94B | 3.38B | 2.27B | 4.98B | 3.1B | 3.19B |
| EBITDA Margin % | -15.23% | -14.84% | 10.18% | 20.77% | 17.24% | 16.78% | 11.83% | 16.27% | -35.11% | 27.18% | 26.38% | 18.43% | 12.5% | 27.36% | 16.96% | 17.18% |
| EBITDA Growth % | -250.71% | -240.67% | -52.45% | 21.15% | 4.51% | 41.1% | -23.79% | 144.07% | -230.11% | 2.16% | 105.33% | 48.53% | -54.35% | 60.88% | -2.94% | - |
| D&A (Non-Cash Add-back) | 982M | 968M | 948M | 961M | 933M | 910M | 969M | 994M | 983M | 1.03B | 1.34B | 740M | 385M | 393M | 428M | 364M |
| EBIT | -4.67B | -4.5B | 1.77B | 4.54B | 3.89B | 3.75B | 2.42B | 4.02B | -10.04B | 6.68B | 6.07B | 2.33B | 1.89B | 4.59B | 2.71B | 2.88B |
| Net Interest Income | -825M | -825M | -843M | -872M | -894M | -2.03B | -1.37B | -1.32B | -1.25B | -1.23B | -1.13B | -1.32B | -484M | -501M | -258M | -4M |
| Interest Income | 141M | 122M | 69M | 40M | 27M | 15M | 27M | 36M | 35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 966M | 947M | 912M | 912M | 921M | 2.05B | 1.39B | 1.36B | 1.28B | 1.23B | 1.13B | 1.32B | 484M | 501M | 258M | 4M |
| Other Income/Expense | -664M | -776M | -827M | -939M | -668M | -1.75B | -1.1B | -409M | -1.12B | -607M | -662M | -1.63B | -484M | -501M | -217M | 48M |
| Pretax Income | -5.45B | -5.45B | 856M | 3.63B | 2.97B | 1.71B | 1.03B | 2.66B | -11.32B | 5.45B | 4.94B | 1.01B | 1.41B | 4.09B | 2.45B | 2.88B |
| Pretax Margin % | -21.82% | -21.83% | 3.31% | 13.64% | 11.2% | 6.56% | 3.93% | 10.65% | -43.1% | 20.9% | 18.78% | 5.52% | 7.72% | 22.45% | 13.43% | 15.48% |
| Income Tax | 310M | 403M | -1.89B | 787M | 598M | 684M | 669M | 728M | -1.07B | -5.48B | 1.33B | 366M | 363M | 1.38B | 811M | 1.1B |
| Effective Tax Rate % | -5.68% | -7.4% | -220.79% | 21.66% | 20.16% | 40.05% | 64.95% | 27.36% | 9.42% | -100.59% | 26.99% | 36.13% | 25.82% | 33.62% | 33.06% | 38.28% |
| Net Income | -5.76B | -5.85B | 2.74B | 2.85B | 2.36B | 1.01B | 356M | 1.94B | -10.19B | 10.94B | 3.6B | 634M | 1.04B | 2.71B | 1.64B | 1.77B |
| Net Margin % | -23.05% | -23.44% | 10.62% | 10.72% | 8.92% | 3.89% | 1.36% | 7.75% | -38.8% | 41.96% | 13.67% | 3.46% | 5.73% | 14.9% | 8.99% | 9.56% |
| Net Income Growth % | -316.95% | -313.05% | -3.89% | 20.82% | 133.5% | 184.27% | -81.6% | 118.99% | -193.15% | 204.25% | 467.19% | -39.21% | -61.58% | 65.35% | -7.49% | - |
| Net Income (Continuing) | -5.76B | -5.85B | 2.75B | 2.85B | 2.37B | 1.02B | 361M | 1.93B | -10.25B | 10.93B | 3.61B | 647M | 1.04B | 2.71B | 1.64B | 1.77B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 126M | 125M | 140M | 196M | 192M | 154M | 140M | 126M | 121M | 213M | 216M | 231M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.85 | -4.93 | 2.26 | 2.31 | 1.91 | 0.82 | 0.29 | 1.58 | -8.44 | 8.95 | 2.81 | -0.34 | 1.74 | 4.51 | 2.75 | 3.00 |
| EPS Growth % | -319.16% | -318.14% | -2.16% | 20.94% | 132.93% | 182.76% | -81.65% | 118.72% | -194.3% | 218.51% | 926.47% | -119.54% | -61.42% | 64% | -8.33% | - |
| EPS (Basic) | - | -4.93 | 2.27 | 2.33 | 1.93 | 0.83 | 0.29 | 1.58 | -8.44 | 9.03 | 2.84 | -0.34 | 1.75 | 4.55 | 2.77 | 3.00 |
| Diluted Shares Outstanding | 1.19B | 1.19B | 1.22B | 1.24B | 1.24B | 1.24B | 1.23B | 1.22B | 1.22B | 1.23B | 1.23B | 786M | 598M | 599M | 598M | 591M |
| Basic Shares Outstanding | 1.19B | 1.19B | 1.21B | 1.23B | 1.23B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 782.35M | 593M | 594M | 593M | 591M |
| Dividend Payout Ratio | - | - | 70.37% | 68.83% | 82.95% | 193.58% | 550% | 100.93% | - | 26.4% | 99.67% | 205.36% | 121.38% | 44.46% | - | - |
Persistent volume and pricing headwinds
As indicated by recent quarterly filings, KHC's top-line performance remains under pressure, with revenue growth consistently hovering in negative territory, including a 3.50% year-over-year decline that suggests the company is struggling to balance necessary price increases against a broader consumer shift toward value-oriented private label alternatives.
The persistent negative growth trend suggests that the company's historical reliance on pricing power may have reached a ceiling in the current inflationary environment. Investors should monitor whether the recent 0.8% uptick in 2026Q1 represents a sustainable recovery or merely a temporary fluctuation in a long-term decelerating trajectory.
Based on the provided financial data, KHC maintains a gross margin profile near 33.31%, which appears resilient; however, the reported operating margins have been severely distorted by massive, non-recurring impairment charges that obscure the underlying unit-level profitability of the company's core condiment and sauce portfolio.
While the gross margin suggests the brand retains some pricing power, the volatility in operating margins indicates that the company's cost structure remains highly sensitive to non-cash accounting adjustments. This volatility warrants further investigation into whether these impairments reflect a permanent erosion of brand equity or simply legacy accounting cleanup.
According to the income statement history, KHC's net income is frequently impacted by significant non-operating swings, such as the massive $7.8 billion loss in 2025Q2, which suggests that reported EPS figures are currently unreliable indicators of the company's actual operational cash-generating capability for equity holders.
The frequent divergence between operating income and net income suggests that investors should prioritize adjusted metrics over GAAP figures to assess true performance. The recurring nature of these large, non-cash charges implies that the company's earnings quality remains low until management can demonstrate a period of sustained, clean operational profitability.
As reported in financial statements, the company's inability to consistently grow revenue despite its dominant market position suggests that the 'Heinz' moat may be narrowing, as evidenced by the 3.50% year-over-year revenue decline that highlights the growing threat of private label penetration in the packaged food sector.
Short-sellers may focus on the potential for further brand write-downs if the company fails to regain volume growth in its core categories. The reliance on price hikes to offset volume declines appears to be reaching a point of diminishing returns, which may force a pivot toward margin-dilutive promotional spending.
Quick answers to the most common questions about buying KHC stock.
For fiscal year 2025, The Kraft Heinz Company (KHC) reported total revenue of $24.94B. This represents a 34.3% increase compared to $18.58B in 2011.
The Kraft Heinz Company (KHC) reported a net loss of $5.85B for the fiscal year ending 2025.
The Kraft Heinz Company (KHC) reported an operating income of $-4669.0M, resulting in an operating profit margin of -18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
The Kraft Heinz Company (KHC) generated $8.31B in gross profit for the year, representing a gross profit margin of 33.3%. This demonstrates the company's core pricing power and production efficiency.