Kraft Heinz

Kraft Heinz is one of the largest food and beverage companies in the world. Its brands include Heinz, Kraft, Oscar Mayer, Philadelphia, Lunchables, Velveeta, Maxwell House and Kool-Aid. It sells condiments and sauces, cheese, meats, meals, snacks, coffee and drinks to grocery stores and mass merchants, and to restaurants and other food service customers. North America is most of the business: $4,485 million of $6,115 million of net sales in Q3 2026.

Since Q3 2026, it reports three segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. Kraft Heinz makes money from the sale of branded products, and it pays a quarterly dividend of $0.40 per share. Its stock moved from Nasdaq to the NYSE on September 14, 2026.

The market prices Kraft Heinz for brands that lose buyers in North America. In Q3 2026, organic net sales fell 1.1%, and volume and mix in North America fell 2.4 points, with declines in meats, sauces and refreshment beverages. This fall was smaller than the 3.8 points of Q2 2026, but orders that customers placed early, in Q2, lowered the Q3 volume and mix of the company by about 0.8 point. Cuts to SNAP food benefits reduce demand, and the company expects them to lower 2026 organic sales by about 1 point.

To win back buyers, Kraft Heinz spends about $700 million more on its brands in 2026 than in 2025, so it expects constant currency adjusted operating income to fall 16% to 18%. In Q2 2026, it also wrote down $7.4 billion of goodwill and brand values, including $3.4 billion for the Kraft brand, and these impairments show that the brands earn less than before. The plan to split into two companies, announced in September 2025, is paused since February 11, 2026, so a split no longer gives a dated path to unlock value. For the gap to close, three things must be true.

Volume in North America must stop falling and turn positive in 2027, as the higher brand spending takes effect. Adjusted EPS must reach the 2026 guidance of $2.07 to $2.13, which the company raised on November 4, 2026, with free cash flow conversion near 110%. The company must keep its dividend and its investment-grade ratings while it reduces debt. The Investor Day on November 12, 2026 and the 2027 outlook in about February 2027 give the next evidence.

If volume recovers, the gap can close over several years. If brand volume keeps falling, the gap can stay.

1. Nov 4, 2026Passed

   Q3 2026 results: North America volumeA smaller fall in North America volume and mix than the 3.8 points of Q2 and the 2026 adjusted EPS guidance of $2.03 to $2.09 kept pass; a larger volume fall or lower guidance fails.Outcome: North America volume and mix fell 2.4 points, less than in Q2, and Kraft Heinz raised its 2026 adjusted EPS guidance to $2.07 to $2.13.
2. Nov 12, 2026Overdue by 1 day

   Investor Day: long-term strategy and targetsClear volume and margin targets with dated milestones and a kept dividend pass; vague targets or a lower profit outlook fail.
3. Feb 4, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookA 2027 outlook with stable or positive organic sales from volume and stable adjusted operating income passes; another year of falling volume and profit fails.
4. 2027 · est.Pending

   Credit ratings and the paused splitRatings kept at BBB or Baa2 with the dividend unchanged pass; a downgrade or a dividend cut fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Kraft Heinz reported Q3 2026 results. Net sales fell 2.0% to $6.1 billion, and organic net sales fell 1.1%. Diluted EPS was $0.46, and adjusted EPS was $0.53, down 13.1%. Adjusted operating income fell 15.2% to $939 million. Free cash flow in the first nine months of 2026 was $2.4 billion, down 5.2%. Kraft Heinz raised its 2026 adjusted EPS guidance to $2.07 to $2.13 and its organic net sales outlook to a fall of 0.5% to 1.25%.
• November 4, 2026Kelly Dilts, the CFO of Nordstrom, and Mike Schlotman, a former CFO of Kroger, joined the Kraft Heinz board.
• October 12, 2026Kraft Heinz said it will report Q3 2026 results on Wednesday, November 4, 2026, before the market opens, with an analyst question-and-answer session at 9:00 a.m. ET.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 26, 2026Filed November 4, 2026 · khc-20260926
• 8-KChange of directors or officers and Investor disclosureFiled November 4, 2026 · khc-20261031
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 7, 2026 · khc-20261007
• 8-KChange of directors or officersFiled October 6, 2026 · khc-20261002
• 8-KChange of stock exchange listing and Investor disclosureFiled August 26, 2026 · khc-20260824
• 10-QQuarterly report for the period ended Jun 27, 2026Filed August 5, 2026 · khc-20260627
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KChange to shareholder rights or bylawsFiled July 27, 2026 · khc-20260722
• 8-KChange of directors or officersFiled June 18, 2026 · khc-20260612

Every filing on SEC EDGAR (CIK 1637459)

• Kraft Heinz brands lose volume in North America. Volume and mix fell 3.8 points in North America in Q2 2026 and 2.4 points in Q3 2026. The company wrote down $7.4 billion of goodwill and brand values in Q2 2026. If the extra spending does not bring buyers back, profits can keep falling.
• Changes to SNAP food benefits under the OBBBA law reduced the number of participants and their benefits. Kraft Heinz expects about 1 point of lower organic net sales in 2026 from SNAP, and the effect can continue.
• Debt was about $18.0 billion at September 26, 2026. Adjusted operating income falls in 2026, so leverage can rise. S&P and Fitch rate the debt BBB with a negative outlook, and Moody's rates it Baa2 with a stable outlook. A downgrade would raise borrowing costs.
• The plan to split into two companies is paused since February 11, 2026. If the board resumes it, the split needs board approval, tax opinions and other conditions, and it costs money; if it stays paused, investors lose one path to unlock value.
• Input costs such as coffee, meat, packaging, manufacturing and logistics rise. Price increases can offset them only in part, because higher prices can lower volume. Several senior leaders also left in 2026, including the general counsel in October.

Kraft Heinz funds itself mostly with senior unsecured notes of its operating subsidiary, Kraft Heinz Foods Company, which the parent guarantees. Debt is the carrying amount of long-term debt at September 26, 2026, $17,085 million, and its current portion of $918 million, a total of $18,003 million, down from $21.2 billion at December 27, 2025. Read more

Yield at the current rate

6.6% (current annual rate, at today’s price)

Dividend yield

6.6% (last 12 months, at today’s price of $24.27)

Paid per share

$1.60 in the last 12 months (4 payments)

Current annual rate

$1.60 ($0.40 × 4 a year)

Latest ex-dividend date

September 4, 2026, $0.40 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 0.0% a year. From 2015 to 2025, the dividend fell by about 0.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.