10-Q · May 6, 2026
The Kraft Heinz Company reported a modest year-over-year revenue increase of 0.8% for Q1 FY2026, with net sales reaching $6.047 billion. The company beat EPS expectations, reporting $0.67 compared to $0.59 in the prior…
Earnings analysis · 10-Q
KHC earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Kraft Heinz delivered Q3 revenue of $6.115 billion and diluted EPS of $0.53, exceeding consensus estimates by approximately 0.5% and 26.19%, respectively. Management raised FY2026 adjusted EPS guidance to $2.07-$2.13…
Read full summary
Kraft Heinz delivered Q3 revenue of $6.115 billion and diluted EPS of $0.53, exceeding consensus estimates by approximately 0.5% and 26.19%, respectively. Management raised FY2026 adjusted EPS guidance to $2.07-$2.13 and improved the Organic Net Sales outlook, while maintaining approximately 110% Free Cash Flow Conversion and a 16%-18% decline outlook for Constant Currency Adjusted Operating Income. The filing disclosed no material changes to risk factors, but earnings pressure and ERP migration execution remain relevant risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.53
What stood out
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Revenue modestly beat estimates
Q3 revenue was $6.115 billion, approximately 0.5% above the $6.0837 billion consensus estimate. Revenue declined approximately 2.0% from $6.24 billion in Q3 2025.
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EPS significantly exceeded consensus
Diluted EPS was $0.53 versus the $0.42 consensus estimate, a 26.19% beat. EPS was modestly above $0.52 in Q3 2025.
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Full-year EPS outlook raised
FY2026 adjusted EPS guidance increased to $2.07-$2.13 from $2.03-$2.09, raising both the low and high ends by $0.04.
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Organic sales outlook improved
The FY2026 Organic Net Sales outlook improved to down 1.25% to down 0.5% from down 2.0% to down 0.5%, improving the low end by 0.75 percentage points.
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Cash conversion outlook maintained
The company retained its approximately 110% Free Cash Flow Conversion outlook and its down 16%-18% Constant Currency Adjusted Operating Income outlook.
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Share repurchases continued
The company repurchased 2,052,740 shares during the quarter, while approximately $1.502 billion remained available under the repurchase program.
What to watch
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Earnings pressure remains
The filing states there were no material changes to the risk factors disclosed in the December 27, 2025 Form 10-K; therefore, 0 new material risk-factor changes were identified. However, the company’s FY2026 Constant Currency Adjusted Operating Income outlook remains down 16%-18%.
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ERP migration execution risk
The company continued its multi-year ERP migration during 2026, including 1 additional implementation within Emerging Markets. Although management reported no material control impact, system changes remain an execution and controls risk.
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Repurchase authorization is discretionary
The company’s $3.0 billion repurchase authorization expires December 26, 2026, and the filing states it may be modified, suspended, or discontinued at any time. Approximately $1.502 billion remained available after 2,052,740 shares were repurchased in the quarter.
Management's outlook
Management raised FY2026 adjusted EPS guidance to $2.07-$2.13 from $2.03-$2.09 and improved the FY2026 Organic Net Sales outlook to down 1.25% to down 0.5% from down 2.0% to down 0.5%. Constant Currency Adjusted Operating Income outlook remained down 16%-18%, and Free Cash Flow Conversion remained approximately 110%.
Earlier filings 4
10-K · February 12, 2026
Kraft Heinz reported 2025 net sales of approximately $25 billion and continues to manage the business through eight product platforms (Taste Elevation, Easy Ready Meals, etc.). The Board announced on February 11, 2026…
10-Q · April 29, 2025
Kraft Heinz reported Q1 2025 net sales of $5,999 million, down $412 million (-6.4%) versus Q1 2024, with operating income of $1,196 million and diluted EPS of $0.59. Liquidity strengthened as cash, cash equivalents, and…
10-K · February 13, 2025
Kraft Heinz reported 2024 net sales of approximately $26 billion and reorganized its portfolio into eight consumer-driven product platforms to drive future growth. The company highlights strengthening employee…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.