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Company Research2 Apr 2024
The Consumer Goods Sector: Housing the World's Most Known Brands
Explore the giants of the consumer goods sector, where iconic brands familiar in daily life are predominantly owned by a few key industry players.
The Kraft Heinz Company (KHC) investor relations material
The Kraft Heinz Company Q3 2025 [Q&A] earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 [Q&A] earnings summary29 Oct, 2025
Executive summary
Q3 2025 net sales declined 2.3% year-over-year to $6.2B, with organic net sales down 2.5%, but net income rebounded to $613M from a $290M loss, mainly due to lower impairment charges.
Operating income rose to $1.0B from a prior-year loss, while adjusted operating income fell 16.9% year-over-year.
Free cash flow rose 23.3% year-to-date to $2.5B, with free cash flow conversion at 109%.
The planned separation into two independent, publicly traded companies remains on track for H2 2026, subject to regulatory approvals.
Significant non-cash impairment losses of $6.7B (goodwill) and $2.6B (intangible assets) recorded in 2025, primarily in Q2.
Financial highlights
Q3 2025 net sales: $6.2B (-2.3% YoY); adjusted EPS: $0.61 (down 18.7% YoY); adjusted operating income: $1.1B (down 16.9% YoY).
Gross profit margin decreased 230 basis points to 31.9%; adjusted gross profit margin fell to 32.3%.
Year-to-date free cash flow: $2.5B, up 23%; net cash from operating activities: $3.1B, up 10.4%.
Year-to-date return of capital to stockholders: $1.8B, including $1.4B in dividends and $435M in share repurchases.
Long-term debt at Q3 2025: $21.2B; net leverage near 3.0x.
Outlook and guidance
Organic net sales for FY2025 expected to decline 3.0% to 3.5%; constant currency adjusted operating income projected to decrease 10% to 12%.
Adjusted EPS guidance: $2.50 to $2.57; free cash flow conversion expected to be at least 100%.
Effective tax rate on adjusted EPS expected to be about 26%, with a $0.23 headwind from global minimum tax regulations.
2025 capital expenditures expected to be ~$950M, focused on maintenance, technology, and growth projects.
Management expects sufficient liquidity from operations, credit facilities, and capital markets to meet obligations for the next 12 months.
How will Net Leverage be managed pre-separation?
What is the Adjusted EPS impact of global minimum tax?
What is the strategy to address volume/mix declines?
What drives current investment strategy
Assess spin-off perimeter flexibility
Indonesia recovery timeline and key actions
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Next The Kraft Heinz Company earnings date
Q4 202511 Feb, 2026
Next The Kraft Heinz Company earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Ketchup, Cheese, and More
The Kraft Heinz Corporation, one of the world's largest food and beverage companies, is a product of a 2015 merger between Kraft Foods Group and H.J. Heinz Company. With a heritage dating back to the late 19th century, the company owns numerous iconic brands that have become household names across the globe. Headquartered in both Chicago and Pittsburgh the unified entity offers a vast portfolio of well-known brands that it sells across the world.
Massive Merger
Heinz, founded by Henry John Heinz in 1869, started out selling horseradish, but soon expanded, notably introducing its iconic ketchup. Kraft's beginnings can be traced back to the early 1900s when James L. Kraft started a cheese delivery service in Chicago. The two companies grew as the decades passed, and both Heinz and Kraft separately broadened their portfolios and established global presences. One entity of Kraft was spun off into a company that later became Mondelez in 2012.
In 2015, a significant event in the food industry took place: Heinz and Kraft merged to form The Kraft Heinz Company. This merger unified two substantial entities, making the combined company one of the world's leading food and beverage producers, combining their vast product offerings under one umbrella.
The Brands
Both parts that make up the modern version of The Kraft-Heinz Company owned their fair share of iconic and well-known brands. Kraft, known for its cheeses, also offers products like Kraft Macaroni & Cheese and Jell-O. Heinz is iconic for its ketchup but also produces a variety of sauces, beans, and soups. In addition to these flagship brands, the company's lineup includes Oscar Mayer meats, Philadelphia cream cheese, Planters nuts, Maxwell House coffee, and Capri Sun beverages. Furthermore, Velveeta, Miracle Whip, Lunchables, and Claussen pickles are also owned by Kraft Heinz.
Global Reach
The company's footprint spans the globe, with its presence felt in both established markets like North America and Europe and in emerging economies across Asia, Latin America, and Africa. Benefiting from a chain of manufacturing, distribution, and sales facilities, the company ensures efficient delivery and availability of its products in countless retail outlets, supermarkets, and eateries worldwide.
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