# The Kraft Heinz Company (KHC)

> Source: Nexqual · https://nexqual.com/KHC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Kraft Heinz Company (KHC), nexqual.com/KHC" · informational, not investment advice.

**Price:** USD 25.09 (+6.77% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.5 · day 23.68–25.12 · 52w 21.04–28.09 · market cap $29.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $24.9B, net income -$3.40B (-13.6% margin), free cash flow $3.82B (SEC filings).
- 9 of 80 tracked superinvestors hold KHC (13F, Q2 2026): 1 new, 2 added, 3 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $427K; 1 not under a Rule 10b5-1 plan ($427K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $5.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.25 on a 1–5 scale) (20 analysts), mean target USD 24.69 (range 19–41).
- Total return with dividends: 1Y +5.5% vs S&P 500 +14.9%; 5Y -11.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.42, revenue estimate $6.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $26.0B | $26.5B | $26.6B | $25.8B | $24.9B | $24.9B |
| Gross profit | $8.68B | $8.12B | $8.93B | $8.97B | $8.31B | — |
| Operating income | $3.46B | $3.63B | $4.57B | $1.68B | -$4.67B | -$3.18B |
| Net income | $1.01B | $2.36B | $2.85B | $2.74B | -$5.85B | -$3.40B |
| EPS (diluted) | $0.82 | $1.91 | $2.31 | $2.26 | -$4.93 | — |
| Free cash flow | $4.46B | $1.55B | $2.96B | $3.16B | $3.66B | $3.82B |
| Gross margin | 33.3% | 30.7% | 33.5% | 34.7% | 33.3% | — |
| Operating margin | 13.3% | 13.7% | 17.2% | 6.5% | -18.7% | -12.8% |
| Net margin | 3.9% | 8.9% | 10.7% | 10.6% | -23.4% | -13.6% |
| Revenue growth | -0.5% | +1.7% | +0.6% | -3.0% | -3.5% | — |
| Cash + short-term investments | $3.44B | $1.04B | $1.40B | $1.33B | $3.67B | — |
| Total debt | $21.8B | $20.1B | $20.0B | $19.9B | $21.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 1.2x · EV/Sales 1.8x · P/FCF 7.8x · P/B 0.8x · FCF yield 12.83% · Earnings yield -11.41% · Dividend yield (paid, TTM) 6.37% · Buyback yield (TTM) 0.09% · Net debt $14.9B · EV $44.7B
P/E at fiscal year-ends: Dec 2024 13.6x, Dec 2023 16.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
9 of 80 tracked investors hold KHC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Prem Watsa | Fairfax Financial Holdings | 12.80% | $338M | Added +171.6% |
| Mason Hawkins | Southeastern Asset Management | 4.45% | $85.2M | Reduced -8.6% |
| Hillman Capital | Hillman Capital Management | 3.36% | $4.6M | Reduced -2.3% |
| Warren Buffett | Berkshire Hathaway | 2.57% | $7.69B | Unchanged |
| Francis Chou | Chou Associates | 0.76% | $1.6M | Unchanged |
| Bruce Berkowitz | Fairholme Capital | 0.32% | $4.8M | Added +92.1% |
| Bill Gates | Gates Foundation Trust | 0.17% | $58.4M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.04% | $4.2M | Reduced -43.5% |
| Lee Ainslie | Maverick Capital | 0.02% | $2.2M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-18 | Frost Diana | Glbl Chief Growth Officer | 18,502 | $427K | 15.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $5.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-12 | Cahillane Steven A | Chief Executive Officer | 213,106 | $5.0M | 23.46 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.25 on a 1–5 scale), 20 analysts; mean target USD 24.69 (low 19, high 41).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | JP Morgan | Target lowered | Underweight | $24 → $23 |
| 2026-10-16 | Barclays | Target lowered | Equal-Weight | $26 → $25 |
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $25 → $23 |
| 2026-09-24 | RBC Capital | Reiterated | Outperform | $32 |
| 2026-09-22 | TD Cowen | Reiterated | Hold | $22 |
| 2026-09-17 | RBC Capital | Initiated | Outperform | $32 |
| 2026-09-14 | Evercore ISI Group | Target lowered | In-Line | $24 → $23 |
| 2026-08-07 | Barclays | Target raised | Equal-Weight | $25 → $26 |
| 2026-08-06 | TD Cowen | Target raised | Hold | $20 → $22 |
| 2026-08-06 | UBS | Target raised | Neutral | $25 → $27 |
| 2026-08-06 | Piper Sandler | Target raised | Neutral | $24 → $25 |
| 2026-08-06 | Evercore ISI Group | Target raised | In-Line | $23 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.5% | -11.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.5% | -2.4% |
| Volatility (annualized) | 27.9% | 22.9% |
| Max drawdown | -19.7% (Jul 2026→Oct 2026) | -40.7% (May 2022→Mar 2026) |

## Peers (Packaged Foods)
JBS (JBS N.V.) USD 12.37 -0.80% · GIS (General Mills, Inc.) USD 35.18 +8.01% · SJM (The J.M. Smucker Company) USD 133.39 +4.37% · MKC-V (McCormick & Company, Incorporat) USD 49.22 +4.19% · HRL (Hormel Foods Corporation) USD 21.36 +4.50% · MICC (The Magnum Ice Cream Company N.) USD 19.39 +2.32%

## More
Full page: https://nexqual.com/KHC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KHC's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1637459/000163745926000009/khc-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Heinz Holding | "The Kraft Heinz Ethics Helpline is available to our partners, suppliers, customers, and consumers to ask questions or report potential violations of various policies and ethical guidelines, including our Code of Conduct,…" |
| Customer | Walmart (WMT) | "Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025, 2024, and 2023." |
| Partner | NewPrinces | "On July 9, 2025, we entered into a definitive agreement with a third party, NewPrinces S.p.A., to sell our infant and specialty food business in Italy, within our International Developed Markets segment (the "Italy Infan…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $4.63B | 73.9% | -2.8% |
| International Developed Markets | $865.0M | 13.8% | -3.6% |
| Emerging Markets | $771.0M | 12.3% | +10.5% |
| Total revenue | $6.26B | 100% | — |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Condiments, Sauces, and Spreads | $2.90B | 46.3% | +0.8% |
| Ambient Meals and Sides | $679.0M | 10.8% | +0.0% |
| Refreshment Beverages | $584.0M | 9.3% | +1.6% |
| Meats | $481.0M | 7.7% | -11.9% |
| Cheese | $396.0M | 6.3% | -5.7% |
| Frozen Meals and Sides | $363.0M | 5.8% | -4.0% |
| Refrigerated Snacks | $298.0M | 4.8% | -1.3% |
| Desserts | $281.0M | 4.5% | +0.4% |
| Coffee | $225.0M | 3.6% | +8.7% |
| Other Category | $58.0M | 0.9% | -37.0% |
| Total revenue | $6.26B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. Plans | $16.78B | 67.3% | -5.5% |
| Other Geographical Areas | $5.09B | 20.4% | +1.3% |
| Canada | $1.80B | 7.2% | +1.5% |
| United Kingdom | $1.27B | 5.1% | -0.8% |
| Total revenue | $24.94B | 100% | — |

## Customer concentration

Period ended 2024-12-28: 21% of revenue from unnamed direct customers (10-K, filed 2026-02-12).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.42 | $0.47 | -9.1% | $6.09B | 15 |
| Next quarter (ends 2026-12-31) | $0.49 | $0.49 | +0.4% | $6.27B | 14 |
| Current fiscal year (ends 2026-12-31) | $2.05 | $2.06 | -0.7% | $24.63B | 20 |
| Next fiscal year (ends 2027-12-31) | $2.08 | $2.10 | -1.0% | $24.68B | 20 |