KHC Reported this cycle

Kraft Heinz

Pittsburgh, PA Food & Beverage

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Latest analysis

Updated Nov 4, 2026

Kraft Heinz Q3 2026: Volume Erosion Deepens in North America as Coffee Divestiture Signals Accelerating Portfolio Restructuring

Kraft Heinz reported Q3 2026 net sales of $6.1 billion, down 2.0% year-over-year, with organic net sales declining 1.1% driven entirely by unfavorable volume/mix (1.1 pp) as pricing was flat overall. North America, the company's dominant segment at 73% of net sales, saw organic sales fall 3.2% on volume/mix deterioration of 2.4 pp across meats, sauces, and refreshment beverages, with retailer destocking amplifying the decline. The post-quarter announcement of a $650 million divestiture of the North America coffee business — with KHC retaining a 30% stake — confirms an accelerating portfolio simplification strategy, while SNAP program modifications and Iran Conflict-driven supply chain risk represent new structural headwinds entering Q4.

Tone: defensive

Revenue

$24.9B

KHC 10-K · FY 2025

Employees

35,000

Revenue growth YoY

-3.5%

Headquarters

Pittsburgh, PA

Profile

KHC 10-K Item 1 · Feb 12, 2026

Kraft Heinz is a global food and beverage manufacturer operating eight consumer-driven product platforms including Taste Elevation, Easy Ready Meals, and Substantial Snacking. The company manages its business across four operating segments — North America, International Developed Markets, WEEM, and AEM — selling through retail, foodservice, and e-commerce channels. With approximately $25 billion in 2025 net sales, it is one of the largest packaged food companies globally.

Read filing description ↓

We are driving transformation at The Kraft Heinz Company (Nasdaq: KHC), inspired by our Purpose, Let's Make Life Delicious. Consumers are at the center of everything we do. With 2025 net sales of approximately $25 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of eight consumer-driven product platforms. As global citizens, we're dedicated to making a sustainable, ethical impact while helping to feed the world in healthy, responsible ways. We manage our operating results through four operating segments: North America, Europe and Pacific Developed Markets ('EPDM' or 'International Developed Markets'), West and East Emerging Markets ('WEEM'), and Asia Emerging Markets ('AEM'). We have two reportable segments defined by geographic region: North America and International Developed Markets. Our remaining operating segments, consisting of WEEM and AEM, are combined and disclosed as Emerging Markets. As of December 27, 2025, we manage our sales portfolio through eight consumer-driven product platforms: Taste Elevation, Easy Ready Meals, Substantial Snacking, Desserts, Hydration, Cheese, Coffee and Meats. Each platform is assigned a role within our business — Accelerate, Protect, and Balance — to help inform resource allocation and investment decisions.

Primary products

Taste Elevation (condiments, sauces, dressings, and spreads)
Easy Ready Meals (Kraft Mac & Cheese varieties, frozen potato products, and other frozen meals)
Substantial Snacking (Lunchables meal kits, frozen snacks, and pickles)
Desserts (dry packaged desserts, refrigerated ready to eat desserts, and other dessert toppings)
Hydration (ready to drink beverages, powdered beverages, and liquid concentrates)
Cheese (American sliced and recipe cheeses)

Business segments

North America International Developed Markets Emerging Markets

End markets

chain, wholesale, cooperative, and independent grocery accounts convenience, value, and club stores pharmacies and drug stores mass merchants foodservice distributors institutions, including hotels, restaurants, bakeries, hospitals, health care facilities, and government agencies e-commerce platforms and retailers

Geographies

North America Europe and Pacific Developed Markets West and East Emerging Markets Asia Emerging Markets

Named customers

Walmart Inc.

Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025, 2024, and 2023.

“Our products are sold in highly competitive marketplaces, including e-commerce retailers, large-format retailers, and discounters.” Competitive position, as stated in the filing

Revenue commentary · FY 2025

Net sales decreased 3.5% to $24.9 billion in 2025 compared to $25.8 billion in 2024, driven primarily by unfavorable volume/mix of 4.1 percentage points, partially offset by higher pricing of 0.7 percentage points.

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Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.

SeventhBiz analysis 6 signals 9 diligence answers 2 M&A transactions SWOT

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