Form 8-K

8-K — Kraft Heinz Co

Accession: 0001637459-26-000020

Filed: 2026-05-06

Period: 2026-05-06

CIK: 0001637459

SIC: 2030 (CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — khc-20260506.htm (Primary)

EX-99.1 (ex991-erq12026.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: khc-20260506.htm · Sequence: 1

khc-20260506

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2026

The Kraft Heinz Company

(Exact name of registrant as specified in its charter)

Delaware 001-37482 46-2078182

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

One PPG Place, Pittsburgh, Pennsylvania 15222

(Address of principal executive offices, including zip code)

(412) 456-5700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $0.01 par value KHC The Nasdaq Stock Market LLC

3.500% Senior Notes due 2029

KHC29

The Nasdaq Stock Market LLC

3.250% Senior Notes due 2033

KHC33

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 6, 2026, The Kraft Heinz Company issued a press release announcing results for the first quarter ended March 28, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or in the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibit is furnished with this Current Report on Form 8-K.

Exhibit No. Description

99.1

The Kraft Heinz Company Press Release, dated May 6, 2026.

104 The cover page of The Kraft Heinz Company's Current Report on Form 8-K dated May 6, 2026, formatted in iXBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

The Kraft Heinz Company

Date: May 6, 2026 By: /s/ Andre Maciel

Andre Maciel

Executive Vice President and Global Chief Financial Officer

EX-99.1

Filename: ex991-erq12026.htm · Sequence: 2

Document

Exhibit 99.1

Contacts: Kraft Heinz Media Team Anne-Marie Megela (investors)

media@kraftheinz.com Anne-Marie.Megela@kraftheinz.com

KRAFT HEINZ REPORTS FIRST QUARTER 2026 RESULTS;

MAINTAINS 2026 FULL YEAR OUTLOOK

First Quarter Highlights

•Net sales increased 0.8%; Organic Net Sales(1) decreased 0.4%

•Gross profit margin increased 230 basis points to 36.7%; Adjusted Gross Profit Margin(1) decreased 30 basis points to 34.1%

•Operating income decreased 4.3% to $1.1 billion; Adjusted Operating Income(1) decreased 11.8% to $1.1 billion

•Year-to-date net cash provided by operating activities was $1.0 billion, up 39.7%; Free Cash Flow(1) was $0.8 billion, up 58.9%; and Free Cash Flow Conversion(1) increased 46pp to 111%

•Year-to-date return of capital to stockholders was $0.5 billion

PITTSBURGH & CHICAGO – May. 6, 2026 – The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today reported financial results for the first quarter of 2026.

“Our first quarter results demonstrate steady progress, and I am encouraged by the early signs of momentum we’re building,” said Steve Cahillane, CEO of Kraft Heinz. “The investments we made in 2025 are now driving early traction, with improving market share trends, particularly within must-win parts of our portfolio like Taste Elevation. This is proof that our brands respond well when we invest behind them.”

“Our goal is to ultimately deliver profitable growth through volume and market share recovery, while continuing to deliver strong Free Cash Flow. In 2026, we are focused on turning around our U.S. business and accelerating growth in our international markets. Our strategy is supported by incrementally investing the previously announced $600 million in the business, leveraging the Heinz brand, and continuing to capture white-space opportunities across Emerging Markets.”

Cahillane concluded, "While we are encouraged by the strong start to the year, we are reiterating our 2026 outlook. This reflects an operating environment that remains volatile, with increasing inflationary

pressures and persistently low consumer sentiment. At the same time, we are retaining the flexibility to increase investments in areas that are delivering strong returns."

Net Sales

In millions

Net Sales

Organic Net Sales(1)

March 28,

2026 March 29, 2025 % Chg vs PY YoY Growth

Rate Price Volume/Mix

For the Three Months Ended

North America $ 4,458 $ 4,488 (0.7) % (1.1) % 0.4 pp (1.5) pp

International Developed Markets 843 817 3.2 % (0.1) % 0.2 pp (0.3) pp

Emerging Markets(a)

746 694 7.6 % 3.8 % 4.4 pp (0.6) pp

Kraft Heinz $ 6,047 $ 5,999 0.8 % (0.4) % 0.8 pp (1.2) pp

(a) Emerging Markets represents the aggregation of our West and East Emerging Markets (“WEEM”) and Asia Emerging Markets (“AEM”) operating segments.

Net Income/(Loss) and Diluted EPS

In millions, except per share data

For the Three Months Ended

March 28,

2026 March 29, 2025 % Chg vs PY

Gross profit $ 2,219 $ 2,064 7.5 %

Operating income/(loss) 1,145 1,196 (4.3) %

Net income/(loss) 799 714 11.9 %

Net income/(loss) attributable to common shareholders 798 712 12.1 %

Diluted EPS $ 0.67 $ 0.59 13.6 %

Adjusted EPS(1)

0.58 0.62 (6.5) %

Adjusted Operating Income(1)

$ 1,058 $ 1,199 (11.8) %

Q1 2026 Financial Summary

•Net sales increased 0.8 percent versus the year-ago period to $6.0 billion, including a 1.9 percentage point favorable impact from foreign currency and a 0.7 percentage point unfavorable impact from divestitures. Organic Net Sales(1) decreased 0.4 percent versus the prior year period. Price increased 0.8 percentage points versus the prior year period, with increases in each segment. Favorable price was primarily due to pricing taken in certain categories to mitigate higher input costs. Volume/mix declined 1.2 percentage points versus the prior year period, with declines in each segment. Unfavorable volume/mix was primarily driven by declines in coffee, cold cuts, and Indonesia, which more than offset the favorable impact to certain categories as a result of the shift in Easter timing.

•Operating Income decreased 4.3 percent versus the year-ago period to $1.1 billion, primarily due to increased advertising expenses, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, separation costs incurred in the current year period, and increased restructuring costs. These unfavorable impacts were partially offset by favorable changes in unrealized losses/(gains) on commodity hedges, higher pricing, and certain nonrecurring procurement cost recoveries. Adjusted Operating Income(1) decreased 11.8 percent versus the year-ago period to $1.1 billion, primarily due to increased advertising expenses, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, and unfavorable volume/mix. These unfavorable impacts more than offset higher pricing, certain nonrecurring procurement cost recoveries, and a favorable impact from foreign currency.

•Diluted EPS increased 13.6 percent versus the prior year period to $0.67. This increase was primarily due to lower income tax expense and favorable changes in other expense/(income), partially offset by the unfavorable changes in the operating income factors discussed above. Adjusted EPS(1) was $0.58, down 6.5 percent versus the prior year period, primarily driven by lower Adjusted Operating Income, which more than offset lower taxes on adjusted earnings.

•Net cash provided by/(used for) operating activities was $1.0 billion, up 39.7 percent versus the year-ago period. This increase was primarily driven by favorable changes in working capital, due, in part, to inventory optimization efforts and improved supplier payment terms, as well as favorable changes in collateral receipts related to our commodity derivative margin requirements. These impacts were partially offset by lower Adjusted Operating Income. Free Cash Flow(1) was $0.8 billion, up 58.9 percent versus the prior year period, driven by the same net cash provided by/(used for) operating activities discussed above.

•Capital Return: In the first quarter, the Company has paid $474 million in cash dividends. The Company did not repurchase any shares under its publicly announced share repurchase program. As of March 28, 2026, the Company has remaining authorization to repurchase approximately $1.5 billion of common stock under the publicly announced share repurchase program.

Outlook

For fiscal year 2026, the Company is reaffirming its outlook. The Company continues to expect:

•Organic Net Sales(1)(2) down 1.5 percent to down 3.5 percent versus the prior year. This includes an approximate 100 basis point impact from incremental SNAP headwinds.

•Constant Currency Adjusted Operating Income(1)(2) down 14 percent to down 18 percent versus the prior year. This includes incremental investments of approximately $600 million across marketing, sales, and R&D, as well as product superiority and price. It also includes the impact of lapping lower variable compensation in 2025, which is an approximate 300 basis point headwind. This contemplates an Adjusted Gross Profit Margin(1)(2) that is expected to be down 25 basis points to down 75 basis points versus the prior year.

•Adjusted EPS(1)(2) in the range of $1.98 to $2.10. The Company now expects an effective tax rate on Adjusted EPS to be approximately 25 percent. Additionally, the Company now expects interest expense to be approximately $920 million and other expense/(income) to be approximately $200 million of income for the full year.

•Free Cash Flow Conversion(1)(2) of approximately 100 percent.

End Notes

(1)Organic Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Constant Currency Adjusted Operating Income, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, Free Cash Flow Conversion, and Net Leverage are non-GAAP financial measures. Please see discussion of non-GAAP financial measures and the reconciliations at the end of this press release for more information.

(2)Guidance for Organic Net Sales, Adjusted Gross Profit Margin, Constant Currency Adjusted Operating Income, Adjusted EPS, Free Cash Flow, and Free Cash Flow Conversion is provided on a non-GAAP basis only because certain information necessary to calculate the most comparable GAAP measure is unavailable due to the uncertainty and inherent difficulty of predicting the occurrence and the future financial statement impact of such items impacting comparability, including, but not limited to, the impact of currency, acquisitions and divestitures, divestiture-related license income, restructuring activities, deal costs, separation costs, unrealized losses/(gains) on commodity hedges, impairment losses, certain non-ordinary course legal and regulatory matters, equity award compensation expense, nonmonetary currency devaluation, and debt prepayment and extinguishment (benefit)/costs, among other items. Therefore, as a result of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation of these measures without unreasonable effort.

Earnings Discussion and Webcast Information

A pre-recorded management discussion of The Kraft Heinz Company's first quarter 2026 earnings is available at ir.kraftheinzcompany.com. The Company will host a live question-and-answer session beginning today at 9:00 a.m. Eastern Daylight Time. A webcast of the session will be accessible at ir.kraftheinzcompany.com.

ABOUT THE KRAFT HEINZ COMPANY

Kraft Heinz (Nasdaq: KHC) is one of the world’s largest food and beverage companies, with approximately $25 billion in net sales in 2025 and a portfolio of iconic brands enjoyed by consumers in more than 40 countries. By investing in our capabilities and brands, including Heinz, Kraft, Philadelphia, Primal Kitchen, and Lunchables, we are unlocking the full power of our portfolio. We deliver high-quality, great-tasting, and affordable food for the consumers of today, while shaping the future of food. Learn more at www.kraftheinzcompany.com.

Forward-Looking Statements

This press release contains a number of forward-looking statements. Words such as “accelerate,” “anticipate,” “believe,” “commit,” “continue,” “expect,” “will,” “guidance,” and “outlook,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company's plans, impacts of accounting standards and guidance, growth, legal matters, taxes, costs and cost savings, impairments, dividends, expectations, investments, innovations, opportunities, capabilities, execution, initiatives, and pipeline. These forward-looking statements reflect management's current expectations and are not guarantees of future performance and are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond the Company's control.

Important factors that may affect the Company's business and operations and that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, operating in a highly competitive industry; the Company’s ability to correctly predict, identify, and interpret changes in consumer preferences and demand, to offer new products to meet those changes, and to respond to competitive innovation; changes in the retail landscape or the loss of key retail customers; changes in the Company's relationships with significant customers or suppliers, or in other business relationships; the Company’s ability to maintain, extend, and expand its reputation and brand image; the Company’s ability to effect the previously announced separation of Kraft Heinz into two independent publicly traded companies and to meet the conditions related thereto, including obtaining applicable regulatory approvals, if work related to the separation is resumed; negative effects of the announcement pendency of the separation, including the current pause on work related to the separation, on the market price of the Company’s securities and/or on the Company’s financial performance; the Company’s ability to leverage its brand value to compete against private label products; the Company’s ability to drive revenue growth in its key product categories or platforms, increase its market share, or add products that are in faster-growing and more profitable categories; product recalls or other product liability claims; climate change and legal or regulatory responses; the Company’s ability to identify, complete, or realize the benefits from strategic acquisitions, divestitures, alliances, joint ventures, or investments; the Company's ability to successfully execute its strategic initiatives; the impacts of the Company's international operations; the Company's ability to protect intellectual property rights; the Company’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes, and improve its competitiveness; the influence of the Company's largest stockholder; the Company's level of indebtedness, as well as our ability to comply with covenants under our debt instruments; additional impairments of the carrying amounts of goodwill or other indefinite-lived intangible assets; foreign exchange rate fluctuations; volatility in commodity, energy, and other input costs; volatility in the market value of all or a portion of the commodity derivatives we use; compliance with laws and regulations and related legal claims or regulatory enforcement actions; failure to maintain an effective system of internal controls; a downgrade in the Company's credit rating; the impact of sales of the Company's common stock in the public market; the impact of the Company’s share repurchases or any change in the Company’s share repurchase activity; the Company’s ability to continue to pay a regular dividend and the amounts of any such dividends; disruptions in the global economy caused by geopolitical conflicts (including the ongoing conflicts in the Middle East), unanticipated business disruptions and natural events in the locations in which the Company or the Company's customers, suppliers, distributors, or regulators operate; economic and political conditions in the United States and in various other nations where the Company does business (including inflationary pressures, the imposition

of increased or new tariffs, instability in financial institutions, general economic slowdown, recession, or a potential U.S. federal government shutdown); changes in the Company's management team or other key personnel and the Company's ability to hire or retain key personnel or a highly skilled and diverse global workforce; our dependence on information technology and systems, including service interruptions, misappropriation of data, or breaches of security; increased pension, labor, and people-related expenses; changes in tax laws and interpretations and the final determination of tax audits, including transfer pricing matters, and any related litigation; volatility of capital markets and other macroeconomic factors; and other factors. For additional information on these and other factors that could affect the Company's forward-looking statements, see the Company's risk factors, as they may be amended from time to time, set forth in its filings with the Securities and Exchange Commission (“SEC”). The Company disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.

We use our investor relations website, ir.kraftheinzcompany.com, as a routine channel for distribution of important, and often material, information about Kraft Heinz, including quarterly and annual earnings results and presentations, press releases and other announcements, webcasts, analyst presentations, investor days, sustainability initiatives, financial information, and corporate governance practices, as well as archives of past presentations and events. We encourage you to follow our investor relations website in addition to our filings with the SEC to receive timely information about the Company. The information on our website is not part of this press release and shall not be deemed to be incorporated by reference into any filings we make with the SEC.

Non-GAAP Financial Measures

The non-GAAP financial measures provided in this press release should be viewed in addition to, and not as an alternative for, results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

To supplement the financial information provided, the Company has presented Organic Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Constant Currency Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income/(Loss), Adjusted EPS, Free Cash Flow, and Net Leverage which are considered non-GAAP financial measures. The non-GAAP financial measures presented may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures in the same way. These measures are not substitutes for their comparable GAAP financial measures, such as net sales, net income/(loss), operating income/(loss), gross profit, diluted earnings per share (“EPS”), net cash provided by/(used for) operating activities, or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures.

Management uses these non-GAAP financial measures to assist in comparing the Company’s performance on a consistent basis for purposes of business decision making by removing the impact of certain items that management believes do not directly reflect the Company’s underlying operations. The Company believes:

•Organic Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income, Constant Currency Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income/(Loss), and Adjusted EPS provide important comparability of underlying operating results, allowing investors and management to assess the Company’s operating performance on a consistent basis; and

•Free Cash Flow and Net Leverage provide measures of the Company’s core operating performance, the cash-generating capabilities of the Company’s business operations, and are factors used in determining the Company’s borrowing capacity and the amount of cash available for debt repayments, dividends, acquisitions, share repurchases, and other corporate purposes.

Management believes that presenting the Company’s non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting the Company’s business than could be obtained absent these disclosures.

Definitions

Organic Net Sales is defined as net sales excluding, when they occur, the impact of currency, acquisitions and divestitures, and a 53rd week of shipments. The Company calculates the impact of currency on net sales by holding exchange rates constant at the previous year's exchange rate, with the exception of highly inflationary subsidiaries, for which the Company calculates the previous year's results using the current year's exchange rate.

Adjusted Operating Income is defined as operating income/(loss) excluding, when they occur, the impacts of restructuring activities, deal costs, separation costs, unrealized gains/(losses) on commodity hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, and certain non-ordinary course legal and regulatory matters. The Company also presents Adjusted Operating Income on a constant currency basis (Constant Currency Adjusted Operating Income). The Company calculates the impact of currency on Adjusted Operating Income by holding exchange rates constant at the previous year's exchange rate, with the exception of highly inflationary subsidiaries, for which it calculates the previous year's results using the current year's exchange rate.

Adjusted Gross Profit, Adjusted Net Income/(Loss), and Adjusted EPS are defined as gross profit, net income/(loss), and diluted earnings per share, respectively, excluding, when they occur, the impacts of restructuring activities, deal costs, separation costs, unrealized losses/(gains) on commodity hedges, impairment losses, certain non-ordinary course legal and regulatory matters, losses/(gains) on the sale of a business, other losses/(gains) related to acquisitions and divestitures (e.g., tax and hedging impacts), nonmonetary currency devaluation (e.g., remeasurement gains and losses), debt prepayment and extinguishment (benefit)/costs, and certain significant discrete income tax items (e.g., U.S. and non-U.S. tax reform), and including when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by net sales.

Net Leverage is defined as debt less cash, cash equivalents and short-term investments divided by Adjusted EBITDA. Adjusted EBITDA is defined as net income/(loss) from continuing operations before interest expense, other expense/(income), provision for/(benefit from) income taxes, and depreciation and amortization (excluding restructuring activities); in addition to these adjustments, the Company excludes, when they occur, the impacts of divestiture-related license income, restructuring activities, deal costs, separation costs, unrealized losses/(gains) on commodity hedges, impairment losses, certain non-ordinary course legal and regulatory matters, and equity award compensation expense (excluding restructuring activities).

Free Cash Flow is defined as net cash provided by/(used for) operating activities less capital expenditures. The use of this non-GAAP measure does not imply or represent the residual cash flow for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure.

Schedule 1

The Kraft Heinz Company

Condensed Consolidated Statements of Income

(in millions, except per share data)

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025

Net sales $ 6,047 $ 5,999

Cost of products sold 3,828 3,935

Gross profit 2,219 2,064

Selling, general and administrative expenses, excluding impairment losses 1,061 868

Intangible asset impairment losses 13 —

Selling, general and administrative expenses 1,074 868

Operating income/(loss) 1,145 1,196

Interest expense 236 229

Other expense/(income) (101) (51)

Income/(loss) before income taxes 1,010 1,018

Provision for/(benefit from) income taxes 211 304

Net income/(loss) 799 714

Net income/(loss) attributable to noncontrolling interest 1 2

Net income/(loss) attributable to common shareholders $ 798 $ 712

Basic shares outstanding 1,185 1,194

Diluted shares outstanding 1,188 1,198

Per share data applicable to common shareholders:

Basic earnings/(loss) per share $ 0.67 $ 0.60

Diluted earnings/(loss) per share 0.67 0.59

Schedule 2

The Kraft Heinz Company

Reconciliation of Net Sales to Organic Net Sales

For the Three Months Ended

(dollars in millions)

(Unaudited)

Net Sales Currency Acquisitions and Divestitures Organic Net Sales Price Volume/Mix

March 28, 2026

North America $ 4,458 $ 20 $ — $ 4,438

International Developed Markets 843 64 — 779

Emerging Markets 746 44 — 702

Kraft Heinz $ 6,047 $ 128 $ — $ 5,919

March 29, 2025

North America $ 4,488 $ — $ — $ 4,488

International Developed Markets 817 — 37 780

Emerging Markets 694 18 — 676

Kraft Heinz $ 5,999 $ 18 $ 37 $ 5,944

Year-over-year growth rates

North America (0.7) % 0.4 pp 0.0 pp (1.1) % 0.4 pp (1.5) pp

International Developed Markets 3.2 % 7.9 pp (4.6) pp (0.1) % 0.2 pp (0.3) pp

Emerging Markets 7.6 % 3.8 pp 0.0 pp 3.8 % 4.4 pp (0.6) pp

Kraft Heinz 0.8 % 1.9 pp (0.7) pp (0.4) % 0.8 pp (1.2) pp

Schedule 3

The Kraft Heinz Company

Reconciliation of Operating Income/(Loss) to Adjusted Operating Income

(dollars in millions)

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025

Operating income/(loss) $ 1,145 $ 1,196

Restructuring activities 22 4

Unrealized losses/(gains) on commodity hedges (178) (1)

Impairment losses 13 —

Separation costs 56 —

Adjusted Operating Income $ 1,058 $ 1,199

Segment Adjusted Operating Income:

North America $ 974 $ 1,101

International Developed Markets

133 127

Total Segment Adjusted Operating Income 1,107 1,228

Emerging Markets Segment Adjusted Operating Income(a)

95 99

General corporate expenses (144) (128)

Adjusted Operating Income

$ 1,058 $ 1,199

(a) Segment Adjusted Operating Income for Emerging Markets, which represents the combination of our WEEM and AEM operating segments, is defined and presented consistently with the Segment Adjusted Operating Income of our reportable segments - North America and International Developed Markets.

Schedule 4

The Kraft Heinz Company

Reconciliation of Adjusted Operating Income to Constant Currency Adjusted Operating Income

For the Three Months Ended

(dollars in millions)

(Unaudited)

Adjusted Operating Income

Currency

Constant Currency Adjusted Operating Income

March 28, 2026

North America $ 974 $ 4 $ 970

International Developed Markets 133 9 124

Emerging Markets 95 5 90

General corporate expenses (144) (5) (139)

Kraft Heinz $ 1,058 $ 13 $ 1,045

March 29, 2025

North America $ 1,101 $ — $ 1,101

International Developed Markets 127 — 127

Emerging Markets 99 4 95

General corporate expenses (128) — (128)

Kraft Heinz $ 1,199 $ 4 $ 1,195

Year-over-year growth rates

North America (11.6) % 0.3 pp (11.9) %

International Developed Markets 4.9 % 7.0 pp (2.1) %

Emerging Markets (4.0) % 0.8 pp (4.8) %

General corporate expenses 13.0 % 3.9 pp 9.1 %

Kraft Heinz (11.8) % 0.7 pp (12.5) %

Schedule 5

The Kraft Heinz Company

Reconciliation of GAAP Results to Non-GAAP Results

(dollars in millions)

(Unaudited)

For the Three Months Ended

March 28, 2026

Gross profit Selling, general and administrative expenses Operating income/(loss) Interest expense Other expense/(income) Income/(loss) before income taxes Provision for/(benefit from) income taxes Net income/(loss) Net income/(loss) attributable to noncontrolling interest Net income/(loss) attributable to common shareholders Diluted EPS

GAAP Results $ 2,219 $ 1,074 $ 1,145 $ 236 $ (101) $ 1,010 $ 211 $ 799 $ 1 $ 798 $ 0.67

Items Affecting Comparability

Restructuring activities 23 1 22 — 45 (23) (5) (18) — (18) (0.02)

Unrealized losses/(gains) on commodity hedges (178) — (178) — — (178) (44) (134) — (134) (0.11)

Impairment losses — (13) 13 — — 13 — 13 — 13 0.01

Separation costs — (56) 56 — — 56 11 45 — 45 0.04

Losses/(gains) on sale of business — — — — 3 (3) 26 (29) — (29) (0.02)

Nonmonetary currency devaluation — — — — (12) 12 — 12 — 12 0.01

Adjusted Non-GAAP Results $ 2,064 $ 1,058 $ 688 $ 0.58

Schedule 6

The Kraft Heinz Company

Reconciliation of GAAP Results to Non-GAAP Results

(dollars in millions)

(Unaudited)

For the Three Months Ended

March 29, 2025

GAAP Results $ 2,064 $ 868 $ 1,196 $ 229 $ (51) $ 1,018 $ 304 $ 714 $ 2 $ 712 $ 0.59

Items Affecting Comparability

Restructuring activities (2) (6) 4 — — 4 1 3 — 3 0.01

Unrealized losses/(gains) on commodity hedges (1) — (1) — — (1) — (1) — (1) —

Nonmonetary currency devaluation — — — — (14) 14 — 14 — 14 0.01

Certain significant discrete income tax items — — — — — — (13) 13 — 13 0.01

Adjusted Non-GAAP Results $ 2,061 $ 1,199 $ 743 $ 0.62

Schedule 7

The Kraft Heinz Company

Adjusted Gross Profit Margin

(dollars in millions)

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025

Adjusted Gross Profit $ 2,064 $ 2,061

Net sales 6,047 5,999

Adjusted Gross Profit Margin 34.1 % 34.4 %

Schedule 8

The Kraft Heinz Company

Key Drivers of Change in Adjusted EPS

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025 $ Change

Key drivers of change in Adjusted EPS:

Results of operations(a)(b)

$ 0.63 $ 0.72 $ (0.09)

Interest expense (0.14) (0.14) —

Other expense/(income) 0.04 0.04 —

Effective tax rate 0.05 — 0.05

Adjusted EPS $ 0.58 $ 0.62 $ (0.04)

(a) Includes non-cash amortization of definite-lived intangible assets, which accounted for a negative impact to Adjusted EPS from results of operations of $0.04 for the three months ended March 28, 2026 and March 29, 2025.

(b) Includes divestiture-related license income, which accounted for a benefit to Adjusted EPS from results of operations of $0.01 for the three months ended March 28, 2026 and March 29, 2025.

Schedule 9

The Kraft Heinz Company

Condensed Consolidated Balance Sheets

(in millions, except per share data)

(Unaudited)

March 28, 2026 December 27, 2025

ASSETS

Cash and cash equivalents $ 3,308 $ 2,615

Trade receivables, net 2,306 2,254

Inventories 3,310 3,167

Prepaid expenses 270 291

Marketable securities 783 1,060

Other current assets 704 588

Assets held for sale — 152

Total current assets 10,681 10,127

Property, plant and equipment, net 7,233 7,318

Goodwill 22,153 22,179

Intangible assets, net 37,387 37,529

Other non-current assets 4,592 4,633

TOTAL ASSETS $ 82,046 $ 81,786

LIABILITIES AND EQUITY

Current portion of long-term debt $ 1,910 $ 1,908

Accounts payable 4,390 4,308

Accrued marketing 936 801

Interest payable 294 298

Other current liabilities 1,408 1,455

Liabilities held for sale — 8

Total current liabilities 8,938 8,778

Long-term debt 19,223 19,311

Deferred income taxes 9,050 9,022

Accrued postemployment costs 131 131

Long-term deferred income 1,308 1,321

Other non-current liabilities 1,347 1,434

TOTAL LIABILITIES 39,997 39,997

Redeemable noncontrolling interest 13 12

Equity:

Common stock, $0.01 par value 12 12

Additional paid-in capital 50,838 51,287

Retained earnings/(deficit) (3,831) (4,629)

Accumulated other comprehensive income/(losses) (2,448) (2,370)

Treasury stock, at cost (2,648) (2,636)

Total shareholders' equity 41,923 41,664

Noncontrolling interest 113 113

TOTAL EQUITY 42,036 41,777

TOTAL LIABILITIES AND EQUITY $ 82,046 $ 81,786

Schedule 10

The Kraft Heinz Company

Condensed Consolidated Statements of Cash Flows

(in millions)

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income/(loss) $ 799 $ 714

Adjustments to reconcile net income/(loss) to operating cash flows:

Depreciation and amortization 245 231

Divestiture-related license income (13) (13)

Equity award compensation expense 22 27

Deferred income tax provision/(benefit) 29 51

Postemployment benefit plan contributions (4) (4)

Goodwill and intangible asset impairment losses 13 —

Nonmonetary currency devaluation 12 14

Loss/(gain) on sale of business (3) —

Other items, net (227) (14)

Changes in current assets and liabilities:

Trade receivables (73) (89)

Inventories (195) (217)

Accounts payable 256 (11)

Other current assets 3 (47)

Other current liabilities 142 78

Net cash provided by/(used for) operating activities 1,006 720

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures (240) (238)

Purchases of marketable securities (105) (673)

Proceeds from sale of marketable securities

387 —

Proceeds from sale of business, net of cash disposed and working capital adjustments 146 9

Other investing activities, net (3) 24

Net cash provided by/(used for) investing activities 185 (878)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issuance of long-term debt — 1,620

Dividends paid (474) (477)

Repurchases of common stock (23) (225)

Other financing activities, net (15) (18)

Net cash provided by/(used for) financing activities (512) 900

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (7) 35

Cash, cash equivalents, and restricted cash

Net increase/(decrease) 672 777

Balance at beginning of period 2,944 1,486

Balance at end of period $ 3,616 $ 2,263

Schedule 11

The Kraft Heinz Company

Reconciliation of Net Cash Provided By/(Used For) Operating Activities to Free Cash Flow

(in millions)

(Unaudited)

For the Three Months Ended

March 28, 2026 March 29, 2025

Net cash provided by/(used for) operating activities $ 1,006 $ 720

Capital expenditures (240) (238)

Free Cash Flow $ 766 $ 482

Adjusted Net Income/(Loss) $ 688 $ 743

Free Cash Flow Conversion 111 % 65 %

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