10-Q – 2026-08-05 – khc-20260627.htm

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Net pension and postretirement non-service cost/(benefit) $ ( 30 ) $ ( 23 ) $ ( 104 ) $ ( 56 )
Loss/(gain) on sale of business —   —   ( 3 ) —  
Interest income ( 40 ) ( 28 ) ( 82 ) ( 51 )
Foreign exchange losses/(gains) 19   146   42   204  
Derivative losses/(gains) 26   ( 138 ) 18   ( 191 )
Other miscellaneous expense/(income) 1   ( 4 ) 4   ( 4 )
Other expense/(income) $ ( 24 ) $ ( 47 ) $ ( 125 ) $ ( 98 )

We present all non-service cost components of net pension cost/(benefit) and net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. See Note 10, Postemployment Benefits , for additional information on these components, including any curtailments and settlements, as well as information on our prior service costs/(credits) amortization. See Note 11, Financial Instruments , for information related to our derivative impacts.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview
Objective:
The following discussion provides an analysis of our financial condition and results of operations from management's perspective and should be read in conjunction with the condensed consolidated financial statements and related notes included in Item 1, Financial Statements , of this Quarterly Report on Form 10-Q. Our objective is to also provide discussion of material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be indicative of future operating results or of future financial condition and to offer information that provides an understanding of our financial condition, results of operations, and cash flows.
Description of the Company:
We manufacture and market food and beverage products, including condiments and sauces, cheese and dairy, meals, meats, refreshment beverages, coffee, and other grocery products throughout the world.
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.

During the second quarter of 2026, certain organizational changes were announced that are expected to impact our future internal reporting and reportable segments. We plan to combine our WEEM and AEM operating segments to form the Emerging Markets operating segment in order to increase efficiencies and drive sustainable growth across our global business. In conjunction with the creation of the Emerging Markets operating segment, we plan to move remaining European countries within the WEEM operating segment into the EPDM operating segment.
As a result of these changes, we expect to have three reportable segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. We expect that the change to our reportable segments will be effective in the third quarter of 2026.
See Note 16, Segment Reporting , in Item 1, Financial Statements , for our financial information by segment.
Acquisitions and Divestitures:
On December 31, 2025, which was in the first quarter of our fiscal year 2026, we closed the sale of our infant and specialty food business in Italy within our International Developed Markets segment for cash consideration of approximately $146 million. See Note 4, Acquisitions and Divestitures , in Item 1, Financial Statements , for additional information on divestiture activities.
Business Trends and Items Affecting Comparability of Financial Results
Inflation and Tariff Impacts:
During the six months ended June 27, 2026, we experienced inflationary pressures in our supply chain costs at rates lower than those we experienced in the prior year period. However, we expect inflationary pressures to increase throughout 2026 due, in part, to the Iran Conflict, although there continues to be significant uncertainty. We continue to take measures to mitigate the impact of this inflation through efficiency initiatives, pricing actions, alternative sourcing, and hedging strategies. However, there has been, and we expect that there could continue to be, a difference between the timing of when these beneficial, mitigative actions impact our results of operations and when the cost inflation is incurred. Additionally, the pricing actions we have taken have, in some instances, negatively impacted, and could continue to negatively impact, our market share.

Throughout 2025, we experienced increased inflationary pressures in our supply chain costs due to the tariff and trade policy actions taken by the United States. On February 20, 2026, the U.S. Supreme Court invalidated those tariffs imposed by the Trump Administration under the International Emergency Economic Power Act (“IEEPA”). In response to the Supreme Court's decision, the Trump Administration announced a new 10% global tariff under a different statutory authority; however, there remains uncertainty regarding the duration, scope, and likelihood of further legal challenges of the newly initiated tariffs.

Further, on March 4, 2026, the Court of International Trade ordered the Trump Administration to begin refunding all tariffs imposed under IEEPA. Kraft Heinz is not the Importer of Record for the majority of the raw materials we source from outside of the U.S. As a result, any recovery is dependent on the actions of our suppliers and the contractually negotiated outcomes with these suppliers. Therefore, the timing and the amount of recovery are uncertain at this time.
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Iran Conflict
On February 28, 2026, the United States and Israel launched a joint military operation against Iran targeting the country's leadership, nuclear facilities, missile sites, and security forces. In response, Iran launched retaliatory strikes against Israel, Saudi Arabia, United Arab Emirates, and other countries in the Persian Gulf region. As of June 27, 2026, less than 1% of consolidated total assets were located in the impacted countries, and less than 1% of consolidated net sales were generated by our businesses in the region. While the Iran conflict did not have a material impact on our results of operations through the second quarter of 2026, the ongoing geopolitical tensions involving Iran have increased, and could continue to increase, the risk of supply-chain disruption and inflationary pressures, particularly related to procurement and logistics costs. As the situation is rapidly changing, we will continue to evaluate the potential impact that this conflict has on our business.
Regulatory Landscape:
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States. The OBBBA includes a broad range of changes to U.S. tax law, which did not have a material impact on our total tax provision as of June 27, 2026, and we do not expect the elective provisions of the law to have a material impact on our effective tax rate in future periods. Further, certain provision of the OBBBA impact the timing of cash tax payments, which resulted in a reduction of our cash tax payments in 2025, and is expected to reduce cash tax payments in 2026, However, we do not expect these provisions to have a material impact on our cash flows in future periods.

The OBBBA also enacted modifications to the Supplemental Nutrition Assistance Program (“SNAP”). As of the second quarter of 2026, the modifications have resulted in a reduction of the number of SNAP participants and the average benefits received by the eligible participants, which has, and may continue to have, a negative impact on consumers’ demand for our products. While we have taken measures to attempt to mitigate these negative impacts, these modifications to the SNAP program may continue to have a negative impact on our results of operations, cash flows, and market share.
Previously Announced Separation Transaction:
On September 2, 2025, we announced a plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off (the “Separation”). On February 11, 2026, we announced that the Kraft Heinz Board of Directors (the “Board”) has decided to pause work related to the Separation. If work related to the Separation is resumed, the Separation would be subject to the satisfaction of customary conditions, including final approval by the Board, receipt of favorable tax opinions of our U.S. tax advisors with respect to the tax-free nature of the Separation, and the effectiveness of appropriate filings with the U.S. Securities and Exchange Commission. The timing of the Separation and whether it will be completed is uncertain and we cannot assure that the Separation will be completed on the anticipated timeline or at all or that the terms of the Separation will not change. We incurred $10 million of separation costs for the three months ended June 27, 2026, primarily related to employee-related and technology costs. We incurred $66 million of separation costs for the six months ended June 27, 2026, primarily related to consulting, advisory, employee-related, and technology costs. These costs were recognized in SG&A on our consolidated statements of income.

Results of Operations
We disclose in this report certain non-GAAP financial measures. These non-GAAP financial measures assist management in comparing our 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 our underlying operations. For additional information and reconciliations to the most closely comparable financial measures presented in our condensed consolidated financial statements, which are calculated in accordance with U.S. GAAP see Non-GAAP Financial Measures.
Consolidated Results of Operations
Summary of Results:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions, except per share data) (in millions, except per share data)
Net sales $ 6,262  $ 6,352  (1.4) % $ 12,309  $ 12,351  (0.3) %
Operating income/(loss) (6,431) (7,974) 19.4  % (5,286) (6,778) 22.0  %
Net income/(loss) (5,460) (7,823) 30.2  % (4,661) (7,109) 34.4  %
Net income/(loss) attributable to common shareholders (5,460) (7,824) 30.2  % (4,662) (7,112) 34.4  %
Diluted EPS (4.60) (6.60) 30.3  % (3.93) (5.98) 34.3  %

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Net Sales:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions) (in millions)
Net sales $ 6,262  $ 6,352  (1.4) % $ 12,309  $ 12,351  (0.3) %
Organic Net Sales (a)
6,207  6,287  (1.3) % 12,126  12,231  (0.9) %

(a)    Organic Net Sales is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Net sales decreased 1.4% to $6.3 billion for the three months ended June 27, 2026 compared to $6.4 billion for the three months ended June 28, 2025, including the favorable impact of foreign currency (0.5 pp) and unfavorable impact of acquisitions and divestitures (0.6 pp). Organic Net Sales decreased 1.3% to $6.2 billion for the three months ended June 27, 2026 compared to $6.3 billion for the three months ended June 28, 2025, primarily due to the unfavorable volume/mix (2.6 pp), which more than offset higher pricing (1.3 pp). Pricing was higher in each segment. Volume/mix in North America and International Developed Markets was unfavorable, while volume/mix in Emerging Markets was favorable.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Net sales decreased 0.3% to $12.3 billion for the six months ended June 27, 2026 compared to $12.4 billion for the six months ended June 28, 2025, including the favorable impacts of foreign currency (1.2 pp) and unfavorable acquisitions and divestitures (0.6 pp). Organic Net Sales decreased 0.9% to $12.1 billion for the six months ended June 27, 2026 compared to $12.2 billion for the six months ended June 28, 2025, primarily due to the unfavorable volume/mix (1.9 pp), which more than offset higher pricing (1.0 pp). Pricing was higher in each segment. Volume/mix in North America and International Developed Markets was unfavorable, while volume/mix in Emerging Markets was favorable.
Net Income/(Loss):

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions) (in millions)
Operating income/(loss) $ (6,431) $ (7,974) 19.4  % $ (5,286) $ (6,778) 22.0  %
Net income/(loss) (5,460) (7,823) 30.2  % (4,661) (7,109) 34.4  %
Net income/(loss) attributable to common shareholders (5,460) (7,824) 30.2  % (4,662) (7,112) 34.4  %
Adjusted Operating Income (a)
1,041  1,276  (18.4) % 2,099  2,475  (15.2) %

(a)    Adjusted Operating Income is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Operating income/(loss) decreased 19.4% to a loss of $6.4 billion for the three months ended June 27, 2026 compared to a loss of $8.0 billion for the three months ended June 28, 2025, primarily due to non-cash impairment losses that were $1.9 billion lower in the current year period. In addition to the impact of these non-cash impairment losses, operating income/(loss) decreased by $371 million driven by unfavorable changes in unrealized losses/(gains) on commodity hedges, increased advertising expenses, unfavorable volume/mix, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, and higher variable compensation and related tax expense. These unfavorable impacts to operating income/(loss) were partially offset by higher pricing and efficiency initiatives in procurement that outpaced inflationary pressures.
Net income/(loss) decreased 30.2% to a loss of $5.5 billion for the three months ended June 27, 2026 compared to a loss of $7.8 billion for the three months ended June 28, 2025. This decrease was due to the favorable changes in operating income/(loss) factors discussed above, lower income tax expense, and lower interest expense, partially offset by unfavorable changes in other expense/(income).
• Our effective tax rate for the three months ended June 27, 2026 was a benefit of 14.4% on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 9.0%. Our effective tax rate for the three months ended June 28, 2025 was a benefit of 4.2% on pre-tax loss. The year-over-year change in the effective tax rate for the three-month period was primarily due to the impact of non-deductible goodwill impairments and a more favorable geographic mix of pre-tax income in various non-U.S. jurisdictions.
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• Interest expense/(income) was $31 million of income for the three months ended June 27, 2026 compared to $240 million of expense for the three months ended June 28, 2025. This change was primarily driven by a $265 million gain on extinguishment of debt in connection with the Tender Offer.
• Other expense/(income) was $24 million of income for the three months ended June 27, 2026 compared to $47 million of income for the three months ended June 28, 2025.
Adjusted Operating Income decreased 18.4% to $1.0 billion for the three months ended June 27, 2026 compared to $1.3 billion for the three months ended June 28, 2025, primarily due to increased advertising expenses, unfavorable volume/mix, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, and higher variable compensation and related tax expenses. These unfavorable impacts more than offset higher pricing and efficiency initiatives in procurement that outpaced inflationary pressures.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Operating income/(loss) decreased 22.0% to a loss of $5.3 billion for the six months ended June 27, 2026 compared to a loss of $6.8 billion for the six months ended June 28, 2025, primarily due to non-cash impairment losses that were $1.9 billion lower in the current year period. In addition to the impact of these non-cash impairment losses, operating income/(loss) decreased by $409 million driven by increased advertising expenses, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, unfavorable volume/mix, higher variable compensation and related tax expenses, and separation costs incurred in the current year. These unfavorable impacts to operating income/(loss) were partially offset by higher pricing, favorable changes in unrealized losses/(gains) on commodity hedges, and efficiency initiatives in procurement that outpaced inflationary pressures.
Net income/(loss) decreased 34.4% to a loss of $4.7 billion for the six months ended June 27, 2026 compared to a loss of $7.1 billion for the six months ended June 28, 2025. This decrease was due to the favorable changes in operating income/(loss) factors discussed above, lower income tax expense, lower interest expense, and favorable changes in other expense/(income).
• Our effective tax rate for the six months ended June 27, 2026 was a benefit of 13.1% on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 10.8%. Our effective tax rate for the six months ended June 28, 2025 was a benefit of 0.6% on pre-tax loss, which included the net unfavorable effective tax rate impact of goodwill and intangible asset impairment losses of 24.7%. The year-over-year change in the effective tax rate for the six month period was primarily due to the impact of non-deductible goodwill impairments, and a more favorable geographic mix of pre-tax income in various non-U.S. jurisdictions.
• Interest expense/(income) was $205 million of expenses for the six months ended June 27, 2026 compared to $469 million of expense for the six months ended June 28, 2025. This change was primarily driven by a $265 million gain on extinguishment of debt in connection with the Tender Offer.
• Other expense/(income) was $125 million of income for the six months ended June 27, 2026 compared to $98 million of income for the six months ended June 28, 2025. This change was primarily driven by a $41 million favorable change in net pension and postretirement non-service benefits related to the settlement of our U.S. Retiree Life Insurance Plan in the first quarter of 2026.
Adjusted Operating Income decreased 15.2% to $2.1 billion for the six months ended June 27, 2026 compared to $2.5 billion for the six months ended June 28, 2025, primarily driven by increased advertising expenses, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, unfavorable volume/mix, and higher variable compensation and related tax expenses. These unfavorable impacts were partially offset by higher pricing and efficiency initiatives in procurement that outpaced inflationary pressures.
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Diluted EPS:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
Diluted EPS $ (4.60) $ (6.60) 30.3  % $ (3.93) $ (5.98) 34.3  %
Adjusted EPS (a)
0.56  0.69  (18.8) % 1.14  1.31  (13.0) %

(a)    Adjusted EPS is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Diluted EPS increased 30.3% to $(4.60) for the three months ended June 27, 2026 compared to $(6.60) for the three months ended June 28, 2025, primarily due to the net income/(loss) factors discussed above.

For the Three Months Ended
June 27, 2026 June 28, 2025 $ Change % Change
Diluted EPS $ (4.60) $ (6.60) $ 2.00  30.3  %
Restructuring activities 0.01  0.01  — 

Unrealized losses/(gains) on commodity hedges 0.06  (0.01) 0.07 
Impairment losses 5.23  7.28  (2.05)

Nonmonetary currency devaluation —  0.01  (0.01)
Debt prepayment and extinguishment (benefit)/costs (0.14) —  (0.14)

Adjusted EPS (a)
$ 0.56  $ 0.69  $ (0.13) (18.8) %

Key drivers of change in Adjusted EPS (a) :

Results of operations $ (0.14)

Effective tax rate 0.01 

$ (0.13)

(a)    Adjusted EPS is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Adjusted EPS decreased 18.8% to $0.56 for the three months ended June 27, 2026 compared to $0.69 for the three months ended June 28, 2025. This decrease was primarily due to lower Adjusted Operating Income, which more than offset lower taxes on adjusted earnings.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Diluted EPS increased 34.3% to $(3.93) for the six months ended June 27, 2026 compared to $(5.98) for the six months ended June 28, 2025, primarily due to the net income/(loss) factors discussed above.

For the Six Months Ended
June 27, 2026 June 28, 2025 $ Change % Change
Diluted EPS $ (3.93) $ (5.98) $ 2.05  34.3  %
Restructuring activities (0.01) 0.01  (0.02)

Unrealized losses/(gains) on commodity hedges (0.05) (0.01) (0.04)
Impairment losses 5.24  7.26  (2.02)
Separation costs 0.04  —  0.04 

Losses/(gains) on sale of business (0.02) —  (0.02)

Nonmonetary currency devaluation 0.01  0.02  (0.01)
Debt prepayment and extinguishment (benefit)/costs (0.14) —  (0.14)
Certain significant discrete income tax items —  0.01  (0.01)
Adjusted EPS (a)
$ 1.14  $ 1.31  $ (0.17) (13.0) %

Key drivers of change in Adjusted EPS (a) :

Results of operations $ (0.23)

Effective tax rate 0.06 

$ (0.17)

(a)    Adjusted EPS is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
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Adjusted EPS decreased 13.0% to $1.14 for the six months ended June 27, 2026 compared to $1.31 for the six months ended June 28, 2025. This decrease was primarily due to lower Adjusted Operating Income, which more than offset lower taxes on adjusted earnings.

Results of Operations by Segment
We manage our operating results through four operating segments. 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.
Management evaluates segment performance based on several factors, including net sales, Organic Net Sales, and Segment Adjusted Operating Income. Segment Adjusted Operating Income is defined as operating income/(loss) excluding, when they occur, the impacts of restructuring activities, deal 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, separation costs, and certain non-ordinary course legal and regulatory matters. Segment Adjusted Operating Income for Emerging Markets, which represents the aggregation 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. Segment Adjusted Operating Income is a financial measure that can assist management and investors in comparing our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our underlying operations. Management also uses Segment Adjusted Operating Income to allocate resources.
Under highly inflationary accounting, the financial statements of a subsidiary are remeasured into our reporting currency (U.S. dollars) based on the legally available exchange rate at which we expect to settle the underlying transactions. Exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in other expense/(income) on our condensed consolidated statements of income, as nonmonetary currency devaluation, rather than accumulated other comprehensive income/(losses) on our condensed consolidated balance sheets, until such time as the economy is no longer considered highly inflationary. See Note 2, Significant Accounting Policies , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 27, 2025, for additional information. We apply highly inflationary accounting to the results of our subsidiaries in Venezuela, Turkey, and Egypt, which are all in Emerging Markets.
Net Sales:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
(in millions)
Net sales:
North America $ 4,626  $ 4,757  $ 9,084  $ 9,245 
International Developed Markets 865  897  1,708  1,714 
Emerging Markets
771  698  1,517  1,392 
Total net sales $ 6,262  $ 6,352  $ 12,309  $ 12,351 

Organic Net Sales:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
(in millions)
Organic Net Sales (a) :

North America $ 4,626  $ 4,757  $ 9,064  $ 9,245 
International Developed Markets 846  852  1,625  1,632 
Emerging Markets
735  678  1,437  1,354 
Total Organic Net Sales $ 6,207  $ 6,287  $ 12,126  $ 12,231 

(a)    Organic Net Sales is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.

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Drivers of the changes in net sales and Organic Net Sales for the three and six months ended June 27, 2026 compared to the three and six months ended June 28, 2025 were:

Net Sales Currency Acquisitions and Divestitures Organic Net Sales Price Volume/Mix
For the Three Months Ended
North America (2.7) % 0.0 pp 0.0 pp (2.7) % 1.1 pp (3.8) pp
International Developed Markets (3.5) % 2.1 pp (4.9) pp (0.7) % 0.7 pp (1.4) pp
Emerging Markets
10.4  % 1.9 pp 0.0 pp 8.5  % 4.5 pp 4.0 pp
Kraft Heinz (1.4) % 0.5 pp (0.6) pp (1.3) % 1.3 pp (2.6) pp

Net Sales Currency Acquisitions and Divestitures Organic Net Sales Price Volume/Mix
For the Six Months Ended
North America (1.7) % 0.3 pp 0.0 pp (2.0) % 0.7 pp (2.7) pp
International Developed Markets (0.3) % 4.9 pp (4.8) pp (0.4) % 0.4 pp (0.8) pp
Emerging Markets
9.0  % 2.9 pp 0.0 pp 6.1  % 4.4 pp 1.7 pp
Kraft Heinz (0.3) % 1.2 pp (0.6) pp (0.9) % 1.0 pp (1.9) pp

Adjusted Operating Income:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
(in millions)
Segment Adjusted Operating Income:
North America $ 988  $ 1,173  $ 1,962  $ 2,274 
International Developed Markets 124  136  257  263 
Total Segment Adjusted Operating Income 1,112  1,309  2,219  2,537 
Emerging Markets
107  100  202  199 
General corporate expenses (178) (133) (322) (261)
Restructuring activities (9) —  (31) (4)

Unrealized gains/(losses) on commodity hedges (101) 16  77  17 
Impairment losses (7,352) (9,266) (7,365) (9,266)
Separation costs (10) —  (66) — 

Operating income/(loss) (6,431) (7,974) (5,286) (6,778)
Interest expense/(income) (31) 240  205  469 
Other expense/(income) (24) (47) (125) (98)
Income/(loss) before income taxes $ (6,376) $ (8,167) $ (5,366) $ (7,149)

North America:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions) (in millions)
Net sales $ 4,626  $ 4,757  (2.7) % $ 9,084  $ 9,245  (1.7) %
Organic Net Sales (a)
4,626  4,757  (2.7) % 9,064  9,245  (2.0) %
Segment Adjusted Operating Income
988  1,173  (15.8) % 1,962  2,274  (13.7) %

(a)    Organic Net Sales is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Net sales decreased 2.7% to $4.6 billion for the three months ended June 27, 2026 compared to $4.8 billion for the three months ended June 28, 2025. Organic Net Sales decreased 2.7% to $4.6 billion for the three months ended June 27, 2026 compared to $4.8 billion for the three months ended June 28, 2025, primarily due to unfavorable volume/mix (3.8 pp), which more than offset higher pricing (1.1 pp). Unfavorable volume/mix was primarily due to declines in meats, spreads, and cheese.
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Unfavorable volume/mix for meats and spreads were partially driven by the shift in Easter timing. Higher pricing was taken in certain categories to mitigate higher input costs, primarily in refreshment beverages and coffee.
Segment Adjusted Operating Income decreased 15.8% to $1.0 billion for the three months ended June 27, 2026 compared to $1.2 billion for the three months ended June 28, 2025, primarily due to unfavorable volume/mix, increased advertising expenses, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, and higher variable compensation and related tax expenses. These unfavorable impacts to Segment Adjusted Operating Income more than offset higher pricing and efficiency initiatives in procurement that outpaced inflationary pressures.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Net sales decreased 1.7% to $9.1 billion for the six months ended June 27, 2026 compared to $9.2 billion for the six months ended June 28, 2025, including the favorable impacts of foreign currency (0.3 pp). Organic Net Sales decreased 2.0% to $9.1 billion for the six months ended June 27, 2026 compared to $9.2 billion for the six months ended June 28, 2025, primarily due to unfavorable volume/mix (2.7 pp), which more than offset higher pricing (0.7 pp). Unfavorable volume/mix was primarily driven by declines in meats, coffee, and spreads. Higher pricing was taken in certain categories to mitigate higher input costs, primarily in coffee and refreshment beverages.
Segment Adjusted Operating Income decreased 13.7% to $2.0 billion for the six months ended June 27, 2026 compared to $2.3 billion for the six months ended June 28, 2025, primarily due to increased advertising expenses, unfavorable volume/mix, inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives, higher variable compensation and related tax expenses, and increased research and development expenditures. These unfavorable impacts to Segment Adjusted Operating Income more than offset higher pricing and efficiency initiatives in procurement that outpaced inflationary pressures.
International Developed Markets:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions) (in millions)
Net sales $ 865  $ 897  (3.5) % $ 1,708  $ 1,714  (0.3) %
Organic Net Sales (a)
846  852  (0.7) % 1,625  1,632  (0.4) %
Segment Adjusted Operating Income
124  136  (9.1) % 257  263  (2.4) %

(a)    Organic Net Sales is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Net sales decreased 3.5% to $865 million for the three months ended June 27, 2026 compared to $897 million for the three months ended June 28, 2025, including the favorable impacts of foreign currency (2.1 pp) and unfavorable impact of acquisitions and divestitures (4.9 pp). Organic Net Sales decreased 0.7% to $846 million for the three months ended June 27, 2026 compared to $852 million for the three months ended June 28, 2025, primarily due to unfavorable volume/mix (1.4 pp), which more than offset higher pricing (0.7 pp). Unfavorable volume/mix was primarily driven by Australia and Western Europe regions, due in part to negotiations with certain customers, which more than offset favorable volume/mix in France, Benelux and the United Kingdom.
Segment Adjusted Operating Income decreased 9.1% to $124 million for the three months ended June 27, 2026 compared to $136 million for the three months ended June 28, 2025, primarily driven by increased SG&A, including advertising expenses and variable compensation and related tax expenses, and inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives. These unfavorable impacts to Segment Adjusted Operating Income more than offset efficiency initiatives in procurement that outpaced inflationary pressures.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Net sales decreased 0.3% to $1.7 billion for the six months ended June 27, 2026 compared to $1.7 billion for the six months ended June 28, 2025, including the favorable impacts of foreign currency (4.9 pp) and unfavorable impact of acquisitions and divestitures (4.8 pp). Organic Net Sales decreased 0.4% to $1.6 billion for the six months ended June 27, 2026 compared to $1.6 billion for the six months ended June 28, 2025, primarily due to unfavorable volume/mix (0.8 pp), which more than offset higher pricing (0.4 pp). Unfavorable volume/mix was primarily due to Australia and Western Europe regions negotiations with certain customers, which more than offset favorable volume/mix in the United Kingdom, Benelux, and France.
Segment Adjusted Operating Income decreased 2.4% to $257 million for the six months ended June 27, 2026 compared to $263 million for the six months ended June 28, 2025, primarily driven by increased advertising expenses, the Italy Infant
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Transaction, variable compensation and related tax expenses, and inflationary pressures in manufacturing and logistics costs that outpaced our efficiency initiatives. These unfavorable impacts to Segment Adjusted Operating Income more than offset efficiency initiatives in procurement that outpaced inflationary pressures and the favorable impact of foreign currency (3.9 pp).
Emerging Markets:

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 % Change June 27, 2026 June 28, 2025 % Change
(in millions) (in millions)
Net sales $ 771  $ 698  10.4  % $ 1,517  $ 1,392  9.0  %
Organic Net Sales (a)
735  678  8.5  % 1,437  1,354  6.1  %
Segment Adjusted Operating Income (b)
107  100  6.7  % 202  199  1.4  %

(a)    Organic Net Sales is a non-GAAP financial measure. See the Non-GAAP Financial Measures section at the end of this item.
(b)    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.
Three Months Ended June 27, 2026 Compared to the Three Months Ended June 28, 2025:
Net sales increased 10.4% to $771 million for the three months ended June 27, 2026 compared to $698 million for the three months ended June 28, 2025, including the favorable impacts of foreign currency (1.9 pp). Organic Net Sales increased 8.5% to $735 million for the three months ended June 27, 2026 compared to $678 million for the three months ended June 28, 2025, primarily driven by higher pricing (4.5 pp), and favorable volume/mix (4.0 pp). Pricing was higher in certain countries within WEEM to address inflationary pressures. Favorable volume/mix was primarily driven by Brazil, Venezuela, and China, which more than offset unfavorable volume/mix in Indonesia.
Segment Adjusted Operating Income increased 6.7% to $107 million for the three months ended June 27, 2026 compared to $100 million for the three months ended June 28, 2025, primarily due to higher pricing, indirect tax recoveries within Brazil, and favorable volume/mix. These favorable impacts to Segment Adjusted Operating Income more than offset increased inflationary pressures in procurement, manufacturing, and logistics costs that outpaced our efficiency initiatives, advertising expenses, and higher variable compensation and related tax expenses.
Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025
Net sales increased 9.0% to $1.5 billion for the six months ended June 27, 2026 compared to $1.4 billion for the six months ended June 28, 2025, including the favorable impacts of foreign currency (2.9 pp). Organic Net Sales increased 6.1% to $1.4 billion for the six months ended June 27, 2026 compared to $1.4 billion for the six months ended June 28, 2025, primarily due to higher pricing (4.4 pp), and favorable volume/mix (1.7 pp). Pricing was higher in certain countries within WEEM to address inflationary pressures. Favorable volume/mix was primarily driven by Brazil, Venezuela, and China, which more than offset unfavorable volume/mix in Indonesia.
Segment Adjusted Operating Income increased 1.4% to $202 million for the six months ended June 27, 2026 compared to $199 million for the six months ended June 28, 2025, primarily due to higher pricing, favorable volume/mix, and indirect tax recoveries within Brazil. These favorable impacts to Segment Adjusted Operating Income more than offset inflationary pressures in procurement, manufacturing, and logistics costs that outpaced our efficiency initiatives, increased advertising expenses, and higher variable compensation and related tax expenses.

Liquidity and Capital Resources
We believe that cash generated from our operating activities, as well as our access to other potential sources of liquidity including our available-for-sale debt securities, commercial paper programs, and our senior unsecured revolving credit facility (the “Senior Credit Facility”) will provide sufficient liquidity to meet our working capital needs, repayments of long-term debt, future contractual obligations, payment of our anticipated quarterly dividends, planned capital expenditures, restructuring expenditures, and contributions to our postemployment benefit plans for the next 12 months. An additional potential source of liquidity is access to capital markets. We intend to use our cash on hand and commercial paper programs for daily funding requirements.
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Cash Flow Activity for the Six Months Ended June 27, 2026 Compared to the Six Months Ended June 28, 2025:
Net Cash Provided by/Used for Operating Activities:
Net cash provided by operating activities was $2.1 billion for the six months ended June 27, 2026 compared to $1.9 billion for the six months ended June 28, 2025. This increase was primarily driven by favorable changes in working capital, primarily within accounts payable, due, in part, to improved payment terms partially offset by increases in inventory. These impacts were partially offset by lower Adjusted Operating Income.
Net Cash Provided by/Used for Investing Activities:
Net cash provided by investing activities was $551 million for the six months ended June 27, 2026 compared to net cash used for investing activities of $1.3 billion for the six months ended June 28, 2025. This change was primarily driven by higher purchases of marketable securities in the prior year period, proceeds received on the sale of marketable securities in 2026, and proceeds received in connection with the close of the Italy Infant Transaction. We expect 2026 capital expenditures to be approximately $850 million compared to the 2025 capital expenditures of $801 million. Our 2026 capital expenditures are expected to be primarily driven by maintenance projects, investments in technology, and capital investments focused on generating growth.
Net Cash Provided by/Used for Financing Activities:
Net cash used for financing activities was $2.9 billion for the six months ended June 27, 2026 compared to net cash used for financing activities of $423 million for the six months ended June 28, 2025. This change was primarily driven by higher debt repayments in the current year period, and lower debt proceeds received from the issuance of the 2026 Notes in the current year period compared to 2025 Notes in the prior year period. This change was partially offset by decreased repurchases of common stock compared to the prior year period. See Note 14, Commitments, Contingencies, and Debt , in Item 1, Financial Statements for additional information on our debt repayments.
Cash Held by International Subsidiaries:
Of the $2.4 billion cash and cash equivalents on our condensed consolidated balance sheet at June 27, 2026, $1.1 billion was held by international subsidiaries.
Subsequent to January 1, 2018, we consider the unremitted earnings of certain international subsidiaries that impose local country taxes on dividends to be indefinitely reinvested. For those undistributed earnings considered to be indefinitely reinvested, our intent is to reinvest these funds in our international operations, and our current plans do not demonstrate a need to repatriate the accumulated earnings to fund our U.S. cash requirements. The amount of unrecognized deferred tax liabilities for local country withholding taxes that would be owed, if repatriated, related to our 2018 through 2026 accumulated earnings of certain international subsidiaries is approximately $70 million.
Trade Payables Programs:
In order to manage our cash flow and related liquidity, we work with our suppliers to optimize our terms and conditions, which
include the extension of payment terms. We maintain agreements with third-party administrators that allow participating suppliers to track payment obligations from us, and, at the sole discretion of the supplier, sell one or more of those payment obligations to participating financial institutions. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted. Our current payment terms with our suppliers, which we deem to be commercially reasonable, generally range from 0 to 250 days. All amounts due to participating suppliers are paid to the third party on the original invoice due dates, regardless of whether a particular invoice was sold. The amounts confirmed outstanding under these programs were $868 million at June 27, 2026 and $755 million at December 27, 2025. The amounts were included in accounts payable on our consolidated balance sheets. See Note 13, Financing Arrangements , in Item 1, Financial Statements , for additional information on our trade payables programs.
Borrowing Arrangements:
As of the date of this filing, our long-term debt is rated BBB with a negative outlook from S&P Global Ratings and Fitch Ratings, and Baa2 with ratings under review for downgrade from Moody’s Investor Services, Inc.
From time to time, we obtain funding through our commercial paper programs. We had no commercial paper outstanding at June 27, 2026, at December 27, 2025, or during the six months ended June 27, 2026 or June 28, 2025.
Our Senior Credit Facility provides for a revolving commitment of $4.0 billion through July 8, 2031. Subject to certain conditions, we may increase the amount of revolving commitments and/or add tranches of term loans in a combined aggregate amount of up to $1.0 billion.
No amounts were drawn on our Senior Credit Facility at June 27, 2026 or December 27, 2025 , or during the six months ended June 27, 2026 or June 28, 2025.
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Our credit agreement contains customary representations, warranties, and covenants that are typical for these types of facilities and could, upon the occurrence of certain events of default, restrict our ability to access our Senior Credit Facility. We were in compliance with all financial covenants as of June 27, 2026 .
Long-Term Debt:
Our long-term debt, including the current portion, was $19.0 billion at June 27, 2026 and $21.2 billion at December 27, 2025. This decrease was primarily related to the repayment of our $1.9 billion senior notes due June 2026, the purchase of approximately $1.4 billion aggregate principal amount of the 2046 Notes that was validly tendered in May 2026, and changes in foreign currency exchange rates on our foreign-denominated debt which was partially offset by the issuance of the 2026 Notes. We used available-for-sale securities to repay the senior notes that matured in June 2026 and used the net proceeds from the 2026 Notes to fund the Tender Offer.
In the second quarter of 2026, KHFC, our 100% owned operating subsidiary, issued 500 million euro aggregate principal amount of 3.500% senior notes due May 2031, and 500 million euro aggregate principal amount of 3.950% senior notes due May 2034.
In July 2026, we partially redeemed $1 billion aggregate principal amount of the 3.875% Senior Notes due May 2027, resulting in an aggregate principal amount of senior notes of approximately $350 million maturing in May 2027.
We may from time to time seek to retire or purchase our outstanding debt through redemptions, tender offers, cash purchases, prepayments, refinancing, exchange offers, open market or privately negotiated transactions, Rule 10b5-1 plans, or otherwise.
Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all financial covenants as of June 27, 2026 .
See Note 14, Commitments, Contingencies, and Debt , in Item 1, Financial Statements , for additional information on our long-term debt activity, Note 11, Financial Instruments , in Item 1, Financial Statements , for additional information on our available-for-sale securities, and Note 17, Debt , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 27, 2025 for additional information on our borrowing arrangements and long-term debt.
Equity and Dividends:
We paid dividends on our common stock of $949 million for the six months ended June 27, 2026. Additionally, in the second quarter of 2026, our Board of Directors declared a cash dividend of $0.40 per share of common stock, which is payable on September 25, 2026 to stockholders of record on September 4, 2026.
The declaration of dividends is subject to the discretion of our Board of Directors and depends on various factors, including our net income, financial condition, cash requirements, future prospects, and other factors that our Board of Directors deems relevant to its analysis and decision making.
On November 27, 2023, we announced that the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $3.0 billion, exclusive of fees, of the Company’s common stock through December 26, 2026. We are not obligated to repurchase any specific number of shares and the program may be modified, suspended, or discontinued at any time. Under the program, shares may be repurchased in open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), privately negotiated transactions, transactions structured through investment banking institutions, or other means. We purchased no shares during the three and six months ended June 27, 2026 and had approximately $1.5 billion remaining authorization under the share repurchase program as of June 27, 2026. The share repurchase program is in addition to our share repurchases to offset the dilutive effect of equity-based compensation.
Aggregate Contractual Obligations:
During the second quarter of 2026, we repaid $1.9 billion in aggregate principal amount of senior notes that matured in the period, purchased approximately $1.4 billion aggregate principal amount of the 2046 Notes that were validly tendered in the Tender Offer, and issued the 2026 Notes. Additionally, in July 2026, we partially redeemed $1 billion aggregate principal amount of the 3.875% Senior Notes due May 2027 at a redemption price of $1 billion. See Note 14. Commitments, Contingencies, and Debt, in Item 1. Financial Statements, for additional information.
There were no other material changes to our aggregate contractual obligations from those disclosed in our Annual Report on Form 10-K for the year ended December 27, 2025.
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Supplemental Guarantor Information:
The Kraft Heinz Company (as the “Parent Guarantor”) fully and unconditionally guarantees all the senior unsecured registered notes (collectively, the “KHFC Senior Notes”) issued by KHFC, our 100% owned operating subsidiary (the “Guarantee”). See Note 14, Commitments, Contingencies, and Debt , in Item 1, Financial Statements , and Note 17, Debt , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 27, 2025 for additional descriptions of these guarantees.
The payment of the principal, interest and premium, when applicable, on the KHFC Senior Notes is fully and unconditionally guaranteed on a senior unsecured basis by the Parent Guarantor, pursuant to the terms and conditions of the applicable indenture. None of the Parent Guarantor’s subsidiaries guarantee the KHFC Senior Notes.
The Guarantee is the Parent Guarantor’s senior unsecured obligation and is: (i) pari passu in right of payment with all of the Parent Guarantor’s existing and future senior indebtedness; (ii) senior in right of payment to all of the Parent Guarantor’s future subordinated indebtedness; (iii) effectively subordinated to all of the Parent Guarantor’s existing and future secured indebtedness to the extent of the value of the assets secured by that indebtedness; and (iv) effectively subordinated to all existing and future indebtedness and other liabilities of the Parent Guarantor’s subsidiaries.
The KHFC Senior Notes are obligations exclusively of KHFC and the Parent Guarantor and not of any of the Parent Guarantor’s other subsidiaries. Substantially all of the Parent Guarantor’s operations are conducted through its subsidiaries. The Parent Guarantor’s other subsidiaries are separate legal entities that have no obligation to pay any amounts due under the KHFC Senior Notes or to make any funds available therefor, whether by dividends, loans, or other payments. Except to the extent the Parent Guarantor is a creditor with recognized claims against its subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of its subsidiaries will have priority with respect to the assets of such subsidiaries over its claims (and therefore the claims of its creditors, including holders of the KHFC Senior Notes). Consequently, the KHFC Senior Notes are structurally subordinated to all liabilities of the Parent Guarantor’s subsidiaries and any subsidiaries that it may in the future acquire or establish. The obligations of the Parent Guarantor will terminate and be of no further force or effect in the following circumstances: (i) (a) KHFC’s exercise of its legal defeasance option or, except in the case of a guarantee of any direct or indirect parent of KHFC, covenant defeasance option in accordance with the applicable indenture, or KHFC’s obligations under the applicable indenture have been discharged in accordance with the terms of the applicable indenture or (b) as specified in a supplemental indenture to the applicable indenture; and (ii) the Parent Guarantor has delivered to the trustee an officer’s certificate and an opinion of counsel, each stating that all conditions precedent provided for in the applicable indenture have been complied with. The Guarantee is limited by its terms to an amount not to exceed the maximum amount that can be guaranteed by the Parent Guarantor without rendering the Guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.
The following tables present summarized financial information for the Parent Guarantor and KHFC (as subsidiary issuer of the KHFC Senior Notes) (together, the “Obligor Group”), on a combined basis after the elimination of all intercompany balances and transactions between the Parent Guarantor and subsidiary issuer and investments in any subsidiary that is a non-guarantor.

Summarized Statement of Income

For the Six Months Ended
June 27, 2026
Net sales $ 7,631 
Gross profit (a)
2,928 

Intercompany service fees and other recharges 2,094 
Operating income/(loss) 441 
Equity in earnings/(losses) of subsidiaries (4,870)
Net income/(loss) (4,662)
Net income/(loss) attributable to common shareholders (4,662)

(a)    For the six months ended June 27, 2026, the Obligor Group recorded $244 million of net sales to the non-guarantor subsidiaries and $44 million of purchases from the non-guarantor subsidiaries.
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Summarized Balance Sheets

June 27, 2026 December 27, 2025
ASSETS
Current assets $ 5,392  $ 6,336 
Current assets due from affiliates (a)
99  269 
Non-current assets 5,621  5,648 
Goodwill 8,823  8,823 
Intangible assets, net 1,712  1,768 
Non-current assets due from affiliates (b)
22  28 
LIABILITIES
Current liabilities $ 5,060  $ 5,211 
Current liabilities due to affiliates (a)
1,313  1,122 
Non-current liabilities 19,409  21,260 
Non-current liabilities due to affiliates (b)
203  208 

(a)    Represents receivables and short-term lending due from and payables and short-term lending due to non-guarantor subsidiaries.
(b)    Represents long-term lending due from and long-term borrowings due to non-guarantor subsidiaries.

Commodity Trends
We purchase and use large quantities of commodities, including dairy products, meats, sugar and other sweeteners, coffee, edible oils, tomatoes, wheat products, fruits and vegetables, and eggs to manufacture our products. In addition, we purchase and use significant quantities of plastics, resins, cardboard, glass, paper, and metal to package our products, and we use electricity, diesel fuel, and natural gas in the manufacturing and distribution of our products. We continuously monitor global supply and cost trends of these commodities.
During the six months ended June 27, 2026, we experienced decreased commodity costs for cheese and dairy products, meats, coffee, sugar and other sweeteners, and eggs while commodity costs for edible oils, fruits and vegetables, and wheat products increased. We manage commodity cost volatility primarily through pricing and risk management strategies including utilizing a range of commodity hedging techniques in an effort to limit the impact of price fluctuations on many of our principal raw materials. However, we do not fully hedge against changes in commodity prices, and our hedging strategies may not protect us from increases in specific raw material costs. As a result of these risk management strategies, our commodity costs may not immediately correlate with market price trends.
See our Annual Report on Form 10-K for the year ended December 27, 2025 for additional information on how we manage commodity costs.

Critical Accounting Estimates
Our significant accounting policies are described in Note 2, Significant Accounting Policies , to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 27, 2025.
We prepare our condensed consolidated financial statements in conformity with U.S. GAAP. The preparation of these financial statements requires the use of estimates, judgments, and assumptions. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , in our Annual Report on Form 10-K for the year ended December 27, 2025 for a discussion of our critical accounting estimates and assumptions.
Goodwill and Intangible Assets:
As of June 27, 2026, we maintain 11 reporting units globally, six of which comprise our goodwill balance. These six reporting units had an aggregate goodwill carrying amount of $19.7 billion at June 27, 2026. Our indefinite-lived intangible asset balance primarily consists of a number of individual brands, which had an aggregate carrying amount of $29.2 billion as of June 27, 2026.
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We test our reporting units and brands for impairment annually as of the first day of our third quarter, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. Such events and circumstances could include a sustained decrease in our market capitalization, increased competition or unexpected loss of market share, increased input costs beyond projections, disposals of significant brands or components of our business, unexpected business disruptions (for example due to a natural disaster, pandemic, or loss of a customer, supplier, or other significant business relationship), unexpected significant declines in operating results, significant adverse changes in the markets in which we operate, changes in income tax rates, changes in interest rates, or changes in management strategy. We test reporting units for impairment by comparing the estimated fair value of each reporting unit with its carrying amount. We test brands for impairment by comparing the estimated fair value of each brand with its carrying amount. If the carrying amount of a reporting unit or brand exceeds its estimated fair value, we record an impairment loss based on the difference between fair value and carrying amount, in the case of reporting units, not to exceed the associated carrying amount of goodwill. See Note 7,  Goodwill and Intangible Assets , in Item 1,  Financial Statements , for a discussion of the timing of the annual impairment test.
Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates, and market factors. Estimating the fair value of individual reporting units and brands requires us to make assumptions and estimates regarding our future plans, as well as industry, economic, and regulatory conditions, and to consider the market multiples of certain peer and guideline companies. These assumptions and estimates include estimated future annual net cash flows (including net sales, cost of products sold, SG&A, depreciation and amortization, working capital, and capital expenditures), income tax considerations, discount rates, long-term growth rates, royalty rates, contributory asset charges, and other market factors. As part of our Q2 2026 Impairment Test as of June 27, 2026, we used discount rates ranging from 6.8% to 13.5% and long-term growth rates ranging from 0.0% to 4.0% in estimating the fair value of our reporting units. Additionally, we used discount rates ranging from 8.1% to 10.3%, long-term growth rates ranging from 0.0% to 4.0%, and royalty rates ranging from 3.0% to 20.0% in estimating the fair value of our brands. If current expectations of future growth rates, royalty rates, and margins are not met, if market factors outside of our control change (such as discount rates, market capitalization, income tax rates, foreign currency exchange rates, or inflation), or if management’s expectations or plans otherwise change, including updates to our long-term operating plans, then one or more of our reporting units or brands might become impaired in the future. Additionally, any decisions to divest certain non-strategic assets could lead to future goodwill or intangible asset impairments.
As detailed in Note 7,  Goodwill and Intangible Assets , in Item 1,  Financial Statements , we recorded impairment losses related to goodwill and indefinite-lived intangible assets. Our reporting units and brands that were impaired in 2026 and 2025 were written down to their respective fair values resulting in zero excess fair value over carrying amount as of the applicable impairment test dates. Our reporting units and brands that had 20% or less excess fair value over carrying amount as of their latest impairment test have a heightened risk of future impairments if any assumptions, estimates, or market factors change in the future.
Our reporting units that were determined to have less than 5% fair value over carrying amount as of our latest impairment test had an aggregate goodwill carrying amount of $18.2 billion and included TE, AFH, HDM, and WE reporting units. Our MCCS and Asia reporting unit had over 5% but less than 10% fair value over carrying amount with an aggregate goodwill carrying amount of $1.5 billion as of the latest impairment test. Our reporting units that have 10% or less excess fair value over carrying amounts as of the latest impairment test are considered at a heightened risk of future impairments and had an aggregate carrying amount of $19.7 billion. Our five remaining reporting units had no goodwill carrying amount at the time of the latest impairment test.
As of the latest impairment test, our brands that have 10% or less fair value over carrying amount, comprised entirely of brands that have zero fair value over carrying amounts, had a carrying amount of $9.3 billion and included Kraft, Oscar Mayer, Miracle Whip, Cool Whip, Lunchables, Kool Aid, Claussen, ABC, Wattie’s, and Bagel Bites . Our brands that had over 10% but less than 20% fair value over carrying amount included A1, Velveeta, and Classico and had an aggregate carrying amount of $3.5 billion as of the latest impairment test. The aggregate carrying amount of brands with fair value over carrying amount 20% to 50% was $6.9 billion as of the latest impairment test. Although the remaining brands, with a carrying amount of $9.5 billion, have more than 50% excess fair value over carrying amount as of the latest impairment test, these amounts are also susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future. Our brands that have 20% or less excess fair value over carrying amounts as of their latest impairment test are considered at a heightened risk of future impairments and had an aggregate carrying amount of $12.8 billion.
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We generally utilize the discounted cash flow method under the income approach to estimate the fair value of our reporting units. Some of the more significant assumptions inherent in estimating the fair values include the estimated future annual cash flows for each reporting unit (including net sales, cost of products sold, SG&A, depreciation and amortization, working capital, and capital expenditures), income tax rates, long-term growth rates, royalty rates, a discount rate that appropriately reflects the risks inherent in each future cash flow stream, and other market factors. We select the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management’s plans, and a consideration of market multiples of certain peer and guideline companies.
We utilize the excess earnings method under the income approach to estimate the fair value of certain of our largest brands. Some of the more significant assumptions inherent in estimating the fair values include the estimated future annual cash flows for each brand (including net sales, cost of products sold, and SG&A), contributory asset charges, income tax considerations, long-term growth rates, a discount rate that reflects the level of risk associated with the future earnings attributable to the brand, and management’s intent to invest in the brand indefinitely. We select the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management’s plans, and a consideration of market multiples of certain peer and guideline companies.
We utilize the relief from royalty method under the income approach to estimate the fair value of our remaining brands. Some of the more significant assumptions inherent in estimating the fair values include the estimated future annual sales for each brand, royalty rates (as a percentage of net sales that would hypothetically be charged by a licensor of the brand to an unrelated licensee), income tax considerations, long-term growth rates, a discount rate that reflects the level of risk associated with the future cost savings attributable to the brand, and management’s intent to invest in the brand indefinitely. We select the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated product category growth rates, management’s plans, and a consideration of market multiples of certain peer and guideline companies.
The discount rates, long-term growth rates, and royalty rates used to estimate the fair values of our reporting units and our brands with 20% or less excess fair value over carrying amount, as well as the goodwill or brand carrying amounts, as of their latest impairment test for each reporting unit and brand were as follows:

Goodwill or Brands Carrying Amount
(in billions)
Discount Rate Long-Term Growth Rate Royalty Rate
Minimum Maximum Minimum Maximum Minimum Maximum
Reporting units $ 19.7  6.8  % 13.5  % —  % 4.0  %
Brands
(excess earnings method) 9.1  8.2  % 8.8  % —  % 1.5  %
Brands
(relief from royalty method) 3.7  8.1  % 10.3  % —  % 4.0  % 3.0  % 20.0  %

Assumptions used in impairment testing are made at a point in time and require significant judgment; therefore, they are subject to change based on the facts and circumstances present at each annual and interim impairment test date. Additionally, these assumptions are generally interdependent and do not change in isolation. However, as it is reasonably possible that changes in assumptions could occur, as a sensitivity measure, we have presented the estimated effects of isolated changes in discount rates, long-term growth rates, and royalty rates on the fair values of our reporting units and brands with 20% or less excess fair value over carrying amount. These estimated changes in fair value are not necessarily representative of the actual impairment that would be recorded in the event of a fair value decline.
If we had changed the assumptions used to estimate the fair value of our reporting units and brands with 20% or less excess fair value over carrying amount, as a result of the latest impairment test for each of these reporting units and brands, these isolated changes, which are reasonably possible to occur, would have led to the following increase/(decrease) in the aggregate fair value of these reporting units and brands (in billions):

Discount Rate Long-Term Growth Rate Royalty Rate
50-Basis-Point 25-Basis-Point 100-Basis-Point
Increase Decrease Increase Decrease Increase Decrease
Reporting units $ (3.1) $ 3.6  $ 1.6  $ (1.5)
Brands (excess earnings method) (0.6) 0.7  0.3  (0.2)
Brands (relief from royalty method) (0.3) 0.3  0.1  (0.1) $ 0.4  $ (0.4)

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Definite-lived intangible assets are amortized on a straight-line basis over the estimated periods benefited. We review definite-lived intangible assets for impairment when conditions exist that indicate the carrying amount of the assets may not be recoverable. Such conditions could include significant adverse changes in the business climate, current-period operating or cash flow losses, significant declines in forecasted operations, or a current expectation that an asset group will be disposed of before the end of its useful life. We perform undiscounted operating cash flow analyses to determine if an impairment exists. When testing for impairment of definite-lived intangible assets held for use, we group assets at the lowest level for which cash flows are separately identifiable. If an impairment is determined to exist, the loss is calculated based on estimated fair value. Impairment losses on definite-lived intangible assets to be disposed of, if any, are based on the estimated proceeds to be received less costs of disposal.
See Note 7, Goodwill and Intangible Assets , in Item 1, Financial Statements , for our impairment testing results.

New Accounting Pronouncements
See Note 3, New Accounting Standards , in Item 1, Financial Statements , for a discussion of new accounting pronouncements.

Contingencies
See Note 14, Commitments, Contingencies, and Debt , in Item 1, Financial Statements , for a discussion of our contingencies.

Non-GAAP Financial Measures
The non-GAAP financial measures we provide in this report should be viewed in addition to, and not as an alternative for, results prepared in accordance with U.S. GAAP.
To supplement the condensed consolidated financial statements prepared in accordance with U.S. GAAP, we have presented Organic Net Sales, Adjusted Operating Income, and Adjusted EPS, 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 U.S. GAAP financial measures, such as net sales, net income/(loss), operating income/(loss), diluted EPS, or other measures prescribed by U.S. GAAP, and there are limitations to using non-GAAP financial measures.
Management uses these non-GAAP financial measures to assist in comparing our 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 our underlying operations. We believe that Organic Net Sales, Adjusted Operating Income, 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.
Management believes that presenting our 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 our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliations to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures.
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. We calculate 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 we calculate the previous year’s results using the current year’s exchange rate.
Adjusted Operating Income is defined as operating income excluding, when they occur, the impacts 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.
Adjusted EPS is defined as diluted EPS 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, and including, when they occur, adjustments to reflect preferred stock dividend payments on an accrual basis.
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The Kraft Heinz Company
Reconciliation of Net Sales to Organic Net Sales
(dollars in millions)
(Unaudited)

Net Sales Currency Acquisitions and Divestitures Organic Net Sales Price Volume/Mix
Three Months Ended June 27, 2026

North America $ 4,626  $ —  $ —  $ 4,626 
International Developed Markets 865  19  —  846 
Emerging Markets 771  36  —  735 
Kraft Heinz $ 6,262  $ 55  $ —  $ 6,207 

Three Months Ended June 28, 2025

North America $ 4,757  $ —  $ —  $ 4,757 
International Developed Markets 897  —  45  852 
Emerging Markets 698  20  —  678 
Kraft Heinz $ 6,352  $ 20  $ 45  $ 6,287 

Year-over-year growth rates
North America (2.7) % 0.0 pp 0.0 pp (2.7) % 1.1 pp (3.8) pp
International Developed Markets (3.5) % 2.1 pp (4.9) pp (0.7) % 0.7 pp (1.4) pp
Emerging Markets 10.4  % 1.9 pp 0.0 pp 8.5  % 4.5 pp 4.0 pp
Kraft Heinz (1.4) % 0.5 pp (0.6) pp (1.3) % 1.3 pp (2.6) pp

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The Kraft Heinz Company
Reconciliation of Net Sales to Organic Net Sales
(dollars in millions)
(Unaudited)

Net Sales Currency Acquisitions and Divestitures Organic Net Sales Price Volume/Mix
Six Months Ended June 27, 2026

North America $ 9,084  $ 20  $ —  $ 9,064 
International Developed Markets 1,708  83  —  1,625 
Emerging Markets 1,517  80  —  1,437 
Kraft Heinz $ 12,309  $ 183  $ —  $ 12,126 

Six Months Ended June 28, 2025

North America $ 9,245  $ —  $ —  $ 9,245 
International Developed Markets 1,714  —  82  1,632 
Emerging Markets
1,392  38  —  1,354 
Kraft Heinz $ 12,351  $ 38  $ 82  $ 12,231 

Year-over-year growth rates
North America (1.7) % 0.3 pp 0.0 pp (2.0) % 0.7 pp (2.7) pp
International Developed Markets (0.3) % 4.9 pp (4.8) pp (0.4) % 0.4 pp (0.8) pp
Emerging Markets
9.0  % 2.9 pp 0.0 pp 6.1  % 4.4 pp 1.7 pp
Kraft Heinz (0.3) % 1.2 pp (0.6) pp (0.9) % 1.0 pp (1.9) pp

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The Kraft Heinz Company
Reconciliation of Operating Income/(Loss) to Adjusted Operating Income
(dollars in millions)
(Unaudited)

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Operating income/(loss) $ (6,431) $ (7,974) $ (5,286) $ (6,778)
Restructuring activities 9  —  31  4 

Unrealized losses/(gains) on commodity hedges 101  (16) (77) (17)
Impairment losses 7,352  9,266  7,365  9,266 
Separation costs 10  —  66  — 

Adjusted Operating Income $ 1,041  $ 1,276  $ 2,099  $ 2,475 

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The Kraft Heinz Company
Reconciliation of Diluted EPS to Adjusted EPS
(Unaudited)

For the Three Months Ended For the Six Months Ended
June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025
Diluted EPS $ (4.60) $ (6.60) $ (3.93) $ (5.98)
Restructuring activities (a)
0.01  0.01  (0.01) 0.01 

Unrealized losses/(gains) on commodity hedges (b)
0.06  (0.01) (0.05) (0.01)
Impairment losses (c)
5.23  7.28  5.24  7.26 
Separation costs (d)
—  —  0.04  — 

Losses/(gains) on sale of business (e)
—  —  (0.02) — 

Nonmonetary currency devaluation (f)
—  0.01  0.01  0.02 
Debt prepayment and extinguishment (benefit)/costs (g)
(0.14) —  (0.14) — 
Certain significant discrete income tax items (h)
—  —  —  0.01 
Adjusted EPS $ 0.56  $ 0.69  $ 1.14  $ 1.31 

(a)    Gross expenses/(income) included in restructuring activities were expenses of $9 million ($7 million after-tax) for the three months and income of $14 million ($11 million after-tax) for the six months ended June 27, 2026 and expenses of $10 million ($7 million after-tax) for the three months ended and expenses of $14 million ($10 million after-tax) for six months ended June 28, 2025 and were recorded in the following income statement line items:
• Cost of products sold included expenses of $7 million for the three months and $30 million for the six months ended June 27, 2026 and expense of $1 million for the three months and income of $1 million for the six months ended June 28, 2025; and
• SG&A included expenses of $2 million for the three months and $1 million for the six months ended June 27, 2026 and income of $1 million for the three month and expenses of $5 million for the six months ended June 28, 2025; and
• Other expense/(income) included income of $45 million for six months ended June 27, 2026 and expenses of $10 million for the three and six months ended June 28, 2025.
(b)    Gross expenses/(income) included in unrealized losses/(gains) on commodity hedges were expenses of $101 million ($76 million after-tax) for the three months and income of $77 million ($58 million after-tax) for six months ended June 27, 2026 and income of $16 million ($12 million after-tax) for the three months ended and income of $17 million ($13 million after-tax) for six months ended June 28, 2025, and were recorded in cost of products sold.
(c)    Gross impairment losses included the following:
• Goodwill impairment losses of $2.4 billion ($2.4 billion after-tax) for the three and six months ended June 27, 2026 and $6.7 billion ($6.7 billion after-tax) for the three and six months ended June 28, 2025, which were recorded in SG&A;
• Intangible asset impairment losses of $4.9 billion ($3.8 billion after-tax) for the three and for six months ended June 27, 2026 and $2.6 billion ($2 billion after-tax) for the three and six months ended June 28, 2025, which were recorded in SG&A.
(d)    Gross expenses included in separation costs were $10 million ($6 million after-tax) for the three months and $66 million ( $51 million after-tax) for six months ended June 27, 2026 and were recorded in SG&A.
(e)    Gross expenses/(income) included in losses/(gains) on sale of business was income of $3 million ($29 million after-tax) for six months ended June 27, 2026 and were recorded in other expense/(income).
(f)    Gross expenses included in nonmonetary currency devaluation were $4 million ($4 million after-tax) for the three months and $16 million ($16 million after-tax) for six months ended June 27, 2026 and $7 million ($7 million after-tax) for the three months and $21 million ($21 million after-tax) for six months ended June 28, 2025 and were recorded in other expense/(income).
(g)    Gross expenses/(income) included in debt prepayment and extinguishment costs were income of $228 million ($171 million after-tax) for the three and six months ended June 27, 2026 and were recorded in interest expense/(income). This income includes a gain from extinguishment of debt of $265 million which was partially offset by a loss from an interest rate hedge of $37 million.
(h)    Certain significant discrete income tax items were an expense of $3 million for the three months and $16 million for six months ended June 28, 2025. The expense represents movement in the valuation allowance against deferred tax assets in our subsidiary in Brazil and adjustments recorded to the deferred tax asset and valuation allowance related to the transfer of business operations to a wholly-owned subsidiary in the Netherlands in December 2024.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
There have been no material changes to our market risk during the six months ended June 27, 2026. For additional information, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk , in our Annual Report on Form 10-K for the year ended December 27, 2025.

Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 27, 2026. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures, as of June 27, 2026, were effective and provided reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the three months ended June 27, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
In 2024, we initiated a multi-year project to migrate certain of our financial processing systems. The project included the migration to a new enterprise resource planning (ERP) solution that we expected to implement in phases throughout our businesses over a several year period. During 2025, we completed the implementation of our new ERP solution in certain countries in Emerging Markets as part of the first phase of our ERP transition, which did not result in significant changes in our internal control over financial reporting. We have continued our ERP migration project during 2026 and completed an additional implementation within Emerging Markets. We will continue to evaluate the design and operating effectiveness of internal controls as they relate to any system upgrades, and we will implement the required control changes prior to relevant go-live dates associated with the system implementations.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.
See Note 14, Commitments, Contingencies, and Debt , in Item 1, Financial Statements .

Item 1A. Risk Factors.
There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 27, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Our share repurchase activity in the three months ended June 27, 2026 was:

Total Number
of Shares Purchased (a)
Average Price 
Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (b)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)

3/29/2026 — 5/2/2026 2,578  $ 25.37  —  $ 1,502 
5/3/2026 — 5/30/2026 29,138  23.02  —  1,502 
5/31/2026 — 6/27/2026 1,338  24.16  —  1,502 
Total 33,054  — 

(a)    Includes shares withheld for tax liabilities associated with the vesting of RSUs.
(b)    On November 27, 2023, the Company announced that the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $3.0 billion of the Company’s common stock through December 26, 2026. The Company is not obligated to repurchase any specific number of shares and the program may be modified, suspended, or discontinued at any time. Under the program, shares may be repurchased in open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act, privately negotiated transactions, transactions structured through investment banking institutions, or other means.

Item 5. Other Information.
(c) Insider Stock Trading Arrangements :
None .
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Item 6. Exhibits.
Exhibit No. Descriptions

3.1 Amended and Restated By-Laws of The Kraft Heinz Company, effective July 22, 2026 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed July 27, 2026).

4.1 Fourteenth Supplemental Indenture, dated as of May 21, 2026, relating to the €500,000,000 3.500% Senior Notes due 2031 and the €500,000,000 3.950% Senior Notes due 2034, among Kraft Heinz Foods Company, as issuer, The Kraft Heinz Company, as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on May 21, 2026).

4.2 F orm of €500,000,000 Senior Notes due 2031 (included as Exhibit A-1 to Exhibit 4.1).

4.3 Form of € 500,000,000 Senior Notes due 203 4 (included as Exhibit A-1 to Exhibit 4.1).

10.1 The Kraft Heinz Company Amended and Restated 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 99.1 of the Company’s Registration Statement on Form S-8 (File No. 333-296347), filed on May 29, 2026). +

10.2 Fifth Amendment, dated as of July 8, 2026, to the Credit Agreement dated July 8, 2022, among The Kraft Heinz Company, Kraft Heinz Foods Company, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent.*

10.3 2026 Form of Amended and Restated 2020 Omnibus Incentive Plan Deferred Stock Award Agreement . + *

10.4 2025/2026 Form of Amended and Restated 2020 Omnibus Incentive Plan Cash Retainer for Deferred Stock Award Agreement . + *

10.5 2026 Form of Amended and Restated 2020 Omnibus Incentive Plan Director RSU Award Agreement . + *

22.1 List of Guarantor Subsidiaries. *

31.1 Certification of Chief Executive Officer pursuant to Rule 13a 14(a)/15d 14(a) of the Securities Exchange Act of 1934.*

31.2 Certification of Chief Financial Officer pursuant to Rule 13a 14(a)/15d 14(a) of the Securities Exchange Act of 1934.*

32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.1 The following materials from The Kraft Heinz Company’s Quarterly Report on Form 10-Q for the period ended June 27, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Equity, (v) the Condensed Consolidated Statements of Cash Flows, (vi) Notes to Condensed Consolidated Financial Statements, and (vii) document and entity information.*

104.1 The cover page from The Kraft Heinz Company’s Quarterly Report on Form 10-Q for the three months ended June 27, 2026, formatted in iXBRL.*

+ Indicates a management contract or compensatory plan or arrangement.
* Filed herewith.
** Furnished herewith.

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SIGNATURES
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, thereunto duly authorized.

The Kraft Heinz Company
Date:
August 5, 2026
By: /s/ Andre Maciel
Andre Maciel
Executive Vice President and Global Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

The Kraft Heinz Company
Date:
August 5, 2026
By: /s/ Chris Asher
Chris Asher
Vice President and Global Controller
(Principal Accounting Officer)

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