Capital investment and capacitymixed · 4 filings
“Our 2026 capital expenditures are expected to be primarily driven by maintenance projects, capital investments focused on generating growth, and investments in technology.”10-Q · May 6, 2026 ↗
The Kraft Heinz Company
KHC
Market read
The Kraft Heinz Company's move is spreading beyond its market group.
KHC accounts for 2.6% of the group's measured movement across 5.7 effective names. raw member direction is mixed; 5 of 9 SPY-adjusted paths align to the downside. Capital-flow agreement is 13%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveCounter-move#8 of 9 by movement share
Group movement share2.6%Absolute path energy—not portfolio weight
Relative path+0.20%counter
Effective breadth5.7 / 9broad
Relative alignment5/9downside path · 4 counter-moving
Capital-flow agreement13%not yet clean
SEQUENCE READ
No material onset for KHC could be timestamped inside the aligned 5-minute window.
What changed
- Revenue increased 0.8% versus the comparable filing period.
- Operating margin fell 1.0 percentage points.
EVIDENCE COVERAGE
5 of 9 members in Packaged Foods are active. 0 of 5 disclosed connections are confirming.
What would change this read
Watch this read- At least 6 of 9 durable members become active together.
- Capital-flow agreement rises above 55%.
- LW remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 3 of 9 members or fewer.
Research brief
The story so far
KHC accounts for 2.6% of the group's measured movement across 5.7 effective names. raw member direction is mixed; 5 of 9 SPY-adjusted paths align to the downside. Capital-flow agreement is 13%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
- Revenue increased 0.8% versus the comparable filing period.
- Operating cash flow covered net income at 1.26x, improving versus the comparable period.
Evidence that challenges
- Operating margin fell 1.0 percentage points.
What would clarify the read
- At least 6 of 9 durable members become active together.
- Capital-flow agreement rises above 55%.
- LW remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations616
Usable filing statements182
Verified relationships5
Evidence supporting the case
- Supply chain and availability has repeated favorable evidence across 3 filings.
Evidence challenging the case
- Latest annual revenue changed -3.5% year over year.
- Operating margin changed -25.2 percentage points in the latest annual period.
- Net margin changed -34.1 percentage points in the latest annual period.
- Macroeconomic conditions has repeated adverse evidence across 4 filings.
- Pricing and mix has repeated adverse evidence across 4 filings.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
- Product pipeline and R&D has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 32% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 1, 2026
22.466m+0.9%12m-13.7%24m-35.4%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-25$26.0B-0.5%$0.82+0.7%
2022-12-31$26.5B+1.7%$1.91-0.1%
2023-12-30$26.6B+0.6%$2.31+0.0%
2024-12-28$25.8B-3.0%$2.26-1.6%
2025-12-27$24.9B-3.5%$-4.93-2.3%
What management says matters
Persistent and emerging business drivers
Macroeconomic conditionsnegative · 4 filings
“Segment Adjusted Operating Income decreased 4.0% to $95 million for the three months ended March 28, 2026 compared to $99 million for the three months ended March 29, 2025, primarily due to inflationary pressures in procurement and manufacturing costs that ou…”10-Q · May 6, 2026 ↗
Pricing and mixnegative · 4 filings
“Organic Net Sales increased 3.8% to $702 million for the three months ended March 28, 2026 compared to $676 million for the three months ended March 29, 2025, primarily driven by higher pricing (4.4 pp), which more than offset unfavorable volume/mix (0.6 pp).”10-Q · May 6, 2026 ↗
Restructuring and cost reductionsnegative · 4 filings
“Three Months Ended March 28, 2026 Compared to the Three Months Ended March 29, 2025: Operating income/(loss) decreased 4.3% to income of $1.1 billion for the three months ended March 28, 2026 compared to income of $1.2 billion for the three months ended March…”10-Q · May 6, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.1× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
22.46-1.2% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 1 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for KHC. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-06 against the comparable filing from 2025-04-29.
OperationsmixedEvidence score 0
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 0.8% versus the comparable filing period.
- Operating cash flow covered net income at 1.26x, improving versus the comparable period.
What weakened
- Operating margin fell 1.0 percentage points.
Filing receipts
“Organic Net Sales decreased 0.4% to $5.9 billion for the three months ended March 28, 2026 compared to $5.9 billion for the three months ended March 29, 2025, primarily due to the unfavorable volume/mix (1.2 pp), which more than offset higher pricing (0.8 pp).”
“Organic Net Sales increased 3.8% to $702 million for the three months ended March 28, 2026 compared to $676 million for the three months ended March 29, 2025, primarily driven by higher pricing (4.4 pp), which more than offset unfavorable volume/mix (0.6 pp).”
“Organic Net Sales decreased 1.1% to $4.4 billion for the three months ended March 28, 2026 compared to $4.5 billion for the three months ended March 29, 2025, primarily due to unfavorable volume/mix (1.5 pp), which more than offset higher pricing (0.4 pp).”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind KHC
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
PKGPackaging Corporation of AmericasupplierFeb 12, 2026 ▾
“Raw Materials and Packaging: We manufacture (and contract for the manufacture of) our products from a wide variety of raw materials.”
WMTWalmart Inc.customerFeb 12, 2026 ▾
“Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025, 2024, and 2023.”
Depended on by
BYNDBeyond Meat, Inc.competitorApr 9, 2026 ▾
“We believe that we compete with both conventional animal-protein companies, such as Cargill, Hormel Foods, JBS, Perdue Foods and Tyson Foods, and also plant-based meat brands, including brands affiliated with conventional animal-protein companies and other la…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
KHC is currently a Follower in the organic co-movement group Packaged Foods. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.