The Kraft Heinz Company (KHC) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup into Q2 is a low bar — management explicitly guided organic net sales to -3% to -5% for the quarter, driven by the Easter timing shift and SNAP headwinds, and consensus has barely moved since the Q1 print. The biggest swing factor is whether the market share recovery trajectory that accelerated sharply through March held into April-June, or whether SNAP and category softness overwhelmed the investment-driven momentum.

Heading into Q2 2026, the bar for KHC is deliberately set low: management guided organic net sales to -3% to -5% on the Q1 call, citing the Easter timing shift (which pulled volume into Q1) and a ~100 bps SNAP headwind beginning in Q2. Consensus organic growth sits at -3.6% and adjusted EPS at $0.53, both essentially unchanged since the Q1 print on May 6 — a sign that the Street has anchored to guidance rather than extrapolating Q1 momentum. Management’s posture was cautiously optimistic but deliberately conservative: they maintained full-year guidance despite a meaningful Q1 beat, explicitly flagging that the vast majority of the $600M investment plan remains undeployed and will be spent through the remainder of the year. The stock has rallied ~15% since the Q1 print (from $23.07 to ~$26.64 as of August 5), outperforming XLP, suggesting the market has partially priced in stabilization — but the multiple remains deeply discounted at ~12.6x NTM P/E vs. a historical average near 17x, leaving room for re-rating if share trends confirm. The key wildcard is the departure of Cory Onell (Chief Omnichannel Sales & Asia Emerging Markets Officer, effective June 30, 2026) — a senior commercial leader exiting mid-turnaround raises execution risk questions that management will need to address directly on the call. Additionally, energy and resin inflation spiking due to Middle East conflict could pressure Q3 margins, as KHC’s resin hedges only extend through mid-Q3.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a low bar heading into Q2 — organic net sales growth is the bigger swing factor, with the Street modeling -3.6% vs. management’s own -3% to -5% guide. Adjusted EPS at $0.53 is also well below Q2 2025’s $0.69 actual, reflecting the full weight of the $600M investment plan hitting the P&L. A beat on organic growth or gross margin would be the positive surprise.

Table 1 — Q2 2026 Current Quarter Snapshot (All Key KPIs)

Source: Visible Alpha Consensus and Actuals Data. Net Sales, Organic Growth, EPS (Diluted Operating), Gross Profit (Operating), Operating Income (Operating) sourced from Visible Alpha consensus as of August 4, 2026. Q1 2026 and Q2 2025 actuals from Visible Alpha reported figures. FY 2026 guidance from KHC Q1 2026 earnings release (May 6, 2026).

Table 2 — Beat/Miss History (Last 8 Quarters, Top 2 KPIs: Organic Net Sales Growth & Adj. EPS)

Pattern: KHC has beaten Adj. EPS consensus in 7 of the last 8 quarters, but organic net sales growth has missed in 5 of the last 8 quarters — the EPS beats are driven by cost discipline and below-the-line items, not top-line outperformance. The Q1 2026 organic growth beat (+2.4 pp) was the largest in recent history, though management attributed a portion to Easter timing and winter storm pantry loading. Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance is unchanged since the Q1 2026 earnings call on May 6, 2026 — management maintained all full-year metrics despite the Q1 beat, citing the volatile macro environment and the bulk of the $600M investment plan still to be deployed. The only post-earnings development is the departure of the Chief Omnichannel Sales Officer (June 18, 2026), which is a tone-negative signal for commercial execution.

Source: KHC Q1 2026 Earnings Release and Earnings Call Transcript (May 6, 2026). Visible Alpha Consensus and Actuals Data for current consensus figures.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have been remarkably stable since the Q1 print — Q2 2026 EPS consensus moved only from $0.523 to $0.528 (+0.9%) and net sales from $6.091B to $6.120B (+0.5%) over the 12 weeks since May 8. The FY 2026 EPS consensus of $2.07 sits at the midpoint of management’s $1.98–$2.10 guide, suggesting the Street is not pricing in either a meaningful beat or miss. The lack of revision activity is itself a signal: the market is waiting for Q2 data to determine whether Q1’s share recovery was durable.

Source: Visible Alpha Consensus and Actuals Data. Baseline estimates as of May 8, 2026 (5 trading days post Q1 2026 earnings). Current consensus as of August 4, 2026. Revision history sourced from Visible Alpha revision history table (weekly frequency, May 8 – August 4, 2026).

Commentary: The near-zero revision activity since the Q1 print is notable — it reflects the Street’s view that Q1 was a timing-aided beat and that Q2 will look more like management’s guide. The modest drift toward the better end of the organic growth range (from -4.08% to -3.57% for Q2) suggests some analysts are giving credit to the underlying share recovery momentum, but the move is too small to signal conviction. The key question for the print is whether the share trajectory data (which management has been reporting in real-time) justifies a more meaningful upward revision to the H2 outlook.

5. Stock Performance

Key Takeaway: KHC has rallied ~15% since the Q1 2026 earnings print (May 6, 2026), significantly outperforming both XLP (+1.3%) and the S&P 500 (+5.1%) over the same period. The outperformance is driven almost entirely by multiple expansion (NTM P/E expanded from ~9.5x to ~12.6x) rather than estimate revisions, which have been flat. This suggests the market is re-rating the stock on improved sentiment around the turnaround narrative, not on fundamental earnings upgrades — making the Q2 print a critical test of whether the re-rating is justified.

KHC vs. XLP vs. S&P 500 — Indexed Performance Since Q1 2026 Earnings (May 6, 2026). Base = 100 at May 6, 2026 close. Source: Yahoo Finance / Stock Price Data.

Key Events Marked on Chart:

• May 6, 2026: Q1 2026 Earnings Release — KHC beat on both EPS and organic net sales; stock rose in extended trading.
• May 12, 2026: KHC subsidiary entered underwriting agreement for €1 billion Senior Notes offering (8-K filed May 12, 2026) — Eurobond oversubscribed; will generate meaningful interest expense savings over the next decade.
• June 3, 2026: KHC participated in Deutsche Bank dbAccess Global Consumer Conference fireside chat in Paris — CEO framed $600M investment as a base mark with upside optionality.
• June 18, 2026: Cory Onell (EVP & Chief Omnichannel Sales and Asia Emerging Markets Officer) departure announced (8-K filed June 18, 2026; effective date June 30, 2026) — stock dipped on the news.
• July 1, 2026: General Mills Q4 FY2026 earnings beat — positive read-through for consumer staples; KHC rallied alongside sector.
• July 15, 2026: Conagra Q4 FY2026 earnings — dividend cut and disappointing guidance; mixed read-through for KHC.
• July 27, 2026: KHC amended bylaws (8-K filed July 27, 2026) — tightened shareholder proposal rules and designated exclusive forum; governance-related, limited market impact.

Performance Summary (May 6 – August 4, 2026): KHC +15.2% | XLP +1.3% | S&P 500 +5.1%. KHC’s outperformance is driven by multiple expansion (NTM EV/EBITDA expanded from ~8.4x to ~9.8x; NTM P/E from ~9.5x to ~12.6x) rather than estimate revisions. Source: Yahoo Finance Stock Price Data; Visible Alpha Stock Performance Decomposition.

6. Peer Commentary Read-Through

Key Takeaway: Peer commentary from Q2 2026 (April–June 2026) and post-Q1 2026 earnings calls paints a consistent picture: the U.S. consumer remains under pressure, category volumes are soft, and inflation (particularly energy, resins, and packaging) is running above historical norms. However, peers with strong brand investment and innovation are gaining share — a positive read-through for KHC’s $600M investment thesis. The most relevant read-throughs are from General Mills (July 1), Conagra (July 15), Mondelez (July 28), and Hershey (July 30).

Eligibility Note: Only commentary about current-quarter (Q2 2026, April–June 2026) conditions or forward-looking statements made after KHC’s Q1 2026 earnings (May 6, 2026) is included. Backward-looking commentary about peers’ own prior-quarter results (e.g., SJM’s Q4 FY2026 results for the period ending April 2026, which is SJM’s own historical quarter) is excluded where it does not provide read-through to KHC’s Q2 2026 period.

General Mills (GIS) — Q4 FY2026 Earnings Call, July 1, 2026

Relevance: GIS’s fiscal Q4 ended May 2026 and their FY2027 guidance covers June 2026 onward — directly overlapping with KHC’s Q2 2026 (April–June 2026).

• Consumer Environment (Negative): CEO Jeff Harmening stated the company is “not anticipating an improved consumer environment or improved category environment” for FY2027. As GIS exited Q4 (May 2026), “categories slowed down by about a point.” Consumers are “buying more on promotion and less on everyday prices, making trade offs between pack sizes and channels, all with value at the forefront.”
• At-Home Consumption (Stable): At-home eating consumption remained “pretty stable at 86%” in the last quarter. Lower-income households “eat a little bit more at home and spend a little bit more on staples” — a modest positive for KHC’s center-of-store portfolio.
• Pricing Strategy (Positive for KHC): GIS is “shifting focus more toward innovation and renovation” with “modest price mix driven entirely by mix” rather than price increases. This suggests a rational pricing environment that does not require KHC to respond with defensive price cuts.
• Inflation (Negative): GIS guided to 4–5% inflation for FY2027, assuming ~$100/barrel oil on uncovered portions. “Fiscal 27 will include elevated inflation.” Covered 8–9 months out on most commodities.
• Read-Through for KHC: Category softness and value-seeking consumer behavior are headwinds for KHC’s Q2 organic growth. However, the rational pricing environment and stable at-home consumption are supportive of KHC’s investment-led volume recovery thesis.

Conagra Brands (CAG) — Q4 FY2026 Earnings Call, July 15, 2026

Relevance: CAG’s FY2027 began June 1, 2026, making their forward guidance directly applicable to KHC’s Q2 2026 and H2 2026 environment. CAG’s call occurred after KHC’s Q2 2026 quarter closed.

• Volume Outlook (Negative): CAG guided to “volumes down mid-single digits for the year,” heavily weighted toward frozen. CEO John Bracey noted “the consumer is being very value conscious.” Organic volumes are now expected to decline for six consecutive fiscal years.
• Pricing Actions (Mixed): CAG plans “pretty significant pricing actions” in frozen to stabilize margins, going in “mid second quarter” of FY2027 (October 2026). They are “expecting higher than historical elasticities” — a warning that pricing is becoming harder to sustain.
• Inflation (Negative): CAG guided to 5–6% inflation for FY2027, with “inflation exceeding productivity.” Geopolitical tensions in the Middle East are the primary driver, impacting packaging, ingredients, and transportation.
• Dividend Cut (Negative Sector Signal): CAG cut its annual dividend in half and issued FY2027 profit guidance below Wall Street expectations — a stark signal of the financial pressure facing center-of-store food companies. KHC’s dividend ($0.40/quarter) is not at risk given its stronger FCF profile, but the sector optics are negative.
• Read-Through for KHC: CAG’s frozen volume weakness and pricing pressure are a negative read-through for KHC’s frozen portfolio (which management downgraded from “Win Big” to “Hold” at CAGNY). However, KHC’s heavier weighting toward condiments and taste elevation (Heinz, Philadelphia) is more insulated than CAG’s frozen-heavy mix.

Campbell’s Company (CPB) — Q3 FY2026 Earnings Call, June 8, 2026

Relevance: CPB’s fiscal Q3 ended April 2026 and their Q4 guidance covers May–July 2026, overlapping with KHC’s Q2 2026.

• Commodity Inflation (Negative): CFO Todd Cunfer flagged that if oil stays around $100/barrel, CPB faces “5% to 6% inflation” for their fiscal H1 2027 (starting August 2026). Incremental inflation is not just direct oil costs but “everything that oil gets into products, whether it’s packaging, whether it’s logistics.” Aluminum is “very, very elevated.” A “driver shortage” is causing “higher inflation from a logistics and freight perspective.”
• Promotional ROI Discipline (Positive for Sector): CPB is “building up revenue growth management capability” and noted that “when we run a TPR just on the shelf, you don’t get a great return” — consistent with KHC’s own commentary about improving promo ROI. Feature and display promotions generate “really, really impressive” ROIs.
• At-Home Cooking (Positive): CPB’s Meals & Beverages consumption was “running slightly positive” in fiscal Q4 2026 (May–July 2026). “The at-home cooking consumer trend is resilient, and we expect that trend to continue.”
• Read-Through for KHC: The commodity inflation trajectory (energy, resins, packaging, logistics) is a direct headwind for KHC’s Q3 2026 gross margin, consistent with management’s own warning that resin hedges expire mid-Q3. The at-home cooking trend is a modest positive for KHC’s condiments and meals portfolio.

Mondelez International (MDLZ) — Q2 2026 Earnings Call, July 28, 2026

Relevance: MDLZ’s Q2 2026 is the same calendar quarter as KHC’s Q2 2026 (April–June 2026). MDLZ reported first, providing a direct read-through.

• North America Consumer (Mixed/Improving): CEO Dirk van de Putte noted “consumer confidence in North America has rebounded from lows, but remains very subdued.” MDLZ observed “case-shaped growth” — consumers going to value formats AND premium options simultaneously, with the middle under pressure.
• North America Volume (Positive): MDLZ reported “strong net revenue growth” and “positive volume mix” in North America for Q2 2026, “accelerating sequentially versus Q1.” They “gained share in all categories in North America,” with “very strong growth in the value channel (high single digit)” and “mid-single digit growth in away from home.”
• Pricing Environment (Rational): MDLZ maintained “very disciplined promotional execution” in North America. “The pricing is solid and the promotional execution that we have is working well for us.” The environment is “fairly rational across the board.”
• H2 2026 Outlook (Positive): MDLZ expects “a very strong second half in North America” and guided to “at least 2%” full-year top-line growth with “positive volume mix” in H2.
• Read-Through for KHC: MDLZ’s North America volume acceleration in Q2 2026 is the most directly positive read-through for KHC — it suggests the investment-led brand recovery thesis can work in the current environment. The rational pricing environment and value channel growth are consistent with KHC’s strategy of opening price points while maintaining brand investment.

Hershey Company (HSY) — Q2 2026 Earnings Call, July 30, 2026

Relevance: HSY’s Q2 2026 is the same calendar quarter as KHC’s Q2 2026. HSY reported two days before KHC’s earnings call.

• Consumer Demand (Mixed): U.S. confection retail consumption of ~3% “understated real demand by about two points” due to non-measured channel growth (primarily food service). Elasticities are “on track or slightly better” than full-year assumptions. “Low income households certainly are feeling more pressure.”
• SNAP Impacts (In Line): HSY noted SNAP waiver impacts were “slightly better” than planned, with early-adopting states having “a little bit higher of an impact than recent states, notably Texas and Florida.” Overall “in line with what we planned.” This is a direct read-through for KHC, which guided to ~100 bps SNAP headwind in Q2.
• Retailer Inventory (Positive): HSY noted “retail inventory replenishment after levels ran low during the April transition to new pack prices” — replenishment was “largely completed in Q2.” This suggests retailer inventory dynamics were normalizing during KHC’s Q2 period.
• Volume Recovery Outlook (Positive): CEO Kirk Tanner expects “volume trends to improve over time” as “commodity inflation eases and pricing elasticities normalize.” “Early signs of improvement coming across, especially our Hershey brand portfolio.”
• Read-Through for KHC: HSY’s SNAP impact tracking in line with plan is a direct positive read-through — it suggests KHC’s ~100 bps SNAP headwind assumption for Q2 was appropriately calibrated. The retailer inventory normalization is also a modest positive for KHC’s sell-in dynamics.

J.M. Smucker (SJM) — Q4 FY2026 Earnings Call, June 9, 2026

Relevance: SJM’s fiscal Q4 ended April 2026. Their FY2027 guidance (starting May 2026) covers the period overlapping with KHC’s Q2 2026. Note: SJM’s own Q4 FY2026 results (backward-looking to their own quarter) are excluded; only forward-looking commentary about the current environment is included.

• Consumer Caution (Negative): CEO Mark Smucker noted “the consumer continues to be cautious” when discussing coffee elasticities. Spreads business is seeing “a little bit of pressure.”
• Commodity Inflation (Mixed): SJM guided to “mid-single-digit percentage deflation” for FY2027, largely driven by green coffee. However, excluding green coffee and tariffs, they anticipate “cost inflation of low single digits” from “packaging, ingredients and transportation,” primarily driven by “geopolitical tensions in the Middle East.” This is directly relevant to KHC’s packaging and logistics cost outlook.
• Promotional Environment (Rational): After choosing not to repeat some promotional activity, “the behavior of the categories themselves as well as competition within there continues to be mostly rational. We’re not seeing unusual activity.”
• Read-Through for KHC: The rational promotional environment is a positive read-through for KHC’s pricing strategy. The packaging and logistics inflation from Middle East tensions is a direct headwind for KHC’s Q3 2026 gross margin (consistent with management’s own warning).

Peer Commentary Summary Table

7. Material News & Developments

Key Takeaway: The most material post-Q1 development is the departure of the Chief Omnichannel Sales Officer (Cory Onell, effective June 30, 2026) — a senior commercial leader exiting mid-turnaround raises execution risk questions at a critical juncture. The €1 billion Eurobond issuance (May 2026) is a positive for long-term interest expense savings. The bylaws amendment (July 2026) is governance-related and has limited investment implications.

• June 18, 2026 (Effective June 30, 2026) — Cory Onell Departure (8-K filed June 18, 2026): Cory Onell, EVP and Chief Omnichannel Sales and Asia Emerging Markets Officer, announced departure effective June 30, 2026. Onell will remain as an advisor through March 15, 2027 and will receive severance and a prorated FY2026 annual bonus.
• Implication: This is a meaningful negative signal — Onell was responsible for the omnichannel sales strategy and Asia EM operations, both of which are critical to KHC’s turnaround. The departure comes as the company is deploying the bulk of its $600M investment plan through the sales force. Management will need to address succession and continuity on the Q2 call. Source: KHC 8-K, June 18, 2026.
• May 12, 2026 — €1 Billion Senior Notes Offering (8-K filed May 12, 2026): KHC’s subsidiary entered an underwriting agreement for a €1 billion Senior Notes offering. The Eurobond was oversubscribed and will generate meaningful interest expense savings over the next decade by refinancing more expensive existing debt.
• Implication: Positive for long-term interest expense trajectory. Management noted on the Q1 call that they are “strongly considering” prepaying part of the $1.9B debt maturing in 2027. The Eurobond issuance supports this deleveraging strategy. Source: KHC 8-K, May 12, 2026.
• May 7, 2026 — $1.1 Billion Debt Tender Offer (8-K filed May 7, 2026): KHC unit launched a $1.1 billion debt tender offer, consistent with management’s Q1 call commentary about paying down debt maturing in Q2 2026.
• Implication: Positive for balance sheet management. Reduces near-term debt maturity risk and demonstrates financial discipline. Source: KHC 8-K, May 7, 2026.
• June 3, 2026 — Deutsche Bank dbAccess Global Consumer Conference: KHC participated in a fireside chat at Deutsche Bank’s 23rd Annual dbAccess Global Consumer Conference in Paris. CEO Steve Cahillane framed the $600M investment as a “base mark” with upside optionality — explicitly stating the company might go above $600M if returns are strong enough while still meeting profit guidance.
• Implication: More confident and growth-oriented posture than prior communications. Suggests early investment returns are tracking well. Source: KHC Press Release, May 26, 2026.
• July 27, 2026 — Bylaws Amendment (8-K filed July 27, 2026): KHC amended its bylaws to tighten shareholder proposal rules and designate an exclusive forum for certain legal proceedings.
• Implication: Governance-related; limited direct investment implications. May reflect management’s desire to reduce activist shareholder disruption during the turnaround period. Source: KHC 8-K, July 27, 2026.
• July 15, 2026 — Conagra Dividend Cut (Peer Event): Conagra cut its annual dividend in half and issued FY2027 profit guidance below Wall Street expectations.
• Implication: Negative sector signal. Raises questions about dividend sustainability across center-of-store food companies. KHC’s dividend ($0.40/quarter, ~$1.60 annualized) is better supported by its FCF profile (~100% conversion guided), but the sector optics are negative. Source: Public news, July 15, 2026.

8. Insider Transaction Activity

Key Takeaway: The most notable insider signal is CEO Steve Cahillane’s open-market purchase of 213,106 shares on May 12, 2026 — six days after the Q1 earnings print — a strong vote of confidence in the turnaround at a price of approximately $23.37/share. The sale by Chief Growth Officer Diana Frost (18,502 shares, June 18, 2026) is a discretionary open-market sale with no 10b5-1 plan, which warrants monitoring but is not alarming given the CEO’s concurrent buying signal.

Source: SEC Form 4 Filings Database. Transaction dates are execution dates (when trades were executed); filing dates are when Form 4s were disclosed to the SEC. The CEO’s purchase (transaction date May 12, 2026; filed May 13, 2026) and the CGO’s sale (transaction date June 18, 2026; filed June 22, 2026) are both open-market transactions with no 10b5-1 plan designation.

Analysis: The CEO’s purchase of 213,106 shares at approximately $23.37/share represents a ~$5M personal investment made six days after the Q1 earnings print — one of the strongest insider buy signals in recent KHC history. This is a direct, discretionary bet on the turnaround at a price well below current levels (~$26.64 as of August 4, 2026). The CGO’s sale of 18,502 shares on June 18, 2026 — the same day as the Onell departure announcement — is worth noting, though the size is modest relative to her remaining 102,667-share position. No other insider transactions were filed in the May 6 – August 4, 2026 window.

9. Risks & What Matters on the Call

Key Takeaway: The Q2 print is a binary test of the turnaround narrative: if market share data confirms the Q1 trajectory held through June, the stock has room to re-rate further. If SNAP and category softness overwhelmed the investment-driven momentum, the H2 outlook becomes more uncertain. The call will be dominated by three questions: share trajectory, investment deployment pace, and the Onell succession plan.

What Matters Most on the Call

1. Market Share Trajectory Data (Most Important): Management has been providing real-time share data on calls (e.g., “58% of portfolio holding/gaining share in March”). The Q2 call will likely include an update on the April–June share trajectory. A continuation of the improvement trend (toward 70%+ holding/gaining share) would be the single most important positive signal. A reversal would be the most important negative.
2. Q2 Organic Net Sales vs. Guide (-3% to -5%): Consensus is at -3.6%, within the guide range. A beat (e.g., -2% to -3%) would signal that the Easter timing headwind was smaller than feared and/or that the investment plan is driving incremental volume. A miss (worse than -5%) would raise questions about whether the SNAP headwind was larger than modeled.
3. Gross Margin Performance: Q1 gross margin benefited from ~40-50 bps of non-recurring items (excess byproduct sales, deferred factory maintenance). Q2 should show a cleaner read on the underlying margin trajectory. Management guided to -25 to -75 bps for the full year; Q2 will be a key data point on whether that range is achievable given energy/resin inflation.
4. Onell Succession & Commercial Execution: The departure of the Chief Omnichannel Sales Officer effective June 30, 2026 will be a key topic. Management will need to address who is leading the omnichannel sales function and whether the departure affects the $600M investment deployment plan (which includes significant sales headcount investment).
5. H2 2026 Guidance Confirmation or Revision: Management maintained full-year guidance after Q1 despite the beat. The key question is whether they will raise guidance after Q2 (if the beat is sustained) or maintain/lower it (if Q2 is in line with the low end of the guide). A guidance raise would be a significant positive catalyst.
6. Indonesia Lap Timing: Management guided that Indonesia’s ~70 bps headwind to top-line growth would “fully lap in the second half of 2026.” Q2 will be the last quarter with a meaningful Indonesia drag. Confirmation that the lap is on track would be a positive signal for H2 organic growth.
7. Investment Deployment Pace: Management stated on the Q1 call that “the vast majority of the $600M is still dry powder” as of May 6. Q2 will show how much has been deployed and whether early returns justify the investment. Any commentary about going above $600M (as flagged at the Deutsche Bank conference) would be a positive signal.

Key Risks

Appendix: Data Sources & Citations

Visible Alpha Consensus and Actuals Data — All KPI consensus estimates and actuals sourced from Visible Alpha. Net Sales, Organic Growth (%), EPS (Diluted Operating), Gross Profit (Operating), Operating Income (Operating) for KHC. Consensus as of August 4, 2026; baseline estimates as of May 8, 2026 (5 trading days post Q1 2026 earnings). Revision history sourced from Visible Alpha weekly revision history table (May 8 – August 4, 2026).

Stock Price Data — KHC, XLP, and SPY daily closing prices from Yahoo Finance. Period: May 6, 2026 – August 5, 2026. Indexed to 100 at May 6, 2026 close.

SEC Form 4 Filings — Insider transaction data from SEC EDGAR Form 4 filings database. CEO Cahillane purchase: Form 4 filed May 13, 2026 (transaction date May 12, 2026). CGO Frost sale: Form 4 filed June 22, 2026 (transaction date June 18, 2026).

KHC Corporate Filings & Transcripts — Q1 2026 Earnings Release (May 6, 2026); Q1 2026 Earnings Call Transcript (May 6, 2026); 8-K filings: Eurobond underwriting agreement (May 12, 2026), Debt tender offer (May 7, 2026), Onell departure (June 18, 2026), Bylaws amendment (July 27, 2026); Deutsche Bank conference press release (May 26, 2026).

Peer Earnings Transcripts & Releases — General Mills Q4 FY2026 Earnings Call (July 1, 2026); Conagra Q4 FY2026 Earnings Call (July 15, 2026); Campbell’s Q3 FY2026 Earnings Call (June 8, 2026); Mondelez Q2 2026 Earnings Call (July 28, 2026); Hershey Q2 2026 Earnings Call (July 30, 2026); J.M. Smucker Q4 FY2026 Earnings Call (June 9, 2026).

KHC Company Knowledge Base — Implied internal company summary, key KPIs, commentary evolution, and valuation data for KHC as of August 4, 2026.