In This Story
The Kraft Heinz Company (KHC+3.13%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing includes financial statements showing net sales of $25.8 billion, a decrease from $26.6 billion in the previous year. This decline was attributed to unfavorable volume/mix and currency impacts.
Operating income decreased to $1.7 billion from $4.6 billion, primarily due to higher non-cash impairment losses in the current year.
Net income for the year was $2.7 billion, slightly down from $2.8 billion in the previous year, with the decrease driven by the factors affecting operating income.
The company reported a goodwill impairment loss of $1.6 billion and intangible asset impairment losses of $2.0 billion during the fiscal year.
Cash provided by operating activities was $4.2 billion, an increase from $4.0 billion in the prior year, driven by changes in working capital and other operating activities.
Kraft Heinz continues to focus on its strategic initiatives, including restructuring activities aimed at streamlining operations and reducing costs.
The company also reported changes in its corporate entity structure, resulting in a significant deferred tax asset related to the movement of certain business operations to a subsidiary in the Netherlands.
The filing details various financial agreements and the company's approach to managing risks associated with commodity prices, foreign exchange rates, and interest rates.
Kraft Heinz's report includes a discussion of the competitive landscape, highlighting the company's efforts to maintain brand value and respond to changing consumer preferences.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Kraft Heinz Company annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.