Q2 2026 Kraft Heinz Co Earnings Call Transcript

Aug 5, 2026 / 01:00 PM GMT

Release Date Price: €22.93

Transcript 8-K

Key Points

Positve

The Kraft Heinz Co (KHC) is seeing early signs of traction from its incremental investments, with consumption rates improving and market share losses narrowing significantly from 90 bps to 30 bps in the first half.
The company is confident in its ability to manage expected 4% to 5% inflation in 2027 through productivity gains, positioning 2026 as the margin trough year.
Strong performance in key brands and segments, including Heinz condiments growing 3% year-to-date in the U.S. and 12% in emerging markets, and global away-from-home returning to growth.
The Kraft Heinz Co (KHC) is increasing its investment by an additional $100 million, primarily in marketing, due to confidence in the strategy and early positive results, with no expected wraparound of investments into 2027.
The company maintains a strong balance sheet and cash flow, paying down $1.9 billion of debt in the quarter and successfully refinancing expensive debt, while increasing cash conversion expectations for the year.
New innovations like Power Mac and Cheese and Capri Sun are showing encouraging early results, with Power Mac achieving first-quartile consumption and strong distribution in 35,000 stores.

Negative

The Kraft Heinz Co (KHC) continues to face consumption declines, with Q2 down approximately 2.5%, and the overall industry remains soft due to cost and tariff-related inflation.
The company's market share in the U.S. is still down 30 bps in the first half, with limited progress in Q2 compared to Q1, and it faces a 100 bps headwind from the Snap program.
The Oscar Mayer brand, particularly Deli Fresh, remains a 'leaky bucket' with significant work needed, although new packaging is showing early encouraging signs.
The company's guidance midpoint implies weaker second-half sales growth than the first half, even after normalizing for one-time benefits like snowstorms and shipment phasing.
Retailers are stepping up price investments in private label, which could widen price gaps and create incremental competitive pressure in the back half of the year.
The Kraft Heinz Co (KHC) acknowledges that while consumption is improving, it is still declining (down 1% in July), and the company is not taking a 'victory lap' as it is merely declining less than anticipated.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KHC.OQ - Kraft Heinz Co
Q2 2026 Kraft Heinz Co Earnings Call
Aug 05, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Kraft Heinz Company Q2 2026 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should.

Require operator assistance, please press *0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Anne-Marie Miguela. Thank you. You may begin.

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Unidentified_2 [2]
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Thank you, and thank you all for joining us today. Welcome to the Q&A session for our second quarter 2026

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