The Kraft Heinz Company (KHC) Cash Flow Statement
Where KHC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.46B +6.6% vs 2024
- Capital expenditures
- $801.0M 3.2% of revenue
- Free cash flow
- $3.66B 14.7% margin
- Returned to shareholders
- $2.33B 64% of free cash flow
- Change in cash
- $1.46B cash at year-end $2.94B
Drawn to scale: where the cash came from and how it was used. Hover for values.
KHC operating cash flow, capex and free cash flow
KHC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.24B2016 | $4.46B2025 | −1.8%/yr | |
| Capital expenditures | $1.25B2016 | $801.0M2025 | −4.8%/yr | |
| Free cash flow | $3.99B2016 | $3.66B2025 | −1.0%/yr | |
| Free cash flow margin | 15.2%2016 | 14.7%2025 | −0.5 pts | |
| Operating cash flow / net income | 1.442016 | 1.522024 | +0.09 | |
| Stock-based compensation | $46.0M2016 | $95.0M2025 | +8.4%/yr | |
| Dividends paid | $3.76B2016 | $1.90B2025 | −7.3%/yr | |
| Share buybacks (net) | $8.32B2016 | $436.0M2025 | −27.9%/yr | |
| Capex / revenue | 4.7%2016 | 3.2%2025 | −1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
KHC cash flow by activity
KHC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
KHC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$5.85B | $2.75B | $2.85B | $2.37B | $1.02B | $361.0M | $1.93B | −$10.25B | $10.99B | $3.64B |
| Depreciation & amortization | $968.0M | $948.0M | $961.0M | $933.0M | $910.0M | $969.0M | $994.0M | $983.0M | $1.03B | $1.34B |
| Stock-based compensation | $95.0M | $109.0M | $141.0M | $148.0M | $197.0M | $156.0M | $46.0M | $33.0M | $46.0M | $46.0M |
| Change in working capital | $230.0M | −$589.0M | −$806.0M | −$1.48B | $406.0M | $447.0M | −$233.0M | −$2.06B | −$3.40B | $1.03B |
| Other non-cash items | $9.02B | $970.0M | $825.0M | $503.0M | $2.83B | $3.00B | $812.0M | $13.88B | −$8.14B | −$816.0M |
| Cash from operating activities | $4.46B | $4.18B | $3.98B | $2.47B | $5.36B | $4.93B | $3.55B | $2.57B | $527.0M | $5.24B |
| Investing activities | ||||||||||
| Capital expenditures | −$801.0M | −$1.02B | −$1.01B | −$916.0M | −$905.0M | −$596.0M | −$768.0M | −$826.0M | −$1.22B | −$1.25B |
| Investments (net) | −$1.04B | −$1.02B | −$916.0M | −$1.09B | −$28.0M | $25.0M | $590.0M | $1.30B | $2.29B | $91.0M |
| Acquisitions & other investing | $6.0M | $1.02B | $1.01B | $916.0M | $4.97B | $49.0M | $1.69B | −$182.0M | $87.0M | $43.0M |
| Cash from investing activities | −$1.83B | −$1.02B | −$916.0M | −$1.09B | $4.04B | −$522.0M | $1.51B | $288.0M | $1.16B | −$1.11B |
| Financing activities | ||||||||||
| Dividends paid | −$1.90B | −$1.93B | −$1.97B | −$1.96B | −$1.96B | −$1.96B | −$1.95B | −$3.18B | −$2.89B | −$3.76B |
| Share repurchases & issuance (net) | −$436.0M | −$988.0M | −$455.0M | −$280.0M | −$271.0M | — | — | $0 | $0 | −$8.32B |
| Net borrowing (repayment) | $942.0M | −$24.0M | −$191.0M | −$1.47B | −$6.20B | −$1.31B | $4.79B | $2.71B | $2.64B | $86.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $141.0M | −$65.0M | −$67.0M | −$9.0M | −$912.0M | −$60.0M | −$6.75B | −$2.89B | −$3.98B | $7.38B |
| Cash from financing activities | −$1.25B | −$3.01B | −$2.68B | −$3.71B | −$9.34B | −$3.33B | −$3.91B | −$3.36B | −$4.23B | −$4.62B |
| Summary | ||||||||||
| Net change in cash | $1.46B | $82.0M | $363.0M | −$2.40B | $28.0M | $1.14B | $1.14B | −$633.0M | −$2.49B | −$633.0M |
| Cash at end of period | $2.94B | $1.49B | $1.40B | $1.04B | $3.45B | $3.42B | $2.28B | $1.14B | $1.77B | $4.20B |
| Free cash flow | $3.66B | $3.16B | $2.96B | $1.55B | $4.46B | $4.33B | $2.78B | $1.75B | −$690.0M | $3.99B |
| Free cash flow margin | 14.7% | 12.2% | 11.1% | 5.9% | 17.1% | 16.5% | 11.1% | 6.7% | −2.6% | 15.2% |
| Capex / revenue | 3.2% | 4.0% | 3.8% | 3.5% | 3.5% | 2.3% | 3.1% | 3.1% | 4.6% | 4.7% |
| Operating cash flow / net income | — | 1.52 | 1.39 | 1.04 | 5.24 | 13.65 | 1.84 | — | 0.05 | 1.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$5.46B | $798.0M | $648.0M | $614.0M | −$7.82B | $714.0M | $2.13B | −$290.0M | $102.0M | $804.0M | $757.0M | $254.0M |
| Depreciation & amortization | $261.0M | $245.0M | $251.0M | $245.0M | $241.0M | $231.0M | $234.0M | $245.0M | $239.0M | $230.0M | $251.0M | $274.0M |
| Stock-based compensation | $31.0M | $22.0M | $25.0M | $17.0M | $26.0M | $27.0M | $26.0M | $18.0M | $34.0M | $31.0M | $31.0M | $33.0M |
| Change in working capital | $269.0M | $133.0M | $281.0M | $66.0M | $169.0M | −$286.0M | $46.0M | −$117.0M | −$176.0M | −$342.0M | $46.0M | −$173.0M |
| Other non-cash items | $5.98B | −$192.0M | $171.0M | $215.0M | $8.60B | $34.0M | −$1.05B | $1.23B | $743.0M | $48.0M | $271.0M | $648.0M |
| Cash from operating activities | $1.08B | $1.01B | $1.38B | $1.16B | $1.21B | $720.0M | $1.39B | $1.08B | $942.0M | $771.0M | $1.36B | $1.04B |
| Investing activities | ||||||||||||
| Capital expenditures | −$189.0M | −$240.0M | −$205.0M | −$171.0M | −$187.0M | −$238.0M | −$247.0M | −$234.0M | −$389.0M | −$294.0M | −$234.0M | −$271.0M |
| Investments (net) | $523.0M | $282.0M | −$34.0M | −$262.0M | −$470.0M | −$878.0M | −$174.0M | −$217.0M | −$345.0M | −$287.0M | −$178.0M | −$263.0M |
| Acquisitions & other investing | $32.0M | $143.0M | $16.0M | $171.0M | $187.0M | $238.0M | $247.0M | $234.0M | $389.0M | $294.0M | $234.0M | $271.0M |
| Cash from investing activities | $366.0M | $185.0M | −$223.0M | −$262.0M | −$470.0M | −$878.0M | −$174.0M | −$217.0M | −$345.0M | −$287.0M | −$178.0M | −$263.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$475.0M | −$474.0M | −$474.0M | −$473.0M | −$474.0M | −$477.0M | −$479.0M | −$483.0M | −$483.0M | −$486.0M | −$491.0M | −$492.0M |
| Share repurchases & issuance (net) | −$4.0M | −$23.0M | −$1.0M | $435.0M | −$210.0M | −$225.0M | −$450.0M | −$1.0M | −$208.0M | −$329.0M | −$455.0M | −$112.0M |
| Net borrowing (repayment) | −$1.83B | $0 | −$1.0M | −$1.0M | −$676.0M | $1.62B | −$11.0M | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$62.0M | −$15.0M | −$12.0M | −$301.0M | $37.0M | −$18.0M | −$22.0M | $3.0M | −$635.0M | $576.0M | $84.0M | −$25.0M |
| Cash from financing activities | −$2.37B | −$512.0M | −$488.0M | −$340.0M | −$1.32B | $900.0M | −$962.0M | −$481.0M | −$1.33B | −$239.0M | −$862.0M | −$629.0M |
| Summary | ||||||||||||
| Net change in cash | −$927.0M | $694.0M | $693.0M | $548.0M | −$547.0M | $777.0M | $198.0M | $386.0M | −$726.0M | $224.0M | $350.0M | $105.0M |
| Cash at end of period | $2.69B | $3.47B | $2.94B | $2.15B | $1.60B | $2.26B | $1.49B | $1.29B | $900.0M | $1.63B | $1.40B | $1.05B |
| Free cash flow | $893.0M | $766.0M | $1.17B | $986.0M | $1.02B | $482.0M | $1.14B | $849.0M | $553.0M | $477.0M | $1.12B | $765.0M |
| Free cash flow margin | 14.3% | 12.7% | 18.4% | 15.8% | 16.1% | 8.0% | 17.4% | 13.3% | 8.5% | 7.4% | 16.4% | 11.6% |
| Capex / revenue | 3.0% | 4.0% | 3.2% | 2.7% | 2.9% | 4.0% | 3.8% | 3.7% | 6.0% | 4.6% | 3.4% | 4.1% |
| Operating cash flow / net income | — | 1.26 | 2.12 | 1.88 | — | 1.01 | 0.65 | — | 9.24 | 0.96 | 1.79 | 4.08 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
KHC cash generation
In fiscal 2025 (ended December 31, 2025), Kraft Heinz generated $4.5 billion of cash from operations (up 6.6%) and spent $801.0 million on capital expenditures, leaving free cash flow of $3.7 billion, 14.7% of revenue. It returned $2.3 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($436.0 million). Cash and equivalents rose by $1.5 billion over the year.
Related: KHC income statement, KHC balance sheet, KHC dividend history. See the KHC stock overview for the latest quote and news.
KHC cash flow FAQ
What is Kraft Heinz's free cash flow?
Kraft Heinz's free cash flow was $3.7 billion in fiscal 2025: $4.5 billion of operating cash flow minus $801.0 million of capital expenditures It was $3.2 billion a year earlier..
How much cash does Kraft Heinz generate from operations?
Kraft Heinz generated $4.5 billion of cash from operating activities in fiscal 2025.
How much does Kraft Heinz spend on capital expenditures?
Kraft Heinz spent $801.0 million on capital expenditures in fiscal 2025, 3.2% of revenue, compared with $1.0 billion the year before.
How much stock does Kraft Heinz buy back?
Kraft Heinz spent $436.0 million on net share repurchases in fiscal 2025.
How much does Kraft Heinz pay in dividends?
Kraft Heinz paid $1.9 billion in dividends in fiscal 2025, 51.8% of free cash flow.