Segment Reporting (Tables)

3 Months Ended

Mar. 28, 2026

Net sales by segment were (in millions):


	For the Three Months Ended
	March 28, 2026		March 29, 2025
Net sales:
North America	$	4,458	$	4,488
International Developed Markets	843		817
Total segment net sales	5,301		5,305
Emerging Markets	746		694
Total net sales	$	6,047	$	5,999

Segment Adjusted EBITDA

Segment Adjusted Operating Income was (in millions):


	For the Three Months Ended
	March 28, 2026						March 29, 2025
	North America		International Developed Markets		Total		North America		International Developed Markets		Total
Net Sales	$	4,458	$	843			$	4,488	$	817
Adjusted Cost of Products Sold(a)	2,885		575				2,871		568
Other segment items(b)	599		135				516		122
Segment Adjusted Operating Income	$	974	$	133	$	1,107	$	1,101	$	127	$	1,228
Emerging Markets					95						99
General corporate expenses					(144)						(128)
Restructuring activities					(22)						(4)

Unrealized gains/(losses) on commodity hedges					178						1
Impairment losses					(13)						—
Separation costs					(56)						—



Operating income/(loss)					1,145						1,196
Interest expense					236						229
Other expense/(income)					(101)						(51)
Income/(loss) before income taxes					$	1,010					$	1,018

(a) Adjusted Cost of Products Sold is defined as cost of products sold excluding, when they occur, the impacts of restructuring activities, deal costs, unrealized gains/(losses) on commodity hedges (the unrealized gains and losses are recorded in general corporate expenses until realized; once realized, the gains and losses are recorded in the applicable segment’s operating results), impairment losses, separation costs, and certain non-ordinary course legal and regulatory matters.

(b) Other segment items for North America and International Developed Markets includes SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.

Net Sales by Platform

Net sales by category were (in millions):


	For the Three Months Ended
	March 28, 2026		March 29, 2025
Condiments, Sauces, and Spreads	$	2,702	$	2,607
Ambient Meals and Sides	747		742
Refreshment Beverages	502		502
Meats	459		487
Frozen Meals and Sides	402		419
Cheese	390		396
Refrigerated Snacks	283		289
Desserts	244		226
Coffee	232		222
Other	86		109
Total net sales	$	6,047	$	5,999