v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Net Sales by Segment
Net sales by segment were (in millions):
For the Three Months EndedFor the Six Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Net sales:
North America$4,626 $4,757 $9,084 $9,245 
International Developed Markets865 897 1,708 1,714 
Total segment net sales5,491 5,654 10,792 10,959 
Emerging Markets
771 698 1,517 1,392 
Total net sales$6,262 $6,352 $12,309 $12,351 
Segment Adjusted EBITDA
Segment Adjusted Operating Income was (in millions):
For the Three Months Ended
June 27, 2026June 28, 2025
North AmericaInternational Developed MarketsTotalNorth AmericaInternational Developed MarketsTotal
Net Sales$4,626 $865 $4,757 $897 
Adjusted Cost of Products Sold(a)
2,982 603 3,060 633 
Other segment items(b)
656 138 524 128 
Segment Adjusted Operating Income$988 $124 $1,112 $1,173 $136 $1,309 
Emerging Markets
107 100 
General corporate expenses(178)(133)
Restructuring activities(9)— 
Unrealized gains/(losses) on commodity hedges(101)16 
Impairment losses(7,352)(9,266)
Separation costs
(10)— 
Operating income/(loss)(6,431)(7,974)
Interest expense/(income)(31)240 
Other expense/(income)(24)(47)
Income/(loss) before income taxes$(6,376)$(8,167)
(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 EndedFor the Six Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Condiments, Sauces, and Spreads$2,897 $2,873 $5,599 $5,480 
Ambient Meals and Sides679 679 1,426 1,421 
Refreshment Beverages584 575 1,086 1,077 
Meats481 546 940 1,033 
Frozen Meals and Sides363 378 765 797 
Cheese396 420 786 816 
Refrigerated Snacks298 302 581 591 
Desserts281 280 525 506 
Coffee225 207 457 429 
Other58 92 144 201 
Total net sales$6,262 $6,352 $12,309 $12,351