v3.26.3
Segment Reporting (Notes)
 9 Months Ended
Sep. 26, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
In the third quarter of 2026, our internal reporting structure and reportable segments changed. We combined our WEEM and AEM operating segments to form the Emerging Markets operating segment in order to increase efficiencies and drive sustainable growth across our global business. In conjunction with the creation of the Emerging Markets operating segment, we moved certain European countries within the WEEM operating segment into the Europe and Pacific Developed Markets operating segment. Subsequently, we manage our operating results through three operating segments, all of which are reportable segments: North America, Europe and Pacific Developed Markets, and Emerging Markets. We have reflected this segment change in all historical periods presented.
Our chief operating decision maker (“CODM”) is our Chief Executive Officer. Our CODM evaluates segment performance based on several factors, including net sales and Segment Adjusted Operating Income. Segment Adjusted Operating Income is defined as operating income/(loss) excluding, when they occur, the impacts of restructuring activities, deal costs, separation 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, and certain non-ordinary course legal and regulatory matters. Segment Adjusted Operating Income is a financial measure that assists our CODM in comparing our performance on a consistent basis by removing the impact of certain items that our CODM believes do not directly reflect our underlying operations. Our CODM also considers monthly budget-to-actual variances and year-over-year performance of Segment Adjusted Operating Income when making decisions about allocating resources to our segments. Our CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, we do not disclose assets by segment.

Net sales by segment were (in millions):
For the Three Months EndedFor the Nine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Net sales:
North America$4,485 $4,641 $13,569 $13,886 
Europe and Pacific Developed Markets910 964 2,757 2,813 
Emerging Markets720 632 2,098 1,889 
Total net sales$6,115 $6,237 $18,424 $18,588 
Segment Adjusted Operating Income was (in millions):
For the Three Months Ended
September 26, 2026
North AmericaEurope and Pacific Developed MarketsEmerging MarketsTotal
Net Sales$4,485 $910 $720 
Adjusted Cost of Products Sold(a)
2,992 658 505 
Other segment items(b)
582 156 134 
Segment Adjusted Operating Income$911 $96 $81 $1,088 
General corporate expenses(149)
Restructuring activities(7)
Unrealized gains/(losses) on commodity hedges39 
Impairment losses(72)
Separation costs
(24)
Operating income/(loss)875 
Interest expense/(income)210 
Other expense/(income)(39)
Income/(loss) before income taxes$704 
(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, Europe and Pacific Developed Markets, and Emerging Markets include SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.
For the Three Months Ended
September 27, 2025
North AmericaEurope and Pacific Developed MarketsEmerging MarketsTotal
Net Sales$4,641 $964 $632 
Adjusted Cost of Products Sold(a)
3,081 686 448 
Other segment items(b)
542 135 118 
Segment Adjusted Operating Income$1,018 $143 $66 $1,227 
General corporate expenses(121)
Restructuring activities(6)
Unrealized gains/(losses) on commodity hedges(23)
Impairment losses(35)
Separation costs
(17)
Operating income/(loss)1,025 
Interest expense/(income)240 
Other expense/(income)(22)
Income/(loss) before income taxes$807 
(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, Europe and Pacific Developed Markets, and Emerging Markets include SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs
For the Nine Months Ended
September 26, 2026
North AmericaEurope and Pacific Developed MarketsEmerging MarketsTotal
Net Sales$13,569 $2,757 $2,098 
Adjusted Cost of Products Sold(a)
8,859 1,925 1,464 
Other segment items(b)
1,837 452 378 
Segment Adjusted Operating Income$2,873 $380 $256 $3,509 
General corporate expenses(471)
Restructuring activities(38)
Unrealized gains/(losses) on commodity hedges116 
Impairment losses(7,437)
Separation costs
(90)
Operating income/(loss)(4,411)
Interest expense/(income)415 
Other expense/(income)(164)
Income/(loss) before income taxes$(4,662)
(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, Europe and Pacific Developed Markets, and Emerging Markets include SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.
For the Nine Months Ended
September 27, 2025
North AmericaEurope and Pacific Developed MarketsEmerging MarketsTotal
Net Sales$13,886 $2,813 $1,889 
Adjusted Cost of Products Sold(a)
9,012 1,972 1,337 
Other segment items(b)
1,582 406 316 
Segment Adjusted Operating Income$3,292 $435 $236 $3,963 
General corporate expenses(382)
Restructuring activities(10)
Unrealized gains/(losses) on commodity hedges(6)
Impairment losses(9,301)
Separation costs
(17)
Operating income/(loss)(5,753)
Interest expense/(income)709 
Other expense/(income)(120)
Income/(loss) before income taxes$(6,342)
(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, Europe and Pacific Developed Markets, and Emerging Markets include SG&A, primarily for marketing and advertising expenses, employee compensation-related expenses, amortization of definite-lived intangible assets, and research and development costs.
Total depreciation and amortization expense by segment was (in millions):
For the Three Months EndedFor the Nine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Depreciation and amortization expense:
North America$167 $158 $495 $474 
Europe and Pacific Developed Markets44 37 126 112 
Emerging Markets30 27 91 82 
Total segment depreciation and amortization expense241 222 712 668 
General corporate expenses21 23 56 49 
Total depreciation and amortization expense$262 $245 $768 $717 
Total capital expenditures by segment were (in millions):
For the Three Months EndedFor the Nine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Capital expenditures:
North America$116 $104 $394 $369 
Europe and Pacific Developed Markets18 24 73 86 
Emerging Markets20 25 68 76 
Total segment capital expenditures154 153 535 531 
General corporate expenses16 18 64 65 
Total capital expenditures$170 $171 $599 $596 
In the first quarter of 2026, we modified our net sales disaggregation disclosure to present net sales by product category. This change has been reflected in all periods presented. We report net sales through ten product categories: Condiments, Sauces and Spreads, Ambient Meals and Sides, Refreshment Beverages, Meats, Frozen Meals and Sides, Cheese, Refrigerated Snacks, Desserts, Coffee, and Other.
•Condiments, Sauces, and Spreads primarily includes Heinz ketchup and other condiments, Kraft mayonnaise and dressings, Philadelphia cream cheese, Classico pasta sauces, and Miracle Whip, among other condiments and sauces.
•Ambient Meals and Sides primarily includes Kraft and Velveeta Mac & Cheese varieties, Heinz beans and soups, Stove Top stuffing mix, and other shelf stable products.
•Refreshment Beverages primarily includes Capri-Sun and Kool-Aid ready-to-drink beverages, Crystal Light powdered beverages, and Mio liquid concentrates.
•Meats primarily includes Oscar Mayer cold cuts, bacon, and hot dogs.
•Frozen Meals and Sides primarily includes Ore-Ida frozen potato products, and other frozen snacks and meals.
•Cheese primarily includes our Kraft and Velveeta cheese varieties.
•Refrigerated Snacks primarily includes Lunchables meal kits, Claussen pickles, and other refrigerated varieties.
•Desserts primarily includes Jell-O, Cool Whip and other dry packaged, refrigerated, and frozen desserts.
•Coffee primarily includes Maxwell House coffee and other coffee products.
•Other primarily includes our infant foods varieties and other regional products.
Net sales by category were (in millions):
For the Three Months Ended
For the Nine Months Ended
September 26, 2026September 27, 2025September 26, 2026September 27, 2025
Condiments, Sauces, and Spreads$2,750 $2,712 $8,349 $8,192 
Ambient Meals and Sides744 756 2,170 2,177 
Refreshment Beverages541 556 1,627 1,633 
Meats449 501 1,389 1,534 
Frozen Meals and Sides354 381 1,119 1,178 
Cheese378 387 1,164 1,203 
Refrigerated Snacks327 328 908 919 
Desserts287 291 812 797 
Coffee211 220 668 649 
Other74 105 218 306 
Total net sales$6,115 $6,237 $18,424 $18,588