v3.26.3
Segment Reporting (Tables)
9 Months Ended
Sep. 26, 2026
Segment Reporting [Abstract]  
Net Sales 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 EBITDA
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.
Net Sales by Platform
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