What changed in this filing

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Item 1. Business

2026-02-12 compared with 2025-02-13 · 60 added, 56 removed, 196 unchanged (37% of the section changed)

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Heinz Company changed its name to Kraft Heinz Foods Company (“KHFC”).

On September 2, 2025, we announced our intention to separate our company into two independent publicly traded companies through a tax-free spin-off (the “Separation”).

On February 11, 2026, we announced that the Kraft Heinz Board of Directors (the “Board”) has decided to pause work related to the Separation.

If work related to the Separation is resumed, the Separation would be subject to the satisfaction of customary conditions, including final approval by the Board, receipt of favorable tax opinions of our U.S.

tax advisors with respect to the tax-free nature of the Separation, and the effectiveness of appropriate filings with the U.S.

Securities and Exchange Commission.

We operate on a 52- or 53-week fiscal year ending on the last Saturday in December in each calendar year.

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Reportable Segments:

In the first quarter of 2024, we divided our International segment into three operating segments — Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”) — to enable enhanced focus on the different strategies required for each of these regions as part of our long-term strategic plan.

Subsequently, we manage our operating results through four operating segments.

We manage our operating results through four operating segments:

North America, Europe and Pacific Developed Markets (“EPDM” or “International Developed Markets”), West and East Emerging Markets (“WEEM”), and Asia Emerging Markets (“AEM”).

We have two reportable segments defined by geographic region:

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International Developed Markets

Heinz, Golden Circle, Wattie’s, Plasmon

Emerging Markets (a)

Heinz, ABC, Master, Quero, Kraft, Pudliszki

(a) Emerging Markets represents the aggregation of our WEEM and AEM operating segments.

Heinz, Golden Circle, Plasmon (a) , Wattie’s

Emerging Markets (b)

Heinz, Master, ABC, Quero, Kraft, Pudliszki

(a) On December 31, 2025, in the first quarter of our fiscal year 2026, we divested our infant and specialty food business in Italy, which included our intellectual property rights to the Plasmon brand.

See Note 5, Acquisitions and Divestitures , for additional information.

(b) Emerging Markets represents the aggregation of our WEEM and AEM operating segments.

*Used under license.

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We manufacture (and contract for the manufacture of) our products from a wide variety of raw materials.

We purchase and use large quantities of commodities, including dairy products, meat products, tomato products, sugar and other sweeteners, soybean and vegetable oils, coffee beans, wheat and processed grains, eggs, and other fruits and vegetables to manufacture our products.

In addition, we purchase and use significant quantities of plastics, cardboard, resin, glass, and metal to package our products, and we use electricity, diesel fuel, and natural gas in the manufacturing and distribution of our products.

We purchase and use large quantities of commodities, including dairy products, meat products, sugar and other sweeteners, coffee, tomato products, soybean and vegetable oils, eggs, other fruits and vegetables, and wheat and processed grains to manufacture our products.

In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use electricity, diesel fuel, and natural gas in the manufacturing and distribution of our products.

For commodities that we use across many of our product categories we coordinate sourcing requirements and centralize procurement to leverage our scale.

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Where appropriate, we seek to establish preferred purchaser status and have developed strategic partnerships with many of our suppliers with the objective of achieving favorable pricing and dependable supply for many of our commodities.

The prices of raw materials that we use in our products are affected by external factors, such as global competition for resources, currency fluctuations, severe weather or global climate change, pandemics, geopolitical conflicts, consumer, industrial, or investment demand, and changes in governmental regulation and trade, tariffs, alternative energy, and agricultural programs.

In 2024, we experienced moderate inflation in our supply chain costs compared to the prior year period, which we expect to continue through 2025.

While inflationary pressures within procurement, manufacturing, and logistics costs had a negative impact on our results of operations, we experienced increased stability of these costs as compared to the prior year period.

The prices of raw materials that we use in our products are affected by external factors, such as global competition for resources, currency fluctuations, severe weather, including the impacts of global climate change, pandemics, geopolitical conflicts, consumer, industrial, or investment demand, and changes in governmental regulation and trade, tariffs, alternative energy, and agricultural programs.

In 2025, we experienced increased inflationary pressures in our supply chain costs compared to the prior year period, due in part to the tariff and trade policy actions taken by the United States and foreign governments during the year.

We expect these inflationary trends to moderate through 2026, although there continues to be significant uncertainty.

Our procurement teams monitor worldwide supply and cost trends so we can obtain ingredients and packaging needed for production at competitive prices.

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Our research and development efforts focus on achieving the following four objectives:

• product innovations, renovations, and new technologies to meet changing consumer needs, support our environmental and sustainability goals, and drive growth;

• product innovations, renovations, and new technologies to meet changing consumer needs, drive growth, and support our environmental and sustainability goals;

• world-class and uncompromising food safety, quality, and consistency;

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Both of our reportable segments have sales to Walmart Inc.

In the first quarter of 2024, we changed the way we manage our product portfolio to align with our future growth strategy.

As of December 27, 2025, we manage our sales portfolio through eight consumer-driven product platforms.

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Coffee includes mainstream coffee, coffee pods, and premium coffee.

Meats includes cold cuts, bacon, and hot dogs.

Meats include cold cuts, bacon, and hot dogs.

The platforms are modular and configurable by reportable segment and market and help us to manage and organize our business effectively by providing insight into our various product categories and brands.

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Other 1 % 2 % 2 %

The net sales by platform for the years ended December 28, 2024 and December 30, 2023 presented in the table above has been corrected to conform to our previously disclosed platform definitions.

The update had no impact on net sales or on the consolidated financial statements and we do not believe they are material to the consolidated financial statements.

Although crops constituting certain of our raw food ingredients are harvested on a seasonal basis, the majority of our products are produced throughout the year.

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The manufacture and sale of consumer food and beverage products is highly regulated.

Our business operations, including the production, transportation, storage, distribution, sale, display, advertising, marketing, labeling, quality, and safety of our products and their ingredients, and our occupational safety, health, and privacy practices, are subject to various laws and regulations.

Our business operations, including the production, transportation, storage, distribution, sale, display, advertising, marketing, labeling, quality, nutritional value, and safety of our products and their ingredients, and our occupational safety, health, and privacy practices, are subject to various laws, regulations and executive orders.

In the United States, our activities are subject to regulation by various federal government agencies, including the Food and Drug Administration, Department of Agriculture, Federal Trade Commission, Department of Labor, Department of Commerce, and Environmental Protection Agency, as well as various state and local agencies.

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As of December 27, 2025, we had accrued an amount we deemed appropriate for environmental remediation.

Based on information currently available, we believe that the ultimate resolution of existing environmental remediation actions and our general compliance with environmental laws and regulations will not have a material effect on our earnings or financial condition.

Based on information currently available, we believe that the ultimate resolution of existing environmental remediation actions and our

general compliance with environmental laws and regulations will not have a material effect on our earnings or financial condition.

However, it is difficult to predict with certainty the potential impact of future compliance efforts and environmental remedial actions and, thus, future costs associated with such matters may exceed current reserves.

Human Capital Management

We are driven by our Purpose– Let’s make life delicious , our Company Dream— To be the leader in elevating and creating food that makes you feel good, and our Values and Leadership Principles.

Those elements represent the foundation upon which our culture is built.

We are driven by our Values— We are consumer obsessed, We dare to do better every day, We champion great people, We demand diversity, We do the right thing, and We own it, and they are the foundation upon which our culture is built.

They represent the expectations we have for ourselves and the environment we aspire to create for our Company.

We recognize that our ownership-centric culture is vital to our overall success and a key competitive advantage.

Our people are at the heart of who we are at Kraft Heinz.

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Our Board of Directors (“Board”), through the Human Capital and Compensation Committee, oversees our human resources strategy and key policies.

We are committed to attracting, developing, and retaining world-class talent and creating an engaging and inclusive culture that embodies our Purpose, Dream, Values, and Leadership Principles.

As of December 28, 2024, Kraft Heinz had approximately 36,000 employees globally.

Engagement and Culture:

We are committed to attracting, developing, and retaining world-class talent and creating an engaging and inclusive culture that embodies our Values.

As of December 27, 2025, Kraft Heinz had approximately 35,000 employees globally based in 40 countries, of whom approximately 16,000 were employed in the United States.

Approximately sixty-two percent of our employees globally are dedicated to the production of our products.

We are party to numerous collective bargaining agreements and believe that relations with our employees are generally good.

Driven by our Value We champion great people , we support our employees’ health, safety, and professional development and reward outstanding and differentiated performance at every level.

Our rewards strategies (compensation, benefits, recognition, and wellbeing) aim to help our employees help themselves to LiveWell.

Our rewards strategies (compensation, benefits, recognition, and wellbeing) aim to empower our employees to help themselves to LiveWell.

LiveWell represents our total rewards offerings that are designed to attract and engage highly skilled and performance-oriented talent, meet individual and family needs, and inspire, celebrate, and engage our people and teams through enhanced interactions in moments that matter in an environment where employees feel productive, trusted, and empowered.

Guided by our Values, we conduct a global engagement survey annually to provide employees with an opportunity to share anonymous feedback with management across a variety of topic areas.

The results and comments are reviewed by the Board, senior leadership, managers, and human resources to help determine where changes are needed to support our people and teams.

Our November 2024 survey showed that we hit an all-time high for employee engagement since the 2015 Merger and achieved our aspiration to rank in the top-quartile on the Inclusion Index, which measures employees feeling like their opinions count, belonging and inclusive leadership.

We believe our culture is the secret sauce that sets us apart and drives our success.

It is the key ingredient that unites us as a Community of Owners, fosters a sense of belonging, and inspires us to lead the future of food.

It is the foundation of our employee value proposition.

The results and comments are reviewed by the Board, senior leadership, managers, and human resources to help determine where actions are needed to support our people and teams.

Our November 2025 survey showed that employee engagement remains high and above market relative to our benchmarks.

The engagement score for our manufacturing survey achieved our highest score to date.

Trailing 12-month retention remains healthy and in line with our targeted range.

We grow our people to grow our business.

Our Employee Value Proposition is built on three core pillars:

Our Employee Value Proposition is built on four core pillars:

• We develop people for greatness, unlocking their full potential through continuous learning and growth opportunities.

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• We drive impact by challenging the status quo, celebrating differences, and sparking innovation in pursuit of leading the future of food.

• We foster accountability through a streamlined corporate structure, disciplined cost management, the use of agile pods, and strategic AI adoption.

Over the past decade, we have been on a journey to create a workplace that resembles the consumers that we serve and provide delicious innovations that better serve our people, business, and communities.

We have made significant progress, learned a lot, and plan to build on our successes as we set the table for the future.

We believe our culture sets us apart and underpins our efforts to strengthen the employee value proposition, which we view as important to future success.

It fosters a Community of Owners, promotes a sense of belonging, and inspires us to lead the future of food.

Wellbeing and Safety:

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Through Ownerversity, employees have access to custom Kraft Heinz training, learning and development materials, and external content libraries and articles.

In 2025 we launched KHAI, our first internal AI assistant at Kraft Heinz, to streamline everyday tasks, answer questions about employee programs, and support skill development, and Nadia, an AI-powered leadership coach designed to support growth and development.

Rewards and Compensation:

Our Total Rewards philosophy is to provide a meaningful and flexible spectrum of programs that equitably support our workforce and their families, and compliment Kraft Heinz’ strategy and values.

Total Rewards includes compensation elements of base pay and wages and incentives, healthcare, savings and insurance plans, wellbeing plans, employee recognition programs, and other voluntary elected benefits.

Kraft Heinz is a great place for those who dare to win in a challenging, meritocratic, ambitious, and engaging environment.

We believe in ownership and meritocracy, recognizing and rewarding our people on their achievements and impact as they grow their careers with us.

We aim for global consistency while respecting local market practices and employee preferences.

Our Total Rewards philosophy is to provide a meaningful and flexible spectrum of programs that support our workforce and their families, and complement Kraft Heinz’ strategy and values.

Total Rewards includes compensation elements of base pay and variable pay, healthcare, savings and insurance plans, wellbeing plans, employee recognition programs, and other voluntary elected benefits.

We believe in recognizing and rewarding our people on their achievements and impact as they grow their careers with us.

The plans are designed to be market competitive and data-driven to promote our high-performance and results-oriented growth culture and realize our Purpose to Make Life Delicious for employees and their families.

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The Kraft Heinz Ethics Helpline is available to our partners, suppliers, customers, and consumers to ask questions or report potential violations of various policies and ethical guidelines, including our Code of Conduct, Supplier Guiding Principles, and Global Human Rights Policy.

We report more detailed information regarding our programs and initiatives related to our people and human capital management in our Environmental Social Governance Report.

Our 2024 report, which provides our progress through 2023, is available on our website at www.kraftheinzcompany.com/esg .

The information on our website, including our ESG Report, is not, and shall not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any other filings we make with the Securities and Exchange Commission (“SEC”).

Information about our Executive Officers

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Name and Title Age Business Experience in the Past Five Years

Carlos Abrams-Rivera,

Steve Cahillane,

Chief Executive Officer and Director

57 Chief Executive Officer (since December 2023);

President Kraft Heinz (August to December 2023);

Executive Vice President and President, North America (December 2021 to August 2023);

Zone President (February 2020 to December 2021).

Executive Vice President and President, Campbell Snacks (May 2019 to February 2020), and President, Campbell Snacks (March 2018 to May 2019) at Campbell Soup Company (“Campbell”), a food and beverage company.

60 Chief Executive Officer (since January 2026).

President and Chief Executive Officer (October 2023 to December 2025) at Kellanova, a global snacking, international cereal and noodles, and North American frozen foods company.

Chairman and Chief Executive Officer (October 2017 to October 2023) at Kellogg Company, a multinational food manufacturing company.

Andre Maciel,

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Commercial Finance (2015 to 2017).

Janelle Aydin

Global Chief Procurement and Sustainability Officer

Global Chief Procurement and Sustainability Officer (since August 2025);

Chief Procurement and Sustainability Officer, North America Zone (January 2024 to July 2025);

and Chief Procurement Officer, North America Zone (January to December 2023).

Global Chief Procurement Officer (May 2019 to January 2023) at Diageo plc, a multinational alcoholic beverage company.

Rodolfo Camacho

Global Chief People Officer

Global Chief People Officer (since August 2025);

Global Chief Talent and Rewards Officer (January 2024 to July 2025);

and Chief People Officer, International Zone (January 2020 to December 2023).

Global Chief Growth Officer

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Head of Portfolio Transformation, Mars Wrigley (January 2019 to September 2020) at Mars, Incorporated, a multinational confections company.

Marcos Eloi Lima,

Executive Vice President and Global Chief Procurement and Sustainability Officer

47 Executive Vice President and Global Chief Procurement and Sustainability Officer (since December 2023);

Executive Vice President and Global Chief Procurement Officer (December 2021 to December 2023);

Chief Procurement Officer (October 2019 to December 2023);

and Advisor in the area of procurement (July to October 2019).

Vice President Procurement & Sustainability Middle Americas Zone (2016 to July 2019) at Anheuser-Busch InBev SA/NV (“AB InBev”), a multinational drink and brewing holdings company.

Executive Vice President and President, North America

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and Head of Global Operations (January 2020 to December 2021).

Global Operations Vice President (2017 to 2019) at AB InBev.

Melissa Werneck,

Executive Vice President and Global Chief People Officer

52 Executive Vice President and Global Chief People Officer (since December 2021);

Global Chief People Officer (2016 to December 2021);

and Head of Global Human Resources, Performance and Information Technology (2015 to 2016).

Global Operations Vice President (2017 to 2019) at Anheuser-Busch InBev SA/NV, a multinational drink and brewing holdings company.

Executive Vice President, Global General Counsel and Corporate Affairs Officer

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business