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Kraft Heinz cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$702M in Q3 2026 · $3.5B over twelve months

Operating cash flow$872M
Capital spending−$170M
Free cash flow+$702M
Cash / net income1.6×
Cash conversion cycle5 days

Analysis

In Q3 2026, Kraft Heinz generated $872M of operating cash flow and spent $170M on capital projects, leaving free cash flow of $702M.

Over the twelve months to Sep 26, 2026, operating cash flow was $4.3B; the largest uses were net borrowing (+) / repaid (−) ($4.0B), dividends ($1.9B), capital spending ($804M); besides operations, cash came from other investing ($1.1B), other financing ($1.1B); the cash balance fell by $141M.

Operating cash flow was $872M against net income of $536M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$262M, payables +$226M, inventory −$138M.

Its cash conversion cycle was 5 days (receivables 33 + inventory 74 − payables 102).

Free cash flow

Kraft Heinz: free cash flow by quarterKraft Heinz: free cash flow by quarter$1.1BQ4 2024$482MQ1 2025$1.0BQ2 2025$986MQ3 2025$1.2BQ4 2025$766MQ1 2026$893MQ2 2026$702MQ3 2026
Operating cash flow less capital spending.
Kraft Heinz: operating cash flow against capital spendingKraft Heinz: operating cash flow against capital spendingOperating cash flowCapital spending$1.4B$247MQ4 2024$720M$238MQ1 2025$1.2B$187MQ2 2025$1.2B$171MQ3 2025$1.4B$205MQ4 2025$1.0B$240MQ1 2026$1.1B$189MQ2 2026$872M$170MQ3 2026
Latest (Q3 2026): Operating cash flow $872M, Capital spending $170M.

Capital allocation, year by year

Kraft Heinz: where the cash came from (up) and went (down), by fiscal yearKraft Heinz: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $5.4BFY2021: Net borrowing −$6.2BFY2021: Shares issued $53.0MFY2021: Asset sales $5.0BFY2021: Capital spending −$905MFY2021: Acquisitions −$74.0MFY2021: Buybacks −$271MFY2021: Dividends −$2.0B$10.4BFY2021FY2022: Operating cash flow $2.5BFY2022: Net borrowing −$1.5BFY2022: Shares issued $57.0MFY2022: Asset sales $88.0MFY2022: Capital spending −$916MFY2022: Acquisitions −$481MFY2022: Buybacks −$280MFY2022: Dividends −$2.0B$2.6BFY2022FY2023: Operating cash flow $4.0BFY2023: Net borrowing −$217MFY2023: Shares issued $43.0MFY2023: Capital spending −$1.0BFY2023: Buybacks −$455MFY2023: Dividends −$2.0B$4.0BFY2023FY2024: Operating cash flow $4.2BFY2024: Net borrowing −$32.0MFY2024: Shares issued $8.0MFY2024: Asset sales $8.0MFY2024: Capital spending −$1.0BFY2024: Buybacks −$988MFY2024: Dividends −$1.9B$4.2BFY2024FY2025: Operating cash flow $4.5BFY2025: Net borrowing $942MFY2025: Asset sales $9.0MFY2025: Capital spending −$801MFY2025: Buybacks −$436MFY2025: Dividends −$1.9B$5.4BFY2025
Over these 5 years operating cash flow totalled $20.5B; the largest uses were dividends ($9.7B) and net borrowing ($8.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.9B
Debt$21.2B
Net debt$19.3B
Due within a year$1.9B

Kraft Heinz funds itself: free cash flow was $3.5B over the last twelve months, and $1.9B of cash and investments stands against $21.2B of debt ($1.9B due within a year, 1.0× covered by cash).

Kraft Heinz: debt maturities by year (FY2025)Kraft Heinz: debt maturities by year (FY2025)$1.9BYear 1$1.9BYear 2$1.7BYear 3$1.0BYear 4$915MYear 5$13.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.9B of cash and investments now.

Where the cash came from and went

Kraft Heinz: sources (+) and uses (−) of cash, Q3 2026Kraft Heinz: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$1.0BOperating cash flow$872MCash drawn (+) / kept (−)$579MDividends−$474MOther investing$270MCapital spending−$170MBuybacks−$52.0MExchange rates−$12.0MOther financing−$12.0M
Kraft Heinz: sources (+) and uses (−) of cash, TTM to Q3 2026Kraft Heinz: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.3BNet borrowing (+) / repaid (−)−$4.0BDividends−$1.9BOther investing$1.1BOther financing$1.1BCapital spending−$804MAsset & business sales$146MCash drawn (+) / kept (−)$141MBuybacks−$80.0MExchange rates$4.0M

From profit to cash

Kraft Heinz: net income to operating cash flow, Q3 2026Kraft Heinz: net income to operating cash flow, Q3 2026Net income$536MDepreciation & amortization$262MStock-based pay$23.0MDeferred taxes$8.0MImpairments$72.0MReceivables$75.0MInventory−$138MPayables$226MPrepaid and other assets−$130MOther liabilities−$42.0MOperating cash flow$872M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202633741025
Q2 20263371959
Q1 202634771038
Q4 20253271949
Q3 202534769614
Q2 202533789219
Q1 202533819618
Q4 202430769214

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$872M−$170M−$52.0M−$474M−$1.0B$579M$702M
Q2 2026$1.1B−$189M−$4.0M−$475M$1.2B$927M$893M
Q1 2026$1.0B−$240M−$23.0M−$474M—−$672M$766M
Q4 2025$1.4B−$205M−$1.0M−$474M−$1.0M−$693M$1.2B
Q3 2025$1.2B−$171M—−$473M−$1.0M−$539M$986M
Q2 2025$1.2B−$187M−$210M−$474M—$551M$1.0B
Q1 2025$720M−$238M−$225M−$477M$1.6B−$777M$482M
Q4 2024$1.4B−$247M−$450M−$479M−$11.0M−$198M$1.1B

Kraft Heinz: income statement and cash flow

Kraft Heinz, Q3 2026: revenue $6.1B (-2% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Kraft Heinz: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.