Kraft Heinz (KHC) FY2019 results: revenue $25.0 billion, down 4.9% on the year
Kraft Heinz Co. (KHC) reported revenue of $25.0 billion for fiscal 2019, the year ended 28 December 2019, down 4.9% on the year before. Net income was $1.9 billion, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$25.0 billion
-4.9% on the year
FY2012FY2019
Operating margin
12.3%
-38.9% a year earlier
FY2012FY2019
Net income
$1.9 billion
FY2012FY2019
Diluted EPS
$1.58
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
24,977
26,268
26,076
-4.9%
Cost of revenue
16,830
17,347
17,043
-3.0%
Gross profit
8,147
8,921
9,033
-8.7%
Gross margin
32.6%
34.0%
34.6%
Research and development
112
109
93.0
+2.8%
Selling, general and administrative
5,077
19,141
2,976
-73.5%
Operating income
3,070
-10,220
6,057
Operating margin
12.3%
-38.9%
23.2%
Interest expense
1,361
1,284
1,234
+6.0%
Pre-tax income
2,661
-11,321
5,450
Income tax
728
-1,067
-5,482
Effective tax rate
27.4%
n/a
-100.6%
Net income
1,935
-10,192
10,941
Net margin
7.7%
-38.8%
42.0%
Diluted EPS
$1.58
-$8.36
$8.91
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,552
2,574
501
+38.0%
Capital expenditure
768
826
1,194
-7.0%
Free cash flow
2,784
1,748
-693
+59.3%
Free cash flow margin
11.1%
6.7%
-2.7%
Cash from investing
1,511
288
1,177
+424.7%
Cash from financing
-3,913
-3,363
-4,226
Depreciation and amortisation
994
983
1,031
+1.1%
Share-based compensation
46.0
33.0
46.0
+39.4%
Dividends paid
1,953
3,183
2,888
-38.6%
Dividend per share
$1.60
$2.50
$2.45
-36.0%
Diluted shares, weighted
1,224m
1,219m
1,228m
+0.4%
Shares outstanding at period end
1,221m
1,220m
1,219m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
51,623
51,657
65,863
-0.1%
Non-controlling interest
126
118
207
+6.8%
Redeemable equity
0.0
3.0
6.0
Short-term borrowings
n/a
21.0
462
Debt
29,244
30,770
28,333
-5.0%
Operating lease liabilities
454
n/a
n/a
Finance lease liabilities
158
n/a
n/a
Other liabilities
19,845
20,892
25,361
-5.0%
Total liabilities and equity
101,450
103,461
120,232
-1.9%
Fixed assets
7,055
7,078
7,061
-0.3%
Goodwill
35,546
36,503
44,824
-2.6%
Intangible assets
48,652
49,468
59,449
-1.6%
Cash and equivalents
2,279
1,130
1,629
+101.7%
Receivables
1,973
2,129
921
-7.3%
Inventory
2,721
2,667
2,760
+2.0%
Other assets
3,224
4,486
3,588
-28.1%
Total assets
101,450
103,461
120,232
-1.9%
10-K for the year ended 28 December 2019, filed 14 February 2020: the filing.