Kraft Heinz (KHC) FY2020 results: revenue $26.2 billion, up 4.8% on the year
Kraft Heinz Co. (KHC) reported revenue of $26.2 billion for fiscal 2020, the year ended 26 December 2020, up 4.8% on the year before. Net income was $356 million, down 81.6%, and diluted earnings per share $0.29. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$26.2 billion
+4.8% on the year
FY2013FY2020
Operating margin
8.1%
12.3% a year earlier
FY2013FY2020
Net income
$356 million
-81.6% on the year
FY2013FY2020
Diluted EPS
$0.29
-81.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
26,185
24,977
26,268
+4.8%
Cost of revenue
17,008
16,830
17,347
+1.1%
Gross profit
9,177
8,147
8,921
+12.6%
Gross margin
35.0%
32.6%
34.0%
Research and development
119
112
109
+6.2%
Selling, general and administrative
7,049
5,077
19,141
+38.8%
Operating income
2,128
3,070
-10,220
-30.7%
Operating margin
8.1%
12.3%
-38.9%
Interest expense
1,394
1,361
1,284
+2.4%
Pre-tax income
1,030
2,661
-11,321
-61.3%
Income tax
669
728
-1,067
-8.1%
Effective tax rate
65.0%
27.4%
n/a
Net income
356
1,935
-10,192
-81.6%
Net margin
1.4%
7.7%
-38.8%
Diluted EPS
$0.29
$1.58
-$8.36
-81.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,929
3,552
2,574
+38.8%
Capital expenditure
596
768
826
-22.4%
Free cash flow
4,333
2,784
1,748
+55.6%
Free cash flow margin
16.5%
11.1%
6.7%
Cash from investing
-522
1,511
288
Cash from financing
-3,331
-3,913
-3,363
Depreciation and amortisation
969
994
983
-2.5%
Share-based compensation
156
46.0
33.0
+239.1%
Dividends paid
1,958
1,953
3,183
+0.3%
Dividend per share
$1.60
$1.60
$2.50
0.0%
Diluted shares, weighted
1,228m
1,224m
1,219m
+0.3%
Shares outstanding at period end
1,223m
1,221m
1,220m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
50,103
51,623
51,657
-2.9%
Non-controlling interest
140
126
118
+11.1%
Redeemable equity
0.0
0.0
3.0
Short-term borrowings
n/a
n/a
21.0
Debt
28,306
29,244
30,770
-3.2%
Operating lease liabilities
475
454
n/a
+4.6%
Finance lease liabilities
116
158
n/a
-26.6%
Other liabilities
20,690
19,845
20,892
+4.3%
Total liabilities and equity
99,830
101,450
103,461
-1.6%
Fixed assets
n/a
7,055
7,078
Goodwill
33,089
35,546
36,503
-6.9%
Intangible assets
46,667
48,652
49,468
-4.1%
Cash and equivalents
3,417
2,279
1,130
+49.9%
Receivables
2,063
1,973
2,129
+4.6%
Inventory
2,773
2,721
2,667
+1.9%
Other assets
11,821
3,224
4,486
+266.7%
Total assets
99,830
101,450
103,461
-1.6%
10-K for the year ended 26 December 2020, filed 17 February 2021: the filing.