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Stocks / United States / KHC / Q4 FY2023

Kraft Heinz Co. Q4 FY2023 results: revenue $6.9 billion, down 7.1% on the year

Kraft Heinz Co. (KHC) reported revenue of $6.9 billion for Q4 FY2023, the quarter ended 30 December 2023, down 7.1% on the same quarter a year earlier. Net income was $757 million, down 14.9% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue$6.9 billiondown 7.1%
Net income$757 milliondown 14.9%
Diluted EPS$0.61
QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue6,8606,570n/an/a
Cost of revenue4,5434,335n/an/a
Gross profit2,3172,235n/an/a
Gross margin33.8%34.0%n/a
Selling, general and administrative1,0171,582n/an/a
Operating income1,300653n/an/a
Operating margin19.0%9.9%n/a
Interest expense229228n/an/a
Pre-tax income950460n/an/a
Income tax193206n/an/a
Effective tax rate20.3%44.8%n/a
Net income757262n/an/a
Net margin11.0%4.0%n/a
Diluted EPS$0.61$0.21n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow1,3561,036n/an/a
Capital expenditure234271n/an/a
Free cash flow1,122765n/an/a
Free cash flow margin16.4%11.6%n/a
Depreciation and amortisation251274n/an/a
Share-based compensation31.033.0n/an/a
Buybacks305112n/an/a
Dividends paid491492n/an/a
Dividend per sharen/a$0.40n/an/a
Diluted shares, weighted1,235m1,235mn/an/a
Shares outstanding at period end1,218m1,227mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets90,33989,656n/an/a
Cash and equivalents1,4001,052n/an/a
Receivables2,1122,103n/an/a
Inventory3,6143,779n/an/a
Goodwill30,45930,310n/an/a
Long-term debt including finance leases19,39419,270n/an/a
Operating lease liabilities501n/an/an/a
Finance lease liabilities118n/an/an/a
Shareholders' equity49,52649,276n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue6,5706,8606,4116,4766,3836,5765,9996,3526,2376,3546,0476,262
Cost of revenue4,3354,5434,1684,1824,1974,3313,9354,1694,2474,2823,8284,234
Gross profit2,2352,3172,2432,2942,1862,2452,0642,1831,9902,0722,2192,028
Gross margin34%34%35%35%34%34%34%34%32%33%37%32%
SG&A1,5821,0179411,7722,2872,28586810,1579659881,0748,459
Operating income6531,3001,302522-101-40.01,196-7,9741,0251,0841,145-6,431
Operating margin10%19%20%8%-2%-1%20%-126%16%17%19%-103%
Interest expense228229226229230227229240240238236-31.0
Pre-tax income4609501,029348-283-2381,018-8,1678078971,010-6,376
Tax rate45%20%22%71%n/an/a30%n/a24%28%21%n/a
Net income262757801102-2902,131712-7,824615651798-5,460
Net margin4%11%12%2%-5%32%12%-123%10%10%13%-87%
Diluted EPS$0.21$0.61$0.66$0.08-$0.24$1.76$0.59-$6.60$0.52$0.56$0.67-$4.60
Operating cash flow1,0361,3567719421,0831,3887201,2091,1571,3761,0061,082
Capital expenditure271234294249234247238187171205240189
Free cash flow7651,1224776938491,1414821,0229861,171766893
Buybacks1123053292081.04502252100.01.023.04.0
Dividends paid492491486483483479477474473474474475
Shares outstanding1,227m1,218m1,214m1,209m1,209m1,195m1,190m1,184m1,184m1,184m1,186m1,186m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 15 February 2024, accession 0001637459-24-000018: the filing on EDGAR. All of Kraft Heinz Co.'s filings: EDGAR company page.

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