Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Kraft Heinz Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 27, 2020	Mar 28, 2020	Dec 28, 2019	Sep 28, 2019	Jun 29, 2019	Mar 30, 2019	Dec 29, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 30, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 2, 2016	Jul 3, 2016	Apr 3, 2016	Dec 31, 2015	Sep 27, 2015	Jun 28, 2015	Mar 29, 2015
Net sales	6,648)	6,157)	6,536)	6,076)	6,406)	5,959)	6,891)	6,383)	6,690)	6,304)	6,877)	6,314)	6,677)	6,364)	6,857)	6,267)	6,793)	6,570)	7,124)	6,120)	2,616)	2,478)
Cost of products sold	(4,196)	(4,299)	(4,429)	(4,129)	(4,324)	(3,948)	(4,675)	(4,289)	(4,343)	(4,040)	(4,470)	(4,000)	(3,996)	(4,063)	(4,398)	(4,049)	(4,262)	(4,192)	(4,720)	(4,492)	(1,734)	(1,631)
Gross profit	2,452)	1,858)	2,107)	1,947)	2,082)	2,011)	2,216)	2,094)	2,347)	2,264)	2,407)	2,314)	2,681)	2,301)	2,459)	2,218)	2,531)	2,378)	2,404)	1,628)	882)	847)
Selling, general and administrative expenses, excluding impairment losses	(918)	(862)	(837)	(762)	(750)	(829)	(882)	(803)	(756)	(764)	(718)	(653)	(760)	(750)	(879)	(805)	(895)	(865)	(1,117)	(1,229)	(438)	(338)
Goodwill impairment losses	(1,817)	(226)	(453)	—)	(124)	(620)	(6,875)	—)	(133)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Intangible asset impairment losses	(1,056)	—)	(223)	(5)	(474)	—)	(8,610)	(217)	(101)	—)	(49)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Selling, general and administrative expenses	(3,791)	(1,088)	(1,513)	(767)	(1,348)	(1,449)	(16,367)	(1,020)	(990)	(764)	(767)	(653)	(760)	(750)	(879)	(805)	(895)	(865)	(1,117)	(1,229)	(438)	(338)
Operating income (loss)	(1,339)	770)	594)	1,180)	734)	562)	(14,151)	1,074)	1,357)	1,500)	1,640)	1,661)	1,921)	1,551)	1,580)	1,413)	1,636)	1,513)	1,287)	399)	444)	509)
Interest expense	(442)	(310)	(326)	(398)	(316)	(321)	(325)	(326)	(316)	(317)	(308)	(306)	(307)	(313)	(310)	(311)	(264)	(249)	(266)	(460)	(394)	(201)
Other income (expense)	78)	81)	59)	380)	133)	380)	2)	71)	20)	90)	(1)	4)	(24)	12)	10)	3)	(6)	8)	9)	(108)	(245)	39)
Income (loss) before income taxes	(1,703)	541)	327)	1,162)	551)	621)	(14,474)	819)	1,061)	1,273)	1,331)	1,359)	1,590)	1,250)	1,280)	1,105)	1,366)	1,272)	1,030)	(169)	(195)	347)
(Provision for) benefit from income taxes	51)	(160)	(144)	(264)	(103)	(217)	1,846)	(201)	(308)	(270)	6,665)	(416)	(430)	(359)	(336)	(262)	(411)	(372)	(382)	49)	35)	(68)
Net income (loss)	(1,652)	381)	183)	898)	448)	404)	(12,628)	618)	753)	1,003)	7,996)	943)	1,160)	891)	944)	843)	955)	900)	648)	(120)	(160)	279)
Net (income) loss attributable to noncontrolling interest	1)	(3)	(1)	1)	1)	1)	60)	1)	1)	—)	7)	1)	(1)	2)	—)	(1)	(5)	(4)	(3)	(3)	(4)	(3)
Net income (loss) attributable to Kraft Heinz	(1,651)	378)	182)	899)	449)	405)	(12,568)	619)	754)	1,003)	8,003)	944)	1,159)	893)	944)	842)	950)	896)	645)	(123)	(164)	276)
Preferred dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(180)	—)	(360)	(180)	(180)	(180)
Net income (loss) attributable to common shareholders	(1,651)	378)	182)	899)	449)	405)	(12,568)	619)	754)	1,003)	8,003)	944)	1,159)	893)	944)	842)	770)	896)	285)	(303)	(344)	96)

Net Sales: Net sales exhibit notable seasonal fluctuations, generally peaking in the fourth quarter of most years. After a low of $2,478 million in March 2015, sales increased sharply to $7,124 million by December 2015 and remained relatively stable around $6,000 to $7,000 million thereafter. There was a mild declining trend in the first half of 2019, with a recovery in late 2019 and early 2020.
Cost of Products Sold: Cost of products sold closely tracks net sales, showing a similar seasonal pattern with troughs in early quarters and peaks typically in the fourth quarter. Costs increased steadily through 2015 and 2016 before showing variability between $3,900 million and $4,700 million in subsequent periods. The proportion of cost to sales appears relatively consistent, indicating stable gross margin trends.
Gross Profit: Gross profit generally follows sales patterns, rising significantly in late 2015 and remaining strong through 2016 and 2017. Although gross profit fluctuates between approximately $1,800 million and $2,800 million, a slight declining trend is observed in 2018 and 2019, with an uptick again in mid-2020 to $2,452 million, suggesting temporary margin pressures during this period.
Selling, General, and Administrative Expenses (SG&A): Excluding impairment losses, SG&A expenses fluctuate seasonally, with peaks mostly in early quarters and fourth quarters, ranging from approximately $650 million to $900 million. Inclusion of impairment losses in total SG&A causes sharp increases, notably in late 2018 and mid-2019 when significant goodwill and intangible asset impairments occurred. These impairments drastically raised SG&A expenses to anomalous levels, such as over $16 billion in late 2018, highlighting substantial non-cash charges impacting reported results.
Operating Income (Loss): Operating income shows positive values throughout most quarters except in late 2018 and mid-2020, where large negative results are observed. Peaks occur in the second to fourth quarters of most years, generally reflecting higher seasonal sales. The massive loss in the final quarter of 2018 is attributable to impairment charges. Apart from these outliers, operating income remains within a range of approximately $400 million to $1,900 million, indicating operational stability outside extraordinary expenses.
Interest Expense: Interest expense remains relatively stable throughout the periods, fluctuating between $200 million and $450 million, suggesting consistent debt servicing costs without significant changes in debt structure or interest rates over time.
Other Income (Expense): Other income and expenses show variability but generally exhibit smaller magnitudes compared to other items, with occasional notable positive spikes, such as $380 million in April 2019 and September 2019. These fluctuations imply sporadic non-operational gains or one-time adjustments affecting net income.
Income Before Income Taxes: This metric generally mirrors operating income trends, maintaining positive values except during the quarters impacted by impairment charges in late 2018 and mid-2020. Positive income before taxes ranges between approximately $300 million and $1,600 million in normal quarters. The large negative value in late 2018 is consistent with prior impairment-related losses, emphasizing their significant impact on pre-tax profitability.
Provision for Income Taxes: The tax provision fluctuates widely, including periods of negative tax expense (benefit) that correlate with losses or non-cash charges. Notably, a significant tax benefit was recognized in December 2017, likely related to one-time tax adjustments or deferred tax assets. The variability indicates a complex tax situation possibly influenced by impairments, restructuring, and tax planning strategies.
Net Income (Loss): Net income exhibits considerable volatility, moving from modest positive figures in early 2015, to sharp increases in late 2017 and early 2018 primarily due to tax benefits and one-time gains. Conversely, net losses occur during periods of sizeable impairment charges, especially in late 2018 and mid-2020, with losses exceeding $12 billion in one quarter. Excluding these exceptional items, net income remains generally positive but with discernible fluctuations, indicating the company’s core profitability is affected by episodic non-recurring events.
Net Income Attributable to Common Shareholders: This figure follows the net income trend but is adjusted for preferred dividends where disclosed. It shows similar positive and negative swings, reflecting the overall pattern of profitability and impairment losses. Early 2018 stands out with extremely high positive income attributable to common shareholders, followed by successive quarters of losses likely influenced by impairment events and associated charges.

Download chart

Kraft Heinz Co. (NASDAQ:KHC)

Income Statement Quarterly Data

Income Statement
Quarterly Data