Selected Financial Data
since 2005
Income Statement
Kellanova, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating profit | Net income attributable to Kellanova |
|---|---|---|---|
| Dec 30, 2023 | 13,122) | 1,505) | 951) |
| Dec 31, 2022 | 15,315) | 1,635) | 960) |
| Dec 31, 2021 | 14,181) | 1,752) | 1,488) |
| Jan 2, 2021 | 13,770) | 1,761) | 1,251) |
| Dec 28, 2019 | 13,578) | 1,401) | 960) |
| Dec 29, 2018 | 13,547) | 1,706) | 1,336) |
| Dec 30, 2017 | 12,923) | 1,946) | 1,269) |
| Dec 31, 2016 | 13,014) | 1,395) | 694) |
| Dec 31, 2015 | 13,525) | 1,091) | 614) |
| Dec 31, 2014 | 14,580) | 1,024) | 632) |
| Dec 28, 2013 | 14,792) | 2,837) | 1,807) |
| Dec 29, 2012 | 14,197) | 1,562) | 961) |
| Dec 31, 2011 | 13,198) | 1,976) | 1,231) |
| Dec 31, 2010 | 12,397) | 1,990) | 1,247) |
| Dec 31, 2009 | 12,575) | 2,001) | 1,212) |
| Dec 31, 2008 | 12,822) | 1,953) | 1,148) |
| Dec 29, 2007 | 11,776) | 1,868) | 1,103) |
| Dec 30, 2006 | 10,907) | 1,766) | 1,004) |
| Dec 31, 2005 | 10,177) | 1,750) | 980) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by a period of steady top-line growth followed by significant volatility in profitability and a recent contraction in both revenue and earnings.
- Revenue Trajectory
- Net sales exhibited a consistent upward trend from 2005 through 2013, rising from 10,177 million USD to a peak of 14,792 million USD. This growth phase was followed by a period of fluctuation between 2014 and 2017, where sales dipped and stabilized around the 13 billion USD mark. A second growth cycle occurred between 2018 and 2022, culminating in a historical peak of 15,315 million USD. However, the most recent period shows a sharp decline, with 2023 sales falling to 13,122 million USD.
- Operating Profitability
- Operating profit remained relatively stable between 1,750 million USD and 2,001 million USD from 2005 to 2011. A notable anomaly occurred in 2013, where operating profit spiked to 2,837 million USD, the highest in the recorded period. This was immediately followed by a severe contraction in 2014, with profit dropping to 1,024 million USD. While profitability recovered to reach 1,946 million USD in 2017, it has since trended downward, ending at 1,505 million USD in 2023.
- Net Income Trends
- Net income attributable to the company mirrored the volatility seen in operating profits. Earnings grew steadily from 980 million USD in 2005 to 1,247 million USD in 2010. The 2013 peak in operating profit translated to a corresponding peak in net income of 1,807 million USD. Similar to the operating results, a sharp decline was observed in 2014 and 2015, with income falling to approximately 614-632 million USD. A recovery phase saw net income peak again at 1,488 million USD in 2021, before declining to 951 million USD by 2023.
- Margin Analysis and Efficiency
- A significant divergence between sales and profit is observable in 2014; despite net sales remaining high at 14,580 million USD, both operating profit and net income collapsed, indicating a substantial increase in operating expenses or one-time charges during that fiscal year. The relationship between revenue and profit has become less stable in the latter half of the period, as evidenced by the 2023 contraction where a decline in sales was accompanied by a continued erosion of the bottom line.
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Balance Sheet: Assets
Kellanova, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 30, 2023 | 3,330) | 15,621) |
| Dec 31, 2022 | 4,186) | 18,496) |
| Dec 31, 2021 | 3,394) | 18,178) |
| Jan 2, 2021 | 3,482) | 17,996) |
| Dec 28, 2019 | 3,431) | 17,564) |
| Dec 29, 2018 | 3,157) | 17,780) |
| Dec 30, 2017 | 3,036) | 16,350) |
| Dec 31, 2016 | 2,940) | 15,111) |
| Dec 31, 2015 | 3,236) | 15,265) |
| Dec 31, 2014 | 3,340) | 15,153) |
| Dec 28, 2013 | 3,267) | 15,474) |
| Dec 29, 2012 | 3,380) | 15,184) |
| Dec 31, 2011 | 3,027) | 11,901) |
| Dec 31, 2010 | 2,915) | 11,847) |
| Dec 31, 2009 | 2,558) | 11,200) |
| Dec 31, 2008 | 2,521) | 10,946) |
| Dec 29, 2007 | 2,717) | 11,397) |
| Dec 30, 2006 | 2,427) | 10,714) |
| Dec 31, 2005 | 2,197) | 10,575) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The asset base of the organization exhibits a long-term growth trajectory characterized by a significant structural expansion in 2012 and a notable contraction by the end of 2023. Total assets increased from 10,575 million US dollars in 2005 to a peak of 18,496 million US dollars in 2022, representing an overall expansion of the balance sheet over the nearly two-decade period.
- Total Asset Progression
- A period of steady growth is observed from 2005 to 2011, followed by a substantial increase in 2012, where total assets rose from 11,901 million US dollars to 15,184 million US dollars. This shift suggests a major capital investment or acquisition. Assets remained relatively stable through 2016 before entering another growth phase that peaked in 2022. However, 2023 saw a sharp decline to 15,621 million US dollars, indicating a significant divestiture or asset write-down.
- Current Asset Trends
- Current assets demonstrated a general upward trend, rising from 2,197 million US dollars in 2005 to 3,330 million US dollars in 2023. Growth was consistent until 2012, followed by a period of volatility between 2013 and 2016. A subsequent recovery led to a peak of 4,186 million US dollars in 2022. Similar to the total asset trend, current assets experienced a marked decrease in the final reported year.
- Asset Composition and Liquidity
- The proportion of current assets relative to total assets has remained consistent over the analyzed period. In 2005, current assets represented approximately 20.8% of total assets; by 2023, this ratio remained similar at approximately 21.3%. This suggests that the company has maintained a stable liquidity profile and a consistent strategy regarding its working capital relative to its total asset base.
- Recent Balance Sheet Volatility
- The period between 2021 and 2023 shows significant fluctuations. The surge in both current and total assets in 2022 was followed by a contraction in 2023, where total assets decreased by approximately 15.5% in a single year, and current assets decreased by approximately 20.4%. This volatility points to a strategic realignment of the balance sheet toward the end of the observed period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Kellanova, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Kellanova equity | |
|---|---|---|---|
| Dec 30, 2023 | 5,060) | 5,873) | 3,175) |
| Dec 31, 2022 | 6,349) | 6,564) | 3,941) |
| Dec 31, 2021 | 5,315) | 7,111) | 3,720) |
| Jan 2, 2021 | 5,238) | 7,475) | 3,112) |
| Dec 28, 2019 | 4,778) | 7,922) | 2,747) |
| Dec 29, 2018 | 4,529) | 8,893) | 2,601) |
| Dec 30, 2017 | 4,479) | 8,615) | 2,212) |
| Dec 31, 2016 | 4,474) | 7,767) | 1,910) |
| Dec 31, 2015 | 5,739) | 7,759) | 2,128) |
| Dec 31, 2014 | 4,364) | 7,370) | 2,789) |
| Dec 28, 2013 | 3,835) | 7,358) | 3,545) |
| Dec 29, 2012 | 4,523) | 7,902) | 2,419) |
| Dec 31, 2011 | 3,313) | 6,032) | 1,760) |
| Dec 31, 2010 | 3,184) | 5,904) | 2,158) |
| Dec 31, 2009 | 2,288) | 4,880) | 2,272) |
| Dec 31, 2008 | 3,552) | 5,456) | 1,448) |
| Dec 29, 2007 | 4,044) | 5,225) | 2,526) |
| Dec 30, 2006 | 4,020) | 5,044) | 2,069) |
| Dec 31, 2005 | 3,163) | 4,897) | 2,284) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The balance sheet reflects a long-term evolution of the capital structure, characterized by a significant expansion of debt through 2018 followed by a sustained deleveraging phase. While short-term obligations have trended upward over the nearly two-decade period, equity has transitioned from a period of high volatility to a phase of growth that peaked in 2022.
- Current Liabilities Trends
- Short-term obligations exhibited a general increase from 3,163 million USD in 2005 to 5,060 million USD in 2023. This growth was not linear, marked by a notable dip in 2009 and a period of acceleration between 2014 and 2022, where liabilities peaked at 6,349 million USD before declining in the final reporting year.
- Total Debt Trajectory
- Total debt followed a distinct arc, ascending from 4,897 million USD in 2005 to a peak of 8,893 million USD in 2018. Following this peak, a consistent downward trend is observed, with debt reducing to 5,873 million USD by 2023. This suggests a strategic shift toward debt reduction in the latter five years of the period analyzed.
- Equity and Capital Stability
- Stockholders' equity demonstrated significant volatility between 2005 and 2015, reaching a low of 1,448 million USD in 2008. A more stable growth pattern emerged after 2016, with equity rising steadily to a peak of 3,941 million USD in 2022. However, a decrease to 3,175 million USD was recorded in 2023.
- Leverage and Risk Profile
- The relationship between debt and equity indicates a period of increasing leverage that peaked around 2018. The subsequent simultaneous reduction in total debt and the increase in equity through 2022 suggest an improvement in the solvency profile. The most recent data from 2023 shows a simultaneous decline in both debt and equity, maintaining a lower overall debt level than the peaks seen in the 2010s.
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Cash Flow Statement
Kellanova, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 30, 2023 | 1,645) | (562) | (1,110) |
| Dec 31, 2022 | 1,651) | (448) | (1,081) |
| Dec 31, 2021 | 1,701) | (528) | (1,306) |
| Jan 2, 2021 | 1,986) | (585) | (1,388) |
| Dec 28, 2019 | 1,176) | 774) | (1,905) |
| Dec 29, 2018 | 1,536) | (948) | (566) |
| Dec 30, 2017 | 1,646) | (1,094) | (604) |
| Dec 31, 2016 | 1,628) | (893) | (642) |
| Dec 31, 2015 | 1,691) | (1,127) | (706) |
| Dec 31, 2014 | 1,793) | (573) | (1,063) |
| Dec 28, 2013 | 1,807) | (641) | (1,141) |
| Dec 29, 2012 | 1,758) | (3,245) | 1,317) |
| Dec 31, 2011 | 1,595) | (587) | (957) |
| Dec 31, 2010 | 1,008) | (465) | (439) |
| Dec 31, 2009 | 1,643) | (370) | (1,182) |
| Dec 31, 2008 | 1,267) | (681) | (780) |
| Dec 29, 2007 | 1,503) | (601) | (788) |
| Dec 30, 2006 | 1,411) | (445) | (789) |
| Dec 31, 2005 | 1,143) | (415) | (905) |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2023 demonstrates a consistent ability to generate positive cash flow from operations, which has been utilized to fund investment activities and provide returns to shareholders or reduce debt.
- Operating Cash Flow Trends
- Net cash provided by operating activities has remained positive throughout the entire period, reflecting a stable core business model. While values fluctuated, a general upward trajectory was observed from 2005 (1,143 million US$) to a peak in 2021 (1,986 million US$). Notable volatility occurred in 2010, where cash flow dipped to 1,008 million US$, and in 2019, where it decreased to 1,176 million US$, before recovering strongly in 2021.
- Investing Activity Patterns
- Investing activities were predominantly negative, indicating consistent capital expenditures or acquisitions. A significant anomaly occurred in 2012, with net cash used in investing activities reaching 3,245 million US$, the highest outflow in the recorded period. Conversely, 2019 was the only year showing a positive net cash flow from investing activities (774 million US$), suggesting a period of asset divestiture or the liquidation of investments.
- Financing Activity Dynamics
- Financing activities remained almost exclusively negative, which is characteristic of a mature company returning capital to investors through dividends and share repurchases or paying down long-term debt. The most significant outflows occurred in 2019 (1,905 million US$) and 2021 (1,388 million US$). A singular exception occurred in 2012, when the company recorded a positive inflow of 1,317 million US$.
- Integrated Cash Flow Correlation
- A strong correlation is observed in 2012, where the substantial cash outflow for investing activities was partially offset by a significant inflow from financing activities, suggesting that a major investment or acquisition was funded through external financing. In contrast, the positive investing cash flow in 2019 coincided with one of the largest outflows in financing activities, indicating that proceeds from asset sales may have been used to accelerate capital returns or debt repayment.
In the most recent three-year period ending December 30, 2023, operating cash flows have stabilized between 1,645 million and 1,701 million US$, while investing and financing outflows have remained relatively consistent, suggesting a phase of steady-state capital management.
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Per Share Data
Kellanova, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 30, 2023 | 2.78 | 2.76 | 2.34 |
| Dec 31, 2022 | 2.81 | 2.79 | 2.34 |
| Dec 31, 2021 | 4.36 | 4.33 | 2.31 |
| Jan 2, 2021 | 3.65 | 3.63 | 2.28 |
| Dec 28, 2019 | 2.81 | 2.80 | 2.26 |
| Dec 29, 2018 | 3.85 | 3.83 | 2.20 |
| Dec 30, 2017 | 3.65 | 3.62 | 2.12 |
| Dec 31, 2016 | 1.98 | 1.96 | 2.04 |
| Dec 31, 2015 | 1.74 | 1.72 | 1.98 |
| Dec 31, 2014 | 1.76 | 1.75 | 1.90 |
| Dec 28, 2013 | 4.98 | 4.94 | 1.80 |
| Dec 29, 2012 | 2.68 | 2.67 | 1.74 |
| Dec 31, 2011 | 3.40 | 3.38 | 1.67 |
| Dec 31, 2010 | 3.32 | 3.30 | 1.56 |
| Dec 31, 2009 | 3.17 | 3.16 | 1.43 |
| Dec 31, 2008 | 3.01 | 2.99 | 1.30 |
| Dec 29, 2007 | 2.79 | 2.76 | 1.20 |
| Dec 30, 2006 | 2.53 | 2.51 | 1.14 |
| Dec 31, 2005 | 2.38 | 2.36 | 1.06 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
An analysis of the per share financial data from 2005 through 2023 reveals a divergence between the volatility of earnings and the consistency of dividend distributions. While earnings per share experienced significant fluctuations and several cyclical peaks and troughs, dividend payments followed a steady, linear growth trajectory.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited a general upward trend between 2005 and 2011, with basic EPS rising from 2.38 USD to 3.40 USD. A period of high volatility followed, characterized by a sharp decline in 2012, a significant peak in 2013 at 4.98 USD, and a subsequent correction in 2014 to 1.76 USD. Subsequent years showed a recovery peaking in 2018 at 3.85 USD and again in 2021 at 4.36 USD, before settling at 2.78 USD by the end of 2023.
- Dividend Distribution Patterns
- Dividend per share demonstrated uninterrupted annual growth over the entire eighteen-year period. Starting at 1.06 USD in 2005, the dividend increased every year until reaching 2.34 USD in 2022, where it remained constant through 2023. This consistent growth occurred independently of the volatility observed in the earnings per share, indicating a prioritized policy of stable shareholder returns.
- Dilution Analysis
- The variance between basic and diluted earnings per share remained minimal throughout the period, typically differing by only 0.02 USD. This narrow gap suggests a low level of dilution from convertible securities or stock options, indicating that the earnings attributable to common shareholders remained largely stable relative to the total share count.
- Earnings-to-Dividend Relationship
- The relationship between earnings and dividends shifted over time. In periods of earnings contraction, such as 2014 and 2015, the dividend payment represented a significantly larger portion of the total earnings. Conversely, during peak earning years like 2013 and 2021, the dividend payout ratio decreased. This pattern confirms a commitment to maintaining dividend growth regardless of short-term profitability fluctuations.
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