Compare · Consumer Staples
Kraft Heinz vs. Mondelez: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Kraft Heinz
1 · What it sells
Kraft Heinz sells packaged foods such as Heinz ketchup, Kraft Mac & Cheese and Oscar Mayer meats, and condiments, sauces, dressings and spreads were 45.2% of its FY2025 net sales of $24.9 billion.
Sources and detail on the Kraft Heinz page2 · Who pays it
In FY2025, Walmart paid about 21% of Kraft Heinz's net sales and all other customers, from grocery chains to foodservice distributors, about 79%.
Sources and detail on the Kraft Heinz page3 · What it keeps from $100
Of every $100 that came in during FY2025, Kraft Heinz lost $23.28 after $37.06 of non-cash goodwill and brand write-downs, while operating income before those write-downs was $18.59 per $100 of net sales.
Sources and detail on the Kraft Heinz page4 · Where the operating profit comes from
North America earned 83.2% of FY2025 Segment Adjusted Operating Income, the company's segment profit measure before corporate costs, against 11.4% for Europe and Pacific Developed Markets and 5.4% for Emerging Markets.
Sources and detail on the Kraft Heinz page5 · The one thing to watch
Kraft Heinz wrote down $7,437 million of goodwill and brands in the first nine months of FY2026 after $9,306 million in FY2025, and goodwill and intangibles were still 72.0% of total assets at Sep 26, 2026.
Sources and detail on the Kraft Heinz page
Mondelez
1 · What it sells
Mondelez sells biscuits such as Oreo and chocolate such as Cadbury Dairy Milk and Milka, which were 47.7% and 32.9% of FY2025 net revenues of $38.5 billion.
Sources and detail on the Mondelez page2 · Who pays it
No single customer pays a tenth of net revenues; by region, stores and distributors in Europe paid 39.0% in FY2025, North America 27.7%, AMEA 20.6% and Latin America 12.7%.
Sources and detail on the Mondelez page3 · What it keeps from $100
Of every $100 that came in during FY2025, Mondelez kept $6.32 as net income, after a $1,341 million paper loss on cocoa and other hedges cut operating income to $3,548 million and a $169 million one-off payment added to it.
Sources and detail on the Mondelez page4 · Where the operating profit comes from
North America earned 36.1% of FY2025 segment operating income on 27.7% of net revenues, and Europe 34.5% on 39.0%.
Sources and detail on the Mondelez page5 · The one thing to watch
Gross margin was 39.4% in Q3 FY2026, against 26.8% a year earlier, and $543 million of hedge gains were part of that quarter's $1,758 million operating income.
Sources and detail on the Mondelez page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Kraft Heinz
Where $100 went · FY2025
| Selling, general and administrative | $14.6 |
|---|---|
| Cost of products sold | $66.2 |
| Goodwill and brand write-downs (non-cash) | $37.1 |
| Interest | $3.8 |
| Income tax | $1.6 |
| Net loss (costs above money in) | −$23.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (net sales $24,942 million + other income $171 million = $25,113 million): each line = line ÷ total money in × 100. Costs came to $123.28, so the last line is a loss of $23.28. The write-downs are non-cash. Measured on net sales alone, operating income before write-downs was $18.59 per $100 and the GAAP operating loss $18.72.
Mondelez
Where $100 went · FY2025
| Selling, general and administrative | $18.5 |
|---|---|
| Cost of sales | $71.2 |
| Exit costs, impairments and amortization | $0.6 |
| Interest, pension and other | $1.4 |
| Minority partners' share | $0.0 |
| Income tax | $2.0 |
| Kept as net income | $6.3 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $38.8 billion of money in ($38.5 billion of net revenues plus $234 million of equity-method investment earnings and gains) × 100.
Line items differ because each company groups its costs its own way in its filings. Only on Kraft Heinz's receipt: Cost of products sold; Goodwill and brand write-downs (non-cash); Interest; Net loss (costs above money in). Only on Mondelez's receipt: Cost of sales; Exit costs, impairments and amortization; Interest, pension and other; Minority partners' share; Kept as net income.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Kraft Heinz
Mondelez
See the numbers
Net income
Kraft Heinz
Mondelez
See the numbers
Free cash flow
Kraft Heinz
Mondelez
See the numbers
Who pays each company
Kraft Heinz
- Walmart · 21.0% of revenueAbout 21% of FY2025 net sales, and about the same in FY2024 and FY2023.
- All other customers · 79.0% of revenueGrocery chains, wholesalers, club, convenience and drug stores, other mass merchants, online retailers, foodservice distributors and institutions. 79% is a Cityfort calculation from the FY2025 10-K: 100% minus Walmart's share.
Mondelez
- Stores and distributors in Europe · 39.0% of revenueEurope was 39.0% of FY2025 net revenues ($15.0 billion), the largest region. Chocolate was more than half of it.
- Stores and distributors in North America · 27.7% of revenue27.7% of FY2025 net revenues ($10.7 billion), mostly biscuits and baked snacks.
- Stores and distributors in Asia, Middle East and Africa (AMEA) · 20.6% of revenue20.6% of FY2025 net revenues ($7.9 billion).
- Stores and distributors in Latin America · 12.7% of revenue12.7% of FY2025 net revenues ($4.9 billion).
Revenue by segment
Kraft Heinz
FY2025
| Segment | Revenue | Share |
|---|---|---|
| North America | $18.6B | 74.5% |
| Europe and Pacific Developed Markets | $3.8B | 15.3% |
| Emerging Markets | $2.5B | 10.2% |
Mondelez
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Europe | $15.0B | 39.0% |
| North America | $10.7B | 27.7% |
| Asia, Middle East and Africa (AMEA) | $7.9B | 20.6% |
| Latin America | $4.9B | 12.7% |
Debt and cash
Kraft Heinz
- Debt
- $18.0B
- Cash and investments
- $1.9B
On Sep 26, 2026.
At Sep 26, 2026, Kraft Heinz's debt exceeded its cash and marketable securities by $16.1 billion, about 3.6 years of its FY2025 cash from operations ($4,462 million).
Mondelez
- Debt
- $21.7B
- Cash and investments
- $1.6B
On Sep 30, 2026.
At Sep 30, 2026, Mondelez's debt exceeded its cash by $20.1 billion, about 4.0 times its cash from operations of the last four quarters.
Sources: Kraft Heinz S3, S1, S22, S23, S24 · Mondelez S3, S4, S1, S8, S21, S23
Who owns each company
Kraft Heinz
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Mar 16, 2026).
- Berkshire Hathaway Inc. (with Warren E. Buffett): 27.5% (as of Feb 14, 2024).
- The Vanguard Group: 8.6% (as of Apr 30, 2025).
- BlackRock, Inc.: 5.9% (as of Apr 24, 2025).
- 1 more holders on the Kraft Heinz page.
Mondelez
- One class of shares.
- Officers and directors as a group: 0.4% of shares (as of Mar 11, 2026).
- The Vanguard Group, Inc.: 10.4% (as of Mar 6, 2025).
- BlackRock, Inc.: 7.7% (as of Feb 13, 2024).
- Vanguard Capital Management LLC: 7.5% (as of Apr 30, 2026).
- 2 more holders on the Mondelez page.
Sources: Kraft Heinz S15, S3, S16, S17, S20 · Mondelez S12, S3, S13, S14, S15, S16
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: execution, debt, commodity costs. Every risk is on each company's page.
Kraft Heinz
- Reliance on Walmart (customer or supplier concentration)Walmart was about 21% of net sales in FY2025, FY2024 and FY2023. The 10-K lists retail consolidation and the loss of a key customer as risks.
- Fewer products sold in North America (demand)North America's net sales fell from $20.1 billion in FY2023 to $18.6 billion in FY2025, and its organic net sales fell 3.2% in Q3 FY2026, with volume and mix taking off 2.4 points.
- Changes to SNAP food benefits (regulation)The Q3 FY2026 10-Q says the 2025 law that changed the Supplemental Nutrition Assistance Program has cut the number of SNAP participants and average benefits, hurting demand for its products. Kraft Heinz said on Nov 4, 2026 that its 2026 outlook includes about 100 basis points of SNAP headwind on organic net sales.
- A 27.45% holder (governance)The 10-K says Berkshire Hathaway can significantly influence Kraft Heinz, and that sales of its shares could affect the stock price. All its 325,442,152 shares were registered for possible resale on Jan 20, 2026.
Mondelez
- Hedge gains and losses swing reported profit (other)Unrealized gains and losses on cocoa, other commodity and currency hedges run through cost of sales. They took $1,341 million off FY2025 operating income and added $827 million in Q2 FY2026 and $543 million in Q3 FY2026.
- Europe's prices and demand (pricing)Europe is 39.0% of net revenues. In Q3 FY2026 its net revenues fell 3.3%, with pricing taking 3.7 points off organic growth.
- Currencies, emerging markets and conflict (currency)75.8% of FY2025 net revenues came from outside the US. Argentina, Türkiye, Egypt and Nigeria use high-inflation accounting, and Middle East countries hit by conflict were about 1.0% of Q3 FY2026 net revenue, with a Bahrain plant affected.
- Wheat-futures class action (legal cases)Investors allege that a Mondelez unit manipulated wheat futures in 2011. After the class was decertified on Sep 30, 2026, three plaintiffs' antitrust and unjust-enrichment claims remain, and the plaintiffs sought appellate review. Mondelez expects to bear any payments under its 2012 separation agreement with Kraft Foods Group.
Sources: Kraft Heinz S1, S14, S6, S3, S15, S20 · Mondelez S1, S5, S4, S3
Key facts
- How does Kraft Heinz make money compared with Mondelez?
- Kraft Heinz's revenue by segment in FY2025: North America 74.5%, Europe and Pacific Developed Markets 15.3%, Emerging Markets 10.2%. Mondelez's revenue by segment in FY2025: Europe 39.0%, North America 27.7%, Asia, Middle East and Africa (AMEA) 20.6%, Latin America 12.7%.
- Which is bigger by revenue, Kraft Heinz or Mondelez?
- Kraft Heinz reported $24.9B of revenue in FY2025, and Mondelez reported $38.5B in FY2025.
- How much net income did Kraft Heinz and Mondelez report?
- Kraft Heinz reported net income of −$5.8B in FY2025, and Mondelez reported $2.5B in FY2025.
- How much of every $100 did Kraft Heinz and Mondelez keep as net income?
- Kraft Heinz kept −$23.3 of every $100 that came in during FY2025, and Mondelez kept $6.3 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Kraft Heinz and Mondelez have?
- Kraft Heinz had $18.0B of debt and $1.9B of cash and investments on Sep 26, 2026. Mondelez had $21.7B of debt and $1.6B of cash and investments on Sep 30, 2026.
- When do Kraft Heinz's and Mondelez's fiscal years end?
- Kraft Heinz: Last Saturday of December. Mondelez: Calendar year.
Sources: Kraft Heinz S2, S1, S14, S3, S22, S23, S24 · Mondelez S2, S1, S3, S4, S8, S21, S23
Built from each company's page. Kraft Heinz updated Nov 6, 2026; Mondelez updated Nov 6, 2026.
Sources
Kraft Heinz
- S1Form 10-K, fiscal year 2025 (ended Dec 27, 2025), The Kraft Heinz Company (SEC EDGAR), Feb 12, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 30, 2023), The Kraft Heinz Company (SEC EDGAR), Feb 15, 2024
- S3Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 26, 2026), The Kraft Heinz Company (SEC EDGAR), Nov 4, 2026
- S6Earnings release, Q3 2026 (8-K Exhibit 99.1), The Kraft Heinz Company (SEC EDGAR), Nov 4, 2026
- S148-K Item 8.01: change in reportable segments, with recast segment data for 2023 to Q2 2026 (Exhibit 99.1), The Kraft Heinz Company (SEC EDGAR), Oct 7, 2026
- S15Proxy statement (DEF 14A) for the 2026 annual meeting, The Kraft Heinz Company (SEC EDGAR), Apr 3, 2026
- S16Schedule 13G: Vanguard Capital Management (5.34%, event date Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S17Schedule 13G/A: The Vanguard Group (0 shares after internal realignment), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S208-K Item 8.01: resale prospectus supplement registering Berkshire Hathaway's 325,442,152 shares, The Kraft Heinz Company (SEC EDGAR), Jan 20, 2026
- S228-K Item 7.01: cash tender offer for 2046 and 2049 notes, The Kraft Heinz Company (SEC EDGAR), May 7, 2026
- S238-K Item 1.01: issue of EUR 500M 3.500% notes due 2031 and EUR 500M 3.950% notes due 2034, The Kraft Heinz Company (SEC EDGAR), May 21, 2026
- S248-K Item 7.01: partial redemption of $1 billion of 3.875% notes due 2027, The Kraft Heinz Company (SEC EDGAR), Jun 8, 2026
Mondelez
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025), Mondelēz International, Inc. (SEC EDGAR), Feb 4, 2026
- S2Form 10-K, fiscal year 2023 (ended Dec 31, 2023), Mondelēz International, Inc. (SEC EDGAR), Feb 2, 2024
- S3Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026), Mondelēz International, Inc. (SEC EDGAR), Oct 29, 2026
- S4Q3 2026 earnings release (8-K Exhibit 99.1, Oct 29, 2026), Mondelēz International, Inc. (SEC EDGAR), Oct 29, 2026
- S5Q2 2026 earnings release (8-K Exhibit 99.1, Jul 28, 2026), Mondelēz International, Inc. (SEC EDGAR), Jul 28, 2026
- S8Q3 2025 earnings release (8-K Exhibit 99.1, Oct 28, 2025), Mondelēz International, Inc. (SEC EDGAR), Oct 28, 2025
- S122026 proxy statement (DEF 14A), Mondelēz International, Inc. (SEC EDGAR), Apr 3, 2026
- S13Schedule 13G, Vanguard Capital Management (as of Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S14Schedule 13G, Capital Research Global Investors (as of Mar 31, 2026), Capital Research Global Investors (SEC EDGAR), May 14, 2026
- S15Schedule 13G/A, Capital International Investors (as of Mar 31, 2026), Capital International Investors (SEC EDGAR), May 14, 2026
- S16Schedule 13G/A, The Vanguard Group (event Mar 13, 2026; 0 shares after internal realignment), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S21XBRL company facts (FY2021 balance sheet from the FY2021 10-K, accession 0001103982-22-000003), Mondelēz International, Inc. (SEC EDGAR), Feb 4, 2022
- S238-K (Items 1.01, 1.02, 2.03): $1.5 billion 364-day revolving credit agreement, Mondelēz International, Inc. (SEC EDGAR), Feb 18, 2026
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