The biggest news isn't in the numbers — it's the plan to split Kraft Heinz back apart. Read the filing, not the headlines.
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✦ The bottom line
Ten years after merging, Kraft Heinz says it will split into two companies. The filing with the $5.9B loss also lays out the exit.
↓ the brief below
From the 10-K · the plan, in their words
...separate our company into two independent publicly traded companies through a tax-free spin-off (the “Separation”).
↳ Translated: the 2015 merger is being undone — their answer to a decade of decline.
Source · 10-K · Note 4 — Previously Announced Separation Transaction · FY2025 · Filed Feb 12, 2026
✦ Three ways to read the same filing
1
Management: the underlying business still works.
Strip out the non-cash write-down and Adjusted Operating Income was $4.75B — down 11.5%, but solidly profitable. Management's read: the brands still earn real money; the loss is accounting, not collapse.
2
The strategists: break it up to unlock value.
The headline move is structural — a planned tax-free spin-off into two companies. The logic: a focused, faster-growing piece and a steady cash-cow piece may be worth more apart than the sprawling whole has been.
3
The market: show me, with a 5%+ dividend.
The stock trades cheaply and the $1.60 dividend yields roughly 7% against a ~$23 share price — the market pricing in slow decline while paying you to wait. A skeptical 'prove the turnaround is real' stance, in one number.
Source · 10-K · MD&A + Note 4 (Separation); Adjusted Operating Income is a non-GAAP measure · FY2025 · Filed Feb 12, 2026
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Contested
Three readers, three reads of one filing. A single report rarely settles the debate.