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KHCKraft Heinz

Consumer staples · Packaged Foods · NYSE
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The 10-K against last year's

165 changes: 39 added, 17 removed, 108 reworded, 1 quiet changes

10-K Feb 12, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
22.9%
of the text changed · 13,158 words now
26.2%
of the text changed · 10,408 words now
Legal ProceedingsRedline ↓
55.1%
of the text changed · 1,004 words now
Accounting PoliciesRedline ↓
5.9%
of the text changed · 4,181 words now

10-K 0001637459-26-000009 (2026-02-12) vs 10-K 0001637459-25-000011 (2025-02-13)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 319 words changed in this paragraph; it is 57% similar to last year's version.
Finally, we might fail to effectively address increased attention face increasing scrutiny from the media, stockholders, activists, customers, enforcement authorities and other stakeholders who have conflicting views on climate change and related environmental sustainability other sustainability-related matters. Such failure, or the perception that we have failed to act responsibly with respect to such matters or to effectively respond to new or additional regulatory requirements regarding climate change, whether or Our published activities, progress, objectives, and priorities on these topics may not valid, satisfy all of our stakeholders and could result in adverse publicity or legal liability and negatively affect consumer preferences for our products, investor confidence in our stock, and our business and reputation. Concurrently, there also exists “anti-ESG” sentiments among certain stakeholders, and Additionally, we may face negative publicity, lawsuits, and become the target of litigation, investigations, or other adverse impacts proceedings initiated by government authorities or private actors alleging that our activities or positions related to our business from these stakeholders in response to our sustainability initiatives. sustainability-related matters are anti-competitive, discriminatory or otherwise unlawful. From time to time we establish and publicly announce environmental, social, and governance sustainability-related goals, commitments, and aspirations, including to reduce our impact on the environment. Our ability to achieve any stated goal, target, goal or objective is subject to numerous factors and conditions, many of which are outside of our control. Examples of such factors include evolving regulatory requirements affecting sustainability standards or disclosures or imposing different requirements, the pace of changes in technology, the availability of requisite financing, and the availability of suppliers that can meet our sustainability and other standards. Furthermore, standards for tracking and reporting such matters continue to evolve. Our selection of voluntary disclosure frameworks and standards, and the interpretation or application of those frameworks and standards, may change from time to time or differ from those of others. Methodologies for reporting this data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of reporting, as well as our operations, and other changes in circumstances. Our processes and controls for reporting sustainability and other matters across our operations and supply chain are evolving along with multiple disparate standards for identifying, measuring, and reporting sustainability metrics, including sustainability-related organization continue to evolve. Sustainability-related disclosures that may be required by the SEC, European Union, Union and other foreign, federal, state, and local regulatory and legislative bodies (including, but not limited to, the European Union’s Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive and the state of California’s new climate change disclosure requirements), and such standards may change over time, which could result in significant revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the future. If we fail to achieve, or are perceived to have failed or been delayed in achieving, or improperly report on our progress toward achieving these goals and commitments, it could negatively affect consumer preference for our products or investor confidence in our stock, as well as expose us to government enforcement actions and private litigation.

Source: Item 1A, 10-K 0001637459-26-000009 vs Item 1A, 10-K 0001637459-25-000011

Legal Proceedings 190 words changed in this paragraph; it is 72% similar to last year's version.
Certain of The Kraft Heinz Company’s current and former officers and directors and the 3G Entities were also have been named as defendants in a consolidated stockholder derivative action, In re Kraft Heinz Company Derivative Litigation, which was originally filed in 2019 in the Delaware Court of Chancery. The consolidated amended complaint, which was filed on April 27, 2020, alleged state law claims, contending that the 3G Entities were controlling stockholders who owed fiduciary duties to the Company, and that they breached those duties by allegedly engaging in insider trading and misappropriating the Company’s material, non-public information. The complaint further alleged that certain of The Kraft Heinz Company’s current and former officers and directors breached their fiduciary duties to the Company by purportedly making materially misleading statements and omissions regarding the Company’s financial performance and the impairment of its goodwill and intangible assets, and by supposedly approving or allowing the 3G Entities’ alleged insider trading. The complaint sought relief against the defendants in the form of damages, disgorgement of all profits obtained from the alleged insider trading, contribution and indemnification, and an award of attorneys’ fees and costs. The defendants filed a motion to dismiss the consolidated amended complaint, which motion the Delaware Chancery Court granted in an order dated December 15, 2021. The plaintiffs filed a notice of appeal on January 13, 2022, and the Delaware Supreme Court affirmed the trial court’s dismissal with prejudice of the consolidated amended complaint in an order dated August 1, 2022. One of the plaintiffs in said dismissed derivative litigation subsequently filed a new complaint, Erste Asset Management v. Hees, et al., against certain current and former officers and directors of The Kraft Heinz Company on November 28, 2023 in the Delaware Court of Chancery, seeking to reinstate the plaintiff’s previously-dismissed claims and recover attorneys’ fees and costs incurred in the dismissed litigation on the basis of alleged newly discovered evidence. Specifically, the plaintiff alleges the 3G Entities caused the Company to make false and misleading public disclosures regarding the independence of two directors of The Kraft Heinz Company, one of whose independence plaintiff contends formed a basis for the court’s prior dismissal of the consolidated amended complaint. The defendants filed a motion to dismiss the complaint, which the Delaware Chancery Court granted in an order dated August 8, 2024, dismissing the complaint with prejudice. The plaintiff filed a notice of appeal on September 5, 2024. We intend to vigorously defend against this lawsuit; however, we cannot reasonably estimate the potential range of loss, if any, due to the early stage of the proceedings.

Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001637459-26-000009 vs Item 3, via Note 15 – Commitments and Contingencies, 10-K 0001637459-25-000011

MD&A 145 words changed in this paragraph; it is 58% similar to last year's version.
Reporting Our reporting units with 10% or that were determined to have less than 5% fair value over carrying amount, including reporting units that were impaired amount as part of the 2024 our 2025 annual impairment test, resulting in zero excess fair value over carrying value, test had an aggregate goodwill carrying amount after impairment of $22.4 $21.9 billion as of the 2024 2025 annual impairment test and included Taste Elevation, Ready Meals HDM, Western Europe, MCCS, and Snacking (“TMS”), Away from Home & Kraft Heinz Ingredients (“AFH”), Meat & Cheese (“MC”), Canada and North America Coffee (“CNAC”), and Continental Europe. reporting units. Our Northern Europe Asia reporting unit had 10-20% less than 20% fair value over carrying amount with an aggregate goodwill carrying amount of $1.7 billion $314 million as of the 2024 annual impairment test. Our Hydration & Desserts (“HD”) and Asia reporting units had between 20-50% fair value over carrying amount with an aggregate goodwill carrying amount of $4.6 billion as of the 2024 2025 annual impairment test. Our reporting units that have 20% or less than 5% excess fair value over carrying amount amounts as of the 2024 2025 annual impairment test are considered at a heightened risk of future impairments and include our TMS, Continental Europe, and AFH reporting units, which had an aggregate goodwill carrying amount of $19.0 $22.2 billion. Our four remaining reporting units had no goodwill carrying amount at the time of the 2024 2025 annual impairment test.

Source: Item 7, 10-K 0001637459-26-000009 vs Item 7, 10-K 0001637459-25-000011

Accounting Policies 87 words changed in this paragraph; it is 85% similar to last year's version.
Certain derivatives are designated as cash flow hedges or fair value hedges and qualify for hedge accounting treatment, while others are not designated as hedging instruments and are marked to market through net income/(loss). The gains and losses on cash flow hedges are deferred as a component of accumulated other comprehensive income/(losses) and are recognized in net income/(loss) at the time the hedged item affects net income/(loss), in the same line item as the underlying hedged item. The gains/(losses) on fair value hedges are recognized in net income/(loss) at the time the hedged item affects net income/(loss), in the same line item as the underlying hedged item. The excluded component on cash flow hedges and fair value hedges is recognized in net income/(loss) over the life of the hedging relationship in the same income statement line item as the underlying hedged item. We also designate certain derivatives and non-derivatives as net investment hedges to hedge the net assets of certain foreign subsidiaries which are exposed to volatility in foreign currency exchange rates. Changes in the value of these derivatives and remeasurements of our non-derivatives designated as net investment hedges are calculated each period using the spot method, with changes reported in foreign currency translation adjustments within accumulated other comprehensive income/(losses). Such amounts will remain in accumulated other comprehensive income/(losses) until the complete or substantially complete liquidation of our investment in the underlying foreign operations. The excluded component on derivatives designated as net investment hedges is recognized in net income/(loss) within interest expense. The income statement classification of gains and losses related to derivative instruments not designated as hedging instruments is determined based on the underlying intent of the contracts. Cash flows related to the settlement of derivative instruments designated as net investment hedges of foreign operations are classified in the consolidated statements of cash flows within investing activities. All other cash flows related to derivative instruments are classified in the same line item as the cash flows of the related hedged item, which can be within operating, investing, or financing activities.

Source: Item 8, Note 2 – Significant Accounting Policies, 10-K 0001637459-26-000009 vs Item 8, Note 2 – Significant Accounting Policies, 10-K 0001637459-25-000011

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of KHC's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.

AddedRisk Factors
The Separation is subject to various risks and uncertainties, involves significant time, expense, and resources and may be further delayed or we may decide to cease work related to the Separation entirely.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
On September 2, 2025, we announced our intention to separate our company into two independent publicly traded companies through a tax-free spin-off. On February 11, 2026, we announced that the Board has decided to pause work related to the Separation. If work related to the Separation is resumed, the Separation would be subject to the satisfaction of customary conditions, including final approval by the Board, receipt of favorable tax opinions of our U.S. tax advisors with respect to the tax-free nature of the Separation, and the effectiveness of appropriate filings with the U.S. Securities and Exchange

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Commission. The failure to satisfy any of the required conditions could further delay the completion of the Separation or prevent it from occurring at all.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
The Separation is complex in nature, and unanticipated developments or changes, including changes in the law, macroeconomic environment, regulatory and political conditions and competitive conditions of our markets, the need both to receive regulatory approvals or clearances and to satisfy the requirements to effectuate a generally tax-free transaction, the uncertainty of the financial markets and challenges in executing the Separation, could further delay or prevent the completion of the Separation or cause the Separation to occur on terms or conditions that are different or less favorable than expected. Any changes to the Separation or further delay in completing the Separation could cause us not to realize some or all of the expected benefits, or realize them on a different timeline than currently expected. Further, our Board could decide, either because of a failure of conditions or because of market or other factors, to further delay or abandon the Separation. No assurance can be given as to whether and when the Separation will occur.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
Whether or not we complete the Separation, our ongoing business may be adversely affected and we may be subject to certain risks and consequences if we pursue the Separation, including the following:

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
•The process of completing the Separation will be time-consuming and involve significant additional costs and expenses, which may not yield a discernible benefit if the Separation is not completed, and pausing efforts on the Separation could lead to higher execution costs and expenses, if we resume efforts to pursue the Separation, than we would have otherwise incurred without such pause.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
•Executing the Separation will require significant time and attention from our senior management and employees, which may divert management’s attention from operating and growing our business and could adversely affect our business, financial condition, results of operations, or cash flows.

Read it in 10-K 2026-02-12 at sec.gov ↗

Show the other 13
AddedRisk Factors
•We may also experience increased difficulties in attracting, retaining, and motivating employees during the pendency of the Separation and following completion of the Separation, which could harm our businesses.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
•The assumptions underlying expectations regarding the integration process, including with respect to the Separation may prove to be faulty and/or inaccurate.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedRisk Factors
•We may experience negative reactions from the financial markets if we fail to complete the Separation or fail to complete it on a timely basis.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On September 2, 2025, we announced our plan to separate the Company into two independent, publicly traded companies through a tax-free spin-off (the “Separation”). On February 11, 2026, we announced that the Kraft Heinz Board of Directors (the “Board”) has decided to pause work related to the Separation. See Item 1A, Risk Factors, for further discussion of risks relating to the Separation.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
In the second quarter of 2025, we announced our commitment to remove Food, Drug & Cosmetic (“FD&C”) colors from our U.S. portfolio of products before the end of 2027. Additionally, we have committed to ensuring that all new products launched in the U.S. will be free of FD&C colors. This initiative will impact a subset of the products sold within our North America segment, primarily within our Hydration and Desserts platforms. While we do not currently anticipate a significant impact to our input costs in our efforts to meet this commitment, our net sales, market share, or results of operations could be adversely affected if we are unsuccessful in our efforts to continue to satisfy consumer preferences.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the United States. The OBBBA includes a broad range of changes to U.S. tax law, which did not have a material impact on our total tax provision as of December 27, 2025, and we do not expect the elective provisions of the law to have a material impact on our effective tax rate in future periods. Further, certain provision of the OBBBA impact the timing of cash tax payments, which resulted in a reduction of our

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
cash tax payments in 2025, and is expected to reduce cash tax payments in 2026; however we do not expect these provisions to have a material impact on our cash flows in future periods.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
The OBBBA also enacted modifications to the Supplemental Nutrition Assistance Program (“SNAP”). The modifications are expected to reduce the number of SNAP participants and the average benefits received by the eligible participants, which could impact consumers’ demand for our products. We intend to take measures to mitigate the potential negative impacts through pricing strategies and changes to our product portfolios. However, the modifications to the SNAP program may have a negative impact on our results of operations, cash flows, and market share.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
December 27, 2025 December 28, 2024 (in millions) Net sales: North America $ 18,586 $ 19,543 International Developed Markets 3,539 3,535 Emerging Markets 2,817 2,768 Total net sales $ 24,942 $ 25,846

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
In 2025, we entered into a definitive agreement to sell our infant and specialty food business in Italy, within our International Developed Markets segment. On December 31, 2025, in the first quarter of our fiscal year 2026, we closed the sale for total cash consideration of approximately $146 million.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
have been complied with. The Guarantee is limited by its terms to an amount not to exceed the maximum amount that can be guaranteed by the Parent Guarantor without rendering the Guarantee voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Read it in 10-K 2026-02-12 at sec.gov ↗

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