Kraft Heinz CoKHC
Kraft Heinz Co Debt Disclosure
Debt
We may from time to time seek to retire or purchase our outstanding debt through redemptions, tender offers, cash purchases, prepayments, refinancing, exchange offers, open market or privately negotiated transactions, Rule 10b5-1 plans, or otherwise. Cash payments related to debt extinguishment are classified as cash outflows from financing activities on the consolidated statements of cash flows. Any gains or losses on extinguishment of debt are recognized in interest expense on the consolidated statements of income.
Borrowing Arrangements:
Together with Kraft Heinz Foods Company (“KHFC”), our 100% owned operating subsidiary, we have a credit agreement (the “Credit Agreement”), which provides for a five-year senior unsecured revolving credit facility in an aggregate amount of $4.0 billion (the “Senior Credit Facility”). On July 8, 2025, we entered into an amendment to this agreement to extend the maturity date from July 8, 2029 to July 8, 2030. Further, the amendment modified certain financial covenants, which changed our required minimum shareholders’ equity balance (excluding accumulated other comprehensive income/(losses) from $35 billion to $25 billion, and added an allowable add-back to the minimum shareholders’ equity balance of up to $2 billion annually, commensurate with goodwill and intangible asset impairments recorded during the period.
The Credit Agreement includes a $1.0 billion sublimit for borrowings in Canadian dollars, euro, or British pound sterling, as well as a swingline sub-facility of up to $400 million, and a letter of credit sub-facility of up to $300 million. Additionally, and subject to certain conditions, we may increase the amount of revolving commitments and/or add tranches of term loans in a combined aggregate amount of up to $1.0 billion.
Borrowings under the Senior Credit Facility will bear interest at the rates specified in the Credit Agreement, which vary based on the type of borrowing and certain other customary conditions.
The Credit Agreement contains customary representations, warranties, and covenants that are typical for these types of facilities and could, upon the occurrence of certain events of default, restrict our ability to access our Senior Credit Facility. The obligations under the Credit Agreement are guaranteed by KHFC and The Kraft Heinz Company in the case of indebtedness and other liabilities of any subsidiary borrower.
No amounts were drawn on our Senior Credit Facility at December 27, 2025 or December 28, 2024. No amounts were drawn on our Senior Credit Facility during the years ended December 27, 2025, December 28, 2024 or December 30, 2023.
From time to time, we obtain funding through our commercial paper programs. We had no commercial paper outstanding at December 27, 2025, December 28, 2024 and December 30, 2023. We had no commercial paper outstanding during the years ended December 27, 2025 and December 28, 2024, and the maximum amount of commercial paper outstanding was $150 million during the year ended December 30, 2023.
Long-Term Debt:
The following table summarizes our long-term debt obligations.
Priority (a) | Maturity Dates(b) | Interest Rates(b) | Carrying Values | |||||||||||||||||||||||||||||
| December 27, 2025 | December 28, 2024 | |||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||
U.S. dollar notes(c) | Senior Notes | 2026–2050 | 3.000%–7.125% | $ | 17,517 | $ | 16,535 | |||||||||||||||||||||||||
Euro notes(c) | Senior Notes | 2028–2033 | 2.250%–3.500% | 2,809 | 2,494 | |||||||||||||||||||||||||||
| British pound sterling notes: | ||||||||||||||||||||||||||||||||
2030 Notes(d) | Senior Notes | February 18, 2030 | 6.250% | 171 | 161 | |||||||||||||||||||||||||||
Other British pound sterling notes(c) | Senior Notes | July 1, 2027 | 4.125% | 539 | 502 | |||||||||||||||||||||||||||
Other debt | Various | 2026–2035 | 0.810%–11.600% | 23 | 26 | |||||||||||||||||||||||||||
| Finance lease obligations | 160 | 151 | ||||||||||||||||||||||||||||||
| Total long-term debt | 21,219 | 19,869 | ||||||||||||||||||||||||||||||
| Current portion of long-term debt | 1,908 | 654 | ||||||||||||||||||||||||||||||
| Long-term debt, excluding current portion | $ | 19,311 | $ | 19,215 | ||||||||||||||||||||||||||||
(a) Priority of debt indicates the order in which debt would be paid if all debt obligations were due on the same day. Senior secured debt takes priority over unsecured debt. Senior debt has greater seniority than subordinated debt.
(b) Maturity dates and interest rates presented are for the outstanding long-term debt obligations at December 27, 2025.
(c) Kraft Heinz fully and unconditionally guarantees these notes, which were issued by KHFC.
(d) The 6.250% Pound Sterling Senior Notes due February 18, 2030 (the “2030 Notes”) were issued by H.J. Heinz Finance UK Plc. Kraft Heinz and KHFC fully and unconditionally guarantee the 2030 Notes. The 2030 Notes rank pari passu in right of payment with all of our existing and future senior obligations. Kraft Heinz became guarantor of the 2030 Notes in connection with the 2015 Merger. The 2030 Notes were previously only guaranteed by KHFC.
Our long-term debt contains customary representations, covenants, and events of default. We were in compliance with all financial covenants as of December 27, 2025.
At December 27, 2025, aggregate principal maturities of our long-term debt excluding finance leases were (in millions):
2026 | $ | 1,879 | |||
2027 | 1,893 | ||||
2028 | 1,679 | ||||
2029 | 1,009 | ||||
2030 | 915 | ||||
| Thereafter | 13,568 | ||||
Debt Issuances:
2025 Debt Issuances
In the first quarter of 2025, KHFC, our 100% owned operating subsidiary, issued 600 million euro aggregate principal amount of 3.250% senior notes due March 2033, $500 million aggregate principal amount of 5.200% senior notes due March 2032, and $500 million aggregate principal amount of 5.400% senior notes due March 2035 (collectively, the “2025 Notes”). The 2025 Notes are fully and unconditionally guaranteed by The Kraft Heinz Company as to payment of principal, premium, and interest on a senior unsecured basis.
2024 Debt Issuances
In the first quarter of 2024, KHFC issued 550 million euro aggregate principal amount of 3.500% senior notes due March 2029 (the “2024 Notes”). The 2024 Notes are fully and unconditionally guaranteed by The Kraft Heinz Company as to payment of principal, premium, and interest on a senior unsecured basis.
2023 Debt Issuances
In May 2023, KHFC issued 600 million euro aggregate principal amount of floating rate senior notes due May 2025 (the “2023 Notes”). The 2023 Notes are fully and unconditionally guaranteed by The Kraft Heinz Company as to payment of principal and interest on a senior unsecured basis.
Debt Issuance Costs:
Debt issuance costs are reflected as a direct deduction of the current portion of long-term debt and long-term debt balances on our consolidated balance sheets. We incurred $15 million of debt issuance costs in 2025 and insignificant amount of debt issuance costs in 2024, and 2023. Unamortized debt issuance costs were $78 million at December 27, 2025 and $75 million at December 28, 2024. Amortization of debt issuance costs was $12 million in 2025, $12 million in 2024, and $11 million in 2023, and was reflected within interest expense on our consolidated statements of income.
Debt Premium:
Unamortized debt premiums are presented on our consolidated balance sheets as a direct addition to the carrying amount of debt. Unamortized debt premium, net, was $194 million at December 27, 2025 and $217 million at December 28, 2024. Amortization of our debt premium, net, was $15 million in 2025, and $16 million in 2024 and 2023, and was reflected within interest expense on our consolidated statements of income.
Debt Repayments:
In May 2025, we repaid 600 million euro aggregate principal amount of senior notes that matured in the period.
In May 2024, we repaid 550 million euro aggregate principal amount of senior notes that matured in the period.
In June 2023, we repaid 750 million euro aggregate principal amount of senior notes that matured in the period.
Fair Value of Debt:
At December 27, 2025, the aggregate fair value of our total debt was $20.4 billion as compared with a carrying value of $21.2 billion. At December 28, 2024, the aggregate fair value of our total debt was $18.7 billion as compared with a carrying value of $19.9 billion. Our short-term debt had a carrying value that approximated its fair value at December 27, 2025 and December 28, 2024. We determined the fair value of our long-term debt using Level 2 inputs. Fair values are generally estimated based on quoted market prices for identical or similar instruments.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Jun 7, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Mar 3, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.