General Mills vs Kraft Heinz: Revenue, Profit and Business Model
General Mills reported $18.4B of revenue in FY2026 and a net loss of $87.6M. Kraft Heinz reported $24.9B of revenue in FY2025 and a net loss of $5.8B.
Latest financial snapshot
General Mills
- Latest revenue
- $18.4B (FY2026)
- Net income
- -$87.6M
- Net margin
- -0.5%
- Revenue growth
- +1.9% a year, FY2017–FY2026
Kraft Heinz
- Latest revenue
- $24.9B (FY2025)
- Net income
- -$5.8B
- Net margin
- -23.4%
- Revenue growth
- -0.6% a year, FY2016–FY2025
Financial summary
General Mills
Revenue peaked at $20.09 billion in fiscal 2023 after inflation-driven price increases, then slipped to $19.86 billion in fiscal 2024, $19.49 billion in fiscal 2025 and $18.42 billion in fiscal 2026 as volumes weakened and the company sold its North American yogurt businesses. Net earnings were $2.3 billion to $2.7 billion a year from fiscal 2020 to fiscal 2025 before the fiscal 2026 impairments produced a small GAAP loss. For fiscal 2027, General Mills guides organic net sales of down 1.5% to up 0.5%, adjusted operating profit down 8% to 13% in constant currency, and adjusted EPS of $3.00 to $3.20. It paid about $330 million in dividends in Q1 fiscal 2027.
Kraft Heinz
Kraft Heinz's net sales peaked at $26.6 billion in 2023 and fell to $25.846 billion in 2024 and $24.942 billion in 2025. Profitability swings with impairments: the company reported a $10.2 billion loss in 2018 after the $15.4 billion write-down of Kraft and Oscar Mayer brands, profits of $2.4 billion to $2.9 billion from 2022 to 2024, and a $5.846 billion net loss in FY2025 on a $4.669 billion operating loss. In Q2 2026 (quarter ended June 27, 2026), net sales were $6.262 billion, down 1.4%, and a $7.4 billion non-cash impairment produced a $6.4 billion operating loss and a net loss of about $5.46 billion. Cash generation is steadier: year-to-date 2026 operating cash flow was $2.1 billion and free cash flow $1.7 billion, and the company returned $0.9 billion to shareholders, including a $0.40 quarterly dividend. Market capitalization was about $29 billion in September 2026, far below the more than $100 billion value it reached in 2017.
Revenue and profit by year
General Mills
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $18.4B | -$87.6M | -0.5% | -5.4% | Source |
| FY2025 | $19.5B | $2.3B | 11.8% | -1.9% | Source |
| FY2024 | $19.9B | $2.5B | 12.6% | -1.2% | Source |
| FY2023 | $20.1B | $2.6B | 12.9% | +5.8% | Source |
| FY2022 | $19B | $2.7B | 14.3% | +4.8% | Source |
| FY2021 | $18.1B | $2.3B | 12.9% | +2.8% | Source |
| FY2020 | $17.6B | $2.2B | 12.4% | +4.5% | Source |
| FY2019 | $16.9B | $1.8B | 10.4% | +7.1% | Source |
| FY2018 | $15.7B | $2.1B | 13.5% | +0.8% | Source |
| FY2017 | $15.6B | $1.7B | 10.6% | — | Source |
Kraft Heinz
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.9B | -$5.8B | -23.4% | -3.5% | Source |
| FY2024 | $25.8B | $2.7B | 10.6% | -3.0% | Source |
| FY2023 | $26.6B | $2.9B | 10.7% | +0.6% | Source |
| FY2022 | $26.5B | $2.4B | 8.9% | +1.7% | Source |
| FY2021 | $26B | $1B | 3.9% | -0.5% | Source |
| FY2020 | $26.2B | $356M | 1.4% | +4.8% | Source |
| FY2019 | $25B | $1.9B | 7.7% | -4.9% | Source |
| FY2018 | $26.3B | -$10.2B | -38.8% | +0.7% | Source |
| FY2017 | $26.1B | $10.9B | 42.0% | -0.9% | Source |
| FY2016 | $26.3B | $3.6B | 13.7% | — | Source |
Where the revenue comes from
General Mills
- North America Retail
Largest segment
Revenue comes from cereal, snacks, meals, baking products, refrigerated dough, and other branded foods sold through retailers.
- International
Global segment
Revenue comes from branded food products sold outside North America through company operations, distributors, and joint-venture-related channels.
- North America Pet
Pet segment
Revenue comes primarily from Blue Buffalo and related pet-food brands sold through mass retail, pet specialty, and e-commerce channels.
- North America Foodservice
Foodservice segment
Revenue comes from products sold to schools, restaurants, convenience stores, bakeries, and commercial foodservice operators.
Kraft Heinz
- North America~74%
US and Canada retail and foodservice sales of Heinz, Kraft, Oscar Mayer, Philadelphia, Lunchables, Velveeta, Capri Sun, and Maxwell House. H1 2026 net sales were $9.084 billion, down 1.7%.
- International Developed Markets~14%
Developed markets outside North America, including the UK, Europe, Australia, and Japan, led by Heinz condiments, beans, and soups. H1 2026 net sales were $1.708 billion, down 0.3%.
- Emerging Markets~12%
West and East Emerging Markets plus Asia Emerging Markets, including Brazil, Mexico, the Middle East, China, and Indonesia. H1 2026 net sales grew 9.0% to $1.517 billion.
Business model and strategy
General Mills
How it makes money
General Mills makes money by manufacturing branded foods and selling them wholesale to retailers, distributors and foodservice operators, then supporting those brands with advertising, promotions and new product launches. It reports four segments: North America Retail (cereal, snacks, baking, meals and refrigerated dough sold through U.S.
Growth strategy
Under its 'Accelerate' strategy, General Mills is reshaping the portfolio toward pet food and away from slower categories. It bought Blue Buffalo in 2018 for about $8 billion, Tyson's pet treats business in 2022 and Whitebridge Pet Brands (Edgard & Cooper and Tiki Pets) in 2025, while selling its U.S. yogurt business to Lactalis and its Canadian yogurt business to Sodiaal in 2025.
Competitive advantage
General Mills' edge is a portfolio of long-established brands with high household penetration, deep relationships with retailers such as Walmart, Kroger and Costco, and national manufacturing and distribution scale. That scale funds a large Holistic Margin Management (HMM) cost program, targeted at $750 million of savings in fiscal 2027, and a broader goal of $3 billion in total cost savings by fiscal 2030.
Kraft Heinz
How it makes money
Kraft Heinz makes money by manufacturing and selling branded, mostly shelf-stable and refrigerated foods to grocery retailers, mass merchants, club stores, and foodservice operators. It buys commodities such as tomatoes, dairy, meat, coffee, and packaging, turns them into branded products, and earns its margin through brand pricing power, scale in procurement and distribution, and category leadership on the shelf.
Growth strategy
Under Steve Cahillane, Kraft Heinz's growth plan is to invest behind its biggest brands instead of splitting the company. The roughly $700 million incremental 2026 budget, raised from $600 million in August 2026, goes to marketing, R&D and product quality, sales capabilities, and selective price investment, mostly in the US.
Competitive advantage
Kraft Heinz's advantage is a set of category-defining brands, led by Heinz ketchup and condiments, Philadelphia cream cheese, Kraft Mac & Cheese, and Oscar Mayer, combined with national distribution and category-captain relationships with large retailers.
Questions about General Mills vs Kraft Heinz
Which company has higher revenue — General Mills, Inc. or The Kraft Heinz Company?
General Mills, Inc. reported $18.4B (FY2026), while The Kraft Heinz Company reported $24.9B (FY2025). By last reported revenue, The Kraft Heinz Company is the larger business, with General Mills, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of General Mills, Inc. vs The Kraft Heinz Company?
General Mills, Inc.'s market capitalisation stands at $17.9B, while The Kraft Heinz Company's is $29.0B. The Kraft Heinz Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to General Mills, Inc..
Which is more financially efficient — General Mills, Inc. or The Kraft Heinz Company?
General Mills, Inc. generates $614k / employee in revenue per employee, while The Kraft Heinz Company generates $713k / employee. The Kraft Heinz Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do General Mills, Inc. and The Kraft Heinz Company make money?
General Mills, Inc. and The Kraft Heinz Company generate revenue in fundamentally different ways. General Mills, Inc.: General Mills makes money by manufacturing branded foods and selling them wholesale to retailers, distributors and foodservice operators, then supporting those brands with advertising, promotions and new product launches. The Kraft Heinz Company: Kraft Heinz makes money by manufacturing and selling branded, mostly shelf-stable and refrigerated foods to grocery retailers, mass merchants, club stores, and foodservice operators.
Which company is valued higher relative to revenue — General Mills, Inc. or The Kraft Heinz Company?
On a price-to-sales (P/S) basis, General Mills, Inc. trades at 1.0x P/S and The Kraft Heinz Company at 1.2x P/S. The Kraft Heinz Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to General Mills, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is General Mills, Inc. bigger than The Kraft Heinz Company?
By last reported revenue, The Kraft Heinz Company ($24.9B (FY2025)) is the larger company compared to General Mills, Inc. ($18.4B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the General Mills vs Kraft Heinz overview