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Conagra and Kraft Heinz are both large branded food companies, but the latest figures do not create a clean head-to-head financial comparison: Conagra has reported its full fiscal year ended May 31, 2026, while Kraft Heinz’s latest available results cover the second quarter and first half ended June 27, 2026. Conagra recorded $11.3 billion in FY2026 net sales; Kraft Heinz recorded $12.309 billion in first-half FY2026 sales. Those figures cover different lengths of time, so they do not show which company is bigger on a like-for-like annual basis. Here is how their businesses, recent performance, cash generation, debt, and guidance compare.
How do Conagra and Kraft Heinz organize their businesses?
The companies report their businesses along different lines, so their segment labels are not directly comparable. Conagra groups operations mainly by product and customer channel; Kraft Heinz groups them by geography.
| Company | Reported segments | What the structure emphasizes |
|---|---|---|
| Conagra | Grocery & Snacks; Refrigerated & Frozen; International; Foodservice | Product categories and channels, including retail grocery, refrigerated and frozen foods, and foodservice customers. Conagra’s FY2026 results |
| Kraft Heinz | North America; International Developed Markets; Emerging Markets | Geographic markets. Its 2025 Form 10-K lists brands including Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Ore-Ida, Capri Sun (used under license), Maxwell House, Kool-Aid, and Jell-O. Kraft Heinz’s 2025 Form 10-K |
This distinction matters when interpreting segment results: Conagra’s categories can indicate which kinds of food or sales channels are driving performance, whereas Kraft Heinz’s segments show where its business operates.
Which company is bigger by the latest reported sales?
Conagra reported FY2026 net sales of $11.3 billion, down 2.9% from the prior year. Kraft Heinz reported $12.309 billion in net sales for the first half of FY2026, down 0.3%, and $6.262 billion for Q2, down 1.4%. The Kraft Heinz figures are from the six months and three months ended June 27, 2026, respectively; Conagra’s figure covers the full year ended May 31, 2026. Conagra FY2026 results · Kraft Heinz Q2 FY2026 results
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Because one figure covers 12 months and the other six, the comparison does not establish which company had higher annual sales. Nor should the six-month total be treated as an annual result by simply doubling it: seasonal patterns and changes over the rest of the fiscal year can affect the outcome.
How did profitability compare?
Profit figures require particular care because reported GAAP results and company-defined adjusted measures tell different stories. Adjusted measures exclude items under each issuer’s own definitions and are not necessarily calculated consistently across companies.
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| Company and period | GAAP result | Adjusted result |
|---|---|---|
| Conagra, FY2026 | Gross profit fell 10.2% to $2.7 billion. Diluted loss per share was $4.00, primarily due to non-cash goodwill and brand impairment charges. | Adjusted EPS was $1.72. Conagra FY2026 results |
| Kraft Heinz, Q2 FY2026 | Operating loss was $6.431 billion, including $7.352 billion in impairment losses. | Adjusted operating income was $1.041 billion, down 18.4%. Kraft Heinz Q2 FY2026 results |
The impairment charges explain why Kraft Heinz’s GAAP operating result differs sharply from its adjusted operating income; they do not make the adjusted measure a substitute for the reported loss. Conagra’s $4.00 diluted loss per share and $1.72 adjusted EPS are also different measures, and the figures shown here do not support a direct comparison of operating profitability across the companies.
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What do cash flow and debt figures show?
Conagra reported FY2026 operating cash flow of $1.4 billion and free cash flow of $979 million. At fiscal year-end, it reported net debt of $7.1 billion and net leverage of 3.83x. Conagra FY2026 results
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Kraft Heinz reported first-half FY2026 operating cash flow of $2.1 billion and free cash flow of $1.7 billion. Those are six-month figures, while Conagra’s cited cash amounts cover a full fiscal year. Kraft Heinz’s cited Q2 release does not provide a corresponding net-debt figure here, so these figures do not establish which company has more debt or lower leverage. Free cash flow is a company-defined non-GAAP measure; definitions may vary between issuers.
What are the companies forecasting?
Both companies’ guidance indicates expected sales pressure, but the outlooks concern different fiscal years and use company-defined measures. Guidance is management’s estimate, not a guarantee.
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| Company | Forecast period | Management guidance |
|---|---|---|
| Conagra | FY2027 | Organic sales change of (3)% to (1)%; adjusted operating margin of 10.0% to 10.5%; adjusted EPS of $1.40 to $1.50. Conagra FY2026 results |
| Kraft Heinz | FY2026 | Organic sales down 0.5% to down 2.0%; adjusted EPS of $2.03 to $2.09. Kraft Heinz Q2 FY2026 results |
These forecasts should not be ranked as if they covered the same period or used identical definitions. “Organic net sales,” adjusted operating income, adjusted EPS, and free cash flow are non-GAAP measures whose definitions can differ by issuer; Kraft Heinz’s 2025 Form 10-K cautions that similarly titled measures may not be consistent across companies.
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What is the status of Kraft Heinz’s separation plan?
Kraft Heinz’s 2025 annual report says its board paused the separation plan, originally announced in September 2025, on February 11, 2026. The filing states that any resumed separation would remain subject to customary conditions and approvals. This is the status reported in that filing and may change. Kraft Heinz’s 2025 Form 10-K
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