Risk Sleuth
KHC · 10-K filed 12 Feb 2026 · year to 27 Dec 2025

Kraft Heinz

24 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Walmart Inc.

earns from · approximately 21% of our net salesnamed as a risk
Our largest customer, Walmart Inc., represented approximately 21% of our net sales in 2025, 2024, and 2023.Business (Item 1)

Also named by CAG, CALM, CHD, CL, CPB, GIS, HAS, HRL and 9 more

North America top five customers

concentrated in · approximately 46% of North America segment net salesnamed as a risk
In 2025, the five largest customers in our North America segment accounted for approximately 46% of North America segment net sales, the five largest customers in our International Developed Markets segment accounted for approximately 27% of International Developed Markets net sales, and the five largest customers in Emerging Markets accounted for approximately 15% of Emerging Markets net sales.Business (Item 1)

Partners and platforms

Capri Sun

depends onnamed as a risk
In 2025, brands used under licenses from third parties included Capri Sun packaged drink pouches for sale in our North America segment.Business (Item 1)

Groupe Lactalis

In our agreements with an affiliate of Groupe Lactalis (“Lactalis”), we granted the other party various licenses to use certain of our and their respective intellectual property rights in perpetuity, including perpetual licenses for the Kraft and Velveeta brands for certain cheese products.Business (Item 1)

Other companies

Moody's Investors Service

Baa2 with ratings under review for downgradenamed as a risk
As of the date of this filing, our long-term debt is rated BBB with a stable outlook from S&P Global Ratings, BBB with a rating watch negative outlook from Fitch Ratings, and Baa2 with ratings under review for downgrade from Moody’s Investor Services, Inc.Risk factors (Item 1A)

Also named by AMG, STT

Berkshire Hathaway Inc.

approximately 27.5% of our common stocknamed as a risk
As of January 16, 2026, Berkshire Hathaway Inc. (“Berkshire Hathaway”) owns approximately 27.5% of our common stock.Risk factors (Item 1A)

Also named by MKL

Ultra-processed food litigation

named as a risk
In addition, claims about the health impacts of consumption of our products, or ingredients, additives, preservatives, components, or substances present or allegedly present in those products or packaging, including in connection with the development, manufacture, and marketing of our products, have resulted in, and could in the future result in, us being subject to regulations, fines, lawsuits (including but not limited to pending litigation alleging that certain of our products are “ultra-processed” and consuming them causes adverse health impacts, allegations with which we strongly disagree), or taxes, or may cause us to change the way in which we operate which could adversely impact our profitability, financial condition, or operating results.Risk factors (Item 1A)

Also named by CAG

Places

Russia

operates in · approximately 1% of our consolidated net sales; approximately $140 million cashnamed as a risk
Further, the Russian government has placed restrictions on the transfer of funds to and from Russian entities, making it more difficult to operate in Russia and to repatriate cash to other jurisdictions from our Russian business, which had a cash and cash equivalents balance equal to approximately $140 million as of December 27, 2025.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

United States

concentrated in · Approximately 33% of our 2025 net sales were generated outside of the United States
Approximately 33% of our 2025 net sales were generated outside of the United States.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Commodities and inputs

Diesel fuel

exposed to its pricenamed as a risk
We are also exposed to changes in oil prices, including diesel fuel, which influence both our packaging and transportation costs.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Wheat

exposed to its pricenamed as a risk
We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.Risk factors (Item 1A)

Also named by CAG, CPB, FLO, FPI, GIS, HSY, MDLZ, POST and 1 more

Sugar

exposed to its pricenamed as a risk
We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.Risk factors (Item 1A)

Also named by HSY, KO, MDLZ, MKC, PEP

Dairy

exposed to its pricenamed as a risk
For example, hedging our costs for one of our key commodities, dairy products, is difficult because dairy futures markets are not as liquid as many other commodities futures markets.Risk factors (Item 1A)

Also named by CMG, MDLZ, SBUX

Coffee

exposed to its pricenamed as a risk
We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.Risk factors (Item 1A)

Also named by CASY

Vegetable oils

exposed to its pricenamed as a risk
We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.Risk factors (Item 1A)

Also named by CAG

Meat

exposed to its pricenamed as a risk
We use commodity futures, options, and swaps to economically hedge the price of certain input costs, including dairy products, vegetable oils, coffee beans, corn, wheat products, sugar cane and meat products.Risk factors (Item 1A)

Plastics and resin packaging

exposed to its pricenamed as a risk
In addition, we purchase and use significant quantities of plastics, resin, cardboard, glass, paper and metal to package our products, and we use other inputs, such as electricity, natural gas, and water, to operate our facilities.Risk factors (Item 1A)

FD&C color additives

named as a risk
In 2025, we announced our commitment to remove Food, Drug & Cosmetic (“FD&C”) colors from our U.S. portfolio by the end of 2027.Risk factors (Item 1A)

Regulators

Internal Revenue Service (IRS)

subject to · approximately $200 million for 2018 and approximately $210 million for 2019named as a risk
The NOPAs propose an increase to our U.S. taxable income that could result in additional U.S. federal income tax expense and liability of approximately $200 million for 2018 and approximately $210 million for 2019, excluding interest, and assert penalties of approximately $85 million for each of 2018 and 2019.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

Food and Drug Administration

subject to
In the United States, our activities are subject to regulation by various federal government agencies, including the Food and Drug Administration, Department of Agriculture, Federal Trade Commission, Department of Labor, Department of Commerce, and Environmental Protection Agency, as well as various state and local agencies.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

CERCLA

subject tonamed as a risk
We are involved in a number of active proceedings in the United States under CERCLA (and other state actions under similar legislation) related to certain closed, inactive, or divested operations for which we retain liability.Business (Item 1)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

U.S. tariffs and trade policy

subject tonamed as a risk
In 2025, we experienced increased inflationary pressures in our supply chain costs compared to the prior year period, due in part to the tariff and trade policy actions taken by the United States and foreign governments during the year.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more

Supplemental Nutrition Assistance Program (SNAP)

earns fromnamed as a risk
Other factors impacting our operations in the United States and in international locations where we do business include changes in laws, export and import restrictions, foreign currency exchange rates, foreign currency devaluation, cash repatriation restrictions, recessionary conditions, governmental subsidies provided to our consumers such as the Supplemental Nutrition Assistance Program (“SNAP”) in the U.S., foreign ownership restrictions, nationalization, the impact of hyperinflationary environments, a potential U.S. federal government shutdown, terrorist acts, political unrest, and military conflict.Risk factors (Item 1A)

Also named by BJ, CPB, DG, DLTR, MDLZ, MNST, MUSA, PEP and 1 more

Technology

Weight-loss drugs

named as a risk
We must continue to offer products that appeal to consumers, including with respect to their health and wellness preferences and changing consumption patterns, such as those potentially associated with weight-loss drugs.Risk factors (Item 1A)

Also named by GIS