Kraft Heinz Q3 2026: Six Straight Beats, Guidance Raised

Kraft Heinz posted adjusted earnings per share of $0.53 for the third quarter of fiscal 2026, clearing the Wall Street consensus of $0.42 by 25.15%. That extends the company's streak of topping analyst earnings estimates to six consecutive quarters, a run that now stretches back to Q4 2024.

Revenue came in at $6.12 billion, edging past the $6.09 billion estimate by 0.42%, though net sales still fell roughly 2% year over year. The drag came almost entirely from North America, where the meats, sauces, and refreshment beverages categories all saw volume and mix declines. An approximately 80 basis point headwind from inventory pulled forward into the second quarter added to the pressure.

The quarter's clearest bright spot was Emerging Markets, where organic sales surged 15.6%, driven by roughly equal contributions from pricing and volume gains. The segment reported $720 million in revenue, up 13.8%, against the 3.4% decline in North America and the 5.6% drop in International Developed Markets.

Adjusted Operating Income fell 15.2% to $939 million, pressured by procurement and logistics inflation, heavier advertising spend, and higher variable compensation. A lower effective tax rate and reduced interest expense helped soften the blow to adjusted EPS, which still declined from the $0.56 reported in Q2 2026.

Despite the top-line weakness, Kraft Heinz raised its full-year adjusted EPS guidance to a range of $2.07 to $2.13, up from a prior range of $2.03 to $2.09. The company also narrowed its organic net sales outlook to down 0.5% to down 1.25%, compared with a prior range of down 0.5% to down 2%, even as it absorbs an approximate 100 basis point drag from incremental SNAP headwinds. The key question heading into the fourth quarter is whether the North American volume trends that have pressured sales for multiple quarters show any sign of stabilizing.