Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsConagra and Kraft Heinz are both large packaged-food companies, but their latest reported figures do not cover the same amount of time: Conagra has reported its full fiscal year ended May 31, 2026, while Kraft Heinz’s latest results here cover the second quarter and first half ended June 27, 2026. Conagra reported $11.3 billion in full-year sales; Kraft Heinz reported $12.309 billion for six months. Those numbers do not establish which company is bigger on a like-for-like annual basis. To answer “Which company is bigger, and which is performing better?”, compare the periods and accounting measures—not just the headline totals.
How do Conagra and Kraft Heinz compare as businesses?
Conagra organizes its reporting around product categories and channels. Its four segments are Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. That structure reflects a portfolio spanning retail grocery, frozen and refrigerated foods, and foodservice customers. Conagra’s financial reports provide its company disclosures.
As an Amazon Associate I earn from qualifying purchases.
Kraft Heinz reports geographically: North America, International Developed Markets, and Emerging 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. The two companies’ segment labels therefore cannot be compared as if they were equivalent business units: one framework is mainly product- and channel-oriented, the other geographic. Kraft Heinz’s annual reports describe its reporting structure and brands.
Which company is bigger by sales?
On the figures available, Conagra reported $11.3 billion in net sales for FY2026, 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%; its second-quarter sales were $6.262 billion, down 1.4%. Conagra’s number covers twelve months, while Kraft Heinz’s first-half number covers six. It would be misleading to declare Kraft Heinz larger by comparing those totals directly.
#1 Best Overall
- ZESTY BARBEQUE
| Measure | Conagra | Kraft Heinz |
|---|---|---|
| Latest period reported in these results | FY2026, ended May 31, 2026 | Q2 and first half FY2026, ended June 27, 2026 |
| Net sales | $11.3 billion for FY2026, down 2.9% | $6.262 billion in Q2, down 1.4%; $12.309 billion in the first half, down 0.3% |
| Profit measure highlighted | Gross profit fell 10.2% to $2.7 billion; diluted loss per share was $4.00; adjusted EPS was $1.72 | Q2 GAAP operating loss was $6.431 billion; Q2 adjusted operating income was $1.041 billion, down 18.4% |
| Cash generation | FY2026 operating cash flow of $1.4 billion; free cash flow of $979 million | First-half FY2026 operating cash flow of $2.1 billion; free cash flow of $1.7 billion |
| Debt information cited | Fiscal year-end net debt of $7.1 billion; net leverage of 3.83x | A corresponding net-debt or net-leverage figure is not stated in the cited Q2 release |
These are company-reported figures for different periods. Organic net sales, adjusted operating income, adjusted EPS, and free cash flow are non-GAAP measures; definitions can vary by issuer, so even similarly named measures are not automatically comparable. Kraft Heinz’s 2025 Form 10-K cautions that companies may define similarly titled non-GAAP measures differently.
Which company is performing better?
There is no single clean winner in these results. Conagra’s FY2026 sales and gross profit declined, and its reported diluted loss per share was affected primarily by non-cash goodwill and brand impairment charges. Kraft Heinz’s Q2 sales also declined, and its adjusted operating income fell 18.4%. Meanwhile, its much larger GAAP operating loss reflects substantial impairment charges rather than only the period’s ongoing operating performance.
Rank #2
- Important - Refrigerated items are perishable and tend to have short shelf lives - some of these can be as little as two weeks from the date of receipt - if you are ordering a large quantity, or are otherwise concerned about expiration dates, consider a frozen product.
- Ships refrigerated, CANNOT be cancelled after being processed.
Conagra: full-year results
Conagra reported FY2026 gross profit of $2.7 billion, down 10.2%, and a diluted loss per share of $4.00. The company attributed the loss primarily to non-cash goodwill and brand impairment charges. Its adjusted EPS was $1.72, a company-defined measure that should be kept separate from the GAAP loss per share.
Kraft Heinz: second-quarter results
Kraft Heinz recorded a Q2 GAAP operating loss of $6.431 billion, including $7.352 billion in impairment losses. Its adjusted operating income was $1.041 billion, down 18.4%. The impairment charge explains why the GAAP result diverges sharply from the adjusted figure; it does not make the GAAP loss disappear or turn adjusted income into a GAAP measure.
Rank #3
- Made with real cheese. US inspected and passed by Department of Agriculture.
- Country of origin is United States
Accordingly, a fair assessment should compare matching periods and the same accounting basis. The latest figures here do not provide a same-period annual profit comparison for both businesses.
What do cash flow and debt show?
Conagra reported FY2026 operating cash flow of $1.4 billion and free cash flow of $979 million, alongside $7.1 billion of net debt and fiscal year-end net leverage of 3.83x. Kraft Heinz reported first-half FY2026 operating cash flow of $2.1 billion and free cash flow of $1.7 billion. These cash-flow totals cover different lengths of time, so they do not show that one company generated more cash on an equivalent basis. The cited Kraft Heinz Q2 results do not give a corresponding net-debt or leverage figure, preventing a supported current leverage comparison.
Rank #4
- Add whole grain and fiber to your diet while satisfying your popcorn craving.
- Packed with flavor.
- Pops in minutes.
- One of the best values in microwavable popcorn.
What are the companies forecasting?
Both companies’ guidance points to sales pressure, but it applies to different fiscal years and uses company-defined measures. Guidance is management’s estimate, not a guarantee of results.
| Company and outlook period | Sales outlook | Other 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 |
| Kraft Heinz FY2026, updated with Q2 results | Organic sales down 0.5% to down 2.0% | Adjusted EPS of $2.03 to $2.09 |
These are not directly comparable forecasts: they cover different fiscal years, and organic sales and adjusted EPS definitions may differ between companies.
Best Value
What is the status of Kraft Heinz’s separation plan?
Kraft Heinz’s 2025 annual report says its board paused the separation plan 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 disclosed in that annual report, not a claim about any later change.
Quick Recap
How to read the comparison
- For scale: compare full-year sales with full-year sales, or quarter with quarter; do not set Conagra’s twelve-month total against Kraft Heinz’s six-month total.
- For operating performance: identify whether each figure is GAAP or adjusted, and account for the period’s impairment charges.
- For business mix: remember Conagra groups segments by products and channels, while Kraft Heinz reports by geography.
- For financial resilience: match cash-flow periods and debt definitions before drawing conclusions about cash generation or leverage.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
