Kraft Heinz Sees Flat 2027 Sales at Investor Day, Targets Return to Growth in Second Half

KHC used its 2026 Investor Day on November 12 to lay out a slower recovery than investors may have hoped for. The company said 2027 organic net sales are expected to be relatively flat for the full year, with a return to growth in the second half, while adjusted operating income is expected to decline low single digits versus 2026 and free cash flow conversion should stay at or above 100%. Formal guidance will come with fourth-quarter results.

The plan leans on reinvestment rather than cuts. Kraft Heinz has added more than $700 million in investment this year versus 2025 and plans to hold that level in 2027, split roughly into $325 million of marketing, $250 million of price, $75 million of commercial talent and $50 million of product and packaging, according to MarketBeat's account of the event. The CFO flagged a pressured first half. The broader message was about reviving legacy brands, and CEO Steve Cahillane told CNBC the company has "a huge opportunity to grow Heinz in its home market, the U.S."

Management framed milestones rather than a long-term algorithm: growth in the second half of 2027, consistent top-line growth and margin expansion in 2028, and double-digit total shareholder return by 2029. The release also notes that work on the previously announced separation into two public companies remains paused.

What to watch: whether the investment shows up in volume trends in early 2027, the formal guidance due with fourth-quarter results, and any decision on the paused separation.