Conagra and Kraft Heinz are both major packaged-food companies, but the latest figures available cover different periods: Conagra’s full fiscal year ended May 31, 2026, while Kraft Heinz’s latest reported results cover the quarter and first half ended June 27, 2026. Conagra reported $11.3 billion in annual net sales, down 2.9%; Kraft Heinz reported $12.309 billion in first-half sales, down 0.3%. Those figures do not establish which company is bigger because one covers 12 months and the other six. Their businesses are organized differently, and their profit measures require particular care because large impairment charges affected GAAP results.
How do Conagra and Kraft Heinz compare?
They share a focus on branded food, but their operating footprints and reporting structures differ. Conagra groups its business mainly by product and customer channel; Kraft Heinz reports by geography. Their latest results also cannot be treated as a same-period contest: Conagra has reported FY2026, whereas the latest Kraft Heinz figures here are for Q2 and the first half of FY2026.
| Measure | Conagra | Kraft Heinz |
|---|---|---|
| Latest period | FY2026, ended May 31, 2026 | Q2 and first half FY2026, ended June 27, 2026 |
| Net sales | $11.3 billion for the year, down 2.9% | $6.262 billion in Q2, down 1.4%; $12.309 billion in the first half, down 0.3% |
| Reported operating result | Full-year gross profit of $2.7 billion, down 10.2%; diluted loss per share of $4.00 | Q2 GAAP operating loss of $6.431 billion, including $7.352 billion in impairment losses |
| Adjusted measure | FY2026 adjusted EPS of $1.72 | Q2 adjusted operating income of $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 in the cited latest results | Fiscal year-end net debt of $7.1 billion; net leverage of 3.83x | A corresponding net-debt and leverage figure is not stated in the cited Q2 release |
Sources: Conagra FY2026 results, Conagra Brands; Kraft Heinz Q2 FY2026 results, The Kraft Heinz Company. Net sales and operating figures reflect each company’s stated reporting basis; adjusted measures are company-defined and may not be comparable across issuers.
What do the companies sell, and how are their businesses organized?
Conagra: product and channel segments
Conagra reports Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice. Its products reach grocery retailers through shelf-stable, refrigerated, and frozen foods, as well as customers in foodservice. This structure helps show what categories and channels contribute to the business.
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Kraft Heinz: geographic segments
Kraft Heinz reports North America, International Developed Markets, and Emerging Markets. Its brand portfolio includes Kraft, Oscar Mayer, Heinz, Philadelphia, Lunchables, Velveeta, Ore-Ida, Maxwell House, Kool-Aid, and Jell-O; Capri Sun is used under license. The company’s geographic segment structure describes where it operates rather than dividing the business into equivalent product categories.
Because the segment frameworks answer different questions, segment labels should not be matched one-to-one as if they represented comparable product lines. Sources: Conagra annual reports and Kraft Heinz 2025 Form 10-K.
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Which company is bigger?
The available revenue figures do not support a fair size ranking. Conagra’s $11.3 billion is a full-year result; Kraft Heinz’s $12.309 billion is a six-month result. Comparing them without aligning the periods would make the shorter reporting window appear larger than the longer one. The Q2 Kraft Heinz figure of $6.262 billion is a single quarter, not an annual total.
For a direct scale comparison, use full-year net sales for both companies covering comparable fiscal years, or compare matching quarters and year-to-date periods. The figures here establish the reported sales for each stated period, not which business has greater annual revenue.
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How are sales and profitability trending?
Conagra’s FY2026 performance
Conagra’s full-year net sales declined 2.9% to $11.3 billion. Gross profit fell 10.2% to $2.7 billion. It reported a diluted loss per share of $4.00, primarily because of non-cash goodwill and brand impairment charges, while adjusted EPS was $1.72. The GAAP loss and adjusted EPS are different measures; the adjusted figure does not erase the reported loss, and the loss per share should not be read as a cash outflow.
Kraft Heinz’s Q2 and first-half performance
Kraft Heinz’s Q2 net sales declined 1.4% to $6.262 billion, and first-half sales declined 0.3% to $12.309 billion. In Q2, its GAAP operating loss was $6.431 billion, including $7.352 billion in impairment losses. Its adjusted operating income was $1.041 billion, down 18.4% from the comparable period. The impairment losses explain why the GAAP result is dramatically different from the adjusted operating measure; they should not be silently excluded when describing the reported result.
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Conagra’s cited profit measures are full-year gross profit and EPS, while Kraft Heinz’s include quarterly operating income. Even before considering the difference between GAAP and company-defined adjusted measures, they are not matching measures or periods. Neither a simple comparison of the loss figures nor one of adjusted measures alone establishes which business is performing better overall. Sources: Conagra FY2026 results; Kraft Heinz Q2 FY2026 results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What do cash flow and debt show?
Conagra generated $1.4 billion of operating cash flow and $979 million of free cash flow in FY2026. At fiscal year-end, it reported $7.1 billion of net debt and net leverage of 3.83x. Kraft Heinz reported $2.1 billion of operating cash flow and $1.7 billion of free cash flow for the first half of FY2026.
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The cash-flow totals cover different lengths of time, so they are not a like-for-like comparison. The cited Kraft Heinz Q2 release does not provide a corresponding net-debt or leverage figure; a current leverage ranking cannot be established from these figures. Free cash flow is a non-GAAP measure, and definitions can differ between companies.
What are the companies forecasting?
Both companies’ guidance points to sales pressure, but it applies to different fiscal years and uses company-specific non-GAAP measures.
| Company and 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 |
| Kraft Heinz FY2026 | Organic sales down 0.5% to down 2.0%; adjusted EPS of $2.03 to $2.09 |
These are management estimates, not guaranteed outcomes. Conagra’s outlook is for FY2027, while Kraft Heinz’s is for FY2026; their organic-sales and adjusted-EPS definitions may differ, so the ranges should not be treated as directly comparable forecasts. Sources: Conagra FY2026 results and Kraft Heinz Q2 FY2026 results.
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 said a resumed separation would remain subject to customary conditions and approvals. This describes the status stated in that filing; corporate plans can change. Source: Kraft Heinz 2025 Form 10-K.
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