Company: KHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0001637459-25-000152
Chunk: 68

Company: Kraft Heinz Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 on hand and commercial paper programs for daily funding requirements.

Cash Flow Activity for the Six Months Ended June 28, 2025 Compared to the Six Months Ended June 29, 2024:

Net Cash Provided by/Used for Operating Activities:

Net cash provided by operating activities was $1.9 billion for the six months ended June 28, 2025 compared to $1.7 billion for the six months ended June 29, 2024. This increase was primarily due to favorable changes in working capital, predominantly within accounts payable, as well as lower cash outflows from variable compensation in the 2025 period compared to the 2024 period. These impacts were partially offset by lower Adjusted Operating Income.

Net Cash Provided by/Used for Investing Activities:

Net cash used for investing activities was $1.3 billion for the six months ended June 28, 2025 compared to $632 million for the six months ended June 29, 2024. This change was primarily driven by the purchases of marketable securities in the 2025 period, partially offset by lapping our prior year payment to acquire the TGI Friday License, lower capital expenditures in the 2025 period compared to the 2024 period. We expect 2025 capital expenditures to be approximately $1.0 billion compared to the 2024 capital expenditures of $1.0 billion. Our 2025 capital expenditures are expected to be primarily driven by maintenance projects, investments in technology, capital investments focused on generating growth, including cost improvements, capacity expansion, and investments in warehouse.

Net Cash Provided by/Used for Financing Activities:

Net cash used for financing activities was $423 million for the six months ended June 28, 2025 compared to $1.6 billion for the six months ended June 29, 2024. This change was primarily driven by debt proceeds received from the issuance of the 2025 Notes in the current year period and decreased repurchases of common stock compared to the prior year period. See Note 14, Commitments, Contingencies, and Debt for additional information on our debt issuances.

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Cash Held by International Subsidiaries:

Of the $1.6 billion cash and cash equivalents on our condensed consolidated balance sheet at June 28, 2025, $943 million was held by international subsidiaries.

Subsequent to January 1, 2018, we consider the unremitted earnings of certain international subsidiaries that impose local country taxes on dividends