KELLOGG CO

CIK:0000055067|SEC Filings

CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024	Sep. 27, 2025	Sep. 28, 2024
Income Statement [Abstract]
Net sales	$ 3,260	$ 3,233	$ 9,546	$ 9,625
Cost of goods sold	2,176	2,057	6,313	6,257
Selling, general and administrative expense	632	720	1,913	2,026
Operating profit	452	456	1,320	1,342
Interest expense	60	75	186	241
Other income (expense), net	8	21	28	97
Income before income taxes	400	402	1,162	1,198
Income taxes	89	34	245	213
Earnings (loss) from unconsolidated entities	3	2	8	3
Net income (loss)	314	370	925	988
Net income (loss) attributable to noncontrolling interests	5	3	13	10
Net income attributable to Kellanova	$ 309	$ 367	$ 912	$ 978
Earnings per common share - basic
Net earnings (loss) per common share - basic	$ 0.89	$ 1.07	$ 2.63	$ 2.86
Earnings per common share - diluted
Net earnings (loss) per common share - diluted	$ 0.88	$ 1.05	$ 2.61	$ 2.83
Average shares outstanding:
Basic (in shares)	348	343	347	342
Diluted (in shares)	350	347	350	345
Actual shares outstanding at period end (in shares)	348	345	348	345

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2025	Sep. 28, 2024
Operating activities
Net income	$ 925	$ 988
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	277	273
Impairment of property	0	60
Postretirement benefit plan expense (benefit)	(17)	(32)
Deferred income taxes	101	(13)
Stock compensation	31	66
Other	(43)	19
Postretirement benefit plan distributions	0	175
Postretirement benefit plan contributions	(157)	(55)
Changes in operating assets and liabilities, net of acquisitions and divestitures:
Trade receivables	(101)	(191)
Inventories	15	(16)
Accounts payable	(150)	144
All other current assets and liabilities	(93)	(125)
Net cash provided by (used in) operating activities	788	1,293
Investing activities
Additions to properties	(468)	(440)
Purchase of marketable securities	(74)	(301)
Sales of marketable securities	112	145
Settlement of net investment hedges	(55)	(7)
Other	7	14
Net cash provided by (used in) investing activities	(478)	(589)
Financing activities
Net issuances (reductions) of notes payable	420	12
Issuances of long-term debt	0	619
Reductions of long-term debt	(632)	(654)
Net issuances of common stock	102	190
Cash dividends	(598)	(580)
Other	(28)	(4)
Net cash provided by (used in) financing activities	(736)	(417)
Effect of exchange rate changes on cash and cash equivalents	(28)	8
Increase (decrease) in cash and cash equivalents	(454)	295
Cash and cash equivalents at beginning of period	694	274
Cash and cash equivalents at end of period	240	569
Supplemental cash flow disclosures of non-cash investing activities
Additions to properties included in accounts payable	$ 79	$ 94

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Sep. 27, 2025	Dec. 28, 2024
Current assets
Cash and cash equivalents	$ 240	$ 694
Accounts receivable, net	1,707	1,522
Inventories	1,199	1,165
Other current assets	319	373
Total current assets	3,465	3,754
Property, net	3,526	3,234
Operating lease right-of-use assets	578	601
Goodwill	5,056	5,003
Other intangibles, net	1,808	1,760
Investments in unconsolidated entities	112	99
Other assets	1,100	1,177
Total assets	15,645	15,628
Current liabilities
Current maturities of long-term debt	759	632
Notes payable	526	113
Accounts payable	2,114	2,236
Current operating lease liabilities	150	134
Accrued advertising and promotion	626	611
Accrued salaries and wages	182	259
Other current liabilities	753	675
Total current liabilities	5,110	4,660
Long-term debt	4,341	4,998
Operating lease liabilities	424	465
Deferred income taxes	558	541
Pension liability	432	599
Other liabilities	485	483
Commitments and contingencies
Equity
Common stock, $.25 par value	105	105
Capital in excess of par value	1,007	1,121
Retained earnings	9,696	9,358
Treasury stock, at cost	(4,369)	(4,533)
Accumulated other comprehensive income (loss)	(2,236)	(2,276)
Total Kellanova equity	4,203	3,775
Noncontrolling interests	92	107
Total equity	4,295	3,882
Total liabilities and equity	$ 15,645	$ 15,628