Subtext

The Kraft Heinz Company KHC

SectorConsumer Staples
Transcripts47
Date range2011-08-23 – 2025-04-29
Calls charted47

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-22-11+0+11+222012 Q12014 Q32016 Q22017 Q42019 Q32021 Q12022 Q32024 Q12012 Q1 · Overall: +9.22012 Q2 · Overall: +3.42012 Q3 · Overall: +7.92013 Q1 · Overall: +8.42013 Q2 · Overall: +16.22014 Q2 · Overall: +2.82014 Q3 · Overall: +8.02014 Q4 · Overall: +7.52015 Q1 · Overall: -10.32015 Q3 · Overall: +10.12015 Q4 · Overall: +8.42016 Q1 · Overall: +9.22016 Q2 · Overall: +9.82016 Q3 · Overall: +7.82016 Q4 · Overall: +17.62017 Q1 · Overall: +4.42017 Q2 · Overall: +14.62017 Q3 · Overall: +13.52017 Q4 · Overall: +12.12018 Q1 · Overall: +14.02018 Q2 · Overall: +15.92018 Q3 · Overall: +8.72018 Q4 · Overall: +7.12019 Q2 · Overall: +8.92019 Q3 · Overall: +10.32019 Q4 · Overall: +10.32020 Q1 · Overall: +6.62020 Q2 · Overall: +15.92020 Q3 · Overall: +19.32020 Q4 · Overall: +6.12021 Q1 · Overall: +13.42021 Q2 · Overall: +9.42021 Q3 · Overall: +17.02021 Q4 · Overall: +13.02022 Q1 · Overall: +8.52022 Q2 · Overall: +9.52022 Q3 · Overall: +7.92022 Q4 · Overall: +8.32023 Q1 · Overall: +5.82023 Q2 · Overall: +10.52023 Q3 · Overall: +9.92023 Q4 · Overall: +11.32024 Q1 · Overall: -4.32024 Q2 · Overall: +17.82024 Q3 · Overall: +7.92024 Q4 · Overall: +5.92025 Q1 · Overall: +4.9
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-41-20+0+20+412012 Q12014 Q32016 Q22017 Q42019 Q32021 Q12022 Q32024 Q12012 Q2 · CEO: +4.72013 Q2 · CEO: +20.52014 Q2 · CEO: +15.22014 Q3 · CEO: +18.32014 Q4 · CEO: +17.02015 Q3 · CEO: +24.12015 Q4 · CEO: +23.32016 Q1 · CEO: +23.92016 Q2 · CEO: +24.72016 Q3 · CEO: +2.02016 Q4 · CEO: +32.82017 Q1 · CEO: +9.92017 Q2 · CEO: +25.02017 Q3 · CEO: +21.72017 Q4 · CEO: +17.02018 Q1 · CEO: +17.02018 Q2 · CEO: +20.22018 Q3 · CEO: +31.92018 Q4 · CEO: +21.02019 Q2 · CEO: +17.62019 Q3 · CEO: +17.12019 Q4 · CEO: +16.12020 Q1 · CEO: +11.52020 Q2 · CEO: +21.32020 Q3 · CEO: +25.42021 Q1 · CEO: +29.72021 Q2 · CEO: +35.12021 Q3 · CEO: +29.82022 Q1 · CEO: +35.42022 Q2 · CEO: +21.72022 Q3 · CEO: +8.62022 Q4 · CEO: +22.42023 Q1 · CEO: +28.02023 Q2 · CEO: +14.92023 Q3 · CEO: +28.82023 Q4 · CEO: +17.72024 Q2 · CEO: +27.72024 Q3 · CEO: +11.42024 Q4 · CEO: +12.92025 Q1 · CEO: +12.02012 Q1 · CFO: +13.42012 Q2 · CFO: +10.22012 Q3 · CFO: +12.82013 Q1 · CFO: +12.62013 Q2 · CFO: +27.92014 Q2 · CFO: -1.12014 Q3 · CFO: +10.42014 Q4 · CFO: +7.82015 Q1 · CFO: -17.52016 Q3 · CFO: +21.62016 Q4 · CFO: +17.62017 Q3 · CFO: +20.22017 Q4 · CFO: +18.92018 Q1 · CFO: +20.02018 Q2 · CFO: +24.42018 Q3 · CFO: +7.12018 Q4 · CFO: +0.62019 Q2 · CFO: -3.12019 Q3 · CFO: +11.02019 Q4 · CFO: +10.22020 Q1 · CFO: +8.62020 Q2 · CFO: +21.72020 Q3 · CFO: +17.2
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-42-21+0+21+422012 Q12014 Q32016 Q22017 Q42019 Q32021 Q12022 Q32024 Q12012 Q1 · Prepared remarks: +13.12012 Q2 · Prepared remarks: +13.62012 Q3 · Prepared remarks: +13.32013 Q1 · Prepared remarks: +14.42013 Q2 · Prepared remarks: +30.02014 Q2 · Prepared remarks: +7.92014 Q3 · Prepared remarks: +21.62014 Q4 · Prepared remarks: +16.12015 Q1 · Prepared remarks: -12.92015 Q3 · Prepared remarks: +17.22015 Q4 · Prepared remarks: +17.92016 Q1 · Prepared remarks: +23.32016 Q2 · Prepared remarks: +20.42016 Q3 · Prepared remarks: +17.62016 Q4 · Prepared remarks: +28.62017 Q1 · Prepared remarks: +11.92017 Q2 · Prepared remarks: +25.32017 Q3 · Prepared remarks: +28.52017 Q4 · Prepared remarks: +21.52018 Q1 · Prepared remarks: +24.72018 Q2 · Prepared remarks: +27.42018 Q3 · Prepared remarks: +26.12018 Q4 · Prepared remarks: +19.92019 Q2 · Prepared remarks: +7.72019 Q3 · Prepared remarks: +21.52019 Q4 · Prepared remarks: +20.12020 Q1 · Prepared remarks: +6.12020 Q2 · Prepared remarks: +24.32020 Q3 · Prepared remarks: +24.52020 Q4 · Prepared remarks: -5.62021 Q1 · Prepared remarks: +36.42021 Q2 · Prepared remarks: +32.22021 Q3 · Prepared remarks: +33.12021 Q4 · Prepared remarks: -7.22022 Q1 · Prepared remarks: +26.22022 Q2 · Prepared remarks: +10.82022 Q3 · Prepared remarks: +12.42022 Q4 · Prepared remarks: +12.32023 Q1 · Prepared remarks: +19.82023 Q2 · Prepared remarks: +2.42023 Q3 · Prepared remarks: +9.12023 Q4 · Prepared remarks: +2.92024 Q1 · Prepared remarks: +11.22024 Q2 · Prepared remarks: +31.02024 Q3 · Prepared remarks: +15.92024 Q4 · Prepared remarks: +17.72025 Q1 · Prepared remarks: +18.12012 Q1 · Q&A responses: +9.52012 Q2 · Q&A responses: +0.02012 Q3 · Q&A responses: +9.12013 Q1 · Q&A responses: +10.42013 Q2 · Q&A responses: +13.62014 Q2 · Q&A responses: +5.62014 Q3 · Q&A responses: +4.62014 Q4 · Q&A responses: +8.92015 Q3 · Q&A responses: +6.22015 Q4 · Q&A responses: +5.82016 Q1 · Q&A responses: +1.42016 Q2 · Q&A responses: +4.92016 Q3 · Q&A responses: +3.92016 Q4 · Q&A responses: +15.92017 Q1 · Q&A responses: +9.92017 Q2 · Q&A responses: +12.32017 Q3 · Q&A responses: +8.42017 Q4 · Q&A responses: +11.72018 Q1 · Q&A responses: +13.72018 Q2 · Q&A responses: +17.92018 Q3 · Q&A responses: +6.42018 Q4 · Q&A responses: +3.02019 Q2 · Q&A responses: +13.62019 Q3 · Q&A responses: +7.92019 Q4 · Q&A responses: +6.12020 Q1 · Q&A responses: +10.62020 Q2 · Q&A responses: +10.22020 Q3 · Q&A responses: +19.42020 Q4 · Q&A responses: +18.02021 Q1 · Q&A responses: +17.52021 Q2 · Q&A responses: +11.52021 Q3 · Q&A responses: +20.02021 Q4 · Q&A responses: +21.82022 Q1 · Q&A responses: +13.12022 Q2 · Q&A responses: +13.32022 Q3 · Q&A responses: +10.42022 Q4 · Q&A responses: +10.22023 Q1 · Q&A responses: +6.12023 Q2 · Q&A responses: +17.72023 Q3 · Q&A responses: +14.42023 Q4 · Q&A responses: +16.72024 Q1 · Q&A responses: +2.02024 Q2 · Q&A responses: +19.52024 Q3 · Q&A responses: +10.22024 Q4 · Q&A responses: +11.52025 Q1 · Q&A responses: +9.6
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.17$3.10$4.042012 Q12014 Q32016 Q22017 Q42019 Q32021 Q12022 Q32024 Q12015 Q3: $3.232015 Q4: $2.992016 Q1: $3.162016 Q2: $3.482016 Q3: $3.732016 Q4: $3.912017 Q1: $3.862017 Q2: $3.852017 Q3: $3.852017 Q4: $3.872018 Q1: $3.892018 Q2: $3.872018 Q3: $3.832018 Q4: $3.732019 Q2: $2.842019 Q3: $2.612019 Q4: $2.602020 Q1: $2.292020 Q2: $2.352020 Q3: $2.532020 Q4: $2.522021 Q1: $2.562021 Q2: $2.652021 Q3: $2.622021 Q4: $2.642022 Q1: $2.672022 Q2: $2.732022 Q3: $2.732022 Q4: $2.762023 Q1: $2.762023 Q2: $2.962023 Q3: $2.962023 Q4: $3.032024 Q1: $3.082024 Q2: $3.102024 Q3: $3.13

Forward P/E

9.1717.5025.822012 Q12014 Q32016 Q22017 Q42019 Q32021 Q12022 Q32024 Q12015 Q3: 23.632015 Q4: 24.422016 Q1: 24.672016 Q2: 24.412016 Q3: 23.482016 Q4: 21.582017 Q1: 23.782017 Q2: 23.732017 Q3: 21.292017 Q4: 20.492018 Q1: 17.132018 Q2: 15.532018 Q3: 14.862018 Q4: 12.092019 Q2: 10.902019 Q3: 10.872019 Q4: 12.212020 Q1: 10.322020 Q2: 13.992020 Q3: 12.412020 Q4: 13.662021 Q1: 15.242021 Q2: 15.792021 Q3: 13.852021 Q4: 13.212022 Q1: 14.102022 Q2: 13.232022 Q3: 12.792022 Q4: 14.552023 Q1: 13.822023 Q2: 12.392023 Q3: 11.212023 Q4: 12.432024 Q1: 11.202024 Q2: 10.522024 Q3: 11.22

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2021 Q2 tone ↓ -4.0 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↑ +7.6 fwd EPS ↓ -0.04 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↓ -4.6 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -15.6 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-29+4.9——View →
2024 Q42025-02-12+5.9——View →
2024 Q32024-10-30+7.9$3.1311.2View →
2024 Q22024-07-31+17.8$3.1010.5View →
2024 Q12024-05-01-4.3$3.0811.2View →
2023 Q42024-02-14+11.3$3.0312.4View →
2023 Q32023-11-04+9.9$2.9611.2View →
2023 Q22023-08-02+10.5$2.9612.4View →