Packaged foods company Kraft Heinz (NASDAQ: KHC) will be reporting earnings tomorrow morning. Here’s what to look for.

Kraft Heinz missed analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $6.58 billion, down 4.1% year on year. It was a slower quarter for the company, with full-year EPS guidance missing analysts’ expectations.

Is Kraft Heinz a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Kraft Heinz’s revenue to decline 6.1% year on year to $6.02 billion, a further deceleration from the 1.2% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.60 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.

Looking at Kraft Heinz’s peers in the shelf-stable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Lamb Weston delivered year-on-year revenue growth of 4.3%, beating analysts’ expectations by 2.4%, and Simply Good Foods reported revenues up 15.2%, topping estimates by 1.6%. Lamb Weston traded up 9.1% following the results while Simply Good Foods was also up 9.2%.

Read our full analysis of Lamb Weston’s results here and Simply Good Foods’s results here.

Debates over possible tariffs and corporate tax adjustments have raised questions about economic stability in 2025. While some of the shelf-stable food stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.2% on average over the last month. Kraft Heinz is down 2.6% during the same time and is heading into earnings with an average analyst price target of $32.57 (compared to the current share price of $29.65).

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