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Kellanova (K) Financials

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Annual Income Statements for Kellanova

Annual Income Statements for Kellanova

This table shows Kellanova's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/30/2023 12/28/2024
Net Income / (Loss) Attributable to Common Shareholders		 632 614 699 1,254 1,336 960 1,251 1,481 958 951 1,330
Consolidated Net Income / (Loss)		 633 614 700 1,254 1,344 977 1,264 1,488 960 964 1,343
Net Income / (Loss) Continuing Operations		 633 614 700 1,254 1,148 977 1,264 1,103 731 788 1,356
Total Pre-Tax Income 		825 773 934 1,657 1,329 1,305 1,601 1,452 902 1,040 1,654
Total Operating Income		 1,024 1,091 1,483 1,387 1,706 1,401 1,761 1,383 1,211 1,505 1,873
Total Gross Profit		 5,063 4,681 4,834 4,699 4,726 4,381 4,727 3,818 3,811 4,283 4,545
Total Revenue		 14,580 13,525 12,965 12,854 13,547 13,578 13,770 11,747 12,653 13,122 12,749
Operating Revenue		 14,580 13,525 12,965 12,854 13,547 13,578 13,770 11,747 12,653 13,122 12,749
Total Cost of Revenue		 9,517 8,844 8,131 8,155 8,821 9,197 9,043 7,929 8,842 8,839 8,204
Operating Cost of Revenue		 9,517 8,844 8,131 8,155 8,821 9,197 9,043 7,929 8,842 8,839 8,204
Total Operating Expenses		 4,039 3,590 3,351 3,312 3,020 2,980 2,966 2,435 2,600 2,778 2,672
Selling, General & Admin Expense		 4,039 3,590 3,351 3,312 3,020 2,980 2,966 2,435 2,600 2,778 2,672
Total Other Income / (Expense), net		 -199 -318 -549 270 -377 -96 -160 72 -300 -465 -213
Interest Expense		 209 227 406 256 287 284 281 205 201 303 311
Interest & Investment Income		 - - - - - - - 3.00 9.00 - 6.00
Other Income / (Expense), net		 10 -91 -143 526 -90 188 121 274 -108 -162 92
Income Tax Expense		 186 159 235 410 181 321 323 353 180 258 304
Net Income / (Loss) Discontinued Operations		 - - - - - - - 392 231 176 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.00 0.00 1.00 0.00 8.00 17 13 7.00 2.00 13 13
Basic Earnings per Share		 $1.76 $1.74 $1.99 $3.61 $3.85 $2.81 $3.65 $8.72 $5.62 $2.78 $7.84
Weighted Average Basic Shares Outstanding		 358M 354M 350M 347.40M 347M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Diluted Earnings per Share		 $1.75 $1.72 $1.97 $3.58 $3.83 $2.80 $3.63 $8.66 $5.58 $2.76 $7.76
Weighted Average Diluted Shares Outstanding		 358M 354M 350M 347.40M 347M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Weighted Average Basic & Diluted Shares Outstanding		 358M 354M 350M 347.40M 347M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Cash Dividends to Common per Share		 $1.90 $1.98 $2.04 $2.12 $2.20 $2.26 $2.28 $2.31 $2.34 $2.34 $2.26

Quarterly Income Statements for Kellanova

This table shows Kellanova's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 4/1/2023 7/1/2023 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025
Net Income / (Loss) Attributable to Common Shareholders		 298 352 268 33 267 341 364 358 304 299 309
Consolidated Net Income / (Loss)		 302 357 269 36 271 344 367 361 308 303 314
Net Income / (Loss) Continuing Operations		 234 298 198 58 271 347 370 368 308 303 314
Total Pre-Tax Income 		293 372 277 98 353 443 402 456 378 384 400
Total Operating Income		 346 417 414 328 393 493 456 531 430 438 452
Total Gross Profit		 984 1,094 1,110 1,095 1,031 1,161 1,176 1,177 1,059 1,090 1,084
Total Revenue		 3,342 3,351 3,255 3,174 3,200 3,192 3,233 3,124 3,083 3,203 3,260
Operating Revenue		 3,342 3,351 3,255 3,174 3,200 3,192 3,233 3,124 3,083 3,203 3,260
Total Cost of Revenue		 2,358 2,257 2,145 2,079 2,169 2,031 2,057 1,947 2,024 2,113 2,176
Operating Cost of Revenue		 2,358 2,257 2,145 2,079 2,169 2,031 2,057 1,947 2,024 2,113 2,176
Total Operating Expenses		 638 677 696 767 638 668 720 646 629 652 632
Selling, General & Admin Expense		 638 677 696 767 638 668 720 646 629 652 632
Total Other Income / (Expense), net		 -53 -42 -138 -232 -40 -49 -52 -72 -52 -54 -52
Interest Expense		 70 73 75 85 83 83 75 70 63 63 60
Other Income / (Expense), net		 17 28 -62 -145 43 33 21 -5.00 11 9.00 8.00
Income Tax Expense		 61 77 78 42 82 97 34 91 73 83 89
Other Gains / (Losses), net		 2.00 - - - 0.00 - - - 3.00 2.00 3.00
Net Income / (Loss) Discontinued Operations		 68 64 72 -28 0.00 0.00 0.00 - 0.00 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.00 5.00 1.00 3.00 4.00 3.00 3.00 3.00 4.00 4.00 5.00
Basic Earnings per Share		 $0.87 $2.08 $1.58 ($1.75) $0.78 $1.01 $1.07 $2.90 $0.88 $0.86 $0.89
Weighted Average Basic Shares Outstanding		 342M 343M 342M 340.68M 341M 342M 343M 345.22M 346M 347M 348M
Diluted Earnings per Share		 $0.86 $2.06 $1.56 ($1.72) $0.78 $1.00 $1.05 $2.88 $0.87 $0.85 $0.88
Weighted Average Diluted Shares Outstanding		 345M 345M 345M 340.68M 344M 345M 347M 345.22M 349M 350M 350M
Weighted Average Basic & Diluted Shares Outstanding		 342.76M 342.35M 342.52M 340.68M 341.88M 342.29M 344.70M 345.22M 346.94M 347.67M 347.93M

Annual Cash Flow Statements for Kellanova

This table details how cash moves in and out of Kellanova's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/30/2023 12/28/2024
Net Change in Cash & Equivalents		 170 -192 29 1.00 40 76 38 -149 13 -25 420
Net Cash From Operating Activities		 1,793 1,691 1,271 403 1,536 1,176 1,986 1,701 1,651 1,645 1,760
Net Cash From Continuing Operating Activities		 2,043 1,675 1,107 403 1,536 1,176 1,986 1,701 1,651 1,645 1,760
Net Income / (Loss) Continuing Operations		 633 614 700 1,254 1,344 977 1,264 1,495 962 964 1,356
Consolidated Net Income / (Loss)		 633 614 700 1,254 1,344 977 1,264 1,495 962 964 1,356
Depreciation Expense		 503 534 517 481 516 484 479 467 478 419 367
Non-Cash Adjustments To Reconcile Net Income		 891 457 217 -234 -321 -220 -54 -388 271 259 194
Changes in Operating Assets and Liabilities, net		 16 70 -327 -1,098 -3.00 -65 297 127 -60 3.00 -157
Net Cash From Investing Activities		 -573 -1,127 -392 149 -948 774 -585 -528 -448 -562 -750
Net Cash From Continuing Investing Activities		 -573 -1,127 -392 149 -948 774 -585 -528 -448 -562 -750
Purchase of Property, Plant & Equipment		 -582 -553 -507 -501 -578 -586 -505 -553 -488 -677 -628
Acquisitions		 -6.00 -617 -400 -592 -417 0.00 0.00 -10 0.00 0.00 0.00
Purchase of Investments		 - 0.00 -2.00 -7.00 -8.00 -18 -331 -61 -17 53 -357
Divestitures		 - - 27 0.00 0.00 1,332 0.00 0.00 0.00 0.00 0.00
Sale and/or Maturity of Investments		 0.00 - - 0.00 0.00 83 269 91 56 64 209
Other Investing Activities, net		 15 43 490 1,249 55 -37 -18 5.00 1.00 -2.00 26
Net Cash From Financing Activities		 -1,063 -706 -786 -604 -566 -1,905 -1,388 -1,306 -1,081 -1,110 -607
Net Cash From Continuing Financing Activities		 -1,063 -706 -786 -604 -566 -1,905 -1,388 -1,306 -1,081 -1,110 -607
Repayment of Debt		 -2,075 -889 -4,630 -870 -706 -1,104 -1,303 -748 -665 -1,224 -663
Repurchase of Common Equity		 -690 -731 -426 -516 -320 -220 0.00 -240 -300 -170 0.00
Payment of Dividends		 -680 -700 -716 -736 -762 -769 -782 -788 -797 -800 -776
Issuance of Debt		 2,165 1,353 4,618 1,421 1,055 124 585 407 404 1,102 619
Issuance of Common Equity		 217 261 368 97 167 64 112 63 277 60 213
Other Financing Activities, net		 - - - - 0.00 0.00 0.00 0.00 0.00 -78 0.00
Effect of Exchange Rate Changes		 13 -50 -64 53 18 31 - -16 -109 2.00 17
Cash Interest Paid		 209 228 405 258 280 284 249 213 220 291 303
Cash Income Taxes Paid		 414 337 256 352 188 537 281 365 312 322 244

Quarterly Cash Flow Statements for Kellanova

This table details how cash moves in and out of Kellanova's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 4/1/2023 7/1/2023 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025
Net Change in Cash & Equivalents		 48 -39 791 -825 -32 30 297 125 -364 24 -114
Net Cash From Operating Activities		 276 368 756 245 364 376 553 467 116 169 503
Net Cash From Continuing Operating Activities		 276 368 756 245 364 376 553 467 116 169 503
Net Income / (Loss) Continuing Operations		 302 362 270 30 271 347 370 368 308 303 314
Consolidated Net Income / (Loss)		 302 362 270 30 271 347 370 368 308 303 314
Depreciation Expense		 116 110 112 81 86 95 92 94 92 91 94
Non-Cash Adjustments To Reconcile Net Income		 -8.00 -2.00 76 193 252 -16 -3.00 -39 -19 -119 -48
Changes in Operating Assets and Liabilities, net		 -134 -102 298 -59 -245 -50 94 44 -265 -106 143
Net Cash From Investing Activities		 -205 -139 -128 -90 -333 -121 -135 -161 -152 -170 -156
Net Cash From Continuing Investing Activities		 -205 -139 -128 -90 -333 -121 -135 -161 -152 -170 -156
Purchase of Property, Plant & Equipment		 -203 -136 -167 -171 -155 -142 -143 -188 -176 -148 -144
Purchase of Investments		 12 -4.00 6.00 39 -182 -2.00 -124 -49 -72 -36 -21
Sale and/or Maturity of Investments		 5.00 5.00 5.00 49 0.00 13 132 64 84 14 14
Other Investing Activities, net		 -19 -4.00 28 -7.00 4.00 10 - 12 12 - -5.00
Net Cash From Financing Activities		 -33 -266 179 -990 -58 -232 -127 -190 -313 32 -455
Net Cash From Continuing Financing Activities		 -33 -266 179 -990 -58 -232 -127 -190 -313 32 -455
Repayment of Debt		 -251 -30 -1.00 -942 110 -681 -75 -17 -158 184 -266
Payment of Dividends		 -202 -202 -206 -190 -191 -192 -197 -196 -197 -198 -203
Issuance of Common Equity		 19 26 6.00 9.00 23 22 145 23 42 46 14
Effect of Exchange Rate Changes		 10 -2.00 -16 10 -5.00 7.00 6.00 9.00 -15 -7.00 -6.00

Annual Balance Sheets for Kellanova

This table presents Kellanova's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/30/2023 12/28/2024
Total Assets		 15,153 15,251 15,111 16,351 17,780 17,564 17,996 18,178 18,496 15,621 15,628
Total Current Assets		 3,340 3,236 2,940 3,036 3,157 3,431 3,482 3,394 4,186 3,330 3,754
Cash & Equivalents		 443 251 280 281 321 397 435 286 299 274 694
Accounts Receivable		 1,276 1,344 1,231 1,389 1,375 1,576 1,537 1,489 1,532 1,568 1,522
Inventories, net		 1,279 1,250 1,238 1,217 1,330 1,226 1,284 1,398 1,339 1,243 1,165
Other Current Assets		 342 391 191 149 131 232 226 221 378 245 373
Plant, Property, & Equipment, net		 3,769 3,621 3,569 3,716 3,731 3,612 3,713 3,827 3,090 3,212 3,234
Total Noncurrent Assets		 8,044 8,394 8,602 9,599 10,892 10,521 10,801 10,957 11,220 9,079 8,640
Long-Term Investments		 1.00 456 438 429 413 404 391 424 432 184 99
Goodwill		 4,971 4,968 5,166 5,504 6,050 5,861 5,799 5,771 5,381 5,160 5,003
Intangible Assets		 2,295 2,268 2,369 2,639 3,361 2,576 2,491 2,409 2,239 1,930 1,760
Other Noncurrent Operating Assets		 777 702 629 1,027 1,068 1,680 2,120 2,353 1,890 1,805 1,778
Total Liabilities & Shareholders' Equity		 15,153 15,251 15,111 16,351 17,780 17,564 17,996 18,178 18,496 15,621 15,628
Total Liabilities		 12,302 13,113 13,185 14,157 14,621 14,250 14,360 13,963 14,121 12,252 11,746
Total Current Liabilities		 4,364 5,739 4,474 4,522 4,529 4,778 5,238 5,315 6,349 5,060 4,660
Short-Term Debt		 1,435 2,470 1,069 779 686 727 729 849 1,247 784 745
Accounts Payable		 1,528 1,907 2,014 2,269 2,427 2,387 2,471 2,573 2,568 2,314 2,236
Accrued Expenses		 - - - - - 641 1,154 1,014 1,027 1,044 870
Other Current Liabilities		 1,401 1,362 1,391 1,474 1,416 1,023 884 879 959 918 809
Total Noncurrent Liabilities		 7,938 7,374 8,711 9,635 10,092 9,472 9,122 8,648 7,772 7,192 7,086
Long-Term Debt		 5,935 5,275 6,698 7,836 8,207 7,195 6,746 6,262 5,317 5,089 4,998
Noncurrent Deferred & Payable Income Tax Liabilities		 726 685 525 355 730 596 562 722 707 497 541
Noncurrent Employee Benefit Liabilities		 777 946 1,024 839 651 705 769 706 593 613 599
Other Noncurrent Operating Liabilities		 500 468 464 605 504 976 1,045 958 972 993 948
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,851 2,138 1,926 2,194 3,159 3,314 3,636 4,215 4,375 3,369 3,882
Total Preferred & Common Equity		 2,789 2,128 1,910 2,178 2,601 2,747 3,112 3,720 3,941 3,175 3,775
Total Common Equity		 2,789 2,128 1,910 2,178 2,601 2,747 3,112 3,720 3,941 3,175 3,775
Common Stock		 783 850 911 983 1,000 1,026 1,077 1,128 1,173 1,206 1,226
Retained Earnings		 6,689 6,597 6,571 7,069 7,652 7,859 8,326 9,028 9,197 8,804 9,358
Treasury Stock		 -3,470 -3,943 -3,997 -4,417 -4,551 -4,690 -4,559 -4,715 -4,721 -4,794 -4,533
Accumulated Other Comprehensive Income / (Loss)		 -1,213 -1,376 -1,575 -1,457 -1,500 -1,448 -1,732 -1,721 -1,708 -2,041 -2,276
Noncontrolling Interest		 62 10 16 16 558 567 524 495 434 194 107

Quarterly Balance Sheets for Kellanova

This table presents Kellanova's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 4/1/2023 7/1/2023 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025
Total Assets		 18,630 18,101 18,695 15,621 15,315 15,299 15,763 15,628 15,474 15,871 15,645
Total Current Assets		 4,324 4,288 4,986 3,330 3,450 3,470 3,855 3,754 3,474 3,673 3,465
Cash & Equivalents		 347 308 1,099 274 242 272 569 694 330 354 240
Accounts Receivable		 1,820 1,930 1,876 1,568 1,666 1,654 1,699 1,522 1,572 1,698 1,707
Inventories, net		 1,801 1,706 1,632 1,243 1,210 1,185 1,219 1,165 1,223 1,256 1,199
Other Current Assets		 356 344 379 245 332 359 368 373 349 365 319
Plant, Property, & Equipment, net		 3,786 3,781 3,762 3,212 3,101 3,118 3,218 3,234 3,345 3,498 3,526
Total Noncurrent Assets		 10,520 10,032 9,947 9,079 8,764 8,711 8,690 8,640 8,655 8,700 8,654
Long-Term Investments		 434 323 194 184 100 107 101 99 103 108 112
Goodwill		 5,690 5,517 5,496 5,160 5,067 5,043 5,045 5,003 5,020 5,060 5,056
Intangible Assets		 2,297 2,091 2,065 1,930 1,828 1,804 1,799 1,760 1,774 1,814 1,808
Other Noncurrent Operating Assets		 2,099 2,101 2,192 1,805 1,769 1,757 1,745 1,778 1,758 1,718 1,678
Total Liabilities & Shareholders' Equity		 18,630 18,101 18,695 15,621 15,315 15,299 15,763 15,628 15,474 15,871 15,645
Total Liabilities		 14,151 13,880 14,418 12,252 12,037 11,872 12,005 11,746 11,449 11,661 11,350
Total Current Liabilities		 6,001 6,476 6,524 5,060 5,525 4,774 4,975 4,660 4,341 5,384 5,110
Short-Term Debt		 1,038 1,660 1,546 784 1,539 856 802 745 590 1,538 1,285
Accounts Payable		 2,900 2,810 2,789 2,314 2,209 2,267 2,368 2,236 2,129 2,205 2,114
Accrued Expenses		 1,027 1,093 1,191 1,044 945 899 937 870 757 758 808
Other Current Liabilities		 1,036 913 998 918 832 752 868 809 865 883 903
Total Noncurrent Liabilities		 8,150 7,404 7,894 7,192 6,512 7,098 7,030 7,086 7,108 6,277 6,240
Long-Term Debt		 5,759 5,078 5,530 5,089 4,395 5,007 5,051 4,998 5,027 4,341 4,341
Noncurrent Deferred & Payable Income Tax Liabilities		 728 659 702 497 513 526 437 541 579 537 558
Noncurrent Employee Benefit Liabilities		 711 712 722 613 596 580 554 599 580 448 432
Other Noncurrent Operating Liabilities		 952 955 940 993 1,008 985 988 948 922 951 909
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 4,479 4,221 4,277 3,369 3,278 3,427 3,758 3,882 4,025 4,210 4,295
Total Preferred & Common Equity		 4,052 3,965 4,038 3,175 3,152 3,307 3,650 3,775 3,915 4,109 4,203
Total Common Equity		 4,052 3,965 4,038 3,175 3,152 3,307 3,650 3,775 3,915 4,109 4,203
Common Stock		 1,138 1,161 1,175 1,206 1,168 1,187 1,210 1,226 1,110 1,121 1,112
Retained Earnings		 9,293 9,447 9,509 8,804 8,878 9,027 9,195 9,358 9,497 9,590 9,696
Treasury Stock		 -4,666 -4,700 -4,692 -4,794 -4,723 -4,699 -4,557 -4,533 -4,425 -4,384 -4,369
Accumulated Other Comprehensive Income / (Loss)		 -1,713 -1,943 -1,954 -2,041 -2,171 -2,208 -2,198 -2,276 -2,267 -2,218 -2,236
Noncontrolling Interest		 427 256 239 194 126 120 108 107 110 101 92

Annual Metrics And Ratios for Kellanova

This table displays calculated financial ratios and metrics derived from Kellanova's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 1/3/2015 1/2/2016 12/31/2016 12/30/2017 12/29/2018 12/28/2019 1/2/2021 1/1/2022 12/31/2022 12/30/2023 12/28/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.43% -7.24% -4.14% -0.86% 5.39% 0.23% 1.41% -14.69% 7.71% 3.71% -2.84%
EBITDA Growth		 -54.43% -0.20% 21.06% 28.92% -10.94% -2.77% 13.89% -10.04% -25.57% 11.45% 32.35%
EBIT Growth		 -63.60% -3.29% 34.00% 42.76% -15.53% -1.67% 18.44% -11.96% -33.43% 21.76% 46.31%
NOPAT Growth		 -59.84% 9.26% 28.07% -5.95% 41.18% -28.32% 33.07% -25.53% -7.40% 16.74% 35.09%
Net Income Growth		 -64.99% -3.00% 14.01% 79.14% 7.18% -27.31% 29.38% 17.72% -35.48% 0.42% 39.32%
EPS Growth		 -64.57% -1.71% 14.53% 81.73% 6.98% -26.89% 29.64% 138.57% -35.57% -50.54% 181.16%
Operating Cash Flow Growth		 -0.77% -5.69% -24.84% -68.29% 281.14% -23.44% 68.88% -14.35% -2.94% -0.36% 6.99%
Free Cash Flow Firm Growth		 41.19% -33.45% -10.68% -106.12% 417.56% 661.57% -19.78% -53.99% 257.98% -46.51% 8.03%
Invested Capital Growth		 -12.62% -6.15% -2.19% 12.52% 12.07% -7.80% -1.44% 3.22% -15.01% -2.65% 0.55%
Revenue Q/Q Growth		 0.09% -2.68% -0.72% 1.08% 0.98% -0.69% 1.78% -17.42% 1.48% 18.01% -0.39%
EBITDA Q/Q Growth		 -53.41% 34.44% 5.75% 30.96% -23.45% 17.99% 2.34% -11.61% -22.46% 42.10% 18.02%
EBIT Q/Q Growth		 -62.15% 59.74% 7.03% 46.93% -29.62% 26.61% 2.95% -14.28% -29.61% 73.29% 21.15%
NOPAT Q/Q Growth		 -57.85% 35.81% 6.67% 18.03% 2.04% -0.82% 4.40% -23.95% -2.61% 33.99% 13.97%
Net Income Q/Q Growth		 -63.72% 70.08% -0.99% 58.73% -27.08% 31.49% 4.64% 17.26% -35.53% 16.71% 31.93%
EPS Q/Q Growth		 -63.47% 65.38% 0.00% 59.11% -27.32% 30.84% 4.91% 136.61% -35.64% -60.46% 145.57%
Operating Cash Flow Q/Q Growth		 12.41% 6.69% -27.08% -8.41% 34.86% -23.39% 7.70% 10.60% -4.90% -12.08% 14.43%
Free Cash Flow Firm Q/Q Growth		 81.98% 2.12% -18.35% -110.74% 127.66% -24.48% 3.13% -14.74% 144.20% -2.76% -39.82%
Invested Capital Q/Q Growth		 -8.35% -7.02% -3.54% 6.96% -4.14% 1.27% 1.41% -0.59% -15.08% -12.68% -1.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 34.73% 34.61% 37.29% 36.56% 34.89% 32.27% 34.33% 32.50% 30.12% 32.64% 35.65%
EBITDA Margin		 10.54% 11.34% 14.32% 18.62% 15.74% 15.27% 17.15% 18.08% 12.50% 13.43% 18.29%
Operating Margin		 7.02% 8.07% 11.44% 10.79% 12.59% 10.32% 12.79% 11.77% 9.57% 11.47% 14.69%
EBIT Margin		 7.09% 7.39% 10.34% 14.88% 11.93% 11.70% 13.67% 14.11% 8.72% 10.23% 15.41%
Profit (Net Income) Margin		 4.34% 4.54% 5.40% 9.76% 9.92% 7.20% 9.18% 12.67% 7.59% 7.35% 10.53%
Tax Burden Percent		 76.73% 79.43% 74.95% 75.68% 101.13% 74.87% 78.95% 102.48% 106.43% 92.69% 81.20%
Interest Burden Percent		 79.79% 77.30% 69.70% 86.62% 82.24% 82.13% 85.07% 87.63% 81.78% 77.44% 84.17%
Effective Tax Rate		 22.55% 20.57% 25.16% 24.74% 13.62% 24.60% 20.17% 24.31% 19.96% 24.81% 18.38%
Return on Invested Capital (ROIC)		 7.57% 9.14% 12.23% 10.94% 13.76% 9.71% 13.57% 10.02% 9.87% 12.71% 17.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.36% 5.53% 6.41% 13.76% 12.15% 8.67% 11.51% 16.78% 9.70% 9.38% 13.77%
Return on Net Nonoperating Assets (RNNOA)		 12.04% 15.47% 22.22% 49.93% 36.45% 20.47% 22.81% 27.89% 12.48% 12.19% 19.69%
Return on Equity (ROE)		 19.60% 24.61% 34.45% 60.87% 50.21% 30.19% 36.37% 37.91% 22.35% 24.90% 37.04%
Cash Return on Invested Capital (CROIC)		 21.04% 15.49% 14.44% -0.84% 2.38% 17.83% 15.02% 6.85% 26.09% 15.39% 16.81%
Operating Return on Assets (OROA)		 6.75% 6.58% 8.83% 12.16% 9.47% 8.99% 10.58% 9.16% 6.02% 7.87% 12.58%
Return on Assets (ROA)		 4.13% 4.04% 4.61% 7.97% 7.88% 5.53% 7.11% 8.23% 5.24% 5.65% 8.60%
Return on Common Equity (ROCE)		 19.23% 24.26% 34.23% 60.40% 44.83% 24.94% 30.66% 32.99% 19.93% 22.88% 35.51%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 28.85% 36.65% 57.58% 51.67% 35.57% 40.62% 40.00% 24.36% 30.36% 35.58%
Net Operating Profit after Tax (NOPAT)		 793 867 1,110 1,044 1,474 1,056 1,406 1,047 969 1,132 1,529
NOPAT Margin		 5.44% 6.41% 8.56% 8.12% 10.88% 7.78% 10.21% 8.91% 7.66% 8.62% 11.99%
Net Nonoperating Expense Percent (NNEP)		 2.21% 3.62% 5.82% -2.81% 1.61% 1.04% 2.06% -6.76% 0.17% 3.33% 3.58%
Return On Investment Capital (ROIC_SIMPLE)		 7.76% 8.77% 11.45% 9.66% 12.23% 9.40% 12.65% 9.24% 8.86% 12.24% 15.88%
Cost of Revenue to Revenue		 65.27% 65.39% 62.72% 63.44% 65.11% 67.73% 65.67% 67.50% 69.88% 67.36% 64.35%
SG&A Expenses to Revenue		 27.70% 26.54% 25.85% 25.77% 22.29% 21.95% 21.54% 20.73% 20.55% 21.17% 20.96%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 27.70% 26.54% 25.85% 25.77% 22.29% 21.95% 21.54% 20.73% 20.55% 21.17% 20.96%
Earnings before Interest and Taxes (EBIT)		 1,034 1,000 1,340 1,913 1,616 1,589 1,882 1,657 1,103 1,343 1,965
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,537 1,534 1,857 2,394 2,132 2,073 2,361 2,124 1,581 1,762 2,332
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.53 8.29 9.58 7.86 5.76 6.73 5.58 4.97 5.37 5.79 7.36
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.06 1.30 1.41 1.33 1.11 1.36 1.26 1.58 1.67 1.40 2.18
Price to Earnings (P/E)		 24.41 28.72 26.17 13.65 11.21 19.24 13.87 12.49 22.10 19.34 20.89
Dividend Yield		 4.37% 3.98% 3.91% 4.28% 5.10% 4.17% 4.52% 4.26% 3.77% 4.36% 2.80%
Earnings Yield		 4.10% 3.48% 3.82% 7.32% 8.92% 5.20% 7.21% 8.00% 4.53% 5.17% 4.79%
Enterprise Value to Invested Capital (EV/IC)		 2.29 2.69 2.83 2.48 2.09 2.51 2.38 2.39 3.04 2.73 3.72
Enterprise Value to Revenue (EV/Rev)		 1.54 1.82 1.96 1.95 1.75 1.93 1.78 2.16 2.17 1.83 2.58
Enterprise Value to EBITDA (EV/EBITDA)		 14.58 16.09 13.65 10.46 11.11 12.62 10.39 11.96 17.35 13.62 14.08
Enterprise Value to EBIT (EV/EBIT)		 21.68 24.68 18.92 13.09 14.66 16.46 13.03 15.33 24.87 17.87 16.71
Enterprise Value to NOPAT (EV/NOPAT)		 28.26 28.48 22.85 23.99 16.07 24.77 17.45 24.26 28.30 21.21 21.48
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.50 14.60 19.95 62.14 15.42 22.25 12.35 14.93 16.62 14.59 18.66
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.16 16.82 19.34 0.00 93.02 13.49 15.77 35.48 10.71 17.51 22.18
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.59 3.62 4.03 3.93 2.82 2.39 2.06 1.69 1.50 1.74 1.48
Long-Term Debt to Equity		 2.08 2.47 3.48 3.57 2.60 2.17 1.86 1.49 1.22 1.51 1.29
Financial Leverage		 2.25 2.80 3.47 3.63 3.00 2.36 1.98 1.66 1.29 1.30 1.43
Leverage Ratio		 4.74 6.09 7.47 7.64 6.38 5.46 5.12 4.61 4.27 4.41 4.31
Compound Leverage Factor		 3.78 4.71 5.21 6.61 5.24 4.48 4.35 4.04 3.49 3.41 3.63
Debt to Total Capital		 72.11% 78.37% 80.13% 79.70% 73.79% 70.51% 67.28% 62.78% 60.01% 63.55% 59.67%
Short-Term Debt to Total Capital		 14.04% 24.99% 11.03% 7.21% 5.69% 6.47% 6.56% 7.50% 11.40% 8.48% 7.74%
Long-Term Debt to Total Capital		 58.07% 53.37% 69.10% 72.50% 68.10% 64.04% 60.71% 55.29% 48.61% 55.06% 51.93%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.61% 0.10% 0.17% 0.15% 4.63% 5.05% 4.72% 4.37% 3.97% 2.10% 1.11%
Common Equity to Total Capital		 27.29% 21.53% 19.70% 20.15% 21.58% 24.45% 28.01% 32.84% 36.03% 34.35% 39.22%
Debt to EBITDA		 4.80 5.05 4.18 3.60 4.17 3.82 3.17 3.35 4.15 3.33 2.46
Net Debt to EBITDA		 4.51 4.59 3.80 3.30 3.83 3.44 2.82 3.01 3.69 3.07 2.12
Long-Term Debt to EBITDA		 3.86 3.44 3.61 3.27 3.85 3.47 2.86 2.95 3.36 2.89 2.14
Debt to NOPAT		 9.29 8.94 7.00 8.25 6.03 7.50 5.32 6.79 6.77 5.19 3.76
Net Debt to NOPAT		 8.73 8.12 6.35 7.57 5.54 6.74 4.73 6.12 6.02 4.79 3.24
Long-Term Debt to NOPAT		 7.48 6.09 6.04 7.51 5.57 6.81 4.80 5.98 5.49 4.50 3.27
Altman Z-Score		 2.48 2.32 2.47 2.39 2.19 2.38 2.37 2.31 2.34 2.68 3.42
Noncontrolling Interest Sharing Ratio		 1.92% 1.44% 0.64% 0.78% 10.72% 17.38% 15.70% 12.98% 10.81% 8.11% 4.15%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.77 0.56 0.66 0.67 0.70 0.72 0.66 0.64 0.66 0.66 0.81
Quick Ratio		 0.39 0.28 0.34 0.37 0.37 0.41 0.38 0.33 0.29 0.36 0.48
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,205 1,468 1,311 -80 255 1,939 1,556 716 2,562 1,371 1,481
Operating Cash Flow to CapEx		 308.08% 305.79% 250.69% 80.44% 265.74% 200.68% 393.27% 307.59% 338.32% 242.98% 280.25%
Free Cash Flow to Firm to Interest Expense		 10.55 6.47 3.23 -0.31 0.89 6.83 5.54 3.49 12.75 4.52 4.76
Operating Cash Flow to Interest Expense		 8.58 7.45 3.13 1.57 5.35 4.14 7.07 8.30 8.21 5.43 5.66
Operating Cash Flow Less CapEx to Interest Expense		 5.79 5.01 1.88 -0.38 3.34 2.08 5.27 5.60 5.79 3.19 3.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.95 0.89 0.85 0.82 0.79 0.77 0.77 0.65 0.69 0.77 0.82
Accounts Receivable Turnover		 10.80 10.32 10.07 9.81 9.80 9.20 8.85 7.76 8.38 8.47 8.25
Inventory Turnover		 7.53 6.99 6.54 6.64 6.93 7.20 7.21 5.91 6.46 6.85 6.81
Fixed Asset Turnover		 3.82 3.66 3.61 3.53 3.64 3.70 3.76 3.12 3.66 4.16 3.96
Accounts Payable Turnover		 6.43 5.15 4.15 3.81 3.76 3.82 3.72 3.14 3.44 3.62 3.61
Days Sales Outstanding (DSO)		 33.80 35.35 36.25 37.20 37.24 39.66 41.26 47.01 43.57 43.11 44.23
Days Inventory Outstanding (DIO)		 48.46 52.19 55.84 54.94 52.70 50.72 50.66 61.73 56.49 53.31 53.57
Days Payable Outstanding (DPO)		 56.76 70.88 88.01 95.85 97.16 95.53 98.04 116.10 106.11 100.80 101.22
Cash Conversion Cycle (CCC)		 25.49 16.66 4.08 -3.71 -7.23 -5.14 -6.13 -7.35 -6.05 -4.37 -3.42
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,777 9,176 8,975 10,099 11,318 10,435 10,285 10,616 9,023 8,784 8,832
Invested Capital Turnover		 1.39 1.43 1.43 1.35 1.27 1.25 1.33 1.12 1.29 1.47 1.45
Increase / (Decrease) in Invested Capital		 -1,412 -601 -201 1,124 1,219 -883 -150 331 -1,593 -239 48
Enterprise Value (EV)		 22,412 24,682 25,356 25,042 23,687 26,162 24,526 25,399 27,436 24,001 32,844
Market Capitalization		 15,424 17,634 18,291 17,121 14,970 18,474 17,353 18,503 21,169 18,392 27,787
Book Value per Share		 $7.86 $6.00 $5.44 $6.30 $7.50 $8.05 $9.05 $10.91 $11.55 $9.27 $10.95
Tangible Book Value per Share		 ($12.61) ($14.41) ($16.03) ($17.27) ($19.62) ($16.68) ($15.06) ($13.07) ($10.78) ($11.43) ($8.67)
Total Capital		 10,221 9,883 9,693 10,809 12,052 11,236 11,111 11,326 10,939 9,242 9,625
Total Debt		 7,370 7,745 7,767 8,615 8,893 7,922 7,475 7,111 6,564 5,873 5,743
Total Long-Term Debt		 5,935 5,275 6,698 7,836 8,207 7,195 6,746 6,262 5,317 5,089 4,998
Net Debt		 6,926 7,038 7,049 7,905 8,159 7,121 6,649 6,401 5,833 5,415 4,950
Capital Expenditures (CapEx)		 582 553 507 501 578 586 505 553 488 677 628
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -32 -284 -745 -988 -1,007 -1,017 -1,462 -1,358 -1,215 -1,220 -855
Debt-free Net Working Capital (DFNWC)		 411 -33 -465 -707 -686 -620 -1,027 -1,072 -916 -946 -161
Net Working Capital (NWC)		 -1,024 -2,503 -1,534 -1,486 -1,372 -1,347 -1,756 -1,921 -2,163 -1,730 -906
Net Nonoperating Expense (NNE)		 160 253 410 -210 130 79 142 -441 9.34 168 186
Net Nonoperating Obligations (NNO)		 6,926 7,038 7,049 7,905 8,159 7,121 6,649 6,401 4,648 5,415 4,950
Total Depreciation and Amortization (D&A)		 503 534 517 481 516 484 479 467 478 419 367
Debt-free, Cash-free Net Working Capital to Revenue		 -0.22% -2.10% -5.75% -7.69% -7.43% -7.49% -10.62% -11.56% -9.60% -9.30% -6.71%
Debt-free Net Working Capital to Revenue		 2.82% -0.24% -3.59% -5.50% -5.06% -4.57% -7.46% -9.13% -7.24% -7.21% -1.26%
Net Working Capital to Revenue		 -7.02% -18.51% -11.83% -11.56% -10.13% -9.92% -12.75% -16.35% -17.09% -13.18% -7.11%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.76 $1.74 $1.98 $3.65 $3.85 $2.81 $3.65 $4.36 $2.81 $2.78 $7.84
Adjusted Weighted Average Basic Shares Outstanding		 356.57M 350.26M 351.14M 345.75M 343.89M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Adjusted Diluted Earnings per Share		 $1.75 $1.72 $1.96 $3.62 $3.83 $2.80 $3.63 $4.33 $2.79 $2.76 $7.76
Adjusted Weighted Average Diluted Shares Outstanding		 356.57M 350.26M 351.14M 345.75M 343.89M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $2.81 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 356.57M 350.26M 351.14M 345.75M 343.89M 342.05M 343.95M 341.67M 341.83M 340.68M 345.22M
Normalized Net Operating Profit after Tax (NOPAT)		 793 867 1,110 1,044 1,474 1,056 1,406 1,047 969 1,132 1,529
Normalized NOPAT Margin		 5.44% 6.41% 8.56% 8.12% 10.88% 7.78% 10.21% 8.91% 7.66% 8.62% 11.99%
Pre Tax Income Margin		 5.66% 5.72% 7.20% 12.89% 9.81% 9.61% 11.63% 12.36% 7.13% 7.93% 12.97%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.95 4.41 3.30 7.47 5.63 5.60 6.70 8.08 5.49 4.43 6.32
NOPAT to Interest Expense		 3.79 3.82 2.73 4.08 5.13 3.72 5.00 5.11 4.82 3.73 4.92
EBIT Less CapEx to Interest Expense		 2.16 1.97 2.05 5.52 3.62 3.53 4.90 5.39 3.06 2.20 4.30
NOPAT Less CapEx to Interest Expense		 1.01 1.38 1.48 2.12 3.12 1.66 3.21 2.41 2.39 1.50 2.90
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 107.43% 114.01% 102.29% 58.69% 56.70% 78.71% 61.87% 52.96% 83.02% 82.99% 57.78%
Augmented Payout Ratio		 216.43% 233.06% 163.14% 99.84% 80.51% 101.23% 61.87% 69.09% 114.27% 100.62% 57.78%

Quarterly Metrics And Ratios for Kellanova

This table displays calculated financial ratios and metrics derived from Kellanova's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 4/1/2023 7/1/2023 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -8.99% -13.28% -17.51% 171.05% -4.25% -4.74% -0.68% -1.58% -3.66% 0.34% 0.84%
EBITDA Growth		 -32.54% -6.57% -13.27% 202.33% 8.98% 11.89% 22.63% 134.85% 2.11% -13.37% -2.64%
EBIT Growth		 -38.58% -6.32% -16.59% 147.53% 20.11% 18.20% 35.51% 187.43% 1.15% -15.02% -3.56%
NOPAT Growth		 -32.98% 3.54% 0.18% 400.85% 10.13% 16.44% 40.35% 126.77% 15.00% -10.84% -15.81%
Net Income Growth		 -28.77% 9.51% -13.78% 135.29% -10.26% -3.64% 36.43% 902.78% 13.65% -11.92% -14.44%
EPS Growth		 -30.08% 116.84% 73.33% -168.80% -9.30% -2.91% 34.62% 267.44% 11.54% -15.00% -16.19%
Operating Cash Flow Growth		 -15.60% -23.01% 101.60% -47.98% 31.88% 2.17% -26.85% 90.61% -68.13% -55.05% -9.04%
Free Cash Flow Firm Growth		 458.64% 341.93% 145.78% -72.14% 205.84% 118.78% 78.15% -11.58% -99.59% -120.68% -118.00%
Invested Capital Growth		 -3.28% -4.56% -5.32% -2.65% -15.48% -13.72% -11.12% 0.55% 3.82% 8.04% 7.02%
Revenue Q/Q Growth		 185.40% 0.27% -2.86% -2.49% 0.82% -0.25% 1.28% -3.37% -1.31% 3.89% 1.78%
EBITDA Q/Q Growth		 285.66% 15.87% -16.40% -43.10% 97.73% 18.97% -8.37% 8.96% -14.03% 0.94% 2.97%
EBIT Q/Q Growth		 194.29% 22.59% -20.90% -48.01% 138.25% 20.64% -9.32% 10.27% -16.16% 1.36% 2.91%
NOPAT Q/Q Growth		 539.75% 20.70% -10.06% -36.98% 60.97% 27.62% 8.41% 1.82% -18.37% -1.05% 2.36%
Net Income Q/Q Growth		 396.08% 18.21% -24.65% -86.62% 652.78% 26.94% 6.69% -1.63% -14.68% -1.62% 3.63%
EPS Q/Q Growth		 -65.60% 139.53% -24.27% -210.26% 145.35% 156.41% 5.00% 37.14% -69.79% -2.30% 3.53%
Operating Cash Flow Q/Q Growth		 -41.40% 33.33% 105.43% -67.59% 48.57% 3.30% 47.07% -15.55% -75.16% 45.69% 197.63%
Free Cash Flow Firm Q/Q Growth		 -58.84% 30.75% 4.70% -50.55% 351.82% -6.47% -14.74% -75.46% -97.89% -4,783.18% 25.79%
Invested Capital Q/Q Growth		 16.31% -1.59% -2.59% -12.68% 0.98% 0.46% 0.34% -1.22% 4.27% 4.54% -0.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.44% 32.65% 34.10% 34.50% 32.22% 36.37% 36.37% 37.68% 34.35% 34.03% 33.25%
EBITDA Margin		 14.33% 16.56% 14.26% 8.32% 16.31% 19.45% 17.60% 19.85% 17.29% 16.80% 16.99%
Operating Margin		 10.35% 12.44% 12.72% 10.33% 12.28% 15.44% 14.10% 17.00% 13.95% 13.67% 13.87%
EBIT Margin		 10.86% 13.28% 10.81% 5.77% 13.63% 16.48% 14.75% 16.84% 14.30% 13.96% 14.11%
Profit (Net Income) Margin		 9.04% 10.65% 8.26% 1.13% 8.47% 10.78% 11.35% 11.56% 9.99% 9.46% 9.63%
Tax Burden Percent		 103.07% 95.97% 97.11% 36.73% 76.77% 77.65% 91.29% 79.17% 81.48% 78.91% 78.50%
Interest Burden Percent		 80.72% 83.60% 78.69% 53.55% 80.96% 84.22% 84.28% 86.69% 85.71% 85.91% 86.96%
Effective Tax Rate		 20.82% 20.70% 28.16% 42.86% 23.23% 21.90% 8.46% 19.96% 19.31% 21.61% 22.25%
Return on Invested Capital (ROIC)		 9.47% 11.02% 9.82% 8.70% 12.64% 16.08% 17.39% 19.69% 15.73% 14.62% 14.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.91% 11.45% 9.34% 5.69% 12.11% 15.37% 16.47% 18.46% 15.00% 13.88% 14.04%
Return on Net Nonoperating Assets (RNNOA)		 14.20% 16.13% 12.09% 7.40% 18.12% 23.29% 22.48% 26.38% 22.14% 19.81% 18.23%
Return on Equity (ROE)		 23.67% 27.15% 21.91% 16.10% 30.76% 39.37% 39.88% 46.08% 37.86% 34.43% 32.99%
Cash Return on Invested Capital (CROIC)		 11.18% 12.76% 13.63% 15.39% 28.75% 27.33% 25.90% 16.81% 13.67% 8.82% 9.06%
Operating Return on Assets (OROA)		 7.19% 8.47% 6.38% 4.44% 10.42% 12.65% 10.96% 13.74% 11.74% 11.32% 11.38%
Return on Assets (ROA)		 5.98% 6.79% 4.87% 0.87% 6.48% 8.27% 8.43% 9.43% 8.20% 7.67% 7.77%
Return on Common Equity (ROCE)		 21.17% 24.89% 20.22% 14.80% 28.57% 37.44% 38.16% 44.16% 36.64% 33.44% 32.17%
Return on Equity Simple (ROE_SIMPLE)		 20.68% 21.92% 20.46% 0.00% 29.60% 27.82% 27.89% 0.00% 35.25% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 274 331 297 187 302 385 417 425 347 343 351
NOPAT Margin		 8.20% 9.87% 9.14% 5.91% 9.43% 12.06% 12.91% 13.61% 11.25% 10.72% 10.78%
Net Nonoperating Expense Percent (NNEP)		 -0.45% -0.43% 0.49% 3.01% 0.53% 0.71% 0.92% 1.24% 0.72% 0.74% 0.72%
Return On Investment Capital (ROIC_SIMPLE)		 2.43% 3.02% 2.62% 2.03% 3.28% 4.14% 4.34% 4.42% 3.60% 3.40% 3.54%
Cost of Revenue to Revenue		 70.56% 67.35% 65.90% 65.50% 67.78% 63.63% 63.63% 62.32% 65.65% 65.97% 66.75%
SG&A Expenses to Revenue		 19.09% 20.20% 21.38% 24.17% 19.94% 20.93% 22.27% 20.68% 20.40% 20.36% 19.39%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 19.09% 20.20% 21.38% 24.17% 19.94% 20.93% 22.27% 20.68% 20.40% 20.36% 19.39%
Earnings before Interest and Taxes (EBIT)		 363 445 352 183 436 526 477 526 441 447 460
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 479 555 464 264 522 621 569 620 533 538 554
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.96 5.16 4.52 5.79 6.04 5.84 7.47 7.36 7.27 6.67 6.45
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.63 1.73 1.64 1.40 1.47 1.51 2.13 2.18 2.25 2.17 2.14
Price to Earnings (P/E)		 24.11 23.81 22.29 19.34 20.69 21.24 27.13 20.89 20.83 20.69 21.34
Dividend Yield		 4.00% 3.95% 4.45% 4.36% 4.16% 4.04% 2.82% 2.80% 2.75% 2.89% 2.94%
Earnings Yield		 4.15% 4.20% 4.49% 5.17% 4.83% 4.71% 3.69% 4.79% 4.80% 4.83% 4.69%
Enterprise Value to Invested Capital (EV/IC)		 2.53 2.60 2.41 2.73 2.79 2.80 3.64 3.72 3.67 3.42 3.39
Enterprise Value to Revenue (EV/Rev)		 2.15 2.27 2.18 1.83 1.91 1.94 2.54 2.58 2.67 2.60 2.56
Enterprise Value to EBITDA (EV/EBITDA)		 19.66 20.47 19.56 13.62 13.71 13.32 16.48 14.08 14.41 14.57 14.46
Enterprise Value to EBIT (EV/EBIT)		 30.34 31.76 31.30 17.87 17.48 16.64 20.07 16.71 17.14 17.41 17.32
Enterprise Value to NOPAT (EV/NOPAT)		 31.73 31.35 28.72 21.21 21.37 20.55 24.27 21.48 21.45 21.47 22.13
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.59 18.01 12.96 14.59 14.28 14.31 21.17 18.66 22.33 25.23 25.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.26 19.89 17.21 17.51 8.89 9.48 13.23 22.18 27.33 40.29 38.71
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.52 1.60 1.65 1.74 1.81 1.71 1.56 1.48 1.40 1.40 1.31
Long-Term Debt to Equity		 1.29 1.20 1.29 1.51 1.34 1.46 1.34 1.29 1.25 1.03 1.01
Financial Leverage		 1.43 1.41 1.29 1.30 1.50 1.52 1.36 1.43 1.48 1.43 1.30
Leverage Ratio		 4.24 4.22 4.18 4.41 4.38 4.37 4.29 4.31 4.22 4.08 3.90
Compound Leverage Factor		 3.43 3.53 3.29 2.36 3.54 3.68 3.61 3.74 3.61 3.51 3.39
Debt to Total Capital		 60.28% 61.48% 62.33% 63.55% 64.42% 63.11% 60.90% 59.67% 58.26% 58.27% 56.71%
Short-Term Debt to Total Capital		 9.21% 15.15% 13.62% 8.48% 16.71% 9.21% 8.34% 7.74% 6.12% 15.24% 12.95%
Long-Term Debt to Total Capital		 51.07% 46.34% 48.71% 55.06% 47.71% 53.90% 52.55% 51.93% 52.14% 43.03% 43.76%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.79% 2.34% 2.11% 2.10% 1.37% 1.29% 1.12% 1.11% 1.14% 1.00% 0.93%
Common Equity to Total Capital		 35.93% 36.18% 35.57% 34.35% 34.22% 35.60% 37.98% 39.22% 40.60% 40.73% 42.36%
Debt to EBITDA		 5.03 5.14 5.71 3.33 3.29 3.13 2.96 2.46 2.40 2.60 2.51
Net Debt to EBITDA		 4.46 4.66 4.66 3.07 3.10 2.93 2.62 2.12 2.21 2.40 2.35
Long-Term Debt to EBITDA		 4.27 3.87 4.46 2.89 2.43 2.68 2.56 2.14 2.15 1.92 1.93
Debt to NOPAT		 8.12 7.87 8.38 5.19 5.12 4.84 4.36 3.76 3.57 3.83 3.84
Net Debt to NOPAT		 7.19 7.13 6.85 4.79 4.83 4.52 3.86 3.24 3.29 3.53 3.60
Long-Term Debt to NOPAT		 6.88 5.93 6.55 4.50 3.79 4.13 3.77 3.27 3.19 2.83 2.96
Altman Z-Score		 2.17 2.20 2.03 2.44 2.54 2.65 3.01 3.12 3.19 3.02 3.08
Noncontrolling Interest Sharing Ratio		 10.57% 8.34% 7.70% 8.11% 7.13% 4.92% 4.32% 4.15% 3.23% 2.89% 2.48%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.72 0.66 0.76 0.66 0.62 0.73 0.77 0.81 0.80 0.68 0.68
Quick Ratio		 0.36 0.35 0.46 0.36 0.35 0.40 0.46 0.48 0.44 0.38 0.38
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 630 824 862 426 1,927 1,802 1,536 377 7.96 -373 -277
Operating Cash Flow to CapEx		 135.96% 270.59% 452.69% 143.27% 234.84% 264.79% 386.71% 248.40% 65.91% 114.19% 349.31%
Free Cash Flow to Firm to Interest Expense		 9.00 11.28 11.50 5.02 23.21 21.71 20.49 5.39 0.13 -5.92 -4.61
Operating Cash Flow to Interest Expense		 3.94 5.04 10.08 2.88 4.39 4.53 7.37 6.67 1.84 2.68 8.38
Operating Cash Flow Less CapEx to Interest Expense		 1.04 3.18 7.85 0.87 2.52 2.82 5.47 3.99 -0.95 0.33 5.98
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.64 0.59 0.77 0.76 0.77 0.74 0.82 0.82 0.81 0.81
Accounts Receivable Turnover		 7.03 6.19 5.76 8.47 7.45 7.15 7.16 8.25 7.80 7.54 7.44
Inventory Turnover		 5.17 4.86 4.57 6.85 5.75 5.83 5.85 6.81 6.62 6.67 6.83
Fixed Asset Turnover		 3.26 3.18 3.04 4.16 3.77 3.72 3.67 3.96 3.92 3.82 3.76
Accounts Payable Turnover		 3.10 2.90 2.68 3.62 3.39 3.32 3.23 3.61 3.72 3.64 3.69
Days Sales Outstanding (DSO)		 51.94 58.94 63.37 43.11 49.01 51.02 50.98 44.23 46.78 48.39 49.06
Days Inventory Outstanding (DIO)		 70.59 75.10 79.84 53.31 63.53 62.63 62.42 53.57 55.10 54.72 53.42
Days Payable Outstanding (DPO)		 117.75 125.97 136.36 100.80 107.79 109.99 112.90 101.22 98.24 100.25 99.03
Cash Conversion Cycle (CCC)		 4.77 8.07 6.85 -4.37 4.75 3.66 0.49 -3.42 3.64 2.86 3.46
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 10,495 10,328 10,060 8,784 8,870 8,911 8,941 8,832 9,209 9,627 9,569
Invested Capital Turnover		 1.15 1.12 1.08 1.47 1.34 1.33 1.35 1.45 1.40 1.36 1.37
Increase / (Decrease) in Invested Capital		 -356 -493 -565 -239 -1,625 -1,417 -1,119 48 339 716 628
Enterprise Value (EV)		 26,548 26,837 24,254 24,001 24,754 24,913 32,558 32,844 33,764 32,926 32,463
Market Capitalization		 20,105 20,474 18,232 18,392 19,036 19,309 27,267 27,787 28,470 27,408 27,097
Book Value per Share		 $11.85 $11.57 $11.80 $9.27 $9.24 $9.67 $10.66 $10.95 $11.32 $11.84 $12.09
Tangible Book Value per Share		 ($11.51) ($10.63) ($10.29) ($11.43) ($10.98) ($10.35) ($9.33) ($8.67) ($8.32) ($7.97) ($7.65)
Total Capital		 11,276 10,959 11,353 9,242 9,212 9,290 9,611 9,625 9,642 10,089 9,921
Total Debt		 6,797 6,738 7,076 5,873 5,934 5,863 5,853 5,743 5,617 5,879 5,626
Total Long-Term Debt		 5,759 5,078 5,530 5,089 4,395 5,007 5,051 4,998 5,027 4,341 4,341
Net Debt		 6,016 6,107 5,783 5,415 5,592 5,484 5,183 4,950 5,184 5,417 5,274
Capital Expenditures (CapEx)		 203 136 167 171 155 142 143 188 176 148 144
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -986 -836 -1,091 -1,220 -778 -720 -887 -855 -607 -527 -600
Debt-free Net Working Capital (DFNWC)		 -639 -528 8.00 -946 -536 -448 -318 -161 -277 -173 -360
Net Working Capital (NWC)		 -1,677 -2,188 -1,538 -1,730 -2,075 -1,304 -1,120 -906 -867 -1,711 -1,645
Net Nonoperating Expense (NNE)		 -28 -26 28 151 31 41 50 64 39 40 37
Net Nonoperating Obligations (NNO)		 6,016 6,107 5,783 5,415 5,592 5,484 5,183 4,950 5,184 5,417 5,274
Total Depreciation and Amortization (D&A)		 116 110 112 81 86 95 92 94 92 91 94
Debt-free, Cash-free Net Working Capital to Revenue		 -8.00% -7.08% -9.81% -9.30% -5.99% -5.62% -6.93% -6.71% -4.81% -4.17% -4.74%
Debt-free Net Working Capital to Revenue		 -5.19% -4.47% 0.07% -7.21% -4.13% -3.49% -2.48% -1.26% -2.19% -1.37% -2.84%
Net Working Capital to Revenue		 -13.61% -18.53% -13.83% -13.18% -15.99% -10.17% -8.75% -7.11% -6.86% -13.53% -12.98%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.87 $1.04 $0.79 ($1.75) $0.78 $2.02 $2.14 $2.90 $0.88 $0.86 $0.89
Adjusted Weighted Average Basic Shares Outstanding		 342M 343M 342M 340.68M 341M 342M 343M 345.22M 346M 347M 348M
Adjusted Diluted Earnings per Share		 $0.86 $1.03 $0.78 ($1.72) $0.78 $2.00 $2.10 $2.88 $0.87 $0.85 $0.88
Adjusted Weighted Average Diluted Shares Outstanding		 345M 345M 345M 340.68M 344M 345M 347M 345.22M 349M 350M 350M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 342.76M 342.35M 342.52M 340.68M 341.88M 342.29M 344.70M 345.22M 346.94M 347.67M 347.93M
Normalized Net Operating Profit after Tax (NOPAT)		 274 331 297 187 302 385 417 425 347 343 351
Normalized NOPAT Margin		 8.20% 9.87% 9.14% 5.91% 9.43% 12.06% 12.91% 13.61% 11.25% 10.72% 10.78%
Pre Tax Income Margin		 8.77% 11.10% 8.51% 3.09% 11.03% 13.88% 12.43% 14.60% 12.26% 11.99% 12.27%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.19 6.10 4.69 2.15 5.25 6.34 6.36 7.51 7.00 7.10 7.67
NOPAT to Interest Expense		 3.91 4.53 3.97 2.21 3.64 4.64 5.57 6.07 5.51 5.45 5.86
EBIT Less CapEx to Interest Expense		 2.29 4.23 2.47 0.14 3.39 4.63 4.45 4.83 4.21 4.75 5.27
NOPAT Less CapEx to Interest Expense		 1.01 2.67 1.74 0.19 1.77 2.93 3.66 3.39 2.71 3.10 3.46
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 95.70% 92.87% 98.18% 82.99% 84.57% 84.67% 75.64% 57.78% 56.67% 58.85% 61.74%
Augmented Payout Ratio		 95.70% 99.77% 105.45% 100.62% 102.79% 96.63% 86.44% 57.78% 56.67% 58.85% 61.74%

Financials Breakdown Chart

Key Financial Trends

Q3 2025 snapshot and four-year trend for Kellanova (K)

  • Revenue stability: Q3 2025 revenue reached about $3.26B, with topline fairly flat versus prior-year quarters, suggesting stable demand.
  • Strong operating cash flow: Operating cash flow in Q3 2025 was approximately $503M, indicating solid cash generation from core operations.
  • Free cash flow visibility: Estimated free cash flow around $359M in Q3 2025 (CFO about $503M minus capex of $144M), supporting dividends and selective investing.
  • Liquidity position improving: Cash and equivalents rose to about $2.40B by Q3 2025, boosting liquidity despite negative working capital.
  • Capital actions boosting liquidity: Equity issuances in 2025 added cash to the balance sheet, contributing to liquidity headroom.
  • Elevated leverage: Total liabilities around $11.35B vs. equity about $4.20B (roughly 2.7x debt-to-equity), signaling material leverage.
  • Tight working capital: Current assets about $3.47B vs. current liabilities $5.11B in Q3 2025 (working capital negative), with substantial goodwill/intangible assets that could carry impairment risk.
  • Financing cash outflows: Financing activities showed sizable cash outflows in Q3 2025 (~$455M), driven by debt repayments and dividends, which subdued near-term liquidity.
05/17/26 03:46 PM ETAI Generated. May Contain Errors.

Kellanova Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kellanova's financial year ends in December. Their financial year 2024 ended on December 28, 2024.

Kellanova's net income appears to be on an upward trend, with a most recent value of $1.34 billion in 2024, rising from $633 million in 2014. The previous period was $964 million in 2023. View Kellanova's forecast to see where analysts expect Kellanova to go next.

Kellanova's total operating income in 2024 was $1.87 billion, based on the following breakdown:
  • Total Gross Profit: $4.55 billion
  • Total Operating Expenses: $2.67 billion

Over the last 10 years, Kellanova's total revenue changed from $14.58 billion in 2014 to $12.75 billion in 2024, a change of -12.6%.

Kellanova's total liabilities were at $11.75 billion at the end of 2024, a 4.1% decrease from 2023, and a 4.5% decrease since 2014.

In the past 10 years, Kellanova's cash and equivalents has ranged from $251 million in 2015 to $694 million in 2024, and is currently $694 million as of their latest financial filing in 2024.

Over the last 10 years, Kellanova's book value per share changed from 7.86 in 2014 to 10.95 in 2024, a change of 39.4%.


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Financial statements for NYSE:K last updated on 10/30/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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