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Kellanova

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Kellanova • NYSE
$83.64 ▲ 0.05% (+0.04)
Market Cap $29.10 B
52w High $83.65
52w Low $76.48
Dividend Yield 2.29%
P/E 22.85
Volume 1.38M
Outstanding Shares 347.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.26B ▲ $632M ▼ $309M ▲ 9.479% ▲ $0.89 ▲ $554M ▼
Q2-2025 $3.203B ▲ $661M ▲ $299M ▼ 9.335% ▼ $0.86 ▼ $555M ▲
Q1-2025 $3.083B ▼ $637M ▼ $304M ▼ 9.861% ▼ $0.879 ▼ $549M ▼
Q4-2024 $3.124B ▼ $670M ▼ $365M ▼ 11.684% ▲ $1.058 ▼ $648M ▲
Q3-2024 $3.233B $738M $367M 11.352% $1.07 $577M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $240M ▼ $15.645B ▼ $11.35B ▼ $4.203B ▲
Q2-2025 $354M ▲ $15.871B ▲ $11.661B ▲ $4.109B ▲
Q1-2025 $330M ▼ $15.474B ▼ $11.449B ▼ $3.915B ▲
Q4-2024 $694M ▲ $15.628B ▼ $11.746B ▼ $3.775B ▲
Q3-2024 $569M $15.763B $12.005B $3.65B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $303M ▼ $169M ▲ $-170M ▼ $32M ▲ $24M ▲ $21M ▲
Q1-2025 $308M ▼ $116M ▼ $-152M ▲ $-313M ▼ $-364M ▼ $-60M ▼
Q4-2024 $368M ▼ $467M ▼ $-161M ▼ $-190M ▼ $125M ▼ $279M ▼
Q3-2024 $370M ▲ $553M ▲ $-135M ▼ $-127M ▲ $297M ▲ $410M ▲
Q2-2024 $347M $376M $-121M $-232M $30M $234M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Frozen And Specialty Channels
Frozen And Specialty Channels
 $270.00M ▲$290.00M ▲$260.00M ▼$280.00M ▲
NoodlesandOther
NoodlesandOther
 $260.00M ▲$250.00M ▼$270.00M ▲$280.00M ▲
Retail Channel Cereal
Retail Channel Cereal
 $630.00M ▲$650.00M ▲$670.00M ▲$680.00M ▲
Retail Channel Snacks
Retail Channel Snacks
 $1.97Bn ▲$1.90Bn ▼$2.01Bn ▲$2.03Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Kellanova’s sales have been fairly steady over the past several years, with only modest ups and downs, but profits have improved meaningfully. Margins have strengthened, suggesting better pricing power, product mix, and cost control. After a softer patch in the middle of the five‑year period, net earnings and earnings per share have clearly recovered. Overall, this looks more like a mature, stable business gradually getting more efficient than a fast-growing one, with profitability trending in the right direction even without big revenue expansion.

Balance Sheet

Balance Sheet The balance sheet shows a reasonably stable asset base and a gradual easing of debt from earlier, higher levels. Debt is still significant compared with the company’s equity, so leverage remains something to watch, but the direction has been improving rather than worsening. Cash on hand has ticked up recently but is still modest, which means the company relies more on its ongoing cash generation than on a large cash cushion. Equity has rebuilt after an earlier dip, pointing to some strengthening of the financial foundation, though the company is not under‑levered by any means.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently solid through different market conditions, and free cash flow has remained positive every year, even after funding ongoing investments in the business. Capital spending has edged higher, which fits with the company’s focus on modernizing operations and supporting growth, but it has not overwhelmed cash generation. This pattern suggests a business that can fund its needs internally, support shareholder returns, and still invest, though it does not leave unlimited room for very large new commitments without tapping debt or equity.

Competitive Edge

Competitive Edge Kellanova holds a strong spot in global snacking, anchored by well-known brands like Pringles, Cheez-It, Pop-Tarts, and Eggo. These brands have deep consumer recognition and loyalty, which is hard for new entrants to replicate, and the company’s broad international distribution gives it scale advantages in sourcing, manufacturing, and marketing. That said, the broader food space has low switching costs for consumers and intense competition from both global peers and private-label products, so its moat is better described as resilient but not unbreakable. The post‑cereal spin sharpened its focus on faster-growing snack categories, improving its competitive positioning, but ongoing pressure from changing tastes, retailer bargaining power, and input cost volatility remains a structural risk.

Innovation and R&D

Innovation and R&D Innovation at Kellanova is less about moonshot products and more about a steady stream of improvements supported by technology. The company is using artificial intelligence, machine learning, and digital twins to run factories more efficiently, forecast demand, manage inventory, and fine-tune marketing. On the product side, it regularly refreshes core brands with new flavors, formats, and “better‑for‑you” options, and is leaning into e‑commerce, direct‑to‑consumer channels, and specialized markets like schools and away‑from‑home snacking. Sustainability and responsible sourcing are woven into its future product plans. The pending acquisition by Mars, if completed as described, could further expand its innovation resources and reach, but would also introduce integration and execution risks that could temporarily distract from day‑to‑day product development.

Summary

Kellanova presents as a mature, defensive consumer business with improving profitability, a solid but not ultra‑conservative balance sheet, and reliable cash generation. Its strength comes from a collection of entrenched snack brands and a global footprint, supported by increasingly sophisticated use of data and digital tools in both operations and marketing. The company appears to be trading some top‑line excitement for steadier margins and cash flow, leaning on price, mix, and efficiency rather than aggressive volume growth. Key uncertainties to monitor include its ability to keep brands relevant amid health and wellness trends, maintain pricing power in a competitive, low‑switching‑cost category, manage leverage prudently, and execute both its technology agenda and any large strategic moves such as the planned Mars transaction without disrupting its underlying resilience.

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