KELLANOVA (K) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for KELLANOVA.

Analyst Coverage

Research analysts who have asked questions during KELLANOVA earnings calls.

Michael Lavery

Piper Sandler & Co.

4 questions for K

Also covers: BGS, BYND, CELH +22 more

Alexia Howard

AllianceBernstein

3 questions for K

Also covers: BRBR, BYND, CAG +10 more

David Palmer

Evercore ISI

3 questions for K

Also covers: BGS, BRBR, CAG +21 more

Max Andrew Gumport

BNP Paribas

3 questions for K

Also covers: CAG, FLO, GIS +8 more

Stephen Robert Powers

Deutsche Bank

3 questions for K

Also covers: BRBR, CHD, CL +20 more

Thomas Palmer

Citigroup Inc.

3 questions for K

Also covers: ADM, BG, BRBR +14 more

Andrew Lazar

Barclays PLC

2 questions for K

Also covers: BGS, BRBR, CAG +15 more

Christopher Carey

Wells Fargo & Company

2 questions for K

Also covers: CAG, CHD, CL +21 more

Kenneth Goldman

JPMorgan Chase & Co.

2 questions for K

Also covers: ACI, BRBR, BYND +17 more

Robert Dickerson

Jefferies

2 questions for K

Also covers: BGS, JJSF, KLG +11 more

Robert Moskow

TD Cowen

2 questions for K

Also covers: BGS, BRBR, BYND +27 more

Jason English

Goldman Sachs

1 question for K

Max Gumport

BNP Paribas

1 question for K

Also covers: CAG, FLO, GIS +10 more

Peter Galbo

Bank of America

1 question for K

Also covers: CAG, CL, CPB +23 more

Stephen Powers

Deutsche Bank

1 question for K

Also covers: BRBR, CELH, CLX +7 more

Steve Powers

Deutsche Bank

1 question for K

Also covers: BRBR, CHD, CL +22 more

Latest news

Recent press releases and 8-K filings for K.

Kellanova acquired by Mars

M&A

Delisting/Listing Issues

Mars, Incorporated completed the acquisition of Kellanova on December 11, 2025, combining Kellanova’s billion-dollar brands (Pringles®, Cheez-It®, Pop-Tarts®) with Mars’s snacking portfolio.
The merger, announced August 14, 2024, received Kellanova shareholder approval on November 1, 2024, and secured all required regulatory approvals as of December 8, 2025.
Kellanova became a wholly owned Mars subsidiary and guaranteed Mars’s senior secured credit facilities ($4.0 billion revolving, $4.0 billion delayed-draw term) and all senior note obligations on a senior unsecured basis.
Concurrently, Kellanova terminated and fully repaid its existing five-year credit agreement dated December 21, 2021.
Trading of Kellanova common stock and its 0.500% and 3.750% senior notes was halted; delisting from the NYSE and LuxSE will occur via Form 25 and Form 15 filings.

Dec 11, 2025, 1:23 PM

8-K

Kellanova acquired by Mars, creating Mars Snacking

M&A

Mars has completed its acquisition of Kellanova, uniting two portfolios under the newly formed Mars Snacking division with over 50,000 associates worldwide.
The transaction timeline included a definitive agreement on August 14, 2024, shareowner approval on November 1, 2024, and all regulatory approvals as of December 8, 2025.
The combined snack portfolio now features billion-dollar brands such as Pringles®, Cheez-It®, Pop-Tarts®, RXBAR® and Mars’s existing SNICKERS®, M&M’S® and KIND®.
Mars, a $65 billion+ family-owned business, further expands its global market reach and capabilities in snacking alongside its pet care and veterinary services operations.

Dec 11, 2025, 1:17 PM

Press Release

Kellanova acquisition receives final EU approval

M&A

Delisting/Listing Issues

Mars has obtained final, unconditional approval from the European Commission for its acquisition of Kellanova, completing all required regulatory clearances for the transaction.
The merger is expected to close on December 11, 2025, subject to customary closing conditions.
Upon closing, Kellanova’s portfolio—featuring brands such as Pringles®, Cheez-It®, Pop-Tarts® and RXBAR®—will integrate into Mars Snacking.
Mars projects the combined Snacking business will generate around $36 billion in annual revenues and include nine billion-dollar brands.
Following completion, Kellanova’s common stock will be delisted from the New York Stock Exchange and cease trading.

Dec 8, 2025, 2:22 PM

8-K

Kellanova acquisition approved by European Commission

M&A

The European Commission granted unconditional approval for Mars’ $36 billion acquisition of Kellanova, expected to close on December 11, 2025.
The merger combines Mars’ confectionery brands (Snickers, M&M’s, Twix) with Kellanova’s snacks (Pringles, Cheez-It, Pop-Tarts), and adds cereal and frozen foods segments to Mars’ portfolio.
Post-merger, the combined business will operate over 80 global production facilities and more than 170 retail outlets, expanding Mars’ snacking footprint worldwide.
This deal, the largest in the packaged-food sector in nearly a decade, was cleared after the European Commission concluded it would not significantly increase Mars’ bargaining power over retailers.
Mars CEO Poul Weihrauch emphasized plans to integrate Kellanova employees and enhance innovation to offer consumers a broader range of high-quality snacking options.

Dec 8, 2025, 2:17 PM

Bloomberg

Kellanova acquisition approved by EU, closing set for December 11, 2025

M&A

The European Commission granted final, unconditional approval for Mars’ acquisition of Kellanova, allowing the transaction to close on December 11, 2025 subject to customary conditions.
Upon closing, Kellanova’s snacking portfolio—including Pringles®, Cheez-It®, Pop-Tarts® and RXBAR®—will join Mars Snacking’s existing brands.
The combined Snacking business is projected to generate around $36 billion in annual revenues, featuring 9 billion-dollar brands, operating in 145 markets with over 50,000 associates and 80 production facilities.

Dec 8, 2025, 2:13 PM

Press Release

Kellanova boosts memory chip stockpiles 50% amid AI-driven shortage

New Projects/Investments

Guidance Update

Kellanova has increased its memory chip and critical component inventory by 50% above normal levels to counteract the global semiconductor shortage driven by AI data center demand.
The elevated stockpile is intended to maintain product availability and avoid passing rising component costs to consumers this quarter, though the company anticipates potential gadget price increases in 2026.
CFO Winston Cheng noted that long-term contracts and scale provide a competitive advantage, while the September-quarter profit saw a slight decline as investments in AI capabilities offset robust PC and device sales.

Nov 24, 2025, 2:45 AM

Bloomberg

Kellanova outlines 2026 CPG growth trends

Kellanova identifies five CPG growth trends—digital engagement, precision measurement, agentic AI commerce, creator-led community, and agile operations—for 2026 planning.
Digital strategies like short-form video and micro-personalized content, supported by AI predictive scoring, improved campaign performance by 2.16× and increased profit ROI by 11%.
A UK clean-room pilot using unified data analytics achieved a 9% sales lift among price-sensitive shoppers and a 36% uplift for loyal buyers.
Investments in agentic AI (e.g., Walmart’s ChatGPT Instant Checkout) and creator partnerships (e.g., Celeste Barber) enhance personalized shopping and brand community engagement.
Cross-functional agility drove a $1 improvement in ROI and a 91% increase in promotional effectiveness from 2024 to 2025.

Nov 13, 2025, 2:03 PM

Press Release

Kellanova reports Q3 2025 results

Earnings

M&A

Guidance Update

Pending merger with Mars at $83.50 per share, approved November 1, 2024, expected to close end-2025.
Net sales of $3.26 billion, up 0.9% vs. Q3 2024.
Reported operating profit of $452 million (–0.6% y/y); adjusted operating profit of $473 million (+7.3%).
Reported diluted EPS of $0.88 (–16.2%); adjusted diluted EPS of $0.94 (+3.3%).
No forward guidance provided due to the pending merger.

Oct 30, 2025, 12:01 PM

8-K

IZEA reports Q2 2025 financial results

Earnings

Revenue Acceleration/Inflection

Total Q2 2025 revenue of $9.1 million, flat year-over-year; excluding the divested Hoozu segment, on-going operations revenue grew 11%.
Managed Services bookings were $5.6 million, down from $10.3 million in Q2 2024, as the company refocused on larger, more profitable contracts.
Achieved first profitable quarter in company history with net income of $1.2 million ($0.07 per share) versus a net loss of $2.2 million (-$0.13 per share) in Q2 2024.
Adjusted EBITDA turned positive at $1.3 million compared to a loss of $2.2 million in the prior-year quarter.
Ended the quarter with $50.6 million in cash and equivalents and no long-term debt as of June 30, 2025.

Aug 12, 2025, 8:01 PM

Press Release

Kellanova reports Q2 2025 results; Mars acquisition pending

Earnings

M&A

Mars to acquire Kellanova for $83.50 per share, expected to close towards end-2025 after shareowner approval on November 1, 2024.
Q2 2025 reported net sales of $3,203 million, up 0.3% year-over-year; organic net sales also +0.3% YoY.
Q2 adjusted operating profit of $477 million, down 5.0% YoY, and adjusted EPS of $0.94, down 6.9% YoY.
Year-to-date free cash flow was $(39) million, versus $443 million in the prior-year period.
Kellanova will not provide forward-looking guidance due to the pending merger with Mars.