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WK Kellogg Co
WK Kellogg Co (KLG) investor relations material
WK Kellogg Co has been acquired
WK Kellogg Co Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Entered into a definitive merger agreement with Ferrero International S.A. for $23.00 per share in cash, pending shareholder and regulatory approval, with closing expected in the second half of 2025.
Reported net sales of $613 million for Q2 2025, down 8.8% year-over-year; year-to-date net sales were $1,276 million, down 7.5%.
Net income for Q2 2025 was $8 million (1.3% margin), a 78% decrease year-over-year; year-to-date net income was $29 million, down 59%.
Announced major supply chain restructuring, including closure of the Omaha plant and scale-back at Memphis, with expected charges of $230–$270 million through 2027.
Restated prior period financials due to inventory and cash misclassifications originating from the 2023 spin-off, with no cash impact.
Financial highlights
Q2 2025 gross profit was $166 million (27.2% margin), down from $202 million (30.1%) in Q2 2024; year-to-date gross margin fell 140 bps to 28.2%.
Adjusted EBITDA for Q2 2025 was $57 million (9.4% margin), down from $83 million (12.4%) in Q2 2024; year-to-date adjusted EBITDA was $134 million, down 18%.
Free cash flow for year-to-date 2025 was $(108) million, compared to $(10) million in 2024, reflecting higher capital expenditures.
Selling, general & administrative expenses decreased 4% in Q2 2025 to $143 million, mainly due to lower advertising and promotion.
Operating cash flow for the first half of 2025 was $16 million, down from $37 million in the prior year, mainly due to lower net income and changes in receivables.
Outlook and guidance
Expects merger with Ferrero to close in the second half of 2025, subject to approvals.
Full-year 2025 financial guidance suspended due to pending acquisition; no earnings call will be held.
Ongoing restructuring expected to result in cumulative pre-tax charges of $230–$270 million through 2027, with $30–$40 million in cash costs for severance and transition.
Management anticipates near-term increased indebtedness to fund capital projects, followed by debt reduction to enhance financial flexibility.
Key risks to Ferrero merger completion?
Explain the significant drop in free cash flow.
What is the purpose of supply chain restructuring?
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WK Kellogg Co
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Frequently asked questions
WK Kellogg Co operates as a food company in the United States, Canada, and the Caribbean. It specializes in manufacturing, marketing, and distributing ready-to-eat cereal products. Key brands under its portfolio include Frosted Flakes, Special K, Froot Loops, Raisin Bran, Frosted Mini-Wheats, and Kashi. The company was formerly known as North America Cereal Co. before changing its name to WK Kellogg Co in March 2023 following its incorporation in 2022. WK Kellogg Co began trading independently in October 2023 after being spun off from the former Kellogg business, now known as Kellanova, which retained the global snacks portfolio and international cereal brands. The company is headquartered in Battle Creek, Michigan, and its shares are listed on the NYSE.
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