Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles. The company offers its products under the Kellogg's, Cheez-It, Pringles, Austin, Parati, RXBAR, Eggo, Morningstar Farms, Bisco, Club, Luxe, Minueto, Special K, Toasteds, Town House, Zesta, Zoo Cartoon, Choco Krispis, Crunchy Nut, Kashi, Nutri-Grain, Squares, Zucaritas, Rice Krispies Treats, Sucrilhos, Pop-Tarts, K-Time, Sunibrite, Split Stix, LCMs, Coco Pops, Krave, Frosties, Rice Krispies Squares, Incogmeato, Veggitizers, Gardenburger, Trink, Carr's, Kellogg's Extra, Müsli, Fruit n Fibre, Kellogg's Crunchy Nut, Country Store, Smacks, Honey Bsss, Zimmy's, Toppas, Tresor, Froot Ring, Chocos, Chex, Guardian, Just Right, Sultana Bran, Rice Bubbles, Sustain, and Choco Krispies brand names. It sells its products to retailers through direct sales forces, as well as brokers and distributors. The company was formerly known as Kellogg Company and changed its name to Kellanova in October 2023. Kellanova was founded in 1906 and is headquartered in Chicago, Illinois.

Kellanova

The Board of Directors of Hubbell today declared a 8% increase in its common stock dividend rate. The new annual payment of $5.68 per share, or $1.42 per quarter, compares to the former rate of $5.28 per share, or $1.32 per quarter. The dividend will be paid on December 15, 2025 to shareholders of record on November 28, 2025.
Middlesex Water announced today that its Board of Directors has declared a quarterly cash dividend of $0.36 per share on its common stock, a 5.88% increase from the $0.34 per share dividend last declared in July 2025. This increase raises the annual dividend rate to $1.44 from $1.36 per share of common stock and marks Middlesex Water's 53rd consecutive year of dividend increases. The dividend at the new rate is payable December 1, 2025 to shareholders of record as of November 17, 2025. Middlesex has paid cash dividends in varying amounts continually since 1912.
Linde announced its Board of Directors has declared a quarterly dividend of $1.50 per share. The dividend is payable on December 17, 2025 to shareholders of record on December 3, 2025.
Kellanova today announced that its Board of Directors declared a dividend of $0.58 per share on the common stock of Kellanova, payable on December 15, 2025, to shareowners of record at the close of business on December 1, 2025. The ex-dividend date is December 1, 2025. This is the 404th dividend that Kellanova has paid to owners of common stock since 1925.
Franklin Electric announced today that its Board of Directors declared a quarterly cash dividend of $0.265 per share payable November 20, 2025, to shareholders of record on November 6, 2025.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Daily Dividend Report: HUBB,MSEX,LIN,K,FELE

The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.26%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.15%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.44%. December E-mini S&P futures (ESZ25) rose +0.24%, and December E-mini Nasdaq futures (NQZ25) rose +0.42%.
Stock indexes on Monday settled higher. The broader market rose and bond yields fell on Monday, as hopes grew that weak US labormarket newsthis week, including the August JOLTS job openings, the September ADP employment change, and the September nonfarm payrolls, would prompt the Fed to continue cutting interest rates. The 10-year T-note yield fell -3 bp to 4.14%.
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Stock indexes are in the midst of a 5.5-month-long rally that pushed the S&P 500, the Dow Jones Industrial Average, and the Nasdaq 100 to record highs last week, driven by strong earnings growth, the Fed’s easing measures without a recession, and global fiscal policy easing. Stocks extended their gains on Monday after US Aug pending home sales rose more than expected by the most in 5 months.
Chipmakers rose on Monday to lead technology stocks higher. However, weakness in energy producers limited gains in the overall market after the price of WTI crude oil tumbled by more than -3%.
The price of COMEX gold (GCZ25) rose more than 1% Monday, reaching a record above $3,800 an ounce, driven by the outlook for additional Fed easing, uncertainty tied to US tariffs, and the increased risk of a US government shutdown.
US Aug pending home sales rose +4.0% m/m, stronger than expectations of +0.4% m/m and the biggest increase in 5 months.
The US Sep Dallas Fed manufacturing activity survey unexpectedly fell -6.9 to -8.7, weaker than expectations of an increase to -1.0.
Fed comments on Monday were mixed. On the dovish side, New York Fed President John Williams said inflation risks have receded, while those for employment have moved up, making it sensible for the Fed to lower interest rates. Conversely, Cleveland Fed President Beth Hammack said inflation “is not really getting back down to the Fed’s objective of 2% until the end of 2027 or early 2028” and that “we really need to maintain a restrictive stance for policy.”
A potential negative factor for market sentiment is the likelihood that the US government will shut down on Wednesday if lawmakers fail to pass a spending bill or continuing resolution (CR) by then. Congressional leaders are scheduled to meet with President Trump on Monday to negotiate a short-term spending bill. The White House warned last Wednesday that a shutdown would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities.
Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, more than 22% of companies in the S&P 500 provided guidance for their Q3 earnings results that are expected to beat analysts’ expectations, the highest in a year. Also, S&P companies are expected to post +6.9% earnings growth in Q3, up from +6.7% as of the end of May.
The markets are pricing in an 89% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Market focus this week will be on any new trade or tariff news. On Tuesday, the Sep MNI Chicago PMI is expected to climb by +1.8 to 43.3. Also, Aug JOLTS job openings are expected to slip -11,000 to 7.170 million. Finally, the Conference Board’s Sep consumer confidence index is expected to fall -1.4 to 96.0. On Wednesday, the Sep ADP employment change is expected to increase by +50,000. Also, the Sep ISM manufacturing index is expected to rise by +0.3 to 49.0. On Thursday, weekly initial unemployment claims are expected to increase by +7,000 to 225,000. Also, Aug factory orders are expected to increase by +1.4% m/m. On Friday, Sep nonfarm payrolls are expected to increase by +50,000, and the Sep unemployment rate is expected to remain unchanged at 4.3%. Also, Sep average hourly earnings are expected to increase by +0.3% m/m and +3.7% y/y. Finally, the Sep ISM services index is expected to slip -0.3 to 51.7.
Overseas stock markets on Monday settled mixed. The Euro Stoxx 50 climbed to a 6.75-month high and closed up +0.13%. China’s Shanghai Composite rose to a 1-week high and closed up +0.90%. Japan’s Nikkei Stock 225 fell to a 1-week low and closed down -0.69%.
Interest Rates
December 10-year T-notes (ZNZ5) on Monday closed up +8 ticks. The 10-year T-note yield fell -3.7 bp to 4.139%. T-notes moved higher Monday on expectations that this week’s US labormarket newswill show weakness in the labor market that will allow the Fed to keep cutting interest rates. Also, Monday’s -3% plunge in WTI crude oil prices lowered inflation expectations, a supportive factor for Fed policy and T-note prices, as the 10-year breakeven inflation rate fell to a 1.5-week low of 2.357%. T-notes fell back from their best level after Cleveland Fed President Beth Hammack said she was still worried about inflation and argued against additional Fed rate cuts.
European government bond yields on Monday moved lower. The 10-year German bund yield fell to a 1-week low of 2.706% and finished down -3.8 bp at 2.707%. The 10-year UK gilt yield fell -4.6 bp to 4.700%.
Eurozone Sep economic confidence unexpectedly rose +0.2 to 95.5, stronger than expectations of 95.3.
ECB Governing Council member Makhlouf said the ECB is “near the bottom” of its rate-cutting cycle and policymakers need to remain vigilant because the full impact of US tariffs “is still to feed through” to European Union imports.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Chipmakers moved higher on Monday, providing a boost to the overall market. GlobalFoundries (GFS) and Micron Technology (MU) closed up more than +3%. Also, Lam Research (LRCX) closed up more than +2% after Deutsche Bank upgraded the stock to buy from hold with a price target of $150. In addition, Nvidia (NVDA) closed up more than +1% to lead gainers in the Dow Jones Industrials. Finally, Advanced Micro Devices (AMD) and ASML Holding NV (ASML) closed up more than +1%.
Energy producers and energy service providers retreated on Monday after the price of WTI crude oil fell by more than 3%. Diamondback Energy (FANG) and Devon Energy (DVN) closed down more than -3%. Also, Chevron (CVX) closed down more than -2% to lead losers in the Dow Jones Industrials. In addition, ConocoPhillips (COP) and Exxon Mobil (XOM) closed down more than -2%. Finally, APA Corp (APA), Marathon Petroleum (MPC), Schlumberger (SLB), Phillips 66 (PSX), and Valero Energy (VLO) closed down more than -1%.
Merus NV (MRUS) closed up more than +35% after Genmab announced a deal to acquire the company for $8 billion or $97 per share.
Robinhood Markets (HOOD) closed up more than +12% to lead gainers in the S&P 500 after CEO Tenev said his customers have now transacted more than 4 billion contracts on prediction markets, of which 2 billion were made in Q3 alone.
Western Digital (WDC) closed up more than +9% to lead gainers in the S&P 500 after Rosenblatt Securities raised its target on the stock to $125 from $90.
AppLovin (APP) closed up more than +6% to lead gainers in the Nasdaq 100 after Phillip Securities initiated coverage on the stock with a recommendation of accumulate with a price target of $725.
Kellanova (K) closed up more than +5% after Capital Forum said the European Union is “leading towards clearing” Mars Inc.’s acquisition of the company.
Oklo (OKLO) closed up more than +5% after Barclays initiated coverage on the stock with a recommendation of overweight with a price target of $146.
Electronic Arts (EA) closed up more than +4% after a consortium comprised of PIF, Silver Lake, and Affinity partners acquired the company for $55 billion or $210 per share.
MoonLake Immunotherapeutics (MLTX) closed down more than -89% on disappointing late-stage clinical trial data on the company’s experimental drug to treat the skin condition known as hidradenitis suppurativa.
Williams-Sonoma (WSM) closed down more than -4% to lead losers in the S&P 500 after President Trump threatened additional tariffs on furniture imports. RH (RH) also closed down more than -2% on the news.
Warner Bros Discovery (WBD) closed down more than -3% to lead losers in the Nasdaq 100 on concern that President Trump’s proposed 100% tariff on movies made overseas will likely raise programming budgets for movie studios.
Western Alliance Bancorp (WAL) closed down more than -1% after Wells Fargo Securities downgraded the stock to underweight from equal weight.
Choice Hotels (CHH) closed down more than -1% after Bank of America Global Research downgraded the stock to underperform from buy with a price target of $110.
Earnings Reports(9/30/2025)
Lamb Weston Holdings Inc (LW), NIKE Inc (NKE), Paychex Inc (PAYX), United Natural Foods Inc (UNFI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Finish Higher as Bond Yields Slip and Chip Makers Climb

In trading on Monday, shares of Kellanova (Symbol: K) crossed above their 200 day moving average of $81.06, changing hands as high as $81.98 per share. Kellanova shares are currently trading up about 5% on the day. The chart below shows the one year performance of K shares, versus its 200 day moving average:
Looking at the chart above, K's low point in its 52 week range is $76.48 per share, with $83.22 as the 52 week high point — that compares with a last trade of $81.89. The K DMA information above was sourced from TechnicalAnalysisChannel.com
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

K Crosses Above Key Moving Average Level

Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Kellanova (Symbol: K) were yielding above the 3% mark based on its quarterly dividend (annualized to $2.32), with the stock changing hands as low as $77.20 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the S&P 500 ETF (SPY) back on 12/31/1999 — you would have paid $146.88 per share. Fast forward to 12/31/2012 and each share was worth $142.41 on that date, a decrease of $4.67/share over all those years. But now consider that you collected a whopping $25.98 per share in dividends over the same period, for a positive total return of 23.36%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.6%; so by comparison collecting a yield above 3% would appear considerably attractive if that yield is sustainable. Kellanova (Symbol: K) is an S&P 500 company, giving it special status as one of the large-cap companies making up the S&P 500 Index.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Kellanova, looking at the history chart for K below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kellanova (K) Shares Cross 3% Yield Mark

Among the underlying components of the S&P 500 index, we saw noteworthy options trading volume today in Salesforce Inc (Symbol: CRM), where a total of 118,723 contracts have traded so far, representing approximately 11.9 million underlying shares. That amounts to about 140.1% of CRM's average daily trading volume over the past month of 8.5 million shares. Especially high volume was seen for the $300 strike call option expiring December 19, 2025, with 13,349 contracts trading so far today, representing approximately 1.3 million underlying shares of CRM. Below is a chart showing CRM's trailing twelve month trading history, with the $300 strike highlighted in orange:
Valero Energy Corp (Symbol: VLO) options are showing a volume of 18,355 contracts thus far today. That number of contracts represents approximately 1.8 million underlying shares, working out to a sizeable 84.4% of VLO's average daily trading volume over the past month, of 2.2 million shares. Especially high volume was seen for the $165 strike call option expiring September 05, 2025, with 9,119 contracts trading so far today, representing approximately 911,900 underlying shares of VLO. Below is a chart showing VLO's trailing twelve month trading history, with the $165 strike highlighted in orange:
And Kellanova (Symbol: K) saw options trading volume of 16,225 contracts, representing approximately 1.6 million underlying shares or approximately 77.4% of K's average daily trading volume over the past month, of 2.1 million shares. Especially high volume was seen for the $60 strike put option expiring January 16, 2026, with 7,567 contracts trading so far today, representing approximately 756,700 underlying shares of K. Below is a chart showing K's trailing twelve month trading history, with the $60 strike highlighted in orange:
For the various different available expirations for CRM options, VLO options, or K options, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Wednesday Option Activity: CRM, VLO, K

The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Kellanova (Symbol: K) presently has an excellent rank, in the top 25% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Kellanova an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of K entered into oversold territory, changing hands as low as $78.90 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Kellanova, the RSI reading has hit 27.3 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 54.2. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, K's recent annualized dividend of 2.32/share (currently paid in quarterly installments) works out to an annual yield of 2.92% based upon the recent $79.50 share price.
A bullish investor could look at K's 27.3 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on K is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kellanova Becomes Oversold

The NASDAQ 100 After Hours Indicator is down -10.68 to 23,692.77. The total After hours volume is currently 157,814,410 shares traded.
The following are the most active stocks for the after hours session:
NVIDIA Corporation (NVDA) is -0.47 at $179.70, with 6,504,874 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Oct 2025. The consensus EPS forecast is $1.11. As reported by Zacks, the current mean recommendation for NVDA is in the "buy range".
Bank of America Corporation (BAC) is -0.02 at $50.47, with 5,840,463 shares traded. As reported by Zacks, the current mean recommendation for BAC is in the "buy range".
Infosys Limited (INFY) is unchanged at $17.00, with 5,541,944 shares traded. INFY's current last sale is 85% of the target price of $20.
Alphabet Inc. (GOOGL) is -0.19 at $211.45, with 5,080,732 shares traded., following a 52-week high recorded in today's regular session.
CSX Corporation (CSX) is unchanged at $32.66, with 4,543,316 shares traded. As reported by Zacks, the current mean recommendation for CSX is in the "buy range".
Marvell Technology, Inc. (MRVL) is -6.4869 at $70.74, with 4,381,606 shares traded. Smarter Analyst Reports: Marvell Posts Upbeat Q4 Results, Provides Impressive Projections
Walmart Inc. (WMT) is +0.03 at $96.14, with 4,357,313 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Oct 2025. The consensus EPS forecast is $0.6. As reported by Zacks, the current mean recommendation for WMT is in the "buy range".
Amazon.com, Inc. (AMZN) is -0.21 at $231.39, with 4,327,914 shares traded. Over the last four weeks they have had 11 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2025. The consensus EPS forecast is $1.57. As reported by Zacks, the current mean recommendation for AMZN is in the "buy range".
Opendoor Technologies Inc (OPEN) is +0.11 at $4.38, with 3,943,726 shares traded. OPEN's current last sale is 461.05% of the target price of $0.95.
Schlumberger N.V. (SLB) is unchanged at $36.48, with 3,747,915 shares traded. As reported by Zacks, the current mean recommendation for SLB is in the "buy range".
Offerpad Solutions Inc. (OPAD) is -1.44 at $4.79, with 3,716,302 shares traded., following a 52-week high recorded in today's regular session.
Coca-Cola Company (The) (KO) is +0.03 at $68.39, with 3,083,148 shares traded. As reported by Zacks, the current mean recommendation for KO is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After Hours Most Active for Aug 28, 2025 : NVDA, BAC, INFY, GOOGL, CSX, MRVL, WMT, AMZN, OPEN, SLB, OPAD, KO

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X Adaptive US Factor ETF (Symbol: AUSF) where we have detected an approximate $83.2 million dollar outflow -- that's a 11.1% decrease week over week (from 16,560,002 to 14,730,002). Among the largest underlying components of AUSF, in trading today CME Group (Symbol: CME) is down about 0.1%, Intercontinental Exchange Inc (Symbol: ICE) is down about 0.6%, and Kellanova (Symbol: K) is lower by about 0.1%. For a complete list of holdings, visit the AUSF Holdings page » The chart below shows the one year price performance of AUSF, versus its 200 day moving average:
Looking at the chart above, AUSF's low point in its 52 week range is $38.5484 per share, with $45.92 as the 52 week high point — that compares with a last trade of $45.33. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy ETF Outflows: AUSF, CME, ICE, K

Investors in Kellanova (Symbol: K) saw new options become available today, for the October 17th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the K options chain for the new October 17th contracts and identified the following put contract of particular interest.
The put contract at the $77.50 strike price has a current bid of 40 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $77.50, but will also collect the premium, putting the cost basis of the shares at $77.10 (before broker commissions). To an investor already interested in purchasing shares of K, that could represent an attractive alternative to paying $80.11/share today.
Because the $77.50 strike represents an approximate 3% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 67%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 0.52% return on the cash commitment, or 2.94% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Kellanova, and highlighting in green where the $77.50 strike is located relative to that history:
The implied volatility in the put contract example above is 21%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 250 trading day closing values as well as today's price of $80.11) to be 5%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

October 17th Options Now Available For Kellanova (K)

Key Points
Revenue (non-GAAP) edged above estimates at $3.20 billion in Q2 2025, up 0.3% year over year.
Non-GAAP earnings per share missed estimates, coming in at $0.94 versus a $0.99 consensus, reflecting margin pressure.
No forward guidance was provided as Kellanova (NYSE:K) prepares for its pending merger with Mars, Inc.
Kellanova (NYSE:K), a global snack and convenience foods maker known for brands like Kellogg's, Cheez-It, and Pringles, released its earnings results for Q2 2025 on July 31, 2025. The company's organic net sales (non-GAAP) were $3,202 million, slightly above analyst forecasts of $3,188 million and up 0.3% from the year before. However, adjusted (Non-GAAP) earnings per share fell short at $0.94 compared to the expected $0.99, reflecting a 6.9% drop year over year. Despite steady sales and strong international performance, profits declined in several key business segments. The company focused on growth in emerging markets and cost discipline, but continued challenges in North America and Europe affected overall results.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (Non-GAAP)
$0.94
$0.99
$1.01
(6.9 %)
Revenue (GAAP)
$3.20 billion
N/A
$3.19 billion
0.3 %
Organic Revenue (Non-GAAP)
$3.20 billion
$3.19 billion
0.3%
Adjusted Operating Profit (Non-GAAP)
$477 million
$502 million
-5.0 %
Free Cash Flow (Year-to-date, Non-GAAP)
($39 million)
$443 million
n/m
Company Overview and Strategic Focus
Kellanova is a food company best known for its snacks and ready-to-eat meals, with production in 20 countries and sales across over 180 countries. Its portfolio includes well-known products like snacks (Cheez-It crackers, Pringles potato chips, and RXBAR protein bars), plus frozen foods and cereals.
In recent quarters, Kellanova completed the separation of its North America cereal business, which allowed the company to pivot its core focus to global snacks and convenience foods. The next major event on its agenda is the planned merger with Mars, Inc. The success of Kellanova's strategy depends on brand strength, international expansion, efficient supply chain operations, customer relationships with major retailers such as Walmart, and the ability to manage input costs and sustainability targets.
Quarterly Highlights and Segment Performance
During Q2 2025, Kellanova's revenue (non-GAAP) slightly surpassed analyst expectations and was nearly flat year over year. However, non-GAAP earnings per share fell short, dragged down by higher costs and weaker performance in several core markets. Adjusted operating profit dropped 5.0% from the prior year. Margin pressure was evident, with adjusted gross margin at 34.8% compared to 36.5% a year earlier. Company management attributed these trends to higher costs, unfavorable product mix, and softened demand in mature markets.
Regional performance in the second quarter of 2025 showed sharp contrasts. North America, traditionally the company's largest market, saw organic net sales and sales volumes each fall by 3.8% year over year. The region's adjusted operating profit declined 5.6%, as consumer demand for snacks and frozen foods remained soft. In Europe, organic net sales fell 5.1% and adjusted operating profit shrank by 9.3%, with management noting order disruptions from key customers as a factor.
Latin America experienced a 1.0% drop in organic net sales in the first half of 2025, mainly due to softer sales. The region's adjusted operating profit dropped 11.3% year over year, with volumes falling even as price increases partially offset the decline. In contrast, the Asia Pacific, Middle East, and Africa (AMEA) region was a bright spot in the second quarter of 2025. Organic net sales there jumped 18.7%, and adjusted operating profit climbed 5%. This surge was led by strong demand for noodles in Africa, highlighted as a key growth engine with organic net sales growth of 64.1% in the segment labeled "Noodles and Other."
Looking at product families, the core snacks business showed weakness in North America and Europe, with organic net sales falling 4.1% and 6.2%, respectively. In Latin America, snacks grew 8.8% year over year on an organic (non-GAAP) basis, with growth driven by higher prices and mix, while volume declined. North American frozen foods, another important category, registered a 2.6% sales decline. The AMEA noodles business was the company's standout growth area, helping offset stagnation in other segments.
Cash Flow, Capital, and Looking Forward
The company's free cash flow (non-GAAP) for the year-to-date period ended June 28, 2025, turned negative, with an outflow of $39 million compared to $443 million generated in the same period last year. Net cash provided by operating activities (GAAP) dropped to $285 million for 9M 2025 from $740 million in 9M 2024, mainly due to pension-related changes and higher contributions. Net debt rose to $5.53 billion as of Q2 2025, up from $5.05 billion at December 28, 2024, highlighting the impact of operational cash use and continued capital spending, which increased to $324 million from $297 million.
Management did not provide forward financial guidance for the rest of fiscal 2025, citing the pending merger with Mars, Inc. as the reason all outlook commentary was suspended. The company continues to prioritize growth in emerging markets, manage costs, and ensure reliable supply chains amid ongoing inflation and industry pressures.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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