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WASHINGTON, DC — New analysis from government watchdog Accountable.US revealed today major food chains Starbucks and Kraft Heinz increased spending on shareholder dividends and stock buybacks while raising prices on millions of American customers. These brands saw overall earnings decline as customers continue to push back against excessive price hikes. Earlier this month, the Consumer Price Index report confirmed that even as inflation cools, price gouging in the food industry remains a major driver of high costs. 

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Big food price hikes benefit only the smallest group of wealthy investors. The industry keeps pushing the envelope to pad profits and bring in enough money for shareholder giveaways, but Americans are fed up. Food brands like Starbucks and Heinz should admit that they raised prices as high as they could, and that they could just as easily make their customers’ next meal more affordable.”

Accountable.US’ Liz Zelnick

This Week In Big Food Profiteering: Accountable.US’ review of the latest quarterly financial statements:

  • Starbucks, which has increased prices at least three times since October 2021, increased stock buybacks by 81% and dividends by 6% in the first three quarters of its FY 2024, when it saw net income fall by nearly 2%—including an 8% drop in Q3 2024 net income.
  • Despite Kraft Heinz—which has raised prices by an average of 8.1 percentage points over the past three years—seeing its net income decrease 51% for the first six months of 2024, the company has spent $969 million on dividends and $537 million on stock buybacks so far this year, with buybacks increasing 1,313% from 2023.

Read the full report here.

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