Kroger
KR NYSE Food Retail Financials FY2016–FY2025
Kroger's revenue rose 0.3% to $147.6 billion in fiscal 2025. Its operating margin was 1.3%, down from 2.6% a year earlier. Free cash flow was $3.5 billion, up 94.5%. It paid out $3.6 billion in dividends and buybacks, 104% of free cash flow. The diluted share count fell 9.0%.
What Kroger does
Kroger runs supermarkets under a variety of local banner names in 35 states and the District of Columbia. As of January 31, 2026, it operated 2,697 supermarkets, of which 2,250 had pharmacies and 1,731 had fuel centers. Shoppers can also order online, for pickup at 2,408 of its supermarkets or for delivery.
Kroger makes most of its money by selling groceries, fuel and other products in its stores and online at prices above what it costs to get them to customers. Its retail operations make up substantially all of its sales and are its only reportable segment. Its own brands, which it calls Our Brands and which include Private Selection, Kroger, Smart Way and Simple Truth, represented over $39 billion of sales in 2025. It also runs what it calls alternative profit businesses, such as Kroger Precision Marketing, which sells advertising to consumer goods companies and others based on its shopper data.
Kroger says it serves approximately 63 million households a year, and over 95% of customer transactions are tied to a Kroger loyalty card. It names online retailers, mass merchants, club stores, regional chains, deep discounters, dollar stores, and ethnic, specialty and natural food stores among its competitors.
As of January 31, 2026, Kroger owned 33 food production plants, including 14 dairies; approximately 20% of Our Brands units sold in its supermarkets are made in them. It employed more than 403,000 full- and part-time employees, and more than two-thirds of its associates are covered by union contracts.
- Legal name
- KROGER CO
- Fiscal year ends
- January 31, 2026
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001104659-26-037723
0000056873
Revenue and margins
Kroger had $147.6B of revenue in fiscal 2025, up 0.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −3.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.5B in fiscal 2025, 2.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Kroger returned $3.6B to shareholders in fiscal 2025, 104% of free cash flow. The diluted share count fell 9.0%.
Value Kroger yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$14.2B and divides by 655.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 37.1x · peers 33.7x · sector 24.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Kroger can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.8B | $1.0B | $1.9B | $4.0B | $3.3B |
| Debt incl. finance leases | $13.4B | $13.4B | $12.2B | $17.9B | $17.6B |
| Net debt / EBITDA | 1.8x | 1.7x | 1.7x | 2.0x | 2.7x |
| Debt / equity | 1.4x | 1.3x | 1.1x | 2.2x | 3.0x |
| Interest coverage | 6.1x | 7.7x | 7.0x | 15.3x | 3.0x |
| Current ratio | 0.8x | 0.7x | 0.8x | 1.0x | 0.8x |
| Quick ratio | 0.8x | 0.7x | 0.8x | 1.0x | 0.8x |
| Total assets | $49.1B | $49.6B | $50.5B | $52.6B | $50.0B |
| Total liabilities | $39.7B | $39.6B | $38.9B | $44.3B | $44.0B |
| Shareholders' equity | $9.5B | $10.0B | $11.6B | $8.3B | $5.9B |
| Net debt (− = net cash) | $11.5B | $12.4B | $10.3B | $13.9B | $14.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$6.2M
2 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | −9.2% | −6.1% | −12.3% |
| Altman Z'' | 2.06 | 2.38 | 1.81 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Kroger KR | $40.6B | 0.4% | 1.3% | 2.3% | 7.6% | 37.1x | 4 | |
| Albertsons ACI | $6.8B | 3.5% | 0.9% | 0.6% | 5.5% | — | 5 | Compare → |
| United Natural Foods UNFI | $2.9B | −2.0% | 0.7% | 1.0% | 5.3% | 35.0x | 6 | Compare → |
| Casey's CASY | $25.9B | 10.2% | — | 4.1% | 13.6% | 33.7x | 7 | Compare → |
| Sprouts Farmers Market SFM | $6.3B | 14.1% | 7.8% | 5.3% | 46.9% | 12.7x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $115.3B | $123.3B | $121.9B | $122.3B | $132.5B | $137.9B | $148.3B | $150.0B | $147.1B | $147.6B |
| Gross profit | $25.8B | $27.6B | — | — | — | — | — | — | — | — |
| Operating income | $3.5B | $2.6B | $2.6B | $2.3B | $2.8B | $3.5B | $4.1B | $3.1B | $3.8B | $1.9B |
| Interest expense | $522M | $601M | $620M | $603M | $544M | $571M | $535M | $441M | $252M | $633M |
| Pretax income | $2.9B | $1.5B | $4.0B | $2.0B | $3.4B | $2.1B | $2.9B | $2.8B | $3.3B | $1.2B |
| Income tax | $957M | −$405M | $900M | $469M | $782M | $385M | $653M | $667M | $670M | $176M |
| Net income | $2.0B | $1.9B | $3.1B | $1.7B | $2.6B | $1.7B | $2.2B | $2.2B | $2.7B | $1.0B |
| Diluted EPS | $2.05 | $2.09 | $3.76 | $2.04 | $3.27 | $2.17 | $3.06 | $2.96 | $3.67 | $1.54 |
| Diluted shares | 0.96B | 0.90B | 0.82B | 0.81B | 0.78B | 0.75B | 0.73B | 0.73B | 0.72B | 0.66B |
| Cash flow | ||||||||||
| Cash from operations | $4.3B | $3.4B | $4.2B | $4.7B | $6.8B | $6.2B | $4.5B | $6.8B | $5.8B | $7.3B |
| Capital expenditure | $3.7B | $2.8B | $3.0B | $3.1B | $2.9B | $2.6B | $3.1B | $3.9B | $4.0B | $3.9B |
| Free cash flow | $573M | $604M | $1.2B | $1.5B | $4.0B | $3.6B | $1.4B | $2.9B | $1.8B | $3.5B |
| Depreciation and amortization | $2.3B | $2.4B | $2.5B | $2.6B | $2.7B | $2.8B | $3.0B | $3.1B | $3.2B | $3.3B |
| Stock-based compensation | $141M | $151M | $154M | $155M | $185M | $203M | $190M | $172M | $175M | $157M |
| Acquisitions | $401M | $16.0M | $197M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $1.8B | $1.6B | $2.0B | $465M | $1.3B | $1.6B | $993M | $62.0M | $4.2B | $2.7B |
| Dividends paid | $429M | $443M | $437M | $486M | $534M | $589M | $682M | $796M | $883M | $885M |
| Dividends and buybacks | $2.2B | $2.1B | $2.4B | $951M | $1.9B | $2.2B | $1.7B | $858M | $5.0B | $3.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $322M | $347M | $429M | $399M | $1.7B | $1.8B | $1.0B | $1.9B | $4.0B | $3.3B |
| Total debt | $13.3B | $14.8B | $14.4B | $13.3B | $12.4B | $11.7B | $11.3B | $10.2B | $15.9B | $15.9B |
| Finance lease liabilities | $0.0M | $0.0M | $878M | $820M | $1.0B | $1.6B | $2.1B | $2.0B | $2.0B | $1.7B |
| Current assets | $10.3B | $11.1B | $10.8B | $10.9B | $12.5B | $12.2B | $12.7B | $12.9B | $15.3B | $14.5B |
| Current liabilities | $12.9B | $14.2B | $14.3B | $14.2B | $15.4B | $16.3B | $17.2B | $16.1B | $15.9B | $18.1B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $21.0B | $21.1B | $21.6B | $21.9B | $22.4B | $23.8B | $24.7B | $25.2B | $25.7B | $24.3B |
| Total assets | $36.5B | $37.2B | $38.1B | $45.3B | $48.7B | $49.1B | $49.6B | $50.5B | $52.6B | $50.0B |
| Total liabilities | $29.8B | $30.3B | $30.3B | $36.7B | $39.1B | $39.7B | $39.6B | $38.9B | $44.3B | $44.0B |
| Shareholders' equity | $6.7B | $6.9B | $7.9B | $8.6B | $9.6B | $9.5B | $10.0B | $11.6B | $8.3B | $5.9B |
| Margins | ||||||||||
| Gross margin | 22.4% | 22.4% | — | — | — | — | — | — | — | — |
| Operating margin | 3.0% | 2.1% | 2.2% | 1.8% | 2.1% | 2.5% | 2.8% | 2.1% | 2.6% | 1.3% |
| EBITDA margin | 5.0% | 4.1% | 4.2% | 4.0% | 4.2% | 4.6% | 4.8% | 4.2% | 4.8% | 3.5% |
| Net margin | 1.7% | 1.6% | 2.6% | 1.4% | 2.0% | 1.2% | 1.5% | 1.4% | 1.8% | 0.7% |
| FCF margin | 0.5% | 0.5% | 1.0% | 1.3% | 3.0% | 2.6% | 1.0% | 1.9% | 1.2% | 2.3% |
| Returns | ||||||||||
| Return on capital | 12.3% | 12.7% | 9.2% | 7.7% | 9.8% | 13.4% | 14.8% | 10.7% | 13.9% | 7.6% |
| Return on capital employed | 15.5% | 11.2% | 11.2% | 8.2% | 8.7% | 10.5% | 12.7% | 9.3% | 10.8% | 5.5% |
| Return on equity | 29.2% | 28.0% | 42.0% | 20.1% | 28.4% | 17.4% | 23.0% | 20.0% | 26.8% | 14.3% |
| Return on assets | 5.6% | 5.2% | 8.3% | 4.0% | 5.5% | 3.4% | 4.6% | 4.3% | 5.2% | 2.0% |
| Growth | ||||||||||
| Revenue growth | 5.0% | 6.9% | −1.2% | 0.4% | 8.4% | 4.1% | 7.5% | 1.2% | −1.9% | 0.4% |
| Net income growth | −3.1% | −3.4% | 63.1% | −46.7% | 55.8% | −36.0% | 35.6% | −3.6% | 23.2% | −61.9% |
| EPS growth | −0.5% | 2.0% | 79.9% | −45.7% | 60.3% | −33.6% | 41.0% | −3.3% | 24.0% | −58.0% |
| FCF growth | −63.5% | 5.4% | 98.2% | 28.3% | 157.2% | −9.5% | −60.3% | 103.1% | −38.4% | 94.5% |
| Share count change | −2.2% | −5.6% | −9.5% | −1.6% | −3.0% | −3.5% | −3.6% | −0.3% | −0.7% | −9.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.2x | 2.9x | 2.9x | 2.8x | 2.1x | 1.8x | 1.7x | 1.7x | 2.0x | 2.7x |
| Debt / equity | 2.0x | 2.1x | 1.9x | 1.6x | 1.4x | 1.4x | 1.3x | 1.1x | 2.2x | 3.0x |
| Interest coverage | 6.6x | 4.4x | 4.2x | 3.7x | 5.1x | 6.1x | 7.7x | 7.0x | 15.3x | 3.0x |
| Current ratio | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x | 0.7x | 0.8x | 1.0x | 0.8x |
| Quick ratio | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x | 0.8x | 0.7x | 0.8x | 1.0x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 2.3% | 2.4% | 2.6% | 2.2% | 1.9% | 2.1% | 2.6% | 2.7% | 2.6% |
| Stock comp / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | 383.1% | 343.7% | 204.4% | 61.9% | 47.0% | 62.5% | 118.0% | 29.8% | 283.6% | 103.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 6.0 | 6.0 | 7.0 | 5.0 | 7.0 | 7.0 | 6.0 | 4.0 |
| Altman Z'' | 1.8 | 1.7 | 1.8 | 1.6 | 1.8 | 1.8 | 1.9 | 2.1 | 2.4 | 1.8 |
| Accruals ratio | −6.5% | −4.1% | −2.8% | −7.2% | −9.0% | −9.3% | −4.6% | −9.2% | −6.1% | −12.3% |
Source: SEC EDGAR XBRL filings (CIK 0000056873). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.