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Saturday 31 October 2026
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The Kroger Co.
KR Consumer Defensive Grocery Stores
The Kroger Co.’s revenue for fiscal 2026 (year ended January 2026) was $147.6 billion, roughly unchanged from fiscal 2025. In the quarter to July 2026, revenue grew 2.01%, EPS grew 15.4%, free cash flow fell 72.9% and total debt fell 5.36%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for five consecutive years.
66.76
0.83
+1.26%
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Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Price, $ | |||||||||||||||||
| Price, $ | Low | 19.69 | 22.85 | 20.70 | 26.72 | 31.43 | 41.82 | 42.10 | 44.48 | 58.12 | 54.15 | +11.9% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| High | 34.99 | 32.74 | 29.97 | 37.22 | 47.99 | 62.78 | 50.36 | 63.59 | 74.90 | 76.58 | +9.1% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| People | |||||||||||||||||
| People | Employees | 443,000 | 449,000 | 453,000 | 435,000 | 465,000 | 420,000 | 430,000 | 414,000 | 409,000 | 403,000 | (1.0%) | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| Revenue/emp, $m | 0.26 | 0.27 | 0.27 | 0.28 | 0.28 | 0.33 | 0.34 | 0.36 | 0.36 | 0.37 | +3.9% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | 115,337 | 123,280 | 121,852 | 122,286 | 132,498 | 137,888 | 148,258 | 150,039 | 147,123 | 147,642 | +2.8% | 150,769 | 153,162 | 155,984 | +1.8% | |
| Gross margin, % | 22.40 | 22.28 | 21.95 | 22.07 | 23.32 | 22.01 | 21.43 | 22.24 | 22.70 | 23.30 | +0.9 pt | ||||||
| EBT | 2,914 | 1,484 | 3,978 | 1,981 | 3,370 | 2,051 | 2,902 | 2,836 | 3,342 | 1,200 | (9.4%) | ||||||
| EBT margin, % | 2.53 | 1.20 | 3.26 | 1.62 | 2.54 | 1.49 | 1.96 | 1.89 | 2.27 | 0.81 | (1.7) pt | ||||||
| Net income | 1,957 | 1,889 | 3,078 | 1,512 | 2,588 | 1,666 | 2,249 | 2,169 | 2,672 | 1,024 | (6.9%) | ||||||
| Depreciation | 2,340 | 2,546 | 2,465 | 3,289 | 3,373 | 3,429 | 3,743 | 3,750 | 3,849 | 3,920 | +5.9% | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | 122.44 | 137.74 | 150.43 | 153.05 | 171.41 | 185.33 | 206.49 | 208.97 | 205.77 | 226.44 | +7.1% | |||||
| Earnings | 2.08 | 2.11 | 3.80 | 2.05 | 3.31 | 2.20 | 3.10 | 2.99 | 3.70 | 1.55 | (3.2%) | ||||||
| Cash flow | 4.54 | 3.81 | 5.14 | 5.84 | 8.82 | 8.32 | 6.26 | 9.45 | 8.10 | 11.21 | +10.6% | ||||||
| Capex | (3.79) | (2.98) | (3.56) | (3.57) | (3.49) | (3.31) | (4.18) | (5.30) | (5.09) | (5.80) | +4.8% | ||||||
| Free cash flow | 0.75 | 0.83 | 1.58 | 2.26 | 5.32 | 5.01 | 2.09 | 4.16 | 3.01 | 5.42 | +24.6% | ||||||
| Book value | 7.12 | 7.72 | 9.67 | 10.73 | 12.35 | 12.67 | 13.95 | 16.16 | 11.58 | 9.10 | +2.8% | ||||||
| Shares, m | 942 | 895 | 810 | 799 | 773 | 744 | 718 | 718 | 715 | 652 | (4.0%) | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | 16.49 | 14.25 | 7.60 | 13.10 | 12.08 | 16.57 | 14.03 | 32.96 | 16.66 | 40.68 | 18.4 | |||||
| P/S | 0.28 | 0.22 | 0.19 | 0.18 | 0.21 | 0.25 | 0.23 | 0.24 | 0.30 | 0.28 | 0.2 | ||||||
| P/B | 4.77 | 3.94 | 2.93 | 2.50 | 2.73 | 3.44 | 3.20 | 2.86 | 5.32 | 6.93 | 3.9 | ||||||
| EV/Sales | 0.39 | 0.33 | 0.30 | 0.28 | 0.30 | 0.33 | 0.31 | 0.30 | 0.39 | 0.37 | 0.3 | ||||||
| EV/FCF | 63.60 | 55.60 | 28.52 | 18.77 | 33.13 | 16.87 | 25.49 | 25.97 | 26.33 | 22.29 | 31.7 | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | 4,272 | 3,413 | 4,164 | 4,664 | 6,815 | 6,190 | 4,498 | 6,788 | 5,794 | 7,311 | +6.2% | |||||
| Capex | (3,567) | (2,671) | (2,882) | (2,855) | (2,700) | (2,461) | (3,000) | (3,803) | (3,640) | (3,779) | +0.6% | ||||||
| Free cash flow | 705 | 742 | 1,282 | 1,809 | 4,115 | 3,729 | 1,498 | 2,985 | 2,154 | 3,532 | +19.6% | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | (2,520) | (3,080) | (3,471) | (3,353) | (2,863) | (4,149) | (4,568) | (3,110) | (667) | (3,603) | +4.1% | |||||
| Total debt | 14,077 | 15,589 | 15,229 | 14,076 | 13,413 | 13,364 | 13,378 | 12,226 | 17,905 | 17,566 | +2.5% | ||||||
| Net debt | 12,845 | 14,081 | 13,619 | 12,498 | 10,630 | 10,461 | 11,236 | 9,128 | 12,634 | 12,988 | +0.1% | ||||||
| Shareholders’ equity | 6,710 | 6,905 | 7,835 | 8,573 | 9,550 | 9,429 | 10,014 | 11,601 | 8,281 | 5,936 | (1.4%) | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | 5.61 | 5.17 | 8.26 | 3.98 | 5.50 | 3.39 | 4.55 | 4.32 | 5.17 | 1.98 | (3.6) pt | |||||
| ROIC | 11.03 | 7.78 | 7.62 | 6.68 | 8.61 | 10.93 | 12.14 | 9.33 | 11.50 | 6.24 | (4.8) pt | ||||||
| ROE | 29.24 | 28.01 | 42.20 | 20.22 | 28.53 | 17.44 | 23.08 | 20.02 | 26.81 | 14.29 | (14.9) pt | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jan 2026 · latest quarter Jul 2026 · fundamentals updated 2 Oct 2026
Where the money comes from and where it goes Fiscal 2026
| Retail operations segment | 147,642 | 100.00% |
|---|---|---|
| Gross margin | 23.30% | |
| Operating margin | 1.28% | |
| Pre-tax margin | 0.81% |
The Kroger Co. vs peers in Grocery Stores (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| KR The Kroger Co. | $38.9B | 36.0× | 13.3× | +2.01% (above 0%: growing) | +15.38% (above 0%: growing) | −72.85% (below 0%: shrinking) | 22.70% | 2.80% | |
| ACI Albertsons Companies, Inc. | $6.0B | — (loss-making) | 12.5× | −0.11% (below 0%: shrinking) | −64.57% (below 0%: shrinking) | −52.98% (below 0%: shrinking) | 26.76% | 0.92% | Compare |
| SFM Sprouts Farmers Market, Inc. | $4.4B | 9.5× | 9.8× | +4.74% (above 0%: growing) | 0.00% | −10.82% (below 0%: shrinking) | 38.72% | 7.49% | Compare |
| WMK Weis Markets, Inc. | $1.9B | 18.5× | 16.0× | +4.64% (above 0%: growing) | −8.91% (below 0%: shrinking) | +16,012.87% (above 0%: growing) | 25.75% | 2.28% | Compare |
| IMKTA Ingles Markets, Incorporated | $1.6B | 15.0× | — (loss-making) | +1.64% (above 0%: growing) | −1.42% (below 0%: shrinking) | −4.33% (below 0%: shrinking) | 24.30% | 2.52% | Compare |
| YSWY Yesway Inc. | $1.5B | — | — | — | — | — | 19.26% | 5.19% | Compare |
| GO Grocery Outlet Holding Corp. | $1.3B | — (loss-making) | — (loss-making) | +1.10% (above 0%: growing) | +20.00% (above 0%: growing) | −95.75% (below 0%: shrinking) | 30.24% | 1.32% | Compare |
| ASAIY Sendas Distribuidora S.A. Sponsored ADR | $1.3B | 10.4× | 7.5× | +13.15% (above 0%: growing) | +157.14% (above 0%: growing) | +90.96% (above 0%: growing) | 19.21% | 7.24% | Compare |
| NGVC Natural Grocers by Vitamin Cottage, Inc. | $656.4M | 13.9× | 13.8× | +1.84% (above 0%: growing) | −5.88% (below 0%: shrinking) | +130.15% (above 0%: growing) | 29.28% | 4.48% | Compare |
| Median of peers | $1.5B | 13.9× | 12.5× | +1.84% | −1.42% | −4.33% | 26.26% | 3.50% |
Business profile
From the latest earnings call
- Gregory Foran said Kroger’s customer-value plan is a multiyear effort, funded through savings and paired with improvements in store execution and e-commerce.
- David Kennerley said Kroger lowered its identical-sales outlook but maintained its profit outlook, citing cost savings, pharmacy margins, e-commerce profitability and media growth.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
85.50%
Held by the ten largest
45.96%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 72.80m | 11.88% | −1.60m |
| BlackRock | 54.33m | 8.87% | +1.21m |
| Berkshire Hathaway | 39.00m | 6.37% | −11.00m |
| State Street | 29.23m | 4.77% | −1.22m |
| Wellington Management | 16.92m | 2.76% | −6.55m |
| Fidelity (FMR) | 16.60m | 2.71% | +2.76m |
| Geode Capital Management | 15.75m | 2.57% | −228.04k |
| Franklin Templeton | 15.02m | 2.45% | −205.02k |
| Dimensional Fund Advisors | 12.53m | 2.04% | +230.21k |
| Morgan Stanley | 9.41m | 1.54% | −3.16m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
The Kroger Co. (KR) Latest News
29 Oct
28 Oct
27 Oct
23 Oct
22 Oct
21 Oct
20 Oct
KR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
The Kroger Co. is a U.S. food retailer built around supermarkets, with pharmacies, fuel centers and online shopping attached to its grocery network. It sells food, household goods, health and wellness products, prescriptions and fuel to households through stores, pickup, delivery and third-party delivery platforms. Its strategy centers on Fresh, Our Brands, personalization and eCommerce.
As of January 31, 2026, Kroger operated 2,697 supermarkets under local banner names in 35 states and the District of Columbia. Of these stores, 2,250 had pharmacies and 1,731 had fuel centers. It offers pickup services at 2,408 supermarkets and delivery to substantially all customers through stores, customer fulfillment centers and third-party platforms.