Kroger
(NYSE:KR)

The Kroger Co. operates as a retailer in the United States. The company operates combination food and drug stores, multi-department stores, marketplace stores, and price impact warehouses. Its combination food and drug stores offer natural food and organic sections, pharmacies, general merchandise, ...

Website: http://www.thekrogerco.com

Founded: 1883

Full Time Employees: 500,000

Sector: Consumer Defensive

Industry: Grocery Stores

Retails Grocery Store

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At a glance:

Steady Grocery Demand Anchors Revenue, but Growth Is Modest: Kroger benefits from recurring consumer staples demand, which tends to be resilient across economic cycles, though topline growth is typically incremental and sensitive to price/volume shifts.
Margins Driven by Mix, Promotions, and Shrink: Profitability often hinges on pricing discipline, promotional intensity, product mix (including private label), and loss prevention (shrink), with cost inflation and labor also key swing factors.
Digital, Delivery, and Loyalty Ecosystem Remain Strategic Levers: E-commerce, pickup/delivery economics, and data-driven loyalty personalization are central to Kroger’s strategy, with focus on improving fulfillment efficiency and monetizing customer insights.
Capital Allocation Balances Reinvestment and Shareholder Returns: Kroger typically prioritizes store/technology reinvestment alongside dividends and buybacks, with leverage and interest rates influencing flexibility and the pace of repurchases.
Regulatory and Competitive Landscape Can Create Volatility: Competition from mass merchants and discounters, plus ongoing regulatory scrutiny around industry consolidation and pricing practices, can affect sentiment, costs, and strategic optionality.

Bull Thesis:

Robust Digital and Omnichannel Growth: Kroger's continued investment in its digital platform, including pickup, delivery, and ship services, is driving strong e-commerce sales growth and expanding its customer reach, enhancing convenience and loyalty.
Strong Private Label Portfolio and Value Proposition: Kroger's extensive and well-regarded private label brands (e.g., Simple Truth, Private Selection) offer higher margins and resonate with value-conscious consumers, especially in an inflationary environment, fostering customer loyalty.
Resilient Consumer Staples Business Model: As a leading grocery retailer, Kroger operates in the consumer staples sector, providing essential goods. This makes its revenue stream relatively stable and resilient during economic downturns or periods of high inflation.
Potential for Significant Synergies from Albertsons Merger: If the proposed merger with Albertsons is approved, it could unlock substantial cost synergies, improve purchasing power, and expand market share, leading to enhanced profitability and a stronger competitive position.

Bear Thesis:

Intense Competition and Margin Pressure: The highly fragmented and competitive grocery market, with strong players like Walmart, Amazon, and discounters, puts constant pressure on Kroger's pricing power and profit margins, requiring continuous investment in price and promotions.
Significant Regulatory Risk for Albertsons Merger: The proposed merger with Albertsons faces substantial antitrust scrutiny from federal and state regulators. A blockage would eliminate potential synergies, incur breakup fees, and could negatively impact investor sentiment and the stock price.
Challenges in E-commerce Profitability: While digital sales are growing, the inherent costs associated with online grocery fulfillment (picking, packing, last-mile delivery) often lead to lower profitability compared to traditional in-store sales, posing a challenge to overall margin expansion.
Rising Operating Costs and Supply Chain Volatility: Kroger continues to face headwinds from increasing labor costs, supply chain disruptions, and general inflation in goods and services, which can compress operating margins if not effectively managed or fully passed on to consumers.

Main Competitors:

Walmart ($WMT) (Groceries, General Merchandise), Walmart is Kroger's largest competitor, competing directly on price, convenience, and selection across a vast network of supercenters. They leverage their massive scale and efficient supply chain to offer low prices on groceries and a wide range of other products, often undercutting Kroger. They also have a strong online grocery pickup and delivery service.
Amazon ($AMZN) (Groceries (Whole Foods Market, Amazon Fresh, Amazon.com)), Amazon competes with Kroger through its Whole Foods Market stores, targeting a more premium, organic-focused demographic, and its Amazon Fresh stores and online delivery service, which focuses on convenience and speed. Amazon leverages its e-commerce expertise and Prime membership to offer seamless online ordering, delivery, and pickup options, posing a significant threat in the digital grocery space.
Target Corporation ($TGT) (Groceries, General Merchandise), Target competes with Kroger by offering a curated grocery selection alongside its popular general merchandise, apparel, and home goods. While not solely a grocer, Target has significantly expanded its fresh food and pantry offerings, attracting shoppers who value a convenient, one-stop shopping experience with a focus on style and value. They also offer strong pickup and delivery services.
Aldi (US) (Discount Groceries), Aldi competes with Kroger primarily on price and efficiency. They offer a limited assortment of mostly private-label products at significantly lower prices by streamlining operations, reducing overhead, and focusing on a no-frills shopping experience. This appeals to budget-conscious consumers and puts pressure on Kroger's pricing strategies, especially for everyday staples.

Moat:

Kroger operates in a highly competitive and low-margin industry. Its moat primarily stems from its vast scale, extensive store network across the U.S., strong portfolio of private-label brands (like Simple Truth and Kroger Brand), and established customer loyalty programs. However, it faces intense competition from multiple fronts: mass merchandisers like Walmart and Target leveraging their general merchandise strength, online giants like Amazon (Whole Foods, Amazon Fresh) pushing convenience and digital integration, and discount grocers like Aldi and Lidl challenging on price. Kroger's ability to compete relies on its omnichannel strategy, supply chain efficiency, and continued focus on value and customer experience amidst evolving consumer preferences.

Income Statements:

Quarterly

Annual

Unit: USD	2025-11-08	2025-08-16	2025-05-24	2025-02-01	2024-11-09	2024-08-17	2024-05-25	2024-02-03	2023-11-04	2023-08-12	2023-05-20	2023-01-28	2022-11-05	2022-08-13	2022-05-21	2022-01-29	2021-11-06	2021-08-14	2021-05-22	2021-01-30	2020-11-07	2020-08-15	2020-05-23	2020-02-01	2019-11-09	2019-08-17	2019-05-25	2019-02-02	2018-11-10	2018-08-18	2018-05-26	2018-02-03	2017-11-04	2017-08-12	2017-05-20	2017-01-28	2016-11-05	2016-08-13	2016-05-21	2016-01-30	2015-11-07	2015-08-15	2015-05-23	2015-01-31	2014-11-08	2014-08-16	2014-05-24	2014-02-01	2013-11-09	2013-08-17	2013-05-25	2013-02-02	2012-11-03	2012-08-11	2012-05-19	2012-01-28	2011-11-05

sales	33,859,000,000	33,940,000,000	45,118,000,000	34,308,000,000	33,634,000,000	33,912,000,000	45,269,000,000	37,064,000,000	33,957,000,000	33,853,000,000	45,165,000,000	34,822,000,000	34,198,000,000	34,638,000,000	44,600,000,000	33,048,000,000	31,860,000,000	31,682,000,000	41,298,000,000	30,737,000,000	29,723,000,000	30,489,000,000	41,549,000,000	28,893,000,000	27,974,000,000	28,168,000,000	37,251,000,000	28,091,000,000	27,672,000,000	27,869	37,530,000,000	31,031	27,749	27,597	36,285,000,000	27,611,000,000	26,557,000,000	26,565,000,000	34,604,000,000	26,165,000,000	25,075,000,000	25,539,000,000	33,051,000,000	25,207,000,000	24,987,000,000	25,310,000,000	32,961,000,000	23,105,000,000	22,505,000,000	22,722,000,000	30,043,000,000	24,153,000,000	21,807,000,000	21,726,000,000	29,065,000,000	21,405,000,000	20,594,000,000
yoy	0.67%	0.08%	-0.33%	-7.44%	-0.95%	0.17%	0.23%	6.44%	-0.70%	-2.27%	1.27%	5.37%	7.34%	9.33%	8.00%	7.52%	7.19%	3.91%	-0.60%	6.38%	6.25%	8.24%	11.54%	2.86%	1.09%	101072776.67%	-0.74%	90525503.43%	99722412.52%	0.99%	3.43%	-100.00%	-100.00%	-100.00%	4.86%	5.53%	5.91%	4.02%	4.70%	3.80%	0.35%	0.90%	0.27%	9.10%	11.03%	11.39%	9.71%	-4.34%	3.20%	4.58%	3.36%	12.84%	5.89%
qoq	-0.24%	-24.78%	31.51%	2.00%	-0.82%	-25.09%	22.14%	9.15%	0.31%	-25.05%	29.70%	1.82%	-1.27%	-22.34%	34.96%	3.73%	0.56%	-23.28%	34.36%	3.41%	-2.51%	-26.62%	43.80%	3.29%	-0.69%	-24.38%	32.61%	1.51%	99293021.39%	-100.00%	120943472.56%	11.83%	0.55%	-100.00%	31.42%	3.97%	-0.03%	-23.23%	32.25%	4.35%	-1.82%	-22.73%	31.12%	0.88%	-1.28%	-23.21%	42.66%	2.67%	-0.96%	-24.37%	24.39%	10.76%	0.37%	-25.25%	35.79%	3.94%
operating expenses
merchandise costs, including advertising, warehousing, and transportation, excluding items shown separately below	25,957,000,000	26,130,000,000	34,551,000,000	26,388,000,000	25,948,000,000	26,261,000,000	35,124,000,000	28,643,000,000	26,477,000,000	26,475,000,000	35,080,000,000	27,246,000,000	26,890,000,000	27,392,000,000	34,952,000,000	25,719,000,000	24,959,000,000	24,914,000,000	31,947,000,000	23,691,000,000	22,901,000,000	23,551,000,000	31,454,000,000	22,507,000,000	21,798,000,000	22,007,000,000	28,983,000,000	21,903,000,000	21,699,000,000	21,930	29,362,000,000	24,240	21,532	21,609	28,281,000,000	21,483,000,000	20,653,000,000	20,697,000,000	26,669,000,000	20,193,000,000	19,478,000,000	20,065,000,000	25,760,000,000	19,547,000,000	19,764,000,000	20,136,000,000	26,065,000,000	18,306,000,000	17,889,000,000	18,087,000,000	23,856,000,000	19,101,000,000	17,383,000,000	17,278,000,000	23,095,000,000	16,955,000,000	16,358,000,000
operating, general and administrative	8,467,000,000	5,967,000,000	7,923,000,000	6,043,000,000	5,898,000,000	5,886,000,000	7,604,000,000	6,278,000,000	5,646,000,000	6,935,000,000	7,393,000,000	5,847,000,000	5,587,000,000	5,417,000,000	6,997,000,000	5,511,000,000	5,177,000,000	5,091,000,000	7,424,000,000	6,338,000,000	5,194,000,000	5,297,000,000	7,671,000,000	4,985,000,000	5,097,000,000	4,811,000,000	6,314,000,000	5,014,000,000	4,556,000,000	4,612	6,122,000,000	5,962	4,708	4,523	6,376,000,000	4,483,000,000	4,443,000,000	4,473,000,000	5,779,000,000	4,355,000,000	4,169,000,000	4,068,000,000	5,354,000,000	4,119,000,000	3,954,000,000	3,920,000,000	5,168,000,000	3,532,000,000	3,549,000,000	3,514,000,000	4,600,000,000	3,688,000,000	3,305,000,000	3,391,000,000	4,464,000,000	4,357,000,000	3,313,000,000
rent	194,000,000	202,000,000	271,000,000	205,000,000	203,000,000	199,000,000	269,000,000	220,000,000	201,000,000	206,000,000	265,000,000	197,000,000	195,000,000	191,000,000	256,000,000	197,000,000	197,000,000	191,000,000	261,000,000	192,000,000	205,000,000	204,000,000	273,000,000	209,000,000	201,000,000	200,000,000	274,000,000	204,000,000	200,000,000	204	276,000,000	220	196	225	270,000,000	215,000,000	199,000,000	205,000,000	262,000,000	181,000,000	172,000,000	155,000,000	215,000,000	162,000,000	162,000,000	166,000,000	217,000,000	147,000,000	138,000,000	139,000,000	189,000,000	157,000,000	141,000,000	139,000,000	191,000,000	126,000,000	146,000,000
depreciation and amortization	782,000,000	778,000,000	1,051,000,000	760,000,000	757,000,000	751,000,000	978,000,000	729,000,000	721,000,000	716,000,000	957,000,000	706,000,000	685,000,000	684,000,000	890,000,000	656,000,000	659,000,000	647,000,000	861,000,000	674,000,000	631,000,000	617,000,000	825,000,000	655,000,000	624,000,000	591,000,000	779,000,000	581,000,000	570,000,000	574	741,000,000	565	573	562	736,000,000	572,000,000	549,000,000	525,000,000	694,000,000	508,000,000	484,000,000	477,000,000	620,000,000	467,000,000	456,000,000		581,000,000				519,000,000	387,000,000	382,000,000	383,000,000	501,000,000	392,000,000	372,000,000
operating profit	-1,541,000,000	863,000,000	1,322,000,000	912,000,000	828,000,000	815,000,000	1,294,000,000	1,194,000,000	912,000,000	-479,000,000	1,470,000,000	826,000,000	841,000,000	954,000,000	1,505,000,000	965,000,000	868,000,000	839,000,000	805,000,000	-158,000,000	792,000,000	820,000,000	1,326,000,000	537,000,000	254,000,000	559,000,000	901,000,000	389,000,000	647,000,000	549	1,029,000,000	44	740	678	622,000,000	858,000,000	713,000,000	665,000,000	1,200,000,000	928,000,000	772,000,000	774,000,000	1,102,000,000	912,000,000	651,000,000	644,000,000	930,000,000	718,000,000	534,000,000	595,000,000	879,000,000	820,000,000	596,000,000	535,000,000	814,000,000	-425,000,000	405,000,000
yoy	-286.11%	5.89%	2.16%	-23.62%	-9.21%	-270.15%	-11.97%	44.55%	8.44%	-150.21%	-2.33%	-14.40%	-3.11%	13.71%	86.96%	-710.76%	9.60%	2.32%	-39.29%	-129.42%	211.81%	46.69%	47.17%	38.05%	-60.74%	101821393.62%	-12.44%	884090809.09%	87432332.43%	-19.03%	65.43%	-100.00%	-100.00%	-100.00%	-48.17%	-7.54%	-7.64%	-14.08%	8.89%	1.75%	18.59%	20.19%	18.49%	27.02%	21.91%	8.24%	5.80%	-12.44%	-10.40%	11.21%	7.99%	-292.94%	47.16%
qoq	-278.56%	-34.72%	44.96%	10.14%	1.60%	-37.02%	8.38%	30.92%	-290.40%	-132.59%	77.97%	-1.78%	-11.84%	-36.61%	55.96%	11.18%	3.46%	4.22%	-609.49%	-119.95%	-3.41%	-38.16%	146.93%	111.42%	-54.56%	-37.96%	131.62%	-39.88%	117850537.52%	-100.00%	2338636263.64%	-94.05%	9.14%	-100.00%	-27.51%	20.34%	7.22%	-44.58%	29.31%	20.21%	-0.26%	-29.76%	20.83%	40.09%	1.09%	-30.75%	29.53%	34.46%	-10.25%	-32.31%	7.20%	37.58%	11.40%	-34.28%	-291.53%	-204.94%
operating margin %	-4.55%	2.54%	2.93%	2.66%	2.46%	2.40%	2.86%	3.22%	2.69%	-1.41%	3.25%	2.37%	2.46%	2.75%	3.37%	2.92%	2.72%	2.65%	1.95%	-0.51%	2.66%	2.69%	3.19%	1.86%	0.91%	1.98%	2.42%	1.38%	2.34%	1.97%	2.74%	0.14%	2.67%	2.46%	1.71%	3.11%	2.68%	2.50%	3.47%	3.55%	3.08%	3.03%	3.33%	3.62%	2.61%	2.54%	2.82%	3.11%	2.37%	2.62%	2.93%	3.40%	2.73%	2.46%	2.80%	-1.99%	1.97%
other income
net interest expense	-146,000,000	-144,000,000	-199,000,000	-73,500,000	-86,000,000
non-service component of company-sponsored pension plan benefits	-2,000,000	-3,000,000	-1,000,000	3,000,000	3,000,000	3,000,000	4,000,000	6,000,000	7,000,000	8,000,000	9,000,000
loss on investments	-101,000,000										-78,000,000	-159,250,000	-207,000,000		-532,000,000
gain on the sale of business					79,000,000
net earnings before income tax expense	-1,790,000,000	772,000,000	1,103,000,000	736,000,000	804,000,000	613,000,000	1,191,000,000	934,000,000	851,000,000	-197,000,000	1,248,000,000	623,000,000	526,000,000	941,000,000	812,000,000	715,000,000	562,000,000	595,000,000	179,000,000	-110,000,000	834,000,000	1,061,000,000	1,585,000,000	390,000,000	222,000,000	380,000,000	989,000,000	317,000,000	399,000,000	628	2,634,000,000
income tax expense	-475,000,000	162,000,000	235,000,000	102,000,000	187,000,000	148,000,000	235,000,000	195,000,000	204,000,000	-18,000,000	286,000,000	172,000,000	126,000,000	209,000,000	146,000,000	146,000,000	77,000,000	126,000,000	36,000,000	-34,000,000	202,000,000	241,000,000	373,000,000	71,000,000	79,000,000	93,000,000	226,000,000	66,000,000	91,000,000	127	616,000,000	-957	215	189	148,000,000	230,000,000	206,000,000	171,000,000	366,000,000	250,000,000	238,000,000	227,000,000	330,000,000	274,000,000	172,000,000	182,000,000	274,000,000	184,000,000	125,000,000	176,000,000	266,000,000	239,000,000	175,000,000	148,000,000	232,000,000	-221,000,000	108,000,000
net earnings including noncontrolling interests	-1,315,000,000	610,000,000	868,000,000	634,000,000	617,000,000	465,000,000	956,000,000	739,000,000	647,000,000	-179,000,000	962,000,000	451,000,000	400,000,000	732,000,000	666,000,000	569,000,000	485,000,000	469,000,000	143,000,000	-76,000,000	632,000,000	820,000,000	1,212,000,000	319,000,000	143,000,000	287,000,000	763,000,000	251,000,000	308,000,000	501	2,018,000,000	853	389	351	297,000,000	502,000,000	383,000,000	378,000,000	679,000,000	565,000,000	427,000,000	433,000,000	624,000,000	523,000,000	365,000,000	350,000,000	509,000,000	427,000,000	301,000,000	320,000,000	484,000,000	469,000,000	318,000,000	281,000,000	441,000,000	-305,000,000	198,000,000
yoy	-313.13%	31.18%	-9.21%	-14.21%	-4.64%	-359.78%	-0.62%	63.86%	61.75%	-124.45%	44.44%	-20.74%	-17.53%	56.08%	365.73%	-848.68%	-23.26%	-42.80%	-88.20%	-123.82%	341.96%	185.71%	58.85%	27.09%	-53.57%	57285329.14%	-62.19%	29425456.86%	79177277.89%	42.74%	579.46%	-100.00%	-100.00%	-100.00%	-56.26%	-11.15%	-10.30%	-12.70%	8.81%	8.03%	16.99%	23.71%	22.59%	22.48%	21.26%	9.38%	5.17%	-8.96%	-5.35%	13.88%	9.75%	-253.77%	60.61%
qoq	-315.57%	-29.72%	36.91%	2.76%	32.69%	-51.36%	29.36%	14.22%	-461.45%	-118.61%	113.30%	12.75%	-45.36%	9.91%	17.05%	17.32%	3.41%	227.97%	-288.16%	-112.03%	-22.93%	-32.34%	279.94%	123.08%	-50.17%	-62.39%	203.98%	-18.51%	61476945.91%	-100.00%	236576687.81%	119.28%	10.83%	-100.00%	-40.84%	31.07%	1.32%	-44.33%	20.18%	32.32%	-1.39%	-30.61%	19.31%	43.29%	4.29%	-31.24%	19.20%	41.86%	-5.94%	-33.88%	3.20%	47.48%	13.17%	-36.28%	-244.59%	-254.04%
net income margin %	-3.88%	1.80%	1.92%	1.85%	1.83%	1.37%	2.11%	1.99%	1.91%	-0.53%	2.13%	1.30%	1.17%	2.11%	1.49%	1.72%	1.52%	1.48%	0.35%	-0.25%	2.13%	2.69%	2.92%	1.10%	0.51%	1.02%	2.05%	0.89%	1.11%	1.80%	5.38%	2.75%	1.40%	1.27%	0.82%	1.82%	1.44%	1.42%	1.96%	2.16%	1.70%	1.70%	1.89%	2.07%	1.46%	1.38%	1.54%	1.85%	1.34%	1.41%	1.61%	1.94%	1.46%	1.29%	1.52%	-1.42%	0.96%
net income attributable to noncontrolling interests	5,000,000	1,000,000	2,000,000		-1,000,000	-1,000,000	9,000,000	3,000,000	1,000,000	1,000,000			2,000,000	1,000,000	2,000,000	4,000,000	2,000,000	2,000,000	3,000,000	1,000,000	1,000,000	1,000,000
net earnings attributable to the kroger co.	-1,320,000,000	609,000,000	866,000,000	634,000,000	618,000,000	466,000,000	947,000,000	736,000,000	646,000,000	-180,000,000	962,000,000	451,000,000	398,000,000	731,000,000	664,000,000	565,000,000	483,000,000	467,000,000	140,000,000	-77,000,000	631,000,000	819,000,000	1,212,000,000	327,000,000	263,000,000	297,000,000	772,000,000	259,000,000	317,000,000	508	2,026,000,000	854	397	353	303,000,000	506,000,000	391,000,000	383,000,000	680,000,000	559,000,000	428,000,000	433,000,000	619,000,000	518,000,000	362,000,000	347,000,000	501,000,000	422,000,000	299,000,000	317,000,000	481,000,000	462,000,000	317,000,000	279,000,000	439,000,000	-307,000,000	196,000,000
net earnings attributable to the kroger co. per basic common share	-2,020,000	910,000	1,300,000	910,000	850,000	640,000	1,300,000	1,020,000	890,000	-250,000	1,330,000	630,000	550,000	1,010,000	910,000	760,000	640,000	620,000	180,000	-80,000	810,000	1,040,000	1,530,000	400,000	320,000	370,000	960,000	340,000	390,000	0.63	2,390,000	0.95	0.44	0.39	330,000	540,000	410,000	400,000	710,000	570,000	440,000	440,000	1,270,000	1,050,000	740,000	710,000	990,000	820,000	580,000	610,000	930,000	880,000	610,000	520,000	780,000	-500,000	330,000
average number of common shares used in basic calculation	655,000,000	662,000,000	660,000,000	-7,000,000	723,000,000	723,000,000	721,000,000		719,000,000	719,000,000	717,000,000	-1,000,000	716,000,000	716,000,000	722,000,000	-3,000,000	742,000,000	746,000,000	752,000,000	-4,000,000	772,000,000	777,000,000	780,000,000	-1,000,000	802,000,000	800,000,000	798,000,000	-4,000,000	797,000,000	797	839,000,000	-6	887	897	914,000,000	-4,000,000	940,000,000	943,000,000	954,000,000		965,000,000	963,000,000	484,000,000	-2,000,000	486,000,000	485,000,000	501,000,000	-1,000,000	515,000,000	515,000,000	514,000,000	-6,000,000	518,000,000	538,000,000	556,000,000	-7,000,000	583,000,000
net earnings attributable to the kroger co. per diluted common share	-2,020,000	910,000	1,290,000	900,000	840,000	640,000	1,290,000	1,010,000	880,000	-250,000	1,320,000	620,000	550,000	1,000,000	900,000	740,000	640,000	610,000	180,000	-80,000	800,000	1,030,000	1,520,000	400,000	320,000	370,000	950,000	330,000	390,000	0.62	2,370,000	0.94	0.44	0.39	320,000	530,000	410,000	400,000	700,000	560,000	430,000	440,000	1,250,000	1,030,000	730,000	700,000	980,000	810,000	570,000	600,000	920,000	880,000	600,000	510,000	780,000	-490,000	330,000
average number of common shares used in diluted calculation	655,000,000	665,000,000	664,000,000	-8,000,000	728,000,000	727,000,000	727,000,000		725,000,000	719,000,000	724,000,000	-1,000,000	724,000,000	725,000,000	733,000,000	-3,000,000	752,000,000	755,000,000	760,000,000	-4,000,000	780,000,000	786,000,000	788,000,000		807,000,000	805,000,000	805,000,000	-4,000,000	807,000,000	805	846,000,000	-6	893	905	925,000,000	-4,000,000	953,000,000	959,000,000	966,000,000		979,000,000	977,000,000	492,000,000	-1,000,000	492,000,000	491,000,000	507,000,000	-1,000,000	521,000,000	521,000,000	520,000,000	-6,000,000	522,000,000	541,000,000	559,000,000	-8,000,000	586,000,000
gain on investments		56,000,000	-19,000,000	-23,000,000	-20,000,000	-121,000,000	16,000,000	-166,000,000	26,000,000	367,000,000				103,000,000		-127,000,000	-94,000,000	-122,000,000	-479,000,000	153,000,000	162,000,000	368,000,000
interest expense						-84,000,000	-123,000,000	-100,000,000	-94,000,000	-93,000,000	-153,000,000	-113,000,000	-119,000,000	-127,000,000	-177,000,000	-133,000,000	-135,000,000	-137,000,000	-165,000,000	-106,000,000	-129,000,000	-135,000,000	-174,000,000	-140,000,000	-137,000,000	-130,000,000	-197,000,000	-141,000,000	-142,000,000	-144	-192,000,000	148	136	138	177,000,000	126,000,000	124,000,000	116,000,000	155,000,000	113,000,000	107,000,000	114,000,000	148,000,000	115,000,000	114,000,000	112,000,000	147,000,000	107,000,000	108,000,000	99,000,000	129,000,000	112,000,000	103,000,000	106,000,000	141,000,000	101,000,000	99,000,000
non-service component of company-sponsored pension plan costs												9,500,000	11,000,000	11,000,000	16,000,000	-11,000,000	-77,000,000	15,000,000	18,000,000	1,000,000	9,000,000	8,000,000	11,000,000	-500,000	-1,000,000	-4,000,000	3,000,000	-7,000,000			-10,000,000

gain on sale of businesses																											176,000,000
mark to market gain on ocado securities																							422,000,000	-9,000,000	106,000,000	-45,000,000	106,000,000	76,000,000	-100,000,000	216	36,000,000
net loss attributable to noncontrolling interests																								-8,000,000	-120,000,000	-10,000,000		-8,000,000				-4.25
gain on sale of business																														11	1,771,000,000
dividends declared per common share																														0.14	125,000	0.125	0.125	0.125	120,000	120,000	120,000	120,000	105,000	105,000	105,000	105,000	185,000	185,000	185,000	165,000	165,000	165,000	165,000	150,000	150,000	150,000	150,000	115,000	115,000	115,000	115,000
earnings before income tax expense																																397	604	540	445,000,000	732,000,000	589,000,000	549,000,000	1,045,000,000	815,000,000	665,000,000	660,000,000	954,000,000	797,000,000	537,000,000	532,000,000	783,000,000	611,000,000	426,000,000	496,000,000	750,000,000	708,000,000	493,000,000	429,000,000	673,000,000	-526,000,000	306,000,000
net earnings attributable to noncontrolling interests																																				-4,000,000							5,000,000	5,000,000	3,000,000	3,000,000	8,000,000	5,000,000	2,000,000	3,000,000	3,000,000	7,000,000	1,000,000	2,000,000	2,000,000		2,000,000
net earnings (loss) attributable to noncontrolling interests																																								1,000,000
depreciation																																														444,000,000		402,000,000	395,000,000	387,000,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-08	2025-08-16	2025-05-24	2025-02-01	2024-11-09	2024-08-17	2024-05-25	2024-02-03	2023-11-04	2023-08-12	2023-05-20	2023-01-28	2022-11-05	2022-08-13	2022-05-21	2022-01-29	2021-11-06	2021-08-14	2021-05-22	2021-01-30	2020-11-07	2020-08-15	2020-05-23	2020-02-01	2019-11-09	2019-08-17	2019-05-25	2019-02-02	2018-11-10	2018-08-18	2018-05-26	2018-05-20	2018-02-03	2017-11-04	2017-08-12	2017-05-20	2017-01-28	2016-11-05	2016-08-13	2016-05-21	2016-01-30	2015-11-07	2015-08-15	2015-05-23	2015-01-31	2014-11-08	2014-08-16	2014-05-24	2014-02-01	2013-11-09	2013-08-17	2013-05-25	2013-02-02	2012-11-03	2012-08-11	2012-05-19	2012-01-28	2011-11-05

assets
current assets
cash and temporary cash investments	3,956,000,000	4,883,000,000	4,738,000,000	3,959,000,000	13,358,000,000	2,786,000,000	2,846,000,000	1,883,000,000	1,725,000,000	2,420,000,000	2,632,000,000	1,015,000,000	916,000,000	1,102,000,000	1,382,000,000	1,821,000,000	2,288,000,000	2,225,000,000	2,309,000,000	1,687,000,000	2,180,000,000	2,820,000,000	2,726,000,000	399,000,000	545,000,000	629,000,000	409,000,000		429,000,000	361,000,000	691,000,000	356,000,000	347,000,000	352,000,000	819,000,000	356,000,000		374,000,000	319,000,000	391,000,000		274,000,000	268,000,000	252,000,000		264,000,000	248,000,000	265,000,000	401,000,000	344,000,000	440,000,000	247,000,000		435,000,000	238,000,000	511,000,000	188,000,000	216,000,000
store deposits in-transit	1,111,000,000	1,133,000,000	1,179,000,000	1,312,000,000	1,082,000,000	1,091,000,000	1,226,000,000	1,215,000,000	1,197,000,000	1,141,000,000	1,143,000,000	1,127,000,000	1,209,000,000	1,087,000,000	1,110,000,000	1,082,000,000	1,140,000,000	1,055,000,000	1,011,000,000	1,096,000,000	1,102,000,000	1,058,000,000	1,142,000,000	1,179,000,000	1,034,000,000	983,000,000	1,066,000,000		1,098,000,000	1,017,000,000	1,053,000,000	952,000,000	1,161,000,000	1,163,000,000	977,000,000	952,000,000		1,043,000,000	959,000,000	892,000,000		962,000,000	934,000,000	962,000,000		942,000,000	956,000,000	937,000,000	958,000,000	881,000,000	850,000,000	851,000,000
receivables	2,373,000,000	2,211,000,000	2,131,000,000	2,195,000,000	2,193,000,000	2,149,000,000	1,968,000,000	2,136,000,000	1,938,000,000	1,820,000,000	1,766,000,000	2,234,000,000	2,019,000,000	1,869,000,000	1,887,000,000	1,828,000,000	1,914,000,000	1,961,000,000	1,936,000,000	1,781,000,000	1,610,000,000	1,526,000,000	1,552,000,000	1,706,000,000	1,600,000,000	1,567,000,000	1,560,000,000		1,510,000,000	1,488,000,000	1,583,000,000	1,394,000,000	1,637,000,000	1,452,000,000	1,536,000,000	1,394,000,000		1,488,000,000	1,316,000,000	1,314,000,000		1,253,000,000	1,319,000,000	1,218,000,000		1,154,000,000	1,174,000,000	1,108,000,000	1,116,000,000	1,044,000,000	942,000,000	961,000,000		1,039,000,000	941,000,000	922,000,000	949,000,000	877,000,000
fifo inventory	10,255,000,000	9,349,000,000	9,464,000,000	9,442,000,000	9,960,000,000	9,014,000,000	9,044,000,000	9,414,000,000	10,258,000,000	9,126,000,000	9,325,000,000	9,756,000,000	10,628,000,000	9,125,000,000	9,021,000,000	8,353,000,000	9,070,000,000	7,998,000,000	8,177,000,000	8,436,000,000	8,935,000,000	7,778,000,000	7,708,000,000	8,464,000,000	8,757,000,000	7,847,000,000	7,998,000,000		8,368,000,000	7,515,000,000	7,650,000,000	7,676,000,000	7,781,000,000	8,222,000,000	7,698,000,000	7,676,000,000		8,268,000,000	7,420,000,000	7,354,000,000		7,626,000,000	6,841,000,000	6,995,000,000		7,366,000,000	6,646,000,000	6,773,000,000	6,801,000,000	6,768,000,000	6,082,000,000	6,191,000,000		6,689,000,000	5,961,000,000	6,066,000,000	6,157,000,000	6,477,000,000
lifo reserve	-2,541,000,000	-2,506,000,000	-2,444,000,000	-2,404,000,000	-2,375,000,000	-2,371,000,000	-2,350,000,000	-2,309,000,000	-2,327,000,000	-2,298,000,000	-2,295,000,000	-2,196,000,000	-1,962,000,000	-1,810,000,000	-1,663,000,000	-1,570,000,000	-1,550,000,000	-1,457,000,000	-1,410,000,000	-1,373,000,000	-1,457,000,000	-1,434,000,000	-1,411,000,000	-1,380,000,000	-1,345,000,000	-1,321,000,000	-1,291,000,000		-1,285,000,000	-1,274,000,000	-1,263,000,000	-1,317,000,000	-1,248,000,000	-1,305,000,000	-1,335,000,000	-1,317,000,000		-1,292,000,000
prepaid and other current assets	840,000,000	735,000,000	697,000,000	769,000,000	807,000,000	805,000,000	822,000,000	609,000,000	648,000,000	642,000,000	633,000,000	734,000,000	593,000,000	536,000,000	539,000,000	660,000,000	518,000,000	550,000,000	522,000,000	876,000,000	576,000,000	538,000,000	458,000,000	522,000,000	434,000,000	435,000,000	420,000,000		461,000,000	460,000,000	530,000,000	477,000,000	835,000,000	437,000,000	452,000,000	477,000,000		522,000,000	530,000,000	553,000,000		464,000,000	457,000,000	429,000,000		396,000,000	422,000,000	410,000,000	704,000,000	315,000,000	332,000,000	299,000,000		333,000,000	335,000,000	347,000,000	288,000,000	344,000,000
total current assets	15,994,000,000	15,805,000,000	15,765,000,000	15,273,000,000	25,025,000,000	14,063,000,000	14,163,000,000	12,948,000,000	13,439,000,000	12,851,000,000	13,204,000,000	12,670,000,000	13,403,000,000	11,909,000,000	12,276,000,000	12,174,000,000	13,380,000,000	12,332,000,000	12,545,000,000	12,503,000,000	12,946,000,000	12,286,000,000	12,175,000,000	10,890,000,000	11,025,000,000	10,140,000,000	10,162,000,000		10,753,000,000	9,746,000,000	10,286,000,000	9,538,000,000	11,117,000,000	10,925,000,000	10,147,000,000	9,538,000,000		10,403,000,000	9,244,000,000	9,216,000,000		9,277,000,000	8,526,000,000	8,583,000,000		8,886,000,000	8,295,000,000	8,368,000,000	8,830,000,000	8,212,000,000	7,518,000,000	7,434,000,000		8,277,000,000	7,251,000,000	7,596,000,000	7,325,000,000	7,823,000,000
property, plant and equipment	24,087,000,000	25,947,000,000	25,829,000,000	25,703,000,000	25,698,000,000	25,708,000,000	25,537,000,000	25,230,000,000	24,882,000,000	24,894,000,000	24,935,000,000	24,726,000,000	24,080,000,000	24,118,000,000	24,209,000,000	23,789,000,000	23,316,000,000	22,986,000,000	23,057,000,000	22,386,000,000	21,902,000,000	21,881,000,000	21,790,000,000	21,871,000,000	21,801,000,000	21,820,000,000	21,661,000,000		21,515,000,000	21,316,000,000	21,195,000,000	21,133,000,000	21,071,000,000	20,966,000,000	21,308,000,000	21,133,000,000		20,966,000,000	20,687,000,000	20,161,000,000		18,926,000,000	18,573,000,000	18,212,000,000		17,586,000,000	17,263,000,000	17,030,000,000	16,893,000,000	15,456,000,000	15,084,000,000	14,967,000,000		14,690,000,000	14,600,000,000	14,522,000,000	14,464,000,000	14,451,000,000
operating lease assets	6,791,000,000	6,812,000,000	6,840,000,000	6,839,000,000	6,829,000,000	6,786,000,000	6,695,000,000	6,692,000,000	6,752,000,000	6,697,000,000	6,659,000,000	6,662,000,000	6,705,000,000	6,771,000,000	6,760,000,000	6,695,000,000	6,655,000,000	6,704,000,000	6,663,000,000	6,796,000,000	6,843,000,000	6,822,000,000	6,831,000,000	6,814,000,000	6,847,000,000	6,861,000,000	6,819,000,000
intangibles	860,000,000	866,000,000	836,000,000	834,000,000	865,000,000	866,000,000	864,000,000	899,000,000	890,000,000	885,000,000	893,000,000	899,000,000	906,000,000	917,000,000	928,000,000	942,000,000	954,000,000	966,000,000	978,000,000	997,000,000	1,012,000,000	1,029,000,000	1,044,000,000	1,066,000,000	1,086,000,000	1,103,000,000	1,123,000,000		1,201,000,000	1,218,000,000	1,100,000,000	1,141,000,000	1,100,000,000	1,113,000,000	1,131,000,000	1,141,000,000		1,164,000,000	1,039,000,000	1,043,000,000		734,000,000	736,000,000	743,000,000		766,000,000	695,000,000	698,000,000	702,000,000
goodwill	2,674,000,000	2,674,000,000	2,674,000,000	2,674,000,000	2,674,000,000	2,673,000,000	2,673,000,000	2,916,000,000	2,916,000,000	2,916,000,000	2,916,000,000	2,916,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,076,000,000	3,095,000,000	3,087,000,000		3,087,000,000	3,087,000,000	2,925,000,000	3,031,000,000	2,925,000,000	3,035,000,000	3,052,000,000	3,031,000,000		3,035,000,000	2,749,000,000	2,744,000,000		2,310,000,000	2,307,000,000	2,304,000,000		2,295,000,000	2,135,000,000	2,135,000,000	2,135,000,000	1,234,000,000	1,234,000,000	1,234,000,000		1,164,000,000	1,164,000,000	1,138,000,000	1,138,000,000	1,138,000,000
other assets	1,034,000,000	1,486,000,000	1,304,000,000	1,293,000,000	1,327,000,000	1,347,000,000	1,647,000,000	1,820,000,000	2,142,000,000	1,959,000,000	1,586,000,000	1,750,000,000	1,817,000,000	1,950,000,000	1,842,000,000	2,410,000,000	2,448,000,000	2,397,000,000	2,492,000,000	2,904,000,000	2,686,000,000	2,449,000,000	2,026,000,000	1,539,000,000	1,558,000,000	1,443,000,000	1,467,000,000		1,585,000,000	1,590,000,000	1,055,000,000	956,000,000	984,000,000	989,000,000	962,000,000	956,000,000		939,000,000	943,000,000	637,000,000		660,000,000	639,000,000	626,000,000		689,000,000	691,000,000	682,000,000	721,000,000	578,000,000	636,000,000	592,000,000		527,000,000	532,000,000	535,000,000	549,000,000	548,000,000
total assets	51,440,000,000	53,590,000,000	53,248,000,000	52,616,000,000	62,418,000,000	51,443,000,000	51,579,000,000	50,505,000,000	51,021,000,000	50,202,000,000	50,193,000,000	49,623,000,000	49,987,000,000	48,741,000,000	49,091,000,000	49,086,000,000	49,829,000,000	48,461,000,000	48,811,000,000	48,662,000,000	48,465,000,000	47,543,000,000	46,942,000,000	45,256,000,000	45,393,000,000	44,462,000,000	44,319,000,000	38,118,000,000	38,141,000,000	36,957,000,000	36,561,000,000	35,799,000,000	37,197,000,000	37,028,000,000	36,600,000,000	35,799,000,000	36,505,000,000	36,507,000,000	34,662,000,000	33,801,000,000	33,897,000,000	31,907,000,000	30,781,000,000	30,468,000,000	30,556,000,000	30,222,000,000	29,079,000,000	28,913,000,000	29,281,000,000	25,480,000,000	24,472,000,000	24,227,000,000	24,652,000,000	24,658,000,000	23,547,000,000	23,791,000,000	23,476,000,000	23,960,000,000
liabilities
current liabilities
current portion of long-term debt including obligations under finance leases	1,929,000,000	827,000,000	807,000,000	272,000,000	187,000,000	196,000,000	198,000,000	198,000,000	724,000,000	716,000,000	1,319,000,000	1,310,000,000	788,000,000	789,000,000	587,000,000	555,000,000	1,048,000,000	1,547,000,000	1,150,000,000	911,000,000	1,595,000,000	1,096,000,000	1,095,000,000	1,965,000,000	1,417,000,000	1,353,000,000	1,453,000,000
current portion of operating lease liabilities	673,000,000	673,000,000	668,000,000	599,000,000	667,000,000	666,000,000	665,000,000	670,000,000	668,000,000	669,000,000	664,000,000	662,000,000	654,000,000	656,000,000	652,000,000	650,000,000	642,000,000	644,000,000	644,000,000	667,000,000	669,000,000	666,000,000	669,000,000	597,000,000	673,000,000	675,000,000	682,000,000
accounts payable	10,547,000,000	10,183,000,000	10,562,000,000	10,124,000,000	10,521,000,000	10,344,000,000	10,777,000,000	10,381,000,000
accrued salaries and wages	1,216,000,000	1,315,000,000	1,209,000,000	1,330,000,000	1,185,000,000	1,261,000,000	1,208,000,000	1,323,000,000	1,177,000,000	1,182,000,000	1,130,000,000	1,746,000,000	1,463,000,000	1,356,000,000	1,171,000,000	1,736,000,000	1,458,000,000	1,274,000,000	1,165,000,000	1,413,000,000	1,236,000,000	1,267,000,000	1,302,000,000	1,168,000,000	1,087,000,000	1,099,000,000	1,078,000,000		1,070,000,000	1,108,000,000	1,011,000,000	1,135,000,000	1,099,000,000	1,074,000,000	1,080,000,000	1,135,000,000		1,153,000,000	1,214,000,000	1,202,000,000		1,287,000,000	1,221,000,000	1,146,000,000		1,195,000,000	1,128,000,000	1,101,000,000	1,150,000,000	1,047,000,000	1,013,000,000	957,000,000		906,000,000	900,000,000	895,000,000	1,056,000,000	956,000,000
other current liabilities	3,857,000,000	3,701,000,000	3,379,000,000	3,615,000,000	3,714,000,000	3,473,000,000	3,288,000,000	3,486,000,000	6,067,000,000	6,373,000,000	6,664,000,000	6,401,000,000	6,614,000,000	6,319,000,000	6,272,000,000	6,265,000,000	5,771,000,000	5,366,000,000	5,236,000,000	5,696,000,000	4,662,000,000	4,678,000,000	4,473,000,000	4,164,000,000	4,074,000,000	3,955,000,000	3,939,000,000		3,793,000,000	3,837,000,000	4,003,000,000	3,448,000,000	3,421,000,000	3,521,000,000	3,587,000,000	3,448,000,000		3,421,000,000	3,584,000,000	3,200,000,000		3,218,000,000	3,068,000,000	2,864,000,000		3,036,000,000	2,894,000,000	2,666,000,000	2,769,000,000	2,799,000,000	2,703,000,000	2,487,000,000		2,548,000,000	2,586,000,000	2,416,000,000	2,215,000,000	2,402,000,000
total current liabilities	18,222,000,000	16,699,000,000	16,625,000,000	15,940,000,000	16,274,000,000	16,132,000,000	16,378,000,000	16,058,000,000	16,785,000,000	16,537,000,000	17,130,000,000	17,238,000,000	17,738,000,000	16,566,000,000	16,238,000,000	16,323,000,000	16,798,000,000	15,603,000,000	15,210,000,000	15,366,000,000	15,517,000,000	14,578,000,000	14,671,000,000	14,243,000,000	14,118,000,000	13,350,000,000	13,575,000,000		14,796,000,000	13,349,000,000	13,476,000,000	12,515,000,000	14,197,000,000	12,890,000,000	11,618,000,000	12,515,000,000		14,124,000,000	13,521,000,000	13,145,000,000		12,952,000,000	11,363,000,000	11,318,000,000		11,680,000,000	10,840,000,000	10,924,000,000	10,705,000,000	10,193,000,000	9,354,000,000	10,367,000,000		10,548,000,000	9,342,000,000	9,354,000,000	9,105,000,000	9,488,000,000
long-term debt including obligations under finance leases	16,081,000,000	17,132,000,000	17,138,000,000	17,633,000,000	22,414,000,000	12,034,000,000	12,021,000,000	12,028,000,000	12,039,000,000	12,075,000,000	12,114,000,000	12,068,000,000	12,442,000,000	12,488,000,000	13,052,000,000	12,809,000,000	12,673,000,000	12,608,000,000	12,974,000,000	12,502,000,000	11,925,000,000	12,386,000,000	12,376,000,000	12,111,000,000	12,227,000,000	12,130,000,000	12,016,000,000
noncurrent operating lease liabilities	6,516,000,000	6,546,000,000	6,595,000,000	6,578,000,000	6,512,000,000	6,485,000,000	6,412,000,000	6,351,000,000	6,408,000,000	6,369,000,000	6,353,000,000	6,372,000,000	6,370,000,000	6,449,000,000	6,460,000,000	6,426,000,000	6,343,000,000	6,408,000,000	6,385,000,000	6,507,000,000	6,482,000,000	6,478,000,000	6,503,000,000	6,505,000,000	6,449,000,000	6,463,000,000	6,420,000,000
deferred income taxes	917,000,000	1,387,000,000	1,401,000,000	1,417,000,000	1,556,000,000	1,531,000,000	1,535,000,000	1,579,000,000	1,506,000,000	1,452,000,000	1,694,000,000	1,672,000,000	1,481,000,000	1,522,000,000	1,532,000,000	1,562,000,000	1,619,000,000	1,522,000,000	1,541,000,000	1,542,000,000	1,682,000,000	1,634,000,000	1,532,000,000	1,466,000,000	1,517,000,000	1,502,000,000	1,484,000,000		1,738,000,000	1,667,000,000	1,590,000,000							221,000,000	221,000,000	221,000,000		286,000,000	286,000,000	286,000,000		248,000,000	248,000,000	248,000,000	248,000,000	284,000,000	284,000,000	284,000,000		190,000,000	190,000,000	190,000,000	190,000,000	215,000,000
pension and postretirement benefit obligations	370,000,000	376,000,000	381,000,000	387,000,000	371,000,000	377,000,000	386,000,000	385,000,000	387,000,000	419,000,000	427,000,000	436,000,000	407,000,000	439,000,000	455,000,000	478,000,000	490,000,000	494,000,000	507,000,000	535,000,000	543,000,000	578,000,000	591,000,000	608,000,000	471,000,000	482,000,000	485,000,000		601,000,000	787,000,000	789,000,000	1,552,000,000	792,000,000	522,000,000	1,533,000,000	1,552,000,000		1,381,000,000	1,384,000,000	1,395,000,000		1,458,000,000	1,460,000,000	1,458,000,000		903,000,000	899,000,000	900,000,000	901,000,000	1,207,000,000	1,205,000,000	1,199,000,000		1,380,000,000	1,403,000,000	1,404,000,000	1,393,000,000
other long-term liabilities	2,295,000,000	2,173,000,000	2,200,000,000	2,380,000,000	2,397,000,000	2,372,000,000	2,434,000,000	2,503,000,000	2,705,000,000	2,746,000,000	1,595,000,000	1,823,000,000	1,620,000,000	1,638,000,000	1,961,000,000	2,059,000,000	2,415,000,000	2,568,000,000	2,965,000,000	2,660,000,000	2,272,000,000	2,096,000,000	1,941,000,000	1,750,000,000	1,883,000,000	1,882,000,000	1,807,000,000		1,749,000,000	1,695,000,000	1,706,000,000	1,826,000,000	1,706,000,000	1,835,000,000	1,825,000,000	1,826,000,000		1,796,000,000	1,866,000,000	1,364,000,000		1,192,000,000	1,176,000,000	1,260,000,000		1,304,000,000	1,332,000,000	1,330,000,000	1,246,000,000	1,126,000,000	1,125,000,000	1,127,000,000		1,417,000,000	1,482,000,000	1,499,000,000	1,515,000,000	1,149,000,000
total liabilities	44,401,000,000	44,313,000,000	44,340,000,000	44,335,000,000	49,524,000,000	38,931,000,000	39,166,000,000	38,904,000,000	39,830,000,000	39,598,000,000	39,313,000,000	39,609,000,000	40,058,000,000	39,102,000,000	39,698,000,000	39,657,000,000	40,338,000,000	39,203,000,000	39,582,000,000	39,112,000,000	38,421,000,000	37,750,000,000	37,614,000,000	36,683,000,000	36,665,000,000	35,809,000,000	35,787,000,000		30,531,000,000	29,619,000,000	29,620,000,000	29,664,000,000	30,292,000,000	30,817,000,000	30,456,000,000	29,664,000,000		29,877,000,000	28,061,000,000	27,353,000,000		25,662,000,000	24,899,000,000	24,932,000,000		24,878,000,000	24,057,000,000	24,143,000,000	23,886,000,000	20,490,000,000	19,624,000,000	19,631,000,000		20,896,000,000	19,754,000,000	19,724,000,000	19,510,000,000	19,061,000,000
commitments and contingencies
shareowners’ equity
preferred shares, 100 par per share, 5 shares authorized and unissued
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2025 and 2024	1,918,000,000	1,918,000,000	1,918,000,000
additional paid-in capital	3,871,000,000	3,174,000,000	3,159,000,000	3,087,000,000	4,038,000,000	3,987,000,000	3,984,000,000	3,922,000,000	3,871,000,000	3,840,000,000	3,826,000,000	3,805,000,000	3,758,000,000	3,716,000,000	3,714,000,000	3,657,000,000	3,590,000,000	3,527,000,000	3,505,000,000	3,461,000,000	3,420,000,000	3,379,000,000	3,397,000,000	3,337,000,000	3,296,000,000	3,270,000,000	3,287,000,000		3,209,000,000	3,180,000,000	3,059,000,000	3,104,000,000	3,161,000,000	3,124,000,000	3,094,000,000	3,104,000,000		3,039,000,000	3,009,000,000	3,024,000,000		2,948,000,000	2,901,000,000	3,826,000,000		3,652,000,000	3,605,000,000	3,595,000,000	3,549,000,000	3,513,000,000	3,482,000,000	3,483,000,000		3,434,000,000	3,426,000,000	3,454,000,000	3,427,000,000	3,418,000,000
accumulated other comprehensive loss	-613,000,000	-615,000,000	-619,000,000	-621,000,000	-589,000,000	-540,000,000	-419,000,000	-489,000,000	-321,000,000	-440,000,000	-544,000,000	-632,000,000	-412,000,000	-464,000,000	-465,000,000	-467,000,000	-491,000,000	-625,000,000	-627,000,000	-630,000,000	-621,000,000	-651,000,000	-658,000,000	-640,000,000	-495,000,000	-537,000,000	-492,000,000		-402,000,000	-450,000,000	-455,000,000	-738,000,000	-471,000,000	-706,000,000	-726,000,000	-738,000,000		-728,000,000
accumulated earnings	28,205,000,000	29,754,000,000	29,381,000,000	28,724,000,000	28,299,000,000	27,917,000,000	27,683,000,000	26,946,000,000	26,421,000,000	25,984,000,000	26,375,000,000	25,601,000,000	25,338,000,000	25,128,000,000	24,583,000,000	24,066,000,000	23,658,000,000	23,334,000,000	23,021,000,000	23,018,000,000	23,234,000,000	22,744,000,000	22,062,000,000	20,978,000,000	20,781,000,000	20,647,000,000	20,481,000,000		19,535,000,000	19,331,000,000	18,924,000,000	15,735,000,000	17,007,000,000	16,263,000,000	15,978,000,000	15,735,000,000		15,150,000,000	14,874,000,000	14,589,000,000		13,554,000,000	13,228,000,000	12,895,000,000		11,940,000,000	11,667,000,000	11,398,000,000	10,981,000,000	10,651,000,000	10,430,000,000	10,190,000,000		9,404,000,000	9,164,000,000	8,945,000,000	8,571,000,000	8,944,000,000
common shares in treasury, at cost, 1,276 shares in 2025 and 1,258 shares in 2024	-26,339,000,000
total shareowners’ equity - the kroger co.	7,042,000,000	9,282,000,000	8,913,000,000	8,285,000,000	12,900,000,000	12,518,000,000	12,418,000,000	11,615,000,000	11,209,000,000	10,626,000,000	10,905,000,000	10,042,000,000	9,955,000,000	9,657,000,000																								6,612,000,000	6,576,000,000	6,406,000,000		6,271,000,000	5,904,000,000			5,319,000,000			5,384,000,000	4,984,000,000	4,838,000,000	4,590,000,000		3,761,000,000	3,791,000,000	4,080,000,000
noncontrolling interests	-3,000,000	-5,000,000	-5,000,000	-4,000,000	-6,000,000	-6,000,000	-5,000,000	-14,000,000	-18,000,000	-22,000,000	-25,000,000	-28,000,000	-26,000,000	-18,000,000	-18,000,000	-23,000,000	-28,000,000	-20,000,000	-20,000,000	-26,000,000	-26,000,000	-27,000,000	-28,000,000	-29,000,000	-187,000,000	-58,000,000	-49,000,000		-42,000,000	-36,000,000	-29,000,000	-10,000,000	-26,000,000	-24,000,000	-15,000,000	-10,000,000		18,000,000	25,000,000	42,000,000						25,000,000	25,000,000	21,000,000	11,000,000	6,000,000	10,000,000	6,000,000		1,000,000	2,000,000
total equity	7,039,000,000	9,277,000,000	8,908,000,000	8,281,000,000	12,894,000,000	12,512,000,000	12,413,000,000	11,601,000,000	11,191,000,000	10,604,000,000	10,880,000,000	10,014,000,000	9,929,000,000	9,639,000,000	9,393,000,000	9,429,000,000	9,491,000,000	9,258,000,000	9,229,000,000	9,550,000,000	10,044,000,000	9,793,000,000	9,328,000,000	8,573,000,000	8,728,000,000	8,653,000,000	8,532,000,000		7,610,000,000	7,338,000,000	6,941,000,000	6,135,000,000	6,905,000,000	6,211,000,000	6,144,000,000	6,135,000,000		6,630,000,000	6,601,000,000	6,448,000,000		6,245,000,000	5,882,000,000	5,536,000,000		5,344,000,000	5,022,000,000	4,770,000,000	5,395,000,000	4,990,000,000	4,848,000,000	4,596,000,000		3,762,000,000	3,793,000,000	4,067,000,000	3,966,000,000	4,899,000,000
total liabilities and equity	51,440,000,000	53,590,000,000	53,248,000,000	52,616,000,000	62,418,000,000	51,443,000,000	51,579,000,000	50,505,000,000	51,021,000,000	50,202,000,000	50,193,000,000	49,623,000,000	49,987,000,000	48,741,000,000	49,091,000,000	49,086,000,000	49,829,000,000	48,461,000,000	48,811,000,000	48,662,000,000	48,465,000,000	47,543,000,000	46,942,000,000	45,256,000,000	45,393,000,000	44,462,000,000	44,319,000,000		38,141,000,000	36,957,000,000	36,561,000,000	35,799,000,000	37,197,000,000	37,028,000,000	36,600,000,000	35,799,000,000		36,507,000,000	34,662,000,000	33,801,000,000		31,907,000,000	30,781,000,000	30,468,000,000		30,222,000,000	29,079,000,000	28,913,000,000	29,281,000,000	25,480,000,000	24,472,000,000	24,227,000,000		24,658,000,000	23,547,000,000	23,791,000,000	23,476,000,000	23,960,000,000
common shares in treasury, at cost, 1,255 shares in 2025 and 1,258 shares in 2024		-24,949,000,000
common shares in treasury, at cost, 1,257 shares in 2025 and 1,258 shares in 2024			-24,926,000,000
commitments and contingencies see note 12
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2024 and 2023				1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,258 shares in 2024 and 1,198 shares in 2023				-24,823,000,000
commitments and contingencies see note 5
common shares in treasury, at cost, 1,194 shares in 2024 and 1,198 shares in 2023					-20,766,000,000	-20,764,000,000
assets held for sale						589,000,000	607,000,000																						172,000,000	179,000,000	42,000,000		604,000,000	604,000,000
liabilities held for sale						192,000,000	242,000,000																						57,000,000	60,000,000	18,000,000		259,000,000	259,000,000
common shares in treasury, at cost, 1,196 shares in 2024 and 1,198 shares in 2023							-20,748,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2023 and 2022								1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,198 shares in 2023 and 1,202 shares in 2022								-20,682,000,000	-20,680,000,000	-20,676,000,000
trade accounts payable									8,149,000,000	7,597,000,000	7,353,000,000	7,119,000,000	8,219,000,000	7,446,000,000	7,556,000,000	7,117,000,000	7,879,000,000	6,772,000,000	7,015,000,000	6,679,000,000	7,355,000,000	6,871,000,000	7,132,000,000	6,349,000,000	6,867,000,000	6,268,000,000	6,423,000,000		6,505,000,000	5,933,000,000	6,202,000,000	6,078,000,000	5,858,000,000	6,307,000,000	6,003,000,000	6,078,000,000		6,310,000,000	5,723,000,000	5,846,000,000		5,866,000,000	5,261,000,000	5,431,000,000		5,400,000,000	5,076,000,000	5,257,000,000	4,881,000,000	4,941,000,000	4,620,000,000	4,855,000,000		4,825,000,000	4,326,000,000	4,518,000,000	4,329,000,000	4,653,000,000
commitments and contingencies see note 6
common shares in treasury, at cost, 1,200 shares in 2023 and 1,202 shares in 2022											-20,670,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2022 and 2021												1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,202 shares in 2022 and 1,191 shares in 2021												-20,650,000,000	-20,647,000,000	-20,641,000,000
commitments and contingencies see note 7
shareholders’ equity
common shares in treasury, at cost, 1,198 shares in 2022 and 1,191 shares in 2021															-20,339,000,000
total shareholders’ equity - the kroger co.															9,411,000,000	9,452,000,000	9,519,000,000	9,278,000,000	9,249,000,000	9,576,000,000	10,070,000,000	9,820,000,000	9,356,000,000	8,602,000,000	8,915,000,000	8,711,000,000	8,581,000,000		7,652,000,000	7,374,000,000	6,970,000,000	6,145,000,000	6,931,000,000	6,235,000,000	6,159,000,000	6,145,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2021 and 2020																1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,191 shares in 2021 and 1,160 shares in 2020																-19,722,000,000
common shares in treasury, at cost, 1,180 shares in 2021 and 1,160 shares in 2020																	-19,156,000,000

common shares in treasury, at cost, 1,174 shares in 2021 and 1,160 shares in 2020																		-18,876,000,000
common shares in treasury, at cost, 1,169 shares in 2021 and 1,160 shares in 2020																			-18,568,000,000
commitments and contingencies see note 13
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2020 and 2019																				1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,160 shares in 2020 and 1,130 shares in 2019																				-18,191,000,000
common shares in treasury, at cost, 1,152 shares in 2020 and 1,130 shares in 2019																					-17,881,000,000
common shares in treasury, at cost, 1,143 shares in 2020 and 1,130 shares in 2019																						-17,570,000,000
common shares in treasury, at cost, 1,140 shares in 2020 and 1,130 shares in 2019																							-17,363,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2019 and 2018																								1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,130 shares in 2019 and 1,120 shares in 2018																								-16,991,000,000
commitments and contingencies see note 8
common shares in treasury, at cost, 1,116 shares in 2019 and 1,120 shares in 2018																									-16,585,000,000	-16,587,000,000
common shares in treasury, at cost, 1,119 shares in 2019 and 1,120 shares in 2018																											-16,613,000,000
sales																												121,162,000,000									115,337,000,000				109,830,000,000				108,465,000,000								96,751,000,000
net earnings including noncontrolling interests																												3,078,000,000									1,957,000,000				2,049,000,000				1,747,000,000								1,508,000,000
net earnings attributable to the kroger co.																												3,110,000,000									1,975,000,000				2,039,000,000				1,728,000,000								1,497,000,000
net earnings attributable to the kroger co. per diluted common share																												3,760,000									2,050,000				2,060,000				3,440,000								2,770,000
long-term liabilities, including obligations under capital leases and financing obligations																												16,009,000,000									16,935,000,000				14,123,000,000				13,711,000,000								9,381,000,000
total shareholders’ equity — the kroger co.																												7,886,000,000									6,698,000,000				6,811,000,000				5,412,000,000
cash dividends per common share																												530,000									450,000				395,000				680,000								495,000
current portion of long-term debt including obligations under capital leases and financing obligations																													3,371,000,000	2,411,000,000	2,242,000,000	1,854,000,000	3,560,000,000	1,729,000,000	948,000,000	1,854,000,000		3,019,000,000	2,779,000,000	2,676,000,000		2,295,000,000	1,527,000,000	1,591,000,000		1,801,000,000	1,494,000,000	1,652,000,000	1,657,000,000	1,122,000,000	734,000,000	1,784,000,000		2,079,000,000	1,340,000,000	1,335,000,000	1,315,000,000	1,262,000,000
long-term debt including obligations under capital leases and financing obligations																													11,647,000,000	12,121,000,000	12,059,000,000	11,590,000,000	12,029,000,000	13,118,000,000	13,100,000,000	11,590,000,000		10,817,000,000	9,641,000,000	9,710,000,000		8,964,000,000	9,743,000,000	9,716,000,000		9,735,000,000	9,706,000,000	9,664,000,000	9,653,000,000	7,148,000,000	7,158,000,000	6,162,000,000		6,780,000,000	6,787,000,000	6,771,000,000	6,850,000,000	6,428,000,000
preferred shares, 100 per share, 5 shares authorized and unissued
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2018 and 2017																													1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,120 shares in 2018 and 1,048 shares in 2017																													-16,608,000,000
common shares in treasury, at cost, 1,121 shares in 2018 and 1,048 shares in 2017																														-16,605,000,000
common shares in treasury, at cost, 1,122 shares in 2018 and 1,048 shares in 2017																															-16,476,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2017 and 2016																																1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 1,017 shares in 2017 and 994 shares in 2016																																-13,874,000,000				-13,874,000,000
common shares in treasury, at cost, 1,048 shares in 2017 and 994 shares in 2016																																	-14,684,000,000
common shares in treasury, at cost, 1,037 shares in 2017 and 994 shares in 2016																																		-14,364,000,000
common shares in treasury, at cost, 1,025 shares in 2017 and 994 shares in 2016																																			-14,105,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2016 and 2015																																						1,918,000,000	1,918,000,000	1,918,000,000
common shares in treasury, at cost, 984 shares in 2016 and 951 shares in 2015																																						-12,767,000,000
common shares in treasury, at cost, 974 shares in 2016 and 951 shares in 2015
common shares in treasury, at cost, 977 shares in 2016 and 951 shares in 2015
face-value of long-term debt including obligations under capital leases and financing obligations																																										8,965,000,000	9,744,000,000	9,717,000,000		9,736,000,000	9,707,000,000	9,665,000,000	9,654,000,000	7,148,000,000	7,159,000,000	6,161,000,000		6,773,000,000	6,775,000,000	6,757,000,000	6,826,000,000	6,396,000,000
adjustment to reflect fair-value interest rate hedges																																																				1,000,000		7,000,000	12,000,000	14,000,000		32,000,000
common shares, 1 par per share, 2,000 shares authorized; 1,918 shares issued in 2015 and 2014																																										1,918,000,000	1,918,000,000
common shares in treasury, at cost, 952 shares in 2015 and 944 shares in 2014
common shares in treasury, at cost, 953 shares in 2015 and 944 shares in 2014
common shares, 1 par per share, 1,000 shares authorized; 959 shares issued in 2015 and 2014																																												959,000,000
common shares in treasury, at cost, 478 shares in 2015 and 472 shares in 2014
total shareowners’ equity — the kroger co.																																												5,557,000,000			4,997,000,000						4,207,000,000				3,981,000,000	4,907,000,000
the kroger co.																																													352,220,000
s&p 500 index																																													207,980,000
peer group																																													188,850,000
period
first period - four weeks
november 9, 2014 to december 6, 2014
second period - four weeks
december 7, 2014 to january 3, 2015
third period — four weeks
january 4, 2015 to january 31, 2015
total
common shares, 1 par per share, 1,000 shares authorized; 959 shares issued in 2014 and 2013																																														959,000,000	959,000,000	959,000,000
common shares in treasury, at cost, 473 shares in 2014 and 451 shares in 2013
common shares in treasury, at cost, 474 shares in 2014 and 451 shares in 2013
total shareowners’ equity – the kroger co.																																																4,749,000,000
common shares, 1 par per share, 1,000 shares authorized; 959 shares issued in 2013 and 2012																																																	959,000,000	959,000,000	959,000,000	959,000,000
common stock in treasury, at cost, 451 shares in 2013 and 445 shares in 2012
common shares in treasury, at cost, 445 shares in 2013 and 2012
common shares in treasury, at cost, 443 shares in 2013 and 445 shares in 2012
deposits in-transit																																																						920,000,000	900,000,000	839,000,000	786,000,000	879,000,000
common shares, 1 par per share, 1,000 shares authorized; 959 shares issued in 2012 and 2011																																																						959,000,000	959,000,000	959,000,000
common shares in treasury, at cost, 445 shares in 2012 and 398 shares in 2011
common shares in treasury, at cost, 432 shares in 2012 and 398 shares in 2011
common shares in treasury, at cost, 410 shares in 2012 and 398 shares in 2011
adjustment related to fair-value of interest rate hedges																																																									24,000,000
common shares, 1 par per share, 1,000 shares authorized; 959 shares issued in 2011 and 2010																																																									959,000,000
common stock in treasury, at cost, 398 shares in 2011 and 339 shares in 2010
pension and post-retirement benefit obligations																																																										930,000,000
preferred stock, 100 par per share, 5 shares authorized and unissued
common stock																																																										959,000,000
common stock in treasury, at cost, 387 shares in 2011 and 339 shares in 2010

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-11-08	2025-08-16	2025-05-24	2025-02-01	2024-11-09	2024-08-17	2024-05-25	2024-02-01	2023-11-04	2023-08-12	2023-05-20	2023-01-28	2022-11-05	2022-08-13	2022-05-21	2022-01-28	2021-11-06	2021-08-14	2021-05-22	2021-01-29	2020-11-07	2020-08-15	2020-05-23	2020-01-30	2019-11-09	2019-08-17	2019-05-25	2019-02-01	2018-11-10	2018-08-18	2018-05-26	2018-02-03	2017-11-04	2017-08-12	2017-05-20

cash flows from operating activities:
net earnings including noncontrolling interests	-1,315,000,000	610,000,000	868,000,000	634,000,000	617,000,000	465,000,000	956,000,000	1,242,000,000	647,000,000	-179,000,000	962,000,000	451,000,000	401,000,000	731,000,000	666,000,000	1,152,000,000	485,000,000	469,000,000	143,000,000	-998,000,000	632,000,000	820,000,000	1,212,000,000	1,395,000,000	143,000,000	287,000,000	763,000,000	-1,315,000,000	308,000,000	501,000,000	2,018,000,000	853,000,000	388,000,000	351,000,000	297,000,000
adjustments to reconcile net earnings including noncontrolling interests to net cash from operating activities:
depreciation and amortization	781,000,000	778,000,000	1,051,000,000	760,000,000	758,000,000	750,000,000	978,000,000	850,000,000	722,000,000	717,000,000	957,000,000	706,000,000	685,000,000	684,000,000	890,000,000	797,000,000	660,000,000	647,000,000	861,000,000	751,000,000	631,000,000	617,000,000	825,000,000	753,000,000	624,000,000	591,000,000	779,000,000	765,000,000	569,000,000	574,000,000	741,000,000	565,000,000	572,000,000	563,000,000	736,000,000
asset impairment and store closure charges	11,000,000	6,000,000	108,000,000
fulfillment network impairment and related charges
operating lease asset amortization	135,000,000	134,000,000	184,000,000	138,000,000	138,000,000	140,000,000	187,000,000	131,000,000	142,000,000	142,000,000	188,000,000	143,000,000	142,000,000	143,000,000	186,000,000	146,000,000	136,000,000	141,000,000	191,000,000	124,000,000	145,000,000	143,000,000	193,000,000				197,000,000
lifo charge	44,000,000	62,000,000	40,000,000	29,000,000	4,000,000	21,000,000	41,000,000	-36,000,000	29,000,000	3,000,000	99,000,000	234,000,000	152,000,000	147,000,000	93,000,000	449,000,000	93,000,000	47,000,000	37,000,000	120,000,000	23,000,000	23,000,000	31,000,000		23,000,000	31,000,000	15,000,000	66,000,000	12,000,000	12,000,000	15,000,000		3,000,000	18,000,000	25,000,000
share-based employee compensation	37,000,000	45,000,000	38,000,000	42,000,000	44,000,000	32,000,000	57,000,000	51,000,000	32,000,000	43,000,000	49,000,000	45,000,000	42,000,000	46,000,000	57,000,000	31,000,000
deferred income taxes	-491,000,000	-15,000,000	-16,000,000	-111,000,000	40,000,000	33,000,000	-64,000,000	159,000,000	17,000,000	-273,000,000	-5,000,000	254,000,000	-53,000,000	-10,000,000	-30,000,000	127,000,000	58,000,000	-22,000,000	-2,000,000	-250,000,000	43,000,000	100,000,000	76,000,000	119,000,000	3,000,000	24,000,000	-73,000,000	-204,000,000	56,000,000	75,000,000	17,000,000	-961,000,000	59,000,000	202,000,000	6,000,000
gain on sale of business																													0	-11,000,000	-1,771,000,000
gain on sale of assets	-10,000,000																										-57,000,000
loss on investments	101,000,000	-56,000,000	19,000,000	23,000,000	20,000,000	121,000,000	-16,000,000		-27,000,000	-368,000,000	78,000,000	91,000,000	208,000,000	-103,000,000	532,000,000		93,000,000	122,000,000	479,000,000
other	17,000,000	8,000,000	-37,000,000	-7,000,000	-12,000,000	22,000,000	19,000,000	-106,000,000	44,000,000	11,000,000	73,000,000	-90,000,000	16,000,000	12,000,000	54,000,000	-114,000,000	-16,000,000	22,000,000	100,000,000	-55,000,000	-2,000,000	13,000,000	108,000,000	166,000,000	22,000,000	6,000,000	-29,000,000	-138,000,000	-3,000,000			3,000,000	-5,000,000	60,000,000	-50,000,000
changes in operating assets and liabilities:
store deposits in-transit	21,000,000	46,000,000	133,000,000	-231,000,000	10,000,000	135,000,000	-11,000,000	-27,000,000	-56,000,000	2,000,000	-16,000,000	82,000,000	-122,000,000	23,000,000	-28,000,000	-1,000,000	-85,000,000	-43,000,000	84,000,000	-64,000,000	-44,000,000	84,000,000	37,000,000	-65,000,000	-50,000,000	83,000,000	115,000,000	-60,000,000	-81,000,000	36,000,000	108,000,000	3,000,000	-201,000,000	-25,000,000	-42,000,000
receivables	-81,000,000	-59,000,000	47,000,000	-50,000,000	18,000,000	-154,000,000	-102,000,000	-421,000,000	-94,000,000	-47,000,000	274,000,000	-92,000,000	-120,000,000	-8,000,000	-2,000,000	-142,000,000	-23,000,000	-71,000,000	14,000,000	-103,000,000	-75,000,000	27,000,000	90,000,000	-183,000,000	49,000,000	11,000,000	33,000,000	59,000,000	-22,000,000	50,000,000	-123,000,000	16,000,000	20,000,000	-124,000,000	149,000,000
inventories	-988,000,000	115,000,000	-23,000,000	518,000,000	-933,000,000	46,000,000	225,000,000	358,000,000	-1,132,000,000	211,000,000	419,000,000	897,000,000	-1,493,000,000	-98,000,000	-676,000,000	-697,000,000	-1,050,000,000	172,000,000	205,000,000	551,000,000	-1,156,000,000	-71,000,000	756,000,000	643,000,000	-910,000,000	150,000,000	124,000,000	250,000,000	-853,000,000	118,000,000	134,000,000	443,000,000	-620,000,000	-23,000,000	177,000,000
prepaid and other current assets	-1,000,000	-39,000,000	-52,000,000	38,000,000	-2,000,000	6,000,000	-208,000,000	-211,000,000	-23,000,000	-14,000,000	82,000,000	-135,000,000	-16,000,000	-2,000,000	117,000,000	-407,000,000	15,000,000	-13,000,000	369,000,000	288,000,000	-40,000,000	-79,000,000	63,000,000	-408,000,000	-2,000,000	-18,000,000	86,000,000	-413,000,000	15,000,000	58,000,000	307,000,000	-385,000,000	-2,000,000	19,000,000	409,000,000
accounts payable	516,000,000	-302,000,000	288,000,000	-325,000,000	402,000,000	-446,000,000	622,000,000
accrued expenses	-122,000,000	424,000,000	-243,000,000	30,000,000	151,000,000	253,000,000	-327,000,000	533,000,000	8,000,000	15,000,000	-449,000,000	-272,000,000	553,000,000	341,000,000	-748,000,000	-86,000,000	360,000,000	148,000,000	-548,000,000	-138,000,000	134,000,000	168,000,000	167,000,000	1,083,000,000	195,000,000	122,000,000	-18,000,000	32,000,000	70,000,000	157,000,000	43,000,000	-66,000,000	10,000,000	102,000,000	-86,000,000
income taxes receivable and payable	-92,000,000	-35,000,000	41,000,000	48,000,000	-67,000,000	-85,000,000	180,000,000	-72,000,000	-104,000,000	54,000,000	198,000,000	-121,000,000	-28,000,000	29,000,000	-70,000,000	-136,000,000	71,000,000	50,000,000	-175,000,000	-73,000,000	-106,000,000	-81,000,000	276,000,000	169,000,000	-111,000,000	-97,000,000	63,000,000	-401,000,000	-138,000,000	-161,000,000	558,000,000	-239,000,000	10,000,000	-20,000,000	153,000,000
operating lease liabilities	-159,000,000	-157,000,000	-134,000,000	-158,000,000	-155,000,000	-159,000,000	-137,000,000	-70,000,000	-161,000,000	-163,000,000	-215,000,000	-89,000,000	-160,000,000	-159,000,000	-214,000,000	-90,000,000	-158,000,000	-160,000,000	-214,000,000	-154,000,000	-162,000,000	-161,000,000	-141,000,000	-75,000,000	-164,000,000	-167,000,000	-146,000,000
net cash from operating activities	970,000,000	1,539,000,000	2,149,000,000	1,404,000,000	926,000,000	1,122,000,000	2,342,000,000	926,000,000	504,000,000	1,504,000,000	2,860,000,000	1,160,000,000	911,000,000	1,325,000,000	1,102,000,000	-293,000,000	1,668,000,000	867,000,000	2,256,000,000	293,000,000	492,000,000	1,160,000,000	4,245,000,000	2,767,000,000	771,000,000	1,009,000,000	2,268,000,000	931,000,000	473,000,000	892,000,000	2,368,000,000	359,000,000	-271,000,000	1,016,000,000	2,309,000,000
capital expenditures	-941,000,000	-924,000,000	-1,044,000,000	-884,000,000	-954,000,000	-875,000,000	-1,304,000,000	-1,110,000,000	-953,000,000	-926,000,000	-1,028,000,000	-817,000,000	-831,000,000	-685,000,000	-745,000,000	-1,070,000,000	-689,000,000	-499,000,000	-820,000,000	-552,000,000	-719,000,000	-645,000,000	-698,000,000	-502,000,000	0	-680,000,000	-901,000,000	-871,000,000	-770,000,000	0	-758,000,000	-672,000,000	-615,000,000	0	-817,000,000
free cash flows	29,000,000	615,000,000	1,105,000,000	520,000,000	-28,000,000	247,000,000	1,038,000,000	-184,000,000	-449,000,000	578,000,000	1,832,000,000	343,000,000	80,000,000	640,000,000	357,000,000	-1,363,000,000	979,000,000	368,000,000	1,436,000,000	-259,000,000	-227,000,000	515,000,000	3,547,000,000	2,265,000,000	771,000,000	329,000,000	1,367,000,000	60,000,000	-297,000,000	892,000,000	1,610,000,000	-313,000,000	-886,000,000	1,016,000,000	1,492,000,000
cash flows from investing activities:
payments for property and equipment, including payments for lease buyouts	-941,000,000	-924,000,000	-1,044,000,000	-884,000,000	-954,000,000	-875,000,000	-1,304,000,000	-1,110,000,000	-953,000,000	-926,000,000	-1,028,000,000	-817,000,000	-831,000,000	-685,000,000	-745,000,000	-1,070,000,000	-689,000,000	-499,000,000	-820,000,000	-552,000,000	-719,000,000	-645,000,000	-698,000,000	-502,000,000				-871,000,000	-770,000,000			-672,000,000	-615,000,000
proceeds from sale of assets	18,000,000	24,000,000	12,000,000	67,000,000	1,000,000	5,000,000	304,000,000	283,000,000	5,000,000	3,000,000	86,000,000	7,000,000	34,000,000	23,000,000	14,000,000	-61,000,000	32,000,000	100,000,000	7,000,000	54,000,000	59,000,000	5,000,000	35,000,000	-92,000,000	10,000,000	130,000,000	117,000,000	197,000,000	9,000,000	20,000,000	47,000,000	18,000,000	26,000,000	11,000,000	83,000,000
net proceeds from sale of business				0																									0	27,000,000	2,142,000,000
net cash used by investing activities	-908,000,000	-1,068,000,000	-1,039,000,000	-826,000,000	-497,000,000	-891,000,000	-1,014,000,000	-483,000,000	-950,000,000	-848,000,000	-947,000,000	-823,000,000	-804,000,000	-665,000,000	-723,000,000	-1,056,000,000	-675,000,000	-431,000,000	-853,000,000	-563,000,000	-700,000,000	-659,000,000	-689,000,000	-990,000,000				-1,981,000,000				-672,000,000	-585,000,000	-706,000,000	-744,000,000
cash flows from financing activities:
proceeds from issuance of long-term debt				3,000,000													42,000,000			-481,000,000	33,000,000	0	504,000,000	988,000,000	8,000,000	44,000,000	9,000,000	-220,000,000	17,000,000	6,000,000	1,010,000,000	20,000,000	1,000,000	1,501,000,000	1,000,000
payments on long-term debt including obligations under finance leases	-58,000,000	-70,000,000	-52,000,000	-4,738,000,000	-46,000,000	-45,000,000	-54,000,000	-4,128,000,000	-47,000,000	-646,000,000	-62,000,000	-26,000,000	-40,000,000	-441,000,000	-45,000,000	363,000,000	-546,000,000	-41,000,000	-328,000,000	-1,401,000,000	-13,000,000	-14,000,000	-14,000,000	793,000,000	-515,000,000	-12,000,000	-1,013,000,000
dividends paid	-237,000,000	-211,000,000	-211,000,000	-232,000,000	-231,000,000	-210,000,000	-210,000,000	-297,000,000	-210,000,000	-188,000,000	-188,000,000	-188,000,000	-187,000,000	-153,000,000	-154,000,000	-249,000,000	-159,000,000	-136,000,000	-138,000,000	-194,000,000	-141,000,000	-126,000,000	-128,000,000	-178,000,000	-130,000,000	-113,000,000	-113,000,000	-162,000,000	-113,000,000	-101,000,000	-110,000,000	-110,000,000	-112,000,000	-110,000,000	-111,000,000
financing fees paid				0								-22,000,000
proceeds from issuance of capital stock	17,000,000	18,000,000	145,000,000	21,000,000	13,000,000	8,000,000	85,000,000	85,000,000	6,000,000	13,000,000	23,000,000	7,000,000	8,000,000	6,000,000	113,000,000	16,000,000	33,000,000	54,000,000	31,000,000	74,000,000	11,000,000	30,000,000	57,000,000	95,000,000	14,000,000	6,000,000	12,000,000	0	15,000,000	30,000,000	10,000,000	20,000,000	3,000,000	11,000,000	17,000,000
treasury stock purchases	-738,000,000	-22,000,000	-181,000,000	-4,031,000,000	-9,000,000	-13,000,000	-103,000,000	-4,102,000,000	-7,000,000	-18,000,000	-29,000,000	-8,000,000	-10,000,000	-310,000,000	-665,000,000	56,000,000	-298,000,000	-349,000,000	-402,000,000	-658,000,000	-320,000,000	-247,000,000	-422,000,000	-1,290,000,000	-11,000,000	-8,000,000	-15,000,000	1,531,000,000	-17,000,000	-170,000,000	-1,809,000,000	-341,000,000	-262,000,000	-258,000,000	-772,000,000
net cash (used) provided by financing activities
net increase in cash and temporary cash investments	-927,000,000	145,000,000	779,000,000	-9,399,000,000	10,558,000,000	-63,000,000	980,000,000	1,366,000,000	-695,000,000	-212,000,000	1,617,000,000	99,000,000	-186,000,000	-280,000,000	-439,000,000	-1,407,000,000	63,000,000	-84,000,000	622,000,000	-1,647,000,000	-640,000,000	94,000,000	2,327,000,000	1,172,000,000	-84,000,000	220,000,000	-20,000,000	-112,000,000	68,000,000	-330,000,000	344,000,000	-5,000,000	-467,000,000	463,000,000	34,000,000
cash and temporary cash investments:
beginning of year	0	0	3,959,000,000	0	0	0	1,883,000,000	868,000,000	0	0	1,015,000,000	0	0	0	1,821,000,000	134,000,000	0	0	1,687,000,000	1,288,000,000	0	0	399,000,000	-30,000,000	0	0	429,000,000	82,000,000	0	0	347,000,000	0	0	0	322,000,000
end of period	-927,000,000	145,000,000	4,738,000,000						-695,000,000	-212,000,000	2,632,000,000		-186,000,000	-280,000,000	1,382,000,000		63,000,000	-84,000,000	2,309,000,000		-640,000,000	94,000,000	2,726,000,000		-84,000,000	220,000,000	409,000,000		68,000,000	-330,000,000	691,000,000
reconciliation of capital investments:
payments for lease buyouts	0	0	11,000,000	5,000,000	0	9,000,000	37,000,000					11,000,000	0	7,000,000	3,000,000						27,000,000	10,000,000	5,000,000	34,000,000								4,000,000	3,000,000
changes in construction-in-progress payables	108,000,000	77,000,000	-150,000,000	72,000,000	214,000,000	20,000,000	37,000,000	-78,000,000	238,000,000	254,000,000	-71,000,000	-340,000,000	133,000,000	155,000,000	-229,000,000	-137,000,000	-233,000,000	-65,000,000	154,000,000	-498,000,000	66,000,000	-48,000,000	-62,000,000	-455,000,000	67,000,000	4,000,000	25,000,000	51,000,000	-6,000,000	48,000,000	-91,000,000	-39,000,000	-47,000,000	2,000,000	-104,000,000
total capital investments, excluding lease buyouts	-833,000,000	-847,000,000	-1,183,000,000	-807,000,000	-740,000,000	-846,000,000	-1,230,000,000	-1,137,000,000	-715,000,000	-672,000,000	-1,099,000,000	-1,146,000,000	-698,000,000	-523,000,000	-971,000,000	-1,186,000,000	-922,000,000	-564,000,000	-666,000,000	-1,092,000,000	-626,000,000	-683,000,000	-755,000,000	-923,000,000				-738,000,000	-776,000,000			-707,000,000	-659,000,000
disclosure of cash flow information:
cash paid during the year for net interest	200,000,000	101,000,000	269,000,000	102,000,000
cash paid during the year for income taxes	115,000,000	212,000,000	203,000,000	155,000,000	329,000,000	78,000,000	119,000,000	102,000,000	289,000,000	198,000,000	92,000,000	49,000,000	217,000,000	188,000,000	244,000,000	334,000,000	63,000,000	96,000,000	205,000,000	18,000,000	266,000,000	211,000,000	18,000,000	26,000,000	179,000,000	223,000,000	231,000,000	330,000,000	113,000,000	227,000,000	36,000,000	180,000,000	145,000,000	12,000,000	11,000,000
net cash used by financing activities		-326,000,000	-331,000,000			-294,000,000	-348,000,000	923,000,000	-249,000,000	-868,000,000	-296,000,000	-238,000,000	-293,000,000	-940,000,000	-818,000,000	-58,000,000	-930,000,000	-520,000,000	-781,000,000	-1,377,000,000	-432,000,000	-407,000,000	-1,229,000,000	-605,000,000	-70,000,000	-214,000,000	-1,824,000,000	938,000,000	353,000,000	-1,000,000	-3,373,000,000	308,000,000	389,000,000	153,000,000	-1,531,000,000
asset impairment charges
goodwill and fixed asset impairment charges related to vitacost.com
company-sponsored pension plans								6,000,000	-2,000,000				-8,000,000	-8,000,000	-12,000,000		80,000,000	-10,000,000	-14,000,000
unsettled accelerated share repurchases
end of year																																-5,000,000	-467,000,000	463,000,000	356,000,000
gain on the sale of assets					1,000,000	0	-9,000,000		-2,000,000	-2,000,000	-41,000,000	-4,000,000	-23,000,000			-6,000,000	-6,000,000			-20,000,000	-17,000,000	5,000,000	-12,000,000		7,000,000
gain on the sale of business
net cash provided (used) by financing activities
end of period see note 9						-63,000,000	2,863,000,000
cash paid during the year for interest						122,000,000	70,000,000		72,000,000	144,000,000	164,000,000	89,000,000	77,000,000	181,000,000	198,000,000	52,000,000	128,000,000	180,000,000	185,000,000	133,000,000	101,000,000	185,000,000	188,000,000	157,000,000	101,000,000	191,000,000	115,000,000	99,000,000	112,000,000	188,000,000	124,000,000	187,000,000	127,000,000	154,000,000	188,000,000
company-sponsored pension plans expense
proceeds from financing arrangement																	0	0	166,000,000
gain on investments																				1,773,000,000	-162,000,000

balances at january 29, 2022
issuance of common stock:
stock options exercised
restricted stock issued
treasury stock activity:
treasury stock purchases, at cost
stock options exchanged
other comprehensive income net of tax of
cash dividends declared
net earnings including non-controlling interests
balances at january 28, 2023
other comprehensive income net of tax of 44
balances at february 3, 2024
other comprehensive loss net of tax of
balances at february 1, 2025
trade accounts payable									552,000,000	245,000,000	233,000,000	-1,099,000,000	772,000,000	-109,000,000	439,000,000	-1,197,000,000	1,099,000,000	-240,000,000	341,000,000	-568,000,000	484,000,000	-261,000,000	783,000,000	-478,000,000	599,000,000	-155,000,000	364,000,000	-324,000,000	572,000,000	-251,000,000	345,000,000	-462,000,000	434,000,000	-74,000,000	260,000,000
company-sponsored pension plans benefit											-2,000,000
company-sponsored pension plans (benefit) expense
(gain) loss on investments
balances at january 30, 2021
other comprehensive income net of tax of 51
net payments on commercial paper																					0	0	-1,150,000,000		565,000,000	-100,000,000	-700,000,000		460,000,000	174,000,000	-2,120,000,000
loss on the sale of assets																			9,000,000
gain on sale of businesses																									0	0	-176,000,000
loss on deconsolidation and impairment of lucky's market
changes in operating assets and liabilities net of effects from mergers and disposals of business:
proceeds from contract associated with sale of business																									0	0	295,000,000
net proceeds from sale of businesses																									0	1,000,000	326,000,000
net proceeds on commercial paper
balances at february 1, 2020
other comprehensive income net of tax of 1
stock-based employee compensation																		52,000,000	56,000,000		40,000,000	44,000,000	63,000,000	68,000,000	28,000,000	41,000,000	48,000,000	40,000,000	34,000,000	36,000,000	45,000,000	33,000,000	33,000,000	32,000,000	53,000,000
lifo (credit) charge
expense (credit) for company-sponsored pension plans
changes in operating assets and liabilities net of effects from mergers and disposals of businesses:
contribution to company-sponsored pension plan
proceeds on settlement of financial instrument
payments for acquisitions, net of cash acquired																													0
purchases of stores																													0	0	-44,000,000
purchases of ocado securities																													0
net (payments) proceeds on commercial paper
balances at february 2, 2019
cumulative effect of accounting change
deconsolidation of lucky's market
company-sponsored pension plan costs																					-3,000,000	-4,000,000	-5,000,000
impairment of lucky's market
mark to market gain on ocado securities																							-422,000,000		-105,000,000	45,000,000	-106,000,000	-5,000,000	100,000,000	-216,000,000	-36,000,000
asset impairment charge
expense for company-sponsored pension plans																									10,000,000	11,000,000	11,000,000	-15,000,000	16,000,000	11,000,000	27,000,000	523,000,000	8,000,000	25,000,000	35,000,000
goodwill impairment charge
(gain) loss on the sale of assets
net proceeds (payments) on commercial paper
balances at february 3, 2018
other comprehensive income net of tax of 39
non-cash operating lease cost																									148,000,000
payments for property and equipment																										-680,000,000	-901,000,000				-758,000,000				-817,000,000
net cash (used) provided by investing activities																										-575,000,000	-464,000,000
total capital investments																										-676,000,000	-876,000,000				-849,000,000				-921,000,000
contribution to company-sponsored pension plans																																0
payments on long-term debt																													-9,000,000	-35,000,000	-214,000,000	-19,000,000	-614,000,000	-71,000,000	-84,000,000
net (payments) borrowings on commercial paper
balances at january 28, 2017
other comprehensive income net of tax of 87
changes in operating assets and liabilities net of effects from mergers of businesses:
net cash provided (used) by investing activities																														-1,221,000,000	1,349,000,000
payments for mergers, net of cash acquired
net borrowings (payments) on commercial paper																																741,000,000	1,380,000,000	-880,000,000	-545,000,000
excess tax benefits on stock-based awards
investment in the remaining equity of a noncontrolling interest
payments for mergers
adjustments to reconcile net earnings to net cash provided by operating activities:
excess tax benefits on stock based awards
changes in operating assets and liabilities net of effects from acquisitions of businesses:
payments for acquisitions
net borrowings (payments) of commercial paper
depreciation
prepaid expenses
net (payments) borrowings of commercial paper
net increase in book overdrafts
payments for capital investments
net borrowings of commercial paper
investment in the remaining interest of a variable interest entity
adjustments to reconcile net earnings to net cash from operating activities:
balances at january 29, 2011
other comprehensive loss net of income tax of
balances at january 28, 2012
other comprehensive gain net of income tax of 54
balances at february 2, 2013
other comprehensive gain net of income tax of 169
balances at february 1, 2014
payments for capital expenditures
borrowings (payments) on credit facility
reconciliation of capital expenditures:
total capital expenditures
balances at january 31, 2009
tax detriments from exercise of stock options
balances at january 30, 2010
investment in the remaining interest of a variable interest entity net of income tax of
other comprehensive gain net of income tax of 26

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