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Kroger (KR) investor relations material
Kroger Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Dec, 2025
Executive summary
Identical sales excluding fuel grew 2.6% year-over-year, with eCommerce sales up 17% and strong progress on strategic priorities, including customer experience, store operations, and e-commerce profitability improvements.
Adjusted EPS was $1.05, up 7% year-over-year, while reported EPS was $(2.02) due to a $2.6 billion impairment charge for the automated fulfillment network, resulting in a net loss of $1.32 billion.
Total company sales reached $33.9 billion, up from $33.6 billion in the prior year quarter.
The value creation model emphasizes sustainable total shareholder returns of 8–11%, with strong performance in core grocery, pharmacy, and alternative profit streams.
Macroeconomic uncertainty, SNAP benefit pauses, and inflation pressured sales, especially among middle- and lower-income customers, but food spend remained resilient.
Financial highlights
Adjusted FIFO operating profit reached $1.1 billion, up from $1.02 billion year-over-year.
Gross margin improved to 22.8% from 22.4% year-over-year, aided by the sale of Kroger Specialty Pharmacy and lower supply chain costs.
E-commerce sales grew 17% year-over-year, with delivery as the main driver and improved profitability.
Our Brands outperformed national brands, with premium lines Simple Truth and Private Selection leading.
Media and alternative profit streams delivered double-digit growth and contributed meaningfully to profitability.
Outlook and guidance
Full-year identical sales without fuel growth guidance narrowed to 2.8%–3.0%.
Adjusted EPS guidance raised to $4.75–$4.80; operating profit expected at $4.8–$4.9 billion.
Free cash flow projected at $2.8–$3.0 billion; CapEx guidance set at $3.6–$3.8 billion; adjusted tax rate at 22%.
E-commerce business expected to be profitable in 2026, with $400 million in incremental operating profit from fulfillment center closures.
Q4 identical sales without fuel expected to be reduced by 30–40 basis points due to Medicare drug price changes, with no earnings impact.
Detail eCommerce profitability path for 2026
Impact of fulfillment network impairment on strategy
Capital deployment strategy given debt ratio
E-commerce profitability drivers beyond closures
New store expansion ROIC expectations
Price investment impact on share and margins
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Q4 20263 Mar, 2026
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Frequently asked questions
Shop Smart, Save Big
Kroger is one of the largest supermarket chains in the United States. The company operates more than 2,700 grocery stores across the country, including under the Kroger brand as well as other subsidiaries such as Ralphs, Harris Teeter, and Fry's. Kroger was founded in 1883 by Bernard Kroger in Cincinnati, Ohio. The company started as a single grocery store and expanded rapidly throughout the 20th century through a combination of acquisitions and new store openings.
Kroger's business model is based on offering a wide range of groceries and household items at competitive prices. The company also offers additional services such as pharmacy, deli, and bakery services, as well as fuel centers and online grocery ordering and delivery.
Competing with other giants
One of the key challenges facing Kroger is competition from other supermarket chains, such as Walmart and Amazon-owned Whole Foods. These companies have large customer bases and significant resources, which could make it difficult for Kroger to compete effectively. Additionally, the grocery industry is facing challenges related to labor costs, supply chain disruptions, and changing consumer preferences.
Despite these challenges, Kroger has several potential opportunities for growth. For example, the company could continue to expand its online grocery ordering and delivery services to meet the growing demand for e-commerce. Kroger could also focus on innovation, such as by developing new store formats or incorporating new technologies to enhance the customer experience. Additionally, Kroger could explore partnerships and collaborations with other companies to drive growth and expand into new markets.
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