KROGER CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KROGER CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2025	FY2025
Revenue	115,337	123,280	121,852	122,286	132,498	137,888	148,258	150,039	147,123	147,642
Cost of revenue	89,502	95,662	95,103	95,294	101,597	107,539	116,480	116,675	113,720	113,240
Gross profit	25,835	27,618	26,749	26,992	30,901	30,349	31,778	33,364	33,403	34,402
Operating income	3,452	2,612	2,614	2,251	2,780	3,477	4,126	3,096	3,849	1,890
Interest expense	522	601	620	603	544	571	535	441
Interest income							33	118	311	199
Pre-tax income	2,914	1,484	3,978	1,981	3,370	2,051	2,902	2,836	3,342	1,200
Income tax	957	-405	900	469	782	385	653	667	670	176
Net income to minority interests	-18	-18	-32	-147	3	11	5	5	7	8
Net income	1,975	1,907	3,110	1,659	2,585	1,655	2,244	2,164	2,665	1,016
EBITDA	5,792	5,048	5,079	4,900	5,527	6,301	7,091	6,221	7,095	5,222
EPS, basic	2.08	2.11	3.80	2.05	3.31	2.20	3.10	2.99	3.70	1.55
EPS, diluted	2.05	2.09	3.76	2.04	3.27	2.17	3.06	2.96	3.67	1.54
Shares, basic (weighted)	942	895	810	799	773	744	718	718	715	652
Shares, diluted (weighted)	958	904	818	805	781	754	727	725	720	655
Dividend per share	0.47	0.50	0.55	0.62	0.70	0.81	0.99	1.13	1.25	1.37

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2025	FY2025
Cash and equivalents	322	347	429	399	1,687	1,821	1,015	1,883	3,959	3,334
Receivables	1,649	1,637	1,589	1,706	1,781	1,828	2,234	2,136	2,195	2,192
Other current assets	898	835	592	522	876	660	734	609	769	843
Total current assets	10,340	11,117	10,803	10,890	12,503	12,174	12,670	12,948	15,273	14,505
Property, plant and equipment	21,016	21,071	21,635	21,871	22,386	23,789	24,726	25,230	25,703	24,260
Lease right-of-use assets				6,814	6,796	6,695	6,662	6,692	6,839	6,682
Goodwill	3,031	2,925	3,087	3,076	3,076	3,076	2,916	2,916	2,674	2,595
Intangible assets	1,153	1,100	1,258	1,066	997	942	899	899	834	808
Other non-current assets	965	984	1,335	1,539	2,904	2,410	1,750	1,820	1,293	1,103
Total assets	36,505	37,197	38,118	45,256	48,662	49,086	49,623	50,505	52,616	49,953
Accounts payable	5,818	5,858	6,059	6,349	6,679	7,117	10,179	10,381	10,124	10,488
Short-term debt	2,197	3,509	3,103	1,926	844	451	1,153	25	104	1,366
Total current liabilities	12,860	14,197	14,274	14,243	15,366	16,323	17,238	16,058	15,940	18,108
Long-term debt	11,118	11,278	11,248	11,330	11,566	11,294	10,139	10,162	15,805	14,509
Lease liabilities				6,505	6,507	6,426	6,372	6,351	6,578	6,461
Other non-current liabilities	1,659	1,706	1,881	1,750	2,660	2,059	1,823	2,503	2,380	2,169
Total liabilities	29,795	30,292	30,283	36,683	39,112	39,657	39,609	38,904	44,335	44,017
Total debt	13,315	14,787	14,351	13,256	12,410	11,745	11,292	10,187	15,909	15,875
Paid-in capital	3,070	3,161	3,245	3,337	3,461	3,657	3,805	3,922	3,087	3,907
Retained earnings	15,543	17,007	19,681	20,978	23,018	24,066	25,601	26,946	28,724	28,850
Treasury stock	-13,118	-14,684	-16,612	-16,991	-18,191	-19,722	-20,650	-20,682	-24,823	-28,113
Other comprehensive income	-715	-471	-346	-640	-630	-467	-632	-489	-621	-635
Shareholders' equity	6,698	6,931	7,886	8,602	9,576	9,452	10,042	11,615	8,285	5,927
Minority interests	12	-26	-51	-29	-26	-23	-28	-14	-4	9
Total equity	6,710	6,905	7,835	8,573	9,550	9,429	10,014	11,601	8,281	5,936
Total liabilities and equity	36,505	37,197	38,118	45,256	48,662	49,086	49,623	50,505	52,616	49,953

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2025	FY2025
Net income	1,957	1,889	3,078	1,512	2,588	1,666	2,249	2,169	2,672	1,024
Depreciation and amortization	2,340	2,436	2,465	2,649	2,747	2,824	2,965	3,125	3,246	3,332
Stock-based compensation	141	151	154	155	185	203	190	172	175	157
Deferred income tax	201	-694	-45	-56	73	-31	161	-155	-102	-330
Change in receivables	-110	61	-208	-36	-90	-61	-222	14	-288	113
Cash from operations	4,272	3,413	4,164	4,664	6,815	6,190	4,498	6,788	5,794	7,311
Capital expenditures	-3,699	-2,809	-2,967	-3,128	-2,865	-2,614	-3,078	-3,904	-4,017	-3,855
Acquisitions	-401	-16	-197
Cash from investing	-3,875	-2,707	-1,186	-2,611	-2,814	-2,611	-3,015	-3,750	-3,228	-3,914
Debt issued	2,781	1,523	2,236	813	1,049	56		15	10,502	43
Stock issued	68	51	65	55	127	172	134	50	127	182
Share buybacks	-1,766	-1,633	-2,010	-465	-1,324	-1,647	-993	-62	-4,156	-2,699
Dividends paid	-429	-443	-437	-486	-534	-589	-682	-796	-883	-885
Cash from financing	-352	-681	-2,896	-2,083	-2,713	-3,445	-2,289	-2,170	-490	-4,022
Net change in cash	45	25	82	-30	1,288	134	-806	868	2,076	-625
Free cash flow	573	604	1,197	1,536	3,950	3,576	1,420	2,884	1,777	3,456
Interest paid	505	656	614	523	564	607	545	488	252	633
Income taxes paid	557	348	600	706	659	513	698	751	681	635

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $58.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.3%	Gross profit / revenue.
Operating margin	1.3%	Operating income / revenue.
EBITDA margin	3.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.8%	Pre-tax income / revenue.
Net margin	0.7%	Net income / revenue.
FCF margin	2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.0%	Cash from operations / revenue.
Effective tax rate	14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-50.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-22.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-7.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-61.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-17.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-58.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-14.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	26.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	94.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	34.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-2.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-28.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-9.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-9.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.68x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.8%	Total debt / total assets.
Liabilities / assets	88.1%	Total liabilities / total assets.
Net debt	$12.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$3.60B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.88x	Revenue / average total assets.
Fixed asset turnover	5.91x	Revenue / average property, plant and equipment.
Receivables turnover	67.3x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	33 days	365 x average accounts payable / cost of revenue.
FCF conversion	340.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.55	Net income per basic share, as reported (split-adjusted).
Revenue per share	$225.41	Revenue / diluted weighted shares.
FCF per share	$5.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.16	Cash from operations / diluted weighted shares.
Book value per share	$9.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.85	Tangible book value / shares outstanding.
Cash per share	$5.09	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.37	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	87.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	78.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$35.99B	Share price x shares outstanding.
Enterprise value	$48.53B	Market cap + total debt - cash - short-term investments.
P/E	35.4x	Market cap / net income. Only when net income is positive.
P/S	0.24x	Market cap / revenue.
P/B	6.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.3x	Market cap / tangible book value, when positive.
P/FCF	10.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.92x	Market cap / cash from operations, when positive.
EV/Sales	0.33x	Enterprise value / revenue.
EV/EBIT	25.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.29x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.6%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	10.0%	(Dividends paid + share buybacks) / market cap.

What was KROGER CO's revenue in fiscal 2025?

KROGER CO reported revenue of $147.64B for fiscal 2025, 0.4% higher than the year before.

Was KROGER CO profitable in fiscal 2025?

Yes. Net income was $1.02B, a net margin of 0.7%.

How much free cash flow did KROGER CO generate in fiscal 2025?

Cash from operations of $7.31B minus capital expenditures of $3.86B left free cash flow of $3.46B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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