At a glance
Kroger Company is worth $40.37B, about 44 times its fiscal 2026 earnings. Revenue grew 0.4% to $147.64B in fiscal 2026, with 0.7% kept as profit; over 5 years it has grown 2.2% a year. It pays a 2.11% dividend yield, raised every year for at least 9 years, and returned $13.39B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +9.9% over the past year with dividends reinvested and +13.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 13.0% in the 2020 crash (S&P 500: 33.7%) and 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 25 months after the lows.
The business in plain English
Kroger runs supermarkets. Founded in 1883, it operated 2,697 stores in 35 states and the District of Columbia as of January 31, 2026, under local banner names such as Harris Teeter. Of those, 2,250 had pharmacies and 1,731 had fuel centers. Kroger serves about 63 million households a year, and over 95% of transactions are tied to its loyalty card.
Kroger earns money by charging more for groceries, prescriptions and fuel than they cost to source, ship and stock. Margins are thin. In the fiscal year ended January 31, 2026, revenue was $147.6 billion, but operating margin (operating profit as a share of sales) was just 1.3%. Non-perishable goods made up 52.5% of sales, perishable foods 25.2%, pharmacy 12.3% and fuel 9.2%.
Store brands matter. Kroger's “Our Brands” lines, including Kroger, Private Selection, Simple Truth and Smart Way, brought in over $39 billion in sales that year, and the company owns 33 food production plants. It offers pickup at 2,408 stores, plus delivery. It also runs Kroger Precision Marketing, a retail media business that uses shopper data to place targeted ads for consumer-goods makers and other partners. Kroger says this business earns higher margins than its traditional operations.
Price history
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KR +9.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Non Perishable | $77.57B | 52.5% |
| Perishable | $37.19B | 25.2% |
| Pharmacy | $18.17B | 12.3% |
| Supermarket Fuel | $13.58B | 9.2% |
| Other Product | $1.13B | 0.8% |
Latest results
- In Q2 FY2027 (ended Aug 15, 2026), revenue was $34.62B, up 2% from a year earlier, and net income was $641.0M (+5.3%).
- For fiscal 2026, revenue was $147.64B (+0.4% year over year; +2.2% a year from FY2021 to FY2026) with a 0.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +2.2% watch |
|---|---|
| Operating margin | 1.3% weak |
| Free cash flow margin | 2.3% watch |
| Return on equity (FY2026) | 17.1% good |
| Return on assets (FY2026) | 2% weak |
| Net cash (cash minus debt) | $-13.69B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $132.50B | $2.58B | $3.95B |
| FY2022 | $137.89B | $1.66B | $3.58B |
| FY2023 | $148.26B | $2.24B | $1.42B |
| FY2024 | $150.04B | $2.16B | $2.88B |
| FY2025 | $147.12B | $2.67B | $1.78B |
| FY2026 | $147.64B | $1.02B | $3.46B |
Valuation snapshot
| Market value | $40.37B |
|---|---|
| P/E ratio | 44.4 |
| Dividend yield | 2.11% |
Rank among 1514 US companies
Market value at each year end
Kroger’s market value went from $32.37B at the end of 2016 to $40.37B on Nov 2, 2026, up 25%; since the end of 2025 it is up 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $40.37B | +2.1% |
| 2025 | $39.54B | -10.6% |
| 2024 | $44.25B | +34.6% |
| 2023 | $32.88B | +3.1% |
| 2022 | $31.91B | -4.1% |
| 2021 | $33.28B | +37.6% |
| 2020 | $24.18B | +4.2% |
| 2019 | $23.21B | +5.8% |
| 2018 | $21.94B | -9.3% |
| 2017 | $24.19B | -25.3% |
| 2016 | $32.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KR price data to Nov 2, 2026 | +11.3% | +9.9% | +17.2% | +13.4% | +10.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +11.3% |
| 2025 | +4.2% |
| 2024 | +36.9% |
| 2023 | +5.0% |
| 2022 | +0.4% |
| 2021 | +45.4% |
| 2020 | +11.9% |
| 2019 | +7.9% |
| 2018 | +2.1% |
| 2017 | -18.9% |
| 2016 | -16.4% |
| 2015 | +31.8% |
| 2014 | +64.9% |
| 2013 | +54.6% |
| 2012 | +8.6% |
| 2011 | +9.3% |
| 2010 | +9.9% |
| 2009 | -21.6% |
| 2008 | -0.5% |
| 2007 | +16.4% |
| 2006 | +22.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 31.7% over that stretch · deepest drop along the way 35.6%, back to its old high 47.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 5.2% over that stretch · deepest drop along the way 13%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.3% over that stretch · deepest drop along the way 29.6%, back to its old high 25 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 4 sales ($6.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 18, 2026 | Mary Ellen Adcock Executive Vice President | sell | $2.3M |
| Jul 14, 2026 | Yael Cosset Executive Vice President | sell | $1.8M |
| Sep 18, 2026 | Mary Ellen Adcock Executive Vice President | sell | $1.5M |
| Sep 18, 2026 | Mary Ellen Adcock Executive Vice President | sell | $658K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 7.5% | Mar 31, 2025 |
| Vanguard Capital Management | 6.9% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.18% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
| Wellington Management Group LLP | 3.2% | Dec 31, 2025 |
ETFs with the most weight in KR
| PBJ Invesco Food & Beverage ETF | 5.5% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 3.34% |
| OAKM Oakmark U.S. Large Cap ETF | 3.31% |
| PSL Invesco Dorsey Wright Consumer Staples Momentum ETF | 3.29% |
| MDPL Monarch Dividend Plus ETF | 3.22% |
| RTH VanEck Retail ETF | 2.97% |
| RSPS Invesco S&P 500 Equal Weight Consumer Staples ETF | 2.8% |
| BRIF FIS Bright Portfolios Focused Equity ETF | 2.76% |
What could go wrong
- Alternative profit strategy may fall short. Kroger counts on “alternative profit” businesses, such as targeted advertising and data analytics built on its shopper traffic, to fund reinvestment in its grocery business. Its annual report warns this strategy may not succeed.
- AI shopping agents could cut Kroger out. If shoppers let AI agents research and purchase groceries for them based on price or speed, Kroger could lose its direct customer relationship and insight into shopping habits, and face tighter margins.
- Online orders are costly to fill. Filling online orders adds cost. Kroger has closed some customer fulfillment centers, warehouses built for online orders, and profits could suffer if it cannot offset these costs through efficiencies or other revenue.
- Store expansion plan carries execution risk. Kroger plans to significantly increase investment in major store projects, including new stores, to speed sales growth and gain market share. If it cannot execute that plan well, results and cash flow could suffer.
- Union contracts shape labor costs. More than two-thirds of Kroger's 403,000-plus workers are under about 350 union contracts covering wages, health care and pensions. Kroger expects more spending on workers, and thin margins leave little cushion.
- Crowded field of grocery competitors. Kroger competes with online retailers, mass merchants, club stores, deep discounters and dollar stores. With a 1.3% operating margin in the year ended January 2026, small shifts in price or traffic can hit profits hard.
Recent events
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Kroger has raised its regular dividend for at least nine straight fiscal years, and the streak may be longer. Dividends per share rose from $0.70 to $1.37 over the five fiscal years to January 31, 2026, about 14.4% a year. In that final year, dividends used 87.1% of earnings, which fell 61.9%, but only 25.6% of free cash flow (cash left after running and investing in the business). Buybacks have been larger than dividends: about $9.6 billion over five fiscal years versus $3.8 billion. The share count fell about 20% from December 2021 to September 2026. The yield was 2.21% as of October 28, 2026.
In the 2008 financial crisis, the shares fell 35.6% and did not regain their peak until February 2013. In the 2022 bear market they dropped 29.6% and took about 25 months to recover. The 13% dip during the 2020 COVID crash reversed within days. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Kroger make money?
Kroger earns most of its revenue selling groceries in its supermarkets and online. In the fiscal year ended January 31, 2026, non-perishable goods were 52.5% of its $147.6 billion in revenue, perishable foods 25.2%, pharmacy 12.3% and supermarket fuel 9.2%. Margins are thin: operating margin was 1.3%. Kroger also earns money from “alternative profit” businesses such as Kroger Precision Marketing, which uses shopper data to place targeted ads for consumer-goods companies.
Does Kroger raise its dividend every year?
Yes, so far. Kroger has increased its regular dividend for at least nine straight fiscal years through the year ended January 31, 2026, and the streak may be longer. Dividends per share reached $1.37 that year, up from $0.70 five years earlier. The yield was 2.21% as of October 28, 2026. Past increases do not guarantee future ones. Dividends took 87.1% of earnings that year, though only 25.6% of free cash flow.
Why is Kroger's P/E ratio so high?
Mainly because earnings fell sharply. Kroger's price-to-earnings (P/E) ratio, the share price divided by a year's profit per share, was 42.2 as of October 28, 2026. That figure uses earnings for the fiscal year ended January 31, 2026. That year, net income fell 61.9% to about $1.0 billion, and diluted earnings per share dropped to $1.54 from $3.67, while revenue rose just 0.4%. In the quarter ended August 15, 2026, net income was $641 million, up 5.3% from a year earlier.
How has Kroger stock performed over the long term?
Over the 10 years to October 28, 2026, Kroger shares returned about 9.9% a year, or 157% in total, based on prices. The five-year figure was 12.8% a year, but the one-year return was a 1.8% loss. Results swing widely. Calendar-year returns ranged from a 21.6% drop in 2009 to a 64.9% gain in 2014. The deepest decline in about 21 years of price history was 52%.
How much debt does Kroger have?
Kroger had about $15.4 billion of total debt and $1.7 billion of cash and investments as of August 15, 2026, leaving net debt of about $13.7 billion. Shareholders' equity, the accounting value of what owners hold, was $5.8 billion against total assets of $49.5 billion. Free cash flow (cash left after running and investing in the business) was about $3.5 billion in the fiscal year ended January 31, 2026. That money can go toward debt payments, dividends and buybacks.