Kroger (KR) Q4 FY2025 earnings: revenue $34.7 billion, up 1.2% on the year

Kroger Co. (KR) reported revenue of $34.7 billion for Q4 FY2025, the quarter ended 31 January 2026, up 1.2% on the same quarter a year earlier. Net income was $861 million, up 35.8% on the year, and diluted earnings per share $1.35. The figures are the company's own, from the 10-K it filed with the SEC on 31 March 2026.

Revenue

$34.7 billion

+1.2% on the year · +2.6% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

3.6%

2.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$861 million

+35.8% on the year

Q1 FY2024Q4 FY2025

Diluted EPS

$1.35

+50.0% on the year

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 new, 1 kept.

Fulfillment impairment lowered full-year EPS: Full-year diluted EPS was $1.54. It includes a $2.5 billion impairment and related charge for the automated fulfillment network, a $2.91 loss per diluted share.
Adjusted EPS rose to $4.85: Adjusted EPS was $1.28 in the fourth quarter, against $1.14. Full-year adjusted EPS was $4.85, against $4.47.
Adjusted eCommerce sales up 20%: Adjusted eCommerce sales rose 20% in the fourth quarter. The measure excludes fulfillment center exits in markets without Kroger stores, the Vitacost sale and the Ship Marketplace discontinuation.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	34,725	33,859	34,308	+2.6%	+1.2%
Cost of revenue	26,602	25,957	26,387	+2.5%	+0.8%
Gross profit	8,123	7,902	7,921	+2.8%	+2.6%
Gross margin	23.4%	23.3%	23.1%
Operating income	1,246	-1,541	912		+36.6%
Operating margin	3.6%	-4.6%	2.7%
Interest expense	150	146	157	+2.7%	-4.5%
Pre-tax income	1,115	-1,790	734		+51.9%
Income tax	254	-475	100		+154.0%
Effective tax rate	22.8%	n/a	13.6%
Net income	861	-1,320	634		+35.8%
Net margin	2.5%	-3.9%	1.8%
Diluted EPS	$1.35	-$2.02	$0.90		+50.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,653	970	1,404	+173.5%	+89.0%
Capital expenditure	946	941	884	+0.5%	+7.0%
Free cash flow	1,707	29.0	520	+5,786.2%	+228.3%
Free cash flow margin	4.9%	0.1%	1.5%
Cash from investing	-899	-908	-826
Cash from financing	-2,376	-989	-9,977
Depreciation and amortisation	721	782	760	-7.8%	-5.1%
Share-based compensation	37.0	37.0	42.0	0.0%	-11.9%
Buybacks	1,758	738	4,031	+138.2%	-56.4%
Dividends paid	226	237	232	-4.6%	-2.6%
Dividend per share	$0.35	$0.35	$0.32	0.0%	+9.4%
Diluted shares, weighted	631m	655m	696m	-3.7%	-9.3%
Shares outstanding at period end	613m	633m	661m	-3.2%	-7.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	5,927	7,042	8,285	-15.8%	-28.5%
Non-controlling interest	9.0	-3.0	-4.0
Debt	15,875	18,010	15,909	-11.9%	-0.2%
Operating lease liabilities	6,461	6,516	6,578	-0.8%	-1.8%
Finance lease liabilities	1,255	498	1,828	+152.0%	-31.3%
Other liabilities	20,426	19,377	20,020	+5.4%	+2.0%
Total liabilities and equity	49,953	51,440	52,616	-2.9%	-5.1%
Goodwill	2,595	2,674	2,674	-3.0%	-3.0%
Intangible assets	808	860	834	-6.0%	-3.1%
Cash and equivalents	3,334	3,956	3,959	-15.7%	-15.8%
Receivables	2,192	2,373	2,195	-7.6%	-0.1%
Other assets	41,024	41,577	42,954	-1.3%	-4.5%
Total assets	49,953	51,440	52,616	-2.9%	-5.1%

Questions

What was Kroger's revenue in Q4 FY2025?

Kroger (KR) reported revenue of $34.7 billion for Q4 FY2025, the quarter ended 31 January 2026, up 1.2% on the same quarter a year earlier.

How much did Kroger earn in Q4 FY2025?

Net income for Q4 FY2025 was $861 million, up 35.8% on the year, and diluted earnings per share $1.35.

When did Kroger report Q4 FY2025 results?

Kroger filed its 10-K for the year that ended with the quarter on 31 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	31,860	33,048	44,600	34,638	34,198	34,822	45,165	33,853	33,957	37,064	45,269	33,912	33,634	34,308	45,118	33,940	33,859	34,725	46,121	34,621
Cost of revenue	24,959	25,719	34,952	27,392	26,890	27,246	35,080	26,475	26,477	28,643	35,124	26,261	25,948	26,387	34,551	26,130	25,957	26,602	35,493	26,763
Gross profit	6,901	7,329	9,648	7,246	7,308	7,576	10,085	7,378	7,480	8,421	10,145	7,651	7,686	7,921	10,567	7,810	7,902	8,123	10,628	7,858
Gross margin	22%	22%	22%	21%	21%	22%	22%	22%	22%	23%	22%	23%	23%	23%	23%	23%	23%	23%	23%	23%
Operating income	868	965	1,505	954	841	826	1,470	-479	912	1,193	1,294	815	828	912	1,322	863	-1,541	1,246	1,407	971
Operating margin	3%	3%	3%	3%	2%	2%	3%	-1%	3%	3%	3%	2%	2%	3%	3%	3%	-5%	4%	3%	3%
Interest expense	135	134	177	127	119	112	153	93.0	94.0	101	123	84.0	86.0	157	199	144	146	150	209	156
Pre-tax income	562	715	812	941	526	623	1,248	-197	851	934	1,191	613	804	734	1,103	772	-1,790	1,115	1,177	840
Tax rate	14%	20%	18%	22%	24%	28%	23%	n/a	24%	21%	20%	24%	23%	14%	21%	21%	n/a	23%	23%	24%
Net income	483	569	664	731	398	451	962	-180	646	739	947	466	618	634	866	609	-1,320	861	903	641
Net margin	2%	2%	1%	2%	1%	1%	2%	-1%	2%	2%	2%	1%	2%	2%	2%	2%	-4%	2%	2%	2%
Diluted EPS	$0.64	$0.74	$0.90	$1.00	$0.55	$0.62	$1.32	-$0.25	$0.88	$1.01	$1.29	$0.64	$0.84	$0.90	$1.29	$0.91	-$2.02	$1.35	$1.46	$1.05
Operating cash flow	1,668	1,399	1,102	1,325	911	1,160	2,860	1,504	504	1,920	2,342	1,122	926	1,404	2,149	1,539	970	2,653	1,774	1,311
Capital expenditure	689	606	745	685	831	817	1,028	926	953	997	1,304	875	954	884	1,044	924	941	946	1,293	1,144
Free cash flow	979	793	357	640	80.0	343	1,832	578	-449	923	1,038	247	-28.0	520	1,105	615	29.0	1,707	481	167
Buybacks	298	598	665	310	10.0	8.0	29.0	18.0	7.0	8.0	103	13.0	9.0	4,031	181	22.0	738	1,758	213	1,058
Dividends paid	159	156	154	153	187	188	188	188	210	210	210	210	231	232	211	211	237	226	215	216
Shares outstanding	735m	723m	716m	716m	716m	717m	718m	719m	719m	722m	722m	723m	724m	661m	661m	663m	633m	613m	613m	591m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 January 2026, filed 31 March 2026: the filing.