# The Kroger Co. (KR)

> Source: Nexqual · https://nexqual.com/KR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Kroger Co. (KR), nexqual.com/KR" · informational, not investment advice.

**Price:** USD 67.87 (+5.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 64.13 · day 64.57–67.96 · 52w 54.15–76.58 · market cap $40.1B · NYQ

## Key facts
- Last four reported quarters (through Aug 15, 2026): revenue $149B, net income $1.08B (0.7% margin), free cash flow $2.38B (SEC filings).
- Valuation: P/E 36.9x (avg 24.9x at the last 3 fiscal year-ends), EV/EBITDA 10.1x, net debt $13.7B.
- 2 of 80 tracked superinvestors hold KR (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $6.2M; 2 not under a Rule 10b5-1 plan ($6.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.42 on a 1–5 scale) (24 analysts), mean target USD 69 (range 57–85).
- Total return with dividends: 1Y +1.1% vs S&P 500 +14.9%; 5Y +88.0% vs S&P 500 +80.3%.
- Next earnings: 2026-12-03, EPS estimate USD 1.16, revenue estimate $34.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $138B | $148B | $150B | $147B | $148B | $149B |
| Operating income | $3.48B | $4.13B | $3.10B | $3.85B | $1.89B | $2.08B |
| Net income | $1.66B | $2.24B | $2.16B | $2.67B | $1.02B | $1.08B |
| EPS (diluted) | $2.17 | $3.06 | $2.96 | $3.67 | $1.54 | — |
| Free cash flow | $3.58B | $1.42B | $2.88B | $1.78B | $3.46B | $2.38B |
| Operating margin | 2.5% | 2.8% | 2.1% | 2.6% | 1.3% | 1.4% |
| Net margin | 1.2% | 1.5% | 1.4% | 1.8% | 0.7% | 0.7% |
| Revenue growth | +4.1% | +7.5% | +1.2% | -1.9% | +0.4% | — |
| Cash + short-term investments | $1.82B | $1.01B | $1.88B | $3.96B | $3.33B | — |
| Total debt | $11.7B | $11.3B | $10.2B | $15.9B | $15.9B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 15, 2026)
P/E 36.9x · P/S 0.3x · EV/EBITDA 10.1x · EV/Sales 0.4x · P/FCF 16.8x · P/B 6.9x · FCF yield 5.95% · Earnings yield 2.71% · Dividend yield (paid, TTM) 2.23% · Buyback yield (TTM) 9.40% · Net debt $13.7B · EV $53.8B
P/E at fiscal year-ends: Jan 2026 40.5x, Feb 2025 17.5x, Feb 2024 16.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold KR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 0.72% | $2.17B | Reduced -22.0% |
| Jensen Investment Management |  | 0.08% | $3.5M | Reduced -5.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-18 | Adcock Mary Ellen | Executive Vice President | 72,901 | $4.4M | 29.4% | No | Too little history (no open-market trades in 2023) |
| 2026-07-14 | Cosset Yael | Executive Vice President | 30,000 | $1.8M | 19% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.42 on a 1–5 scale), 24 analysts; mean target USD 69 (low 57, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | UBS | Target raised | Neutral | $63 → $66 |
| 2026-10-21 | Wells Fargo | Target raised | Equal-Weight | $58 → $60 |
| 2026-10-21 | Guggenheim | Target raised | Buy | $66 → $68 |
| 2026-09-15 | Guggenheim | Target lowered | Buy | $71 → $66 |
| 2026-09-14 | Telsey Advisory Group | Target lowered | Outperform | $78 → $75 |
| 2026-09-14 | Evercore ISI Group | Target lowered | Outperform | $75 → $70 |
| 2026-09-01 | Citigroup | Target lowered | Neutral | $61 → $57 |
| 2026-08-11 | Evercore ISI Group | Target lowered | Outperform | $78 → $75 |
| 2026-07-07 | Evercore ISI Group | Target lowered | Outperform | $80 → $78 |
| 2026-07-02 | Guggenheim | Reiterated | Buy | $71 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.1% | +88.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.1% | +13.4% |
| Volatility (annualized) | 30.0% | 26.3% |
| Max drawdown | -26.2% (Mar 2026→Jun 2026) | -29.6% (Apr 2022→Oct 2022) |

## Peers (Grocery Stores)
ACI (Albertsons Companies, Inc.) USD 13.87 +3.82% · SFM (Sprouts Farmers Market, Inc.) USD 68.86 +5.11% · IMKTA (Ingles Markets, Incorporated) USD 88.75 +4.24% · GO (Grocery Outlet Holding Corp.) USD 13.9 +5.70% · YSWY (Yesway, Inc.) USD 24.51 +5.35% · NGVC (Natural Grocers by Vitamin Cott) USD 32.37 +7.65%

## More
Full page: https://nexqual.com/KR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KR's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/56873/000110465926037723/kr-20260131x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Ocado International Holdings | "The amount of cash used by investing activities increased in 2025, compared to 2024, primarily due to a decrease in net proceeds from the sale of businesses due to the sale of our Kroger Specialty Pharmacy business in 20…" |
| Partner | International Holdings Limited and Ocado Group | "The amount of cash used by investing activities increased in 2025, compared to 2024, primarily due to a decrease in net proceeds from the sale of businesses due to the sale of our Kroger Specialty Pharmacy business in 20…" |

Other companies that name KR in their own reports (relationship from KR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | COSTCO WHOLESALE CORP /NEW (COST) | 10-K 2026-10-07 | "Walmart, Target, Kroger, and Amazon are among our significant general merchandise retail competitors in the U.S. We also compete with other warehouse clubs, including Walmart's Sam's Club and BJ's Who…" |
| partner | Edible Garden AG Inc (EDBL) | 10-K 2026-03-31 | "Our herb product portfolio is sold through our supermarket partners including Walmart, Target, Meijer, Hannaford, Ahold/Delhaize, Kroger, PriceSmart, Wakefern Food Corporation/ShopRite, King Kullen, D…" |
| supplier | Local Bounti Corporation/DE (LOCL) | 10-K 2026-03-27 | "We distribute our products to approximately 13,000 retail locations across 35 U.S. states, primarily through direct relationships with blue-chip retail customers, including Albertsons, Sam's Club, Kro…" |
| supplier | Once Upon a Farm, PBC (OFRM) | 10-K 2026-03-16 | "Our products are available at leading retail customers, including Target, Whole Foods, Kroger, Walmart, Publix, and Wegmans." |
| supplier | LIFETIME BRANDS, INC (LCUT) | 10-K 2026-03-12 | "The Company's products are sold globally to a diverse customer base including mass market merchants (such as Walmart Inc. ("Walmart") and Target), specialty stores (such as Williams Sonoma and Dunelm)…" |
| supplier | Vital Farms, Inc. (VITL) | 10-K 2026-02-26 | "The loss of Whole Foods, Kroger or any other large retail customer, or the reduction of purchasing levels or the cancellation of any business from any such customer for an extended length of time, cou…" |
| partner | SITE Centers Corp. (SITC) | 10-K 2026-02-26 | "The Company's five largest tenants based on the Company's aggregate annualized base rental revenues, including its proportionate share of joint venture aggregate annualized base rental revenues, are T…" |
| competitor | Sprouts Farmers Market, Inc. (SFM) | 10-K 2026-02-19 | "Our competitors within the overall grocery industry primarily include other specialty food retailers such as Whole Foods, Trader Joe's, and smaller local or regional operators, conventional supermarke…" |
| supplier | WABASH NATIONAL Corp (WNC) | 10-K 2026-02-18 | "In addition, we sell our truck bodies to fleet leasing customers and direct customers including, but not limited to: Ryder System, Inc., Penske Truck Leasing Co., L.P., Budget Truck Rental, LLC, and E…" |
| supplier | Coca-Cola Consolidated, Inc. (COKE) | 10-K 2026-02-18 | "The loss of Walmart Inc. or The Kroger Co. as a customer could have a material adverse effect on the operating and financial results of the Company." |
| supplier | NEWELL BRANDS INC. (NWL) | 10-K 2026-02-13 | "The Company's top-ten customers in 2025 included (in alphabetical order): Amazon.com Inc., Costco Wholesale Corporation, Grainger Inc., Office Depot Inc., Staples Inc., Target Corporation, The Home De…" |
| supplier | PILGRIMS PRIDE CORP (PPC) | 10-K 2026-02-12 | "Our sales efforts are largely targeted towards the foodservice industry, principally chain restaurants and food processors, such as Chick-fil-A® and retail customers, including grocery store chains an…" |
| competitor | Natural Grocers by Vitamin Cottage, Inc. (NGVC) | 10-K 2025-12-11 | "Our competition varies by market and includes supermarkets such as Kroger and Safeway; mass or discount retailers such as Wal-Mart and Target; natural and gourmet markets such as Whole Foods and The F…" |
| supplier | CENTRAL GARDEN & PET CO (CENT) | 10-K 2025-11-26 | "Amazon, Walmart, Petco and Kroger are also significant customers." |
| competitor | INGLES MARKETS INC (IMKTA) | 10-K 2025-11-26 | "competitors are, in alphabetical order, Aldi, Inc., Earth Fare, Inc., Food City (K-VA-T Food Stores, Inc.), Food Lion (Koninlijke Ahold Delhaize America N.V.), The Fresh Market, Inc., Harris Teeter (o…" |

## Revenue by product line (fiscal year ended 2026-01-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Perishable | $77.57B | 52.5% | +0.6% |
| Perishable | $37.19B | 25.2% | +2.4% |
| Pharmacy | $18.17B | 12.3% | +15.8% |
| Supermarket Fuel | $13.58B | 9.2% | -9.3% |
| Other Product | $1.13B | 0.8% | -63.1% |
| Total revenue | $147.64B | 100% | — |

## Company outlook (8-K filed 2026-09-11)

- "Guidance for 2026 Second Quarter Highlights ·"
- "Kroger reaffirmed its full-year adjusted net earnings per diluted share guidance, lowered its full-year 2026 identical sales without fuel guidance, and shared progress on key priorities."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.16 | $1.18 | -1.4% | $34.57B | 19 |
| Next quarter (ends 2027-01-31) | $1.36 | $1.40 | -2.7% | $35.50B | 19 |
| Current fiscal year (ends 2027-01-31) | $5.19 | $5.21 | -0.4% | $150.77B | 23 |
| Next fiscal year (ends 2028-01-31) | $5.48 | $5.54 | -1.0% | $153.16B | 23 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-04 (includes earnings 2026-12-03): ±8.9%; earnings reaction alone ±4.6%; last 8 reports averaged ±6.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 29.2% | ±3.5% |
| 2026-11-06 | 14 | 28.9% | ±4.7% |
| 2026-11-13 | 21 | 28.8% | ±5.7% |
| 2026-11-20 | 28 | 28.8% | ±6.6% |
| 2026-11-27 | 35 | 27.8% | ±7.1% |
| 2026-12-04 | 42 | 32.1% | ±8.9% |
| 2026-12-18 | 56 | 30.6% | ±9.7% |
| 2027-01-15 | 84 | 28.3% | ±10.9% |