Compare · Consumer Staples
Kroger vs. Walmart: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Kroger
1 · What it sells
Kroger sells groceries, prescriptions and fuel in 2,697 supermarkets across 35 states and Washington, D.C., and online, with sales of $147.6 billion in FY2025 (February 2025 to January 2026).
Sources and detail on the Kroger page2 · Who pays it
In FY2025, shoppers spent 77.7% of Kroger's sales on groceries, 12.3% at its pharmacies and 9.2% on fuel, and other sales such as media and data services were 0.8%.
Sources and detail on the Kroger page3 · What it keeps from $100
Of every $100 of FY2025 sales, Kroger kept $0.7 as net income after a one-off $2.5 billion charge for closing automated fulfillment centers, and operating profit was $1.3 per $100.
Sources and detail on the Kroger page4 · Where the operating profit comes from
Kroger reports one retail segment and gives no profit by product line, though its FY2025 10-K says its alternative profit businesses, including ads and data, contributed $1.5 billion of operating profit in 2025.
Sources and detail on the Kroger page5 · The one thing to watch
In Q2 FY2026 total sales rose 2.0%, with fuel sales up 25.6%, while identical sales without fuel, Kroger's own measure, rose 0.2% against 3.4% a year earlier.
Sources and detail on the Kroger page
Walmart
1 · What it sells
Walmart sells groceries, general merchandise and health products through 11,000 stores and clubs (Jul 31, 2026) and online, with total revenues of $713.2 billion in FY2026.
Sources and detail on the Walmart page2 · Who pays it
Customers of Walmart U.S. paid 68.4% of FY2026 net sales, International 18.5% and Sam's Club U.S. 13.2%, and no single customer was material.
Sources and detail on the Walmart page3 · What it keeps from $100
Of every $100 that came in during FY2026, Walmart kept $3.1 as net income, including $0.29 of net gains before tax, mostly on investments, while operating income was $4.18 per $100 of total revenues.
Sources and detail on the Walmart page4 · Where the operating profit comes from
Walmart U.S. earned 76.9% of FY2026 segment operating income before corporate costs, and management said on May 21, 2026 that advertising and membership were about one-third of Q1 FY2027 operating income.
Sources and detail on the Walmart page5 · The one thing to watch
Operating income rose 28.8% to $9.4 billion in Q2 FY2027, or 17.4% on Walmart's adjusted constant-currency measure, in a quarter with about $2.9 billion of tariff refunds, partly offset by price investments.
Sources and detail on the Walmart page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Kroger
Where $100 went · FY2025 (year ended Jan 31, 2026)
| Merchandise costs | $76.7 |
|---|---|
| Store, staff and office costs | $17.5 |
| Fulfillment network charge (one-off) | $1.7 |
| Rent and depreciation | $2.8 |
| Net interest and other non-operating items | $0.5 |
| Income tax | $0.1 |
| Kept as net income | $0.7 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 of FY2025 sales: each line = line ÷ $147.6 billion × 100. Store, staff and office costs leave out the $2.5 billion fulfillment network charge, shown on its own line; both sit in the 10-K's operating, general and administrative costs.
Walmart
Where $100 went · FY2026
| Goods and other cost of sales | $74.9 |
|---|---|
| Operating, selling and admin costs | $20.7 |
| Interest | $0.3 |
| Tax and minority holders' share | $1.1 |
| Kept as net income | $3.1 |
| Total | $100 |
Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (total revenues plus $2.1 billion of net other gains): each line = line ÷ $715.2 billion × 100. The profit line includes those gains.
Line items differ because each company groups its costs its own way in its filings. Only on Kroger's receipt: Merchandise costs; Store, staff and office costs; Fulfillment network charge (one-off); Rent and depreciation; Net interest and other non-operating items; Income tax. Only on Walmart's receipt: Goods and other cost of sales; Operating, selling and admin costs; Interest; Tax and minority holders' share.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Kroger
Walmart
See the numbers
Net income
Kroger
Walmart
See the numbers
Free cash flow
Kroger
Walmart
See the numbers
Who pays each company
Kroger
- Grocery shoppers · 77.7% of revenuePeople buying non-perishable goods ($77.6 billion) and fresh food ($37.2 billion) in stores and online: 77.7% of FY2025 sales.
- Pharmacy customers · 12.3% of revenuePrescriptions filled at Kroger pharmacies: 12.3% of FY2025 sales ($18.2 billion).
- Drivers buying fuel · 9.2% of revenueGasoline at Kroger fuel centers: 9.2% of FY2025 sales ($13.6 billion).
- Other · 0.8% of revenueOther sales, the 10-K category that includes media and data analytics services: 0.8% of FY2025 sales ($1.1 billion).
Walmart
- Walmart U.S. customers · 68.4% of revenueShoppers at Walmart and Neighborhood Market stores, and on walmart.com. The segment's net sales were $483.0 billion in FY2026.
- Walmart International customers · 18.5% of revenueShoppers outside the US. The segment's net sales were $130.4 billion in FY2026.
- Sam's Club U.S. customers · 13.2% of revenuePeople shopping at the membership clubs. The segment's net sales were $93.0 billion in FY2026.
- AdvertisersBrands paying for ads, nearly $6.4 billion in FY2026. Walmart gives no share because ads sit in net sales or reduce cost of sales.
- MembersMembership fees exceeded $4.3 billion in FY2026, management said. They are part of $6.75 billion of membership and other income, which sits outside net sales.
Revenue by segment
Kroger
FY2025 (year ended Jan 31, 2026)
| Segment | Revenue | Share |
|---|---|---|
| Non-perishable | $77.6B | 52.5% |
| Fresh | $37.2B | 25.2% |
| Pharmacy | $18.2B | 12.3% |
| Supermarket fuel | $13.6B | 9.2% |
| Other | $1.1B | 0.8% |
Walmart
FY2026
| Segment | Revenue | Share |
|---|---|---|
| Walmart U.S. | $483.0B | 68.4% |
| Walmart International | $130.4B | 18.5% |
| Sam's Club U.S. | $93.0B | 13.2% |
Debt and cash
Kroger
- Debt
- $17.0B
- Cash and investments
- $1.7B
On Aug 15, 2026.
At Aug 15, 2026 Kroger's debt exceeded its cash by $15.3 billion, about 2.1 times its $7.3 billion of cash from operations in FY2025.
Walmart
- Debt
- $57.2B
- Cash and investments
- $11.5B
On Jul 31, 2026.
At Jul 31, 2026 Walmart's debt exceeded its cash by $45.7 billion, about 1.1 years of its cash from operations in the 12 months to that date ($42.9 billion).
Who owns each company
Kroger
- One class of shares.
- Officers and directors as a group: 0.4% of shares (as of Apr 28, 2026).
- BlackRock, Inc.: 7.5% (as of Mar 31, 2025).
- Berkshire Hathaway Inc.: 7.0% (as of Dec 31, 2022).
- Vanguard Capital Management: 6.9% (as of Mar 31, 2026).
- 2 more holders on the Kroger page.
Walmart
- One class of shares.
- Officers and directors as a group: 0.1% of shares (as of Apr 10, 2026).
- Walton Enterprises, LLC: 44.1% (as of Apr 10, 2026).
- Walton Family Holdings Trust: 6.4% (as of Apr 10, 2026).
Sources: Kroger S5, S16, S29, S30, S33 · Walmart S21, S23, S30, S22
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: competition, execution, legal cases, regulation, debt, governance. Every risk is on each company's page.
Kroger
Every risk type on the Kroger page also appears on the other page.
Walmart
- Q2 FY2027 profit includes tariff refunds (other)Walmart received about $2.9 billion of tariff refunds in Q2 FY2027, recorded as a reduction to cost of sales. Walmart said a significant portion went into price and cost mitigation, and that price investment continues through FY2027. It gives no dollar amount for that investment.
- Net income moves with investment values (other)Other gains and losses swung from a $2.7 billion gain in Q2 FY2026 to a $2.1 billion loss in Q4 FY2026. In Q2 FY2027 net income fell 9.4% while operating income rose 28.8%, with a $1.2 billion loss on this line.
- Fuel and running costs (commodity costs)The CFO said on Aug 20, 2026 that Walmart expected more than $2 billion of incremental fuel-related costs this year, above its original assumptions. Fuel-related expense at Sam's Club U.S. was $8.7 billion in FY2026.
Key facts
- How does Kroger make money compared with Walmart?
- Kroger's revenue by segment in FY2025 (year ended Jan 31, 2026): Non-perishable 52.5%, Fresh 25.2%, Pharmacy 12.3%, Supermarket fuel 9.2%, Other 0.8%. Walmart's revenue by segment in FY2026: Walmart U.S. 68.4%, Walmart International 18.5%, Sam's Club U.S. 13.2%.
- Which is bigger by revenue, Kroger or Walmart?
- Kroger reported $147.6B of revenue in FY2025, and Walmart reported $713.2B in FY2026.
- How much net income did Kroger and Walmart report?
- Kroger reported net income of $1.0B in FY2025, and Walmart reported $21.9B in FY2026.
- How much of every $100 did Kroger and Walmart keep as net income?
- Kroger kept $0.7 of every $100 that came in during FY2025 (year ended Jan 31, 2026), and Walmart kept $3.1 in FY2026 (Cityfort calculation from each company's annual report).
- How much debt and cash do Kroger and Walmart have?
- Kroger had $17.0B of debt and $1.7B of cash and investments on Aug 15, 2026. Walmart had $57.2B of debt and $11.5B of cash and investments on Jul 31, 2026.
- When do Kroger's and Walmart's fiscal years end?
- Kroger: Saturday closest to Jan 31. Walmart: Jan 31.
Sources: Kroger S3, S1, S8, S23 · Walmart S3, S4, S5, S1, S2, S15, S6, S14, S12, S33, S29
Built from each company's page. Kroger updated Nov 6, 2026; Walmart updated Nov 1, 2026.
Sources
Kroger
- S1Form 10-K for fiscal year 2025 (52 weeks ended Jan 31, 2026), The Kroger Co. (SEC EDGAR), Mar 31, 2026
- S3Form 10-K for fiscal year 2023 (53 weeks ended Feb 3, 2024), The Kroger Co. (SEC EDGAR), Apr 2, 2024
- S5Form 10-Q for the quarter ended Aug 15, 2026 (Q2 FY2026), The Kroger Co. (SEC EDGAR), Sep 18, 2026
- S8Form 8-K Exhibit 99.1: Q2 FY2026 earnings release (Sep 11, 2026), The Kroger Co. (SEC EDGAR), Sep 11, 2026
- S162026 proxy statement (DEF 14A), The Kroger Co. (SEC EDGAR), May 13, 2026
- S23Form 8-K filed Oct 5, 2026 (Item 8.01: $1.5 billion of senior notes issued), The Kroger Co. (SEC EDGAR), Oct 5, 2026
- S29EDGAR submissions record for The Kroger Co. (CIK 0000056873), The Kroger Co. (SEC EDGAR), Nov 6, 2026
- S30Schedule 13G filed by Vanguard Capital Management (event date Mar 31, 2026), The Kroger Co. (SEC EDGAR), Apr 30, 2026
- S33Schedule 13G/A filed by The Vanguard Group (event date Mar 13, 2026), The Kroger Co. (SEC EDGAR), Mar 27, 2026
Walmart
- S1Form 10-K for fiscal 2026 (year ended Jan 31, 2026), Walmart Inc. (SEC EDGAR), Mar 13, 2026
- S2Form 10-K for fiscal 2025 (year ended Jan 31, 2025), Walmart Inc. (SEC EDGAR), Mar 14, 2025
- S3Form 10-K for fiscal 2024 (year ended Jan 31, 2024), Walmart Inc. (SEC EDGAR), Mar 15, 2024
- S4Form 10-K for fiscal 2023 (year ended Jan 31, 2023), Walmart Inc. (SEC EDGAR), Mar 17, 2023
- S5Form 10-K for fiscal 2022 (year ended Jan 31, 2022), Walmart Inc. (SEC EDGAR), Mar 18, 2022
- S6Form 10-Q for the quarter ended Jul 31, 2026 (Q2 fiscal 2027), Walmart Inc. (SEC EDGAR), Aug 28, 2026
- S12Earnings release, Q2 fiscal 2027 (Form 8-K, Exhibit 99.1), Walmart Inc. (SEC EDGAR), Aug 20, 2026
- S14Earnings release, Q4 and fiscal 2026 (Form 8-K, Exhibit 99.1), Walmart Inc. (SEC EDGAR), Feb 19, 2026
- S15Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99.1), Walmart Inc. (SEC EDGAR), Nov 20, 2025
- S16Earnings release, Q2 fiscal 2026 (Form 8-K, Exhibit 99.1), Walmart Inc. (SEC EDGAR), Aug 21, 2025
- S21Proxy statement (DEF 14A) for the June 4, 2026 annual meeting, Walmart Inc. (SEC EDGAR), Apr 23, 2026
- S22Schedule 13D/A, Walton Enterprises, LLC and Walton Family Holdings Trust, Walton Enterprises, LLC (SEC EDGAR), Mar 3, 2026
- S23Schedule 13G/A, The Vanguard Group, The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S29Form 8-K: US and Canadian notes, pricing agreements Oct 19, 2026 (Item 8.01), Walmart Inc. (SEC EDGAR), Oct 23, 2026
- S30Form 8-K: 2026 annual meeting results and charter amendment (Items 5.03, 5.07), Walmart Inc. (SEC EDGAR), Jun 5, 2026
- S31Earnings call transcript, Q2 fiscal 2027 (Aug 20, 2026), Walmart Inc. (stock.walmart.com), Aug 20, 2026
- S33Earnings call transcript, Q4 fiscal 2026 (Feb 19, 2026), Walmart Inc. (stock.walmart.com), Feb 19, 2026
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