Reported results
- Identical sales without fuel increased 0.2% in Q2 2026 vs. 3.4% in Q2 2025
- GAAP operating profit of $971 million in Q2 2026 vs. $863 million in Q2 2025
- Adjusted FIFO operating profit of $1,076 million in Q2 2026 vs. $1,091 million in Q2 2025
- GAAP EPS of $1.05 in Q2 2026 vs. $0.91 in Q2 2025
- Adjusted EPS of $1.09 in Q2 2026 vs. $1.04 in Q2 2025
- Adjusted eCommerce sales grew +20%; Kroger Precision Marketing profit grew +24%
Guidance
- FY 2026 identical sales without fuel guidance lowered to 0.2%-0.8% (from prior 1.0%-2.0%)
- FY 2026 adjusted FIFO operating profit guidance reaffirmed at $5.0-$5.2 billion
- FY 2026 adjusted EPS guidance reaffirmed at $5.10-$5.30
- FY 2026 free cash flow guidance reaffirmed at $2.7-$2.9 billion
- FY 2026 capital expenditures guidance reaffirmed at $3.8-$4.0 billion
- FY 2026 adjusted tax rate guidance reaffirmed at 23%
Notes
Full-year 2026 guidance includes approximately 140 basis points unfavorable impact from the Inflation Reduction Act on identical sales. Kroger unable to provide full reconciliation of GAAP and non-GAAP measures for 2026 guidance due to inability to predict certain adjustment items with reasonable certainty. Net total debt to adjusted EBITDA ratio is 1.91 as of August 15, 2026 vs. 1.63 a year ago. During Q2, Kroger repurchased $1.0 billion in shares; year-to-date repurchases total $1.2 billion of $2.0 billion board authorization announced December 2025.
Price and volatility reaction
The stock moved +2.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -8.9 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 56.95 | 2026-09-10 |
| Close after release | 58.49 | 2026-09-11 |
| Realised move | +2.7% | close to close |
| 30d ATM IV change | -8.9 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-11 (8-K, Item 2.02). Read the original filing on sec.gov.