Free cash flow remains highly erratic, swinging from a $1.8 billion inflow in 2025Q4 to a $28 million outflow in 2024Q3, while maintaining a consistent CapEx/Revenue ratio of approximately 2.7%.
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Feb'03 | Feb'02 | Feb'01 | Jan'00 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 6.99B | 7.21B | 5.79B | 6.79B | 4.31B | 6.19B | 6.82B | 4.66B | 4.16B | 3.41B | 4.27B | 4.92B | 4.21B | 3.38B | 2.95B | 2.66B | 3.37B | 2.92B | 2.9B | 2.58B | 2.35B | 2.19B | 2.33B | 2.21B | 3.18B | 2.35B | 2.28B | 1.56B | 1.84B | 1.11B | 499.4M |
| Operating CF Margin % | - | 4.88% | 3.94% | 4.52% | 2.91% | 4.49% | 5.14% | 3.81% | 3.42% | 2.77% | 3.7% | 4.48% | 3.89% | 3.44% | 3.06% | 2.95% | 4.1% | 3.81% | 3.8% | 3.67% | 3.56% | 3.62% | 4.13% | 4.12% | 6.15% | 4.68% | 4.66% | 3.44% | 4.27% | 3.28% | 1.98% |
| Operating CF Growth % | 116.97% | 24.35% | -14.64% | 57.46% | -30.36% | -9.17% | 46.12% | 12.01% | 22% | -20.11% | -13.12% | 16.65% | 24.7% | 14.42% | 11.12% | -21.01% | 15.19% | 0.89% | 12.2% | 9.78% | 7.25% | -5.92% | 5.19% | -30.41% | 35.62% | 2.89% | 46.41% | -15.23% | 65.14% | 122.87% | -37.46% |
| Net Income | 1.05B | 1.02B | 2.67B | 2.15B | 2.25B | 1.67B | 2.59B | 1.51B | 3.08B | 1.89B | 1.96B | 2.05B | 1.75B | 1.53B | 1.51B | 596.1M | 1.13B | 56.7M | 1.25B | 1.22B | 1.11B | 958M | -100M | 315M | 1.21B | 1.04B | 880M | 638M | 504M | 589M | 352.7M |
| Depreciation & Amortization | 3.72B | 3.92B | 3.85B | 3.75B | 3.58B | 3.43B | 3.37B | 3.29B | 2.46B | 2.44B | 2.34B | 2.09B | 1.95B | 1.7B | 1.65B | 1.64B | 1.6B | 1.52B | 1.44B | 1.36B | 1.27B | 1.26B | 1.26B | 1.21B | 1.09B | 1.08B | 1.01B | 961M | 836M | 592M | 356.8M |
| Stock-Based Compensation | 82M | 0 | 175M | 172M | 190M | 203M | 185M | 155M | 154M | 151M | 141M | 165M | 155M | 107M | 81.6M | 81.2M | 79.3M | 83.4M | 91M | 87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -263M | -330M | -102M | -155M | 161M | -31M | 44M | -71M | -33M | -677M | 201M | 317M | 73M | 72M | 176M | 30.6M | 37M | 221.6M | 341M | -68M | -60M | -63M | 230M | 331M | 468M | 258M | 213M | 308M | -19.9M | 81M | 45.7M |
| Other Non-Cash Items | 3.06B | 3.04B | 212M | 67M | 1.51B | 1.15B | -945M | 371M | -1.97B | -228M | 111M | 226M | 341M | 211M | 132.2M | 329.7M | 172.6M | 1.29B | 185M | 161M | 303M | 204M | 965M | 620M | 117M | 285M | 282M | -9M | 180.9M | -16M | -7.3M |
| Working Capital Changes | -657M | -436M | -1.01B | 808M | -3.38B | -229M | 1.57B | -592M | 474M | -158M | -478M | 71M | -49M | -244M | -595M | -16.9M | 343.9M | -258.4M | -412M | -179M | -279M | -172M | -21M | -260M | 306M | -315M | -102M | -340M | 337M | -133M | -248.5M |
| Change in Receivables | -8M | 113M | -288M | 14M | -222M | -61M | 481M | -403M | 432M | -235M | -387M | -59M | 42M | 45M | -126M | 33.7M | 338M | -91.9M | -28M | -17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -66M | -76M | 0 |
| Change in Inventory | -481M | -86M | -144M | 342M | -1.37B | 80M | 7M | -351M | -354M | -23M | -382M | -184M | -147M | -147M | -78M | -361.1M | -88.1M | -45.3M | -193M | -383M | -173M | -157M | -236M | -20M | -62M | -121M | -114M | -271M | 86M | -198M | -140.8M |
| Change in Payables | 663M | 388M | 253M | 545M | 3M | 438M | 330M | 342M | 213M | 190M | 16M | 440M | 146M | 20M | 188M | 82.2M | 315.3M | 53.5M | -53M | 185M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.13B | -3.91B | -3.23B | -3.75B | -3.02B | -2.61B | -2.81B | -2.61B | -1.19B | -2.71B | -3.88B | -3.57B | -3.06B | -4.77B | -2.18B | -1.91B | -1.96B | -2.33B | -2.18B | -2.22B | -1.59B | -1.28B | -1.61B | -2.03B | -1.91B | -1.91B | -1.52B | -1.82B | -1.47B | -1.18B | -856.9M |
| Capital Expenditures | -4.1B | -3.85B | -4.02B | -3.9B | -3.08B | -2.61B | -2.87B | -3.13B | -2.97B | -2.81B | -3.7B | -3.35B | -2.83B | -2.33B | -2.06B | -1.9B | -1.92B | -2.3B | -2.15B | -2.13B | -1.68B | -1.31B | -1.63B | -2B | -1.89B | -1.91B | -1.62B | -1.7B | -1.65B | -942M | -733.9M |
| CapEx % of Revenue | 2.76% | 2.61% | 2.73% | 2.6% | 2.08% | 1.9% | 2.16% | 2.56% | 2.43% | 2.28% | 3.21% | 3.05% | 2.61% | 2.37% | 2.14% | 2.1% | 2.34% | 3% | 2.82% | 3.02% | 2.55% | 2.16% | 2.9% | 3.72% | 3.65% | 3.82% | 3.31% | 3.75% | 3.82% | 2.78% | 2.92% |
| Acquisitions | 92M | 128M | 0 | 0 | 78M | 153M | 165M | 327M | 1.93B | -16M | -401M | -168M | -252M | -2.34B | -122.4M | -51M | -6.9M | -35.7M | -80M | -90M | 0 | 0 | -25M | -87M | -126M | -103M | -67M | -230M | 0 | -354M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -118M | -187M | 325M | 154M | -15M | -150M | -114M | 190M | 10M | 118M | 225M | -53M | 23M | -97M | 3.3M | 40.4M | -35.5M | 5.5M | 50M | -2M | 96M | 27M | 51M | 61M | 110M | 102M | 167M | 111M | 181M | 118M | -123M |
| Cash from Financing | -4.63B | -3.98B | -490M | -2.17B | -2.29B | -3.44B | -2.71B | -2.08B | -2.9B | -681M | -352M | -1.34B | -1.29B | 1.55B | -721M | -1.39B | -1B | -434.4M | -769M | -310M | -785M | -847M | -737M | -201M | -1.27B | -433M | -878M | 280M | -257M | 118M | 345.5M |
| Debt Issued (Net) | -1B | -497M | 5.62B | -1.29B | -552M | -1.39B | -848M | -1.14B | -457M | 735M | 1.86B | -349M | 226M | 2.29B | 693M | 276M | -172M | -50M | -110M | 1.09B | -179M | -749M | -388M | -140M | -492M | 245M | -501M | 230M | -134M | -25M | 297.7M |
| Equity Issued (Net) | -2.66B | -2.52B | -5.03B | -12M | -859M | -1.48B | -1.32B | -465M | -1.95B | -1.63B | -1.77B | -583M | -1.17B | -413M | -1.15B | -1.43B | -516M | -167M | -465M | -1.23B | -465M | -174M | -294M | -262M | -744M | -660M | -524M | 61M | -69.3M | 184M | 47.8M |
| Dividends Paid | -889M | -885M | -883M | -796M | -682M | -589M | -534M | -486M | -437M | -443M | -429M | -385M | -338M | -319M | -267M | -257.4M | -250M | -237.6M | -227M | -202M | -140M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.73B | -2.7B | -5.16B | -62M | -993M | -1.65B | -1.32B | -465M | -2.01B | -1.63B | -1.77B | -703M | -1.28B | -609M | -1.26B | -1.55B | -545M | -218M | -637M | -1.42B | -633M | -252M | -319M | -301M | -785M | -732M | -581M | -6M | -122M | -85M | -300K |
| Other Financing | -76M | -85M | -197M | -76M | -196M | 5M | -7M | 9M | -57M | 660M | -18M | -21M | -3M | 0 | 4M | 23.2M | -65.7M | 20.2M | 33M | 34M | -1M | 76M | -55M | 201M | -30M | -18M | 147M | -11M | -53.7M | -41M | 0 |
| Net Change in Cash | -1.86B | -625M | 2.08B | 868M | -993M | 134M | 1.29B | -30M | 82M | 25M | 45M | 9M | -133M | 163M | 50M | -637.1M | 400.8M | 160.7M | -52M | 53M | -21M | 66M | -15M | -12M | 10M | 0 | -120M | 18M | 116M | 53M | -79.5M |
| Free Cash Flow | 2.89B | 3.35B | 1.78B | 2.88B | 1.23B | 3.58B | 3.95B | 1.54B | 1.2B | 604M | 573M | 1.57B | 1.38B | 1.05B | 892M | 760.7M | 1.45B | 625.3M | 747M | 455M | 668M | 886M | 696M | 215M | 1.29B | 208M | 658M | -143M | 192M | 171M | -234.5M |
| FCF Margin % | 1.94% | 2.27% | 1.21% | 1.92% | 0.83% | 2.59% | 2.98% | 1.26% | 0.98% | 0.49% | 0.5% | 1.43% | 1.28% | 1.07% | 0.92% | 0.84% | 1.76% | 0.82% | 0.98% | 0.65% | 1.01% | 1.46% | 1.23% | 0.4% | 2.5% | 0.42% | 1.34% | -0.32% | 0.45% | 0.5% | -0.93% |
| FCF Growth % | 56.51% | 88.52% | -38.38% | 133.9% | -65.52% | -9.47% | 157.16% | 28.32% | 98.18% | 5.41% | -63.46% | 13.29% | 31.81% | 17.71% | 17.26% | -47.43% | 131.39% | -16.29% | 64.18% | -31.89% | -24.61% | 27.3% | 223.72% | -83.36% | 521.15% | -68.39% | 560.14% | -174.48% | 12.28% | 172.92% | -423.89% |
| FCF per Share | 4.69 | 5.11 | 2.47 | 3.98 | 1.70 | 4.74 | 5.06 | 1.91 | 1.46 | 0.67 | 0.60 | 1.60 | 1.39 | 1.01 | 0.83 | 0.64 | 1.13 | 0.48 | 0.57 | 0.33 | 0.46 | 0.61 | 0.47 | 0.14 | 0.82 | 0.13 | 0.39 | -0.08 | 0.18 | 0.16 | -0.22 |
| FCF Conversion (FCF/Net Income) | 2.74x | 7.09x | 2.17x | 3.14x | 1.92x | 3.74x | 2.64x | 2.81x | 1.34x | 1.79x | 2.16x | 2.41x | 2.44x | 2.23x | 1.97x | 4.42x | 3.02x | 41.74x | 2.32x | 2.13x | 2.11x | 2.29x | -22.40x | 7.77x | 2.64x | 2.25x | 2.60x | 2.54x | 7.44x | 2.39x | 1.43x |
| Interest Paid | 301M | 0 | 252M | 488M | 545M | 607M | 564M | 523M | 614M | 656M | 505M | 474M | 477M | 401M | 438M | 457M | 486M | 542M | 485M | 477M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 327M | 0 | 681M | 751M | 698M | 513M | 659M | 706M | 600M | 348M | 557M | 1B | 941M | 679M | 468M | 296M | 664M | 130M | 641M | 640M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Margin Compression
According to recent cash flow statements, Kroger consistently reports operating cash flow significantly higher than net income, with OCF/NI ratios frequently exceeding 2.0x, which suggests that non-cash charges and working capital adjustments play a disproportionate role in the company's reported cash generation profile compared to actual earnings.
The persistent gap between net income and operating cash flow indicates that reported earnings are heavily influenced by substantial depreciation and amortization expenses. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of a capital-intensive, aging store base.
As reported in financial statements, Kroger's free cash flow trajectory remains highly erratic, swinging from a $1.8 billion inflow in 2025Q4 to a $28 million outflow in 2024Q3, highlighting the difficulty of maintaining consistent cash conversion in a low-margin, high-competition retail environment.
The lack of a stable FCF trend suggests that the company's cash generation is highly sensitive to seasonal inventory shifts and periodic capital expenditure spikes. This volatility may complicate the sustainability of dividend payments and share repurchases if operating margins continue to face downward pressure.
Based on the provided quarterly data, Kroger maintains a consistent capital intensity with CapEx/Revenue ratios hovering near 2.7%, reflecting the ongoing necessity of reinvesting in store infrastructure and automated fulfillment technology to defend market share against larger, more efficient mass-merchandise competitors.
The substantial annual capital outlay appears to be a defensive requirement rather than a growth-oriented investment, given the stagnant revenue growth. This high level of maintenance spending limits the company's ability to generate meaningful excess cash, effectively tethering its financial health to its physical footprint.
Data from recent filings indicates that working capital changes are a major source of cash flow volatility, with quarterly fluctuations ranging from a $822 million inflow to a $946 million outflow, suggesting that inventory management and payables timing are critical drivers of short-term liquidity.
These significant swings in working capital suggest that Kroger may be utilizing aggressive payables management to smooth out cash flow during periods of operational stress. Analysts should investigate whether these fluctuations are indicative of supply chain inefficiencies or a deliberate strategy to manage cash availability.
Quick answers to the most common questions about buying KR stock.
The Kroger Co. (KR) generated $7.21B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Kroger Co. (KR) generated $3.35B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The Kroger Co. (KR) spent $3.85B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Kroger Co. (KR) returned $885.0M to shareholders via cash dividends and spent $2.70B on share repurchases. This shows the company's commitment to returning capital to its equity investors.