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Kroger cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$167M in Q2 FY27 · $2.4B over twelve months

Operating cash flow$1.3B
Capital spending−$1.1B
Free cash flow+$167M
Cash / net income2.0×
Cash conversion cycle-29 days

Analysis

In Q2 FY27, Kroger generated $1.3B of operating cash flow and spent $1.1B on capital projects, leaving free cash flow of $167M.

Over the twelve months to Aug 15, 2026, operating cash flow was $6.7B; the largest uses were capital spending ($4.3B), buybacks ($3.8B), net borrowing (+) / repaid (−) ($1.0B); besides operations, cash came from other investing ($122M), shares issued ($55.0M); the cash balance fell by $3.2B.

Operating cash flow was $1.3B against net income of $642M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$737M, payables −$567M, accrued liabilities +$357M.

Its cash conversion cycle was -29 days (receivables 5 + inventory 0 − payables 35): suppliers fund its working capital.

Free cash flow

Kroger: free cash flow by quarterKroger: free cash flow by quarter$923MQ4 FY24$247MQ2 FY25−$28.0MQ3 FY25$520MQ4 FY25$615MQ2 FY26$29.0MQ3 FY26$1.7BQ4 FY26$167MQ2 FY27
Operating cash flow less capital spending.
Kroger: operating cash flow against capital spendingKroger: operating cash flow against capital spendingOperating cash flowCapital spending$1.9B$997MQ4 FY24$1.1B$875MQ2 FY25$926M$954MQ3 FY25$1.4B$884MQ4 FY25$1.5B$924MQ2 FY26$970M$941MQ3 FY26$2.7B$946MQ4 FY26$1.3B$1.1BQ2 FY27
Latest (Q2 FY27): Operating cash flow $1.3B, Capital spending $1.1B.

Capital allocation, year by year

Kroger: where the cash came from (up) and went (down), by fiscal yearKroger: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $6.2BFY22: Net borrowing −$1.5BFY22: Shares issued $344MFY22: Asset sales $153MFY22: Capital spending −$2.6BFY22: Buybacks −$1.6BFY22: Dividends −$589M$6.7BFY22FY23: Operating cash flow $4.5BFY23: Net borrowing −$684MFY23: Shares issued $268MFY23: Asset sales $78.0MFY23: Capital spending −$3.1BFY23: Buybacks −$993MFY23: Dividends −$682M$4.8BFY23FY24: Operating cash flow $6.8BFY24: Net borrowing −$1.5BFY24: Shares issued $100MFY24: Asset sales $101MFY24: Capital spending −$3.9BFY24: Buybacks −$62.0MFY24: Dividends −$796M$7.0BFY24FY25: Operating cash flow $5.8BFY25: Net borrowing $5.5BFY25: Shares issued $254MFY25: Asset sales $841MFY25: Capital spending −$4.0BFY25: Buybacks −$4.2BFY25: Dividends −$883M$12.3BFY25FY26: Operating cash flow $7.3BFY26: Net borrowing −$912MFY26: Shares issued $364MFY26: Asset sales $128MFY26: Capital spending −$3.9BFY26: Buybacks −$2.7BFY26: Dividends −$885M$7.8BFY26
Over these 5 years operating cash flow totalled $30.6B; the largest uses were capital spending ($17.5B) and buybacks ($9.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.3B
Debt$15.9B
Net debt$12.5B
Due within a year$1.4B

Kroger funds itself: free cash flow was $2.4B over the last twelve months, and $3.3B of cash and investments stands against $15.9B of debt ($1.4B due within a year, 2.4× covered by cash).

Kroger: debt maturities by year (FY26)Kroger: debt maturities by year (FY26)$1.4BYear 1$606MYear 2$665MYear 3$557MYear 4$1.0BYear 5$11.6BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.3B of cash and investments now.

Where the cash came from and went

Kroger: sources (+) and uses (−) of cash, Q2 FY27Kroger: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$1.3BCash drawn (+) / kept (−)$1.2BCapital spending−$1.1BBuybacks−$1.1BDividends−$216MOther financing−$55.0MNet borrowing (+) / repaid (−)−$45.0MShares issued$6.0MOther investing$4.0M
Kroger: sources (+) and uses (−) of cash, TTM to Q2 FY27Kroger: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$6.7BCapital spending−$4.3BBuybacks−$3.8BCash drawn (+) / kept (−)$3.2BNet borrowing (+) / repaid (−)−$1.0BDividends−$894MOther investing$122MOther financing−$85.0MShares issued$55.0M

From profit to cash

Kroger: net income to operating cash flow, Q2 FY27Kroger: net income to operating cash flow, Q2 FY27Net income$642MDepreciation & amortization$737MStock-based pay$44.0MDeferred taxes$43.0MOther non-cash$19.0MReceivables−$88.0MInventory−$42.0MPayables−$567MAccrued liabilities$357MIncome taxes payable$36.0MOther operating capital−$47.0MOperating cash flow$1.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY275—35-29
Q4 FY266—33-28
Q3 FY266—34-28
Q2 FY265—33-28
Q4 FY255—33-27
Q3 FY255—34-28
Q2 FY255—34-29
Q4 FY245—29-24

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$1.3B−$1.1B−$1.1B−$216M−$45.0M$6.0M$1.2B$167M
Q4 FY26$2.7B−$946M−$1.8B−$226M$5.0M$2.0M$622M$1.7B
Q3 FY26$970M−$941M−$738M−$237M—$17.0M$927M$29.0M
Q2 FY26$1.5B−$924M−$22.0M−$211M−$70.0M$18.0M−$145M$615M
Q4 FY25$1.4B−$884M−$4.0B−$232M$3.0M$21.0M$9.4B$520M
Q3 FY25$926M−$954M−$9.0M−$231M—$13.0M−$10.6B−$28.0M
Q2 FY25$1.1B−$875M−$13.0M−$210M—$8.0M$63.0M$247M
Q4 FY24$1.9B−$997M−$8.0M−$210M—$8.0M−$158M$923M

Kroger: income statement and cash flow

Kroger, Q2 FY27: revenue $34.6B (+2% year over year), operating margin 2.8%. The chart follows the revenue to costs, profit and cash.

Kroger: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.