{"schemaVersion":1,"research":true,"symbol":"kr","name":"Kroger Co","topic":"moat","path":"/stock/kr/moat","status":"published","version":7,"updatedAt":"2026-10-19T16:05:50.584Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Kroger has valuable loyalty-linked data, established private brands and demonstrated sourcing efficiencies. Growing media revenue and profitable eCommerce support current monetization, but the passages do not establish a durable competitive advantage. Pricing power is fragile: price reductions and investments accompany declining units. Digital progress and cost savings coexist with fulfillment impairments and underlying expense deleverage.","advantages":[{"mechanism":"intangible_assets","claim":"Potential moat candidate: loyalty-linked transaction data and private brands are established commercial assets. Approximately 63 million households, over 95% loyalty-linked transactions and over $39 billion of private-brand sales demonstrate scale and usage. Media revenue growth demonstrates monetization, but superior advertiser outcomes, customer dependency and barriers to replication are not established.","durability":"Accumulated data science investment and continuing customer transactions could sustain these capabilities. Their existence does not establish a durable advantage relative to competitors; management's claims of unique positioning and superior measurement remain assertions.","risks":"Broad retail choice and declining units weaken the inference of customer lock-in. Agentic shopping could weaken retailer relationships and data access, but this is a disclosed possibility rather than realized erosion.","invalidation":"The advantage thesis would weaken if loyalty-linked transaction coverage or household reach persistently declined, private-brand demand deteriorated, or media revenue and profitability failed to persist despite continued investment. Evidence that comparable alternatives deliver equivalent outcomes without switching friction would undermine the moat thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]},{"mechanism":"cost_advantage","claim":"Potential moat candidate: Kroger's store footprint, production assets and sourcing capabilities support operating efficiencies. Reported sourcing improvements and profitable eCommerce demonstrate benefits, but no comparative unit-cost advantage is disclosed.","durability":"The existing infrastructure supports current operations. Fulfillment write-downs demonstrate that infrastructure scale alone does not assure efficient economics, and the passages cannot establish a sustainable cost lead.","risks":"Higher transportation costs, shrink, associate costs and supermarket sales deleverage can absorb savings. eCommerce profitability includes third-party media revenue, so standalone fulfillment profitability is unestablished.","invalidation":"A sustained inability to offset operating costs through sourcing and productivity, further fulfillment impairments, or loss of digital profitability would undermine this candidate. A durable moat would require evidence of a cost advantage that survives these pressures and competitive price investment.","competitors":[],"evidenceIds":["e10","e11","e12","e5"],"counterEvidenceIds":["e13","e14","e15","e16"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Our Data / annual households and loyalty-linked transactions","excerpt":"Our Data\nKroger serves approximately 63 million households annually, and because of our rewards program, over 95% of customer transactions are tethered to a Kroger loyalty card."},{"id":"e2","sourceId":"filing-1","location":"Business / Our Data / data science investment and monetization","excerpt":"Our over 20 years of investment in data science capabilities allows us to utilize this data to create personalized experiences and value for our customers and enables our growing, high operating margin alternative profit businesses, including data analytic services and third-party media revenue."},{"id":"e3","sourceId":"filing-1","location":"Business / Merchandising and Our Brands / 2025 sales","excerpt":"Merchandising and Our Brands\nOur Brands products play an important role in our merchandising strategy and represented over $39 billion of our sales in 2025."},{"id":"e4","sourceId":"filing-2","location":"MD&A / Sales / third-party media revenue growth","excerpt":"The increase in the second quarter and first two quarters of 2026, compared to the same periods of 2025, is primarily due to an increase in third-party media revenue."},{"id":"e5","sourceId":"filing-2","location":"MD&A / eCommerce / profitability including third-party media revenue","excerpt":"Our eCommerce business, including third-party media revenue, was profitable in the second quarter and first two quarters of 2026."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / Competitive Environment / competing retail formats","excerpt":"COMPETITIVE ENVIRONMENT\nThe operating environment for the food retailing industry continues to be characterized by the proliferation of local, regional, and national retailers, including both retail and digital formats, and intense and ever-increasing competition ranging from online retailers, mass merchants, club stores, regional chains, deep discounters, dollar stores, and ethnic, specialty and natural food stores."},{"id":"e7","sourceId":"filing-1","location":"Risk Factors / Competitive Environment / customer retail alternatives","excerpt":"With the proliferation of grocery delivery – both by retailers and third-party delivery service providers – customers have a wide range of retailers from which to choose."},{"id":"e8","sourceId":"filing-2","location":"MD&A / Identical Sales / spending per item, units and pharmacy effects","excerpt":"Identical sales, excluding fuel, for the second quarter of 2026, compared to the second quarter of 2025, increased primarily due to increased eCommerce, natural foods, meat and seafood, bakery and pharmacy sales and increased spend per item, partially offset by a reduction in the number of units sold, and the effects from the Inflation Reduction Act of 138 basis points, a customer shift from brand to generic prescriptions of 61 basis points, the effects of the Cyclospora outbreak of approximately 35 basis points and egg deflation of 30 basis points."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors / agentic shopping / potential customer disintermediation","excerpt":"If customers increasingly delegate purchasing decisions to AI agents that prioritize price, speed or other factors over retailer preference or brand loyalty, we could become disintermediated from the customer relationship."},{"id":"e10","sourceId":"filing-1","location":"Business / Stores / supermarkets, pharmacies and fuel centers","excerpt":"As of January 31, 2026, Kroger operated, either directly or through its subsidiaries, 2,697 supermarkets, of which 2,250 had pharmacies and 1,731 had fuel centers."},{"id":"e11","sourceId":"filing-1","location":"Business / Merchandising and Our Brands / production facilities","excerpt":"We own 33 food production plants, primarily bakeries and dairies, which supply approximately 20% of Our Brands units sold in our supermarkets; the remaining Our Brands items are produced to our strict specifications by outside manufacturers."},{"id":"e12","sourceId":"filing-1","location":"MD&A / FIFO Gross Margin / sourcing, shrink, supply chain and price investments","excerpt":"This increase resulted primarily from the sale of our Kroger Specialty Pharmacy business, which has a lower gross margin rate, sourcing improvements, lower shrink and lower supply chain costs, partially offset by increased pharmacy sales, which have a lower gross margin rate, and increased price investments."},{"id":"e13","sourceId":"filing-1","location":"MD&A / 2025 Adjusted Items / fulfillment impairment and other charges","excerpt":"Charges to operating, general and administrative (“OG&A”) of $100 million, $77 million net of tax, for store closures; $161 million, $121 million net of tax, for merger-related litigation and settlement charges; $50 million, $34 million net of tax, for impairment of intangible assets; $47 million, $37 million net of tax, for severance charge and related benefits; $2.5 billion, $1.9 billion net of tax, for fulfillment network impairment and related charges, and credits to OG&A of $6 million, $3 million net of tax, for opioid settlement charges and vendor reserves, and $21 million, $16 million net of tax, for executive stock compensation for a former executive (the “2025 OG&A Adjusted Items”)."},{"id":"e14","sourceId":"filing-2","location":"MD&A / Second-Quarter Gross Margin / pressures and offsets","excerpt":"This decrease resulted primarily from increased fuel sales, which have a lower gross margin rate, higher transportation costs, as a percentage of sales, higher shrink and greater value delivered for customers, partially offset by improved eCommerce profitability, increased third-party media revenue, higher pharmacy margins, sourcing improvements, tariff refunds, which were fully invested in value, a decreased LIFO charge and lower depreciation and amortization, as a percentage of sales."},{"id":"e15","sourceId":"filing-2","location":"MD&A / OG&A / second-quarter expense rate excluding fuel and adjusted items","excerpt":"Excluding the effect of fuel, the 2026 Second Quarter OG&A Adjusted Items and the 2025 Second Quarter OG&A Adjusted Items, our OG&A rate increased 33 basis points in the second quarter of 2026, compared to the second quarter of 2025."},{"id":"e16","sourceId":"filing-2","location":"MD&A / OG&A / associate costs, healthcare, deleverage and savings","excerpt":"This increase resulted primarily from planned investment in associates, increased healthcare costs and supermarket sales deleverage, partially offset by continued execution of broad-based cost savings initiatives that drive administrative efficiencies, including store productivity, and lower incentive plan costs."},{"id":"e17","sourceId":"filing-3","location":"CEO shareholder letter / affordability / price reductions and promotions","excerpt":"We are lowering prices and sharpening our promotions so value is easy to see."},{"id":"e18","sourceId":"filing-2","location":"MD&A / eCommerce / comparable sales growth and exclusions","excerpt":"Excluding the effect of fulfillment center exits in markets where Kroger does not operate stores, the sale of Vitacost.com and the discontinuation of Ship Marketplace, eCommerce sales increased 20% in the second quarter and 19% in the first two quarters of 2026, compared to the same periods of 2025, led by increased demand for Delivery solutions."},{"id":"e19","sourceId":"filing-7","location":"Second Quarter Financial Results / operating profit, adjusted profit and margin rates","excerpt":"1\n Second Quarter Financial Results\n 2Q26\n ($ in millions; except EPS)\n 2Q25\n ($ in millions; except EPS)\n ID Sales(1) (Table 4)\n 0.2%\n 3.4%\n Earnings Per Share\n $1.05\n $0.91\n Adjusted EPS (Table 6)\n $1.09\n $1.04\n Operating Profit\n $971\n $863\n Adjusted FIFO Operating Profit (Table 7)\n $1,076\n $1,091\n Gross Margin (Table 8)\n 22.4%\n 22.5%\n FIFO Gross Margin Rate(2)\n Increased 13 basis points\n OG&A Rate(3)\n Increased 33 basis points\n (1) Without fuel and includes an\nunfavorable 138 basis point impact from the Inflation Reduction Act."},{"id":"e20","sourceId":"filing-2","location":"MD&A / Depreciation and Amortization / effect of fulfillment closures","excerpt":"This decrease in both periods was primarily due to the fulfillment network closures in the fourth quarter of 2025."},{"id":"e21","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows / first two quarters of 2026 and 2025","excerpt":"CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two Quarters Ended ​ ​ ​ August 15, ​ August 16, ​ (In millions) ​ ​ ​ 2026 ​ ​ ​ 2025 Cash Flows from Operating Activities: ​ ​ ​ ​ ​ ​ ​ Net earnings including noncontrolling interests ​ $ 1,546 ​ $ 1,478 ​ Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 1,726 ​ 1,829 ​ Asset impairment and store closure charges ​ ​ 66 ​ ​ 114 ​ Operating lease asset amortization ​ ​ 314 ​ ​ 318 ​ LIFO charge ​ 91 ​ 102 ​ Share-based employee compensation ​ 101 ​ 83 ​ Deferred income taxes ​ 94 ​ (31) ​ Gain on sale of assets ​ ​ (26) ​ ​ (6) ​ Gain on investments ​ ​ (20) ​ ​ (37) ​ Other ​ 15 ​ (29) ​ Changes in operating assets and liabilities: ​ ​ ​ ​ ​ ​ ​ Store deposits in-transit ​ 185 ​ 179 ​ Receivables ​ (162) ​ (12) ​ Inventories ​ (460) ​ 92 ​ Prepaid and other current assets ​ (85) ​ (91) ​ Accounts payable ​ (4) ​ (14) ​ Accrued expenses ​ 38 ​ 181 ​ Income taxes receivable and payable ​ 219 ​ ​ 6 ​ Operating lease liabilities ​ ​ (367) ​ ​ (291) ​ Other ​ (186) ​ (183) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities ​ 3,085 ​ 3,688 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities: ​ ​ ​ ​ ​ ​ ​ Payments for property and equipment, including payments for lease buyouts ​ (2,437) ​ (1,968) ​ Other ​ 42 ​ (139) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used by investing activities ​ (2,395) ​ (2,107) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ ​ ​ ​ ​ Payments on long-term debt including obligations under finance leases ​ (604) ​ ​ (122) ​ Dividends paid ​ ​ (431) ​ ​ (422) ​ Proceeds from issuance of capital stock ​ ​ 36 ​ 163 ​ Treasury stock purchases ​ (1,271) ​ (203) ​ Other ​ ​ (78) ​ (73) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash used by financing activities ​ (2,348) ​ (657) ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (decrease) increase in cash and temporary cash investments ​ (1,658) ​ 924 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and temporary cash investments: ​ ​ ​ ​ ​ ​ ​ Beginning of year ​ 3,334 ​ 3,959 ​ End of period ​ $ 1,676 ​ $ 4,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of capital investments: ​ ​ ​ ​ ​ ​ ​ Payments for property and equipment, including payments for lease buyouts ​ $ (2,437) ​ $ (1,968) ​ Payments for lease buyouts ​ ​ 37 ​ 11 ​ Changes in construction-in-progress payables ​ (251) ​ (73) ​ Total capital investments, excluding lease buyouts ​ $ (2,651) ​ $ (2,030) ​ ​ ​ ​ ​ ​ ​ ​ ​ Disclosure of cash flow information: ​ ​ ​ ​ ​ ​ ​ Cash paid during the year for net interest ​ $ 372 ​ $ 370 ​ Cash paid during the year for income taxes ​ $ 159 ​ $ 415 ​ ​ The accompanying notes are an integral part of the Consolidated Financial Statements."},{"id":"e22","sourceId":"filing-4","location":"MD&A / debt increase / merger financing and mandatory redemption","excerpt":"(3)\nThe increase of $5,679 in total debt was primarily due to issuing $10,500 of senior notes to pay a portion of the cash consideration for the proposed merger with Albertsons and for general corporate purposes offset by the mandatory redemption of $4,700 of senior notes following the termination of the merger."},{"id":"e23","sourceId":"filing-4","location":"MD&A / use of merger financing after termination / accelerated repurchase","excerpt":"After the termination of the proposed merger, these funds were primarily used to fund the $5,000 ASR program to be completed under our December 2024 Repurchase Program."},{"id":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis / actual annual incentive payout","excerpt":"The annual incentive program, based on a grid of identical sales, excluding fuel, and adjusted FIFO operating profit, including fuel, paid out at 93.84% of target, based on the goals and targets set by the Committee."},{"id":"e25","sourceId":"filing-3","location":"Compensation Discussion and Analysis / actual 2023 performance-unit outcome","excerpt":"Long-term performance unit equity awards granted in 2023 and tied to commitments made to our investors and other stakeholders regarding long-term sales growth, value creation (iTSR) metric, our commitment to Fresh, and relative Total Shareholder Return were earned at 32.4% of target."},{"id":"e26","sourceId":"filing-3","location":"Compensation Discussion and Analysis / existing compensation practices","excerpt":"41 Summary of Key Compensation Practices What we do: What we do not do: ✓ Alignment of pay and performance × No special severance or change in control programs applicable only to NEOs ✓ Stock ownership guidelines for executives × No cash component in long-term incentive plans ✓ Multiple performance metrics under our short- and long-term performance-based plans discourage excessive risk taking and align with our long-term value creation strategy × No tax gross-up payments for executives, except for relocation expenses ✓ Double-trigger change in control provisions in all equity awards × No special executive life insurance benefit ✓ Double-trigger change in control provisions in cash severance benefits × No re-pricing or backdating of stock options without shareholder approval ✓ check;All long-term compensation is equity-based × No guaranteed salary increases or bonuses ✓ Engagement of an independent compensation consultant × No payment of dividends or dividend equivalents until performance units are earned ✓ Robust clawback policy × No evergreen or reload feature; no shares can be added to stock plan without shareholder approval ✓ Ban on hedging, pledging, and short sales of Kroger securities ✓ Minimal perquisites Establishing Each Component of Executive Compensation The Compensation Committee recommended, and the independent members of the Board determined, the Interim CEO’s compensation."},{"id":"e27","sourceId":"filing-3","location":"Stock Ownership Guidelines / required multiples and compliance period","excerpt":"These guidelines require independent directors, executive officers, and other key executives to acquire and hold a minimum dollar value of Kroger common shares as set forth below: Position Multiple Chief Executive Officer 6 times base salary President and Chief Operating Officer 4 times base salary Executive Vice Presidents and Senior Vice Presidents 3 times base salary Independent Directors 5 times annual cash retainer All covered individuals are expected to achieve the target level within five years of appointment to their positions."},{"id":"e28","sourceId":"filing-3","location":"Corporate Governance Practices / committee independence","excerpt":"✓ All five Board Committees are fully independent."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance Practices / annual director elections","excerpt":"✓ Robust code of ethics. Shareholder Rights ✓ Annual director election."},{"id":"e30","sourceId":"filing-3","location":"Corporate Governance Practices / poison pill and special-meeting rights","excerpt":"✓ No poison pill. ✓ Shareholders have the right to call a special meeting."},{"id":"e31","sourceId":"filing-3","location":"Shareholder Engagement / actual 2025 shareholder meetings","excerpt":"As part of our ongoing dialogue with our shareholders regarding governance matters, in 2025, we requested meetings with 18 shareholders representing 37% of our outstanding shares during proxy season and off-season engagement and subsequently met with 17 shareholders representing 29% of our outstanding shares."},{"id":"e32","sourceId":"filing-7","location":"Full-Year 2026 Guidance / September reduction in identical-sales outlook","excerpt":"Full-Year 2026 Guidance*\n Adjusted Metric*\n FY26 Guidance as of \nJune 18, 2026\n FY26 Guidance as of \nSeptember 11, 2026\n Identical Sales without fuel** \n 1.0% - 2.0%\n 0.2% - 0.8%\n FIFO Operating Profit\n $5.0 - $5.2 billion\n $5.0 - $5.2 billion\n EPS\n $5.10 - $5.30\n $5.10 - $5.30\n Free Cash Flow\n $2.7 - $2.9 billion \n $2.7 - $2.9 billion \n Cap Ex\n $3.8 - $4.0 billion\n $3.8 - $4.0 billion\n Tax Rate***\n 23%\n 23%\n * Without adjusted items, if applicable."}],"changes":["Retain the uncertain moat verdict: the current catalog demonstrates commercial assets and operating benefits but does not establish durable competitive superiority.","Retain the prior pricing-power and management grades after reassessing their supporting passages; all four moat criteria remain null.","Clarify margin resilience: the September results report a 13-basis-point improvement in second-quarter FIFO gross margin excluding specified items, despite lower GAAP gross margin and underlying OG&A deleverage.","Include the reduced September identical-sales outlook as evidence of weaker sales expectations, not a realized full-year outcome."],"limitations":["Assessment uses only the supplied passages. All source dates are filing dates with dateKind filed, not retrieval dates or independently established publication dates.","Competitive-environment passages disclose generic categories rather than named competitors. Companies named in transaction, supplier or director-biography passages do not establish competitor coverage; competitor arrays are therefore empty.","Loyalty participation measures transaction identification, not exclusive demand, switching costs or cohort retention. Relative costs, local market shares, advertiser retention and comparable advertising outcomes are absent.","Operating results support numerical pricing and management assessments, but management claims of unique positioning, superior measurement and customer experience are not independent proof.","Pharmacy regulatory effects support a limited assessment of constrained pricing discretion. Detailed pharmacy reimbursement contracts and media pricing terms are absent.","Actual executive holdings and compliance with ownership guidelines are not established. The proposed Second Amended Plan and requested share reserve are not treated as adopted or vested.","Digital profitability includes third-party media revenue. Sales and profit measures with exclusions do not establish standalone fulfillment economics or company-wide customer retention."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Data, private brands and sourcing benefits are demonstrated, but comparative superiority and barriers to replication are not established. The moat remains uncertain.","evidenceIds":["e1","e2","e3","e4","e12"]},{"criterion":"durability","grade":null,"rationale":"Accumulated capabilities could persist, but the passages do not establish durable economic protection. Fulfillment impairments caution against equating infrastructure with durability.","evidenceIds":["e2","e10","e13"]},{"criterion":"customer_dependency","grade":null,"rationale":"Loyalty-linked transactions establish engagement, while broad retail choice and declining units limit dependency inferences. Switching friction and exclusive repeat demand are unestablished.","evidenceIds":["e1","e7","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Digital profitability and sourcing gains coexist with cost pressures and deleverage. These mixed operating results do not establish the resilience of a structural advantage.","evidenceIds":["e5","e12","e14","e15","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Management reports lowering prices and sharpening promotions; reported margin drivers confirm value investment. Higher spending per item accompanies fewer units and does not isolate successful discretionary price increases from mix or inflation.","evidenceIds":["e17","e14","e8"]},{"criterion":"retention","grade":2,"rationale":"Loyalty-linked transactions and comparable eCommerce growth support engagement indirectly. Overall unit declines temper that evidence. No retention rate or exclusive customer relationship is inferred.","evidenceIds":["e1","e18","e8"]},{"criterion":"margin_resilience","grade":2,"rationale":"Digital profitability, sourcing gains and improved second-quarter comparable FIFO gross margin offset some pressure. GAAP gross margin declined, underlying OG&A deleveraged and adjusted FIFO operating profit slipped in the quarter. Lower depreciation from closures also helped reported results.","evidenceIds":["e5","e14","e15","e19","e20"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Realized Inflation Reduction Act effects demonstrate constraints in pharmacy economics. Price reductions and broad customer alternatives further limit practical discretion. Detailed reimbursement and advertising contracts are absent, restricting conclusions across the business.","evidenceIds":["e8","e17","e7"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"The $2.5 billion fulfillment impairment and related charges demonstrate a substantial investment failure. Retained merger financing primarily funded an accelerated repurchase. First-half 2026 operating cash generation remained positive, but investment, repurchases, dividends and debt payments substantially reduced cash. No conclusion about repurchase valuation is implied.","evidenceIds":["e13","e22","e23","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual annual incentives paid 93.84% of target and 2023 performance units were earned at 32.4%, demonstrating differentiated outcomes. Existing equity compensation, clawback practices, ownership guidelines and hedging restrictions support alignment. Actual holdings and guideline compliance are unestablished; proposed plan changes are excluded.","evidenceIds":["e24","e25","e26","e27"]},{"criterion":"execution","grade":2,"rationale":"Comparable eCommerce growth, digital profitability, sourcing gains and higher GAAP operating profit demonstrate execution. Fulfillment impairments, unit declines, expense deleverage and a reduced sales outlook make the overall record mixed. Customer execution is assessed indirectly; historical outcomes are not attributed solely to the current CEO.","evidenceIds":["e18","e5","e12","e19","e13","e8","e16","e32"]},{"criterion":"governance","grade":3,"rationale":"Fully independent committees, annual director elections, special-meeting rights, absence of a poison pill and documented shareholder meetings support strong disclosed governance practices. These arrangements and activities do not establish exceptional oversight effectiveness.","evidenceIds":["e28","e29","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"6be50f80e93985e6de684eab3156c6a7a777e01149e825db9963d575bd0b690c","updatedAt":"2026-10-19T16:05:50.584Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926037723/kr-20260131x10k.htm","publishedAt":"2026-03-31","sha256":"c2617178f9674031a333092c535180990916018356aabbc9c1893d8c5b3f91bd","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926108926/kr-20260815x10q.htm","publishedAt":"2026-09-18","sha256":"a6c1c6f1cdb8e719d96e916883487d2c8cccabeba503888a6cc221f134418b0e","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926060250/tm261573d1_def14a.htm","publishedAt":"2026-05-13","sha256":"c6466b2ebc706daae0f8354a5933915e4d53e289cad205df843c5023b992b501","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837025004267/kr-20250201x10k.htm","publishedAt":"2025-04-01","sha256":"1be7856de1a8f91e073a26814432e65f0d6ec13ff046b5e7ec869ea4001cc65a","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837024004603/kr-20240203x10k.htm","publishedAt":"2024-04-02","sha256":"c6f91ba5474f3a3e8d8569f4750283acae751e6de44c4d881c9d440ed2ae3f24","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926078236/kr-20260523x10q.htm","publishedAt":"2026-06-26","sha256":"d5459d6165dc71e05b1828836d4c0407e14162f5e582e2541e4db9e22bd55373","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926106890/tm2625060d1_ex99-1.htm","publishedAt":"2026-09-11","sha256":"6b403eb48d5b09d3319aec14444360bd8b0fd24f0315f6622da23dd836c6f851","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926075395/tm2618219d1_ex99-1.htm","publishedAt":"2026-06-18","sha256":"e691e562d122986ea8da30fada109ea6656c7c924b1f628fb701d68d05527391","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:c260bf152d56be10169c0ead38652ba069f44b65fda3a1e35072bbfd4298a9c4","usage":{"input_tokens":119178,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3850,"reasoning_output_tokens":139}},"signals":[{"period":"2022","end":"2022-01-29","values":{"gross_margin":22.009892086330936,"operating_margin":2.5216117428637737,"roic":14.254887291740918,"fcf_margin":2.5934091436528197,"sbc_revenue":0.1472209329310745},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-01-28","values":{"gross_margin":21.434256498806135,"operating_margin":2.7829864155728528,"roic":16.131464590332943,"fcf_margin":0.9577897988641423,"sbc_revenue":0.12815497308745566},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-02-03","values":{"gross_margin":22.236885076546763,"operating_margin":2.063463499490133,"roic":11.781523005538027,"fcf_margin":1.9221669032718158,"sbc_revenue":0.11463686108278515},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-02-01","values":{"gross_margin":22.704131916831493,"operating_margin":2.6161782997899716,"roic":15.334648550404387,"fcf_margin":1.2078329017216887,"sbc_revenue":0.11894809105306445},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2026","end":"2026-01-31","values":{"gross_margin":23.300957722057408,"operating_margin":1.2801235420815216,"roic":8.333161103647825,"fcf_margin":2.340797334091925,"sbc_revenue":0.1063383048184121},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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