{"schemaVersion":1,"research":true,"symbol":"kr","name":"Kroger Co","topic":"moat","path":"/stock/kr/moat","status":"published","version":4,"updatedAt":"2026-10-18T13:47:04.474Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Kroger demonstrates sourcing efficiencies, extensive loyalty-linked transaction data and growing, profitable eCommerce when third-party media revenue is included. These are operating strengths, but the passages do not establish a durable competitive advantage. Pricing power is weak: higher spending per item coincided with declining units, continued price investment and pharmacy reimbursement pressure. Fulfillment impairments and underlying expense deleverage temper digital progress.","advantages":[{"mechanism":"intangible_assets","claim":"Loyalty-linked transaction data and accumulated data-science capabilities support personalization and media monetization. Their operation is evidenced; durable superiority over competing retailers is not established.","durability":"The 2024 filing disclosed approximately 62 million households served annually, over 95% transaction linkage and 20 years of data-science investment. Subsequent media growth supports continued monetization, but does not establish exclusivity or customer dependence.","risks":"Broad retailer choice limits customer captivity. Agentic shopping could weaken retailer relationships and access to behavioral data; this is a prospective risk rather than demonstrated erosion.","invalidation":"The candidate advantage would weaken if transaction linkage or engaged households declined persistently, or media revenue contracted despite stable grocery traffic. Comparable rival targeting capabilities without equivalent accumulated data would undermine the proposed replication barrier.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7"]},{"mechanism":"cost_advantage","claim":"Sourcing improvements, selective internal food production and store-based fulfillment provide demonstrated efficiency capabilities. The passages do not establish a sustained cost advantage relative to competitors.","durability":"Make-or-buy discipline and recurring sourcing improvements support an ongoing capability. Automated fulfillment write-downs show that scale and infrastructure investment do not automatically produce economic advantages.","risks":"Transportation costs, shrink, associate investment and supermarket sales deleverage can absorb savings. Profitable eCommerce includes media revenue and therefore does not independently demonstrate profitable fulfillment.","invalidation":"The candidate advantage would fail if recurring sourcing and productivity gains could not offset distribution and operating costs over multiple periods, or further fulfillment impairments occurred without subsequent operating improvement. Evidence of comparable or lower rival delivered costs would undermine relative advantage.","competitors":[],"evidenceIds":["e8","e9","e10","e11","e12"],"counterEvidenceIds":["e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business / household reach and loyalty-linked transactions","excerpt":"Kroger serves approximately 62 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-5","location":"Business / data-science investment and alternative profits","excerpt":"Our 20 years of investment in data science capabilities is allowing us to utilize this data to create personalized experiences and value for our customers and is also enabling our fast-growing, high operating margin alternative profit businesses, including data analytic services and third-party media revenue."},{"id":"e3","sourceId":"filing-2","location":"MD&A / other sales growth attributable to third-party media","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":"e4","sourceId":"filing-2","location":"MD&A / adjusted eCommerce sales growth","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":"e5","sourceId":"filing-1","location":"Risk Factors / Competitive Environment","excerpt":"The 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":"e6","sourceId":"filing-1","location":"Risk Factors / retailer choice and grocery delivery","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":"e7","sourceId":"filing-1","location":"Risk Factors / prospective agentic-shopping 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":"e8","sourceId":"filing-5","location":"Business / internal production of Our Brands products","excerpt":"Approximately 30% of Our Brands units and 43% of the grocery category Our Brands units sold in our supermarkets are produced in our food production plants; the remaining Our Brands items are produced to our strict specifications by outside manufacturers."},{"id":"e9","sourceId":"filing-5","location":"Business / make-or-buy analysis","excerpt":"We perform a “make or buy” analysis on Our Brands products and decisions are based upon a comparison of market-based transfer prices versus open market purchases."},{"id":"e10","sourceId":"filing-1","location":"MD&A / fiscal 2025 FIFO gross-margin drivers","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":"e11","sourceId":"filing-2","location":"MD&A / eCommerce profitability including third-party media","excerpt":"Our eCommerce business, including third-party media revenue, was profitable in the second quarter and first two quarters of 2026."},{"id":"e12","sourceId":"filing-2","location":"MD&A / first-half underlying operating-expense drivers","excerpt":"This increase resulted primarily from planned investments in associates and supermarket sales deleverage, partially offset by continued execution of broad-based cost savings initiatives that drive administrative efficiencies, including store productivity, lower incentive plan costs and decreased multi-employer pension contributions."},{"id":"e13","sourceId":"filing-1","location":"Financial statement notes / lease impairments and fulfillment termination payment","excerpt":"​ The following table provides the weighted-average lease term and discount rate for operating and finance leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 31, 2026 ​ February 1, 2025 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ Operating leases ​ 13.7 ​ ​ 13.7 ​ Finance leases ​ 11.8 ​ ​ 11.5 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ Operating leases ​ 4.8 % ​ 4.6 % Finance leases ​ 4.0 % ​ 4.7 % ​ ​ ​ ​ ​ ​ ​ ​ The following table provides supplemental cash flow information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ Year-To-Date ​ Year-To-Date ​ January 31, 2026 ​ February 1, 2025 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 855 ​ $ 916 Operating cash flows from finance leases $ 89 ​ $ 84 Financing cash flows from finance leases(1) $ 415 ​ $ 168 Leased assets obtained in exchange for new operating lease liabilities $ 537 ​ $ 786 Leased assets obtained in exchange for new finance lease liabilities $ 197 ​ $ 157 Net gain recognized from sale and leaseback transactions(2) $ — ​ $ 39 Impairment of operating lease assets $ 52 ​ $ 13 Impairment of finance lease assets(3) $ 954 ​ $ — (1) In 2025, financing cash flows from finance leases includes cash termination payment of $246 made to Ocado for the closure and cancellation of certain fulfillment centers."},{"id":"e14","sourceId":"filing-2","location":"MD&A / first-half 2026 gross-margin drivers","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 higher pharmacy margins, improved eCommerce profitability, increased third-party media revenue, sourcing improvements, egg deflation, tariff refunds, which were fully invested in value, and lower depreciation and amortization, as a percentage of sales."},{"id":"e15","sourceId":"filing-2","location":"MD&A / first-half adjusted operating-expense rate increase","excerpt":"​ Excluding the effect of fuel, the 2026 OG&A Adjusted Items, the 2025 OG&A Adjusted Items and the Labor Dispute, our OG&A rate increased 23 basis points in the first two quarters of 2026, compared to the first two quarters of 2025."},{"id":"e16","sourceId":"filing-2","location":"MD&A / second-quarter spending per item, units and sales headwinds","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":"e17","sourceId":"filing-3","location":"CEO shareholder letter / 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 / second-quarter operating profit","excerpt":"​ Operating Profit and FIFO Operating Profit ​ Operating profit was $971 million, or 2.80% of sales, for the second quarter of 2026, compared to $863 million, or 2.54% of sales, for the second quarter of 2025."},{"id":"e19","sourceId":"filing-2","location":"MD&A / operating-profit rate drivers","excerpt":"Operating profit, as a percentage of sales, increased 26 basis points in the second quarter of 2026, compared to the second quarter of 2025, primarily due to decreased OG&A and depreciation and amortization expenses, as a percentage of sales, and a decreased LIFO charge, partially offset by a lower FIFO gross margin rate."},{"id":"e20","sourceId":"filing-2","location":"Consolidated Statements of Cash Flows / first two quarters of 2026","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":"e21","sourceId":"filing-4","location":"MD&A / merger-related debt issuance and redemption","excerpt":"The 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":"e22","sourceId":"filing-4","location":"MD&A / use of financing proceeds for accelerated repurchases","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":"e23","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":"e24","sourceId":"filing-3","location":"Compensation Discussion and Analysis / adopted stock ownership requirements","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":"e25","sourceId":"filing-3","location":"Corporate governance practices / committee independence","excerpt":"✓ All five Board Committees are fully independent."},{"id":"e26","sourceId":"filing-3","location":"Corporate governance practices / shareholder rights","excerpt":"✓ No poison pill. ✓ Shareholders have the right to call a special meeting."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation and shareholder engagement / completed 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":"e28","sourceId":"filing-3","location":"Compensation Discussion and Analysis / fiscal 2025 operating achievements","excerpt":"we achieved an increase in ID Sales, without fuel, of 2.9%, excluding adjustment items, and adjusted FIFO operating profit of $4.9 billion."}],"changes":["Retains the previous uncertain verdict: demonstrated operating capabilities still do not establish durable competitive superiority.","Adds historical loyalty-transaction linkage, household reach, data-science investment and make-or-buy disclosures as evidence of candidate advantages.","Adds numerical pricing and management assessments supported by operating results and existing proxy disclosures; distinguishes adopted practices from proposed plan amendments."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates (dateKind: filed), not retrieval dates.","Competitive-environment passages identify generic categories rather than named rivals. Transaction counterparties and companies in director biographies do not establish competitor coverage; competitor arrays are therefore empty.","No comparative procurement costs, local market shares, media effectiveness benchmarks or durable customer switching barriers are supplied.","The loyalty penetration and household figures appear in the filing dated April 2, 2024; their current levels are not disclosed here. Loyalty linkage measures engagement and data capture, not exclusivity or a retention rate.","eCommerce growth excludes specified exits and divestitures, and reported profitability includes third-party media revenue. Neither establishes stand-alone delivery economics.","Management statements about unmatched stores, loyalty creation and future returns are assertions or objectives rather than demonstrated competitive superiority.","The May 2026 proxy supports existing compensation and governance practices, but does not establish approval of the proposed Second Amended Plan, subsequent vesting or compliance with individual ownership targets. Its shareholder letter also contains a CEO-tenure chronology inconsistent with the disclosed interim-CEO timeline; tenure claims are not used.","Pricing mix, inflation and reimbursement effects prevent higher spending per item from being treated as a clean measure of discretionary price realization."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Data assets, internal production and sourcing efficiencies are evidenced, but their competitive superiority and replication barriers remain unestablished.","evidenceIds":["e1","e2","e8","e9","e10"]},{"criterion":"durability","grade":null,"rationale":"Longstanding data investment suggests accumulated capability, but no durable relative economic advantage is established. Fulfillment impairments qualify the benefits of infrastructure scale.","evidenceIds":["e2","e13"]},{"criterion":"customer_dependency","grade":null,"rationale":"Loyalty-card linkage demonstrates engagement, while broad retailer choice limits inference about dependence. Switching friction and exclusive repeat demand are not established.","evidenceIds":["e1","e6"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Digital growth and profitability demonstrate adaptation, but cannot establish resilience of an unidentified durable advantage. Cost pressure is realized; agentic-shopping disruption remains prospective.","evidenceIds":["e4","e7","e11","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Higher spending per item accompanied fewer units, while Kroger disclosed price reductions and continued value investment. These indicate fragile pricing power; mix and reimbursement effects prevent attribution solely to discretionary pricing.","evidenceIds":["e16","e17","e14"]},{"criterion":"retention","grade":2,"rationale":"Historical loyalty engagement and recent delivery-led growth support repeat-demand capability indirectly. Declining aggregate units counterbalance this evidence; neither cohort retention nor exclusive loyalty is demonstrated.","evidenceIds":["e1","e4","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"Operating profit improved and sourcing, media and eCommerce gains absorbed some pressure. Gross-margin headwinds, underlying expense deleverage and closure-related depreciation reductions make resilience mixed and do not prove pricing power.","evidenceIds":["e14","e15","e18","e19"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Disclosed changes to retail prices and promotions demonstrate discretion over ordinary grocery pricing. Realized Inflation Reduction Act effects show constraints within pharmacy; comprehensive reimbursement and media contract terms are absent.","evidenceIds":["e17","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash generation funded substantial investment alongside debt repayment, but repurchases and dividends contributed to cash depletion. Fulfillment impairments and use of merger financing for buybacks temper discipline; repurchase value creation is unproven.","evidenceIds":["e20","e13","e21","e22"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing equity-based long-term compensation, multiple performance metrics, clawbacks, double-trigger provisions and hedging restrictions demonstrate substantial alignment mechanisms. Adopted ownership requirements strengthen the structure, although actual ownership compliance and incentive effectiveness are not established.","evidenceIds":["e23","e24"]},{"criterion":"execution","grade":2,"rationale":"Fiscal 2025 sales achievements, recent eCommerce growth and inclusive profitability support execution through operating outcomes. Fulfillment impairments, declining units and underlying expense deleverage show material counterevidence. Customer execution is assessed indirectly, not through retention measurements.","evidenceIds":["e28","e4","e11","e13","e16","e15"]},{"criterion":"governance","grade":3,"rationale":"Fully independent committees, special-meeting rights, absence of a poison pill and completed shareholder engagement support strong governance practices. These are actual issuer disclosures, but do not establish exceptional oversight effectiveness or eliminate litigation and capital-allocation concerns.","evidenceIds":["e25","e26","e27","e23"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"6be50f80e93985e6de684eab3156c6a7a777e01149e825db9963d575bd0b690c","updatedAt":"2026-10-18T13:47:04.474Z","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"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926108926/kr-20260815x10q.htm","publishedAt":"2026-09-18","sha256":"a6c1c6f1cdb8e719d96e916883487d2c8cccabeba503888a6cc221f134418b0e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926060250/tm261573d1_def14a.htm","publishedAt":"2026-05-13","sha256":"c6466b2ebc706daae0f8354a5933915e4d53e289cad205df843c5023b992b501","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837025004267/kr-20250201x10k.htm","publishedAt":"2025-04-01","sha256":"1be7856de1a8f91e073a26814432e65f0d6ec13ff046b5e7ec869ea4001cc65a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837024004603/kr-20240203x10k.htm","publishedAt":"2024-04-02","sha256":"c6f91ba5474f3a3e8d8569f4750283acae751e6de44c4d881c9d440ed2ae3f24","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926078236/kr-20260523x10q.htm","publishedAt":"2026-06-26","sha256":"d5459d6165dc71e05b1828836d4c0407e14162f5e582e2541e4db9e22bd55373","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:7c3e083238b1e6316e092c73abd2a699692491f59637ca217f79da03fdbaab1f","usage":{"input_tokens":87445,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3513,"reasoning_output_tokens":193},"basisSupplement":{"previousHash":"038c7cc18cd494ca3753c3064902226aa55754d98e96b0392ecc6a5511d4ef64","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"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. ROIIC requires a positive increase.","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."}}],"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"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926108926/kr-20260815x10q.htm","publishedAt":"2026-09-18","sha256":"a6c1c6f1cdb8e719d96e916883487d2c8cccabeba503888a6cc221f134418b0e","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926060250/tm261573d1_def14a.htm","publishedAt":"2026-05-13","sha256":"c6466b2ebc706daae0f8354a5933915e4d53e289cad205df843c5023b992b501","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837025004267/kr-20250201x10k.htm","publishedAt":"2025-04-01","sha256":"1be7856de1a8f91e073a26814432e65f0d6ec13ff046b5e7ec869ea4001cc65a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/56873/000155837024004603/kr-20240203x10k.htm","publishedAt":"2024-04-02","sha256":"c6f91ba5474f3a3e8d8569f4750283acae751e6de44c4d881c9d440ed2ae3f24","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/56873/000110465926078236/kr-20260523x10q.htm","publishedAt":"2026-06-26","sha256":"d5459d6165dc71e05b1828836d4c0407e14162f5e582e2541e4db9e22bd55373","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"uncertain","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}