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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025

Commission File Number: 000-00981

PUBLIX SUPER MARKETS, INC.

(Exact name of Registrant as specified in its charter)


Florida						59-0324412
(State of incorporation)						(I.R.S. Employer Identification No.)

3300 Publix Corporate Parkway Lakeland, Florida						33811
(Address of principal executive offices)						(Zip Code)

(863) 688-1188

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes X No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer X

Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

The number of shares of the Registrant’s common stock outstanding as of October 15, 2025 was 3,228,000,000.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts are in millions, except par value)

(Unaudited)


	September 27, 2025			December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	859		856
Short-term investments		2,513			2,800
Trade receivables		1,349			1,228
Inventories		2,686			2,613
Prepaid expenses		253			191
Total current assets		7,660			7,688
Long-term investments		14,204			12,258

Other noncurrent assets		841			856
Operating lease right-of-use assets		2,979			3,030
Property, plant and equipment		24,158			22,628
Accumulated depreciation		(9,479)			(8,859)
Net property, plant and equipment		14,679			13,769
		$	40,363		37,601
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	2,911		2,949
Accrued expenses:
Contributions to retirement plans		642			757
Self-insurance reserves		292			282
Salaries and wages		616			310

Other		848			765
Current portion of operating lease liabilities		357			354

Total current liabilities		5,666			5,417
Deferred income taxes		1,425			1,078
Self-insurance reserves		268			269
Operating lease liabilities		2,440			2,511
Finance lease liabilities		810			668
Other noncurrent liabilities		231			230
Total liabilities		10,840			10,173
Common stock related to Employee Stock Ownership Plan (ESOP)		5,016			4,530
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued 3,275 shares in 2025 and 3,258 shares in 2024		3,275			3,258
Additional paid-in capital		2,648			2,323
Retained earnings		24,586			22,087
Treasury stock at cost, 47 shares in 2025		(945)			—
Accumulated other comprehensive losses		(77)			(275)
Common stock related to ESOP		(5,016)			(4,530)
Total stockholders’ equity		24,471			22,863
Noncontrolling interests		36			35
Total equity		29,523			27,428
		$	40,363		37,601

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in millions, except per share amounts)

(Unaudited)


		Three Months Ended
	September 27, 2025			September 28, 2024
Revenues:
Sales		$	15,385		14,630
Other operating income		114			103
Total revenues		15,499			14,733
Costs and expenses:
Cost of merchandise sold		11,496			10,915
Operating and administrative expenses		2,941			2,798
Total costs and expenses		14,437			13,713
Operating profit		1,062			1,020
Investment income		398			332


Other nonoperating income, net		30			22
Earnings before income tax expense		1,490			1,374
Income tax expense		307			277
Net earnings		$	1,183		1,097
Weighted average shares outstanding		3,240			3,278
Earnings per share		$	0.37		0.33

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in millions)

(Unaudited)


		Three Months Ended
	September 27, 2025			September 28, 2024
Net earnings		$	1,183		1,097
Other comprehensive earnings (losses):
Unrealized gain on debt securities net of income taxes of $22.2 and $68.4 in 2025 and 2024, respectively.		65			201
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(0.4) and $(0.2) in 2025 and 2024, respectively.		(1)			(1)
Adjustment to postretirement benefit obligation net of income taxes of $(0.3) in 2025.		(1)			—
Comprehensive earnings		$	1,246		1,297

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in millions, except per share amounts)

(Unaudited)


		Nine Months Ended
	September 27, 2025			September 28, 2024
Revenues:
Sales		$	46,791		44,207
Other operating income		332			324
Total revenues		47,123			44,531
Costs and expenses:
Cost of merchandise sold		34,796			32,879
Operating and administrative expenses		8,769			8,385
Total costs and expenses		43,565			41,264
Operating profit		3,558			3,267
Investment income		856			978


Other nonoperating income, net		95			83
Earnings before income tax expense		4,509			4,328
Income tax expense		940			893
Net earnings		$	3,569		3,435
Weighted average shares outstanding		3,252			3,290
Earnings per share		$	1.10		1.04

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in millions)

(Unaudited)


		Nine Months Ended
	September 27, 2025			September 28, 2024
Net earnings		$	3,569		3,435
Other comprehensive earnings (losses):
Unrealized gain on debt securities net of income taxes of $69.8 and $68.1 in 2025 and 2024, respectively.		205			199
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(1.6) and $(0.2) in 2025 and 2024, respectively.		(5)			(1)
Adjustment to postretirement benefit obligation net of income taxes of $(0.5) in 2025.		(2)			—
Comprehensive earnings		$	3,767		3,633

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in millions)

(Unaudited)


		Nine Months Ended
	September 27, 2025			September 28, 2024
Cash flows from operating activities:
Cash received from customers		$	46,906		44,420
Cash paid to employees and suppliers		(41,576)			(39,468)
Income taxes paid		(694)			(828)
Self-insured claims paid		(521)			(456)
Dividends and interest received		363			334
Other operating cash receipts		329			321
Other operating cash payments		(33)			(26)
Net cash provided by operating activities		4,774			4,297
Cash flows from investing activities:
Payment for capital expenditures		(1,573)			(1,991)
Proceeds from sale of property, plant and equipment		11			20
Payment for investments		(5,481)			(2,390)
Proceeds from sale and maturity of investments		4,483			2,105
Net cash used in investing activities		(2,560)			(2,256)
Cash flows from financing activities:
Payment for acquisition of common stock		(1,353)			(1,102)
Proceeds from sale of common stock		234			211
Dividends paid		(1,070)			(1,037)
Repayment of finance leases and long-term debt		(22)			(33)

Net cash used in financing activities		(2,211)			(1,961)
Net increase in cash and cash equivalents		3			80
Cash and cash equivalents at beginning of period		856			865
Cash and cash equivalents at end of period		$	859		945

See accompanying notes to condensed consolidated financial statements. (Continued)

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in millions)

(Unaudited)


		Nine Months Ended
	September 27, 2025			September 28, 2024
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings		$	3,569		3,435
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		812			752
Increase in last-in, first-out (LIFO) reserve		56			22
Retirement contributions paid or payable in common stock		407			388
Deferred income taxes		280			173
Gain on disposal and impairment of long-lived assets		(1)			(7)
Gain on investments		(501)			(655)
Net amortization of investments		12			17
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables		(121)			(3)
Inventories		(129)			35
Other assets		4			30
Accounts payable and accrued expenses		437			236
Income taxes		(61)			(142)
Other liabilities		10			16
Total adjustments		1,205			862
Net cash provided by operating activities		$	4,774		4,297

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in millions, except per share amounts)

(Unaudited)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders		Accumu- lated Other Compre- hensive Earnings (Losses)		Common Stock Related to ESOP		Total Stock- holders’ Equity
2025
Balances at December 28, 2024		$	3,258		2,323		22,087		—		(275)		(4,530)		22,863
Comprehensive earnings		—			—		1,011		—		78		—		1,089
Dividends, $0.1075 per share		—			—		(351)		—		—		—		(351)
Contribution of 27 shares to retirement plan		17			324		—		175		—		—		516
Acquisition of 24 shares from stockholders		—			—		—		(453)		—		—		(453)
Sale of 6 shares to stockholders		—			1		—		115		—		—		116
Change for ESOP related shares		—			—		—		—		—		(778)		(778)
Balances at March 29, 2025		3,275			2,648		22,747		(163)		(197)		(5,308)		23,002
Comprehensive earnings		—			—		1,375		—		57		—		1,432
Dividends, $0.1105 per share		—			—		(360)		—		—		—		(360)

Acquisition of 21 shares from stockholders		—			—		—		(413)		—		—		(413)
Sale of 2 shares to stockholders		—			—		—		42		—		—		42
Change for ESOP related shares		—			—		—		—		—		253		253
Balances at June 28, 2025		3,275			2,648		23,762		(534)		(140)		(5,055)		23,956
Comprehensive earnings		—			—		1,183		—		63		—		1,246
Dividends, $0.1105 per share		—			—		(359)		—		—		—		(359)

Acquisition of 24 shares from stockholders		—			—		—		(487)		—		—		(487)
Sale of 4 shares to stockholders		—			—		—		76		—		—		76
Change for ESOP related shares		—			—		—		—		—		39		39
Balances at September 27, 2025		$	3,275		2,648		24,586		(945)		(77)		(5,016)		24,471

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in millions, except per share amounts)

(Unaudited)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders		Accumu- lated Other Compre- hensive Earnings (Losses)		Common Stock Related to ESOP		Total Stock- holders’ Equity
2024
Balances at December 30, 2023		$	3,294		2,005		19,741		—		(404)		(4,220)		20,416
Comprehensive earnings		—			—		1,366		—		(15)		—		1,351
Dividends, $0.10 per share		—			—		(329)		—		—		—		(329)
Contribution of 32 shares to retirement plan		22			312		—		157		—		—		491
Acquisition of 26 shares from stockholders		—			—		—		(394)		—		—		(394)
Sale of 7 shares to stockholders		—			6		—		104		—		—		110
Change for ESOP related shares		—			—		—		—		—		(615)		(615)
Balances at March 30, 2024		3,316			2,323		20,778		(133)		(419)		(4,835)		21,030
Comprehensive earnings		—			—		972		—		13		—		985
Dividends, $0.1075 per share		—			—		(356)		—		—		—		(356)
Acquisition of 26 shares from stockholders		—			—		—		(421)		—		—		(421)
Sale of 2 shares to stockholders		—			—		—		35		—		—		35
Change for ESOP related shares		—			—		—		—		—		220		220
Balances at June 29, 2024		3,316			2,323		21,394		(519)		(406)		(4,615)		21,493
Comprehensive earnings		—			—		1,097		—		200		—		1,297
Dividends, $0.1075 per share		—			—		(352)		—		—		—		(352)
Acquisition of 17 shares from stockholders		—			—		—		(287)		—		—		(287)
Sale of 4 shares to stockholders		—			—		—		66		—		—		66
Change for ESOP related shares		—			—		—		—		—		67		67
Balances at September 28, 2024		$	3,316		2,323		22,139		(740)		(206)		(4,548)		22,284

See accompanying notes to condensed consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)Basis of Presentation

The condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) and the accompanying notes are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and nine months ended September 27, 2025 may not necessarily be indicative of the results for the entire 2025 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024 (Annual Report).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(2)Fair Value of Financial Instruments

The fair value of certain financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity.

The fair value of investments is based on market prices using the following measurement categories:

Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (primarily exchange traded funds).

Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of similar securities and matrix pricing of corporate and government-sponsored agency bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are debt securities (taxable bonds), including restricted investments in taxable bonds held as collateral.

Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category.

Following is a summary of fair value measurements for investments as of September 27, 2025 and December 28, 2024:


	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
September 27, 2025	$	16,717	4,766	11,951	—
December 28, 2024	15,058		3,492	11,566	—

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(3)Investments

(a)Debt Securities

Following is a summary of debt securities as of September 27, 2025 and December 28, 2024:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
September 27, 2025
Taxable bonds	$	11,874		84		202	11,756

Restricted investments	193			3		1	195
	$	12,067		87		203	11,951
December 28, 2024
Taxable bonds	$	11,765		19		402	11,382

Restricted investments	185			—		1	184
	$	11,950		19		403	11,566

The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.

Following is a summary of the cost and fair value of debt securities by expected maturity as of September 27, 2025 and December 28, 2024:


	September 27, 2025				December 28, 2024
	Cost		Fair Value		Cost		Fair Value
	(Amounts are in millions)
Due in one year or less	$	2,540		2,513		2,825	2,800
Due after one year through five years	4,916			4,780		7,339	6,993
Due after five years through ten years	4,384			4,430		1,776	1,763
Due after ten years	227			228		10	10
	$	12,067		11,951		11,950	11,566

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company had no debt securities with credit losses as of September 27, 2025 and December 28, 2024.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of September 27, 2025 and December 28, 2024:


	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
September 27, 2025
Taxable bonds	$	1,527		16	5,592		186	7,119		202

Restricted investments	9			—	26		1	35		1
	$	1,536		16	5,618		187	7,154		203
December 28, 2024

Taxable bonds	$	1,810		17	7,282		385	9,092		402
Restricted investments	24			—	26		1	50		1
	$	1,834		17	7,308		386	9,142		403

There were 311 debt securities contributing to the total unrealized losses of $203 million as of September 27, 2025. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.

(b)Equity Securities

Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $4.8 billion and $3.5 billion as of September 27, 2025 and December 28, 2024, respectively.

(c)Investment Income (Loss)

Net realized gain or loss on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain or loss on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table.

Following is a summary of investment income for the three and nine months ended September 27, 2025 and September 28, 2024:


			Three Months Ended					Nine Months Ended
	September 27, 2025				September 28, 2024		September 27, 2025		September 28, 2024
	(Amounts are in millions)
Interest and dividend income	$	125			107		355		323
Net realized gain on investments	1				1		6		1
	126				108		361		324
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period	272				224		495		654

			$	398		332		856		978

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(4)Retirement Plan

The Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $870 million and $661 million as of September 27, 2025 and December 28, 2024, respectively. The cost of the shares held by the ESOP totaled $4.1 billion and $3.9 billion as of September 27, 2025 and December 28, 2024, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $5.0 billion and $4.5 billion as of September 27, 2025 and December 28, 2024, respectively. The fair value of the shares held by the ESOP totaled $14.6 billion and $12.9 billion as of September 27, 2025 and December 28, 2024, respectively.

(5)Accumulated Other Comprehensive Earnings (Losses)

Following is a reconciliation of the changes in accumulated other comprehensive (losses) earnings net of income taxes for the three months ended September 27, 2025 and September 28, 2024:


	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2025
Balances at June 28, 2025		$	(151)		11		(140)
Unrealized gain on debt securities		65			—		65
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)
Adjustment to postretirement benefit obligation		—			(1)		(1)
Net other comprehensive earnings (losses)		64			(1)		63
Balances at September 27, 2025		$	(87)		10		(77)
2024
Balances at June 29, 2024		$	(414)		8		(406)
Unrealized gain on debt securities		201			—		201
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)

Net other comprehensive earnings		200			—		200
Balances at September 28, 2024		$	(214)		8		(206)

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Following is a reconciliation of the changes in accumulated other comprehensive (losses) earnings net of income taxes for the nine months ended September 27, 2025 and September 28, 2024:


	Investments			Postretirement Benefits		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2025
Balances at December 28, 2024		$	(287)		12		(275)
Unrealized gain on debt securities		205			—		205
Net realized gain on debt securities reclassified to investment income		(5)			—		(5)
Adjustment to postretirement benefit obligation		—			(2)		(2)
Net other comprehensive earnings (losses)		200			(2)		198
Balances at September 27, 2025		$	(87)		10		(77)
2024
Balances at December 30, 2023		$	(412)		8		(404)
Unrealized gain on debt securities		199			—		199
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)

Net other comprehensive earnings		198			—		198

Balances at September 28, 2024		$	(214)		8		(206)

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(6)Segment Reporting

In 2024, the Company adopted the Accounting Standards Update (ASU) requiring that segment reporting be disclosed for companies with a single reportable segment. The Company adopted the ASU on a retrospective basis as of December 28, 2024. Prior to the adoption of the ASU, segment reporting disclosures were not required for companies with a single reportable segment.

Following is a summary of information for the Company’s single reportable segment for the three and nine months ended September 27, 2025 and September 28, 2024:


		Three Months Ended					Nine Months Ended
	September 27, 2025			September 28, 2024		September 27, 2025		September 28, 2024
	(Amounts are in millions)
Revenues:
Sales		$	15,385		14,630		46,791		44,207
Other operating income		114			103		332		324
Total revenues		15,499			14,733		47,123		44,531
Less:
Cost of merchandise sold		11,496			10,915		34,796		32,879
Other segment items (1)		2,941			2,798		8,769		8,385
Operating profit		1,062			1,020		3,558		3,267
Nonoperating income		428			354		951		1,061
Less: Income tax expense		307			277		940		893
Net earnings		$	1,183		1,097		3,569		3,435

Net earnings excluding impact of fair value adjustment (2)		$	980		930		3,200		2,947
Depreciation and amortization		285			258		812		752
Payment for capital expenditures		555			792		1,573		1,991

(1)Other segment items includes payroll costs, depreciation and amortization, lease expense, other facility costs, advertising and other operating expenses.

(2)This measure is not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations.

Total assets for the Company’s single reportable segment were $40.4 billion and $37.6 billion as of September 27, 2025 and December 28, 2024, respectively.

(7)Subsequent Event

On October 1, 2025, the Company declared a quarterly dividend on its common stock of $0.1105 per share or $357 million, payable November 3, 2025 to stockholders of record as of the close of business October 15, 2025.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The objective of this section is to provide a summary of material information relevant to enhancing the stockholders’ understanding of the financial condition and results of operations of the Company. Following is an analysis of the financial condition and results of operations of the Company for the three and nine months ended September 27, 2025 as compared with the three and nine months ended September 28, 2024. This information should be read in conjunction with the Company’s condensed consolidated financial statements and accompanying notes and the Annual Report.

Overview

The Company is engaged in the retail food industry and as of September 27, 2025 operated 1,421 supermarkets in Florida, Georgia, Alabama, South Carolina, North Carolina, Tennessee, Virginia and Kentucky. The Company has no other significant lines of business or industry segments. For the nine months ended September 27, 2025, 39 supermarkets were opened (including nine replacement supermarkets) and 61 supermarkets were remodeled. Eight supermarkets were closed during the period. The replacement supermarkets that opened during the nine months ended September 27, 2025 replaced two supermarkets closed in 2025 and seven supermarkets closed in a previous period. The remaining six supermarkets closed in 2025 will be replaced on site in a subsequent period. In the normal course of operations, the Company replaces supermarkets and closes supermarkets that are not meeting performance expectations. The impact of future supermarket closings is not expected to be material.

Results of Operations

Sales

Sales for the three months ended September 27, 2025 were $15.4 billion as compared with $14.6 billion for the three months ended September 28, 2024, an increase of $755 million or 5.2%. The increase in sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was primarily due to new supermarket sales and a 3.4% increase in comparable store sales (supermarkets open for the same weeks in both periods, including replacement supermarkets). The Company estimates the increase in sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was $80 million or 0.5% lower due to the impact of Hurricane Helene in September 2024. Excluding the impact of the hurricane, sales for the three months ended September 27, 2025 would have increased 5.7%. Comparable store sales for the three months ended September 27, 2025 increased primarily due to the impact of inflation on product costs, partially offset by the impact of the hurricane. Sales for supermarkets that are replaced on site are classified as new supermarket sales since the replacement period for the supermarket is generally 12 to 15 months.

Sales for the nine months ended September 27, 2025 were $46.8 billion as compared with $44.2 billion for the nine months ended September 28, 2024, an increase of $2.6 billion or 5.8%. The increase in sales for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to new supermarket sales and a 4.4% increase in comparable store sales. Comparable store sales for the nine months ended September 27, 2025 increased primarily due to the impact of inflation on product costs.

Gross profit

Gross profit (sales less cost of merchandise sold) as a percentage of sales was 25.3% and 25.4% for the three months ended September 27, 2025 and September 28, 2024, respectively. The decrease in gross profit as a percentage of sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was primarily due to the relative sales growth of pharmacy products, partially offset by reduced shrink and cost improvements. Gross profit as a percentage of sales was 25.6% for the nine months ended September 27, 2025 and September 28, 2024. Gross profit as a percentage of sales for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was unchanged primarily due to cost improvements, including a decrease in distribution costs as a percentage of sales, offset by the relative sales growth of pharmacy products.

Operating and administrative expenses

Operating and administrative expenses as a percentage of sales were 19.1% for the three months ended September 27, 2025 and September 28, 2024. Operating and administrative expenses as a percentage of sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was unchanged primarily due to an increase in facility costs as a percentage of sales, offset by decreases in advertising costs as a percentage of sales and payroll costs as a percentage of sales. Operating and administrative expenses as a percentage of sales were 18.7% and 19.0% for the nine months ended September 27, 2025 and September 28, 2024, respectively. The decrease in operating and administrative expenses as a percentage of sales for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to decreases in advertising costs as a percentage of sales and payroll costs as a percentage of sales.

Operating profit

Operating profit as a percentage of sales was 6.9% and 7.0% for the three months ended September 27, 2025 and September 28, 2024, respectively. The decrease in operating profit as a percentage of sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was primarily due to the decrease in gross profit as a percentage of sales. Operating profit as a percentage of sales was 7.6% and 7.4% for the nine months ended September 27, 2025 and September 28, 2024, respectively. The increase in operating profit as a percentage of sales for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to the decrease in operating and administrative expenses as a percentage of sales.

Investment income (loss)

Investment income for the three months ended September 27, 2025 and September 28, 2024 was $398 million and $332 million, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, investment income would have been $126 million and $108 million for the three months ended September 27, 2025 and September 28, 2024, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, the increase in investment income for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was primarily due to the increase in interest and dividend income.

Investment income for the nine months ended September 27, 2025 and September 28, 2024 was $856 million and $978 million, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, investment income would have been $361 million and $324 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, the increase in investment income for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to the increase in interest and dividend income.

Income tax expense

The effective income tax rate was 20.6% and 20.2% for the three months ended September 27, 2025 and September 28, 2024, respectively. The effective income tax rate was 20.8% and 20.6% for the nine months ended September 27, 2025 and September 28, 2024, respectively. The increase in the effective income tax rate for the three and nine months ended September 27, 2025 as compared with the three and nine months ended September 28, 2024 was primarily due to the decreased impact of permanent deductions and credits relative to earnings before income tax expense.

Net earnings

Net earnings were $1.2 billion or $0.37 per share and $1.1 billion or $0.33 per share for the three months ended September 27, 2025 and September 28, 2024, respectively. Net earnings as a percentage of sales were 7.7% and 7.5% for the three months ended September 27, 2025 and September 28, 2024, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, net earnings would have been $980 million or $0.30 per share and 6.4% as a percentage of sales for the three months ended September 27, 2025 and $930 million or $0.28 per share and 6.4% as a percentage of sales for the three months ended September 28, 2024. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, net earnings as a percentage of sales for the three months ended September 27, 2025 as compared with the three months ended September 28, 2024 was unchanged.

Net earnings were $3.6 billion or $1.10 per share and $3.4 billion or $1.04 per share for the nine months ended September 27, 2025 and September 28, 2024, respectively. Net earnings as a percentage of sales were 7.6% and 7.8% for the nine months ended September 27, 2025 and September 28, 2024, respectively. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, net earnings would have been $3.2 billion or $0.98 per share and 6.8% as a percentage of sales for the nine months ended September 27, 2025 and $2.9 billion or $0.90 per share and 6.7% as a percentage of sales for the nine months ended September 28, 2024. Excluding the impact of net unrealized gains on equity securities in 2025 and 2024, the increase in net earnings as a percentage of sales for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to the increase in operating profit as a percentage of sales.

Non-GAAP Financial Measures

In addition to reporting financial results for the three and nine months ended September 27, 2025 and September 28, 2024 in accordance with GAAP, the Company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations.

Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three and nine months ended September 27, 2025 and September 28, 2024:



		Three Months Ended					Nine Months Ended
	September 27, 2025			September 28, 2024		September 27, 2025		September 28, 2024
	(Amounts are in millions, except per share amounts)
Net earnings		$	1,183		1,097		3,569		3,435
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period		(272)			(224)		(495)		(654)

Income tax expense (1)		69			57		126		166
Net earnings excluding impact of fair value adjustment		$	980		930		3,200		2,947
Weighted average shares outstanding		3,240			3,278		3,252		3,290
Earnings per share excluding impact of fair value adjustment		$	0.30		0.28		0.98		0.90

(1)Income tax expense is based on the Company’s combined federal and state statutory income tax rates.

Liquidity and Capital Resources

Cash and cash equivalents, short-term investments and long-term investments totaled $17.6 billion as of September 27, 2025, as compared with $15.9 billion as of December 28, 2024 and $15.8 billion as of September 28, 2024. The increase from the third quarter of 2024 to the third quarter of 2025 was primarily due to the increase in the fair value of investments.

Net cash provided by operating activities

Net cash provided by operating activities was $4.8 billion and $4.3 billion for the nine months ended September 27, 2025 and September 28, 2024, respectively. The increase in net cash provided by operating activities for the nine months ended September 27, 2025 as compared with the nine months ended September 28, 2024 was primarily due to the increase in operating profit and the decrease in income taxes paid. Income taxes paid in 2024 includes payments for 2023 that were deferred due to Hurricane Idalia.

Net cash used in investing activities

Net cash used in investing activities was $2.6 billion and $2.3 billion for the nine months ended September 27, 2025 and September 28, 2024, respectively. The primary use of net cash in investing activities for the nine months ended September 27, 2025 was funding capital expenditures and net increases in investments. Capital expenditures for the nine months ended September 27, 2025 totaled $1.6 billion. These expenditures were incurred in connection with the opening of 39 supermarkets (including nine replacement supermarkets) and the remodeling of 61 supermarkets. Expenditures were also incurred for new supermarkets and remodels in progress, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. For the nine months ended September 27, 2025, the payment for investments, net of the proceeds from the sale and maturity of investments, was $998 million.

Net cash used in financing activities

Net cash used in financing activities was $2.2 billion and $2.0 billion for the nine months ended September 27, 2025 and September 28, 2024, respectively. The primary use of net cash in financing activities was funding net common stock repurchases and dividend payments. Net common stock repurchases totaled $1.1 billion and $891 million for the nine months ended September 27, 2025 and September 28, 2024, respectively. The Company currently repurchases common stock at the stockholders’ request in accordance with the terms of the Company’s Employee Stock Purchase Plan (ESPP), Non-Employee Directors Stock Purchase Plan (Directors Plan), 401(k) Plan and ESOP. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company expects to continue to repurchase its common stock, as offered by its stockholders from time to time, at its then current value. However, with the exception of certain shares distributed from the ESOP, such purchases are not required and the Company retains the right to discontinue them at any time.

Dividends

The Company paid quarterly dividends on its common stock totaling $1.1 billion or $0.3285 per share and $1.0 billion or $0.315 per share during the nine months ended September 27, 2025 and September 28, 2024, respectively.

Capital expenditures projection

Capital expenditures for the remainder of 2025 are expected to be approximately $700 million, primarily related to new supermarkets, remodeling existing supermarkets, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. Capital expenditures are expected to be funded with internally generated funds or liquid assets. This capital program is subject to continuing change and review.

Cash requirements

In 2025, cash requirements for operations, capital expenditures, common stock repurchases and dividend payments are expected to be funded with internally generated funds or liquid assets. Based on the Company’s financial position, it is expected that short-term and long-term borrowings would be available to support the Company’s liquidity requirements, if needed.

Forward-Looking Statements

Certain information provided by the Company in this Quarterly Report on Form 10-Q (Quarterly Report) may be forward-looking information as defined in Section 21E of the Securities Exchange Act of 1934 (Exchange Act). Forward-looking information includes statements about the future performance of the Company and is based on management’s assumptions and beliefs in light of the information currently available to them. When used, the words “plan,” “estimate,” “project,” “intend,” “expect,” “believe,” “will” and other similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those statements including, but not limited to, competitive practices and pricing in the food and drug industries generally and particularly in the Company’s principal markets; results of programs to increase sales, including private label sales; results of programs to control or reduce costs; changes in buying, pricing and promotional practices; changes in shrink management; supply chain disruptions; changes in the general economy, including an economic downturn associated with inflation, increased interest rates, international conflicts, acts of terrorism or other disruptions; changes in trade policies, including tariffs; changes in consumer spending; changes in population, employment and job growth in the Company’s principal markets; impacts of a public health crisis, geopolitical conditions or other significant catastrophic events; impacts of cybersecurity threats, including an intrusion into, compromise of or disruption in the Company’s information technology systems; and other factors affecting the Company’s business within or beyond the Company’s control. These factors include changes in interest or inflation rates; changes in federal, state and local laws and regulations, including tax laws; adverse determinations with respect to litigation or other claims; ability to recruit and retain employees; ability to construct new supermarkets or complete remodels as rapidly as planned; increases in product costs; and increases in operating costs including, but not limited to, labor, fuel and energy costs, debit and credit card fees and pharmacy fees. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. Except as may be required by applicable law, the Company assumes no obligation to publicly update these forward-looking statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company does not utilize financial instruments for trading or other speculative purposes, nor does it utilize leveraged financial instruments. There have been no material changes in the market risk factors from those disclosed in the Annual Report.

Item 4. Controls and Procedures

As of the end of the period covered by this Quarterly Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officers and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, the principal executive officers and principal financial officer each concluded that the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that such information has been accumulated and communicated to the Company’s management, including the Company’s principal executive officers and principal financial officer, in a manner that allows timely decisions regarding required disclosure. There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the quarter ended September 27, 2025 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As reported in the Annual Report, the Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Item 1A. Risk Factors

The Company has identified an additional risk factor to supplement the risk factors disclosed in the Annual Report.

Unfavorable changes in trade policies, including tariffs, could adversely affect the Company.

The Company’s operations, or those of its suppliers, could be negatively impacted by changes in trade policies, including additional or increased tariffs on imported goods. The future impact of changes in trade policies is uncertain and difficult to predict and could disrupt the Company’s operations, supply chain and consumer spending, which could adversely affect the Company’s financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Following are the shares of common stock repurchased by the Company during the three months ended September 27, 2025 (amounts are in millions, except per share amounts):

Period

Total

Number of

Purchased

Average

Price Paid

per Share

Total

Number of

Purchased as

Part of Publicly

Announced

Plans or

Programs (1)

Approximate

Dollar Value

of Shares

That May Yet Be

Purchased Under

the Plans or

Programs (1)

June 29, 2025 - August 2, 2025

20.28

N/A

August 3, 2025 - August 30, 2025

21.15

N/A

August 31, 2025 - September 27, 2025

21.15

N/A

Total

21.02

N/A

(1)Common stock is made available for sale by the Company only to its current employees and members of its Board of Directors through the ESPP and Directors Plan and to participants of the 401(k) Plan. In addition, common stock is provided to employees through the ESOP. The Company currently repurchases common stock subject to certain terms and conditions. The ESPP, Directors Plan, 401(k) Plan and ESOP each contain provisions prohibiting any transfer for value without the owner first offering the common stock to the Company.

The Company’s common stock is not traded on an established securities market. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company does not believe that these repurchases of its common stock are within the scope of a publicly announced plan or program (although the terms of the plans discussed above have been communicated to the participants). Thus, the Company does not believe that it has made any repurchases during the three months ended September 27, 2025 required to be disclosed in the last two columns of the table.

Item 3. Defaults Upon Senior Securities

Not applicable

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

Item 6. Exhibits

31.1 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.3 Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.3 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 The following financial information from this Quarterly Report is formatted in Extensible Business Reporting Language: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Earnings, (iii) Condensed Consolidated Statements of Comprehensive Earnings, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Stockholders’ Equity and (vi) Notes to Condensed Consolidated Financial Statements.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



		PUBLIX SUPER MARKETS, INC.



Date:	November 3, 2025	/s/ Merriann M. Metz
		Merriann M. Metz, Secretary



Date:	November 3, 2025	/s/ David P. Phillips
		David P. Phillips, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

PUBLIX SUPER MARKETS INC 10-Q