Publix Posts Strong Q3 Earnings, Revenue Up 5.2%

TL;DR

**Publix is a rock-solid, privately held grocery giant, consistently growing profits and investing for the long haul, making it a stable, albeit inaccessible, investment.**

AI Summary

Publix Super Markets Inc. reported a robust financial performance for the three and nine months ended September 27, 2025. For the three-month period, total revenues increased to $15,499 million from $14,733 million in the prior year, a 5.2% rise. Net earnings grew to $1,183 million, up from $1,097 million, representing a 7.8% increase. Earnings per share also improved to $0.37 from $0.33. For the nine-month period, total revenues reached $47,123 million, a 5.8% increase from $44,531 million in 2024. Net earnings for the nine months were $3,569 million, up 3.9% from $3,435 million, with earnings per share rising to $1.10 from $1.04. The company's balance sheet shows total assets of $40,363 million as of September 27, 2025, an increase from $37,601 million at December 28, 2024. Cash and cash equivalents remained stable at $859 million. Long-term investments significantly increased to $14,204 million from $12,258 million. The Employee Stock Ownership Plan (ESOP) related common stock increased to $5,016 million from $4,530 million, reflecting continued employee ownership. The company's debt securities had unrealized losses of $203 million as of September 27, 2025, primarily due to rising interest rates, though scheduled principal and interest payments are being received.

Why It Matters

Publix's consistent revenue and net income growth, despite a challenging economic environment, signals strong operational resilience and customer loyalty in the highly competitive grocery sector. The significant increase in long-term investments and the growing Employee Stock Ownership Plan (ESOP) demonstrate a commitment to long-term value creation and employee engagement, which can be a competitive advantage against publicly traded rivals like Kroger or Walmart. For investors, this indicates a stable, well-managed company with a clear strategy for growth and employee retention. Customers benefit from a stable, employee-owned company, potentially leading to better service and store experiences. The broader market sees a strong regional player continuing to expand and innovate.

Risk Assessment

Risk Level: low — The company exhibits low risk due to consistent revenue growth (5.2% for Q3, 5.8% for YTD) and net earnings growth (7.8% for Q3, 3.9% for YTD). While there are $203 million in unrealized losses on debt securities, the filing explicitly states these are due to interest rate increases and the company continues to receive scheduled principal and interest payments, mitigating immediate liquidity concerns.

Analyst Insight

Investors should view Publix as a strong, stable, and well-managed company, though its private ownership limits direct investment opportunities. For those with indirect exposure (e.g., through suppliers or real estate holdings), the consistent performance suggests continued stability. Potential employees should note the robust ESOP, indicating a strong employee-ownership culture.

Financial Highlights

debt To Equity

0.37

revenue

$15.5 billion

operating Margin

6.9%

total Assets

$40.36 billion

total Debt

$10.84 billion

net Income

$1.18 billion

eps

$0.37

gross Margin

25.4%

cash Position

$859 million

revenue Growth

+5.2%

Revenue Breakdown

Key Numbers

• $15.5B — Q3 2025 Total Revenues (Up 5.2% from $14.7B in Q3 2024)
• $1.18B — Q3 2025 Net Earnings (Up 7.8% from $1.10B in Q3 2024)
• $47.1B — YTD 2025 Total Revenues (Up 5.8% from $44.5B in YTD 2024)
• $3.57B — YTD 2025 Net Earnings (Up 3.9% from $3.44B in YTD 2024)
• $0.37 — Q3 2025 Earnings Per Share (Increased from $0.33 in Q3 2024)
• $14.2B — Long-term Investments (Increased from $12.3B at December 28, 2024)
• $5.02B — ESOP Common Stock (Increased from $4.53B at December 28, 2024)
• $203M — Unrealized Losses on Debt Securities (Primarily due to increases in interest rates)
• 3,228,000,000 — Common Stock Outstanding (As of October 15, 2025)
• $40.36B — Total Assets (Increased from $37.60B at December 28, 2024)

Key Players & Entities

• PUBLIX SUPER MARKETS INC. (company) — Registrant
• $15,499 million (dollar_amount) — Total revenues for three months ended September 27, 2025
• $1,183 million (dollar_amount) — Net earnings for three months ended September 27, 2025
• $47,123 million (dollar_amount) — Total revenues for nine months ended September 27, 2025
• $3,569 million (dollar_amount) — Net earnings for nine months ended September 27, 2025
• $40,363 million (dollar_amount) — Total assets as of September 27, 2025
• $14,204 million (dollar_amount) — Long-term investments as of September 27, 2025
• $5,016 million (dollar_amount) — Common stock related to Employee Stock Ownership Plan (ESOP) as of September 27, 2025
• $203 million (dollar_amount) — Total unrealized losses on debt securities as of September 27, 2025
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Interest Rate Fluctuations [medium — market]: The company holds debt securities that experienced unrealized losses of $203 million as of September 27, 2025, primarily due to rising interest rates. While principal and interest payments are being received, significant interest rate increases could impact the valuation of these investments.
• Supermarket Operations and Closures [low — operational]: Publix operates 1,421 supermarkets and engages in regular store openings, replacements, and closures. While the impact of future closures is not expected to be material, operational disruptions or underperformance of new or existing locations could affect sales.
• Inflationary Environment [medium — market]: Inflation on product costs contributed to comparable store sales growth. Persistent inflation could impact consumer purchasing power and the company's cost of goods sold, potentially affecting margins.
• Natural Disasters [low — market]: Hurricane Helene in September 2024 had a negative impact on sales, reducing growth by an estimated 0.5%. Future occurrences of severe weather events in operating regions could disrupt operations and sales.

Industry Context

Publix operates in the highly competitive retail food industry, characterized by a focus on customer service, product quality, and price. The industry is influenced by consumer spending habits, economic conditions, and the ongoing impact of inflation on food costs. Competitors range from national chains to regional players and discount grocers, all vying for market share.

Regulatory Implications

As a large grocery retailer, Publix is subject to various regulations concerning food safety, labeling, and labor practices. Compliance with these regulations is critical to maintaining operations and public trust. Changes in food safety standards or labor laws could necessitate operational adjustments and incur additional costs.

What Investors Should Do

1. Monitor comparable store sales growth
2. Assess the impact of interest rate changes on investments
3. Evaluate the growth in long-term investments and ESOP stock
4. Observe trends in operating and administrative expenses

Key Dates

• 2025-09-27: End of third quarter reporting period — Provides latest financial performance data, including revenues, net earnings, and balance sheet details.
• 2024-09-28: End of third quarter reporting period in prior year — Serves as a benchmark for year-over-year performance comparisons.
• 2024-12-28: End of fiscal year 2024 — Represents the prior fiscal year-end balance sheet figures for comparison.
• 2025-10-15: Common stock outstanding date — Indicates the number of shares outstanding for EPS calculations and ownership structure.

Glossary

Comparable store sales

Measures the sales performance of stores that have been open for the same period in both the current and prior reporting periods. (Key indicator of organic sales growth and customer traffic trends, excluding the impact of new store openings or closures.)

Employee Stock Ownership Plan (ESOP)

A plan where a company establishes a trust fund, into which it contributes new shares of its own stock or cash to purchase existing shares. (Reflects Publix's commitment to employee ownership, with a significant increase in ESOP-related common stock value, indicating employee participation and investment.)

Unrealized gain/loss

The increase or decrease in the value of an asset that has not yet been sold. (Highlights the impact of market fluctuations, such as rising interest rates, on the company's investment portfolio, as seen with debt securities.)

Operating lease right-of-use assets

Assets recognized under accounting standards for leases, representing the right to use an underlying asset for the lease term. (Indicates the company's significant investment in leased properties, such as store locations, which are a core part of its retail operations.)

Treasury stock

Stock that a company has repurchased from the open market. (The appearance of treasury stock in the current period suggests potential share buyback activities or other stock transactions by the company.)

Year-Over-Year Comparison

Total revenues for the three months ended September 27, 2025, increased by 5.2% to $15.5 billion compared to the prior year, driven by comparable store sales growth and new store openings. Net earnings also saw a healthy increase of 7.8% to $1.18 billion. The balance sheet shows a substantial increase in total assets to $40.36 billion, largely due to growth in property, plant, and equipment and long-term investments. Notably, unrealized losses on debt securities have emerged, reflecting current market conditions.

Key Financial Figures

• $15.4 billion — ee months ended September 27, 2025 were $15.4 billion as compared with $14.6 billion for the
• $14.6 billion — 025 were $15.4 billion as compared with $14.6 billion for the three months ended September 28
• $755 million — nded September 28, 2024, an increase of $755 million or 5.2%. The increase in sales for the
• $80 million — ree months ended September 28, 2024 was $80 million or 0.5% lower due to the impact of Hurr
• $46.8 billion — ne months ended September 27, 2025 were $46.8 billion as compared with $44.2 billion for the
• $44.2 billion — 025 were $46.8 billion as compared with $44.2 billion for the nine months ended September 28,
• $2.6 billion — nded September 28, 2024, an increase of $2.6 billion or 5.8%. The increase in sales for the

Filing Documents

• ck0000081061-20250927.htm (10-Q) — 859KB
• a3q2025exhibit311.htm (EX-31.1) — 8KB
• a3q2025exhibit312.htm (EX-31.2) — 8KB
• a3q2025exhibit313.htm (EX-31.3) — 8KB
• a3q2025exhibit321.htm (EX-32.1) — 4KB
• a3q2025exhibit322.htm (EX-32.2) — 4KB
• a3q2025exhibit323.htm (EX-32.3) — 4KB
• ck0000081061-20250927_g1.jpg (GRAPHIC) — 50KB
• 0000081061-25-000047.txt ( ) — 4162KB
• ck0000081061-20250927.xsd (EX-101.SCH) — 22KB
• ck0000081061-20250927_cal.xml (EX-101.CAL) — 69KB
• ck0000081061-20250927_def.xml (EX-101.DEF) — 67KB
• ck0000081061-20250927_lab.xml (EX-101.LAB) — 291KB
• ck0000081061-20250927_pre.xml (EX-101.PRE) — 193KB
• ck0000081061-20250927_htm.xml (XML) — 641KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

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. 1 PUBLIX SUPER MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts are in millions, except per share

Management's Discussion and Analysis of Financial Condition and Results of Operations

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 w

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