Financial Highlights

Dollars in millions, except per share amounts; years ended December 31 2025 % CHANGE 2024 % CHANGE 2023
Reported Income Statement Data
Net sales $7,219 -3% $7,430 -9% $8,160
Operating income 1,016 15% 883 -8% 957
Diluted earnings per share 11.18 15% 9.71 1% 9.60
Balance Sheet and Other Data
Cash and cash equivalents $1,030   997   401
Total assets 7,897   7,444   7,642
Total debt 1,790   1,831   2,188
Total equity (including redeemable equity) 4,366   3,890   3,650
Annual dividends declared per common share 3.24   3.16   2.98
Net debt to adjusted EBITDA ratio2 0.6   0.7   1.5
Cash provided by operations 944   1,436   1,057
Mechanical stores expense 67   62   62
Depreciation and amortization 222   214   219
Capital expenditures and mechanical stores purchases 433   301   316
Sales Based on 2025 Net Sales
Food 58%
Beverages & Brewing 16%
Animal Nutrition 7%
Other 19%
Adjusted Return on Invested Capital1
Net Sales(in billions)
Operating Income(in billions)
Reported Diluted Earnings Per Share(in billions)
Adjusted Diluted Earnings Per Share3(in billions)
Market Capitalizationas of 12/31/25
(in billions)
  1. See Financial Performance Metrics on page 62 of the PDF version of the Annual Report for a reconciliation of this metric, which is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures
  2. See Financial Performance Metrics on page 63 of the PDF version of the Annual Report for a reconciliation of this metric, which is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures
  3. See Financial Performance Metrics on page 61 of the PDF version of the Annual Report for a reconciliation of this metric, which is not calculated in accordance with Generally Accepted Accounting Principles (GAAP), to the most comparable GAAP measures