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Quick Answer: Lakeland-based Publix Super Markets reported third-quarter 2026 sales of $15.5 billion, up 1%, while comparable store sales fell 0.6%, its weakest showing in years. Net earnings fell 9.9% to $1.07 billion. Publix blamed lower Medicare drug prices and a tougher economy, and its associate-owned stock price was cut to $18.70 from $19.60.
Publix is one of the largest companies headquartered in Central Florida. The employee-owned grocery chain, based in Lakeland, operates about 1,450 stores across eight states and employs about 260,000 associates, according to The Shelby Report. Its quarterly results, filed with the Securities and Exchange Commission because of its large base of associate shareholders, offer one of the clearest reads on Florida’s grocery shoppers.
The third-quarter 2026 report, released November 2, showed a company still growing sales slowly but facing falling comparable sales, thinner margins and a lower stock valuation. This analysis uses Publix’s earnings release and its quarterly Form 10-Q to break down the quarter.
What did Publix report for the third quarter of 2026?
Sales for the quarter ended September 26, 2026, were $15.5 billion, up 1% from $15.4 billion a year earlier. Comparable store sales, which count supermarkets open for the same weeks in both periods including replacement stores, fell 0.6%.
Net earnings fell 9.9% to $1,066 million from $1,183 million, and earnings per share fell to $0.33 from $0.37. Publix’s reported earnings include changes in the fair value of the stocks it holds in its investment portfolio, so the company also reports earnings without that adjustment. On that basis, net earnings fell 7.3% to $908 million from $980 million, and EPS slipped to $0.29 from $0.30.
Chief Executive Officer Kevin Murphy said many customers are feeling the effects of a challenging economy, and praised associates for the service they provide during this time.
Publix Q3 2026 at a glance
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Sales | $15.5B | $15.4B | +1.0% |
| Comparable store sales | -0.6% | n/a | n/a |
| Net earnings | $1,066M | $1,183M | -9.9% |
| EPS | $0.33 | $0.37 | -$0.04 |
| Net earnings excl. fair value adjustment | $908M | $980M | -7.3% |
| EPS excl. fair value adjustment | $0.29 | $0.30 | -$0.01 |
| Gross profit, % of sales | 25.0% | 25.3% | -0.3 pt |
| Operating profit, % of sales | 6.0% | 6.9% | -0.9 pt |
Sources: Publix Q3 2026 earnings release and Form 10-Q.
Why are Publix’s comparable sales falling?
Publix pointed first to the pharmacy. Under the Medicare Drug Price Negotiation Program, reduced prices for 10 drugs took effect January 1, 2026. Publix said the change reduced its sales, though it did not quantify the dollar amount. Lower drug prices mean less revenue for the same prescriptions filled at Publix pharmacies.
What is the Medicare maximum fair price change?
The Medicare Drug Price Negotiation Program, created under the federal Inflation Reduction Act, sets a negotiated maximum fair price for selected drugs covered by Medicare. The first 10 negotiated prices took effect January 1, 2026. For a pharmacy operator like Publix, lower prices on high-volume medicines reduce reported sales even when prescription counts hold steady. Because the change started on January 1, it will remain in the year-over-year comparison through the end of 2026 and should drop out of comparable sales comparisons in 2027, unless further price changes follow.
The second factor is the consumer. Publix cited economic conditions affecting spending, and Grocery Dive reported that the third quarter was the fifth consecutive quarter of slowing comparable sales, a trend that began in mid-2025. In the second quarter of 2026, sales rose 1%, compared with a 7.3% increase in the same quarter of 2025, according to Grocery Dive.
During the quarter, Publix also joined the Medicare GLP-1 Bridge program, which lets eligible Medicare enrollees obtain select weight-loss medications for a $50 monthly copay through December 31, 2027, Grocery Dive reported. The company did not quantify that program’s effect.
How has Publix trended through 2026?
The second quarter showed the same pattern. In its August 3 release for the quarter ended June 27, 2026, Publix reported sales of $15.7 billion, up 1%, and comparable store sales down 0.5%, also citing the Medicare drug price change and weaker consumer spending. Reported net earnings rose 20.5% to $1.66 billion that quarter because of a larger fair value gain on investments, but earnings excluding that adjustment rose only 1.7% to $1.1 billion.
On a per-share basis, second-quarter EPS was $0.52 as reported, up from $0.42, but $0.33 excluding the fair value adjustment, up only a penny from $0.32. For the first six months, reported EPS was $0.76 versus $0.73, and $0.69 versus $0.68 excluding the adjustment, essentially flat underlying earnings per share.
For the first half of 2026, sales rose 1.5% to $31.9 billion and comparable store sales fell 0.3%. Adding the third quarter, the nine-month comparable decline deepened to 0.4%.
Publix quarterly results, 2026
| Period | Sales | Sales growth | Comparable sales | Net earnings excl. fair value | Stock price set |
|---|---|---|---|---|---|
| First half 2026 | $31.9B | +1.5% | -0.3% | $2.2B (flat) | n/a |
| Q2 2026 | $15.7B | +1% | -0.5% | $1.1B (+1.7%) | $19.60 (from $20.45) |
| Q3 2026 | $15.5B | +1% | -0.6% | $908M (-7.3%) | $18.70 (from $19.60) |
Sources: Publix Q2 and Q3 2026 earnings releases.
The stock price trend tells the same story. The associate stock price was cut to $19.60 from $20.45 effective August 1, and then to $18.70 effective November 1, a combined decline of about 8.6% across two adjustments.
What happened to Publix’s margins?
Margins narrowed on both lines. Gross profit fell to 25.0% of sales from 25.3%, which Publix’s 10-Q attributed to higher fuel costs, higher shrink, which is inventory loss, and faster growth in lower-margin pharmacy sales. Operating and administrative expenses rose to 19.8% of sales from 19.1%, reflecting lower sales from the drug price change plus higher facility and payroll costs as a share of sales.
As a result, operating profit fell to 6.0% of sales from 6.9% in the quarter, and to 7.0% from 7.6% for the first nine months.
Publix margin trends
| Measure | Q3 2026 | Q3 2025 | 9M 2026 | 9M 2025 |
|---|---|---|---|---|
| Gross profit % of sales | 25.0% | 25.3% | 25.6% | 25.6% |
| Operating & admin. expenses % of sales | 19.8% | 19.1% | 19.3% | 18.7% |
| Operating profit % of sales | 6.0% | 6.9% | 7.0% | 7.6% |
| Effective tax rate | 18.6% | 20.6% | 19.5% | 20.8% |
Source: Publix Form 10-Q for the quarter ended September 26, 2026.
How did Publix do over the first nine months?
For the nine months ended September 26, 2026, sales rose 1.4% to $47.4 billion, and comparable store sales fell 0.4%. Net earnings fell 1.5% to $3.5 billion, and EPS held at $1.10. Excluding the fair value adjustment, net earnings fell 2.8% to $3.1 billion, and EPS slipped to $0.97 from $0.98.
Investment income helped. Publix earned $958 million of investment income in the first nine months, up from $856 million, including a $544 million fair value gain on equity securities. Excluding that adjustment, investment income rose to $414 million from $361 million.
In the third quarter alone, investment income was $349 million, down from $398 million, mostly because the fair value gain on equity securities shrank to $212 million from $272 million. Excluding that adjustment, third-quarter investment income rose to $137 million from $126 million. Those swings explain why Publix reports earnings both with and without the fair value adjustment: the underlying grocery business is better measured without it.
Publix nine-month results
| Metric | 9M 2026 | 9M 2025 | Change |
|---|---|---|---|
| Sales | $47.4B | $46.8B | +1.4% |
| Comparable store sales | -0.4% | n/a | n/a |
| Net earnings | $3,517M | $3,569M | -1.5% |
| EPS | $1.10 | $1.10 | Flat |
| Net earnings excl. fair value | $3,111M | $3,200M | -2.8% |
| Investment income | $958M | $856M | +11.9% |
What does the lower Publix stock price mean?
Publix stock is not publicly traded. It is available only to current associates and board members, and its price is set periodically. Effective November 1, 2026, the price fell to $18.70 per share from $19.60, a decline of about 4.6%. For associates and other shareholders, that change directly affects the value of their holdings.
Publix continues to pay a dividend. On October 1, 2026, it declared a quarterly dividend of $0.116 per share, about $368 million in total, payable November 2. It paid $1,099 million in dividends in the first nine months and spent $1,613 million repurchasing about 81 million shares, roughly 26 million to 28 million in each quarter.
Is Publix still opening stores?
Yes, and it is spending more to do it. In the first nine months of 2026, Publix opened 23 supermarkets, seven of them replacements, remodeled 78 and closed 12, ending September with 1,443 supermarkets. Capital expenditures reached $2,218 million, up about 41% from $1,573 million a year earlier.
Expansion continues outside Florida. Publix opened its 10th Kentucky store in early October, Grocery Dive reported, and The Shelby Report said it signed a lease for a 54,964-square-foot store in Culpeper, Virginia, which will employ about 140 associates. Publix was also named one of Fortune’s 2026 Best Workplaces for Women.
Publix store activity, first nine months of 2026
| Activity | Count |
|---|---|
| Supermarkets opened | 23 (including 7 replacements) |
| Supermarkets remodeled | 78 |
| Supermarkets closed | 12 |
| Supermarkets at Sept. 26, 2026 | 1,443 |
Publix company snapshot
| Item | Detail |
|---|---|
| Headquarters | Lakeland, Florida (Polk County) |
| CEO | Kevin Murphy |
| Ownership | Employee-owned; stock not publicly traded |
| Associates | About 260,000 |
| Stores | About 1,450 in 8 states (1,443 supermarkets at Sept. 26, 2026) |
| States | FL, GA, AL, TN, SC, NC, VA, KY |
| Nine-month 2026 sales | $47.4 billion |
| Stock price (Nov. 1, 2026) | $18.70 |
Publix capital allocation, first nine months of 2026
| Use of cash | 9M 2026 | 9M 2025 |
|---|---|---|
| Capital expenditures | $2,218M | $1,573M |
| Common stock repurchases | $1,613M | n/a |
| Dividends paid | $1,099M | n/a |
Source: Publix Form 10-Q. Combined, capital spending, buybacks and dividends totaled about $4.9 billion in nine months.
How strong is Publix financially?
Its balance sheet is a major source of strength. At September 26, 2026, Publix held $509 million of cash, $2,356 million of short-term investments and $15,595 million of long-term investments, for $17.95 billion in cash and marketable securities. That cushion lets it keep building stores, paying dividends and buying back associate shares even in a year of flat-to-lower comparable sales.
Why do Publix’s results matter to Central Florida?
Publix’s headquarters is in Lakeland, and its stores and associates are spread across Central Florida and the Southeast. Its spending on new and remodeled stores supports contractors, suppliers and developers, while its associates’ stock ownership means the November price cut touches household wealth across the region.
The results also signal how Central Florida shoppers are behaving. Publix cited a challenging economy and price-sensitive customers, similar to the pressures restaurant companies are reporting; Tampa-based Bloomin’ Brands, for example, said guest traffic fell 1.8% in its latest quarter. For local businesses that depend on consumer spending, a slowdown at the region’s largest grocer is a meaningful signal.
What should Central Florida businesses watch next?
Three items from this report are worth tracking. First, comparable store sales: Publix has posted small declines in each of the last two reported quarters, and the Medicare drug price effect should stop weighing on comparisons in 2027, which will show more clearly how much of the slowdown is the consumer. Second, margins: higher fuel costs, shrink and payroll costs pushed operating profit down nearly a full point of sales in the third quarter. Third, store investment: capital spending is up about 41% this year, which means continued construction and remodeling work across Publix’s markets even while sales growth is slow.
For suppliers, contractors and service businesses that work with Publix, the company’s financial strength, nearly $18 billion in cash and investments, suggests it can keep investing through a soft patch.
Frequently Asked Questions
Where is Publix headquartered?
In Lakeland, Florida, in Polk County.
What were Publix’s Q3 2026 results?
Sales of $15.5 billion, up 1%; comparable store sales down 0.6%; net earnings of $1.07 billion, down 9.9%.
Why did Publix comparable sales decline?
Publix cited lower prices on 10 drugs under Medicare’s maximum fair price program and economic conditions affecting consumer spending.
What is the current Publix stock price?
$18.70 per share, effective November 1, 2026, down from $19.60.
How many stores does Publix have?
About 1,450 stores in eight states; its 10-Q listed 1,443 supermarkets at September 26, 2026.
Does Publix pay a dividend?
Yes. It declared a quarterly dividend of $0.116 per share in October 2026, totaling about $368 million, payable November 2.
How much is Publix investing in stores?
Capital expenditures totaled $2.2 billion in the first nine months of 2026, up about 41%, as it opened 23 stores and remodeled 78.
Who can buy Publix stock?
Publix stock is not publicly traded. It is available only to current associates and members of the board of directors.
How much did Publix earn in the first nine months of 2026?
Net earnings were $3.5 billion, down 1.5%, or $3.1 billion excluding the fair value adjustment, down 2.8%.
How many associates work at Publix?
About 260,000, according to The Shelby Report’s November 2026 coverage of the company.
Who is Publix’s CEO?
Kevin Murphy is Chief Executive Officer of Publix Super Markets.
Sources and Further Reading
- Publix Super Markets Q3 2026 Earnings Release, Form 8-K – U.S. Securities and Exchange Commission
- Publix Super Markets Form 10-Q for the Quarter Ended September 26, 2026 – U.S. Securities and Exchange Commission
- Publix Super Markets Q2 2026 Earnings Release, Form 8-K – U.S. Securities and Exchange Commission
- Publix’s Comp Sales Slide Once Again – Grocery Dive
- Publix Can’t Shake the Earnings Sluggishness – Supermarket News
- Bloomin’ Brands Announces 2026 Q3 Financial Results, Form 8-K – U.S. Securities and Exchange Commission
- Publix Reports Q3 Results, New VA Store and Fortune Honor – The Shelby Report
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