LAKELAND, Fla. — Publix reported first-quarter 2026 sales of $16.1 billion, a 2% increase from $15.8 billion a year earlier, as the company navigated headwinds from changes in prescription drug pricing.
The sales gain was partially offset by the impact of the Medicare maximum fair price (MFP) provisions, which took effect on January 1 and lowered prices on select drugs, thereby reducing pharmacy revenue. Comparable store sales for the quarter remained flat.
Net earnings for the three months ended March 28 totaled $794 million, down 21.5% from $1 billion in the prior-year period. Earnings per share fell to $0.25 from $0.31. Excluding unrealized losses on equity securities, adjusted net earnings were $1.14 billion, compared with $1.18 billion last year, and adjusted earnings per share held steady at $0.36.
Reconciliation of Net Earnings
| Financial measure |
Three Months Ended March 28, 2026 |
Three Months Ended March 29, 2025 |
|---|---|---|
| Amounts in millions except per share amounts | 2026 | 2025 |
| Net earnings | $794 | $1,011 |
|
Fair value adjustment Net unrealized loss on equity securities held at end of period |
467 | 223 |
| Income tax benefit (1) | (119) | (57) |
|
Net earnings excluding fair value adjustment |
$1,142 | $1,177 |
| Weighted average shares outstanding | 3,215 | 3,258 |
|
Earnings per share excluding fair value adjustment |
$0.36 | $0.36 |
Swipe sideways on mobile to view full table. Source: Publix
The results underscore the growing influence of healthcare policy changes on grocery retailers with substantial pharmacy operations, even as core retail performance remains stable.
“Our associates are the foundation of everything we do,” said CEO Kevin Murphy. “They deliver exceptional service to our customers and make a meaningful difference in the communities we serve every day.”
Separately, the company said its stock price increased from $19.65 to $20.45 per share, effective May 1. Publix stock is privately held and available only to associates and board members.
Publix said its financial statements for the quarter will be filed with the Securities and Exchange Commission.
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