Albertsons Companies (NYSE: ACI) reported $83.17 billion in net sales and other revenue for fiscal 2025, but that 53-week year included an estimated $1.36 billion from an extra week. Identical sales grew 2.0%, gross margin fell to 27.2%, and the company reported $217 million in GAAP net income alongside much higher company-defined adjusted figures. Those results make sales comparability, margins, debt, and legal exposure more useful starting points than revenue growth alone.
What does Albertsons do, and what period do the latest figures cover?
Albertsons Companies, Inc. operates grocery stores, pharmacies, fuel centers, and digital shopping services in the United States. Its Class A common stock trades on the New York Stock Exchange as ACI. The company reported 2,244 stores across 35 states and the District of Columbia as of February 28, 2026, and 51.2 million loyalty members for fiscal 2025. The fiscal 2025 Form 10-K covers the 53 weeks ended February 28, 2026.
Its sales are exposed to several types of retail economics. Fiscal 2025 revenue mix was 48.8% non-perishables, 31.3% fresh, 13.7% pharmacy, 4.6% fuel, and 1.6% other. Digital sales are included within the categories where the underlying products are sold, rather than reported as a separate revenue category.
How is Albertsons performing financially?
Reported revenue and identical sales tell different stories
Net sales and other revenue increased 3.5% to $83.1725 billion in fiscal 2025. That is not a like-for-like comparison with the prior year: fiscal 2025 had 53 weeks, versus 52 in fiscal 2024, and management estimated that the extra week contributed $1.36 billion of revenue. Store closures and lower fuel sales partially offset growth. The company’s 10-K defines identical sales using stores open in both periods, excludes fuel, and includes direct-to-consumer digital sales.
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Identical sales increased 2.0%, with pharmacy the primary driver, while digital sales rose 21%. Identical sales are therefore a better indicator of comparable demand than the headline revenue growth rate, but they are not a complete measure of profitability: they exclude fuel and do not reveal the cost of fulfilling digital orders.
Margin pressure matters alongside growth
Gross margin rate declined to 27.2% from 27.7% in fiscal 2024. Excluding fuel and LIFO effects, Albertsons reported a 59-basis-point decline. It cited stronger pharmacy sales, which carry a lower overall gross margin rate, and delivery and handling costs associated with digital growth. Customer-value investments and productivity initiatives also shape the results. The investor question is whether pharmacy and digital sales generate adequate contribution after mix and fulfillment costs, and whether productivity gains can offset wage, inflation, and pricing pressures.
Separate GAAP earnings from adjusted results
Albertsons reported $217 million in fiscal 2025 GAAP net income, $1.209 billion in adjusted net income, and $3.902 billion in adjusted EBITDA. Adjusted net income and adjusted EBITDA are company-defined non-GAAP measures; they help present management’s chosen view of performance but do not replace GAAP results. Review the company’s definitions and reconciliations in its fiscal 2025 results release before relying on them.
A major item was a $773.8 million charge, or $599.8 million net of tax, associated with an opioid settlement framework announced alongside the results. Albertsons said payments are expected over nine years. The company described the framework as intended to resolve substantially all opioid-related claims by participating states, political subdivisions, and Native American tribes; the charge and expected payments should be considered separately from ordinary store operations.
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How much debt does Albertsons have?
At February 28, 2026, Albertsons reported approximately $8.6 billion of debt excluding finance lease obligations. Total debt including finance lease obligations was $8.9466 billion. The balance sheet showed $8.4126 billion of long-term debt and finance lease obligations and $534 million of current maturities. These are distinct measures: debt excluding leases is not the same as total debt and lease obligations.
The 10-K’s debt maturity schedule excludes finance lease obligations, debt discounts, and deferred financing costs:
| Due year | Debt maturities |
|---|---|
| 2026 | $485.1 million |
| 2027 | $906.6 million |
| 2028 | $44.0 million |
| 2029 | $2.4779 billion |
| 2030 | $397.0 million |
| Thereafter | $4.3162 billion |
These maturities are from the company’s fiscal 2025 Form 10-K. Assess them together with interest expense, operating cash flow, capital spending, and lease commitments. Albertsons says debt may absorb cash that could otherwise support operations or investment, reduce financial flexibility, and constrain borrowing capacity; the schedule alone does not establish whether refinancing will be easy or difficult.
What are the risks of investing in Albertsons stock?
The risks below are among those Albertsons identifies in its annual filing. They describe possible pressures, not predictions that a particular event will occur.
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- Consumer spending and the economy: Inflation or deflation can affect prices, margins, and demand. Fuel and energy costs, consumer confidence, trade disruptions, and reductions in SNAP benefits may also affect results.
- Thin-margin execution: Pharmacy mix and digital fulfillment costs weighed on fiscal 2025 gross margin. Productivity savings are estimates, not guaranteed outcomes, while customer-price investments and operating costs can pressure profitability.
- Labor: Grocery retail requires substantial staffing. Hiring and retention, wage and benefit costs, labor laws, and union negotiations can affect service and expenses.
- Debt and refinancing: Borrowing creates interest and repayment obligations, and refinancing conditions can affect flexibility. The maturity schedule should be read alongside the company’s cash generation and other commitments.
- Legal exposure: The opioid framework resulted in a large charge and expected multiyear payments. The 10-K also identifies merger-related litigation and other claims, whose outcomes are uncertain.
- Cybersecurity and systems: Albertsons depends on complex information systems. Outages, ransomware, data breaches, payment-system problems, and incidents involving third-party cloud services could disrupt operations or expose data.
- Regulation and operations: Food safety, pharmacy rules, privacy, antitrust, employment, environmental, and other requirements can raise costs or affect how the business operates.
Albertsons’ filing also notes that its business is generally not seasonal, although a larger share of annual revenue may occur in November and December around major holidays. That seasonal pattern is separate from the 53rd week in fiscal 2025.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Albertsons stock a good investment?
The reported figures can frame the question, but they do not determine whether ACI is attractive at a particular share price. A valuation judgment would also require current market price, share count, cash flow, and comparable-company data; the fiscal 2025 results alone do not establish that the stock is cheap, expensive, safe, or suitable for a particular investor.
A practical review should test several linked questions rather than rely on a single growth or earnings number:
- How much of reported revenue growth is comparable-store demand rather than calendar effects, fuel, or footprint changes?
- Can gross margin stabilize as pharmacy and digital sales grow, after delivery and handling costs?
- How do operating cash flow and capital spending compare with interest, debt maturities, lease commitments, and expected opioid-related payments?
- Are adjusted earnings supported by the underlying business, and what exclusions explain the gap from GAAP net income?
- Do current valuation measures and peer comparisons use consistent periods, fuel treatment, lease treatment, and definitions of adjusted earnings?
Albertsons CEO Susan Morris characterized fiscal 2025 as “a year of disciplined execution and resilience” and said the fourth quarter delivered strong adjusted EBITDA despite “meaningful top-line pharmacy-related headwinds.” That is management’s assessment; investors can weigh it against the GAAP results, margin trend, and disclosed risks.
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