Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 28, 2024

Commission File Number: 000-00981

PUBLIX SUPER MARKETS, INC.

(Exact name of Registrant as specified in its charter)


Florida						59-0324412
(State of incorporation)						(I.R.S. Employer Identification No.)
3300 Publix Corporate Parkway, Lakeland, Florida						33811
(Address of principal executive offices)						(Zip Code)

(863) 688-1188

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock $1.00 Par Value

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No X

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes No X

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes X No

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes X No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer Accelerated filer Non-accelerated filer X

Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to Section 10D-1(b).

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No X

The aggregate market value of the common stock held by non-affiliates of the Registrant was approximately $34,682,000,000 as of June 28, 2024, the last business day of the Registrant’s most recently completed second fiscal quarter.

The number of shares of the Registrant’s common stock outstanding as of February 4, 2025 was 3,253,000,000.

Documents Incorporated By Reference

The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Proxy Statement solicited for the 2025 Annual Meeting of Stockholders to be held on April 15, 2025.

TABLE OF CONTENTS



		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	3
Item 1B.	Unresolved Staff Comments	5
Item 1C.	Cybersecurity	6
Item 2.	Properties	6
Item 3.	Legal Proceedings	6
Item 4.	Mine Safety Disclosures	6

	PART II

Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	7
Item 6.	Reserved	10
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 8.	Financial Statements and Supplementary Data	15
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	38
Item 9A.	Controls and Procedures	38
Item 9B.	Other Information	38
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	38

	PART III

Item 10.	Directors, Executive Officers and Corporate Governance	38
Item 11.	Executive Compensation	38
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	38
Item 13.	Certain Relationships and Related Transactions and Director Independence	38
Item 14.	Principal Accounting Fees and Services	38
	Executive Officers of the Company	39

	PART IV

Item 15.	Exhibits and Financial Statement Schedules	41
Item 16.	Form 10-K Summary	41

PART I

Item 1. Business

Publix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Company was founded in 1930 and has no other significant lines of business or industry segments.

Merchandising and manufacturing

The Company sells a variety of merchandise which includes perishable products (including dairy, produce, floral, deli, bakery, meat, seafood and frozen foods) and non-perishable products and services (including grocery, health and beauty care, general merchandise, pharmacy and other goods and services). This merchandise includes nationally advertised and private label brands as well as unbranded products such as produce, meat and seafood. Private label items are produced in the Company’s facilities or manufactured for the Company by suppliers. The Company receives the perishable and non-perishable products it sells from many sources. The Company believes its sources of supply for these products and the raw materials used in manufacturing are adequate to serve the needs of its customers and that it is not dependent upon a single supplier or relatively few suppliers. Merchandise is delivered to the supermarkets through Company distribution centers or directly from suppliers. The cost of merchandise delivered to the supermarkets through the Company’s distribution centers is approximately 68% of the total product costs.

Store operations

The Company operated 1,390 supermarkets at the end of 2024, compared with 1,360 at the beginning of the year. In 2024, 43 supermarkets were opened (including seven replacement supermarkets) and 117 supermarkets were remodeled. Thirteen supermarkets were closed during the period. The replacement supermarkets that opened in 2024 replaced two supermarkets closed in 2024 and five supermarkets closed in a previous period. The remaining eleven supermarkets closed in 2024 will be replaced on site in a subsequent period. Net new supermarkets added 1.5 million square feet in 2024, an increase of 2.3%. At the end of 2024, the Company had 873 supermarkets in Florida, 217 in Georgia, 94 in Alabama, 69 in South Carolina, 59 in Tennessee, 55 in North Carolina, 22 in Virginia and one in Kentucky. Additionally, at the end of 2024, the Company had 21 supermarkets under construction in Florida, seven in Georgia, six in North Carolina, five in Kentucky, four in South Carolina, two in Alabama, two in Tennessee and one in Virginia.

Competition

Seasonality

The historical influx of winter residents to Florida and increased purchases of products during the traditional Thanksgiving, Christmas and Easter holidays typically result in seasonal sales increases from November to April of each year. Additionally, certain weather events, such as hurricanes, may affect the Company’s sales.

Human capital resources

Employee ownership

The Company is the largest employee-owned company in the U.S. with more than 255,000 employees at the end of 2024. The Company is dedicated to the dignity, value and employment security of its employees and recognizes they are its most important asset and primary competitive advantage. The Company considers its employee relations to be good.

Career development

The Company believes in promoting its employees from within and is committed to providing them with many opportunities for advancing their careers. Almost all of the Company’s employees in leadership positions began their Publix careers in entry level positions. Continuous on-the-job training plays an important role in helping employees develop the skills necessary to advance their careers. The Company also offers tuition reimbursement designed to encourage and assist eligible employees in continuing their education. Additionally, the Company invests in the development of its employees through training and leadership development programs to support their career advancement.

Community involvement

An important part of the Company’s culture is a commitment to community involvement. In 2015, the Company launched its Publix Serves community program. Through this program, employees volunteer with local nonprofit organizations focused on hunger alleviation and environmental sustainability. The Company holds two Publix Serves weeks annually. During each of the weeks in 2024, more than 7,000 employees volunteered their time at nearly 150 nonprofit organizations to support projects that helped alleviate hunger and protect and preserve our environment.

In 2009, the Company launched a perishable recovery program (now part of its Good Together food donation program) to provide nourishing meals for those in need and reduce food waste. The Company’s employees support this program’s efforts by gathering perishable products that are wholesome, but no longer salable, and donating them to food banks and other nonprofit organizations. Additionally, the coronavirus pandemic and adverse economic conditions created an increased need for efforts focused on alleviating hunger. In 2020, the Company launched an initiative to purchase produce from local farmers and deliver it to food banks for those in need. In 2021, the Company extended this commitment by implementing its Good Together hunger campaign (formerly known as Feeding More Together). Through this program, customer donations during register campaigns provide non-perishable products and produce for food banks. In addition, the Company contributes $10 million each year to purchase produce and deliver it to food banks. Since beginning its food donation program, the Company has donated more than 1 billion pounds of food, including 118 million pounds of produce, as part of its initiative to help alleviate hunger. The Company and its employees are also involved in many other community activities and programs in the areas it serves.

Intellectual property

The Company’s trademarks, trade names, copyrights and similar intellectual property are important to the success of the Company’s business. Numerous trademarks, including “Publix” and “Where Shopping is a Pleasure,” have been registered with the U.S. Patent and Trademark Office. Due to the importance of its intellectual property to its business, the Company actively defends and enforces its rights to such property.

Government regulation

The Company is subject to federal, state and local laws and regulations relating to, among other things, product labeling and safety, zoning, land use, workplace safety, public health, accessibility and restrictions on the sale of various products, including alcoholic beverages, tobacco and drugs. The Company is also subject to laws and regulations governing its relationship with employees, including minimum wage requirements, overtime, working conditions, disabled access and work permit requirements. Additionally, the Company is subject to environmental laws and regulations that govern activities that may have adverse environmental effects and impose liabilities for the costs of contamination cleanup and damages arising from sites of past spills, disposals or other releases of hazardous materials. Under current environmental laws and regulations, the Company may be held responsible for the remediation of environmental conditions regardless of whether the Company leases, subleases or owns the supermarkets or other facilities and regardless of whether such environmental conditions were created by the Company or a prior owner or tenant. Compliance with these laws and regulations had no material effect on capital expenditures, results of operations or the competitive position of the Company.

Company information

The Company’s Annual Reports on Form 10-K, Proxy Statements, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports may be obtained electronically, free of charge, through the Company’s website at corporate.publix.com/stock.

Item 1A. Risk Factors

In addition to the other information contained in this Annual Report on Form 10-K (Annual Report), the following risk factors should be considered carefully in evaluating the Company’s business. The Company’s financial condition and results of operations could be materially and adversely affected by any of these risks. The Company’s financial condition and results of operations could also be affected by additional factors that are not presently known to the Company or that the Company currently considers not to be material. This list should not be considered a complete list of all risks and uncertainties.

Industry and Economic Risks

Increased competition could adversely affect the Company.

The Company is engaged in the highly competitive retail food industry. The Company’s competitors include traditional supermarkets, such as national and regional supermarket chains and independent supermarkets, as well as nontraditional competitors, such as supercenters, membership warehouse clubs, mass merchandisers, dollar stores, drug stores, specialty food stores, restaurants, convenience stores and online retailers. There has been a trend for traditional supermarkets to lose market share to nontraditional competitors. The Company’s ability to attract and retain customers is based primarily on quality of goods and service, price, convenience, product mix and store location. The Company believes it will face increased competition in the future from existing and potentially new competitors. The impact of pricing, purchasing, advertising or promotional decisions made by its competitors as well as competitor format innovation, location additions and changes in service offerings could adversely affect the Company’s financial condition and results of operations.

Adverse economic and other conditions that impact consumer spending could adversely affect the Company.

The Company’s results of operations are sensitive to changes in general economic conditions that impact consumer spending. Adverse economic conditions, including inflation, high unemployment, home foreclosures and weakness in the housing market, declines in the stock market and the instability of the credit markets, could cause a reduction in consumer spending. Other conditions that could reduce consumer spending include increases in tax, interest and inflation rates; increases in housing costs; increases in fuel and energy costs; increases in health care costs; the impact of natural disasters, public health crises, international conflicts or acts of terrorism; and other factors. Reductions in the level of consumer spending could cause changes in customer demand from discretionary or higher priced products to lower priced products or shift spending to lower priced competitors, which could adversely affect the Company’s financial condition and results of operations.

Events beyond the Company’s control, such as natural disasters, public health crises, political crises or other catastrophic events could adversely affect the Company.

The Company’s operations, or those of its suppliers, could be negatively impacted by various events beyond the Company’s control, including natural disasters, such as hurricanes, tornadoes, floods, fires, earthquakes, extreme cold and heat events and other adverse weather conditions; public health crises, such as pandemics and epidemics; and political crises, such as international conflicts, acts of terrorism and other political instability. These events could disrupt the Company’s operations and supply chain, which could adversely affect the Company’s financial condition and results of operations.

Business and Operational Risks

Increased operating costs could adversely affect the Company.

The Company’s operations tend to be more labor intensive than some of its competitors primarily due to the additional customer service offered in its supermarkets. Consequently, uncertain labor markets, mandated increases in the minimum wage or other benefits, increased wage rates by retailers and other labor market competitors, an increased proportion of full-time employees, increased costs of health care due to health insurance reform or other factors could result in increased labor costs and disproportionately impact the Company in comparison to some of its competitors. The inability to improve or manage operating costs, including labor, distribution, facilities or other non-product related costs, could adversely affect the Company’s financial condition and results of operations.

Risks associated with the Company’s suppliers could adversely affect the Company.

The Company’s operations are dependent on suppliers to obtain products, raw materials and services. Adverse conditions, such as natural disasters or public health crises, the financial stability of suppliers, suppliers’ ability to meet Company standards, labor supply issues experienced by suppliers, the availability or cost of products, raw materials and services, the availability or cost of transporting products and raw materials and other factors relating to suppliers are beyond the Company’s control. Such supply chain risks could impact the Company’s ability to obtain the products, raw materials and services necessary to serve the needs of its customers. Supply chain disruptions could also cause delays in the timing of opening new supermarkets, remodeling existing supermarkets and completing other construction or expansion projects. Significant supply chain disruptions resulting from such supply chain risks could adversely affect the Company’s financial condition and results of operations.

Failure to execute the Company’s core strategies could adversely affect the Company.

The Company’s core strategies focus on customer service, product quality, shopping environment, competitive pricing and customer convenience. The Company has implemented several strategic business and technology initiatives as part of the execution of these core strategies. The Company believes these core strategies and related strategic initiatives differentiate it from its competition and present opportunities for sustained market share and financial growth. Failure to execute these core strategies, or failure to execute the core strategies in a cost effective manner, could adversely affect the Company’s financial condition and results of operations.

Failure to identify and obtain or retain suitable supermarket sites could adversely affect the Company.

The Company’s ability to obtain sites for new supermarkets is dependent on identifying and entering into lease or purchase agreements on commercially reasonable terms for properties that are suitable for its needs. If the Company fails to identify suitable sites and enter into lease or purchase agreements on a timely basis for any reason, including competition from other companies seeking similar sites, the Company’s growth could be adversely affected because it may be unable to open new supermarkets as anticipated. Failure to obtain new sites or retain existing sites for leased supermarkets on commercially reasonable terms could adversely affect the Company’s financial condition and results of operations.

Information Security and Technology Risks

Failure by the Company or its third party service providers to protect the confidential information within the Company’s sites, networks, systems, platforms and assets (information technology systems) against cyber attacks, data breaches, other security incidents or loss could adversely affect the Company.

The Company receives, retains and transmits confidential information about its customers, employees and suppliers and entrusts certain of that information to third party service providers. The Company depends upon the secure transmission of confidential information, including customer payments, over external networks. Like many businesses, despite the Company’s efforts to defend against cybersecurity threats, the Company and its third party service providers will continue to be subject to cybersecurity threats, such as attempts to compromise and penetrate the Company’s information technology systems. Although the Company has continuously invested in its information technology systems and implemented practices to protect its confidential information, there is no assurance that the Company will successfully anticipate, detect, prevent or defend against an intrusion into or compromise of the Company’s information technology systems or those of its third party service providers.

An intrusion into or compromise of the Company’s information technology systems, or those of its third party service providers, that results in customer, employee or supplier information being obtained by unauthorized persons could adversely affect the Company’s reputation with existing and potential customers, employees and others. Additionally, the use of individually identifiable data by the Company and its third party service providers is subject to federal, state and local laws and regulations. Any compromise or breach of the Company’s information technology systems, or those of its third party service providers, could violate applicable privacy, data security and other laws and regulations. Such an intrusion or compromise could require expending significant resources related to remediation, lead to legal proceedings and regulatory actions, result in a disruption of operations and adversely affect the Company’s financial condition and results of operations.

Disruptions in information technology systems could adversely affect the Company.

The Company is dependent on complex information technology systems to operate its business, enhance customer service, improve the efficiency of its supply chain and increase employee efficiency. Certain of these information technology systems are hosted by third party service providers. The Company’s information technology systems, as well as those of its third party service providers, are subject to damage or interruption from power outages, computer and telecommunication failures, computer viruses, cyber attacks or other malicious service disruptions, catastrophic events and user errors. Significant disruptions in the information technology systems of the Company or its third party service providers could impact the Company’s business operations and adversely affect the Company’s financial condition and results of operations.

Self-Insured Claims and Product Liability Risks

Changes in the factors affecting self-insured claims could adversely affect the Company.

Claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability are generally self-insured. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. While the Company estimates its exposure for these claims and establishes reserves for the estimated liabilities, the actual liabilities could be in excess of these reserves. In addition, the frequency or severity of claims, litigation trends, benefit level changes, or catastrophic events involving property, plant and equipment losses could adversely affect the Company’s financial condition and results of operations.

Product liability claims and lawsuits, product recalls and the resulting unfavorable publicity could adversely affect the Company.

The distribution and sale of grocery, drug and other products purchased from suppliers or manufactured by the Company entails an inherent risk of product liability claims and lawsuits, product recalls and the resulting adverse publicity. Such products may contain contaminants and may be inadvertently sold by the Company. These contaminants may, in certain cases, result in illness, injury or death if processing at the consumer level, if applicable, does not eliminate the contaminants. Sale of contaminated products, even if inadvertent, may be a violation of law and may lead to a product recall and/or an increased risk of exposure to product liability claims asserted against the Company. Some of the Company’s agreements with suppliers may not indemnify the Company from product liability and suppliers may not have sufficient resources or insurance to satisfy their obligations. The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could result in costly litigation that could adversely affect the Company’s business. If a product liability claim is successful and the Company does not have contractual indemnification or insurance available, such claims could have an adverse effect on the Company’s financial condition and results of operations. In addition, even if a product liability claim is not successful or is not fully pursued, the adverse publicity surrounding any assertion that the Company’s products caused illness or injury could have an adverse effect on the Company’s reputation with existing and potential customers and on the Company’s financial condition and results of operations.

Legal and Regulatory Risks

Unfavorable changes in, failure to comply with or increased costs of complying with laws and regulations could adversely affect the Company.

Unfavorable changes in, failure to comply with or increased costs of complying with environmental laws and regulations could adversely affect the Company.

The Company is subject to federal, state and local laws and regulations that govern activities that may have adverse environmental effects and impose liabilities for the costs of contamination cleanup and damages arising from sites of past spills, disposals or other releases of hazardous materials. Under current environmental laws and regulations, the Company may be held responsible for the remediation of environmental conditions regardless of whether the Company leases, subleases or owns the supermarkets or other facilities and regardless of whether such environmental conditions were created by the Company or a prior owner or tenant. Environmental conditions relating to prior, existing or future sites may result in substantial remediation costs, business interruption or adverse publicity which could adversely affect the Company’s financial condition and results of operations. In addition, the increased focus on climate change, waste management and other environmental issues may result in new environmental laws or regulations that could result in increased compliance costs to the Company, directly or indirectly through its suppliers, which could adversely affect the Company’s financial condition and results of operations.

Unfavorable results of legal proceedings could adversely affect the Company.

The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business, including employment, personal injury, commercial and other matters. Some lawsuits also contain class action allegations. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could result in costly litigation that could adversely affect the Company’s business. The Company estimates its exposure to these legal proceedings and establishes reserves for the estimated liabilities. Assessing and predicting the outcome of these matters involves substantial uncertainties. Differences in actual outcomes, or changes in the Company’s assessment and predictions of the outcomes, could adversely affect the Company’s financial condition and results of operations.

Item 1B. Unresolved Staff Comments

Not applicable

Item 1C. Cybersecurity

The Company’s information technology systems, as well as those of its third party service providers, are subject to cybersecurity threats. Significant cybersecurity threats, including intrusions into, compromises of or disruptions in the information technology systems of the Company or its third party service providers, could adversely affect the Company’s financial condition and results of operations. The Company maintains and updates its information technology systems to mitigate the risk of cybersecurity threats.

The Board of Directors and Audit Committee have oversight responsibility for the Company’s cybersecurity risks. While the Company’s employees play a key role in cybersecurity, the Company’s Chief Information Officer, General Counsel and other members of management have shared responsibility for assessing and managing the Company’s cybersecurity risks. The Company’s management has sufficient knowledge, experience and expertise for assessing and managing the Company’s cybersecurity risks. The Board of Directors and Audit Committee receive updates from management regarding cybersecurity risks, cybersecurity threats that could impact the Company and cybersecurity initiatives to enhance the Company’s cybersecurity practices. The Audit Committee also receives updates on the results of assessments and audits of the Company’s information technology systems and controls.

The Company has information technology security practices to protect its information technology systems and data and to monitor for potential cybersecurity threats. These practices are integrated into the Company’s risk management framework and include:

•cybersecurity controls embedded in the Company’s information technology systems;

•implementation of changes to address potential threats and vulnerabilities of the Company’s information technology systems;

•incident response program, including proactive simulations, to identify and manage cybersecurity threats, risks or incidents;

•participation in industry forums and collaboration with peers; and

•security awareness and data protection training for applicable employees.

Additionally, the Company assesses and manages cybersecurity threats associated with the information technology systems of its third party service providers that could compromise the Company’s information security or data. Identified cybersecurity threats are communicated to management for review, response and mitigation as appropriate.

The Company assesses cybersecurity risks and changes in the cyber environment and adjusts its practices as deemed appropriate. To date, risks from cybersecurity threats have not materially affected, or are not reasonably likely to materially affect, the Company’s business strategy, financial condition or results of operations. Refer to Item 1A. Risk Factors in this Annual Report for additional information on risks related to the Company’s business, including cybersecurity risks.

Item 2. Properties

At year end, the Company operated 65.6 million square feet of supermarket space. The Company’s supermarkets vary in size. Current supermarket prototypes range from 32,000 to 62,000 square feet. Supermarkets are often located in shopping centers where the Company is the anchor tenant. The majority of the Company’s supermarkets are leased. Initial lease terms are typically 20 years followed by five year renewal options. Both the building and land are owned at 445 locations. The building is owned while the land is leased at 77 other locations.

The Company supplies its supermarkets from 10 primary distribution centers in Lakeland, Miami, Jacksonville, Sarasota, Orlando, Deerfield Beach and Boynton Beach, Florida, Lawrenceville, Georgia, McCalla, Alabama and Greensboro, North Carolina. The Company operates six manufacturing facilities, including three dairy plants in Lakeland and Deerfield Beach, Florida and Lawrenceville, Georgia, two bakery plants in Lakeland, Florida and Atlanta, Georgia and a deli plant in Lakeland, Florida. The Company also operates three prepared foods facilities in Lakeland and Deerfield Beach, Florida and Lawrenceville, Georgia.

The Company’s corporate offices, primary distribution centers and manufacturing facilities are owned with no outstanding debt. The Company’s properties are well maintained, in good operating condition and suitable for operating its business.

Item 3. Legal Proceedings

The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Item 4. Mine Safety Disclosures

Not applicable

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

(a)Market Information

The Company’s common stock is not traded on an established securities market. Substantially all transactions of the Company’s common stock have been among the Company, its employees, former employees, their families and the retirement plans established for the Company’s employees. Common stock is made available for sale by the Company only to its current employees and members of its Board of Directors through the Employee Stock Purchase Plan (ESPP) and Non-Employee Directors Stock Purchase Plan (Directors Plan) and to participants of the 401(k) Plan. In addition, common stock is provided to employees through the Employee Stock Ownership Plan (ESOP). The Company currently repurchases common stock subject to certain terms and conditions. The ESPP, Directors Plan, 401(k) Plan and ESOP each contain provisions prohibiting any transfer for value without the owner first offering the common stock to the Company. The Company serves as the registrar and stock transfer agent for its common stock.

Because there is no trading of the Company’s common stock on an established securities market, the market price of the Company’s common stock is determined by its Board of Directors. As part of the process to determine the market price, an independent valuation is obtained. The process includes comparing the Company’s financial results to those of comparable companies that are publicly traded (comparable publicly traded companies). The purpose of the process is to determine a value for the Company’s common stock that is comparable to the stock value of comparable publicly traded companies by considering both the results of the stock market and the relative financial results of comparable publicly traded companies.

Following are the market prices for the Company’s common stock for 2024 and 2023:


	2024		2023
January - February	$	15.10	13.19
March - April	15.20		14.55
May - July	16.25		14.97
August - October	16.46		14.75
November - December	18.05		15.10

(b)Approximate Number of Equity Security Holders

As of February 4, 2025, the approximate number of holders of record of the Company’s common stock was 247,000.

(c)Dividends

Following are the quarterly dividends per share paid by the Company on its common stock in 2024 and 2023:


Quarter	2024		2023
First	$	0.1000	0.09
Second	0.1075		0.10
Third	0.1075		0.10
Fourth	0.1075		0.10
	$	0.4225	0.39

Payment of dividends is within the discretion of the Board of Directors and depends on, among other factors, net earnings, capital requirements and the financial condition of the Company. However, the Company intends to continue to pay comparable dividends to stockholders in the future.

(d)Purchases of Equity Securities by the Issuer

Issuer Purchases of Equity Securities

Following are the shares of common stock repurchased by the Company during the three months ended December 28, 2024 (amounts are in millions, except per share amounts):

Period

Total

Number of

Purchased

Average

Price Paid

per Share

Total

Number of

Purchased as

Part of Publicly

Announced

Plans or

Programs (1)

Approximate

Dollar Value

of Shares

That May Yet Be

Purchased Under

the Plans or

Programs (1)

September 29 - November 2, 2024

16.53

N/A

November 3 - November 30, 2024

18.05

N/A

December 1 - December 28, 2024

18.05

N/A

Total

17.89

N/A

____________________________

(1)Common stock is made available for sale by the Company only to its current employees and members of its Board of Directors through the ESPP and Directors Plan and to participants of the 401(k) Plan. In addition, common stock is provided to employees through the ESOP. The Company currently repurchases common stock subject to certain terms and conditions. The ESPP, Directors Plan, 401(k) Plan and ESOP each contain provisions prohibiting any transfer for value without the owner first offering the common stock to the Company.

The Company’s common stock is not traded on an established securities market. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company does not believe that these repurchases of its common stock are within the scope of a publicly announced plan or program (although the terms of the plans discussed above have been communicated to the participants). Thus, the Company does not believe that it has made any repurchases during the three months ended December 28, 2024 required to be disclosed in the last two columns of the table.

(e)Performance Graph

The following performance graph sets forth the Company’s cumulative total stockholder return during the five years ended December 28, 2024, compared to the cumulative total return on the S&P 500 Index and a custom Peer Group Index including retail food supermarket companies.(1) The Peer Group Index is weighted based on the various companies’ market capitalization. The comparison assumes $100 was invested at the end of 2019 in the Company’s common stock and in each of the related indices and assumes reinvestment of dividends.

The Company’s common stock is valued as of the end of each fiscal quarter. After the end of a quarter, however, shares continue to be traded at the prior valuation until the new valuation is received. The cumulative total return for the companies represented in the S&P 500 Index and the custom Peer Group Index is based on those companies’ trading price as of the Company’s fiscal year end. The following performance graph is based on the Company’s trading price at fiscal year end based on its market price as of the prior fiscal quarter. For comparative purposes, a performance graph based on the Company’s fiscal year end valuation (market price as of March 1, 2025) is provided in the 2025 Proxy Statement. Past stock performance shown below is no guarantee of future performance.

Comparison of Five Year Cumulative Return Based Upon Fiscal Year End Trading Price


	2019	2020	2021	2022	2023	2024
Publix	$100.00	126.01	147.70	150.36	176.77	216.73
S&P 500	100.00	116.40	150.67	124.46	157.17	199.46
Peer Group (1)	100.00	109.69	156.11	154.00	159.72	199.28

____________________________

(1)Companies included in the Peer Group are Ahold Delhaize, Albertsons, Kroger and Weis Markets. Albertsons is included in the Peer Group for 2021 ‑ 2024 due to its initial public offering in 2020.

Item 6. Reserved

Item 7. 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 2024 and 2023 as compared with the previous years. This information should be read in conjunction with the Company’s consolidated financial statements and accompanying notes.

Overview

The Company is engaged in the retail food industry, operating supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Company has no other significant lines of business or industry segments. As of December 28, 2024, the Company operated 1,390 supermarkets including 873 in Florida, 217 in Georgia, 94 in Alabama, 69 in South Carolina, 59 in Tennessee, 55 in North Carolina, 22 in Virginia and one in Kentucky. In 2024, 43 supermarkets were opened (including seven replacement supermarkets) and 117 supermarkets were remodeled. During 2024, the Company opened 24 supermarkets in Florida, eight in Georgia, five in Alabama, two in Tennessee, two in Virginia, one in Kentucky and one in North Carolina. Thirteen supermarkets were closed during the period. The replacement supermarkets that opened in 2024 replaced two supermarkets closed in 2024 and five supermarkets closed in a previous period. The remaining eleven supermarkets closed in 2024 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.

The Company sells a variety of merchandise to generate revenues. This merchandise includes perishable products (including dairy, produce, floral, deli, bakery, meat, seafood and frozen foods) and non-perishable products and services (including grocery, health and beauty care, general merchandise, pharmacy and other goods and services). Merchandise includes nationally advertised and private label brands as well as unbranded products such as produce, meat and seafood. The Company’s private label brands play an important role in its merchandising strategy.

Profit is generated by selling merchandise at price levels that produce sales in excess of the cost of merchandise sold and operating and administrative expenses. The Company has generally been able to increase revenues and operating profit from year to year. Further, the Company has been able to meet its cash requirements from internally generated funds without the need for debt financing. The Company’s year end cash and investment balances are impacted by its operating results as well as by capital expenditures, investment transactions, common stock repurchases and dividend payments.

Operating Environment

The Company is engaged in the highly competitive retail food industry. The Company’s competitors include traditional supermarkets, such as national and regional supermarket chains and independent supermarkets, as well as nontraditional competitors, such as supercenters, membership warehouse clubs, mass merchandisers, dollar stores, drug stores, specialty food stores, restaurants, convenience stores and online retailers. There has been a trend for traditional supermarkets to lose market share to nontraditional competitors. The Company’s ability to attract and retain customers is based primarily on quality of goods and service, price, convenience, product mix and store location. In addition, the Company competes with other companies for new retail sites. To meet the challenges of this highly competitive environment, the Company continues to focus on its core strategies, including customer service, product quality, shopping environment, competitive pricing and customer convenience. The Company has implemented several strategic business and technology initiatives as part of the execution of these core strategies. The Company believes these core strategies and related strategic initiatives differentiate it from its competition and present opportunities for sustained market share and financial growth.

Results of Operations

The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2024 and 2023 include 52 weeks and fiscal year 2022 includes 53 weeks.

Sales

Sales for 2024 were $59.7 billion as compared with $57.1 billion in 2023, an increase of $2.6 billion or 4.6%. The increase in sales for 2024 as compared with 2023 was primarily due to new supermarket sales and a 2.9% increase in comparable store sales (supermarkets open for the same weeks in both periods, including replacement supermarkets). Comparable store sales for 2024 increased primarily due to the impact of inflation on product costs. Sales for supermarkets that are replaced on site are classified as new supermarket sales since the replacement period for the supermarket is generally 12 to 15 months.

Sales for 2023 were $57.1 billion as compared with $54.5 billion in 2022, an increase of $2.6 billion or 4.7%. Excluding the effect of the additional week in 2022, sales for 2023 as compared with 2022 would have increased 6.7%. After excluding the effect of the additional week in 2022, the increase in sales for 2023 as compared with 2022 was primarily due to new supermarket sales and a 4.2% increase in comparable store sales. Comparable store sales for 2023 increased primarily due to the impact of inflation on product costs.

Gross profit

Gross profit (sales less cost of merchandise sold) as a percentage of sales was 25.6%, 26.3% and 26.8% in 2024, 2023 and 2022, respectively. Excluding the last-in, first-out (LIFO) reserve effect of $20 million, $88 million and $147 million in 2024, 2023 and 2022, respectively, gross profit as a percentage of sales would have been 25.7%, 26.4% and 27.0% in 2024, 2023 and 2022, respectively. After excluding the LIFO reserve effect, the decrease in gross profit as a percentage of sales for 2024 as compared with 2023 was primarily due to a Medicare reimbursement process change related to pharmacy fees effective January 1, 2024. The Medicare reimbursement process change reduces both gross profit and operating and administrative expenses. After excluding the LIFO reserve effect, the decrease in gross profit as a percentage of sales for 2023 as compared with 2022 was primarily due to the impact of inflation on product costs which was not passed on to customers, increased shrink and the relative sales growth of pharmacy products, partially offset by the decrease in distribution costs.

Operating and administrative expenses

Operating and administrative expenses as a percentage of sales were 18.9%, 19.2% and 18.8% in 2024, 2023 and 2022, respectively. The decrease in operating and administrative expenses as a percentage of sales for 2024 as compared with 2023 was primarily due to a Medicare reimbursement process change related to pharmacy fees effective January 1, 2024, partially offset by the increase in payroll costs as a percentage of sales. The Medicare reimbursement process change reduces both gross profit and operating and administrative expenses. The increase in operating and administrative expenses as a percentage of sales for 2023 as compared with 2022 was primarily due to increases in facility costs as a percentage of sales and payroll costs as a percentage of sales.

Operating profit

Operating profit as a percentage of sales was 7.5%, 7.8% and 8.7% in 2024, 2023 and 2022, respectively. The decrease in operating profit as a percentage of sales for 2024 as compared with 2023 was primarily due to the increase in payroll costs as a percentage of sales. The decrease in operating profit as a percentage of sales for 2023 as compared with 2022 was primarily due to the decrease in gross profit as a percentage of sales and the increase in operating and administrative expenses as a percentage of sales.

Investment income (loss)

Investment income for 2024 and 2023 was $1.2 billion and $863 million, respectively, as compared with an investment loss for 2022 of $1.3 billion. Excluding the impact of net unrealized gains and losses on equity securities, investment income would have been $435 million, $513 million and $254 million for 2024, 2023 and 2022, respectively. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, the decrease in investment income for 2024 as compared with 2023 was due to the decrease in net realized gains on investments, partially offset by the increase in interest and dividend income. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, the increase in investment income for 2023 as compared with 2022 was primarily due to net realized gains on investments in 2023 as compared with net realized losses on investments in 2022 and the increase in interest and dividend income.

Income tax expense

The effective income tax rate was 20.2%, 20.1% and 18.6% in 2024, 2023 and 2022, respectively. The effective income tax rate for 2024 as compared with 2023 remained relatively unchanged. The increase in the effective income tax rate for 2023 as compared with 2022 was primarily due to the decreased impact of permanent deductions and credits relative to earnings before income tax expense, partially offset by the increase in investment related tax credits.

Net earnings

Net earnings were $4.6 billion or $1.41 per share, $4.3 billion or $1.31 per share and $2.9 billion or $0.86 per share in 2024, 2023 and 2022, respectively. Net earnings as a percentage of sales were 7.8%, 7.6% and 5.4% in 2024, 2023 and 2022, respectively. Excluding the impact of net unrealized gains and losses on equity securities, net earnings would have been $4.0 billion or $1.23 per share and 6.8% as a percentage of sales for 2024, $4.1 billion or $1.23 per share and 7.2% as a percentage of sales for 2023 and $4.0 billion or $1.20 per share and 7.4% as a percentage of sales for 2022. Excluding the impact of net unrealized gains on equity securities in 2024 and 2023, the decrease in net earnings as a percentage of sales for 2024 as compared with 2023 was primarily due to the decrease in operating profit as a percentage of sales and the decrease in net realized gains on investments, partially offset by the increase in interest and dividend income. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, the decrease in net earnings as a percentage of sales for 2023 as compared with 2022 was primarily due to the decrease in operating profit as a percentage of sales, partially offset by net realized gains on investments in 2023 as compared with net realized losses on investments in 2022 and the increase in interest and dividend income.

Non-GAAP Financial Measures

In addition to reporting financial results for 2024, 2023 and 2022 in accordance with U.S. generally accepted accounting principles (GAAP), the Company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations. Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions, except per share amounts)
Net earnings		$	4,635		4,349		2,918
Fair value adjustment, due to net unrealized (gain) loss, on equity securities held at end of year		(788)			(398)		1,516
Net gain on sale of equity securities previously recognized through fair value adjustment		—			48		—
Income tax expense (benefit) (1)		200			90		(385)
Net earnings excluding impact of fair value adjustment		$	4,047		4,089		4,049
Weighted average shares outstanding		3,284			3,320		3,379
Earnings per share excluding impact of fair value adjustment		$	1.23		1.23		1.20

(1)Income tax expense (benefit) is based on the Company’s combined federal and state statutory income tax rates.

Liquidity and Capital Resources

Cash and cash equivalents, short-term investments and long-term investments totaled $15.9 billion as of December 28, 2024, as compared with $14.6 billion as of December 30, 2023. The increase was primarily due to the increase in the fair value of investments.

Net cash provided by operating activities

Net cash provided by operating activities was $5.6 billion in 2024 and 2023 and $5.5 billion in 2022. Net cash provided by operating activities for 2024 as compared with 2023 remained relatively unchanged primarily due to the increase in income taxes paid, offset by the payment in 2023 of payroll taxes that were deferred under a coronavirus tax relief provision in 2020 and the timing of payments for accrued expenses. Income taxes paid in 2024 includes payments for 2023 that were deferred due to Hurricane Idalia. The increase in net cash provided by operating activities for 2023 as compared with 2022 was primarily due to the timing of purchases of inventories and collections for receivables and the increase in dividends and interest received, partially offset by the increase in income taxes paid. Income taxes paid in 2023 includes payments for 2022 that were deferred due to Hurricane Ian but excludes payments for 2023 that were deferred to 2024 due to Hurricane Idalia.

Net cash used in investing activities

Net cash used in investing activities was $3.0 billion, $3.8 billion and $2.3 billion in 2024, 2023 and 2022, respectively. The primary use of net cash in investing activities for 2024 was funding capital expenditures and net increases in investments. Capital expenditures for 2024 totaled $2.6 billion. These expenditures were incurred in connection with the opening of 43 supermarkets (including seven replacement supermarkets) and the remodeling of 117 supermarkets. Expenditures were also incurred for new supermarkets and remodels in progress, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. In 2024, the payment for investments, net of the proceeds from the sale and maturity of investments, was $430 million. The primary use of net cash in investing activities for 2023 was funding capital expenditures and net increases in investments. Capital expenditures for 2023 totaled $2.0 billion. These expenditures were incurred in connection with the opening of 45 supermarkets (including 13 replacement supermarkets) and the remodeling of 120 supermarkets. Expenditures were also incurred for new supermarkets and remodels in progress, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. In 2023, the payment for investments, net of the proceeds from the sale and maturity of investments, was $1.9 billion.

Net cash used in financing activities

Net cash used in financing activities was $2.6 billion, $2.2 billion and $3.0 billion in 2024, 2023 and 2022, respectively. The primary use of net cash in financing activities was funding net common stock repurchases and dividend payments. Net common stock repurchases totaled $1.1 billion, $887 million and $1.8 billion in 2024, 2023 and 2022, respectively. The Company currently repurchases common stock at the stockholders’ request in accordance with the terms of the ESPP, Directors Plan, 401(k) Plan and ESOP. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company expects to continue to repurchase its common stock, as offered by its stockholders from time to time, at its then current value. However, with the exception of certain shares distributed from the ESOP, such purchases are not required and the Company retains the right to discontinue them at any time.

Dividends

The Company paid quarterly dividends on its common stock totaling $1.4 billion or $0.4225 per share, $1.3 billion or $0.39 per share and $1.2 billion or $0.344 per share in 2024, 2023 and 2022, respectively.

Capital expenditures projection

Capital expenditures for 2025 are expected to be approximately $2.5 billion, primarily related to new supermarkets, remodeling existing supermarkets, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. The shopping center acquisitions are expected to be financed with internally generated funds and assumed debt, if prepayment penalties for the debt are determined to be significant. This capital program is subject to continuing change and review.

Contractual obligations

The Company’s contractual obligations arising in the normal course of business primarily include operating and finance leases, lease related commitments, purchase obligations, self-insurance reserves and long-term debt. Lease related commitments include real estate taxes, insurance and maintenance related to operating and finance leases and commitments for lease agreements that have not yet commenced. Lease related commitments are typically due over the applicable lease term. Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. Purchase obligations are typically due in one year or less.

Cash requirements

In 2025, cash requirements for operations, capital expenditures, common stock repurchases and dividend payments are expected to be financed by internally generated funds or liquid assets. Based on the Company’s financial position, it is expected that short-term and long-term borrowings would be available to support the Company’s liquidity requirements, if needed.

Critical Accounting Estimates

The Company’s discussion and analysis of its financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant accounting policies are described in Note 1 in the Notes to Consolidated Financial Statements. The Company believes the following involves significant estimates and judgments in the preparation of its consolidated financial statements.

Self-insurance reserves

Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. The Company believes that the use of actuarial studies to determine self-insurance reserves represents a consistent method of measuring these subjective estimates. Actuarial projections of losses for general liability and workers’ compensation claims are discounted and subject to variability. The causes of variability include, but are not limited to, such factors as future interest and inflation rates, future economic conditions, claims experience, litigation trends and benefit level changes. Historically, there have not been significant changes in the factors and assumptions used in the valuation of the self-insurance reserves. However, significant changes in such factors and assumptions could materially impact the valuation of the self-insurance reserves.

Forward-Looking Statements

Certain information provided by the Company in this Annual Report may be forward-looking information as defined in Section 21E of the Securities Exchange Act of 1934 (Exchange Act). Forward-looking information includes statements about the future performance of the Company and is based on management’s assumptions and beliefs in light of the information currently available to them. When used, the words “plan,” “estimate,” “project,” “intend,” “expect,” “believe,” “will” and other similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those statements including, but not limited to, competitive practices and pricing in the food and drug industries generally and particularly in the Company’s principal markets; results of programs to increase sales, including private label sales; results of programs to control or reduce costs; changes in buying, pricing and promotional practices; changes in shrink management; supply chain disruptions; changes in the general economy, including an economic downturn associated with inflation, increased interest rates, international conflicts, acts of terrorism or other disruptions; changes in consumer spending; changes in population, employment and job growth in the Company’s principal markets; impacts of a public health crisis, geopolitical conditions or other significant catastrophic events; impacts of cybersecurity threats, including an intrusion into, compromise of or disruption in the Company’s information technology systems; and other factors affecting the Company’s business within or beyond the Company’s control. These factors include changes in interest or inflation rates; changes in federal, state and local laws and regulations; adverse determinations with respect to litigation or other claims; ability to recruit and retain employees; ability to construct new supermarkets or complete remodels as rapidly as planned; increases in product costs; and increases in operating costs including, but not limited to, labor, fuel and energy costs, debit and credit card fees and pharmacy fees. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. Except as may be required by applicable law, the Company assumes no obligation to publicly update these forward-looking statements.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company does not utilize financial instruments for trading or other speculative purposes, nor does it utilize leveraged financial instruments.

Cash equivalents and short-term investments are subject to interest rate risk and credit risk. Most of the cash equivalents and short-term investments are held in money market investments and debt securities that mature in less than one year. Due to the quality of the short-term investments held, the Company does not expect the valuation of these investments to be significantly impacted by future market conditions.

Debt securities are subject to interest rate risk and credit risk. Debt securities held by the Company at year end primarily consisted of corporate and government-sponsored agency bonds with high credit ratings; therefore, the Company believes the credit risk is low. The Company believes a 50 basis point increase in interest rates would result in an immaterial unrealized loss on its debt securities. Since the Company does not intend to sell its debt securities or will likely not be required to sell its debt securities prior to any anticipated recovery, such a hypothetical temporary unrealized loss would impact comprehensive earnings, but not earnings or cash flows.

Equity securities are subject to equity price risk that results from fluctuations in quoted market prices as of the balance sheet date. Market price fluctuations may result from perceived changes in the underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions. Due to equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings, fluctuations in quoted market prices for equity securities will impact earnings. A decrease of 10% in the value of the Company’s equity securities would result in an unrealized loss of approximately $350 million recognized in earnings, but would not impact cash flows.

Item 8. Financial Statements and Supplementary Data


Index to Consolidated Financial Statements
	Page
Report of Independent Registered Public Accounting Firm		16

KPMG LLP (PCAOB ID: 185)

Consolidated Financial Statements:

Consolidated Balance Sheets – December 28, 2024 and December 30, 2023		18

Consolidated Statements of Earnings – Years ended December 28, 2024, December 30, 2023 and December 31, 2022		20

Consolidated Statements of Comprehensive Earnings – Years ended December 28 , 202 4 , December 30, 2023 and December 31, 2022		21

Consolidated Statements of Cash Flows – Years ended December 28, 2024, December 30, 2023 and December 31, 2022		22

Consolidated Statements of Stockholders’ Equity – Years ended December 28 , 202 4 , December 30, 2023 and December 31, 2022		24

Notes to Consolidated Financial Statements		25

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

Publix Super Markets, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Publix Super Markets, Inc. and subsidiaries (the Company) as of December 28, 2024 and December 30, 2023, the related consolidated statements of earnings, comprehensive earnings, cash flows and stockholders’ equity for each of the years in the three-year period ended December 28, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 28, 2024, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of self-insurance reserves

As discussed in Note 1(k) to the consolidated financial statements, the Company estimates its self-insurance reserves for workers’ compensation and general liability exposures by considering historical claims experience and actuarial analyses using actuarial assumptions and generally accepted actuarial methods. The self-insurance reserves balance as of December 28, 2024 of $551 million includes the self-insurance reserves related to workers’ compensation and general liability. The Company engages actuaries to estimate its workers’ compensation and general liability self-insurance reserves at least annually.

We identified the evaluation of the Company’s workers’ compensation and general liability self-insurance reserves as a critical audit matter because of the specialized skills necessary to evaluate the Company’s loss development factor assumptions and the selection of the actuarial projections derived from various actuarial methods.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design of certain internal controls related to the workers’ compensation and general liability self-insurance reserves. This included controls related to the loss development factor assumptions used to estimate the actuarial projections and the selection of the actuarial projections derived from various actuarial methods. We involved actuarial professionals with specialized skills and knowledge who assisted in:

•Assessing the actuarial methods used by the Company for consistency with generally accepted actuarial standards;

•Evaluating the Company’s ability to estimate self-insurance reserves by comparing its historical estimates with actual incurred losses; and

•Evaluating the loss development factor assumptions and the actuarial projections by developing an independent expectation of the workers’ compensation and general liability self-insurance reserves and comparing them to the amounts recorded by the Company.

/s/ KPMG LLP

We have served as the Company’s auditor since 1961.

Tampa, Florida

March 3, 2025

PUBLIX SUPER MARKETS, INC.

Consolidated Balance Sheets

December 28, 2024 and

December 30, 2023


	2024		2023
ASSETS	(Amounts are in millions)
Current assets:
Cash and cash equivalents	$	856	865
Short-term investments	2,800		1,899
Trade receivables	1,228		1,174
Inventories	2,613		2,462
Prepaid expenses	191		82
Total current assets	7,688		6,482
Long-term investments	12,258		11,867
Other noncurrent assets	856		730
Operating lease right-of-use assets	3,030		3,121
Property, plant and equipment:
Land	2,811		2,491
Buildings and improvements	8,619		7,660
Furniture, fixtures and equipment	7,625		7,114
Leasehold improvements	2,088		1,999
Finance lease right-of-use assets	1,055		752
Construction in progress	430		377
	22,628		20,393
Accumulated depreciation	(8,859)		(8,209)
Net property, plant and equipment	13,769		12,184
	$	37,601	34,384

See accompanying notes to consolidated financial statements.



	2024		2023
LIABILITIES AND EQUITY	(Amounts are in millions, except par value)
Current liabilities:
Accounts payable	$	2,949	2,931
Accrued expenses:
Contributions to retirement plans	757		730
Self-insurance reserves	282		263
Salaries and wages	310		226
Other	765		554
Current portion of operating lease liabilities	354		361
Income taxes	—		217
Total current liabilities	5,417		5,282
Deferred income taxes	1,078		764
Self-insurance reserves	269		263
Operating lease liabilities	2,511		2,624
Finance lease liabilities	668		536
Other noncurrent liabilities	230		244
Total liabilities	10,173		9,713
Common stock related to Employee Stock Ownership Plan (ESOP)	4,530		4,220
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued and outstanding 3,258 shares in 2024 and 3,294 shares in 2023	3,258		3,294
Additional paid-in capital	2,323		2,005
Retained earnings	22,087		19,741
Accumulated other comprehensive losses	(275)		(404)
Common stock related to ESOP	(4,530)		(4,220)
Total stockholders’ equity	22,863		20,416
Noncontrolling interests	35		35
Total equity	27,428		24,671
Commitments and contingencies	—		—
	$	37,601	34,384

PUBLIX SUPER MARKETS, INC.

Consolidated Statements of Earnings

Years ended December 28, 2024, December 30, 2023

and December 31, 2022


	2024		2023	2022
	(Amounts are in millions, except per share amounts)
Revenues:
Sales	$	59,736	57,096	54,534
Other operating income	441		438	408
Total revenues	60,177		57,534	54,942
Costs and expenses:
Cost of merchandise sold	44,428		42,089	39,938
Operating and administrative expenses	11,281		10,972	10,245
Total costs and expenses	55,709		53,061	50,183
Operating profit	4,468		4,473	4,759


Investment income (loss)	1,223		863	(1,262)
Other nonoperating income, net	118		106	89
Earnings before income tax expense	5,809		5,442	3,586
Income tax expense	1,174		1,093	668
Net earnings	$	4,635	4,349	2,918
Weighted average shares outstanding	3,284		3,320	3,379
Earnings per share	$	1.41	1.31	0.86

See accompanying notes to consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

Consolidated Statements of Comprehensive Earnings

Years ended December 28, 2024, December 30, 2023

and December 31, 2022


	2024		2023	2022
	(Amounts are in millions)
Net earnings	$	4,635	4,349	2,918
Other comprehensive earnings (losses):
Unrealized gain (loss) on debt securities net of income taxes of $43, $70 and $(214) in 2024, 2023 and 2022, respectively.	127		206	(626)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes of $(0.4) and $1 in 2024 and 2022, respectively.	(2)		—	1
Adjustment to postretirement benefit obligation net of income taxes of $1, $(0.4) and $7 in 2024, 2023 and 2022, respectively.	4		(1)	21
Comprehensive earnings	$	4,764	4,554	2,314

See accompanying notes to consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

Consolidated Statements of Cash Flows

Years ended December 28, 2024, December 30, 2023

and December 31, 2022


	2024		2023	2022
	(Amounts are in millions)
Cash flows from operating activities:
Cash received from customers	$	60,030	57,339	54,598
Cash paid to employees and suppliers	(53,726)		(51,350)	(48,767)
Income taxes paid	(950)		(653)	(520)
Self-insured claims paid	(640)		(544)	(507)
Dividends and interest received	452		401	330
Other operating cash receipts	438		435	406
Other operating cash payments	(36)		(28)	(36)
Net cash provided by operating activities	5,568		5,600	5,504
Cash flows from investing activities:
Payment for capital expenditures	(2,612)		(1,993)	(1,768)
Proceeds from sale of property, plant and equipment	22		13	22
Payment for investments	(3,321)		(3,031)	(2,061)
Proceeds from sale and maturity of investments	2,891		1,164	1,512
Net cash used in investing activities	(3,020)		(3,847)	(2,295)
Cash flows from financing activities:
Payment for acquisition of common stock	(1,393)		(1,165)	(2,137)
Proceeds from sale of common stock	283		278	382
Dividends paid	(1,388)		(1,296)	(1,166)
Repayment of finance leases and long-term debt	(59)		(39)	(77)
Other, net	—		(2)	(7)
Net cash used in financing activities	(2,557)		(2,224)	(3,005)
Net (decrease) increase in cash and cash equivalents	(9)		(471)	204
Cash and cash equivalents at beginning of year	865		1,336	1,132
Cash and cash equivalents at end of year	$	856	865	1,336

See accompanying notes to consolidated financial statements.



	2024		2023	2022
	(Amounts are in millions)
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	$	4,635	4,349	2,918
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,008		914	838
Increase in last-in, first-out (LIFO) reserve	20		88	147
Retirement contributions paid or payable in common stock	517		492	451
Deferred income taxes	270		119	(250)
Loss on disposal and impairment of long-lived assets	21		3	10
(Gain) loss on investments	(790)		(484)	1,518
Net amortization of investments	22		46	80
Change in operating assets and liabilities providing (requiring) cash:
Trade receivables	(54)		(68)	(202)
Inventories	(171)		(209)	(434)
Other assets	127		318	89
Accounts payable and accrued expenses	138		58	30
Income taxes	(180)		(9)	292
Other liabilities	5		(17)	17
Total adjustments	933		1,251	2,586
Net cash provided by operating activities	$	5,568	5,600	5,504

PUBLIX SUPER MARKETS, INC.

Consolidated Statements of Stockholders’ Equity

Years ended December 28, 2024, December 30, 2023

and December 31, 2022


	Common Stock			Additional Paid-in Capital		Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders		Accumu- lated Other Compre- hensive Earnings (Losses)		Common Stock Related to ESOP		Total Stock- holders’ Equity
		(Amounts are in millions, except per share amounts)
Balances at December 25, 2021		$	3,418		1,426		17,156		—		(5)		(3,825)		18,170
Comprehensive earnings		—			—		2,918		—		(604)		—		2,314
Dividends, $0.344 per share		—			—		(1,166)		—		—		—		(1,166)
Contribution of 31 shares to retirement plan		20			254		—		153		—		—		427
Acquisition of 152 shares from stockholders		—			—		—		(2,137)		—		—		(2,137)
Sale of 27 shares to stockholders		—			7		—		375		—		—		382
Retirement of 114 shares		(114)			—		(1,495)		1,609		—		—		—
Change for ESOP related shares		—			—		—		—		—		(204)		(204)

Balances at December 31, 2022		3,324			1,687		17,413		—		(609)		(4,029)		17,786
Comprehensive earnings		—			—		4,349		—		205		—		4,554
Dividends, $0.39 per share		—			—		(1,296)		—		—		—		(1,296)
Contribution of 31 shares to retirement plan		22			309		—		119		—		—		450
Acquisition of 79 shares from stockholders		—			—		—		(1,165)		—		—		(1,165)
Sale of 18 shares to stockholders		—			9		—		269		—		—		278
Retirement of 52 shares		(52)			—		(725)		777		—		—		—
Change for ESOP related shares		—			—		—		—		—		(191)		(191)

Balances at December 30, 2023		3,294			2,005		19,741		—		(404)		(4,220)		20,416
Comprehensive earnings		—			—		4,635		—		129		—		4,764
Dividends, $0.4225 per share		—			—		(1,388)		—		—		—		(1,388)
Contribution of 32 shares to retirement plan		22			312		—		157		—		—		491
Acquisition of 85 shares from stockholders		—			—		—		(1,393)		—		—		(1,393)
Sale of 17 shares to stockholders		—			6		—		277		—		—		283
Retirement of 58 shares		(58)			—		(901)		959		—		—		—
Change for ESOP related shares		—			—		—		—		—		(310)		(310)
Balances at December 28, 2024		$	3,258		2,323		22,087		—		(275)		(4,530)		22,863

See accompanying notes to consolidated financial statements.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(1) Summary of Significant Accounting Policies

(a)Business

(b)Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation.

(c)Fiscal Year

The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2024 and 2023 include 52 weeks and fiscal year 2022 includes 53 weeks.

(d)Cash Equivalents

The Company considers all liquid investments with maturities of three months or less to be cash equivalents.

(e)Trade Receivables

Trade receivables primarily include amounts due from vendor rebates, debit and credit card sales and pharmacy third party insurance reimbursements.

(f)Inventories

Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 81% of inventories as of December 28, 2024 and December 30, 2023. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items due to fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $913 million and $893 million as of December 28, 2024 and December 30, 2023, respectively.

(g)Investments

Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security.

Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security.

Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security.

Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment).

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the specific identification method.

(h)Leases

The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. The Company recognizes right-of-use assets and lease liabilities based on the present value of future lease payments. Future lease payments include the initial lease term and any renewal options to the extent it is reasonably certain the option will be exercised. The present value of future lease payments is determined by using the Company’s incremental borrowing rate at the time of lease commencement. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms.

Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost. The annual sales projections are reviewed periodically and adjusted if necessary.

(i)Property, Plant and Equipment and Depreciation

Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10‑40 years); furniture, fixtures and equipment (3‑20 years); leasehold improvements (10‑20 years); and finance lease right-of-use assets (5‑20 years).

Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings.

(j)Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including buildings and improvements, furniture, fixtures and equipment, leasehold improvements and operating and finance lease right-of-use assets, are evaluated for impairment at the supermarket level.

(k)Self-Insurance

The Company is generally self-insured for claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted.

(l)Postretirement Benefit

The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial gains and losses are amortized from accumulated other comprehensive earnings (losses) into net periodic postretirement benefit cost over future years when the accumulation of such gains or losses exceeds 10% of the year end postretirement benefit obligation. The Company included the accrued postretirement benefit obligation of $86 million and $92 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively.

(m)Long-Term Debt

The Company’s long-term debt results primarily from the consolidation of loans of certain joint ventures and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. The Company included long-term debt of $20 million and $42 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively.

(n)Comprehensive Earnings (Losses)

Comprehensive earnings (losses) include net earnings and other comprehensive earnings (losses). Other comprehensive earnings (losses) include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings (losses) are certain unrealized gains and losses on debt securities and adjustments to the postretirement benefit obligation net of income taxes.

(o)Revenue Recognition

The Company generates revenue through its retail food supermarkets by selling perishable products (including dairy, produce, floral, deli, bakery, meat, seafood and frozen foods) and non-perishable products and services (including grocery, health and beauty care, general merchandise, pharmacy and other goods and services). Perishable products as a percentage of sales were 47%, 48% and 49% in 2024, 2023 and 2022, respectively. Non-perishable products and services as a percentage of sales were 53%, 52% and 51% in 2024, 2023 and 2022, respectively.

Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes.

(p)Other Operating Income

Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily automated teller transaction fees, licensee sales commissions, lottery commissions, mall gift card commissions, money transfer fees and vending machine commissions.

(q)Cost of Merchandise Sold

Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network.

Rebates received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These vendor rebates are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements.

(r)Advertising Costs

Advertising costs are expensed as incurred and were $308 million, $318 million and $317 million for 2024, 2023 and 2022, respectively.

(s)Other Nonoperating Income, net

Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(t)Income Taxes

Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. Generally, the Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. In addition to its renewable energy investments, the Company also purchases transferable renewable energy investment tax credits.

(u)Common Stock and Earnings Per Share

Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan.

(v)Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(w) Reclassification

Certain 2023 amounts have been reclassified to conform with the 2024 presentation in the consolidated balance sheets.

(2) Fair Value of Financial Instruments

The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity.

The fair value of investments is based on market prices using the following measurement categories:

Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (primarily exchange traded funds).

Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of similar securities and matrix pricing of corporate and government-sponsored agency bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are debt securities (taxable bonds), including restricted investments in taxable bonds held as collateral.

Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category.

Following is a summary of fair value measurements for investments as of December 28, 2024 and December 30, 2023:


	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
December 28, 2024	$	15,058	3,492	11,566	—
December 30, 2023	13,766		2,665	11,101	—

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(3) Investments

(a)Debt Securities

Following is a summary of debt securities as of December 28, 2024 and December 30, 2023:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
2024
Taxable bonds	$	11,765		19		402	11,382

Restricted investments	185			—		1	184
	$	11,950		19		403	11,566
2023
Taxable bonds	$	11,467		23		574	10,916

Restricted investments	186			2		3	185
	$	11,653		25		577	11,101

The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.

Following is a summary of the cost and fair value of debt securities by expected maturity as of December 28, 2024 and December 30, 2023:


	2024			2023
	Cost		Fair Value	Cost	Fair Value
			(Amounts are in millions)
Due in one year or less	$	2,825	2,800	1,906	1,899
Due after one year through five years	7,339		6,993	9,404	8,853
Due after five years through ten years	1,776		1,763	327	333
Due after ten years	10		10	16	16
	$	11,950	11,566	11,653	11,101

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

The Company had no debt securities with credit losses as of December 28, 2024 and December 30, 2023.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 28, 2024 and December 30, 2023:


	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
2024

Taxable bonds	$	1,810		17	7,282		385	9,092		402
Restricted investments	24			—	26		1	50		1
	$	1,834		17	7,308		386	9,142		403
2023

Taxable bonds	$	1,276		2	7,845		572	9,121		574
Restricted investments	30			1	76		2	106		3
	$	1,306		3	7,921		574	9,227		577

There are 445 debt securities contributing to the total unrealized losses of $403 million as of December 28, 2024. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.

(b)Equity Securities

The fair value of equity securities was $3.5 billion and $2.7 billion as of December 28, 2024 and December 30, 2023, respectively.

(c)Investment Income (Loss)

Net realized gain or loss on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain or loss on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table.

Following is a summary of investment income (loss) for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Interest and dividend income		$	433		379		256
Net realized gain (loss) on investments		2			134		(2)
		435			513		254
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year		788			398		(1,516)
Net gain on sale of equity securities previously recognized through fair value adjustment		—			(48)		—
		$	1,223		863		(1,262)

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(4) Leases

(a)Lessee

Following is a summary of lease expense for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating lease expense		$	481		475		457
Finance lease expense:
Amortization of right-of-use assets		48			32		29
Interest on lease liabilities		27			17		15
Variable lease expense		211			203		181
Sublease rental income		(1)			(1)		(1)
		$	766		726		681

Following is a summary of supplemental cash flow information related to leases for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating cash flows from rent paid for operating lease liabilities		$	469		467		451



Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		343			483		445
Finance leases		216			150		96

Following is a summary of the weighted average remaining lease term and weighted average discount rate as of December 28, 2024 and December 30, 2023:


	2024			2023
Weighted average remaining lease term:
Operating leases		11 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		4.1	%		4.0	%
Finance leases		4.4	%		4.1	%

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

Following is a summary of maturities of lease liabilities as of December 28, 2024:



Year	Operating Leases		Finance Leases
	(Amounts are in millions)
2025	$	464	58
2026	432		58
2027	389		58
2028	338		58
2029	280		58
Thereafter	1,729		712
	3,632		1,002
Less: Imputed interest	(767)		(306)
	$	2,865	696

As of December 28, 2024, the Company has lease agreements that have not yet commenced with fixed lease payments totaling $562 million. These leases will commence in future periods with terms ranging up to 20 years.

(b) Lessor

The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents tenant payments for real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Following is a summary of total lease income for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Lease income		$	219		193		173
Variable lease income		67			60		49
		$	286		253		222

Following is a summary of future fixed lease payments for all noncancelable operating leases as of December 28, 2024:


Year
(Amounts are in millions)
2025	$	225
2026	190
2027	154
2028	114
2029	74
Thereafter	261
	$	1,018

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(5) Self-Insurance Reserves

Following is a reconciliation of the self-insurance reserves for 2024, 2023 and 2022:


	Balance at Beginning of Year			Additions Charged to Income		Deductions From Reserves		Balance at End of Year
	(Amounts are in millions)
2024


Current		$	263		659		640		282
Noncurrent		263			6		—		269
		$	526		665		640		551
2023


Current		$	210		597		544		263
Noncurrent		268			(5)		—		263
		$	478		592		544		526
2022


Current		$	191		526		507		210
Noncurrent		249			19		—		268
		$	440		545		507		478

(6) Retirement Plans

The Company has a trusteed, noncontributory ESOP for the benefit of eligible employees. The Company recognizes an expense related to the Company’s discretionary contribution to the ESOP that is approved by the Board of Directors each year. ESOP contributions can be made in Company common stock or cash. Compensation expense recorded for contributions to this plan was $516 million, $491 million and $450 million for 2024, 2023 and 2022, respectively.

Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $661 million and $604 million as of December 28, 2024 and December 30, 2023, respectively. The cost of the shares held by the ESOP totaled $3.9 billion and $3.6 billion as of December 28, 2024 and December 30, 2023, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the consolidated balance sheets and totaled $4.5 billion and $4.2 billion as of December 28, 2024 and December 30, 2023, respectively. The fair value of the shares held by the ESOP totaled $12.9 billion and $11.2 billion as of December 28, 2024 and December 30, 2023, respectively.

The Company has a 401(k) Plan for the benefit of eligible employees. The 401(k) Plan is a voluntary defined contribution plan. Eligible employees may contribute up to 30% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2024, 2023 and 2022, the Board of Directors approved a match of 50% of eligible annual contributions up to 3% of eligible annual compensation, not to exceed a maximum match of $750 per employee. Compensation expense recorded for the Company’s match to the 401(k) Plan was $50 million, $48 million and $47 million for 2024, 2023 and 2022, respectively.

The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(7) Income Taxes

Following is a summary of the allocation of total income taxes for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Earnings	$	1,174	1,093	668
Other comprehensive earnings (losses)	44		70	(206)
	$	1,218	1,163	462

Following is a summary of the provision for income taxes for 2024, 2023 and 2022:


	Current		Deferred	Total
	(Amounts are in millions)
2024
Federal	$	846	197	1,043
State	58		73	131
	$	904	270	1,174
2023
Federal	$	848	111	959
State	126		8	134
	$	974	119	1,093
2022
Federal	$	810	(175)	635
State	108		(75)	33
	$	918	(250)	668

Following is a reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% to earnings before income taxes compared to the Company’s actual income tax expense for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Federal tax at statutory income tax rate	$	1,220	1,143	753
State income taxes (net of federal tax benefit)	103		106	26
ESOP dividend	(65)		(62)	(58)
Renewable energy investment tax credits	(45)		(58)	(16)
Other, net	(39)		(36)	(37)

	$	1,174	1,093	668

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

Following is a summary of the tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 28, 2024 and December 30, 2023:


	2024		2023
	(Amounts are in millions)
Deferred tax liabilities and (assets):
Property, plant and equipment	$	971	905
Lease assets	828		847
Investments	340		67
Inventories	54		60
Lease liabilities	(905)		(901)
Self-insurance reserves	(112)		(108)
Retirement plan contributions	(48)		(48)
Postretirement benefit cost	(24)		(25)
Vendor rebates	(11)		(15)

Other	(15)		(18)

	$	1,078	764

The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December 28, 2024 and December 30, 2023.

The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal income tax returns are the 2018 through 2023 tax years. The periods subject to examination for the Company’s state income tax returns are the 2018 through 2023 tax years. The Company believes that the outcome of any examinations will not have a material effect on its financial condition, results of operations or cash flows.

The Company had no unrecognized tax benefits in 2024 and 2023. As a result, there will be no effect on the Company’s effective income tax rate in future periods due to the recognition of unrecognized tax benefits.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

(8) Accumulated Other Comprehensive Earnings (Losses)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2024, 2023 and 2022:


	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(626)			—		(626)
Net realized loss on debt securities reclassified to investment income		1			—		1
Adjustment to postretirement benefit obligation		—			21		21
Net other comprehensive (losses) earnings		(625)			21		(604)

Balances at December 31, 2022		(618)			9		(609)
Unrealized gain on debt securities		206			—		206

Adjustment to postretirement benefit obligation		—			(1)		(1)
Net other comprehensive earnings (losses)		206			(1)		205

Balances at December 30, 2023		(412)			8		(404)
Unrealized gain on debt securities		127			—		127
Net realized gain on debt securities reclassified to investment income		(2)			—		(2)
Adjustment to postretirement benefit obligation		—			4		4
Net other comprehensive earnings		125			4		129

Balances at December 28, 2024		$	(287)		12		(275)

(9) Segment Reporting

In 2024, the Company adopted the Accounting Standards Update (ASU) requiring that segment reporting be disclosed for companies with a single reportable segment. The Company adopted the ASU on a retrospective basis as of December 28, 2024. Prior to the adoption of the ASU, segment reporting disclosures were not required for companies with a single reportable segment. The adoption of the ASU had no effect on the Company’s financial condition or results of operations.

The Company is in the business of operating retail food supermarkets in the southeast region of the United States as a single reportable segment. The Company’s supermarkets offer similar products and services using a common distribution network and have a similar customer base. Decisions such as strategy development, product innovation and human resources and other policies are generally centralized decisions. The Company’s Chief Executive Officer is the chief operating decision maker (CODM).

The CODM reviews performance based on gross profit (sales less cost of merchandise sold), operating profit, net earnings and net earnings excluding the impact of the fair value adjustment, a non-GAAP financial measure. Operating profit is reviewed to monitor the operating and administrative expenses of the Company. Profitability is important to the Company’s ability to grow and expand operations, fund capital expenditures and strategic initiatives and return value to stockholders through dividends paid. The Company does not have any operations or sources of revenue outside of the United States. The Company does not have any customer representing more than 10% of total revenues for any period presented.

PUBLIX SUPER MARKETS, INC.

Notes to Consolidated Financial Statements

Following is a summary of information for the Company’s single reportable segment for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Revenues:
Sales	$	59,736	57,096	54,534
Other operating income	441		438	408
Total revenues	60,177		57,534	54,942
Less:
Cost of merchandise sold	44,428		42,089	39,938
Other segment items (1)	11,281		10,972	10,245
Operating profit	4,468		4,473	4,759
Nonoperating income (loss)	1,341		969	(1,173)
Less: Income tax expense	1,174		1,093	668
Net earnings	$	4,635	4,349	2,918

Net earnings excluding impact of fair value adjustment (2) (unaudited)	$	4,047	4,089	4,049
Total assets	37,601		34,384	31,047
Depreciation and amortization	1,008		914	838
Payment for capital expenditures	2,612		1,993	1,768

(1)Other segment items includes payroll costs, depreciation and amortization, lease expense, other facility costs, advertising and other operating expenses.

(2)This measure is not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations.

(10) Commitments and Contingencies

The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business, including employment, personal injury, commercial and other matters. Some lawsuits also contain class action allegations. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could result in costly litigation that could adversely affect the Company’s business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

(11) Subsequent Event

On January 2, 2025, the Company declared a quarterly dividend on its common stock of $0.1075 per share or $350 million, payable February 3, 2025 to stockholders of record as of the close of business January 15, 2025.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this Annual Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officers and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, the principal executive officers and principal financial officer each concluded that the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that such information has been accumulated and communicated to the Company’s management, including the Company’s principal executive officers and principal financial officer, in a manner that allows timely decisions regarding required disclosure.

Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the quarter ended December 28, 2024 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act). The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 28, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013). Based on this assessment and these criteria, management believes that the Company’s internal control over financial reporting was effective as of December 28, 2024.

Item 9B. Other Information

None

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Certain information concerning the executive officers of the Company is set forth on the following page. All other information regarding this item is incorporated by reference from the Proxy Statement of the Company (2025 Proxy Statement), which the Company intends to file no later than 120 days after its fiscal year end.

The Company has adopted a Code of Ethical Conduct for Financial Managers that applies to the Company’s principal executive officers, principal financial officer, principal accounting officer or controller and all persons performing similar functions. A copy of the Code of Ethical Conduct for Financial Managers was filed as Exhibit 14 to the Annual Report on Form 10-K for the year ended December 30, 2023. Any amendment to, or waiver from, any provision of the Code of Ethical Conduct for Financial Managers will be posted on the Company’s website at corporate.publix.com/stock.

Item 11. Executive Compensation

Information regarding this item is incorporated by reference from the 2025 Proxy Statement.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information regarding this item is incorporated by reference from the 2025 Proxy Statement.

Item 13. Certain Relationships and Related Transactions and Director Independence

Information regarding this item is incorporated by reference from the 2025 Proxy Statement.

Item 14. Principal Accounting Fees and Services

Information regarding this item is incorporated by reference from the 2025 Proxy Statement.


Name	Age	Business Experience During Last Five Years	Served as Officer of Company Since
Executive Officers of the Company
Norman J. Badger	46	Regional Director of Retail Operations of the Company to May 2020, Vice President to January 2024, Senior Vice President thereafter.	2020
Laurie Z. Douglas	61	Senior Vice President, Chief Information Officer and Chief Digital Officer of the Company.	2006
John L. Goff, Jr.	51	Vice President of the Company to January 2022, Senior Vice President to January 2024, President thereafter.	2019
Randall T. Jones, Sr.	62	Chief Executive Officer of the Company to January 2024, Executive Chairman to April 2024, Executive Chairman and Trustee of the Committee of Trustees of the ESOP thereafter.	2003
Merriann M. Metz	49	Vice President, General Counsel and Secretary of the Company to January 2022, Senior Vice President, General Counsel and Secretary thereafter.	2016
Kevin S. Murphy	54	President of the Company to January 2024, Chief Executive Officer thereafter.	2014
Brad E. Oliver	51	Vice President of the Company to January 2025, Senior Vice President thereafter.	2018
David P. Phillips	65	Executive Vice President, Chief Financial Officer and Treasurer of the Company and Trustee of the Committee of Trustees of the ESOP.	1990
Michael R. Smith	65	Senior Vice President of the Company.	2005
Officers of the Company
Monica A. Allman	51	Director of Stock Programs of the Company to March 2023, Vice President thereafter.	2023
Adrian Bennett	55	Regional Director of Retail Operations of the Company to July 2021, Vice President thereafter.	2021
Marcy P. Benton	56	Vice President of the Company.	2017
Matthew I. Crawley	56	Regional Director of Retail Operations of the Company to January 2022, Vice President thereafter.	2022
Kyle C. Davis	62	Director of Warehousing of the Company to January 2022, Vice President thereafter.	2022
David C. Finger	48	Director of Omnichannel of the Company to April 2024, Vice President thereafter.	2024
John C. Fisher	53	Senior Facilities Engineer of the Company to March 2021, Director of Industrial Maintenance to June 2024, Senior Director of Industrial Maintenance and Industrial Operations Purchasing to January 2025, Vice President thereafter.	2025
Christopher P. Haake	56	Business Development Director of the Company to January 2022, Vice President thereafter.	2022
Linda S. Hall	65	Vice President of the Company.	2002
Douglas A. Harris, Jr.	52	Vice President of the Company.	2019
Kris Jonczyk	55	Vice President of the Company.	2020
Erik J. Katenkamp	53	Vice President of the Company.	2013
L. Renee Kelly	63	Vice President of the Company.	2013
Michael E. Lester	59	Vice President of the Company.	2019
Christopher J. Mesa	55	Director of Tax and Treasury of the Company to January 2022, Vice President thereafter.	2022
Bridgid A. O’Connor	43	Director of Real Estate Strategy of the Company to April 2022, Vice President thereafter.	2022
William W. Rayburn, IV	62	Vice President of the Company.	2017
Malinda G. Renfroe	45	Director of Marketing Operations of the Company to March 2022, Vice President thereafter.	2022
Lee A. Revis	57	Business Development Director of the Company to January 2025, Vice President thereafter.	2025


Name	Age	Business Experience During Last Five Years	Served as Officer of Company Since
Officers of the Company (Continued)
Joseph R. Riddle	46	District Manager of Retail Operations of the Company to February 2020, Regional Director of Retail Operations to April 2023, Vice President thereafter.	2023
Dain Rusk	51	Vice President of the Company.	2018
Marc H. Salm	64	Vice President of the Company.	2008
Mikhael H. Ser	54	Director of Construction of the Company to January 2021, Director of Facility Refrigeration and Energy Management to January 2024, Vice President thereafter.	2024
Christopher M. Shaw	55	Business Development Director of the Company to January 2024, Vice President thereafter.	2024
Marsha C. Singh	50	Regional Director of Retail Operations of the Company to January 2023, Vice President thereafter.	2023
D. Douglas Stalbaum	45	Director of Business Analysis and Reporting of the Company to January 2022, Vice President thereafter.	2022
David L. Taulbee	61	Architectural Program Manager of the Company to April 2021, Director of Facilities Design to January 2025, Vice President thereafter.	2025
Steven B. Wellslager	58	Vice President of the Company.	2013

The terms of all officers expire in May 2025 or upon the election of their successors.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a)Consolidated Financial Statements and Schedules

The consolidated financial statements listed in the accompanying Index to Consolidated Financial Statements are filed as part of this Annual Report. All financial statement schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial statements and related notes.

(b)Exhibits


3.1			Composite Restated Articles of Incorporation are incorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the quarter ended June 25, 2022.
3.2			Amended and Restated By-laws are incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K dated December 18, 2023.
4.1			Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 is incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K for the year ended December 28, 2019.
10*			Form of Indemnification Agreement between the Company and its directors and officers is incorporated by reference to Exhibit 10 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2001.
10.2*			Incentive Bonus Plan is incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K for the year ended December 31, 2011.
10.5*			Form of Indemnification Agreement between the Company and one of the Trustees of the Company’s 401(k) Plan and each member of the Company’s 401(k) Plan investment committee is incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K dated December 14, 2011.
10.6*			Supplemental Executive Retirement Plan.
10.7*			Form of Indemnification Agreement between the Company and the Trustees of the Committee of Trustees of the Company’s ESOP is incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K dated July 1, 2015.
14			Code of Ethical Conduct for Financial Managers is incorporated by reference to Exhibit 14 to the Annual Report on Form 10-K for the year ended December 30, 2023.
19			Insider Trading Policy.
21			Subsidiaries of the Registrant.
23			Consent of Independent Registered Public Accounting Firm.
31.1			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3			Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3			Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101			The following financial information from this Annual Report is formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Earnings, (iii) Consolidated Statements of Comprehensive Earnings, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Stockholders’ Equity and (vi) Notes to Consolidated Financial Statements.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
* Represents management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary

None

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



		PUBLIX SUPER MARKETS, INC.

March 3, 2025	By:	/s/ Merriann M. Metz
		Merriann M. Metz
		Secretary

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



/s/ Jessica L. Blume	Director	March 3, 2025
Jessica L. Blume

/s/ Joseph DiBenedetto, Jr.	Director	March 3, 2025
Joseph DiBenedetto, Jr.

/s/ Mark R. Irby	Director	March 3, 2025
Mark R. Irby

/s/ Jennifer A. Jenkins	Director	March 3, 2025
Jennifer A. Jenkins

/s/ Randall T. Jones, Sr.	Executive Chairman	March 3, 2025
Randall T. Jones, Sr.	(Co-Principal Executive Officer)

/s/ Stephen M. Knopik	Director	March 3, 2025
Stephen M. Knopik

/s/ Kevin S. Murphy	Chief Executive Officer and Director	March 3, 2025
Kevin S. Murphy	(Co-Principal Executive Officer)

/s/ David P. Phillips	Executive Vice President, Chief Financial Officer, Treasurer	March 3, 2025
David P. Phillips	and Director (Principal Financial and Accounting Officer)

Exhibit 10.6

PUBLIX SUPER MARKETS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Effective January 1, 2025

PUBLIX SUPER MARKETS, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Publix Super Markets, Inc. (“Company”) established the Publix Super Markets, Inc. Supplemental Executive Retirement Plan (“Plan”) for a select group of management or highly compensated employees, effective December 15, 2012. The Company hereby amends and restates the Plan, effective January 1, 2025, to (i) incorporate prior amendments; (ii) permit certain Participants to receive plan benefits in installment payments; (iii) permit certain Participants to make subsequent deferral elections; and (iv) make certain other clarifying changes.

The purpose of this Plan is to provide to the selected executives the benefit in excess of the limit imposed by Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (“Code”), under the Publix Super Markets, Inc. Employee Stock Ownership Plan (“ESOP”). This Plan provides Participants with the additional benefit they would have received under the ESOP if the Company contributions thereunder had not been limited by reason of Code Section 401(a)(17). With respect to Company contributions credited hereunder and the earnings and dividends thereon that are subject to Code Section 409A and any regulations and other official guidance issued thereunder, applicable provisions of the Plan document shall be interpreted to permit the deferral of compensation in accordance with Code Section 409A and the regulations thereunder, and any provision that would conflict with such requirements shall not be valid or enforceable.

TABLE OF CONTENTS


	Page
ARTICLE 1	DEFINITIONS	1
ARTICLE 2	PARTICIPATION IN THE PLAN	2
ARTICLE 3	PLAN BENEFITS AND VESTING	3
ARTICLE 4	MAINTENANCE, INVESTMENT AND VALUATION OF PARTICIPANT ACCOUNTS	4
ARTICLE 5	BENEFITS	5
ARTICLE 6	ADMINISTRATION	7
ARTICLE 7	CLAIMS PROCEDURE	8
ARTICLE 8	AMENDMENT AND TERMINATION	8
ARTICLE 9	MISCELLANEOUS	9
SIGNATURE		11
APPENDIX A		12

ARTICLE 1

DEFINITIONS

For purposes of the Plan, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context.

1.1“Account” means the recordkeeping source described in Section 4.1 from which Plan benefits are determined.

1.2“Administrator” or “Plan Administrator” means the Company.

1.3“Base Pay” means the weekly or monthly wages or salary received by an employee from an employer on or after the employee’s first (1st) day of participation in the ESOP for personal services actually rendered in the course of employment with an employer. Base Pay shall include vacation, sick and bereavement pay to the extent such pay is intended to compensate the employee for his weekly or monthly wages or salary, but shall exclude any and all other additional compensation such as a relocation allowance or holiday, incentive, managers accrued, pharmacy or retail bonus. An employee’s Base Pay shall be determined by the Administrator in its sole discretion.

1.4“Beneficiary” means the person, persons, trust or other entity a Participant designates by written revocable designation filed with the Company to receive payments in the event of his death.

1.5“Board” means the Company’s Board of Directors or a committee thereof.

1.6“Code” means the Internal Revenue Code of 1986, as amended.

1.7“Company” means Publix Super Markets, Inc. and any successor thereto, and, for purposes of determining eligibility to participate in the Plan, any affiliated company which is a member of a controlled group of corporations within the meaning of Code Section 1563(a) with Publix Super Markets, Inc. which adopts this Plan with the consent of the Company and is listed on Appendix A.

1.8“Dividend Equivalents” means the right to an amount equal to the dividends paid, if any, on the number of hypothetical shares of Employer Securities credited to a Participant’s Account under Section 4.1. Employer Securities that are hypothetically credited for any Plan Year beginning after December 15, 2012, shall first become eligible for Dividend Equivalents with respect to dividends with a record date on or after the date contributions to the ESOP for such Plan Year are made. Employer Securities that are hypothetically credited for the 2011 and 2012 Plan Years shall first become eligible for Dividend Equivalents with respect to dividends with a record date on or after March 1, 2013.

1.9“Disability” means an illness or injury determined to be a disability under the ESOP, to the extent consistent with Treasury Regulation Section 1.409A-3(i)(4).

1.10“Effective Date” means January 1, 2025.

1.11“Eligible Employee” means each employee of the Company eligible to participate in the Plan in accordance with the provisions of Section 2.1 hereof.

1.12“Employer Securities” means Employer Securities as defined in the ESOP.

1.13“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

1.14“ESOP” means the Publix Super Markets, Inc. Employee Stock Ownership Plan as amended from time to time.

1.15“ESPP” means the Publix Super Markets, Inc. Employee Stock Purchase Plan as amended from time to time.

1.16“Participant” means

A.An Eligible Employee who participates in the Plan in accordance with the terms hereof.

B.Each other former Eligible Employee for whom an Account is maintained.

1.17“Plan” means the Publix Super Markets, Inc. Supplemental Executive Retirement Plan as described in this instrument, as amended from time to time.

1.18“Plan Year” means the twelve (12) consecutive month period beginning on each January 1 and ending on the following December 31.

1.19“Termination of Employment” means the Participant’s separation from service with the Company or other separation from service within the meaning of Treasury Regulation Section 1.409A-1(h) (using a percentage of eighty percent (80%) to determine the controlled group of corporations and businesses under common control).

1.20“Vesting Service” means Plan Years of service counted in determining a Participant’s entitlement to benefits as described in Section 3.2.

ARTICLE 2

PARTICIPATION IN THE PLAN

2.1Eligibility to Participate. Those employees of the Company who participate in the ESOP and whose Company contribution under the ESOP is restricted during any Plan Year because of the application of Code Section 401(a)(17) shall participate in the Plan. It is the intention of the Company that this Plan constitute a “top hat” plan for ERISA purposes and, therefore, only those employees who are determined to be within a select group of management or highly compensated shall be entitled to participate in the Plan. The Company retains the discretion to limit eligibility to ensure that the Plan satisfies the “top hat” requirements.

A.Notwithstanding the foregoing, for purposes of eligibility to participate for the Plan Year beginning January 1, 2021 and ending December 31, 2021 (“2021 Plan Year”), those employees of the Company who participate in the ESOP and whose Company contribution is restricted during the 2021 Plan Year because of the application of Code Section 401(a)(17) shall participate in the Plan only if the Base Pay received by the

employee during the 2021 Plan Year equals or exceeds two hundred and twenty-eight thousand dollars ($228,000), as determined by the Administrator in its sole discretion

B.Notwithstanding the foregoing, for purposes of eligibility to participate for the Plan Year beginning January 1, 2022 and ending December 31, 2022 (“2022 Plan Year”), those employees of the Company who participate in the ESOP and whose Company contribution is restricted during the 2022 Plan Year because of the application of Code Section 401(a)(17) shall participate in the Plan only if the Base Pay received by the employee during the 2022 Plan Year equals or exceeds two hundred and forty thousand dollars ($240,000), as determined by the Administrator in its sole discretion.

C.Notwithstanding the foregoing, for purposes of eligibility to participate for each Plan Year beginning on or after January 1, 2023, those employees of the Company who participate in the ESOP and whose Company contribution is restricted during a Plan Year because of the application of Code Section 401(a)(17) shall participate in the Plan only if the Base Pay received by the employee during that Plan Year equals or exceeds an amount equal to seventy-five percent (75%) of the dollar limit imposed under Code Section 401(a)(17) for that Plan Year, as determined by the Administrator in its sole discretion.

2.2Procedure For and Effect of Admission. Each Eligible Employee shall complete such forms and provide such data as reasonably required by the Company including Beneficiary designation forms and payment of benefit forms. By becoming a Participant, an Eligible Employee shall be deemed conclusively to have assented to the provisions of this Plan and all amendments hereto.

2.3Cessation of Participation. A Participant shall cease to be an active Participant on the earlier of:

A.the date on which the Plan terminates, or

B.the date on which he ceases to be an Eligible Employee.

A former active Participant will be deemed a Participant for all purposes except with respect to the right to receive additional credits under Section 3.1, as long as he retains a Plan Account.

ARTICLE 3

PLAN BENEFITS AND VESTING

3.1Plan Benefits. An amount representing hypothetical shares of Employer Securities shall be credited to each Participant’s Account for Plan Years beginning after December 15, 2012, equal to the difference between (A) and (B) where: (A) is the number of shares of Employer Securities that the Administrator determines would have been allocated to the Participant’s account under the ESOP for the Plan Year if the Participant’s contribution under the ESOP had not been limited as a result of the limitations imposed under Code Section 401(a)(17); and (B) is the number of shares of Employer Securities actually allocated to the Participant’s account under the ESOP for the Plan Year. This amount shall be credited to the Participant’s Account on the date contributions for the applicable Plan Year are made under the ESOP. Solely with respect to those Eligible Employees who are Participants on December 15, 2012, their Accounts shall be credited with an additional amount representing hypothetical shares of Employer Securities that is determined by

dividing (A-B) by (C) where: (A) equals the dollar amount of the contribution that the Administrator determines would have been allocated under the ESOP for the 2011 and 2012 Plan Years if the Participant’s contribution under the ESOP for these Plan Years had not been limited as a result of the limitations imposed under Code Section 401(a)(17); (B) equals the dollar amount of contributions actually allocated to the Participant’s account under the ESOP for the 2011 and 2012 Plan Years; and (C) is the share price for the Employer Securities effective March 1, 2013. This amount shall be credited to the Participant’s Account on the date contributions for the 2012 Plan Year are made under the ESOP.

3.2Vesting. A Participant’s Account shall vest in accordance with the vesting schedule specified in the ESOP. A Participant shall be credited with the same Vesting Service as under the ESOP. Any unvested amounts shall be forfeited upon the Participant’s Termination of Employment.

ARTICLE 4

MAINTENANCE, INVESTMENT AND VALUATION OF PARTICIPANT ACCOUNTS

4.1Establishment of Accounts. The Administrator shall establish and maintain a separate Account in the name of each Participant, to which it shall credit all amounts allocated in accordance with Article 3. All amounts allocated to the Account shall be hypothetically invested in Employer Securities which shall determine both the Dividend Equivalents under Section 4.3 and the amount payable to the Participant under Article 5.

4.2Investment Obligation of the Company. Benefits are payable as they become due irrespective of any actual investments the Company may make to meet its obligations. To the extent a Participant or any person acquires a right to receive payments from the Company under this Plan, such right shall be no greater than the right of any unsecured creditor of the Company. Neither this Plan nor any action taken pursuant to the terms of this Plan shall be considered to create a fiduciary relationship between the Company and the Participants or any other persons or to require the establishment of a trust in which the assets are beyond the claims of any unsecured creditor of the Company or to require the Company to segregate in any other manner any assets for the purpose of satisfying its obligations hereunder.

4.3Dividend Equivalents. The Administrator shall distribute to each Participant the Dividend Equivalents credited to the Participant’s Account by the Company by the later of December 31 of the Plan Year the dividends are paid or the fifteenth (15th) day of the third (3rd) calendar month following the dividend payment date. Dividend Equivalents shall be paid without regard to whether the Account is otherwise vested or the Participant remains an Eligible Employee.

ARTICLE 5

BENEFITS

5.1Payment of Benefit.

A.Except as otherwise provided in Section 4.3 and this Article 5, the amounts credited to a Participant’s Account shall be paid in shares of Employer Securities to the Participant in a single lump sum on the ninetieth (90th) day following the first (1st) anniversary of the Participant’s Termination of Employment.

B.Notwithstanding Section 5.1(A), a Participant may elect at any time after his Termination of Employment and until the ninetieth (90th) day following his Termination of Employment to defer payment of his Account to a date that is no earlier than the ninetieth (90th) day following the sixth (6th) anniversary of his Termination of Employment, and no later than the date the Participant attains age seventy (70) or, if later, the ninetieth (90th) day following the sixth (6th) anniversary of his Termination of Employment (“Initial Deferral Election”). A Participant who makes an Initial Deferral Election in accordance with the immediately preceding sentence shall be required to elect a date for payment at the time the Initial Deferral Election is made. In addition, if (i) the Participant’s Termination of Employment occurs before the date the Participant attains age seventy (70) and (ii) the value of the Participant’s Account as of the date of his Termination of Employment is at least equal to one hundred thousand dollars ($100,000), the Participant shall be permitted to elect at the time the Initial Deferral Election is made to receive payment of his Account in either a single lump sum or in annual installments over a period of seven (7) years, commencing on the payment date elected in the Initial Deferral Election and calculated as provided in Section 5.1(D). Notwithstanding anything herein to the contrary, an Initial Deferral Election shall be irrevocable on the ninety-first (91st) day after the Participant’s Termination of Employment. Payment(s) shall be made in shares of Employer Securities.

C.In the event that a Participant makes an Initial Deferral Election in accordance with Section 5.1(B), the Participant may make a one-time subsequent election to defer payment of his Account to a date that is no earlier than the fifth (5th) anniversary of the date the payment is scheduled to be made (or, in the case of annual installments, the date the first [1st] installment payment is scheduled to be made) under Section 5.1(B), and no later than the date the Participant attains age seventy (70) (“Subsequent Deferral Election”); provided, however, that the Participant shall only be permitted to make a Subsequent Deferral Election if it is made on or before the date that is twelve (12) months before the date the Account is scheduled to be paid (or, in the case of annual installments, the date the first (1st) installment payment is scheduled to be made) under Section 5.1(B). A Participant who makes a Subsequent Deferral Election in accordance with the immediately preceding sentence shall be required to elect a date for payment at the time the Subsequent Deferral Election is made. For the sake of clarity, a Participant who is or will be age sixty‑five (65) or older on the payment date elected in the Initial Deferral Election shall not be eligible to make a Subsequent Deferral Election. A Participant who makes a Subsequent Deferral Election shall be permitted to elect at the time the Subsequent Deferral Election is made to change the method of payment of his Account elected in the Initial Deferral Election from a single lump sum to annual installments or from annual installments to a single lump sum. A Participant electing annual installment payments in the Subsequent Deferral Election may elect to receive his Account in annual installments over a period of seven (7) years, commencing on the date elected in the Subsequent

Deferral Election and calculated as set forth in Section 5.1(D). Notwithstanding anything herein to the contrary, a Subsequent Deferral Election shall be irrevocable after the date that is twelve (12) months before the date the Account is scheduled to be paid (or, in the case of annual installments, the date the first [1st] installment payment is scheduled to be made) under Section 5.1(B). Payment(s) shall be made in shares of Employer Securities.

D.If the Participant elects to receive payment of his Account in annual installments pursuant to Section 5.1(B) or 5.1(C), the first (1st) payment shall be made on the payment date elected in accordance with Section 5.1(B) or 5.1(C), as applicable, and each subsequent installment payment shall be made on each anniversary of such payment date for six (6) subsequent years. The number of Employer Securities distributed in each installment payment shall be equal to the number of Employer Securities in the Participant’s Account on the date the installment payments are scheduled to begin, divided by seven (7), such that the Participant shall receive distribution of an equal number of Employer Securities in each installment (subject to future stock splits or similar adjustments). For purposes of Code Section 409A, a series of installment payments will be treated as a single payment.

E.Notwithstanding Sections 5.1(A), 5.1(B) or 5.1(C), the amounts credited to a Participant’s Account shall be paid in shares of Employer Securities to the Participant as soon as administratively possible following proper notification to the Administrator of his Disability.

5.2Beneficiary Designation.

A.Each Participant may designate a Beneficiary to receive the benefits payable in the event of the Participant’s death, and designate a successor Beneficiary to receive any benefits payable in the event of the death of any other Beneficiary.

B.A Participant may change a Beneficiary designation at any time. All Beneficiary designations and changes shall be made on an appropriate form as designated by the Plan Administrator and shall become effective once received and processed by the Plan Administrator, provided this occurs before the Participant’s death.

C.If no person shall be designated by the Participant, or if the designated Beneficiary shall not survive the Participant, payment of the Participant’s Account shall be made to the Participant’s estate.

D.All amounts then credited to a Participant’s Account shall be paid in shares of Employer Securities as soon as administratively possible following the death of the Participant.

5.3Tax Withholding. To the extent required by the law in effect at the time benefits are distributed pursuant to this Article 5, the Company shall withhold from any payment due hereunder any taxes that it is required to withhold by the federal or any state or local government from payments made hereunder; provided, however, that, in accordance with procedures established by the Administrator for such purposes, a Participant may provide the Company with a personal check or money order to satisfy, in whole or in part, the required withholding from payments made hereunder.

ARTICLE 6

ADMINISTRATION

6.1Appointment of Administrator. The Company shall serve as the Administrator.

6.2Administrator’s Responsibilities. The Administrator is responsible for the interpretation and administration of the Plan. The Administrator may appoint other persons or entities to perform any of its administrative functions.

6.3Records and Accounts. The Administrator shall maintain or shall cause to be maintained accurate and detailed records and Accounts for Participants and of their rights under the Plan and of all receipts, disbursements and other transactions.

6.4Liability. The Company shall not be liable to any person for any action taken or omitted in connection with the administration of this Plan unless attributable to the fraud or willful misconduct on the part of a director, officer or agent of the Company.

6.5Payment of Expenses. All expenses incurred in the operation or administration of this Plan shall be paid by the Company.

6.6Substitute Payee. If a Participant or Beneficiary entitled to receive any benefits hereunder is in his minority, or is declared legally, physically or mentally incapable of personally receiving and receipting any distribution, the Company may make distributions to a legally appointed guardian or to such other person or institution as, in the judgment of the Company, is then maintaining or has custody of the payee.

ARTICLE 7

CLAIMS PROCEDURE

7.1Claims Procedures. The Administrator shall establish a claims procedure and shall afford a reasonable opportunity to any Participant whose claim for benefits has been denied for a full and fair review of the decision denying such claim. The claims procedure shall provide for a notice of denial of a claim to be received by a claimant within a reasonable period, not to exceed ninety (90) days, following the filing of a claim. The notice shall provide the reason for the denial, references to the Plan provisions on which the denial is based, a description of additional information necessary to perfect a claim and the steps required to submit a claim for review. The period to request a review must be for at least sixty (60) days after a Participant’s receipt of notice of denial of a claim. A decision on review shall be made by the Administrator within sixty (60) days after the Plan’s receipt of a request for a review unless special circumstances require a longer period in which case the Plan shall have an additional sixty (60) days. The final decision shall be in writing and shall include specific reasons for the decision and references to Plan provisions. All interpretations of the Administrator shall be final and binding on all parties, including Participants and Beneficiaries.

ARTICLE 8

AMENDMENT AND TERMINATION

8.1Plan Amendment. The Plan may be amended or otherwise modified by the Board, in whole or in part, provided that no amendment or modification shall divest any Participant of any amount previously credited to his Account under Section 3.1 as of the date of such amendment. Notwithstanding anything herein to the contrary, in no event shall any amendment be made in a manner that is inconsistent with the requirements to avoid adverse federal tax consequences under Code Section 409A.

8.2Termination of the Plan. The Board reserves the right to terminate the Plan at any time in whole or in part. In the event of any such termination, subject to Code Section 409A, the Company shall pay a benefit to the Participant or the Beneficiary of any deceased Participant, equal to the value of the Participant’s Account in the form and at the date specified in Article 5. Dividends shall continue to be paid under Section 4.3 after the termination of the Plan until the Participant’s benefits have been paid in full notwithstanding the termination of the Plan. Notwithstanding anything herein to the contrary, in no event shall any termination be made in a manner that is inconsistent with the requirements to avoid adverse federal tax consequences under Code Section 409A.

ARTICLE 9

MISCELLANEOUS

9.1Supplemental Benefits. The benefits provided for the Participants under this Plan are in addition to benefits provided by any other plan or program of the Company and the benefits of this Plan shall supplement and shall not supersede any other plan or agreement between the Company and any Participant.

9.2Governing Law. The Plan shall be governed and construed under the laws of the State of Florida to the extent not governed by ERISA.

9.3Spendthrift Provision. No benefit under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or change, and any such action shall be void for all purposes of the Plan. No benefit shall in any manner be subject to the debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to attachments or other legal process (including dissolution of Participant’s marriage) for or against any person. For the sake of clarity, domestic relations orders purporting to assign benefits under the Plan constitute an impermissible alienation of benefits and shall not be honored by the Administrator or the Plan.

9.4Binding Terms. The terms of this Plan shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, executors, administrators and successors.

9.5Headings. All headings preceding the text of the several sections hereof are inserted solely for reference and shall not constitute a part of this Plan, nor affect its meaning, construction or effect.

9.6Rule of Interpretation. Where appropriate, words in the masculine gender shall include the feminine and neuter genders.

9.7Limitation of Rights. Neither the establishment of this Plan, nor any modification thereof, nor the creation of an Account, nor the payment of any benefits shall be construed as giving

A.any Participant, Beneficiary or any other person whomsoever, any legal or equitable right against the Company unless such right shall be specifically provided for in the Plan or conferred by affirmative action of the Administrator in accordance with the terms and provisions of the Plan; or

B.any Participant the right to be retained in the service of the Company, and all Participants and other agents shall remain subject to termination to the same extent as if the Plan had never been adopted.

9.8Severability. Should any provision of the Plan or any regulations adopted thereunder be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions or regulations unless such invalidity shall render impossible or impractical the functioning of the Plan and, in such case, the appropriate parties shall adopt a new provision or regulation to take the place of the one held illegal or invalid.

9.9Restrictions on Employer Securities. The Employer Securities distributed under this Plan shall have the same restrictions as shares purchased under the Company’s ESPP. If the

Participant decides to sell the Employer Securities for consideration, the Participant agrees to sell or otherwise dispose of the Employer Securities to the Company in accordance with the terms of and at the repurchase price specified in the ESPP.

9.10ERISA and Code Status. This Plan is intended to be an unfunded plan for the benefit of a select group of management or highly compensated employees exempt from Parts 2, 3 and 4 of Title I of ERISA. The Plan is also intended to comply with Code Section 409A. Notwithstanding any provision to the contrary in this Plan, each provision in this Plan shall be interpreted to permit the deferral of compensation in accordance with Code Section 409A and any provision that would conflict with such requirements shall not be valid or enforceable. For purposes of Code Section 409A, a series of installment payments under the Plan shall be treated as a single payment. In the event the Plan provides for a payment within a specified period of time, the actual date of payment shall be determined by the Administrator in its sole discretion. Any Initial Deferral Election or Subsequent Deferral Election will not take effect for twelve (12) months following the date it is received by the Administrator. In accordance with Treasury Regulations Section 1.409A‑2(b)(7)(ii), the delivery of the shares may be delayed to the extent required by applicable law.

SIGNATURE

IN WITNESS WHEREOF, an officer of the Company hereby executes this Plan effective as of the 1st day of January 2025.

PUBLIX SUPER MARKETS, INC.

ATTEST:

By: /s/ Merriann M. Metz By: /s/ Kevin S. Murphy

Merriann M. Metz, Kevin S. Murphy,

Secretary Chief Executive Officer

APPENDIX A

The following affiliated companies have adopted the Plan:

Publix Asset Management Company

Publix North Carolina Employee Services, LLC

Exhibit 19

INSIDER TRADING POLICY

Effective: December 16, 2024

Purpose

This Insider Trading Policy (Policy) sets forth the policy of Publix Super Markets, Inc. (Publix) for insider trading. The terms used in this Policy are defined in the Definitions section or elsewhere in this Policy.

Federal securities law

Insider trading is a violation of federal securities law. The term “insider trading” is not defined in federal securities law but generally is used to refer to (i) the use of inside information to buy, sell or otherwise trade in securities or (ii) the disclosure, directly or indirectly, of inside information to others who may buy, sell or otherwise trade in securities on the basis of such information.

While the law concerning insider trading is not static, it is generally understood the law prohibits insiders from doing any of the following:

•buying, selling or otherwise trading in a company’s stock while in possession of inside information

•having others buy, sell or otherwise trade on the insider’s behalf while the insider is in possession of inside information (including where the other person is a trustee where the trust instrument is revocable and the principal can revert back to the insider) and

•directly or indirectly communicating inside information to others who may buy, sell or otherwise trade in a company’s stock or pass on the information to others who may buy, sell or otherwise trade in a company’s stock. Such conduct, also known as “tipping,” results in liability for the insider who disclosed such inside information, even if such insider does not actually trade himself or herself, and for the person who received the information if the person has reason to know that it was an improper disclosure and acts on such inside information or passes it on to others who may act on it.

These prohibitions against the use of inside information include restrictions on buying, selling or otherwise trading in the stock of any company affected by the inside information, not just the stock of the company to which the inside information pertains.

Definitions

The following defines terms used in this Policy.

Family Members: The term “family members” refers to all of the following persons: family members who reside with an insider (including a spouse or domestic partner, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), anyone else who lives in an insider’s household, and any family members who do not live in an insider’s household but are financially dependent on an insider or whose transactions in Publix’s stock (or the securities of Publix’s suppliers and other companies with which Publix has contractual relationships or may be negotiating transactions) are directed by an insider or are subject to an insider’s influence or control, such as parents or children who consult with an insider before they trade in Publix’s stock (or the securities of Publix’s suppliers and other companies with which Publix has contractual relationships or may be negotiating transactions).

Insiders: The term “insiders” refers to all board of director members, company officers and other employees of Publix as well as their family members.

Inside Information: The term “inside information” refers to information concerning a company that is both material and nonpublic.

Material Information: The term “material information” refers to (i) information that a reasonable investor would consider important in making his or her investment decisions considered in the total mix of all the information available in the marketplace about a company or (ii) any information which could reasonably be expected to affect the price of any company’s stock (whether positive or negative). This includes not just the stock price of the company to which the inside information pertains but also the stock price of other companies affected by the inside information. If the information makes an insider want to trade, then the information would probably have the same effect on others. It is important to remember materiality is always judged with the benefit of hindsight.

Although there is no precise, generally accepted definition of materiality, information is likely to be material if it relates to one or more of the following:

•financial results, earnings, losses, including catastrophic losses, sales results or similar financial information, or expectations for the quarter or the year

•financial projections and forecasts

•changes in dividends

•proposals or agreements involving a merger or leveraged buyout of the company, or a significant acquisition, joint venture or divestiture

•changes in relationships with major customers, or obtaining or losing important contracts

•important product developments

•strategic plans

•major financing developments

•major personnel changes or changes in senior management

•criminal indictments or material civil litigation or government investigations whether actual, threatened or resolved

•significant disputes with major suppliers or customers

•significant labor disputes or negotiations

•substantial changes in accounting methods

•stock splits, or significant purchases, sales or repurchases of company stock, and/or

•knowledge of a significant data security, privacy or cybersecurity incident.

Nonpublic Information: The term “nonpublic information” refers to information that has not been made broadly available to the marketplace. This includes information received from sources or in circumstances indicating that the information has not yet been generally circulated (e.g., a “hot tip”).

For nonpublic information to become public information it must be broadly disseminated through recognized channels of distribution designed to reach all stockholders, including but not limited to the following:

•filing a Form 10-Q, Form 10-K, Form 8-K or other report with the U.S. Securities and Exchange Commission (SEC) and/or

•issuing a press release or releasing information to a national business and financial wire service (such as Dow Jones, Reuters, Bloomberg or Business Wire), a national news service or any other broad dissemination of the information.

Generally, information will be considered broadly disseminated after two full days have elapsed since the date of public disclosure of the information.

The following do not constitute public disclosure or broad dissemination of nonpublic information:

•circulation of rumors or “talk on the street,” even if accurate, widespread and reported in the media

•posting information on an Internet website (other than the SEC’s EDGAR website)

•selective dissemination of information to institutional investors, members of the financial press or stockholders or

•broad public disclosure of only part of the information where a material component of the information has yet to be publicly disclosed.

Insider Trading Policy statement

In accordance with federal securities law, it is Publix policy that all Publix Insiders are prohibited from engaging in insider trading in Publix stock or the securities of Publix’s suppliers or other companies with which Publix has contractual relationships or may be negotiating transactions.

It is your obligation to make sure you and your family members are aware of, understand and comply with, the provisions and obligations of this Policy and applicable law. You are responsible for ensuring that you and your family members do not engage in the activities restricted or prohibited under this Policy and under applicable law. You should treat all such transactions for the purposes of this Policy and applicable securities law as if the transactions were for your own account.

Special trading restrictions for Key Publix Insiders

Key Publix Insiders: In addition, the Publix Board of Directors (Board) believes it is appropriate that Publix stock transactions for certain designated insiders (referred to as Key Publix Insiders for purposes of this Policy) be subject to additional restrictions to reduce the risk of securities law violations and prevent even the appearance of improper insider trading or tipping.

Key Publix Insiders include the following:

•Board members

•Officers and

•associates designated by the Corporate Ethics Team or the Senior Vice President, General Counsel & Secretary as potentially having access to inside information through the normal course of their job responsibilities.

Designated Trading Windows: Key Publix Insiders are restricted from buying, selling or otherwise trading Publix stock outside of a designated trading window. A designated trading window is the 30-day period that begins on the effective date of a Publix stock valuation. Generally, the Publix stock valuation effective dates are March 1, May 1, August 1 and November 1.

To the extent Key Publix Insiders are eligible to participate in the Publix Super Markets, Inc. 401(k) SMART Plan (SMART Plan) and engage in Publix stock transactions under the SMART Plan, Key Publix Insiders are prohibited from initiating discretionary transactions involving the buying or selling of Publix stock under the SMART Plan if they possess inside information at the time of the transaction. Key Publix Insiders, except those subject to SEC Section 16 reporting requirements, are permitted to purchase Publix stock with recurring plan contributions and make loan repayment payroll deductions so long as on the date of the election to participate they did not possess inside information. Transactions involving the buying or selling of Publix stock are only processed by the SMART Plan on valuation effective dates, which are generally March 1, May 1, August 1 and November 1.

Pre-clearance of Transactions: To avoid unintentional violations of federal securities law, the Key Publix Insiders will be required to pre-clear any transaction (i.e., buying, selling or otherwise trading Publix stock) with the Senior Vice President, General Counsel & Secretary (or their designee) before engaging in the transaction. Pre-clearance is required so that Publix will be in a position to aid the individual in determining whether inside information exists, avoiding short-swing profit recovery and ensuring that appropriate filings are timely made with the SEC, if required. If the individual’s request is approved, such approval will remain in effect until the then-open trading window closes, unless the individual learns of any inside information or is otherwise instructed by the Senior Vice President, General Counsel & Secretary. Upon completion of any transaction, the Key Publix Insiders must immediately notify the Senior Vice President, General Counsel & Secretary and the Vice President of Benefits Administration so that Publix may assist in any Section 16 reporting obligations, if applicable.

Trading Windows: Any trading window may be closed early or may not open with respect to the Key Publix Insiders if, in the judgment of the Board, Publix’s Chairman/ Executive Chairman, Chief Executive Officer, Chief Financial Officer or Senior Vice President, General Counsel & Secretary, there exists undisclosed information that would make trading in Publix’s stock by the Key Publix Insiders inappropriate. It is important to note that the fact that a trading window has closed early or has not opened should be considered inside information.

Restrictions on all transactions while in possession of inside information

For the avoidance of doubt, an Insider is restricted from buying, selling, or otherwise trading if such Insider possesses inside information at the time of the transaction, even if during a designated trading window.

Reporting violations

Actual or potential violations of this Policy must be immediately reported to the Senior Vice President, General Counsel & Secretary. Any failure to report such violations is itself a violation of this Policy.

Penalties for insider trading

Insider trading violations are vigorously pursued by the SEC, U.S. Attorneys and state enforcement authorities. Penalties for insider trading are severe, both for the individuals involved in such unlawful conduct and potentially for their employers.

Individuals can be subject to some or all of the following penalties, even if they do not personally benefit from the violation (i.e., if the violation was one for tipping information):

•jail sentence of up to 20 years

•disgorgement of profits gained or losses avoided

•criminal fines of up to $5 million and/or

•civil fines of up to three times the profit gained or loss avoided.

The employer or other controlling person, such as a supervisor, can be subject to fines of up to the greater of $1 million or three times the amount of the profit gained or loss avoided as well as criminal penalties of up to $25 million.

In addition, a violation of this Policy can result in serious disciplinary actions by Publix, which may include dismissal of the individual(s) involved.

Modifications and waivers

Publix reserves the right to amend or modify the provisions set forth in this Policy at any time. In addition, in special limited circumstances, on a case-by-case basis, a waiver allowing a stock transaction outside of a designated trading window may be authorized in writing by the Senior Vice President, General Counsel & Secretary. Any such waiver shall be reported by the Senior Vice President, General Counsel & Secretary to the Board at its next regularly scheduled meeting.

Priority of statutory or regulatory trading restrictions

The trading prohibitions and restrictions set forth in this Policy will be considered superseded by any greater prohibitions or restrictions prescribed by federal or state securities law and/or regulations.

Questions

Questions regarding this Policy should be directed to the Senior Vice President, General Counsel & Secretary, Vice President Benefits Administration or Director of Stockholder Services.

Exhibit 21

Subsidiaries of the Registrant

Publix Alabama, LLC (filed in Alabama)

Publix Apron’s Event Planning and Catering, LLC (filed in Florida)

Publix Asset Management Company (filed in Florida)

Publix Associate Services, LLC (filed in Florida)

Publix North Carolina, LP (filed in Florida)

Publix North Carolina Employee Services, LLC (filed in Florida)

Publix Tennessee, LLC (filed in Florida)

Central and Second Insurance Company (filed in Georgia)

Morning Song, LLC (filed in Florida)

PSM F1, Inc. (filed in Florida)

PTO, LLC (filed in Florida)

Real Sub, LLC (filed in Florida)

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the registration statements (No. 333-232785, No. 033-55867, No. 333-62705, No. 333-63544, No. 333-147049 and No. 333-177948) on Form S-8 of our report dated March 3, 2025, with respect to the consolidated financial statements of Publix Super Markets, Inc.

/s/ KPMG LLP

Tampa, Florida

March 3, 2025

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, Randall T. Jones, Sr., certify that:

1. I have reviewed this Annual Report on Form 10-K of Publix Super Markets, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 3, 2025

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Executive Chairman

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, Kevin S. Murphy, certify that:

1. I have reviewed this Annual Report on Form 10-K of Publix Super Markets, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 3, 2025

/s/ Kevin S. Murphy

Kevin S. Murphy

Chief Executive Officer

Exhibit 31.3

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, David P. Phillips, certify that:

1. I have reviewed this Annual Report on Form 10-K of Publix Super Markets, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 3, 2025

/s/ David P. Phillips

David P. Phillips

Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Annual Report on Form 10-K of Publix Super Markets, Inc. (Company) for the period ended December 28, 2024 (Report) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

I, Randall T. Jones, Sr., Executive Chairman of the Company, certify, to the best of my knowledge, that on the date hereof:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Executive Chairman

March 3, 2025

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin S. Murphy, Chief Executive Officer of the Company, certify, to the best of my knowledge, that on the date hereof:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kevin S. Murphy

Kevin S. Murphy

Chief Executive Officer

March 3, 2025

Exhibit 32.3

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David P. Phillips, Chief Financial Officer of the Company, certify, to the best of my knowledge, that on the date hereof:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David P. Phillips

David P. Phillips

Executive Vice President, Chief Financial Officer and Treasurer

March 3, 2025

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 28, 2024	Feb. 04, 2025	Jun. 28, 2024
Document Documentand Entity Information [Abstract]
Document Type	10-K
Amendment Flag - Incentive Based Compensation	false
Document Annual Report	true
Document Period End Date	Dec. 28, 2024
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Entity File Number	000-00981
Entity Registrant Name	PUBLIX SUPER MARKETS, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0324412
Entity Address, Address Line One	3300 Publix Corporate Parkway, Lakeland, Florida
Entity Address, City or Town	Lakeland
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33811
City Area Code	(863)
Local Phone Number	688-1188
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 34,682,000,000
Entity Common Stock, Shares Outstanding		3,253,000,000
Document Fiscal Period Focus	FY
Entity Central Index Key	0000081061
Document Transition Report	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Tampa, Florida

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents at beginning of year	$ 856	$ 865
Short-term investments	2,800	1,899
Trade receivables	1,228	1,174
Inventories	2,613	2,462
Prepaid expenses	191	82
Total current assets	7,688	6,482
Long-term investments	12,258	11,867
Other noncurrent assets	856	730
Operating lease right-of-use assets	3,030	3,121
Property, plant and equipment:
Land	2,811	2,491
Buildings and improvements	8,619	7,660
Furniture, fixtures and equipment	7,625	7,114
Leasehold improvements	2,088	1,999
Finance lease right-of-use assets	1,055	752
Construction in progress	430	377
Property, plant and equipment	22,628	20,393
Accumulated depreciation	(8,859)	(8,209)
Net property, plant and equipment	13,769	12,184
Total assets	37,601	34,384
Current liabilities:
Accounts payable	2,949	2,931
Accrued expenses:
Contributions to retirement plans	757	730
Self-insurance reserves	282	263
Salaries and wages	310	226
Other	765	554
Current portion of operating lease liabilities	354	361
Income taxes	0	217
Total current liabilities	5,417	5,282
Deferred income taxes	1,078	764
Self-insurance reserves	269	263
Operating lease liabilities	2,511	2,624
Finance lease liabilities	668	536
Other noncurrent liabilities	230	244
Total liabilities	10,173	9,713
Common stock related to Employee Stock Ownership Plan (ESOP)	4,530	4,220
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued and outstanding 3,258 shares in 2024 and 3,294 shares in 2023	3,258	3,294
Additional paid-in capital	2,323	2,005
Retained earnings	22,087	19,741
Accumulated other comprehensive losses	(275)	(404)
Common stock related to ESOP	(4,530)	(4,220)
Total stockholders’ equity	22,863	20,416
Noncontrolling interests	35	35
Total equity	27,428	24,671
Commitments and contingencies	0	0
Total liabilities and stockholders' equity	$ 37,601	$ 34,384

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Dec. 28, 2024	Dec. 30, 2023
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	4,000	4,000
Common stock, shares issued	3,258	3,294
Common stock, shares outstanding	3,258	3,294

Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Revenues:
Sales	$ 59,736	$ 57,096	$ 54,534
Other operating income	441	438	408
Total revenues	60,177	57,534	54,942
Costs and expenses:
Cost of merchandise sold	44,428	42,089	39,938
Operating and administrative expenses	11,281	10,972	10,245
Total costs and expenses	55,709	53,061	50,183
Operating profit	4,468	4,473	4,759
Investment income	1,223	863
Investment (loss)			(1,262)
Other nonoperating income, net	118	106	89
Earnings before income tax expense	5,809	5,442	3,586
Income tax expense	1,174	1,093	668
Net earnings	$ 4,635	$ 4,349	$ 2,918
Weighted average shares outstanding	3,284	3,320	3,379
Earnings per share	$ 1.41	$ 1.31	$ 0.86

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 4,635	$ 4,349	$ 2,918
Other comprehensive earnings (losses):
Unrealized gain (loss) on debt securities net of income taxes of $43, $70 and $(214) in 2024, 2023 and 2022, respectively.	127	206	(626)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes of $(0.4) and $1 in 2024 and 2022, respectively.	(2)	0	1
Adjustment to postretirement benefit obligation net of income taxes of $1, $(0.4) and $7 in 2024, 2023 and 2022, respectively.	4	(1)	21
Comprehensive earnings	$ 4,764	$ 4,554	$ 2,314

Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities net of income taxes	$ 43,000	$ 70,000	$ (214,000)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes	(400)	0	1,000
Adjustment to postretirement benefit obligation net of income taxes	$ 1,000	$ (400)	$ 7,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Cash flows from operating activities:
Cash received from customers	$ 60,030	$ 57,339	$ 54,598
Cash paid to employees and suppliers	(53,726)	(51,350)	(48,767)
Income taxes paid	(950)	(653)	(520)
Self-insured claims paid	(640)	(544)	(507)
Dividends and interest received	452	401	330
Other operating cash receipts	438	435	406
Other operating cash payments	(36)	(28)	(36)
Net cash provided by operating activities	5,568	5,600	5,504
Cash flows from investing activities:
Payment for capital expenditures	(2,612)	(1,993)	(1,768)
Proceeds from sale of property, plant and equipment	22	13	22
Payment for investments	(3,321)	(3,031)	(2,061)
Proceeds from sale and maturity of investments	2,891	1,164	1,512
Net cash used in investing activities	(3,020)	(3,847)	(2,295)
Cash flows from financing activities:
Payment for acquisition of common stock	(1,393)	(1,165)	(2,137)
Proceeds from sale of common stock	283	278	382
Dividends paid	(1,388)	(1,296)	(1,166)
Repayment of finance leases and long-term debt	(59)	(39)	(77)
Other, net	0	(2)	(7)
Net cash used in financing activities	(2,557)	(2,224)	(3,005)
Net (decrease) increase in cash and cash equivalents	(9)	(471)	204
Cash and cash equivalents at beginning of year	865	1,336	1,132
Cash and cash equivalents at end of year	856	865	1,336
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	4,635	4,349	2,918
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,008	914	838
Increase in last-in, first-out (LIFO) reserve	20	88	147
Retirement contributions paid or payable in common stock	517	492	451
Deferred income taxes	270	119	(250)
Loss on disposal and impairment of long-lived assets	21	3	10
(Gain) loss on investments	(790)	(484)	1,518
Net amortization of investments	22	46	80
Change in operating assets and liabilities providing (requiring) cash:
Trade receivables	(54)	(68)	(202)
Inventories	(171)	(209)	(434)
Other assets	127	318	89
Accounts payable and accrued expenses	138	58	30
Income taxes	(180)	(9)	292
Other liabilities	5	(17)	17
Total adjustments	933	1,251	2,586
Net cash provided by operating activities	$ 5,568	$ 5,600	$ 5,504

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock (Acquired from) Sold to Stock- holders	Accumu- lated Other Compre- hensive Earnings (Losses)	Common Stock Related to ESOP
Beginning Balance at Dec. 25, 2021	$ 18,170	$ 3,418	$ 1,426	$ 17,156	$ 0	$ (5)	$ (3,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	2,314			2,918		(604)
Dividends per share	(1,166)			(1,166)
Contribution of shares to retirement plans	427	20	254		153
Acquisition of shares from stockholders	(2,137)				(2,137)
Sale of shares to stockholders	382	0	7		375
Retirement of shares	0	(114)		(1,495)	1,609
Change for ESOP related shares	(204)						(204)
Ending Balance at Dec. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	4,554			4,349		205
Dividends per share	(1,296)			(1,296)
Contribution of shares to retirement plans	450	22	309		119
Acquisition of shares from stockholders	(1,165)				(1,165)
Sale of shares to stockholders	278	0	9		269
Retirement of shares	0	(52)		(725)	777
Change for ESOP related shares	(191)						(191)
Ending Balance at Dec. 30, 2023	20,416	3,294	2,005	19,741	0	(404)	(4,220)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	4,764			4,635		129
Dividends per share	(1,388)			(1,388)
Contribution of shares to retirement plans	491	22	312		157
Acquisition of shares from stockholders	(1,393)				(1,393)
Sale of shares to stockholders	283	0	6		277
Retirement of shares	0	(58)		(901)	959
Change for ESOP related shares	(310)						(310)
Ending Balance at Dec. 28, 2024	$ 22,863	$ 3,258	$ 2,323	$ 22,087	$ 0	$ (275)	$ (4,530)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares shares in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends, per share	$ 0.4225	$ 0.39	$ 0.344
Contribution of shares to retirement plans	32	31	31
Acquisition of shares from stockholders	85	79	152
Sale of shares to stockholders	17	18	27
Retirement of shares	58	52	114

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 28, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies [Text Block]	(1) Summary of Significant Accounting Policies (a)Business Publix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Company was founded in 1930 and has no other significant lines of business or industry segments. (b)Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. (c)Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2024 and 2023 include 52 weeks and fiscal year 2022 includes 53 weeks. (d)Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. (e)Trade Receivables Trade receivables primarily include amounts due from vendor rebates, debit and credit card sales and pharmacy third party insurance reimbursements. (f)Inventories Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 81% of inventories as of December 28, 2024 and December 30, 2023. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items due to fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $913 million and $893 million as of December 28, 2024 and December 30, 2023, respectively. (g)Investments Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the specific identification method. (h)Leases The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. The Company recognizes right-of-use assets and lease liabilities based on the present value of future lease payments. Future lease payments include the initial lease term and any renewal options to the extent it is reasonably certain the option will be exercised. The present value of future lease payments is determined by using the Company’s incremental borrowing rate at the time of lease commencement. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost. The annual sales projections are reviewed periodically and adjusted if necessary. (i)Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10‑40 years); furniture, fixtures and equipment (3‑20 years); leasehold improvements (10‑20 years); and finance lease right-of-use assets (5‑20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings. (j)Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including buildings and improvements, furniture, fixtures and equipment, leasehold improvements and operating and finance lease right-of-use assets, are evaluated for impairment at the supermarket level. (k)Self-Insurance The Company is generally self-insured for claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. (l)Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial gains and losses are amortized from accumulated other comprehensive earnings (losses) into net periodic postretirement benefit cost over future years when the accumulation of such gains or losses exceeds 10% of the year end postretirement benefit obligation. The Company included the accrued postretirement benefit obligation of $86 million and $92 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively. (m)Long-Term Debt The Company’s long-term debt results primarily from the consolidation of loans of certain joint ventures and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. The Company included long-term debt of $20 million and $42 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively. (n)Comprehensive Earnings (Losses) Comprehensive earnings (losses) include net earnings and other comprehensive earnings (losses). Other comprehensive earnings (losses) include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings (losses) are certain unrealized gains and losses on debt securities and adjustments to the postretirement benefit obligation net of income taxes. (o)Revenue Recognition The Company generates revenue through its retail food supermarkets by selling perishable products (including dairy, produce, floral, deli, bakery, meat, seafood and frozen foods) and non-perishable products and services (including grocery, health and beauty care, general merchandise, pharmacy and other goods and services). Perishable products as a percentage of sales were 47%, 48% and 49% in 2024, 2023 and 2022, respectively. Non-perishable products and services as a percentage of sales were 53%, 52% and 51% in 2024, 2023 and 2022, respectively. Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes. (p)Other Operating Income Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily automated teller transaction fees, licensee sales commissions, lottery commissions, mall gift card commissions, money transfer fees and vending machine commissions. (q)Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Rebates received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These vendor rebates are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. (r)Advertising Costs Advertising costs are expensed as incurred and were $308 million, $318 million and $317 million for 2024, 2023 and 2022, respectively. (s)Other Nonoperating Income, net Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. (t)Income Taxes Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. Generally, the Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. In addition to its renewable energy investments, the Company also purchases transferable renewable energy investment tax credits. (u)Common Stock and Earnings Per Share Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. (v)Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (w) Reclassification Certain 2023 amounts have been reclassified to conform with the 2024 presentation in the consolidated balance sheets.

Fair Value of Financial Instruments (Notes)

12 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments [Text Block]

(2) Fair Value of Financial Instruments

The fair value of investments is based on market prices using the following measurement categories:

Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (primarily exchange traded funds).

Following is a summary of fair value measurements for investments as of December 28, 2024 and December 30, 2023:


	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
December 28, 2024	$	15,058	3,492	11,566	—
December 30, 2023	13,766		2,665	11,101	—

Investments (Notes)

12 Months Ended

Dec. 28, 2024

Investments, Debt and Equity Securities [Abstract]

Investments Disclosure [Text Block]

(3) Investments

(a)Debt Securities

Following is a summary of debt securities as of December 28, 2024 and December 30, 2023:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
2024
Taxable bonds	$	11,765		19		402	11,382

Restricted investments	185			—		1	184
	$	11,950		19		403	11,566
2023
Taxable bonds	$	11,467		23		574	10,916

Restricted investments	186			2		3	185
	$	11,653		25		577	11,101

Following is a summary of the cost and fair value of debt securities by expected maturity as of December 28, 2024 and December 30, 2023:


	2024			2023
	Cost		Fair Value	Cost	Fair Value
			(Amounts are in millions)
Due in one year or less	$	2,825	2,800	1,906	1,899
Due after one year through five years	7,339		6,993	9,404	8,853
Due after five years through ten years	1,776		1,763	327	333
Due after ten years	10		10	16	16
	$	11,950	11,566	11,653	11,101

The Company had no debt securities with credit losses as of December 28, 2024 and December 30, 2023.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 28, 2024 and December 30, 2023:


	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
2024

Taxable bonds	$	1,810		17	7,282		385	9,092		402
Restricted investments	24			—	26		1	50		1
	$	1,834		17	7,308		386	9,142		403
2023

Taxable bonds	$	1,276		2	7,845		572	9,121		574
Restricted investments	30			1	76		2	106		3
	$	1,306		3	7,921		574	9,227		577

(b)Equity Securities

The fair value of equity securities was $3.5 billion and $2.7 billion as of December 28, 2024 and December 30, 2023, respectively.

(c)Investment Income (Loss)

Following is a summary of investment income (loss) for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Interest and dividend income		$	433		379		256
Net realized gain (loss) on investments		2			134		(2)
		435			513		254
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year		788			398		(1,516)
Net gain on sale of equity securities previously recognized through fair value adjustment		—			(48)		—
		$	1,223		863		(1,262)

Lessee, Leases (Notes)

12 Months Ended

Dec. 28, 2024

Lessee Disclosure [Abstract]

Lessee, Operating Leases [Text Block]

Lessee

Following is a summary of lease expense for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating lease expense		$	481		475		457
Finance lease expense:
Amortization of right-of-use assets		48			32		29
Interest on lease liabilities		27			17		15
Variable lease expense		211			203		181
Sublease rental income		(1)			(1)		(1)
		$	766		726		681

Following is a summary of supplemental cash flow information related to leases for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating cash flows from rent paid for operating lease liabilities		$	469		467		451



Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		343			483		445
Finance leases		216			150		96

Following is a summary of the weighted average remaining lease term and weighted average discount rate as of December 28, 2024 and December 30, 2023:


	2024			2023
Weighted average remaining lease term:
Operating leases		11 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		4.1	%		4.0	%
Finance leases		4.4	%		4.1	%

Following is a summary of maturities of lease liabilities as of December 28, 2024:



Year	Operating Leases		Finance Leases
	(Amounts are in millions)
2025	$	464	58
2026	432		58
2027	389		58
2028	338		58
2029	280		58
Thereafter	1,729		712
	3,632		1,002
Less: Imputed interest	(767)		(306)
	$	2,865	696

Lessee, Finance Leases [Text Block]

Lessee

Following is a summary of lease expense for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating lease expense		$	481		475		457
Finance lease expense:
Amortization of right-of-use assets		48			32		29
Interest on lease liabilities		27			17		15
Variable lease expense		211			203		181
Sublease rental income		(1)			(1)		(1)
		$	766		726		681

Following is a summary of supplemental cash flow information related to leases for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating cash flows from rent paid for operating lease liabilities		$	469		467		451



Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		343			483		445
Finance leases		216			150		96

Following is a summary of the weighted average remaining lease term and weighted average discount rate as of December 28, 2024 and December 30, 2023:


	2024			2023
Weighted average remaining lease term:
Operating leases		11 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		4.1	%		4.0	%
Finance leases		4.4	%		4.1	%

Following is a summary of maturities of lease liabilities as of December 28, 2024:



Year	Operating Leases		Finance Leases
	(Amounts are in millions)
2025	$	464	58
2026	432		58
2027	389		58
2028	338		58
2029	280		58
Thereafter	1,729		712
	3,632		1,002
Less: Imputed interest	(767)		(306)
	$	2,865	696

Lessor, Leases (Notes)

12 Months Ended

Dec. 28, 2024

Lessor Disclosure [Abstract]

Lessor, Operating Leases [Text Block]

(b) Lessor

Following is a summary of total lease income for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Lease income		$	219		193		173
Variable lease income		67			60		49
		$	286		253		222

Following is a summary of future fixed lease payments for all noncancelable operating leases as of December 28, 2024:


Year
(Amounts are in millions)
2025	$	225
2026	190
2027	154
2028	114
2029	74
Thereafter	261
	$	1,018

Self-Insurance Reserves (Notes)

12 Months Ended

Dec. 28, 2024

Self-Insurance Reserves [Abstract]

Self-Insurance Reserves [Text Block]

(5) Self-Insurance Reserves

Following is a reconciliation of the self-insurance reserves for 2024, 2023 and 2022:


	Balance at Beginning of Year			Additions Charged to Income		Deductions From Reserves		Balance at End of Year
	(Amounts are in millions)
2024


Current		$	263		659		640		282
Noncurrent		263			6		—		269
		$	526		665		640		551
2023


Current		$	210		597		544		263
Noncurrent		268			(5)		—		263
		$	478		592		544		526
2022


Current		$	191		526		507		210
Noncurrent		249			19		—		268
		$	440		545		507		478

Retirement Plans (Notes)	12 Months Ended
Retirement Plans (Notes)	Dec. 28, 2024
Retirement Benefits [Abstract]
Retirement Plans [Text Block]	(6) Retirement Plans The Company has a trusteed, noncontributory ESOP for the benefit of eligible employees. The Company recognizes an expense related to the Company’s discretionary contribution to the ESOP that is approved by the Board of Directors each year. ESOP contributions can be made in Company common stock or cash. Compensation expense recorded for contributions to this plan was $516 million, $491 million and $450 million for 2024, 2023 and 2022, respectively. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $661 million and $604 million as of December 28, 2024 and December 30, 2023, respectively. The cost of the shares held by the ESOP totaled $3.9 billion and $3.6 billion as of December 28, 2024 and December 30, 2023, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the consolidated balance sheets and totaled $4.5 billion and $4.2 billion as of December 28, 2024 and December 30, 2023, respectively. The fair value of the shares held by the ESOP totaled $12.9 billion and $11.2 billion as of December 28, 2024 and December 30, 2023, respectively. The Company has a 401(k) Plan for the benefit of eligible employees. The 401(k) Plan is a voluntary defined contribution plan. Eligible employees may contribute up to 30% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2024, 2023 and 2022, the Board of Directors approved a match of 50% of eligible annual contributions up to 3% of eligible annual compensation, not to exceed a maximum match of $750 per employee. Compensation expense recorded for the Company’s match to the 401(k) Plan was $50 million, $48 million and $47 million for 2024, 2023 and 2022, respectively. The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries.

Income Taxes (Notes)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Income Taxes Disclosure [Text Block]

(7) Income Taxes

Following is a summary of the allocation of total income taxes for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Earnings	$	1,174	1,093	668
Other comprehensive earnings (losses)	44		70	(206)
	$	1,218	1,163	462

Following is a summary of the provision for income taxes for 2024, 2023 and 2022:


	Current		Deferred	Total
	(Amounts are in millions)
2024
Federal	$	846	197	1,043
State	58		73	131
	$	904	270	1,174
2023
Federal	$	848	111	959
State	126		8	134
	$	974	119	1,093
2022
Federal	$	810	(175)	635
State	108		(75)	33
	$	918	(250)	668


	2024		2023	2022
	(Amounts are in millions)
Federal tax at statutory income tax rate	$	1,220	1,143	753
State income taxes (net of federal tax benefit)	103		106	26
ESOP dividend	(65)		(62)	(58)
Renewable energy investment tax credits	(45)		(58)	(16)
Other, net	(39)		(36)	(37)

	$	1,174	1,093	668

Following is a summary of the tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 28, 2024 and December 30, 2023:


	2024		2023
	(Amounts are in millions)
Deferred tax liabilities and (assets):
Property, plant and equipment	$	971	905
Lease assets	828		847
Investments	340		67
Inventories	54		60
Lease liabilities	(905)		(901)
Self-insurance reserves	(112)		(108)
Retirement plan contributions	(48)		(48)
Postretirement benefit cost	(24)		(25)
Vendor rebates	(11)		(15)

Other	(15)		(18)

	$	1,078	764

Accumulated Other Comprehensive Earnings (Losses) (Notes)

12 Months Ended

Dec. 28, 2024

Equity [Abstract]

Accumulated Other Comprehensive Earnings (Losses)[Text Block]

(8) Accumulated Other Comprehensive Earnings (Losses)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2024, 2023 and 2022:


	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(626)			—		(626)
Net realized loss on debt securities reclassified to investment income		1			—		1
Adjustment to postretirement benefit obligation		—			21		21
Net other comprehensive (losses) earnings		(625)			21		(604)

Balances at December 31, 2022		(618)			9		(609)
Unrealized gain on debt securities		206			—		206

Adjustment to postretirement benefit obligation		—			(1)		(1)
Net other comprehensive earnings (losses)		206			(1)		205

Balances at December 30, 2023		(412)			8		(404)
Unrealized gain on debt securities		127			—		127
Net realized gain on debt securities reclassified to investment income		(2)			—		(2)
Adjustment to postretirement benefit obligation		—			4		4
Net other comprehensive earnings		125			4		129

Balances at December 28, 2024		$	(287)		12		(275)

Segment Reporting

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure

Segment Reporting

Following is a summary of information for the Company’s single reportable segment for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Revenues:
Sales	$	59,736	57,096	54,534
Other operating income	441		438	408
Total revenues	60,177		57,534	54,942
Less:
Cost of merchandise sold	44,428		42,089	39,938
Other segment items (1)	11,281		10,972	10,245
Operating profit	4,468		4,473	4,759
Nonoperating income (loss)	1,341		969	(1,173)
Less: Income tax expense	1,174		1,093	668
Net earnings	$	4,635	4,349	2,918

Net earnings excluding impact of fair value adjustment (2) (unaudited)	$	4,047	4,089	4,049
Total assets	37,601		34,384	31,047
Depreciation and amortization	1,008		914	838
Payment for capital expenditures	2,612		1,993	1,768

(1)Other segment items includes payroll costs, depreciation and amortization, lease expense, other facility costs, advertising and other operating expenses.

Commitments and Contingencies (Notes)	12 Months Ended
Commitments and Contingencies (Notes)	Dec. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies [Text Block]	(10) Commitments and Contingencies The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business, including employment, personal injury, commercial and other matters. Some lawsuits also contain class action allegations. Litigation is inherently unpredictable. Any claims against the Company, whether meritorious or not, could result in costly litigation that could adversely affect the Company’s business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Subsequent Event (Notes)	12 Months Ended
Subsequent Event (Notes)	Dec. 28, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(11) Subsequent Event On January 2, 2025, the Company declared a quarterly dividend on its common stock of $0.1075 per share or $350 million, payable February 3, 2025 to stockholders of record as of the close of business January 15, 2025.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net earnings	$ 4,635	$ 4,349	$ 2,918

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 28, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 28, 2024
Accounting Policies [Abstract]
Business [Text Block]	BusinessPublix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina, Virginia and Kentucky. The Company was founded in 1930 and has no other significant lines of business or industry segments.
Principles of Consolidation [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation.
Fiscal Year [Policy Text Block]	Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2024 and 2023 include 52 weeks and fiscal year 2022 includes 53 weeks.
Cash Equivalents [Policy Text Block]	Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents.
Trade Receivables [Policy Text Block]	Trade Receivables Trade receivables primarily include amounts due from vendor rebates, debit and credit card sales and pharmacy third party insurance reimbursements.
Inventories [Policy Text Block]	Inventories Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 81% of inventories as of December 28, 2024 and December 30, 2023. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items due to fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $913 million and $893 million as of December 28, 2024 and December 30, 2023, respectively.
Investments [Policy Text Block]	Investments Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the specific identification method.
Lessee, Leases [Policy Text Block]	Leases The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. The Company recognizes right-of-use assets and lease liabilities based on the present value of future lease payments. Future lease payments include the initial lease term and any renewal options to the extent it is reasonably certain the option will be exercised. The present value of future lease payments is determined by using the Company’s incremental borrowing rate at the time of lease commencement. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost. The annual sales projections are reviewed periodically and adjusted if necessary.
Property, Plant and Equipment and Depreciation [Policy Text Block]	Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10‑40 years); furniture, fixtures and equipment (3‑20 years); leasehold improvements (10‑20 years); and finance lease right-of-use assets (5‑20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings.
Long-Lived Assets [Policy Text Block]	Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including buildings and improvements, furniture, fixtures and equipment, leasehold improvements and operating and finance lease right-of-use assets, are evaluated for impairment at the supermarket level.
Self-Insurance [Policy Text Block]	Self-Insurance The Company is generally self-insured for claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted.
Postretirement Benefit [Policy Text Block]	Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial gains and losses are amortized from accumulated other comprehensive earnings (losses) into net periodic postretirement benefit cost over future years when the accumulation of such gains or losses exceeds 10% of the year end postretirement benefit obligation. The Company included the accrued postretirement benefit obligation of $86 million and $92 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively.
Long-Term Debt [Text Block]	Long-Term Debt The Company’s long-term debt results primarily from the consolidation of loans of certain joint ventures and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. The Company included long-term debt of $20 million and $42 million in other noncurrent liabilities on the consolidated balance sheets as of December 28, 2024 and December 30, 2023, respectively.
Comprehensive Earnings [Policy Text Block]	Comprehensive Earnings (Losses) Comprehensive earnings (losses) include net earnings and other comprehensive earnings (losses). Other comprehensive earnings (losses) include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings (losses) are certain unrealized gains and losses on debt securities and adjustments to the postretirement benefit obligation net of income taxes.
Revenue Recognition [Policy Text Block]	Revenue Recognition The Company generates revenue through its retail food supermarkets by selling perishable products (including dairy, produce, floral, deli, bakery, meat, seafood and frozen foods) and non-perishable products and services (including grocery, health and beauty care, general merchandise, pharmacy and other goods and services). Perishable products as a percentage of sales were 47%, 48% and 49% in 2024, 2023 and 2022, respectively. Non-perishable products and services as a percentage of sales were 53%, 52% and 51% in 2024, 2023 and 2022, respectively. Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes.
Other Operating Income [Policy Text Block]	Other Operating Income Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily automated teller transaction fees, licensee sales commissions, lottery commissions, mall gift card commissions, money transfer fees and vending machine commissions.
Cost of Merchandise Sold [Policy Text Block]	Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Rebates received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These vendor rebates are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements.
Advertising Costs [Policy Text Block]	Advertising Costs Advertising costs are expensed as incurred and were $308 million, $318 million and $317 million for 2024, 2023 and 2022, respectively.
Other Nonoperating Income, net [Policy Text Block]	Other Nonoperating Income, net Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income.
Income Taxes [Policy Text Block]	Income Taxes Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. Generally, the Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. In addition to its renewable energy investments, the Company also purchases transferable renewable energy investment tax credits.
Common Stock and Earnings Per Share [Policy Text Block]	Common Stock and Earnings Per Share Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan.
Use of Estimates [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications [Policy Text Block]	Reclassification Certain 2023 amounts have been reclassified to conform with the 2024 presentation in the consolidated balance sheets.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements [Table Text Block]

Following is a summary of fair value measurements for investments as of December 28, 2024 and December 30, 2023:


	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
December 28, 2024	$	15,058	3,492	11,566	—
December 30, 2023	13,766		2,665	11,101	—

Investments (Tables)

12 Months Ended

Dec. 28, 2024

Investments, Debt and Equity Securities [Abstract]

Available For Sale Debt Securities [Table Text Block]

Following is a summary of debt securities as of December 28, 2024 and December 30, 2023:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
2024
Taxable bonds	$	11,765		19		402	11,382

Restricted investments	185			—		1	184
	$	11,950		19		403	11,566
2023
Taxable bonds	$	11,467		23		574	10,916

Restricted investments	186			2		3	185
	$	11,653		25		577	11,101

Amortized Cost and Fair Value of Available for Sale Debt Securities by Expected Maturity [Table Text Block]

Following is a summary of the cost and fair value of debt securities by expected maturity as of December 28, 2024 and December 30, 2023:


	2024			2023
	Cost		Fair Value	Cost	Fair Value
			(Amounts are in millions)
Due in one year or less	$	2,825	2,800	1,906	1,899
Due after one year through five years	7,339		6,993	9,404	8,853
Due after five years through ten years	1,776		1,763	327	333
Due after ten years	10		10	16	16
	$	11,950	11,566	11,653	11,101

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 28, 2024 and December 30, 2023:


	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
2024

Taxable bonds	$	1,810		17	7,282		385	9,092		402
Restricted investments	24			—	26		1	50		1
	$	1,834		17	7,308		386	9,142		403
2023

Taxable bonds	$	1,276		2	7,845		572	9,121		574
Restricted investments	30			1	76		2	106		3
	$	1,306		3	7,921		574	9,227		577

Investment Income (Loss) [Table Text Block]

Following is a summary of investment income (loss) for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Interest and dividend income		$	433		379		256
Net realized gain (loss) on investments		2			134		(2)
		435			513		254
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year		788			398		(1,516)
Net gain on sale of equity securities previously recognized through fair value adjustment		—			(48)		—
		$	1,223		863		(1,262)

Lessee, Leases (Tables)

12 Months Ended

Dec. 28, 2024

Lessee Disclosure [Abstract]

Lease, Cost [Table Text Block]

Following is a summary of lease expense for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating lease expense		$	481		475		457
Finance lease expense:
Amortization of right-of-use assets		48			32		29
Interest on lease liabilities		27			17		15
Variable lease expense		211			203		181
Sublease rental income		(1)			(1)		(1)
		$	766		726		681

Following is a summary of supplemental cash flow information related to leases for 2024, 2023 and 2022:



	2024			2023		2022
	(Amounts are in millions)
Operating cash flows from rent paid for operating lease liabilities		$	469		467		451



Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		343			483		445
Finance leases		216			150		96

Following is a summary of the weighted average remaining lease term and weighted average discount rate as of December 28, 2024 and December 30, 2023:


	2024			2023
Weighted average remaining lease term:
Operating leases		11 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		4.1	%		4.0	%
Finance leases		4.4	%		4.1	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]



Year	Operating Leases		Finance Leases
	(Amounts are in millions)
2025	$	464	58
2026	432		58
2027	389		58
2028	338		58
2029	280		58
Thereafter	1,729		712
	3,632		1,002
Less: Imputed interest	(767)		(306)
	$	2,865	696

Lessee, Finance Lease, Liability, Maturity [Table Text Block]



Year	Operating Leases		Finance Leases
	(Amounts are in millions)
2025	$	464	58
2026	432		58
2027	389		58
2028	338		58
2029	280		58
Thereafter	1,729		712
	3,632		1,002
Less: Imputed interest	(767)		(306)
	$	2,865	696

Lessor, Operating Leases (Tables)

12 Months Ended

Dec. 28, 2024

Lessor Disclosure [Abstract]

Operating Lease, Lease Income [Table Text Block]

Following is a summary of total lease income for 2024, 2023 and 2022:


	2024			2023		2022
	(Amounts are in millions)
Lease income		$	219		193		173
Variable lease income		67			60		49
		$	286		253		222

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

Following is a summary of future fixed lease payments for all noncancelable operating leases as of December 28, 2024:


Year
(Amounts are in millions)
2025	$	225
2026	190
2027	154
2028	114
2029	74
Thereafter	261
	$	1,018

Self-Insurance Reserves (Tables)

12 Months Ended

Dec. 28, 2024

Self-Insurance Reserves [Abstract]

Valuation of Qualifying Accounts [Table Text Block]

Following is a reconciliation of the self-insurance reserves for 2024, 2023 and 2022:


	Balance at Beginning of Year			Additions Charged to Income		Deductions From Reserves		Balance at End of Year
	(Amounts are in millions)
2024


Current		$	263		659		640		282
Noncurrent		263			6		—		269
		$	526		665		640		551
2023


Current		$	210		597		544		263
Noncurrent		268			(5)		—		263
		$	478		592		544		526
2022


Current		$	191		526		507		210
Noncurrent		249			19		—		268
		$	440		545		507		478

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Schedule Of Allocation Of Income Taxes [Table Text Block]

Following is a summary of the allocation of total income taxes for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Earnings	$	1,174	1,093	668
Other comprehensive earnings (losses)	44		70	(206)
	$	1,218	1,163	462

Provision for Income Taxes [Table Text Block]

Following is a summary of the provision for income taxes for 2024, 2023 and 2022:


	Current		Deferred	Total
	(Amounts are in millions)
2024
Federal	$	846	197	1,043
State	58		73	131
	$	904	270	1,174
2023
Federal	$	848	111	959
State	126		8	134
	$	974	119	1,093
2022
Federal	$	810	(175)	635
State	108		(75)	33
	$	918	(250)	668

Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes [Table Text Block]


	2024		2023	2022
	(Amounts are in millions)
Federal tax at statutory income tax rate	$	1,220	1,143	753
State income taxes (net of federal tax benefit)	103		106	26
ESOP dividend	(65)		(62)	(58)
Renewable energy investment tax credits	(45)		(58)	(16)
Other, net	(39)		(36)	(37)

	$	1,174	1,093	668

Tax Effects of Temporary Differences That Give Rise to Deferred Income Taxes [Table Text Bock]

Following is a summary of the tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 28, 2024 and December 30, 2023:


	2024		2023
	(Amounts are in millions)
Deferred tax liabilities and (assets):
Property, plant and equipment	$	971	905
Lease assets	828		847
Investments	340		67
Inventories	54		60
Lease liabilities	(905)		(901)
Self-insurance reserves	(112)		(108)
Retirement plan contributions	(48)		(48)
Postretirement benefit cost	(24)		(25)
Vendor rebates	(11)		(15)

Other	(15)		(18)

	$	1,078	764

Accumulated Other Comprehensive Earnings (Losses) (Tables)

12 Months Ended

Dec. 28, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2024, 2023 and 2022:


	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(626)			—		(626)
Net realized loss on debt securities reclassified to investment income		1			—		1
Adjustment to postretirement benefit obligation		—			21		21
Net other comprehensive (losses) earnings		(625)			21		(604)

Balances at December 31, 2022		(618)			9		(609)
Unrealized gain on debt securities		206			—		206

Adjustment to postretirement benefit obligation		—			(1)		(1)
Net other comprehensive earnings (losses)		206			(1)		205

Balances at December 30, 2023		(412)			8		(404)
Unrealized gain on debt securities		127			—		127
Net realized gain on debt securities reclassified to investment income		(2)			—		(2)
Adjustment to postretirement benefit obligation		—			4		4
Net other comprehensive earnings		125			4		129

Balances at December 28, 2024		$	(287)		12		(275)

Segment Reporting (Tables)

12 Months Ended

Dec. 28, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Following is a summary of information for the Company’s single reportable segment for 2024, 2023 and 2022:


	2024		2023	2022
	(Amounts are in millions)
Revenues:
Sales	$	59,736	57,096	54,534
Other operating income	441		438	408
Total revenues	60,177		57,534	54,942
Less:
Cost of merchandise sold	44,428		42,089	39,938
Other segment items (1)	11,281		10,972	10,245
Operating profit	4,468		4,473	4,759
Nonoperating income (loss)	1,341		969	(1,173)
Less: Income tax expense	1,174		1,093	668
Net earnings	$	4,635	4,349	2,918

Net earnings excluding impact of fair value adjustment (2) (unaudited)	$	4,047	4,089	4,049
Total assets	37,601		34,384	31,047
Depreciation and amortization	1,008		914	838
Payment for capital expenditures	2,612		1,993	1,768

(1)Other segment items includes payroll costs, depreciation and amortization, lease expense, other facility costs, advertising and other operating expenses.

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 28, 2024 USD ($) Age	Dec. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Percent of cost for inventories determined using LIFO	81.00%	81.00%
Excess of Replacement or Current Costs over Stated LIFO Value	$ 913	$ 893
Postretirement Benefits Number of Years of Full Time Service for Eligibility	5 years
Age Plus Years of Credited Service Required to Qualify for Post Retirement Benefits \| Age	65
Minimum Retirement Age For Eligible Employees Of Postretirement Plans \| Age	55
Minimum Years of Full Time Service for Eligible Employees of Postretirement Plans	10 years
Accumulation of Losses Exceeds Benefit Obligation	10.00%
Accrued Postretirement Benefit Obligation	$ 86	92
Long-Term Debt, Excluding Current Maturities	$ 20	$ 42
Percent Revenue from Perishable Products	47.00%	48.00%	49.00%
Percent Revenue from Non-Perishable Products and Services	53.00%	52.00%	51.00%
Advertising costs	$ 308	$ 318	$ 317
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Lessee, Lease, Term of Contract	20 years
Lessee Leases, Renewal Term	5 years

Assets Recorded at Cost and Depreciated Using Straight-Line Method Over Estimated Useful Lives or Terms of Related Leases, If Shorter (Detail)	Dec. 28, 2024
Buildings and improvements [Member] \| Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	10 years
Buildings and improvements [Member] \| Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	40 years
Furniture and fixtures [Member] \| Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	3 years
Furniture and fixtures [Member] \| Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	20 years
Leasehold improvements [Member] \| Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	10 years
Leasehold improvements [Member] \| Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	20 years
Finance lease right-of-use assets [Member] \| Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	5 years
Finance lease right-of-use assets [Member] \| Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Estimated useful life, years	20 years

Summary of Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 15,058	$ 13,766
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,492	2,665
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	11,566	11,101
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Available for Sale Debt Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,950	$ 11,653
Unrealized Gain	19	25
Unrealized Loss	403	577
Fair Value	11,566	11,101
Taxable Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,765	11,467
Unrealized Gain	19	23
Unrealized Loss	402	574
Fair Value	11,382	10,916
Restricted Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185	186
Unrealized Gain	0	2
Unrealized Loss	1	3
Fair Value	$ 184	$ 185

Amortized Cost and Fair Value of Available for Sale Debt Securities by Expected Maturity (Details) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Cost
Due in one year or less	$ 2,825	$ 1,906
Due after one year through five years	7,339	9,404
Due after five years through ten years	1,776	327
Due after ten years	10	16
Amortized Cost	11,950	11,653
Fair Value
Due in one year or less	2,800	1,899
Due after one year through five years	6,993	8,853
Due after five years through ten years	1,763	333
Due after ten years	10	16
Fair Value	$ 11,566	$ 11,101

Investments Investments Allowance for Credit Losses (Details) - USD ($)	Dec. 28, 2024	Dec. 30, 2023
Credit Loss [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0	$ 0

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value (Details) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months	$ 1,834	$ 1,306
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	17	3
Continuous Unrealized Loss Position, 12 Months or Longer	7,308	7,921
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	386	574
Debt Securities, Unrealized Loss Position	9,142	9,227
Debt Securities, Unrealized Loss Position, Accumulated Loss	403	577
Taxable Bonds
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months	1,810	1,276
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	17	2
Continuous Unrealized Loss Position, 12 Months or Longer	7,282	7,845
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	385	572
Debt Securities, Unrealized Loss Position	9,092	9,121
Debt Securities, Unrealized Loss Position, Accumulated Loss	402	574
Restricted Investments
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months	24	30
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	1
Continuous Unrealized Loss Position, 12 Months or Longer	26	76
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1	2
Debt Securities, Unrealized Loss Position	50	106
Debt Securities, Unrealized Loss Position, Accumulated Loss	$ 1	$ 3

Investments - Additional Information (Details) $ in Millions	Dec. 28, 2024 USD ($) Securities	Dec. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions \| Securities	445
Total, Unrealized Losses \| $	$ 403	$ 577

Investments Investments Equity Securities (Details) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Equity Securities	$ 3,500	$ 2,700

Investments Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Investment Income Debt and Equity Securities [Abstract]
Interest and dividend income	$ 433	$ 379	$ 256
Net realized gain (loss) on investments	2	134	(2)
Investment Income Before Fair Value Adjustment	435	513	254
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year	788	398	(1,516)
Net gain on sale of equity securities previously recognized through fair value adjustment	0	(48)	0
Investment income	$ 1,223	$ 863
Investment (loss)			$ (1,262)

Lessee, Leases Lease Cost ASC 842 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease expense	$ 481	$ 475	$ 457
Finance Lease Expense, Amortization of Right-of-Use Assets	48	32	29
Finance Lease Expense, Interest on Lease Liabilities	27	17	15
Variable lease expense	211	203	181
Sublease rental income	(1)	(1)	(1)
Lease Cost	766	726	681
Leases, Supplemental Cash Flow Information [Abstract]
Operating cash flows from rent paid for operating lease liabilities	469	467	451
Right-of-use assets obtained in exchange for new operating lease liabilities	343	483	445
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 216	$ 150	$ 96
Weighted Average Remaining Lease Term/Discount Rate [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	11 years	12 years
Finance Lease, Weighted Average Remaining Lease Term	19 years	18 years
Operating Lease, Weighted Average Discount Rate, Percent	4.10%	4.00%
Finance Lease, Weighted Average Discount Rate, Percent	4.40%	4.10%

Lessee, Leases Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 28, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 464
2026	432
2027	389
2028	338
2029	280
Thereafter	1,729
Total Payments Due	3,632
Less: Imputed Interest	(767)
Operating Lease Liability	$ 2,865

Lessee, Leases Maturities of Finance Lease Liabilities (Details) $ in Millions	Dec. 28, 2024 USD ($)
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 58
2026	58
2027	58
2028	58
2029	58
Thereafter	712
Total Payments Due	1,002
Less: Imputed Interest	(306)
Finance Lease Liability	$ 696

Lessee, Leases, Not Yet Commenced (Details) $ in Millions	12 Months Ended
Lessee, Leases, Not Yet Commenced (Details) $ in Millions	Dec. 28, 2024 USD ($)
Lessee, Operating Lease, Not yet Commenced, Description [Abstract]
Operating Lease, Lease Not Yet Commenced, Expense	$ 562
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	20 years

Lessor, Operating Leases, Lease Income ASC 842 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Operating Lease, Lease Income [Abstract]
Lease Income	$ 219	$ 193	$ 173
Variable Lease Income	67	60	49
Operating Lease Income	$ 286	$ 253	$ 222
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other nonoperating income, net	Other nonoperating income, net	Other nonoperating income, net

Lessor, Fixed Lease Payments to be Received (Details) $ in Millions	Dec. 28, 2024 USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]
2025	$ 225
2026	190
2027	154
2028	114
2029	74
Thereafter	261
Total	$ 1,018

Self-Insurance Reserves (Detail) - USD ($) $ in Millions	12 Months Ended
Self-Insurance Reserves (Detail) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
MovementInValuationAllowancesAndReservesRollForward [Roll Forward]
Balance at Beginning of Year	$ 526	$ 478	$ 440
Additions Charged to Income	665	592	545
Deductions From Reserves	640	544	507
Balance at End of Year	551	526	478
Self-Insurance Reserves, Current
MovementInValuationAllowancesAndReservesRollForward [Roll Forward]
Balance at Beginning of Year	263	210	191
Additions Charged to Income	659	597	526
Deductions From Reserves	640	544	507
Balance at End of Year	282	263	210
Self-Insurance Reserves, Noncurrent
MovementInValuationAllowancesAndReservesRollForward [Roll Forward]
Balance at Beginning of Year	263	268	249
Additions Charged to Income	6	(5)	19
Deductions From Reserves	0	0	0
Balance at End of Year	$ 269	$ 263	$ 268

Retirement Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Compensation expense (ESOP)	$ 516,000,000	$ 491,000,000	$ 450,000,000
Distributed shares subject to put option, fair value	661,000,000	604,000,000
ESOP, shares cost	3,900,000,000	3,600,000,000
Common stock related to ESOP	4,530,000,000	4,220,000,000
ESOP shares, fair value	$ 12,900,000,000	$ 11,200,000,000
Maximum contribution percentage of employees' eligible annual compensation	30.00%
Percentage of company match approved for eligible contributions	50.00%	50.00%	50.00%
Percentage of eligible wages for matching contributions	3.00%	3.00%	3.00%
Maximum amount match per employee	$ 750	$ 750	$ 750
Compensation Expense (401(k))	$ 50,000,000	$ 48,000,000	$ 47,000,000

Total Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
Total Income Taxes (Detail) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Earnings	$ 1,174	$ 1,093	$ 668
Other comprehensive earnings (losses)	44	70	(206)
Income tax expense	$ 1,218	$ 1,163	$ 462

Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
Provision for Income Taxes (Detail) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Current
Federal	$ 846	$ 848	$ 810
State	58	126	108
Current income tax expense	904	974	918
Deferred
Federal	197	111	(175)
State	73	8	(75)
Deferred income taxes	270	119	(250)
Federal	1,043	959	635
State	131	134	33
Income tax expense	$ 1,174	$ 1,093	$ 668

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%
Deferred Tax Assets, Valuation Allowance	$ 0	$ 0
Unrecognized tax benefits	$ 0	$ 0

Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal tax at statutory income tax rate	$ 1,220	$ 1,143	$ 753
State income taxes (net of federal tax benefit)	103	106	26
ESOP dividend	(65)	(62)	(58)
Renewable energy investment tax credits	(45)	(58)	(16)
Other, net	(39)	(36)	(37)
Income tax expense	$ 1,174	$ 1,093	$ 668

Tax Effect of Temporary Differences That Give Rise to Deferred Income Taxes (Detail) - USD ($) $ in Millions	Dec. 28, 2024	Dec. 30, 2023
Deferred tax liabilities and (assets):
Property, plant and equipment	$ 971	$ 905
Lease assets	828	847
Investments	340	67
Inventories	54	60
Lease liabilities	(905)	(901)
Self-insurance reserves	(112)	(108)
Retirement plan contributions	(48)	(48)
Postretirement benefit cost	(24)	(25)
Vendor rebates	(11)	(15)
Other	(15)	(18)
Deferred Tax Liabilities, Net	$ 1,078	$ 764

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward]
Balances at beginning of period	$ (404)	$ (609)	$ (5)
Unrealized gain (loss) on debt securities	127	206	(626)
Net realized (gain) loss on debt securities reclassified to investment income	(2)	0	1
Adjustment to postretirement benefit obligation	4	(1)	21
Net other comprehensive earnings (losses)	129	205	(604)
Balances at end of period	(275)	(404)	(609)
Investments
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward]
Balances at beginning of period	(412)	(618)	7
Unrealized gain (loss) on debt securities	127	206	(626)
Net realized (gain) loss on debt securities reclassified to investment income	(2)	0	1
Net other comprehensive earnings (losses)	125	206	(625)
Balances at end of period	(287)	(412)	(618)
Postretirement Benefit
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward]
Balances at beginning of period	8	9	(12)
Adjustment to postretirement benefit obligation	4	(1)	21
Net other comprehensive earnings (losses)	4	(1)	21
Balances at end of period	$ 12	$ 8	$ 9

Segment Reporting (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 28, 2024

Dec. 30, 2023

Dec. 31, 2022

Segment Reporting [Abstract]

Sales

$ 59,736

$ 57,096

$ 54,534

Other operating income

441

438

408

Total revenues

60,177

57,534

54,942

Cost of merchandise sold

44,428

42,089

39,938

Other segment items (1)

^[1]

11,281

10,972

10,245

Operating profit

4,468

4,473

4,759

Nonoperating income (loss)

1,341

969

(1,173)

Income tax expense

1,174

1,093

668

Net earnings

4,635

4,349

2,918

Net earnings excluding impact of fair value adjustment (2) (unaudited)

^[2]

4,047

4,089

4,049

Total assets

37,601

34,384

31,047

Depreciation and amortization

1,008

914

838

Payment for capital expenditures

$ 2,612

$ 1,993

$ 1,768

[1]	Other segment items includes payroll costs, depreciation and amortization, lease expense, other facility costs, advertising and other operating expenses.
[2]	This measure is not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations.

Subsequent Event (Details) - Subsequent Event [Member] - O2025Q1Dividends - USD ($) $ / shares in Units, $ in Millions	Feb. 03, 2025	Jan. 15, 2025	Jan. 02, 2025
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jan. 02, 2025
Common Stock, Dividends, Per Share, Declared			$ 0.1075
Dividends, Common Stock, Cash			$ 350
Dividends Payable, Date to be Paid	Feb. 03, 2025
Dividends Payable, Date of Record		Jan. 15, 2025

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