Despite sustained growth for most grocery retailers in 2025, margins tightened and the hierarchy has reshuffled, favouring the most omnichannel and diversified companies, such as Walmart, Ahold Delhaize and Tesco. While revenue growth accelerated at Costco, profitability was under pressure for Kroger, Target and Carrefour. For the 5th edition of this exclusive study, mind Retail analyses the results of the world’s 10 largest grocery retailers and the new lines of force in the sector.
3 key points
A shift towards profitable e-commerce. At Walmart, for the first time, e-commerce became profitable in the U.S. At 21% of total sales in 2025, its profitability was cheered by financial markets. At Kroger (10.8% of online sales), this breakeven point is expected in 2026.
A “Store-First” model supplants automated warehouses. Last year, ultra-expensive automated warehouses grinded to a halt. Kroger saw a profit
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Article authors
Caroline Soutarson
Head of the “Mind Fintech” section
Cheffe de rubrique Investissement et référente data chez mind Fintech
Sophie Baqué
Chief Editor of mind Retail