BUSINESS SEGMENTS (Tables)

6 Months Ended

Jan. 31, 2026

Schedule of Business Segment Information

The following tables provide financial information for each reportable segment, along with a reconciliation to Income (loss) before income taxes:


	13-Week Period Ended January 31, 2026
(in millions)	Natural		Conventional		Retail		Total
Net sales (revenues from external customers)	$	4,279	$	3,108	$	560	$	7,947
Intersegment Net sales	11		284		—		295
	4,290		3,392		560		$	8,242
Elimination of intersegment Net sales							(295)
Net sales							$	7,947

Less:
Cost of sales(1)	3,746		3,015		428
Distribution expenses(1)	320		223		—
Other(2)	94		80		137
Segment Adjusted EBITDA	130		74		(5)		$	199

Adjustments:

Unallocated corporate overhead							(20)

Net periodic benefit income, excluding service cost							6
Interest expense, net							(32)
Other income, net							(8)
Depreciation and amortization							(74)
Share-based compensation							(16)
LIFO charge							(5)
Restructuring, acquisition, and integration related expenses							(8)
Loss on sale of assets and other asset charges							(9)


Business transformation costs							(13)
Cybersecurity incident							3

Income before income taxes							$	23

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Other segment items for each reportable segment include:

•Natural and Conventional – other operating costs such as selling, general and administrative expenses and certain allocated corporate costs

•Retail – other operating costs such as store compensation and occupancy costs, selling and administrative expenses as well as an adjustment for Net income attributable to noncontrolling interests, which is excluded from Adjusted EBITDA


	13-Week Period Ended February 1, 2025(1)
(in millions)	Natural		Conventional		Retail		Total
Net sales (revenues from external customers)	$	4,007	$	3,541	$	610	$	8,158
Intersegment Net sales	14		320		—		334
	4,021		3,861		610		$	8,492
Elimination of intersegment Net sales							(334)
Net sales							$	8,158

Less:
Cost of sales(2)	3,500		3,460		454
Distribution expenses(2)	317		255		—
Other(3)	107		87		149
Segment Adjusted EBITDA	97		59		7		$	163

Adjustments:
Elimination of intersegment loss							(2)
Unallocated corporate overhead							(16)
Net income attributable to noncontrolling interests							1
Net periodic benefit income, excluding service cost							5
Interest expense, net							(38)
Other income, net							1
Depreciation and amortization							(81)
Share-based compensation							(11)
LIFO charge							(3)
Restructuring, acquisition, and integration related expenses							(9)
Loss on sale of assets and other asset charges							(5)


Business transformation costs							(8)

Other adjustments							(2)
Loss before income taxes							$	(5)

(1)Prior periods have been recast to conform to the Company’s new reportable operating segments effective for the fourth quarter of fiscal 2025. There was no impact to the Company’s consolidated results.

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other segment items for each reportable segment include:

•Natural and Conventional – other operating costs such as selling, general and administrative expenses and certain allocated corporate costs


	26-Week Period Ended January 31, 2026
(in millions)	Natural		Conventional		Retail		Total
Net sales (revenues from external customers)	$	8,508	$	6,165	$	1,114	$	15,787
Intersegment Net sales	22		552		—		574
	8,530		6,717		1,114		$	16,361
Elimination of intersegment Net sales							(574)
Net sales							$	15,787

Less:
Cost of sales(1)	7,438		5,966		848
Distribution expenses(1)	651		449		—
Other(2)	184		158		280
Segment Adjusted EBITDA	257		144		(14)		$	387

Adjustments:
Elimination of intersegment loss							(1)
Unallocated corporate overhead							(40)

Net periodic benefit income, excluding service cost							12
Interest expense, net							(66)
Other income, net							(8)
Depreciation and amortization							(151)
Share-based compensation							(27)
LIFO charge							(10)
Restructuring, acquisition, and integration related expenses							(30)
Loss on sale of assets and other asset charges							(23)


Business transformation costs							(17)
Cybersecurity incident							(1)
Other adjustments							(11)
Income before income taxes							$	14

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Other segment items for each reportable segment include:

•Natural and Conventional – other operating costs such as selling, general and administrative expenses and certain allocated corporate costs


	26-Week Period Ended February 1, 2025(1)
(in millions)	Natural		Conventional		Retail		Total
Net sales (revenues from external customers)	$	7,828	$	7,005	$	1,196	$	16,029
Intersegment Net sales	31		620		—		651
	7,859		7,625		1,196		$	16,680
Elimination of intersegment Net sales							(651)
Net sales							$	16,029

Less:
Cost of sales(2)	6,826		6,839		892
Distribution expenses(2)	625		506		—
Other(3)	209		176		296
Segment Adjusted EBITDA	199		104		8		$	311

Adjustments:

Unallocated corporate overhead							(32)
Net income attributable to noncontrolling interests							2
Net periodic benefit income, excluding service cost							10
Interest expense, net							(74)
Other income, net							3
Depreciation and amortization							(161)
Share-based compensation							(18)
LIFO charge							(10)
Restructuring, acquisition, and integration related expenses							(21)
Loss on sale of assets and other asset charges							(11)


Business transformation costs							(26)

Other adjustments							(2)
Loss before income taxes							$	(29)

(2)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(3)Other segment items for each reportable segment include:

•Natural and Conventional – other operating costs such as selling, general and administrative expenses and certain allocated corporate costs

The following table provides other significant items by reportable segment, along with a reconciliation to consolidated totals:


	13-Week Period Ended				26-Week Period Ended
(in millions)	January 31, 2026		February 1, 2025(1)		January 31, 2026		February 1, 2025(1)
Depreciation and amortization:
Natural	$	27	$	25	$	53	$	50
Conventional	38		44		80		89
Retail	7		9		16		18
Total segments	72		78		149		157
Unallocated corporate	2		3		2		4
Consolidated total	$	74	$	81	$	151	$	161

Payments for capital expenditures:
Natural	$	21	$	41	$	30	$	79
Conventional	17		9		22		18
Retail	1		4		3		6
Total segments	39		54		55		103
Unallocated corporate	1		—		1		—
Consolidated total	$	40	$	54	$	56	$	103