v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Cash flows from operating activities:    
Net income $ 525,239 $ 609,412
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 257,449 242,179
Impairment expense 62,747 0
Gain on disposition of property and equipment (41,465) (33,421)
Share-based compensation expense 33,162 25,976
Deferred income taxes (3,010) (24,054)
Change in assets and liabilities:    
Inventories (429,655) (231,907)
Prepaid expenses and other current assets (91,619) (26,400)
Accounts payable 363,375 271,691
Accrued employee compensation (39,906) (28,848)
Other accrued expenses 178,720 (15,892)
Income taxes (177,303) 160,308
Other 15,402 53,531
Net cash provided by operating activities 653,136 1,002,575
Cash flows from investing activities:    
Capital expenditures (435,713) (351,644)
Proceeds from sale of property and equipment 69,938 42,906
Net cash used in investing activities (495,613) (448,674)
Cash flows from financing activities:    
Borrowings under debt facilities 3,000,000 1,315,000
Repayments under debt facilities (2,610,000) (1,475,000)
Debt issuance costs (2,506) 0
Principal payments under finance lease liabilities (1,445) (2,056)
Repurchase of shares to satisfy tax obligations (14,384) (14,482)
Repurchase of common stock (253,607) (169,979)
Net proceeds from issuance of common stock 13,920 11,315
Cash dividends paid to stockholders (252,022) (244,380)
Net cash used in financing activities (120,044) (579,582)
Net increase (decrease) in cash and cash equivalents 37,479 (25,681)
Cash and cash equivalents at beginning of period 194,109 251,491
Cash and cash equivalents at end of period 231,588 225,810
Cash paid for interest, net of amounts capitalized    
Cash paid for federal income taxes (a) 35,043 38,901
Cash paid for state income taxes [1] 178,711 29,979
Cash paid for state income taxes 2,658 12,839
Supplemental disclosures of non-cash activities:    
Non-cash accruals for property and equipment 159,604 130,807
Increase in operating lease liabilities resulting from new or modified right-of-use assets 402,476 439,149
Increase (decrease) in finance lease liabilities resulting from new or modified right-of-use assets 14,091 (105)
VIP Petcare    
Cash flows from investing activities:    
Acquisition of Allivet, net of cash acquired (129,838) 0
Allivet, Inc    
Cash flows from investing activities:    
Acquisition of Allivet, net of cash acquired $ 0 $ (139,936)
[1] Cash paid for federal income taxes for the fiscal six months ended June 27, 2026 included $166.6 million of cash paid for the purchase of transferable federal tax credits.