Kroger Earnings Preview: Options Traders Bet Bullish

Kroger Co. (NYSE:KR) is scheduled to report second-quarter earnings before the open on Friday, Sept. 11. The Zacks Consensus Estimate calls for earnings of $1.05 per share, up 1% year over year, on revenue of $34.68 billion, a 2.2% increase from the year-ago period.

KR was last seen down 3% at $56.79, looking to snap a four-day win streak. The stock has struggled since hitting its March peak above $76, with the shares now trading around the $57 level. The equity is down 9.2% in 2026 and 21.4% during the past six months, though it has been consolidating above the $56-$60 region since July.

Options traders are pricing in an 8% post-earnings move for KR stock, regardless of direction. That's notably larger than the 4.9% move the shares have averaged over the past eight reports. The stock's last earnings reaction was an 8.4% drop in June, while its previous seven reactions were all gains excluding December.

There is plenty of optimism in the options pits ahead of the event. At the International Securities Exchange (ISE) and Cboe Options Exchange (CBOE), KR's 50-day call/put volume ratio of 9.30 ranks higher than all but 1% of readings from the past year. This indicates options traders have favored bullish bets over puts at a much faster-than-usual clip.

Analysts are also leaning bullish on Kroger stock. Of the 21 covering brokerages, 11 recommend a "strong buy," while the remaining 10 carry a "hold" rating. This leaves plenty of optimism priced in ahead of Thursday's results, which could create additional pressure should the retailer's report fail to meet Wall Street's expectations.