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LAKELAND, Fla. 鈥� Publix reported first-quarter 2026 results that reflect mounting pressure on pharmacy revenues from federal drug pricing changes, even as overall sales edged higher.

Sales for the quarter ended March 28 rose 2% to $16.1 billion, up from $15.8 billion a year earlier. The increase was tempered by the impact of the Medicare maximum fair price provisions, which took effect on January 1 and reduced prices on select drugs, lowering pharmacy sales. Comparable store sales were flat.

Net earnings totaled $794 million, down 21.5% from $1 billion in the prior-year period. Earnings per share fell to $0.25 from $0.31. Excluding unrealized losses on equity securities, adjusted net earnings were $1.14 billion, down from $1.18 billion last year, while adjusted earnings per share held steady at $0.36.

The results highlight that policy-driven pricing changes are beginning to flow through to retail pharmacy operators, particularly those with integrated grocery and pharmacy models. While the Medicare changes are designed to reduce patient costs, they are also compressing top-line pharmacy revenue for retailers.

鈥淥ur associates are the foundation of everything we do,鈥� said CEO Kevin Murphy. 鈥淭hey deliver exceptional service to our customers and make a meaningful difference in the communities we serve every day.鈥�

Separately, Publix said its stock price increased from $19.65 to $20.45 per share, effective May 1. The company鈥檚 stock is privately held and available only to associates and board members.

Publix said it will file its full financial statements with the Securities and Exchange Commission.