The U.S. grocery sector is one of the few sectors that benefited economically from the coronavirus pandemic. This was due to a combination of supply and demand shocks, including increasing food-at-home related purchases when restaurants were in lockdown to curb the spread of the coronavirus, supply disruptions across diverse food supply chains, and customer panic-buying behavior and hoarding products. As a result, more innovations have occurred recently compared to changes in the past. This case study discusses the changing landscape in the grocery sector, including mergers, new kinds of competitors, and how firms react to those changes. This discussion allows for conducting a systematic analysis of the U.S. grocery sector. Motivated by the potential acquisition of Albertsons by Kroger, announced on October 14, 2022, the case study focuses on these companies. The article models a financial analysis of Kroger. Students using this case study are expected to replicate the financial analysis for Albertsons. The case study’s learning objectives are to (1) calculate and interpret financial ratios by category for a traditional grocer, (2) compare and contrast the financial ratios of two companies in the same industry, and (3) perform an industry analysis of U.S. grocery firms using Porter’s Five Forces.