Publix was coming off a rare earnings decline in Q1, citing some of the same reasons. Excluding unrealized gains on equity securities, adjusted net earnings increased 1.7% to $1.1 billion from $1 billion in the prior-year quarter. For the first six months of the year, net earnings totaled $2.5 billion, up 2.7% from $2.4 billion a year earlier. Earnings per share increased to 76 cents from 73 cents. On an adjusted basis, excluding unrealized gains on equity securities, net earnings were $2.2 billion for both the 2026 and 2025 six-month periods.