As food costs have skyrocketed for Americans, some of the country’s biggest chains and grocery brands, including General Mills, PepsiCo, and Tyson, have blamed the price hikes on supply chain issues and economy-wide inflation. But behind the scenes, these companies have expanded profits and quietly authorized billions of dollars in lucrative stock buyback programs and dividend payouts to shareholders.

Americans paid roughly 25 percent more on groceries and dining out this March than they paid in January 2020, outpacing the rate of general inflation. Over that same period, the companies behind the country’s ten largest grocery and restaurant brands have together returned or pledged to return more than $77 billion to shareholders.

The Department of Agriculture calculates that the average American spent 11 percent of their disposable income on food in 2022, the highest amount in nearly four decades. Grocery prices rose over 10 percent that year alone, the largest annual increase since the 1970s.