INVESTOR DECK February 2025 Exhibit 99.3

2 Forward-Looking Statements Certain statements in this presentation are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not statements of historical fact (including, but not limited to, statements to the effect that Sprouts Farmers Market, Inc. (the “Company”) or its management "anticipates," "plans," "estimates," "expects," or "believes," or the negative of these terms and other similar expressions) should be considered forward-looking statements, including, without limitation, statements regarding the Company’s outlook, growth, opportunities and long-term strategy. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this presentation. These risks and uncertainties include, without limitation, the Company’s ability to execute on its long-term strategy; the Company’s ability to successfully compete in its competitive industry; the Company’s ability to successfully open new stores; the Company’s ability to manage its growth; the Company’s ability to maintain or improve its operating margins; the Company’s ability to identify and react to trends in consumer preferences; product supply disruptions; equipment supply disruptions; general economic conditions that impact consumer spending or result in competitive responses; accounting standard changes; the current inflationary environment and future potential inflationary and/or deflationary trends; tariffs; and other factors as set forth from time to time in the Company’s Securities and Exchange Commission filings, including, without limitation, the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company intends these forward-looking statements to speak only as of the time of this presentation and does not undertake to update or revise them as more information becomes available, except as required by law. Non-GAAP Financial Measures We refer to adjusted gross profit, adjusted gross margin, EBIT, adjusted EBIT, adjusted EBIT Margin, and adjusted diluted earnings per share, each of which is a Non-GAAP Financial Measure. These measures are not prepared in accordance with, and are not intended as alternatives to, generally accepted accounting principles in the United States, or GAAP. The Company's management believes that such measures provide useful information to management, analysts and investors regarding certain additional financial and business trends relating to its results of operations and financial condition. In addition, management uses these measures for reviewing the Company’s financial results, and certain of these measures may be used as components of incentive compensation. The Company defines adjusted gross profit as gross profit, excluding the impact of special items. Adjusted gross margin reflects adjusted gross profit divided by net sales for the applicable period. EBIT is defined as net income before interest expense and provision for income tax, and adjusted EBIT as EBIT, excluding the impact of special items. Adjusted EBIT Margin reflects adjusted EBIT, divided by net sales for the applicable period. The Company defines adjusted diluted earnings per share as diluted earnings per share excluding the impact of special items. Non-GAAP measures are intended to provide additional information only and do not have any standard meanings prescribed by GAAP. Use of these terms may differ from similar measures reported by other companies. Because of their limitations, non-GAAP measures should not be considered as a measure of discretionary cash available to use to reinvest in the growth of the Company’s business, or as a measure of cash that will be available to meet the Company’s obligations. Each non-GAAP measure has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. To the extent forward looking non-GAAP financial measures are provided herein, they are not reconciled to comparable forward-looking GAAP measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Unless otherwise indicated, information included in this presentation is as of our 2024 fiscal year ended December 29, 2024.

3 HELPING PEOPLE LIVE AND EAT BETTER

4 WHAT DEFINES SPROUTS And what makes us different • Differentiated assortment of innovative, healthy and lifestyle-friendly products • Purposeful curation of responsibly and locally sourced products • Sprouts Brand: high-quality, attribute- specific private label • Farmers market experience open layout with fresh produce at the heart of the store, community feel, treasure hunt for unique products • Increasing access to high-quality, better- for-you products • Fresh supply chain: integrated fresh produce distribution channel • Team: friendly & welcoming, helpful, knowledgeable • Culture: care, own it, love being different! • Purpose: help people live and eat better

5 WHY INVEST IN SPROUTS? A Differentiated, Robust Growth Business • Incredible growth opportunity, with plenty of whitespace: approximately 10% annual unit growth(1) • Strong box economics • Strong financial returns: low double-digit earnings growth and expansion of ROIC • Healthy balance sheet & robust cash flows, with shareholder-friendly capital allocation • Innovative & differentiated products with lifestyle-friendly ingredients not widely found • Store experience & assortment curated for our target customer needs • Leadership team: deeply experienced in retail and consumer space • Sustainability: deep commitment to taking care of our team, community and the planet (1) Expect to open at least 35 new stores in 2025 (2) See the Appendix to this presentation for a reconciliation of EPS to adjusted EPS $1.25 $2.39 $2.84 $3.75 Adjusted Diluted EPS 2019 2022 2023 2024 (2)

6 SPROUTS’ LONG-TERM STRATEGY O U R P U R P O S E HELP PEOPLE LIVE AND EAT BETTER INVEST IN TECHNOLOGY FOR GROWTH INSPIRE AND ENGAGE OUR TALENT TO MAKE SPROUTS A BEST PLACE TO WORK DELIVER ON KEY FINANCIAL METRICS EARNINGS GROWTH STORE EXPANSION SALES GROWTH O U R S T R A T E G Y WIN WITH TARGET CUSTOMERS • Win health attributes, quality & fresh • Innovation leader via Sprouts Brand & Foraging • Service-driven store experience • Build omni-channel experience CUSTOMER ENGAGEMENT & PERSONALIZATION • Deepen understanding of target customers • Create value via personalization & loyalty • Grow awareness & acquisition MARKET EXPANSION • Add new stores, markets • More efficient, small box format to de-risk our growth • Accelerate new store performance CREATE AN ADVANTAGED SUPPLY CHAIN • Own and improve fresh distribution • Network expansion & efficiency • Increase local offering EXPANDING ROIC

7 SPROUTS’ FOCUS ON INNOVATION & DIFFERENTIATION Attracts our Target Customer >20% Vegan >30% non-GMO >45% organic ~20% gluten- free >10% non-GMO ~20% organic >15% non-GMO >50% of Beef sales are grass- fed ~25% organic >20% Kosher >55% gluten-free >35% organic ~30% vegan >60% Non-GMO >50% organic >25% plant- based >45% gluten-free >40% Non-GMO >20% vegan ~25% organic >70% gluten- free >50% Non-GMO >40% vegan

8 PRODUCE: THE HEART OF THE STORE • Hybrid produce buying model: centralized and regional teams allow us to be flexible and react to the produce markets quickly • Meaningful farmer partnerships: delivers new varietals and favorable pricing to our customers through spot buys • Increasingly locally sourced fresher produce, through new distribution channels • Organic focused program - 46% of total produce sales are organic • Produce priced below most in the marketplace

9 SPROUTS’ STORES ARE FILLED WITH A CURATION OF DIFFERENTIATED BETTER-FOR-YOU PRODUCTS More than 70% of Products Sold in Sprouts are Attribute Driven: Organic, Paleo, Keto, Plant Based, Non-GMO, Gluten Free, Vegan, Dairy-free, Grass Fed, Raw (Includes all produce)

10 SPROUTS BRAND: DIFFERENTIATED, HIGH QUALITY, ATTRIBUTE-SPECIFIC Sprouts Brand Sales Penetration(1) (1) Sprouts Brand Sales Penetration represents sales of Sprouts Brand products, as a percentage of total company sales. 16% 19% 20% 23% 2021 2022 2023 2024

11 SPROUTS CUSTOMER: Higher Income Consumer who Craves Health & Wellness, High Quality, Lifestyle-friendly Products, & Differentiated Assortment Sprouts’ assortment of unique and attribute-based products continues to be a key driver of customer trips $121K Avg. HHI 49% $100K + 46 Avg. Age 69% College/ Grad 57% Married/ Relationship 2.4 Avg. People in Household Demographics Over Index on Lifestyle Choices 32% committed to buying organic 30% committed to dietary lifestyle (vegan, gluten-free, pesca, etc.) 69% are concerned about the environment 41% review nutrition labels 28% are looking for fair trade / socially responsible 27% are looking to try new things 41% research recipes online 28% listen to podcasts Gen Z & Millennial opportunity Less susceptible to economic downturns Slightly higher educated Serving each family member’s need Typically dual income

12 CUSTOMER ENGAGEMENT: OMNICHANNEL OFFERING We let the customer choose how to shop IN-STORE: ONLINE: Ecommerce Penetration (2) Majority of ecommerce customers are omnichannel with higher share of wallet (1) Sprouts NPS study, August 2024 (2) Sprouts Ecommerce Penetration represents ecommerce sales as a percentage of total company sales. • CSAT Scores are best in company history • NPS scores at +61, with only 5% detractors(1) • Increasing sampling programs • Greeting all customers • Recommendations to increase basket 10.8% 11.3% 12.2% 14.2% 2021 2022 2023 2024

13 CUSTOMER ENGAGEMENT: Opportunity for Loyalty & more Engagement • 24% of transactions linked to a Sprouts account in Q4 2024, representing 34% of our sales • 37% Ecommerce sales growth in Q4 2024 • Identifiable customers come more often and spend more 2024 2025 Started Loyalty Testing Q1 - Pilot More Stores Q2 - New Branding, New Functionality Q3 - Start Rollout Q4 - Scale to Chain Planned Loyalty Program Journey:

14 SMALLER BOX WITH HIGHER RETURNS New store size decreasing from approximately 30K to 23K square feet • Updated Format stays true to our Fresh- focused Farmers Market Heritage • Prioritize Categories for Growth Potential • Continue to Offer all Categories • More Productive Store, cost-effective (lower cost to build, and reduced operating cost)

15 HIGH GROWTH RETAILER with Plenty of White-Space Potential for 300+ New Stores in Expansion Markets (1) 2020, 2021, 2022, 2023 & 2024 actual unit growth, 2025 outlook, & approximately 10% unit growth thereafter Expansion Markets Existing DCs Future DCs Existing Markets Unit growth (1) 362 374 386 407 440 2020 2021 2022 2023 2024 2025 2026 2027

16 ADVANTAGED FRESH SUPPLY CHAIN Distribution Centers (DCs) within 250 Miles of the Majority of Stores Optimizing our Supply Chain: Creating DC capacity to support future growth: • Capacity allows for additional fresh self-distribution • Exploring DC expansions and North East locations Improved Freshness for the Customer: • Reduced average inventory in stores and DCs by 7% and turned product 8% faster Local: • Partnering with 170 local farmers representing more than19% of total produce sales Benefits of Closer DCs: Efficiency • Maintained ~80% of stores within 250 miles of DC • Reduced total miles driven per store delivery by 7% • Launched the Southern California Consolidation Center to merge inbound produce loads to Sprouts DCs Service - achieved 99% controllable on time delivery to stores Sustainability - launched RPCs (reusable plastic containers) for wet produce SKUs to reduce waste

17 IMPACTFUL PRODUCTS 180+ Fair Trade products$3.3B in sales of products with a social or environmental attribute 27% of total sales from organic products 22% increase in less carbon intensive plant-based product sales HEALTH & WELLNESS RESPONSIBLE SOURCING SPROUTS BRAND & INNOVATION 19% of total sales from healthy fruits and vegetables $2.3B in sales from products with a health or nutrition attribute $1.3B in sales of Sprouts Brand products 740 new and differentiated items launched through our in-store innovation center $225M in local produce sales from a network of 170 farmers Wholesum Family Farms, the first Fair Trade Certified farm in the United States, provides Sprouts with tomatoes and other vegetables that are sustainably grown and support impactful community projects. 100% cage-free or better eggs, with 67% from free- range or pasture-raised farms 100% responsibly sourced seafood Source: Sprouts Farmers Market 2023 Impact Report

18 THRIVING PLANET At the core of our identity is a genuine commitment to environmental sustainability. We are taking steps to reduce our carbon footprint and our natural resource intake while providing our customers with local, organic, and other sustainable food choices. We are diverting food from landfills and providing it to those in need. ZERO WASTE & CIRCULARITY CARBON EMISSIONS FOOD WASTE RECOVERY 70% l fill diversion r te 130M single-use plastic bags av ided through commitment to remove single-use grocery bags 1.4M pounds of soft-plastic bags and film recycled 70M pounds of food recovered through donation, animal feed, and composting programs 8.2M meat trays transitioned from polystyrene to recyclable PET 25% per square foot carbon emissions intensity reduction target in our operations by 2033 10 locations transitioned to lower-GWP refrigerants <10% of our total emissions are from Scope 1 & 2 sources Our Rescued Organics program reduces food waste and supports local farmers by bringing to market imperfect organic produce that would otherwise be discarded due to imperfections that do not affect quality.Source: Sprouts Farmers Market 2023 Impact Report

19 PURPOSEFUL PEOPLE 5,700 safety inspections completed 61,000 safety training hours completed 36% reduction in worker injuries since 2019 LOVE BEING DIFFERENT $21M in bonuses paid to field team members $21M in savings for team members with store discount PAY & BENEFITS 3,000 new jobs created 17,000 leadership training hours delivered SAFE WORK ENVIRONMENT GROWING A WINNING TEAM 64% of store manager positions filled by internal candidates 75% of promotions were from female and/or racially/ ethnically diverse team members 33 participants of McKinsey’s Connected Leaders Academy, a program designed to make progress on inclusion and equity and improve diverse bench strength $19.68/hr average pay rate for store team members 21% of team members promoted in 2023 Source: Sprouts Farmers Market 2023 Impact Report

20 HEALTHY COMMUNITIES $20M awarded to local nonprofit partners in communities Sprouts operates since 2015 3M kids participated in Sprouts Healthy Communities Foundation nutrition education programs FOOD SECURITY SPROUTS HEALTHY COMMUNITIES FOUNDATION 5,500 service hours donated by Sprouts team members Students incorporate nutrition curriculum into outdoor garden supported by Sprouts Healthy Communities Foundation 65 volunteer events completed across Sprouts communities 37M pounds of food donated 478,000 Grab & Give bags pre-filled with pantry staples or body care essentials donated by our customers to those in need 29M meals donated 47% of total food donations was fresh and healthy produce Source: Sprouts Farmers Market 2023 Impact Report

21 RESPONSIBLE BUSINESS BOARD COMPOSITION & INDEPENDENCE DATA PRIVACY & CYBERSECURITY Board and committee oversight of ESG matters ETHICAL BUSINESS ESG LEADERSHIP & OVERSIGHT 88% of board members are independent 38% of board members are female or racially/ ethnically diverse Risk Committee oversees our risk management program, including risks related to cybersecurity and ESG actions Respecting privacy and safeguarding the personal information of our customers and team members is crucial to our success. During 2023, no cybersecurity incidents had, either individually or in the aggregate, a material adverse effect on our business, financial condition, or results of operations. Our Code of Conduct and Ethics guides our Board and team members in the ethical and responsible operation of our business. Annual outreach to largest shareholders to discuss ESG matters Our Commitment to Human Rights sets forth our commitment to respect internationally recognized human rights and aspirations to align with United Nations Principles on Business and Human Rights (UNGPs). Our Board of Directors outside our Philadelphia store on Broad Street. Source: Sprouts Farmers Market 2023 Impact Report

22 LONG-TERM STRATEGIC FINANCIAL TARGETS(1) Low Double-Digit Earnings Growth and Expansion of ROIC Cost to Build Reduced & Attractive New Store Economics ~10% unit growth(2) Low single digit comps Stable EBIT Margins off a Higher Base (1) These are targets and not projections; they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based on assumptions with respect to future decisions, which may be subject to change. Actual results may vary and the variances may be material. Nothing in this presentation should be regarded as a representation that these targets will be achieved and the Company undertakes no duty to update its targets. See “Forward-Looking Statements.” (2) Expect to open at least 35 new stores in 2025

23 LOW-SINGLE-DIGIT COMPS TARGETS, WITH STABLE EBIT MARGINS(1) (1) These are targets and not projections; they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based on assumptions with respect to future decisions, which may be subject to change. Actual results may vary and the variances may be material. Nothing in this presentation should be regarded as a representation that these targets will be achieved and the Company undertakes no duty to update its targets. See “Forward-Looking Statements.” See the Appendix to this presentation for a reconciliation of EBIT margin to the comparable GAAP figure. KEY COMP DRIVERS • Brand and marketing • Innovative, differentiated products • Omnichannel offering • Better new store ramp with smarter promotional approach • Customer Engagement - Loyalty ALL STORES • Smarter Promotions • Improved Buying • Improving Shrink • Supply Chain Optimization • Labor Productivity and Cost Management • Headwinds from Labor & Benefit Costs & Ecommerce fees NEW STORES • Reduction in Cost to Build (improved DA) • Lower Rents driven by Smaller Boxes • Less Efficient Operations during maturity ramp

24 NEW STORES’ STRONG PERFORMANCE: Four-Wall Box Target Economics (1) EBITDA MARGINS • Break even year 1 • Grows to a blended ~8% EBITDA Margins over the next 4 years (1) These are targets and not projections; they are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based on assumptions with respect to future decisions, which may be subject to change. Actual results may vary and the variances may be material. Nothing in this presentation should be regarded as a representation that these targets will be achieved and the Company undertakes no duty to update its targets. See “Forward-Looking Statements.” SALES • Box opens on average at $13M in year 1 annual sales • Grows 20% to 25% over next the next 4 years CASH INVESTMENT • $3.8M average new store build including CapEx, Inventory and Pre-opening expenses CASH ON CASH RETURN • Low to mid thirties by year 5

25 STRONGER FOUNDATION: Strategic Initiatives Taking Hold NET CASH PROVIDED BY OPERATIONS NET SALES ($ in mm) (1) See the Appendix to this presentation for a reconciliation of Adjusted Diluted Earnings Per Share to diluted Earnings Per Share and Adjusted EBIT margin to EBIT margin ADJUSTED DILUTED EARNINGS PER SHARE (1) $5,635 $6,404 $6,837 $7,719 2019 2022 2023 2024 $1.25 $2.39 $2.84 $3.75 2019 2022 2023 2024 ($ in mm) $355 $371 $465 $645 2019 2022 2023 2024 ADJUSTED EBIT MARGIN 3.9% 5.6% 5.8% 6.5% 2019 2022 2023 2024 (1) 24.6% CAGR

26 A STRUCTURALLY IMPROVED MARGIN PROFILE (1)2023 gross margin is on an adjusted basis. See the Appendix to this presentation for a reconciliation of gross margin to adjusted gross margin. (2) See the Appendix to this presentation for a reconciliation of EBIT and EBIT margin to adjusted EBIT and adjusted EBIT margin - for 2019 & 2023. There were no material adjustments to 2022 & 2024 EBIT; thus, only EBIT and EBIT margin are presented for those periods. ADJ EBIT & ADJ EBIT MARGIN (2) ($ in mm) GROSS MARGIN % (1) 33.6% 36.7% 36.9% 38.1% 2019 2022 2023 2024 $218 $358 $396 $504 3.9% 5.6% 5.8% 6.5% 2019 2022 2023 2024

27 IMPROVING ROIC ROIC (1) (1) ROIC is a non-GAAP measure defined as net operating profit after taxes divided by average invested capital. See the Appendix to this presentation for a reconciliation of ROIC to net income. 12.1% 12.4% 12.9% 14.8% 2021 2022 2023 2024

28 STRONG BALANCE SHEET, ROBUST CASH FLOWS Self Fund our Growth and Deliver Shareholder Value through Ongoing Share Repurchase Program 1. Capital expenditures are net of landlord reimbursement 2. Excluding excise tax $81 $112 $213 $200 $188 $200 $203 $238 $365 $371 $465 $645 Cap Ex Share Repurchase Operating Cash Flow 2021 2022 2023 2024 (1) (2)

29 WE HELP PEOPLE LIVE AND EAT BETTER Sprouts delivers a unique farmers market experience: bringing together passionate, knowledgeable team members, and the best assortment of high-quality food to help people live and eat better.

30 APPENDIX

31 EXECUTIVE MANAGEMENT TEAM with leading grocery & retail experience Jack Sinclair Chief Executive Officer since 2019 Curtis Valentine Chief Financial Officer since 2024 (joined SFM in 2015) Scott Neal Chief Merchandising Officer since 2022 (joined SFM in 2020) Dustin Hamilton Chief Stores Officer since 2023 (joined SFM in 2021) Dave McGlinchey Chief Strategy Officer since 2022 (joined SFM in 2017) Brandon Lombardi Chief Legal Officer & Chief Sustainability Officer since 2012 Kim Coffin Senior VP, Chief Forager since 2022 (joined SFM in 2012) Joe Hurley Chief Supply Chain Officer since 2023 (joined SFM in 2019) James Bahrenburg Chief Technology Officer since 2023 Timmi Zalatoris Chief Human Resources Officer since 2023 (joined SFM in 2017) Nick Konat President & Chief Operating Officer since 2022 Alisa Gmelich Senior VP, Chief Marketing Officer since 2022

32 SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES NON-GAAP MEASURE RECONCILIATION (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) APPENDIX The following table shows a reconciliation of adjusted gross margin to gross margin, EBIT and adjusted EBIT to net income, adjusted EBIT margin to EBIT margin, as well as a reconciliation of adjusted net income and adjusted diluted earnings per share to net income and diluted earnings per share for the fiscal ended December 29, 2024, December 31, 2023, January 1, 2023 and December 29, 2019 Fifty-Two Weeks ended Fifty-Two Weeks ended Fifty-Two Weeks ended Fifty-Two Weeks ended Dec 29, 2024 Dec 31, 2023 Jan 1, 2023 Dec 29, 2019 Net sales $ 7,719,290 $ 6,837,384 $ 6,404,223 $ 5,634,835 Gross profit $ 2,941,491 $ 2,521,841 $ 2,348,564 $ 1,894,818 Special items — 2,955 (1) — — Adjusted gross profit 2,941,491 2,524,796 2,348,564 1,894,818 Gross margin 38.1 % 36.9 % 36.7 % 33.6 % Adjusted gross margin 38.1 % 36.9 % 36.7 % 33.6 % Net income $ 380,601 $ 258,856 $ 261,164 $ 149,629 Income tax provision 126,097 84,884 88,149 46,539 Interest (income) expense, net (2,201) 6,491 9,047 21,192 Earnings before interest and taxes (EBIT) 504,497 350,231 358,360 217,360 Special items — 46,034 (2) — 508 (3) Adjusted EBIT $ 504,497 $ 396,265 $ 358,360 $ 217,868 EBIT margin 6.5 % 5.1 % 5.6 % 3.9 % Adjusted EBIT margin 6.5 % 5.8 % 5.6 % 3.9 % Net Income $ 380,601 $ 258,856 $ 261,164 $ 149,629 Special items, net of tax — 34,272 (2) — 377 (3) Adjusted Net income $ 380,601 $ 293,128 $ 261,164 $ 150,006 Diluted EPS $ 3.75 $ 2.50 $ 2.39 $ 1.25 Adjusted diluted EPS $ 3.75 $ 2.84 $ 2.39 $ 1.25 Diluted weighted average shares outstanding 101,379 103,390 109,139 119,742 (1) Includes approximately $3 million in Cost of sales related to store closures and our supply chain transition. (2) Includes approximately $28 million in store closure and other costs, net primarily related to impairment charges and $6 million in Depreciation and amortization (exclusive of depreciation in cost of sales) for accelerated depreciation in connection with store closures, $9 million in selling, general and administrative expenses related to stores closures, our supply chain transition and acquisition-related costs, and $3 million in Cost of sales related to store closures and our supply chain transition. After-tax impact includes the tax benefit on the pre-tax charge. (3) Includes direct costs associated with store closures or relocations. After-tax impact includes the tax benefit on the pre-tax charge. .

33 APPENDIX The following table shows a reconciliation of ROIC to net income for the Company’s 2021, 2022, 2023 and 2024 fiscal years SPROUTS FARMERS MARKET, INC. AND SUBSIDIARIES NON-GAAP MEASURE RECONCILIATION (UNAUDITED) (IN MILLIONS) 2024 2023 2022 2021 Net Income(1) $ 380.6 $ 258.9 $ 261.2 $ 224.2 Special Items, net of tax(2,3) — $ 34.3 $ — $ — Interest expense, net of tax(3) (1.7) $ 4.9 $ 6.8 $ 8.8 Net operating profit after tax (NOPAT) $ 378.9 $ 298.0 (1) $ 267.9 $ 253.0 Total rent expense, net of tax(3) 189.9 $ 175.6 $ 154.6 $ 150.0 Estimated depreciation on operating leases, net of tax(3) (105.6) $ (98.5) $ (87.8) $ (88.0) Estimated interest on operating leases, net of tax(3,4) 84.3 $ 77.1 $ 66.9 $ 62.0 NOPAT, including effect of operating leases $ 463.3 $ 375.1 $ 334.8 $ 315.0 Average working capital 184.7 $ 227.4 $ 271.6 $ 193.9 Average property and equipment 838.2 $ 749.6 $ 704.8 $ 712.5 Average other assets 603.0 $ 595.8 $ 568.6 $ 568.7 Average other liabilities (102.5) $ (97.9) $ (96.6) $ (101.3) Average invested capital $ 1,523.3 $ 1,474.9 $ 1,448.4 $ 1,373.8 Average operating leases(5) 1,603.8 $ 1,423.1 $ 1,259.4 $ 1,222.5 Average invested capital, including operating leases $ 3,127.1 $ 2,898.0 $ 2,707.8 $ 2,596.3 ROIC, including operating leases 14.8 % 12.9 % 12.4 % 12.1 % (1) Net income amounts represent total net income for the past four trailing quarters. (2) Special items related to 2023 store closure costs, supply chain transition, acquisition charges. (3) Net of tax amounts are calculated using the normalized effective tax rate for the period presented. (4) 2024, 2023, 2022 and 2021 estimated interest on operating leases is calculated by multiplying operating leases b a 7.0%, 7.2%, 7.1%, 6.7% discount rate, respectively, for each lease recorded as rent expense with direct store expense. (5) 2024, 2023, 2022 & 2021 average operating lease represents the average net present value of outstanding lease obligations over the past four trailing quarters.