DOLLAR TREE, INC. DLTR
We are a leading operator of retail discount stores operating under the brand names of Dollar Tree and Dollar Tree Canada. At January 31, 2026, we operated approximately 9,000 stores across 48 states and the District of Columbia and approximately 275 stores across seven Canadian provinces.
We believe the convenience and value we offer, as well as the "thrill-of-the-hunt" shopping experience where customers discover new celebratory and seasonal items every week, are key factors in serving and growing our base of loyal customers. We continue to execute on a number of strategic initiatives across our business to drive profitable growth for Dollar Tree as a standalone banner following the sale of Family Dollar. During our 2025 Investor Day held on October 15, 2025, we outlined our operational strategy for the years ahead, including an expanded, more relevant assortment, agile cost management, a more connected customer experience in stores, new store growth, and improved store conditions and operations, supported by an evolving supply chain, disciplined financial management and investment in our people. These initiatives are discussed below and in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.40B | $17.57B | $16.77B | $15.41B | $26.31B | $25.51B | $23.61B | $22.82B | $22.25B | $20.72B |
| Cost of revenue | $12.35B | $11.28B | $10.76B | $9.63B | $18.58B | $17.72B | $16.57B | $15.88B | $15.22B | $14.32B |
| Gross profit | $7.05B | $6.28B | $6.01B | $5.78B | $7.73B | $7.79B | $7.04B | $6.95B | $7.02B | $6.39B |
| SG&A | $5.47B | $4.83B | $4.25B | $3.68B | $5.93B | $5.90B | $5.47B | $5.16B | $5.00B | $4.69B |
| Operating income | $1.65B | $1.46B | $1.77B | $2.10B | $1.81B | $1.89B | $1.26B | -$939.5M | $2.00B | $1.70B |
| Interest expense | — | — | — | — | — | — | — | $370.0M | $301.8M | $375.5M |
| Pre-tax income | $1.63B | $1.38B | $1.66B | $1.97B | $1.63B | $1.74B | $1.10B | -$1.31B | $1.70B | $1.33B |
| Income tax | $404.2M | $341.1M | $396.1M | $471.6M | $304.3M | $397.9M | $271.7M | $281.8M | $10.3M | $433.2M |
| Net income | $1.28B | -$3.03B | -$998.4M | $1.62B | $1.33B | $1.34B | $827.0M | -$1.59B | $1.71B | $896.2M |
| EPS, basic | 6.23 | -14.05 | -4.55 | 7.24 | 5.83 | 5.68 | 3.49 | -6.69 | 7.24 | 3.80 |
| EPS, diluted | 6.22 | -14.03 | -4.54 | 7.21 | 5.80 | 5.65 | 3.47 | -6.69 | 7.21 | 3.78 |
| Shares, diluted (wtd. avg.) | $206.3M | $215.9M | $219.9M | $224.1M | $229.0M | $237.3M | $238.3M | $237.9M | $237.7M | $236.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $717.8M | $1.26B | $757.2M | $711.3M | $1.04B | $1.46B | $586.0M | $446.7M | $1.10B | $866.4M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $4.0M |
| Receivables | — | — | — | — | — | — | $113.3M | $100.9M | — | — |
| Total current assets | $3.45B | $9.11B | $6.13B | $6.37B | $5.61B | $5.05B | $4.27B | $4.29B | $4.58B | $3.94B |
| Property, plant and equipment | $4.96B | $4.50B | $3.82B | $4.97B | $4.48B | $4.12B | $3.88B | $3.45B | $3.20B | $3.12B |
| Goodwill | $423.2M | $421.2M | $423.3M | $1.98B | $1.98B | $1.98B | $1.98B | $2.30B | $5.03B | $5.02B |
| Other intangibles | — | — | — | — | — | — | $0 | $288.7M | — | — |
| Total assets | $13.47B | $18.64B | $22.02B | $23.02B | $21.72B | $20.70B | $19.57B | $13.50B | $16.33B | $15.70B |
| Accounts payable | $1.53B | $1.71B | $1.17B | $1.90B | $1.88B | $1.48B | $1.34B | $1.42B | $1.17B | $1.12B |
| Short-term debt | $0 | $1.00B | $0 | $0 | — | $0 | $250.0M | $0 | $915.9M | $152.1M |
| Total current liabilities | $3.23B | $8.59B | $4.70B | $4.23B | $4.18B | $3.73B | $3.55B | $2.10B | $2.86B | $2.11B |
| Long-term debt | $2.43B | $2.43B | $3.43B | $3.42B | $3.42B | $3.23B | $3.52B | $4.27B | $4.76B | $6.17B |
| Total liabilities | $9.71B | $14.67B | $14.71B | $14.27B | $14.00B | $13.41B | $13.32B | $7.86B | $9.15B | $10.31B |
| Retained earnings | $3.80B | $3.94B | $7.12B | $8.12B | $6.51B | $5.18B | $3.84B | $3.08B | $4.67B | $2.95B |
| Total equity | $3.75B | $3.98B | $7.31B | $8.75B | $7.72B | $7.29B | $6.25B | $5.64B | $7.18B | $5.39B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.19B | $2.19B | $2.40B | $1.42B | $1.43B | $2.72B | $1.87B | $1.77B | $1.51B | $1.67B |
| Depreciation and amortisation | $648.1M | $526.9M | $400.5M | $365.3M | $716.0M | $686.6M | $645.4M | $621.1M | $611.2M | $637.5M |
| Stock-based compensation | $58.9M | $106.9M | $76.3M | $91.5M | $79.9M | $83.9M | $61.4M | $63.1M | $65.7M | $61.6M |
| Capital expenditure | $1.13B | $1.30B | $1.19B | $639.0M | $1.02B | $898.8M | $1.03B | $817.1M | $632.2M | $564.7M |
| Investing cash flow | -$648.7M | -$1.25B | -$1.19B | -$643.7M | -$1.02B | -$889.7M | -$1.02B | -$816.7M | -$627.9M | -$483.6M |
| Financing cash flow | -$2.56B | -$411.3M | -$530.0M | -$686.8M | -$836.5M | -$949.9M | -$709.8M | -$1.60B | -$651.5M | -$1.06B |
| Buybacks | $1.55B | $400.0M | $500.0M | $647.5M | $950.0M | $400.0M | $200.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053500.
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