Revenue growth remains steady between 3.4% and 6.1% annually, though operating margins have faced significant pressure, compressing to 5.9% as of 2026Q1 due to rising operational costs.
| Metric | TTM | Jan'26 | Jan'25 | Feb'24 | Feb'23 | Jan'22 | Jan'21 | Jan'20 | Feb'19 | Feb'18 | Feb'17 | Jan'16 | Jan'15 | Jan'14 | Feb'13 | Feb'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Feb'06 | Jan'05 | Jan'04 | Jan'03 | Dec'01 | Feb'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 43.08B | 42.72B | 40.61B | 38.69B | 37.84B | 34.22B | 33.75B | 27.75B | 25.63B | 23.47B | 21.99B | 20.37B | 18.91B | 17.5B | 16.02B | 14.81B | 13.04B | 11.8B | 10.46B | 9.5B | 9.17B | 8.58B | 7.66B | 6.87B | 6.1B | 5.32B | 4.55B | 3.89B | 3.22B | 2.63B | 2.13B |
| Revenue Growth % | 4.72% | 5.2% | 4.96% | 2.24% | 10.59% | 1.4% | 21.59% | 8.31% | 9.18% | 6.75% | 7.94% | 7.72% | 8.03% | 9.25% | 8.21% | 13.6% | 10.5% | 12.8% | 10.14% | 3.55% | 6.85% | 12.03% | 11.48% | 12.65% | 14.61% | 16.97% | 17.04% | 20.71% | 22.6% | 23.09% | 20.98% |
| Cost of Goods Sold | 29.8B | 29.62B | 28.59B | 26.97B | 26.02B | 23.41B | 23.03B | 19.26B | 17.82B | 16.25B | 15.2B | 14.06B | 13.11B | 12.07B | 10.94B | 10.11B | 8.86B | 8.11B | 7.4B | 6.85B | 6.8B | 6.12B | 5.4B | 4.85B | 4.38B | 3.81B | 3.3B | 2.79B | 2.32B | 1.89B | 1.53B |
| COGS % of Revenue | - | 69.34% | 70.41% | 69.71% | 68.77% | 68.4% | 68.24% | 69.41% | 69.55% | 69.23% | 69.15% | 69.04% | 69.31% | 68.95% | 68.26% | 68.27% | 67.96% | 68.72% | 70.73% | 72.16% | 74.17% | 71.28% | 70.46% | 70.63% | 71.74% | 71.64% | 72.51% | 71.76% | 71.88% | 71.75% | 71.66% |
| Gross Profit | 13.28B | 13.1B | 12.02B | 11.72B | 11.82B | 10.81B | 10.72B | 8.49B | 7.8B | 7.22B | 6.78B | 6.31B | 5.8B | 5.44B | 5.09B | 4.7B | 4.18B | 3.69B | 3.06B | 2.64B | 2.37B | 2.46B | 2.26B | 2.02B | 1.72B | 1.51B | 1.25B | 1.1B | 905.88M | 742.13M | 604.79M |
| Gross Margin % | 30.83% | 30.66% | 29.59% | 30.29% | 31.23% | 31.6% | 31.76% | 30.59% | 30.45% | 30.77% | 30.85% | 30.96% | 30.69% | 31.05% | 31.74% | 31.73% | 32.04% | 31.28% | 29.27% | 27.84% | 25.83% | 28.72% | 29.54% | 29.37% | 28.26% | 28.36% | 27.49% | 28.24% | 28.12% | 28.25% | 28.34% |
| Gross Profit Growth % | - | 9.01% | 2.55% | -0.86% | 9.31% | 0.88% | 26.27% | 8.78% | 8.07% | 6.47% | 7.56% | 8.68% | 6.75% | 6.89% | 8.25% | 12.48% | 13.19% | 20.54% | 15.8% | 11.62% | -3.92% | 8.91% | 12.14% | 17.04% | 14.23% | 20.67% | 13.95% | 21.19% | 22.06% | 22.71% | 20.09% |
| Operating Expenses | 11.01B | 10.9B | 10.3B | 9.27B | 8.49B | 7.59B | 7.16B | 6.19B | 5.69B | 5.21B | 4.72B | 4.37B | 4.03B | 3.7B | 3.43B | 3.21B | 2.9B | 2.74B | 2.45B | 2.39B | 2.12B | 1.9B | 1.71B | 1.5B | 1.3B | 1.14B | 934.9M | 748.49M | 616.61M | 506.59M | 415.12M |
| OpEx % of Revenue | - | 25.5% | 25.37% | 23.97% | 22.44% | 22.19% | 21.23% | 22.29% | 22.2% | 22.21% | 21.46% | 21.43% | 21.33% | 21.14% | 21.41% | 21.66% | 22.27% | 23.2% | 23.41% | 25.15% | 23.12% | 22.17% | 22.27% | 21.78% | 21.25% | 21.34% | 20.54% | 19.25% | 19.14% | 19.28% | 19.45% |
| Selling, General & Admin | 11.01B | 10.9B | 10.3B | 9.27B | 8.49B | 7.59B | 7.16B | 6.19B | 5.69B | 5.21B | 4.72B | 4.37B | 4.03B | 3.7B | 3.43B | 3.21B | 2.9B | 2.74B | 2.45B | 2.39B | 2.12B | 1.9B | 1.71B | 1.5B | 1.3B | 1.14B | 934.9M | 748.49M | 616.61M | 506.59M | 415.12M |
| SG&A % of Revenue | - | 25.5% | 25.37% | 23.95% | 22.44% | 22.19% | 21.23% | 22.29% | 22.2% | 22.21% | 21.46% | 21.43% | 21.33% | 21.14% | 21.41% | 21.66% | 22.27% | 23.2% | 23.41% | 25.15% | 23.12% | 22.17% | 22.27% | 21.78% | 21.25% | 21.34% | 20.54% | 19.25% | 19.14% | 19.28% | 19.45% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -415K | 0 | 0 | 0 | -1.02M | -3.5M | 0 | -326K | 0 | -18.87M | -29.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 2.27B | 2.2B | 1.71B | 2.45B | 3.33B | 3.22B | 3.55B | 2.3B | 2.12B | 2.01B | 2.06B | 1.94B | 1.77B | 1.74B | 1.66B | 1.49B | 1.27B | 953.26M | 580.49M | 255.39M | 248.28M | 561.87M | 556.98M | 511.26M | 457.26M | 373.61M | 154M | 349.3M | 289.26M | 235.54M | 189.68M |
| Operating Margin % | 5.26% | 5.16% | 4.22% | 6.32% | 8.79% | 9.41% | 10.53% | 8.3% | 8.26% | 8.55% | 9.38% | 9.53% | 9.36% | 9.92% | 10.33% | 10.07% | 9.77% | 8.08% | 5.55% | 2.69% | 2.71% | 6.55% | 7.27% | 7.44% | 7.5% | 7.02% | 3.38% | 8.98% | 8.98% | 8.97% | 8.89% |
| Operating Income Growth % | - | 28.56% | -29.93% | -26.5% | 3.34% | -9.4% | 54.4% | 8.79% | 5.4% | -2.7% | 6.35% | 9.68% | 1.9% | 4.89% | 11.03% | 17.01% | 33.65% | 64.22% | 127.29% | 2.87% | -55.81% | 0.88% | 8.94% | 11.81% | 22.39% | 142.6% | -55.91% | 20.76% | 22.81% | 24.18% | 27.38% |
| EBITDA | 3.06B | 3.25B | 2.69B | 3.3B | 4.05B | 3.86B | 4.13B | 2.81B | 2.57B | 2.41B | 2.44B | 2.29B | 2.11B | 2.07B | 1.96B | 1.77B | 1.53B | 1.21B | 828.38M | 489.52M | 448.88M | 748.69M | 721.45M | 663.66M | 592.22M | 496.58M | 265.4M | 413.25M | 342.38M | 274.28M | 220.64M |
| EBITDA Margin % | 7.1% | 7.61% | 6.61% | 8.52% | 10.71% | 11.29% | 12.24% | 10.11% | 10.03% | 10.28% | 11.11% | 11.26% | 11.17% | 11.82% | 12.22% | 11.93% | 11.73% | 10.26% | 7.92% | 5.16% | 4.9% | 8.72% | 9.42% | 9.66% | 9.71% | 9.33% | 5.83% | 10.63% | 10.63% | 10.44% | 10.34% |
| EBITDA Growth % | 11.82% | 21.01% | -18.49% | -18.7% | 4.95% | -6.47% | 47.09% | 9.21% | 6.57% | -1.28% | 6.57% | 8.59% | 2.05% | 5.66% | 10.87% | 15.51% | 26.36% | 46.07% | 69.22% | 9.05% | -40.04% | 3.78% | 8.71% | 12.06% | 19.26% | 87.1% | -35.78% | 20.7% | 24.83% | 24.31% | 26.69% |
| D&A (Non-Cash Add-back) | 793.52M | 1.05B | 971.7M | 848.79M | 724.88M | 641.32M | 574.24M | 504.8M | 454.13M | 404.23M | 379.93M | 352.43M | 342.35M | 332.84M | 302.91M | 275.41M | 254.93M | 256.77M | 247.9M | 234.13M | 200.61M | 186.82M | 164.48M | 152.4M | 134.96M | 122.97M | 111.4M | 63.94M | 53.11M | 38.73M | 30.96M |
| EBIT | 2.26B | 2.2B | 1.71B | 2.45B | 3.33B | 3.22B | 3.55B | 2.3B | 2.12B | 2B | 2.06B | 1.94B | 1.77B | 1.72B | 1.63B | 1.43B | 1.26B | 897.86M | 586.34M | 260.6M | 255.28M | 570.87M | 563.55M | 512.13M | 457.28M | 373.61M | 154M | 320.57M | 252.99M | 235.54M | 189.68M |
| Net Interest Income | -213.2M | -230.57M | -274.32M | -326.78M | -211.27M | -157.53M | -150.38M | -100.57M | -99.87M | -97.04M | -97.82M | -86.94M | -88.23M | -88.98M | -127.93M | -204.9M | -273.99M | -345.6M | -388.87M | -254.35M | -27.91M | -17.23M | -22.22M | -31.5M | -42.64M | -45.79M | -45.36M | -25.87M | -13.98M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91K | 220K | 144K | 3.06M | 8.85M | 7M | 9M | 6.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 213.2M | 230.57M | 274.32M | 326.78M | 211.27M | 157.53M | 150.38M | 100.57M | 99.87M | 97.04M | 97.82M | 86.94M | 88.23M | 88.98M | 127.93M | 204.99M | 274.21M | 345.74M | 391.93M | 263.2M | 34.91M | 26.23M | 28.79M | 31.5M | 42.64M | 45.79M | 45.36M | 25.87M | 13.98M | 0 | 0 |
| Other Income/Expense | -221.71M | -239.08M | -274.32M | -326.78M | -211.69M | -157.53M | -150.38M | -100.57M | -100.89M | -100.54M | -97.82M | -87.27M | -88.23M | -107.86M | -157.88M | -265.51M | -289.09M | -401.14M | -386.08M | -257.99M | -27.91M | -17.23M | -22.22M | -28.27M | -38.35M | -45.79M | -45.36M | -25.87M | -13.98M | -3.76M | -4.66M |
| Pretax Income | 2.04B | 1.96B | 1.44B | 2.12B | 3.12B | 3.06B | 3.4B | 2.2B | 2.02B | 1.91B | 1.97B | 1.85B | 1.68B | 1.63B | 1.5B | 1.23B | 984.97M | 552.12M | 194.4M | -2.6M | 220.36M | 544.64M | 534.76M | 479.76M | 414.63M | 327.82M | 108.65M | 344.14M | 280.92M | 231.78M | 185.02M |
| Pretax Margin % | 4.75% | 4.6% | 3.55% | 5.48% | 8.24% | 8.95% | 10.09% | 7.93% | 7.87% | 8.13% | 8.94% | 9.1% | 8.89% | 9.3% | 9.35% | 8.28% | 7.56% | 4.68% | 1.86% | -0.03% | 2.4% | 6.35% | 6.98% | 6.98% | 6.8% | 6.16% | 2.39% | 8.85% | 8.72% | 8.82% | 8.67% |
| Income Tax | 479.85M | 452.28M | 314.5M | 458.25M | 700.63M | 663.92M | 749.33M | 489.18M | 425.94M | 368.32M | 714.5M | 687.94M | 615.52M | 603.21M | 544.73M | 458.6M | 357.12M | 212.67M | 86.22M | 10.22M | 82.42M | 194.49M | 190.57M | 178.76M | 149.68M | 120.31M | 38.01M | 124.72M | 98.88M | 87.15M | 69.92M |
| Effective Tax Rate % | 23.47% | 23.02% | 21.84% | 21.62% | 22.48% | 21.67% | 22.01% | 22.22% | 21.13% | 19.31% | 36.35% | 37.13% | 36.62% | 37.04% | 36.38% | 37.43% | 36.26% | 38.52% | 44.35% | -393.3% | 37.4% | 35.71% | 35.64% | 37.26% | 36.1% | 36.7% | 34.98% | 36.24% | 35.2% | 37.6% | 37.79% |
| Net Income | 1.56B | 1.51B | 1.13B | 1.66B | 2.42B | 2.4B | 2.66B | 1.71B | 1.59B | 1.54B | 1.25B | 1.17B | 1.07B | 1.03B | 952.66M | 766.68M | 627.86M | 339.44M | 108.18M | -12.82M | 137.94M | 350.15M | 344.19M | 301M | 264.95M | 207.51M | 70.64M | 219.43M | 182.03M | 144.63M | 115.1M |
| Net Margin % | 3.63% | 3.54% | 2.77% | 4.29% | 6.38% | 7.01% | 7.87% | 6.17% | 6.2% | 6.56% | 5.69% | 5.72% | 5.63% | 5.86% | 5.95% | 5.18% | 4.82% | 2.88% | 1.03% | -0.14% | 1.5% | 4.08% | 4.49% | 4.38% | 4.34% | 3.9% | 1.55% | 5.64% | 5.65% | 5.5% | 5.39% |
| Net Income Growth % | 35.59% | 34.4% | -32.27% | -31.24% | 0.7% | -9.64% | 55.03% | 7.74% | 3.28% | 23.01% | 7.39% | 9.36% | 3.92% | 7.61% | 24.26% | 22.11% | 84.97% | 213.77% | 944.12% | -109.29% | -60.61% | 1.73% | 14.35% | 13.61% | 27.68% | 193.75% | -67.81% | 20.54% | 25.86% | 25.65% | 31.07% |
| Net Income (Continuing) | 1.56B | 1.51B | 1.13B | 1.66B | 2.42B | 2.4B | 2.66B | 1.71B | 1.59B | 1.54B | 1.25B | 1.17B | 1.07B | 1.03B | 952.66M | 766.68M | 627.86M | 339.44M | 108.18M | -12.82M | 137.94M | 350.15M | 344.19M | 299M | 262.35M | 207.51M | 70.64M | 186.67M | 150.93M | 144.63M | 115.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.06 | 6.85 | 5.11 | 7.55 | 10.68 | 10.17 | 10.62 | 6.64 | 5.97 | 5.63 | 4.43 | 3.95 | 3.49 | 3.17 | 2.85 | 2.22 | 1.82 | 1.04 | 0.34 | -0.04 | 0.44 | 1.07 | 1.04 | 0.89 | 0.78 | 0.62 | 0.21 | 0.55 | 0.45 | 0.41 | 1.30 |
| EPS Growth % | 34.92% | 34.05% | -32.32% | -29.31% | 5.01% | -4.24% | 59.94% | 11.22% | 6.04% | 27.09% | 12.15% | 13.18% | 10.09% | 11.23% | 28.38% | 21.98% | 75% | 205.88% | 937.44% | -109.23% | -58.88% | 2.88% | 16.85% | 14.1% | 25.81% | 195.24% | -61.82% | 22.22% | 9.76% | -68.46% | 4% |
| EPS (Basic) | - | 6.87 | 5.12 | 7.57 | 10.73 | 10.24 | 10.70 | 6.68 | 5.99 | 5.64 | 4.45 | 3.96 | 3.50 | 3.17 | 2.87 | 2.25 | 1.84 | 1.05 | 0.34 | -0.04 | 0.44 | 1.08 | 1.04 | 0.89 | 0.79 | 0.63 | 0.21 | 0.61 | 0.53 | 0.41 | 1.30 |
| Diluted Shares Outstanding | 221.56M | 220.81M | 220.03M | 219.94M | 226.3M | 235.81M | 250.08M | 258.05M | 266.11M | 273.36M | 282.26M | 295.21M | 305.68M | 323.85M | 334.47M | 345.12M | 344.8M | 324.84M | 317.5M | 315.93M | 313.59M | 326.33M | 332.07M | 337.64M | 335.05M | 335.02M | 333.86M | 339.41M | 335.76M | 351.75M | 334.74M |
| Basic Shares Outstanding | 220.35M | 220.09M | 219.88M | 219.41M | 225.15M | 234.26M | 248.17M | 256.55M | 265.16M | 272.75M | 281.32M | 294.33M | 304.63M | 322.89M | 332.25M | 341.23M | 341.05M | 322.78M | 317.02M | 313.57M | 312.66M | 323.86M | 329.38M | 334.7M | 333.06M | 332.26M | 329.74M | 337.9M | 335.76M | 351.75M | 334.74M |
| Dividend Payout Ratio | - | 34.35% | 46.12% | 31.18% | 20.44% | 16.35% | 13.41% | 19.13% | 19.28% | 18.38% | 22.47% | 22.17% | - | - | - | - | - | 70.63% | - | - | 45.29% | 16.05% | 15.31% | 15.58% | 16.09% | 20.49% | 59.79% | 15.4% | 14.65% | 15.52% | 14.64% |
Margin compression from shrink
According to recent quarterly filings, Dollar General has maintained a consistent revenue growth trajectory, with year-over-year increases hovering between 3.4% and 6.1% over the last ten quarters, suggesting that the company's essential, non-discretionary product mix continues to drive steady, albeit unexciting, top-line performance across its rural footprint.
The stability in revenue growth indicates that the company's core consumer base remains reliant on its small-box format for daily necessities. However, the lack of significant acceleration suggests that the company may be reaching a saturation point in its traditional rural markets, necessitating a shift toward the more complex 'DG Market' grocery-focused model to sustain future top-line momentum.
As reported in financial statements, Dollar General's gross margin has fluctuated between 27.2% and 31.6% over the past ten quarters, reflecting the ongoing tension between the company's efforts to drive traffic through low-margin consumables and the necessity of maintaining profitability through higher-margin seasonal and home product sales.
The observed margin volatility appears to be a direct consequence of the company's strategic pivot toward fresh produce and refrigerated items, which inherently carry higher spoilage risks and lower margins. Investors should monitor whether this shift permanently lowers the operating margin floor, as the current 5.16% operating margin suggests limited buffer against further cost inflation.
Based on the provided income statement data, operating income has failed to scale consistently with revenue, as evidenced by the compression of operating margins to 5.9% in 2026Q1, which highlights the difficulty of managing a decentralized network of over 18,000 stores amidst rising labor and inventory shrink pressures.
The inability to achieve meaningful operating leverage suggests that the company's fixed-cost structure, particularly regarding labor and logistics, is currently outpacing its ability to drive incremental revenue. This trend warrants further investigation into whether the company's recent operational challenges are structural or merely a temporary byproduct of its aggressive expansion into fresh food categories.
While Dollar General is often viewed as a defensive retail play, the significant earnings volatility observed in 2024, where EPS dropped by over 50% in 2024Q4, suggests that the company's business model is more sensitive to operational execution and inventory management issues than the market typically acknowledges.
Short-sellers would likely focus on the persistent inventory 'shrink' and the potential for these losses to become a permanent drag on net income. The discrepancy between the company's defensive positioning and its recent bottom-line instability suggests that the market may be underestimating the risks associated with the company's current store-level execution and labor retention challenges.
Quick answers to the most common questions about buying DG stock.
For fiscal year 2025, Dollar General Corporation (DG) reported total revenue of $42.72B. This represents a 1901.7% increase compared to $2.13B in 1996.
Dollar General Corporation (DG) is profitable, generating $1.51B in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Dollar General Corporation (DG) reported an operating income of $2.20B, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Dollar General Corporation (DG) generated $13.10B in gross profit for the year, representing a gross profit margin of 30.7%. This demonstrates the company's core pricing power and production efficiency.