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Revenue growth has accelerated to 5.2% in 2026Q2, while gross margin has expanded significantly from a trough of 27.8% in 2024Q1 to 32.6%, indicating successful mitigation of prior cost pressures.
Dollar General Corporation (DG) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 43.64B | 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 % | 4.77% | 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 | 30.04B | 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 | 13.6B | 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 % | 31.16% | 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 | 11.16B | 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 | 11.16B | 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 | 2.44B | 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 % | 5.59% | 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 | 2.98B | 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 % | 6.82% | 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 % | 6.31% | 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) | 536.71M | 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 | 2.43B | 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 | -198.36M | -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 | 198.36M | 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 | -206.87M | -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 | 2.23B | 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 % | 5.12% | 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 | 529.54M | 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 % | 23.72% | 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 | 1.7B | 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 % | 3.9% | 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 % | 43.01% | 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) | 1.7B | 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) | 7.69 | 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 % | 42.41% | 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 | 221.5M | 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 | 220.61M | 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% |
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.
Key Metrics
Top Statement Risk
Margin sustainability under pressure
Metrics are mathematically derived from official filings.
Resilient Growth Amidst Mix Shift
Dollar General's revenue growth has remained consistently positive, accelerating to 5.2% in the most recent quarter, driven by a sustained shift toward higher-velocity consumables that bolster traffic but pressure the overall sales mix.
The company has maintained a steady mid-single-digit revenue growth trajectory over the past ten quarters, with the latest quarter showing a slight acceleration. This growth appears to be volume-driven, as the core customer continues to prioritize essential consumables. While this supports top-line resilience, the ongoing mix shift toward lower-margin categories presents a structural headwind to gross margin expansion, a dynamic investors must weigh against the company's defensive positioning.
Gross Margin Recovery Underway
Gross margin has expanded significantly from a trough of 27.8% in 2024Q1 to 32.6% in 2026Q2, suggesting successful mitigation of prior cost pressures and a more favorable product mix.
The 480 basis point improvement in gross margin over the last ten quarters indicates a meaningful recovery from the inflationary and shrink-related pressures that weighed on profitability in early 2024. This expansion appears to be driven by a combination of disciplined pricing, improved inventory management, and a moderation in input cost inflation. However, the margin level remains below that of pure-play discount peers like Dollar Tree, reflecting the inherent lower-margin nature of Dollar General's consumables-heavy basket.
Operating Leverage Re-emerging
Operating income grew 29.2% year-over-year in 2026Q2, outpacing revenue growth of 5.2%, which indicates that the company is successfully translating incremental sales into profit through improved cost control.
The significant operating leverage demonstrated in the latest quarter suggests that management's focus on expense discipline is yielding results. SG&A as a percentage of revenue has trended downward from 22.2% in 2024Q1 to 25.7% in 2026Q2, but the absolute growth in operating income is being driven by the expanding gross margin. This implies that the primary lever for profitability improvement has been gross margin recovery rather than overhead efficiency, a dynamic that may be more sustainable than pure cost-cutting.
EPS Growth Driven by Core Operations
Diluted EPS surged 33.3% in 2026Q2, supported by a 29.2% increase in net income, indicating that the earnings growth is rooted in operational performance rather than financial engineering or non-recurring items.
The strong correlation between net income growth and EPS growth suggests high-quality earnings, with minimal dilution from stock-based compensation, which remains a modest $24.2 million in the latest quarter. The net margin expansion to 4.9% from a low of 1.9% in 2024Q3 further validates the operational improvement. However, the sustainability of this margin level is contingent on the company's ability to maintain pricing discipline and control shrink, which remain key variables for future earnings quality.
SG&A Discipline Supports Margin Expansion
SG&A expenses as a percentage of revenue have been managed effectively, declining from 22.2% in 2024Q1 to 25.7% in 2026Q2, which has been a critical contributor to the recovery in operating profitability.
The company's ability to control SG&A growth relative to revenue growth has been a key driver of operating margin expansion. This suggests effective management of store-level labor and corporate overhead, even as the company continues to expand its store footprint. However, the absolute level of SG&A remains high, and any reversal in this trend—whether from wage inflation in rural markets or increased investment in store standards—could quickly erode the hard-won margin gains.
Margin Recovery May Be Peaking
The rapid gross margin expansion from 27.8% to 32.6% over two years may be unsustainable, as the tailwinds from moderating inflation and mix normalization could fade, leaving the company vulnerable to renewed cost pressures.
A short-seller would focus on the fact that the gross margin recovery has been the primary driver of profitability improvement, and this tailwind may be largely priced in. The company's reliance on low-margin consumables for traffic growth creates a structural ceiling on margin expansion. Furthermore, persistent risks from inventory shrink and rural labor inflation could re-emerge, potentially reversing the recent positive trend. The current operating margin of 6.8% is still below pre-pandemic levels for many retailers, suggesting limited room for further expansion without a fundamental shift in the business model.