Revenue growth remains highly sensitive to structural shifts, fluctuating from a 42.1% decline in 2024Q4 to a 9.0% increase by 2025Q4, while operating margins have struggled to scale, peaking at only 12.3% in 2025Q4.
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Feb'08 | Feb'07 | Jan'06 | Jan'05 | Jan'04 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 19.75B | 19.41B | 17.58B | 16.78B | 15.41B | 26.32B | 25.51B | 23.61B | 22.82B | 22.25B | 20.72B | 15.5B | 8.6B | 7.84B | 7.39B | 6.63B | 5.88B | 5.23B | 4.64B | 4.24B | 3.97B | 3.39B | 3.13B | 2.8B | 2.33B | 1.99B | 1.69B | 1.35B | 1.07B | 745.6M | 558.8M |
| Revenue Growth % | -19.68% | 10.43% | 4.75% | 8.89% | -41.45% | 3.18% | 8.04% | 3.45% | 2.6% | 7.37% | 33.69% | 80.17% | 9.72% | 6.03% | 11.52% | 12.72% | 12.45% | 12.62% | 9.48% | 6.88% | 16.96% | 8.57% | 11.65% | 20.21% | 17.21% | 17.72% | 24.88% | 25.88% | 44.03% | 33.43% | 86.14% |
| Cost of Goods Sold | 12.5B | 12.35B | 11.28B | 10.76B | 9.63B | 18.58B | 17.72B | 16.57B | 15.88B | 15.22B | 14.32B | 10.84B | 5.57B | 5.05B | 4.74B | 4.25B | 3.79B | 3.37B | 3.05B | 2.78B | 2.61B | 2.22B | 2.01B | 1.78B | 1.48B | 1.27B | 1.06B | 854.12M | 681.39M | 474.6M | 356.2M |
| COGS % of Revenue | - | 63.6% | 64.19% | 64.13% | 62.49% | 70.6% | 69.47% | 70.18% | 69.56% | 68.43% | 69.14% | 69.95% | 64.73% | 64.42% | 64.13% | 64.13% | 64.51% | 64.51% | 65.72% | 65.56% | 65.81% | 65.46% | 64.41% | 63.63% | 63.42% | 63.97% | 62.99% | 63.18% | 63.45% | 63.65% | 63.74% |
| Gross Profit | 7.25B | 7.07B | 6.29B | 6.02B | 5.78B | 7.74B | 7.79B | 7.04B | 6.95B | 7.02B | 6.39B | 4.66B | 3.03B | 2.79B | 2.65B | 2.38B | 2.09B | 1.86B | 1.59B | 1.46B | 1.36B | 1.17B | 1.11B | 1.02B | 851.97M | 715.96M | 624.69M | 497.7M | 392.5M | 271M | 202.6M |
| Gross Margin % | 36.71% | 36.4% | 35.81% | 35.87% | 37.51% | 29.4% | 30.53% | 29.82% | 30.44% | 31.57% | 30.86% | 30.05% | 35.27% | 35.58% | 35.87% | 35.87% | 35.49% | 35.49% | 34.28% | 34.44% | 34.19% | 34.54% | 35.59% | 36.37% | 36.58% | 36.03% | 37.01% | 36.82% | 36.55% | 36.35% | 36.26% |
| Gross Profit Growth % | - | 12.27% | 4.56% | 4.12% | -25.28% | -0.65% | 10.62% | 1.34% | -1.06% | 9.81% | 37.32% | 53.48% | 8.75% | 5.17% | 11.54% | 13.93% | 12.43% | 16.62% | 8.97% | 7.66% | 15.77% | 5.38% | 9.24% | 19.54% | 19% | 14.61% | 25.52% | 26.8% | 44.83% | 33.76% | 79.93% |
| Operating Expenses | 5.56B | 5.47B | 4.83B | 4.25B | 3.68B | 5.93B | 5.9B | 5.78B | 7.89B | 5.02B | 4.69B | 3.61B | 1.99B | 1.82B | 1.73B | 1.6B | 1.46B | 1.34B | 1.23B | 1.13B | 1.05B | 889.12M | 818.99M | 724.82M | 598.05M | 512.09M | 417.29M | 321.05M | 256.66M | 184.3M | 139.4M |
| OpEx % of Revenue | - | 28.17% | 27.49% | 25.3% | 23.89% | 22.51% | 23.13% | 24.47% | 34.56% | 22.58% | 22.64% | 23.27% | 23.18% | 23.21% | 23.43% | 24.07% | 24.78% | 25.69% | 26.4% | 26.65% | 26.36% | 26.2% | 26.2% | 25.89% | 25.68% | 25.77% | 24.72% | 23.75% | 23.9% | 24.72% | 24.95% |
| Selling, General & Admin | 5.58B | 5.47B | 4.83B | 4.25B | 3.68B | 5.93B | 5.9B | 5.47B | 5.16B | 5B | 4.69B | 3.61B | 1.99B | 1.82B | 1.73B | 1.6B | 1.46B | 1.34B | 1.23B | 1.13B | 1.05B | 889.12M | 818.99M | 724.82M | 598.05M | 458.33M | 375.32M | 290.24M | 234.2M | 169.8M | 128M |
| SG&A % of Revenue | - | 28.17% | 27.49% | 25.3% | 23.89% | 22.51% | 23.13% | 23.15% | 22.61% | 22.5% | 22.64% | 23.27% | 23.18% | 23.21% | 23.43% | 24.07% | 24.78% | 25.69% | 26.4% | 26.65% | 26.36% | 26.2% | 26.2% | 25.89% | 25.68% | 23.06% | 22.23% | 21.47% | 21.81% | 22.77% | 22.91% |
| 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 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 313M | 2.73B | 18.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.76M | 41.97M | 30.81M | 22.46M | 14.5M | 11.4M |
| Operating Income | 1.69B | 1.6B | 1.46B | 1.77B | 2.1B | 1.81B | 1.89B | 1.26B | -939.5M | 2B | 1.7B | 1.05B | 1.04B | 970.3M | 920.1M | 782.1M | 630M | 512.8M | 365.8M | 330.3M | 310.8M | 283.24M | 293.55M | 293.6M | 253.92M | 203.87M | 207.4M | 176.65M | 135.84M | 86.7M | 63.2M |
| Operating Margin % | 8.54% | 8.23% | 8.32% | 10.57% | 13.62% | 6.88% | 7.4% | 5.35% | -4.12% | 8.99% | 8.23% | 6.77% | 12.09% | 12.38% | 12.44% | 11.8% | 10.71% | 9.8% | 7.88% | 7.79% | 7.83% | 8.35% | 9.39% | 10.49% | 10.9% | 10.26% | 12.29% | 13.07% | 12.65% | 11.63% | 11.31% |
| Operating Income Growth % | - | 9.32% | -17.61% | -15.47% | 15.89% | -4.05% | 49.57% | 234.35% | -147% | 17.26% | 62.41% | 0.91% | 7.2% | 5.46% | 17.64% | 24.14% | 22.85% | 40.19% | 10.75% | 6.27% | 9.73% | -3.51% | -0.02% | 15.63% | 24.55% | -1.71% | 17.41% | 30.04% | 56.68% | 37.18% | 72.68% |
| EBITDA | 2.03B | 2.25B | 1.99B | 2.17B | 2.46B | 2.53B | 2.57B | 1.91B | -318.4M | 2.61B | 2.34B | 1.54B | 1.25B | 1.16B | 1.1B | 946M | 789.7M | 670.6M | 527.5M | 489.6M | 469.8M | 423.96M | 422.84M | 400.69M | 329.55M | 257.63M | 249.37M | 207.46M | 158.3M | 101.2M | 74.6M |
| EBITDA Margin % | 10.28% | 11.57% | 11.31% | 12.96% | 15.99% | 9.6% | 10.09% | 8.08% | -1.4% | 11.73% | 11.3% | 9.92% | 14.49% | 14.81% | 14.81% | 14.27% | 13.42% | 12.82% | 11.36% | 11.54% | 11.84% | 12.49% | 13.53% | 14.31% | 14.15% | 12.96% | 14.77% | 15.35% | 14.74% | 13.57% | 13.35% |
| EBITDA Growth % | -9.86% | 12.94% | -8.56% | -11.75% | -2.48% | -1.83% | 34.96% | 699.12% | -112.2% | 11.44% | 52.36% | 23.37% | 7.35% | 5.97% | 15.79% | 19.79% | 17.76% | 27.13% | 7.74% | 4.21% | 10.81% | 0.26% | 5.53% | 21.58% | 27.92% | 3.31% | 20.21% | 31.05% | 56.42% | 35.66% | 77.2% |
| D&A (Non-Cash Add-back) | 342.8M | 648.1M | 526.9M | 400.5M | 365.3M | 716M | 686.6M | 645.4M | 621.1M | 611.2M | 637.5M | 487.6M | 205.9M | 190.5M | 175.3M | 163.9M | 159.7M | 157.8M | 161.7M | 159.3M | 159M | 140.72M | 129.29M | 107.09M | 75.63M | 53.76M | 41.97M | 30.81M | 22.46M | 14.5M | 11.4M |
| EBIT | 1.69B | 1.6B | 1.49B | 1.77B | 2.1B | 1.81B | 1.89B | 1.26B | -939M | 2.01B | 1.7B | 1.05B | 1.03B | 969.7M | 981.7M | 782.4M | 635.5M | 512.8M | 368.4M | 330.3M | 310.8M | 283.24M | 293.55M | 293.6M | 253.92M | 203.87M | 207.4M | 176.65M | 135.84M | 86.7M | 63.2M |
| Net Interest Income | -79.1M | -85.5M | -107.5M | -112.5M | -127.2M | -178.9M | -147.3M | -162.1M | -370M | -301.8M | -375.5M | -599.4M | -80.1M | -15.4M | -2.8M | -2.9M | -5.6M | -5.2M | -6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.6M | 6.7M | 8.6M | 6.02M | 3.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 79.1M | 85.5M | 107.5M | 112.5M | 127.2M | 178.9M | 147.3M | 162.1M | 370M | 301.8M | 375.5M | 599.4M | 80.1M | 15.4M | 2.8M | 2.9M | 5.6M | 5.2M | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -18.6M | 31.3M | -78.4M | -112.6M | -127.6M | -179.2M | -148.1M | -163.5M | -369.5M | -295.1M | -375.4M | -601.5M | -86M | -16M | 58.8M | -2.6M | -100K | -5.2M | -6.7M | -10.5M | -7.9M | -8.02M | -5.38M | -4.84M | -2.46M | -3.61M | -7.92M | -6.74M | -9.94M | -3.4M | -5.7M |
| Pretax Income | 1.67B | 1.63B | 1.38B | 1.66B | 1.97B | 1.63B | 1.74B | 1.1B | -1.31B | 1.7B | 1.33B | 448.2M | 954.2M | 954.3M | 978.9M | 779.5M | 629.9M | 507.6M | 359.1M | 319.8M | 302.9M | 275.22M | 288.17M | 288.75M | 251.46M | 200.25M | 199.49M | 169.91M | 125.9M | 83.3M | 57.5M |
| Pretax Margin % | 8.45% | 8.39% | 7.87% | 9.9% | 12.79% | 6.2% | 6.82% | 4.65% | -5.74% | 7.66% | 6.42% | 2.89% | 11.09% | 12.17% | 13.24% | 11.76% | 10.71% | 9.7% | 7.73% | 7.54% | 7.63% | 8.11% | 9.22% | 10.31% | 10.8% | 10.08% | 11.82% | 12.57% | 11.72% | 11.17% | 10.29% |
| Income Tax | 409.7M | 404.2M | 341.1M | 396.1M | 471.6M | 304.3M | 397.9M | 271.7M | 281.8M | -10.3M | 433.2M | 165.8M | 355M | 357.6M | 359.6M | 291.2M | 232.6M | 187.1M | 129.6M | 118.5M | 110.9M | 101.3M | 107.92M | 111.17M | 96.81M | 77.17M | 77.48M | 63.33M | 44.58M | 31.3M | 22.2M |
| Effective Tax Rate % | 24.55% | 24.81% | 24.65% | 23.83% | 23.92% | 18.64% | 22.87% | 24.73% | -21.53% | -0.6% | 32.59% | 36.99% | 37.2% | 37.47% | 36.74% | 37.36% | 36.93% | 36.86% | 36.09% | 37.05% | 36.61% | 36.81% | 37.45% | 38.5% | 38.5% | 38.54% | 38.84% | 37.27% | 35.41% | 37.58% | 38.61% |
| Net Income | 1.29B | 1.28B | -3.03B | -998.4M | 1.62B | 1.33B | 1.34B | 827M | -1.59B | 1.71B | 896.2M | 282.4M | 645.6M | 596.7M | 619.3M | 488.3M | 397.3M | 320.5M | 229.5M | 201.3M | 192M | 173.92M | 180.25M | 177.58M | 154.65M | 123.08M | 121.62M | 98.5M | 68.9M | 48.6M | 33.8M |
| Net Margin % | 6.51% | 6.61% | -17.24% | -5.95% | 10.48% | 5.04% | 5.26% | 3.5% | -6.97% | 7.71% | 4.33% | 1.82% | 7.51% | 7.61% | 8.38% | 7.36% | 6.75% | 6.13% | 4.94% | 4.74% | 4.84% | 5.12% | 5.77% | 6.34% | 6.64% | 6.19% | 7.2% | 7.29% | 6.42% | 6.52% | 6.05% |
| Net Income Growth % | 143.07% | 142.33% | -203.5% | -161.81% | 21.65% | -1.04% | 62.26% | 151.99% | -192.8% | 91.29% | 217.35% | -56.26% | 8.2% | -3.65% | 26.83% | 22.9% | 23.96% | 39.65% | 14.01% | 4.84% | 10.4% | -3.51% | 1.5% | 14.83% | 25.65% | 1.2% | 23.47% | 42.96% | 41.77% | 43.79% | 60.95% |
| Net Income (Continuing) | 1.26B | 1.23B | 1.04B | 1.27B | 1.5B | 1.33B | 1.34B | 827M | -1.59B | 1.71B | 896.2M | 282.4M | 599.2M | 596.7M | 619.3M | 488.3M | 397.3M | 320.5M | 229.5M | 201.3M | 192M | 173.92M | 180.25M | 177.58M | 154.65M | 123.08M | 122.01M | 106.58M | 81.32M | 52M | 35.3M |
| Discontinued Operations | 0 | 57.2M | -4.07B | -2.26B | 115.3M | 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) | 6.52 | 5.94 | -14.05 | -4.55 | 7.21 | 5.80 | 5.65 | 3.47 | -6.66 | 7.21 | 3.78 | 1.26 | 3.12 | 2.72 | 2.68 | 2.02 | 1.55 | 1.19 | 0.84 | 0.70 | 0.62 | 0.53 | 0.53 | 0.51 | 0.45 | 0.36 | 0.36 | 0.31 | 0.24 | 0.17 | 0.12 |
| EPS Growth % | 146.18% | 142.28% | -208.79% | -163.11% | 24.31% | 2.65% | 62.82% | 152.1% | -192.37% | 90.74% | 200% | -59.62% | 14.71% | 1.49% | 32.67% | 30.32% | 30.25% | 41.67% | 20% | 12.9% | 16.98% | 0% | 3.92% | 13.33% | 25% | 0% | 16.13% | 29.17% | 41.18% | 41.67% | 56.45% |
| EPS (Basic) | - | 6.22 | -14.05 | -4.55 | 7.24 | 5.83 | 5.68 | 3.49 | -6.69 | 7.24 | 3.80 | 1.27 | 3.13 | 2.74 | 2.70 | 2.03 | 1.57 | 1.20 | 0.85 | 0.70 | 0.62 | 0.54 | 0.53 | 0.52 | 0.45 | 0.37 | 0.39 | 0.34 | 0.26 | 0.19 | 0.13 |
| Diluted Shares Outstanding | 197.4M | 206.3M | 215.9M | 219.5M | 224.1M | 229M | 237.3M | 238.3M | 238.7M | 237.7M | 236.8M | 223.5M | 207M | 219.1M | 230.7M | 242.4M | 256M | 270M | 272.4M | 289.2M | 311.4M | 326.28M | 341.96M | 345.94M | 343.66M | 338.76M | 333.91M | 324.62M | 304.32M | 300M | 294.17M |
| Basic Shares Outstanding | 196.8M | 205.8M | 215.7M | 219.5M | 223.2M | 227.9M | 236.4M | 237.2M | 237.9M | 236.8M | 235.7M | 222.5M | 206M | 218.1M | 229.3M | 240.6M | 254.2M | 268.2M | 270.9M | 287.7M | 309.6M | 325M | 339.88M | 343.71M | 338.33M | 335.68M | 310.89M | 295.69M | 275.33M | 273.68M | 264.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 61.86% | 9.16% | 2.06% | - |
Margin compression from shrink
According to the provided quarterly income statements, DLTR's revenue growth has exhibited significant volatility, swinging from a 42.1% decline in 2024Q4 to a 9.0% increase by 2025Q4, suggesting that the company's top-line performance remains highly sensitive to seasonal shifts and ongoing structural business model adjustments.
The erratic revenue trajectory appears to reflect the challenges of integrating the multi-price point strategy while managing the legacy Family Dollar segment. Investors should monitor whether the recent stabilization in growth signals a successful transition or merely a temporary recovery from prior period base effects.
As reported in financial statements, the company's gross margin reached 36.9% in 2026Q1, yet historical data shows significant fluctuations, with margins dipping as low as 30.1% in 2024Q2, highlighting the firm's vulnerability to inbound freight costs and the operational complexities of its diverse retail banners.
The margin expansion observed in recent quarters suggests that the shift toward a $1.25 price point and multi-price tiers may be providing some relief from inflationary pressures. However, the persistent volatility in gross margins warrants caution regarding the company's ability to maintain pricing power in a competitive discount environment.
Based on the company's reported figures, operating margins have struggled to scale consistently, ranging from a negative 21.9% in 2023Q4 to a peak of 12.3% in 2025Q4, indicating that SG&A expenses often outpace gross profit growth during periods of operational disruption or heavy investment.
The inability to consistently leverage operating expenses against revenue growth suggests that the company's cost structure remains relatively rigid. This lack of operating leverage may indicate that the current store footprint requires significant ongoing investment, which could continue to pressure bottom-line profitability in the near term.
Data from recent filings reveals that net income has been severely impacted by non-recurring charges, most notably the $3.7 billion loss in 2024Q4, which significantly distorts the underlying earnings quality and complicates the assessment of the company's true operational profitability on a per-share basis.
The frequent appearance of large, non-operating charges suggests that investors should focus on adjusted metrics to gauge the core health of the business. The recurring nature of these impairments implies that the company's historical acquisition strategy continues to cast a long shadow over its reported financial performance.
Analysis of the income statement suggests that the company's reliance on imported goods and high-frequency, low-margin inventory creates a precarious risk profile, as evidenced by the sharp margin compression observed during periods of elevated retail shrink and rising logistics costs in recent fiscal quarters.
Short-term improvements in profitability may be masking deeper, structural issues related to inventory loss and the competitive necessity of keeping prices low. If the company cannot effectively mitigate these headwinds, the current margin recovery may prove unsustainable, potentially leading to further earnings volatility.
Quick answers to the most common questions about buying DLTR stock.
For fiscal year 2025, Dollar Tree, Inc. (DLTR) reported total revenue of $19.41B. This represents a 3373.8% increase compared to $558.8M in 1996.
Dollar Tree, Inc. (DLTR) is profitable, generating $1.28B in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Dollar Tree, Inc. (DLTR) reported an operating income of $1.60B, resulting in an operating profit margin of 8.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Dollar Tree, Inc. (DLTR) generated $7.07B in gross profit for the year, representing a gross profit margin of 36.4%. This demonstrates the company's core pricing power and production efficiency.