DLTRHIGH SIGNALOPERATIONAL10-K

Dollar Tree completed the sale of Family Dollar on July 5, 2025, transforming into a standalone operation with dramatically improved profitability and reduced complexity.

This represents a major strategic transformation that eliminated a loss-making division and allowed management to focus resources on the core Dollar Tree banner. The divestiture has fundamentally reshaped the company's financial profile and operational scope, positioning it for more focused growth execution.

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FINANCIAL ANALYSIS

The Family Dollar divestiture drove a massive financial transformation, with the company swinging from a $3.0B loss to $1.3B profit while operating cash flow surged 66% to $2.7B. Assets and liabilities both contracted significantly (28% and 34% respectively) as the business became smaller but more profitable, though management aggressively returned capital to shareholders with $1.5B in buybacks versus $400M previously. The overall picture shows a leaner, more focused company with strong cash generation capability following the successful elimination of its problematic Family Dollar segment.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+287%
$400.0M$1.5B

Share repurchases increased 287% — management returning capital, signals confidence in intrinsic value.

Net Income
P&L
+142.3%
-$3.0B$1.3B

Net income grew 142.3% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+66.2%
$1.6B$2.7B

Operating cash flow surged 66.2% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
-62.4%
$8.6B$3.2B

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
-62.2%
$9.1B$3.4B

Current assets declined 62.2% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
-42.9%
$1.3B$717.8M

Cash declined 42.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-33.8%
$14.7B$9.7B

Liabilities reduced 33.8% — deleveraging improves balance sheet strength and financial flexibility.

Capital Expenditure
Cash Flow
+29.2%
$632.2M$817.1M

Capex increased 29.2% — ongoing investment in capacity or infrastructure for future growth.

Total Debt
Balance Sheet
-29.1%
$3.4B$2.4B

Debt reduced 29.1% — deleveraging strengthens balance sheet and reduces financial risk.

Total Assets
Balance Sheet
-27.8%
$18.6B$13.5B

Total assets contracted 27.8% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-16
PRIOR — 2025-03-26
ADDED
On March 12, 2026, there were 197,298,217 shares of the registrant s common stock outstanding.
Unless specifically indicated otherwise, any references to fiscal 2026, fiscal 2025, fiscal 2024, and fiscal 2023, relate to as of or for the years ended January 30, 2027, January 31, 2026, February 1, 2025 and February 3, 2024, respectively.
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 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.
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REMOVED
On March 24, 2025, there were 215,083,014 shares of the registrant s common stock outstanding.
Unless specifically indicated otherwise, any references to fiscal 2025, fiscal 2024, fiscal 2023, and fiscal 2022, relate to as of or for the years ended January 31, 2026, February 1, 2025, February 3, 2024 and January 28, 2023, respectively.
At February 1, 2025, we operated 8,628 stores across 48 states and the District of Columbia and operated 253 stores across five Canadian provinces.
We are committed to growing our business through new store openings, expanded geographies, improved product offerings, store renovations and remodeling, investments in our workforce and other initiatives to modernize and optimize our stores, our supply chain and distribution network and our technology.
Discontinued Operations Family Dollar stores provide customers with a selection of competitively-priced merchandise in convenient neighborhood stores, primarily serving a lower-than-average income customer in urban and rural locations.
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