Dollar Tree Inc.

DLTR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.5B
Q4 FY2026
TTM ROIC
12.8%
FY2026 · NOPAT / Average Invested Capital (NOPAT = Operating Income × (1 − effective tax rate); Invested Capital = Total Assets less excess cash and non-interest-bearing current liabilities, including operating lease ROU assets) · WACC ~9% · Moat spread +3.8pp

Financial Snapshot


ticker: DLTR step: 04 generated: 2026-05-12 source: quick-research

Dollar Tree (DLTR) — Financial Snapshot

Income Statement Summary (Continuing Operations — Dollar Tree Segment)

Metric FY2023 FY2024 FY2025 YoY
Revenue ~$15.3B ~$16.8B $17.6B +4.7%
Gross Margin ~34.8% ~35.2% ~35.8% +0.6pp
Operating Margin ~7.5% ~8.3% ~8.5% +0.2pp
Net Income (adj.) ~$1.15B ~$1.10B ~$1.05B ~-5%
EPS (adj. diluted) ~$5.28 ~$5.00 ~$4.90 ~-2%

Note: Dollar Tree fiscal years end in late January/early February. FY2025 = ended February 2026. Figures above reflect continuing operations (Dollar Tree segment); Family Dollar is classified as discontinued. GAAP net income was deeply negative in FY2024 due to goodwill impairment charges on the Family Dollar segment ($1.07B). Adjusted EPS is the relevant metric for the continuing business.

Cash Flow & Balance Sheet (FY2024 Continuing Operations)

Metric Value
Operating Cash Flow ~$1.8B
Free Cash Flow ~$893M
Cash & Equivalents ~$700M
Total Debt ~$5.5B

Key Ratios (approximate)

  • P/E: ~20x (adjusted, FY2025) | EV/EBITDA: ~10x | FCF Yield: ~4.5%
  • Revenue Growth (FY2025): +4.7% | FCF Margin: ~5%
  • Dividend Yield: ~nil (no regular dividend; buybacks primary)

Growth Profile

Dollar Tree's continuing business (excluding Family Dollar) has delivered consistent low-to-mid single-digit same-store sales growth, bolstered by the Dollar Tree 3.0 multi-price format rollout (~5,300 stores converted by end of FY2025, ~2,400 converted in FY2025 alone). Same-store sales accelerated to +6.5% in Q2 FY2026, driven by higher ticket from multi-price assortment and new higher-income household acquisition. The company is opening 300–400 net new stores annually. Post-Family Dollar sale, the business will be simpler, more focused, and structurally higher-margin.

Forward Estimates

  • FY2026E Revenue: ~$19.4B (full year with discontinuation adjustment; or ~$18B+ on a clean continuing basis)
  • FY2026E: Comparable sales growth expected in 4–7% range; operating margin expansion toward 9–10% as multi-price scales
  • Post-Family Dollar: Management targets improved margins, capital returns, and a "one company, one brand" growth story

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DLTR.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/dltr/financials/md · → thesis · → memo