Dollar Tree (DLTR) Q3 FY2025 earnings: revenue $4.8 billion, up 9.4% on the year

Dollar Tree, Inc. (DLTR) reported revenue of $4.8 billion for Q3 FY2025, the quarter ended 1 November 2025, up 9.4% on the same quarter a year earlier. Net income was $245 million, up 4.8% on the year, and diluted earnings per share $1.20. The figures are the company's own, from the 10-Q it filed with the SEC on 3 December 2025.

Revenue

$4.8 billion

+9.4% on the year · +4.0% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

7.2%

7.6% a year earlier

Q4 FY2023Q3 FY2025

Net income

$245 million

+4.8% on the year · +29.8% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$1.20

+11.1% on the year · +31.9% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 new.

Same-store sales rose 4.2%: Net sales rose 9.4% to $4.7 billion for the quarter, and same-store net sales rose 4.2% on the Dollar Tree segment.
Diluted EPS rose 11.1% to $1.20: Diluted EPS from continuing operations was $1.20, up 11.1%. Adjusted diluted EPS was $1.21, up 12.0%, excluding strategic review costs.
Gross margin rose to 35.8%: Gross margin increased 40 basis points to 35.8%, with gross profit of $1.7 billion, up 10.8%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	4,751	4,570	4,341	+4.0%	+9.4%
Cost of revenue	3,046	2,997	2,804	+1.6%	+8.6%
Gross profit	1,700	1,570	1,534	+8.3%	+10.8%
Gross margin	35.8%	34.4%	35.3%
Selling, general and administrative	1,386	1,351	1,207	+2.6%	+14.8%
Operating income	343	231	331	+48.6%	+3.8%
Operating margin	7.2%	5.1%	7.6%
Pre-tax income	321	209	302	+54.0%	+6.3%
Income tax	76.7	53.1	70.0	+44.4%	+9.6%
Effective tax rate	23.9%	25.5%	23.2%
Net income	245	188	233	+29.8%	+4.8%
Net margin	5.1%	4.1%	5.4%
Diluted EPS	$1.20	$0.91	$1.08	+31.9%	+11.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	n/a	n/a	786
Capital expenditure	376	245	426	+53.6%	-11.7%
Free cash flow	n/a	n/a	359
Free cash flow margin	n/a	n/a	8.3%
Cash from investing	n/a	n/a	-409
Cash from financing	-67.5	-1,197	-248
Depreciation and amortisation	164	162	136	+1.5%	+21.4%
Share-based compensation	14.4	14.4	26.8	0.0%	-46.3%
Buybacks	388	496	0.0	-21.9%
Diluted shares, weighted	204m	208m	215m	-1.9%	-5.3%
Shares outstanding at period end	201m	205m	215m	-1.9%	-6.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	3,465	3,605	7,636	-3.9%	-54.6%
Short-term borrowings	n/a	n/a	0.0
Debt	3,050	2,729	3,430	+11.8%	-11.1%
Operating lease liabilities	3,633	3,637	5,580	-0.1%	-34.9%
Other liabilities	3,508	3,414	6,686	+2.8%	-47.5%
Total liabilities and equity	13,656	13,385	23,333	+2.0%	-41.5%
Fixed assets	4,878	4,652	6,676	+4.8%	-26.9%
Goodwill	422	422	913	-0.0%	-53.7%
Cash and equivalents	595	666	698	-10.7%	-14.7%
Other assets	7,762	7,644	15,047	+1.5%	-48.4%
Total assets	13,656	13,385	23,333	+2.0%	-41.5%

Questions

What was Dollar Tree's revenue in Q3 FY2025?

Dollar Tree (DLTR) reported revenue of $4.8 billion for Q3 FY2025, the quarter ended 1 November 2025, up 9.4% on the same quarter a year earlier.

How much did Dollar Tree earn in Q3 FY2025?

Net income for Q3 FY2025 was $245 million, up 4.8% on the year, and diluted earnings per share $1.20.

When did Dollar Tree report Q3 FY2025 results?

Dollar Tree filed its 10-Q for the quarter ended 1 November 2025 with the SEC on 3 December 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	6,418	7,081	6,903	6,768	6,940	7,721	7,324	7,325	7,315	8,640	4,169	4,069	4,341	4,997	4,640	4,570	4,751	5,451	4,976	4,891
Cost of revenue	4,652	4,940	4,560	4,641	4,865	5,331	5,089	5,185	5,136	5,861	2,689	2,674	2,804	3,117	2,987	2,997	3,046	3,316	3,141	2,792
Gross profit	1,764	2,137	2,340	2,124	2,072	2,386	1,389	1,293	1,394	1,933	1,476	1,391	1,534	1,880	1,650	1,570	1,700	2,131	1,835	2,099
Gross margin	27%	30%	34%	31%	30%	31%	19%	18%	19%	22%	35%	34%	35%	38%	36%	34%	36%	39%	37%	43%
SG&A	1,456	1,562	1,612	1,622	1,694	1,772	1,815	1,852	1,877	3,600	1,098	1,179	1,207	1,349	1,269	1,351	1,386	1,464	1,383	1,427
Operating income	310	579	732	505	381	618	420	288	302	-1,891	382	216	331	534	384	231	343	695	473	690
Operating margin	5%	8%	11%	7%	5%	8%	6%	4%	4%	-22%	9%	5%	8%	11%	8%	5%	7%	13%	10%	14%
Pre-tax income	277	499	698	475	348	590	394	264	271	-1,917	355	186	302	540	423	209	321	676	462	686
Tax rate	22%	9%	23%	24%	23%	23%	24%	24%	22%	n/a	25%	23%	23%	26%	26%	25%	24%	24%	25%	25%
Net income	217	454	536	360	267	452	299	200	212	-1,710	300	132	233	-3,696	343	188	245	506	347	514
Net margin	3%	6%	8%	5%	4%	6%	4%	3%	3%	-20%	7%	3%	5%	-74%	7%	4%	5%	9%	7%	11%
Diluted EPS	$0.96	$2.01	$2.37	$1.60	$1.20	$2.04	$1.35	$0.91	$0.97	-$7.85	$1.38	$0.62	$1.08	-$17.17	$1.61	$0.91	$1.20	$2.53	$1.76	$2.70
Operating cash flow	283	413	538	-17.9	214	881	752	172	506	1,255	696	307	786	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Capital expenditure	296	272	253	276	391	328	350	425	541	784	316	501	426	n/a	249	245	376	264	252	246
Free cash flow	-13.0	141	285	-294	-178	553	402	-254	-35.6	471	379	-194	359	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	2.5	0.0	14.2	236	398	0.0	143	107	250	0.0	272	128	0.0	0.0	428	496	388	236	586	623
Shares outstanding	225m	225m	226m	224m	221m	221m	221m	220m	218m	218m	216m	215m	215m	215m	210m	205m	201m	199m	193m	188m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 1 November 2025, filed 3 December 2025: the filing.