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Dollar Tree (DLTR) delivered strong FY2025 results with revenue growing 10.4% to $19.4B and net income swinging to a $1.28B profit from a prior-year loss of $3.03B, driven by improved margins and operational efficiency.
营业收入
$19.41B
同比 ++10.43%
每股收益（基本）
$6.23
同比 ++144.34%
毛利率
36.3%
同比 ++0.59%
营业利润
$1.65B
同比 ++13.07%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Dollar Tree (DLTR) FY2025 营收 $19.41B，同比增长 10.4%。 净利润 $1.28B，稀释每股收益 $6.22。 毛利率 36.3%。
Total revenue increased 10.4% year-over-year to $19.41B in FY2025 from $17.58B in the prior year, reflecting continued store network expansion and improved customer traffic across Dollar Tree and Family Dollar banners.
来源: Source: 10-K Income Statement
Gross margin improved 59 basis points to 36.32% in FY2025 from 35.74% in the prior year, as gross profit grew 12.2% to $7.05B, outpacing revenue growth and suggesting better product mix and cost management.
来源: Source: 10-K Income Statement
Selling, General & Administrative expenses rose 13.2% to $5.47B, growing faster than revenue at 10.4%, which partially offset gross margin gains and kept operating margin expansion modest at approximately 20 basis points to 8.52%.
来源: Source: 10-K Income Statement
Net income recovered sharply to $1.28B in FY2025 compared to a net loss of $3.03B in the prior year, with the prior-year loss largely attributable to non-cash impairment charges; EPS (diluted) improved to $6.22 from -$14.03.
来源: Source: 10-K Income Statement
The company repurchased $1.55B in shares during FY2025, a 287% increase from $400M in the prior year, reflecting management's confidence in the business while financing cash outflows surged to -$2.56B.
来源: Source: 10-K Cash Flow Statement
SG&A expenses grew 13.2% versus revenue growth of 10.4%, creating margin compression risk if this trend continues. Sustained cost inflation in labor, store operations, and administrative functions could erode profitability gains from gross margin improvements.
来源: Source: 10-K Income Statement
Cash and equivalents fell 42.9% to $717.8M from $1.26B in the prior year, while the current ratio stands at a thin 1.07x. The aggressive share buyback program of $1.55B consumed substantial cash, leaving limited liquidity buffer for operational disruptions.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
The company carries a debt-to-equity ratio of 2.59x with long-term debt of $2.43B, representing a leveraged balance sheet. While debt declined 29.1% year-over-year, the combination of high leverage and reduced cash reserves limits financial flexibility.
来源: Source: 10-K Balance Sheet
Total assets declined 27.8% to $13.47B and current assets dropped 62.2% to $3.45B, likely reflecting the divestiture or restructuring of the Family Dollar segment. This structural change introduces execution risk and potential revenue concentration going forward.
来源: Source: 10-K Balance Sheet
Dollar Tree's business model is sensitive to shifts in consumer spending behavior, particularly among lower- and middle-income shoppers who may reduce discretionary purchases during economic downturns or inflationary periods. Competitive pressure from other discount retailers further intensifies this risk.
来源: Source: 10-K Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $19.41B | $17.58B | +10.43% |
营业成本 | $12.35B | $11.28B | +9.40% |
毛利润 | $7.05B | $6.28B | +12.24% |
营业利润 | $1.65B | $1.46B | +13.07% |
净利润 | $1.28B | $-3.03B | +142.33% |
每股收益（基本） | $6.23 | $-14.05 | +144.34% |
每股收益（稀释） | $6.22 | $-14.03 | +144.33% |
销售及管理费用 | $5.47B | $4.83B | +13.17% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $13.47B | $18.64B | -27.77% |
流动资产 | $3.45B | $9.11B | -62.16% |
总负债 | $9.71B | $14.67B | -33.79% |
流动负债 | $3.23B | $8.59B | -62.40% |
股东权益 | $3.75B | $3.98B | -5.59% |
现金及等价物 | $717.8M | $1.26B | -42.87% |
长期债务 | $2.43B | $3.43B | -29.13% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
筹资活动现金流 | $-2.56B | $-411.3M | -521.66% |
股票回购 | $1.55B | $400M | +287.00% |
折旧及摊销 | $648.1M | $526.9M | +23.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 36.3% | 35.7% | +0.59% |
营业利润率 | 8.5% | 8.3% | +0.20% |
净利率 | 6.6% | — | — |
净资产收益率 | 34.2% | — | — |
总资产收益率 | 9.5% | — | — |
流动比率 | $1.067 | — | — |
资产负债率 | $2.586 | — | — |
Consumer Staples Merchandise Retail 行业其他公司
Dollar Tree reported strong FY2025 results with revenue of $19.41B, up 10.4% year-over-year, and net income of $1.28B compared to a net loss of $3.03B in the prior year. Diluted EPS improved to $6.22 from -$14.03, driven by the absence of prior-year impairment charges and modest margin improvement.
The dramatic swing from a $3.03B net loss to $1.28B net income in FY2025 is primarily because the prior fiscal year included large non-cash impairment charges (likely related to the Family Dollar segment) that did not recur. The underlying business also showed genuine improvement with gross margin expanding to 36.32% from 35.74%.
Key risks include SG&A expenses growing faster than revenue (13.2% vs. 10.4%), a significant drop in cash reserves to $717.8M (down 42.9%), and a leveraged balance sheet with a debt-to-equity ratio of 2.59x. The sharp decline in total assets by 27.8% also suggests ongoing portfolio restructuring that carries execution risk.
Yes, Dollar Tree significantly accelerated its share repurchase program in FY2025, buying back $1.55B in shares — a 287% increase from $400M in the prior year. This aggressive buyback contributed to the surge in financing cash outflows to -$2.56B and reduced the share count, boosting EPS.
Dollar Tree's financial health is mixed: profitability has recovered strongly with a 6.6% net margin and 34.2% ROE, but liquidity is tight with a current ratio of just 1.07x and cash down to $717.8M. The debt-to-equity ratio of 2.59x indicates meaningful leverage, and investors should monitor whether SG&A cost growth can be brought in line with revenue growth going forward.