At a glance
Dollar Tree Inc is worth $26.01B, about 22 times its fiscal 2026 earnings. Revenue grew 10.4% to $19.41B in fiscal 2026, with 6.6% kept as profit; over 3 years it has grown 8.0% a year. It pays no dividend; it spent $4.05B buying back its shares over FY2022–FY2026. The stock returned +39.8% over the past year with dividends reinvested and +4.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.2% in the 2020 crash (S&P 500: 33.7%) and 26.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Dollar Tree runs discount variety stores under the Dollar Tree and Dollar Tree Canada names. As of January 31, 2026, it operated about 9,000 stores across 48 states and the District of Columbia, plus about 275 in seven Canadian provinces. The mostly suburban stores carry about 8,400 items and serve shoppers across a broad range of incomes.
Most items cost $1.25, though the company is adding higher-priced goods under a “multi-price” plan. Of about $19.4 billion in revenue in the fiscal year ended January 31, 2026, consumables such as food, candy, paper goods, cleaning supplies and personal care made up 48.6%. Variety goods, including toys, housewares, party supplies and crafts, made up 45.6%, and seasonal items 5.7%. Canada's share of revenue is small. Dollar Tree uses its buying power to keep costs low and imports about 40% of its goods directly, mostly from China. Gross margin, the share of sales left after the cost of goods, was 36.3%.
Dollar Tree completed the sale of Family Dollar to 1959 Holdings, LLC on July 5, 2025, raising about $793 million in cash. Family Dollar's results are reported separately, so these figures cover Dollar Tree alone. As of January 31, 2026, shoppers could order delivery from more than 8,400 stores through Instacart and more than 8,800 through Uber Eats.
Price history
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DLTR +39.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Consumable | $9.43B | 48.6% |
| Variety | $8.86B | 45.6% |
| Seasonal | $1.11B | 5.7% |
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $4.89B, up 7% from a year earlier, and net income was $514.5M (+173.1%).
- For fiscal 2026, revenue was $19.41B (+10.4% year over year; +8.0% a year from FY2023 to FY2026) with a 6.6% net margin.
Financial health check
| Revenue growth a year (FY2023–FY2026) | +8.0% good |
|---|---|
| Operating margin | 8.5% watch |
| Free cash flow margin | 5.4% watch |
| Return on equity (FY2026) | 34.2% good |
| Return on assets (FY2026) | 9.5% good |
| Net cash (cash minus debt) | $-1.88B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $25.51B | $1.34B | $1.82B |
| FY2022 | $26.32B | $1.33B | $410.3M |
| FY2023 | $15.41B | $1.62B | $975.8M |
| FY2024 | $16.78B | $-998.4M | $1.49B |
| FY2025 | $17.58B | $-3.03B | $892.8M |
| FY2026 | $19.41B | $1.28B | $1.06B |
Valuation snapshot
| Market value | $26.01B |
|---|---|
| P/E ratio | 22.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Dollar Tree’s market value went from $18.22B at the end of 2016 to $26.01B on Nov 2, 2026, up 43%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $26.01B | +6.3% |
| 2025 | $24.46B | +51.8% |
| 2024 | $16.11B | -47.9% |
| 2023 | $30.95B | -1.1% |
| 2022 | $31.28B | -1.0% |
| 2021 | $31.61B | +24.4% |
| 2020 | $25.41B | +14.2% |
| 2019 | $22.26B | +3.6% |
| 2018 | $21.49B | -15.5% |
| 2017 | $25.44B | +39.6% |
| 2016 | $18.22B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DLTR price data to Nov 2, 2026 | +12.7% | +39.8% | +6.7% | +4.5% | +6.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 2025 | +64.1% |
| 2024 | -47.2% |
| 2023 | +0.4% |
| 2022 | +0.7% |
| 2021 | +30.1% |
| 2020 | +14.9% |
| 2019 | +4.1% |
| 2018 | -15.8% |
| 2017 | +39.0% |
| 2016 | -0.1% |
| 2015 | +9.7% |
| 2014 | +24.7% |
| 2013 | +39.1% |
| 2012 | -2.4% |
| 2011 | +48.2% |
| 2010 | +74.2% |
| 2009 | +15.9% |
| 2008 | +60.8% |
| 2007 | -13.9% |
| 2006 | +25.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 3.4% over that stretch · deepest drop along the way 49.1%, back to its old high 10.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17% over that stretch · deepest drop along the way 30.2%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 1.7% over that stretch · deepest drop along the way 26.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($248.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 24, 2026 | Mantle Ridge LP Director by deputization | sell | $248.3M |
| Aug 31, 2026 | Robert Aflatooni Chief Information Officer | sell | $315K |
| Sep 4, 2026 | Stephanie Stahl Director | sell | $156K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 13% | Jun 30, 2026 |
| Vanguard Capital Management | 7.1% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 4.9% | Dec 31, 2025 |
| EdgePoint Investment Group Inc. | 4.35% | Dec 31, 2025 |
ETFs with the most weight in DLTR
| RSPS Invesco S&P 500 Equal Weight Consumer Staples ETF | 3.08% |
| CBSE Clough Select Equity ETF | 2.91% |
| EQTY Kovitz Core Equity ETF | 2.76% |
| BLCV iShares Large Cap Value Active ETF | 2.53% |
| POWA Invesco Bloomberg Pricing Power ETF | 2.12% |
| XRT SPDR S&P Retail ETF | 1.63% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 1.08% |
| RTH VanEck Retail ETF | 0.88% |
What could go wrong
- Little room to pass on higher costs. Most items cost $1.25 and 85% in the average store are $2.00 or less. That leaves little room to pass on higher costs for goods, wages, freight and tariffs without losing shoppers.
- Heavy reliance on imports, mostly from China. About 40% of purchases by retail value are imported directly, mostly from China, and many goods from US vendors are imported too. Tariffs, trade disputes or shipping disruptions could raise costs or cause shortages.
- Higher price points may not win shoppers. Dollar Tree is adding items above $1.25. If shoppers respond by spending less or shifting to rivals, sales could suffer, and the rollout has already added labor costs.
- Family Dollar sale may disappoint. Since the Family Dollar sale closed on July 5, 2025, the company relies on the Dollar Tree chain alone. It warns it may not achieve the benefits it expected from the deal.
- A weak fourth quarter can hurt the year. Sales are seasonal, so weak spending, supply delays or other trouble in the fourth quarter, which includes the Christmas season, could seriously hurt full-year results.
- Tough competition from many kinds of retailers. Rivals include other dollar stores, big-box discounters, warehouse clubs, online retailers, and grocery and drug stores. Competition on price, location and delivery options could squeeze sales and profits.
Recent events
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Dollar Tree paid no dividends in the five fiscal years through January 31, 2026. It returns cash through share buybacks instead: about $4.0 billion over that span, including $1.55 billion in the year ended January 31, 2026, more than that year's free cash flow (cash left after running and investing in the business) of $1.06 billion. The share count fell 16.6% between November 2021 and August 2026. For income investors, that means no cash payouts; returns come only from price changes, so any income means shrinking the position.
Past downturns hit the shares hard. They dropped 49.1% from October 2007 to January 2008, then recovered by November 2008; over the market's full 2007–2009 slide they lost just 3.4%. In the 2020 COVID crash they fell 30.2% and recovered in about two months. In 2022 they fell 26.5% from an April peak and had not regained it as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
Does Dollar Tree pay a dividend?
No. Dollar Tree paid no dividends in the five fiscal years through January 31, 2026. It returns cash through share buybacks instead, where a company purchases its own stock. It spent about $4.0 billion on buybacks over that period, including about $1.55 billion in the fiscal year ended January 31, 2026. The share count fell 16.6% between November 2021 and August 2026, but buybacks provide no regular income to holders.
How does Dollar Tree make money?
Dollar Tree makes money from its discount stores, which offer low-priced basics and fun extras. It had about 9,000 in the US and about 275 in Canada as of January 31, 2026. Most items cost $1.25. Of about $19.4 billion in revenue in the fiscal year ended January 31, 2026, consumables such as food, paper goods and personal care made up 48.6%. Variety goods such as toys, party supplies and housewares made up 45.6%, and seasonal goods 5.7%. Net income was about $1.28 billion, or 6.6% of revenue.
What happened to Family Dollar?
Dollar Tree sold it. The sale of the Family Dollar business to 1959 Holdings, LLC closed on July 5, 2025, and generated about $793 million in total cash, including about $680 million of net proceeds. Family Dollar is reported as a discontinued operation, meaning its results are kept apart from the ongoing business, so the annual report's figures reflect only Dollar Tree unless noted. The company warns it may not achieve all the benefits it expected from the sale.
Is everything at Dollar Tree still $1.25?
No, but most items are. Dollar Tree is adding higher-priced goods under a “multi-price” strategy, yet the majority still cost $1.25 and 85% of products in the average store are $2.00 or less, according to its annual report filed March 16, 2026. In Canada, items generally cost $1.75 (Canadian) or less. Higher prices may help offset rising costs, but the company warns they could also lead customers to purchase fewer items.
How has Dollar Tree stock performed?
Modestly, with big swings. As of October 28, 2026, the share price had gained about 5.4% a year over 10 years (69% in total) and 3.5% a year over five years. These figures reflect price changes only. The stock fell 47.2% in calendar 2024, then rose 64.1% in 2025, and gained 23.8% over the year to October 28, 2026. On that date the shares traded at about 20.4 times earnings, a common measure of how much investors pay for each dollar of profit.