Business Description
Dollar General Corporation is an American chain of discount variety stores headquartered in Goodlettsville, Tennessee. The company operates over 20,000 stores across the contiguous United States and Mexico, primarily serving rural and suburban communities. It distinguishes itself by offering a focused assortment of everyday necessities, including food, health and beauty aids, cleaning supplies, and basic apparel, at everyday low prices in convenient neighborhood locations.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 42,724,400 | 40,612,300 | 38,691,600 | 37,844,900 |
| Cost of Sales | 29,624,700 | 28,594,800 | 26,972,600 | 26,024,800 |
| Gross Profit | 13,099,700 | 12,017,500 | 11,719,000 | 11,820,100 |
| Selling, General & Administrative Expenses | 10,896,000 | 10,303,400 | 9,272,720 | 8,491,800 |
| Operating Profit | 2,203,670 | 1,714,070 | 2,446,300 | 3,328,300 |
| Interest Expense | (230,567) | (274,320) | (326,781) | (211,273) |
| Non-Operating Income | (8,509) | — | — | (415) |
| Total Non-Operating Income | (239,076) | (274,320) | (326,781) | (211,688) |
| Income Before Provision for Income Taxes | 1,964,590 | 1,439,750 | 2,119,520 | 3,116,610 |
| Provision for Income Taxes | 452,281 | 314,501 | 458,245 | 700,625 |
| Consolidated Net Income | 1,512,310 | 1,125,250 | 1,661,270 | 2,415,990 |
| Net Income Attributable to Common Shareholders | 1,512,310 | 1,125,250 | 1,661,270 | 2,415,990 |
| Basic EPS | 6.87 | 5.12 | 7.57 | 10.73 |
| Diluted EPS | 6.85 | 5.11 | 7.55 | 10.68 |
| Basic Weighted Average Shares Outstanding | 220,090 | 219,877 | 219,415 | 225,148 |
| Diluted Weighted Average Shares Outstanding | 220,814 | 220,027 | 219,938 | 226,297 |
| Shares Outstanding | 220,222 | 219,939 | 219,663 | 219,105 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,138,500 | 932,576 | 537,283 | 381,576 |
| Total Cash and Cash Equivalents | 1,138,500 | 932,576 | 537,283 | 381,576 |
| Other Receivables | 17,158 | 127,132 | 112,262 | 135,775 |
| Total Trade Receivables | 17,158 | 127,132 | 112,262 | 135,775 |
| Inventories | 6,331,860 | 6,711,240 | 6,994,270 | 6,760,730 |
| Other Current Assets | 410,283 | 392,975 | 366,913 | 302,925 |
| Total Current Assets | 7,897,800 | 8,163,930 | 8,010,720 | 7,581,010 |
| Net Property, Plant & Equipment | 17,471,100 | 17,373,200 | 17,186,000 | 15,906,300 |
| Net Intangible Assets | 1,200,050 | 1,199,700 | 1,199,700 | 1,199,700 |
| Goodwill | 4,338,590 | 4,338,590 | 4,338,590 | 4,338,590 |
| Other Long-Term Assets | 56,199 | 57,275 | 60,628 | 57,746 |
| Total Assets | 30,963,700 | 31,132,700 | 30,795,600 | 29,083,400 |
| Accounts Payable | 4,051,590 | 3,833,130 | 3,587,370 | 3,552,990 |
| Accrued Expenses | 1,263,300 | 1,045,860 | 971,890 | 1,036,920 |
| Current Portion of Long-Term Debt | 14,401 | 519,463 | 768,645 | — |
| Current Portion of Leases | 1,532,490 | 1,460,110 | 1,387,080 | 1,288,940 |
| Other Current Liabilities | 99,357 | 10,136 | 10,709 | 8,919 |
| Total Current Liabilities | 6,961,140 | 6,868,700 | 6,725,700 | 5,887,770 |
| Long-Term Debt | 4,565,880 | 5,719,030 | 6,231,540 | 7,009,400 |
| Leases | 9,605,890 | 9,764,780 | 9,703,500 | 9,362,760 |
| Other Long-Term Liabilities | 1,318,870 | 1,366,520 | 1,385,730 | 1,281,670 |
| Total Long-Term Liabilities | 15,490,600 | 16,850,300 | 17,320,800 | 17,653,800 |
| Total Liabilities | 22,451,800 | 23,719,000 | 24,046,500 | 23,541,600 |
| Common Stock | 192,694 | 192,447 | 192,206 | 191,718 |
| Additional Paid-in Capital | 3,909,590 | 3,812,590 | 3,757,010 | 3,693,870 |
| Accumulated Other Comprehensive Income | 11,209 | 2,987 | 493 | 43 |
| Retained Earnings | 4,398,470 | 3,405,680 | 2,799,420 | 1,656,140 |
| Total Common Shareholders' Equity | 8,511,960 | 7,413,710 | 6,749,120 | 5,541,770 |
| Total Shareholders' Equity | 8,511,960 | 7,413,710 | 6,749,120 | 5,541,770 |
| Total Liabilities and Shareholders' Equity | 30,963,700 | 31,132,700 | 30,795,600 | 29,083,400 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,512,310 | 1,125,250 | 1,661,270 | 2,415,990 |
| Depreciation & Amortization | 1,046,320 | 971,703 | 848,793 | 724,877 |
| Share-Based Compensation Expense | 91,453 | 58,738 | 51,891 | 72,712 |
| Other Adjustments | 200,056 | 265,839 | 161,829 | 765,829 |
| Changes in Inventories | 178,481 | 230,208 | (299,066) | (1,665,350) |
| Changes in Accounts Payable | 185,343 | 302,915 | 36,940 | (194,722) |
| Changes in Accrued Expenses | 249,971 | 91,813 | (39,189) | (25,409) |
| Changes in Income Taxes Payable | 199,195 | (15,443) | 25,303 | (37,517) |
| Changes in Other Operating Activities | (28,628) | (34,962) | (55,977) | (71,852) |
| Cash from Operating Activities | 3,634,500 | 2,996,060 | 2,391,800 | 1,984,560 |
| Capital Expenditure | (1,241,160) | (1,309,890) | (1,700,220) | (1,560,580) |
| Proceeds from Sale of Property, Plant & Equipment | 3,966 | 3,561 | 6,199 | 5,236 |
| Cash from Investing Activities | (1,237,200) | (1,306,330) | (1,694,020) | (1,555,350) |
| Issuance of Short-Term Debt | — | — | 500,000 | — |
| Repayments of Short-Term Debt | — | — | (500,000) | — |
| Net Issuance / (Repayments) of Short-Term Debt | — | — | 0 | — |
| Issuance of Long-Term Debt | — | — | 1,498,260 | 2,296,050 |
| Repayments of Long-Term Debt | (1,677,160) | (770,230) | (19,723) | (911,330) |
| Net Issuance / (Repayments) of Long-Term Debt | (1,677,160) | (770,230) | 1,478,540 | 1,384,720 |
| Repurchases of Common Shares | — | — | — | (2,748,010) |
| Net Issuance / (Repurchases) of Common Shares | — | — | — | (2,748,010) |
| Common Share Dividends Paid | (519,510) | (518,983) | (517,979) | (493,726) |
| Other Financing Activities | 5,292 | (5,231) | (1,502,630) | 1,464,560 |
| Cash from Financing Activities | (2,191,380) | (1,294,440) | (542,068) | (392,462) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 205,925 | 395,293 | 155,707 | 36,747 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $31.59B |
| P/E | 20.94x |
| P/S | 0.74x |
| EV/EBITDA | 14.21x |
| Return on Equity | 19.0% |
| Return on Invested Capital | 6.8% |
| Current Ratio | 1.13x |
| Dividend Yield | 1.6% |
| Free Cash Flow Margin | 5.6% |
Margins
Gross margin
30.7%
Operating margin
5.2%
Net margin
3.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $10.79B | +3.4% | 5.9% | $639M |
| Q4 2025 | $10.91B | +5.9% | 5.6% | $606M |
| Q3 2025 | $10.65B | +4.6% | 4.0% | $426M |
| Q2 2025 | $10.73B | +5.1% | 5.6% | $595M |
| Q1 2025 | $10.44B | — | 5.5% | $576M |
| Q4 2024 | $10.30B | — | 2.9% | $294M |
| Q3 2024 | $10.18B | — | 3.2% | $324M |
| Q2 2024 | $10.21B | — | 5.4% | $550M |
More on Dollar General Corporation
Figures compiled from public company filings.
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