What changed in this filing

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Item 1. Financial Statements

2025-12-03 compared with 2025-09-03 · 79 added, 79 removed, 456 unchanged (26% of the section changed)

3 unchanged sentences

13 Weeks Ended 39 Weeks Ended

(in millions, except per share data) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

(in millions, except per share data) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Net sales $ 4,746.3 $ 4,338.0 $ 13,949.6 $ 12,569.1

10 unchanged sentences

Income from continuing operations 244.6 232.3 713.6 642.3

Income (loss) from discontinued operations, net of tax 32.9 ( 9.9 ) 62.8 22.5

Income from discontinued operations, net of tax — 1.0 62.8 23.5

Net income $ 244.6 $ 233.3 $ 776.4 $ 665.8

Basic earnings (loss) per share of common stock:

Basic earnings per share of common stock:

Continuing operations $ 1.20 $ 1.09 $ 3.43 $ 2.97

1 unchanged sentence

Total basic earnings per share of common stock $ 1.20 $ 1.09 $ 3.73 $ 3.08

Diluted earnings (loss) per share of common stock:

Diluted earnings per share of common stock:

Continuing operations $ 1.20 $ 1.08 $ 3.42 $ 2.97

8 unchanged sentences

13 Weeks Ended 39 Weeks Ended

(in millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

(in millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Net income $ 244.6 $ 233.3 $ 776.4 $ 665.8

4 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except par value and share data) August 2, 2025 February 1, 2025 August 3, 2024

(in millions, except par value and share data) November 1, 2025 February 1, 2025 November 2, 2024

Current assets:

45 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

13 Weeks Ended August 2, 2025

13 Weeks Ended November 1, 2025

(in millions) Common

5 unchanged sentences

Earnings Shareholders'

Balance at May 3, 2025

Balance at August 2, 2025

204.6 $ 2.1 $ — $ ( 54.0 ) $ 3,657.0 $ 3,605.1

3 unchanged sentences

Purchase Plan — — 1.3 — — 1.3

Exercise of stock options — — — — — —

Stock-based compensation, net — — 13.9 — — 13.9

2 unchanged sentences

— — ( 3.9 ) — — ( 3.9 )

Balance at August 2, 2025

Balance at November 1, 2025

200.6 $ 2.1 $ — $ ( 55.2 ) $ 3,517.8 $ 3,464.7

26 Weeks Ended August 2, 2025

39 Weeks Ended November 1, 2025

(in millions) Common

11 unchanged sentences

Purchase Plan 0.1 — 6.2 — — 6.2

Exercise of stock options — — — — — —

Stock-based compensation, net 0.4 — 37.9 — — 37.9

2 unchanged sentences

— — ( 12.9 ) — — ( 12.9 )

Balance at August 2, 2025

Balance at November 1, 2025

200.6 $ 2.1 $ — $ ( 55.2 ) $ 3,517.8 $ 3,464.7

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (cont.)

13 Weeks Ended August 3, 2024

13 Weeks Ended November 2, 2024

(in millions) Common

5 unchanged sentences

Earnings Shareholders'

Balance at May 4, 2024

Balance at August 3, 2024

215.0 $ 2.2 $ 22.2 $ ( 49.0 ) $ 7,404.1 $ 7,379.5

4 unchanged sentences

Stock-based compensation, net — — 26.5 — — 26.5

Repurchase of stock ( 0.8 ) — ( 5.9 ) — ( 84.1 ) ( 90.0 )

Excise tax on repurchases of stock

— — ( 0.8 ) — — ( 0.8 )

Balance at August 3, 2024

Balance at November 2, 2024

215.0 $ 2.2 $ 50.7 $ ( 54.2 ) $ 7,637.4 $ 7,636.1

26 Weeks Ended August 3, 2024

39 Weeks Ended November 2, 2024

(in millions) Common

16 unchanged sentences

— — ( 3.6 ) — — ( 3.6 )

Balance at August 3, 2024

Balance at November 2, 2024

215.0 $ 2.2 $ 50.7 $ ( 54.2 ) $ 7,637.4 $ 7,636.1

3 unchanged sentences

39 Weeks Ended

(in millions) August 2, 2025 August 3, 2024

(in millions) November 1, 2025 November 2, 2024

Cash flows from operating activities:

40 unchanged sentences

Net cash used in investing activities of discontinued operations ( 79.8 ) ( 397.6 )

Net cash provided by (used in) discontinued operations 263.5 ( 46.2 )

Net cash provided by discontinued operations 263.5 54.8

Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.6 ( 0.7 )

22 unchanged sentences

Securities and Exchange Commission (“SEC”) on March 26, 2025.

The results of operations for the 13 and 26 weeks ended August 2, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year ending January 31, 2026.

In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (including those of a normal recurring nature) considered necessary for a fair presentation of our financial position as of August 2, 2025 and August 3, 2024 and the results of our operations and cash flows for the periods presented.

The results of operations for the 13 and 39 weeks ended November 1, 2025 are not necessarily indicative of the results to be expected for the entire fiscal year ending January 31, 2026.

In our opinion, the unaudited condensed consolidated financial statements included herein contain all adjustments (including those of a normal recurring nature) considered necessary for a fair presentation of our financial position as of November 1, 2025 and November 2, 2024 and the results of our operations and cash flows for the periods presented.

The February 1, 2025 balance sheet information was derived from the audited consolidated financial statements as of that date.

3 unchanged sentences

As discussed in Note 10 , on July 5, 2025, the Company completed its previously announced sale of the Family Dollar business to 1959 Holdings, LLC, for a purchase consideration of $ 1,007.5 million, subject to certain adjustments, including with respect to working capital and net indebtedness.

Net proceeds from the sale consisted of $ 665 million paid at closing and $ 22 million to be received within 90 days of closing, subject to final adjustment under the terms of the purchase agreement, dated as of March 25, 2025.

Net proceeds from the sale consisted of $ 665 million paid at closing and $ 22 million to be received post-closing, subject to final adjustment under the terms of the purchase agreement, dated as of March 25, 2025.

In addition, the Company monetized approximately $ 113 million of cash from Family Dollar prior to the closing date primarily through a reduction of net working capital.

Together, the total cash monetized from the sale of the Family Dollar business approximates $ 800 million.

As of November 1, 2025, the remaining receivable for estimated net proceeds to be received totaled $ 14.7 million.

The Company has continuing involvement with Family Dollar under a transition services agreement, through which the Company and Family Dollar continue to provide certain services to each other for a period of 18 months following the date of sale.

The results of Family Dollar are presented as discontinued operations in the accompanying unaudited Condensed Consolidated Income Statements for all periods presented.

14 unchanged sentences

We are currently evaluating the impact of this standard to our consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, “Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which amends the accounting for internal-use software by requiring that an entity start capitalizing software costs once management has authorized and committed funding for the project and it is probable that the project will be completed and the software will be used as intended.

ASU 2025-06 is effective for annual and interim periods beginning in fiscal 2028, with early adoption permitted.

ASU 2025-06 can be applied using a prospective transition approach, a modified transition approach or a retrospective transition approach.

We are currently evaluating the impact of this standard to our consolidated financial statements.

We have reviewed all other recently issued accounting standards and determined they were either not applicable or not expected to have a material impact on our financial position or results of operations.

28 unchanged sentences

Talc Product Matters

Multiple personal injury lawsuits are pending in state court in California, Illinois, Louisiana, New York, Texas, New Jersey, South Carolina, and the District of Columbia against Dollar Tree, Family Dollar or both alleging that certain talc products that we sold caused cancer.

Multiple personal injury lawsuits are pending in state court in California, Illinois, Louisiana, New York, Texas, New Jersey, South Carolina, Virginia, and the District of Columbia against Dollar Tree, Family Dollar or both alleging that certain talc products that we sold caused cancer.

The plaintiffs seek compensatory, punitive and exemplary damages, damages for loss of consortium, and attorneys’ fees and costs.

Although we have been able to resolve previous talc lawsuits against us without material loss, given the inherent uncertainties of litigation there can be no assurances regarding the outcome of pending or future cases.

Although we have been able to resolve previous talc lawsuits against us without material loss, given the

inherent uncertainties of litigation there can be no assurances regarding the outcome of pending or future cases.

Future costs to litigate these cases are not known but may be material, and it is uncertain whether our costs will be covered by insurance.

2 unchanged sentences

Beginning in August 2022, more than 50 personal injury cases have been filed in federal court against Dollar Tree, Family Dollar, or both, on behalf of minors alleging that their mothers took acetaminophen while pregnant, that the acetaminophen interfered with fetal development such that plaintiffs were born with autism and/or ADHD, and that we knew or should have known of the danger, had a duty to warn and failed to include appropriate warnings on the product labels.

The plaintiffs seek compensatory, punitive and/or

exemplary damages, restitution and disgorgement, economic damages, and attorneys’ fees and costs.

The plaintiffs seek compensatory, punitive and/or exemplary damages, restitution and disgorgement, economic damages, and attorneys’ fees and costs.

These cases, which originated in Alabama, California, Florida, Georgia, Louisiana, Minnesota, Missouri, North Carolina, Kentucky, Tennessee and Texas, along with other cases against many other defendants, were consolidated into multi-district litigation in the Southern District of New York.

6 unchanged sentences

In connection with entry into this new Five-Year Credit Facility, we terminated all commitments and fulfilled all obligations under our previous credit agreement dated December 8, 2021.

As of August 2, 2025, there were no borrowings outstanding under the Five-Year Credit Facility.

As of November 1, 2025, there were no borrowings outstanding under the Five-Year Credit Facility.

Also on March 21, 2025, the Company entered into a 364 -Day Revolving Credit Facility, with JPMorgan Chase Bank, N.A., as agent, the banks and the financial institutions from time to time party thereto, providing for a $ 1.0 billion revolving credit facility.

The 364 -Day Revolving Credit Facility matures on March 20, 2026.

As of August 2, 2025, there were no borrowings outstanding under the 364 -Day Revolving Credit Facility.

As of November 1, 2025, there were no borrowings outstanding under the 364 -Day Revolving Credit Facility.

Borrowings under the Five-Year Credit Facility and the 364 -Day Revolving Credit Facility bear interest at the Adjusted Term SOFR Rate (as defined in the underlying credit agreements) plus 1.125 %, subject to adjustment based on (i) our credit ratings and (ii) our leverage ratio.

On May 15, 2025, we leveraged our commercial paper program, in addition to utilizing available cash, to redeem our $ 1.0 billion principal amount of 4.00 % Senior Notes due 2025 (the “ 4.00 % Senior Notes”).

As of August 2, 2025 and August 3, 2024, $ 300.0 million and $ 250.0 million principal amount of notes were outstanding under our commercial paper program, with a weighted-average interest rate of 4.6 % and 5.5 %, respectively.

As of November 1, 2025, $ 620.0 million principal amount of notes were outstanding under our commercial paper program, with a weighted-average interest rate of 4.2 %.

There were no short-term borrowings outstanding at February 1, 2025.

We issued and repaid $ 3.2 billion of commercial paper notes during the 39 weeks ended November 2, 2024 and incurred interest expense of $ 3.9 million related to these notes.

As of November 2, 2024, there were no commercial paper notes outstanding.

On November 10, 2025, the Company increased the size of its commercial paper program to permit the issuance of commercial paper notes up to a maximum aggregate amount outstanding at any time of $ 2.5 billion, compared to the previous maximum permitted of $ 1.5 billion.

The $ 2.5 billion maximum is authorized through the maturity date of the Company’s 364 -Day Revolving Credit Facility on March 20, 2026 or such later date to which the maturity of the 364 -Day Facility or a similar replacement financing arrangement is extended, and will return to $ 1.5 billion thereafter.

Note 5 - Fair Value Measurements

4 unchanged sentences

that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment).

We did not record any material impairment charges during the 13 or 26 weeks ended August 2, 2025 or August 3, 2024.

We did not record any material impairment charges during the 13 or 39 weeks ended November 1, 2025 or November 2, 2024.

Fair Value of Financial Instruments

1 unchanged sentence

The carrying values of our Five-Year Credit Facility, our 364 -Day Revolving Credit Facility and borrowings under our commercial paper program approximate their fair values.

At August 2, 2025, we had no borrowings outstanding under our credit facilities and had $ 300.0 million principal amount of notes outstanding under our commercial paper program.

At November 1, 2025, we had no borrowings outstanding under our credit facilities and had $ 620.0 million principal amount of notes outstanding under our commercial paper program.

The aggregate fair values and carrying values of our long-term borrowings, including current portion, were as follows:

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

(in millions) Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value

4 unchanged sentences

13 Weeks Ended 39 Weeks Ended

(in millions, except per share data) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

(in millions, except per share data) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Income from continuing operations $ 244.6 $ 232.3 $ 713.6 $ 642.3

Income (loss) from discontinued operations, net of tax

32.9 ( 9.9 ) 62.8 22.5

Income from discontinued operations, net of tax — 1.0 62.8 23.5

Net income $ 244.6 $ 233.3 $ 776.4 $ 665.8

4 unchanged sentences

potential shares outstanding 203.8 215.2 208.5 216.1

Basic earnings (loss) per share of common stock:

Basic earnings per share of common stock:

Continuing operations $ 1.20 $ 1.09 $ 3.43 $ 2.97

1 unchanged sentence

Total basic earnings per share of common stock $ 1.20 $ 1.09 $ 3.73 $ 3.08

Diluted earnings (loss) per share of common stock:

Diluted earnings per share of common stock:

Continuing operations $ 1.20 $ 1.08 $ 3.42 $ 2.97

1 unchanged sentence

Total diluted earnings per share of common stock $ 1.20 $ 1.08 $ 3.72 $ 3.08

Share-based awards of 2.2 million shares and 2.2 million shares were excluded from the calculation of diluted net income per share for the 13 and 26 weeks ended August 2, 2025, respectively, because their inclusion would be anti-dilutive.

Share-based awards of 3.4 million shares and 3.1 million shares were excluded from the calculation of diluted net income per share for the 13 and 26 weeks ended August 3, 2024, respectively, because their inclusion would be anti-dilutive.

Share-based awards of 2.0 million shares and 2.2 million shares were excluded from the calculation of diluted net income per share for the 13 and 39 weeks ended November 1, 2025, respectively, because their inclusion would be anti-dilutive.

Share-based awards of 3.4 million shares and 3.1 million shares were excluded from the calculation of diluted net income per share for the 13 and 39 weeks ended November 2, 2024, respectively, because their inclusion would be anti-dilutive.

Note 7 - Shareholders’ Equity

We repurchased 5,030,092 and 10,957,077 shares of common stock on the open market at a cost of $ 501.4 million and $ 938.2 million, including applicable excise tax, during the 13 and 26 weeks ended August 2, 2025, respectively.

We repurchased 746,535 and 3,283,837 shares of common stock on the open market at a cost of $ 90.8 million and $ 403.6 million, including applicable excise tax, during the 13 and 26 weeks ended August 3, 2024, respectively.

Of the shares repurchased during the 26 weeks ended August 2, 2025, $ 5.5 million settled subsequent to August 2, 2025 and these amounts were accrued in the accompanying unaudited Condensed Consolidated Balance Sheets.

In the 13 weeks ended August 2, 2025, our Board of Directors replenished the Company’s share repurchase authorization to an aggregate amount of $ 2.5 billion, reflecting the limit previously approved by the Board in September 2021.

At August 2, 2025, we had $ 2.4 billion remaining under the $ 2.5 billion Board repurchase authorization.

Subsequent to August 2, 2025, we purchased an additional 621,750 shares of common stock on the open market at a cost of $ 71.2 million, as of August 29, 2025.

We repurchased 4,050,414 and 15,007,491 shares of common stock on the open market at a cost of $ 399.0 million and $ 1.3 billion, including applicable excise tax, during the 13 and 39 weeks ended November 1, 2025, respectively.

We repurchased 3,283,837 shares of common stock on the open market at a cost of $ 403.6 million, including applicable excise tax, during the 39 weeks ended November 2, 2024.

We did not repurchase any shares of common stock during the 13 weeks ended November 2, 2024.

Of the shares repurchased during the 39 weeks ended November 1, 2025, $ 12.8 million settled subsequent to November 1, 2025 and these amounts were accrued in the accompanying unaudited Condensed Consolidated Balance Sheets.

In July 2025, our Board of Directors replenished the Company’s share repurchase authorization to an aggregate amount of $ 2.5 billion, reflecting the limit previously approved by the Board in September 2021.

At November 1, 2025, we had $ 2.0 billion remaining under the $ 2.5 billion Board repurchase authorization.

Subsequent to November 1, 2025, we purchased an additional 1,711,878 shares of common stock on the open market at a cost of $ 176.0 million, as of December 1, 2025.

Note 8 - Segments and Disaggregated Revenue

18 unchanged sentences

(in millions) Dollar Tree Segment Corporate, Support and Other Total

13 Weeks Ended August 2, 2025

13 Weeks Ended November 1, 2025

Net sales $ 4,746.3 $ — $ 4,746.3

9 unchanged sentences

Depreciation and amortization expense $ 154.9 $ 9.6 $ 164.5

13 Weeks Ended August 3, 2024

13 Weeks Ended November 2, 2024

Net sales $ 4,338.0 $ — $ 4,338.0

9 unchanged sentences

(in millions) Dollar Tree Segment Corporate, Support and Other Total

26 Weeks Ended August 2, 2025

39 Weeks Ended November 1, 2025

Net sales $ 13,949.6 $ — $ 13,949.6

9 unchanged sentences

Depreciation and amortization expense $ 448.2 $ 29.4 $ 477.6

26 Weeks Ended August 3, 2024

39 Weeks Ended November 2, 2024

Net sales $ 12,569.1 $ — $ 12,569.1

8 unchanged sentences

Depreciation and amortization expense $ 350.5 $ 26.6 $ 377.1

Capital expenditures made by the Dollar Tree segment were $ 239.2 million and $ 358.3 million, for the 13 weeks ended August 2, 2025 and August 3, 2024 respectively, and $ 477.5 million and $ 629.7 million, for the 26 weeks ended August 2, 2025 and August 3, 2024, respectively.

Capital expenditures made by the Dollar Tree segment were $ 383.8 million and $ 338.3 million, for the 13 weeks ended November 1, 2025 and November 2, 2024, respectively, and $ 861.3 million and $ 968.0 million, for the 39 weeks ended November 1, 2025 and November 2, 2024, respectively.

Disaggregated Revenue

1 unchanged sentence

13 Weeks Ended 39 Weeks Ended

(in millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

(in millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Consumable $ 2,350.7 49.5 % $ 2,164.0 49.9 % $ 6,998.3 50.2 % $ 6,314.4 50.2 %

7 unchanged sentences

As such, the outstanding payment obligations under our supply chain financing program are included within “Accounts payable” in the accompanying unaudited Condensed Consolidated Balance Sheets and within “Cash flows from operating activities” in the accompanying unaudited Condensed Consolidated Statements of Cash Flows.

Our outstanding payment obligations under this program were $ 329.7 million, $ 346.5 million and $ 123.0 million as of August 2, 2025, February 1, 2025, and August 3, 2024, respectively.

Our outstanding payment obligations under this program were $ 342.9 million, $ 346.5 million and $ 427.4 million as of November 1, 2025, February 1, 2025, and November 2, 2024, respectively.

Note 10 – Discontinued Operations

2 unchanged sentences

On March 25, 2025, the Company entered into a definitive agreement to sell the Family Dollar business to 1959 Holdings, LLC, and on July 5, 2025, the Company completed the sale for a purchase consideration of $ 1,007.5 million, subject to certain adjustments, including with respect to working capital and net indebtedness.

Net proceeds from the sale consisted of $ 665 million paid at closing and $ 22 million to be received post-closing, subject to final adjustment under the terms of the purchase agreement.

In addition, the Company monetized approximately $ 113 million of cash from Family Dollar prior to the closing date primarily through a reduction of net working capital.

Together, the total cash monetized from the sale of the Family Dollar business approximates $ 800 million.

As of August 2, 2025, the remaining receivable for estimated net proceeds to be received totaled $ 18.7 million.

The Company has continuing involvement with Family Dollar through a transition services agreement, through which the Company and Family Dollar continue to provide certain services to each other for a period of 18 months following the date of sale.

During the second quarter of fiscal 2025, we recorded $ 8.0 million of income from transitions services provided to Family Dollar.

In addition, the Company is guaranteeing lease obligations for 121 Family Dollar stores amounting to approximately $ 91.0 million for the first year following the date of sale, which represents the full lease obligations on these stores for the 12-month period following the date of sale.

As of November 1, 2025, the remaining receivable for estimated net proceeds to be received totaled $ 14.7 million.

For the 13 and 39 weeks ended November 1, 2025, we recorded $ 23.8 million and $ 31.8 million, respectively, of net income from transition services between the two companies.

In addition, the Company is guaranteeing lease obligations for 120 Family Dollar stores amounting to approximately $ 88.0 million for the first year following the date of sale, which represents the full lease obligations on these stores.

The amount guaranteed in the second and third year following the date of sale is $ 20.0 million and $ 10.0 million, respectively.

The Company is also guaranteeing Family Dollar’s supply chain finance obligations for a period of 90 days following the date of sale and in connection with this guarantee, the Company established a $ 30.0 million standby letter of credit which expires on October 7, 2025.

The fair values of the lease and supply chain finance guarantees are immaterial.

The fair value of the lease guarantee is immaterial.

The results of Family Dollar are presented as discontinued operations in the accompanying unaudited Condensed Consolidated Income Statements for all periods presented.

1 unchanged sentence

Financial Information of Discontinued Operations

“Income (loss) from discontinued operations, net of tax” in the accompanying unaudited Condensed Consolidated Income Statements reflects the after-tax results of the Family Dollar business and does not include any allocation of general corporate overhead expense or interest expense of the Company.

“Income from discontinued operations, net of tax” in the accompanying unaudited Condensed Consolidated Income Statements reflects the after-tax results of the Family Dollar business and does not include any allocation of general corporate overhead expense or interest expense of the Company.

The following table summarizes the results of operations of the Family Dollar business that are being reported as discontinued operations:

13 Weeks Ended 39 Weeks Ended

(in millions) August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

(in millions) November 1, 2025 November 2, 2024 November 1, 2025 November 2, 2024

Net sales $ — $ 3,223.7 $ 5,625.5 $ 9,991.7

3 unchanged sentences

Selling, general and administrative expenses — 803.9 1,218.4 2,478.4

Operating income (loss)

188.1 ( 12.7 ) 480.0 26.0

Operating income — 2.7 480.0 28.7

Interest income — 0.8 2.7 4.1

Loss on held for sale and disposal of discontinued operations

144.1 — 402.5 —

Income (loss) from discontinued operations before income taxes

45.1 ( 11.7 ) 80.2 29.3

Income from discontinued operations before income taxes — 3.5 80.2 32.8

Provision for income taxes — 2.5 17.4 9.3

Income (loss) from discontinued operations, net of tax

$ 32.9 $ ( 9.9 ) $ 62.8 $ 22.5

Depreciation expense related to discontinued operations was $ 120.6 million and $ 231.8 million for the 13 and 26 weeks ended August 3, 2024, respectively.

The Company has ceased depreciating and amortizing its long-lived assets for Family Dollar which primarily includes right-of-use assets and property and equipment.

Income from discontinued operations, net of tax $ — $ 1.0 $ 62.8 $ 23.5

Depreciation expense related to discontinued operations was $ 116.4 million and $ 348.2 million for the 13 and 39 weeks ended November 2, 2024, respectively.

The Company ceased depreciating and amortizing its long-lived assets for Family Dollar, which primarily included right-of-use assets and property and equipment, during the fourth quarter of fiscal 2024.

The following table summarizes the Family Dollar business assets and liabilities classified as discontinued operations in the accompanying unaudited Condensed Consolidated Balance Sheets:

(in millions)

August 2, 2025 February 1, 2025 August 3, 2024

November 1, 2025 February 1, 2025 November 2, 2024

Cash and cash equivalents $ — $ 179.0 $ 219.3

22 unchanged sentences

The fair value of the Family Dollar business was estimated using the expected sale price as negotiated with the third party buyer.

The valuation allowance was recorded within “Loss on held for sale and disposal of discontinued operations” in the summarized results of operations of discontinued operations for the 13 and 26 weeks ended August 2, 2025.

Capital expenditures related to discontinued operations were $ 77.8 million and $ 308.6 million for the 26 weeks ended August 2, 2025 and August 3, 2024, respectively.

Capital expenditures related to discontinued operations were $ 77.8 million and $ 393.0 million for the 39 weeks ended November 1, 2025 and November 2, 2024, respectively.

Note 11 - Condensed Consolidated Financial Statement Details

1 unchanged sentence

The following is a reconciliation between “Cash and cash equivalents” and “Restricted cash” of continuing operations presented in the Condensed Consolidated Balance Sheets and the total cash, cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows:

(in millions) August 2, 2025 August 3, 2024

(in millions) November 1, 2025 November 2, 2024

Cash and cash equivalents on the Condensed Consolidated Balance Sheets $ 594.8 $ 478.3

Restricted cash on the Condensed Consolidated Balance Sheets, included in “Other current assets” 13.5 —

Restricted cash on the Condensed Consolidated Balance Sheets, noncurrent 42.5 75.1

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements