Dollar Tree, Inc. (DLTR) Cash Flow Statement
Where DLTR’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $2.53B −11.6% vs FY2025
- Capital expenditures
- $1.13B 5.8% of revenue
- Free cash flow
- $1.40B 7.2% margin
- Returned to shareholders
- $1.55B 111% of free cash flow
- Change in cash
- −$538.7M cash at year-end $717.8M
Cash from operations
$2.53B
Capital expenditures
−$1.13B
Acquisitions & other
+$404.2M
Share buybacks (net)
−$1.55B
Net borrowing (repayment)
−$1.00B
Currency & other
+$207.6M
Change in cash
−$538.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DLTR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DLTR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.67BFY2017 | $2.53BFY2026 | +4.7%/yr | |
| Capital expenditures | $565.6MFY2017 | $1.13BFY2026 | +8.0%/yr | |
| Free cash flow | $1.11BFY2017 | $1.40BFY2026 | +2.6%/yr | |
| Free cash flow margin | 5.3%FY2017 | 7.2%FY2026 | +1.9 pts | |
| Operating cash flow / net income | 1.87FY2017 | 1.97FY2026 | +0.11 | |
| Stock-based compensation | $61.6MFY2017 | $58.9MFY2026 | −0.5%/yr | |
| Dividends paid | $0FY2017 | $1.07BFY2024 | — | |
| Share buybacks (net) | $22.2MFY2017 | $1.55BFY2026 | +60.3%/yr | |
| Capex / revenue | 2.7%FY2017 | 5.8%FY2026 | +3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DLTR cash flow by activity
OperatingInvestingFinancingChange in cash
DLTR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DLTR cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.28B | $1.04B | −$998.4M | $1.62B | $1.33B | $1.34B | $827.0M | −$1.59B | $1.71B | $896.2M |
| Depreciation & amortization | $648.1M | $526.9M | $400.5M | $767.9M | $716.0M | $686.6M | $645.4M | $621.1M | $611.2M | $637.5M |
| Stock-based compensation | $58.9M | $106.9M | $96.7M | $110.4M | $79.9M | $83.9M | $61.4M | $63.1M | $65.7M | $61.6M |
| Change in working capital | $63.8M | $395.6M | $452.6M | −$1.07B | −$733.0M | $550.2M | −$17.5M | −$222.0M | −$452.3M | $137.5M |
| Other non-cash items | $476.9M | $790.6M | $2.73B | $186.7M | $40.7M | $53.7M | $353.5M | $2.89B | −$428.7M | −$59.5M |
| Cash from operating activities | $2.53B | $2.86B | $2.68B | $1.61B | $1.43B | $2.72B | $1.87B | $1.77B | $1.51B | $1.67B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.13B | −$1.30B | −$2.11B | −$1.25B | −$1.02B | −$898.8M | −$1.04B | −$817.1M | −$632.2M | −$565.6M |
| Investments (net) | — | −$1.70B | −$2.11B | −$1.25B | −$1.02B | −$889.7M | −$1.02B | −$816.7M | −$627.9M | −$483.6M |
| Acquisitions & other investing | $404.2M | $1.30B | $2.11B | $1.25B | $1.02B | $898.8M | $1.04B | $817.1M | $632.2M | $565.6M |
| Cash from investing activities | −$728.5M | −$1.70B | −$2.11B | −$1.25B | −$1.02B | −$889.7M | −$1.02B | −$816.7M | −$627.9M | −$483.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$1.07B | −$9.3M | −$17.8M | −$17.0M | −$15.2M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$1.55B | −$400.0M | −$500.0M | −$647.5M | −$950.0M | −$400.0M | −$200.0M | −$23.2M | −$27.4M | −$22.2M |
| Net borrowing (repayment) | −$1.00B | $0 | $0 | $0 | $197.4M | −$550.0M | −$500.0M | $4.62B | −$659.1M | $2.96B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$5.1M | −$11.3M | $1.04B | −$30.0M | −$66.1M | $17.1M | $5.4M | −$6.20B | $35.0M | −$3.99B |
| Cash from financing activities | −$2.55B | −$411.3M | −$530.0M | −$686.8M | −$836.5M | −$949.9M | −$709.8M | −$1.60B | −$651.5M | −$1.06B |
| Summary | ||||||||||
| Net change in cash | −$538.7M | $754.0M | $45.9M | −$327.0M | −$425.3M | $877.6M | $139.3M | −$651.1M | $231.4M | $130.3M |
| Cash at end of period | $717.8M | $1.51B | $757.2M | $711.3M | $1.04B | $1.46B | $586.0M | $446.7M | $1.10B | $866.4M |
| Free cash flow | $1.40B | $1.56B | $576.9M | $361.0M | $408.7M | $1.82B | $833.1M | $948.9M | $878.0M | $1.11B |
| Free cash flow margin | 7.2% | 8.9% | 3.4% | 2.3% | 1.6% | 7.1% | 3.5% | 4.2% | 3.9% | 5.3% |
| Capex / revenue | 5.8% | 7.4% | 12.6% | 8.1% | 3.9% | 3.5% | 4.4% | 3.6% | 2.8% | 2.7% |
| Operating cash flow / net income | 1.97 | 2.75 | — | 1.00 | 1.08 | 2.02 | 2.26 | — | 0.88 | 1.87 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $514.5M | $347.3M | $720.8M | $119.0M | $281.1M | $313.5M | $376.7M | $233.3M | $132.4M | $267.7M | −$1.71B | $212.0M |
| Depreciation & amortization | $179.8M | $177.0M | $335.0M | $164.5M | $162.0M | $151.1M | −$209.8M | $256.1M | $246.6M | $119.0M | $226.2M | $215.8M |
| Stock-based compensation | $19.6M | $21.1M | $27.3M | $14.4M | $14.4M | $17.2M | $22.6M | $26.8M | $27.9M | $24.0M | $20.3M | $23.2M |
| Change in working capital | $113.9M | −$24.6M | $614.5M | −$243.8M | −$227.3M | −$79.6M | $230.5M | $215.4M | −$118.4M | $73.2M | $535.8M | −$11.7M |
| Other non-cash items | $93.7M | $123.2M | −$465.4M | $139.6M | $394.9M | $80.8M | $654.3M | $54.0M | $18.4M | $211.8M | $2.18B | $66.5M |
| Cash from operating activities | $921.5M | $644.0M | $1.23B | $193.7M | $625.1M | $483.0M | $1.07B | $785.6M | $306.9M | $695.7M | $1.25B | $505.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$246.3M | −$252.9M | −$262.4M | −$376.4M | −$245.0M | −$248.9M | −$104.7M | −$426.4M | −$502.8M | −$473.0M | −$785.3M | −$541.3M |
| Investments (net) | — | — | — | — | $143.3M | −$244.3M | −$336.3M | −$409.1M | −$477.0M | −$473.0M | −$785.3M | −$541.3M |
| Acquisitions & other investing | −$600,000 | $0 | $6.7M | $4.6M | $245.0M | $248.9M | $104.7M | $426.4M | $502.8M | $473.0M | $785.3M | $541.3M |
| Cash from investing activities | −$246.9M | −$252.9M | −$255.7M | −$371.8M | $143.3M | −$244.3M | −$336.3M | −$409.1M | −$477.0M | −$473.0M | −$785.3M | −$541.3M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$231.2M |
| Share repurchases & issuance (net) | −$623.1M | −$585.8M | −$236.0M | −$387.8M | −$496.5M | −$427.7M | $0 | −$300,000 | −$127.8M | −$272.2M | −$1.4M | −$250.0M |
| Net borrowing (repayment) | $0 | $500.0M | −$618.7M | $319.5M | −$700.8M | $0 | $0 | −$249.7M | — | — | — | $229.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $200,000 | −$15.1M | $1.3M | $800,000 | $700,000 | −$11.7M | $1.6M | $2.0M | $250.7M | −$15.6M | −$226.7M | $222.4M |
| Cash from financing activities | −$622.9M | −$100.9M | −$853.4M | −$67.5M | −$1.20B | −$439.4M | $1.6M | −$248.0M | $122.9M | −$287.8M | −$228.1M | −$29.7M |
| Summary | ||||||||||||
| Net change in cash | $51.1M | $290.0M | $123.0M | −$120.0M | −$553.9M | −$200.0M | $738.5M | $128.3M | −$47.3M | −$65.5M | $241.6M | −$67.2M |
| Cash at end of period | $1.10B | $1.05B | $717.8M | $637.3M | $757.3M | $1.31B | $1.51B | $772.7M | $644.4M | $691.7M | $757.2M | $515.6M |
| Free cash flow | $675.2M | $391.1M | $969.8M | −$182.7M | $380.1M | $234.1M | $1.18B | $359.2M | −$195.9M | $222.7M | $469.6M | −$35.5M |
| Free cash flow margin | 13.8% | 7.9% | 17.8% | −3.8% | 8.3% | 5.0% | 23.6% | 4.7% | −2.7% | 5.3% | 5.4% | −0.5% |
| Capex / revenue | 5.0% | 5.1% | 4.8% | 7.9% | 5.4% | 5.4% | 2.1% | 5.6% | 6.8% | 11.3% | 9.1% | 7.4% |
| Operating cash flow / net income | 1.79 | 1.85 | 1.71 | 1.63 | 2.22 | 1.54 | 2.85 | 3.37 | 2.32 | 2.60 | — | 2.39 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DLTR cash generation
In fiscal 2026 (ended January 31, 2026), Dollar Tree generated $2.5 billion of cash from operations (down 11.6%) and spent $1.1 billion on capital expenditures, leaving free cash flow of $1.4 billion, 7.2% of revenue. It returned $1.5 billion to shareholders through dividends ($0) and net share buybacks ($1.5 billion). Cash and equivalents fell by $538.7 million over the year.
Related: DLTR income statement, DLTR balance sheet. See the DLTR stock overview for the latest quote and news.
DLTR cash flow FAQ
What is Dollar Tree's free cash flow?
Dollar Tree's free cash flow was $1.4 billion in fiscal 2026: $2.5 billion of operating cash flow minus $1.1 billion of capital expenditures It was $1.6 billion a year earlier..
How much cash does Dollar Tree generate from operations?
Dollar Tree generated $2.5 billion of cash from operating activities in fiscal 2026, 1.97 times its net income of $1.3 billion.
How much does Dollar Tree spend on capital expenditures?
Dollar Tree spent $1.1 billion on capital expenditures in fiscal 2026, 5.8% of revenue, compared with $1.3 billion the year before.
How much stock does Dollar Tree buy back?
Dollar Tree spent $1.5 billion on net share repurchases in fiscal 2026.