On this page of StockholderLetter.com we present the latest annual shareholder letter from DOLLAR GENERAL CORP — ticker symbol DG. Reading current and past DG letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT & 2026 PROXY STATEMENT
Dollar General Corporation (NYSE: DG) is proud to serve as America s neighborhood general store. Founded in 1939, Dollar General lives its mission of Serving Others every day by providing access to affordable products and services for its customers, career opportunities for its employees, and literacy and education support for its hometown communities. As of January 30, 2026, the Company s 20,893 Dollar General, DG Market, DGX and pOpshelf stores across the United States and Mi S per Dollar General stores in Mexico provide everyday essentials including food, health and wellness products, cleaning and laundry supplies, self-care and beauty items, and seasonal d cor from our high-quality private brands alongside many of the world s most trusted brands such as Coca Cola, PepsiCo/Frito-Lay, General Mills, Hershey, J.M. Smucker, Kraft, Mars, Nestl , Procter & Gamble and Unilever. 47 47 12 72 43 73 89 226 9 297 83 341 1 155 23 714 10 81 274 1 589 7 154 1,897 48 102 1,002 15 145 26 769 32 261 57 623 715 5 688 6 495 318 167 3 8 7 1,129 9 1,032 1 59 8 801 17 589 693 7 3 685 3 190 1,025 671 2 987 3 1,117 18 16 20,893 1,078 13 STORES IN 48 STATES & MEXICO Dollar General Stores 1 pOpshelf Stores Distribution Centers Fresh Distribution Centers Combination Distribution Centers1 Regional Hub Distribution Centers Combination distribution centers have both refrigerated and non-refrigerated products * All information re ected on the map above is as of scal year end January 30, 2026. In Item 2 of the Annual Report on Form 10-K for the scal year ended January 30, 2026, the store counts for Arkansas and Arizona as of February 27, 2026 were incorrectly reported as 146 and 593, respectively. The correct store counts as of February 27, 2026 were 593 for Arkansas and 146 for Arizona.
TO OUR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES: 2025 was a year of significant growth and progress for Dollar General. Across our organization, our teams executed with discipline, advancing our key initiatives and strengthening our competitive position. At the same time, we stayed grounded in our mission of Serving Others, delivering value and convenience to customers and communities from our nearly 21,000 stores across the country. In a dynamic retail environment, these efforts produced strong operating and financial results, and further strengthened our confidence in our long-term financial framework. This progress reflects the dedication of our teams in our stores, distribution centers, private fleet, and store support centers, whose commitment brings our mission to life every day. We are encouraged by our results and remain committed to delivering long-term strong and sustainable returns for our shareholders. HIGHLIGHTS OF 2025 Net sales of $42.7 billion, and a same-store sales increase of 3.0% Operating profit of $2.2 billion Net income of $1.5 billion, and diluted earnings per share ( EPS ) of $6.85 Cash flow from operations of $3.6 billion enhance a broader portion of our mature store base, allowing us to refresh layouts, optimize assortments and enhance key customerfacing areas of the store, while generating attractive returns, meaningful sales lifts and improved customer satisfaction. Early results have reinforced our confidence in our Project Elevate remodel program as an important component of our future real estate plans. We also made progress reducing inventory shrink and damages, supporting both margin improvement and a more consistent instore experience. These efforts strengthen our stores and reinforce trust with our customers, while further elevating our brand. Driving Greater Enterprise-Wide Efficiencies Our focus on operational excellence and driving greater efficiencies contributed meaningfully to our strong results in 2025. We simplified in-store execution through process improvements and enhanced support for our store teams, while driving end-to-end efficiencies across our supply chain. These efforts made it easier for our employees to serve customers and contributed to improved customer service, increased employee retention, and stronger financial results. Extending Our Reach With approximately 80% of our stores located in towns of 20,000 or fewer people, we are uniquely positioned to serve underserved customers in rural communities. In 2025, we continued to extend our reach and fulfill our mission of Serving Others by expanding access through 589 new store openings in hundreds of communities in the United States and Mexico. In addition, the scaling of our delivery capabilities is allowing us to serve new customers, while at the same time deepening relationships with our existing customers. At Dollar General, we are deeply committed to the communities we serve, and our commitment to our mission of Serving Others remains foundational to everything we do. In 2025, Dollar General and its Foundations contributed over $26 million to charitable efforts that extend hope and opportunity to individuals and nonprofit organizations in the communities we call home. While our core customers remained under financial pressure in 2025, they continued to rely on Dollar General to help them save time and money on everyday essentials. As we build on the momentum in our business while keeping the customer at the center of all we do, our strategy is centered on four strategic growth pillars. As I conclude my final letter to you as chief executive officer, I am grateful for this opportunity and proud of the work we have done together. Leading our employees, serving our customers and shareholders, and supporting our communities as CEO has been the defining privilege of my career. Enhancing the Customer Experience In 2025, we enhanced the customer experience by delivering strong value, relevant assortments, and more engaging interactions across our stores and digital platforms. Our non-consumable categories delivered four quarters of positive same store sales growth, reflecting improved execution, refreshed assortments, and a stronger treasure-hunt experience that continues to resonate with customers. We also made meaningful progress across our digital ecosystem. Same-day delivery expanded significantly, now serving customers across approximately 18,000 stores through multiple platforms, including our own myDG Delivery offering. In 2025, more than 80% of delivery orders from these platforms arrived at our customers homes in one hour or less, bringing unmatched convenience to rural America. At the same time, the DG Media Network continued to grow in relevance for vendor partners, while enabling more personalized and relevant customer engagement. Together, we have opened more than 8,000 stores, built a cold-storage supply chain, created new digital offerings and solutions, brought fresh produce to thousands of communities, and executed many other exciting initiatives, all while staying true to our mission of Serving Others. Elevating Our Brand We made meaningful investments in elevating our brand and strengthening the in-store experience in 2025. We executed 4,890 real estate projects, including 2,000 Project Renovate remodels and 2,254 additional remodels through the introduction of our Project Elevate remodel program. These remodel programs are designed to Sincerely, None of this progress would be possible without the dedication of our over 194,000 employees. Their commitment and hard work bring our mission to life every day and positions Dollar General for continued success, and I have been honored to work alongside them. As we look ahead, we are confident in our business model and excited about the opportunities to build on our progress and momentum. We remain focused on delivering meaningful long-term value for our customers, employees, and shareholders. Thank you for your continued support and the confidence you have placed in Dollar General. Todd J. Vasos Chief Executive Officer
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT
DEAR FELLOW SHAREHOLDERS, On behalf of the Board of Directors, I am pleased to invite you to the 2026 Annual Meeting of Shareholders of Dollar General Corporation on May 28, 2026, at 8:00 a.m. CT. Please see the Notice of Annual Meeting of Shareholders for instructions to join the meeting. It is an honor to have been appointed Chairman of the Board. I am grateful to Mike Calbert for his leadership, insight, and dedicated service to Dollar General and look forward to continuing to work with him and the rest of the Board to provide strong oversight and to advance our mission. We had a strong 2025 during which we continued to deliver on our mission of Serving Others every day. Our results are driven by the dedication of our team, and we are proud that our efforts are resonating with customers. Our meaningful progress and continued momentum would not be possible without a skilled and experienced management team guiding us through our value creation journey. In October, we welcomed back Donny Lau as our Executive Vice President and Chief Financial Officer. Donny s strong understanding of our business and culture, combined with his notable financial expertise, makes him well-suited to enhance performance and deliver lasting value for shareholders. In November, we appointed Emily Taylor as our Chief Operating Officer. Emily most recently was our Executive Vice President and Chief Merchandising Officer, bringing more than 25 years of Dollar General experience to the COO role, along with strategic vision and a proven record of enhancing the customer experience. The Board remains actively engaged and collaborates closely with the management team. The Board consists of dedicated and highly skilled members, each bringing valuable experience to represent our shareholders long-term interests. Through deliberate and strategic Board refreshment, we have welcomed three new independent directors over the last four years. We also are delighted to announce Greg Hicks as a nominee for election to our Board as an independent director at this year s Annual Meeting. Greg brings to our Board over 25 years of retail experience, including deep merchandising and operations expertise, and we look forward to his contributions. After serving on the Board since 2009, Warren Bryant will not be standing for re-election at this year s Annual Meeting. We thank him for his many years of dedicated service and wish him the best in his retirement. The Board also engages in annual evaluations to ensure that we have effective Board leadership and oversight and are working efficiently. These efforts ensure that we continue to have the right mix of experiences and perspectives to oversee the execution of our strategy. We are committed to building and maintaining relationships with shareholders to ensure your perspectives are understood and considered. We conduct both year-round outreach and focused outreach in the fall. As part of this focused outreach in 2025, we invited shareholders representing approximately 52% of shares outstanding to participate in our shareholder engagement program, with 46% of shares outstanding electing to participate. As Chairman of the Board, Mike led engagement with investors representing approximately 28% of shares outstanding. The feedback we received helped inform our public disclosures and the Board s decision-making regarding corporate governance, shareholder rights, executive compensation, sustainability and corporate responsibility. Thank you for your investment in Dollar General. I am grateful for your continued trust in us. SINCERELY, DAVID P. ROWLAND CHAIRMAN OF THE BOARD APRIL 7, 2026 We will begin mailing to shareholders printed copies of this document and the form of proxy or the Notice of Internet Availability on or about April 7, 2026.
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 DG Stockholder Letter
 • stockholder letter icon 4/5/2024 DG Stockholder Letter
 • stockholder letter icon 4/8/2025 DG Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon DG Benford's Law Stock Score = 67


DG Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
& 2026 PROXY STATEMENT

Dollar General Corporation (NYSE: DG) is proud to serve as
America   s neighborhood general store. Founded in 1939, Dollar
General lives its mission of Serving Others every day by providing
access to affordable products and services for its customers,
career opportunities for its employees, and literacy and education
support for its hometown communities. As of January 30, 2026, the
Company   s 20,893 Dollar General, DG Market, DGX and pOpshelf
stores across the United States and Mi S  per Dollar General stores
in Mexico provide everyday essentials including food, health and
wellness products, cleaning and laundry supplies, self-care and
beauty items, and seasonal d  cor from our high-quality private
brands alongside many of the world   s most trusted brands such as
Coca Cola, PepsiCo/Frito-Lay, General Mills, Hershey, J.M. Smucker,
Kraft, Mars, Nestl  , Procter & Gamble and Unilever.
47
47
12
72
43
73
89
226
9
297
83
341
1
155
23
714
10
81
274
1
589
7
154
1,897
48
102
1,002
15
145
26
769
32
261
57
623
715
5
688
6
495
318
167
3
8
7
1,129
9
1,032
1
59
8
801
17
589
693
7
3
685
3
190
1,025
671
2
987
3
1,117
18
16
20,893
1,078
13
STORES
IN 48 STATES & MEXICO
Dollar General
Stores
1
pOpshelf
Stores
Distribution
Centers
Fresh
Distribution Centers
Combination
Distribution Centers1
Regional Hub
Distribution Centers
Combination distribution centers have both refrigerated and non-refrigerated products
* All information re   ected on the map above is as of    scal year end January 30, 2026. In Item 2 of the Annual Report on Form 10-K for the    scal year
ended January 30, 2026, the store counts for Arkansas and Arizona as of February 27, 2026 were incorrectly reported as 146 and 593, respectively.
The correct store counts as of February 27, 2026 were 593 for Arkansas and 146 for Arizona.

TO OUR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES:
2025 was a year of significant growth and progress for Dollar General.
Across our organization, our teams executed with discipline, advancing
our key initiatives and strengthening our competitive position. At the
same time, we stayed grounded in our mission of Serving Others,
delivering value and convenience to customers and communities from
our nearly 21,000 stores across the country.
In a dynamic retail environment, these efforts produced strong
operating and financial results, and further strengthened our
confidence in our long-term financial framework. This progress reflects
the dedication of our teams in our stores, distribution centers, private
fleet, and store support centers, whose commitment brings our
mission to life every day. We are encouraged by our results and remain
committed to delivering long-term strong and sustainable returns for
our shareholders.
HIGHLIGHTS OF 2025
Net sales of $42.7 billion, and a
same-store sales increase of 3.0%
Operating profit of $2.2 billion
Net income of $1.5 billion, and diluted
earnings per share (   EPS   ) of $6.85
Cash flow from operations of $3.6 billion
enhance a broader portion of our mature store base, allowing us to
refresh layouts, optimize assortments and enhance key customerfacing areas of the store, while generating attractive returns,
meaningful sales lifts and improved customer satisfaction. Early
results have reinforced our confidence in our Project Elevate remodel
program as an important component of our future real estate plans.
We also made progress reducing inventory shrink and damages,
supporting both margin improvement and a more consistent instore experience. These efforts strengthen our stores and reinforce
trust with our customers, while further elevating our brand.
Driving Greater Enterprise-Wide Efficiencies
Our focus on operational excellence and driving greater efficiencies
contributed meaningfully to our strong results in 2025. We
simplified in-store execution through process improvements and
enhanced support for our store teams, while driving end-to-end
efficiencies across our supply chain. These efforts made it easier
for our employees to serve customers and contributed to improved
customer service, increased employee retention, and stronger
financial results.
Extending Our Reach
With approximately 80% of our stores located in towns of 20,000
or fewer people, we are uniquely positioned to serve underserved
customers in rural communities. In 2025, we continued to extend our
reach and fulfill our mission of Serving Others by expanding access
through 589 new store openings in hundreds of communities in the
United States and Mexico. In addition, the scaling of our delivery
capabilities is allowing us to serve new customers, while at the same
time deepening relationships with our existing customers.
At Dollar General, we are deeply committed to the communities we
serve, and our commitment to our mission of Serving Others remains
foundational to everything we do. In 2025, Dollar General and its
Foundations contributed over $26 million to charitable efforts that
extend hope and opportunity to individuals and nonprofit organizations
in the communities we call home.
While our core customers remained under financial pressure in 2025,
they continued to rely on Dollar General to help them save time and
money on everyday essentials. As we build on the momentum in our
business while keeping the customer at the center of all we do,
our strategy is centered on four strategic growth pillars.
As I conclude my final letter to you as chief executive officer, I am
grateful for this opportunity and proud of the work we have done
together. Leading our employees, serving our customers and
shareholders, and supporting our communities as CEO has been the
defining privilege of my career.
Enhancing the Customer Experience
In 2025, we enhanced the customer experience by delivering
strong value, relevant assortments, and more engaging interactions
across our stores and digital platforms. Our non-consumable
categories delivered four quarters of positive same store sales
growth, reflecting improved execution, refreshed assortments, and a
stronger treasure-hunt experience that continues to resonate with
customers. We also made meaningful progress across our digital
ecosystem. Same-day delivery expanded significantly, now serving
customers across approximately 18,000 stores through multiple
platforms, including our own myDG   Delivery offering. In 2025,
more than 80% of delivery orders from these platforms arrived
at our customers    homes in one hour or less, bringing unmatched
convenience to rural America. At the same time, the DG Media
Network continued to grow in relevance for vendor partners, while
enabling more personalized and relevant customer engagement.
Together, we have opened more than 8,000 stores, built a cold-storage
supply chain, created new digital offerings and solutions, brought
fresh produce to thousands of communities, and executed many
other exciting initiatives, all while staying true to our mission of
Serving Others.
Elevating Our Brand
We made meaningful investments in elevating our brand and
strengthening the in-store experience in 2025. We executed 4,890
real estate projects, including 2,000 Project Renovate remodels and
2,254 additional remodels through the introduction of our Project
Elevate remodel program. These remodel programs are designed to
Sincerely,
None of this progress would be possible without the dedication of our
over 194,000 employees. Their commitment and hard work bring our
mission to life every day and positions Dollar General for continued
success, and I have been honored to work alongside them.
As we look ahead, we are confident in our business model and excited
about the opportunities to build on our progress and momentum.
We remain focused on delivering meaningful long-term value for our
customers, employees, and shareholders. Thank you for your continued
support and the confidence you have placed in Dollar General.
Todd J. Vasos
Chief Executive Officer

NOTICE OF ANNUAL MEETING OF
SHAREHOLDERS AND PROXY STATEMENT

DEAR FELLOW SHAREHOLDERS,
On behalf of the Board of Directors, I am pleased to invite you to the 2026 Annual Meeting of Shareholders of Dollar
General Corporation on May 28, 2026, at 8:00 a.m. CT. Please see the Notice of Annual Meeting of Shareholders for
instructions to join the meeting.
It is an honor to have been appointed Chairman of the Board. I am grateful to Mike Calbert for his leadership, insight, and
dedicated service to Dollar General and look forward to continuing to work with him and the rest of the Board to provide
strong oversight and to advance our mission.
We had a strong 2025 during which we continued to deliver on our mission of Serving Others every day. Our results are
driven by the dedication of our team, and we are proud that our efforts are resonating with customers.
Our meaningful progress and continued momentum would not be possible without a skilled and experienced management
team guiding us through our value creation journey. In October, we welcomed back Donny Lau as our Executive Vice
President and Chief Financial Officer. Donny   s strong understanding of our business and culture, combined with his notable
financial expertise, makes him well-suited to enhance performance and deliver lasting value for shareholders. In November,
we appointed Emily Taylor as our Chief Operating Officer. Emily most recently was our Executive Vice President and
Chief Merchandising Officer, bringing more than 25 years of Dollar General experience to the COO role, along with strategic
vision and a proven record of enhancing the customer experience.
The Board remains actively engaged and collaborates closely with the management team. The Board consists of dedicated
and highly skilled members, each bringing valuable experience to represent our shareholders    long-term interests. Through
deliberate and strategic Board refreshment, we have welcomed three new independent directors over the last four years.
We also are delighted to announce Greg Hicks as a nominee for election to our Board as an independent director at this
year   s Annual Meeting. Greg brings to our Board over 25 years of retail experience, including deep merchandising and
operations expertise, and we look forward to his contributions. After serving on the Board since 2009, Warren Bryant will
not be standing for re-election at this year   s Annual Meeting. We thank him for his many years of dedicated service and wish
him the best in his retirement.
The Board also engages in annual evaluations to ensure that we have effective Board leadership and oversight and are
working efficiently. These efforts ensure that we continue to have the right mix of experiences and perspectives to oversee
the execution of our strategy.
We are committed to building and maintaining relationships with shareholders to ensure your perspectives are understood
and considered. We conduct both year-round outreach and focused outreach in the fall. As part of this focused outreach
in 2025, we invited shareholders representing approximately 52% of shares outstanding to participate in our shareholder
engagement program, with 46% of shares outstanding electing to participate. As Chairman of the Board, Mike led
engagement with investors representing approximately 28% of shares outstanding. The feedback we received helped
inform our public disclosures and the Board   s decision-making regarding corporate governance, shareholder rights,
executive compensation, sustainability and corporate responsibility.
Thank you for your investment in Dollar General. I am grateful for your continued trust in us.
SINCERELY,
DAVID P. ROWLAND
CHAIRMAN OF THE BOARD
APRIL 7, 2026
We will begin mailing to shareholders printed copies of this document and the form of proxy or the Notice of Internet
Availability on or about April 7, 2026.


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

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