On this page of StockholderLetter.com we present the latest annual shareholder letter from DOLLAR TREE, INC. — ticker symbol DLTR. Reading current and past DLTR letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT A N E W E R A O F VA L U E , C O N V E N I E N C E , A N D D I S C OV E RY
A Focused Dollar Tree. A Stronger Future. Dollar Tree is entering a new chapter as a standalone enterprise built around the enduring strengths of our brand: value, convenience, and discovery. look for ways to stretch their budgets without sacrificing quality or convenience. Following the successful sale of Family Dollar, our organization is aligned around a single priority: unlocking the full potential of the Dollar Tree banner. Today, we operate over 9,200 stores across North America, supported by a national logistics network and more than150,000 associates who bring our brand promise to life every day. Over the past year, we have made meaningful progress executing our strategy. We expanded our multi-price assortment with discipline, improved store standards and operations across our fleet, and continued modernizing our supply chain and technology infrastructure. These efforts are designed to strengthen the customer experience while improving the productivity and profitability of our stores. Dollar Tree has always delivered extraordinary value through a unique shopping experience one where customers come in for essentials and discover new finds each week. That combination of value and discovery continues to resonate across income levels as consumers With a focused strategy, strengthened leadership team, and clear operational priorities, we are building a structurally stronger Dollar Tree one positioned to deliver consistent growth and long-term value for our customers, associates, and shareholders. STORE COUNT STORE COUNT (at fiscal year end) 10,000 (in billions per fiscal year) 282 8,881 8,415 8,134 8,061 8,400 9,282 $20.5 9,000 7,800 NET SALES (at fiscal year end) $19.0 277 CANADA $17.5 $16.0 7,200 9,005 6,600 UNITED STATES $14.5 $13.0 6,000 2021 2022 2023 2025 ANNUAL REPORT 2024 2025 2021 2022 2023 2024 2025
To Our Shareholders, Customers, and Associates, 2025 marked a turning point for Dollar Tree as we focused our company fully on the strength of the Dollar Tree brand. In July, we completed a pivotal milestone: the sale of the Family Dollar business. This decision followed careful evaluation and reflects our commitment to the Dollar Tree brand and the value proposition at the heart of everything we do. Michael C. Creedon, Jr. Chief Executive Officer For generations of customers, Dollar Tree has offered something uniquely powerful in retail... With the divestiture complete, Dollar Tree enters a new chapter. Today, our teams across the organization are united with a clear mission and strategy. That mission was established by our founders nearly 40 years ago and remains just as powerful today: delivering value, convenience, and thrill of the hunt discovery every day. For generations of customers, Dollar Tree has offered something uniquely powerful in retail: the ability to find everyday essentials and unexpected treasures all in the same trip. Our stores make shopping simple and convenient, with small-box formats and close-to-home locations that allow customers to quickly pick up what they need while discovering seasonal, celebratory, and impulse items along the way. That combination of value, convenience, and discovery continues to resonate across income levels, especially as customers look for ways to stretch their budgets without sacrificing quality or enjoyment. As our customers needs evolve, we continue to evolve with them. Over the past several years, we have expanded our assortment to offer greater choices while preserving the core value that defines Dollar Tree. While most of our assortment remains anchored at our opening price points, larger pack sizes, expanded seasonal offerings, and select branded items enable us to deliver even more value and variety in stores. Customer feedback and financial performance continue to demonstrate the strength of this approach. At the same time, we are raising the standard of execution across our stores and supply chain. Throughout 2025, we focused on improving store conditions, strengthening labor planning, and ensuring a smoother flow of inventory to stores. Behind the scenes, investments in our supply chain network are helping us create a more store-friendly operation that improves throughput, simplifies backroom processes, and supports consistent execution across the business. Our goal is simple: make Dollar Tree an easier place to work and an easier place to shop. 2025 ANNUAL REPORT
As our customers needs evolve, we continue to evolve with them. These improvements support not only better store performance, but also a better experience for the associates who power our stores and distribution centers every day. We want Dollar Tree to be a place where associates can build careers, not just hold jobs. Building a culture grounded in accountability, collaboration, and continuous improvement is just as important as any strategic initiative we undertake. We remain equally disciplined in how we prepare for the future. Our capital priorities are clear: invest in high-return growth opportunities, maintain a strong balance sheet, and return excess capital to shareholders. We are proud of the progress made this year and energized by the opportunity ahead. With a sharper focus on the Dollar Tree brand, scaled multi-price capabilities, and stronger operational foundations, we are building a company designed to support associates, serve customers, and create shareholder value for decades to come. As we reflect on the work accomplished in 2025, I want to thank our associates for their dedication and resilience during a year of meaningful change. Their commitment to our customers and our mission continues to move Dollar Tree forward. We look ahead with confidence in the strength of our brand, the focus of our strategy, and the people who bring the Dollar Tree magic to life every day. Sincerely, Michael C. Creedon, Jr. Chief Executive Officer 2025 ANNUAL REPORT
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DLTR Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
A N E W E R A O F VA L U E ,
C O N V E N I E N C E , A N D D I S C OV E RY

A Focused Dollar Tree. A Stronger Future.
Dollar Tree is entering a new chapter as a standalone
enterprise built around the enduring strengths of our
brand: value, convenience, and discovery.
look for ways to stretch their budgets without sacrificing
quality or convenience.
Following the successful sale of Family Dollar, our
organization is aligned around a single priority: unlocking
the full potential of the Dollar Tree banner. Today, we
operate over 9,200 stores across North America,
supported by a national logistics network and more
than150,000 associates who bring our brand promise to
life every day.
Over the past year, we have made meaningful progress
executing our strategy. We expanded our multi-price
assortment with discipline, improved store standards and
operations across our fleet, and continued modernizing
our supply chain and technology infrastructure. These
efforts are designed to strengthen the customer
experience while improving the productivity and
profitability of our stores.
Dollar Tree has always delivered extraordinary value
through a unique shopping experience     one where
customers come in for essentials and discover new finds
each week. That combination of value and discovery
continues to resonate across income levels as consumers
With a focused strategy, strengthened leadership team,
and clear operational priorities, we are building a
structurally stronger Dollar Tree     one positioned to
deliver consistent growth and long-term value for our
customers, associates, and shareholders.
STORE COUNT
STORE COUNT
(at fiscal year end)
10,000
(in billions per fiscal year)
282
8,881
8,415
8,134
8,061
8,400
9,282
$20.5
9,000
7,800
NET SALES
(at fiscal year end)
$19.0
277
CANADA
$17.5
$16.0
7,200
9,005
6,600
UNITED STATES
$14.5
$13.0
6,000
2021
2022
2023
2025
ANNUAL REPORT
2024
2025
2021
2022
2023
2024
2025

To Our Shareholders, Customers, and Associates,
2025 marked a turning point for Dollar Tree as we focused our
company fully on the strength of the Dollar Tree brand.
In July, we completed a pivotal milestone: the sale of the Family
Dollar business. This decision followed careful evaluation and
reflects our commitment to the Dollar Tree brand and the value
proposition at the heart of everything we do.
Michael C. Creedon, Jr.
Chief Executive Officer
For generations
of customers,
Dollar Tree has
offered something
uniquely powerful
in retail...
With the divestiture complete, Dollar Tree enters a new chapter.
Today, our teams across the organization are united with a
clear mission and strategy. That mission was established by our
founders nearly 40 years ago and remains just as powerful
today: delivering value, convenience, and    thrill of the hunt   
discovery every day.
For generations of customers, Dollar Tree has offered something
uniquely powerful in retail: the ability to find everyday essentials
and unexpected treasures all in the same trip. Our stores make
shopping simple and convenient, with small-box formats and
close-to-home locations that allow customers to quickly pick up
what they need while discovering seasonal, celebratory, and
impulse items along the way.
That combination of value, convenience, and discovery continues
to resonate across income levels, especially as customers look
for ways to stretch their budgets without sacrificing quality or
enjoyment.
As our customers    needs evolve, we continue to evolve with them. Over the past several years, we have
expanded our assortment to offer greater choices while preserving the core value that defines Dollar
Tree. While most of our assortment remains anchored at our opening price points, larger pack sizes,
expanded seasonal offerings, and select branded items enable us to deliver even more value and
variety in stores. Customer feedback and financial performance continue to demonstrate the strength of
this approach.
At the same time, we are raising the standard of execution across our stores and supply chain. Throughout
2025, we focused on improving store conditions, strengthening labor planning, and ensuring a smoother
flow of inventory to stores. Behind the scenes, investments in our supply chain network are helping us
create a more store-friendly operation that improves throughput, simplifies backroom processes, and
supports consistent execution across the business. Our goal is simple: make Dollar Tree an easier place to
work and an easier place to shop.
2025
ANNUAL REPORT

As our customers   
needs evolve, we
continue to evolve
with them.
These improvements support not only better store performance, but also a better experience for the
associates who power our stores and distribution centers every day. We want Dollar Tree to be a place
where associates can build careers, not just hold jobs. Building a culture grounded in accountability,
collaboration, and continuous improvement is just as important as any strategic initiative we undertake.
We remain equally disciplined in how we prepare for the future. Our capital priorities are clear:
invest in high-return growth opportunities, maintain a strong balance sheet, and return excess capital
to shareholders.
We are proud of the progress made this year and energized by the opportunity ahead. With a sharper
focus on the Dollar Tree brand, scaled multi-price capabilities, and stronger operational foundations,
we are building a company designed to support associates, serve customers, and create shareholder
value for decades to come.
As we reflect on the work accomplished in 2025, I want to thank our associates for their dedication
and resilience during a year of meaningful change. Their commitment to our customers and our mission
continues to move Dollar Tree forward.
We look ahead with confidence in the strength of our brand, the focus of our strategy, and the people
who bring the Dollar Tree magic to life every day.
Sincerely,
Michael C. Creedon, Jr.
Chief Executive Officer
2025
ANNUAL REPORT


shareholder letter icon 5/1/2026 Letter Continued (Full PDF)
 

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