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Supplemental Financial Presentation 2nd Quarter 2026
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2 Forward Looking Statements This Supplemental Financial Presentation contains “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995, concerning our business and outlook, including our expected sales, comparable store sales, and adjusted diluted earnings per share for the third quarter and fiscal year 2026; gross margins, adjusted SG&A expense rates, transition services agreement (TSA) income, net interest expense, effective tax rate, depreciation, capital expenditures, and new store openings for fiscal year 2026; various underlying factors that impact our outlook for fiscal year 2026; and our plans and expectations regarding various initiatives and investments. These forward-looking statements are subject to risks and uncertainties, and our actual results may differ materially from those indicated in these statements. For information on the risks and uncertainties that could affect our actual results, please see the “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in our Annual Report on Form 10-K filed on March 16, 2026, our Quarterly Report on Form 10-Q for the most recently ended fiscal quarter, and other filings we make from time to time with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the company’s plans, estimates and expectations as of August 27, 2026, and you should not rely on these forward-looking statements as representing the company’s views after such date. Except as required by law, the company specifically disclaims any obligation to update any forward-looking statements contained in this presentation as a result of developments occurring after August 27, 2026, and you should not expect us to do so.
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3 Second Quarter 2026 – Key Takeaways ✓ Strong Top-Line Growth o Net sales increased 7.0% to approximately $4.9 billion o Comparable sales increased 3.7% (Ticket +3.3%, Traffic +0.4%) o Consumables comp +5.8%; Discretionary comp +1.6% o Delivered the best two-year comp stack since 2023 ✓ Traffic, Multi-Price & Fleet Progress o Customer traffic returned to growth at +0.4% o Multi-price penetration increased approximately 400 bps year-over-year to 17% of sales o Opened 75 new Dollar Tree stores in the quarter, ending Q2 with 9,436 stores in the U.S. and Canada ✓ Margin Expansion o Gross margin expanded ~850 bps year-over-year, including 680 basis points related to the net impact of tariff refunds, reinvestments, and certain duties o Adjusted operating income margin* expanded 890 basis points including a 650 basis point benefit related to the net impact of the above factors ✓ Strong Cash Flow & Capital Return o Generated $922 million of operating cash flow and $675 million of free cash flow in Q2 o Ended the quarter with $1.1 billion of cash and no commercial paper outstanding o Repurchased $605 million of shares during Q2 *Non-GAAP; for reconciliations to most directly comparable US GAAP measures, see the appendix to this presentation and the Company’s earnings press release dated August 27, 2026
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4 Dollar Tree Comparable Store Sales Composition Traffic, Average Ticket, Consumables, and Discretionary1 Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD TOTAL 3.4% 7.8% 5.4% 6.3% 5.8% 1.7% 1.3% 1.8% 2.0% 1.7% Customer Traffic 5.5% 9.6% 7.0% 7.1% 7.4% 2.8% 1.4% 1.5% 0.7% 1.6% Average Ticket (2.1%) (1.6%) (1.5%) (0.7%) (1.5%) (1.1%) (0.1%) 0.3% 1.3% 0.1% Consumables 6.9% 13.2% 11.1% 10.8% 10.5% 7.4% 4.7% 6.2% 4.2% 5.6% Discretionary 1.2% 3.9% 1.1% 3.1% 2.3% (3.3%) (1.9%) (1.8%) 0.4% (1.5%) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD TOTAL 5.4% 6.5% 4.2% 5.0% 5.3% 3.5% 3.7% Customer Traffic 2.5% 3.0% (0.3%) (1.2%) 1.0% (1.0%) 0.4% Average Ticket 2.8% 3.4% 4.5% 6.3% 4.3% 4.5% 3.3% Consumables 6.4% 6.7% 3.5% 3.6% 4.8% 3.2% 5.8% Discretionary 4.6% 6.1% 4.8% 6.2% 5.7% 3.9% 1.6% FISCAL 2023 FISCAL 2025 FISCAL 2024 FISCAL 2026 1 Compared to the same period in the prior fiscal year Traffic is based on measurement of customer transactions
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5 Dollar Tree Consumable vs. Discretionary Mix Shift Over Time 49.8% 49.4% 50.1% 54.8% 49.6% 49.4% 50.5% 55.4% 49.8% 48.4% 50.2% 50.6% 49.9% 45.2% 50.4% 50.6% 49.5% 44.6% 50.2% 51.6% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY 2024 FY 2025 FY 2026 Quarterly Results (60) (20) +100 50.8% 51.7% 54.5% 54.7% 52.8% 51.2% 51.4% 49.2% 48.3% 45.5% 45.3% 47.2% 48.8% 48.6% 2019 2020 2021 2022 2023 2024 2025 Fiscal Year Annual Results (20) YOY Consumables Mix Shift (bps) +220 Consumables Discretionary (Seasonal & Variety) (90) (280) (20) +190 +160+210 +150 +60 +20 0 (40)
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0 500 1,000 1,500 2,000 1 2 3 4 5 6 7 8 9 10 Store Count Distribution of G.O.L.D. Scores by Store Count – FY26Q2 Elevating Store Standards for Improved G.O.L.D. Scores Opportunities 1-4 Good 5-6 G.O.L.D. 9-10 Great 7-8 KPIs as of Q2 FY26 Opportunities Good Great G.O.L.D. Investor Day Oct. 2025 % Total 52% 30% 17% 1% Q2 FY2026 % Total 34% 35% 27% 4% Store Count Movement % Total -18% +5% +10% +3% We have made significant progress in elevating G.O.L.D. scores and store standards Q2 FY25 Q2 FY26
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7 Sales per Square Foot $209 $212 $216 $220$221 $225 $227 $234$235$235$233$232 $235$237$236 $241$242$243 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2022 2023 2024 2025 2026 $200 $201 $203 $220 $234 $232 $241 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Dollar Tree Note: Sales per square foot is calculated based on LTM net sales for the reporting period divided by the average selling square foo tage for the LTM period.
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8 Operating Margin (GAAP) Q1 Q2 8.3% 5.1% Tariff refunds Lower tariff costs Shrink Occupancy leverage Tariff refund reinvestment Certain duties Sales mix Payroll Marketing investments D&A from store investments Transition services agreement income, net 40 20 TSA income 9.5% 14.1% 120 bps 900 bps Note: Figures may not foot due to rounding FY 2026 Variance vs. Last Year 120 (50) Q2 Trend Drivers Prior Year - GAAP Current Year - GAAP Cost of sales Selling, general and administrative 850 40
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9 Operating Margin (NON-GAAP) Q1 Q2 8.4% 5.2% Tariff refunds Lower tariff costs Shrink Occupancy leverage Tariff reinvestment Certain duties Sales mix Payroll Marketing investments D&A from store investments TSA Income 9.5% 14.1% 110 bps 890 bps Note: Figures may not foot due to rounding Variance vs. Last Year Current Year - NON-GAAP FY 2026 120 (10) Q2 Trend Drivers Prior Year - NON-GAAP Cost of sales Selling, general and administrative inclusive of transition services agreement income, net 850 50
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10 New Store Openings Dollar Tree 116 148 127 106 249 106 33 42 148 113 106 75 2024 2025 2024 2025 2024 2025 2024 2025 2025 2026 2025 2026 1Q 2Q 3Q 4Q 1Q 2Q 2025 2026 254 188 Year-to-Date
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11 Outlook – Continuing Operations Third Quarter and Full-Year Fiscal 2026 Third Quarter Fiscal Year FY Tariff Refund Reinvestment, net* Sales - Dollar Tree $5.0B - $5.1B $20.5B - $20.7B Comparable Sales - Dollar Tree 3.0% to 4.0% 3.0% to 4.0% Gross margin 1 - Up significantly ~$275M / ~130 bps Adjusted SG&A Rate 2 - Modest de-leverage ~$90M / ~40 bps Adjusted Corporate SG&A - $515M - $535M $40M5 Transition Services Agreement (TSA) income, net - ~$65M Net Interest Expense - ~ $70M $14M6 Effective Tax Rate - ~ 25% Weighted Average Number of Shares3 - ~191M Adjusted Diluted Earnings per Share $0.80 - $0.95 4 $7.70 - $8.05 ~$0.60 Depreciation - $0.7B - $0.8B Capital Expenditures - $1.1B - $1.2B New Store Openings - ~400 Note: (1) Reflects tariff landscape in effect as of this presentation date. (2) Excludes adjusted Corporate SG&A and transition services agreement income, net (3) Assumes no share repurchases beyond those completed through the date of this presentation (4) Includes an approximate $0.50 impact related to tariff refund reinvestments (5) Contribution to philanthropic fund (6) $14M is included in other income, net (not shown) *Net impact of tariff refunds includes the impact of IEEPA tariff refunds totaling $383 million, including $369 million in cost of sales and $14 million of interest in other income, net, estimated reinvestment expenses for fiscal year 2026, and $13 million of certain duties on aluminum pans and paper plates recorded in cost of sales in the second quarter
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12 Appendix: Non-GAAP Financial Measures From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating performance, financial position, liquidity, or cash flows. The non-GAAP financial measures we have disclosed include adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transit ion services agreement income, net; adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive of c orporate selling, general and administrative expenses; adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses as a percen tage of total revenue; adjusted operating income; adjusted operating income margin; adjusted income from continuing operations; adjusted income from continuing operations as a percenta ge of total revenue; adjusted diluted earnings per share - continuing operations; and adjusted effective tax rate, in each case with respect to our continuing operations. The Company b elieves providing additional information in these non-GAAP measures that exclude the unusual expenses and income described below is beneficial to the users of its financial statements in evaluating the Company's current operating results in relation to past periods. In addition, the Company's debt covenants exclude the impact of certain unusual expenses. The Compa ny has included a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the following tables. 1.) During the first quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Family Dollar busine ss, and completed the sale on July 5, 2025. We incurred consulting, legal and other expenses related to the sale and separation activities, including costs associated with optimizin g the remaining Dollar Tree business post-divestiture. Costs associated with these activities incurred in the second quarter and first half of fiscal 2025 totaled $5.0 million and $8.7 m illion, respectively. 2.) During the first quarter of fiscal 2024, a tornado destroyed our Dollar Tree distribution center in Marietta, Oklahoma ("DC 8"). As a result of the destruction, we have incurred losses totaling $129.0 million, consisting of $70.0 million related to damaged inventory and $59.0 million related to property and equipment. These losses are fully insured and therefore not contemplated in the non-GAAP adjustments below. Since the end of the first quarter of fiscal 2024, we have received insurance proceeds totaling $125.0 million related to damaged inventory, and $100.0 million related to damaged property, including $70.0 million in the first quarter of fiscal 2025 and $5.2 million in the first quarter of fiscal 2026. In the fourth quarter of fiscal 2024, we recorded a gain of $29.7 million for insurance proceeds received. We recorded additional gains in the first quarters of fiscal 2025 and fiscal 2026 totaling $61.8 million and $5.2 million, respectively, for insurance proceeds received.
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13 Appendix: Non-GAAP Financial Measures In addition, the Company discloses free cash flow, a non-GAAP financial measure that we calculate as net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate from our business operations. Free cash flow may not represent the amount of cash flow available for general discretionary use, because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations. The Company has in cluded a reconciliation of free cash flow to the most comparable GAAP measures in the following tables. A reconciliation of the projected adjusted diluted EPS and projected adjusted selling, general and administrative expense rat es, which are a forward-looking non-GAAP financial measures, to the most directly comparable GAAP financial measures, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting t he occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. GAAP measures may include the impact of such items as litigation reserves; restructuring charges; goodwill and intangible asset impairments; natural disasters; our store portfolio optimization review and strategic review and sale of Fam ily Dollar, and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.
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14 Appendix: Non-GAAP Financial Measures Note: Non-GAAP reconciliations for quarters prior to the current quarter are provided in the applicable Supplemental Financial Presentations available in the Financial Results section of the Company’s IR site.
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15 Appendix: Non-GAAP Financial Measures Note: Non-GAAP reconciliations for quarters prior to the current quarter are provided in the applicable Supplemental Financial Presentations available in the Financial Results section of the Company’s IR site.
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16 Appendix: Non-GAAP Financial Measures Note: Non-GAAP reconciliations for quarters prior to the current quarter are provided in the applicable Supplemental Financial Presentations available in the Financial Results section of the Company’s IR site.
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17 Appendix: Non-GAAP Financial Measures Note: Non-GAAP reconciliations for quarters prior to the current quarter are provided in the applicable Supplemental Financial Presentations available in the Financial Results section of the Company’s IR site.