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Dollar Tree cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$675M in Q2 FY27 · $2.0B over twelve months

Operating cash flow$922M
Capital spending−$246M
Free cash flow+$675M
Cash / net income1.8×

Analysis

In Q2 FY27, Dollar Tree generated $922M of operating cash flow and spent $246M on capital projects, leaving free cash flow of $675M.

Over the twelve months to Aug 1, 2026, operating cash flow was $3.1B; the largest uses were buybacks ($1.8B), capital spending ($1.1B), net borrowing (+) / repaid (−) ($299M); besides operations, cash came from other financing ($500M), asset & business sales ($12.0M); the cash balance rose by $344M.

Operating cash flow was $922M against net income of $514M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$83.5M, payables +$63.8M, other liabilities +$53.3M.

Free cash flow

Dollar Tree: free cash flow by quarterDollar Tree: free cash flow by quarter$444MQ3 FY25$563MQ4 FY25$130MQ1 FY26$15.6MQ2 FY26−$57.1MQ3 FY26$968MQ4 FY26$392MQ1 FY27$675MQ2 FY27
Operating cash flow less capital spending.
Dollar Tree: operating cash flow against capital spendingDollar Tree: operating cash flow against capital spendingOperating cash flowCapital spending$786M$341MQ3 FY25$858M$295MQ4 FY25$378M$249MQ1 FY26$261M$245MQ2 FY26$319M$376MQ3 FY26$1.2B$264MQ4 FY26$644M$252MQ1 FY27$922M$246MQ2 FY27
Latest (Q2 FY27): Operating cash flow $922M, Capital spending $246M.

Capital allocation, year by year

Dollar Tree: where the cash came from (up) and went (down), by fiscal yearDollar Tree: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingBuybacksFY22: Operating cash flow $1.4BFY22: Shares issued $17.8MFY22: Capital spending −$1.0BFY22: Buybacks −$950M$1.4BFY22FY23: Operating cash flow $1.6BFY23: Shares issued $9.3MFY23: Capital spending −$639MFY23: Buybacks −$648M$1.6BFY23FY24: Operating cash flow $2.7BFY24: Shares issued $10.0MFY24: Capital spending −$1.2BFY24: Buybacks −$500M$2.7BFY24FY25: Operating cash flow $2.2BFY25: Shares issued $9.8MFY25: Capital spending −$1.3BFY25: Buybacks −$400M$2.2BFY25FY26: Operating cash flow $2.2BFY26: Shares issued $8.2MFY26: Asset sales $680MFY26: Capital spending −$1.1BFY26: Buybacks −$1.5B$2.9BFY26
Over these 5 years operating cash flow totalled $10.1B; the largest uses were capital spending ($5.3B) and buybacks ($4.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$2.4B
Net debt$1.4B

Dollar Tree funds itself: free cash flow was $2.0B over the last twelve months, and $1.1B of cash and investments stands against $2.4B of debt.

Dollar Tree: debt maturities by year (FY26)Dollar Tree: debt maturities by year (FY26)$1.2BYear 3$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

Dollar Tree: sources (+) and uses (−) of cash, Q2 FY27Dollar Tree: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$922MBuybacks−$623MCapital spending−$246MCash drawn (+) / kept (−)−$51.1MShares issued$1.4MTaxes on employees’ shares−$1.2MExchange rates−$600KOther investing−$600K
Dollar Tree: sources (+) and uses (−) of cash, TTM to Q2 FY27Dollar Tree: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$3.1BBuybacks−$1.8BCapital spending−$1.1BOther financing$500MCash drawn (+) / kept (−)−$344MNet borrowing (+) / repaid (−)−$299MTaxes on employees’ shares−$19.9MAsset & business sales$12.0MShares issued$7.1MExchange rates−$500KOther investing−$400K

From profit to cash

Dollar Tree: net income to operating cash flow, Q2 FY27Dollar Tree: net income to operating cash flow, Q2 FY27Net income$514MStock-based pay$19.6MDeferred taxes$83.5MOther non-cash$10.2MInventory$16.1MPayables$63.8MPrepaid and other assets−$11.6MOther liabilities$53.3MOperating cash flow$922M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$922M−$246M−$623M—$1.4M−$51.1M$675M
Q1 FY27$644M−$252M−$586M$500M$2.4M−$290M$392M
Q4 FY26$1.2B−$264M−$236M−$619M$2.1M−$123M$968M
Q3 FY26$319M−$376M−$388M$320M$1.2M$120M−$57.1M
Q2 FY26$261M−$245M−$496M—$2.1M$554M$15.6M
Q1 FY26$378M−$249M−$428M—$2.8M$200M$130M
Q4 FY25$858M−$295M——$2.1M−$738M$563M
Q3 FY25$786M−$341M—−$250M$2.0M−$128M$444M

Dollar Tree: income statement and cash flow

Dollar Tree, Q2 FY27: revenue $4.9B (+7% year over year), operating margin 14.1%. The chart follows the revenue to costs, profit and cash.

Dollar Tree: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.