Dollar Tree

Balance sheet: cash and cash equivalents $594.8 million at Q3 FY2025; long-term debt $2.43 billion and $619.5 million in commercial paper; no borrowings under credit facilities.

Operating cash flow from continuing operations was $958.5 million year-to-date through Q3, with free cash flow of $88.2 million YTD given front-loaded capex; TTM free cash flow ≈ $651 million when adding Q4 FY2024. Dollar Tree redeemed $1.0 billion of senior notes in May 2025 using cash and commercial paper, evidencing access to short-term funding and liability management.

We view net leverage as moderate and comfortably serviceable through cycles. The company pays no dividend, preserving flexibility.