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DGDollar General

Consumer staples · Discount Stores · NYSE
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The 10-K against last year's

107 changes: 9 added, 17 removed, 80 reworded, 1 quiet changes

10-K Mar 20, 2026 vs Mar 21, 2025
Risk FactorsRedline ↓
17.6%
of the text changed · 8,952 words now
18.6%
of the text changed · 7,232 words now
Legal ProceedingsRedline ↓
13.6%
of the text changed · 1,142 words now
Accounting PoliciesRedline ↓
5.3%
of the text changed · 3,888 words now

10-K 0001104659-26-032325 (2026-03-20) vs 10-K 0001558370-25-003413 (2025-03-21)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 184 words changed in this paragraph; it is 76% similar to last year's version.
We routinely incur significant costs in complying with numerous and frequently changing laws and regulations. The complexity of this regulatory environment and related compliance costs continue to increase due to additional legal and regulatory requirements, our expanding operations, and increased regulatory scrutiny and enforcement efforts. New or revised laws, regulations, orders, policies and related interpretations and enforcement practices, particularly those dealing with the sale of products, including without limitation, product and food safety, marketing, labeling or pricing; information security and privacy; labor and employment; employee wages, salary levels and benefits; health and safety; real property; public accommodations; imports and customs; transportation; intellectual property; taxes; bribery and anti-corruption; climate change; and environmental compliance, may significantly increase our expenses or require extensive system and operating changes that could materially increase our cost of doing business. Violations of applicable laws and regulations or untimely or incomplete execution of a required product recall can result in significant penalties (including loss of licenses, eligibility to accept certain government benefits such as SNAP or significant fines), class action or other litigation, governmental investigation or action and reputational damage. Further, states may enact conflicting laws, mandating changes in operations that negatively impact our ability to execute uniformly and achieve economies of scale across states. Additionally, changes in tax laws and policies (including those related to the federal, state or foreign corporate tax rate), the interpretation of existing laws and policies, the expiration of previously available tax credits, or our failure to sustain our reporting positions on examination could adversely affect our overall effective tax rate. The WOTC expired at the end of the 2025 calendar year, and, if not renewed, the expiration is expected to have a significant negative impact on our future earnings per share. Furthermore, significant and/or rapid increases to federal and further increases to state and/or local minimum wage rates/salary levels could adversely affect our operating results if we are not able to otherwise offset these increased labor costs elsewhere in our business or if changes to our business operations are required. Moreover, the adoption of new environmental laws and regulations in connection with climate change and the transition to a low carbon economy, including any federal or state laws enacted to regulate greenhouse gas emissions or require public disclosures related thereto (including the currently stayed SEC rules requiring certain disclosures relating to climate change), could significantly increase our operating or merchandise costs or reduce the demand for our products. These laws and regulations may include, but are not limited to, requirements relating to hazardous waste materials, recycling and recycled/recyclable product content, single-use plastics, extended producer responsibility, use of refrigerants, carbon pricing or carbon taxes, product energy efficiency standards and product labeling. If carbon pricing requirements or carbon taxes are adopted, there is a significant risk that the cost of merchandise from our suppliers will increase and adversely affect our business and results of operations.

Source: Item 1A, 10-K 0001104659-26-032325 vs Item 1A, 10-K 0001558370-25-003413

MD&A 138 words changed in this paragraph; it is 55% similar to last year's version.
Cash flows from operating activities. Cash flows from operating activities were $2.4 $3.6 billion in 2023, 2025, which represents a $407.2 $638.4 million increase compared to 2022. 2024. Net income increased to $1.5 billion in 2025 as compared to $1.1 billion in 2024. Changes in merchandise inventories income taxes resulted in a $299.1 $199.2 million increase in 2025 compared to a $15.4 million decrease in our working capital 2024 primarily due to the increase in 2023 pre-tax earnings in 2025 and the timing of payments for income taxes. Changes in accrued expenses resulted in a $250.0 million increase in 2025 compared to the decrease of $1.7 billion a $91.8 million increase in 2022 as described 2024, due primarily to an increase in greater detail below. accrued incentive compensation. Changes in accounts payable resulted in a $36.9 $185.3 million increase in our working capital in 2023 2025 compared to a $194.7 $302.9 million decrease increase in 2022, 2024, due primarily to the timing of inventory receipts and related payments. Net income decreased to $1.7 billion in 2023 as compared to $2.4 billion in 2022. Changes in other noncash losses merchandise inventories resulted in a $89.0 million increase as compared to a $530.5 $178.5 million increase in 2022 primarily due our working capital in 2025 compared to a lower LIFO provision the increase of $230.2 million in 2023. Changes 2024 as described in income greater detail below.

Source: Item 7, 10-K 0001104659-26-032325 vs Item 7, 10-K 0001558370-25-003413

Legal Proceedings 105 words changed in this paragraph; it is 82% similar to last year's version.
On January 26 and 29, 2024, and February 1, 2024, respectively, the following shareholder derivative actions were filed in the United States District Court for the Middle District of Tennessee in which the plaintiff shareholders, purportedly on behalf and for the benefit of the Company, allege that certain of the Company’s current and former officers and directors (i) violated their fiduciary duties by misrepresenting the impact of alleged store labor, inventory pricing, and other practices on the Company’s financial results, prospects, and reputation, as well as creating a risk of adverse regulatory action; (ii) wasted corporate assets; and (iii) were unjustly enriched: Nathan Silva v. Todd J. Vasos, et. al. (Case No. 3:24-cv-00083) (“Silva”); Terry Dunn v. Todd J. Vasos, et. al. (Case No. 3:24-cv-00093) (“Dunn”); Kathryn A. Caliguiri Inh Ira Bene Of Catherine Sugarbaker v. Todd J. Vasos, et. al. (Case No. 3:24-cv-00117) (“Caliguiri”) (collectively, the “Federal Court Shareholder Derivative Litigation”). The Silva complaint also alleges certain of the Company’s current and former officers and directors violated federal securities laws and aided and abetted breach of fiduciary duty and that Mr. Vasos violated his fiduciary duties by misusing material, non-public information. The Dunn and Caliguiri complaints additionally allege that certain of the Company’s officers and directors violated their fiduciary duties by recklessly or negligently disregarding workplace safety practices, and that Mr. Vasos, John Garratt and Patricia Fili-Krushel violated their fiduciary duties by misusing material, non-public information. The plaintiffs in the Federal Court Shareholder Derivative Litigation seek both non-monetary and monetary relief for the benefit of the Company. On April 2, 2024, the court consolidated the Silva, Dunn, and Caliguiri actions. On May 2, 2024, the Silva action was dismissed. On May 22, 2024, the court entered an order staying the Dunn and Caliguiri actions pending resolution of the defendants’ anticipated motion to dismiss in the Shareholder Securities Litigation. On July 21, 2025, the court extended the stay pending a ruling on plaintiffs’ motion for leave to file a further amended complaint in the Shareholder Securities Action.

Source: Item 3, via Note 7 – Commitments and contingencies, 10-K 0001104659-26-032325 vs Item 3, via Note 7 – Commitments and contingencies, 10-K 0001558370-25-003413

Accounting Policies 44 words changed in this paragraph; it is 39% similar to last year's version.
significant segment expenses. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. 2027. The Company adopted is currently assessing the required disclosures for impact of the adoption of this update for fiscal year 2024. to its consolidated financial condition, results of operations, and cash flows.

Source: Item 8, Note 1 – Basis of presentation and accounting policies, 10-K 0001104659-26-032325 vs Item 8, Note 1 – Basis of presentation and accounting policies, 10-K 0001558370-25-003413

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of DG's Risk Factors and MD&A, 10-K 2026-03-20 against 10-K 2025-03-21. Each links to the text at sec.gov.

AddedMD&A
Uncertainty remains regarding the potential impact of tariffs on consumer behavior and our business. Tariff rates on both direct imports and domestic purchases did not materially impact our financial results in 2025. The tariff environment remains dynamic, and the specific tariffs applicable to goods imported by us and our suppliers into the U.S. may continue to evolve. Currently announced tariff rates, as well as any rate increases or expansions of tariff coverage affecting the products that we sell, could have a significant impact on our business and on our customers’ budgets. Further, on February 20, 2026, the United States Supreme Court invalidated the tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Significant uncertainty exists regarding potential tariff refunds and replacement tariffs under other statutes. We continue to monitor developments and to evaluate and implement mitigation strategies to address the potential sales and margin impact of current and potential future tariffs, as well as to take various actions designed to minimize price increases for our customers. There can be no assurance we will be successful in our efforts, or that price increases will not adversely affect customer behavior.

Read it in 10-K 2026-03-20 at sec.gov ↗

AddedMD&A
Inventory shrink has significantly improved from prior elevated levels, and although damages remain elevated, we made progress reducing damages in 2025. We continue to implement actions designed to drive sustained improvement in both shrink and damages.

Read it in 10-K 2026-03-20 at sec.gov ↗

AddedMD&A
store sales increased in the consumables, seasonal, home products and apparel categories. In 2025, our 20,268 same-stores accounted for sales of $41.2 billion.

Read it in 10-K 2026-03-20 at sec.gov ↗

AddedMD&A
The amount of net sales represented by each of our product categories for fiscal years 2025, 2024 and 2023, as well as the percentage change between such periods, were as follows:

Read it in 10-K 2026-03-20 at sec.gov ↗

AddedMD&A
We receive a significant income tax benefit from wages paid to certain newly hired employees who qualify for federal jobs credits, principally the Work Opportunity Tax Credit (“WOTC”). The WOTC program previously authorized under the Consolidated Appropriations Act of 2021 expired for employees hired after December 31, 2025. For 2025, the expiration of the WOTC program had an immaterial impact on our effective tax rate. Absent reauthorization, we will experience a significant negative impact to the effective tax rate in future years.

Read it in 10-K 2026-03-20 at sec.gov ↗

AddedMD&A
In April 2025, we redeemed the $500.0 million aggregate principal amount of outstanding 4.15% senior notes due November 2025. In September 2025, we redeemed the $600.0 million aggregate principal amount of the outstanding 3.875% senior notes due April 2027. In December 2025, we redeemed the $550.0 million aggregate principal amount of the outstanding 4.625% senior notes due November 2027.

Read it in 10-K 2026-03-20 at sec.gov ↗

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