AddedRisk Factors
result in loss of shareholder support and trust and require us to expend disproportional resources toward these matters.
DGDollar General
- Employees
- 194,000
- Headquarters
- Goodlettsville, TN
- CEO
- Todd J. Vasos
- Next results
- around Dec 3, 2026
10-K 0001104659-26-032325 (2026-03-20) vs 10-K 0001558370-25-003413 (2025-03-21)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 8,952 | 17.6% |
| MD&A | Item 7 | 7,232 | 18.6% |
| Legal Proceedings | Item 3, via Note 7 – Commitments and contingencies | 1,142 | 13.6% |
| Accounting Policies | Item 8, Note 1 – Basis of presentation and accounting policies | 3,888 | 5.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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.
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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
RemovedRisk Factors
RewordedRisk Factors
Changes to the prices and flow of these goods often are for reasons beyond our control, such as political or civil unrest, acts of war, disruptive global political events (for example, political tensions involving China, the conflict between Russia and Ukraine and the conflict in the Middle East), currency fluctuations, tariffs and duties, disruptions in maritime lanes, port labor disputes, economic conditions and instability in countries in which foreign suppliers are located, the financial instability of suppliers, suppliers’ failure to meet our terms and conditions or our standards, issues with our suppliers’ labor practices or labor problems they may experience (such as strikes, stoppages or slowdowns, which could also increase labor costs during and following the disruption), the availability and cost of raw materials, pandemic outbreaks, merchandise quality or safety issues, transport availability and cost, increases in wage rates and taxes, transport security, inflation, and other factors relating to suppliers and the countries in which they are located or from which they import.
RewordedRisk Factors
Many of the economic factors listed above, as well as commodity rates; transportation, lease and insurance costs; wage rates (including the possibility of increased federal and further increased state and/or local minimum wage rates); foreign exchange rate fluctuations; measures that create barriers to or increase the costs of international trade (including increased (including, if we are not able to mitigate them, sustained higher import duties or tariffs, some of which have been announced tariffs on both the products that we sell and are expected to begin those that we use in 2025); our business); changes in applicable laws and regulations (including tax laws related to the corporate tax rate); rate and the expiration of the Work Opportunity Tax Credit (“WOTC”)); and other economic factors, also could impair our ability to successfully execute our strategies and initiatives, as well as increase our cost of goods sold and selling, general and administrative expenses (including real estate and building costs), and may have other adverse consequences that we are unable to fully anticipate or control, all of which may materially decrease our sales or profitability.
RewordedRisk Factors
Factors that could reduce, and in many cases have reduced, our customers’ disposable income include but are not limited to high unemployment or underemployment levels or decline in real wages; inflation; pandemics; higher fuel, energy, fuel and energy costs (including those related to the conflict in the Middle East); healthcare, housing and product costs; higher interest rates, consumer debt levels, and tax rates; lack of available credit; tax law changes that negatively affect credits and refunds; and decreases in, or elimination of, government assistance programs or subsidies such as unemployment and food/nutrition assistance programs, programs (for example, changes to the work requirement minimum standards for qualification enacted in 2025, and beginning in January 2026, certain states’ exclusion of historically covered product categories), student loan repayment forgiveness forgiveness, health insurance subsidies, and economic stimulus payments.
RewordedRisk Factors
You should carefully consider the risks described below and the together with all other information included or incorporated in this report and other filings that we make from time to time with the SEC, including but not limited to our consolidated financial statements and accompanying notes. notes and the information included under the headings “Business” included in Part I, Item 1, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7.
RewordedRisk Factors
There are also risks associated with our continued integration of artificial intelligence and machine learning within our technology systems. systems (for example, if the types of information that applications with embedded artificial intelligence assist in producing are or are alleged to be deficient, inaccurate, or biased, our business, financial condition, and results of operations may be adversely affected).
RewordedRisk Factors
RewordedRisk Factors
In addition, to the extent a significant portion of our employee base unionizes, or attempts to unionize, our labor and other costs could increase, and it is possible that if the federal government may adopt adopts or impose imposes regulatory or other changes to existing law that could facilitate union organizing or otherwise restrict employer actions. actions, it could have an adverse effect on our business.
RewordedRisk Factors
Negative reputational incidents could adversely affect our business through declines in customer loyalty, vendor partnerships, lost sales, loss of new new/relocated store and development opportunities, or employee retention and recruiting difficulties and could also result in loss of shareholder support and trust and require us to expend disproportional resources toward these matters.
RewordedRisk Factors
In 2024, 2025, Standard & Poor’s changed our outlook from “Negative” to “Stable,” and Moody’s changed our rating from Baa2 to Baa3 and our outlook from “Stable” “Negative” to “Negative.” “Stable.”
RewordedRisk Factors
Additionally, factors negatively affecting our customers’ disposable income and consumer sentiment, such as the economic factors discussed above, can have (and we believe recently have had) a larger negative impact on non-consumables sales results than consumables sales results and on our pOpshelf concept.
RewordedRisk Factors
Our current increased debt leverage levels have reduced our available capital, and these levels, combined with our desire to maintain our current investment grade credit rating, could reduce our flexibility in planning for or reacting to changes in our industry and market conditions, increase our vulnerability in the event of a downturn in our business operations, and/or negatively impact our ability to pursue certain operational and strategic opportunities.
RewordedRisk Factors
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), thereto, could significantly increase our operating or merchandise costs or reduce the demand for our products.
Quiet changesRisk Factors
We currently do not offer traditional online shopping to a significant degree and have seen a greater willingness of our customers to adopt online shopping. shopping generally.
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.
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.
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.
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:
AddedMD&A
The percentage of net sales represented by each of our product categories for fiscal years 2025, 2024 and 2023, were as follows:
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.
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.
AddedMD&A
(a) Remodeled store counts include 2,000 stores through Project Renovate and 2,254 stores through Project Elevate.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Inventory turnover is calculated based on total cost of goods sold for the preceding four quarters as of the ending date of the reporting period divided by the average inventory balance as of the ending date of the reporting period, including the end of the fiscal year, the beginning of the fiscal year, and the end of each of our three interim fiscal most recent five quarters.
RewordedMD&A
In 2024, 2025, gross profit increased by 2.5%, 9.0%, and as a percentage of net sales decreased increased by 70 107 basis points to 29.6% 30.7%, compared to 2023, 2024, primarily driven by increased markdowns, a greater proportion of sales coming from the consumables category lower shrink, higher inventory markups and increased lower inventory damages, partially offset by decreased transportation costs. an increased LIFO provision.
RewordedMD&A
The effective tax rate was higher in 2024 2025 primarily due to a higher state effective tax rate rate, enactment of Pillar Two minimum tax, and a decreased benefit from stock-based compensation partially offset by the effect of certain rate-impacting items on lower jobs-based tax credits due to higher earnings before taxes. taxes diluting the rate impact of the credits.
RewordedMD&A
Average sales per square foot is calculated based on total sales for the preceding 12 months four quarters as of the ending date of the reporting period divided by the average selling square footage during the period, including as of the end of the fiscal year, the beginning of the fiscal year, and the end of each of our three interim fiscal most recent five quarters.
RewordedMD&A
We are taking continue to take focused action in 2025 actions designed to improve the performance of pOpshelf stores, and will continue to evaluate the brand and whether we are seeing the desired impact of these activities and optimization, although there can be no assurances that our efforts will be successful.
RewordedMD&A
RewordedMD&A
In 2024, 2025, we opened a total of 725 589 new stores, including five 8 stores in Mexico, remodeled 1,621 stores, 2,000 stores through Project Renovate and 2,254 stores through Project Elevate, relocated 85 47 stores and closed 290 stores.
RewordedMD&A
Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs, and costs in recent years and, while we continue to have strong new store returns and plan to grow our store base significantly in 2025, remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.
RewordedMD&A
RewordedMD&A
Changes in income taxes paid resulted in a $199.2 million increase in 2025 compared to a $15.4 million decrease in 2024 compared to 2023 are primarily due to the decrease increase in pre-tax earnings in 2024 2025 and the timing of payments for income taxes.
RewordedMD&A
Changes in accrued expenses resulted in a $250.0 million increase in 2025 compared to a $91.8 million increase in 2024 compared 2024, due primarily to a $39.2 million decrease an increase in 2023. accrued incentive compensation.
RewordedMD&A
Offsetting the inventory decrease in consumables and home products were increases decreases was an increase in the seasonal and apparel categories category primarily due to an increase in overall store count. count and improvements to inventory in-stock.
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