Dollar Tree vs Five Below: Revenue, Profit and Business Model
Dollar Tree reported $19.4B of revenue in FY2025 and $1.3B of net income. Five Below reported $4.8B of revenue in FY2025 and $358.6M of net income.
Latest financial snapshot
Dollar Tree
- Latest revenue
- $19.4B (FY2025)
- Net income
- $1.3B
- Net margin
- 6.6%
- Revenue growth
- +8.0% a year, FY2022–FY2025
Five Below
- Latest revenue
- $4.8B (FY2025)
- Net income
- $358.6M
- Net margin
- 7.5%
- Revenue growth
- +18.9% a year, FY2016–FY2025
Financial summary
Dollar Tree
Dollar Tree reported fiscal 2025 (year ended January 31, 2026) net sales of $19.41 billion from continuing operations, up 10%, with comparable store sales up 5.3% (ticket +4.3%, traffic +1.0%) and net income of $1.28 billion. Family Dollar is reported as a discontinued operation after its July 2025 sale for a base price of about $1.0 billion, following years of impairments on the $8.5 billion 2015 acquisition. Momentum continued in fiscal 2026: Q1 net sales grew 7.2% with comps up 3.5%, and Q2 (ended August 1, 2026) net sales rose 7.0% to $4.9 billion with comps up 3.7%. Q2 diluted EPS of $2.70 included a $1.31 benefit from IEEPA tariff refunds, and the company repurchased $605 million of stock in the quarter. Management raised fiscal 2026 adjusted EPS guidance to $7.70-$8.05, including about $0.60 of net tariff-refund benefit.
Five Below
Five Below grew net sales from $1.0 billion in fiscal 2016 to $4.76 billion in fiscal 2025. Fiscal 2024 was a reset year: sales rose 8.9% to $3.88 billion but net income fell to $253.6 million amid weak comparable sales, shrink pressure, and a CEO change. Fiscal 2025 rebounded, with sales up 22.9% and net income up 41% to $358.6 million. Momentum continued in fiscal 2026: first-half sales rose 27.5% to $2.55 billion on 18.3% comparable sales growth. Q2 GAAP net income of $221.4 million was inflated by a tariff refund; adjusted net income was $93.4 million.
Revenue and profit by year
Dollar Tree
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $19.4B | $1.3B | 6.6% | +10.4% | Source |
| FY2024 | $17.6B | — | 0.0% | +4.8% | Source |
| FY2023 | $16.8B | — | 0.0% | +8.9% | Source |
| FY2022 | $15.4B | — | 0.0% | — | Source |
Five Below
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.8B | $358.6M | 7.5% | +22.9% | Source |
| FY2024 | $3.9B | $253.6M | 6.5% | +8.9% | Source |
| FY2023 | $3.6B | $301.1M | 8.5% | +15.7% | Source |
| FY2022 | $3.1B | $261.5M | 8.5% | +8.0% | Source |
| FY2021 | $2.8B | $278.8M | 9.8% | +45.2% | Source |
| FY2020 | $2B | $123.4M | 6.3% | +6.2% | Source |
| FY2019 | $1.8B | $175.1M | 9.5% | +18.4% | Source |
| FY2018 | $1.6B | $149.6M | 9.6% | +22.0% | Source |
| FY2017 | $1.3B | $102.5M | 8.0% | +27.8% | Source |
| FY2016 | $1B | $71.8M | 7.2% | — | Source |
Where the revenue comes from
Dollar Tree
- Dollar Tree Store SalesPrimary
Revenue from Dollar Tree stores selling consumables, seasonal merchandise, party supplies, household goods, health and beauty care, snacks, and other low-price products.
- Multi-Price Merchandise
Growth driver
Sales from expanded $3, $5, $7, and higher price-point items that broaden assortment and support larger baskets.
- Delivery and Digital PartnershipsEmerging
Incremental sales from delivery partnerships and digital channels, including broad store serviceability through Uber Eats by the end of fiscal 2025.
Five Below
- Company-Operated Store Sales
Primary stream
Most revenue comes from merchandise sold in Five Below stores across high-traffic shopping centers.
- E-Commerce and Pickup
Small but strategic stream
Digital sales through the website and app, including home delivery and buy-online-pick-up-in-store.
- On-Demand Delivery Partners
Small support stream
Third-party delivery availability extends convenience for selected local purchases.
Business model and strategy
Dollar Tree
How it makes money
Dollar Tree makes money by selling high volumes of low-ticket merchandise through roughly 9,400 small-box stores in the United States and Canada. The assortment mixes consumables (snacks, beverages, cleaning and paper goods, health and beauty) with higher-margin discretionary goods such as seasonal decor, party supplies, crafts, toys and housewares.
Growth strategy
Growth now comes from three levers. First, converting stores to the multi-price format: about 710 stores were converted or added in Q2 fiscal 2026, bringing the total to roughly 6,600. Second, new units: 75 Dollar Tree stores opened in Q2 fiscal 2026 alone.
Competitive advantage
Dollar Tree's edge is a combination of brand recognition, price-point simplicity and buying scale. Its $1.25 anchor price still signals value, its direct-import program and seasonal buying calendar let it design products to hit specific price points, and a dense network of convenient strip-center stores keeps trips short.
Five Below
How it makes money
Five Below makes money by selling low-priced merchandise through company-operated stores, which it leases in power, strip, and community shopping centers. Most items cost $5 or less; the Five Beyond section adds selected items above $5. The model depends on fast-turning, trend-driven assortments (licensed products, candy, toys, beauty, tech accessories) that create impulse purchases and repeat trips.
Growth strategy
Growth rests on three levers: opening about 150 net new stores a year toward a long-term U.S. potential of more than 3,500 stores; lifting comparable sales through curated product stories, simpler pricing, and more social and digital marketing; and improving margins through sourcing and cost leverage.
Competitive advantage
Five Below's edge is a clearly defined customer (Gen Alpha, Gen Z, and their parents) and a store built for low-risk discovery. A low ticket lets kids shop on their own budget, while frequent product newness and licensed trends give shoppers a reason to return. Its compact, standardized box can be opened quickly across many markets, which supports a long runway of new stores.
Questions about Dollar Tree vs Five Below
Which company has higher revenue — Dollar Tree, Inc. or Five Below, Inc.?
Dollar Tree, Inc. reported $19.4B (FY2025), while Five Below, Inc. reported $4.8B (FY2025). By last reported revenue, Dollar Tree, Inc. is the larger business, with Five Below, Inc. reporting a smaller revenue base.
What is the market cap of Dollar Tree, Inc. vs Five Below, Inc.?
Dollar Tree, Inc.'s market capitalisation stands at $21.4B, while Five Below, Inc.'s is $13.0B. Dollar Tree, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Five Below, Inc..
Which is more financially efficient — Dollar Tree, Inc. or Five Below, Inc.?
Dollar Tree, Inc. generates $127k / employee in revenue per employee, while Five Below, Inc. generates $194k / employee. Five Below, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Dollar Tree, Inc. and Five Below, Inc. make money?
Dollar Tree, Inc. and Five Below, Inc. generate revenue in fundamentally different ways. Dollar Tree, Inc.: Dollar Tree makes money by selling high volumes of low-ticket merchandise through roughly 9,400 small-box stores in the United States and Canada. Five Below, Inc.: Five Below makes money by selling low-priced merchandise through company-operated stores, which it leases in power, strip, and community shopping centers.
Which company is valued higher relative to revenue — Dollar Tree, Inc. or Five Below, Inc.?
On a price-to-sales (P/S) basis, Dollar Tree, Inc. trades at 1.1x P/S and Five Below, Inc. at 2.7x P/S. Five Below, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dollar Tree, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dollar Tree, Inc. bigger than Five Below, Inc.?
By last reported revenue, Dollar Tree, Inc. ($19.4B (FY2025)) is the larger company compared to Five Below, Inc. ($4.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Dollar Tree vs Five Below overview