Revenue growth remains in a contractionary phase, with the most recent quarter showing an 8.7% year-over-year decline and operating margins struggling to stabilize at 2.1%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 6.53B | 6.99B | 7.82B | 8.48B | 8.46B | 8.87B | 9.67B | 11.02B | 10.24B | 11.02B | 11.73B | 12.71B | 11.24B | 10.7B | 11.49B | 11.63B | 12.14B | 14.5B | 15.53B | 15.01B | 14.28B | 13.56B | 12.36B | 11.36B | 11.08B | 11.5B | 10.27B | 9.01B | 8.1B | 7.25B | 5.31B |
| Revenue Growth % | -8.91% | -10.65% | -7.79% | 0.22% | -4.59% | -8.22% | -12.24% | 7.57% | -7.09% | -6.02% | -7.73% | 13.06% | 5.1% | -6.9% | -1.24% | -4.21% | -16.22% | -6.65% | 3.44% | 5.13% | 5.27% | 9.76% | 8.82% | 2.48% | -3.6% | 11.91% | 14.04% | 11.19% | 11.71% | 36.47% | 24.54% |
| Cost of Goods Sold | 5.2B | 5.54B | 6.06B | 6.64B | 6.6B | 6.92B | 7.41B | 8.46B | 7.78B | 8.31B | 8.86B | 9.73B | 8.62B | 8.16B | 8.78B | 8.28B | 8.75B | 10.49B | 11.02B | 10.36B | 9.89B | 9.31B | 8.48B | 8.02B | 7.95B | 8.44B | 7.28B | 6.34B | 5.85B | 5.3B | 4.05B |
| COGS % of Revenue | - | 79.33% | 77.49% | 78.25% | 77.99% | 78.01% | 76.67% | 76.84% | 75.97% | 75.43% | 75.59% | 76.59% | 76.64% | 76.29% | 76.46% | 71.14% | 72.07% | 72.37% | 71% | 69.04% | 69.24% | 68.62% | 68.65% | 70.63% | 71.76% | 73.44% | 70.86% | 70.43% | 72.22% | 73.12% | 76.24% |
| Gross Profit | 1.33B | 1.45B | 1.76B | 1.84B | 1.86B | 1.95B | 2.25B | 2.55B | 2.46B | 2.71B | 2.86B | 2.98B | 2.63B | 2.54B | 2.71B | 3.36B | 3.39B | 4.01B | 4.5B | 4.65B | 4.39B | 4.26B | 3.87B | 3.34B | 3.13B | 3.05B | 2.99B | 2.66B | 2.25B | 1.95B | 1.26B |
| Gross Margin % | 20.37% | 20.67% | 22.51% | 21.75% | 22.01% | 21.99% | 23.33% | 23.16% | 24.03% | 24.57% | 24.41% | 23.41% | 23.36% | 23.71% | 23.54% | 28.86% | 27.93% | 27.63% | 29% | 30.96% | 30.76% | 31.38% | 31.35% | 29.37% | 28.24% | 26.56% | 29.14% | 29.57% | 27.78% | 26.88% | 23.76% |
| Gross Profit Growth % | - | -17.94% | -4.55% | -0.97% | -4.51% | -13.48% | -11.6% | 3.66% | -9.12% | -5.41% | -3.8% | 13.33% | 3.55% | -6.25% | -19.43% | -1.03% | -15.32% | -11.04% | -3.11% | 5.81% | 3.19% | 9.84% | 16.18% | 6.56% | 2.53% | 2% | 12.38% | 18.35% | 15.47% | 54.35% | 22.93% |
| Operating Expenses | 1.3B | 1.28B | 1.43B | 1.54B | 1.63B | 1.95B | 2.03B | 2.3B | 2.13B | 2.19B | 2.68B | 3.2B | 2.83B | 2.57B | 2.67B | 3.39B | 3.66B | 5.55B | 4.02B | 3.93B | 4.04B | 3.73B | 3.41B | 2.84B | 2.78B | 2.95B | 2.55B | 2.14B | 1.84B | 1.61B | 1.02B |
| OpEx % of Revenue | - | 18.34% | 18.29% | 18.14% | 19.24% | 21.92% | 21.01% | 20.85% | 20.84% | 19.87% | 22.85% | 25.21% | 25.18% | 24% | 23.25% | 29.18% | 30.11% | 38.29% | 25.89% | 26.21% | 28.32% | 27.47% | 27.58% | 25% | 25.05% | 25.63% | 24.79% | 23.75% | 22.73% | 22.23% | 19.17% |
| Selling, General & Admin | 1.18B | 1.27B | 1.41B | 1.54B | 1.59B | 1.66B | 1.89B | 2.22B | 2.04B | 2.25B | 2.42B | 2.81B | 2.56B | 2.44B | 2.6B | 658.83M | 3.63B | 4.07B | 4.03B | 3.95B | 4.04B | 3.73B | 3.41B | 2.84B | 2.77B | 2.84B | 2.38B | 2B | 1.72B | 1.51B | 953.6M |
| SG&A % of Revenue | - | 18.2% | 18.02% | 18.15% | 18.84% | 18.72% | 19.54% | 20.14% | 19.88% | 20.46% | 20.68% | 22.14% | 22.77% | 22.81% | 22.67% | 5.66% | 29.9% | 28.05% | 25.93% | 26.3% | 28.32% | 27.47% | 27.58% | 25% | 24.98% | 24.67% | 23.12% | 22.19% | 21.26% | 20.86% | 17.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 10M | 21M | -1M | 34M | 284M | 142M | 79M | 98M | -65M | 255M | 390M | 271M | 127M | 67M | 2.74B | 26.18M | 1.48B | -7.49M | -13.98M | 0 | -2K | 0 | 0 | 8.44M | 110.04M | 171.08M | 140.6M | 119.5M | 99.1M | 64.8M |
| Operating Income | 31M | 163M | 330M | 306M | 234M | 6M | 224M | 254M | 327M | 518M | 183M | -228M | -205M | -31M | 34M | -37.29M | -265M | -1.55B | 483.6M | 713.19M | 348.04M | 529.98M | 465.99M | 496.47M | 353.37M | 106.99M | 446.69M | 523.89M | 408.9M | 337M | 244.1M |
| Operating Margin % | 0.47% | 2.33% | 4.22% | 3.61% | 2.76% | 0.07% | 2.32% | 2.31% | 3.19% | 4.7% | 1.56% | -1.79% | -1.82% | -0.29% | 0.3% | -0.32% | -2.18% | -10.66% | 3.11% | 4.75% | 2.44% | 3.91% | 3.77% | 4.37% | 3.19% | 0.93% | 4.35% | 5.82% | 5.05% | 4.65% | 4.59% |
| Operating Income Growth % | - | -50.61% | 7.84% | 30.77% | 3800% | -97.32% | -11.81% | -22.32% | -36.87% | 183.06% | 180.26% | -11.22% | -561.29% | -191.18% | 191.17% | 85.93% | 82.85% | -419.49% | -32.19% | 104.91% | -34.33% | 13.73% | -6.14% | 40.5% | 230.27% | -76.05% | -14.73% | 28.12% | 21.34% | 38.06% | 26.48% |
| EBITDA | 134M | 260M | 429M | 424M | 380M | 163M | 389M | 446M | 486M | 699M | 436M | 49M | 4M | 172M | 245M | 171.03M | -40.89M | -1.29B | 764.98M | 992.19M | 616.14M | 799.14M | 719.2M | 701.65M | 551.59M | 311.25M | 617.78M | 664.49M | 528.4M | 436.1M | 308.9M |
| EBITDA Margin % | 2.05% | 3.72% | 5.48% | 5% | 4.49% | 1.84% | 4.02% | 4.05% | 4.75% | 6.34% | 3.72% | 0.39% | 0.04% | 1.61% | 2.13% | 1.47% | -0.34% | -8.91% | 4.93% | 6.61% | 4.32% | 5.89% | 5.82% | 6.18% | 4.98% | 2.71% | 6.01% | 7.38% | 6.52% | 6.01% | 5.81% |
| EBITDA Growth % | -45.53% | -39.39% | 1.18% | 11.58% | 133.13% | -58.1% | -12.78% | -8.23% | -30.47% | 60.32% | 789.8% | 1125% | -97.67% | -29.8% | 43.25% | 518.26% | 96.83% | -268.75% | -22.9% | 61.03% | -22.9% | 11.12% | 2.5% | 27.2% | 77.22% | -49.62% | -7.03% | 25.76% | 21.16% | 41.18% | 27.33% |
| D&A (Non-Cash Add-back) | 103M | 97M | 99M | 118M | 146M | 157M | 165M | 192M | 159M | 181M | 253M | 277M | 209M | 203M | 211M | 208.32M | 224.12M | 254.1M | 281.38M | 279M | 268.1M | 269.17M | 253.22M | 205.18M | 198.22M | 204.25M | 171.08M | 140.6M | 119.5M | 99.1M | 64.8M |
| EBIT | 36M | 169M | 349M | 321M | 259M | 4M | 267M | 279M | 361M | 539M | 206M | -204M | 196M | -6M | 66M | 1.82M | -245.52M | -1.51B | 483.6M | 713.19M | 348.04M | 529.98M | 465.99M | 496.47M | 341.24M | 100.26M | 446.69M | 523.89M | 408.9M | 337M | 244.1M |
| Net Interest Income | -16M | -14M | -10M | -11M | -27M | -38M | -67M | -96M | -40M | -58M | -69M | -65M | -64M | -67M | -32M | -53.84M | -63.23M | -58.27M | -53.64M | -31M | -10.18M | -41.07M | -40.61M | -27.69M | -31.24M | -22.4M | 0 | -22.4M | 0 | -26.1M | -22.6M |
| Interest Income | 10M | 9M | 10M | 5M | 1M | 4M | 22M | 25M | 22M | 22M | 22M | 22M | 5M | 2M | 1M | 4.66M | 2.4M | 10.01M | 9.44M | 9.83M | 22.2M | 20.04M | 14.2M | 18.51M | 13.06M | 11.5M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 26M | 23M | 20M | 16M | 28M | 42M | 89M | 121M | 62M | 80M | 91M | 87M | 69M | 69M | 33M | 58.5M | 65.63M | 68.29M | 63.08M | 40.83M | 32.38M | 61.11M | 54.8M | 46.2M | 44.3M | 33.9M | 0 | 22.4M | 0 | 26.1M | 22.6M |
| Other Income/Expense | -21M | -17M | -1M | -1M | -3M | -44M | -46M | -96M | -28M | -59M | -68M | -63M | 332M | -44M | -1M | -19.38M | -46.15M | -34.61M | -24.97M | -6.15M | 13.47M | -68.74M | -25.22M | -20.5M | -39.42M | -16.71M | -32.81M | -135.16M | -37.3M | -24.9M | -22.2M |
| Pretax Income | 10M | 146M | 329M | 305M | 231M | -38M | 178M | 158M | 299M | 459M | 115M | -291M | 127M | -75M | 33M | -56.67M | -311.15M | -1.58B | 458.63M | 707.03M | 361.51M | 461.23M | 440.77M | 475.97M | 313.95M | 90.29M | 413.89M | 388.73M | 371.6M | 312.1M | 221.9M |
| Pretax Margin % | 0.15% | 2.09% | 4.21% | 3.6% | 2.73% | -0.43% | 1.84% | 1.43% | 2.92% | 4.16% | 0.98% | -2.29% | 1.13% | -0.7% | 0.29% | -0.49% | -2.56% | -10.9% | 2.95% | 4.71% | 2.53% | 3.4% | 3.57% | 4.19% | 2.83% | 0.79% | 4.03% | 4.32% | 4.59% | 4.3% | 4.18% |
| Income Tax | 5M | 40M | 82M | 79M | 44M | 25M | 51M | 59M | 153M | -220M | 23M | 2M | 147M | 2M | -63M | -10.47M | 287.57M | -98.64M | 63.02M | 203.56M | 87.72M | 125.73M | 141.52M | 166.55M | 112.3M | 41.97M | 156.25M | 155.53M | 136.7M | 115.9M | 89.5M |
| Effective Tax Rate % | 50% | 27.4% | 24.92% | 25.9% | 19.05% | -65.79% | 28.65% | 37.34% | 51.17% | -47.93% | 20% | -0.69% | 115.75% | -2.67% | -190.91% | 18.47% | -92.42% | 6.24% | 13.74% | 28.79% | 24.27% | 27.26% | 32.11% | 34.99% | 35.77% | 46.49% | 37.75% | 40.01% | 36.79% | 37.14% | 40.33% |
| Net Income | -9M | -3M | 139M | 166M | -208M | -319M | 99M | 104M | 181M | 529M | 8M | -354M | -20M | -77M | 96M | -44.62M | -596.47M | -1.48B | 395.62M | 503.47M | 273.79M | 335.5M | 273.51M | 308.64M | 201.04M | 58.33M | 257.64M | 233.2M | 234.9M | 196.2M | 132.4M |
| Net Margin % | -0.14% | -0.04% | 1.78% | 1.96% | -2.46% | -3.6% | 1.02% | 0.94% | 1.77% | 4.8% | 0.07% | -2.79% | -0.18% | -0.72% | 0.84% | -0.38% | -4.91% | -10.2% | 2.55% | 3.35% | 1.92% | 2.47% | 2.21% | 2.72% | 1.81% | 0.51% | 2.51% | 2.59% | 2.9% | 2.71% | 2.49% |
| Net Income Growth % | 75.68% | -102.16% | -16.27% | 179.81% | 34.8% | -422.22% | -4.81% | -42.54% | -65.78% | 6512.5% | 102.26% | -1670% | 74.03% | -180.21% | 315.14% | 92.52% | 59.67% | -473.83% | -21.42% | 83.89% | -18.39% | 22.66% | -11.38% | 53.52% | 244.65% | -77.36% | 10.48% | -0.73% | 19.72% | 48.19% | 26.1% |
| Net Income (Continuing) | 5M | 106M | 247M | 226M | 187M | -63M | 127M | 99M | 146M | 679M | 92M | -293M | -20M | -77M | 96M | -46.2M | -598.72M | -1.48B | 395.62M | 503.47M | 273.79M | 335.5M | 299.24M | 309.42M | 201.66M | 48.31M | 257.64M | 233.2M | 234.9M | 196.2M | 132.4M |
| Discontinued Operations | -1000K | -109M | -108M | -60M | -395M | -256M | -28M | 5M | 35M | -150M | -84M | -59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 176K | -775K | -614K | 10.02M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 0 | 0 | 0 | 1M | 107K | 214K | 479K | 2.83M | 4.88M | 15.56M | 16.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.09 | 3.48 | 3.46 | 3.53 | -6.02 | 1.79 | 1.86 | 3.40 | 9.60 | 0.15 | -6.60 | -0.63 | -2.75 | 2.20 | -1.25 | -19.05 | -54.22 | 14.30 | 17.50 | 8.70 | 10.60 | 8.70 | 9.70 | 6.60 | 1.60 | 6.90 | 6.10 | 9.56 | 8.18 | 5.53 |
| EPS Growth % | 68.72% | -102.46% | 0.58% | -1.98% | 158.64% | -436.31% | -3.76% | -45.29% | -64.58% | 6300% | 102.27% | -947.62% | 77.09% | -225% | 276% | 93.44% | 64.87% | -479.16% | -18.29% | 101.15% | -17.92% | 21.84% | -10.31% | 46.97% | 312.5% | -76.81% | 13.11% | -36.19% | 16.87% | 47.92% | 20.22% |
| EPS (Basic) | - | -0.09 | 3.56 | 3.46 | 3.53 | -6.02 | 1.82 | 1.89 | 3.50 | 9.80 | 0.15 | -6.62 | -0.63 | -2.75 | 3.45 | -1.62 | -21.86 | -54.22 | 14.50 | 17.90 | 8.80 | 10.80 | 8.80 | 10.10 | 6.70 | 1.60 | 7.10 | 6.40 | 9.98 | 8.18 | 5.67 |
| Diluted Shares Outstanding | 30M | 35M | 40M | 48M | 53M | 53M | 55.3M | 56M | 53.24M | 55.1M | 54.89M | 53.64M | 31.8M | 28M | 35.7M | 35.63M | 31.31M | 27.28M | 27.67M | 28.77M | 31.47M | 31.65M | 31.44M | 31.82M | 30.46M | 36.46M | 37.34M | 38.26M | 24.57M | 24M | 23.93M |
| Basic Shares Outstanding | 30M | 34M | 39M | 48M | 53M | 53M | 54.5M | 55M | 51.71M | 53.98M | 54.7M | 53.5M | 31.8M | 28M | 27.8M | 27.56M | 27.28M | 27.28M | 27.28M | 28.13M | 31.11M | 31.07M | 31.08M | 30.56M | 30.01M | 36.46M | 36.29M | 36.56M | 23.54M | 24M | 23.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | 55.56% | 52.88% | 29.28% | 4.91% | - | - | - | - | 0.15% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Secular retail demand decline
As reported in recent financial filings, ODP has experienced a consistent revenue decline, with the most recent quarter showing an 8.7% year-over-year contraction, signaling that the company's pivot toward B2B services has yet to successfully offset the structural erosion of its legacy retail footprint.
The persistent negative growth trajectory suggests that the company is struggling to find a floor in its core markets. Investors should monitor whether the ongoing downsizing of physical locations is a strategic retreat or a symptom of broader demand evaporation in the office supply category.
Based on the provided income statement data, ODP's gross margin has fluctuated near 20.4% in the most recent quarter, reflecting the intense competitive pressure inherent in commodity office supply distribution and the difficulty of maintaining pricing power amidst a shrinking total addressable market.
The inability to consistently expand gross margins suggests that the company lacks the necessary differentiation to command premium pricing. This margin profile appears highly sensitive to input cost volatility, which may continue to pressure the bottom line as the product mix shifts toward lower-margin logistics services.
According to the company's quarterly results, operating income has remained highly volatile, swinging from a $102 million profit in 2024Q3 to a $34 million profit in 2025Q3, indicating that ODP has not yet achieved the operating leverage required to scale profitability during periods of revenue decline.
The high fixed-cost nature of the retail and delivery infrastructure appears to prevent meaningful margin expansion when revenue contracts. This suggests that management's efforts to streamline SG&A are currently being outpaced by the rapid decline in top-line volume, leaving little room for operational error.
Based on reported figures, ODP's net margin of -0.04% over the trailing period highlights a precarious financial position where even minor operational disruptions could lead to sustained losses, challenging the narrative that the company's logistics pivot provides a stable foundation for future earnings growth.
Short-sellers may focus on the company's reliance on non-operating items and share repurchases to mask underlying operational weakness. The lack of consistent net income generation warrants further investigation into whether the current business model can remain viable without significant further restructuring or asset divestitures.
Quick answers to the most common questions about buying ODP stock.
For fiscal year 2024, The ODP Corporation (ODP) reported total revenue of $6.99B. This represents a 31.6% increase compared to $5.31B in 1995.
The ODP Corporation (ODP) reported a net loss of $3.0M for the fiscal year ending 2024.
The ODP Corporation (ODP) reported an operating income of $163.0M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
The ODP Corporation (ODP) generated $1.45B in gross profit for the year, representing a gross profit margin of 20.7%. This demonstrates the company's core pricing power and production efficiency.