# EDGAR Filing Document

**Accession Number:** 0000029534
**File Stem:** 0001558370-25-011786
**Filing Date:** 2025-8
**Character Count:** 204050
**Document Hash:** af175f1eacd9bd51616668c55475a540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-011786.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001558370-25-011786

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250801

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DOLLAR GENERAL CORP
- **CENTRAL INDEX KEY:** 0000029534
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-VARIETY STORES [5331]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 610502302
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 0130

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11421
- **FILM NUMBER:** 251267501

**BUSINESS ADDRESS:**
- **STREET 1:** 100 MISSION RIDGE
- **CITY:** GOODLETTSVILLE
- **STATE:** TN
- **ZIP:** 37072
- **BUSINESS PHONE:** 6158554000

**MAIL ADDRESS:**
- **STREET 1:** 100 MISSION RIDGE
- **CITY:** GOODLETTSVILLE
- **STATE:** TN
- **ZIP:** 37072

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TURNER CAL
- **DATE OF NAME CHANGE:** 19710401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TURNER J L & SON INC
- **DATE OF NAME CHANGE:** 19710401

?xml version='1.0' encoding='ASCII'? DOLLAR GENERAL CORP_August 1, 2025

**.** 

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

**For the quarterly period ended August 1, 2025**

**or**

☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

**For the transition period from ________ to ________**

Commission File Number: **001-11421**

**DOLLAR GENERAL CORP ORATION**

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **TENNESSEE** |  | **61-0502302** |
| (State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.) |

---

**100 MISSION RIDGE**

**GOODLETTSVILLE, TN 37072**

(Address of principal executive offices, zip code)

Registrant's telephone number, including area code: **(615) 855-4000**

Former name, former address and former fiscal year, if changed since last report: **Not Applicable**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.875 per share<br> DG | New York Stock Exchange |

---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ &nbsp;&nbsp;&nbsp;&nbsp; Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Registrant had 220,106,028 shares of common stock outstanding on August 26, 2025.

------

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| [Cautionary Disclosure Regarding Forward-Looking Statements](#FORWARDLOOKINGSTATEMENTS) | [Cautionary Disclosure Regarding Forward-Looking Statements](#FORWARDLOOKINGSTATEMENTS) | [Cautionary Disclosure Regarding Forward-Looking Statements](#FORWARDLOOKINGSTATEMENTS) | 2 |
| [Part I](#PART1FINANCIALINFORMATION) | [Financial Information](#PART1FINANCIALINFORMATION) | [Financial Information](#PART1FINANCIALINFORMATION) |  |
|  | [Item 1. Financial Statements](#ITEM1FINANCIALSTATEMENTS) | [Item 1. Financial Statements](#ITEM1FINANCIALSTATEMENTS) | 6 |
|  |  | [Consolidated Balance Sheets](#BALANCESHEETS) | 6 |
|  |  | [Consolidated Statements of Income](#STATEMENTSOFINCOME) | 7 |
|  |  | [Consolidated Statements of Comprehensive Income](#STATEMENTSOFCOMPINCOME) | 8 |
|  |  | [Consolidated Statements of Shareholders' Equity](#STATEMENTSOFEQUITY) | 9 |
|  |  | [Consolidated Statement of Cash Flows](#STATEMENTSOFCASHFLOWS) | 10 |
|  |  | [Notes to Consolidated Financial Statements](#NOTESTOFINANCIALSTATEMENTS) | 11 |
|  |  | [Report of Independent Registered Public Accounting Firm](#REPORTOFACCOUNTINGFIRM) | 20 |
|  | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#MGMTDISCUSSIONANDANALYSIS) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#MGMTDISCUSSIONANDANALYSIS) | 21 |
|  | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#DISCLOSURESABOUTMARKETRISK) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](#DISCLOSURESABOUTMARKETRISK) | 29 |
|  | [Item 4. Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES) | [Item 4. Controls and Procedures](#ITEM4CONTROLSANDPROCEDURES) | 29 |
| [Part II](#PART2OTHERINFORMATION) | [Other Information](#PART2OTHERINFORMATION) | [Other Information](#PART2OTHERINFORMATION) |  |
|  | [Item 1. Legal Proceedings](#ITEM1LEGALPROCEEDINGS) | [Item 1. Legal Proceedings](#ITEM1LEGALPROCEEDINGS) | 30 |
|  | [Item 1A. Risk Factors](#ITEM1ARISKFACTORS) | [Item 1A. Risk Factors](#ITEM1ARISKFACTORS) | 30 |
|  | [Item 5. Other Information](#ITEM5OtherInformation) | [Item 5. Other Information](#ITEM5OtherInformation) | 30 |
|  | [Item 6. Exhibits](#ITEM6EXHIBITS) | [Item 6. Exhibits](#ITEM6EXHIBITS) | 30 |
| [Exhibit Index](#EXHIBITINDEX) | [Exhibit Index](#EXHIBITINDEX) | [Exhibit Index](#EXHIBITINDEX) | 31 |
| [Signature](#SIGNATURE) | [Signature](#SIGNATURE) | [Signature](#SIGNATURE) | 32 |

---

**CAUTIONARY DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

We include "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act, throughout this report, particularly under "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in Part I, Item 2, and "Note 7. Commitments and Contingencies" included in Part I, Item 1, among others. You can identify these statements because they are not limited to historical fact or they use words such as "accelerate," "aim," "assume," "anticipate," "believe," "can," "committed," "continue," "could," "drive," "estimate," "expect," "focused on," "forecast," "future," "goal," "intend," "likely," "long-term," "may," "objective," "ongoing," "opportunity," "outlook," "over time," "plan," "position," "potential," "predict," "project," "prospect," "scheduled," "seek," "should," "strive," "subject to," "uncertain," "will" or "would" and similar expressions that concern our strategies, plans, initiatives, intentions, outlook or beliefs about future occurrences or results. For example, all statements relating to, among others, the following are forward-looking statements:

● our projections and expectations regarding expenditures, costs, cash flows, results of operations, financial condition and liquidity;

● our expectations regarding economic and competitive market conditions;

● our plans, objectives, and expectations regarding future operations, growth, investments and initiatives, including but not limited to our real estate, store growth and international expansion plans, store remodels, store formats or concepts, shrink and damages reduction actions, inventory reduction efforts, and anticipated progress and impact of our strategic initiatives (including but not limited to our digital initiatives, DG Media Network, and pOpshelf) and our merchandising, margin enhancing, distribution/transportation efficiency (including but not limited to self-distribution), store manager turnover reduction and other initiatives;

● expectations regarding sales and mix of consumable and non-consumable products, customer traffic, basket size, shrink, damages and inventory levels;

● expectations regarding tariff, inflationary and labor pressures;

● expectations regarding cash dividends and stock repurchases;

● anticipated borrowing under our credit agreement and our commercial paper program;

● potential impact of legal or regulatory changes or governmental assistance or stimulus programs and our responses thereto, including without limitation potential further federal, state and/or local minimum wage increases or changes to salary levels, as well as changes to certain government policies and assistance programs, such as Supplemental Nutrition Assistance Program ("SNAP") benefits, unemployment benefits, economic stimulus payments, and defaulted student loan collections; and

● expected outcome or effect of pending or threatened legal disputes, governmental actions, litigation or audits.

Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause our actual results to differ materially from those that we expected. We derive many of these statements from our operating budgets and forecasts as of the date of this document, which are based on many detailed assumptions that we believe are reasonable. However, it is very difficult to predict the effect of known factors on future results, and we cannot anticipate all factors that could affect future results that may be important to you. Important factors that could cause actual results to differ materially from the expectations expressed in or implied by our forward-looking statements include, but are not limited to:

● economic factors, including but not limited to employment levels; inflation (and our ability to adjust prices sufficiently to offset the effect of inflation); pandemics; higher fuel, energy, 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; decreases in, or elimination of, government assistance

programs or subsidies such as unemployment and food/nutrition assistance programs, student loan repayment forgiveness and economic stimulus payments; 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/salary levels); foreign exchange rate fluctuations; measures that create barriers to or increase the costs of international trade (including increased import duties or tariffs); the dynamic and uncertain tariff environment (including its impact on our profitability and on our customers' response to price increases); and changes in laws and regulations and their effect on, as applicable, customer spending, confidence and disposable income, our ability to execute our strategies and initiatives, our cost of goods sold, our SG&A expenses (including real estate and building costs), and our sales and profitability;

● failure to achieve or sustain our strategies, initiatives and investments, including those relating to merchandising (including those related to non-consumable products), real estate and new store development, mature stores and store remodels (including Project Elevate), international expansion, store formats and concepts, digital, marketing, shrink, damages, sourcing, private brand, inventory management, supply chain, private fleet, store operations, expense reduction, technology, pOpshelf, and DG Media Network;

● competitive pressures and changes in the competitive environment and the geographic and product markets where we operate, including, but not limited to, pricing, promotional activity, expanded availability of mobile, web-based and other digital technologies, and alliances or other business combinations;

● failure to timely and cost-effectively execute our real estate projects and timely meet our financial expectations, or to anticipate or successfully address the challenges imposed by our expansion, including into new countries or domestic markets, states, or urban or suburban areas;

● levels of inventory shrinkage and damages;

● failure to successfully manage inventory balances and in-stock levels, as well as to predict customer trends, spending levels, or price sensitivity;

● failure to maintain the security of our business, customer, employee or vendor information or to comply with privacy laws, or our or one of our vendors falling victim to a cyberattack (which risk is heightened as a result of political uncertainty involving China, the conflict between Russia and Ukraine and the conflict in the Middle East) that prevents us from operating all or a portion of our business;

● damage or interruption to our information systems as a result of external factors, staffing shortages or challenges in maintaining or updating our existing technology or developing, implementing or integrating new technology (including artificial intelligence);

● a significant disruption to our distribution network, the capacity of our distribution centers or the timely receipt of inventory; increased fuel or transportation costs; issues related to supply chain disruptions or seasonal buying pattern disruptions; or delays in constructing, opening or staffing new distribution centers (including temperature-controlled distribution centers);

● risks and challenges associated with sourcing merchandise from suppliers, including, but not limited to, those related to international trade (for example, increasing tariffs on imported goods, political uncertainty involving China, disruptive political events such as the conflict between Russia and Ukraine and the conflict in the Middle East, the dynamic and uncertain tariff environment, and port labor disputes/agreements);

● natural disasters, unusual weather conditions (whether or not caused by climate change), pandemic outbreaks or other health crises, political or civil unrest, acts of war, violence or terrorism, and disruptive global political events (for example, political uncertainty involving China, the conflict between Russia and Ukraine and the conflict in the Middle East);

● product liability, product recall or product safety, labeling or other product-related claims;

● incurrence of material uninsured losses, excessive insurance costs or accident costs;

● failure to attract, develop and retain qualified employees while controlling labor costs (including the possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels) and other labor issues, including employee expectations and productivity and employee safety issues;

● loss of key personnel or inability to hire additional qualified personnel, ability to successfully execute management transitions within our senior leadership, or inability to enforce non-compete agreements that we have in place with management personnel or enter into new non-compete agreements;

● risks associated with our private brands, including, but not limited to, our level of success in improving their gross profit rate at expected levels;

● failure to protect our reputation;

● seasonality of our business;

● reliance on third parties in many aspects of our business;

● deterioration in market conditions, including market disruptions, adverse conditions in the financial markets including financial institution failures, limited liquidity and interest rate increases, changes in our credit profile (including our current increased debt levels or any downgrade to our credit ratings), compliance with covenants and restrictions under our debt agreements, and the amount of our available excess capital;

● impact of market and other factors on the volatility of our common stock price;

● the impact of changes in or noncompliance with governmental regulations and requirements, including, but not limited to, 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 (including the possibility of increased federal, and further increased state and/or local minimum wage rates/salary levels); health and safety; real property; public accommodations; imports and customs; transportation; intellectual property; bribery and anti-corruption; climate change; and environmental compliance (including any required public disclosures related thereto), as well as tax laws and policies (including those related to the federal, state or foreign corporate tax rate), the interpretation of existing tax laws, or our failure to sustain our reporting positions negatively affecting our overall effective tax rate, and uncertainty surrounding potential changes to the regulatory environment under the current U.S. administration;

● developments in or outcomes of private actions, class actions, multi-district litigation, arbitrations, derivative actions, administrative proceedings, regulatory actions or other litigation or of inquiries from federal, state and local agencies, regulatory authorities, attorneys general, committees, subcommittees and members of the U.S. Congress, and other local, state, federal and international governmental authorities;

● new accounting guidance or changes in the interpretation or application of existing guidance;

● factors disclosed under "Risk Factors" in Part I, Item 1A of our Form 10-K for the fiscal year ended January 31, 2025; and

● factors disclosed elsewhere in this document (including, without limitation, in conjunction with the forward-looking statements themselves) and other factors.

All forward-looking statements are qualified in their entirety by these and other cautionary statements that we make from time to time in our other Securities and Exchange Commission filings and public communications. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that the important factors referenced above may not contain all of the factors that are important to you. We cannot assure you that we will realize the results, performance or

developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements in this report are made only as of the date hereof. We undertake no obligation, and specifically disclaim any duty, to update or revise any forward-looking statement as a result of new information, future events or circumstances, or otherwise, except as otherwise required by law.

You should also be aware that while we do, from time to time, communicate with securities analysts and others, it is against our policy to disclose to them any material, nonpublic information or other confidential commercial information. Accordingly, shareholders should not assume that we agree with any statement or report issued by any securities analyst regardless of the content of the statement or report. Furthermore, we have a policy against confirming projections, forecasts or opinions issued by others. Thus, to the extent that reports issued by securities analysts contain any projections, forecasts or opinions, such reports are not our responsibility.

**PART I—FINANCIAL INFORMATION**

**ITEM 1.** **FINANCIAL STATEMENTS.**

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

*(In thousands)*

---

| | | |
|:---|:---|:---|
|  | (Unaudited)<br>**August 1,**<br>**2025** | <br>**January 31,**<br>**2025** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1284567 | $932576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventories | 6609690 | 6711242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 81728 | 127132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 422694 | 392975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 8398679 | 8163925 |
| Net property and equipment | 6398049 | 6209481 |
| Operating lease assets | 11262298 | 11163763 |
| Goodwill | 4338589 | 4338589 |
| Other intangible assets, net | 1199700 | 1199700 |
| Other assets, net | 55796 | 57275 |
| Total assets | $31653111 | $31132733 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term obligations | $19326 | $519463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 1502571 | 1460114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3970610 | 3833133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other | 1197867 | 1045856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 11292 | 10136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 6701666 | 6868702 |
| Long-term obligations | 5725776 | 5719025 |
| Long-term operating lease liabilities | 9820261 | 9764783 |
| Deferred income taxes | 1127793 | 1103701 |
| Other liabilities | 265484 | 262815 |
| Total liabilities | 23640980 | 23719026 |
| Commitments and contingencies (Note 7) |  |  |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 192593 | 192447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 3863898 | 3812590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3949306 | 3405683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 6334 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 8012131 | 7413707 |
| Total liabilities and shareholders' equity | $31653111 | $31132733 |

---

*See notes to consolidated financial statements.*

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

(Unaudited)

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 weeks ended** | **For the 13 weeks ended** | **For the 26 weeks ended** | **For the 26 weeks ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Net sales | $10727737 | $10210361 | $21163716 | $20124382 |
| Cost of goods sold | 7366069 | 7150882 | 14570760 | 14072754 |
| Gross profit | 3361668 | 3059479 | 6592956 | 6051628 |
| Selling, general and administrative expenses | 2766240 | 2509517 | 5421415 | 4955562 |
| Operating profit | 595428 | 549962 | 1171541 | 1096066 |
| Interest expense, net | 57727 | 68130 | 122331 | 140563 |
| Income before income taxes | 537701 | 481832 | 1049210 | 955503 |
| Income tax expense | 126275 | 107642 | 245856 | 217996 |
| Net income | $411426 | $374190 | $803354 | $737507 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.87 | $1.70 | $3.65 | $3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.86 | $1.70 | $3.64 | $3.35 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 220090 | 219904 | 220038 | 219826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 220854 | 220065 | 220495 | 220059 |
| Dividends per share | $0.59 | $0.59 | $1.18 | $1.18 |

---

*See notes to consolidated financial statements.*

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

(Unaudited)

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 13 weeks ended** | **For the 13 weeks ended** | **For the 26 weeks ended** | **For the 26 weeks ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Net income | $411426 | $374190 | $803354 | $737507 |
| Unrealized net gain (loss) on hedged transactions and currency translation, net of related income tax expense (benefit) of $0, $0, $(26), and $0, respectively | 1561 | 1872 | 3347 | 1792 |
| Comprehensive income | $412987 | $376062 | $806701 | $739299 |

---

*See notes to consolidated financial statements.*

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

(Unaudited)

*(In thousands, except per share amounts)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Common**<br>**Stock**<br>**Shares** | <br>**Common**<br>**Stock** | <br>**Additional**<br>**Paid-in**<br>**Capital** | <br>**Retained**<br>**Earnings** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | <br>**Total** |
| Balances, May 2, 2025 | 220066 | $192557 | $3838541 | $3667792 | $4773 | $7703663 |
| Net income |  |  |  | 411426 |  | 411426 |
| Dividends paid, $0.59 per common share |  |  |  | (129912) |  | (129912) |
| Unrealized net gain (loss) on hedged transactions and currency translation |  |  |  |  | 1561 | 1561 |
| Share-based compensation expense |  |  | 22704 |  |  | 22704 |
| Other equity and related transactions | 41 | 36 | 2653 |  |  | 2689 |
| Balances, August 1, 2025 | 220107 | $192593 | $3863898 | $3949306 | $6334 | $8012131 |
| Balances, May 3, 2024 | 219893 | $192407 | $3774363 | $3032996 | $413 | $7000179 |
| Net income |  |  |  | 374190 |  | 374190 |
| Dividends paid, $0.59 per common share |  |  |  | (129747) |  | (129747) |
| Unrealized net gain (loss) on hedged transactions and currency translation |  |  |  |  | 1872 | 1872 |
| Share-based compensation expense |  |  | 12795 |  |  | 12795 |
| Other equity and related transactions | 18 | 16 | 933 |  |  | 949 |
| Balances, August 2, 2024 | 219911 | $192423 | $3788091 | $3277439 | $2285 | $7260238 |
| Balances, January 31, 2025 | 219939 | $192447 | $3812590 | $3405683 | $2987 | $7413707 |
| Net income |  |  |  | 803354 |  | 803354 |
| Dividends paid, $1.18 per common share |  |  |  | (259731) |  | (259731) |
| Unrealized net gain (loss) on hedged transactions and currency translation |  |  |  |  | 3347 | 3347 |
| Share-based compensation expense |  |  | 52977 |  |  | 52977 |
| Other equity and related transactions | 168 | 146 | (1669) |  |  | (1523) |
| Balances, August 1, 2025 | 220107 | $192593 | $3863898 | $3949306 | $6334 | $8012131 |
| Balances, February 2, 2024 | 219663 | $192206 | $3757005 | $2799415 | $493 | $6749119 |
| Net income |  |  |  | 737507 |  | 737507 |
| Dividends paid, $1.18 per common share |  |  |  | (259483) |  | (259483) |
| Unrealized net gain (loss) on hedged transactions and currency translation |  |  |  |  | 1792 | 1792 |
| Share-based compensation expense |  |  | 34641 |  |  | 34641 |
| Other equity and related transactions | 248 | 217 | (3555) |  |  | (3338) |
| Balances, August 2, 2024 | 219911 | $192423 | $3788091 | $3277439 | $2285 | $7260238 |

---

*See notes to consolidated financial statements.*

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited)

*(In thousands)*

---

| | | |
|:---|:---|:---|
|  | **For the 26 weeks ended** | **For the 26 weeks ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| *Cash flows from operating activities:* |  |  |
| Net income | $803354 | $737507 |
| Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 509609 | 471079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 24035 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash share-based compensation | 52977 | 34641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncash (gains) and losses | 88387 | 39876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchandise inventories | 44667 | (23369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (25727) | (75427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 111177 | 306290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 167312 | 109762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 46560 | 52259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (7496) | (4934) |
| Net cash provided by (used in) operating activities | 1814855 | 1652729 |
| *Cash flows from investing activities:* |  |  |
| Purchases of property and equipment | (693918) | (695683) |
| Proceeds from sales of property and equipment | 2424 | 1525 |
| Net cash provided by (used in) investing activities | (691494) | (694158) |
| *Cash flows from financing activities:* |  |  |
| Repayments of long-term obligations | (509629) | (10341) |
| Costs associated with issuance of debt | (487) |  |
| Payments of cash dividends | (259718) | (259482) |
| Other equity and related transactions | (1536) | (3340) |
| Net cash provided by (used in) financing activities | (771370) | (273163) |
| Net increase (decrease) in cash and cash equivalents | 351991 | 685408 |
| Cash and cash equivalents, beginning of period | 932576 | 537283 |
| Cash and cash equivalents, end of period | $1284567 | $1222691 |
| *Supplemental noncash investing and financing activities:* |  |  |
| Right of use assets obtained in exchange for new operating lease liabilities | $859724 | $842846 |
| Purchases of property and equipment awaiting processing for payment, included in Accounts payable | $117281 | $123740 |

---

*See notes to consolidated financial statements.*

**DOLLAR GENERAL CORPORATION AND SUBSIDIARIES**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Basis of presentation** 

The accompanying unaudited consolidated financial statements of Dollar General Corporation (which individually or together with its subsidiaries, as the context requires, is referred to as the "Company") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Such financial statements consequently do not include all of the disclosures normally required by U.S. GAAP for annual financial statements or those normally made in the Company's Annual Report on Form 10-K, including the consolidated balance sheet as of January 31, 2025, which was derived from the audited consolidated financial statements at that date. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2025 for additional information.

The Company's fiscal year ends on the Friday closest to January 31. Unless the context requires otherwise, references to years contained herein pertain to the Company's fiscal year. The Company's 2025 fiscal year is scheduled to be a 52-week accounting period ending on January 30, 2026, and the 2024 fiscal year was a 52-week accounting period that ended on January 31, 2025.

The accompanying unaudited consolidated financial statements have been prepared in accordance with the Company's customary accounting practices. In management's opinion, all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the consolidated financial position as of August 1, 2025, and results of operations for the 13-week and 26-week accounting periods ended August 1, 2025 and August 2, 2024, have been made.

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Because the Company's business is moderately seasonal, the results for interim periods are not necessarily indicative of the results to be expected for the entire year.

The Company uses the last-in, first-out ("LIFO") method of valuing inventory. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management's estimates of expected year-end inventory levels, sales for the year and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation. The Company recorded a LIFO provision of $62.3 million and $10.5 million in the respective 13-week periods, and $74.6 million and $20.8 million in the respective 26-week periods, ended August 1, 2025 and August 2, 2024. In addition, ongoing estimates of inventory shrinkage and initial markups and markdowns are included in the interim cost of goods sold calculation.

We utilize supply chain finance programs whereby qualifying suppliers may elect at their sole discretion to sell our payment obligations to designated third-party financial institutions. As of August 1, 2025 and January 31, 2025, the amount of obligations outstanding that the Company has confirmed with the financial institutions under the supply chain finance program were $317.1 million and $399.7 million, respectively.

In November 2024, the Financial Accounting Standards Board ("FASB") issued new required disclosures for disaggregated expense information. The update is intended to improve the disclosures about expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The update is effective for fiscal years beginning after December 15, 2026. The Company is currently assessing the impact of the adoption of this required disclosure.

In December 2023, the FASB issued an update to the required disclosures for income taxes. The update is intended to improve the rate reconciliation and income taxes paid disclosures to enhance the transparency and decision usefulness of income tax disclosures. The update is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this required disclosure to impact only its disclosures with no impact to its consolidated financial condition, results of operations, or cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Earnings per share** 

Earnings per share is computed as follows (in thousands, except per share data):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **13 Weeks Ended August 1, 2025** | **13 Weeks Ended August 1, 2025** | **13 Weeks Ended August 1, 2025** | **13 Weeks Ended August 2, 2024** | **13 Weeks Ended August 2, 2024** | **13 Weeks Ended August 2, 2024** |
|  | <br>**Net**<br>**Income** | **Weighted**<br>**Average**<br>**Shares** | <br>**Per Share**<br>**Amount** | <br>**Net**<br>**Income** | **Weighted**<br>**Average**<br>**Shares** | <br>**Per Share**<br>**Amount** |
| Basic earnings per share | $411426 | 220090 | $1.87 | $374190 | 219904 | $1.70 |
| Effect of dilutive share-based awards |  | 764 |  |  | 161 |  |
| Diluted earnings per share | $411426 | 220854 | $1.86 | $374190 | 220065 | $1.70 |
|  | **26 Weeks Ended August 1, 2025** | **26 Weeks Ended August 1, 2025** | **26 Weeks Ended August 1, 2025** | **26 Weeks Ended August 2, 2024** | **26 Weeks Ended August 2, 2024** | **26 Weeks Ended August 2, 2024** |
|  |  | **Weighted** |  |  | **Weighted** |  |
|  | **Net** | **Average** | **Per Share** | **Net** | **Average** | **Per Share** |
|  | **Income** | **Shares** | **Amount** | **Income** | **Shares** | **Amount** |
| Basic earnings per share | $803354 | 220038 | $3.65 | $737507 | 219826 | $3.35 |
| Effect of dilutive share-based awards |  | 457 |  |  | 233 |  |
| Diluted earnings per share | $803354 | 220495 | $3.64 | $737507 | 220059 | $3.35 |

---

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined based on the dilutive effect of share-based awards using the treasury stock method.

Share-based awards that were outstanding at the end of the respective periods but were not included in the computation of diluted earnings per share because the effect of exercising such awards would be antidilutive, were approximately 0.1 million in the respective 13-week and 26-week periods ended August 1, 2025 and August 2, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Income taxes** 

Under the accounting standards for income taxes, the asset and liability method is used for computing the future income tax consequences of events that have been recognized in the Company's consolidated financial statements or income tax returns.

Income tax reserves are determined using the methodology established by accounting standards for income taxes which require companies to assess each income tax position taken using the following two-step approach. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position.

The Company's 2020 and earlier tax years are not open for further examination by the Internal Revenue Service ("IRS"). The IRS, at its discretion, may choose to examine the Company's 2021 through 2023 fiscal year income tax filings. The Company has various state income tax examinations that are currently in progress. Generally, with few exceptions, the Company's 2021 and later tax years remain open for examination by the various state taxing authorities.

As of August 1, 2025, the total reserves for uncertain tax benefits, interest expense related to income taxes and potential income tax penalties were $11.7 million, $2.3 million and $0.8 million, respectively, for a total of $14.8 million. The uncertain tax liability is reflected in noncurrent other liabilities in the consolidated balance sheet.

The Company's reserve for uncertain tax positions is expected to be reduced by $3.5 million in the coming twelve months resulting from expiring statutes of limitations or settlements. As of August 1, 2025, approximately $11.7

million of the reserve for uncertain tax positions would impact the Company's effective income tax rate if the Company were to recognize the tax benefit for these positions.

The Organization of Economic Cooperation and Development has proposed a global minimum tax of 15% on a country-by-country basis ("Pillar Two"). Pursuant to Pillar Two, countries have enacted minimum tax rates of 15% effective for the 2024 tax year while other countries have enacted or proposed legislation making the 15% minimum tax rate effective for the 2025 tax year or later. The Company operates in a country that recently enacted the 15% minimum tax rate beginning in 2025. The Company does not believe it will have a material impact on tax expense on an annual basis.

The effective income tax rate for the 13-week and 26-week periods ended August 1, 2025 were 23.5% and 23.4% respectively, compared to rates of 22.3% and 22.8% for the 13-week and 26-week periods ended August 2, 2024. The effective income tax rate was higher for the 13-week and 26-week periods in 2025 than the comparable 13-week and 26-week periods in 2024 primarily due to the enactment of Pillar Two minimum tax in a certain jurisdiction.

We are currently assessing the One Big Beautiful Bill Act ("OBBBA") which was enacted on July 4, 2025. The OBBBA provides full bonus depreciation for certain assets placed into service after January 19, 2025 and an election to expense U.S. incurred research or experimental expenditures. While we are still evaluating the full extent of OBBBA's impact, in 2025 we expect our U.S. cash taxes to significantly decrease with no material impact to our effective tax rate.

**4.** **Leases**

As of August 1, 2025, the Company's primary leasing activities were real estate leases for most of its retail store locations and certain of its distribution facilities. Substantially all of the Company's leases are classified as operating leases, and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. Finance lease assets are included in net property and equipment, and finance lease liabilities are included in long-term obligations, in the consolidated balance sheets. At August 1, 2025, the weighted-average remaining lease term for the Company's operating leases was 9.3 years, and the weighted average discount rate for such leases was 4.6%. Operating lease costs are reflected as selling, general and administrative costs in the consolidated statements of income. For the 26-week periods ended August 1, 2025 and August 2, 2024, such costs were $983.1 million and $929.2 million, respectively. Cash paid for amounts included in the measurement of operating lease liabilities of $994.1 million and $938.9 million, respectively, were reflected in cash flows from operating activities in the consolidated statements of cash flows for the 26-week periods ended August 1, 2025 and August 2, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Current and long-term obligations** 

Current and long-term obligations consist of the following:

---

| | | |
|:---|:---|:---|
| <br>**(In thousands)** | **August 1,**<br>**2025** | **January 31,**<br>**2025** |
| Revolving Facility | $— | $— |
| Unsecured commercial paper notes |  |  |
| 4.150% Senior Notes due November 1, 2025 (net of discount of $0 and $71) |  | 499929 |
| 3.875% Senior Notes due April 15, 2027 (net of discount of $87 and $112) | 599913 | 599888 |
| 4.625% Senior Notes due November 1, 2027 (net of discount of $249 and $300) | 549751 | 549700 |
| 4.125% Senior Notes due May 1, 2028 (net of discount of $156 and $184) | 499844 | 499816 |
| 5.200% Senior Notes due July 5, 2028 (net of discount of $86 and $99) | 499914 | 499901 |
| 3.500% Senior Notes due April 3, 2030 (net of discount of $342 and $376) | 966093 | 953108 |
| 5.000% Senior Notes due November 1, 2032 (net of discount of $1,851 and $1,955) | 698149 | 698045 |
| 5.450% Senior Notes due July 5, 2033 (net of discount of $1,331 and $1,396) | 998669 | 998604 |
| 4.125% Senior Notes due April 3, 2050 (net of discount of $4,519 and $4,571) | 495481 | 495429 |
| 5.500% Senior Notes due November 1, 2052 (net of discount of $282 and $284) | 299718 | 299716 |
| Other | 171551 | 181076 |
| Debt issuance costs, net | (33981) | (36724) |
|  | $5745102 | $6238488 |
| Less: current portion | (19326) | (519463) |
| Long-term obligations | $5725776 | $5719025 |

---

*Revolving Facility*

On September 3, 2024, the Company entered into an amended and restated credit agreement which provides for a $2.375 billion unsecured five-year revolving credit facility (the "Revolving Facility") and allows for a subfacility for letters of credit of up to $100 million, of which $70 million is currently committed. The Revolving Facility is scheduled to mature on September 3, 2029.

Borrowings under the Revolving Facility bear interest at a rate equal to an applicable interest rate margin plus, at the Company's option, either (a) Adjusted Term SOFR (which is Term SOFR (as published by CME Group Benchmark Administration Limited) plus a credit spread adjustment of 0.10%) or (b) a base rate (which is usually equal to the prime rate). The applicable interest rate margin for borrowings as of August 1, 2025 was 1.015% for Adjusted Term SOFR borrowings and 0.015% for base-rate borrowings. The Company is also required to pay a facility fee, payable on any used and unused commitment amounts of the Revolving Facility, and customary fees on letters of credit issued under the Revolving Facility. As of August 1, 2025, the facility fee rate was 0.11%. The applicable interest rate margins for borrowings, the facility fees and the letter of credit fees under the Revolving Facility are subject to adjustment from time to time based on the Company's long-term senior unsecured debt ratings.

The credit agreement governing the Revolving Facility contains a number of customary affirmative and negative covenants that, among other things, restrict, subject to certain exceptions, the Company's ability to: incur additional liens; sell all or substantially all of the Company's assets; consummate certain fundamental changes or changes in the Company's lines of business; and incur additional subsidiary indebtedness. The credit agreement governing the Revolving Facility also contains financial covenants which require the maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio. On March 11, 2025, the Company amended the credit agreement governing the Revolving Facility to increase the maximum leverage ratio and decrease the minimum fixed charge ratio through January 30, 2026, or earlier at the Company's option upon achieving certain financial covenant milestones ("Covenant Relief Period"). During the Covenant Relief Period, the Company is restricted from repurchasing shares and the ability to incur certain additional liens and subsidiary debt is reduced. The credit agreement governing the Revolving Facility also contains customary events of default. As of August 1, 2025, the Company was in compliance with all covenants pertaining to the Revolving Facility.

As of August 1, 2025, the Company had no outstanding borrowings, no outstanding letters of credit, and $2.375 billion of borrowing availability under the Revolving Facility that, due to the Company's intention to maintain borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $2.18 billion. In addition, as of August 1, 2025, the Company had outstanding letters of credit of $56.1 million which were issued pursuant to separate agreements.

*Commercial Paper*

As of August 1, 2025, the Company had a commercial paper program under which the Company may issue unsecured commercial paper notes (the "CP Notes") from time to time in an aggregate amount not to exceed $2.0 billion outstanding at any time. The CP Notes may have maturities of up to 364 days from the date of issue and rank equal in right of payment with all of the Company's other unsecured and unsubordinated indebtedness. The Company intends to maintain available commitments under the Revolving Facility in an amount at least equal to the amount of CP Notes outstanding at any time. As of August 1, 2025, the Company's consolidated balance sheet reflected no outstanding unsecured CP Notes. CP Notes totaling $195.0 million and $195.0 million at August 1, 2025 and January 31, 2025, respectively, were held by a wholly-owned subsidiary of the Company and are therefore not reflected in the consolidated balance sheets.

*Senior Notes*

In April 2025, the Company redeemed $500.0 million aggregate principal amount of outstanding 4.15% senior notes prior to the November 2025 maturity date using cash on hand and incurred a non-cash loss of approximately $0.4 million associated with the redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Assets and liabilities measured at fair value** 

Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The Company does not have any fair value measurements categorized within Level 3 as of August 1, 2025.

The following table presents the Company's liabilities required to be measured at fair value as of August 1, 2025, aggregated by the level in the fair value hierarchy within which those measurements are classified.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**(In thousands)** | **Quoted Prices**<br>**in Active**<br>**Markets**<br>**for Identical**<br>**Assets and**<br>**Liabilities**<br>**(Level 1)** | <br>**Significant**<br>**Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | <br>**Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | <br>**Total Fair**<br>**Value at**<br>**August 1,**<br>**2025** |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and long-term obligations (a) | $5499954 | $171551 | $— | $5671505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation (b) | 51644 |  |  | 51644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included in the consolidated balance sheet at book value as current portion of long-term obligations of $19,326 and long-term obligations of $5,725,776 .

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflected at fair value in the consolidated balance sheet as accrued expenses and other current liabilities of $5,183 and noncurrent other liabilities of $46,461 .

**7.** **Commitments and contingencies** 

**Legal proceedings**

From time to time, the Company is a party to various legal matters in the ordinary course of its business, including actions by employees, consumers, suppliers, government agencies, or others. The Company has recorded accruals with respect to these matters, where appropriate, which are reflected in the Company's consolidated financial statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made.

On November 27, 2023, and November 30, 2023, respectively, the following putative shareholder class action lawsuits were filed in the United States District Court for the Middle District of Tennessee in which the plaintiffs allege that during the putative class periods noted below, the Company and certain of its current and former officers violated the federal securities laws by misrepresenting the impact of alleged store labor, inventory, pricing and other practices on the Company's financial results and prospects: *Washtenaw County Employees' Retirement System v. Dollar General Corporation, et al.* (Case No. 3:23-cv-01250) (putative class period of May 28, 2020 to August 30, 2023) (*"Washtenaw County"*); *Robert J. Edmonds v. Dollar General Corporation, et al.* (Case No. 3:23-cv-01259) (putative class period of February 23, 2023 to August 31, 2023) (*"Edmonds"*) (collectively, the *"Shareholder Securities Litigation"*). The plaintiffs seek compensatory damages, equitable/injunctive relief, pre- and post-judgment interest and attorneys' fees and costs. The *Edmonds* matter was voluntarily dismissed on January 19, 2024. On April 4, 2024, the court appointed lead plaintiffs and lead counsel in the *Shareholder Securities Litigation*. On June 17, 2024, lead plaintiffs filed a consolidated amended complaint, adding a claim that lead plaintiffs and certain members of the putative class purchased shares of the Company's common stock contemporaneously with common stock sales by certain individual defendants. On October 17, 2024, lead plaintiffs filed a second consolidated amended complaint, expanding the putative class period to cover May 28, 2020 to August 28, 2024. On November 15, 2024, defendants moved to dismiss the second consolidated amended complaint, and on June 23, 2025, the court granted defendants' motion without prejudice. On August 25, 2025, the lead plaintiffs filed a motion for leave to amend the second consolidated amended complaint, attaching the proposed third consolidated amended complaint which does not alter the claims, defendants or putative class period but includes additional allegations in support of the previously asserted claims. The deadline to file any opposition to the motion for leave to amend is October 24, 2025.

At this time, it is not possible to estimate the value of the claims asserted in the *Shareholder Securities Litigation* or the potential range of loss in this matter, and no assurances can be given that the Company will be successful in its defense on the merits or otherwise. However, if the Company is not successful in its defense efforts, the resolution of the *Shareholder Securities Litigation* could have a material adverse effect on the Company's consolidated financial statements as a whole.

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 the court's ruling on plaintiffs' motion for leave to file a further amended complaint in the *Shareholder Securities Action.*

On March 26, 2024 and March 28, 2024, respectively, the following shareholder derivative actions were filed in the Chancery Court for Davidson County, Tennessee: *Todd Hellrigel v. Todd J. Vasos et al.* (Case No. 24-0392-I) (*"Hellrigel"*); *Steve Southwell v. Todd Vasos, et al.* (Case No. 24-0379-I) (*"Southwell"*) (collectively, the *"State Court Shareholder Derivative Litigation"*). The claims in the *State Court Shareholder Derivative Litigation* include allegations 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) were unjustly enriched; and (iii) that Mr. Vasos, Mr. Garratt, Warren Bryant, and Ms. Fili-Krushel violated their fiduciary duties by misusing material, non-public information. The relief sought is substantially the same as the relief sought in the *Federal Court Derivative Shareholder Litigation*. On May 20, 2024, the court entered an agreed order consolidating the *Hellrigel* and *Southwell* actions, appointing lead counsel, and staying the *State Court Shareholder Derivative Litigation* pending resolution of defendants' anticipated motion to dismiss the *Shareholder Securities Litigation*. On July 23, 2025, the court extended the stay pending the court's ruling on plaintiffs' motion for leave to file a further amended complaint in the *Shareholder Securities Action.*

Based on information currently available, the Company believes that its pending legal matters, both individually and in the aggregate, will be resolved without a material adverse effect on the Company's consolidated financial statements as a whole. However, litigation and other legal matters involve an element of uncertainty. Adverse decisions and settlements, including any required changes to the Company's business, or other developments in such matters could affect the consolidated operating results in future periods or result in liability or other amounts material to the Company's annual consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Segment reporting** 

The Company manages its business on the basis of one reportable operating segment. As of August 1, 2025, the Company's retail store operations were primarily located within the United States. Certain product sourcing and other operations are located outside the United States, which collectively are not material with regard to assets, results of operations or otherwise to the consolidated financial statements. The following net sales data is presented in accordance with accounting standards related to disclosures about segments of an enterprise.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>**(in thousands)** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Classes of similar products: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumables | $8819919 | $8397217 | $17456599 | $16608067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seasonal | 1106059 | 1054762 | 2129002 | 2018276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home products | 511842 | 480223 | 1019018 | 959014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apparel | 289917 | 278159 | 559097 | 539025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales | $10727737 | $10210361 | $21163716 | $20124382 |

---

The Company's Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The measure of profit or loss utilized by the CODM in assessing segment performance and allocating resources is net income as presented on the Company's Consolidated Statements of Income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Net income is used to evaluate income generated from the use of segment assets which aids in the determination of the allocation of Company resources. Net income is also utilized to monitor budget versus actual results. The following is a reconciliation of segment revenue and significant segment expenses to net income, the measure of profit or loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>**(in thousands)** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Net sales | $10727737 | $10210361 | $21163716 | $20124382 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shrink included in cost of goods sold | 146586 | 250250 | 322689 | 477653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold, excluding shrink(b) | 7219483 | 6900632 | 14248071 | 13595101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 57727 | 68130 | 122331 | 140563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 126275 | 107642 | 245856 | 217996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items (a)(b) | 2766240 | 2509517 | 5421415 | 4955562 |
| &nbsp;&nbsp;Consolidated net income | $411426 | $374190 | $803354 | $737507 |

---

(a) Other segment items include all remaining SG&A expenses and other (income) expense as disclosed in the Consolidated Statements of Income which were not deemed individually significant for disclosure. These expense items include rent expense as disclosed in Note 4.

(b) Depreciation and amortization expense included in Cost of goods sold, SG&A expenses and Interest expense, net was approximately $256.8 million and $238.8 million for the 13-week periods ended August 1, 2025 and August 2, 2024, respectively and $509.6 million and $471.1 million for the 26-week periods ended August 1, 2025 and August 2, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Common stock transactions** 

As of May 2, 2025, the Company had approximately $1.38 billion available under its Board of Directors ("Board") authorized common stock repurchase program. The repurchase authorization has no expiration date and allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions. The timing, manner and number of shares repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under the Company's debt agreements, cash requirements, excess debt capacity, results of operations, financial condition and other factors. Repurchases under the program may be funded from available cash or borrowings, including under the Revolving Facility and issuance of CP Notes discussed in further detail in Note 5, or otherwise.

During the 26-week periods ended August 1, 2025 and August 2, 2024, the Company repurchased no shares of its common stock in the open market.

The Company paid a cash dividend of $0.59 per share for each of the first two quarters of 2025. In August 2025, the Board declared a quarterly cash dividend of $0.59 per share, which is payable on or before October 21, 2025, to shareholders of record on October 7, 2025. The amount and declaration of future cash dividends is subject to the sole discretion of the Board and will depend upon, among other things, the Company's results of operations, cash requirements, financial condition, contractual restrictions, excess debt capacity, and other factors that the Board may deem relevant in its sole discretion.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Dollar General Corporation

**Results of Review of Interim Financial Statements** 

We have reviewed the accompanying consolidated balance sheet of Dollar General Corporation and subsidiaries (the Company) as of August 1, 2025, the related consolidated statements of income, comprehensive income, and shareholders' equity for the thirteen and twenty-six week periods ended August 1, 2025 and August 2, 2024, and cash flows for the twenty-six week periods ended August 1, 2025 and August 2, 2024, and the related notes (collectively referred to as the "consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheet of the Company as of January 31, 2025, the related consolidated statements of income, comprehensive income, shareholders' equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated March 21, 2025, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of January 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

**Basis for Review Results** 

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

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| | |
|:---|:---|
|  | /s/ Ernst & Young LLP |
| Nashville, Tennessee |  |
| August 28, 2025 |  |

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| | |
|:---|:---|
| **ITEM 2.** | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.** |

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**General**

This discussion and analysis is based on, should be read with, and is qualified in its entirety by, the accompanying unaudited consolidated financial statements and related notes, as well as our consolidated financial statements and the related Management's Discussion and Analysis of Financial Condition and Results of Operations as contained in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025. It also should be read in conjunction with the disclosure under "Cautionary Disclosure Regarding Forward-Looking Statements" in this report.

**Executive Overview**

We are the largest discount retailer in the United States by number of stores, with 20,746 stores located in 48 U.S. states and Mexico as of August 1, 2025, with the greatest concentration of stores in the southern, southwestern, midwestern and eastern United States. We offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise, home decor and domestics, and basic apparel. Our merchandise includes national brands from leading manufacturers, as well as our own private brand selections with prices often at substantial discounts to national brands. We offer our customers these national brand and private brand products at everyday low prices (typically $10 or less) in our convenient small-box locations.

We believe our convenient store formats, locations, and broad selection of high-quality products at compelling values have driven our substantial growth and financial success over the years and through a variety of economic cycles. We are mindful that the majority of our customers are value-conscious, and many have low and/or fixed incomes. As a result, we are intensely focused on helping our customers make the most of their spending dollars. The primary macroeconomic factors that affect our core customers include unemployment and underemployment rates, inflation, wage growth, changes in federal and state tax policies, interest rates, changes in U.S. and global trade policy (including price increases resulting from tariffs), and changes in U.S. government policy and assistance programs (including cost of living adjustments), such as SNAP, unemployment benefits, and economic stimulus programs. In May 2025, the federal government reinstated collections on defaulted student loans, and the impact on our customers and consequently on our business is uncertain at this time, and we can make no assurance that it will not be material. Finally, significant unseasonable or unusual weather patterns or extreme weather can impact customer shopping behaviors.

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 for the first two quarters of 2025. Currently announced tariff rates, including those that have been announced but delayed, as well as any increases or expansions of tariff coverage affecting the products that we sell, could have a more significant impact on our business and on our customers' budgets. However, 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. 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.

Our core customers are often among the first to be affected by negative or uncertain economic conditions and among the last to feel the effects of improving economic conditions, particularly when trends are inconsistent and of an uncertain duration. Our customers continue to feel constrained in the current macroeconomic environment and to experience elevated expenses that generally comprise a large portion of their household budgets, such as rent, healthcare, energy and fuel prices, as well as cost inflation in frequently purchased household products (including food), which we expect will continue to pressure our customers' spending overall and particularly in our non-consumables categories. We expect a promotional environment in 2025 similar to that in 2024.

We remain committed to our long-term operating priorities as we consistently strive to improve our performance while retaining our customer-centric focus. These priorities include: 1) driving profitable sales growth, 2) capturing growth opportunities, 3) enhancing our position as a low-cost operator, and 4) investing in the growth and development of our teams.

We seek to drive profitable sales growth through initiatives aimed at increasing customer traffic and average transaction amount. Historically, sales in our consumables category, which tend to have lower gross margins, have been the key drivers of net sales and customer traffic, while sales in our non-consumables categories, which tend to have higher gross margins, have been the key drivers of more profitable sales growth and average transaction amount. Our sales mix remains heavily weighted towards consumables, although we saw slight improvement to our sales mix in the second quarter as compared to last year's second quarter. Certain of our initiatives are intended to better optimize our sales mix; however, there can be no assurances that these efforts will be successful.

As we work to provide everyday low prices and meet our customers' affordability needs, we remain focused on enhancing our margins through inventory shrink and damage reduction initiatives, as well as pricing and markdown optimization, effective category management and inventory reduction efforts, distribution and transportation efficiencies, private brands penetration and global sourcing strategies. Several of our strategic and other sales-driving initiatives are also designed to capture growth opportunities and are discussed in more detail below.

We continue to experience significant levels of inventory shrink and damages. However, we have made progress in reducing shrink for four consecutive quarters, and we began to see improvement in damages during the first two quarters of 2025. We continue to take actions designed to address shrink and damage levels.

We continue to implement and invest in certain strategic initiatives that we believe will help drive profitable sales growth with both new and existing customers and capture long-term growth opportunities. Such opportunities include providing our customers with a variety of shopping access points and even greater value and convenience by leveraging and developing digital tools and technology, such as our Dollar General app, which contains a variety of tools to enhance the shopping experience. We remain focused on enhancing both the in-store and digital shopping experience, while driving operational efficiency. Partnerships with third-party delivery services are available in the majority of our stores, providing added convenience and incremental sales. Additionally, in September 2024, we partnered with a third-party provider to fully execute a same-day home delivery offering through our DG app and website in select stores. We plan to significantly expand this offering to additional stores throughout 2025. Furthermore, we believe these efforts will contribute to the continued growth of our DG Media Network, our platform that connects brand partners with our customers.

We are expanding our efforts to improve the performance and profitability of our mature stores through the rollout of an incremental remodel program, Project Elevate. This partial-remodel initiative is designed to refresh and optimize the merchandising in our stores, and in turn, enhance the shopping experience for our customers, while also mitigating future repairs and maintenance expense. Project Elevate remodels are incremental to our full-remodel program, Project Renovate.

We also remain focused on capturing growth opportunities. In the second quarter of 2025, we opened a total of 204 new stores, remodeled 729 stores through Project Elevate and 592 stores through Project Renovate, relocated 15 stores and closed 40 stores. In 2025, we plan to open approximately 575 new stores (as well as up to 15 stores in Mexico), fully remodel approximately 2,000 stores through Project Renovate, partially remodel 2,250 stores through Project Elevate, and relocate approximately 45 stores, for a total of 4,885 real estate projects.

pOpshelf is a unique retail concept focused on categories such as seasonal and home décor, health and beauty, home cleaning supplies, and party and entertainment goods. In light of the softer discretionary sales environment, we previously converted certain pOpshelf stores to Dollar General stores, and do not believe opening new pOpshelf stores in 2025 is a prudent use of capital. At the end of the second quarter of 2025, we operated 180 standalone pOpshelf stores. We are taking focused actions in 2025 designed to improve the performance of pOpshelf stores, although there can be no assurances that our efforts will be successful.

We expect store format innovation to allow us to capture additional growth opportunities as we continue to utilize the most productive of our various Dollar General store formats based on the specific market opportunity. In 2025 we expect the significant majority of the stores to be in one of our 8,500 square foot formats. These formats allow for expanded high-capacity-cooler counts, an extended queue line, and a broader product assortment, including an enhanced non-consumable offering, a larger health and beauty section, and produce in select stores.

We are always seeking ways to reduce or control costs that do not affect our customers' shopping experiences. We plan to continue enhancing our position as a low-cost operator over time while employing ongoing cost discipline to reduce certain expenses as a percentage of sales. Nonetheless, we seek to maintain flexibility to invest in the business as necessary to enhance our long-term competitiveness and profitability. From time to time, our strategic initiatives, including without limitation those discussed above, have required and may continue to require us to incur upfront expenses for which there may not be an immediate return in terms of sales or enhanced profitability.

Certain of our operating expenses, such as wage rates, occupancy costs and depreciation and amortization, have continued to increase in recent years, due primarily to market forces such as labor availability, increases in minimum wage rates, inflation and increases in property rents and interest rates. Significant or rapid increases to federal, state or local minimum wage rates or salary levels could significantly adversely affect our earnings if we are not able to otherwise offset these increased labor costs elsewhere in our business.

We believe ongoing inflationary pressures could continue to affect our vendors and customers and our operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs in recent years, and while we continue to have strong new store returns and plan to grow our store base significantly in 2025, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.

Our teams are a competitive advantage, and we proactively seek ways to continue investing in their development. Our goal is to create an environment that attracts, develops, and retains talented personnel, particularly at the store manager level, as employees who are promoted from within our company generally have longer tenures and are greater contributors to improvements in our financial performance. We are taking actions designed to continue reducing our higher than targeted store manager turnover, including through budgeting and allocation of labor hours, simplifying in-store activities, and reducing excess inventory.

To further enhance shareholder returns, we pay a quarterly cash dividend. The declaration and amount of future dividends are subject to Board discretion and approval, although we currently expect to continue paying quarterly cash dividends. As planned, to preserve our investment grade credit rating and maintain financial flexibility, we do not intend to repurchase shares during 2025.

**Key Performance Indicators**

We utilize key performance indicators, which are defined below, in the management of our business including same-store sales, average sales per square foot, and inventory turnover. We use these measures to maximize profitability and for decisions about the allocation of resources. Each of these measures is commonly used by investors in retail companies to measure the health of the business.

Same-store sales are calculated based upon our stores that were open at least 13 full fiscal months and remain open at the end of the reporting period. We include stores that have been remodeled, expanded or relocated in our same-store sales calculation. Changes in same-store sales are calculated based on the comparable 52 calendar weeks in the current and prior years. The method of calculating same-store sales varies across the retail industry. As a result, our calculation of same-store sales is not necessarily comparable to similarly titled measures reported by other companies.

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|:---|:---|:---|:---|:---|
|  | **13 Weeks Ended** | **13 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Same-store sales | 2.8% | 0.5% | 2.6% | 1.4% |

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Average sales per square foot is calculated based on total sales for the preceding four quarters as of the ending date of the reporting period divided by the average selling square footage as of the end of the most recent five quarters.

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| | | |
|:---|:---|:---|
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Average sales per square foot | $266 | $263 |

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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 end of the most recent five quarters.

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| | | | |
|:---|:---|:---|:---|
|  |  | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Inventory turnover |  | 4.3 | 3.9 |

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**Results of Operations**

*Accounting Periods*. We utilize a 52-53 week fiscal year convention that ends on the Friday nearest to January 31. The following text contains references to years 2025 and 2024, which represent the 52-week fiscal years ending or ended January 30, 2026 and January 31, 2025, respectively. References to the second quarter accounting periods for 2025 and 2024 contained herein refer to the 13-week accounting periods ended August 1, 2025 and August 2, 2024, respectively.

*Seasonality.* The nature of our business is somewhat seasonal. Primarily because of sales of Christmas-related merchandise, operating profit in our fourth quarter (November, December and January) has historically been higher than operating profit achieved in each of the first three quarters of the fiscal year. However, this was not the case in our two most recently completed fiscal years. Expenses, and to a greater extent operating profit, vary by quarter. Results of a period shorter than a full year may not be indicative of results expected for the entire year. Furthermore, the seasonal nature of our business may affect comparisons between periods.

The following tables contain results of operations data for the second 13-week periods and the 26-week periods of 2025 and 2024, and the dollar and percentage variances among those periods. Basis point amounts referred to below are equal to 0.01% as a percentage of net sales:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** |  | **26 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
| **(amounts in millions, except** | **August 1,** | **August 2,** | **%** |  | **August 1,** | **August 1,** | **August 2,** | **%** |  |
| **per share amounts)** | **2025** | **2024** | **Change** |  | **2025** | **2025** | **2024** | **Change** |  |
| Net sales | $10727.7 | $10210.4 | 5.1 | %  | $ | $21163.7 | $20124.4 | 5.2 | % |
| Cost of goods sold | 7366.1 | 7150.9 | 3.0 |  |  | 14570.8 | 14072.8 | 3.5 |  |
| Gross profit | 3361.7 | 3059.5 | 9.9 |  |  | 6593.0 | 6051.6 | 8.9 |  |
| Selling, general and administrative expenses | 2766.2 | 2509.5 | 10.2 |  |  | 5421.4 | 4955.6 | 9.4 |  |
| Operating profit | 595.4 | 550.0 | 8.3 |  |  | 1171.5 | 1096.1 | 6.9 |  |
| Interest expense, net | 57.7 | 68.1 | (15.3) |  |  | 122.3 | 140.6 | (13.0) |  |
| Income before income taxes | 537.7 | 481.8 | 11.6 |  |  | 1049.2 | 955.5 | 9.8 |  |
| Income tax expense | 126.3 | 107.6 | 17.3 |  |  | 245.9 | 218.0 | 12.8 |  |
| Net income | $411.4 | $374.2 | 10.0 | %  | $ | $803.4 | $737.5 | 8.9 | % |
| Diluted earnings per share | $1.86 | $1.70 | 9.4 | %  | $ | $3.64 | $3.35 | 8.7 | % |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>**(Percent of Net Sales)** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **Basis Point**<br>**Change** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **Basis Point**<br>**Change** |
| Net sales | 100.00% | 100.00% |  | 100.0% | 100.0% |  |
| Cost of goods sold | 68.66 | 70.04 | (137) | 68.85 | 69.93 | (108) |
| Gross profit | 31.34 | 29.96 | 137 | 31.15 | 30.07 | 108 |
| Selling, general and administrative expenses | 25.79 | 24.58 | 121 | 25.62 | 24.62 | 99 |
| Operating profit | 5.55 | 5.39 | 16 | 5.54 | 5.45 | 9 |
| Interest expense, net | 0.54 | 0.67 | (13) | 0.58 | 0.70 | (12) |
| Income before income taxes | 5.01 | 4.72 | 29 | 4.96 | 4.75 | 21 |
| Income tax expense | 1.18 | 1.05 | 12 | 1.16 | 1.08 | 8 |
| Net income | 3.84% | 3.66% | 17 | 3.80% | 3.66% | 13 |

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**13 WEEKS ENDED AUGUST 1, 2025 AND AUGUST 2, 2024**

*Net Sales*. For the 2025 period, net sales increased 5.1% to $10.73 billion. The net sales increase in the 2025 period was primarily due to sales from new stores and a same-store sales increase of 2.8% compared to the 2024 period, partially offset by the impact of store closures. The increase in same-store sales reflects a 1.5% increase in customer traffic and a 1.2% increase in average transaction amount. The increase in average transaction amount was driven by higher average retail prices and an increase in items per transaction. Same-store sales increased in the consumables, seasonal, home products and apparel categories. For the 2025 period, there were 19,916 same-stores, which accounted for sales of $10.37 billion.

The amount of net sales represented by each of our product categories for the 13 weeks ended August 1, 2025, and August 2, 2024, as well as the percentage change between such periods, were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **13 Weeks Ended** | **13 Weeks Ended** | **13 Weeks Ended** |
| <br>**(amounts in millions)** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **%**<br>**Change** |
| Net sales by category: |  |  |  |
| &nbsp;&nbsp;Consumables | $8819.9 | $8397.2 | 5.0% |
| &nbsp;&nbsp;Seasonal | 1106.1 | 1054.8 | 4.9 |
| &nbsp;&nbsp;Home products | 511.8 | 480.2 | 6.6 |
| &nbsp;&nbsp;Apparel | 289.9 | 278.2 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $10727.7 | $10210.4 | 5.1% |

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The percentage of net sales represented by each of our product categories for the 13 weeks ended August 1, 2025, and August 2, 2024, were as follows:

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| | | |
|:---|:---|:---|
|  | **13 Weeks Ended** | **13 Weeks Ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Net sales by category: |  |  |
| &nbsp;&nbsp;Consumables | 82.22% | 82.25<br>*%*  |
| &nbsp;&nbsp;Seasonal | 10.31 | 10.33 |
| &nbsp;&nbsp;Home products | 4.77 | 4.70 |
| &nbsp;&nbsp;Apparel | 2.70 | 2.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | 100.00% | 100.00% |

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*Gross Profit.* For the 2025 period, gross profit increased by 9.9%, and as a percentage of net sales increased by 137 basis points to 31.3%, compared to the 2024 period. The increase in the gross profit rate was driven primarily by lower shrink, higher inventory markups and lower inventory damages, partially offset by an increased LIFO provision, increased markdowns and increased distribution costs.

*Selling, General & Administrative Expenses ("SG&A").* SG&A was 25.8% as a percentage of net sales in the 2025 period compared to 24.6% in the comparable 2024 period, an increase of 121 basis points. The primary expenses that were a higher percentage of net sales in the current year period were incentive compensation, repairs and maintenance and benefits.

*Interest Expense, net*. Interest expense, net decreased by $10.4 million to $57.7 million in the 2025 period primarily due to lower average outstanding borrowings.

*Income Taxes.* The effective income tax rate for the 2025 period was 23.5% compared to a rate of 22.3% for the 2024 period. The tax rate for the 2025 period was higher than the comparable 2024 period primarily due to the enactment of Pillar Two minimum tax in a certain jurisdiction.

**26 WEEKS ENDED AUGUST 1, 2025 AND AUGUST 2, 2024**

*Net Sales.* For the 2025 period, net sales increased 5.2% to $21.16 billion. The net sales increase in the 2025 period was primarily due to sales from new stores and a same-store sales increase of 2.6% compared to the 2024 period, partially offset by the impact of store closures. The increase in same-store sales reflects a 1.9% increase in average transaction amount and a 0.6% increase in customer traffic. The increase in average transaction amount was driven by higher average retail prices and an increase in items per transaction. Same-store sales increased in the consumables, seasonal, home products and apparel categories. For the 2025 period, there were 19,916 same-stores which accounted for sales of $20.39 billion.

The amount of net sales represented by each of our product categories for the 26 weeks ended August 1, 2025, and August 2, 2024, as well as the percentage change between such periods, were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **26 Weeks Ended** | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>**(amounts in millions)** | **August 1,**<br>**2025** | **August 2,**<br>**2024** | **%**<br>**Change** |
| Net sales by category: |  |  |  |
| &nbsp;&nbsp;Consumables | $17456.6 | $16608.1 | 5.1% |
| &nbsp;&nbsp;Seasonal | 2129.0 | 2018.3 | 5.5 |
| &nbsp;&nbsp;Home products | 1019.0 | 959.0 | 6.3 |
| &nbsp;&nbsp;Apparel | 559.1 | 539.0 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | $21163.7 | $20124.4 | 5.2% |

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The percentage of net sales represented by each of our product categories for the 26 weeks ended August 1, 2025, and August 2, 2024, were as follows:

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| | | |
|:---|:---|:---|
|  | **26 Weeks Ended** | **26 Weeks Ended** |
|  | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Net sales by category: |  |  |
| &nbsp;&nbsp;Consumables | 82.49% | 82.52% |
| &nbsp;&nbsp;Seasonal | 10.06 | 10.03 |
| &nbsp;&nbsp;Home products | 4.81 | 4.77 |
| &nbsp;&nbsp;Apparel | 2.64 | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | 100.0% | 100.0% |

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*Gross Profit.* For the 2025 period, gross profit increased by 8.9%, and as a percentage of net sales increased by 108 basis points to 31.2%, compared to the 2024 period. The increase in the gross profit rate was driven primarily by lower shrink, higher inventory markups and lower inventory damages, partially offset by an increased LIFO provision and increased markdowns.

*Selling, General & Administrative Expenses.* SG&A was 25.6% as a percentage of net sales in the 2025 period compared to 24.6% in the comparable 2024 period, an increase of 99 basis points. The primary expenses that were a higher percentage of net sales in the current year period were incentive compensation, repairs and maintenance and retail labor.

*Interest Expense, net*. Interest expense, net decreased by $18.2 million to $122.3 million in the 2025 period primarily due to lower average outstanding borrowings.

*Income Taxes.* The effective income tax rate for the 2025 period was 23.4% compared to a rate of 22.8% for the 2024 period. The tax rate for the 2025 period was higher than the comparable 2024 period primarily due the enactment of Pillar Two minimum tax in a certain jurisdiction.

**Liquidity and Capital Resources**

We believe our cash flow from operations and existing cash balances, combined with availability under the unsecured revolving credit facility (the "Revolving Facility"), the unsecured commercial paper notes (the "CP Notes") and access to the debt markets, will provide sufficient liquidity to fund our current obligations, projected working capital

requirements, capital spending, and anticipated dividend payments for a period that includes the next twelve months as well as the next several years. However, our ability to maintain sufficient liquidity may be affected by numerous factors, many of which are outside of our control. Depending on our liquidity levels, conditions in the capital markets and other factors, we may from time to time consider the issuance of debt, equity or other securities, the proceeds of which could provide additional liquidity for our operations. All of our material borrowing arrangements are described in greater detail in Note 5 to the unaudited consolidated financial statements.

In April 2025, we redeemed the $500.0 million aggregate principal amount of outstanding 4.15% senior notes due November 2025. In addition, we have provided notice to the trustee of our $600.0 million aggregate principal amount of outstanding 3.875% senior notes due April 2027, that we intend to redeem the entire principal amount of such notes in the third quarter. We expect to use cash on hand for this redemption.

Our borrowing availability under the Revolving Facility may be effectively limited by our CP Notes as further described in Note 5 to the unaudited consolidated financial statements. For the remainder of fiscal 2025, we anticipate potential combined borrowings under the Revolving Facility and our CP Notes to be a maximum of approximately $400 million outstanding at any one time.

*Current Financial Condition / Recent Developments*

Our inventory balance represented approximately 45% of our total assets, exclusive of operating lease assets, goodwill and other intangible assets, as of August 1, 2025. Our ability to effectively manage our inventory balances can have a significant impact on our cash flows from operations during a given fiscal year, as discussed below. Inventory purchases are often somewhat seasonal in nature, such as the purchase of warm-weather or Christmas-related merchandise. Efficient management of our inventory has been and continues to be an area of focus for us.

From time to time, we are involved in various legal matters as discussed in Note 7 to the unaudited consolidated financial statements, some of which could potentially result in material cash payments. Adverse developments in these matters could materially and adversely affect our liquidity.

Our current credit ratings, as well as future rating agency actions, could (i) impact our ability to finance our operations on satisfactory terms; (ii) affect our financing costs; and (iii) affect our insurance premiums and collateral requirements necessary for our self-insured programs. There can be no assurance that we will maintain or improve our current credit ratings, particularly, if we are unable to lower our leverage ratios to levels and within time frames deemed acceptable to the rating agencies. The credit ratings for our borrowings are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Rating Agency** | **Senior unsecured debt rating** | **Commercial paper rating** | **Outlook** |
| Moody's | Baa3 | P-3 | Stable outlook |
| Standard & Poor's | BBB | A-2 | Negative outlook |

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*Changes in Cash Flows*

Unless otherwise noted, all references to the 2025 and 2024 periods in the discussion of cash flows from operating, investing and financing activities below refer to the 26-week periods ended August 1, 2025 and August 2, 2024, respectively. 

*Cash flows from operating activities.* Cash flows from operating activities were $1.8 billion in the 2025 period, which represents a $162.1 million increase compared to the 2024 period. Changes in merchandise inventories resulted in a $44.7 million increase in the 2025 period as compared to a decrease of $23.4 million in the 2024 period as further discussed below. Net income increased $65.8 million in the 2025 period compared to the 2024 period. Changes in accrued expenses resulted in a $167.3 million increase in the 2025 period compared to $109.8 million increase in the 2024 period, due primarily to the timing of accruals and payments for incentive compensation and property taxes. Changes in accounts payable resulted in a $111.2 million increase in the 2025 period compared to a $306.3 million increase in the 2024 period, due primarily to the timing of inventory receipts and related payments. Changes in income taxes in the 2025 period compared to the 2024 period are primarily due to the amount of income tax accrued and timing of payments.

On an ongoing basis, we closely monitor and manage our inventory balances, which may fluctuate from period to period based on new store openings, the timing of purchases, and other factors. Total merchandise inventories decreased 2% in the 2025 period compared to flat in the 2024 period. Percent changes in our four inventory categories for the 2025 period compared to the 2024 period were as follows:

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| | | |
|:---|:---|:---|
| | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>***Increase (decrease)*** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumables | (1)% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seasonal | (2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home products | (3) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apparel | (4) | - |

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On a per store basis, inventories at August 1, 2025, decreased by 7.4% compared to the balances at August 2, 2024.

*Cash flows from investing activities*. Significant components of property and equipment purchases included the following approximate amounts:

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| | | |
|:---|:---|:---|
| | **26 Weeks Ended** | **26 Weeks Ended** |
| <br>***(amounts in millions, except store count amounts)*** | **August 1,**<br>**2025** | **August 2,**<br>**2024** |
| Existing stores improvements, upgrades, remodels, and relocations | $365.4 | $255.0 |
| Distribution and transportation-related capital expenditures | 151.1 | 198.7 |
| New stores primarily for leasehold improvements, fixtures and equipment | 142.8 | 216.1 |
| Information systems upgrades and technology-related projects | 32.2 | 19.6 |
| Other | 2.4 | 6.2 |
| Total purchases of property and equipment | $693.9 | $695.6 |
| ***Store Counts*** |  |  |
| &nbsp;&nbsp;New stores | 360 | 410 |
| &nbsp;&nbsp;Remodeled or relocated (a) | 2586 | 987 |

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(a) Remodeled store counts include 1,151 stores through Project Renovate and 1,397 stores through Project Elevate.

The timing of new, remodeled and relocated store openings along with other factors may affect the relationship between such openings and the related property and equipment purchases in any given period.

Capital expenditures for 2025 are projected to be approximately $1.3 billion to $1.4 billion. We anticipate funding 2025 capital requirements with a combination of some or all of the following: existing cash balances, cash flows from operations, availability under our Revolving Facility and/or the issuance of additional CP Notes. We plan to continue to invest in store growth and development of new stores and the remodel or relocation of existing stores, including remodeling stores through Project Renovate and Project Elevate. Capital expenditures in 2025 are anticipated to support our store growth as well as our remodel and relocation initiatives, including capital outlays for leasehold improvements, fixtures and equipment; the construction of new stores; costs to support and enhance our supply chain initiatives for existing distribution center facilities and replacement of certain transportation related assets; technology initiatives; as well as routine and ongoing capital requirements.

*Cash flows from financing activities*. During the 2025 period, we had repayments of long-term obligations of $509.6 million. During the 2025 and 2024 periods, we paid cash dividends of $259.7 million and $259.5 million, respectively.

*Share Repurchase Program*

As of August 1, 2025, our common stock repurchase program had a total remaining authorization of approximately $1.38 billion. The authorization allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions. To preserve our investment grade credit rating and maintain financial

flexibility, we did not repurchase any shares under this program in the first quarter of 2025 and do not plan to repurchase shares during the remainder of the year. The repurchase authorization has no expiration date, and future repurchases will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under our debt agreements, cash requirements, excess debt capacity, results of operations, financial condition and other factors. The repurchase program may be modified or terminated from time to time at the discretion of our Board of Directors. For more about our share repurchase program, see Note 9 to the unaudited consolidated financial statements contained in Part I, Item 1 of this report.

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| | |
|:---|:---|
| **ITEM 3.** | **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.** |

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There have been no material changes to the disclosures relating to this item from those set forth in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025.

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| | |
|:---|:---|
| **ITEM 4.** | **CONTROLS AND PROCEDURES.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)Disclosure Controls and Procedures*. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) or Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)Changes in Internal Control Over Financial Reporting*. There have been no changes in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) or Rule 15d-15(f)) during the quarter ended August 1, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II—OTHER INFORMATION**

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| | |
|:---|:---|
| **ITEM 1.** | **LEGAL PROCEEDINGS.** |

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The information contained in Note 7 to the unaudited consolidated financial statements under the heading "Legal proceedings" contained in Part I, Item 1 of this report is incorporated herein by this reference.

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| | |
|:---|:---|
| **ITEM 1A.** | **RISK FACTORS.** |

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There have been no material changes to the disclosures relating to this item from those set forth in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025, other than as set forth in the discussion of certain items that have impacted or could impact our business or results of operations during 2025 or in the future as disclosed in the "Executive Overview" section within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-Q.

**ITEM 5.** **OTHER INFORMATION.**

*Insider Trading Arrangements*. During our fiscal quarter ended August 1, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" (as such terms are defined in Item 408 of Regulation S-K).

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| | |
|:---|:---|
| **ITEM 6.** | **EXHIBITS.** |

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See the Exhibit Index to this report immediately before the signature page hereto, which Exhibit Index is incorporated by reference as if fully set forth herein.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| 3.1 | [Amended and Restated Charter of Dollar General Corporation (effective May 28, 2021) (incorporated by reference to Exhibit 3.1 to Dollar General Corporation's Current Report on Form 8-K dated May 26, 2021, filed with the Securities and Exchange Commission (the "SEC") on June 1, 2021 (file no. 001-11421))](https://www.sec.gov/Archives/edgar/data/29534/000110465921074393/tm2117296d1_ex3-1.htm) |
| 3.2  | [Amended and Restated Bylaws of Dollar General Corporation (effective March 23, 2023) (incorporated by reference to Exhibit 3.2 to Dollar General Corporation's Annual Report on Form 10-K for the fiscal year ended February 3, 2023, filed with the SEC on March 24, 2023 (file no. 001-11421))](https://www.sec.gov/Archives/edgar/data/29534/000155837023004574/dg-20230203xex3d2.htm) |
| 10.1 | [Summary of Non-Employee Director Compensation effective May 29, 2025 (incorporated by reference to Exhibit 10.6 to Dollar General Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2025, filed with the SEC on June 3, 2025 (file no. 001-11421))](https://www.sec.gov/Archives/edgar/data/29534/000155837025008354/dg-20250502xex10d6.htm) |
| 10.2 | [Form of Restricted Stock Unit Award Agreement (approved May 28, 2025) for awards beginning May 2025 to non-employee directors of Dollar General Corporation pursuant to the Dollar General Corporation 2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.7 to Dollar General Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2025, filed with the SEC on June 3, 2025 (file no. 001-11421))](https://www.sec.gov/Archives/edgar/data/29534/000155837025008354/dg-20250502xex10d7.htm) |
| 10.3 | [Form of Restricted Stock Unit Award Agreement (approved May 28, 2025) for awards beginning June 2025 to certain newly hired and promoted employees of Dollar General Corporation pursuant to the Dollar General Corporation 2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.8 to Dollar General Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended May 2, 2025, filed with the SEC on June 3, 2025 (file no. 001-11421))](https://www.sec.gov/Archives/edgar/data/29534/000155837025008354/dg-20250502xex10d8.htm) |
| 10.4 | [Form of Performance Share Unit Award Agreement between Dollar General Corporation and Donny H. Lau for fiscal year 2025 new hire award](dg-20250801xex10d4.htm) |
| 10.5 | [Form of Restricted Stock Unit Award Agreement between Dollar General Corporation and Donny H. Lau for fiscal year 2025 special inducement award](dg-20250801xex10d5.htm) |
| 15 | [Letter re unaudited interim financial information](dg-20250801xex15.htm) |
| 31 | [Certifications of CEO and CFO under Exchange Act Rule 13a-14(a)](dg-20250801xex31.htm) |
| 32 | [Certifications of CEO and CFO under 18 U.S.C. 1350](dg-20250801xex32.htm) |
| 101 | Interactive data files for Dollar General Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended August 1, 2025, formatted in Inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Income (unaudited); (iii) the Consolidated Statements of Comprehensive Income (unaudited); (iv) the Consolidated Statements of Shareholders' Equity (unaudited); (v) the Consolidated Statements of Cash Flows (unaudited); and (vi) the Notes to Consolidated Financial Statements (unaudited) |
| 104 | The cover page from Dollar General Corporation's Quarterly Report on Form 10-Q for the fiscal quarter ended August 1, 2025 (formatted in Inline XBRL and contained in Exhibit 101) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, both on behalf of the Registrant and in her capacity as principal financial officer of the Registrant.

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| | | | |
|:---|:---|:---|:---|
|  |  | DOLLAR GENERAL CORPORATION | DOLLAR GENERAL CORPORATION |
| Date:  | August 28, 2025 | By: | /s/ Kelly M. Dilts |
|  |  |  | Kelly M. Dilts <br>Executive Vice President & Chief Financial Officer |

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## Exhibit 10.4

**Exhibit 10.4**

**Grant Details**

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| | |
|:---|:---|
| &nbsp;&nbsp;Participant Name: | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Employee Number: | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Grant Type: | &nbsp;&nbsp;Performance Share Units |
| &nbsp;&nbsp;Grant Date: | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Target Number of Performance Share Units Awarded: | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Performance Period: | &nbsp;&nbsp;Begins on February 1, 2025 and ends on January 28, 2028 |
| &nbsp;&nbsp;Threshold, Target and Maximum Calculation Charts: | &nbsp;&nbsp;See attached **Exhibit 1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vest Schedule:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vest Schedule:** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vest Date** | &nbsp;&nbsp;**Percentage Vested** |
| &nbsp;&nbsp;April 1, 2028 | &nbsp;&nbsp;100% |

---

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**DOLLAR GENERAL CORPORATION<br>PERFORMANCE SHARE UNIT AWARD AGREEMENT**

THIS AGREEMENT (this "<u>Agreement</u>"), dated as of the date indicated (the "<u>Grant Date</u>") on the Grant Details page (as defined below) above, is made by and between Dollar General Corporation, a Tennessee corporation (hereinafter referred to as the "<u>Company</u>"), and the individual whose name is indicated on the Grant Details page, who is an employee of the Company or a Subsidiary of the Company who the Committee (as defined below) has determined to be a Key Employee (hereinafter referred to as the "<u>Grantee</u>"). Any capitalized terms used but not otherwise defined in this Agreement shall have the meaning set forth in the Dollar General Corporation 2021 Stock Incentive Plan, as such Plan may be amended from time to time (the "<u>Plan</u>").

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Compensation and Human Capital Management Committee (or a duly authorized subcommittee thereof) of the Board of the Company appointed to administer the Plan (the "<u>Committee</u>") or the Board of the Company has determined that it would be to the advantage and in the best interests of the Company and its shareholders to grant the Performance Share Units provided for herein to the Grantee, and has advised the Company thereof and instructed the undersigned officer to issue said Performance Share Units.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary.

**Section 1.1.**[Reserved]

**Section 1.2.** **Adjusted ROIC** 

"Adjusted ROIC" shall mean during each fiscal year within the Performance Period (a) the result of (x) the sum of (i) the Company's operating income, plus (ii) depreciation and amortization, plus (iii) single lease cost, minus (y) taxes, divided by (b) the result of (x) the sum of the averages of the five most recently completed fiscal quarters of: (i) total assets, plus (ii) accumulated depreciation and amortization, minus (y) the difference of the averages of the five most recently completed fiscal quarters of: (i) cash, minus (ii) goodwill, minus (iii) accounts payable, minus (iv) other payables, minus (v) accrued liabilities, but shall exclude the impact of (a) any costs, fees and expenses directly related to the consideration, negotiation, preparation, or consummation of any asset sale, merger or other transaction that results in a Change in Control (within the meaning of the Plan) of the Company or any offering of Company common stock or other security; (b) disaster-related charges; (c) any LIFO provision, which exclusion shall be limited to 3% of fiscal year-end consolidated inventory balance, or LIFO benefit, which exclusion shall be limited to 3% of fiscal year-end consolidated inventory balance; and (d) unless the Committee disallows any such item, (i) any unusual unplanned item or event which individually exceeds $30 million; (ii) any unbudgeted loss which individually exceeds $1 million as a result of the resolution of a legal matter; (iii) any unplanned loss or gain which individually exceeds $1 million related to the implementation of accounting or tax legislative changes or changes in federal, state or local wage or benefit mandates; and (iv) any unplanned loss or gain of a non-recurring nature which

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individually exceeds $1 million, provided that the combined amount of (d)(ii), (iii) and (iv) equals or exceeds loss(es) or gain(s) of $10 million.

**Section 1.3.** **Average Adjusted ROIC** 

"Average Adjusted ROIC" shall mean the average of the Adjusted ROIC for the three fiscal years during the Performance Period.

**Section 1.4.** **Cause**

"Cause" shall mean (a) "Cause" as such term may be defined in any employment agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of termination of employment; or (b) if there is no such employment agreement in effect, "Cause" as such term may be defined in any change-in-control agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of termination of employment; or (c) if there is no such employment or change-in-control agreement, with respect to the Grantee: (i) any act of the Grantee involving fraud or dishonesty, or any willful failure to perform reasonable duties assigned to the Grantee; (ii) any material breach by the Grantee of any securities or other law or regulation or any Company policy governing trading or dealing with stock, securities, public debt instruments, bonds, investments or the like or with inappropriate disclosure or "tipping" relating to any stock, securities, public debt instruments, bonds, investments or the like; (iii) any material or substantive violation of the Company's Code of Business Conduct and Ethics (or the equivalent code in place at the time) or any violation of the Company's policies and procedures related to asset protection controls and other protocols; (iv) other than as required by law, the carrying out by the Grantee of any activity, or the Grantee making any public statement, which prejudices or reduces the good name and standing of the Company or any of its subsidiaries or affiliates or would bring any one of these into public contempt or ridicule; (v) attendance by the Grantee at work in a state of intoxication or the Grantee otherwise being found in possession at the Grantee's place of work or on any Company property of any prohibited drug or substance, possession of which would amount to a criminal offense, or any other violation of the Company's drug and alcohol policy; (vi) any assault or other act of violence by the Grantee; or (vii) conviction of or a plea of guilty or nolo contendre by the Grantee to (A) any felony whatsoever or (B) any misdemeanor that would preclude employment by the Company or any Subsidiary that employs the Grantee under the Company's or any such Subsidiary's hiring policy.

**Section 1.5.** **Delegee**

"Delegee" shall mean any Committee member or members, officer of the Company or any other person or persons to whom the Committee or an officer has delegated any of its authority or duties under the Plan; provided, however, that no such delegation shall give non-Committee members authority with respect to non-ministerial actions under the Plan that affect individuals who are subject to the reporting and other provisions of Section 16 of the Exchange Act or any successor provision.

**Section 1.6.** **Disability Termination** 

"Disability Termination" shall mean the Grantee's employment with the Company and all Subsidiaries is involuntarily terminated by the Company or any Subsidiary that employs the Grantee other than with Cause at a time when the Grantee is eligible for and receiving benefits under the Company's long-term disability plan.

**Section 1.7.** **Good Reason** 

"Good Reason" shall mean (a) "Good Reason" as such term may be defined in any employment agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of

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termination of employment; or (b) if there is no such employment agreement in effect, "Good Reason" as such term may be defined in any change-in-control agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of the termination of employment; or (c) if there is no such employment or change-in-control agreement, with respect to the Grantee: (i) without the Grantee's written consent, a material diminution in the Grantee's base salary unless such action is in connection with across-the-board base salary reductions affecting 100 percent of employees of the Company or its Subsidiaries at the same grade level; or (ii) without the Grantee's written consent, a material diminution in the Grantee's authority, duties or responsibilities. To qualify as a termination due to Good Reason under this Agreement, the Grantee must have provided written notice to the Company in accordance with Section 4.6 of this Agreement of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and must have given the Company or any Subsidiary that employs the Grantee at least thirty (30) days from receipt of such notice to cure the condition constituting Good Reason. Such termination of employment must have become effective no later than one year after the initial existence of the condition constituting Good Reason.

**Section 1.8.** **Grant Details Page**

"Grant Details page" shall mean the Grant Details page attached to the front of this Agreement that indicates, among other things, the Grant Date, the name of the Grantee, and the target number of Performance Share Units awarded, all of which information is hereby incorporated by reference and made a part of this Agreement.

**Section 1.9.** **Performance Share Units**

"Performance Share Units" shall mean the performance share units awarded to the Grantee under this Agreement which the Grantee will have an opportunity to earn and vest in over the Performance Period (as defined below) if the Performance Goal (as defined below) is met in accordance with Section 2.4 and if additional service and payment requirements are met in accordance with Sections 3.1, 3.2 and 3.3. Each Performance Share Unit represents the right to receive one Share upon satisfaction of the vesting and other conditions set forth in this Agreement.

**Section 1.10.** **Pro-Rata Portion**

"Pro-Rata Portion" shall mean a fraction (not to exceed one), the numerator of which is the number of months in the Performance Period (as defined below) during which the Grantee was continuously in the employment of the Company or a Subsidiary and the denominator of which is the number of months in the Performance Period. The Grantee will be deemed to be employed for a month if the Grantee's Retirement, Disability Termination or death occurs after the fifteenth (15<sup>th</sup>) day of a month.

**Section 1.11.** **Qualifying Termination** 

"Qualifying Termination" shall mean, except as provided otherwise in this Section 1.11, the Grantee's employment with the Company and all Subsidiaries is involuntarily terminated by the Company or any Subsidiary that employs the Grantee (including due to a Disability Termination) other than with Cause or is terminated voluntarily by the Grantee, other than when Cause to terminate exists, for Good Reason or due to Retirement; in each case provided the termination of employment (a) occurs within two (2) years following a Change in Control and (b) also constitutes a Separation from Service. For purposes of this Agreement, a permanent reduction in (but not full cessation of) the Grantee's level of services performed for the Company or a Subsidiary shall be deemed a "Qualifying Termination" if the reduction (i) occurs within two (2) years following a Change in Control; (ii) meets the definition of a Separation from Service; and (iii) would meet the definition of a Qualifying Termination if the Grantee's employment had actually terminated on such date (for example, the Grantee meets the age and service requirements for a Retirement on the date of the permanent

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reduction). In no event shall a Qualifying Termination include the death or any other termination or Separation from Service of the Grantee not specifically covered by the preceding sentences.

**Section 1.12.** **Retirement**<br>

"Retirement" shall mean the voluntary termination of the Grantee's employment with the Company and all Subsidiaries on or after (a) reaching the minimum age of fifty-five (55) and (b) achieving five (5) consecutive years of service; provided, however, that the sum of the Grantee's age plus years of service (counting whole years only) must equal at least sixty-five (65) and provided further that there is no basis for the Company or any Subsidiary that employs the Grantee to terminate the Grantee with Cause at the time of the Grantee's voluntary termination.

**Section 1.13.** **Separation from Service**

"Separation from Service" shall mean a "separation from service" under Treas. Reg. Section 1.409A-1(h). This generally means the date the Grantee and the Company or the applicable Subsidiary reasonably anticipate that (a) the Grantee will perform no further services or (b) the level of bona fide services the Grantee will perform (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services if the Grantee has been providing services to the Company or Subsidiary less than thirty-six (36) months). If the Grantee is on a leave of absence, a Separation from Service shall only occur upon the termination of such leave by the Company or by the Subsidiary that employs the Grantee and subsequent termination of the Grantee's employment or, if earlier, at the time required under Treas. Reg. Section 1.409A-1(h)(1) (including the extended disability leave provisions). Under Treas. Reg. Section 1.409A-1(h)(1), unless the Grantee retains a right to reemployment under an applicable statute or by contract, the Separation from Service is deemed to occur on the first date immediately following six (6) months or, for certain disabilities, twenty-nine (29) months.

**ARTICLE II**

**GRANT OF PERFORMANCE SHARE UNITS**

**Section 2.1.** **Grant of Performance Share Units**

For good and valuable consideration, on and as of the Grant Date the Company irrevocably grants to the Grantee the Performance Share Units on the terms and conditions set forth in this Agreement. For the avoidance of doubt, no Performance Share Units shall be earned unless all applicable performance and service requirements are met.

**Section 2.2.** **Target Number of Performance Share Units** 

The target number of Performance Share Units awarded is set forth on the Grant Details page. At the end of the Performance Period, and subject to additional service and payment requirements in Sections 3.1, 3.2 and 3.3, the Grantee can earn up to 200% of the target number of Performance Share Units or as little as no Performance Share Units, depending upon actual performance compared to the performance goal measure established by the Committee.

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**Section 2.3.** **Performance Period** 

There is a three-year performance period (the "<u>Performance Period</u>") during which the performance goal measure of Average Adjusted ROIC (the "Performance Goal") applies. The Performance Period begins and ends as set forth on the Grant Details page.

**Section 2.4.** **Performance Goal Measure**

The Performance Goal and the level of performance for the Performance Goal that is required to earn Performance Share Units were established by the Committee on the Grant Date. One hundred percent (100%) of the target number of Performance Share Units are subject to the Performance Goal, as established by the Committee, for the Performance Period, with the method for determining the number of Performance Share Units that can be earned (including the threshold, target and maximum number of Performance Share Units) set forth on **Exhibit 1** hereto, subject to the additional service and payment requirements in Sections 3.1, 3.2 and 3.3. If the performance level for the Performance Goal is below the established threshold, no Performance Share Units shall be earned for the Performance Period. If the performance level for the Performance Goal is above the established maximum, no additional Performance Share Units shall be earned above the maximum payout level. Within sixty (60) days following the end of the Performance Period, the Committee will determine the extent to which the Performance Goal has been met and the number of Performance Share Units earned (subject to the additional service and payment requirements in Sections 3.1, 3.2 and 3.3). If performance for the Performance Goal is between the threshold and the target or between the target and the maximum, the performance level achieved will be determined by applying linear interpolation to the performance interval and then rounding to the nearest whole Performance Share Unit. The Committee must certify the performance results for the Performance Goal following the end of the Performance Period. Except as provided in Section 3.3 in the event of a Change in Control during the Performance Period, any Performance Share Units that are not, based on the Committee's determination, earned by performance during the Performance Period, including Performance Share Units that had been potentially earnable by performance in excess of the actual performance levels achieved, shall be cancelled and forfeited as of the last day of the Performance Period.

**Section 2.5.** **No Guarantee of Employment** 

Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in the employ of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which are hereby expressly reserved, to terminate the employment of the Grantee at any time and for any reason whatsoever, with or without Cause, subject to the applicable provisions of, if any, the Grantee's employment agreement with the Company or any Subsidiary that employs the Grantee or offer letter provided by the Company or any Subsidiary that employs the Grantee to the Grantee.

**Section 2.6.** **Adjustments to the Performance Share Units** 

The Performance Share Units shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan.

**ARTICLE III**

**VESTING AND PAYMENT**

**Section 3.1.** **Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Vesting Date and Forfeiture</u>. Except as provided otherwise in Sections 3.1(b), 3.1(c) and 3.3 below and subject to the attainment of the Performance Goal and the required certification as provided in Section 2.4, the Performance Share Units shall become vested and nonforfeitable in accordance with the vesting table set forth on the Grant Details page on the date listed in the first column of such table (the "<u>Vesting</u> 

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<u>Date</u>"), so long as the Grantee continues to be employed by the Company or a Subsidiary through such Vesting Date. Once vested, the Performance Share Units shall be paid as provided in Section 3.2 or 3.3, subject to the forfeiture provisions of Section 3.1(c) below. If the Grantee's employment with the Company or the applicable Subsidiary terminates prior to the Vesting Date and neither Section 3.1(b) nor Section 3.3 applies or has applied, or to the extent Section 3.1(b) cannot apply, then any Performance Share Units that have not vested at the date of such termination of employment shall be automatically forfeited to the Company and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Accelerated Vesting Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notwithstanding Section 3.1(a) above, to the extent the Performance Share Units have not previously terminated, been forfeited or become vested and nonforfeitable, and except as otherwise provided in Section 3.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the event the Grantee's employment is terminated before the last day of the Performance Period due to the Grantee's Retirement, Disability Termination or death, in each case before the last day of the Performance Period, then a Pro-Rata Portion of such Performance Share Units (rounded to the nearest whole Share) that would have become vested and nonforfeitable on the Vesting Date if the Grantee had remained employed with the Company or a Subsidiary shall become vested and nonforfeitable as of the end of the Performance Period (to the extent earned based upon performance, and subject to all certification requirements, in Section 2.4) and all remaining Performance Share Units shall be automatically forfeited to the Company and cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the event the Grantee's employment is terminated on or after the last day of the Performance Period but before the Vesting Date due to the Grantee's Retirement, Disability Termination or death, in each case on or after the last day of the Performance Period but before the Vesting Date, then such Performance Share Units that would have become vested and nonforfeitable if the Grantee had remained employed with the Company or a Subsidiary on the Vesting Date shall become vested and nonforfeitable as of such Retirement, Disability Termination or death (to the extent earned based upon all applicable performance requirements, and subject to all certification requirements, in Section 2.4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Effect on Payment Date*: Accelerated vesting under Section 3.1(b)(i) shall not accelerate the time of payment of the Performance Share Units and payment shall be made on the Payment Date as provided in Section 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination With Cause</u>. Notwithstanding any other provision of this Agreement, in the event the Grantee's employment is terminated by the Company with Cause prior to the satisfaction of all applicable performance, service and payment requirements, all Performance Share Units shall be forfeited and cancelled on the date of such termination of employment and the Grantee shall have no rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Transfers and Reemployment</u>. For purposes of this Agreement, transfer of the Grantee's employment without an intervening period of separation among the Company and any Subsidiary shall not be deemed a termination of employment. Upon reemployment of the Grantee by the Company or any Subsidiary following a termination of the Grantee's employment with the Company and any Subsidiary for any reason, the Grantee shall have no rights to any Performance Share Units previously forfeited and cancelled under this Agreement.

**Section 3.2.** **Payment of Performance Share Units** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Timing of</u> <u>Payment</u>. Except as provided otherwise in Section 3.3 (related to a Change in Control), once earned and vested in accordance with Section 2.4 and Section 3.1(a) or (b), as applicable, the Performance Share Units shall be paid on the Vesting Date set forth on the Grant Details page. The Vesting Date set forth on the Grant Details page is a fixed date of payment and does not change regardless of when the

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actual vesting occurs under Section 3.1(b) or 3.3, except to the extent a special earlier accelerated payment date due to a Qualifying Termination applies under Section 3.3. Such payment dates (including the special earlier accelerated payment date due to a Qualifying Termination as provided in Section 3.3), are each referred to individually as a "<u>Payment Date</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Delivery of Shares</u>. Shares corresponding to the number of Performance Share Units that have been earned and become vested and nonforfeitable ("<u>Performance Shares</u>") shall be paid to the Grantee, or, if deceased, the Grantee's estate, either through delivery of a Share certificate or registration of the issuance of such Performance Shares on the Company's books and records, and such Performance Shares shall be registered in the name of the Grantee or, if deceased, the Grantee's estate. The Performance Shares shall be paid on the Payment Date provided in Sections 3.2(a) or 3.3, as applicable. Payment may be delayed by the Company only in accordance with the requirements of Section 409A of the Code although no interest shall be payable in the event there is a delay for any reason. In determining the number of Performance Shares to be withheld for taxes as provided in Section 4.3, the value of the Performance Shares shall be based upon the Fair Market Value of the Shares on the date of payment. If a Payment Date falls on a weekend, holiday or other non-trading day, the value of any Performance Shares payable on such Payment Date shall be determined based on the Fair Market Value of the Shares on the most recent prior trading date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Authorized Shares</u>. The Performance Shares may be either previously authorized but unissued Shares or issued Shares, which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable.

**Section 3.3.** **Vesting and Payment in Connection with a Change in Control** 

Notwithstanding any other provision of this Article III, in the event of a Change in Control, vesting and payment of the Performance Share Units that have not previously become vested and nonforfeitable and paid, or have not previously been forfeited, under Section 2.4, 3.1(a), 3.1(b), 3.1(c) or 3.2 shall be determined under this Section 3.3 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Change in Control On or Before End of Performance Period</u>. In the event a Change in Control occurs on or before the end of the Performance Period and provided the Grantee is continuously employed by the Company or a Subsidiary until the Change in Control, the target number of the Performance Share Units shall be deemed earned but otherwise continue to be subject to the service and payment provisions, including applicable proration requirements, that apply under Sections 3.1(a), 3.1(b), 3.1(c) and 3.2 unless the Grantee experiences a Qualifying Termination. If the Grantee experiences a Qualifying Termination, all of the Performance Share Units deemed earned per the preceding sentence and not previously vested and paid or previously forfeited, shall become immediately vested and nonforfeitable and shall be paid (but only if such accelerated payment timing results in payment before payment on the Vesting Date) on the date of such Qualifying Termination, subject to a six-month delay, if applicable, as provided under Section 10(c) of the Plan.

(b)<u>Change in Control Following End of Performance Period</u>. In the event a Change in Control occurs following the end of the Performance Period and provided the Grantee is continuously employed by the Company or a Subsidiary until the Change in Control, all of the Performance Share Units previously earned based on the Committee's determination of performance in accordance with Section 2.4 shall continue to be subject to the service and payment requirements that apply under Sections 3.1(a), 3.1(b), 3.1(c) and 3.2 unless the Grantee experiences a Qualifying Termination. If the Grantee experiences a Qualifying Termination, all of the Performance Share Units previously earned based on the Committee's determination of performance in accordance with Section 2.4 and not previously vested and paid or previously forfeited, shall become immediately vested and nonforfeitable and shall be paid (but only if such accelerated payment timing results in payment before payment on the Vesting Date) on the date of such Qualifying Termination, subject to a six-month delay, if applicable, as provided under Section 10(c) of the Plan.

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**Section 3.4.** **No Dividend Equivalents** 

The Grantee shall have no right to dividend equivalents or dividends on the Performance Share Units.

**Section 3.5.** **Rights as Shareholder** 

The Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Company in respect of any Performance Shares issuable upon the payment of the Performance Share Units or any portion thereof unless and until certificates representing such Performance Shares shall have been issued by the Company to the Grantee (or book entry representing such Performance Shares has been made with the appropriate registered book-entry custodian).

**ARTICLE IV**

**MISCELLANEOUS**

**Section 4.1.** **Administration** 

The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, this Agreement and the Performance Share Units as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action taken or determination or interpretation made in good faith with respect to the Plan, this Agreement or the Performance Share Units. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement.

**Section 4.2.** **Transferability** 

None of (a) the Performance Share Units prior to becoming earned and vested pursuant to Sections 2.4, 3.1 and 3.3, (b) the Performance Shares prior to delivery pursuant to Section 3.2, or (c) any interest or right therein or part thereof (i) shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in interest or (ii) shall be subject in any manner to disposition by transfer, alienation, anticipation, sale, pledge, encumbrance, hypothecation, assignment, charge or any other means whether any such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 4.2 shall not prevent transfers by will or by the applicable laws of descent and distribution or other transfers authorized in limited circumstances by the Committee (or its Delegee).

**Section 4.3.** **Taxes** 

Unless otherwise determined by the Committee (in compliance with Section 409A of the Code), on the Payment Date, the Company shall withhold from any Performance Shares deliverable in payment of the Performance Share Units the number of Performance Shares having a value equal to the minimum amount of federal, state or local income or other taxes required to be withheld under applicable laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Unless otherwise determined by the Committee (in compliance with Section 409A of the Code), if vesting occurs prior to payment and applicable law requires the payment of employment taxes at such time, then the Company shall withhold from the Performance Share Units at vesting the number of Performance Shares having a value equal to the minimum amount of federal, state or local income and employment or other taxes required to be withheld under applicable law and regulations, in a manner that complies with Section 409A of the Code, and pay the

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amount of such withholding taxes in cash to the appropriate taxing authorities. With regard to withholding on the Payment Date (but not at the time of vesting), any fractional Shares resulting from the payment of the withholding amounts shall be liquidated and paid in cash to the U.S. Treasury as additional federal income tax withholding for the Grantee. With regard to withholding at the time of vesting, only full Shares (determined by rounding down to the next full Share) shall be liquidated and paid in cash to the U.S. Treasury and any additional amounts due for tax withholding shall be paid by the Grantee. The Grantee shall be responsible for any withholding taxes not satisfied by means of such mandatory withholding and for all taxes in excess of such withholding taxes that may be due upon vesting of the Performance Share Units.

**Section 4.4.** **Limitation on Obligations** 

The Performance Share Units shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Company's obligations under this Agreement. In addition, the Company shall not be liable to the Grantee for damages relating to any delays in issuing the Share certificates or electronic delivery thereof to him or her (or his or her designated entities), any loss of the certificates, or any mistakes or errors in the issuance or registration of the certificates or in the certificates themselves.

**Section 4.5.** **Securities Laws** 

The Company may require the Grantee to make or enter into such written representations, warranties and agreements, in a form satisfactory to the Committee (or its Delegee), as the Committee (or its Delegee) may reasonably request in order to comply with applicable securities laws, including without limitation written representations stating that the Performance Shares are being acquired for the Grantee's own account, for investment and without any present intention of distributing or reselling said Performance Shares or any of them except as may be permitted under the Securities Act of 1933, as amended (the "Act"), and then applicable rules and regulations thereunder, and that the Grantee will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the Performance Shares by such person is contrary to the representation and agreement referred to above; provided, however, that the Committee (or its Delegee) may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect compliance with the Act and any other federal or state securities laws or regulations. The Performance Share Units and the Performance Shares shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

**Section 4.6.** **Notices** 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its General Counsel or his or her designee, and any notice to be given to the Grantee shall be addressed to the Grantee at the last address of the Grantee known to the Company unless otherwise directed by the Grantee. By a notice given pursuant to this Section 4.6, either party may hereafter designate a different address for the provision of notices under this Agreement. Any notice, which is required to be given to the Grantee, shall, if the Grantee is then deceased, be given to the Grantee's personal representative if such representative has previously informed the Company of his or her status and address by written notice under this Section 4.6. Any notice shall have been deemed duly given when (a) delivered in person; (b) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service; or (c) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier.

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**Section 4.7.** **Titles; Pronouns**

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.

**Section 4.8.** **Applicability of the Plan** 

The Performance Share Units and the Performance Shares issued to the Grantee upon payment of the Performance Share Units shall be subject to all of the terms and provisions of the Plan to the extent applicable to a performance share unit and Shares. In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control.

**Section 4.9.** **Amendment** 

This Agreement may only be amended pursuant to Section 10 of the Plan.

**Section 4.10.** **Governing Law** 

The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. This Agreement and the Performance Share Units are subject to all present and future applicable provisions of the Code. If any provision of this Agreement conflicts with any such Code provision, the Committee shall modify this Agreement so as to comply, or if for any reason modification cannot be made, that provision of this Agreement shall be void and of no effect. The provisions of Section 10(c) of the Plan are hereby incorporated by reference. Notwithstanding the foregoing, the Company shall not be liable to the Grantee in the event this Agreement or any payment or benefit hereunder fails to be exempt from, or comply with, Section 409A of the Code.

**Section 4.11.** **Arbitration** 

Unless a dispute between the Company and the Grantee (referred to in this Section as the "Parties") under this Agreement is excluded from being determined by arbitration under applicable law (see below), any dispute among the Parties hereto arising out of, or relating to, this Agreement which cannot be settled amicably by the Parties, shall be finally, exclusively and conclusively settled by mandatory arbitration and be further subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The arbitration will be filed with the American Arbitration Association ("AAA"). The arbitration will be conducted by a single arbitrator and will be subject to the Federal Rules of Procedure and Evidence. AAA's Employment Arbitration Rules and Mediation Procedures will only apply if not inconsistent with the Federal Rules of Procedure and Evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The arbitration will be conducted within the time or limitations period required by the asserted claim(s). In addition, any administrative prerequisites associated with the asserted claim(s) (e.g., notices, filing of administrative charges, or obtaining "right to sue" notices from government agencies) must be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The arbitration shall take place in Nashville, Tennessee, unless otherwise mutually agreed by the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The arbitration will be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. (the "FAA");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties waive any and all rights to a judge or jury trial and/or administrative hearing of their disputes and agree to resolve such disputes only through final and binding individual arbitration to the fullest extent permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Disputes excluded ("Excluded Disputes") from arbitration under this Section include: (i) claims for workers' compensation, state disability insurance, unemployment insurance benefits, or other health or welfare benefits under government-administered programs; (ii) claims constituting sexual harassment or sexual assault disputes as defined by the FAA; (iii) claims for which this provision would be invalid or prohibited as a matter of federal law, or state or local law that is not preempted by federal law; (iv) disputes that may not be subject to a pre-dispute arbitration agreement as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203); (v) claims which are legally prohibited from being adjudicated in arbitration; (vi) disputes arising or related to the applicability, interpretation, enforceability, scope and/or severability of this Section, including whether such provisions are governed by the FAA, which must be decided only by a court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee; and (vii) any disputes as to whether any claims or disputes are Excluded Disputes, which must be decided only by a court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Parties agree and stipulate that (i) all claims that relate to a sexual harassment or sexual assault dispute, as defined in the FAA, shall be filed (or if not filed as, severed into) a separate case from all other claims; (ii) those claims that do not relate to a sexual harassment or sexual assault dispute and are subject to arbitration under this Section shall be governed by and proceed with individual arbitration, it being the express intent of the Parties to allow for individual arbitration of claims to the maximum extent possible; and (iii) if a Party brings claims subject to arbitration and claims that are not subject to arbitration, the latter shall be stayed until the former are fully arbitrated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The decision of the arbitrator shall be final and binding upon all Parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator's reasoning. Judgment upon the award rendered may be entered in any court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator, and each Party shall bear an equal portion of the arbitrator's and arbitral forum's fees.

**Section 4.12.** **Clawback** 

As a condition of receiving the Performance Share Units, the Grantee acknowledges and agrees that the Grantee's rights, payments, and benefits with respect to the Performance Share Units shall be subject to any reduction, cancellation, forfeiture or recoupment, in whole or in part, upon the occurrence of certain specified events, as may be required by any rule or regulation of the Securities and Exchange Commission or by any applicable national exchange, or by any other applicable law, rule or regulation or as set forth in a separate "clawback" or recoupment policy as may be adopted from time to time by the Board or the Committee, including but not limited to the Company's Amended and Restated Incentive Compensation Recovery Policy (as may be amended or replaced from time to time) (collectively, the "Clawback Requirement"), and the Grantee agrees to abide by any such Clawback Requirement. In the event the Grantee no longer owns the Performance Shares at the time of required recoupment, the Grantee agrees to the recoupment of cash equal to the Fair Market Value of the Performance Shares on the date the Performance Shares were sold. To the extent allowed by state and federal law and as determined by the Board or the Committee, the Grantee agrees that such recoupment may, in the discretion of the Committee, be accomplished by withholding of future compensation, including but not limited to base salary to the extent permitted by law, to be paid to the Grantee by the Company or the Subsidiary that employs the Grantee. To the extent applicable, any recovery of incentive

------

compensation covered by Code Section 409A shall be implemented in a manner which complies with Code Section 409A.

**Section 4.13.** **Consent to Electronic Delivery** 

The Grantee hereby consents to and agrees to electronic delivery of this Agreement, the Performance Shares, Plan documents, proxy materials, annual reports and other related documents. The Committee (or its Delegee) has established procedures for electronic delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan and this Agreement). The Grantee hereby consents to such procedures and agrees that his or her electronic acceptance is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee hereby consents and agrees that any such procedures and delivery may be effected by a third party designated by the Committee (or its Delegee) to provide administrative services related to the Plan.

**Section 4.14.** **Performance Share Units and Agreement Acceptance**

The Grantee must accept the Performance Share Units and this Agreement through the electronic system maintained by the third party designated by the Committee (or its Delegee) to administer the Plan or by other electronic or manual means acceptable to the Committee (or its Delegee) in its sole discretion no later than sixty (60) days after the Grant Date (or such later date as the Committee (or its Delegee) may accept). If the Grantee does not timely accept, or if the Grantee declines, the Performance Share Units, the Performance Share Units will be canceled *ab initio* and the Grantee will not be entitled to any benefits from the Performance Share Units nor any compensation or benefits in lieu of the canceled award.

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Company.

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| | |
|:---|:---|
| DOLLAR GENERAL CORPORATION | DOLLAR GENERAL CORPORATION |
| By: |  |
| Name: | Kathy Reardon |
| Title: | EVP. Chief People Officer |
| ADDRESS: | ADDRESS: |
| Dollar General Corporation | Dollar General Corporation |
| 100 Mission Ridge | 100 Mission Ridge |
| Goodlettsville, TN 37072 | Goodlettsville, TN 37072 |

---

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**Exhibit 1 to Performance Share Unit Award Agreement**

**2025 Performance Share Unit Matrix – Adjusted ROIC**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**at**<br>|  |  |
| **ROIC Based Units Earned 2025-27** | **ROIC Based Units Earned 2025-27** | **ROIC Based Units Earned 2025-27** |
| **Performance<br>Level** | **ROIC<br> Result vs. Target** | **ROIC<br>Based Units** |
| **Threshold** | [ ] | [ ] |
| **Target** | [ ] | [ ] |
| **Maximum** | [ ] | [ ] |

---

Note: Units earned will be interpolated for financial performance between levels

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## Exhibit 10.5

**Exhibit 10.5**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Grant Details** | &nbsp;&nbsp;**Grant Details** |
| &nbsp;&nbsp;Participant Name: | &nbsp;&nbsp;[ ]<br>|
| &nbsp;&nbsp;Employee Number: | &nbsp;&nbsp;[ ]<br>|
| &nbsp;&nbsp;Grant Type: | &nbsp;&nbsp;Restricted Stock Units<br>|
| &nbsp;&nbsp;Grant Date: | &nbsp;&nbsp;[ ]<br>|
| &nbsp;&nbsp;Total Number of Restricted Stock Units Awarded: | &nbsp;&nbsp;[ ]<br>|
| &nbsp;&nbsp;**Vest Schedule:** | &nbsp;&nbsp;**Vest Schedule:** |
| &nbsp;&nbsp;Vest Date | &nbsp;&nbsp;Vest Quantity |
| &nbsp;&nbsp;[Grant date + 2 years] | &nbsp;&nbsp;50% |
| &nbsp;&nbsp;[Grant date + 3 years] | &nbsp;&nbsp;50% |

---

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**DOLLAR GENERAL CORPORATION<br>RESTRICTED STOCK UNIT AWARD AGREEMENT**

THIS AGREEMENT (including any applicable appendix hereto, this "<u>Agreement</u>"), dated as of the date indicated (the "<u>Grant Date</u>") on the Grant Details page (as defined below) above, is made by and between Dollar General Corporation, a Tennessee corporation (hereinafter referred to as the "<u>Company</u>"), and the individual whose name is indicated on the Grant Details page, who is an employee of the Company or a Subsidiary of the Company who the Committee (as defined below) has determined to be a Key Employee (hereinafter referred to as the "<u>Grantee</u>"). Any capitalized terms used but not otherwise defined in this Agreement shall have the meaning set forth in the Dollar General Corporation 2021 Stock Incentive Plan, as such Plan may be amended from time to time (the "<u>Plan</u>").

WHEREAS, the Company wishes to carry out the Plan, the terms of which are hereby incorporated by reference and made a part of this Agreement; and

WHEREAS, the Compensation and Human Capital Management Committee (or a duly authorized subcommittee thereof) of the Board of the Company appointed to administer the Plan (the "<u>Committee</u>") or the Board of the Company has determined that it would be to the advantage and in the best interests of the Company and its shareholders to grant the Restricted Stock Units provided for herein to the Grantee, and has advised the Company thereof and instructed the undersigned officer to issue said Restricted Stock Units.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

Whenever the following terms are used in this Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary.

**Section 1.1.** **Cause**

"Cause" shall mean (a) "Cause" as such term may be defined in any employment agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of termination of employment; or (b) if there is no such employment agreement in effect, "Cause" as such term may be defined in any change-in-control agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of termination of employment; or (c) if there is no such employment or change-in-control agreement, with respect to the Grantee: (i) any act of the Grantee involving fraud or dishonesty, or any willful failure to perform reasonable duties assigned to the Grantee; (ii) any material breach by the Grantee of any securities or other law or regulation or any Company policy governing trading or dealing with stock, securities, public debt instruments, bonds, investments or the like, or with inappropriate disclosure or "tipping" relating to any stock, securities, public debt instruments, bonds, investments or the like; (iii) any material or substantive violation of the Company's Code of Business Conduct and Ethics (or the equivalent code in place at the time) or any violation of the Company's policies and procedures related to asset protection controls and other protocols; (iv) other than as required by law, the carrying out by the Grantee of any activity, or the

------

Grantee making any public statement, which prejudices or reduces the good name and standing of the Company or any of its subsidiaries or affiliates or would bring any one of these into public contempt or ridicule; (v) attendance by the Grantee at work in a state of intoxication or the Grantee otherwise being found in possession at the Grantee's place of work or on any Company property of any prohibited drug or substance, possession of which would amount to a criminal offense, or any other violation of the Company's drug and alcohol policy; (vi) any assault or other act of violence by the Grantee; or (vii) conviction of or a plea of guilty or nolo contendre by the Grantee to (A) any felony whatsoever or (B) any misdemeanor that would preclude employment by the Company or any Subsidiary that employees the Grantee under the Company's or any such Subsidiary's hiring policy.

**Section 1.2.** **Delegee**

"Delegee" shall mean any Committee member or members, officer of the Company or any other person or persons to whom the Committee or an officer has delegated any of its authority or duties under the Plan; provided, however, that no such delegation shall give non-Committee members authority with respect to non-ministerial actions under the Plan that affect individuals who are subject to the reporting and other provisions of Section 16 of the Exchange Act or any successor provision.

**Section 1.3.** **Disability Termination**

"Disability Termination" shall mean (a) the Grantee's employment with the Company and all Subsidiaries is involuntarily terminated by the Company or any Subsidiary that employs the Grantee other than with Cause at a time when the Grantee is eligible for and receiving benefits under the Company's long term disability plan and (b) such termination of employment also constitutes a Separation from Service.

**Section 1.4.** **Good Reason**

"Good Reason" shall mean (a) "Good Reason" as such term may be defined in any employment agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of termination of employment; or (b) if there is no such employment agreement in effect, "Good Reason" as such term may be defined in any change-in-control agreement between the Grantee and the Company or any of its Subsidiaries that is in effect at the time of the termination of employment; or (c) if there is no such employment or change-in-control agreement, with respect to the Grantee: (i) without the Grantee's written consent, a material diminution in the Grantee's base salary unless such action is in connection with across-the-board base salary reductions affecting 100 percent of employees of the Company or its Subsidiaries at the same grade level; or (ii) without the Grantee's written consent, a material diminution in the Grantee's authority, duties or responsibilities. To qualify as a termination due to Good Reason under this Agreement, the Grantee must have provided written notice to the Company in accordance with Section 4.6 of this Agreement of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds and must have given the Company or any Subsidiary that employs the Grantee at least thirty (30) days from receipt of such notice to cure the condition constituting Good Reason. Such termination of employment must have become effective no later than one year after the initial existence of the condition constituting Good Reason.

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**Section 1.5.** **Grant Details Page**

"Grant Details page" shall mean the Grant Details page attached to the front of this Agreement that indicates, among other things, the Grant Date, the name of the Grantee, and the aggregate number of Restricted Stock Units awarded, all of which information is hereby incorporated by reference and made a part of this Agreement.

**Section 1.6.** **Qualifying Termination**

"Qualifying Termination" shall mean, except as provided otherwise in this Section 1.6, the Grantee's employment with the Company and all Subsidiaries is involuntarily terminated by the Company or any Subsidiary that employs the Grantee other than with Cause or terminated by the Grantee for Good Reason other than when Cause to terminate exists, in each case provided the termination of employment (a) occurs within two (2) years following a Change in Control and (b) also constitutes a Separation from Service. In no event shall a Qualifying Termination include the death, Disability Termination or any other termination of the Grantee not specifically covered by the preceding sentence.

**Section 1.7.** **Restricted Stock Units**

"Restricted Stock Units" shall mean the restricted stock units awarded to the Grantee under this Agreement which the Grantee will vest in if additional service and payment requirements are met in accordance with this Agreement. Each Restricted Stock Unit represents the right to receive one Share upon satisfaction of the vesting and other conditions set forth in this Agreement.

**Section 1.8.**[Reserved]

**Section 1.9.** **Separation from Service**

"Separation from Service" shall mean a "separation from service" under Treas. Reg. Section 1.409A-1(h). This generally means the date the Grantee and the Company or the applicable Subsidiary reasonably anticipate that (a) the Grantee will perform no further services or (b) the level of bona fide services the Grantee will perform (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full period of services if the Grantee has been providing services to the Company or Subsidiary for less than thirty-six (36) months). If the Grantee is on a leave of absence, a Separation from Service shall only occur upon the termination of such leave by the Company or by the Subsidiary that employs the Grantee and subsequent termination of the Grantee's employment or, if earlier, at the time required under Treas. Reg. Section 1.409A-1(h)(1) (including the extended disability leave provisions). Under Treas. Reg. Section 1.409A-1(h)(1), unless the Grantee retains a right to reemployment under an applicable statute or by contract, the Separation from Service is deemed to occur on the first date immediately following six (6) months or, for certain disabilities, twenty-nine (29) months.

****

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**ARTICLE II**

**GRANT OF RESTRICTED STOCK UNITS**

**Section 2.1.** **Grant of Restricted Stock Units** 

For good and valuable consideration, on and as of the Grant Date the Company irrevocably grants to the Grantee the Restricted Stock Units on the terms and conditions set forth in this Agreement.

**Section 2.2.** **No Guarantee of Employment** 

Nothing in this Agreement or in the Plan shall confer upon the Grantee any right to continue in the employ of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which are hereby expressly reserved, to terminate the employment of the Grantee at any time and for any reason whatsoever, with or without Cause, subject to the applicable provisions of, if any, the Grantee's employment agreement with the Company or any Subsidiary that employs the Grantee or offer letter provided by the Company or any Subsidiary that employs the Grantee to the Grantee.

**Section 2.3.** **Adjustments to the Restricted Stock Units** 

The Restricted Stock Units shall be subject to the adjustment provisions of Sections 8 and 9 of the Plan.

**ARTICLE III**

**VESTING AND PAYMENT**

**Section 3.1.** **Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting Date and Forfeiture</u>. Except as otherwise provided in Sections 3.1(b) or 3.1(c) below, the Restricted Stock Units shall become vested and nonforfeitable with respect to fifty percent (50%) of the Restricted Stock Units on each of the second and third anniversaries of the Grant Date, as set forth on the Grant Details page (each such date, a "<u>Vesting Date</u>"), so long as the Grantee continues to be employed by the Company or a Subsidiary through each such Vesting Date. To the extent this vesting schedule results in the vesting of fractional Shares, the fractional Shares shall be combined into one Share and vest on the earliest Vesting Date. If the Grantee's employment with the Company or the applicable Subsidiary terminates prior to a Vesting Date and Section 3.1(b) does not apply or has not applied, or to the extent Section 3.1(b) cannot apply, then any portion of the Restricted Stock Units that have not vested at the date of such termination of employment shall be automatically forfeited to the Company and canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accelerated Vesting Events</u>. Notwithstanding Section 3.1(a) above, to the extent the Restricted Stock Units, or the applicable portion of the Restricted Stock Units, have not previously terminated, been forfeited or become vested and nonforfeitable, (i) upon the earliest occurrence of the Grantee's (A) Disability Termination or (B) death, in each case while employed with the Company or a Subsidiary, the Restricted Stock Units shall become immediately vested and nonforfeitable with respect to one hundred percent (100%) of the unvested Restricted Stock Units immediately prior to such event; (ii) in the event the Grantee experiences a Qualifying Termination, the Restricted Stock Units shall become immediately vested and nonforfeitable with respect to one hundred percent (100%)

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of the unvested Restricted Stock Units on the date of the Qualifying Termination; and (iii) in the event the Grantee is involuntarily terminated following any change in the Company's Chief Executive Officer, other than with Cause or due to a Qualifying Termination (a "Qualified Involuntary Termination"), the Restricted Stock Units shall become immediately vested and nonforfeitable with respect to one hundred percent (100%) of the unvested Restricted Stock Units on the date of the Qualified Involuntary Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reduction in Level of Services</u>. For purposes of this Agreement, a reduction in the Grantee's level of services performed for the Company or a Subsidiary shall not be deemed a termination of employment unless such reduction meets the definition of a Separation from Service. If a reduction in the level of services is a Separation from Service, then such reduction shall result in automatic forfeiture to the Company and cancellation of the Restricted Stock Units unless the Grantee would otherwise qualify for a Disability Termination or unless the reduction is implemented by the Company or a Subsidiary without the consent of the Grantee during the period during which a Qualifying Termination or Qualified Involuntary Termination could occur. In the event the Grantee would otherwise qualify for a Disability Termination or the reduction is implemented by the Company or a Subsidiary without the consent of the Grantee during the period during which a Qualifying Termination or Qualified Involuntary Termination could occur, then, for purposes of this Agreement, including Section 3.2, such reduction shall be deemed a Disability Termination, Qualified Involuntary Termination or Qualifying Termination, as applicable, under Section 3.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer and Reemployment</u>. For purposes of this Agreement, transfer of the Grantee's employment without an intervening period of separation among the Company and any Subsidiary shall not be deemed a termination of employment. Upon reemployment of the Grantee by the Company or any Subsidiary following a termination of the Grantee's employment with the Company and any Subsidiary for any reason, including a deemed termination under Section 3.1(c), the Grantee shall have no rights to any Restricted Stock Units previously forfeited and canceled under this Agreement.

**Section 3.2.** **Payment of Restricted Stock Units** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Payment and Delivery</u>. Shares corresponding to the number of Restricted Stock Units that become vested and nonforfeitable in accordance with Section 3.1(a) or (b) ("<u>RSU Shares</u>") shall be paid, subject to any applicable withholdings, to the Grantee, or, if deceased, the Grantee's estate, either through delivery of a Share certificate or registration of the issuance of such RSU Shares on the Company's books and records, and such RSU Shares shall be registered in the name of the Grantee or, if deceased, the Grantee's estate. The RSU Shares shall be paid on the Vesting Date unless vesting is accelerated under Section 3.1(b) prior to such Vesting Date. In the event vesting is accelerated under Section 3.1(b), the RSU Shares shall be paid as follows (based on the first to occur of Disability Termination, Qualifying Termination, Qualified Involuntary Termination or death, but only if such accelerated payment timing results in payment before the applicable Vesting Date): (i) six (6) months and one (1) day following the date of the Grantee's Separation from Service; or (ii) within ninety (90) days following the date of the Grantee's death. If the Grantee dies after another payment event triggering payment under Section 3.2(a)(i) but prior to actual payment, payment of the RSU Shares shall occur upon the earlier of (A) ninety (90) days following the date of the Grantee's death; or (B) the original payment time under Section 3.2(a)(i). In determining the number of RSU Shares to be withheld for taxes as provided in Section 4.3, the value of the RSU Shares shall be based upon the Fair Market Value of the RSU Shares on the date of payment. If the date of payment falls on a weekend,

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holiday or other non-trading day, the value of any RSU Shares payable on such date of payment shall be determined based on the Fair Market Value of the RSU Shares on the most recent prior trading date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Authorized Shares</u>. The RSU Shares may be either previously authorized but unissued Shares or issued Shares, which have then been reacquired by the Company. Such Shares shall be fully paid and nonassessable.

**Section 3.3.** **No Dividend Equivalents** 

The Grantee shall have no right to dividend equivalents or dividends on the Restricted Stock Units.

**Section 3.4.** **Rights as Shareholder** 

The Grantee shall not be, nor have any of the rights or privileges of, a shareholder of the Company in respect of any RSU Shares issuable upon the payment of the Restricted Stock Units or any portion thereof unless and until certificates representing such RSU Shares shall have been issued by the Company to the Grantee (or book entry representing such RSU Shares has been made with the appropriate registered book-entry custodian).

**ARTICLE IV**

**MISCELLANEOUS**

**Section 4.1.** **Administration** 

The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, this Agreement and the Restricted Stock Units as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Grantee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action taken or determination or interpretation made in good faith with respect to the Plan, this Agreement or the Restricted Stock Units. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan and this Agreement.

**Section 4.2.** **Transferability** 

None of (a) the Restricted Stock Units prior to becoming vested pursuant to Section 3.1(a) or (b), (b) the RSU Shares prior to delivery pursuant to Section 3.2(a), or (c) any interest or right therein or part thereof (i) shall be liable for the debts, contracts or engagements of the Grantee or his or her successors in interest or (ii) shall be subject in any manner to disposition by transfer, alienation, anticipation, sale, pledge, encumbrance, hypothecation, assignment, charge or any other means whether any such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 4.2 shall not prevent transfers by will or by the applicable laws of descent and distribution or other transfers authorized in limited circumstances by the Committee (or its Delegee).

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**Section 4.3.** **Taxes** 

Unless otherwise determined by the Committee (in compliance with Section 409A of the Code), at the time of payment of the RSU Shares, the Company shall withhold from any RSU Shares deliverable in payment of the Restricted Stock Units the number of RSU Shares having a value equal to the minimum amount of federal, state or local income or other taxes required to be withheld under applicable laws and regulations, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. Unless otherwise determined by the Committee (in compliance with Section 409A of the Code), if vesting occurs prior to payment and applicable law requires the payment of employment taxes at such time, then the Company shall withhold from the Restricted Stock Units the number of RSU Shares having a value equal to the minimum amount of federal, state or local income and employment or other taxes required to be withheld under applicable law and regulations, in a manner that complies with Section 409A of the Code, and pay the amount of such withholding taxes in cash to the appropriate taxing authorities. With regard to withholding at the time of payment (but not at the time of vesting), any fractional Shares resulting from the payment of the withholding amounts shall be liquidated and paid in cash to the U.S. Treasury as additional federal income tax withholding for the Grantee. With regard to withholding at the time of vesting, only full Shares (determined by rounding down to the next full Share) shall be liquidated and paid in cash to the U.S. Treasury and any additional amounts due for tax withholding shall be paid by the Grantee. The Grantee shall be responsible for any withholding taxes not satisfied by means of such mandatory withholding and for all taxes in excess of such withholding taxes that may be due upon vesting of the Restricted Stock Units.

**Section 4.4.** **Limitation on Obligations** 

The Restricted Stock Units shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of the Company or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Company's obligations under this Agreement. In addition, the Company shall not be liable to the Grantee for damages relating to any delays in issuing the Share certificates or electronic delivery thereof to him or her (or his or her designated entities), any loss of the certificates, or any mistakes or errors in the issuance or registration of the certificates or in the certificates themselves.

**Section 4.5.** **Securities Laws** 

The Company may require the Grantee to make or enter into such written representations, warranties and agreements, in a form satisfactory to the Committee (or its Delegee), as the Committee (or its Delegee) may reasonably request in order to comply with applicable securities laws, including without limitation written representations stating that the RSU Shares are being acquired for the Grantee's own account, for investment and without any present intention of distributing or reselling said RSU Shares or any of them except as may be permitted under the Securities Act of 1933, as amended (the "<u>Act</u>"), and then applicable rules and regulations thereunder, and that the Grantee will indemnify the Company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the RSU Shares by such person is contrary to the representation and agreement referred to above; provided, however, that the Committee (or its Delegee) may, in its reasonable discretion, take whatever additional actions it deems reasonably necessary to ensure the observance and performance of such representation and agreement and to effect compliance with the Act and any other federal or state securities laws or regulations. The Restricted

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Stock Units and the RSU Shares shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

**Section 4.6.** **Notices** 

Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its General Counsel or his or her designee, and any notice to be given to the Grantee shall be addressed to the Grantee at the last address of the Grantee known to the Company unless otherwise directed by the Grantee. By a notice given pursuant to this Section 4.6, either party may hereafter designate a different address for the provision of notices under this Agreement. Any notice, which is required to be given to the Grantee, shall, if the Grantee is then deceased, be given to the Grantee's personal representative if such representative has previously informed the Company of his or her status and address by written notice under this Section 4.6. Any notice shall have been deemed duly given when (a) delivered in person; (b) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service; or (c) enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with fees prepaid) in an office regularly maintained by FedEx, UPS, or comparable non-public mail carrier.

**Section 4.7.** **Titles; Pronouns**

Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. The masculine pronoun shall include the feminine and neuter, and the singular the plural, where the context so indicates.

**Section 4.8.** **Applicability of the Plan** 

The Restricted Stock Units and the RSU Shares issued to the Grantee upon payment of the Restricted Stock Units shall be subject to all of the terms and provisions of the Plan to the extent applicable to a restricted stock unit and Shares. In the event of any conflict between this Agreement and the Plan, the terms of the Plan shall control.

**Section 4.9.** **Amendment** 

This Agreement may only be amended pursuant to Section 10 of the Plan.

**Section 4.10.** **Governing Law** 

The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. This Agreement and the Restricted Stock Units are subject to all present and future applicable provisions of the Code. If any provision of this Agreement conflicts with any such Code provision, the Committee shall modify this Agreement so as to comply, or if for any reason modification cannot be made, that provision of this Agreement shall be void and of no effect. The provisions of Section 10(c) of the Plan are hereby incorporated by reference. Notwithstanding the foregoing, the Company shall not be liable to the Grantee in the event this Agreement or any payment or benefit hereunder fails to be exempt from, or comply with, Section 409A of the Code.

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**Section 4.11.** **Arbitration** 

Unless a dispute between the Company and the Grantee (referred to in this Section as the "Parties") under this Agreement is excluded from being determined by arbitration under applicable law (see below), any dispute among the Parties arising out of, or relating to, this Agreement which cannot be settled amicably by the Parties, shall be finally, exclusively and conclusively settled by mandatory arbitration and be further subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The arbitration will be filed with the American Arbitration Association ("AAA"). The arbitration will be conducted by a single arbitrator and will be subject to the Federal Rules of Procedure and Evidence. AAA's Employment Arbitration Rules and Mediation Procedures will only apply if not inconsistent with the Federal Rules of Procedure and Evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the arbitration will be conducted within the time or limitations period required by the asserted claim(s). In addition, any administrative prerequisites associated with the asserted claim(s) (e.g., notices, filing of administrative charges, or obtaining "right to sue" notices from government agencies) must be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The arbitration process shall take place in Nashville, Tennessee, unless otherwise mutually agreed by the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The arbitration will be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. (the "FAA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Parties waive any and all rights to a judge or jury trial and/or administrative hearing of their disputes and agree to resolve such disputes only through final and binding individual arbitration to the fullest extent permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Disputes excluded ("Excluded Disputes") from arbitration under this Section include: (i) claims for workers' compensation, state disability insurance, unemployment insurance benefits, or other health or welfare benefits under government-administered programs; (ii) claims constituting sexual harassment or sexual assault disputes as defined by the FAA; (iii) claims for which this provision would be invalid or prohibited as a matter of federal law, or state or local law that is not preempted by federal law; (iv) disputes that may not be subject to a pre-dispute arbitration agreement as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203); (v) claims which are legally prohibited from being adjudicated in arbitration; (vi) disputes arising or related to the applicability, interpretation, enforceability, scope and/or severability of this Section, including whether such provisions are governed by the FAA, which must be decided only by a court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee; and (vii) any disputes as to whether any claims or disputes are Excluded Disputes, which must be decided only by a court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Parties agree and stipulate that (i) all claims that relate to a sexual harassment or sexual assault dispute, as defined in the FAA, shall be filed (or if not filed as, severed into) a separate case from all other claims; (ii) those claims that do not relate to a sexual harassment or sexual assault dispute and are subject to arbitration under this Section shall be governed by and proceed with individual arbitration, it being the express intent of the Parties to allow for individual arbitration of

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claims to the maximum extent possible; and (iii) if a Party brings claims subject to arbitration and claims that are not subject to arbitration, the latter shall be stayed until the former are fully arbitrated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The decision of the arbitrator shall be final and binding upon all Parties hereto and shall be rendered pursuant to a written decision, which contains a detailed recital of the arbitrator's reasoning. Judgment upon the award rendered may be entered in any court of competent jurisdiction in Davidson County, Tennessee, or a district court in the U.S. District for the Middle District of Tennessee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Party shall bear its own legal fees and expenses, unless otherwise determined by the arbitrator, and each Party shall bear an equal portion of the arbitrator's and arbitral forum's fees.

**Section 4.12.** **Clawback**

As a condition of receiving the Restricted Stock Units, the Grantee acknowledges and agrees that the Grantee's rights, payments, and benefits with respect to the Restricted Stock Units shall be subject to any reduction, cancellation, forfeiture or recoupment, in whole or in part, upon the occurrence of certain specified events, as may be required by any rule or regulation of the Securities and Exchange Commission or by any applicable national exchange, or by any other applicable law, rule or regulation or as set forth in a separate "clawback" or recoupment policy as may be adopted from time to time by the Board or the Committee, including but not limited to the Company's Amended and Restated Incentive Compensation Recovery Policy (as may be amended or replaced from time to time) (collectively, the "Clawback Requirement"), and the Grantee agrees to abide by any such Clawback Requirement. In the event the Grantee no longer owns the RSU Shares at the time of required recoupment, the Grantee agrees to the recoupment of cash equal to the Fair Market Value of the RSU Shares on the date the RSU Shares were sold. To the extent allowed by state and federal law and as determined by the Board or the Committee, the Grantee agrees that such recoupment may, in the discretion of the Committee, be accomplished by withholding of future compensation, including but not limited to base salary to the extent permitted by law, to be paid to the Grantee by the Company or the Subsidiary that employs the Grantee.

**Section 4.13.** **Consent to Electronic Delivery** 

The Grantee hereby consents to and agrees to electronic delivery of this Agreement, the RSU Shares, Plan documents, proxy materials, annual reports and other related documents. The Committee (or its Delegee) has established procedures for electronic delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan and this Agreement). The Grantee hereby consents to such procedures and agrees that his or her electronic acceptance is the same as, and shall have the same force and effect as, his or her manual signature. The Grantee hereby consents and agrees that any such procedures and delivery may be effected by a third party designated by the Committee (or its Delegee) to provide administrative services related to the Plan.

**Section 4.14.** **Restricted Stock Units and Agreement Acceptance**

The Grantee must accept the Restricted Stock Units and this Agreement through the electronic system maintained by the third party designated by the Committee (or its Delegee) to administer the Plan or by other electronic or manual means acceptable to the Committee (or its Delegee) in its sole discretion no later than sixty (60) days after the Grant Date (or such later date as the Committee (or its Delegee) may accept). If the Grantee does not timely accept, or if the Grantee declines, the Restricted

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Stock Units, the Restricted Stock Units will be canceled *ab initio* and the Grantee will not be entitled to any benefits from the Restricted Stock Units nor any compensation or benefits in lieu of the canceled award.

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the Company.

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| |
|:---|
| DOLLAR GENERAL CORPORATION |
| By: |
| Name: |
| Title: |
| ADDRESS: |
| Dollar General Corporation |
| 100 Mission Ridge |
| Goodlettsville, TN 37072 |

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## Ex-15

**Exhibit 15**

August 28, 2025

To the Shareholders and Board of Directors of Dollar General Corporation

We are aware of the incorporation by reference in the Registration Statements (Nos. 333-151047, 333-151049, 333-151655, 333-163200, 333-254501, and 333-256562 on Forms S-8 and No. 333-272406 on Form S-3) of Dollar General Corporation of our report dated August 28, 2025, relating to the unaudited consolidated interim financial statements of Dollar General Corporation that are included in its Form 10-Q for the quarter ended August 1, 2025.

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| |
|:---|
| /s/ Ernst & Young LLP |
| Nashville, Tennessee |

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## Ex-31

**Exhibit 31**

**CERTIFICATIONS**

I, Todd J. Vasos, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Dollar General Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Uduts <br>|  |
| Date: August 28, 2025 | /s/ Todd J. Vasos |
|  | Todd J. Vasos |
|  | Chief Executive Officer |

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I, Kelly M. Dilts, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this quarterly report on Form 10-Q of Dollar General Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 28, 2025 | /s/ Kelly M. Dilts |
|  | Kelly M. Dilts |
|  | Chief Financial Officer |

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## Ex-32

**Exhibit 32**

**CERTIFICATIONS<br>Pursuant to 18 U.S.C. Section 1350**

Each of the undersigned hereby certifies that to his or her knowledge the Quarterly Report on Form 10-Q for the fiscal quarter ended August 1, 2025 of Dollar General Corporation (the "Company") filed with the Securities and Exchange Commission on the date hereof fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| /s/ Todd J. Vasos | /s/ Todd J. Vasos |
| Name: | Todd J. Vasos |
| Title: | Chief Executive Officer |
| Date: | August 28, 2025 |
| /s/ Kelly M. Dilts | /s/ Kelly M. Dilts |
| Name: | Kelly M. Dilts |
| Title: | Chief Financial Officer |
| Date: | August 28, 2025 |

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