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SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Summary of Sales and Operating Income by Each of the Segments, Reconciled to Consolidated Sales and Income (Loss) from Continuing Operations Before Income Taxes

The following tables present sales and operating income by each of the segments, reconciled to consolidated sales and income (loss) from continuing operations before income taxes. The tables also include significant expenses of the segments:

(In millions)

 

ODP Business Solutions Division

 

 

Office Depot Division

 

 

Veyer Division

 

 

Total

 

Third Quarter of 2025

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

860

 

 

$

742

 

 

$

23

 

 

$

1,625

 

Sales (internal)

 

 

2

 

 

 

7

 

 

 

1,050

 

 

 

1,059

 

Total sales

 

$

862

 

 

$

749

 

 

$

1,073

 

 

$

2,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

(1,059

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

$

1,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods and occupancy costs

 

 

753

 

 

 

555

 

 

 

1,045

 

 

 

 

Selling, general and administrative expenses

 

 

95

 

 

 

163

 

 

 

16

 

 

 

 

Division operating income

 

$

14

 

 

$

31

 

 

$

12

 

 

$

57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Less unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

19

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

8

 

Merger and restructuring income, net

 

 

 

 

 

 

 

 

 

 

 

(4

)

Other expense

 

 

 

 

 

 

 

 

 

 

 

3

 

Income from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

$

31

 

 

(In millions)

 

ODP Business Solutions Division

 

 

Office Depot Division

 

 

Veyer Division

 

 

Total

 

Year-to-Date 2025

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

2,568

 

 

$

2,283

 

 

$

60

 

 

$

4,911

 

Sales (internal)

 

 

5

 

 

 

20

 

 

 

3,234

 

 

 

3,259

 

Total sales

 

$

2,573

 

 

$

2,303

 

 

$

3,294

 

 

$

8,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

(3,259

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

$

4,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods and occupancy costs

 

 

2,232

 

 

 

1,719

 

 

 

3,218

 

 

 

 

Selling, general and administrative expenses

 

 

288

 

 

 

497

 

 

 

45

 

 

 

 

Division operating income

 

$

53

 

 

$

87

 

 

$

31

 

 

$

171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Less unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

54

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

49

 

Merger and restructuring expenses, net

 

 

 

 

 

 

 

 

 

 

 

57

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

17

 

Loss from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

$

(6

)

 

 

(In millions)

 

ODP Business Solutions Division

 

 

Office Depot Division

 

 

Veyer Division

 

 

Total

 

Third Quarter of 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

914

 

 

$

852

 

 

$

14

 

 

$

1,780

 

Sales (internal)

 

 

2

 

 

 

9

 

 

 

1,190

 

 

 

1,201

 

Total sales

 

$

916

 

 

$

861

 

 

$

1,204

 

 

$

2,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

(1,201

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

$

1,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods and occupancy costs

 

 

791

 

 

 

648

 

 

 

1,178

 

 

 

 

Selling, general and administrative expenses

 

 

97

 

 

 

190

 

 

 

17

 

 

 

 

Division operating income

 

$

28

 

 

$

23

 

 

$

9

 

 

$

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Less unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

19

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

7

 

Merger and restructuring expenses, net

 

 

 

 

 

 

 

 

 

 

 

2

 

Legal matter monetization

 

 

 

 

 

 

 

 

 

 

 

(70

)

Other expense

 

 

 

 

 

 

 

 

 

 

 

7

 

Income from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

$

95

 

 

(In millions)

 

ODP Business Solutions Division

 

 

Office Depot Division

 

 

Veyer Division

 

 

Total

 

Year-to-Date 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sales (external)

 

$

2,753

 

 

$

2,580

 

 

$

34

 

 

$

5,367

 

Sales (internal)

 

 

7

 

 

 

24

 

 

 

3,591

 

 

 

3,622

 

Total sales

 

$

2,760

 

 

$

2,604

 

 

$

3,625

 

 

$

8,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of intersegment revenues

 

 

 

 

 

 

 

 

 

 

 

(3,622

)

Total consolidated revenues

 

 

 

 

 

 

 

 

 

 

$

5,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods and occupancy costs

 

 

2,372

 

 

 

1,956

 

 

 

3,546

 

 

 

 

Selling, general and administrative expenses

 

 

301

 

 

 

557

 

 

 

56

 

 

 

 

Division operating income

 

$

87

 

 

$

91

 

 

$

23

 

 

$

201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of segment profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Less unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

60

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

21

 

Merger and restructuring expenses, net

 

 

 

 

 

 

 

 

 

 

 

47

 

Legal matter monetization

 

 

 

 

 

 

 

 

 

 

 

(70

)

Other expense

 

 

 

 

 

 

 

 

 

 

 

13

 

Income from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

$

130

 

 

The following table provides information about assets by each of the segments, reconciled to consolidated totals:

(In millions)

 

Balance as of September 27, 2025

 

 

Balance as of December 28, 2024

 

ODP Business Solutions Division

 

$

725

 

 

$

686

 

Office Depot Division

 

 

1,086

 

 

 

1,197

 

Veyer Division

 

 

941

 

 

 

1,101

 

Corporate

 

 

527

 

 

 

545

 

Total

 

$

3,279

 

 

$

3,529

 

The following table provides information about depreciation and amortization by each of the segments, reconciled to consolidated totals:

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

ODP Business Solutions Division

 

$

5

 

 

$

5

 

 

$

15

 

 

$

14

 

Office Depot Division

 

 

9

 

 

 

10

 

 

 

28

 

 

 

31

 

Veyer Division

 

 

9

 

 

 

8

 

 

 

27

 

 

 

25

 

Corporate

 

 

1

 

 

 

1

 

 

 

9

 

 

 

3

 

Total

 

$

24

 

 

$

24

 

 

$

79

 

 

$

73

 
Summary of Disaggregated Revenue from Major Sales Categories

The following table provides information about disaggregated sales by major categories:

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Major sales categories

 

 

 

 

 

 

 

 

 

 

 

 

Supplies

 

$

816

 

 

$

877

 

 

$

2,440

 

 

$

2,652

 

Technology

 

 

421

 

 

 

485

 

 

 

1,322

 

 

 

1,489

 

Furniture and other

 

 

237

 

 

 

263

 

 

 

701

 

 

 

752

 

Copy and print

 

 

151

 

 

155

 

 

 

448

 

 

474

 

Total

 

$

1,625

 

 

$

1,780

 

 

$

4,911

 

 

$

5,367

 
Schedule of Goodwill by Segment Reconciled to Consolidated Total

The following table provides information about the components of goodwill by each of the segments, reconciled to consolidated totals:

(In millions)

 

Balance as of December 28, 2024

 

 

Foreign Currency Rate Impact

 

 

Balance as of September 27, 2025

 

ODP Business Solutions Division

 

$

157

 

 

$

1

 

 

$

158

 

Office Depot Division

 

 

219

 

 

 

—

 

 

 

219

 

Veyer Division

 

 

35

 

 

 

—

 

 

 

35

 

Total

 

$

411

 

 

$

1

 

 

$

412